UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-08004
ABN AMRO FUNDS
------------------------------------------------------
(Exact name of registrant as specified in charter)
161 North Clark Street
CHICAGO, IL 60601
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(Address of principal executive offices) (Zip code)
Kenneth C. Anderson, President
ABN AMRO Funds
161 North Clark Street
CHICAGO, IL 60601
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(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 884-2139
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Date of fiscal year end: OCTOBER 31, 2004
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Date of reporting period: APRIL 30, 2004
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Form N-CSR is to be used by management investment companies to file reports with
the Commission not later than 10 days after the transmission to stockholders of
any report that is required to be transmitted to stockholders under Rule 30e-1
under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may
use the information provided on Form N-CSR in its regulatory, disclosure review,
inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR,
and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
unless the Form displays a currently valid Office of Management and Budget
("OMB") control number. Please direct comments concerning the accuracy of the
information collection burden estimate and any suggestions for reducing the
burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW,
Washington, DC 20549-0609. The OMB has reviewed this collection of information
under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. REPORTS TO STOCKHOLDERS.
The Report to Shareholders is attached herewith.
APRIL 30, 2004
[LOGO OMITTED] ABN AMRO ASSET MANAGEMENT
SEMI-ANNUAL REPORT 2004
ABN AMRO ASSET MANAGEMENT O MONTAG & CALDWELL
TAMRO CAPITAL PARTNERS O VEREDUS ASSET MANAGEMENT
ABN AMRO FUNDS
CLASS N, I, C & R SHARES
Domestic Equity/Large Cap
Domestic Equity/Mid Cap
Domestic Equity/Small Cap
Sector
Index
Balanced
International
Fixed Income
Money Market
ABN AMRO FUNDS
TABLE OF CONTENTS
Performance Summary............................... 1
Schedules of Investments.......................... 2
Statement of Assets and Liabilities............... 44
Statement of Operations........................... 48
Statement of Changes in Net Assets................ 52
Financial Highlights.............................. 60
Notes to Financial Statements..................... 87
EQUITY FUNDS
Growth Fund
Montag &Caldwell Growth Fund
TAMRO Large Cap Value Fund
Value Fund
Veredus Select Growth Fund
Mid Cap Fund
TAMRO Small Cap Fund
Veredus Aggressive Growth Fund
SECTOR FUNDS
Real Estate Fund
Veredus SciTech Fund
INDEX FUND
Equity Plus Fund
BALANCED FUNDS
Balanced Fund
Montag & Caldwell Balanced Fund
INTERNATIONAL FUND
Global Emerging Markets Fund
FIXED INCOME FUNDS
Bond Fund
Investment Grade Bond Fund
High Yield Bond Fund
Municipal Bond Fund
MONEY MARKET FUND
Investor Money Market Fund
FEES AND EXPENSES APPLY AS DESCRIBED IN THE PROSPECTUS, WHICH MUST PRECEDE OR
ACCOMPANY THIS REPORT. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR
SEND MONEY.
ABN AMRO FUNDS ARE DISTRIBUTED BY ABN AMRO DISTRIBUTION SERVICES (USA) INC., 760
MOORE ROAD, KING OF PRUSSIA, PA 19406.
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NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
ABN AMRO IS A REGISTERED SERVICE MARK OF ABN AMRO HOLDING N.V. ALL RIGHTS
RESERVED.
- --------------------------------------------------------------------------------
DESCRIPTIONS OF ABN AMRO FUNDS' PROXY VOTING POLICIES AND PROCEDURES ARE
AVAILABLE UPON REQUEST AND WITHOUT CHARGE ON ABN AMRO FUNDS' WEBSITE AT
ABNAMROFUNDS.COM OR THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT SEC.GOV
OR BY CALLING 800/922-8151.
SHAREHOLDER SERVICES 800 992-8151 O WWW.ABNAMROFUNDS.COM
ABN AMRO FUNDS
- -------------------
PERFORMANCE SUMMARY - AS OF APRIL 30, 2004 (UNAUDITED)
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AVERAGE ANNUAL
SIX MONTH ONE AVERAGE ANNUAL 10 YEAR RETURN/
INCEPTION DATE CLASS RETURN(A) YEAR RETURN 5 YEAR RETURN LIFE OF FUND(B)
- ---------------------------------------------------------------------------------------------------------------------------------
Growth Fund 12/13/93 N 2.60% 17.82% (0.90)% 12.38%(b)
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07/31/00 I 2.72% 18.11% N/A (3.91)%
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With CDSC (c) 12/31/02 C 1.24% 15.95% N/A 13.09%
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Without CDSC 12/31/02 C 2.24% 16.95% N/A 13.81%
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12/31/02 R 2.47% 17.51% N/A 14.41%
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Montag & Caldwell Growth Fund 11/02/94 N 6.45% 14.10% (3.36)% 11.53%
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06/28/96 I 6.62% 14.48% (3.06)% 8.12%
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12/31/02 R 6.36% 13.84% N/A 13.54%
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TAMRO Large Cap Value Fund 11/30/00 N 9.82% 27.23% N/A 4.14%
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Value Fund 01/04/93 N 10.37% 26.16% (1.30)% 9.07%(b)
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Veredus Select Growth Fund 12/31/01 N 3.97% 28.48% N/A (1.30)%
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Mid Cap Fund 09/19/94 N 13.78% 46.74% 15.44% 15.59%
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TAMRO Small Cap Fund (d) 11/30/00 N 9.59% 47.53% N/A 17.71%
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Veredus Aggressive Growth Fund (d) (e) 06/30/98 N (1.18)% 30.96% 9.14% 12.31%
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10/05/01 I (1.04)% 31.34% N/A (6.20)%
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Real Estate Fund (f) 12/30/97 N 3.08% 23.54% 11.31% 7.58%
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Veredus SciTech Fund (d) (e) 06/30/00 N (3.76)% 33.66% N/A (8.97)%
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Equity Plus Fund 09/25/95 I 4.45% 17.11% (3.62)% 8.92%
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Balanced Fund 09/21/95 N 2.16% 12.44% 1.68% 9.22%
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Montag & Caldwell Balanced Fund 11/02/94 N 4.30% 8.94% 0.04% 9.82%
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12/31/98 I 4.50% 9.27% 0.31% 1.02%
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Global Emerging Markets Fund (g) 11/04/03 I N/A N/A N/A 5.70%(a)
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Bond Fund 12/13/93 N 1.56% 2.07% 5.62% 6.62%(b)
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07/31/00 I 1.69% 2.34% N/A 6.78%
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Investment Grade Bond Fund 06/30/03 N 0.68% N/A N/A (0.57)%(a)
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10/23/95 I 0.79% 0.91% 5.44% 5.66%
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High Yield Bond Fund (h) 06/30/03 N 4.20% N/A N/A 8.02%(a)
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06/30/03 I 4.33% N/A N/A 8.24%(a)
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Municipal Bond Fund 12/13/93 N 0.08% 0.98% 4.74% 4.91%(b)
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Investor Money Market Fund 12/14/93 N 0.27% 0.60% 3.00% 4.05%(b)
- ---------------------------------------------------------------------------------------------------------------------------------
7-DAY 30-DAY
AVERAGE YIELD AVERAGE YIELD
- ---------------------------------------------------------------------------------------------------------------------------------
Investor Money Market Fund N 0.55% 0.55%
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<FN>
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN AND PRINCIPAL VALUE WILL
FLUCTUATE SO THAT AN INVESTOR'S SHARES, UPON REDEMPTION MAY BE WORTH MORE OR
LESS THAN THEIR ORIGINAL COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN
THE PERFORMANCE DATA QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT
MONTH-END, PLEASE VISIT OUR WEBSITE AT WWW.ABNAMROFUNDS.COM.
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTIONS OF FUND SHARES. RETURN FIGURES
REFLECT ANY EXPENSE REIMBURSEMENTS AND FEE WAIVERS. WITHOUT REIMBURSEMENTS OR
WAIVERS, FUND RETURNS WOULD HAVE BEEN LOWER.
AN INVESTMENT IN THE ABN AMRO INVESTOR MONEY MARKET FUND IS NOT INSURED OR
GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT
AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT
$1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUND. THE
7-DAY YIELD MORE CLOSELY REFLECTS THE FUND'S CURRENT EARNINGS THAN THE TOTAL
RETURN QUOTATION.
(A) NOT ANNUALIZED.
(B) RETURN FIGURES SHOWN ARE AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD FROM
THE FUND'S INCEPTION THROUGH APRIL 30, 2004 EXCEPT FOR GROWTH FUND-CLASS N,
VALUE FUND-CLASS N, BOND FUND-CLASS N, MUNICIPAL BOND FUND-CLASS N AND
INVESTOR MONEY MARKET FUND-CLASS N WHICH ARE FOR THE 10 YEARS ENDED APRIL
30, 2004.
(C) CLASS C SHARES OF GROWTH FUND ARE SUBJECT TO A CONTINGENT DEFERRED SALES
CHARGE ("CDSC") OF UP TO 1.00% WHICH MAY BE IMPOSED ON CERTAIN REDEMPTIONS.
THE CDSC APPLIES TO REDEMPTION OF CLASS C SHARES WITHIN 18 MONTHS OF
PURCHASE.
(D) SMALL COMPANY STOCKS MAY BE SUBJECT TO A HIGHER DEGREE OF MARKET RISK THAN
THE SECURITIES OF MORE ESTABLISHED COMPANIES BECAUSE THEY TEND TO BE MORE
VOLATILE AND LESS LIQUID.
(E) TECHNOLOGY COMPANIES PRESENT SPECIAL RISKS TO INVESTORS INCLUDING SECTOR
CONCENTRATION AND SMALL COMPANY STOCK RISK. INVESTMENTS CONCENTRATED IN A
SPECIAL INDUSTRY OR SECTOR MAY BE SUBJECT TO GREATER MARKET RISK AND MAY BE
MORE VOLATILE.
(F) REAL ESTATE FUNDS MAY BE SUBJECT TO A HIGHER DEGREE OF MARKET RISK THAN
DIVERSIFIED FUNDS BECAUSE OF THE CONCENTRATION IN A SPECIFIC INDUSTRY OR
GEOGRAPHICAL SECTOR. RISKS ALSO INCLUDE DECLINES IN VALUE OF REAL ESTATE,
GENERAL AND ECONOMIC CONDITIONS, CHANGES IN THE VALUE OF UNDERLYING PROPERTY
AND DEFAULTS BY BORROWERS.
(G) INVESTING IN FOREIGN SECURITIES MAY INVOLVE ADDITIONAL RISKS, INCLUDING BUT
NOT LIMITED TO, SOCIAL AND POLITICAL INSTABILITY, REDUCED MARKET LIQUIDITY
AND CURRENCY VOLATILITY.
(H) THE FUND WILL INVEST IN LOWER-RATED SECURITIES COMMONLY KNOWN AS "JUNK
BONDS." THEREFORE, INVESTORS SHOULD CAREFULLY CONSIDER THEIR ABILITY TO
ASSUME THE RISKS OF OWNING SHARES OF A FUND THAT INVESTS IN THESE TYPES OF
SECURITIES.
</FN>
| 1
ABN AMRO FUNDS
- -------------------
GROWTH FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
OTHER COMMON STOCKS 23%
TECHNOLOGY 20%
RETAIL 12%
INSURANCE 8%
COMMERCIAL SERVICES 8%
CONSUMER CYCLICALS 7%
FINANCE 7%
PHARMACEUTICALS 6%
CAPITAL GOODS 6%
CASH AND OTHER NET ASSETS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 97.39%
ADVERTISING - 2.88%
473,537 Omnicom Group .............................. $ 37,650,927
--------------
CAPITAL GOODS - 6.43%
1,065,400 Dover ...................................... 42,647,962
478,148 Illinois Tool Works ........................ 41,221,139
--------------
83,869,101
--------------
CHEMICALS - 2.31%
824,554 Praxair .................................... 30,137,449
--------------
COMMERCIAL SERVICES - 7.95%
954,433 Cintas ..................................... 42,911,308
1,072,194 Ecolab ..................................... 31,951,381
639,800 H&R Block .................................. 28,861,378
--------------
103,724,067
--------------
CONSUMER CYCLICALS - 6.82%
1,011,690 Harley-Davidson ............................ 56,978,381
583,332 Johnson Controls ........................... 32,001,593
--------------
88,979,974
--------------
ELECTRICAL - 1.32%
575,739 General Electric ........................... 17,243,383
--------------
FINANCE - 7.59%
665,800 Fifth Third Bancorp ........................ 35,726,828
1,293,464 MBNA ....................................... 31,534,652
1,359,681 Schwab (Charles) ........................... 13,991,118
463,000 SLM ........................................ 17,737,530
--------------
98,990,128
--------------
FOOD AND BEVERAGES - 2.95%
1,006,046 Sysco ...................................... 38,481,260
--------------
HEALTH CARE SERVICES - 4.61%
820,942 Cardinal Health ............................ 60,134,002
--------------
MARKET
SHARES VALUE
------ ------
INSURANCE - 7.86%
892,136 AFLAC ...................................... $ 37,674,903
606,586 American International Group ............... 43,461,887
474,100 Marsh & McLennan ........................... 21,381,910
--------------
102,518,700
--------------
MEDICAL PRODUCTS AND SUPPLIES - 4.70%
860,100 Medtronic .................................. 43,400,646
224,000 Zimmer Holdings* ........................... 17,886,400
--------------
61,287,046
--------------
PHARMACEUTICALS - 5.70%
558,602 Merck ...................................... 26,254,294
1,344,487 Pfizer ..................................... 48,078,855
--------------
74,333,149
--------------
RETAIL - 11.83%
510,000 Home Depot (The) ........................... 17,946,900
877,096 Kohl's* .................................... 36,653,842
1,045,900 Starbucks* ................................. 40,643,674
1,375,300 TJX ........................................ 33,791,121
732,495 Walgreen ................................... 25,256,427
--------------
154,291,964
--------------
TECHNOLOGY - 20.40%
2,128,106 Cisco Systems* ............................. 44,413,572
1,255,512 Dell* ...................................... 43,578,822
939,300 EMC* ....................................... 10,482,588
356,200 IBM ........................................ 31,406,154
1,248,600 Intel ...................................... 32,126,478
1,119,288 Microsoft .................................. 29,067,909
2,898,900 Oracle* .................................... 32,525,658
1,692,900 Texas Instruments .......................... 42,491,790
--------------
266,092,971
--------------
TELECOMMUNICATIONS EQUIPMENT - 2.47%
515,800 QUALCOMM ................................... 32,216,868
--------------
TRANSPORTATION - 1.57%
1,439,300 Southwest Airlines ......................... 20,553,204
--------------
TOTAL COMMON STOCKS
(Cost $1,103,444,824) .................... 1,270,504,193
--------------
INVESTMENT COMPANY - 2.60%
33,976,393 BlackRock Provident Institutional
TempCash Portfolio ....................... 33,976,393
--------------
TOTAL INVESTMENT COMPANY
(Cost $33,976,393) ....................... 33,976,393
--------------
TOTAL INVESTMENTS - 99.99%
(Cost $1,137,421,217)** ................................. 1,304,480,586
--------------
NET OTHER ASSETS AND LIABILITIES - 0.01% .................. 98,266
--------------
NET ASSETS - 100.00% ...................................... $1,304,578,852
==============
- --------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $1,137,421,217.
Gross unrealized appreciation ......... $ 213,316,100
Gross unrealized depreciation ......... (46,256,731)
---------------
Net unrealized appreciation ........... $ 167,059,369
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 2
ABN AMRO FUNDS
- -------------------
MONTAG & CALDWELL GROWTH FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
OTHER COMMON STOCKS 37%
CONSUMER STAPLES 12%
MEDICAL PRODUCTS AND SUPPLIES 10%
FOOD AND BEVERAGES 8%
PHARMACEUTICALS 8%
TECHNOLOGY 7%
FINANCE 6%
CAPITAL GOODS 5%
BIOTECHNOLOGY 5%
CASH AND OTHER NET ASSETS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 98.08%
ADVERTISING - 2.57%
1,095,200 Omnicom Group .............................. $ 87,079,352
--------------
BIOTECHNOLOGY - 5.41%
1,850,000 Amgen* ..................................... 104,099,500
644,700 Genentech* ................................. 79,169,160
--------------
183,268,660
--------------
CAPITAL GOODS - 5.34%
920,700 Caterpillar ................................ 71,566,011
104,000 Illinois Tool Works ........................ 8,965,840
1,160,900 3M ......................................... 100,394,632
--------------
180,926,483
--------------
COMMERCIAL SERVICES - 3.38%
385,000 Apollo Group, Class A* ..................... 34,988,800
2,131,500 Paychex .................................... 79,462,320
--------------
114,451,120
--------------
COMMUNICATIONS - 4.67%
989,600 eBay* ...................................... 78,989,872
914,200 Gannett .................................... 79,242,856
--------------
158,232,728
--------------
CONSUMER CYCLICALS - 1.97%
1,411,300 Marriott International, Class A ............ 66,556,908
--------------
CONSUMER STAPLES - 11.86%
1,418,180 Colgate-Palmolive .......................... 82,084,258
3,800,000 Gillette ................................... 155,496,000
1,550,000 Procter & Gamble ........................... 163,912,500
--------------
401,492,758
--------------
ELECTRICAL - 2.01%
2,266,900 General Electric ........................... 67,893,655
--------------
ENTERTAINMENT AND LEISURE - 2.00%
2,939,900 Disney, Walt ............................... 67,705,897
--------------
MARKET
SHARES VALUE
------ ------
FINANCE - 5.79%
1,409,000 American Express ........................... $ 68,970,550
2,645,800 Citigroup .................................. 127,236,522
--------------
196,207,072
--------------
FOOD AND BEVERAGES - 8.02%
3,000,000 Coca-Cola .................................. 151,710,000
2,200,000 PepsiCo .................................... 119,878,000
--------------
271,588,000
--------------
INSURANCE - 4.13%
1,950,000 American International Group ............... 139,717,500
--------------
MEDICAL PRODUCTS AND SUPPLIES - 9.70%
1,636,500 Boston Scientific* ......................... 67,407,435
2,321,600 Johnson & Johnson .......................... 125,436,048
2,685,400 Medtronic .................................. 135,505,284
--------------
328,348,767
--------------
OIL AND GAS EXTRACTION - 3.80%
2,200,000 Schlumberger ............................... 128,766,000
--------------
PHARMACEUTICALS - 7.78%
1,769,000 Eli Lilly .................................. 130,569,890
3,716,600 Pfizer ..................................... 132,905,616
--------------
263,475,506
--------------
RETAIL - 3.97%
1,864,600 Bed Bath & Beyond* ......................... 69,213,952
1,557,800 Kohl's* .................................... 65,100,462
--------------
134,314,414
--------------
TECHNOLOGY - 7.08%
2,250,000 Cisco Systems* ............................. 46,957,500
1,799,500 Electronic Arts* ........................... 91,090,690
2,208,200 Maxim Integrated Products .................. 101,555,118
--------------
239,603,308
--------------
TELECOMMUNICATIONS EQUIPMENT - 4.76%
2,579,100 QUALCOMM ................................... 161,090,586
--------------
TRANSPORTATION - 3.84%
1,853,700 United Parcel Service, Class B ............. 130,037,055
--------------
TOTAL COMMON STOCKS
(Cost $2,904,526,019) .................... 3,320,755,769
--------------
INVESTMENT COMPANY - 1.25%
42,406,864 BlackRock Provident Institutional
TempCash Portfolio ....................... 42,406,864
--------------
TOTAL INVESTMENT COMPANY
(Cost $42,406,864) ....................... 42,406,864
--------------
TOTAL INVESTMENTS - 99.33%
(Cost $2,946,932,883)** ................................. 3,363,162,633
--------------
NET OTHER ASSETS AND LIABILITIES - 0.67% .................. 22,805,183
--------------
NET ASSETS - 100.00% ...................................... $3,385,967,816
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $2,946,932,883.
Gross unrealized appreciation ......... $ 473,372,211
Gross unrealized depreciation ......... (57,142,461)
---------------
Net unrealized appreciation ........... $ 416,229,750
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 3
ABN AMRO FUNDS
- -------------------
TAMRO LARGE CAP VALUE FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
OTHER COMMON STOCKS 24%
FOOD AND BEVERAGES 11%
OIL AND GAS EXTRACTION 11%
FINANCE 11%
PHARMACEUTICALS 10%
COMMUNICATIONS 10%
RETAIL 9%
TECHNOLOGY 6%
INSURANCE 6%
CASH AND OTHER NET ASSETS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 98.05%
BIOTECHNOLOGY - 2.14%
10,520 MedImmune* ................................. $ 255,005
--------------
CAPITAL GOODS - 5.44%
2,406 General Dynamics ........................... 225,250
5,570 Masco ...................................... 156,016
8,220 Raytheon ................................... 265,177
--------------
646,443
--------------
CHEMICALS - 1.89%
5,221 duPont (E. I.) de Nemours .................. 224,242
--------------
COMMUNICATIONS - 9.90%
7,955 Comcast, Class A* .......................... 239,445
23,614 Liberty Media, Class A* .................... 258,337
13,981 Time Warner* ............................... 235,160
5,410 Viacom, Class B ............................ 209,097
9,592 Vodafone Group, SP ADR ..................... 235,388
--------------
1,177,427
--------------
CONSUMER CYCLICALS - 3.48%
3,530 Harley-Davidson ............................ 198,809
5,609 SONY, SP ADR ............................... 215,386
--------------
414,195
--------------
CONSUMER STAPLES - 3.06%
2,411 Kimberly-Clark ............................. 157,800
8,704 Newell Rubbermaid .......................... 205,763
--------------
363,563
--------------
FINANCE - 10.70%
2 Berkshire Hathaway, Class A* ............... 186,780
52 Berkshire Hathaway, Class B* ............... 162,188
4,585 Citigroup .................................. 220,493
4,342 J.P. Morgan Chase .......................... 163,259
6,073 MBNA ....................................... 148,060
MARKET
SHARES VALUE
------ ------
FINANCE (CONTINUED)
3,807 Wachovia ................................... $ 174,170
5,531 Washington Mutual .......................... 217,866
--------------
1,272,816
--------------
FOOD AND BEVERAGES - 11.33%
4,536 Coca-Cola .................................. 229,386
6,467 ConAgra Foods .............................. 186,832
4,803 General Mills .............................. 234,146
6,615 Kraft Foods, Class A ....................... 217,700
13,820 Kroger* .................................... 241,850
4,350 PepsiCo .................................... 237,031
--------------
1,346,945
--------------
HEALTH CARE SERVICES - 1.70%
4,975 HCA ........................................ 202,134
--------------
INSURANCE - 6.05%
5,702 Cincinnati Financial ....................... 233,704
4,759 Loews ...................................... 276,070
4,760 Prudential Financial ....................... 209,154
--------------
718,928
--------------
OIL AND GAS EXTRACTION - 11.13%
4,470 Anadarko Petroleum ......................... 239,503
4,551 BP, SP ADR ................................. 240,748
2,947 ChevronTexaco .............................. 269,650
4,519 Exxon Mobil ................................ 192,283
4,910 Royal Dutch Petroleum ...................... 238,921
2,437 Schlumberger ............................... 142,638
--------------
1,323,743
--------------
PHARMACEUTICALS - 10.27%
4,211 AmerisourceBergen .......................... 243,775
9,766 Bristol-Myers Squibb ....................... 245,126
3,070 Eli Lilly .................................. 226,597
6,530 Medco Health Solutions* .................... 231,162
5,830 Merck ...................................... 274,010
--------------
1,220,670
--------------
RESTAURANTS - 2.31%
10,079 McDonald's ................................. 274,451
--------------
RETAIL - 9.06%
6,330 Costco Wholesale ........................... 237,058
6,040 Home Depot (The) ........................... 212,547
5,510 Kohl's* .................................... 230,263
5,937 May Department Stores (The) ................ 182,860
12,270 Office Depot* .............................. 214,848
--------------
1,077,576
--------------
TECHNOLOGY - 6.04%
4,520 CANON, SP ADR .............................. 236,441
11,396 Hewlett-Packard ............................ 224,501
9,900 Microsoft .................................. 257,103
--------------
718,045
--------------
TELECOMMUNICATIONS EQUIPMENT - 1.67%
14,150 Nokia, SP ADR .............................. 198,242
--------------
TRANSPORTATION - 1.88%
15,650 Southwest Airlines ......................... 223,482
--------------
TOTAL COMMON STOCKS
(Cost $10,506,809) ....................... 11,657,907
--------------
SEE ACCOMPANYING NOTES TOFINANCIAL STATEMENTS.
| 4
ABN AMRO FUNDS
- -------------------
TAMRO LARGE CAP VALUE FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
INVESTMENT COMPANY - 4.04%
480,107 BlackRock Provident Institutional
TempCash Portfolio ....................... $ 480,107
--------------
TOTAL INVESTMENT COMPANY
(Cost $480,107) .......................... 480,107
--------------
TOTAL INVESTMENTS - 102.09%
(Cost $10,986,916)** ................................... 12,138,014
--------------
NET OTHER ASSETS AND LIABILITIES - (2.09)% ................ (248,688)
--------------
NET ASSETS - 100.00% ...................................... $ 11,889,326
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $10,986,916.
Gross unrealized appreciation ......... $ 1,257,947
Gross unrealized depreciation ......... (106,849)
---------------
Net unrealized appreciation ........... $ 1,151,098
===============
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 5
ABN AMRO FUNDS
- -------------------
VALUE FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
FINANCE 23%
OTHER COMMON STOCKS 19%
OIL AND GAS EXTRACTION 11%
COMMUNICATIONS 9%
CONSUMER STAPLES 8%
BASIC MATERIALS 8%
CAPITAL GOODS 7%
INSURANCE 6%
PHARMACEUTICALS 6%
CASH AND OTHER NET ASSETS 3%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 96.54%
BASIC MATERIALS - 7.70%
46,300 Air Products & Chemicals ................... $ 2,306,203
21,300 Bowater .................................... 893,535
50,900 Dow Chemical ............................... 2,020,221
36,500 duPont (E. I.) de Nemours .................. 1,567,675
67,000 International Paper ........................ 2,701,440
50,100 PPG Industries ............................. 2,971,431
18,200 Praxair .................................... 665,210
52,000 Smurfit-Stone Container* ................... 893,880
169,900 Syngenta, ADR .............................. 2,706,507
--------------
16,726,102
--------------
CAPITAL GOODS - 6.88%
200,900 Archer-Daniels-Midland ..................... 3,527,804
12,300 Cooper Industries .......................... 675,393
24,300 Deere ...................................... 1,653,372
44,400 Emerson Electric ........................... 2,673,768
75,000 Lockheed Martin ............................ 3,577,500
28,600 Northrop Grumman ........................... 2,838,550
--------------
14,946,387
--------------
COMMUNICATIONS - 8.66%
112,300 Comcast, Special Class A
Non-Voting* ................................ 3,255,577
39,700 Cox Communications, Class A* ............... 1,297,793
124,100 SBC Communications ......................... 3,090,090
152,000 Sprint ..................................... 2,719,280
125,000 Time Warner* ............................... 2,102,500
129,500 Verizon Communications ..................... 4,887,330
59,701 Vodafone Group, SP ADR ..................... 1,465,062
--------------
18,817,632
--------------
CONSUMER CYCLICALS - 1.76%
20,200 Hasbro ..................................... 381,578
14,600 Sears, Roebuck ............................. 584,730
59,600 Tribune .................................... 2,853,648
--------------
3,819,956
--------------
MARKET
SHARES VALUE
------ ------
CONSUMER STAPLES - 7.83%
35,400 Accenture, Class A* ........................ $ 841,458
95,800 Altria Group ............................... 5,305,404
71,900 Kimberly-Clark ............................. 4,705,855
53,100 Monsanto ................................... 1,836,729
111,600 Viacom, Class B ............................ 4,313,340
--------------
17,002,786
--------------
FINANCE - 22.57%
47,600 American Express ........................... 2,330,020
137,186 Bank of America ............................ 11,042,101
62,200 Bank One ................................... 3,070,814
181,900 Citigroup .................................. 8,747,571
57,500 Fannie Mae ................................. 3,951,400
46,100 Goldman Sachs Group ........................ 4,460,175
6,500 Janus Capital Group ........................ 98,800
8,500 MBNA ....................................... 207,230
146,400 Mellon Financial ........................... 4,339,296
55,710 Merrill Lynch .............................. 3,021,153
57,500 Reed Elsevier, SP ADR ...................... 2,167,750
31,900 SouthTrust ................................. 991,452
67,400 SunTrust Banks ............................. 4,586,570
--------------
49,014,332
--------------
FOOD AND BEVERAGES - 4.29%
19,300 Diageo, SP ADR ............................. 1,051,850
58,100 Heinz (H.J.) ............................... 2,218,839
94,200 Kellogg .................................... 4,041,180
8,400 PepsiCo .................................... 457,716
45,300 Sara Lee ................................... 1,045,524
26,500 Tyson Foods, Class A ....................... 496,610
--------------
9,311,719
--------------
INSURANCE - 6.38%
19,100 AFLAC ...................................... 806,593
62,200 Allstate ................................... 2,854,980
14,900 Chubb (The) ................................ 1,028,100
31,000 Hartford Financial Services Group .......... 1,893,480
11,400 Marsh & McLennan ........................... 514,140
110,180 MetLife .................................... 3,801,210
72,900 St. Paul Travelers (The) ................... 2,964,863
--------------
13,863,366
--------------
MEDICAL PRODUCTS AND SUPPLIES - 3.20%
5,100 Bard, C.R .................................. 541,977
22,300 Baxter International ....................... 705,795
7,700 Guidant .................................... 485,177
96,600 Johnson & Johnson .......................... 5,219,298
--------------
6,952,247
--------------
OIL AND GAS EXTRACTION - 11.12%
95,900 BP, SP ADR ................................. 5,073,110
14,900 ChevronTexaco .............................. 1,363,350
63,000 ConocoPhilips .............................. 4,491,900
14,400 Devon Energy ............................... 881,280
13,800 EOG Resources .............................. 679,650
90,000 Exxon Mobil ................................ 3,829,500
17,400 GlobalSantaFe .............................. 458,838
47,600 Noble Drilling* ............................ 1,768,816
19,600 Schlumberger ............................... 1,147,188
17,900 Total, SP ADR .............................. 1,648,948
77,600 Unocal ..................................... 2,796,704
--------------
24,139,284
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 6
ABN AMRO FUNDS
- -------------------
VALUE FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
PHARMACEUTICALS - 5.73%
65,100 Abbott Laboratories ........................ $ 2,865,702
14,800 Eli Lilly .................................. 1,092,388
23,400 Merck ...................................... 1,099,800
42,000 Novartis, ADR .............................. 1,881,600
57,900 Pfizer ..................................... 2,070,504
23,300 Roche Holdings, SP ADR ..................... 2,443,930
25,800 Wyeth ...................................... 982,206
--------------
12,436,130
--------------
RESTAURANTS - 0.60%
48,200 McDonald's ................................. 1,312,486
--------------
RETAIL - 0.22%
19,600 TJX ........................................ 481,572
--------------
TECHNOLOGY - 2.43%
29,200 Hewlett-Packard ............................ 575,240
29,700 IBM ........................................ 2,618,649
61,700 Microsoft .................................. 1,602,349
16,500 Novellus Systems* .......................... 477,840
--------------
5,274,078
--------------
TRANSPORTATION - 1.86%
38,800 Burlington Northern Santa Fe ............... 1,268,760
47,000 Union Pacific .............................. 2,769,710
--------------
4,038,470
--------------
UTILITIES - 5.31%
38,200 Cinergy .................................... 1,449,308
18,800 Dominion Resources ......................... 1,199,628
51,300 Energy East ................................ 1,208,115
23,800 Entergy .................................... 1,299,480
8,200 Exelon ..................................... 548,908
14,360 FirstEnergy ................................ 561,476
21,100 KeySpan .................................... 762,765
25,400 National Fuel Gas .......................... 622,046
15,500 NSTAR ...................................... 750,200
22,200 PPL ........................................ 951,270
63,700 TXU ........................................ 2,174,718
--------------
11,527,914
--------------
TOTAL COMMON STOCKS
(Cost $182,963,292) ...................... 209,664,461
--------------
MARKET
SHARES VALUE
------ ------
INVESTMENT COMPANY - 3.57%
7,744,367 BlackRock Provident Institutional
TempCash Portfolio ....................... $ 7,744,367
--------------
TOTAL INVESTMENT COMPANY
(Cost $7,744,367) ........................ 7,744,367
--------------
TOTAL INVESTMENTS - 100.11%
(Cost $190,707,659)** ................................... 217,408,828
--------------
NET OTHER ASSETS AND LIABILITIES - (0.11)% ................ (229,709)
--------------
NET ASSETS - 100.00% ...................................... $ 217,179,119
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $190,707,659.
Gross unrealized appreciation ......... $ 27,920,866
Gross unrealized depreciation ......... (1,219,697)
--------------
Net unrealized appreciation ........... $ 26,701,169
==============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 7
ABN AMRO FUNDS
- -------------------
VEREDUS SELECT GROWTH FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
OTHER COMMON STOCKS 18%
CAPITAL GOODS 18%
OIL AND GAS EXTRACTION 13%
BUILDING 11%
BASIC MATERIALS 8%
TECHNOLOGY 8%
RETAIL 8%
FINANCE 6%
CASH AND OTHER NET ASSETS 6%
TRANSPORTATION 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 94.28%
AUTOMOBILE - 3.08%
1,300 PACCAR ..................................... $ 73,398
--------------
BASIC MATERIALS - 8.60%
2,800 International Steel Group* ................. 81,340
700 Phelps Dodge* .............................. 46,081
2,700 United States Steel ........................ 77,301
--------------
204,722
--------------
BIOTECHNOLOGY - 2.93%
1,600 Genzyme* ................................... 69,696
--------------
BUILDING - 11.19%
25 Cavco Industries* .......................... 997
2,550 D.R. Horton ................................ 73,440
2,100 Lennar ..................................... 98,385
1,900 Pulte Homes ................................ 93,423
--------------
266,245
--------------
CAPITAL GOODS - 18.09%
1,300 Black & Decker ............................. 75,205
2,400 Celestica* ................................. 42,192
1,000 Danaher .................................... 92,520
1,100 Deere ...................................... 74,844
600 Illinois Tool Works ........................ 51,726
1,700 Parker Hannifin ............................ 93,993
--------------
430,480
--------------
CHEMICALS - 2.86%
1,200 Sigma-Aldrich .............................. 67,968
--------------
CONSUMER CYCLICALS - 3.03%
1,100 Whirlpool .................................. 72,061
--------------
ENTERTAINMENT AND LEISURE - 3.77%
3,900 Disney, Walt ............................... 89,817
--------------
MARKET
SHARES VALUE
------ ------
FINANCE - 5.67%
6,700 E*TRADE Group* ............................. $ 76,112
800 Lehman Brothers Holdings ................... 58,720
--------------
134,832
--------------
OIL AND GAS EXTRACTION - 12.90%
1,700 Chesapeake Energy .......................... 23,375
2,900 ENSCO International ........................ 79,373
1,400 Murphy Oil ................................. 95,900
1,700 Nabors Industries* ......................... 75,412
600 Smith International* ....................... 32,850
--------------
306,910
--------------
RESTAURANTS - 1.85%
1,000 Outback Steakhouse ......................... 43,930
--------------
RETAIL - 7.63%
2,700 Home Depot (The) ........................... 95,013
4,200 Limited Brands ............................. 86,688
--------------
181,701
--------------
TECHNOLOGY - 8.48%
2,700 Adobe Systems .............................. 111,618
1,500 BMC Software* .............................. 25,950
2,500 Intel ...................................... 64,325
--------------
201,893
--------------
TRANSPORTATION - 4.20%
7,000 Southwest Airlines ......................... 99,960
--------------
TOTAL COMMON STOCKS
(Cost $2,285,389) ........................ 2,243,613
--------------
INVESTMENT COMPANIES - 5.32%
119,721 BlackRock Provident Institutional
TempCash Portfolio ....................... 119,721
6,739 BlackRock Provident Institutional
TempFund Portfolio ....................... 6,739
--------------
TOTAL INVESTMENT COMPANIES
(Cost $126,460) .......................... 126,460
--------------
TOTAL INVESTMENTS - 99.60%
(Cost $2,411,849)** ..................................... 2,370,073
--------------
NET OTHER ASSETS AND LIABILITIES - 0.40% .................. 9,580
--------------
NET ASSETS - 100.00% ...................................... $ 2,379,653
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $2,411,849.
Gross unrealized appreciation ........ $ 77,432
Gross unrealized depreciation ........ (119,208)
--------------
Net unrealized depreciation .......... $ (41,776)
==============
SEE ACCOMPANYING NOTES TOFINANCIAL STATEMENTS.
| 8
ABN AMRO FUNDS
- -------------------
MID CAP FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
OTHER COMMON STOCKS 31%
PRINTING AND PUBLISHING 15%
TECHNOLOGY 12%
CASH AND OTHER NET ASSETS 9%
TELECOMM. EQUIPMENT 6%
CAPITAL GOODS 6%
OIL AND GAS EXTRACTION 6%
MEDICAL PRODUCTS AND SUPPLIES 5%
PHARMACEUTICALS 5%
AUTOMOTIVE 5%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 90.89%
AGRICULTURE - 3.22%
206,400 Bunge ...................................... $ 7,647,120
70,500 Monsanto ................................... 2,438,595
--------------
10,085,715
--------------
AUTOMOTIVE - 5.27%
75,000 BorgWarner ................................. 6,145,500
130,800 Magna International, Class A ............... 10,320,120
--------------
16,465,620
--------------
CAPITAL GOODS - 5.93%
217,600 Chicago Bridge & Iron ...................... 6,256,000
165,500 York International ......................... 6,487,600
79,000 Zebra Technologies* ........................ 5,789,910
--------------
18,533,510
--------------
CHEMICALS - 2.26%
164,500 FMC* ....................................... 7,055,405
--------------
COMMERCIAL SERVICES - 1.83%
109,500 Dun & Bradstreet* .......................... 5,721,375
--------------
COMMUNICATIONS - 3.22%
388,000 Interpublic Group* ......................... 6,087,720
100,000 Reuters Group, SP ADR ...................... 3,979,000
--------------
10,066,720
--------------
CONSUMER CYCLICALS - 3.77%
694,500 Mattel ..................................... 11,778,720
--------------
ELECTRONICS - 4.52%
380,700 American Power Conversion .................. 7,103,862
46,500 Paxar* ..................................... 766,320
521,300 Symbol Technologies ........................ 6,255,600
--------------
14,125,782
--------------
MARKET
SHARES VALUE
------ ------
ENTERTAINMENT AND LEISURE - 4.27%
311,400 Hearst-Argyle Television ................... $ 8,174,250
246,900 Metro-Goldwyn-Mayer* ....................... 5,189,837
--------------
13,364,087
--------------
INSURANCE - 3.55%
270,950 Cincinnati Financial ....................... 11,106,240
--------------
MEDICAL PRODUCTS AND SUPPLIES - 4.80%
276,100 Edwards Lifesciences* ...................... 9,514,406
46,100 McKesson ................................... 1,514,846
206,900 PerkinElmer ................................ 3,982,825
--------------
15,012,077
--------------
OIL AND GAS EXTRACTION - 6.10%
411,273 FMC Technologies* .......................... 11,207,189
384,700 Veritas DGC* ............................... 7,859,421
--------------
19,066,610
--------------
PHARMACEUTICALS - 4.91%
303,500 Alpharma, Class A .......................... 6,595,055
147,300 King Pharmaceuticals* ...................... 2,540,925
224,000 Shire Pharmaceuticals Group,
ADR* ....................................... 6,216,000
--------------
15,351,980
--------------
PRINTING AND PUBLISHING - 14.70%
285,100 Belo, Class A .............................. 8,113,946
872,200 Pearson, SP ADR ............................ 10,370,458
1,199,200 Reader's Digest Association,
Class A .................................... 17,184,536
363,700 Scholastic* ................................ 10,314,532
--------------
45,983,472
--------------
TECHNOLOGY - 12.30%
145,700 Apple Computer* ............................ 3,748,861
111,000 Diebold .................................... 5,115,990
436,000 Mentor Graphics* ........................... 7,233,240
305,707 Progress Software* ......................... 6,266,993
1,236,300 Unisys* .................................... 16,108,989
--------------
38,474,073
--------------
TELECOMMUNICATIONS EQUIPMENT - 5.92%
700,580 Andrew* .................................... 11,874,831
147,100 Harris ..................................... 6,626,855
--------------
18,501,686
--------------
TRANSPORTATION - 4.32%
266,900 CNF ........................................ 9,757,864
113,300 USF ........................................ 3,767,225
--------------
13,525,089
--------------
TOTAL COMMON STOCKS
(Cost $240,559,501) ...................... 284,218,161
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 9
ABN AMRO FUNDS
- -------------------
MID CAP FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
INVESTMENT COMPANIES - 10.31%
16,110,411 BlackRock Provident Institutional
TempCash Portfolio ....................... $ 16,110,411
16,110,411 BlackRock Provident Institutional
TempFund Portfolio ....................... 16,110,411
--------------
TOTAL INVESTMENT COMPANIES
(Cost $32,220,822) ....................... 32,220,822
--------------
TOTAL INVESTMENTS - 101.20%
(Cost $272,780,323)** .................................. 316,438,983
--------------
NET OTHER ASSETS AND LIABILITIES - (1.20)% ................ (3,742,868)
--------------
NET ASSETS - 100.00% ...................................... $ 312,696,115
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $272,780,323.
Gross unrealized appreciation ......... $ 46,181,254
Gross unrealized depreciation ......... (2,522,594)
--------------
Net unrealized appreciation ........... $ 43,658,660
==============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TOFINANCIAL STATEMENTS.
| 10
ABN AMRO FUNDS
- -------------------
TAMRO SMALL CAP FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
OTHER COMMON STOCKS 28%
CAPITAL GOODS 12%
CASH AND OTHER NET ASSETS 9%
COMMUNICATIONS 9%
RETAIL 8%
COMMERCIAL SERVICES 8%
RESTAURANTS 7%
FOOD AND BEVERAGES 7%
TECHNOLOGY 6%
FINANCE 6%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 90.98%
BIOTECHNOLOGY - 3.78%
95,520 Applera - Celera Genomics Group* ........... $ 1,126,181
100,290 Human Genome Sciences* ..................... 1,223,538
151,770 Incyte* .................................... 1,205,054
--------------
3,554,773
--------------
CAPITAL GOODS - 12.39%
43,430 Analogic ................................... 2,056,410
276,885 General Cable* ............................. 2,132,015
67,380 Manitowoc (The) ............................ 2,049,026
30,160 Martin Marietta Materials .................. 1,304,420
73,290 NCI Building Systems* ...................... 2,145,198
43,270 Teleflex ................................... 1,975,276
--------------
11,662,345
--------------
CHEMICALS - 1.90%
87,310 Sensient Technologies ...................... 1,786,363
--------------
COMMERCIAL SERVICES - 7.57%
97,400 Central Parking ............................ 1,859,366
305,170 Hooper Holmes .............................. 1,681,487
110,740 MedQuist* .................................. 1,507,171
79,230 Watson Wyatt & Co. Holdings* ............... 2,078,203
--------------
7,126,227
--------------
COMMUNICATIONS - 8.78%
268,970 DoubleClick* ............................... 2,170,588
62,250 Emmis Communications, Class A* ............. 1,456,650
127,320 Internet Security Systems* ................. 1,692,083
307,165 3Com* ...................................... 1,892,136
140,720 TIBCO Software* ............................ 1,055,400
--------------
8,266,857
--------------
MARKET
SHARES VALUE
------ ------
CONSUMER CYCLICALS - 3.52%
108,400 Natuzzi, SP ADR ............................ $ 1,177,224
137,730 Vail Resorts* .............................. 2,141,701
--------------
3,318,925
--------------
CONSUMER STAPLES - 1.63%
67,210 Andrx* ..................................... 1,537,765
--------------
FINANCE - 6.10%
197,700 FelCor Lodging Trust, REIT* ................ 1,977,000
328,845 Innkeepers USA Trust, REIT ................. 2,515,664
46,630 Post Properties, REIT ...................... 1,253,881
--------------
5,746,545
--------------
FOOD AND BEVERAGES - 6.92%
60,730 American Italian Pasta, Class A ............ 1,880,201
129,320 Hain Celestial Group* ...................... 2,560,536
59,050 Performance Food Group* .................... 2,074,426
--------------
6,515,163
--------------
HEALTH CARE SERVICES - 3.26%
49,530 Accredo Health* ............................ 1,914,334
44,710 Community Health Systems* .................. 1,153,071
--------------
3,067,405
--------------
INSURANCE - 2.77%
5,444 Alleghany* ................................. 1,428,832
53,550 FPIC Insurance Group* ...................... 1,183,455
--------------
2,612,287
--------------
OIL AND GAS EXTRACTION - 3.52%
67,690 National-Oilwell* .......................... 1,889,905
72,480 Plains Exploration & Production* ........... 1,427,856
--------------
3,317,761
--------------
PHARMACEUTICALS - 4.22%
95,980 Perrigo .................................... 2,070,289
64,350 Pharmaceutical Product
Development* ............................... 1,902,829
--------------
3,973,118
--------------
RESTAURANTS - 7.28%
104,830 California Pizza Kitchen* .................. 2,202,478
143,450 O' Charley's* .............................. 2,709,771
106,860 Ryan's Family Steak Houses* ................ 1,938,440
--------------
6,850,689
--------------
RETAIL - 8.32%
118,540 CSK Auto* .................................. 2,188,248
93,960 Genesco* ................................... 2,090,610
112,160 Longs Drug Stores .......................... 2,198,336
245,270 Wet Seal (The), Class A* ................... 1,351,438
--------------
7,828,632
--------------
TECHNOLOGY - 5.79%
140,670 CIBER* ..................................... 1,230,863
75,380 Digimarc* .................................. 850,286
146,630 Eclipsys* .................................. 2,068,949
498,730 Safeguard Scientifics* ..................... 1,296,698
--------------
5,446,796
--------------
SEE ACCOMPANYING NOTES TOFINANCIAL STATEMENTS.
| 11
ABN AMRO FUNDS
- -------------------
TAMRO SMALL CAP FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
TRANSPORTATION - 3.23%
156,660 Continental Airlines, Class B* ............ $ 1,669,996
75,290 SkyWest .................................... 1,370,278
--------------
3,040,274
--------------
TOTAL COMMON STOCKS
(Cost $81,869,503) ....................... 85,651,925
--------------
INVESTMENT COMPANIES - 5.38%
4,653,642 BlackRock Provident Institutional
TempCash Portfolio ....................... 4,653,642
407,432 BlackRock Provident Institutional
TempFund Portfolio ....................... 407,432
--------------
TOTAL INVESTMENT COMPANIES
(Cost $5,061,074) ........................ 5,061,074
--------------
TOTAL INVESTMENTS - 96.36%
(Cost $86,930,577)** ................................... 90,712,999
--------------
NET OTHER ASSETS AND LIABILITIES - 3.64% .................. 3,430,748
--------------
NET ASSETS - 100.00% ...................................... $ 94,143,747
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $86,930,577.
Gross unrealized appreciation ......... $ 8,591,147
Gross unrealized depreciation ......... (4,808,725)
--------------
Net unrealized appreciation ........... $ 3,782,422
==============
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TOFINANCIAL STATEMENTS.
| 12
ABN AMRO FUNDS
- -------------------
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
OTHER COMMON STOCKS 22%
BUILDING 16%
COMMUNICATIONS 10%
TECHNOLOGY 10%
OIL AND GAS EXTRACTION 10%
FINANCE 10%
CAPITAL GOODS 8%
MEDICAL PRODUCTS AND SUPPLIES 7%
BASIC MATERIALS 6%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 98.96%
BASIC MATERIALS - 6.13%
284,150 Airgas ..................................... $ 6,293,922
1,161,600 AK Steel Holding* .......................... 5,459,520
168,800 Century Aluminum* .......................... 3,342,240
116,650 Cleveland-Cliffs* .......................... 5,526,877
257,800 OM Group* .................................. 6,561,010
328,250 RTI International Metals* .................. 4,808,863
145,700 Schnitzer Steel Industries ................. 3,827,539
--------------
35,819,971
--------------
BIOTECHNOLOGY - 3.82%
211,000 BioLase Technology* ........................ 2,717,680
309,200 Martek Biosciences* ........................ 19,631,108
--------------
22,348,788
--------------
BUILDING - 16.35%
127,200 Beazer Homes USA ........................... 12,522,840
333,200 D.R. Horton ................................ 9,596,160
312,500 Hovanian Enterprises, Class A* ............. 11,240,625
227,988 M.D.C. Holdings ............................ 14,087,379
96,900 Pulte Homes ................................ 4,764,573
263,050 Standard-Pacific ........................... 13,268,242
508,900 Toll Brothers* ............................. 20,137,173
408,750 WCI Communities* ........................... 9,936,712
--------------
95,553,704
--------------
CAPITAL GOODS - 7.69%
279,500 Commercial Metals .......................... 7,322,900
258,400 Electro Scientific Industries* ............. 5,281,696
1,057,600 GrafTech International* .................... 9,380,912
382,300 Intevac* ................................... 3,842,115
315,800 Joy Global ................................. 8,289,750
118,650 Nordson .................................... 4,100,544
290,700 Rofin-Sinar Technologies* .................. 6,735,519
--------------
44,953,436
--------------
MARKET
SHARES VALUE
------ ------
COMMERCIAL SERVICES - 0.84%
280,800 Navigant Consulting* ....................... $ 4,922,424
--------------
COMMUNICATIONS - 9.59%
605,800 Akamai Technologies* ....................... 7,160,556
545,500 iVillage* .................................. 3,491,200
554,400 Polycom* ................................... 10,577,952
535,300 RSA Security* .............................. 8,575,506
487,800 SafeNet* ................................... 10,487,700
58,000 Salem Communications* ...................... 1,728,980
304,600 SupportSoft* ............................... 3,012,494
491,800 WebEx Communications* ...................... 11,035,992
--------------
56,070,380
--------------
ENTERTAINMENT AND LEISURE - 2.49%
104,800 Choice Hotels International ................ 4,705,520
517,200 Marvel Enterprises* ........................ 9,821,628
--------------
14,527,148
--------------
FINANCE - 10.49%
400,850 Accredited Home Lenders Holding* ........... 11,620,641
164,800 Chicago Mercantile Exchange ................ 19,331,040
1,205,100 Knight Trading Group* ...................... 14,003,262
373,100 Portfolio Recovery Associates* ............. 9,965,501
255,100 Raymond James Financial .................... 6,408,112
--------------
61,328,556
--------------
HEALTH CARE SERVICES - 3.15%
374,750 Centene* ................................... 12,554,125
232,700 VistaCare, Class A* ........................ 5,861,713
--------------
18,415,838
--------------
MEDICAL PRODUCTS AND SUPPLIES - 7.32%
283,500 ArthroCare* ................................ 6,665,085
1,084,400 Cytyc* ..................................... 23,206,160
376,450 Wright Medical Group* ...................... 12,927,293
--------------
42,798,538
--------------
OIL AND GAS EXTRACTION - 9.81%
461,500 Chesapeake Energy .......................... 6,345,625
449,000 Comstock Resources* ........................ 9,137,150
656,600 Key Energy Services* ....................... 6,999,356
408,100 Patterson-UTI Energy ....................... 14,769,139
341,500 Pioneer Natural Resources .................. 11,170,465
864,900 Williams ................................... 8,908,470
--------------
57,330,205
--------------
PHARMACEUTICALS - 0.91%
81,100 Eon Labs* .................................. 5,332,325
--------------
RESTAURANTS - 1.91%
228,800 P.F. Chang's China Bistro* ................. 11,179,168
--------------
RETAIL - 3.26%
271,950 Aeropostale* ............................... 5,980,181
106,150 Big 5 Sporting Goods* ...................... 2,634,643
102,500 Genesco* ................................... 2,280,625
38,100 Hibbett Sporting Goods* .................... 925,068
164,750 Jos. A. Bank Clothiers* .................... 5,183,035
132,500 Tempur-Pedic International* ................ 2,068,325
--------------
19,071,877
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 13
ABN AMRO FUNDS
- -------------------
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
TECHNOLOGY - 9.60%
88,300 Cohu ....................................... $ 1,545,250
704,700 Credence Systems* .......................... 7,850,358
366,557 DSP Group* ................................. 9,083,282
262,400 Electronics for Imaging* ................... 6,659,712
539,950 Keane* ..................................... 7,667,290
626,250 Packeteer* ................................. 7,546,313
316,400 RadiSys* ................................... 5,907,188
619,000 Silicon Image* ............................. 6,307,610
639,400 TriQuint Semiconductor* .................... 3,510,306
--------------
56,077,309
--------------
TELECOMMUNICATIONS EQUIPMENT - 4.16%
665,700 Sierra Wireless* ........................... 14,878,395
566,300 Tekelec* ................................... 9,440,221
--------------
24,318,616
--------------
TRANSPORTATION - 1.44%
349,400 Overnite ................................... 8,385,600
--------------
TOTAL COMMON STOCKS
(Cost $545,805,861) ...................... 578,433,883
--------------
INVESTMENT COMPANY - 1.02%
5,966,055 BlackRock Provident Institutional
TempCash Portfolio ....................... 5,966,055
--------------
TOTAL INVESTMENT COMPANY
(Cost $5,966,055) ........................ 5,966,055
--------------
TOTAL INVESTMENTS - 99.98%
(Cost $551,771,916)** ................................... 584,399,938
--------------
NET OTHER ASSETS AND LIABILITIES - 0.02% .................. 108,219
--------------
NET ASSETS - 100.00% ...................................... $ 584,508,157
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $551,771,916.
Gross unrealized appreciation ........ $ 69,776,825
Gross unrealized depreciation ........ (37,148,803)
--------------
Net unrealized appreciation .......... $ 32,628,022
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 14
ABN AMRO FUNDS
- -------------------
REAL ESTATE FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
RETAIL 30%
RESIDENTIAL 19%
OFFICE PROPERTIES 17%
INDUSTRIAL 13%
DIVERSIFIED 9%
STORAGE 4%
HOTELS 3%
HEALTH CARE 2%
CASH AND OTHER NET ASSETS 2%
FOREIGN COMMON STOCK 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 96.78%
DIVERSIFIED - 8.68%
34,876 Catellus Development ....................... $ 751,578
26,000 Keystone Property Trust .................... 528,840
30,000 Liberty Property Trust ..................... 1,096,500
44,600 Vornado Realty Trust ....................... 2,250,070
--------------
4,626,988
--------------
HEALTH CARE - 2.62%
58,400 Health Care Property Investors ............. 1,395,760
--------------
HOTELS - 2.95%
38,000 Orient Express Hotels ...................... 614,080
24,100 Starwood Hotels & Resorts
Worldwide .................................. 958,939
--------------
1,573,019
--------------
INDUSTRIAL - 12.72%
39,485 AMB Property ............................... 1,196,395
22,500 CenterPoint Properties ..................... 1,622,250
63,480 Duke Realty ................................ 1,851,077
71,900 ProLogis Trust ............................. 2,115,298
--------------
6,785,020
--------------
OFFICE PROPERTIES - 16.60%
28,875 Alexandria Real Estate Equities ............ 1,640,678
28,585 Boston Properties .......................... 1,343,495
41,400 Brookfield Properties ...................... 1,150,920
55,700 Corporate Office Properties Trust .......... 1,133,495
106,484 Equity Office Properties Trust ............. 2,680,202
22,100 SL Green Realty ............................ 901,680
--------------
8,850,470
--------------
MARKET
SHARES VALUE
------ ------
RESIDENTIAL - 19.40%
94,100 Archstone-Smith Trust ...................... $ 2,581,163
43,924 AvalonBay Communities ...................... 2,179,948
163,500 Boardwalk Equities ......................... 1,872,478
40,100 Equity Residential Properties
Trust ...................................... 1,101,146
21,300 Essex Property Trust ....................... 1,298,235
41,200 Gables Residential Trust ................... 1,310,160
--------------
10,343,130
--------------
RETAIL - 30.18%
30,600 CBL & Associates Properties ................ 1,537,650
21,800 Cedar Shopping Centers ..................... 253,970
19,100 Chelsea Property Group ..................... 974,100
60,200 Developers Diversified Realty .............. 1,971,550
103,500 General Growth Properties .................. 2,805,885
51,350 Kimco Realty ............................... 2,194,699
23,525 Mills ...................................... 955,115
26,200 Pan Pacific Retail Properties .............. 1,150,966
37,100 Regency Centers ............................ 1,406,461
59,000 Simon Property Group ....................... 2,844,390
--------------
16,094,786
--------------
STORAGE - 3.63%
46,300 Public Storage ............................. 1,934,877
--------------
TOTAL COMMON STOCKS
(Cost $44,475,858) ....................... 51,604,050
--------------
FOREIGN COMMON STOCK - 1.52%
CANADA - 1.52%
75,600 RioCan Real Estate Investment
Trust ...................................... 808,086
--------------
TOTAL FOREIGN COMMON STOCK
(Cost $729,566) .......................... 808,086
--------------
INVESTMENT COMPANY - 1.43%
760,287 BlackRock Provident Institutional
TempCash Portfolio ....................... 760,287
--------------
TOTAL INVESTMENT COMPANY
(Cost $760,287) .......................... 760,287
--------------
TOTAL INVESTMENTS - 99.73%
(Cost $45,965,711)* .................................... 53,172,423
--------------
NET OTHER ASSETS AND LIABILITIES - 0.27% .................. 145,907
--------------
NET ASSETS - 100.00% ...................................... $ 53,318,330
==============
- -----------------------
* Aggregate cost for Federal income tax purposes is $45,965,711.
Gross unrealized appreciation ......... $ 8,076,003
Gross unrealized depreciation ......... (869,291)
--------------
Net unrealized appreciation ........... $ 7,206,712
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 15
ABN AMRO FUNDS
- -------------------
VEREDUS SCITECH FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
BIOTECHNOLOGY 14%
SEMICONDUCTORS 13%
MEDICAL PRODUCTS AND SUPPLIES 11%
TELECOMM. EQUIPMENT 11%
OTHER COMMON STOCKS 10%
INDUSTRIAL 10%
COMMUNICATIONS 9%
COMPUTER SOFTWARE 8%
CASH AND OTHER NET ASSETS 8%
ELECTRONICS 6%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 91.80%
BIOTECHNOLOGY - 14.28%
5,100 Biogen Idec* ............................... $ 300,900
40,000 CuraGen* ................................... 232,000
5,500 Genzyme* ................................... 239,580
5,400 Martek Biosciences* ........................ 342,846
--------------
1,115,326
--------------
CHEMICALS - 2.32%
3,200 Sigma-Aldrich .............................. 181,248
--------------
COMMUNICATIONS - 9.41%
16,100 Akamai Technologies* ....................... 190,302
7,900 iVillage* .................................. 50,560
14,400 RSA Security* .............................. 230,688
3,300 SupportSoft* ............................... 32,637
10,300 WebEx Communications* ...................... 231,132
--------------
735,319
--------------
COMPUTER SOFTWARE - 8.14%
9,900 Adobe Systems .............................. 409,266
4,700 BMC Software* .............................. 81,310
12,100 Packeteer* ................................. 145,805
--------------
636,381
--------------
COMPUTERS - 2.92%
2,800 Electronics for Imaging* ................... 71,064
8,400 RadiSys* ................................... 156,828
--------------
227,892
--------------
ELECTRONICS - 5.91%
7,800 Celestica* ................................. 137,124
7,400 Electro Scientific Industries* ............. 151,256
7,500 Rofin-Sinar Technologies* .................. 173,775
--------------
462,155
--------------
MARKET
SHARES VALUE
------ ------
INDUSTRIAL - 10.03%
22,000 Cherokee International* .................... $ 327,800
20,000 Core Molding Technologies* ................. 66,400
25,200 GrafTech International* .................... 223,524
16,500 Intevac* ................................... 165,825
--------------
783,549
--------------
MEDICAL PRODUCTS AND SUPPLIES - 10.94%
7,400 ArthroCare* ................................ 173,974
4,300 BioLase Technology* ........................ 55,384
14,300 Cytyc* ..................................... 306,020
9,300 Wright Medical Group* ...................... 319,362
--------------
854,740
--------------
PHARMACEUTICALS - 4.52%
18,300 Alkermes* .................................. 280,539
1,100 Eon Labs* .................................. 72,325
--------------
352,864
--------------
SEMICONDUCTORS - 12.88%
600 Cohu ....................................... 10,500
20,000 Credence Systems* .......................... 222,800
7,000 DSP Group* ................................. 173,460
8,700 Intel ...................................... 223,851
20,000 Nanometrics* ............................... 236,600
5,700 Silicon Image* ............................. 58,083
14,700 TriQuint Semiconductor* .................... 80,703
--------------
1,005,997
--------------
TELECOMMUNICATIONS EQUIPMENT - 10.45%
6,200 Polycom* ................................... 118,296
10,100 SafeNet* ................................... 217,150
10,500 Sierra Wireless* ........................... 234,675
14,800 Tekelec* ................................... 246,716
--------------
816,837
--------------
TOTAL COMMON STOCKS
(Cost $7,575,196) ........................ 7,172,308
--------------
INVESTMENT COMPANIES - 9.34%
399,651 BlackRock Provident Institutional
TempCash Portfolio ....................... 399,651
329,954 BlackRock Provident Institutional
TempFund Portfolio ....................... 329,954
--------------
TOTAL INVESTMENT COMPANIES
(Cost $729,605) .......................... 729,605
--------------
TOTAL INVESTMENTS - 101.14%
(Cost $8,304,801)** .................................... 7,901,913
--------------
NET OTHER ASSETS AND LIABILITIES - (1.14)% ................ (89,434)
--------------
NET ASSETS - 100.00% ...................................... $ 7,812,479
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $8,304,801
Gross unrealized appreciation ......... $ 434,421
Gross unrealized depreciation ......... (837,309)
--------------
Net unrealized depreciation ........... $ (402,888)
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 16
ABN AMRO FUNDS
- -------------------
EQUITY PLUS FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
OTHER COMMON STOCKS 29%
TECHNOLOGY 17%
FINANCE 15%
PHARMACEUTICALS 8%
CONSUMER STAPLES 6%
RETAIL 6%
FOOD AND BEVERAGES 5%
OIL AND GAS EXTRACTION 5%
ELECTRICAL 5%
CASH AND OTHER NET ASSETS 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 96.49%
AUTOMOBILE - 0.93%
18,200 Ford Motor ................................. $ 279,552
5,500 General Motors ............................. 260,810
--------------
540,362
--------------
BASIC MATERIALS - 1.04%
8,400 Alcoa ...................................... 258,300
900 Allegheny Technologies ..................... 9,198
500 Boise Cascade .............................. 16,865
4,800 International Paper ........................ 193,536
2,200 Weyerhaeuser ............................... 130,240
--------------
608,139
--------------
BIOTECHNOLOGY - 1.21%
12,600 Amgen* ..................................... 709,002
--------------
CAPITAL GOODS - 5.10%
800 Black & Decker ............................. 46,280
8,400 Boeing ..................................... 358,596
2,800 Eastman Kodak .............................. 72,212
1,900 General Dynamics ........................... 177,878
8,600 Honeywell International .................... 297,388
4,200 Raytheon ................................... 135,492
1,900 Rockwell Automation ........................ 62,111
9,600 3M ......................................... 830,208
19,900 Tyco International ......................... 546,255
5,200 United Technologies ........................ 448,552
--------------
2,974,972
--------------
CHEMICALS - 1.36%
9,100 Dow Chemical ............................... 361,179
10,000 duPont (E. I.) de Nemours .................. 429,500
--------------
790,679
--------------
MARKET
SHARES VALUE
------ ------
COMMUNICATIONS - 3.82%
7,700 AT&T ....................................... $ 132,055
10,300 Nextel Communications , Class A* ........... 245,758
33,000 SBC Communications ......................... 821,700
27,300 Verizon Communications ..................... 1,030,302
--------------
2,229,815
--------------
CONSUMER STAPLES - 5.86%
20,100 Altria Group ............................... 1,113,138
2,500 Avon Products .............................. 210,000
5,400 Colgate-Palmolive .......................... 312,552
10,200 Gillette ................................... 417,384
12,900 Procter & Gamble ........................... 1,364,175
--------------
3,417,249
--------------
ELECTRICAL - 5.10%
99,400 General Electric ........................... 2,977,030
--------------
ENERGY - 0.60%
3,400 Baker Hughes ............................... 124,712
6,000 El Paso .................................... 42,060
4,300 Halliburton ................................ 128,140
5,100 Williams ................................... 52,530
--------------
347,442
--------------
ENTERTAINMENT AND LEISURE - 0.90%
20,300 Disney, Walt ............................... 467,509
1,100 Harrah's Entertainment ..................... 58,498
--------------
526,007
--------------
FINANCE - 15.09%
12,900 American Express ........................... 631,455
14,900 Bank of America ............................ 1,199,301
11,300 Bank One ................................... 557,881
51,200 Citigroup .................................. 2,462,208
4,600 Goldman Sachs Group ........................ 445,050
20,300 J.P. Morgan Chase .......................... 763,280
2,600 Lehman Brothers Holdings ................... 190,840
10,300 Merrill Lynch .............................. 558,569
10,900 Morgan Stanley ............................. 560,151
19,000 U.S. Bancorp ............................... 487,160
16,700 Wells Fargo ................................ 942,882
--------------
8,798,777
--------------
FOOD AND BEVERAGES - 5.19%
8,400 Anheuser-Busch ............................. 430,416
4,200 Campbell Soup .............................. 116,046
24,600 Coca-Cola .................................. 1,244,022
3,400 Heinz (H.J.) ............................... 129,846
17,000 PepsiCo .................................... 926,330
7,700 Sara Lee ................................... 177,716
--------------
3,024,376
--------------
HEALTH CARE SERVICES - 0.35%
5,100 HCA ........................................ 207,213
--------------
INSURANCE - 4.20%
7,100 Allstate ................................... 325,890
26,000 American International Group ............... 1,862,900
1,400 CIGNA ...................................... 90,314
2,800 Hartford Financial Services Group .......... 171,024
--------------
2,450,128
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 17
ABN AMRO FUNDS
- -------------------
EQUITY PLUS FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
MEDIA - 2.88%
6,100 Clear Channel Communications ............... $ 253,089
44,800 Time Warner* ............................... 753,536
17,400 Viacom, Class B ............................ 672,510
--------------
1,679,135
--------------
MEDICAL PRODUCTS AND SUPPLIES - 4.11%
6,000 Baxter International ....................... 189,900
29,500 Johnson & Johnson .......................... 1,593,885
12,100 Medtronic .................................. 610,566
--------------
2,394,351
--------------
OIL AND GAS EXTRACTION - 5.43%
66,400 Exxon Mobil ................................ 2,825,320
5,800 Schlumberger ............................... 339,474
--------------
3,164,794
--------------
PHARMACEUTICALS - 7.55%
19,300 Bristol-Myers Squibb ....................... 484,430
2,500 MedImmune* ................................. 60,600
22,400 Merck ...................................... 1,052,800
78,500 Pfizer ..................................... 2,807,160
--------------
4,404,990
--------------
RESTAURANTS - 0.59%
12,600 McDonald's ................................. 343,098
--------------
RETAIL - 6.31%
23,000 Home Depot (The) ........................... 809,370
5,100 Limited Brands ............................. 105,264
2,900 May Department Stores (The) ................ 89,320
1,600 RadioShack ................................. 49,216
2,800 Sears, Roebuck ............................. 112,140
2,200 Toys "R" Us* ............................... 33,990
43,500 Wal-Mart Stores ............................ 2,479,500
--------------
3,678,800
--------------
TECHNOLOGY - 16.65%
69,800 Cisco Systems* ............................. 1,456,726
1,900 Computer Sciences* ......................... 77,729
21,700 EMC* ....................................... 242,172
30,400 Hewlett-Packard ............................ 598,880
17,300 IBM ........................................ 1,525,341
65,000 Intel ...................................... 1,672,450
111,800 Microsoft .................................. 2,903,446
1,700 National Semiconductor* .................... 69,343
52,100 Oracle* .................................... 584,562
17,200 Texas Instruments .......................... 431,720
3,100 Unisys* .................................... 40,393
7,800 Xerox* ..................................... 104,754
--------------
9,707,516
--------------
TELECOMMUNICATIONS EQUIPMENT - 0.24%
41,100 Lucent Technologies* ....................... 138,507
--------------
MARKET
SHARES VALUE
------ ------
TRANSPORTATION - 0.74%
3,700 Burlington Northern Santa Fe ............... $ 120,990
1,200 Delta Airlines ............................. 7,464
3,000 FedEx ...................................... 215,730
3,800 Norfolk Southern ........................... 90,516
--------------
434,700
--------------
UTILITIES - 1.24%
6,100 AES* ....................................... 52,887
4,000 American Electric Power .................... 121,760
2,300 Entergy .................................... 125,580
3,200 Exelon ..................................... 214,208
7,200 Southern ................................... 207,072
--------------
721,507
--------------
TOTAL COMMON STOCKS
(Cost $40,867,083) ....................... 56,268,589
--------------
INVESTMENT COMPANY - 0.16%
93,818 BlackRock Provident Institutional
TempCash Portfolio ....................... 93,818
--------------
TOTAL INVESTMENT COMPANY
(Cost $93,818) ........................... 93,818
--------------
TOTAL INVESTMENTS - 96.65%
(Cost $40,960,901)** ................................... 56,362,407
--------------
NET OTHER ASSETS AND LIABILITIES - 3.35% .................. 1,953,236
--------------
NET ASSETS - 100.00% ...................................... $ 58,315,643
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $40,960,901.
Gross unrealized appreciation ......... $ 22,489,336
Gross unrealized depreciation ......... (7,087,830)
--------------
Net unrealized appreciation ........... $ 15,401,506
==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 18
ABN AMRO FUNDS
- -------------------
BALANCED FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COMMON STOCKS 52%
CASH AND OTHER NET ASSETS 21%
CORPORATE NOTES AND BONDS 12%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 10%
COMMERCIAL MORTGAGE- BACKED SECURITIES 3%
ASSET-BACKED SECURITIES 1%
FOREIGN GOVERNMENT BONDS & MUNICIPAL SECURITY 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 51.82%
ADVERTISING - 1.54%
58,300 Omnicom Group .............................. $ 4,635,433
--------------
CAPITAL GOODS - 3.43%
131,200 Dover ...................................... 5,251,936
58,900 Illinois Tool Works ........................ 5,077,769
--------------
10,329,705
--------------
CHEMICALS - 1.23%
101,300 Praxair .................................... 3,702,515
--------------
COMMERCIAL SERVICES - 4.23%
117,400 Cintas ..................................... 5,278,304
131,700 Ecolab ..................................... 3,924,660
78,700 H&R Block .................................. 3,550,157
--------------
12,753,121
--------------
CONSUMER CYCLICALS - 3.63%
124,500 Harley-Davidson ............................ 7,011,840
71,800 Johnson Controls ........................... 3,938,948
--------------
10,950,788
--------------
ELECTRICAL - 0.70%
70,600 General Electric ........................... 2,114,470
--------------
FINANCE - 4.04%
81,900 Fifth Third Bancorp ........................ 4,394,754
159,150 MBNA ....................................... 3,880,077
166,700 Schwab (Charles) ........................... 1,715,343
57,100 SLM ........................................ 2,187,501
--------------
12,177,675
--------------
FOOD AND BEVERAGES - 1.57%
123,800 Sysco ...................................... 4,735,350
--------------
HEALTH CARE SERVICES - 2.45%
101,000 Cardinal Health ............................ 7,398,250
--------------
MARKET
SHARES VALUE
------ ------
INSURANCE - 4.18%
109,600 AFLAC ...................................... $ 4,628,408
74,700 American International Group ............... 5,352,255
58,200 Marsh & McLennan ........................... 2,624,820
--------------
12,605,483
--------------
MEDICAL PRODUCTS AND SUPPLIES - 2.50%
105,700 Medtronic .................................. 5,333,622
27,600 Zimmer Holdings* ........................... 2,203,860
--------------
7,537,482
--------------
PHARMACEUTICALS - 3.03%
68,600 Merck ...................................... 3,224,200
165,300 Pfizer ..................................... 5,911,128
--------------
9,135,328
--------------
RETAIL - 6.29%
62,900 Home Depot (The) ........................... 2,213,451
107,800 Kohl's* .................................... 4,504,962
128,600 Starbucks* ................................. 4,997,396
169,400 TJX ........................................ 4,162,158
90,100 Walgreen ................................... 3,106,648
--------------
18,984,615
--------------
TECHNOLOGY - 10.85%
261,900 Cisco Systems* ............................. 5,465,853
154,587 Dell* ...................................... 5,365,715
115,200 EMC* ....................................... 1,285,632
43,800 IBM ........................................ 3,861,846
153,400 Intel ...................................... 3,946,982
137,700 Microsoft .................................. 3,576,069
356,200 Oracle* .................................... 3,996,564
208,300 Texas Instruments .......................... 5,228,330
--------------
32,726,991
--------------
TELECOMMUNICATIONS EQUIPMENT - 1.31%
63,500 QUALCOMM ................................... 3,966,210
--------------
TRANSPORTATION - 0.84%
176,900 Southwest Airlines ......................... 2,526,132
--------------
TOTAL COMMON STOCKS
(Cost $128,450,377) ...................... 156,279,548
--------------
PAR
VALUE
-----
CORPORATE NOTES AND BONDS - 12.19%
AUTOMOBILE - 0.14%
$ 365,000 Lear, Series B
8.110%, 05/15/09 ......................... 421,119
--------------
BASIC MATERIALS - 0.49%
240,000 Cascades, Senior Notes
7.250%, 02/15/13 ......................... 251,400
535,000 Packaging of America
4.375%, 08/01/08 ......................... 532,107
640,000 Weyerhaeuser, Debentures
7.375%, 03/15/32 ......................... 703,312
--------------
1,486,819
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 19
ABN AMRO FUNDS
- -------------------
BALANCED FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
CAPITAL GOODS - 0.66%
$ 475,000 Ball
7.750%, 08/01/06 ......................... $ 510,625
230,000 Norampac, Senior Notes
6.750%, 06/01/13 ......................... 240,350
300,000 Owens-Brockway Glass Container
7.750%, 05/15/11 ......................... 315,750
240,000 SPX, Senior Notes
6.250%, 06/15/11 ......................... 240,600
675,000 Tyco International Group,
Yankee Bond
6.875%, 01/15/29 ......................... 682,949
--------------
1,990,274
--------------
COMMERCIAL SERVICES - 0.13%
370,000 Hertz, Senior Notes
7.625%, 06/01/12 ......................... 395,919
--------------
COMMUNICATIONS - 1.19%
575,000 AT&T
6.000%, 03/15/09 ......................... 576,414
760,000 British Sky Broadcasting
6.875%, 02/23/09 ......................... 841,256
175,000 Nextel Communications,
Senior Notes
6.875%, 10/31/13 ......................... 177,625
285,000 PanAmSat
6.375%, 01/15/08 ......................... 294,975
Sprint Capital
450,000 6.000%, 01/15/07 ......................... 478,637
500,000 6.875%, 11/15/28 ......................... 492,304
725,000 Telecom Italia Capital
6.375%, 11/15/33 (a) ..................... 713,428
--------------
3,574,639
--------------
CONSUMER CYCLICALS - 0.31%
275,000 D.R. Horton, Senior Notes
6.875%, 05/01/13 ......................... 288,750
275,000 NVR, Senior Notes
5.000%, 06/15/10 ......................... 264,687
385,000 Standard Pacific, Senior Notes
6.875%, 05/15/11 ......................... 387,888
--------------
941,325
--------------
ELECTRONICS - 0.41%
825,000 Arrow Electronics
6.875%, 07/01/13 ......................... 867,782
330,000 L-3 Communications
7.625%, 06/15/12 ......................... 357,225
--------------
1,225,007
--------------
ENTERTAINMENT AND LEISURE - 0.20%
250,000 Caesars Entertainment, Senior
Subordinated Notes
9.375%, 02/15/07 ......................... 276,875
315,000 MGM Mirage
6.750%, 08/01/07 ......................... 333,900
--------------
610,775
--------------
MARKET
PAR VALUE VALUE
--------- ------
FINANCE - 2.54%
$ 375,000 American General Finance,
MTN, Series G
5.750%, 03/15/07 ......................... $ 400,867
250,000 Beaver Valley Funding, Debentures
9.000%, 06/01/17 ......................... 285,125
475,000 Boeing Capital
5.800%, 01/15/13 ......................... 493,472
465,000 Citigroup
5.875%, 02/22/33 ......................... 444,476
475,000 Corporacion Andina de Fomento
5.200%, 05/21/13 ......................... 463,581
825,000 Ford Motor Credit
5.625%, 10/01/08 ......................... 841,965
325,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ......................... 353,844
General Motors Acceptance
500,000 6.750%, 01/15/06 ......................... 529,665
225,000 8.000%, 11/01/31 ......................... 238,151
450,000 Goldman Sachs Group
4.125%, 01/15/08 ......................... 456,498
460,000 Household Finance, Senior
Unsubordinated Notes
6.400%, 06/17/08 ......................... 502,669
900,000 Hutchison Whampoa
5.450%, 11/24/10 (a) ..................... 888,724
International Lease Finance
300,000 5.875%, 05/01/13 ......................... 313,623
630,000 Senior Notes
5.625%, 06/01/07 ......................... 670,746
725,000 SLM, MTN, Series A
5.625%, 04/10/07 ......................... 775,411
--------------
7,658,817
--------------
FOOD AND BEVERAGES - 1.18%
990,000 Albertson's, Debentures
7.450%, 08/01/29 ......................... 1,075,199
195,000 Constellation Brands, Series B
8.000%, 02/15/08 ......................... 215,475
425,000 Delhaize America
8.125%, 04/15/11 ......................... 476,123
775,000 General Mills
5.125%, 02/15/07 ......................... 813,663
470,000 Kellogg, Series B
6.000%, 04/01/06 ......................... 499,161
465,000 Kraft Foods
5.250%, 06/01/07 ......................... 488,966
--------------
3,568,587
--------------
HEALTH CARE SERVICES - 0.20%
315,000 HCA
6.300%, 10/01/12 ......................... 316,709
275,000 Omnicare, Senior Subordinated
Notes
6.125%, 06/01/13 ......................... 278,438
--------------
595,147
--------------
INSURANCE - 1.10%
875,000 CNA Financial
6.500%, 04/15/05 ......................... 905,909
960,000 Leucadia National, Senior Notes
7.000%, 08/15/13 ......................... 984,000
475,000 Loews, Subordinated Notes,
Convertible
3.125%, 09/15/07 ......................... 462,531
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 20
ABN AMRO FUNDS
- -------------------
BALANCED FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
INSURANCE (CONTINUED)
$ 1,000,000 New York Life Insurance
5.875%, 05/15/33 (a) ..................... $ 964,667
--------------
3,317,107
--------------
OIL AND GAS EXTRACTION - 1.04%
450,000 Consolidated Natural Gas
7.250%, 10/01/04 ......................... 460,313
230,000 Duke Capital, Senior Notes
7.250%, 10/01/04 ......................... 235,042
200,000 Grant Prideco, Series B
9.625%, 12/01/07 ......................... 224,000
275,000 Key Energy Services, Senior Notes
6.375%, 05/01/13 ......................... 272,250
550,000 Pioneer Natural Resources
6.500%, 01/15/08 ......................... 597,238
275,000 Tesoro Petroleum
8.000%, 04/15/08 ......................... 297,687
210,000 Western Oil Sands
8.375%, 05/01/12 ......................... 238,875
760,000 XTO Energy, Senior Notes
6.250%, 04/15/13 ......................... 811,152
--------------
3,136,557
--------------
RESTAURANTS - 0.15%
390,000 Yum! Brands, Senior Notes
7.650%, 05/15/08 ......................... 440,377
--------------
TECHNOLOGY - 0.56%
725,000 SunGard Data Systems
4.875%, 01/15/14 (a) ..................... 697,831
905,000 Unisys, Senior Notes
8.125%, 06/01/06 ......................... 986,450
--------------
1,684,281
--------------
TRANSPORTATION - 0.60%
193,569 Delta Air Lines Equipment Trust
Series 1992-A
8.540%, 01/02/07 ......................... 140,338
435,000 FedEx
2.650%, 04/01/07 (a) ..................... 425,711
650,000 Union Pacific, Debentures
6.625%, 02/01/29 ......................... 680,220
650,000 United Airlines, Series 2001,
Class A-2
6.201%, 09/01/08 (b) ..................... 578,210
--------------
1,824,479
--------------
UTILITIES - 1.16%
500,000 CILCORP, Senior Notes
8.700%, 10/15/09 ......................... 591,674
650,000 Commonwealth Edison, Series 100
5.875%, 02/01/33 ......................... 636,512
325,000 Kansas Gas & Electric, First Mortgage
6.500%, 08/01/05 ......................... 341,250
235,000 Nevada Power, Second Mortgage
9.000%, 08/15/13 (a) ..................... 260,850
515,000 NiSource Finance, Senior Notes
6.150%, 03/01/13 ......................... 541,468
525,000 PG&E
6.875%, 07/15/08 (a) ..................... 561,750
250,000 Southern California Edison,
First Refunding Mortgage
8.000%, 02/15/07 ......................... 280,486
MARKET
PAR VALUE VALUE
--------- ------
UTILITIES (CONTINUED)
$ 300,000 Virginia Electric and Power
4.500%, 12/15/10 ......................... $ 296,158
--------------
3,510,148
--------------
WASTE MANAGEMENT - 0.13%
390,000 Waste Management, Senior Notes
7.000%, 10/01/04 ......................... 397,600
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $36,282,922) ....................... 36,778,977
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 10.27%
FEDERAL HOME LOAN BANK - 0.61%
1,700,000 6.500%, 11/15/06, Series TD06 .............. 1,851,628
--------------
FEDERAL HOME LOAN MORTGAGE - 2.95%
128,354 7.000%, 01/01/15,
Gold Pool # E79764 ....................... 136,784
197,163 6.500%, 06/01/29,
Gold Pool # C00785 ....................... 205,504
591,156 6.000%, 11/01/31,
Gold Pool # C01258 ....................... 605,091
440,149 6.000%, 12/01/31,
Gold Pool # C01272 ....................... 450,525
1,125,000 6.250%, 07/15/32 1,198,833
1,411,060 6.000%, 03/01/33,
Gold Pool # C77186 ....................... 1,444,679
721,341 3.726%, 04/01/33,
Pool # 1B0797, ARM (c) ................... 734,736
1,713,696 5.000%, 07/01/33,
Gold Pool # C01585 ....................... 1,663,280
905,091 5.000%, 09/01/33,
Gold Pool # A13890 ....................... 878,463
1,565,931 5.500%, 11/01/33,
Gold Pool # C01674 ....................... 1,565,397
--------------
8,883,292
--------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 4.53%
1,200,000 2.625%, 01/19/07 ........................... 1,185,953
2,300,000 5.250%, 01/15/09 ........................... 2,433,481
140,761 7.000%, 03/01/13, Pool # 251572 ............ 150,334
267,304 6.000%, 08/01/13, Pool # 323250 ............ 279,660
975,000 4.125%, 04/15/14 ........................... 908,788
140,228 6.500%, 06/01/16, Pool # 582645 ............ 148,613
413,092 7.000%, 08/01/16, Pool # 545154 ............ 441,165
564,821 5.500%, 02/01/17, Pool # 631364 ............ 580,518
1,057,927 5.500%, 12/01/17, Pool # 254546 ............ 1,086,948
725,993 5.000%, 01/01/18, Pool # 681373 ............ 731,709
156,839 6.500%, 12/01/27, Pool # 402846 ............ 163,619
47,902 6.500%, 05/01/28, Pool # 436779 ............ 49,973
200,412 7.000%, 08/01/28, Pool # 437140 ............ 212,154
203,520 6.500%, 09/01/28, Pool # 430877 ............ 212,163
259,321 6.500%, 03/01/29, Pool # 489367 ............ 270,181
154,600 6.500%, 06/01/29, Pool # 501319 ............ 161,075
47,734 6.500%, 09/01/31, Pool # 253949 ............ 49,704
271,652 7.000%, 03/01/32, Pool # 639703 ............ 287,265
1,537,614 5.500%, 02/01/33, Pool # 689115 ............ 1,535,707
374,668 4.197%, 03/01/33,
Pool # 681846, ARM (c) ................... 379,314
1,500,000 6.000%, 04/01/33, Pool # 555528 ............ 1,535,681
905,976 4.500%, 08/01/33, Pool # 733675 ............ 851,541
--------------
13,655,546
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 21
ABN AMRO FUNDS
- -------------------
BALANCED FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 1.77%
$ 359,537 7.000%, 12/15/11, Pool # 781011 ............ $ 385,706
214,230 7.000%, 09/15/23, Pool # 361807 ............ 229,389
153,709 7.000%, 10/15/23, Pool # 370850 ............ 164,586
89,397 7.500%, 06/15/27, Pool # 447652 ............ 96,218
156,868 6.500%, 08/15/27, Pool # 780615 ............ 164,157
714,823 6.000%, 01/15/29, Pool # 457858 ............ 734,142
381,166 7.000%, 03/15/29, Pool # 505567 ............ 405,684
218,018 7.000%, 03/15/31, Pool # 547577 ............ 231,879
523,128 7.000%, 07/15/31, Pool # 781324 ............ 556,387
409,268 7.000%, 02/20/32, Pool # 003202 ............ 434,189
406,469 6.500%, 03/15/32, Pool # 569214 ............ 424,846
1,482,481 6.000%, 01/15/33, Pool # 781547 ............ 1,521,254
--------------
5,348,437
--------------
U.S. TREASURY BOND - 0.25%
600,000 7.500%, 11/15/16 ........................... 746,133
--------------
U.S. TREASURY INFLATION INDEX NOTE - 0.16%
427,860 3.500%, 01/15/11 ........................... 476,746
--------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $30,731,305) ....................... 30,961,782
--------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 2.97%
1,101,510 Bear Stearns Asset Backed Securities
Series 2003-AC5, Class A2, CMO
5.000%, 10/25/33 ......................... 1,100,926
927,903 Chase Mortgage Finance
Series 2003-S2, Class A1, CMO
5.000%, 03/25/18 (b) ..................... 950,528
CS First Boston Mortgage Securities
1,000,000 Series 1998-C2, Class A2
6.300%, 11/11/30 ......................... 1,089,576
582,456 Series 2002-34, Class 1A1
7.500%, 12/25/32 ......................... 615,268
GMAC Commercial Mortgage Securities
850,000 Series 2000-C3, Class A2
6.957%, 09/15/35 ......................... 954,780
975,000 Series 2003-C3, Class A4
5.023%, 04/10/40 ......................... 965,726
850,000 Morgan (J.P.) Commercial
Mortgage Finance, CMO
Series 1999-C7, Class A2
6.507%, 10/15/35 (b) ..................... 931,320
434,984 Nomura Asset Securities,
Series 1998-D6, Class A1A
6.280%, 03/15/30 ......................... 459,877
1,916,578 Wells Fargo Mortgage Backed
Securities Trust, Series 2003K,
Class 1A2, CMO, ARM
4.518%, 11/25/33 (b)(c) .................. 1,878,160
--------------
TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITIES
(Cost $8,882,100) ........................ 8,946,161
--------------
MARKET
PAR VALUE VALUE
--------- ------
ASSET-BACKED SECURITIES - 1.42%
$ 900,000 Capital One Master Trust
Series 2001-5, Class A
5.300%, 06/15/09 ......................... $ 948,784
800,000 Capital One Multi-Asset Execution
Trust Series 2004-C1, Class C1
3.400%, 11/16/09 ......................... 792,903
358,407 Centex Home Equity
Series 2001-C, Class A3
4.490%, 03/25/29 ......................... 358,795
661,687 DVI Receivables
Series 2002-1, Class A3B
4.570%, 06/11/10 ......................... 552,922
1,065,000 Residential Asset Mortgage Products
Series 2003-RZ4, Class A5
4.660%, 02/25/32 ......................... 1,056,143
575,000 WFS Financial Owner Trust
Series 2004-1, Class C
2.490%, 08/22/11 ......................... 572,586
--------------
TOTAL ASSET-BACKED SECURITIES
(Cost $4,327,819) ........................ 4,282,133
--------------
FOREIGN GOVERNMENT BONDS - 0.39%
475,000 Republic of Philippines
8.250%, 01/15/14 ......................... 460,750
725,000 United Mexican States
Series A, MTN
7.500%, 04/08/33 ......................... 719,562
--------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $1,227,121) ........................ 1,180,312
--------------
MUNICIPAL SECURITY - 0.22%
ILLINOIS - 0.22%
730,000 Illinois State, Taxable Pension, GO
5.100%, 06/01/33 ......................... 662,497
--------------
TOTAL MUNICIPAL SECURITY
(Cost $699,429) .......................... 662,497
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 22
ABN AMRO FUNDS
- -------------------
BALANCED FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
INVESTMENT COMPANY - 2.15%
6,499,236 BlackRock Provident Institutional
TempCash Portfolio ....................... $ 6,499,236
--------------
TOTAL INVESTMENT COMPANY
(Cost $6,499,236) ........................ 6,499,236
--------------
TOTAL INVESTMENTS - 81.43%
(Cost $217,100,309)** .................................. 245,590,646
--------------
NET OTHER ASSETS AND LIABILITIES - 18.57% ................. 55,996,221
--------------
NET ASSETS - 100.00% ...................................... $ 301,586,867
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $217,100,309.
Gross unrealized appreciation $ 35,408,145
Gross unrealized depreciation (6,917,808)
-------------
Net unrealized appreciation $ 28,490,337
=============
(a) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities are purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be resold,
in transactions exempt from registration, to qualified institutional
buyers. At April 30, 2004, these securities amounted to $4,512,961 or 1.50%
of net assets. These securities have been determined by the Adviser to be
liquid securities.
(b) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
(c) Adjustable Rate Mortgage. The interest rate shown reflects the rate in
effect at April 30, 2004.
ARM Adjustable Rate Mortgage
CMO Collateralized Mortgage Obligation
GO General Obligation
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks ........................................ 64%
Investment Company ................................... 3%
U.S. Government Obligations .......................... 1%
U.S. Government Agency Obligations ................... 12%
Corporate Notes and Bonds (Moody's Ratings):
Aaa ................................................ 5%
Aa ................................................. 1%
A .................................................. 3%
Baa ................................................ 7%
Ba ................................................. 4%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 23
ABN AMRO FUNDS
- -------------------
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
COMMON STOCKS 65%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 15%
CORPORATE NOTES AND BONDS 15%
CASH AND OTHER NET ASSETS 4%
ASSET-BACKED SECURITIES 1%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
COMMON STOCKS - 65.21%
ADVERTISING - 1.66%
49,500 Omnicom Group .............................. $ 3,935,745
--------------
BIOTECHNOLOGY - 3.63%
90,400 Amgen* ..................................... 5,086,808
28,900 Genentech* ................................. 3,548,920
--------------
8,635,728
--------------
CAPITAL GOODS - 3.42%
41,300 Caterpillar ................................ 3,210,249
4,600 Illinois Tool Works ........................ 396,566
52,400 3M ......................................... 4,531,552
--------------
8,138,367
--------------
COMMERCIAL SERVICES - 2.17%
16,900 Apollo Group, Class A* ..................... 1,535,872
97,000 Paychex .................................... 3,616,160
--------------
5,152,032
--------------
COMMUNICATIONS - 2.95%
44,200 eBay* ...................................... 3,528,044
40,100 Gannett .................................... 3,475,868
--------------
7,003,912
--------------
CONSUMER CYCLICALS - 1.41%
71,060 Marriott International, Class A ............ 3,351,190
--------------
CONSUMER STAPLES - 8.44%
62,350 Colgate-Palmolive .......................... 3,608,818
194,200 Gillette ................................... 7,946,664
80,400 Procter & Gamble ........................... 8,502,300
--------------
20,057,782
--------------
ELECTRICAL - 1.25%
99,400 General Electric ........................... 2,977,030
--------------
MARKET
SHARES VALUE
------ ------
ENTERTAINMENT AND LEISURE - 1.25%
129,540 Disney, Walt ............................... $ 2,983,306
--------------
FINANCE - 3.73%
61,800 American Express ........................... 3,025,110
121,300 Citigroup .................................. 5,833,317
--------------
8,858,427
--------------
FOOD AND BEVERAGES - 5.46%
155,000 Coca-Cola .................................. 7,838,350
94,470 PepsiCo .................................... 5,147,670
--------------
12,986,020
--------------
INSURANCE - 3.58%
118,700 American International Group ............... 8,504,855
--------------
MEDICAL PRODUCTS AND SUPPLIES - 6.09%
71,700 Boston Scientific* ......................... 2,953,323
103,220 Johnson & Johnson .......................... 5,576,976
117,680 Medtronic .................................. 5,938,133
--------------
14,468,432
--------------
OIL AND GAS EXTRACTION - 2.40%
97,500 Schlumberger ............................... 5,706,675
--------------
PHARMACEUTICALS - 4.92%
79,600 Eli Lilly .................................. 5,875,276
162,880 Pfizer ..................................... 5,824,589
--------------
11,699,865
--------------
RETAIL - 2.53%
85,100 Bed Bath & Beyond* ......................... 3,158,912
68,300 Kohl's* .................................... 2,854,257
--------------
6,013,169
--------------
TECHNOLOGY - 4.64%
112,500 Cisco Systems* ............................. 2,347,875
83,900 Electronic Arts* ........................... 4,247,018
96,700 Maxim Integrated Products .................. 4,447,233
--------------
11,042,126
--------------
TELECOMMUNICATIONS EQUIPMENT - 3.03%
115,300 QUALCOMM ................................... 7,201,638
--------------
TRANSPORTATION - 2.65%
89,700 United Parcel Service, Class B ............. 6,292,455
--------------
TOTAL COMMON STOCKS
(Cost $133,550,234) ...................... 155,008,754
--------------
PAR VALUE
- ------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.36%
FEDERAL HOME LOAN MORTGAGE - 2.60%
$ 169,305 7.500%, 03/15/07, CMO, Class J ............. 173,690
1,600,000 5.125%, 10/15/08 ........................... 1,687,782
3,850,000 6.625%, 09/15/09 ........................... 4,309,756
--------------
6,171,228
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 24
ABN AMRO FUNDS
- -------------------
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 3.77%
$ 2,200,000 7.000%, 07/15/05 ........................... $ 2,334,649
2,800,000 2.875%, 10/15/05 ........................... 2,832,449
3,500,000 6.000%, 05/15/11 ........................... 3,806,253
--------------
8,973,351
--------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 0.00%
517 9.000%, 09/15/08, Pool # 27056 ............. 564
--------------
U.S. TREASURY BONDS - 6.40%
3,650,000 7.250%, 05/15/16 ........................... 4,447,868
3,300,000 8.000%, 11/15/21 ........................... 4,348,268
2,500,000 6.875%, 08/15/25 ........................... 2,983,888
3,100,000 6.125%, 08/15/29 ........................... 3,423,807
--------------
15,203,831
--------------
U.S. TREASURY NOTES - 2.59%
2,700,000 6.500%, 10/15/06 ........................... 2,949,013
2,250,000 3.500%, 11/15/06 ........................... 2,297,815
925,000 3.000%, 11/15/07 ........................... 923,013
--------------
6,169,841
--------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $35,164,933) ....................... 36,518,815
--------------
CORPORATE NOTES AND BONDS - 14.63%
COMMUNICATIONS - 1.05%
2,150,000 BellSouth Capital Funding
7.750%, 02/15/10 ......................... 2,489,154
--------------
FINANCE - 6.82%
3,000,000 American Express, Unsubordinated,
Senior Notes
6.750%, 06/23/04 ......................... 3,022,794
2,250,000 General Electric Capital, MTN,
Series A
5.875%, 02/15/12 ......................... 2,391,793
2,750,000 Goldman Sachs Group, Senior
Unsubordinated Notes, MTN,
Series E
7.500%, 01/28/05 ......................... 2,864,337
2,500,000 National Rural Utilities Cooperative
Finance, Collateral Trust
6.200%, 02/01/08 ......................... 2,709,927
2,500,000 NationsBank, Subordinated Notes
6.875%, 02/15/05 ......................... 2,595,080
2,500,000 Wachovia
4.950%, 11/01/06 ......................... 2,618,035
--------------
16,201,966
--------------
INDUSTRIAL - 0.97%
2,000,000 Honeywell International
7.500%, 03/01/10 ......................... 2,311,130
--------------
OIL AND GAS EXTRACTION - 1.01%
2,250,000 Conoco Funding
5.450%, 10/15/06 ......................... 2,394,594
--------------
MARKET
PAR VALUE VALUE
--------- ------
PHARMACEUTICALS - 2.48%
$ 3,000,000 Abbott Laboratories
4.350%, 03/15/14 ......................... $ 2,843,901
3,000,000 Merck, Series E, MTN
4.125%, 01/18/05 ......................... 3,055,239
--------------
5,899,140
--------------
RETAIL - 1.29%
3,000,000 Wal-Mart Stores, Senior Notes
4.150%, 06/15/05 ......................... 3,068,052
--------------
TECHNOLOGY - 1.01%
2,290,000 Hewlett-Packard
7.150%, 06/15/05 ......................... 2,413,999
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $33,998,935) ....................... 34,778,035
--------------
ASSET-BACKED SECURITY - 1.13%
2,500,000 PECO Energy Transition Trust
Series 1999-A, Class A-6
6.050%, 03/01/09 ......................... 2,671,754
--------------
TOTAL ASSET-BACKED SECURITY
(Cost $2,436,526) ........................ 2,671,754
--------------
SHARES
- ----------
INVESTMENT COMPANIES - 6.94%
12,540,882 BlackRock Provident Institutional
TempCash Portfolio ....................... 12,540,882
3,959,048 BlackRock Provident Institutional
TempFund Portfolio ....................... 3,959,048
--------------
TOTAL INVESTMENT COMPANIES
(Cost $16,499,930) ....................... 16,499,930
--------------
TOTAL INVESTMENTS - 103.27%
(Cost $221,650,558)** .................................. 245,477,288
--------------
NET OTHER ASSETS AND LIABILITIES - (3.27)% ................ (7,767,741)
--------------
NET ASSETS - 100.00% ...................................... $ 237,709,547
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $221,650,558.
Gross unrealized appreciation ......... $ 26,421,678
Gross unrealized depreciation ......... (2,594,948)
--------------
Net unrealized appreciation ........... $ 23,826,730
==============
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks ......................................... 63%
Investment Companies .................................. 7%
U.S. Government Obligations ........................... 9%
U.S. Government Agency Obligations .................... 6%
Corporate Notes and Bonds (Moody's Ratings):
Aaa ................................................. 3%
Aa .................................................. 5%
A ................................................... 7%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 25
ABN AMRO FUNDS
- -------------------
GLOBAL EMERGING MARKETS FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CAPITAL GOODS 17%
COMMUNICATIONS 16%
FINANCE 14%
OTHER COMMON STOCKS 11%
ENERGY 10%
BASIC MATERIALS 10%
TECHNOLOGY 7%
PREFERRED STOCKS 6%
CONSUMER CYCLICALS 5%
CASH AND OTHER NET ASSETS 4%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
------ ------
FOREIGN COMMON STOCKS - 90.19%
AUSTRIA - 1.06%
375 Erste Bank der oesterreichischen
Sparkassen ................................. $ 56,124
--------------
BRAZIL - 2.91%
5,324 Petroleo Brasileiro, ADR ................... 153,864
--------------
CHINA - 3.85%
13,000 China Mobile (Hong Kong) ................... 34,334
260,000 CNOOC ...................................... 94,169
80,000 Huaneng Power International ................ 74,874
--------------
203,377
--------------
HUNGARY - 0.96%
500 Gedeon Richter ............................. 50,853
--------------
INDIA - 8.18%
2,200 Dr. Reddy's Laboratories, ADR .............. 43,120
4,350 ICICI Bank, SP ADR ......................... 67,425
2,000 ITC, SP GDR ................................ 52,800
2,800 Reliance Industries, SP GDR ................ 72,100
2,500 Satyam Computer Services, ADR .............. 48,550
2,000 State Bank of India, GDR ................... 79,800
6,500 Tata Motors, SP GDR ........................ 68,900
--------------
432,695
--------------
INDONESIA - 2.46%
135,000 PT Indonesian Satellite .................... 61,105
75,000 PT Telekomunikasi Indonesia ................ 68,749
--------------
129,854
--------------
ISRAEL - 3.55%
1,350 Check Point Software
Technologies* .............................. 31,630
2,000 Orbotech* .................................. 42,240
1,850 Teva Pharmaceutical Industries,
SP ADR ..................................... 113,886
--------------
187,756
--------------
MARKET
SHARES VALUE
------ ------
MALAYSIA - 2.99%
3,800 British American
Tobacco Malaysia ........................... $ 48,000
19,000 Malayan Banking ............................ 52,500
22,000 Resorts World .............................. 57,895
--------------
158,395
--------------
MEXICO - 8.43%
4,000 America Movil, Series L, ADR ............... 135,200
1,400 Cemex, SP ADR .............................. 41,230
26,000 Consorcio ARA* ............................. 71,363
600 Fomento Economico Mexicano,
SP ADR ..................................... 26,232
16,500 Grupo Financiero Banorte ................... 58,454
2,100 Telefonos de Mexico (Telmex),
Series L, SP ADR ........................... 71,694
14,184 Wal-Mart de Mexico, Series V ............... 41,481
--------------
445,654
--------------
PERU - 1.31%
3,200 Compania de Minas Buenaventura,
ADR ........................................ 69,248
--------------
PHILIPPINES - 0.69%
1,850 Philippine Long Distance Telephone,
SP ADR* .................................... 36,371
--------------
POLAND - 1.30%
648 Bank Pekao ................................. 20,157
12,000 Telekomunikacja Polska ..................... 48,675
--------------
68,832
--------------
RUSSIA - 7.47%
1,000 AO VimpelCom, SP ADR* ...................... 89,760
2,100 Gazprom, ADR ............................... 73,920
800 LUKOIL, SP ADR ............................. 87,000
900 Mining and Metallurgical Norilsk
Nickel or GMK Norilsk Nickel,
ADR ...................................... 53,550
500 Mobile Telesystems, SP ADR ................. 53,980
820 YUKOS, ADR ................................. 36,736
--------------
394,946
--------------
SOUTH AFRICA - 8.03%
8,600 Anglo American ............................. 171,846
4,600 Gold Fields ................................ 46,455
900 Impala Platinum Holdings ................... 61,261
8,866 JD Group ................................... 52,511
2,462 Kumba Resources ............................ 14,688
13,500 Standard Bank Group ........................ 77,880
--------------
424,641
--------------
SOUTH KOREA - 20.35%
1,300 Hyundai Motor .............................. 49,580
1,900 Kookmin Bank* .............................. 70,925
3,000 KT&G ....................................... 76,192
150 Nong Shim .................................. 28,828
520 POSCO ...................................... 63,596
3,222 Power Logics* .............................. 59,178
1,130 Samsung Electronics ........................ 536,421
3,300 Shinhan Financial Group .................... 57,515
500 SK Telecom ................................. 85,226
2,400 SK Telecom, ADR ............................ 48,480
--------------
1,075,941
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 26
ABN AMRO FUNDS
- -------------------
GLOBAL EMERGING MARKETS FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
------ ------
SWEDEN - 0.25%
428 Oriflame Cosmetics, SDR* ................... $ 13,306
--------------
TAIWAN - 11.92%
57,000 Advanced Semiconductor
Engineering* ............................... 47,357
50,000 Chinatrust Financial Holding ............... 53,733
3,000 Chunghwa Telecom, ADR ...................... 50,040
57,000 Delta Electronics .......................... 70,178
15,000 Hon Hai Precision Industry ................. 59,151
26,000 Radiant Opto-Electronics ................... 69,265
61,000 Taiwan Semiconductor
Manufacturing* ............................. 105,584
142,000 United Microelectronics* ................... 127,381
57,000 Yang Ming Marine Transport ................. 47,700
--------------
630,389
--------------
THAILAND - 4.48%
11,000 Advanced Info Service Public,
Foreign Registered ......................... 24,194
24,000 PTT Public, Foreign Registered ............. 87,578
13,000 Siam Cement Public (The),
Foreign Registered ......................... 70,183
47,500 Siam Commercial Bank Public,
Foreign Registered ......................... 54,908
--------------
236,863
--------------
TOTAL FOREIGN COMMON STOCKS
(Cost $4,532,027) ........................ 4,769,109
--------------
FOREIGN PREFERRED STOCKS - 6.16%
BRAZIL - 6.16%
1,750 Aracruz Celulose, SP ADR ................... 54,495
1,430 Banco Bradesco ............................. 58,617
150,000 Caemi Mineracao e Metalurgica* ............. 55,480
2,300 Companhia de Bebidas das Americas,
ADR ........................................ 43,148
1,800 Empresa Brasileira de Aeronautica,
ADR ........................................ 46,440
239 Tele Norte Leste Participacoes,
ADR ........................................ 2,830
2,070 Votorantim Celulose e Papel,
SP ADR ..................................... 64,998
--------------
326,008
--------------
TOTAL FOREIGN PREFERRED STOCKS
(Cost $325,047) .......................... 326,008
--------------
MARKET
SHARES VALUE
------ ------
INVESTMENT COMPANY - 1.17%
62,009 BlackRock Provident Institutional
TempCash Portfolio ....................... $ 62,009
--------------
TOTAL INVESTMENT COMPANY
(Cost $62,009) ........................... 62,009
--------------
TOTAL INVESTMENTS - 97.52%
(Cost $4,919,083)** .................................... 5,157,126
--------------
NET OTHER ASSETS AND LIABILITIES - 2.48% .................. 130,935
--------------
NET ASSETS - 100.00% ...................................... $ 5,288,061
==============
- -------------------------
* Non-income producing security.
** Aggregate cost for Federal income tax purposes is $4,919,083.
Gross unrealized appreciation ........ $ 439,756
Gross unrealized depreciation ........ (201,713)
-------------
Net unrealized appreciation .......... $ 238,043
=============
(a) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. This security is purchased in accordance with guidelines
approved by the Fund's Board of Trustees and may only be resold, in
transactions exempt from registration, to qualified institutional buyers.
At April 30, 2004, this security amounted to $72,100 or 1.36% of net
assets. This security has been determined by the Adviser to be a liquid
security.
ADR American Depositary Receipt
GDR Global Depositary Receipt
SDR Swedish Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SP GDR Sponsored Global Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 27
ABN AMRO FUNDS
- -------------------
BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CORPORATE NOTES AND BONDS 41%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 38%
COMMERCIAL MORTGAGE-BACKED SECURITIES 12%
ASSET-BACKED SECURITIES 5%
CASH AND OTHER NET ASSETS 2%
FOREIGN GOVERNMENT BONDS 1%
MUNICIPAL SECURITY 1%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
--------- ------
CORPORATE NOTES AND BONDS - 40.92%
AUTOMOBILE - 0.52%
$ 1,900,000 Lear, Series B
8.110%, 05/15/09 ......................... $ 2,192,125
--------------
BASIC MATERIALS - 1.63%
1,100,000 Cascades, Senior Notes
7.250%, 02/15/13 ......................... 1,152,250
2,435,000 Packaging of America
4.375%, 08/01/08 ......................... 2,421,834
3,000,000 Weyerhaeuser, Debentures
7.375%, 03/15/32 ......................... 3,296,775
--------------
6,870,859
--------------
CAPITAL GOODS - 2.26%
2,600,000 Ball
7.750%, 08/01/06 ......................... 2,795,000
1,100,000 Norampac, Senior Notes
6.750%, 06/01/13 ......................... 1,149,500
1,300,000 Owens-Brockway Glass Container
7.750%, 05/15/11 ......................... 1,368,250
1,070,000 SPX, Senior Notes
6.250%, 06/15/11 ......................... 1,072,675
3,150,000 Tyco International Group, Yankee Bond
6.875%, 01/15/29 ......................... 3,187,094
--------------
9,572,519
--------------
COMMERCIAL SERVICES - 0.34%
1,350,000 Hertz, Senior Notes
7.625%, 06/01/12 ......................... 1,444,569
--------------
COMMUNICATIONS - 3.98%
2,650,000 AT&T
6.000%, 03/15/09 ......................... 2,656,519
3,765,000 British Sky Broadcasting
6.875%, 02/23/09 ......................... 4,167,539
800,000 Nextel Communications, Senior Notes
6.875%, 10/31/13 ......................... 812,000
MARKET
PAR VALUE VALUE
--------- ------
COMMUNICATIONS (CONTINUED)
$ 1,325,000 PanAmSat
6.375%, 01/15/08 ......................... $ 1,371,375
Sprint Capital
2,200,000 6.000%, 01/15/07 ......................... 2,340,002
2,250,000 6.875%, 11/15/28 ......................... 2,215,370
3,300,000 Telecom Italia Capital
6.375%, 11/15/33 (a) ..................... 3,247,325
--------------
16,810,130
--------------
CONSUMER CYCLICALS - 1.17%
1,650,000 D.R. Horton, Senior Notes
6.875%, 05/01/13 ......................... 1,732,500
1,550,000 NVR, Senior Notes
5.000%, 06/15/10 ......................... 1,491,875
1,700,000 Standard Pacific, Senior Notes
6.875%, 05/15/11 ......................... 1,712,750
--------------
4,937,125
--------------
ELECTRONICS - 1.33%
3,750,000 Arrow Electronics
6.875%, 07/01/13 ......................... 3,944,464
1,550,000 L-3 Communications
7.625%, 06/15/12 ......................... 1,677,875
--------------
5,622,339
--------------
ENTERTAINMENT AND LEISURE - 0.61%
1,125,000 Caesars Entertainment, Senior
Subordinated Notes
9.375%, 02/15/07 ......................... 1,245,938
1,275,000 MGM Mirage
6.750%, 08/01/07 ......................... 1,351,500
--------------
2,597,438
--------------
FINANCE - 8.39%
1,100,000 Beaver Valley Funding, Debentures
9.000%, 06/01/17 ......................... 1,254,549
500,000 Boeing Capital
5.800%, 01/15/13 ......................... 519,444
2,630,000 Citigroup
5.875%, 02/22/33 ......................... 2,513,917
2,225,000 Corporacion Andina de Fomento
5.200%, 05/21/13 ......................... 2,171,509
3,715,000 Ford Motor Credit
5.625%, 10/01/08 ......................... 3,791,395
1,560,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ......................... 1,698,450
General Motors Acceptance
2,750,000 6.750%, 01/15/06 ......................... 2,913,160
1,050,000 8.000%, 11/01/31 ......................... 1,111,370
2,650,000 Goldman Sachs Group
4.125%, 01/15/08 ......................... 2,688,269
2,675,000 Household Finance, Senior
Unsubordinated Notes
6.400%, 06/17/08 ......................... 2,923,130
4,000,000 Hutchison Whampoa
5.450%, 11/24/10 (a) ..................... 3,949,884
International Lease Finance
1,600,000 5.875%, 05/01/13 ......................... 1,672,658
3,725,000 Senior Notes
5.625%, 06/01/07 ......................... 3,965,922
4,000,000 SLM, MTN, Series A
5.625%, 04/10/07 ......................... 4,278,128
--------------
35,451,785
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 28
ABN AMRO FUNDS
- -------------------
BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
FOOD AND BEVERAGES - 4.36%
$ 4,485,000 Albertson's, Debentures
7.450%, 08/01/29 ......................... $ 4,870,979
840,000 Constellation Brands, Series B
8.000%, 02/15/08 ......................... 928,200
2,000,000 Delhaize America
8.125%, 04/15/11 ......................... 2,240,578
4,200,000 General Mills
5.125%, 02/15/07 ......................... 4,409,530
2,875,000 Kellogg, Series B
6.000%, 04/01/06 ......................... 3,053,376
2,800,000 Kraft Foods
5.250%, 06/01/07 ......................... 2,944,309
--------------
18,446,972
--------------
HEALTH CARE SERVICES - 0.71%
1,440,000 HCA
6.300%, 10/01/12 ......................... 1,447,813
1,520,000 Omnicare, Senior Subordinated
Notes
6.125%, 06/01/13 ......................... 1,539,000
--------------
2,986,813
--------------
INSURANCE - 3.50%
5,000,000 CNA Financial
6.500%, 04/15/05 ......................... 5,176,620
4,435,000 Leucadia National, Senior Notes
7.000%, 08/15/13 ......................... 4,545,875
2,239,000 Loews, Subordinated Notes,
Convertible
3.125%, 09/15/07 ......................... 2,180,226
3,000,000 New York Life Insurance
5.875%, 05/15/33 (a) ..................... 2,894,001
--------------
14,796,722
--------------
OIL AND GAS EXTRACTION - 3.46%
1,400,000 Duke Capital, Senior Notes
7.250%, 10/01/04 ......................... 1,430,689
830,000 Grant Prideco, Series B
9.625%, 12/01/07 ......................... 929,600
1,560,000 Key Energy Services, Senior Notes
6.375%, 05/01/13 ......................... 1,544,400
3,725,000 Pioneer Natural Resources
6.500%, 01/15/08 ......................... 4,044,929
1,625,000 Tesoro Petroleum
8.000%, 04/15/08 ......................... 1,759,062
1,005,000 Western Oil Sands
8.375%, 05/01/12 ......................... 1,143,188
3,535,000 XTO Energy, Senior Notes
6.250%, 04/15/13 ......................... 3,772,927
--------------
14,624,795
--------------
RESTAURANTS - 0.57%
2,135,000 Yum! Brands, Senior Notes
7.650%, 05/15/08 ......................... 2,410,780
--------------
TECHNOLOGY - 1.59%
3,350,000 SunGard Data Systems
4.875%, 01/15/14 (a) ..................... 3,224,462
3,215,000 Unisys, Senior Notes
8.125%, 06/01/06 ......................... 3,504,350
--------------
6,728,812
--------------
MARKET
PAR VALUE VALUE
--------- ------
TRANSPORTATION - 1.56%
$ 2,050,000 FedEx
2.650%, 04/01/07 (a) ..................... $ 2,006,226
3,250,000 Union Pacific, Debentures
6.625%, 02/01/29 ......................... 3,401,099
1,345,000 United Airlines, Series 2001,
Class A-2
6.201%, 09/01/08 (c) ..................... 1,196,450
--------------
6,603,775
--------------
UTILITIES - 4.37%
3,000,000 CILCORP, Senior Notes
8.700%, 10/15/09 ......................... 3,550,041
2,500,000 Commonwealth Edison, Series 100
5.875%, 02/01/33 ......................... 2,448,123
2,100,000 Kansas Gas & Electric, First
Mortgage
6.500%, 08/01/05 ......................... 2,205,000
1,260,000 Nevada Power, Second Mortgage
9.000%, 08/15/13 (a) ..................... 1,398,600
3,150,000 NiSource Finance, Senior Notes
6.150%, 03/01/13 ......................... 3,311,894
2,430,000 PG&E
6.875%, 07/15/08 (a) ..................... 2,600,100
1,450,000 Southern California Edison,
First Refunding Mortgage
8.000%, 02/15/07 ......................... 1,626,816
1,350,000 Virginia Electric and Power
4.500%, 12/15/10 ......................... 1,332,712
--------------
18,473,286
--------------
WASTE MANAGEMENT - 0.57%
2,351,000 Waste Management, Senior Notes
7.000%, 10/01/04 ......................... 2,396,814
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $171,366,370) ...................... 172,967,658
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 38.21%
FEDERAL HOME LOAN BANK - 2.59%
10,075,000 6.500%, 11/15/06, Series TD06 .............. 10,973,619
--------------
FEDERAL HOME LOAN MORTGAGE - 10.51%
570,461 7.000%, 01/01/15,
Gold Pool # E79764 607,928
722,524 6.000%, 11/01/31,
Gold Pool # C01258 ....................... 739,556
1,425,951 6.000%, 12/01/31,
Gold Pool # C01272 1,459,566
2,153,479 6.000%, 01/01/32,
Gold Pool # C01286 ....................... 2,204,244
6,300,000 6.250%, 07/15/32 6,713,463
4,562,372 6.500%, 08/01/32,
Gold Pool # C01385 ....................... 4,753,224
7,474,805 6.000%, 03/01/33,
Gold Pool # C77186 ....................... 7,652,894
4,328,046 3.726%, 04/01/33,
Pool # 1B0797, ARM (d) ................... 4,408,416
9,520,533 5.000%, 07/01/33,
Gold Pool # C01585 ....................... 9,240,440
6,643,343 5.500%, 11/01/33,
Gold Pool # C01674 ....................... 6,641,078
--------------
44,420,809
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 29
ABN AMRO FUNDS
- -------------------
BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 21.40%
$11,000,000 2.625%, 01/19/07 ........................... $ 10,871,234
8,500,000 5.250%, 01/15/09 ........................... 8,993,298
598,521 6.000%, 06/01/13, Pool # 429584 ............ 626,185
4,500,000 4.125%, 04/15/14 ........................... 4,194,405
4,355,262 5.500%, 04/01/17, Pool # 254259 ............ 4,474,738
5,289,633 5.500%, 12/01/17, Pool # 254546 ............ 5,434,742
4,355,957 5.000%, 01/01/18, Pool # 681373 ............ 4,390,251
7,790,971 5.000%, 02/01/18, Pool # 681347 ............ 7,848,288
3,975,189 5.000%, 03/01/18, Pool # 675713 ............ 4,004,434
96,442 7.500%, 07/01/23, Pool # 226065 ............ 103,855
381,399 6.500%, 05/01/28, Pool # 436779 ............ 397,886
325,632 6.500%, 09/01/28, Pool # 430877 ............ 339,461
291,380 6.500%, 10/01/28, Pool # 442329 ............ 303,754
245,342 6.500%, 06/01/29, Pool # 501319 ............ 255,617
668,586 6.500%, 06/01/29, Pool # 504545 ............ 696,587
1,603,877 6.500%, 09/01/31, Pool # 253949 ............ 1,670,037
10,048,590 5.500%, 01/01/33, Pool # 680930 ............ 10,036,129
9,067,979 5.500%, 02/01/33, Pool # 689115 ............ 9,056,734
8,992,029 4.197%, 03/01/33,
Pool # 681846, ARM (d) ................... 9,103,545
7,500,000 6.000%, 04/01/33, Pool # 555528 ............ 7,678,405
--------------
90,479,585
--------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 1.91%
385,774 7.000%, 12/15/23, Pool # 366646 ............ 413,073
158,316 7.000%, 06/15/27, Pool # 780584 ............ 168,774
612,572 7.000%, 09/15/28, Pool # 458926 ............ 652,332
822,606 6.000%, 01/15/29, Pool # 457858 ............ 844,838
358,057 7.000%, 05/15/29, Pool # 487221 ............ 381,089
392,432 7.000%, 03/15/31, Pool # 547577 ............ 417,383
1,299,427 7.000%, 02/20/32, Pool # 003202 ............ 1,378,549
3,706,215 6.000%, 01/15/33, Pool # 781547 ............ 3,803,135
--------------
8,059,173
--------------
U.S. TREASURY BOND - 0.82%
2,775,000 7.500%, 11/15/16 ........................... 3,450,865
--------------
U.S. TREASURY INFLATION INDEX NOTE - 0.51%
1,925,010 3.500%, 01/15/11 ........................... 2,144,958
--------------
U.S. TREASURY NOTE - 0.47%
2,000,000 2.000%, 05/15/06 ........................... 1,987,188
--------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $162,015,089) ...................... 161,516,197
--------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 11.68%
238,803 Amresco Securitized Net Interest Trust,
Series 1997-1, Class A
7.545%, 09/26/27 (b) ..................... 119,402
7,776,659 Bear Stearns Asset Backed Securities
Series 2003-AC5, Class A2, CMO
5.000%, 10/25/33 ......................... 7,772,536
7,559,113 Chase Mortgage Finance
Series 2003-S2, Class A1, CMO
5.000%, 03/25/18 (c) ..................... 7,743,428
MARKET
PAR VALUE VALUE
--------- ------
COMMERCIAL MORTGAGE-BACKED SECURITIES (CONTINUED)
CS First Boston Mortgage Securities,
$ 4,000,000 Series 1998-C2, Class A2
6.300%, 11/11/30 ......................... $ 4,358,304
4,070,399 Series 2002-34, Class 1A1
7.500%, 12/25/32 ......................... 4,299,699
236,948 First Union-Lehman Brothers
Commercial Mortgage, CMO,
Series 1997-C2, Class A2
6.600%, 11/18/29 ......................... 238,396
GMAC Commercial Mortgage Securities
3,125,000 Series 2000-C3, Class A2
6.957%, 09/15/35 ......................... 3,510,222
4,400,000 Series 2003-C3, Class A4
5.023%, 04/10/40 ......................... 4,358,147
1,250,000 Morgan (J.P.) Commercial
Mortgage Finance, CMO
Series 1999-C7, Class A2
6.507%, 10/15/35 (c) ..................... 1,369,589
3,500,000 Morgan Stanley Capital I, CMO,
Series 2004-HQ3, Class A3
4.490%, 01/13/41 ......................... 3,408,475
12,457,755 Wells Fargo Mortgage Backed
Securities Trust(d) Series 2003K,
Class 1A2, CMO, ARM
4.518%, 11/25/33 (c)(d) .................. 12,208,037
--------------
TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITIES
(Cost $49,667,008) ....................... 49,386,235
--------------
ASSET-BACKED SECURITIES - 5.17%
7,500,000 Capital One Master Trust
Series 2001-5, Class A
5.300%, 06/15/09 ......................... 7,906,534
3,600,000 Capital One Multi-Asset Execution
Trust Series 2004-C1, Class C1
3.400%, 11/16/09 ......................... 3,568,064
1,003,540 Centex Home Equity
Series 2001-C, Class A3
4.490%, 03/25/29 ......................... 1,004,627
4,000,000 CIT Equipment Collateral
Series 2002-VT1, Class A4
4.670%, 12/21/09 ......................... 4,117,074
3,047,771 DVI Receivables
Series 2002-1, Class A3B
4.570%, 06/11/10 ......................... 2,546,793
2,700,000 WFS Financial Owner Trust
Series 2004-1, Class C
2.490%, 08/22/11 ......................... 2,688,663
--------------
TOTAL ASSET-BACKED SECURITIES
(Cost $22,058,979) ....................... 21,831,755
--------------
FOREIGN GOVERNMENT BONDS - 1.29%
2,200,000 Republic of Philippines
8.250%, 01/15/14 ......................... 2,134,000
3,350,000 United Mexican States
Series A, MTN
7.500%, 04/08/33 ......................... 3,324,875
--------------
TOTAL FOREIGN GOVERNMENT BONDS
(Cost $5,680,470) ........................ 5,458,875
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 30
ABN AMRO FUNDS
- -------------------
BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
MUNICIPAL SECURITY - 0.73%
ILLINOIS - 0.73%
$ 3,410,000 Illinois State, Taxable Pension, GO
5.100%, 06/01/33 ......................... $ 3,094,677
--------------
TOTAL MUNICIPAL SECURITY
(Cost $3,231,169) ........................ 3,094,677
--------------
SHARES
- ----------
INVESTMENT COMPANY - 1.47%
6,220,204 BlackRock Provident Institutional
TempCash Portfolio ....................... 6,220,204
--------------
TOTAL INVESTMENT COMPANY
(Cost $6,220,204) ........................ 6,220,204
--------------
TOTAL INVESTMENTS - 99.47%
(Cost $420,239,289)* ................................... 420,475,601
--------------
NET OTHER ASSETS AND LIABILITIES - 0.53% .................. 2,230,408
--------------
NET ASSETS - 100.00% ...................................... $ 422,706,009
==============
- ----------------------
* Aggregate cost for Federal income tax purposes is $420,239,289.
Gross unrealized appreciation ......... $ 5,624,732
Gross unrealized depreciation ......... (5,388,420)
--------------
Net unrealized appreciation ........... $ 236,312
==============
(a) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities are purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be resold,
in transactions exempt from registration, to qualified institutional
buyers. At April 30, 2004, these securities amounted to $19,320,599 or
4.57% of net assets. These securities have been determined by the Adviser
to be liquid securities.
(b) Security exempt from registration under Rule 144A of the Securities Act of
1933, as amended. This security is purchased in accordance with guidelines
approved by the Fund's Board of Trustees and may only be resold, in
transactions exempt from registration, to qualified institutional buyers.
At April 30, 2004, this security amounted to $119,402 or 0.03% of net
assets. This security has been determined by the Adviser to be illiquid.
(c) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
(d) Adjustable Rate Mortgage. The interest rate shown reflects the rate in
effect at April 30, 2004.
ARM Adjustable Rate Mortgage
CMO Collateralized Mortgage Obligation
GO General Obligation
MTN Medium Term Note
PORTFOLIO COMPOSITION
Investment Company ................................... 1%
U.S. Government Obligations .......................... 2%
U.S. Government Agency Obligations ................... 37%
Municipal Security ................................... 1%
Corporate Notes and Bonds (Moody's Ratings):
Aaa ................................................ 12%
Aa ................................................. 2%
A .................................................. 9%
Baa ................................................ 20%
Ba ................................................. 12%
NR ................................................. 4%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 31
ABN AMRO FUNDS
- -------------------
INVESTMENT GRADE BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 43%
CORPORATE NOTES AND BONDS 35%
COMMERCIAL MORTGAGE-BACKED SECURITIES 10%
ASSET-BACKED SECURITIES 6%
CASH AND OTHER NET ASSETS 4%
MUNICIPAL SECURITY 1%
FOREIGN GOVERNMENT BOND 1%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
--------- ------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 42.65%
FEDERAL HOME LOAN BANK - 3.02%
$ 750,000 5.875%, 11/15/07 ........................... $ 812,025
500,000 6.500%, 08/14/09 ........................... 558,596
--------------
1,370,621
--------------
FEDERAL HOME LOAN MORTGAGE - 14.10%
750,000 2.875%, 09/15/05 ........................... 759,055
500,000 2.125%, 11/15/05 ........................... 500,320
525,000 2.750%, 03/15/08 ........................... 510,455
163,950 5.500%, 08/01/17,
Gold Pool # E90954 ....................... 168,400
955,285 5.000%, 09/01/18,
Gold Pool # E99582 ....................... 963,136
334,548 6.500%, 08/01/32,
Gold Pool # C01385 ....................... 348,543
1,360,348 5.000%, 11/01/33,
Gold Pool # A15349 ....................... 1,320,326
1,320,632 5.500%, 11/01/33,
Gold Pool # A15901 ....................... 1,320,181
500,000 5.500%, 05/15/34, TBA (a) .................. 499,375
--------------
6,389,791
--------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 21.89%
1,275,000 2.375%, 02/15/07 ........................... 1,254,642
350,000 4.375%, 03/15/13 ........................... 338,397
475,000 4.125%, 04/15/14 ........................... 442,743
221,519 6.000%, 10/01/16, Pool # 611322 ............ 231,254
180,631 5.500%, 01/01/17, Pool # 623107 ............ 185,650
435,526 5.500%, 04/01/17, Pool # 254259 ............ 447,474
371,137 6.000%, 06/01/17, Pool # 254342 ............ 387,417
689,472 5.500%, 11/01/17, Pool # 659589 ............ 708,385
935,403 5.000%, 05/01/18, Pool # 697050 ............ 942,285
253,550 6.500%, 03/01/32, Pool # 254239 ............ 264,034
226,482 7.000%, 04/01/32, Pool # 545556 ............ 239,489
353,427 6.500%, 10/01/32, Pool # 254479 ............ 368,040
755,306 4.795%, 02/01/33,
Pool # 682778 ARM (c) .................... 764,973
MARKET
PAR VALUE VALUE
--------- ------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION (CONTINUED)
$ 749,336 4.197%, 03/01/33,
Pool # 681846, ARM (c) ................... $ 758,629
675,000 6.000%, 04/01/33, Pool # 555528 ............ 691,057
948,708 3.774%, 05/01/33,
Pool # 703979 ARM (c) .................... 953,651
968,546 5.000%, 10/01/33, Pool # 749179 ............ 939,386
--------------
9,917,506
--------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 1.68%
515,802 3.130%, 04/16/16, Series 2003-16,
Class A, CMO ............................. 512,327
237,573 6.500%, 05/15/32, Pool # 584389 ............ 248,313
--------------
760,640
--------------
U.S. TREASURY INFLATION INDEX NOTE - 0.53%
213,890 3.500%, 01/15/11 ........................... 238,329
--------------
U.S. TREASURY NOTES - 1.43%
250,000 1.250%, 05/31/05 (b) ....................... 249,004
400,000 2.000%, 05/15/06 (b) ....................... 397,438
--------------
646,442
--------------
TOTAL U.S. GOVERNMENT AND AGENCY
OBLIGATIONS
(Cost $19,375,901) ....................... 19,323,329
--------------
CORPORATE NOTES AND BONDS - 35.18%
BASIC MATERIALS - 1.18%
235,000 International Paper
5.850%, 10/30/12 ......................... 243,010
275,000 Weyerhaeuser
6.000%, 08/01/06 ......................... 291,815
--------------
534,825
--------------
COMMUNICATIONS - 2.03%
480,000 AT&T
6.000%, 03/15/09 ......................... 481,181
210,000 British Sky Broadcasting
6.875%, 02/23/09 ......................... 232,452
225,000 Intelsat
6.500%, 11/01/13 ......................... 206,698
--------------
920,331
--------------
CONSUMER CYCLICALS - 1.26%
380,000 Newell Rubbermaid
4.625%, 12/15/09 ......................... 379,722
165,000 Pulte Homes
7.875%, 08/01/11 ......................... 189,407
--------------
569,129
--------------
ELECTRONICS - 1.06%
485,000 Thermo Electron, Convertible
3.250%, 11/01/07 ......................... 480,756
--------------
FINANCE - 13.96%
490,000 American General Finance, MTN,
Series G
5.750%, 03/15/07 ......................... 523,800
500,000 AmSouth Bank, Subordinated Notes
4.850%, 04/01/13 ......................... 488,205
500,000 BB&T, Subordinated Notes
4.750%, 10/01/12 ......................... 492,322
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 32
ABN AMRO FUNDS
- -------------------
INVESTMENT GRADE BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
FINANCE (CONTINUED)
$ 350,000 CIT Group
3.375%, 04/01/09 ......................... $ 334,920
310,000 Corporacion Andina de Fomento
5.200%, 05/21/13 ......................... 302,547
475,000 Countrywide Home Loan, MTN,
Series L
4.000%, 03/22/11 ......................... 448,979
225,000 Credit Suisse First Boston USA
5.750%, 04/15/07 ......................... 240,079
465,000 Ford Motor Credit
5.625%, 10/01/08 ......................... 474,562
460,000 General Electric Capital, Series A,
MTN
5.000%, 06/15/07 ......................... 482,693
250,000 General Motors Acceptance
6.750%, 01/15/06 ......................... 264,833
250,000 Household Finance
4.625%, 01/15/08 ......................... 257,321
400,000 Hutchison Whampoa
5.450%, 11/24/10 (d) ..................... 394,988
155,000 International Lease Finance
5.875%, 05/01/13 ......................... 162,039
500,000 J.P. Morgan Chase, Senior Notes
5.350%, 03/01/07 ......................... 529,108
410,000 Marshall & Ilsley Bank
5.250%, 09/04/12 ......................... 424,978
240,000 SLM, MTN, Series A
5.625%, 04/10/07 ......................... 256,688
250,000 State Auto Financial, Senior Notes
6.250%, 11/15/13 ......................... 248,667
--------------
6,326,729
--------------
FOOD AND BEVERAGES - 4.50%
460,000 Albertson's, Senior Notes
6.950%, 08/01/09 ......................... 508,797
500,000 Conagra Foods
6.000%, 09/15/06 ......................... 532,591
500,000 General Mills
6.000%, 02/15/12 ......................... 530,965
450,000 Kraft Foods
4.625%, 11/01/06 ......................... 465,688
--------------
2,038,041
--------------
INSURANCE - 0.61%
285,000 Berkshire Hathaway
4.625%, 10/15/13 (d) ..................... 276,537
--------------
MEDICAL PRODUCTS AND SUPPLIES - 0.70%
300,000 Guidant
6.150%, 02/15/06 ......................... 318,090
--------------
OIL AND GAS EXTRACTION - 2.70%
350,000 Consolidated Natural Gas, Senior
Notes, Series C
6.250%, 11/01/11 ......................... 378,728
275,000 Marathon Oil
5.375%, 06/01/07 ......................... 290,167
550,000 Occidental Petroleum
4.000%, 11/30/07 ......................... 554,835
--------------
1,223,730
--------------
MARKET
PAR VALUE VALUE
--------- ------
RETAIL - 2.00%
$ 535,000 AutoZone, Senior Notes
4.375%, 06/01/13 ......................... $ 492,260
425,000 Wal-Mart Stores
4.125%, 02/15/11 ......................... 413,627
--------------
905,887
--------------
TECHNOLOGY - 2.12%
500,000 First Data
3.375%, 08/01/08 ......................... 491,800
485,000 SunGard Data Systems
4.875%, 01/15/14 (d) ..................... 466,825
--------------
958,625
--------------
TRANSPORTATION - 1.16%
300,000 FedEx
2.650%, 04/01/07 (d) ..................... 293,594
215,000 Ryder System, Senior Notes, MTN
6.460%, 10/18/06 ......................... 230,407
--------------
524,001
--------------
UTILITIES - 1.90%
275,000 CILCORP, Senior Notes
8.700%, 10/15/09 ......................... 325,420
535,000 MidAmerican Energy, MTN
5.125%, 01/15/13 ......................... 536,038
--------------
861,458
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $16,217,888) ....................... 15,938,139
--------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 10.21%
815,117 Bear Stearns Asset Backed Securities
Series 2003-AC5, Class A2, CMO
5.000%, 10/25/33 ......................... 814,685
757,788 Chase Mortgage Finance
Series 2003-S2, Class A1, CMO
5.000%, 03/25/18 (e) ..................... 776,265
306,583 General Electric Capital Commercial
Mortgage Series 2001-1, Class A1
6.079%, 05/15/33 ......................... 327,157
1,000,000 LB Commercial Conduit Mortgage Trust
Series 1999-C1, Class A2
6.780%, 06/15/31 ......................... 1,110,014
117,116 Master Asset Securitization Trust
Series 2002-8, Class 1A2, CMO
5.250%, 12/25/17 (e) ..................... 119,274
363,590 Washington Mutual
Series 2002-S8, Class 2A7, CMO
5.250%, 01/25/18 ......................... 369,866
Wells Fargo Mortgage Backed
Securities Trust, Class 1A2,
CMO, ARM
431,230 Series 2003K
4.518%, 11/25/33 (c) ..................... 422,586
707,067 Series 2003L
4.605%, 11/25/33 (c) ..................... 686,843
--------------
TOTAL COMMERCIAL MORTGAGE-BACKED
SECURITIES
(Cost $4,626,404) ........................ 4,626,690
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 33
ABN AMRO FUNDS
- -------------------
INVESTMENT GRADE BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
ASSET-BACKED SECURITIES - 5.83%
$ 1,000,000 Capital One Master Trust
Series 2001-5, Class A
5.300%, 06/15/09 ......................... $ 1,054,205
475,000 Capital One Multi-Asset Execution Trust
Series 2004-C1, Class C1
3.400%, 11/16/09 ......................... 470,786
435,000 Citibank Credit Card Issuance Trust
Series 2000-C1, Class C1
7.450%, 09/15/07 ......................... 464,605
101 Green Tree Home Improvement Loan
Trust Series 1998-E, Class HEA4
6.620%, 07/15/27 ......................... 104
638,432 MMCA Automobile Trust
Series 2001-4, Class A4
4.920%, 08/15/07 (e) ..................... 651,156
--------------
TOTAL ASSET-BACKED SECURITIES
(Cost $2,686,869) ........................ 2,640,856
--------------
MUNICIPAL SECURITY - 1.08%
ILLINOIS - 1.08%
535,000 Illinois State, GO
4.350%, 06/01/18 ......................... 490,996
--------------
TOTAL MUNICIPAL SECURITY
(Cost $534,776) .......................... 490,996
--------------
FOREIGN GOVERNMENT BOND - 1.04%
475,000 Ontario Province
2.650%, 12/15/06 ......................... 470,823
--------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $476,948) .......................... 470,823
--------------
MARKET
SHARES VALUE
------ ------
INVESTMENT COMPANY - 4.59%
2,079,065 BlackRock Provident Institutional
TempCash Portfolio ....................... $ 2,079,065
--------------
TOTAL INVESTMENT COMPANY
(Cost $2,079,065) ........................ 2,079,065
--------------
TOTAL INVESTMENTS - 100.58%
(Cost $45,997,851)* .................................... 45,569,898
--------------
NET OTHER ASSETS AND LIABILITIES - (0.58)% ................ (263,194)
--------------
NET ASSETS - 100.00% ...................................... $ 45,306,704
==============
- -----------------------
* Aggregate cost for Federal income tax purposes is $45,997,851.
Gross unrealized appreciation ........ $ 234,448
Gross unrealized depreciation ........ (662,401)
--------------
Net unrealized depreciation .......... $ (427,953)
==============
(a) Securities purchased on a when-issued or delayed delivery basis.
(b) Assets segregated as collateral for when-issued or delayed delivery
purchase commitments.
(c) Adjustable Rate Mortgage. The interest rate shown reflects the rate in
effect at April 30, 2004.
(d) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities are purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be resold,
in transactions exempt from registration, to qualified institutional
buyers. At April 30, 2004, these securities amounted to $1,431,944 or 3.16%
of net assets. These securities have been determined by the Adviser to be
liquid securities.
(e) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
ARM Adjustable Rate Mortgage
CMO Collateralized Mortgage Obligation
GO General Obligation
MTN Medium Term Note
TBA To Be Announced
PORTFOLIO COMPOSITION
Investment Company ........................................ 5%
U.S. Government Obligations ............................... 2%
U.S. Government Agency Obligations ........................40%
Municipal Security ........................................ 1%
Corporate Notes and Bonds (Moody's Ratings):
Aaa .....................................................13%
Aa ...................................................... 2%
A .......................................................16%
Baa .....................................................16%
Ba ...................................................... 2%
NR ...................................................... 3%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 34
ABN AMRO FUNDS
- -------------------
HIGH YIELD BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
BASIC MATERIALS 16%
SERVICES CYCLICALS 14%
ENERGY 13%
SERVICES NON-CYCLICALS 11%
MEDIA 10%
CAPITAL GOODS 9%
UTILITIES 8%
OTHER CORPORATE NOTES AND BONDS 7%
TELECOMMUNICATIONS 7%
CASH AND OTHER NET ASSETS 5%
MARKET
PAR VALUE VALUE
--------- ------
CORPORATE NOTES AND BONDS - 95.12%
BASIC MATERIALS - 15.66%
$ 200,000 Abitibi-Consolidated, Yankee
8.550%, 08/01/10 ......................... $ 217,236
100,000 Ainsworth Lumber
6.750%, 03/15/14 (a) ..................... 99,500
250,000 Arch Western Finance, Senior Notes
6.750%, 07/01/13 (a) ..................... 258,750
100,000 Box USA Holdings, Senior Notes,
Series B
12.000%, 06/01/06 ........................ 101,750
75,000 Cascades, Senior Notes
7.250%, 02/15/13 ......................... 78,562
250,000 Ethyl
8.875%, 05/01/10 ......................... 271,250
150,000 FMC
10.250%, 11/01/09 ........................ 177,750
150,000 Georgia-Pacific
8.125%, 05/15/11 ......................... 169,875
250,000 IPSCO, Senior Notes
8.750%, 06/01/13 ......................... 281,250
250,000 JSG Funding, Senior Notes
9.625%, 10/01/12 ......................... 282,500
275,000 Koppers
9.875%, 10/15/13 (a) ..................... 302,500
50,000 Lyondell Chemical
9.625%, 05/01/07 ......................... 53,125
100,000 Methanex, Senior Notes
8.750%, 08/15/12 ......................... 115,000
100,000 Nalco, Senior Notes
7.750%, 11/15/11 (a) ..................... 105,750
250,000 Riverside Forest Products, Senior Notes
7.875%, 03/01/14 (a) ..................... 259,375
250,000 Stone Container, Senior Notes
8.375%, 07/01/12 ......................... 270,000
225,000 Tembec Industries
8.500%, 02/01/11 ......................... 230,625
--------------
3,274,798
--------------
MARKET
PAR VALUE VALUE
--------- ------
CAPITAL GOODS - 9.41%
$ 250,000 Building Materials, Senior Notes,
Series B
8.000%, 10/15/07 ......................... $ 250,625
200,000 Crown European Holdings
9.500%, 03/01/11 ......................... 225,250
150,000 Greif
8.875%, 08/01/12 ......................... 165,750
150,000 Joy Global, Series B
8.750%, 03/15/12 ......................... 168,750
350,000 L-3 Communications
7.625%, 06/15/12 ......................... 378,875
250,000 Owens-Brockway Glass Container
8.750%, 11/15/12 ......................... 274,375
250,000 SPX, Senior Notes
6.250%, 06/15/11 ......................... 250,625
100,000 Trinity Industries, Senior Notes
6.500%, 03/15/14 (a) ..................... 97,750
150,000 Wabtec, Senior Notes
6.875%, 07/31/13 ......................... 156,375
--------------
1,968,375
--------------
CONSUMER CYCLICALS - 2.21%
150,000 Couche-Tard US Finance, Senior
Subordinated Notes
7.500%, 12/15/13 ......................... 158,250
100,000 Dana
10.125%, 03/15/10 ........................ 115,000
100,000 Michaels Stores
9.250%, 07/01/09 ......................... 110,375
65,000 TRW Automotive, Senior
Subordinated Notes
11.000%, 02/15/13 ........................ 77,675
--------------
461,300
--------------
CONSUMER NON-CYCLICALS - 2.91%
100,000 American Greetings, Senior
Subordinated Notes
11.750%, 07/15/08 ........................ 117,500
150,000 Constellation Brands, Series B
8.125%, 01/15/12 ......................... 164,250
100,000 Delhaize America
8.125%, 04/15/11 ......................... 112,029
50,000 Pinnacle Foods Holding, Senior
Subordinated Notes
8.250%, 12/01/13 (a) ..................... 52,437
150,000 Roundy's, Series B
8.875%, 06/15/12 ......................... 163,500
--------------
609,716
--------------
ENERGY - 13.02%
150,000 Bluewater Finance
10.250%, 02/15/12 ........................ 156,000
150,000 Chesapeake Energy, Senior Notes
7.500%, 09/15/13 ......................... 162,750
25,000 El Paso, Senior Notes, MTN
7.750%, 01/15/32 ......................... 19,625
250,000 Ferrellgas Partners Finance,
Senior Notes
8.750%, 06/15/12 ......................... 275,000
200,000 Grant Prideco, Series B
9.625%, 12/01/07 ......................... 224,000
100,000 Key Energy Services, Senior Notes
6.375%, 05/01/13 ......................... 99,000
150,000 Offshore Logistics
6.125%, 06/15/13 ......................... 143,250
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 35
ABN AMRO FUNDS
- -------------------
HIGH YIELD BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
ENERGY (CONTINUED)
$ 225,000 Parker Drilling, Subordinated Notes,
Convertible
5.500%, 08/01/04 ......................... $ 223,875
200,000 Petroleum Geo-Services, Yankee
10.000%, 11/05/10 ........................ 219,000
150,000 Premcor Refining Group, Senior Notes
6.750%, 02/01/11 ......................... 156,000
150,000 Southern Natural Gas
8.875%, 03/15/10 ......................... 166,500
150,000 Southern Star Central, Senior
Secured Notes
8.500%, 08/01/10 ......................... 165,750
250,000 Tesoro Petroleum
8.000%, 04/15/08 ......................... 270,625
50,000 Vintage Petroleum, Senior
Subordinated Notes
7.875%, 05/15/11 ......................... 53,250
125,000 Western Oil Sands
8.375%, 05/01/12 ......................... 142,188
100,000 Westport Resources
8.250%, 11/01/11 ......................... 112,750
Williams Cos.,
25,000 Debentures, Series A
7.500%, 01/15/31 ......................... 23,500
100,000 Senior Notes
8.625%, 06/01/10 ......................... 110,500
--------------
2,723,563
--------------
MEDIA - 10.18%
100,000 Cablevision Systems, Senior Notes
5.660%, 04/01/09 (a) ..................... 103,500
75,000 Charter Communications Holdings &
Charter Communication Holdings
Capital, Senior Notes
10.750%, 10/01/09 ........................ 66,187
125,000 Charter Communications Holdings II,
Senior Notes
10.250%, 09/15/10 (a) .................... 129,375
50,000 Charter Communications Operating &
Charter Communications Operating
Capital Senior Notes
8.000%, 04/30/12 (a) ..................... 49,500
200,000 CSC Holdings, Senior Notes
7.250%, 07/15/08 ......................... 209,500
175,000 Dex Media East/Dex Media East
Finance
12.125%, 11/15/12 ........................ 203,875
250,000 DirecTV Holdings Finance
8.375%, 03/15/13 ......................... 280,625
100,000 Houghton Mifflin, Senior
Subordinated Notes
9.875%, 02/01/13 ......................... 99,250
100,000 Lamar Media
7.250%, 01/01/13 ......................... 108,000
PanAmSat
100,000 6.375%, 01/15/08 ......................... 103,500
125,000 8.500%, 02/01/12 ......................... 141,875
RH Donnelly Finance, Senior
Subordinated Notes
100,000 10.875%, 12/15/12 (a) .................... 119,500
25,000 10.875%, 12/15/12 ........................ 29,875
100,000 Sinclair Broadcast Group
8.000%, 03/15/12 ......................... 106,750
MARKET
PAR VALUE VALUE
--------- ------
MEDIA (CONTINUED)
$ 250,000 Vivendi Universal, Senior Notes
6.250%, 07/15/08 ......................... $ 262,188
98,000 Yell Finance, Senior Notes
10.750%, 08/01/11 ........................ 115,395
--------------
2,128,895
--------------
REAL ESTATE - 0.53%
100,000 CBRE Escrow, Senior Notes
9.750%, 05/15/10 ......................... 112,000
--------------
SERVICES CYCLICALS - 13.68%
180,000 AMC Entertainment, Senior
Subordinated Notes
9.500%, 02/01/11 ......................... 189,000
275,000 Caesars Entertainment, Senior
Subordinated Notes
9.375%, 02/15/07 ......................... 304,562
100,000 CHC Helicopter
7.375%, 05/01/14 (a) ..................... 101,750
250,000 Continental Airlines
8.000%, 12/15/05 ......................... 238,750
150,000 D.R. Horton, Senior Notes
6.875%, 05/01/13 ......................... 157,500
50,000 Horseshoe Gaming Holding, Series B
8.625%, 05/15/09 ......................... 52,500
105,000 Iron Mountain
8.625%, 04/01/13 ......................... 112,875
150,000 K. Hovnanian Enterprises, Senior
Subordinated Notes
7.750%, 05/15/13 ......................... 154,875
200,000 Meritage, Senior Notes
9.750%, 06/01/11 ......................... 223,750
275,000 MGM Mirage
9.750%, 06/01/07 ......................... 312,125
100,000 Petroleum Helicopters, Series B
9.375%, 05/01/09 ......................... 106,500
100,000 Pinnacle Entertainment, Series B
9.250%, 02/15/07 ......................... 103,000
100,000 Resorts International Hotel and Casino
11.500%, 03/15/09 ........................ 112,000
125,000 River Rock Entertainment Authority,
Senior Notes
9.750%, 11/01/11 (a) ..................... 133,750
200,000 Seneca Gaming, Senior Notes
7.250%, 05/01/12 (a) ..................... 200,000
75,000 Six Flags, Senior Notes
8.875%, 02/01/10 ......................... 76,688
150,000 Standard-Pacific, Senior Notes
7.750%, 03/15/13 ......................... 156,375
75,000 Trump Casino Holdings & Trump
Casino Funding
11.625%, 03/15/10 ........................ 76,313
50,000 United Rentals, North America
6.500%, 02/15/12 (a) ..................... 48,500
--------------
2,860,813
--------------
SERVICES NON-CYCLICALS - 11.26%
100,000 Allied Waste North America,
Senior Notes
7.875%, 04/15/13 ......................... 108,000
150,000 Bio-Rad Laboratories, Senior
Subordinated Notes
7.500%, 08/15/13 ......................... 162,750
200,000 Coventry Health Care, Senior Notes
8.125%, 02/15/12 ......................... 226,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 36
ABN AMRO FUNDS
- -------------------
HIGH YIELD BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
SERVICES NON-CYCLICALS (CONTINUED)
$ 350,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ......................... $ 381,062
150,000 Hanger Orthopedic Group
10.375%, 02/15/09 ........................ 168,000
100,000 HCA
8.750%, 09/01/10 ......................... 114,886
250,000 IASIS Healthcare
13.000%, 10/15/09 ........................ 278,125
175,000 Matria Healthcare
11.000%, 05/01/08 ........................ 197,094
100,000 NeighborCare, Senior Subordinated
Notes
6.875%, 11/15/13 (a) ..................... 102,500
107,000 Pacificare Health Systems
10.750%, 06/01/09 ........................ 124,922
100,000 Pharma Services Intermediate
Holding, Senior Notes
5.690%, 04/01/14 (a)(b) .................. 57,750
150,000 Quintiles Transnational, Senior
Subordinated Notes
10.000%, 10/01/13 (a) .................... 156,000
250,000 Triad Hospitals, Series B
8.750%, 05/01/09 ......................... 278,438
--------------
2,355,527
--------------
TECHNOLOGY AND ELECTRONICS - 1.33%
100,000 PerkinElmer
8.875%, 01/15/13 ......................... 114,500
150,000 Unisys, Senior Notes
8.125%, 06/01/06 ......................... 163,500
--------------
278,000
--------------
TELECOMMUNICATIONS - 7.42%
33,000 Alamosa Delaware
11.000%, 07/31/10 ........................ 35,970
125,000 Citizens Communications
9.250%, 05/15/11 ......................... 131,724
250,000 eircom, Senior Subordinated Notes
8.250%, 08/15/13 ......................... 271,250
185,000 Nextel Communications, Senior Notes,
Convertible
5.250%, 01/15/10 ......................... 187,313
175,000 Nortel Networks
6.125%, 02/15/06 ......................... 173,906
150,000 NTL Cable, Senior Notes
8.750%, 04/15/14 (a) ..................... 155,625
300,000 Qwest Services
14.000%, 12/15/14 (a) .................... 359,250
250,000 Rogers Wireless
6.375%, 03/01/14 (a) ..................... 236,250
--------------
1,551,288
--------------
UTILITIES - 7.51%
200,000 Beaver Valley Funding, Debentures
9.000%, 06/01/17 ......................... 228,100
100,000 Dynegy Holdings
10.125%, 07/15/13 (a) .................... 110,000
148,500 Homer City Funding
8.137%, 10/01/19 ......................... 163,721
250,000 Illinova, First Mortgage
11.500%, 12/15/10 ........................ 297,500
100,000 MSW Energy Holdings/MSW Energy
Finance
8.500%, 09/01/10 ......................... 109,000
MARKET
PAR VALUE VALUE
--------- ------
UTILITIES (CONTINUED)
$ 200,000 Nevada Power, Second Mortgage
9.000%, 08/15/13 (a) ..................... $ 222,000
175,000 NRG Energy, Senior Secured Notes
8.000%, 12/15/13 (a) ..................... 177,188
200,000 PG&E
6.875%, 07/15/08 (a) ..................... 214,000
50,000 Sierra Pacific Power
General Refunding Mortgage
6.250%, 04/15/12 (a) ..................... 49,375
--------------
1,570,884
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $19,467,492) ....................... 19,895,159
--------------
SHARES
------
INVESTMENT COMPANIES - 5.29%
1,078,739 BlackRock Provident Institutional
TempCash Portfolio ....................... 1,078,739
28,801 BlackRock Provident Institutional
TempFund Portfolio ....................... 28,801
--------------
TOTAL INVESTMENT COMPANIES
(Cost $1,107,540) ........................ 1,107,540
--------------
TOTAL INVESTMENTS - 100.41%
(Cost $20,575,032)* .................................... 21,002,699
--------------
NET OTHER ASSETS AND LIABILITIES - (0.41)% ................ (86,744)
--------------
NET ASSETS - 100.00% ...................................... $ 20,915,955
==============
- -----------------------
* Aggregate cost for Federal income tax purposes is $20,575,032.
Gross unrealized appreciation ......... $ 510,480
Gross unrealized depreciation ......... (82,813)
-------------
Net unrealized appreciation ........... $ 427,667
=============
(a) Securities exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities are purchased in accordance with
guidelines approved by the Fund's Board of Trustees and may only be resold,
in transactions exempt from registration, to qualified institutional
buyers. At April 30, 2004, these securities amounted to $3,901,875 or
18.66% of net assets. These securities have been determined by the Adviser
to be liquid securities.
(b) Step Coupon. A bond that pays an initial coupon rate for the first period
and then a higher coupon rate for the following periods until maturity.
Interest rate presented represents annualized yield at time of purchase.
The coupon rate will be 0.00% until April 2009 and 11.50% thereafter.
Interest rate presented represents annualized yield at time of purchase.
MTN Medium Term Note
PORTFOLIO COMPOSITION
Investment Companies ................................. 5%
Corporate Notes and Bonds (Moody's Ratings):
Baa ................................................ 2%
Ba ................................................. 41%
B .................................................. 42%
Caa ................................................ 8%
NR ................................................. 2%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 37
ABN AMRO FUNDS
- -------------------
MUNICIPAL BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
GENERAL OBLIGATIONS BONDS 27%
EDUCATION 20%
UTILITIES 14%
TRANSPORTATION 10%
MEDICAL 10%
POLLUTION 5%
OTHER MUNICIPAL SECURITIES 5%
WATER 3%
HOUSING 3%
CASH AND OTHER NET ASSETS 3%
% OF TOTAL NET ASSETS (RATINGS UNAUDITED)
MARKET
PAR VALUE VALUE
--------- ------
MUNICIPAL SECURITIES - 97.01%
ALABAMA - 2.07%
$ 1,000,000 Birmingham Industrial Water Board
Industrial Water Supply RB,
Partially Pre-refunded 01/01/07
6.000%, 07/01/07 (a) ..................... $ 1,100,700
--------------
ARIZONA - 5.38%
1,000,000 Glendale Water and Sewer RB
Sub Lien
5.000%, 07/01/14
Insured: AMBAC ........................... 1,073,600
1,000,000 Phoenix Civic Improvement
Wastewater Systems RB
5.250%, 07/01/11
Insured: FGIC ............................ 1,110,550
Salt River Project, Agricultural
Improvement and Power District
Electric System RB
240,000 Unrefunded, Series A
5.500%, 01/01/05 ......................... 246,699
210,000 Pre-refunded, Series A, ETM
5.500%, 01/01/05 ......................... 215,804
200,000 Tucson Water RB
5.400%, 07/01/05 ......................... 209,134
--------------
2,855,787
--------------
COLORADO - 2.11%
1,000,000 Colorado Department of Transportation
RB, Federal Highway Grant
Anticipation Notes, Series A
5.500%, 06/15/12
Insured: MBIA ............................ 1,119,890
--------------
MARKET
PAR VALUE VALUE
--------- ------
CONNECTICUT - 3.18%
$ 1,545,000 New Haven, GO
5.000%, 05/01/09
Insured: MBIA ............................ $ 1,688,685
--------------
DISTRICT OF COLUMBIA - 1.32%
640,000 District of Columbia RB
Smithsonian Institute, Series A
5.375%, 11/01/15 ......................... 698,637
--------------
FLORIDA - 2.43%
500,000 Fort Pierce Utilities Authority RB
5.000%, 10/01/14
Insured: AMBAC ........................... 537,230
750,000 Palm Beach County
Health Facilities Authority RB,
Abbey DelRay South Project
5.500%, 10/01/11 ......................... 754,852
--------------
1,292,082
--------------
GEORGIA - 2.05%
500,000 Cartersville Development Authority
Water & Wastewater
Facilities RB, Series A,
Anheuser-Busch Cos., AMT,
7.375%, 05/01/09 ......................... 593,015
State of Georgia, GO
250,000 Series A
6.100%, 03/01/05 ......................... 259,902
200,000 Series D
6.700%, 08/01/09 ......................... 235,616
--------------
1,088,533
--------------
IDAHO - 2.31%
1,000,000 Idaho Health Facilities Authority RB
IHC Hospitals, ETM
6.650%, 02/15/21 (a) ..................... 1,226,220
--------------
ILLINOIS - 12.95%
250,000 Chicago Public Building Commission RB
School Reform Board, Series B
5.250%, 12/01/18
Insured: FGIC ............................ 269,872
375,000 DuPage County, Jail Project, GO
5.600%, 01/01/21 ......................... 415,729
1,000,000 Illinois Development Finance Authority RB
Lincoln Way Community
5.700%, 01/01/18
Insured: FGIC ............................ 1,126,830
1,635,000 Illinois Health Facilities Authority RB
Loyola University, Series A
Pre-refunded 07/01/07
5.000%, 07/01/24
Insured: MBIA ............................ 1,788,510
1,000,000 Illinois State, GO, First Series
5.500%, 04/01/13
Insured: FSA ............................. 1,123,820
1,000,000 Lake County Township High School
District No. 113,
Highland Park, GO
8.800%, 12/01/09 ......................... 1,280,170
785,000 University of Illinois RB, Auxiliary
Facilities Systems, Series B
5.500%, 04/01/17
Insured: FGIC ............................ 870,942
--------------
6,875,873
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 38
ABN AMRO FUNDS
- -------------------
MUNICIPAL BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
INDIANA - 1.52%
$ 700,000 Indianapolis Public Improvement RB
Series B
6.000%, 01/10/20 ......................... $ 805,658
--------------
KANSAS - 4.23%
1,000,000 Burlington Environmental Improvement RB
Kansas City Power & Light Project,
Series B, Mandatory Put 10/01/07
4.750%, 09/01/15 ......................... 1,059,220
1,020,000 Butler & Sedgwick Counties
Unified School District No. 385,
Andover, GO
6.000%, 09/01/14
Insured: FSA ............................. 1,186,372
--------------
2,245,592
--------------
MASSACHUSETTS - 4.96%
500,000 Massachusetts State Construction Lien
Series C, GO
5.250%, 08/01/17 ......................... 540,700
1,000,000 Massachusetts State Grant
Anticipation RB, Federal Highway
Grant Anticipation Notes, Series A
5.250%, 12/15/08 ......................... 1,096,190
1,000,000 Massachusetts State Housing Finance
Agency RB, Insured Construction
Loan Series A, AMT
1.950%, 12/01/05
Insured: FSA ............................. 998,920
--------------
2,635,810
--------------
MICHIGAN - 0.85%
400,000 Michigan Municipal Bond Authority RB
Drinking Water Revolving Fund
5.500%, 10/01/16 ......................... 451,104
--------------
MISSISSIPPI - 0.74%
350,000 State of Mississippi
Capital Improvements Issue,
Series I, GO
5.750%, 11/01/09 (a) ..................... 394,411
--------------
MISSOURI - 2.05%
1,000,000 St. Louis County Parkway School
District 2, GO(a)
5.000%, 03/01/12
Insured: FSA ............................. 1,086,840
--------------
NEBRASKA - 1.03%
500,000 Omaha Public Power District
Electric RB, Series C
5.400%, 02/01/08 ......................... 547,495
--------------
NEVADA - 4.61%
1,000,000 Clark County PCR, Southern
California Edison
Series C, Remarketed, AMT
3.250%, 06/01/31 ......................... 980,250
350,000 Clark County, School District, GO
Pre-refunded 12/15/04
6.400%, 06/15/06
Insured: FGIC ............................ 365,071
MARKET
PAR VALUE VALUE
--------- ------
NEVADA (CONTINUED)
$ 1,010,000 Nevada State Highway Improvement RB
Motor Vehicle Fuel Tax
5.000%, 12/01/11
Insured: MBIA ............................ $ 1,100,870
--------------
2,446,191
--------------
NEW YORK - 0.99%
500,000 New York, GO
Series A
6.000%, 08/01/05 ......................... 526,675
--------------
OHIO - 3.04%
1,500,000 Ohio State Water Development
Authority RB
5.000%, 12/01/06 ......................... 1,614,600
--------------
OKLAHOMA - 5.63%
Oklahoma City, GO
1,000,000 5.500%, 07/01/11 ......................... 1,120,210
240,000 5.550%, 08/01/11 ......................... 269,902
500,000 Oklahoma Housing Development
Authority RB, Obligation Lease
Purchase Program, Series A
5.100%, 11/01/05 ......................... 519,255
1,000,000 Tulsa Industrial Authority RB
St. John's Medical Center
Project, Pre-refunded 02/15/06
6.250%, 02/15/17 ......................... 1,077,480
--------------
2,986,847
--------------
RHODE ISLAND - 2.37%
1,175,000 Rhode Island State and Providence
Plantations Consolidated Capital
Development Loan, Series B, GO
5.000%, 11/01/06
Insured: FGIC ............................ 1,258,096
--------------
TENNESSEE - 4.57%
1,250,000 Montgomery County, GO
5.000%, 05/01/14
Insured: FGIC ............................ 1,344,625
1,000,000 State of Tennessee, Series A, GO
5.000%, 05/01/13 ......................... 1,081,150
--------------
2,425,775
--------------
TEXAS - 12.22%
1,000,000 Dallas Waterworks & Sewer System RB
Refunding and Improvement,
Series A
5.000%, 10/01/12 ......................... 1,081,880
480,000 Frisco Independent School District, GO
7.000%, 08/15/10
Insured: PSF ............................. 576,312
200,000 Humble Independent School
District Refunding Series II, GO
5.500%, 02/15/10
Insured: PSF ............................. 222,740
550,000 Plano Independent School District, GO
5.000%, 02/15/09
Insured: PSF ............................. 597,069
1,250,000 Port of Houston Authority, Harris
County Airport Improvement,
Series B, GO, AMT
5.250%, 10/01/11
Insured: FGIC ............................ 1,359,263
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 39
ABN AMRO FUNDS
- -------------------
MUNICIPAL BOND FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
TEXAS (CONTINUED)
$ 210,000 Tarrant County Health Facilities
Development Health System RB,
Series A
5.500%, 02/15/05
Insured: MBIA ............................ $ 216,533
500,000 Texas Municipal Power Agency RB
Series E
5.500%, 09/01/10
Insured: MBIA ............................ 558,955
715,000 Texas State Turnpike Authority
Central Texas Turnpike System RB
BAN, Second Tier
5.000%, 06/01/08 ......................... 774,838
1,000,000 University of Texas RB
Financing System, Series B
5.250%, 08/15/12 ......................... 1,098,370
--------------
6,485,960
--------------
UTAH - 1.37%
300,000 Intermountain Power Agency
Power Supply RB, Series E
6.250%, 07/01/07
Insured: FSA ............................. 334,404
350,000 Utah State Building Ownership
Authority Lease RB,
Series A, State Facilities Master
Lease Program
5.500%, 05/15/11
Insured: FSA ............................. 391,426
--------------
725,830
--------------
VIRGINIA - 5.35%
1,315,000 Chesterfield County, GO
5.750%, 01/15/10 ......................... 1,488,961
1,000,000 Virginia Commonwealth Transportation
Board RB Federal Highway
Reimbursement
5.000%, 10/01/08 ......................... 1,094,910
250,000 Virginia State Housing Development
RB Authority, Commonwealth
Mortgage, Series H, Sub-Series H2
4.750%, 07/01/07 ......................... 258,568
--------------
2,842,439
--------------
WASHINGTON - 1.82%
500,000 Port of Seattle Special Facilities RB
Seattle-Tacoma Fuel Facilities, AMT
5.000%, 06/01/11
Insured: MBIA ............................ 533,375
400,000 Thurston County, GO
Tumwater School District No. 033
5.000%, 12/01/13
Insured: FSA ............................. 432,532
--------------
965,907
--------------
MARKET
PAR VALUE VALUE
--------- ------
WISCONSIN - 5.86%
$ 1,500,000 Eau Claire Area School District, GO
5.000%, 04/01/08
Insured: FGIC ............................ $ 1,623,555
1,345,000 State of Wisconsin, Series 3, GO
5.300%, 11/01/12
Insured: MBIA-IBC ........................ 1,488,162
--------------
3,111,717
--------------
TOTAL MUNICIPAL SECURITIES
(Cost $49,995,859) 51,503,354
--------------
SHARES
------
INVESTMENT COMPANY - 2.40%
1,276,277 Blackrock Provident Institutional
MuniCash Portfolio ....................... 1,276,277
--------------
TOTAL INVESTMENT COMPANY
(Cost $1,276,277) ........................ 1,276,277
--------------
TOTAL INVESTMENTS - 99.41%
(Cost $51,272,136)* .................................... 52,779,631
--------------
NET OTHER ASSETS AND LIABILITIES - 0.59% .................. 313,836
--------------
NET ASSETS - 100.00% ...................................... $ 53,093,467
==============
- -----------------------
* Aggregate cost for Federal income tax purposes is $51,272,136.
Gross unrealized appreciation ........ $ 1,876,885
Gross unrealized depreciation ........ (369,390)
--------------
Net unrealized appreciation .......... $ 1,507,495
==============
(a) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
AMBAC American Municipal Bond Assurance Corp.
AMT Alternative Minimum Tax
BAN Bond Anticipation Note
ETM Escrowed to Maturity
FGIC Financial Guaranty Insurance Co.
FSA Financial Security Assurance, Inc.
GO General Obligation
IBC Insured Bond Certificate
MBIA MBIA Insurance Corporation
PCR Pollution Control Revenue
PSF Permanent School Fund
RB Revenue Bond
PORTFOLIO COMPOSITION
Investment Company .................................. 2%
Municipal Securities (Moody's Ratings):
Aaa ............................................... 69%
Aa ................................................ 21%
A ................................................. 4%
Baa ............................................... 2%
Bbb ............................................... 2%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 40
ABN AMRO FUNDS
- -------------------
INVESTOR MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
ASSET-BACKED SECURITIES 25%
CERTIFICATES OF DEPOSIT 21%
BANKS 19%
FINANCIAL SERVICES 13%
U.S. GOVERNMENT AGENCY OBLIGATIONS 10%
INSURANCE 4%
AIRLINES 4%
BANK NOTE 3%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
--------- ------
COMMERCIAL PAPER (A) - 65.03%
AIRLINES - 3.99%
$ 8,000,000 International Lease Finance
1.020%, 05/18/04 ......................... $ 7,996,146
--------------
ASSET-BACKED (B) - 25.32%
3,763,000 Barton Capital
1.080%, 07/14/04 ......................... 3,754,646
8,000,000 CRC Funding
1.030%, 05/14/04 ......................... 7,997,024
5,000,000 Edison Asset Securitization
1.050%, 06/21/04 ......................... 4,992,562
8,000,000 FCAR Owner Trust
1.040%, 05/17/04 ......................... 7,996,302
9,000,000 Giro-Multifunding
1.030%, 05/20/04 ......................... 8,995,108
3,000,000 Jupiter Securitization
1.040%, 05/12/04 ......................... 2,999,047
5,000,000 Park Avenue Receivables
1.030%, 05/06/04 ......................... 4,999,285
2,000,000 Receivables Capital
1.040%, 05/17/04 ......................... 1,999,076
Yorktown Capital
2,056,000 1.030%, 05/13/04 ......................... 2,055,294
5,014,000 1.030%, 05/14/04 ......................... 5,012,135
--------------
50,800,479
--------------
BANKS - 18.54%
3,000,000 ANZ (DE)
1.060%, 07/07/04 ......................... 2,994,082
Barclays Bank (NY)
1,000,000 1.030%, 05/24/04 ......................... 999,342
1,300,000 1.040%, 06/04/04 ......................... 1,298,643
7,000,000 CDC IXIS Capital Markets
1.030%, 05/21/04 ......................... 6,995,995
4,700,000 Danske
1.020%, 05/19/04 ........................... 4,697,603
MARKET
PAR VALUE VALUE
--------- ------
BANKS (CONTINUED)
Depfa Bank
$ 3,000,000 1.055%, 06/18/04 ......................... $ 2,995,780
2,000,000 1.085%, 10/18/04 ......................... 1,989,753
2,000,000 1.190%, 11/23/04 ......................... 1,986,381
5,747,000 HBOS Treasury Services
1.040%, 05/26/04 ......................... 5,742,849
2,500,000 Societe Generale (NY)
1.030%, 05/04/04 ......................... 2,499,785
5,000,000 UBS Finance (DE)
1.050%, 06/04/04 ......................... 4,995,042
--------------
37,195,255
--------------
FINANCIAL SERVICES - 12.70%
9,500,000 American Express Credit
1.020%, 05/04/04 ......................... 9,499,193
2,000,000 General Electric Capital
1.120%, 10/05/04 ......................... 1,990,231
7,000,000 Merrill Lynch
1.030%, 05/03/04 ......................... 6,999,599
7,000,000 Morgan Stanley
1.030%, 05/26/04 ......................... 6,994,993
--------------
25,484,016
--------------
INSURANCE - 4.48%
2,000,000 ING (US) Funding
1.200%, 07/06/04 ......................... 1,995,600
7,000,000 Prudential Funding
1.030%, 05/12/04 ......................... 6,997,797
--------------
8,993,397
--------------
TOTAL COMMERCIAL PAPER
(Cost $130,469,293) ...................... 130,469,293
--------------
CERTIFICATES OF DEPOSIT - 20.69%
3,000,000 Abbey National Treasury Services
1.120%, 09/27/04 ......................... 3,000,061
BNP Paribas (NY)
3,500,000 1.025%, 05/11/04 ......................... 3,499,994
2,000,000 1.390%, 08/27/04 ......................... 2,001,219
Fortis Bank (NY)
5,000,000 1.205%, 05/14/04 ......................... 5,000,009
2,000,000 1.160%, 10/04/04 ......................... 2,000,086
3,000,000 Halifax Bank of Scotland (NY)
1.085%, 05/11/04 ......................... 3,000,004
8,000,000 Harris Trust & Savings
1.020%, 05/11/04 ......................... 8,000,000
2,000,000 Regions Bank
1.160%, 10/15/04 ......................... 2,000,000
Royal Bank of Scotland (NY)
3,000,000 1.120%, 09/07/04 ......................... 2,999,964
2,000,000 1.390%, 09/07/04 ......................... 2,001,626
2,000,000 Southwest Bank
1.080%, 07/13/04 ......................... 2,000,000
3,000,000 Svenska Handelsbanken (NY)
1.260%, 06/29/04 ......................... 3,000,049
3,000,000 West Deutsche Landesbank (NY)
1.220%, 05/25/04 ......................... 3,000,020
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $41,503,032) ....................... 41,503,032
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 41
ABN AMRO FUNDS
- -------------------
INVESTOR MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
U.S. GOVERNMENT AGENCY OBLIGATIONS (A) - 10.45%
FEDERAL HOME LOAN MORTGAGE - 8.96%
$ 6,000,000 0.940%, 05/04/04 ........................... $ 5,999,530
2,000,000 1.180%, 05/06/04 ........................... 1,999,672
5,000,000 1.050%, 05/10/04 ........................... 4,998,688
3,000,000 1.200%, 09/09/04 ........................... 2,986,900
2,000,000 1.140%, 10/18/04 ........................... 1,989,233
--------------
17,974,023
--------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 1.49%
3,000,000 1.200%, 08/20/04 ........................... 2,988,900
--------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $20,962,923) ....................... 20,962,923
--------------
BANK NOTE - 2.49%
5,000,000 U.S. Bank
1.170%, 11/17/04 ......................... 5,000,537
--------------
TOTAL BANK NOTE
(Cost $5,000,537) ........................ 5,000,537
--------------
SHARES
------
INVESTMENT COMPANY - 1.29%
2,586,798 BlackRock Provident Institutional
TempFund Portfolio ....................... 2,586,798
--------------
TOTAL INVESTMENT COMPANY
(Cost $2,586,798) ........................ 2,586,798
--------------
TOTAL INVESTMENTS - 99.95%
(Cost $200,522,583)* ................................... 200,522,583
--------------
NET OTHER ASSETS AND LIABILITIES - 0.05% .................. 100,374
--------------
NET ASSETS - 100.00% ...................................... $ 200,622,957
==============
- --------------------------
* At April 30, 2004, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
(b) Securities exempt from registration under section 4(2) of the Securities
Act of 1933, as amended. These securities may only be resold in an exempt
transaction to qualified institutional buyers. At April 30, 2004, these
securities amounted to $50,800,479 or 25.32% of net assets. These
securities have been determined by the Adviser to be liquid securities.
(DE) Delaware
(NY) New York
(US) United States
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 42
This page intentionally left blank.
ABN AMRO FUNDS
- -------------------
APRIL 30, 2004
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
MONTAG
GROWTH & CALDWELL TAMRO LARGE
FUND GROWTH FUND CAP VALUE FUND
--------------- --------------- ---------------
ASSETS:
Investments:
Investments at cost ..................................... $ 1,137,421,217 $ 2,946,932,883 $ 10,986,916
Net unrealized appreciation (depreciation) .............. 167,059,369 416,229,750 1,151,098
--------------- --------------- ---------------
Total investments at value ............................ 1,304,480,586 3,363,162,633 12,138,014
Cash ............................................................ 50 -- --
Receivables:
Dividends and interest .................................. 209,526 3,586,523 14,530
Dividend reclaims ....................................... -- -- --
Fund shares sold ........................................ 2,147,232 4,288,322 80,750
Investments sold ........................................ -- 83,462,448 --
Due from Adviser, net (Note F) .......................... -- -- --
Other assets .................................................... 28,952 77,311 230
--------------- --------------- ---------------
Total assets .......................................... 1,306,866,346 3,454,577,237 12,233,524
--------------- --------------- ---------------
LIABILITIES:
Payables:
Investments purchased ................................... -- 55,030,924 330,014
Fund shares redeemed .................................... 1,234,945 11,151,351 2,122
Due to Adviser, net (Note F) ............................ 756,171 1,826,515 2,108
Administration fees (Note F) ............................ 56,741 147,373 1,329
Distribution fees (Note F) .............................. 33,879 35,606 407
Shareholder service fees (Note F) ....................... 40 -- --
Trustees fees (Note F) .................................. 8,089 21,110 72
Accrued expenses and other payables ............................. 197,629 396,542 8,146
--------------- --------------- ---------------
Total liabilities ..................................... 2,287,494 68,609,421 344,198
--------------- --------------- ---------------
NET ASSETS ...................................................... $ 1,304,578,852 $ 3,385,967,816 $ 11,889,326
=============== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ............................................. $ 1,195,072,593 $ 3,419,711,343 $ 11,701,874
Accumulated undistributed net investment income (loss) ...... (1,000,641) 645,027 4,845
Accumulated net realized gain (loss) on investments and
foreign currency transactions ............................ (56,552,469) (450,618,304) (968,491)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency 167,059,369 416,229,750 1,151,098
--------------- --------------- ---------------
TOTAL NET ASSETS ........................................ $ 1,304,578,852 $ 3,385,967,816 $ 11,889,326
=============== =============== ===============
CLASS N:
Net Assets .................................................. $ 968,778,090 $ 1,025,201,644 $ 11,889,326
Shares of beneficial interest outstanding ................... 44,672,083 46,461,643 1,057,518
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 21.69 $ 22.07 $ 11.24
=============== =============== ===============
CLASS I:
Net Assets .................................................. $ 335,002,552 $ 2,360,381,175 $ --
Shares of beneficial interest outstanding ................... 15,285,991 106,535,275 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 21.92 $ 22.16 $ --
=============== =============== ===============
CLASS C:
Net Assets .................................................. $ 192,197 $ -- $ --
Shares of beneficial interest outstanding ................... 8,956 -- --
NET ASSET VALUE Offering price per share*
(Net Assets/Shares Outstanding) ....................... $ 21.46 $ -- $ --
=============== =============== ===============
CLASS R:
Net Assets .................................................. $ 606,013 $ 384,997 $ --
Shares of beneficial interest outstanding ................... 28,041 17,505 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 21.61 $ 21.99 $ --
=============== =============== ===============
VALUE VEREDUS SELECT MID CAP
FUND GROWTH FUND FUND
--------------- --------------- ---------------
ASSETS:
Investments:
Investments at cost ..................................... $ 190,707,659 $ 2,411,849 $ 272,780,323
Net unrealized appreciation (depreciation) .............. 26,701,169 (41,776) 43,658,660
--------------- --------------- ---------------
Total investments at value ............................ 217,408,828 2,370,073 316,438,983
Cash ............................................................ -- -- 2,366,289
Receivables:
Dividends and interest .................................. 417,550 437 433,495
Dividend reclaims ....................................... 1,453 -- --
Fund shares sold ........................................ 231,434 4,556 2,651,777
Investments sold ........................................ 979,194 -- 1,638,081
Due from Adviser, net (Note F) .......................... -- 3,396 --
Other assets .................................................... 4,971 6,012 4,538
--------------- --------------- ---------------
Total assets .......................................... 219,043,430 2,384,474 323,533,163
--------------- --------------- ---------------
LIABILITIES:
Payables:
Investments purchased ................................... 1,691,822 -- 9,750,035
Fund shares redeemed .................................... 19,178 -- 800,534
Due to Adviser, net (Note F) ............................ 104,530 -- 190,914
Administration fees (Note F) ............................ 10,952 679 13,560
Distribution fees (Note F) .............................. 7,500 84 10,860
Shareholder service fees (Note F) ....................... -- -- --
Trustees fees (Note F) .................................. 1,347 15 1,915
Accrued expenses and other payables ............................. 28,982 4,043 69,230
--------------- --------------- ---------------
Total liabilities ..................................... 1,864,311 4,821 10,837,048
--------------- --------------- ---------------
NET ASSETS ...................................................... $ 217,179,119 $ 2,379,653 $ 312,696,115
=============== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ............................................. $ 205,378,247 $ 2,638,847 $ 258,229,668
Accumulated undistributed net investment income (loss) ...... 190,301 (9,324) (326,631)
Accumulated net realized gain (loss) on investments and
foreign currency transactions ............................ (15,090,598) (208,094) 11,134,418
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency 26,701,169 (41,776) 43,658,660
--------------- --------------- ---------------
TOTAL NET ASSETS ........................................ $ 217,179,119 $ 2,379,653 $ 312,696,115
=============== =============== ===============
CLASS N:
Net Assets .................................................. $ 217,179,119 $ 2,379,653 $ 312,696,115
Shares of beneficial interest outstanding ................... 20,512,798 245,208 13,671,033
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 10.59 $ 9.70 $ 22.87
=============== =============== ===============
CLASS I:
Net Assets .................................................. $ -- $ -- $ --
Shares of beneficial interest outstanding ................... -- -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ -- $ -- $ --
=============== =============== ===============
CLASS C:
Net Assets .................................................. $ -- $ -- $ --
Shares of beneficial interest outstanding ................... -- -- --
NET ASSET VALUE Offering price per share*
(Net Assets/Shares Outstanding) ....................... $ -- $ -- $ --
=============== =============== ===============
CLASS R:
Net Assets .................................................. $ -- $ -- $ --
Shares of beneficial interest outstanding ................... -- -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ -- $ -- $ --
=============== =============== ===============
VEREDUS
TAMRO SMALL AGGRESSIVE REAL ESTATE
CAP FUND GROWTH FUND FUND
--------------- --------------- ---------------
ASSETS:
Investments:
Investments at cost ..................................... $ 86,930,577 $ 551,771,916 $ 45,965,711
Net unrealized appreciation (depreciation) .............. 3,782,422 32,628,022 7,206,712
--------------- --------------- ---------------
Total investments at value ............................ 90,712,999 584,399,938 53,172,423
Cash ............................................................ -- -- 677
Receivables:
Dividends and interest .................................. 3,905 18,526 50,676
Dividend reclaims ....................................... -- -- --
Fund shares sold ........................................ 1,734,562 2,907,234 149,286
Investments sold ........................................ 1,957,479 360,538 --
Due from Adviser, net (Note F) .......................... -- -- --
Other assets .................................................... 1,562 13,154 1,241
--------------- --------------- ---------------
Total assets .......................................... 94,410,507 587,699,390 53,374,303
--------------- --------------- ---------------
LIABILITIES:
Payables:
Investments purchased ................................... -- 1,740,000 --
Fund shares redeemed .................................... 170,992 686,344 289
Due to Adviser, net (Note F) ............................ 61,702 525,908 43,029
Administration fees (Note F) ............................ 4,882 28,571 3,049
Distribution fees (Note F) .............................. 3,290 17,735 1,843
Shareholder service fees (Note F) ....................... -- -- --
Trustees fees (Note F) .................................. 601 3,957 350
Accrued expenses and other payables ............................. 25,293 188,718 7,413
--------------- --------------- ---------------
Total liabilities ..................................... 266,760 3,191,233 55,973
--------------- --------------- ---------------
NET ASSETS ...................................................... $ 94,143,747 $ 584,508,157 $ 53,318,330
=============== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ............................................. $ 79,735,799 $ 679,399,054 $ 44,755,961
Accumulated undistributed net investment income (loss) ...... (304,901) (3,488,369) 651,874
Accumulated net realized gain (loss) on investments and
foreign currency transactions ............................ 10,930,427 (124,030,550) 703,813
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency 3,782,422 32,628,022 7,206,682
--------------- --------------- ---------------
TOTAL NET ASSETS ........................................ $ 94,143,747 $ 584,508,157 $ 53,318,330
=============== =============== ===============
CLASS N:
Net Assets .................................................. $ 94,143,747 $ 492,524,510 $ 53,318,330
Shares of beneficial interest outstanding ................... 6,207,216 32,696,705 4,587,037
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 15.17 $ 15.06 $ 11.62
=============== =============== ===============
CLASS I:
Net Assets .................................................. $ -- $ 91,983,647 $ --
Shares of beneficial interest outstanding ................... -- 6,061,823 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ -- $ 15.17 $ --
=============== =============== ===============
CLASS C:
Net Assets .................................................. $ -- $ -- $ --
Shares of beneficial interest outstanding ................... -- -- --
NET ASSET VALUE Offering price per share*
(Net Assets/Shares Outstanding) ....................... $ -- $ -- $ --
=============== =============== ===============
CLASS R:
Net Assets .................................................. $ -- $ -- $ --
Shares of beneficial interest outstanding ................... -- -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ -- $ -- $ --
=============== =============== ===============
VEREDUS
SCITECH FUND
---------------
ASSETS:
Investments:
Investments at cost ..................................... $ 8,304,801
Net unrealized appreciation (depreciation) .............. (402,888)
---------------
Total investments at value ............................
7,901,913
Cash ............................................................ 783
Receivables:
Dividends and interest .................................. 387
Dividend reclaims ....................................... --
Fund shares sold ........................................ 6,720
Investments sold ........................................ --
Due from Adviser, net (Note F) .......................... --
Other assets .................................................... 129
---------------
Total assets .......................................... 7,909,932
---------------
LIABILITIES:
Payables:
Investments purchased ................................... --
Fund shares redeemed .................................... 92,853
Due to Adviser, net (Note F) ............................ 2,379
Administration fees (Note F) ............................ 1,123
Distribution fees (Note F) .............................. 287
Shareholder service fees (Note F) ....................... --
Trustees fees (Note F) .................................. 54
Accrued expenses and other payables ............................. 757
---------------
Total liabilities ..................................... 97,453
---------------
NET ASSETS ...................................................... $ 7,812,479
===============
NET ASSETS CONSIST OF:
Paid in capital ............................................. $ 9,620,851
Accumulated undistributed net investment income (loss) ...... (50,954)
Accumulated net realized gain (loss) on investments and
foreign currency transactions ............................ (1,354,530)
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency (402,888)
---------------
TOTAL NET ASSETS ........................................ $ 7,812,479
===============
CLASS N:
Net Assets .................................................. $ 7,812,479
Shares of beneficial interest outstanding ................... 1,130,379
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 6.91
===============
CLASS I:
Net Assets .................................................. $ --
Shares of beneficial interest outstanding ................... --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ --
===============
CLASS C:
Net Assets .................................................. $ --
Shares of beneficial interest outstanding ................... --
NET ASSET VALUE Offering price per share*
(Net Assets/Shares Outstanding) ....................... $ --
===============
CLASS R:
Net Assets .................................................. $ --
Shares of beneficial interest outstanding ................... --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ --
===============
<FN>
- ---------------------------
* Redemption price per share is equal to the Net Asset Value per share less
any applicable contingent deferred sales charge.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 44 - 45
ABN AMRO Funds
- -------------------
APRIL 30, 2004
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MONTAG GLOBAL
EQUITY PLUS BALANCED & CALDWELL EMERGING
FUND FUND BALANCED FUND MARKETS FUND
------------- ------------- ------------- -------------
ASSETS:
Investments:
Investments at cost ..................................... $ 40,960,901 $ 217,100,309 $ 221,650,558 $ 4,919,083
Net unrealized appreciation (depreciation) .............. 15,401,506 28,490,337 23,826,730 238,043
------------- ------------- ------------- -------------
Total investments at value ............................ 56,362,407 245,590,646 245,477,288 5,157,126
Cash ............................................................ -- 21 1,170 --
Foreign currency (Cost $7,197) .................................. -- -- -- 7,361
Receivables:
Dividends and interest .................................. 75,783 986,651 1,268,028 22,179
Fund shares sold ........................................ 861 300,744 276,812 --
Investments and foreign currency sold ................... 1,900,330 55,409,810 4,121,798 121,827
Due from Adviser, net (Note F) .......................... -- -- -- 3,240
Other assets .................................................... 20,852 7,642 5,933 126
------------- ------------- ------------- -------------
Total assets .......................................... 58,360,233 302,295,514 251,151,029 5,311,859
------------- ------------- ------------- -------------
LIABILITIES:
Payables:
Dividend distribution ................................... -- -- -- --
Investments purchased ................................... -- 247,979 2,388,505 --
Fund shares redeemed .................................... 13,120 213,184 10,835,714 --
Due to Adviser, net (Note F) ............................ 20,991 178,794 155,095 --
Administration fees (Note F) ............................ 4,387 19,797 12,486 3,479
Distribution fees (Note F) .............................. -- 10,517 3,624 --
Trustees fees (Note F) .................................. 383 1,900 1,540 36
Accrued expenses and other payables ............................. 5,709 36,476 44,518 20,283
------------- ------------- ------------- -------------
Total liabilities ..................................... 44,590 708,647 13,441,482 23,798
------------- ------------- ------------- -------------
NET ASSETS ...................................................... $ 58,315,643 $ 301,586,867 $ 237,709,547 $ 5,288,061
============= ============= ============= =============
NET ASSETS CONSIST OF:
Paid in capital ............................................. $ 35,298,562 $ 266,381,269 $ 249,483,034 $ 5,000,000
Accumulated undistributed net investment income (loss) ...... 53,948 (17,832) (479,728) 14,866
Accumulated net realized gain (loss) on investments
and foreign currency transactions ........................ 7,561,627 6,733,093 (35,120,489) 35,797
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency 15,401,506 28,490,337 23,826,730 237,398
------------- ------------- ------------- -------------
TOTAL NET ASSETS ........................................ $ 58,315,643 $ 301,586,867 $ 237,709,547 $ 5,288,061
============= ============= ============= =============
CLASS N:
Net Assets .................................................. $ -- $ 301,586,867 $ 105,059,566 $ --
Shares of beneficial interest outstanding ................... -- 26,839,611 6,520,564 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ -- $ 11.24 $ 16.11 $ --
============= ============= ============= =============
CLASS I:
Net Assets .................................................. $ 58,315,643$ -- $ 132,649,981 $ 5,288,061
Shares of beneficial interest outstanding ................... 4,899,323 -- 8,231,086 500,000
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 11.90 $ -- $ 16.12 $ 10.58
============= ============= ============= =============
INVESTMENT
BOND GRADE BOND HIGH YIELD MUNICIPAL
FUND FUND BOND FUND BOND FUND
------------- ------------- ------------- -------------
ASSETS:
Investments:
Investments at cost ..................................... $ 420,239,289 $ 45,997,851 $ 20,575,032 $ 51,272,136
Net unrealized appreciation (depreciation) .............. 236,312 (427,953) 427,667 1,507,495
------------- ------------- ------------- -------------
Total investments at value ............................ 420,475,601 45,569,898 21,002,699 52,779,631
Cash ............................................................ -- -- -- 43
Foreign currency (Cost $7,197) .................................. -- -- -- --
Receivables:
Dividends and interest .................................. 4,534,842 352,050 449,052 718,262
Fund shares sold ........................................ 355,267 207 -- 148,814
Investments and foreign currency sold ................... 159,626 -- 105,663 --
Due from Adviser, net (Note F) .......................... -- -- 173 --
Other assets .................................................... 11,666 1,673 11,379 1,182
------------- ------------- ------------- -------------
Total assets .......................................... 425,537,002 45,923,828 21,568,966 53,647,932
------------- ------------- ------------- -------------
LIABILITIES:
Payables:
Dividend distribution ................................... 995,666 85,057 121,107 81,037
Investments purchased ................................... 1,091,108 504,667 521,719 --
Fund shares redeemed .................................... 499,957 7,956 2,003 438,783
Due to Adviser, net (Note F) ............................ 128,481 12,569 -- 11,562
Administration fees (Note F) ............................ 24,196 5,805 5,848 4,881
Distribution fees (Note F) .............................. 6,087 30 364 --
Trustees fees (Note F) .................................. 2,653 283 129 333
Accrued expenses and other payables ............................. 82,845 757 1,841 17,869
------------- ------------- ------------- -------------
Total liabilities ..................................... 2,830,993 617,124 653,011 554,465
------------- ------------- ------------- -------------
NET ASSETS ...................................................... $ 422,706,009 $ 45,306,704 $ 20,915,955 $ 53,093,467
============= ============= ============= =============
NET ASSETS CONSIST OF:
Paid in capital ............................................. $ 425,609,295 $ 45,640,237 $ 20,455,484 $ 51,379,617
Accumulated undistributed net investment income (loss) ...... (2,203,121) (341,848) (103,901) --
Accumulated net realized gain (loss) on investments
and foreign currency transactions ........................ (936,477) 436,268 136,705 206,355
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency 236,312 (427,953) 427,667 1,507,495
------------- ------------- ------------- -------------
TOTAL NET ASSETS ........................................ $ 422,706,009 $ 45,306,704 $ 20,915,955 $ 53,093,467
============= ============= ============= =============
CLASS N:
Net Assets .................................................. $ 177,440,781 $ 866,030 $ 10,562,071 $ 53,093,467
Shares of beneficial interest outstanding ................... 17,805,674 92,045 1,033,344 5,132,754
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 9.97 $ 9.41 $ 10.22 $ 10.34
============= ============= ============= =============
CLASS I:
Net Assets .................................................. $ 245,265,228 $ 44,440,674 $ 10,353,884 $ --
Shares of beneficial interest outstanding ................... 24,612,667 4,723,452 1,013,054 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 9.97 $ 9.41 $ 10.22 $ --
============= ============= ============= =============
INVESTOR
MONEY MARKET
FUND
-------------
ASSETS:
Investments:
Investments at cost ..................................... $ 200,522,583
Net unrealized appreciation (depreciation) .............. --
-------------
Total investments at value ............................ 200,522,583
Cash ............................................................ --
Foreign currency (Cost $7,197) .................................. --
Receivables:
Dividends and interest .................................. 208,520
Fund shares sold ........................................ 83,028
Investments and foreign currency sold ................... --
Due from Adviser, net (Note F) .......................... --
Other assets .................................................... 13,048
-------------
Total assets .......................................... 200,827,179
-------------
LIABILITIES:
Payables:
Dividend distribution ................................... 78,494
Investments purchased ................................... --
Fund shares redeemed .................................... 30,782
Due to Adviser, net (Note F) ............................ 69,002
Administration fees (Note F) ............................ 9,379
Distribution fees (Note F) .............................. --
Trustees fees (Note F) .................................. 1,282
Accrued expenses and other payables ............................. 15,283
-------------
Total liabilities ..................................... 204,222
-------------
NET ASSETS ...................................................... $ 200,622,957
=============
NET ASSETS CONSIST OF:
Paid in capital ............................................. $ 200,622,957
Accumulated undistributed net investment income (loss) ...... --
Accumulated net realized gain (loss) on investments
and foreign currency transactions ........................ --
Net unrealized appreciation (depreciation) on investments and
translation of assets and liabilities in foreign currency --
-------------
TOTAL NET ASSETS ........................................ $ 200,622,957
=============
CLASS N:
Net Assets .................................................. $ 200,622,957
Shares of beneficial interest outstanding ................... 200,623,108
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ 1.00
=============
CLASS I:
Net Assets .................................................. $ --
Shares of beneficial interest outstanding ................... --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ....................... $ --
=============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 46 - 47
ABN AMRO FUNDS
- -------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2004 (UNAUDITED)
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
MONTAG
GROWTH & CALDWELL TAMRO LARGE
FUND GROWTH FUND CAP VALUE FUND
------------ ------------ ------------
INVESTMENT INCOME:
Dividends ......................................................... $ 5,379,228 $ 19,620,353 $ 96,317
Less: foreign taxes withheld ...................................... -- -- (1,098)
Interest .......................................................... -- 1,864 --
------------ ------------ ------------
Total investment income .......................................... 5,379,228 19,622,217 95,219
------------ ------------ ------------
EXPENSES:
Investment advisory fees (Note F) ................................. 4,338,901 10,675,764 41,166
Distribution expenses (Note F)(a) ................................. 1,184,506 1,244,509 12,864
Shareholder service fees (Note F) ................................. 207 -- --
Transfer agent fees ............................................... 301,384 435,859 14,503
Administration fees (Note F) ...................................... 323,467 857,777 3,909
Registration expenses ............................................. 32,307 27,299 6,400
Custodian fees .................................................... 36,825 78,629 6,310
Professional fees ................................................. 28,905 66,075 6,752
Trustees fees (Note F) ............................................ 18,127 46,794 162
Other expenses .................................................... 115,240 122,384 839
------------ ------------ ------------
Total expenses before waivers .................................... 6,379,869 13,555,090 92,905
------------ ------------ ------------
Less: Investment advisory fees waived (Note F) ................... -- -- (31,155)
Less: Expenses reimbursed (Note F) ............................... -- -- --
------------ ------------ ------------
Net expenses ..................................................... 6,379,869 13,555,090 61,750
------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) ........................................... (1,000,641) 6,067,127 33,469
------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments .................................. 13,329,472 42,550,774 495,009
Net realized loss on foreign currency transactions ................ -- -- --
Net change in unrealized appreciation (depreciation) on investments 16,158,972 156,527,413 331,679
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency ........... -- -- --
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ 29,488,444 199,078,187 826,688
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............. $ 28,487,803 $205,145,314 $ 860,157
============ ============ ============
VALUE VEREDUS SELECT MID CAP
FUND GROWTH FUND FUND
------------ ------------ ------------
INVESTMENT INCOME:
Dividends ......................................................... $ 2,405,913 $ 5,452 $ 1,183,502
Less: foreign taxes withheld ...................................... (19,657) -- (7,412)
Interest .......................................................... -- 25 --
------------ ------------ ------------
Total investment income .......................................... 2,386,256 5,477 1,176,090
------------ ------------ ------------
EXPENSES:
Investment advisory fees (Note F) ................................. 840,740 9,109 892,625
Distribution expenses (Note F)(a) ................................. 262,731 2,846 287,260
Shareholder service fees (Note F) ................................. -- -- --
Transfer agent fees ............................................... 7,981 8,779 180,889
Administration fees (Note F) ...................................... 57,023 1,427 60,682
Registration expenses ............................................. 7,899 7,500 14,998
Custodian fees .................................................... 19,749 6,744 14,554
Professional fees ................................................. 10,191 6,584 10,617
Trustees fees (Note F) ............................................ 2,997 34 3,399
Other expenses .................................................... 16,634 37 37,697
------------ ------------ ------------
Total expenses before waivers .................................... 1,225,945 43,060 1,502,721
------------ ------------ ------------
Less: Investment advisory fees waived (Note F) ................... (238,076) (9,109) --
Less: Expenses reimbursed (Note F) ............................... -- (19,150) --
------------ ------------ ------------
Net expenses ..................................................... 987,869 14,801 1,502,721
------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) ........................................... 1,398,387 (9,324) (326,631)
------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments .................................. 6,430,624 280,580 11,915,629
Net realized loss on foreign currency transactions ................ -- -- --
Net change in unrealized appreciation (depreciation) on investments 12,467,861 (193,737) 12,578,118
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency ........... -- -- --
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ 18,898,485 86,843 24,493,747
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............. $ 20,296,872 $ 77,519 $ 24,167,116
============ ============ ============
VEREDUS
TAMRO SMALL AGGRESSIVE REAL ESTATE
CAP FUND GROWTH FUND FUND
------------ ------------ ------------
INVESTMENT INCOME:
Dividends ......................................................... $ 153,229 $ 615,728 $ 1,413,045
Less: foreign taxes withheld ...................................... -- -- (8,801)
Interest .......................................................... 182 -- --
------------ ------------ ------------
Total investment income .......................................... 153,411 615,728 1,404,244
------------ ------------ ------------
EXPENSES:
Investment advisory fees (Note F) ................................. 335,965 2,934,454 271,963
Distribution expenses (Note F)(a) ................................. 93,324 619,921 67,991
Shareholder service fees (Note F) ................................. -- -- --
Transfer agent fees ............................................... 43,220 258,805 15,520
Administration fees (Note F) ...................................... 20,664 154,522 15,055
Registration expenses ............................................. 8,103 18,397 7,247
Custodian fees .................................................... 8,430 27,839 7,853
Professional fees ................................................. 7,899 16,974 10,554
Trustees fees (Note F) ............................................ 1,173 8,793 768
Other expenses .................................................... 5,201 62,722 1,800
------------ ------------ ------------
Total expenses before waivers .................................... 523,979 4,102,427 398,751
------------ ------------ ------------
Less: Investment advisory fees waived (Note F) ................... (38,697) -- (26,162)
Less: Expenses reimbursed (Note F) ............................... -- -- --
------------ ------------ ------------
Net expenses ..................................................... 485,282 4,102,427 372,589
------------ ------------ ------------
NET INVESTMENT INCOME (LOSS) ........................................... (331,871) (3,486,699) 1,031,655
------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments .................................. 10,948,250 58,193,714 562,203
Net realized loss on foreign currency transactions ................ -- -- (2,954)
Net change in unrealized appreciation (depreciation) on investments (5,988,062) (64,540,029) (527,788)
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency ........... -- -- (2)
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ 4,960,188 (6,346,315) 31,459
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............. $ 4,628,317 $ (9,833,014) $ 1,063,114
============ ============ ============
VEREDUS
SCITECH FUND
------------
INVESTMENT INCOME:
Dividends ......................................................... $ 3,200
Less: foreign taxes withheld ...................................... --
Interest .......................................................... 813
------------
Total investment income .......................................... 4,013
------------
EXPENSES:
Investment advisory fees (Note F) ................................. 34,355
Distribution expenses (Note F)(a) ................................. 8,589
Shareholder service fees (Note F) ................................. --
Transfer agent fees ............................................... 13,631
Administration fees (Note F) ...................................... 2,891
Registration expenses ............................................. 8,000
Custodian fees .................................................... 8,390
Professional fees ................................................. 6,653
Trustees fees (Note F) ............................................ 113
Other expenses .................................................... 70
------------
Total expenses before waivers .................................... 82,692
------------
Less: Investment advisory fees waived (Note F) ................... (27,725)
Less: Expenses reimbursed (Note F) ............................... --
------------
Net expenses ..................................................... 54,967
------------
NET INVESTMENT INCOME (LOSS) ........................................... (50,954)
------------
NET REALIZED AND UNREALIZED
GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments .................................. 233,200
Net realized loss on foreign currency transactions ................ --
Net change in unrealized appreciation (depreciation) on investments (760,065)
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency ........... --
------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ (526,865)
------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............. $ (577,819)
============
<FN>
- ------------------------------
(a) Distribution expense is incurred at the Class N level for all funds except
Growth Fund and Montag & Caldwell Growth Fund. The distribution expense for
Class N, C and R of the Growth Fund is $1,183,038, $622 and $846,
respectively. The distribution expense for Class N and R of the Montag &
Caldwell Growth Fund is $1,243,688 and $821, respectively.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 48 - 49
ABN AMRO FUNDS
- -------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2004 (UNAUDITED)
STATEMENT OF OPERATIONS - CONTINUED
- --------------------------------------------------------------------------------
MONTAG
EQUITY PLUS BALANCED & CALDWELL
FUND FUND BALANCED FUND
------------ ------------ ------------
INVESTMENT INCOME:
Dividends ......................................................... $ 661,301 $ 960,001 $ 981,711
Less: foreign taxes withheld ...................................... -- -- --
Interest .......................................................... -- 2,471,621 1,979,861
------------ ------------ ------------
Total investment income .......................................... 661,301 3,431,622 2,961,572
------------ ------------ ------------
EXPENSES:
Investment advisory fees (Note F) ................................. 146,697 1,104,694 938,836
Distribution expenses (Note F) .................................... -- 394,533 134,144
Transfer agent fees ............................................... 13,705 29,861 29,271
Administration fees (Note F) ...................................... 21,576 91,900 67,730
Registration expenses ............................................. 7,500 10,800 10,901
Custodian fees .................................................... 11,551 18,610 14,640
Professional fees ................................................. 7,861 12,021 10,915
Trustees fees (Note F) ............................................ 1,019 4,448 3,498
Other expenses .................................................... 9,800 5,955 25,776
------------ ------------ ------------
Total expenses before waivers .................................... 219,709 1,672,822 1,235,711
------------ ------------ ------------
Less: Investment advisory fees waived (Note F) ................... -- -- --
Less: Expenses reimbursed (Note F) ............................... -- -- --
------------ ------------ ------------
Net expenses ..................................................... 219,709 1,672,822 1,235,711
------------ ------------ ------------
NET INVESTMENT INCOME .................................................. 441,592 1,758,800 1,725,861
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments .................................. 8,101,008 20,334,299 3,974,876
Net realized loss on foreign currency transactions ................ -- -- --
Net change in unrealized appreciation (depreciation) on investments (4,544,388) (14,699,089) 5,058,744
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency ........... -- -- --
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ 3,556,620 5,635,210 9,033,620
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............. $ 3,998,212 $ 7,394,010 $ 10,759,481
============ ============ ============
GLOBAL INVESTMENT
EMERGING BOND GRADE BOND
MARKETS FUND(A) FUND FUND
------------ ------------ ------------
INVESTMENT INCOME:
Dividends ......................................................... $ 58,647 $ 68,939 $ 3,320
Less: foreign taxes withheld ...................................... (5,419) -- --
Interest .......................................................... 289 11,202,436 975,236
------------ ------------ ------------
Total investment income .......................................... 53,517 11,271,375 978,556
------------ ------------ ------------
EXPENSES:
Investment advisory fees (Note F) ................................. 29,322 1,266,321 151,306
Distribution expenses (Note F) .................................... -- 232,507 874
Transfer agent fees ............................................... 8,287 55,940 17,475
Administration fees (Note F) ...................................... 5,684 128,402 18,080
Registration expenses ............................................. 6,750 16,749 12,650
Custodian fees .................................................... 17,888 20,733 8,592
Professional fees ................................................. 5,285 14,643 7,196
Trustees fees (Note F) ............................................ 128 6,234 656
Other expenses .................................................... 3,291 28,995 7,708
------------ ------------ ------------
Total expenses before waivers .................................... 76,635 1,770,524 224,537
------------ ------------ ------------
Less: Investment advisory fees waived (Note F) ................... (29,322) (409,841) (70,983)
Less: Expenses reimbursed (Note F) ............................... (8,662) -- --
------------ ------------ ------------
Net expenses ..................................................... 38,651 1,360,683 153,554
------------ ------------ ------------
NET INVESTMENT INCOME .................................................. 14,866 9,910,692 825,002
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments .................................. 43,355 2,086,080 427,093
Net realized loss on foreign currency transactions ................ (7,558) -- --
Net change in unrealized appreciation (depreciation) on investments 238,043 (4,120,458) (832,271)
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency ........... (645) -- --
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ 273,195 (2,034,378) (405,178)
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............. $ 288,061 $ 7,876,314 $ 419,824
============ ============ ============
INVESTOR
HIGH YIELD MUNICIPAL MONEY MARKET
BOND FUND BOND FUND FUND
------------ ------------ ------------
INVESTMENT INCOME:
Dividends ......................................................... $ 1,858 $ 7,633 $ 22,983
Less: foreign taxes withheld ...................................... -- -- --
Interest .......................................................... 757,477 963,245 1,288,183
------------ ------------ ------------
Total investment income .......................................... 759,335 970,878 1,311,166
------------ ------------ ------------
EXPENSES:
Investment advisory fees (Note F) ................................. 47,578 154,763 488,404
Distribution expenses (Note F) .................................... 13,415 20,699 --
Transfer agent fees ............................................... 16,212 19,411 44,458
Administration fees (Note F) ...................................... 12,740 17,234 64,203
Registration expenses ............................................. 11,498 7,350 9,050
Custodian fees .................................................... 7,487 6,912 17,864
Professional fees ................................................. 9,861 7,508 10,779
Trustees fees (Note F) ............................................ 276 767 3,295
Other expenses .................................................... 250 5,640 2,455
------------ ------------ ------------
Total expenses before waivers .................................... 119,317 240,284 640,508
------------ ------------ ------------
Less: Investment advisory fees waived (Note F) ................... (47,578) (111,314) --
Less: Expenses reimbursed (Note F) ............................... (173) -- --
------------ ------------ ------------
Net expenses ..................................................... 71,566 128,970 640,508
------------ ------------ ------------
NET INVESTMENT INCOME .................................................. 687,769 841,908 670,658
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments .................................. 177,715 206,823 --
Net realized loss on foreign currency transactions ................ -- -- --
Net change in unrealized appreciation (depreciation) on investments 42,991 (1,092,985) --
Net change in unrealized depreciation on translation of
assets and liabilities denominated in foreign currency ........... -- -- --
------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ............ 220,706 (886,162) --
------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ............. $ 908,475 $ (44,254) $ 670,658
============ ============ ============
<FN>
- -------------------------------
(a) ABN AMRO Global Emerging Markets Fund commenced investment operations on
November 4, 2003.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 50 - 51
ABN AMRO FUNDS
- -------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
MONTAG & CALDWELL
GROWTH FUND GROWTH FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
--------------- --------------- --------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ................ $ 1,151,473,692 $ 758,790,307 $ 3,119,097,639 $ 2,039,159,595
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................. (1,000,641) (437,651) 6,067,127 12,638,064
Net realized gain (loss) on investments sold . 13,329,472 (9,815,604) 42,550,774 (77,376,486)
Net change in unrealized appreciation
(depreciation) on investments ............. 16,158,972 145,348,289 156,527,413 317,517,283
--------------- --------------- --------------- ---------------
Net increase in net assets from operations 28,487,803 135,095,034 205,145,314 252,778,861
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................... -- -- (785,236) --
Class I ................................... -- -- (6,130,282) (14,063,027)
Class R ................................... -- -- (218) --
--------------- --------------- --------------- ---------------
Total distributions .................... -- -- (6,915,736) (14,063,027)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................... 212,691,701 415,516,936 189,261,776 471,910,796
Class I ................................... 65,519,480 124,356,714 340,486,715 941,725,557
Class C ................................... 53,714 121,800 -- --
Class R ................................... 509,227 100,000 257,516 100,000
Proceeds from reinvestment of distributions:
Class N ................................... -- -- 721,333 --
Class I ................................... -- -- 5,403,122 12,488,146
Class R ................................... -- -- 218 --
Cost of shares redeemed:
Class N ................................... (145,039,572) (247,186,209) (192,731,854) (293,689,766)
Class I ................................... (9,104,449) (35,317,890) (274,756,769) (291,312,523)
Class C ................................... -- (3,000) -- --
Class R ................................... (12,744) -- (1,458) --
Redemption in Kind(a):
Class N ................................... -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) from
capital share transactions ......... 124,617,357 257,588,351 68,640,599 841,222,210
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets 153,105,160 392,683,385 266,870,177 1,079,938,044
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ... $ 1,304,578,852 $ 1,151,473,692 $ 3,385,967,816 $ 3,119,097,639
=============== =============== =============== ===============
(A) Undistributed net investment income (loss) $ (1,000,641) $ -- $ 645,027 $ 1,493,636
=============== =============== =============== ===============
TAMRO LARGE CAP
VALUE FUND VALUE FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
--------------- --------------- --------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ................ $ 8,886,900 $ 9,632,094 $ 195,852,532 $ 111,817,351
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................. 33,469 95,391 1,398,387 2,591,099
Net realized gain (loss) on investments sold . 495,009 842,557(a) 6,430,624 (1,175,639)
Net change in unrealized appreciation
(depreciation) on investments ............. 331,679 1,115,771 12,467,861 25,715,225
--------------- --------------- --------------- ---------------
Net increase in net assets from operations 860,157 2,053,719 20,296,872 27,130,685
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................... (34,789) (107,255) (1,408,564) (2,671,906)
Class I ................................... -- -- -- --
Class R ................................... -- -- -- --
--------------- --------------- --------------- ---------------
Total distributions .................... (34,789) (107,255) (1,408,564) (2,671,906)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................... 2,928,132 4,276,041 9,386,172 68,352,733
Class I ................................... -- -- -- --
Class C ................................... -- -- -- --
Class R ................................... -- -- -- --
Proceeds from reinvestment of distributions:
Class N ................................... 33,100 105,278 434,889 869,446
Class I ................................... -- -- -- --
Class R ................................... -- -- -- --
Cost of shares redeemed:
Class N ................................... (784,174) (3,157,775) (7,382,782) (9,645,777)
Class I ................................... -- -- -- --
Class C ................................... -- -- -- --
Class R ................................... -- -- -- --
Redemption in Kind(a):
Class N ................................... -- (3,915,202) -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) from
capital share transactions ......... 2,177,058 (2,691,658) 2,438,279 59,576,402
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets 3,002,426 (745,194) 21,326,587 84,035,181
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ... $ 11,889,326 $ 8,886,900 $ 217,179,119 $ 195,852,532
=============== =============== =============== ===============
(A) Undistributed net investment income (loss) $ 4,845 $ 6,165 $ 190,301 $ 200,478
=============== =============== =============== ===============
VEREDUS SELECT
GROWTH FUND
----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003
--------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ................ $ 2,005,679 $ 2,164,440
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................. (9,324) (10,407)
Net realized gain (loss) on investments sold . 280,580 254,513
Net change in unrealized appreciation
(depreciation) on investments ............. (193,737) 136,715
--------------- ---------------
Net increase in net assets from operations 77,519 380,821
--------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ................................... -- --
Class I ................................... -- --
Class R ................................... -- --
--------------- ---------------
Total distributions .................... -- --
--------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ................................... 616,366 456,880
Class I ................................... -- --
Class C ................................... -- --
Class R ................................... -- --
Proceeds from reinvestment of distributions:
Class N ................................... -- --
Class I ................................... -- --
Class R ................................... -- --
Cost of shares redeemed:
Class N ................................... (319,911) (996,462)
Class I ................................... -- --
Class C ................................... -- --
Class R ................................... -- --
Redemption in Kind(a):
Class N ................................... -- --
--------------- ---------------
Net increase (decrease) from
capital share transactions ......... 296,455 (539,582)
--------------- ---------------
Total increase (decrease) in net assets 373,974 (158,761)
--------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ... $ 2,379,653 $ 2,005,679
=============== ===============
(A) Undistributed net investment income (loss) $ (9,324) $ --
=============== ===============
<FN>
- ---------------------------------------------------
(a) TAMRO Large Cap Value Fund had a redemption in kind on July 2, 2003 which
resulted in a redemption out of the Fund of $3,915,202. The net realized
gain on the transaction of $636,779 was not realized by the Fund for tax
purposes.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 52 - 53
ABN AMRO FUNDS
- -------------------
STATEMENT OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
TAMRO SMALL
MID CAP FUND CAP FUND
------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
------------- ------------- ------------- -------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 191,220,470 $ 85,727,492 $ 60,932,279 $ 40,407,215
------------- ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................... (326,631) (644,092) (331,871) (33,038)
Net realized gain on investments sold
and foreign currency transactions ................... 11,915,629 737,791 10,948,250 10,619,084
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currency ..................... 12,578,118 39,533,582 (5,988,062) 9,454,254
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from operations 24,167,116 39,627,281 4,628,317 20,040,300
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................. -- -- -- --
Net realized gain on investments:
Class N ............................................. (655,679) -- (9,039,511) --
------------- ------------- ------------- -------------
Total distributions .............................. (655,679) -- (9,039,511) --
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................. 157,706,175 184,713,437 57,467,896 20,054,383
Class I ............................................. -- -- -- --
Proceeds from reinvestment of distributions:
Class N ............................................. 626,784 -- 7,161,151 --
Cost of shares redeemed:
Class N ............................................. (60,368,751) (118,847,740) (27,006,385) (19,569,619)
Class I ............................................. -- -- -- --
------------- ------------- ------------- -------------
Net increase from capital share transactions ..... 97,964,208 65,865,697 37,622,662 484,764
------------- ------------- ------------- -------------
Total increase in net assets ..................... 121,475,645 105,492,978 33,211,468 20,525,064
------------- ------------- ------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 312,696,115 $ 191,220,470 $ 94,143,747 $ 60,932,279
============= ============= ============= =============
(A) Undistributed net investment income (loss) ......... $ (326,631) $ -- $ (304,901) $ 26,970
============= ============= ============= =============
VEREDUS AGGRESSIVE
GROWTH FUND REAL ESTATE FUND
------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
------------- ------------- ------------- -------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 521,867,080 $ 367,124,913 $ 47,777,103 $ 19,923,582
------------- ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................... (3,486,699) (3,444,976) 1,031,655 1,376,086
Net realized gain on investments sold
and foreign currency transactions ................... 58,193,714 11,436,688 559,249 324,753
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currency ..................... (64,540,029) 112,137,595 (527,790) 7,924,803
------------- ------------- ------------- -------------
Net increase (decrease) in net assets from operations (9,833,014) 120,129,307 1,063,114 9,625,642
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................. -- -- (619,625) (740,295)
Net realized gain on investments:
Class N ............................................. -- -- (504,832) (898,102)
------------- ------------- ------------- -------------
Total distributions .............................. -- -- (1,124,457) (1,638,397)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................. 149,421,423 269,462,302 9,915,666 22,775,625
Class I ............................................. 38,343,783 30,631,524 -- --
Proceeds from reinvestment of distributions:
Class N ............................................. -- -- 557,351 840,018
Cost of shares redeemed:
Class N ............................................. (93,100,258) (240,916,626) (4,870,447) (3,749,367)
Class I ............................................. (22,190,857) (24,564,340) -- --
------------- ------------- ------------- -------------
Net increase from capital share transactions ..... 72,474,091 34,612,860 5,602,570 19,866,276
------------- ------------- ------------- -------------
Total increase in net assets ..................... 62,641,077 154,742,167 5,541,227 27,853,521
------------- ------------- ------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 584,508,157 $ 521,867,080 $ 53,318,330 $ 47,777,103
============= ============= ============= =============
(A) Undistributed net investment income (loss) ......... $ (3,488,369) $ (1,670) $ 651,874 $ 239,844
============= ============= ============= =============
VEREDUS
SCITECH FUND
------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003
------------- -------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 4,313,581 $ 2,205,822
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................... (50,954) (27,680)
Net realized gain on investments sold
and foreign currency transactions ................... 233,200 437,985
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currency ..................... (760,065) 348,744
------------- -------------
Net increase (decrease) in net assets from operations (577,819) 759,049
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................. -- --
Net realized gain on investments:
Class N ............................................. -- --
------------- -------------
Total distributions .............................. -- --
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................. 5,321,638 3,045,850
Class I ............................................. -- --
Proceeds from reinvestment of distributions:
Class N ............................................. -- --
Cost of shares redeemed:
Class N ............................................. (1,244,921) (1,697,140)
Class I ............................................. -- --
------------- -------------
Net increase from capital share transactions ..... 4,076,717 1,348,710
------------- -------------
Total increase in net assets ..................... 3,498,898 2,107,759
------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 7,812,479 $ 4,313,581
============= =============
(A) Undistributed net investment income (loss) ......... $ (50,954) $ --
============= =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 54 - 55
ABN AMRO FUNDS
- -------------------
STATEMENT OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
EQUITY PLUS FUND BALANCED FUND
------------------------------ ------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
------------- ------------- ------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ 82,260,215 $ 121,146,936 $ 320,107,760 $ 300,829,600
------------- ------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .............................. 441,592 1,371,202 1,758,800 3,860,640
Net realized gain (loss) on investments sold and
foreign currency transactions .................. 8,101,008 12,837,134 20,334,299 1,203,665
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currency ................ (4,544,388) 163,745 (14,699,089) 26,893,268
------------- ------------- ------------- -------------
Net increase in net assets from operations ... 3,998,212 14,372,081 7,394,010 31,957,573
------------- ------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... -- -- (2,235,028) (4,352,069)
Class I ......................................... (514,433) (1,423,331) -- --
Net realized gain on investments:
Class I ......................................... (12,685,972) (6,389,707) -- --
------------- ------------- ------------- -------------
Total distributions .......................... (13,200,405) (7,813,038) (2,235,028) (4,352,069)
------------- ------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... -- -- 32,129,918 71,995,651
Class I ......................................... 603,109 4,823,227 -- --
Proceeds from reinvestment of distributions:
Class N ......................................... -- -- 2,213,882 4,316,497
Class I ......................................... 11,517,894 605,824 -- --
Cost of shares redeemed:
Class N ......................................... -- -- (58,023,675) (84,639,492)
Class I ......................................... (26,863,382) (50,874,815) -- --
------------- ------------- ------------- -------------
Net increase (decrease) from
capital share transactions ................... (14,742,379) (45,445,764) (23,679,875) (8,327,344)
------------- ------------- ------------- -------------
Total increase (decrease) in net assets ......... (23,944,572) (38,886,721) (18,520,893) 19,278,160
------------- ------------- ------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 58,315,643 $ 82,260,215 $ 301,586,867 $ 320,107,760
============= ============= ============= =============
(A) Undistributed net investment income (loss) ..... $ 53,948 $ 126,789 $ (17,832) $ 458,396
============= ============= ============= =============
MONTAG & CALDWELL GLOBAL EMERGING
BALANCED FUND MARKETS FUND
------------------------------ -------------
SIX MONTHS ENDED YEAR ENDED PERIOD ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004(A)
(UNAUDITED) 2003 (UNAUDITED)
------------- ------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ 246,700,257 $ 215,505,266 $ 5,000,000(b)
------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .............................. 1,725,861 3,597,081 14,866
Net realized gain (loss) on investments sold and
foreign currency transactions .................. 3,974,876 (3,017,265) 35,797
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currency ................ 5,058,744 14,941,262 237,398
------------- ------------- -------------
Net increase in net assets from operations ... 10,759,481 15,521,078 288,061
------------- ------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... (859,835) (1,468,928) --
Class I ......................................... (1,334,543) (2,498,600) --
Net realized gain on investments:
Class I ......................................... -- -- --
------------- ------------- -------------
Total distributions .......................... (2,194,378) (3,967,528) --
------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 15,571,149 63,137,096 --
Class I ......................................... 11,209,733 28,334,752 --
Proceeds from reinvestment of distributions:
Class N ......................................... 850,723 1,449,679 --
Class I ......................................... 1,334,543 2,498,676 --
Cost of shares redeemed:
Class N ......................................... (20,678,881) (45,985,930) --
Class I ......................................... (25,843,080) (29,792,832) --
------------- ------------- -------------
Net increase (decrease) from
capital share transactions ................... (17,555,813) 19,641,441 --
------------- ------------- -------------
Total increase (decrease) in net assets ......... (8,990,710) 31,194,991 288,061
------------- ------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 237,709,547 $ 246,700,257 $ 5,288,061
============= ============= =============
(A) Undistributed net investment income (loss) ..... $ (479,728) $ (11,211) $ 14,866
============= ============= =============
BOND FUND
------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003
------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ...................... $ 502,383,610 $ 492,600,585
------------- -------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .............................. 9,910,692 22,216,246
Net realized gain (loss) on investments sold and
foreign currency transactions .................. 2,086,080 11,335,748
Net change in unrealized appreciation (depreciation)
on investments and translation of assets and
liabilities in foreign currency ................ (4,120,458) (7,435,285)
------------- -------------
Net increase in net assets from operations ... 7,876,314 26,116,709
------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ......................................... (4,763,808) (9,842,316)
Class I ......................................... (7,386,143) (15,252,818)
Net realized gain on investments:
Class I ......................................... -- --
------------- -------------
Total distributions .......................... (12,149,951) (25,095,134)
------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ......................................... 32,059,170 83,692,064
Class I ......................................... 21,762,662 159,309,506
Proceeds from reinvestment of distributions:
Class N ......................................... 3,834,611 7,662,360
Class I ......................................... 1,608,420 3,782,019
Cost of shares redeemed:
Class N ......................................... (58,710,846) (119,470,586)
Class I ......................................... (75,957,981) (126,213,913)
------------- -------------
Net increase (decrease) from
capital share transactions ................... (75,403,964) 8,761,450
------------- -------------
Total increase (decrease) in net assets ......... (79,677,601) 9,783,025
------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ......... $ 422,706,009 $ 502,383,610
============= =============
(A) Undistributed net investment income (loss) ..... $ (2,203,121) $ 36,138
============= =============
<FN>
- -------------------------------------------------------
(a) ABN AMRO Global Emerging Markets Fund commenced investment operations on
November 4, 2003.
(b) Initial Investment in ABN AMRO Global Emerging Markets Fund, Class I,
which was first issued on November 4, 2003.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 56 - 57
ABN AMRO FUNDS
- -------------------
STATEMENT OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
INVESTMENT GRADE HIGH YIELD
BOND FUND BOND FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003(A)
--------------- --------------- --------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ..................... $ 49,029,771 $ 54,748,307 $ 20,707,035 $ 20,000,000(b)
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................. 825,002 1,803,246 687,769 380,122
Net realized gain (loss) on investments sold ...... 427,093 1,882,466 177,715 (37,033)
Net change in unrealized appreciation (depreciation)
on investments ................................. (832,271) (2,452,628) 42,991 384,676
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets from
operations ..................................... 419,824 1,233,084 908,475 727,765
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................ (15,191) (1,923) (377,563) (203,281)
Class I ........................................ (1,003,795) (2,302,446) (381,742) (213,183)
Net realized gain on investments:
Class N ........................................ (20,034) -- -- --
Class I ........................................ (1,376,597) (1,543,571) -- --
--------------- --------------- --------------- ---------------
Total distributions ......................... (2,415,617) (3,847,940) (759,305) (416,464)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................ 711,157 259,359 752,773 673,766
Class I ........................................ 1,780,540 12,408,934 2,532 125,298
Proceeds from reinvestment of distributions:
Class N ........................................ 30,480 923 9,623 32,383
Class I ........................................ 1,441,386 335,248 2,338 35,166
Cost of shares redeemed:
Class N ........................................ (96,555) (379) (707,516) (435,310)
Class I ........................................ (5,594,282) (16,107,765) -- (35,569)
--------------- --------------- --------------- ---------------
Net increase (decrease) from
capital share transactions .............. (1,727,274) (3,103,680) 59,750 395,734
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ..... (3,723,067) (5,718,536) 208,920 707,035
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........ $ 45,306,704 $ 49,029,771 $ 20,915,955 $ 20,707,035
=============== =============== =============== ===============
(A) Undistributed net investment income (loss) .... $ (341,848) $ (147,864) $ (103,901) $ (32,365)
=============== =============== =============== ===============
INVESTOR MONEY
MUNICIPAL BOND FUND MARKET FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
--------------- --------------- --------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD ..................... $ 48,047,107 $ 54,264,411 $ 236,811,366 $ 340,537,439
--------------- --------------- --------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................. 841,908 1,733,269 670,658 2,659,650
Net realized gain (loss) on investments sold ...... 206,823 703,016 -- --
Net change in unrealized appreciation (depreciation)
on investments ................................. (1,092,985) (324,434) -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) in net assets from
operations ..................................... (44,254) 2,111,851 670,658 2,659,650
--------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................ (841,908) (1,733,269) (670,658) (2,659,741)
Class I ........................................ -- -- -- --
Net realized gain on investments:
Class N ........................................ (689,163) -- -- --
Class I ........................................ -- -- -- --
--------------- --------------- --------------- ---------------
Total distributions ......................... (1,531,071) (1,733,269) (670,658) (2,659,741)
--------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................ 16,599,769 30,558,688 356,316,190 952,930,175
Class I ........................................ -- -- -- --
Proceeds from reinvestment of distributions:
Class N ........................................ 697,618 542,961 103,273 352,027
Class I ........................................ -- -- -- --
Cost of shares redeemed:
Class N ........................................ (10,675,702) (37,697,535) (392,607,872) (1,057,008,184)
Class I ........................................ -- -- -- --
--------------- --------------- --------------- ---------------
Net increase (decrease) from
capital share transactions .............. 6,621,685 (6,595,886) (36,188,409) (103,725,982)
--------------- --------------- --------------- ---------------
Total increase (decrease) in net assets ..... 5,046,360 (6,217,304) (36,188,409) (103,726,073)
--------------- --------------- --------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........ $ 53,093,467 $ 48,047,107 $ 200,622,957 $ 236,811,366
=============== =============== =============== ===============
(A) Undistributed net investment income (loss) .... $ -- $ -- $ -- $ --
=============== =============== =============== ===============
<FN>
- ----------------------------------------------
(a) ABN AMRO High Yield Bond Fund commenced investment operations on June 30,
2003.
(b) Initial Investments in ABN AMRO High Yield Bond Fund, Class N and Class I,
which were first issued on June 30, 2003.
</FN>
SEE ACCOMPANYING NOTES TOFINANCIAL STATEMENTS.
| 58 - 59
ABN AMRO FUNDS
- -------------------
GROWTH FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ..... $ 21.14 $ 18.55 $ 20.38 $ 30.86 $ 27.71 $ 23.06
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................. (0.03)(a) (0.02) (0.04) (0.04) (0.06) (0.06)
Net realized and unrealized
gain (loss) on investments ........ 0.58(a) 2.61 (1.74) (7.36) 5.21 6.14
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations .. 0.55 2.59 (1.78) (7.40) 5.15 6.08
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income .......... -- -- --(b) -- -- --
Distributions from net realized
gain on investments ............... -- -- (0.05) (3.08) (2.00) (1.43)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ................. -- -- (0.05) (3.08) (2.00) (1.43)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value 0.55 2.59 (1.83) (10.48) 3.15 4.65
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ........... $ 21.69 $ 21.14 $ 18.55 $ 20.38 $ 30.86 $ 27.71
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................. 2.60%(c) 13.96% (8.76)% (25.95)% 19.62% 27.71%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .. $ 968,778 $ 878,724 $ 609,049 $ 464,023 $ 542,436 $ 490,189
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ............... 1.09% 1.11% 1.10% 1.09% 1.07% 1.06%
After reimbursement of
expenses by Adviser ............... 1.09% 1.11% 1.10% 1.09% 1.07% 1.06%
Ratios of net investment loss
to average net assets:
Before reimbursement of
expenses by Adviser ............... (0.22)% (0.11)% (0.20)% (0.18)% (0.18)% (0.25)%
After reimbursement of
expenses by Adviser ............... (0.22)% (0.11)% (0.20)% (0.18)% (0.18)% (0.25)%
Portfolio Turnover .................. 7.23%(c) 7.66% 7.52% 17.22% 25.73% 28.93%
<FN>
- ----------------------------------------------------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Represents less than $0.005 per share.
(c) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 60
ABN AMRO FUNDS
- -------------------
GROWTH FUND - CLASS I APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/04 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00(A)
----------- ---------- ---------- --------- ---------
Net Asset Value, Beginning of Period ...................... $ 21.33 $ 18.67 $ 20.45 $ 30.89 $ 28.60
----------- ---------- ---------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ......................... 0.01(b) 0.03 (0.03) 0.02 --
Net realized and unrealized gain (loss) on investments 0.58(b) 2.63 (1.70) (7.38) 2.29
----------- ---------- ---------- --------- ---------
Total from investment operations ................... 0.59 2.66 (1.73) (7.36) 2.29
----------- ---------- ---------- --------- ---------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investments .. -- -- (0.05) (3.08) --
----------- ---------- ---------- --------- ---------
Total distributions ................................ -- -- (0.05) (3.08) --
----------- ---------- ---------- --------- ---------
Net increase (decrease) in net asset value ................ 0.59 2.66 (1.78) (10.44) 2.29
----------- ---------- ---------- --------- ---------
Net Asset Value, End of Period ............................ $ 21.92 $ 21.33 $ 18.67 $ 20.45 $ 30.89
=========== ========== ========== ========= =========
Total Return .............................................. 2.72%(c) 14.25% (8.51)% (25.78)% 8.01%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ................... $ 335,003 $ 272,497 $ 149,741 $ 43,362 $ 50,577
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser .......... 0.82% 0.83% 0.83% 0.84% 0.83%
After reimbursement of expenses by Adviser ........... 0.82% 0.83% 0.83% 0.84% 0.83%
Ratios of net investment income to average net assets:
Before reimbursement of expenses by Adviser .......... 0.05% 0.17% 0.07% 0.07% 0.06%
After reimbursement of expenses by Adviser ........... 0.05% 0.17% 0.07% 0.07% 0.06%
Portfolio Turnover ..................................... 7.23%(c) 7.66% 7.52% 17.22% 25.73%
<FN>
- ----------------------------------------------
(a) ABN AMRO Growth Fund - Class I commenced investment operations on July 31,
2000.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 61
ABN AMRO FUNDS
- -------------------
GROWTH FUND - CLASS C AND CLASS R APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS C CLASS R
------------------------- ----------------------------
SIX MONTHS SIX MONTHS
ENDED PERIOD ENDED PERIOD
04/30/04 ENDED 4/30/04 ENDED
(UNAUDITED) 10/31/03(A) (UNAUDITED) 10/31/03(A)
----------- ------------ ------------ ------------
Net Asset Value, Beginning of Period ......................... $ 20.99 $ 18.07 $ 21.09 $ 18.07
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................................... (0.10)(b) (0.10) (0.05)(b) (0.03)
Net realized and unrealized gain on investments ......... 0.57(b) 3.02 0.57(b) 3.05
------- ------- ------- -------
Total from investment operations ...................... 0.47 2.92 0.52 3.02
------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income -- -- -- --
------- ------- ------- -------
Total distributions ................................... -- -- -- --
------- ------- ------- -------
Net increase in net asset value .............................. 0.47 2.92 0.52 3.02
------- ------- ------- -------
Net Asset Value, End of Period ............................... $ 21.46 $ 20.99 $ 21.61 $ 21.09
======= ======= ======= =======
Total Return(c) .............................................. 2.24%(d) 16.16%(d) 2.47%(d) 16.71%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...................... $ 192 $ 136 $ 606 $ 117
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ............. 1.82% 1.88% 1.32% 1.35%
After reimbursement of expenses by Adviser .............. 1.82% 1.88% 1.32% 1.35%
Ratios of net investment loss to average net assets:
Before reimbursement of expenses by Adviser ............. (0.95)% (0.69)% (0.45)% (0.16)%
After reimbursement of expenses by Adviser .............. (0.95)% (0.69)% (0.45)% (0.16)%
Portfolio Turnover ........................................ 7.23%(d) 7.66% 7.23%(d) 7.66%
<FN>
- ----------------------------
(a) ABN AMRO Growth Fund - Class C and Class R commenced investment operations
on December 31, 2002.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Calculation does not include the effect of any sales charges for Class
CShares (See Note A).
(d) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 62
ABN AMRO FUNDS
- -------------------
MONTAG & CALDWELL GROWTH FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ..... $ 20.74 $ 19.03 $ 22.43 $ 31.30 $ 33.15 $ 26.49
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ........ 0.02(a) 0.06(a) 0.05 0.02 (0.05) (0.04)
Net realized and unrealized
gain (loss) on investments ........ 1.33(a) 1.65(a) (3.45) (4.81) (0.15) 7.64
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations .. 1.35 1.71 (3.40) (4.79) (0.20) 7.60
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investments ............... (0.02) -- -- (4.08) (1.65) (0.94)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ............... (0.02) -- -- (4.08) (1.65) (0.94)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value 1.33 1.71 (3.40) (8.87) (1.85) 6.66
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ........... $ 22.07 $ 20.74 $ 19.03 $ 22.43 $ 31.30 $ 33.15
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................. 6.45%(b) 8.99% (15.16)% (17.37)% (0.96)% 29.34%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .. $ 1,025,202 $ 967,300 $ 714,043 $ 872,657 $1,349,760 $1,612,796
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser ........................ 1.02% 1.06% 1.06% 1.06% 1.03% 1.05%
After reimbursement of expenses
by Adviser ........................ 1.02% 1.06% 1.06% 1.06% 1.03% 1.05%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement of expenses
by Adviser ........................ 0.17% 0.29% 0.23% 0.10% (0.14)% (0.16)%
After reimbursement of expenses
by Adviser ........................ 0.17% 0.29% 0.23% 0.10% (0.14)% (0.16)%
Portfolio Turnover .................... 24.69%(b) 38.76% 38.23% 59.64% 66.71% 31.59%
<FN>
- ----------------------------------------------------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 63
ABN AMRO FUNDS
- -------------------
MONTAG & CALDWELL GROWTH FUND - CLASS I APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ..... $ 20.84 $ 19.22 $ 22.74 $ 31.70 $ 33.46 $ 26.65
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............... 0.05(a) 0.12(a) 0.11 0.09 0.05 0.04
Net realized and unrealized
gain (loss) on investments ........ 1.33(a) 1.66(a) (3.48) (4.90) (0.16) 7.71
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations .. 1.38 1.78 (3.37) (4.81) (0.11) 7.75
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income .......... (0.06) (0.16) (0.15) (0.07) -- --
Distributions from net realized
gain on investments ............... -- -- -- (4.08) (1.65) (0.94)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ............... (0.06) (0.16) (0.15) (4.15) (1.65) (0.94)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value 1.32 1.62 (3.52) (8.96) (1.76) 6.81
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ........... $ 22.16 $ 20.84 $ 19.22 $ 22.74 $ 31.70 $ 33.46
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................. 6.62%(b) 9.35% (14.91)% (17.16)% (0.70)% 29.78%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .. $ 2,360,381 $2,151,687 $1,325,116 $1,058,500 $1,334,651 $1,369,673
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser ........................ 0.74% 0.77% 0.77% 0.77% 0.74% 0.76%
After reimbursement of expenses
by Adviser ........................ 0.74% 0.77% 0.77% 0.77% 0.74% 0.76%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser ........................ 0.45% 0.58% 0.52% 0.39% 0.15% 0.14%
After reimbursement of expenses
by Adviser ........................ 0.45% 0.58% 0.52% 0.39% 0.15% 0.14%
Portfolio Turnover .................... 24.69%(b) 38.76% 38.23% 59.64% 66.71% 31.59%
<FN>
- ---------------------------------------------------------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 64
ABN AMRO FUNDS
- -------------------
MONTAG & CALDWELL GROWTH FUND - CLASS R APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR
04/30/04 ENDED
(UNAUDITED) 10/31/03(a)
----------- -----------
Net Asset Value, Beginning of Period. ................................. $ 20.69 $ 18.59
----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ..................................... (0.01)(b) 0.05(b)
Net realized and unrealized gain on investments .................. 1.33(b) 2.05(b)
----------- -----------
Total from investment operations ............................... 1.32 2.10
----------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ........ (0.02) --
Distributions from net realized gain on investments .............. -- --
----------- -----------
Total distributions ............................................ (0.02) --
----------- -----------
Net increase in net asset value ....................................... 1.30 2.10
----------- -----------
Net Asset Value, End of Period ........................................ $ 21.99 $ 20.69
=========== ===========
TOTAL RETURN .......................................................... 6.36%(c) 11.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................... $ 385 $ 111
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ...................... 1.24% 1.30%
After reimbursement of expenses by Adviser ....................... 1.24% 1.30%
Ratios of net investment income (loss) to average net assets:
Before reimbursement of expenses by Adviser ...................... (0.05)% 0.32%
After reimbursement of expenses by Adviser ....................... (0.05)% 0.32%
Portfolio Turnover ................................................. 24.69%(c) 38.76%
<FN>
- -----------------------------------------------------
(a) ABN AMRO/Montag & Caldwell Growth Fund - Class R commenced investment
operations on December 31, 2002.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 65
ABN AMRO FUNDS
- -------------------
TAMRO LARGE CAP VALUE FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/04 ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01(A)
----------- ------------ ------------ ------------
Net Asset Value, Beginning of Period. ........................... $ 10.27 $ 8.47 $ 9.68 $ 10.00
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................... 0.04 0.09 0.06 0.02
Net realized and unrealized gain (loss) on investments ..... 0.97 1.81 (1.22) (0.33)
------- ------- ------- -------
Total from investment operations ......................... 1.01 1.90 (1.16) (0.31)
------- ------- ------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income .. (0.04) (0.10) (0.05) (0.01)
------- ------- ------- -------
Total distributions ...................................... (0.04) (0.10) (0.05) (0.01)
------- ------- ------- -------
Net increase (decrease) in net asset value ...................... 0.97 1.80 (1.21) (0.32)
------- ------- ------- -------
Net Asset Value, End of Period .................................. $ 11.24 $ 10.27 $ 8.47 $ 9.68
======= ======= ======= =======
TOTAL RETURN .................................................... 9.82%(b) 22.68% (12.01)% (3.11)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......................... $11,889 $ 8,887 $ 9,632 $ 5,195
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ................ 1.81% 1.92% 1.79% 3.37%
After reimbursement of expenses by Adviser ................. 1.20% 1.20% 1.20% 1.20%
Ratios of net investment income (loss) to average net assets:
Before reimbursement of expenses by Adviser ................ 0.04% 0.35% 0.15% (1.96)%
After reimbursement of expenses by Adviser ................. 0.65% 1.07% 0.74% 0.21%
Portfolio Turnover ........................................... 23.60%(b) 102.51%(c) 83.14% 102.34%(b)
<FN>
- --------------------------------------
(a) ABN AMRO/TAMRO Large Cap Value Fund commenced investment operations on
November 30, 2000.
(b) Not Annualized.
(c) Portfolio turnover rate excludes securities delivered from processing the
redemption in kind.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 66
ABN AMRO FUNDS
- -------------------
VALUE FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00 12/31/99 12/31/98
---------- --------- ---------- --------- ---------- --------- ----------
Net Asset Value, Beginning of Period ..... $ 9.66 $ 8.45 $ 9.39 $ 11.68 $ 12.75 $ 12.33 $ 16.51
---------- --------- ---------- --------- ---------- --------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................. 0.07 0.14 0.11 0.07 0.10 0.14 0.19
Net realized and unrealized gain (loss)
on investments ....................... 0.93 1.22 (0.79) (2.25) (0.24) 1.23 0.86
---------- --------- ---------- --------- ---------- --------- ----------
Total from investment operations ..... 1.00 1.36 (0.68) (2.18) (0.14) 1.37 1.05
---------- --------- ---------- --------- ---------- --------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............. (0.07) (0.15) (0.08) (0.06) (0.10) (0.14) (0.19)
Distributions from net realized
gain on investments .................. -- -- (0.18) (0.05) (0.83) (0.81) (5.04)
---------- --------- ---------- --------- ---------- --------- ----------
Total distributions .................. (0.07) (0.15) (0.26) (0.11) (0.93) (0.95) (5.23)
---------- --------- ---------- --------- ---------- --------- ----------
Net increase (decrease) in net asset value 0.93 1.21 (0.94) (2.29) (1.07) 0.42 (4.18)
---------- --------- ---------- --------- ---------- --------- ----------
Net Asset Value, End of Period ........... $ 10.59 $ 9.66 $ 8.45 $ 9.39 $ 11.68 $ 12.75 $ 12.33
========== ========= ========== ========= ========== ========= ==========
TOTAL RETURN ............................. 10.37%(a) 16.32% (7.58)% (18.86)%(a) (0.68)% 11.14% 5.47%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 217,179 $ 195,853 $ 111,817 $ 116,221 $ 131,303 $ 153,551 $ 170,945
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser .................. 1.17% 1.19% 1.20% 1.08% 1.06% 1.03% 1.05%
After reimbursement of
expenses by Adviser .................. 0.94% 0.94% 0.96%(b) 1.07% 1.06% 1.03% 1.05%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser .................. 1.10% 1.34% 1.00% 0.68% 0.85% 1.07% 1.23%
After reimbursement of
expenses by Adviser .................. 1.33% 1.59% 1.24% 0.69% 0.85% 1.07% 1.23%
Portfolio Turnover ....................... 22.65%(a) 56.67% 144.90% 58.41%(a) 76.00% 94.00% 55.00%
<FN>
- ---------------------------------
(a) Not Annualized.
(b) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.08% to 0.94% on January 1, 2002.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 67
ABN AMRO FUNDS
- -------------------
VEREDUS SELECT GROWTH FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/04 ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02(A)
------------ ------------ ------------
Net Asset Value, Beginning of Period. .............................. $ 9.33 $ 7.30 $ 10.00
------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ........................................... (0.04) (0.05) (0.03)
Net realized and unrealized gain (loss) on investments ........ 0.41 2.08 (2.67)
------------ ------------ ------------
Total from investment operations ............................ 0.37 2.03 (2.70)
------------ ------------ ------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ..... -- -- --
------------ ------------ ------------
Total distributions ......................................... -- -- --
------------ ------------ ------------
Net increase (decrease) in net asset value ......................... 0.37 2.03 (2.70)
------------ ------------ ------------
Net Asset Value, End of Period ..................................... $ 9.70 $ 9.33 $ 7.30
============ ============ ============
TOTAL RETURN ....................................................... 3.97%(b) 27.98% (27.10)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................ $ 2,380 $ 2,006 $ 2,164
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ................... 3.78% 4.31% 3.45%
After reimbursement of expenses by Adviser .................... 1.30% 1.30% 1.30%
Ratios of net investment loss to average net assets:
Before reimbursement of expenses by Adviser ................... (3.30)% (3.59)% (2.53)%
After reimbursement of expenses by Adviser .................... (0.82)% (0.58)% (0.38)%
Portfolio Turnover .............................................. 165.65%(b) 444.75% 1,314.29%(b)
<FN>
- -------------------------------------------------------
(a) ABN AMRO/Veredus Select Growth Fund commenced investment operations on
December 31, 2001.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 68
ABN AMRO FUNDS
- -------------------
MID CAP FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period. .... $ 20.18 $ 14.24 $ 15.67 $ 18.50 $ 13.45 $ 13.16
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................. (0.02) (0.07) (0.06) (0.07) (0.05) (0.05)
Net realized and unrealized
gain (loss) on investments ........ 2.78 6.01 (1.12) 0.55 5.25 0.34
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations .. 2.76 5.94 (1.18) 0.48 5.20 0.29
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income .......... -- -- -- -- -- --(a)
Distributions from net realized
gain on investments ............... (0.07) -- (0.25) (3.31) (0.15) --
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ............... (0.07) -- (0.25) (3.31) (0.15) --
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value 2.69 5.94 (1.43) (2.83) 5.05 0.29
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ........... $ 22.87 $ 20.18 $ 14.24 $ 15.67 $ 18.50 $ 13.45
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................. 13.78%(b) 41.64% (7.88)% 3.42% 39.07% 2.32%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .. $ 312,696 $ 191,220 $ 85,727 $ 40,265 $ 26,389 $ 17,586
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser ........................ 1.31% 1.36% 1.38% 1.42% 1.48% 1.50%
After reimbursement of expenses
by Adviser ........................ 1.31% 1.34%(c) 1.30% 1.30% 1.30% 1.30%
Ratios of net investment loss
to average net assets:
Before reimbursement of expenses
by Adviser ........................ (0.28)% (0.57)% (0.61)% (0.61)% (0.51)% (0.50)%
After reimbursement of expenses
by Adviser ........................ (0.28)% (0.55)% (0.53)% (0.49)% (0.33)% (0.30)%
Portfolio Turnover .................... 14.28%(b) 59.35% 45.17% 77.15% 108.61% 101.44%
<FN>
- ----------------------------------------------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.30% to 1.40% on March 1, 2003.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 69
ABN AMRO FUNDS
- -------------------
TAMRO SMALL CAP FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/04 ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01(A)
---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period. .................................. $ 15.75 $ 10.49 $ 10.75 $ 10.00
---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ...................................... (0.06) (0.01) (0.02)(b) 0.06
Net realized and unrealized gain (loss) on investments ............ 1.51 5.27 (0.14)(b) 0.72
---------- ---------- ---------- ----------
Total from investment operations ................................ 1.45 5.26 (0.16) 0.78
---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ......... -- -- (0.02) (0.03)
Distributions from net realized gain on investments ............... (2.03) -- (0.08) --
---------- ---------- ---------- ----------
Total distributions ............................................. (2.03) -- (0.10) (0.03)
---------- ---------- ---------- ----------
Net increase (decrease) in net asset value ............................. (0.58) 5.26 (0.26) 0.75
---------- ---------- ---------- ----------
Net Asset Value, End of Period ......................................... $ 15.17 $ 15.75 $ 10.49 $ 10.75
========== ========== ========== ==========
TOTAL RETURN ........................................................... 9.59%(c) 50.14% (1.59)% 7.74%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ................................ $ 94,144 $ 60,932 $ 40,407 $ 2,000
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ....................... 1.40% 1.44% 1.52% 5.46%
After reimbursement of expenses by Adviser ........................ 1.30% 1.30% 1.30% 1.30%
Ratios of net investment income (loss) to average net assets:
Before reimbursement of expenses by Adviser ....................... (0.99)% (0.21)% (0.34)% (3.49)%
After reimbursement of expenses by Adviser ........................ (0.89)% (0.07)% (0.12)% 0.67%
Portfolio Turnover .................................................. 60.39%(c) 115.42% 266.78% 175.17%(c)
<FN>
- --------------------------------------------------------
(a) ABNAMRO/TAMRO Small Cap Fund commenced investment operations on November
30, 2000.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 70
ABN AMRO FUNDS
- -------------------
VEREDUS AGGRESSIVE GROWTH FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ..... $ 15.24 $ 11.44 $ 17.55 $ 22.51 $ 16.60 $ 8.62
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................. (0.09) (0.10) (0.14) (0.13) (0.14) (0.08)
Net realized and unrealized gain
(loss) on investments ............. (0.09) 3.90 (5.97) (1.72) 8.42 8.06
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations .. (0.18) 3.80 (6.11) (1.85) 8.28 7.98
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investments ............... -- -- -- (3.11) (2.37) --
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ............... -- -- -- (3.11) (2.37) --
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value (0.18) 3.80 (6.11) (4.96) 5.91 7.98
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ........... $ 15.06 $ 15.24 $ 11.44 $ 17.55 $ 22.51 $ 16.60
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................. (1.18)%(a) 33.10% (34.76)% (10.08)% 53.35% 92.92%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .. $ 492,524 $ 444,207 $ 314,317 $ 268,271 $ 182,806 $ 57,282
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser ........................ 1.44% 1.50% 1.48% 1.44% 1.46% 1.58%(b)
After reimbursement of expenses
by Adviser ........................ 1.44% 1.46%(c) 1.40% 1.40% 1.40% 1.41%(b)
Ratios of net investment loss
to average net assets:
Before reimbursement of expenses
by Adviser ........................ (1.23)% (0.97)% (1.15)% (0.87)% (0.84)% (1.05)%
After reimbursement of expenses
by Adviser ........................ (1.23)% (0.93)% (1.07)% (0.83)% (0.78)% (0.88)%
Portfolio Turnover .................... 59.90%(a) 159.64% 162.80% 177.30% 192.23% 204.26%
<FN>
- --------------------------------------------------------
(a) Not Annualized.
(b) The Adviser's fee, which affects the expense ratios, changed from 1.50% to
1.00% on December 4, 1998.
(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.40% to 1.49% on March 1, 2003.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 71
ABN AMRO FUNDS
- -------------------
VEREDUS AGGRESSIVE GROWTH FUND - CLASS I APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/04 ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01(A)
---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ..................... $ 15.33 $ 11.48 $ 17.56 $ 17.88
---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ................................. (0.09) (0.08) (0.19) --
Net realized and unrealized gain (loss) on investments (0.07) 3.93 (5.89) (0.32)
---------- ---------- ---------- ----------
Total from investment operations .................. (0.16) 3.85 (6.08) (0.32)
---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from net realized gain on investments . -- -- -- --
---------- ---------- ---------- ----------
Total distributions ............................... -- -- -- --
---------- ---------- ---------- ----------
Net increase (decrease) in net asset value ............... (0.16) 3.85 (6.08) (0.32)
---------- ---------- ---------- ----------
Net Asset Value, End of Period ........................... $ 15.17 $ 15.33 $ 11.48 $ 17.56
========== ========== ========== ==========
TOTAL RETURN ............................................. (1.04)%(b) 33.54% (34.62)% (1.79)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .................. $ 91,984 $ 77,660 $ 52,808 $ 5,497
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ......... 1.16% 1.20% 1.19% 1.16%
After reimbursement of expenses by Adviser .......... 1.16% 1.16%(c) 1.11% 1.12%
Ratios of net investment loss
to average net assets:
Before reimbursement of expenses by Adviser ......... (0.95)% (0.67)% (0.86)% (0.59)%
After reimbursement of expenses by Adviser .......... (0.95)% (0.63)% (0.78)% (0.55)%
Portfolio Turnover .................................... 59.90%(b) 159.64% 162.80% 177.30%
<FN>
- -------------------------------------------
(a) ABN AMRO/Veredus Aggressive Growth Fund - Class I commenced investment
operations on October 5, 2001.
(b) Not Annualized.
(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.15% to 1.24% on March 1, 2003.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 72
ABN AMRO FUNDS
- -------------------
REAL ESTATE FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00 12/31/99 12/31/98
---------- --------- ---------- --------- ---------- --------- ----------
Net Asset Value, Beginning of Period ...... $ 11.52 $ 9.23 $ 9.15 $ 9.47 $ 7.72 $ 8.37 $ 9.95
---------- --------- ---------- --------- ---------- --------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................ 0.23 0.40 0.39 0.34 0.42(a) 0.38 0.37
Net realized and unrealized gain
(loss) on investments .............. 0.14 2.54 0.24 (0.39) 1.75(a) (0.65) (1.58)
---------- --------- ---------- --------- ---------- --------- ----------
Total from investment operations ... 0.37 2.94 0.63 (0.05) 2.17 (0.27) (1.21)
---------- --------- ---------- --------- ---------- --------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.15) (0.24) (0.33) (0.27) (0.33) (0.31) (0.31)
Distributions from net realized
gain on investments ................ (0.12) (0.41) (0.22) -- -- -- --
Distributions from paid in capital -- -- -- -- (0.09) (0.07) (0.06)
---------- --------- ---------- --------- ---------- --------- ----------
Total distributions ................ (0.27) (0.65) (0.55) (0.27) (0.42) (0.38) (0.37)
---------- --------- ---------- --------- ---------- --------- ----------
Net increase (decrease) in net asset value 0.10 2.29 0.08 (0.32) 1.75 (0.65) (1.58)
---------- --------- ---------- --------- ---------- --------- ----------
Net Asset Value, End of Period ............ $ 11.62 $ 11.52 $ 9.23 $ 9.15 $ 9.47 $ 7.72 $ 8.37
---------- --------- ---------- --------- ---------- --------- ----------
TOTAL RETURN .............................. 3.08%(b) 33.71% 6.62% (0.46)%(b) 28.77% (3.33)% (12.35)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ... $ 53,318 $ 47,777 $ 19,924 $ 15,242 $ 21,744 $ 7,522 $ 7,022
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser ......................... 1.47% 1.56% 1.68% 1.63% 1.70% 2.42% 1.78%
After reimbursement of expenses
by Adviser ......................... 1.37% 1.37% 1.37% 1.33% 1.39% 1.53% 1.41%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser ......................... 3.69% 4.10% 3.80% 4.01% 4.87% 3.83% 4.31%
After reimbursement of expenses
by Adviser ......................... 3.79% 4.29% 4.11% 4.31% 5.19% 4.72% 4.68%
Portfolio Turnover ..................... 10.50%(b) 13.11% 36.69% 17.95%(b) 25.00% 11.00% 13.00%
<FN>
- ---------------------------------------------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 73
ABN AMRO FUNDS
- -------------------
VEREDUS SCITECH FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/04 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00(A)
----------- ---------- ---------- ---------- ---------
Net Asset Value, Beginning of Period ...................... $ 7.18 $ 4.89 $ 7.57 $ 8.93 $ 10.00
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ......................... (0.05) (0.05) (0.08) 0.02 0.06
Net realized and unrealized gain (loss) on investments (0.22) 2.34 (2.60) (1.32) (1.11)
---------- ---------- ---------- ---------- ----------
Total from investment operations ................... (0.27) 2.29 (2.68) (1.30) (1.05)
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income -- -- -- (0.06) (0.02)
---------- ---------- ---------- ---------- ----------
Total distributions ................................ -- -- -- (0.06) (0.02)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value ................ (0.27) 2.29 (2.68) (1.36) (1.07)
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............................ $ 6.91 $ 7.18 $ 4.89 $ 7.57 $ 8.93
========== ========== ========== ========== ==========
TOTAL RETURN (3.76)%(b) 46.83% (35.40)% (14.49)% (10.61)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ................... $ 7,812 $ 4,314 $ 2,206 $ 2,566 $ 2,696
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser .......... 2.41% 4.65% 3.70% 3.88% 6.17%
After reimbursement of expenses by Adviser ........... 1.60% 1.57%(c) 1.50% 1.50% 1.50%
Ratios of net investment income (loss) to average net assets:
Before reimbursement of expenses by Adviser .......... (2.29)% (4.42)% (3.50)% (2.13)% (2.54)%
After reimbursement of expenses by Adviser ........... (1.48)% (1.34)% (1.30)% 0.25% 2.13%
Portfolio Turnover ..................................... 155.75%(b) 492.93% 496.86% 481.21% 85.98%(b)
<FN>
- --------------------------------------------------------
(a) ABN AMRO/Veredus SciTech Fund commenced investment operations on June 30,
2000.
(b) Not Annualized.
(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.50% to 1.60% on March 1, 2003.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 74
ABN AMRO FUNDS
- -------------------
EQUITY PLUS FUND - CLASS I(A) APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00 12/31/99 12/31/98
---------- --------- ---------- --------- ---------- --------- ----------
Net Asset Value, Beginning of Period ....... $ 13.63 $ 12.56 $ 15.74 $ 19.32 $ 24.87 $ 22.02 $ 18.24
---------- --------- ---------- --------- ---------- --------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.08 0.17 0.09 0.14 0.14 0.17 0.18
Net realized and unrealized gain
(loss) on investments ............... 0.52 1.79 (2.26) (3.31) (4.44) 3.34 4.44
---------- --------- ---------- --------- ---------- --------- ----------
Total from investment operations .... 0.60 1.96 (2.17) (3.17) (4.30) 3.51 4.62
---------- --------- ---------- --------- ---------- --------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............ (0.09) (0.17) (0.07) (0.15) (0.14) (0.17) (0.18)
Distributions from net realized
gain on investments ................. (2.24) (0.72) (0.94) (0.26) (1.11) (0.49) (0.66)
---------- --------- ---------- --------- ---------- --------- ----------
Total distributions ................. (2.33) (0.89) (1.01) (0.41) (1.25) (0.66) (0.84)
---------- --------- ---------- --------- ---------- --------- ----------
Net increase (decrease) in net asset value . (1.73) 1.07 (3.18) (3.58) (5.55) 2.85 3.78
---------- --------- ---------- --------- ---------- --------- ----------
Net Asset Value, End of Period ............. $ 11.90 $ 13.63 $ 12.56 $ 15.74 $ 19.32 $ 24.87 $ 22.02
========== ========= ========== ========= ========== ========= ==========
TOTAL RETURN ............................... 4.45%(b) 16.67% (14.33)%(b) (16.59)% (17.64)% 16.00% 26.10%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 58,316 $ 82,260 $ 121,147 $ 177,540 $ 269,939 $ 322,937 $ 295,436
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser .......................... 0.60% 0.57% 0.67% 0.67% 0.61% 0.59% 0.59%
After reimbursement of expenses
by Adviser .......................... 0.60% 0.53% 0.54% 0.55% 0.51% 0.49% 0.48%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser .......................... 1.20% 1.32% 1.11% 0.68% 0.53% 0.60% 0.85%
After reimbursement of expenses
by Adviser .......................... 1.20% 1.36% 1.24% 0.80% 0.63% 0.70% 0.96%
Portfolio Turnover ...................... 1.12%(b) 0.77% 0.72%(b) 9.00% 27.00% 10.00% 19.00%
<FN>
- ------------------------------------------
(a) Prior to June 17, 2002, the ABN AMRO Equity Plus Fund was known as the
Independence One Equity Plus Fund. The information presented in the table
represents financial and performance history of Independence One Equity
Plus Trust Class.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 75
ABN AMRO FUNDS
- -------------------
BALANCED FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period. ...... $ 11.07 $ 10.10 $ 10.77 $ 14.23 $ 13.04 $ 12.03
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) .............. 0.06 0.13 0.19 0.26 0.29 0.27
Net realized and unrealized gain
(loss) on investments(a) ............ 0.19 0.99 (0.64) (2.09) 1.57 1.71
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations .... 0.25 1.12 (0.45) (1.83) 1.86 1.98
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ............... (0.08) (0.15) (0.20) (0.27) (0.30) (0.26)
Distributions from net realized
gain on investments ................. -- -- (0.02) (1.36) (0.37) (0.71)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ................. (0.08) (0.15) (0.22) (1.63) (0.67) (0.97)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value . 0.17 0.97 (0.67) (3.46) 1.19 1.01
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............. $ 11.24 $ 11.07 $ 10.10 $ 10.77 $ 14.23 $ 13.04
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................... 2.16%(b) 11.23% (4.33)% (13.41)% 14.82% 17.26%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 301,587 $ 320,108 $ 300,830 $ 342,520 $ 321,226 $ 294,426
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser .......................... 1.06% 1.07% 1.07% 1.07% 1.05% 1.06%
After reimbursement of expenses
by Adviser .......................... 1.06% 1.07% 1.07% 1.07% 1.05% 1.06%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser(a) ....................... 1.11% 1.30% 1.78% 2.10% 2.17% 2.13%
After reimbursement of expenses
by Adviser(a) ....................... 1.11% 1.30% 1.78% 2.10% 2.17% 2.13%
Portfolio Turnover ...................... 13.58%(b) 47.90% 47.27% 35.25% 29.00% 25.05%
<FN>
- ---------------------------------------------
(a) The Trust adopted the provisions of the AICPA Audit Guide for Investment
Companies effective November 1, 2001 and reclassed paydown gain (loss) from
realized gain (loss) to investment income. The effect of the changes for
the year ended October 31, 2002 on the net investment income per share, net
realized and unrealized gain (loss) per share and the ratio of net
investment income before and after reimbursement to average net assets was
$(0.01), $0.01, (0.07)% and (0.07)%, respectively. Years prior to October
31, 2002 have not been adjusted for this change.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 76
ABN AMRO FUNDS
- -------------------
MONTAG & CALDWELL BALANCED FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period. ..... $ 15.57 $ 14.82 $ 16.49 $ 18.61 $ 19.41 $ 17.60
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) ............. 0.10 0.21 0.29 0.36 0.37 0.29
Net realized and unrealized
gain (loss) on investments(a) ...... 0.57 0.78 (1.66) (1.50) 0.06 2.73
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.67 0.99 (1.37) (1.14) 0.43 3.02
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.13) (0.24) (0.30) (0.36) (0.35) (0.27)
Distributions from net realized
gain on investments ................ -- -- -- (0.62) (0.88) (0.94)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.13) (0.24) (0.30) (0.98) (1.23) (1.21)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value 0.54 0.75 (1.67) (2.12) (0.80) 1.81
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............ $ 16.11 $ 15.57 $ 14.82 $ 16.49 $ 18.61 $ 19.41
=========== ========== ========== ========== ========== ==========
TOTAL RETURN .............................. 4.30%(b) 6.79% (8.42)% (6.34)% 2.05% 17.83%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ... $ 105,060 $ 105,669 $ 82,126 $ 126,690 $ 162,896 $ 160,286
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser ......................... 1.13% 1.15% 1.14% 1.12% 1.13% 1.14%
After reimbursement of expenses
by Adviser ......................... 1.13% 1.15% 1.14% 1.12% 1.13% 1.14%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser(a) ...................... 1.24% 1.43% 1.74% 1.99% 1.93% 1.54%
After reimbursement of expenses
by Adviser(a) ...................... 1.24% 1.43% 1.74% 1.99% 1.93% 1.54%
Portfolio Turnover ..................... 21.20%(b) 41.18% 32.87% 44.80% 54.51% 34.79%
<FN>
- --------------------------------------------------------
(a) The Trust adopted the provisions of the AICPA Audit Guide for Investment
Companies effective November 1, 2001 and reclassed paydown gain (loss) from
realized gain (loss) to investment income. The effect of the changes for
the year ended October 31, 2002 on the net investment income per share, net
realized and unrealized gain (loss) per share and the ratio of net
investment income before and after reimbursement to average net assets was
$(0.03), $0.03, (0.10)% and (0.10)%, respectively. Years prior to October
31, 2002 have not been adjusted for this change.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 77
ABN AMRO FUNDS
- -------------------
MONTAG & CALDWELL BALANCED FUND - CLASS I APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ...... $ 15.57 $ 14.82 $ 16.49 $ 18.62 $ 19.42 $ 18.36
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(b) ............. 0.11 0.25 0.32 0.38 0.39 0.25
Net realized and unrealized gain
(loss) on investments(b) ........... 0.59 0.78 (1.64) (1.49) 0.09 1.03
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.70 1.03 (1.32) (1.11) 0.48 1.28
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income .............. (0.15) (0.28) (0.35) (0.40) (0.40) (0.22)
Distributions from net realized
gain on investments ................ -- -- -- (0.62) (0.88) --
----------- ---------- ---------- ---------- ---------- ----------
Total distributions .............. (0.15) (0.28) (0.35) (1.02) (1.28) (0.22)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value 0.55 0.75 (1.67) (2.13) (0.80) 1.06
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............ $ 16.12 $ 15.57 $ 14.82 $ 16.49 $ 18.62 $ 19.42
=========== ========== ========== ========== ========== ==========
TOTAL RETURN .............................. 4.50%(c) 7.06% (8.18)% (6.13)% 2.31% 6.98%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ... $ 132,650 $ 141,031 $ 133,379 $ 179,688 $ 174,795 $ 90,906
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser ......................... 0.88% 0.89% 0.87% 0.87% 0.88% 0.91%
After reimbursement of expenses
by Adviser ......................... 0.88% 0.89% 0.87% 0.87% 0.88% 0.91%
Ratios of net investment income to
average net assets:
Before reimbursement of expenses
by Adviser(b) ...................... 1.49% 1.69% 2.01% 2.25% 2.19% 1.77%
After reimbursement of expenses
by Adviser(b) ...................... 1.49% 1.69% 2.01% 2.25% 2.19% 1.77%
Portfolio Turnover ..................... 21.20%(c) 41.18% 32.87% 44.80% 54.51% 34.79%
<FN>
- ---------------------------------------------
(a) Montag & Caldwell Balanced Fund - Class I commenced investment operations
on December 31, 1998.
(b) The Trust adopted the provisions of the AICPA Audit Guide for Investment
Companies effective November 1, 2001 and reclassed paydown gain (loss) from
realized gain (loss) to investment income. The effect of the changes for
the year ended October 31, 2002 on the net investment income per share, net
realized and unrealized gain (loss) per share and the ratio of net
investment income before and after reimbursement to average net assets was
$(0.02), $0.02, (0.10)% and (0.10)%, respectively. Years prior to October
31, 2002 have not been adjusted for this change.
(c) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 78
ABN AMRO FUNDS
- -------------------
GLOBAL EMERGING MARKETS FUND - CLASS I APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PERIOD
ENDED
04/30/04
(UNAUDITED)(A)
------------
Net Asset Value, Beginning of Period. .......................................... $ 10.00
------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................................... 0.03
Net realized and unrealized gain on investments ........................... 0.55
------------
Total from investment operations ........................................ 0.58
------------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ................. --
------------
Total distributions ..................................................... --
------------
Net increase in net asset value ................................................ 0.58
------------
Net Asset Value, End of Period ................................................. $ 10.58
============
TOTAL RETURN ................................................................... 5.70%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................................ $ 5,288
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ............................... 2.87%
After reimbursement of expenses by Adviser ................................ 1.45%
Ratios of net investment income (loss) to average net assets:
Before reimbursement of expenses by Adviser ............................... (0.86)%
After reimbursement of expenses by Adviser ................................ 0.56%
Portfolio Turnover .......................................................... 15.95%(b)
<FN>
- ----------------------------------------------
(a) ABN AMRO Global Emerging Markets Fund commenced investment operations on
November 4, 2003.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 79
ABN AMRO FUNDS
- -------------------
BOND FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period. ..... $ 10.07 $ 10.06 $ 10.34 $ 9.73 $ 9.71 $ 10.27
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) ............. 0.22 0.39 0.51 0.61 0.66 0.61
Net realized and unrealized
gain (loss) on investments(a) ...... (0.06) 0.07 (0.24) 0.62 -- (0.51)
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.16 0.46 0.27 1.23 0.66 0.10
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ........... (0.26) (0.45) (0.55) (0.62) (0.64) (0.61)
Distributions from net realized
gain on investments ................ -- -- -- -- -- (0.05)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.26) (0.45) (0.55) (0.62) (0.64) (0.66)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value (0.10) 0.01 (0.28) 0.61 0.02 (0.56)
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............ $ 9.97 $ 10.07 $ 10.06 $ 10.34 $ 9.73 $ 9.71
=========== ========== ========== ========== ========== ==========
TOTAL RETURN .............................. 1.56%(b) 4.58% 2.80% 13.09% 6.98% 1.02%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ... $ 177,441 $ 202,021 $ 229,676 $ 369,597 $ 104,960 $ 133,408
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser ......................... 0.92% 0.92% 0.92% 0.96% 0.95% 0.93%
After reimbursement of expenses
by Adviser ......................... 0.74% 0.74% 0.74% 0.74% 0.76%(c) 0.80%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser(a) ...................... 3.98% 3.69% 4.87% 5.90% 6.53% 5.91%
After reimbursement of expenses
by Adviser(a) ...................... 4.16% 3.87% 5.05% 6.12% 6.72% 6.04%
Portfolio Turnover ..................... 23.94%(b) 126.94% 77.19% 61.78% 39.27% 49.83%
<FN>
- ---------------------------------------------
(a) The Trust adopted the provisions of the AICPA Audit Guide for Investment
Companies effective November 1, 2001 and reclassed paydown gain (loss) from
realized gain (loss) to investment income. The effect of the changes for
the year ended October 31, 2002 on the net investment income per share, net
realized and unrealized gain (loss) per share and the ratio of net
investment income before and after reimbursement to average net assets was
$(0.03), $0.03, (0.23)% and (0.23)%, respectively. Years prior to October
31, 2002 have not been adjusted for this change.
(b) Not Annualized.
(c) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 0.80% to 0.74% on February 15, 2000.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 80
ABN AMRO FUNDS
- -------------------
BOND FUND - CLASS I APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/04 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00(A)
----------- ---------- ---------- ---------- ---------
Net Asset Value, Beginning of Period .................... $ 10.07 $ 10.06 $ 10.34 $ 9.73 $ 9.64
---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(b) ........................... 0.20 0.41 0.56 0.64 0.17
Net realized and unrealized gain (loss)
on investments(b) ................................ (0.03) 0.07 (0.26) 0.62 0.09
---------- ---------- ---------- ---------- ----------
Total from investment operations ................. 0.17 0.48 0.30 1.26 0.26
---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ................................ (0.27) (0.47) (0.58) (0.65) (0.17)
Distributions from net realized gain
on investments ................................... -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Total distributions .............................. (0.27) (0.47) (0.58) (0.65) (0.17)
---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .............. (0.10) 0.01 (0.28) 0.61 0.09
---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .......................... $ 9.97 $ 10.07 $ 10.06 $ 10.34 $ 9.73
========== ========== ========== ========== ==========
Total Return ............................................ 1.69%(c) 4.85% 3.07% 13.36% 2.70%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ................. $ 245,265 $ 300,363 $ 262,924 $ 79,444 $ 49,432
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ........ 0.67% 0.67% 0.67% 0.71% 0.70%
After reimbursement of expenses by Adviser ......... 0.49% 0.49% 0.49% 0.49% 0.51%
Ratios of net investment income to average net assets:
Before reimbursement of expenses by Adviser(b) ..... 4.23% 3.94% 5.12% 6.15% 6.78%
After reimbursement of expenses by Adviser(b) ...... 4.41% 4.12% 5.30% 6.37% 6.97%
Portfolio Turnover ................................... 23.94%(c) 126.94% 77.19% 61.78% 39.27%
<FN>
- ---------------------------------------------
(a) ABN AMRO Bond Fund - Class I commenced investment operations on July 31,
2000.
(b) The Trust adopted the provisions of the AICPA Audit Guide for Investment
Companies effective November 1, 2001 and reclassed paydown gain (loss) from
realized gain (loss) to investment income. The effect of the changes for
the year ended October 31, 2002 on the net investment income per share, net
realized and unrealized gain (loss) per share and the ratio of net
investment income before and after reimbursement to average net assets was
$(0.01), $0.01, (0.23)% and (0.23)%, respectively. Years prior to October
31, 2002 have not been adjusted for this change.
(c) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 81
ABN AMRO FUNDS
- -------------------
INVESTMENT GRADE BOND FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
04/30/04 ENDED
(UNAUDITED) 10/31/03(A)
----------- ------------
Net Asset Value, Beginning of Period ......................... $ 9.82 $ 10.08
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.15(b) 0.10(b)
Net realized and unrealized loss on investments ......... (0.08)(b) (0.23)(b)
------- -------
Total from investment operations ...................... 0.07 (0.13)
------- -------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income (0.20) (0.13)
Distributions from net realized gain on investments ..... (0.28) --
------- -------
Total distributions ................................... (0.48) (0.13)
------- -------
Net decrease in net asset value .............................. (0.41) (0.26)
------- -------
Net Asset Value, End of Period ............................... $ 9.41 $ 9.82
======= =======
TOTAL RETURN ................................................. 0.68%(c) (1.24)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...................... $ 866 $ 257
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ............. 1.19%(d) 1.18%
After reimbursement of expenses by Adviser .............. 0.89%(d) 0.89%
Ratios of net investment income to average net assets:
Before reimbursement of expenses by Adviser ............. 2.91% 2.58%
After reimbursement of expenses by Adviser .............. 3.21% 2.87%
Portfolio Turnover ........................................ 33.28%(c) 105.35%
<FN>
- -------------------------------------------------
(a) ABN AMRO Investment Grade Bond Fund - Class N commenced operations on June
30, 2003.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) The Adviser's fee, which affects the expense ratios, changed from 0.70% to
0.50% on March 1, 2004.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 82
ABN AMRO FUNDS
- -------------------
INVESTMENT GRADE BOND FUND - CLASS I(A) APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR SIX MONTHS YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 4/31/01 4/31/00 4/31/99 4/31/98
---------- -------- ---------- --------- ---------- --------- ----------
Net Asset Value, Beginning of Period ....... $ 9.82 $ 10.33 $ 9.96 $ 9.88 $ 9.54 $ 9.99 $ 10.03
---------- -------- --------- -------- --------- -------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.17(b) 0.34(b) 0.24 0.54 0.57 0.57 0.58
Net realized and unrealized gain
(loss) on investments ............... (0.09)(b) (0.10)(b) 0.41 0.08 0.34 (0.44) (0.03)
---------- -------- --------- -------- --------- -------- ---------
Total from investment operations .... 0.08 0.24 0.65 0.62 0.91 0.13 0.55
---------- -------- --------- -------- --------- -------- ---------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............ (0.21) (0.44) (0.28) (0.54) (0.57) (0.57) (0.58)
Distributions from net
realized gain on investments ........ (0.28) (0.31) -- -- -- -- --
Contribution (return) of capital ...... -- -- -- -- -- (0.01) (0.01)
---------- -------- --------- -------- --------- -------- ---------
Total distributions ................. (0.49) (0.75) (0.28) (0.54) (0.57) (0.58) (0.59)
---------- -------- --------- -------- --------- -------- ---------
Net increase (decrease) in net asset value . (0.41) (0.51) 0.37 0.08 0.34 (0.45) (0.04)
---------- -------- --------- -------- --------- -------- ---------
Net Asset Value, End of Period ............. $ 9.41 $ 9.82 $ 10.33 $ 9.96 $ 9.88 $ 9.54 $ 9.99
========== ======== ========= ======== ========= ======== =========
TOTAL RETURN ............................... 0.79%(c) 2.47% 6.60%(c) 6.38% 9.76% 1.40% 5.60%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 44,441 $ 48,773 $ 54,748 $ 83,142 $ 90,771 $ 93,202 $ 86,920
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser .......................... 0.94%(d) 0.93% 1.06% 1.05% 1.05% 1.02% 1.03%
After reimbursement of expenses
by Adviser .......................... 0.64%(d) 0.64% 0.65% 0.60% 0.60% 0.57% 0.57%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser .......................... 3.16% 3.14% 4.11% 4.93% 5.39% 5.48% 5.39%
After reimbursement of expenses
by Adviser .......................... 3.46% 3.43% 4.52% 5.38% 5.84% 5.93% 5.85%
Portfolio Turnover ...................... 33.28%(c) 105.35% 80.49%(c) 17.00% 28.00% 27.00% 20.00%
<FN>
- -------------------------------------------------------
(a) Prior to June 17, 2002, the ABN AMRO Investment Grade Bond Fund was known
as Independence One Fixed Income Fund. The information presented in the
table represents financial and performance history of Independence One
Fixed Income Trust Class.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
(d) The Adviser's fee, which affects the expense ratios, changed from 0.70% to
0.50% on March 1, 2004.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 83
ABN AMRO FUNDS
- -------------------
HIGH YIELD BOND FUND - CLASS N AND CLASS I APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS N CLASS I
------------------------- --------------------------
SIX MONTHS SIX MONTHS
ENDED PERIOD ENDED PERIOD
04/30/04 ENDED 04/30/04 ENDED
(UNAUDITED) 10/31/03(A) (UNAUDITED) 10/31/03(A)
----------- ----------- ----------- -----------
Net Asset Value, Beginning of Period ......................... $ 10.15 $ 10.00 $ 10.15 $ 10.00
--------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.33 0.18 0.34 0.19
Net realized and unrealized gain on investments ......... 0.10 0.17 0.11 0.17
--------- --------- --------- ---------
Total from investment operations ...................... 0.43 0.35 0.45 0.36
--------- --------- --------- ---------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income (0.36) (0.20) (0.38) (0.21)
--------- --------- --------- ---------
Total distributions ................................... (0.36) (0.20) (0.38) (0.21)
--------- --------- --------- ---------
Net increase in net asset value .............................. 0.07 0.15 0.07 0.15
--------- --------- --------- ---------
Net Asset Value, End of Period ............................... $ 10.22 $ 10.15 $ 10.22 $ 10.15
========= ========= ========= =========
TOTAL RETURN ................................................. 4.20%(b) 3.67%(b) 4.33%(b) 3.76%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...................... $ 10,562 $ 10,425 $ 10,354 $ 10,282
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser ............. 1.25% 1.25% 1.00% 1.00%
After reimbursement of expenses by Adviser .............. 0.80% 0.80% 0.55% 0.55%
Ratios of net investment income to average net assets:
Before reimbursement of expenses by Adviser ............. 5.93% 4.99% 6.18% 5.24%
After reimbursement of expenses by Adviser .............. 6.38% 5.44% 6.63% 5.69%
Portfolio Turnover ........................................ 37.17%(b) 16.23%(b) 37.17%(b) 16.23%(b)
<FN>
- --------------------------------------------------------
(a) ABN AMRO High Yield Bond Fund - Class N and Class I commenced investment
operations on June 30, 2003.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 84
ABN AMRO FUNDS
- -------------------
MUNICIPAL BOND FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ....... $ 10.65 $ 10.56 $ 10.43 $ 9.92 $ 9.73 $ 10.36
----------- ---------- ---------- ---------- --------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.17 0.37 0.41 0.47 0.48 0.46
Net realized and unrealized gain
(loss) on investments ............... (0.16) 0.09 0.13 0.51 0.21 (0.63)
----------- ---------- ---------- ---------- --------- ----------
Total from investment operations .... 0.01 0.46 0.54 0.98 0.69 (0.17)
----------- ---------- ---------- ---------- --------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income ............ (0.17) (0.37) (0.41) (0.47) (0.50) (0.46)
Distributions from net realized
gain on investments ................. (0.15) -- -- -- -- --
----------- ---------- ---------- ---------- --------- ----------
Total distributions ................. (0.32) (0.37) (0.41) (0.47) (0.50) (0.46)
----------- ---------- ---------- ---------- --------- ----------
Net increase (decrease) in net asset value . (0.31) 0.09 0.13 0.51 0.19 (0.63)
----------- ---------- ---------- ---------- --------- ----------
Net Asset Value, End of Period ............. $ 10.34 $ 10.65 $ 10.56 $ 10.43 $ 9.92 $ 9.73
=========== ========== ========== ========== ========= ==========
TOTAL RETURN ............................... 0.08%(a) 4.45% 5.32% 10.09% 7.30% (1.77)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 53,093 $ 8,047 $ 54,264 $ 48,222 $ 18,903 $ 17,219
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser .......................... 0.93% 0.90% 0.81% 1.06% 1.17% 1.20%
After reimbursement of expenses
by Adviser .......................... 0.50% 0.50% 0.50% 0.18%(b) 0.10% 0.10%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser .......................... 2.84% 3.10% 3.62% 3.67% 3.82% 3.45%
After reimbursement of expenses
by Adviser .......................... 3.27% 3.50% 3.93% 4.55% 4.89% 4.55%
Portfolio Turnover ...................... 10.97%(a) 59.47% 53.17% 60.10% 91.58% 22.83%
<FN>
- ---------------------------------------------------------
(a) Not Annualized.
(b) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 0.10% to 0.50% on September 24, 2001.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 85
ABN AMRO FUNDS
- -------------------
INVESTOR MONEY MARKET FUND - CLASS N APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 10/31/00 10/31/99
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) 0.01 0.01 0.04 0.06 0.05
----------- ---------- ---------- ---------- ---------- ----------
Less distributions from
net investment income ............... --(a) (0.01) (0.01) (0.04) (0.06) (0.05)
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ............................... 0.27%(b) 0.78% 1.37% 4.40% 5.90% 4.76%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 200,623 $ 236,811 $ 340,537 $ 484,148 $ 359,483 $ 335,140
Ratios of expenses to average net assets:
Before reimbursement of expenses
by Adviser .......................... 0.52% 0.51% 0.52% 0.51% 0.50% 0.51%
After reimbursement of expenses
by Adviser .......................... 0.52% 0.51% 0.52% 0.51% 0.50% 0.51%
Ratios of net investment income
to average net assets:
Before reimbursement of expenses
by Adviser .......................... 0.55% 0.78% 1.39% 4.24% 5.72% 4.63%
After reimbursement of expenses
by Adviser .......................... 0.55% 0.78% 1.39% 4.24% 5.72% 4.63%
<FN>
- -------------------------------------------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 86
ABN AMRO FUNDS
- -------------------
APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE (A) FUND ORGANIZATION: The ABN AMRO Funds (the "Trust") was organized as a
Delaware statutory trust under a Declaration of Trust dated September 10, 1993.
The Trust is registered under the Investment Company Act of 1940, as amended
(the "1940 Act") as an open-end management investment company with 26 separate
portfolios.
Nineteen Funds of the Trust are included in these financial statements: ABN AMRO
Growth Fund (the "Growth Fund"), ABN AMRO/Montag & Caldwell Growth Fund (the
"M&C Growth Fund"), ABN AMRO/TAMRO Large Cap Value Fund (the "TAMRO Large Cap
Value Fund"), ABN AMRO Value Fund (the "Value Fund"), ABN AMRO/Veredus Select
Growth Fund (the "Veredus Select Growth Fund"), ABN AMRO Mid Cap Fund (the "Mid
Cap Fund"), ABN AMRO/TAMRO Small Cap Fund (the "TAMRO Small Cap Fund"), ABN
AMRO/Veredus Aggressive Growth Fund (the "Veredus Aggressive Growth Fund"), ABN
AMRO Real Estate Fund (the "Real Estate Fund"), ABN AMRO/Veredus SciTech Fund
(the "Veredus SciTech Fund"), ABN AMRO Equity Plus Fund (the "Equity Plus
Fund"), ABN AMRO Balanced Fund (the "Balanced Fund"), ABN AMRO/Montag & Caldwell
Balanced Fund (the "M&C Balanced Fund"), ABN AMRO Global Emerging Markets Fund
(the "Global Emerging Markets Fund"), ABN AMRO Bond Fund (the "Bond Fund"), ABN
AMRO Investment Grade Bond (the "Investment Grade Bond Fund"), ABN AMRO High
Yield Bond (the "High Yield Bond Fund"), ABN AMRO Municipal Bond Fund (the
"Municipal Bond Fund") and ABN AMRO Investor Money Market Fund (the "Investor
Money Market Fund") (each a "Fund" and collectively, the "Funds").
Growth Fund is authorized to issue four classes of shares (Class N Shares, Class
I Shares, Class C Shares and Class R Shares). M&C Growth Fund is authorized to
issue three classes of shares (Class N Shares, Class I Shares and Class R
Shares). Veredus Aggressive Growth Fund, Balanced Fund, M&C Balanced Fund, Bond
Fund, Investment Grade Bond Fund and High Yield Bond Fund are each authorized to
issue two classes of shares (Class N Shares and Class I Shares). TAMRO Large Cap
Value Fund, Value Fund, Veredus Select Growth Fund, Mid Cap Fund, TAMRO Small
Cap Fund, Real Estate Fund, Veredus SciTech Fund, Municipal Bond Fund and
Investor Money Market Fund are each authorized to issue one class of shares (N
Shares). Equity Plus Fund and Global Emerging Markets Fund are each authorized
to issue one class of Shares (I Shares). Currently Balanced Fund offers only
Class N Shares. Each class of shares are substantially the same except that (i)
Class C Shares are subject to a contingent deferred sales charge ("CDSC") of up
to 1.00%, which is imposed upon the sale of Class C Shares within 18 months of
their purchase, and (ii) certain classes of shares bear class specific expenses,
which include distribution fees, shareholder servicing fees and sub-transfer
agent fees.
NOTE (B) SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of the
significant accounting policies consistently followed by each Fund in the
preparation of its financial statements. These policies are in conformity with
accounting principles generally accepted in the United States. Certain
reclassifications have been made to prior year financial information to conform
with current year presentations.
(1) SECURITY VALUATION: Equity securities and index options traded on a national
securities exchange and over-the-counter securities listed on the NASDAQ
National Market System are valued at the last sale price or the NASDAQ Official
Closing Price ("NOCP"), when appropriate. If no last sale price or NOCP, when
appropriate, is reported, the mean of the last bid and asked prices is used.
Fixed income securities, except short-term investments, are valued on the basis
of mean prices provided by a pricing service when such prices are believed by
the Adviser to reflect the fair market value of such securities in accordance
with guidelines adopted. If accurate market quotations are not available,
securities are valued at the fair value as determined by the Adviser in
accordance with guidelines adopted by the Board of Trustees. Short-term
investments, that is, those with a remaining maturity of 60 days or less, are
valued at amortized cost, which approximates fair value. Repurchase agreements
are valued at cost which approximates fair value. Investments in other funds are
valued at the underlying fund's net asset value at the date of valuation.
Foreign securities are valued at the last sales price on the primary exchange
where the security is traded. Under the fair value procedures adopted by the
Board of Trustees, the Funds will rely primarily on the services of a third
party pricing service to determine fair value prices for foreign securities if
certain material events occur. For Investor Money Market Fund, all securities
are valued at amortized cost, which approximates fair value. Under the amortized
cost method, discounts and premiums are accreted and amortized ratably to
maturity and are included as interest income.
(2) REPURCHASE AGREEMENTS: Each Fund may enter into repurchase agreements with
financial institutions deemed to be creditworthy by the Fund's Adviser, subject
| 87
ABN AMRO FUNDS
- -------------------
APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
to the seller's agreement to repurchase and the Fund's agreement to resell such
securities at a mutually agreed upon price. Securities purchased subject to
repurchase agreements are deposited with the Fund's custodian and, pursuant to
the terms of the repurchase agreement, must have an aggregate market value
greater than or equal to the repurchase price plus accrued interest at all
times. If the value of the underlying securities falls below the value of the
repurchase price plus accrued interest, the Fund will require the seller to
deposit additional collateral by the next business day. If the request for
additional collateral is not met, or the seller defaults on its repurchase
obligation, the Fund has the right to sell the underlying securities at market
value and may claim any resulting loss against the seller.
(3) FORWARD CURRENCY TRANSACTIONS: Forward foreign exchange contracts are used
to hedge against foreign exchange risk arising from the Fund's investment or
anticipated investment in securities denominated in foreign currencies. A Fund
may also enter into these contracts for purposes of increasing exposure to a
foreign currency or to shift exposure to foreign currency fluctuations from one
country to another. All commitments are marked to market daily at the applicable
translation rates and any resulting unrealized gains or losses are recorded.
Realized gains or losses are recorded at the time the forward contract matures
or by delivery of the currency. Risks may arise upon entering these contracts
from the potential inability of counterparties to meet the terms of their
contracts and from unanticipated movements in the value of a foreign currency
relative to the U.S. dollar.
(4) WHEN ISSUED/DELAYED DELIVERY SECURITIES: The Funds may purchase and sell
securities on a "when issued" or "delayed delivery" basis, with settlement to
occur at a later date. The value of the security so purchased is subject to
market fluctuations during this period. The Funds will segregate assets having
an aggregate value at least equal to the amount of when issued or delayed
delivery purchase commitments until payment is made. At April 30, 2004,
Investment Grade Bond Fund had when issued and delayed delivery purchase
commitments of $504,667.
(5) MORTGAGE-BACKED SECURITIES: Balanced Fund, M&C Balanced Fund, Bond Fund,
Investment Grade Bond Fund, High Yield Bond Fund and Municipal Bond Fund may
invest in mortgage-backed securities (MBS), representing interests in pools of
mortgage loans. These securities provide shareholders with payments consisting
of both principal and interest as the mortgages in the underlying mortgage pools
are paid. The timely payment of principal and interest on mortgage-backed
securities issued or guaranteed by Ginnie Mae (formerly known as Government
National Mortgage Association) is backed by Ginnie Mae and the full faith and
credit of the U.S. government. Mortgage-backed securities issued by U.S.
government agencies or instrumentalities other than Ginnie Mae are not "full
faith and credit" obligations. Certain obligations, such as those issued by the
Federal Home Loan Bank, are supported by the issuer's right to borrow from the
U.S. Treasury. Others, such as those issued by Fannie Mae (formerly known as the
Federal National Mortgage Association), are supported by the credit of the
issuer. MBS issued by private agencies are not government securities and are not
directly guaranteed by any government agency. They are secured by the underlying
collateral of the private issuer. Yields on privately issued MBS tend to be
higher than those of government backed issues. However, risk of loss due to
default and sensitivity to interest rate fluctuations are also higher.
The Funds listed above may also invest in collateralized mortgage obligations
(CMOs) and real estate mortgage investment conduits (REMICs). A CMO is a bond
which is collateralized by a pool of MBS, and a REMIC is similar in form to a
CMO. These MBS pools are divided into classes with each class having its own
characteristics. The different classes are retired in sequence as the underlying
mortgages are repaid. A planned amortization class (PAC) is a specific class of
mortgages, which over its life will generally have the most stable cash flows
and the lowest prepayment risk. Prepayment may shorten the stated maturity of
the CMO and can result in a loss of premium, if any has been paid.
These Funds may also utilize interest only (IO) securities to increase the
diversification of the portfolio and manage risk. An IO security is a class of
MBS representing ownership in the cash flows of the interest payments made from
a specified pool of MBS. The cash flow on this instrument decreases as the
mortgage principal balance is repaid by the borrower.
(6) INVESTMENT INCOME AND SECURITIES TRANSACTIONS: Dividend income is recorded
on the ex-dividend date, except for certain dividends from foreign securities
where the ex-dividend date may have passed, which are recorded as soon as a Fund
is informed of the ex-dividend date. Interest income is accrued daily. Premiums
and discounts are amortized or accreted on a straight-line method for the
Investor Money Market Fund and effective yield on fixed income securities on all
other Funds. Securities transac-
| 88
ABN AMRO FUNDS
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APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
tions are accounted for on the date securities are purchased or sold. The cost
of securities sold is generally determined using the identified cost method.
(7) FOREIGN CURRENCY: Foreign currencies, investments and other assets and
liabilities are translated into U.S. dollars at the exchange rates using the
current 4:00 PM London Time Spot Rate. Fluctuations in the value of the foreign
currencies and other assets and liabilities resulting from changes in exchange
rates are recorded as unrealized foreign currency gains (losses). Realized gains
(losses) and unrealized appreciation (depreciation) on investment securities and
income and expenses are translated on the respective dates of such transactions.
The effect of changes in foreign currency exchange rates on investments in
securities are not segregated in the statement of operations from the effects of
changes in market prices of those securities, but are included with the net
realized and unrealized gain or loss on investment securities.
(8) FEDERAL INCOME TAXES: The Funds have elected to be treated as "regulated
investment companies" under Subchapter M of the Internal Revenue Code and to
distribute substantially all of their respective net taxable income.
Accordingly, no provisions for federal income taxes have been made in the
accompanying financial statements. The Funds intend to utilize provisions of the
federal income tax laws which allow them to carry a realized capital loss
forward for eight years following the year of the loss and offset such losses
against any future realized capital gains. At October 31, 2003, the following
Funds had available realized capital losses to offset future net capital gains
through the fiscal year ended:
2008 2009 2010 2011 TOTAL
---- ---- ---- ---- -----
Growth Fund ..................... $ 21,737,222 $ 16,345,479 $ 21,762,275 $ 9,280,318 $ 69,125,294
M&C Growth Fund ................. -- 113,814,617 269,879,575 72,782,075 456,476,267
TAMRO Large Cap Value Fund ...... -- 23,647 1,428,177 -- 1,451,824
Value Fund ...................... -- -- 19,307,363 1,555,038 20,862,401
Veredus Select Growth Fund ...... -- -- 487,624 -- 487,624
Veredus Aggressive Growth Fund .. -- 15,756,886 166,261,994 -- 182,018,880
Veredus SciTech Fund ............ -- 545,680 1,041,291 -- 1,586,971
Balanced Fund ................... -- 4,717,846 8,721,960 -- 13,439,806
M&C Balanced Fund ............... -- 16,152,430 18,558,256 2,978,228 37,688,914
Bond Fund ....................... 287,399 -- 2,478,635 -- 2,766,034
High Yield Bond Fund ............ -- -- -- 37,818 37,818
(9) MULTI-CLASS OPERATIONS: With respect to Growth Fund, M&C Growth Fund,
Veredus Aggressive Growth Fund, M&C Balanced Fund, Bond Fund, Investment Grade
Bond Fund and High Yield Bond Fund, each class offered by these Funds has equal
rights as to assets. Income, non-class specific expenses and realized and
unrealized capital gains and losses, if any, are allocated to each class of
shares based on the relative net assets of each class. Class specific expenses
include distribution fees, shareholder servicing fees and sub-transfer agent
fees.
(10) USE OF ESTIMATES: The preparation of financial statements in conformity
with accounting principles generally accepted in the United States 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 revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
(11) COMMITMENTS AND CONTINGENCIES: In the normal course of business, the Trust
enters into contracts on behalf of the Funds that contain a variety of
provisions for general indemnifications. Each Fund's maximum exposure under
these arrangements is unknown, as this would involve future claims that may be
made against each Fund that are not known at this time. However, based on
experience, the Funds believe the risk of loss is improbable.
NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: Dividends and distributions to shareholders are recorded on the
ex-dividend date. Bond Fund, Investment Grade Bond Fund and High Yield Bond Fund
distribute dividends from net investment income to shareholders monthly and net
realized gains from investment transactions, if any, are distributed at least
annually.
The following funds distribute dividends from net investment income to
shareholders quarterly and net realized gains from investment transactions, if
any, are distributed at least annually:
Growth Fund
M&C Growth Fund
TAMRO Large Cap Value Fund
Value Fund
Veredus Select Growth Fund
| 89
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
Mid Cap Fund
TAMRO Small Cap Fund
Veredus Aggressive Growth
Real Estate Fund
Veredus SciTech Fund
Equity Plus Fund
Balanced Fund
M&C Balanced Fund
Global Emerging Markets Fund distributes dividends from net investment income
and net realized gains from investment transactions, if any, at least annually.
Municipal Bond Fund and Investor Money Market Fund declare dividends daily,
which are payable monthly and are automatically reinvested in additional Fund
shares, at the month-end net asset value, for those shareholders that have
elected the reinvestment option. Net realized gains, if any, are distributed at
least annually. Differences in dividends per share between classes of Growth
Fund, M&C Growth Fund, Veredus Aggressive Growth Fund, M&C Balanced Fund, Bond
Fund, Investment Grade Bond Fund and High Yield Bond Fund are due to different
class expenses.
Net investment income and realized gains and losses for federal income tax
purposes may differ from those reported on the financial statements because of
permanent book and tax basis differences.
Distributions from net realized gains for book purposes may include short-term
capital gains, which are included as ordinary income for tax purposes.
The tax character of distributions paid during 2003 and 2002 was as follows:
DISTRIBUTIONS PAID IN 2003 DISTRIBUTIONS PAID IN 2002
-------------------------- --------------------------
TAX-EXEMPT LONG-TERM TAX-EXEMPT LONG-TERM
INCOME ORDINARY INCOME CAPITAL GAINS INCOME ORDINARY INCOME CAPITAL GAINS
------ --------------- ------------- ------ --------------- -------------
Growth Fund .............. $ -- $ -- $ -- $ -- $ -- $ 1,289,249
M&C Growth Fund .......... -- 14,063,027 -- -- 8,332,241 --
TAMRO Large Cap Value Fund -- 107,255 -- -- 54,062 --
Value Fund ............... -- 2,671,906 -- -- 1,101,116 2,051,354
Mid Cap Fund ............. -- -- -- -- -- 713,163
TAMRO Small Cap Fund ..... -- -- -- -- 35,662 1,558
Real Estate Fund ......... -- 740,295 898,102 -- 596,329 363,547
Equity Plus Fund ......... -- 1,423,331 6,389,707 -- 742,470 10,423,095
Balanced Fund ............ -- 4,352,069 -- -- 6,116,976 585,421
M&C Balanced Fund ........ -- 3,967,528 -- -- 5,505,477 --
Bond Fund ................ -- 25,014,471 -- -- 24,505,530 --
Investment Grade Bond Fund -- 2,349,011 1,543,571 -- 1,836,849 --
High Yield Bond Fund ..... -- 294,453 -- N/A N/A N/A
Municipal Bond Fund ...... 1,777,278 -- -- 2,004,217 -- --
Investor Money Market Fund -- 2,849,917 -- -- 5,426,946 --
As of October 31, 2003, the components of distributable earnings on a tax basis
were as follows:
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED UNDISTRIBUTED UNREALIZED
CARRYFORWARD ORDINARY INCOME TAX-EXEMPT INCOME LONG-TERM GAIN APPRECIATION
------------ --------------- ----------------- -------------- ------------
Growth Fund .................. $ (69,125,294) $ -- $ -- $ -- $ 150,143,750
M&C Growth Fund .............. (456,476,267) 1,493,636 -- -- 223,009,526
TAMRO Large Cap Value Fund ... (1,451,824) 6,165 -- -- 807,743
Value Fund ................... (20,862,401) 200,478 -- -- 13,574,487
Veredus Select Growth Fund ... (487,624) -- -- -- 150,911
Mid Cap Fund ................. -- -- -- 654,961 30,300,049
TAMRO Small Cap Fund ......... -- 4,876,999 -- 4,162,222 9,779,921
Veredus Aggressive Growth Fund (182,018,880) -- -- -- 96,962,667
Real Estate Fund ............. -- 239,844 -- 504,774 7,879,123
Veredus SciTech Fund ......... (1,586,971) -- -- -- 356,418
Equity Plus Fund ............. -- 126,790 -- 12,686,145 19,406,340
Balanced Fund ................ (13,439,806) 655,292 -- -- 42,831,129
M&C Balanced Fund ............ (37,688,914) 567,381 -- -- 16,782,944
Bond Fund .................... (2,766,034) 2,302,261 -- -- 2,860,490
Investment Grade Bond Fund ... -- 160,604 -- 1,396,278 260,782
High Yield Bond Fund ......... (37,818) 126,038 -- -- 345,092
Municipal Bond Fund .......... -- 250,780 81,597 437,915 2,600,480
Investor Money Market Fund ... -- 118,072 -- -- --
These amounts are as of the most recent tax year end.
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
NOTE (D) SHARES OF BENEFICIAL INTEREST: Each Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value. At April
30, 2004, ABN AMRO Asset Management Holdings, Inc. owned 5,540 shares of Growth
Fund, Class C and 5,540 shares of Class R, 5,373 shares of M&C Growth Fund,
Class R, 100,000 shares of Veredus Select Growth Fund, 9,901 shares of
Investment Grade Bond Fund, Class N, 999,987 shares of High Yield Bond Fund,
Class N and 999,986 shares of Class I, and 500,000 shares of Global Emerging
Markets, Class I. Share Transactions of the Funds are as follows:
SIX MONTHS ENDED APRIL 30, 2004
PROCEEDS FROM
REINVESTMENT NET INCREASE/(DECREASE)
CLASS N SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ---- ---------------- -------- ----------------------
Growth Fund .................. 9,707,641 -- (6,607,837) 3,099,804
M&C Growth Fund .............. 8,668,824 33,582 (8,878,262) (175,856)
TAMRO Large Cap Value Fund ... 259,624 3,021 (70,386) 192,259
Value Fund ................... 903,041 42,032 (713,308) 231,765
Veredus Select Growth Fund ... 62,450 -- (32,254) 30,196
Mid Cap Fund ................. 6,985,171 30,105 (2,822,293) 4,192,983
TAMRO Small Cap Fund ......... 3,607,234 486,161 (1,755,249) 2,338,146
Veredus Aggressive Growth Fund 9,373,238 -- (5,817,911) 3,555,327
Real Estate Fund ............. 787,530 46,330 (394,332) 439,528
Veredus SciTech Fund ......... 698,313 -- (168,660) 529,653
Balanced Fund ................ 2,819,730 196,278 (5,099,103) (2,083,095)
M&C Balanced Fund ............ 966,895 52,997 (1,284,898) (265,006)
Bond Fund .................... 3,155,744 379,041 (5,798,813) (2,264,028)
Investment Grade Bond Fund ... 72,782 3,181 (10,074) 65,889
High Yield Bond Fund ......... 73,349 936 (67,543) 6,742
Municipal Bond Fund .......... 1,559,700 65,869 (1,005,862) 619,707
Investor Money Market Fund ... 356,316,188 103,273 (392,607,872) (36,188,411)
PROCEEDS FROM
REINVESTMENT NET INCREASE/(DECREASE)
CLASS I SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ---- ---------------- -------- ----------------------
Growth Fund .................... 2,925,869 -- (413,912) 2,511,957
M&C Growth Fund ................ 15,619,635 348,607 (12,600,703) 3,367,539
Veredus Aggressive Growth Fund . 2,365,867 -- (1,368,650) 997,217
Equity Plus Fund ............... 48,991 969,332 (2,155,017) (1,136,694)
M&C Balanced Fund .............. 696,484 83,154 (1,604,110) (824,472)
Global Emerging Markets Fund (a) -- -- -- --
Bond Fund ...................... 2,148,861 159,014 (7,535,510) (5,227,635)
Investment Grade Bond Fund ..... 185,311 150,448 (580,673) (244,914)
High Yield Bond Fund ........... 145 227 -- 372
<FN>
(a) Global Emerging Markets Fund commenced operations on November 4, 2003.
Shares sold do not reflect the initial investment of 500,000 shares.
</FN>
PROCEEDS FROM
REINVESTMENT NET INCREASE
CLASS C SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ---- ---------------- -------- ----------------------
Growth Fund ..................... 2,486 -- -- 2,486
PROCEEDS FROM
REINVESTMENT NET INCREASE
CLASS R SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ---- ---------------- -------- ----------------------
Growth Fund ..................... 23,078 -- (577) 22,501
M&C Growth Fund ................. 12,188 10 (66) 12,132
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
YEAR ENDED OCTOBER 31, 2003
PROCEEDS FROM
REINVESTMENT REDEMPTION NET INCREASE/(DECREASE)
CLASS N SOLD OF DISTRIBUTIONS REDEEMED IN KIND IN SHARES OUTSTANDING
- ------- ---- ---------------- -------- ------- ---------------------
Growth Fund .................. 21,875,290 -- (13,128,612) -- 8,746,678
M&C Growth Fund .............. 24,124,168 -- (15,018,263) -- 9,105,905
TAMRO Large Cap Value Fund ... 471,857 11,842 (354,462) (400,737) (271,500)
Value Fund ................... 8,060,092 100,007 (1,116,476) -- 7,043,623
Veredus Select Growth Fund ... 57,417 -- (139,055) -- (81,638)
Mid Cap Fund ................. 10,462,766 -- (7,006,337) -- 3,456,429
TAMRO Small Cap Fund ......... 1,540,664 -- (1,523,548) -- 17,116
Veredus Aggressive Growth Fund 22,546,882 -- (20,870,597) -- 1,676,285
Real Estate Fund ............. 2,272,309 88,526 (370,819) -- 1,990,016
Veredus SciTech Fund ......... 476,416 -- (326,935) -- 149,481
Balanced Fund ................ 6,989,770 424,415 (8,272,700) -- (858,515)
M&C Balanced Fund ............ 4,233,971 96,359 (3,087,931) -- 1,242,399
Bond Fund .................... 8,228,971 755,253 (11,749,446) -- (2,765,222)
Investment Grade Bond Fund (a) 26,096 94 (34) -- 26,156
High Yield Bond Fund (b) ..... 66,030 3,295 (42,723) -- 26,602
Municipal Bond Fund .......... 2,858,408 50,827 (3,532,778) -- (623,543)
Investor Money Market Fund ... 952,930,175 352,027 (1,057,008,185) -- (103,725,983)
<FN>
(a) Investment Grade Bond Fund began issuing Class N Shares on June 30, 2003.
(b) High Yield Bond Fund Commenced investment operations on June 30, 2003.
Shares sold do not reflect the initial investment of 1,000,000 shares.
</FN>
PROCEEDS FROM
REINVESTMENT NET INCREASE/(DECREASE)
CLASS I SOLD OF DISTRIBUTIONS REDEEMED IN SHARES OUTSTANDING
- ------- ---- ---------------- -------- ----------------------
Growth Fund .................. 6,619,058 -- (1,864,500) 4,754,558
M&C Growth Fund .............. 48,422,532 637,229 (14,744,081) 34,315,680
Veredus Aggressive Growth Fund 2,438,986 -- (1,975,075) 463,911
Equity Plus Fund ............. 402,164 50,595 (4,059,377) (3,606,618)
M&C Balanced Fund ............ 1,878,207 166,601 (1,991,652) 53,156
Bond Fund .................... 15,710,264 372,717 (12,386,953) 3,696,028
Investment Grade Bond Fund ... 1,236,169 33,616 (1,600,898) (331,113)
High Yield Bond Fund (a) ..... 12,557 3,578 (3,453) 12,682
<FN>
(a) High Yield Bond Fund commenced investment operations on June 30, 2003.
Shares sold do not reflect the initial investment of 1,000,000 shares.
</FN>
NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales of
investment securities (other than short-term investments) for the period ended
April 30, 2004 were as follows:
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------- -------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ----- --------------- -----
Growth Fund ........... $ -- $ 222,447,869 $ -- $ 86,215,614
M&C Growth Fund ....... -- 1,109,479,680 -- 775,360,035
TAMRO Large Cap
Value Fund .......... -- 4,666,446 -- 2,371,970
Value Fund ............ -- 47,549,904 -- 46,209,647
Veredus Select
Growth Fund ......... -- 3,765,762 -- 3,474,342
Mid Cap Fund .......... -- 111,530,485 -- 31,129,747
TAMRO Small
Cap Fund ............ -- 64,260,989 -- 42,653,642
Veredus Aggressive
Growth Fund ......... -- 427,466,078 -- 334,999,965
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------- -------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ----- --------------- -----
Real Estate Fund ...... $ -- $ 11,256,788 $ -- $ 5,586,235
Veredus SciTech
Fund ................ -- 13,450,605 -- 9,262,991
Equity Plus Fund ...... -- 788,099 -- 26,900,256
Balanced Fund ......... 4,088,436 36,434,201 26,111,431 98,226,481
M&C Balanced
Fund ................ 929,986 49,713,290 5,357,450 55,188,144
Global Emerging
Markets Fund ........ -- 5,533,106 -- 719,388
Bond Fund ............. 28,509,534 77,981,760 95,830,429 79,913,602
Investment Grade
Bond Fund ........... 7,924,191 7,664,210 12,199,787 8,403,974
High Yield Bond Fund .. -- 7,587,939 -- 7,609,004
Municipal Bond Fund ... -- 12,927,570 -- 5,417,313
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
NOTE (F) ADVISORY, ADMINISTRATION AND DISTRIBUTION SERVICES AGREEMENTS: Under
various advisory agreements with the Funds, each Adviser provides the Funds with
investment advisory services. Under terms of each Fund's investment advisory
agreement, fees are accrued daily and paid monthly, based on a specified annual
rate of average daily net assets. In addition, certain Funds have an expense
limitation agreement with the Adviser, which capped annual total expenses for
Class N and Class I shareholders at certain specified annual rates of average
daily net assets, respectively. Contractual expense limitation contracts are
effective through February 28, 2005. The advisory rates and contractual expense
limitations for the six months ended April 30, 2004 were as follows:
CONTRACTUAL
EXPENSE LIMITATIONS
-------------------
ADVISORY FEES CLASS N CLASS I
------------- ------- -------
Growth Fund 0.70% N/A N/A
M&C Growth Fund 0.80% on first $800,000,000
0.60% over $800,000,000 N/A N/A
TAMRO Large Cap Value Fund 0.80% 1.20% N/A
Value Fund 0.80% 0.94% N/A
Veredus Select Growth Fund 0.80% 1.30% N/A
Mid Cap Fund (a) 0.80% on first $100,000,000
0.75% next $300,000,0000.
70% over $400,000,000 1.40% N/A
TAMRO Small Cap Fund 0.90% 1.30% N/A
Veredus Aggressive Growth Fund 1.00% 1.49% 1.24%
Real Estate Fund 1.00% 1.37% N/A
Veredus SciTech Fund 1.00% 1.60% N/A
Equity Plus Fund 0.40% N/A N/A
Balanced Fund 0.70% N/A N/A
M&C Balanced Fund 0.75% N/A N/A
Global Emerging Markets Fund 1.10% N/A 1.45%
Bond Fund 0.55% 0.74% 0.49%
High Yield Bond Fund 0.45% 0.80% 0.55%
Investment Grade Bond Fund (b) 0.50% 0.89% 0.64%
Municipal Bond Fund (c) 0.60% N/A N/A
Investor Money Market Fund 0.40% N/A N/A
(a) Effective December 22, 2003, the advisory fee for the Mid Cap Fund changed
from 0.80% to 0.80% of the first $100 million, 0.75% of the next $300
million and 0.70% over $400 million of the average daily net assets.
(b) Effective March 1, 2004, the advisory fee for Investment Grade Bond Fund
decreased from 0.70% to 0.50% of the average daily net assets.
(c) The Adviser voluntarily waived management fees and all distribution fees so
that the net expense ratio was 0.50%. The Adviser may revise or discontinue
the voluntary waivers at any time.
MFS Institutional Advisors, Inc. ("MFS") serves as the sub-adviser to Value
Fund. thinkorswim Advisors, Inc. serves as sub-adviser to Equity Plus Fund.
Optimum Investment Advisers, LP serves as sub-adviser to Mid Cap Fund.
Sub-advisory fees are paid monthly by the Adviser.
ABN AMRO Investment Fund Services, Inc. (the "Administrator"), provides the
Funds with various administrative services. Under terms of the administration
agreement, administration fees are accrued daily and paid monthly, based on a
specified percentage of average daily net assets of the Trust and custody
liaison fees are accrued for at a fixed charge that varies according to the size
of the fund. The fee arrangements are as follows:
ADMINISTRATION FEES ANNUAL RATE CUSTODY LIAISON FEES ANNUAL RATE
- ------------------- ----------- -------------------- -----------
First $2 billion 0.060% First $100 million $10,000
$2 billion to 0.050 $100 million to
$12.5 billion $500 million 15,000
Over $12.5 billion 0.045 Over $500 million 20,000
The Administrator has entered into a sub-administration agreement with PFPC Inc.
("PFPC") to provide certain administrative services to the Funds. Under terms of
the sub-administration agreement, sub-administration fees are accrued daily and
paid monthly, based on a specified percentage of average daily net assets, as
follows.
SUB-ADMINISTRATION FEES ANNUAL RATE
- ----------------------- -----------
First $2 billion 0.045%
$2 billion to $3 billion 0.040%
$3 billion to $8 billion 0.030%
$8 billion to $12 billion 0.025%
Over $12 billion 0.020%
Under the sub-administration agreement with PFPC, custody liaison fees are fixed
at an annual rate of $10,000 per Fund.
ABN AMRO Distribution Services (USA) Inc. serves as principal underwriter and
distributor of the Funds' shares. Pursuant to Rule 12b-1 distribution plans (the
"Plans") adopted by the Funds, with the exception of Investor Money Market Fund,
with respect to Class N shares, Class R shares and Class C shares, the Funds pay
certain expenses associated with the distribution of their shares. Under the
Plan, each Fund may pay actual expenses not exceeding, on an annual basis, 0.25%
of each participating Fund's Class N average daily net assets, 0.50% of each
participating Fund's Class R average daily net assets and 0.75% of each
participating Fund's Class C average daily net assets. The Class I shares of
Growth Fund, M&C Growth Fund, Veredus Aggressive Growth Fund, Equity Plus Fund,
M&C Balanced Fund, Global Emerging Markets, Bond Fund, Investment Grade Bond
Fund and High Yield Bond Fund do not have distribution plans.
The Growth Fund has also adopted a shareholder servicing plan for the Class C
shares. The Distributor is paid a fee at an annual rate up to 0.25% of the
average daily net assets of the Class C shares, for its efforts in maintaining
client accounts, arranging bank wires, responding
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NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
to client inquiries concerning services provided on investments and assisting
clients in purchase, redemption and exchange transactions and changing their
dividend options, account designations and addresses. In addition, the
Distributor is paid a CDSC of up to 1.00% on the redemption of Class C Shares
within 18 months of their purchase. For the six months ended April 30, 2004, the
Distributor did not receive any CDSC from redemptions.
In addition, some of the Funds, with respect to Class N shares, Class I shares,
Class Cshares and Class R shares, charge a sub-transfer agent fee pursuant to
certain fee arrangements. For the period ended April 30, 2004, the fees charged
to these Funds for Class N, Class I, Class C and Class R which are included in
the Transfer agent fees on the Statement of Operations, were as follows:
SUB-TRANSFER AGENTS FEES
------------------------
CLASS N CLASS I CLASS C CLASS R
------- ------- ------- -------
Growth Fund ........ $128,798 $10,253 $ 622 $ 846
M&C Growth Fund .... 184,569 17,812 -- --
TAMRO Large Cap
Value Fund ....... 599 -- -- --
Value Fund ......... 17 -- -- --
Mid Cap Fund ....... 59,053 -- -- --
TAMRO Small Cap
Fund ............. 6,413 -- -- --
Veredus Aggressive
Growth Fund ...... 87,636 3,488 -- --
Real Estate Fund ... 2,203 -- -- --
Veredus SciTech Fund 1,301 -- -- --
Balanced Fund ...... 12,908 -- -- --
M&C Balanced Fund .. 5,106 -- -- --
Bond Fund .......... 8,119 -- -- --
Municipal Bond Fund 5,393 -- -- --
The Trust does not compensate its officers or interested Trustees who are
affiliated with the Adviser. Effective March 1, 2004, the Trust pays each
non-interested Trustee and non-affiliated interested and Advisory Trustee $5,000
per Board of Trustees' meeting attended and an annual retainer of $10,000 and
reimburses each non-interested Trustee and non-affiliated interested and
Advisory Trustee for out-of-pocket expenses. The Chairman of the Audit Committee
receives an additional $5,000 per year. Prior to March 1, 2004, Trust paid each
non-interested Trustee and non-affiliated interested and Advisory Trustee $5,000
per Board of Trustees' meeting attended and an annual retainer of $5,000 and
reimbursed each non-interested Trustee and non-affiliated interested and
Advisory Trustee for out-of-pocket expenses.
NOTE (G) CREDIT AGREEMENT: The Credit Agreement, amended March 17, 2004, with
The Bank of Nova Scotia provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by the series of the Trust, including
these Funds, and is available for temporary, emergency purposes including
liquidity needs in meeting redemptions. The annual facility fee is 0.11% of the
commitment amount of the facility in addition to reasonable administrative and
legal expenses incurred in connection with the preparation of any amendments.
The interest rate on outstanding loans is equivalent to the Federal Funds Rate
or LIBOR (London InterBank Offering Rate), as applicable, plus 0.625%.
Borrowings must be repaid within 60 days. At April 30, 2004, there were no
borrowings outstanding against the line of credit.
NOTE (H) LIQUIDATIONS: At a meeting held on February 16, 2004, the Board of
Trustees of the Trust approved the liquidations of International Equity Fund and
Select Small Cap Fund effective March 26, 2004.
SUBSEQUENT EVENT: ABN AMRO Mid Cap Fund, Class I, is currently in registration
with the Securities and Exchange Commission with an anticipated commencement
date on or about June 30, 2004.
| 94
[GRAPHIC OMITTED]
ABN AMRO Funds
ABN AMRO MID CAP FUND
CLASS N SHARES
SUPPLEMENT DATED JUNE 25, 2004 TO ABN AMRO
FUNDS CLASS N, I, C & R SHARES SEMI-ANNUAL REPORT DATED
APRIL 30, 2004
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE SEMI-ANNUAL REPORT AND SHOULD BE RETAINED AND READ IN CONJUNCTION WITH THE
REPORT.
ABN AMRO MID CAP FUND held a shareholder meeting on December 22, 2003.
Accordingly, the Notes to Financial Statements are supplemented to contain the
following information:
SHAREHOLDER VOTING RESULTS (UNAUDITED): At a Special Shareholder
Meeting held on December 22, 2003, shareholders of the ABN AMRO Mid Cap Fund
("the Fund") approved a new Sub-Investment Advisory Agreement for the Fund by
and between ABN AMRO Asset Management, Inc. and Optimum Investment Advisors LP:
VOTED FOR: VOTED AGAINST: ABSTAINED:
6,780,997 53,104 80,214
INVESTORS SHOULD RETAIN THIS SUPPLEMENT
WITH THE SEMI-ANNUAL REPORT FOR FUTURE REFERENCE.
For more information, please call ABN AMRO Funds: 800 992-8151
or visit our website at www.abnamrofunds.com
This page intentionally left blank.
ABN AMRO FUNDS
ADVISERS
ABN AMRO Asset Management (USA) LLC
161 North Clark Street
Chicago, IL 60601
ABN AMRO Asset Management, Inc.
161 North Clark Street
Chicago, IL 60601
Montag & Caldwell, Inc.
3455 Peachtree Road, NE, Suite 1200
Atlanta, GA 30326
TAMRO Capital Partners LLC
1660 Duke St.
Alexandria, VA 22314
Veredus Asset Management LLC
One Paragon Centre
6060 Dutchmans Lane, Suite 320
Louisville, KY 40205
SHAREHOLDER SERVICES
ABN AMRO Funds
P.O. Box 9765
Providence, RI 02940
DISTRIBUTOR
ABN AMRO Distribution Services (USA) Inc.
760 Moore Road
King of Prussia, PA 19406
OFFICERS
Kenneth C. Anderson, President and Chief
Executive Officer
Gerald F. Dillenburg, Senior Vice President,
Secretary, Treasurer and Chief
Operations Officer
William Long, Vice President
Juli A. Braun, Assistant Secretary
Michael A. Cozzi, Assistant Treasurer
Laura M. Hlade, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153
LEGAL COUNSEL
Vedder, Price, Kaufman & Kammholz
222 N. LaSalle Street
Chicago, IL 60601
THIS REPORT IS SUBMITTED FOR GENERAL INFORMATION TO THE SHAREHOLDERS OF THE
FUNDS. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE
FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS WHICH INCLUDES
DETAILS REGARDING THE FUNDS' OBJECTIVES, POLICIES, EXPENSES AND OTHER
INFORMATION.
| 96
Guide to Shareholder Benefits
We're delighted to offer all ABN AMRO Funds shareholders a variety of services
and convenient options. To receive more information about any of these benefits,
simply call an Investor Services Associate Monday through Friday, 9 a.m. - 7
p.m. ET.
THE EASY WAY TO ADD TO YOUR
ACCOUNT: START AN AUTOMATIC
INVESTMENT PLAN
For N class shareholders, systematic investing is an easy, effortless way to
help reach any investment goal. Just choose a fixed amount, and we'll
automatically deduct it from your checking or savings account on a regular
schedule and invest it in your ABNAMRO Funds account. The service is free, and
the minimum initial investment is just $50. Periodic investment plans involve
continuous investments in securities regardless of price. You should consider
your financial ability to continue to purchase shares through periods of both
high and low price levels. This plan does not assure a profit and does not
protect against loss in declining markets.
COMPOUND YOUR EARNINGS WITH
AUTOMATIC DIVIDEND REINVESTMENT
By automatically reinvesting dividends into your Fund account, profits have the
opportunity to mount. Monthly and quarterly dividends and annual capital gain
distributions are reinvested at no charge.
LOW MINIMUM INITIAL INVESTMENTS
The minimum initial investment for N class shares of ABN AMRO Funds is just
$2,500 ($500 for IRAs). And subsequent investments can be as low as $50.
FREE CHECK WRITING SERVICES
AVAILABLE
If you are an investor in ABN AMRO Investor Money Market Fund, you can take
advantage of free check writing privileges. Checks must be written for $100 or
more.
ACCESS INFORMATION AND MAKE
TRANSACTIONS ONLINE AT OUR
WEB SITE
You can access account balances, obtain fund information and make transactions
online 24 hours a day, 7 days a week.
- -------------------------------
www.abnamrofunds.com
- -------------------------------
Our Shareholder Services Line
Is at Your Service 24 Hours a Day
- -------------------------------
800 992-8151
Investor Services Associates are available to assist you Monday - Friday 9 a.m.
to 7 p.m., ET. Or, call any time, day or night, for automated account
information to make exchanges or check fund performance.
ABSEM 04 01
APRIL 30, 2004
[LOGO OMITTED] ABN AMRO ASSET MANAGEMENT
Semi-Annual Report 2004
ABN AMRO ASSET MANAGEMENT O MONTAG & CALDWELL
TAMRO CAPITAL PARTNERS O VEREDUS ASSET MANAGEMENT
ABN AMRO Funds
CLASS I & S SHARES
Money Market
ABN AMRO Funds
TABLE OF CONTENTS
Performance Summary............................... 1
Schedules of Investments.......................... 2
Statement of Assets and Liabilities............... 9
Statement of Operations........................... 10
Statement of Changes in Net Assets................ 11
Financial Highlights.............................. 13
Notes to Financial Statements..................... 17
MONEY MARKET FUNDS
Government Money Market Fund
Money Market Fund
Tax-Exempt Money Market Fund
Treasury Money Market Fund
FEES AND EXPENSES APPLY AS DESCRIBED IN THE PROSPECTUS, WHICH MUST PRECEDE OR
ACCOMPANY THIS REPORT. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR
SEND MONEY.
ABN AMRO FUNDS ARE DISTRIBUTED BY ABN AMRO DISTRIBUTION SERVICES (USA) INC., 760
MOORE ROAD, KING OF PRUSSIA, PA 19406.
DESCRIPTIONS OF ABN AMRO FUNDS' PROXY VOTING POLICIES AND PROCEDURES ARE
AVAILABLE UPON REQUEST AND WITHOUT CHARGE ON ABN AMRO FUNDS' WEBSITE AT
ABNAMROFUNDS.COM OR THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT SEC.GOV
OR BY CALLING 800/922-8151.
- -----------------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
- -----------------------------------------------------------
- -------------------------------------------------------------------------------
ABN AMRO IS A REGISTERED SERVICE MARK OF ABN AMRO HOLDING N.V. ALL RIGHTS
RESERVED.
- -------------------------------------------------------------------------------
SHAREHOLDER SERVICES 800 992-8151 O WWW.ABNAMROFUNDS.COM
ABN AMRO FUNDS
- -----------------------
PERFORMANCE SUMMARY (UNAUDITED)
AS OF APRIL 30, 2004
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------------------
YIELDS RETURNS
- --------------------------------------------------------------------------------------------------------------------------------
AVERAGE AVERAGE
7-DAY 30-DAY ANNUAL ANNUAL
INCEPTION AVERAGE AVERAGE SIX MONTH ONE YEAR 5 YEAR 10 YEAR
DATE CLASS YIELD YIELD RETURN(A) RETURN RETURN RETURN
- --------------------------------------------------------------------------------------------------------------------------------
Government Money Market Fund 01/04/93 I 0.75% 0.75% 0.38% 0.80% 3.19% 4.15%
- --------------------------------------------------------------------------------------------------------------------------------
04/22/93 S 0.43% 0.43% 0.22% 0.48% 2.85% 3.85%
- --------------------------------------------------------------------------------------------------------------------------------
Money Market Fund 01/04/93 I 0.70% 0.70% 0.35% 0.74% 3.20% 4.20%
- --------------------------------------------------------------------------------------------------------------------------------
03/31/93 S 0.34% 0.34% 0.17% 0.38% 2.83% 3.86%
- --------------------------------------------------------------------------------------------------------------------------------
Tax-Exempt Money Market Fund 01/04/93 I 0.66% 0.64% 0.31% 0.62% 2.05% 2.62%
- --------------------------------------------------------------------------------------------------------------------------------
03/24/93 S 0.41% 0.39% 0.19% 0.36% 1.80% 2.36%
- --------------------------------------------------------------------------------------------------------------------------------
Treasury Money Market Fund 01/04/93 I 0.60% 0.60% 0.30% 0.65% 2.99% 3.90%
- --------------------------------------------------------------------------------------------------------------------------------
03/25/93 S 0.35% 0.35% 0.17% 0.40% 2.73% 3.64%
- --------------------------------------------------------------------------------------------------------------------------------
<FN>
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN WILL FLUCTUATE SO THAT AN
INVESTOR'S SHARES, UPON REDEMPTION MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH-END, PLEASE VISIT
OUR WEBSITE AT WWW.ABNAMROFUNDS.COM.
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTIONS OF FUND SHARES. RETURN FIGURES
REFLECT ANY EXPENSE REIMBURSEMENTS AND FEE WAIVERS. WITHOUT REIMBURSEMENTS OR
WAIVERS, FUND RETURNS WOULD HAVE BEEN LOWER.
INVESTMENTS IN THE ABN AMRO MONEY MARKET FUNDS ARE NOT INSURED OR GUARANTEED BY
THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.
ALTHOUGH THE FUNDS SEEK TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER
SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE FUNDS. THE 7-DAY YIELD
MORE CLOSELY REFLECTS THE FUNDS' CURRENT EARNINGS THAN THE TOTAL RETURN
QUOTATION.
(A) NOT ANNUALIZED
</FN>
| 1
ABN AMRO FUNDS
- -----------------------
GOVERNMENT MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CASH AND OTHER NET ASSETS 3%
REPURCHASE AGREEMENT 13%
U.S. GOVERNMENT AGENCY OBLIGATIONS 84%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
--------- ------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 84.25%
FEDERAL AGRICULTURAL MORTGAGE - 1.77%
$ 7,683,000 0.970%, 05/13/04 (a) ................. $ 7,680,516
------------
FEDERAL FARM CREDIT BANK - 6.90%
15,000,000 0.995%, 05/05/04 (b) ................. 15,000,000
5,000,000 1.070%, 09/10/04 (a) ................. 4,980,383
5,000,000 1.050%, 09/20/04 (a) ................. 4,979,292
5,000,000 1.090%, 10/06/04 (a) ................. 4,976,080
------------
29,935,755
------------
FEDERAL HOME LOAN BANK - 20.10%
7,000,000 1.140%, 05/07/04 (a) ................. 6,998,670
5,000,000 4.875%, 05/14/04 ..................... 5,006,377
10,000,000 1.000%, 05/26/04 (a) ................. 9,993,056
12,180,000 0.950%, 05/28/04 (a) ................. 12,171,322
9,100,000 1.050%, 07/21/04 (a) ................. 9,078,501
10,000,000 1.030%, 07/30/04 (a) ................. 9,974,250
4,900,000 6.250%, 08/13/04 ..................... 4,969,573
10,000,000 1.070%, 08/27/04 (a) ................. 9,964,928
9,000,000 1.060%, 09/15/04 (a) ................. 8,963,695
10,000,000 3.625%, 10/15/04 ..................... 10,113,222
------------
87,233,594
------------
FEDERAL HOME LOAN MORTGAGE - 27.59%
10,000,000 1.000%, 05/04/04 (a) ................. 9,999,167
3,129,000 1.180%, 05/06/04 (a) ................. 3,128,487
10,000,000 1.050%, 05/10/04 (a) ................. 9,997,375
10,000,000 0.970%, 05/11/04 (a) ................. 9,997,305
6,718,000 0.990%, 05/11/04 (a) ................. 6,716,152
7,162,000 1.000%, 05/11/04 (a) ................. 7,160,011
10,814,000 1.000%, 05/12/04 (a) ................. 10,810,696
10,000,000 0.990%, 06/01/04 (a) ................. 9,991,475
5,000,000 1.020%, 06/07/04 (a) ................. 4,994,758
5,000,000 1.145%, 06/09/04 (a) ................. 4,993,798
10,000,000 1.020%, 08/03/04 (a) ................. 9,973,367
5,000,000 1.200%, 09/09/04 (a) ................. 4,978,167
6,000,000 1.090%, 10/12/04 (a) ................. 5,970,207
MARKET
PAR VALUE VALUE
--------- ------
FEDERAL HOME LOAN MORTGAGE (CONTINUED)
$ 5,000,000 1.140%, 10/18/04 (a) ................. $ 4,973,083
8,000,000 3.250%, 11/15/04 ..................... 8,092,288
8,000,000 1.140%, 11/17/04 (a) ................. 7,949,333
------------
119,725,669
------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION (A) - 27.89%
15,000,000 1.000%, 05/03/04 ..................... 14,999,167
6,800,000 1.000%, 05/05/04 ..................... 6,799,245
10,030,000 0.985%, 05/19/04 ..................... 10,025,060
15,000,000 0.990%, 06/02/04 ..................... 14,986,800
10,000,000 0.980%, 06/16/04 ..................... 9,987,478
15,000,000 1.030%, 07/07/04 ..................... 14,971,246
5,935,000 1.005%, 07/14/04 ..................... 5,922,129
10,000,000 1.080%, 08/04/04 ..................... 9,971,500
8,500,000 1.080%, 08/10/04 ..................... 8,474,245
10,000,000 1.050%, 08/18/04 ..................... 9,968,208
5,000,000 1.110%, 10/04/04 ..................... 4,975,950
10,000,000 1.160%, 10/13/04 ..................... 9,946,833
------------
121,027,861
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $365,603,395) ................ 365,603,395
------------
REPURCHASE AGREEMENT - 12.67%
55,000,000 Merrill Lynch, 0.970%, dated 04/30/04,
matures 05/03/04, repurchase price
$55,004,446 (collateralized by U.S.
Government Agency Instrument,
total market value $56,095,372) .... 55,000,000
------------
TOTAL REPURCHASE AGREEMENT
(Cost $55,000,000) ................. 55,000,000
------------
SHARES
------
INVESTMENT COMPANIES - 3.08%
1,169,763 BlackRock Provident Institutional
FedFund Portfolio .................. 1,169,763
12,205,168 STIT Government & Agency Portfolio ... 12,205,168
------------
TOTAL INVESTMENT COMPANIES
(Cost $13,374,931) ................. 13,374,931
------------
TOTAL INVESTMENTS - 100.00%
(Cost $433,978,326)* ............................. 433,978,326
------------
NET OTHER ASSETS AND LIABILITIES - 0.00% ............ (20,086)
------------
NET ASSETS - 100.00% ................................ $433,958,240
============
- --------------------------------------------
* At April 30, 2004, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
(b) Variable rate note. The interest rate shown reflects the rate in effect at
April 30, 2004.
STIT Short-Term Investments Trust PLC
PLC Public Limited Company
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 2
ABN AMRO FUNDS
- -----------------------
MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
BANKS 33%
ASSET-BACKED SECURITIES 24%
CERTIFICATES OF DEPOSIT 17%
U.S. GOVT AGENCY OBLIGATIONS 8%
FINANCIAL SERVICES 7%
AUTOMOBILE 3%
INSURANCE 3%
CASH AND OTHER NET ASSETS 2%
AIRLINES 2%
BANK NOTE 1%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
--------- ------
COMMERCIAL PAPER (A) - 71.97%
AIRLINES - 2.40%
International Lease Finance
$ 1,030,000 1.020%, 05/03/04 ................... $ 1,029,942
2,500,000 1.030%, 06/08/04 ................... 2,497,282
------------
3,527,224
------------
ASSET-BACKED (B) - 23.61%
CRC Funding
1,500,000 1.030%, 05/10/04 ................... 1,499,614
4,000,000 1.030%, 05/17/04 ................... 3,998,169
3,944,000 Edison Asset Securitization
1.080%, 08/16/04 ................... 3,931,340
4,000,000 FCAR Owner Trust
1.040%, 05/17/04 ................... 3,998,151
4,821,000 Fountain Square Commercial
Funding
1.120%, 07/30/04 ................... 4,807,501
Giro-Multifunding
2,000,000 1.030%, 05/17/04 ................... 1,999,084
3,500,000 1.030%, 05/20/04 ................... 3,498,097
Jupiter Securitization
1,500,000 1.030%, 05/04/04 ................... 1,499,871
2,500,000 1.040%, 05/11/04 ................... 2,499,278
1,500,000 1.040%, 06/02/04 ................... 1,498,613
5,500,000 Receivables Capital
1.030%, 05/05/04 ................... 5,499,371
------------
34,729,089
------------
AUTOMOBILE - 2.71%
4,000,000 Toyota Motor Credit
1.030%, 06/02/04 ................... 3,996,338
------------
BANKS - 33.06%
ANZ (DE)
900,000 1.050%, 06/02/04 ................... 899,160
2,100,000 1.050%, 06/03/04 ................... 2,097,979
5,000,000 CDC IXIS Capital Markets
1.020%, 05/21/04 ................... 4,997,167
MARKET
PAR VALUE VALUE
--------- ------
BANKS (CONTINUED)
Danske
$ 1,100,000 1.050%, 05/12/04 ................... $ 1,099,647
3,000,000 1.020%, 05/19/04 ................... 2,998,470
1,810,000 1.050%, 06/04/04 ................... 1,808,205
Depfa Bank (NY)
2,000,000 1.055%, 06/18/04 ................... 1,997,187
1,000,000 1.085%, 10/18/04 ................... 994,876
1,000,000 1.190%, 11/23/04 ................... 993,190
HBOS Treasury Services
1,500,000 1.030%, 05/07/04 ................... 1,499,742
1,000,000 1.050%, 06/04/04 ................... 999,008
1,367,000 1.050%, 06/21/04 ................... 1,364,967
KfW International Finance
2,000,000 1.000%, 05/05/04 ................... 1,999,778
900,000 1.040%, 06/08/04 ................... 899,012
1,000,000 1.150%, 09/17/04 ................... 995,560
4,000,000 Marshall & Isley
1.030%, 05/28/04 ................... 3,996,910
5,500,000 Rabobank Nederland (NY)
1.020%, 05/03/04 ................... 5,499,688
2,500,000 Royal Bank of Scotland (NY)
1.050%, 06/15/04 ................... 2,496,719
6,000,000 Societe Generale (NY)
1.040%, 05/06/04 ................... 5,999,133
5,000,000 UBS Finance (DE)
1.030%, 06/10/04 ................... 4,994,278
------------
48,630,676
------------
FINANCIAL SERVICES - 7.47%
5,000,000 American Express Credit
1.020%, 05/24/04 ................... 4,996,742
1,000,000 General Electric Capital
1.120%, 10/05/04 ................... 995,115
5,000,000 Morgan Stanley
1.030%, 05/26/04 ................... 4,996,424
------------
10,988,281
------------
INSURANCE - 2.72%
4,000,000 Prudential Funding
1.030%, 05/12/04 ................... 3,998,741
------------
TOTAL COMMERCIAL PAPER
(Cost $105,870,349) ................ 105,870,349
------------
CERTIFICATES OF DEPOSIT - 17.00%
2,000,000 Abbey National Treasury Services
1.120%, 09/27/04 ................... 2,000,041
1,000,000 BNP Paribas (NY)
1.390%, 08/27/04 ................... 1,000,610
Fortis Bank (NY)
2,000,000 1.205%, 05/14/04 ................... 2,000,004
1,000,000 1.160%, 10/04/04 ................... 1,000,043
2,000,000 Halifax Bank of Scotland (NY)
1.085%, 05/11/04 ................... 2,000,003
4,000,000 Harris Trust & Savings Bank
1.020%, 05/11/04 ................... 4,000,000
1,000,000 Regions Bank
1.160%, 10/15/04 ................... 1,000,000
Royal Bank of Scotland (NY)
1,000,000 1.120%, 09/07/04 ................... 999,988
1,000,000 1.390%, 09/07/04 ................... 1,000,813
1,000,000 Southtrust Bank
1.080%, 07/13/04 ................... 1,000,000
5,000,000 State Street Bank & Trust
1.030%, 05/10/04 ................... 5,000,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 3
ABN AMRO FUNDS
- -----------------------
MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
CERTIFICATES OF DEPOSIT (CONTINUED)
$ 2,000,000 Svenska Handelsbanken (NY)
1.260%, 06/29/04 ................... $ 2,000,032
2,000,000 West Deutsche Landesbank (NY)
1.220%, 05/25/04 ................... 2,000,013
------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $25,001,547) ................. 25,001,547
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS (A) - 7.63%
FEDERAL HOME LOAN MORTGAGE - 2.03%
1,000,000 1.180%, 05/06/04 ..................... 999,836
1,000,000 1.200%, 09/09/04 ..................... 995,633
1,000,000 1.140%, 10/18/04 ..................... 994,617
------------
2,990,086
------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 5.60%
3,000,000 1.040%, 08/04/04 ..................... 2,991,767
3,265,000 1.080%, 08/10/04 ..................... 3,255,107
2,000,000 1.200%, 08/20/04 ..................... 1,992,600
------------
8,239,474
------------
TOTAL U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $11,229,560) ................. 11,229,560
------------
BANK NOTE - 1.36%
2,000,000 U.S. Bank
1.170%, 11/17/04 ................... 2,000,214
------------
TOTAL BANK NOTE
(Cost $2,000,214) .................. 2,000,214
------------
SHARES
- ----------
INVESTMENT COMPANY - 2.00%
2,945,729 BlackRock Provident Institutional
TempFund Portfolio ................. 2,945,729
------------
TOTAL INVESTMENT COMPANY
(Cost $2,945,729) .................. 2,945,729
------------
TOTAL INVESTMENTS - 99.96%
(Cost $147,047,399)* ............................. 147,047,399
------------
NET OTHER ASSETS AND LIABILITIES - 0.04% ............ 65,262
------------
NET ASSETS - 100.00% ................................ $147,112,661
============
- ---------------------------------------------
* At April 30, 2004, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
(b) Securities exempt from registration under section 4(2) of the Securities
Act of 1933, as amended. These securities may only be resold in an exempt
transaction to qualified institutional buyers. At April 30, 2004, these
securities amounted to $34,729,089 or 23.61% of net assets. These
securities have been determined by the Adviser to be liquid securities.
(DE) Delaware
(NY) New York
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 4
ABN AMRO FUNDS
- -----------------------
TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
GENERAL OBLIGATION 30%
UTILITIES 29%
MEDICAL 15%
POLLUTION 11%
OTHER MUNICIPAL SECURITIES 7%
EDUCATION 3%
DEVELOPMENT 2%
TRANSPORTATION 2%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
--------- ------
MUNICIPAL OBLIGATIONS - 98.91%
ALASKA - 2.11%
Valdez Marine Terminal RB
BP Pipelines Project
$ 3,700,000 1.100%, 05/01/04 (a) ............... $ 3,700,000
200,000 1.100%, 05/01/04 (a) ............... 200,000
2,250,000 Exxon Pipeline Co. Project
1.030%, 05/01/04 (a) ............... 2,250,000
------------
6,150,000
------------
ARIZONA - 2.41%
7,000,000 Salt River Project TECP
0.950%, 07/14/04 ................... 7,000,000
------------
COLORADO - 3.93%
Colorado Educational & Cultural
Facilities RB
3,055,000 Naropa University Project
1.120%, 05/07/04 (a)
LOC: Wells Fargo Bank .............. 3,055,000
365,000 National Cable Television Center
1.120%, 05/07/04 (a)
LOC: Wells Fargo Bank .............. 365,000
8,000,000 Colorado State, TRAN
1.750%, 06/25/04 ................... 8,010,963
------------
11,430,963
------------
CONNECTICUT - 4.45%
Connecticut State Health, GO
10,000,000 Series A
1.120%, 05/07/04 (a)
SPA: Landesbank .................... 10,000,000
2,000,000 Series B
1.070%, 05/07/04 (a)
SPA: Bayerische Landesbank ......... 2,000,000
MARKET
PAR VALUE VALUE
--------- ------
CONNECTICUT (CONTINUED)
Connecticut State HEFA RB,
Yale University
$ 850,000 Series T-1
1.050%, 05/01/04 (a) ............... $ 850,000
100,000 Series T-2
0.930%, 05/07/04 (a) ............... 100,000
------------
12,950,000
------------
DISTRICT OF COLUMBIA - 1.20%
3,500,000 District of Columbia, American
Red Cross TECP
0.950%, 06/02/04 ................... 3,500,000
------------
FLORIDA - 5.60%
10,300,000 Jacksonville Electric Authority
System TECP
0.950%, 06/09/04 ................... 10,300,000
6,000,000 Sarasota Memorial Hospital
District TECP
0.990%, 06/02/04 ................... 6,000,000
------------
16,300,000
------------
GEORGIA - 7.73%
12,500,000 Burke County Development
Authority TECP
0.950%, 05/05/04 ................... 12,500,000
10,000,000 Municipal Electric Authority of
Georgia TECP
0.980%, 05/19/04 ................... 10,000,000
------------
22,500,000
------------
IDAHO - 2.75%
8,000,000 Idaho State, TAN
2.000%, 06/30/04 ................... 8,015,610
------------
ILLINOIS - 3.09%
Illinois Health Facilities Authority RB
200,000 Resurrection Health, Series A
1.100%, 05/07/04 (a)
Insured: FSA
SPA: Bank One ...................... 200,000
8,800,000 Rush Presbyterian - St. Luke's
Medical Center
Obligated Group, Series B
1.080%, 05/07/04 (a)
Insured: MBIA
SPA: First National Bank ........... 8,800,000
------------
9,000,000
------------
INDIANA - 0.14%
400,000 Hammond PCR
Amoco Oil Project
1.100%, 05/07/04 (a) ............... 400,000
------------
IOWA - 0.58%
1,700,000 Ottumwa RB, Ottumwa Regional
Health Center
1.120%, 05/07/04 (a)
LOC: Wells Fargo Bank .............. 1,700,000
------------
LOUISIANA - 4.33%
12,600,000 St. Charles Parish PCR
Shell Oil Project, Series B
1.060%, 05/01/04 (a) ............... 12,600,000
------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 5
ABN AMRO FUNDS
- -----------------------
TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
MARYLAND - 2.30%
Maryland State Health & Higher
Education Facilities Authority RB
Pooled Loan Program
$ 2,600,000 Series A
1.070%, 05/07/04 (a)
LOC: Bank One Trust ................ $ 2,600,000
4,100,000 Series B
1.100%, 05/07/04 (a)
LOC: First National Bank ........... 4,100,000
------------
6,700,000
------------
MASSACHUSETTS - 3.37%
Massachusetts State HEFA RB
Capital Asset Program
3,300,000 Series B
1.080%, 05/01/04 (a)
Insured: MBIA ...................... 3,300,000
4,700,000 Series C
1.080%, 05/01/04 (a)
Insured: MBIA ...................... 4,700,000
1,000,000 Massachusetts State, GO, Series B
1.080%, 05/07/04 (a)
SPA: Landesbank .................... 1,000,000
800,000 Massachusetts Water Resources Authority
Multi-Modal Subordinated General RB,
Series A
1.040%, 05/07/04 (a)
Insured: AMBAC / SPA: Bank of
Nova Scotia / Dexia Credit Local ... 800,000
------------
9,800,000
------------
MICHIGAN - 1.73%
5,000,000 Michigan State, Series A
2.000%, 09/30/04 ................... 5,021,115
------------
MINNESOTA - 5.55%
600,000 Hennepin County, GO, Series C
0.970%, 05/06/04 (a)
SPA: West Deutsche Landesbank ...... 600,000
6,365,000 Minneapolis Convention Center, GO
Convention Center Bonds
0.970%, 05/07/04 (a)
SPA: Dexia Credit Local ............ 6,365,000
Minneapolis, GO, Series B
1,890,000 0.970%, 05/07/04 (a)
SPA: Dexia Credit Local ............ 1,890,000
1,095,000 0.970%, 05/07/04 (a)
SPA: Dexia Credit Local ............ 1,095,000
6,200,000 Owatonna Hospital RB
Health Central System
1.100%, 05/07/04 (a)
LOC: Wells Fargo Bank .............. 6,200,000
------------
16,150,000
------------
MISSISSIPPI - 0.77%
2,245,000 Jackson County Port Facility RB
Chevron USA Income Project
1.100%, 05/01/04 (a) ............... 2,245,000
------------
MARKET
PAR VALUE VALUE
--------- ------
MISSOURI - 0.92%
Missouri State HEFA RB
The Washington University Project
$ 2,400,000 Series A
1.100%, 05/01/04 (a)
SPA: Morgan Guaranty Trust ......... $ 2,400,000
275,000 Series B
1.100%, 05/01/04 (a)
SPA: Morgan Guaranty Trust ......... 275,000
------------
2,675,000
------------
NEBRASKA - 6.46%
6,500,000 Lincoln Electric System TECP
0.930%, 07/07/04 ................... 6,500,000
Omaha Public Power District TECP
9,300,000 0.950%, 05/05/04 ................... 9,300,000
3,000,000 0.950%, 06/09/04 ................... 3,000,000
------------
18,800,000
------------
NEVADA - 0.42%
1,210,000 Clark County School District, GO,
Series A
1.070%, 05/07/04 (a)
Insured: FSA
SPA: State Street .................. 1,210,000
------------
NEW JERSEY - 3.44%
10,000,000 New Jersey State, Series B, TRAN
2.000%, 06/25/04 ................... 10,016,500
------------
NEW MEXICO - 3.68%
715,000 Hurley PCR
Kennecott Santa Fe Project
1.100%, 05/01/04 (a) ............... 715,000
10,000,000 New Mexico State, TRAN
1.250%, 06/30/04 ................... 10,007,315
------------
10,722,315
------------
NEW YORK - 3.88%
11,300,000 New York State Local Government
Assistance RB, Series D
1.040%, 05/07/04 (a)
LOC: Societe Generale .............. 11,300,000
------------
NORTH CAROLINA - 4.88%
14,200,000 North Carolina State, Public
Improvement Series F, GO
1.030%, 05/05/04 (a)
SPA: Landesbank .................... 14,200,000
------------
TEXAS - 10.49%
10,000,000 City of Austin TECP
0.950%, 08/04/04 ................... 10,000,000
5,200,000 Gulf Coast Waste Disposal Authority
PCR Exxon Project
1.030%, 05/01/04 (a) ............... 5,200,000
2,300,000 Harris County, Health Facilities RB
Texas Medical Center Project
1.100%, 05/01/04 (a)
Insured: MBIA
SPA: J.P. Morgan Chase ............. 2,300,000
13,000,000 Texas State, TRAN
2.000%, 08/31/04 ................... 13,038,604
------------
30,538,604
------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 6
ABN AMRO FUNDS
- -----------------------
TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- ------
UTAH - 4.30%
$ 11,500,000 Intermountain Public Power Agency
TECP
0.950%, 07/14/04 ................... $ 11,500,000
1,000,000 State of Utah Building Ownership
Authority Lease RB
Facilities Master Lease Program,
Series C
1.090%, 05/07/04 (a)
LOC: Landesbank .................... 1,000,000
------------
12,500,000
------------
VIRGINIA - 2.06%
6,000,000 City of Mount Vernon TECP
0.950%, 06/02/04 ................... 6,000,000
------------
WASHINGTON - 2.82%
5,000,000 Washington State Public Power Supply
System RB Nuclear Project No. 1,
Series 1A-1
1.070%, 05/05/04 (a)
LOC: Bank of America ............... 5,000,000
3,200,000 Washington State, GO, Series VR 96B
1.000%, 05/07/04 (a)
SPA: Landesbank .................... 3,200,000
------------
8,200,000
------------
WEST VIRGINIA - 0.55%
1,600,000 Marshall County PCR
Ohio Power Project, Series E
1.110%, 05/03/04 (a)
LOC: Royal Bank of Scotland ........ 1,600,000
------------
WISCONSIN - 1.37%
4,000,000 State of Wisconsin Transportation
TECP
1.080%, 09/08/04 ................... 4,000,000
------------
WYOMING - 1.60%
4,650,000 Sublette County PCR
Exxon Project
1.040%, 05/03/04 (a) ............... 4,650,000
------------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $287,875,107) ................ 287,875,107
------------
MARKET
SHARES VALUE
------ ------
INVESTMENT COMPANIES - 0.86%
6,198 Dreyfus Tax-Exempt Cash
Management Fund ................... $ 6,198
2,484,485 SEI Institutional Tax Free Money
Market Fund ........................ 2,484,485
------------
TOTAL INVESTMENT COMPANIES
(Cost $2,490,683) .................. 2,490,683
------------
TOTAL INVESTMENTS - 99.77%
(Cost $290,365,790)* ............................. 290,365,790
------------
NET OTHER ASSETS AND LIABILITIES - 0.23% ............ 669,076
------------
NET ASSETS - 100.00% ................................ $291,034,866
============
- ----------------------------------------------
* At April 30, 2004, cost is identical for book and Federal income tax
purposes.
(a) Variable rate instrument. The rate shown reflects the rate in effect on
April 30, 2004. The maturity date shown is the next scheduled reset date.
AMBAC Ambac Assurance Corp.
FSA Financial Security Assurance, Inc.
GO General Obligation
HEFA Health & Educational Facilities Authority
Landesbank Landesbank Hessen Thurigen Girozentrale
LOC Letter of Credit
MBIA MBIA Insurance Corporation
PCR Pollution Control Revenue
RB Revenue Bond
SPA Standby Purchase Agreement
TAN Tax Anticipation Note
TECP Tax-Exempt Commercial Paper
TRAN Tax & Revenue Anticipation Note
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 7
ABN AMRO FUNDS
- -----------------------
TREASURY MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
U.S. TREASURY OBLIGATIONS 67%
REPURCHASE AGREEMENTS 27%
CASH AND OTHER NET ASSETS 6%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
--------- ------
U.S. TREASURY OBLIGATIONS - 67.06%
U.S. TREASURY BILLS (A) - 53.90%
$ 10,000,000 0.910%, 05/06/04 ..................... $ 9,998,736
10,000,000 0.916%, 05/13/04 ..................... 9,996,948
10,000,000 0.911%, 05/20/04 ..................... 9,995,195
20,000,000 0.925%, 05/20/04 ..................... 19,990,236
5,000,000 0.943%, 05/27/04 ..................... 4,996,597
5,000,000 0.938%, 06/03/04 ..................... 4,995,703
5,000,000 0.945%, 06/03/04 ..................... 4,995,669
5,000,000 0.938%, 06/10/04 ..................... 4,994,792
10,000,000 0.940%, 06/10/04 ..................... 9,989,556
10,000,000 0.915%, 06/24/04 ..................... 9,986,275
10,000,000 0.915%, 07/01/04 ..................... 9,984,496
7,500,000 0.943%, 07/08/04 ..................... 7,486,648
5,000,000 0.930%, 07/15/04 ..................... 4,990,312
5,000,000 0.938%, 07/22/04 ..................... 4,989,323
5,000,000 0.955%, 07/22/04 ..................... 4,989,124
5,000,000 0.943%, 07/29/04 ..................... 4,988,350
5,000,000 0.958%, 07/29/04 ..................... 4,988,164
5,000,000 0.980%, 08/05/04 ..................... 4,986,933
12,000,000 0.940%, 08/12/04 ..................... 11,967,727
3,500,000 0.990%, 08/19/04 ..................... 3,489,412
10,000,000 1.022%, 08/26/04 ..................... 9,966,785
5,000,000 0.963%, 09/02/04 ..................... 4,983,424
10,000,000 0.988%, 09/09/04 ..................... 9,964,066
5,000,000 0.983%, 09/16/04 ..................... 4,981,169
5,000,000 1.030%, 09/16/04 ..................... 4,980,258
10,000,000 0.985%, 09/23/04 ..................... 9,960,326
5,000,000 1.016%, 10/07/04 ..................... 4,977,563
5,000,000 1.062%, 10/07/04 ..................... 4,976,547
------------
207,590,334
------------
MARKET
PAR VALUE VALUE
--------- ------
U.S. TREASURY NOTES - 13.16%
$ 5,000,000 3.250%, 05/31/04 ..................... $ 5,008,660
17,500,000 2.875%, 06/30/04 ..................... 17,553,684
9,000,000 2.125%, 08/31/04 ..................... 9,031,718
15,000,000 1.875%, 09/30/04 ..................... 15,053,634
4,000,000 2.000%, 11/30/04 ..................... 4,020,141
------------
50,667,837
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $258,258,171) ................ 258,258,171
------------
REPURCHASE AGREEMENTS - 27.26%
65,000,000 J.P. Morgan Chase, 0.900%, dated
04/30/04, matures 05/03/04,
repurchase price $65,004,875
(collateralized by U.S. Treasury
Instruments, total market value
$67,044,451) ....................... 65,000,000
40,000,000 Merrill Lynch, 0.880%, dated
04/30/04, matures 05/03/04,
repurchase price $40,002,933
(collateralized by U.S. Treasury
Instrument, total market value
$41,127,995) ....................... 40,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $105,000,000) ................ 105,000,000
------------
SHARES
------
INVESTMENT COMPANIES - 5.67%
5,686,427 BlackRock Institutional T-Fund
Portfolio .......................... 5,686,427
16,138,208 STIT Treasury Portfolio .............. 16,138,208
------------
TOTAL INVESTMENT COMPANIES
(Cost $21,824,635) ................. 21,824,635
------------
TOTAL INVESTMENTS - 99.99%
(Cost $385,082,806)* ............................. 385,082,806
------------
NET OTHER ASSETS AND LIABILITIES - 0.01% ............ 44,089
------------
NET ASSETS - 100.00% ................................ $385,126,895
============
- -------------------------------------------------------
* At April 30, 2004, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
STIT Short-Term Investments Trust PLC
PLC Public Limited Company
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 8
ABN AMRO FUNDS
- -----------------------
APRIL 30, 2004
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MONEY TAX-EXEMPT MONEY TREASURY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND
------------- ------------- ------------- -------------
ASSETS:
Investments:
Investments at cost ........................... $ 378,978,326 $ 147,047,399 $ 290,365,790 $ 280,082,806
Repurchase agreements ......................... 55,000,000 -- -- 105,000,000
------------- ------------- ------------- -------------
Total investments at value .................. 433,978,326 147,047,399 290,365,790 385,082,806
Cash .................................................. -- -- 3,134 --
Receivables:
Dividends and interest ........................ 338,202 109,474 901,116 338,000
Fund shares sold .............................. 3,198 9,798 1,446 --
Other assets .......................................... 13,658 3,925 7,648 27,701
------------- ------------- ------------- -------------
Total assets ................................ 434,333,384 147,170,596 291,279,134 385,448,507
------------- ------------- ------------- -------------
LIABILITIES:
Payables:
Dividend distribution ......................... 233,504 -- 148,310 183,852
Fund shares redeemed .......................... 662 4,000 -- --
Due to Adviser, net (Note E) .................. 73,015 27,296 54,588 78,301
Administration fees (Note E) .................. 19,374 6,627 13,388 16,520
Distribution fees (Note E) .................... 1,454 4,776 720 292
Shareholder service fees (Note E) ............. 2,383 12,907 -- --
Trustees fees (Note E) ........................ 2,652 892 1,829 2,326
Accrued expenses and other payables ................... 42,100 1,437 25,433 40,321
------------- ------------- ------------- -------------
Total liabilities ........................... 375,144 57,935 244,268 321,612
------------- ------------- ------------- -------------
NET ASSETS ............................................ $ 433,958,240 $ 147,112,661 $ 291,034,866 $ 385,126,895
============= ============= ============= =============
NET ASSETS CONSIST OF:
Paid in capital ................................... $ 433,925,750 $ 147,112,706 $ 291,036,190 $ 385,126,818
Accumulated undistributed net investment income ... 31,622 -- -- --
Accumulated net realized gain (loss) on investments 868 (45) (1,324) 77
------------- ------------- ------------- -------------
TOTAL NET ASSETS .................................. $ 433,958,240 $ 147,112,661 $ 291,034,866 $ 385,126,895
============= ============= ============= =============
CLASS I:
Net Assets ........................................ $ 390,918,989 $ 264,260 $ 270,523,722 $ 376,485,198
Shares of beneficial interest outstanding ......... 390,885,358 264,130 270,524,506 376,493,471
NET ASSET VALUE
Offering and redemption price per share
(Net Assets/Shares Outstanding) ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ============= =============
CLASS S:
Net Assets ........................................ $ 43,039,251 $ 146,848,401 $ 20,511,144 $ 8,641,697
Shares of beneficial interest outstanding ......... 43,042,127 146,848,797 20,511,789 8,640,598
NET ASSET VALUE
Offering and redemption price per share
(Net Assets/Shares Outstanding) ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00
============= ============= ============= =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 9
ABN AMRO FUNDS
- -----------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2004 (UNAUDITED)
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
GOVERNMENT TAX-EXEMPT TREASURY
MONEY MONEY MONEY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND
----------- ----------- ----------- -----------
INVESTMENT INCOME:
Dividends ..................................... $ 109,841 $ 26,279 $ 48,227 $ 80,655
Interest ...................................... 2,514,419 733,283 1,433,673 1,789,685
----------- ----------- ----------- -----------
Total investment income ....................... 2,624,260 759,562 1,481,900 1,870,340
----------- ----------- ----------- -----------
EXPENSES:
Investment advisory fees (Note E) ............. 495,964 248,244 544,239 685,370
Distribution expenses(a) (Note E) ............. 59,324 175,417 29,995 15,720
Shareholder service fees(a) (Note E) .......... 16,611 77,183 -- --
Transfer agent fees ........................... 16,803 16,389 16,860 17,939
Administration fees (Note E) .................. 129,668 37,595 81,691 102,309
Custodian fees ................................ 28,187 16,322 20,860 23,568
Professional fees ............................. 15,565 8,982 11,920 13,359
Trustees fees (Note E) ........................ 7,027 2,160 4,176 5,205
Other expenses ................................ 50,460 21,413 35,540 53,022
----------- ----------- ----------- -----------
Total expenses before waivers ................ 819,609 603,705 745,281 916,492
----------- ----------- ----------- -----------
Less: Investment advisory fees waived (Note E) -- (88,676) (202,146) (195,820)
----------- ----------- ----------- -----------
Net expenses ................................. 819,609 515,029 543,135 720,672
----------- ----------- ----------- -----------
NET INVESTMENT INCOME .............................. 1,804,651 244,533 938,765 1,149,668
----------- ----------- ----------- -----------
NET REALIZED GAIN ON INVESTMENTS:
Net realized gain on investments .............. 3,171 -- -- 77
----------- ----------- ----------- -----------
NET REALIZED GAIN ON INVESTMENTS .............. 3,171 -- -- 77
----------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS FROM OPERATIONS .... $ 1,807,822 $ 244,533 $ 938,765 $ 1,149,745
=========== =========== =========== ===========
<FN>
- -------------------------------------------
(a) Fees are incurred at the Class S level.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 10
ABN AMRO FUNDS
- -----------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND MONEY MARKET FUND
----------------------------------- -----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
---------------- ---------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 495,640,765 $ 522,988,029 $ 132,534,879 $ 143,859,865
---------------- ---------------- ---------------- ----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ........................... 1,804,651 4,465,514 244,533 819,364
Net realized gain on investments sold ........... 3,171 -- -- --
---------------- ---------------- ---------------- ----------------
Net increase in net assets from operations ...... 1,807,822 4,465,514 244,533 819,364
---------------- ---------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class I ...................................... (1,700,415) (4,202,317) (5,297) (43,427)
Class S ...................................... (104,236) (263,197) (239,236) (779,911)
---------------- ---------------- ---------------- ----------------
Total distributions .......................... (1,804,651) (4,465,514) (244,533) (823,338)
---------------- ---------------- ---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class I ...................................... 462,404,418 847,723,387 13,945,958 38,957,284
Class S ...................................... 109,655,430 115,592,257 254,916,546 496,726,922
Proceeds from reinvestment of distributions:
Class I ...................................... 85,623 220,689 5,295 43,382
Class S ...................................... 104,228 263,008 239,217 779,855
Cost of shares redeemed:
Class I ...................................... (525,446,604) (886,468,929) (13,988,921) (39,112,254)
Class S ...................................... (108,488,791) (104,677,676) (240,540,313) (508,716,201)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) from
capital share transactions ............ (61,685,696) (27,347,264) 14,577,782 (11,321,012)
---------------- ---------------- ---------------- ----------------
Total increase (decrease) in net assets ... (61,682,525) (27,347,264) 14,577,782 (11,324,986)
---------------- ---------------- ---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 433,958,240 $ 495,640,765 $ 147,112,661 $ 132,534,879
================ ================ ================ ================
(A) Undistributed net investment income ......... $ 31,622 $ 31,622 $ -- $ --
================ ================ ================ ================
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class I:
Sold ......................................... 462,404,418 847,723,387 13,945,958 38,957,284
Proceeds from reinvestment of distributions .. 85,623 220,689 5,295 43,382
Redeemed ..................................... (525,446,604) (886,468,929) (13,988,921) (39,112,254)
Class S:
Sold ......................................... 109,655,430 115,592,257 254,916,546 496,726,922
Proceeds from reinvestment of distributions .. 104,228 263,008 239,217 779,855
Redeemed ..................................... (108,488,791) (104,677,676) (240,540,315) (508,716,201)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in shares
outstanding ........................... (61,685,696) (27,347,264) 14,577,780 (11,321,012)
================ ================ ================ ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 11
ABN AMRO FUNDS
- -----------------------
STATEMENT OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
TAX-EXEMPT MONEY MARKET FUND TREASURY MONEY MARKET FUND
----------------------------------- -----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31, APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003 (UNAUDITED) 2003
---------------- ---------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD ................... $ 295,874,695 $ 361,613,772 $ 405,745,351 $ 369,299,963
---------------- ---------------- ---------------- ----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ........................... 938,765 2,556,958 1,149,668 3,315,900
Net realized gain on investments sold ........... -- -- 77 --
---------------- ---------------- ---------------- ----------------
Net increase in net assets from operations ...... 938,765 2,556,958 1,149,745 3,315,900
---------------- ---------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class I ...................................... (894,372) (2,456,279) (1,127,703) (3,103,580)
Class S ...................................... (44,393) (100,716) (21,965) (221,357)
---------------- ---------------- ---------------- ----------------
Total distributions (938,765) (2,556,995) (1,149,668) (3,324,937)
---------------- ---------------- ---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class I ...................................... 193,886,284 512,102,643 539,715,303 728,552,984
Class S ...................................... 85,630,011 126,779,578 17,388,774 76,994,891
Proceeds from reinvestment of distributions:
Class I ...................................... 377 653 5,814 29,604
Class S ...................................... 44,266 100,671 17,274 221,026
Cost of shares redeemed:
Class I ...................................... (198,121,567) (578,027,896) (533,540,010) (696,441,920)
Class S ...................................... (86,279,200) (126,694,689) (44,205,688) (72,902,160)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) from
capital share transactions ............ (4,839,829) (65,739,040) (20,618,533) 36,454,425
---------------- ---------------- ---------------- ----------------
Total increase (decrease) in net assets ... (4,839,829) (65,739,077) (20,618,456) 36,445,388
---------------- ---------------- ---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 291,034,866 $ 295,874,695 $ 385,126,895 $ 405,745,351
================ ================ ================ ================
(A) Undistributed net investment income ...... $ -- $ -- $ -- $ --
================ ================ ================ ================
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class I:
Sold ......................................... 193,886,284 512,102,643 539,715,303 728,552,984
Proceeds from reinvestment of distributions .. 377 653 5,814 29,604
Redeemed ..................................... (198,121,567) (578,027,896) (533,540,010) (696,441,920)
Class S:
Sold ......................................... 85,630,011 126,779,578 17,388,774 76,994,891
Proceeds from reinvestment of distributions .. 44,266 100,671 17,274 221,026
Redeemed ..................................... (86,279,200) (126,694,689) (44,205,688) (72,902,160)
---------------- ---------------- ---------------- ----------------
Net increase (decrease) in shares outstanding (4,839,829) (65,739,040) (20,618,533) 36,454,425
================ ================ ================ ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 12
ABN AMRO FUNDS
- -----------------------
GOVERNMENT MONEY MARKET FUND APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00 12/31/99 12/31/98
----------- -------- -------- --------- -------- -------- --------
CLASS I
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) 0.01 0.02 0.04 0.06 0.05 0.05
-------- -------- -------- -------- -------- -------- --------
Less distributions from
net investment income ............... --(a) (0.01) (0.02) (0.04) (0.06) (0.05) (0.05)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
TOTAL RETURN ............................... 0.38%(b) 0.98% 1.70% 3.57%(b) 6.08% 4.87% 5.24%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $390,919 $453,873 $492,398 $611,611 $589,752 $464,520 $396,797
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.30% 0.29% 0.30% 0.38% 0.41% 0.41% 0.42%
After reimbursement of
expenses by Adviser ................. 0.30% 0.29% 0.30% 0.31% 0.33% 0.33% 0.35%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.76% 0.98% 1.70% 4.14% 5.84% 4.70% 5.04%
After reimbursement of
expenses by Adviser ................. 0.76% 0.98% 1.70% 4.21% 5.92% 4.78% 5.12%
- ----------------------------------------------------------------------------------------------------------------------------------
CLASS S
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) 0.01 0.01 0.03 0.06 0.04 0.05
-------- -------- -------- -------- -------- -------- --------
Less distributions from
net investment income ............... --(a) (0.01) (0.01) (0.03) (0.06) (0.04) (0.05)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
TOTAL RETURN ............................... 0.22%(b) 0.65% 1.36% 3.30%(b) 5.74% 4.53% 4.91%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 43,039 $ 41,768 $ 30,590 $ 44,190 $ 76,097 $ 96,031 $ 89,497
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.62% 0.62% 0.63% 0.71% 0.91% 0.91% 0.92%
After reimbursement of
expenses by Adviser ................. 0.62% 0.62% 0.63% 0.63% 0.65% 0.65% 0.67%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.44% 0.65% 1.37% 3.81% 5.34% 4.20% 4.54%
After reimbursement of
expenses by Adviser ................. 0.44% 0.65% 1.37% 3.89% 5.60% 4.46% 4.80%
<FN>
- --------------------------------------------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 13
ABN AMRO FUNDS
- -----------------------
MONEY MARKET FUND APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00 12/31/99 12/31/98
----------- -------- -------- --------- -------- -------- --------
CLASS I
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- ---------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) 0.01 0.02(b) 0.04 0.06 0.05 0.05
-------- -------- -------- -------- -------- ---------- --------
Less distributions from
net investment income ............... --(a) (0.01) (0.02) (0.04) (0.06) (0.05) (0.05)
-------- -------- -------- -------- -------- ---------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========== ========
TOTAL RETURN ............................... 0.35%(c) 0.92% 1.58% 3.65%(c) 6.21% 4.98% 5.33%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 264 $ 302 $ 414 $ 1,672 $ 44,274 $1,138,123 $941,295
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.50% 0.50% 0.49% 0.58% 0.56% 0.55% 0.56%
After reimbursement of
expenses by Adviser ................. 0.37% 0.37% 0.37% 0.36% 0.33% 0.32% 0.33%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.57% 0.78% 1.45% 4.17% 5.58% 4.65% 4.98%
After reimbursement of
expenses by Adviser ................. 0.70% 0.91% 1.57% 4.39% 5.81% 4.88% 5.21%
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS S
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- ---------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) 0.01 0.01(b) 0.03 0.06 0.05 0.05
-------- -------- -------- -------- -------- ---------- --------
Less distributions from
net investment income ............... --(a) (0.01) (0.01) (0.03) (0.06) (0.05) (0.05)
-------- -------- -------- -------- -------- ---------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========== ========
TOTAL RETURN ............................... 0.17%(c) 0.55% 1.22% 3.34%(c) 5.83% 4.60% 4.97%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $146,848 $132,233 $143,446 $176,451 $231,648 $ 247,655 $219,576
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.86% 0.86% 0.85% 0.94% 1.06% 1.05% 1.06%
After reimbursement of
expenses by Adviser ................. 0.73% 0.73% 0.73% 0.72% 0.69% 0.68% 0.69%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.21% 0.42% 1.09% 3.81% 5.08% 4.15% 4.48%
After reimbursement of
expenses by Adviser ................. 0.34% 0.55% 1.21% 4.03% 5.45% 4.52% 4.85%
<FN>
- -------------------------------------------
(a) Represents less than $0.005 per share.
(b) The selected per share data was calculated using weighted average shares
method for the period.
(c) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 14
ABN AMRO FUNDS
- -----------------------
TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00 12/31/99 12/31/98
----------- -------- -------- --------- -------- -------- --------
CLASS I
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) 0.01 0.01 0.02 0.04 0.03 0.03
-------- -------- -------- -------- -------- -------- --------
Less distributions from
net investment income ............... --(a) (0.01) (0.01) (0.02) (0.04) (0.03) (0.03)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
TOTAL RETURN ............................... 0.31%(b) 0.72% 1.12% 2.17%(b) 3.87% 3.01% 3.21%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $270,524 $274,759 $340,683 $434,372 $416,864 $284,455 $272,834
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.46% 0.46% 0.45% 0.55% 0.55% 0.58% 0.56%
After reimbursement of
expenses by Adviser ................. 0.33% 0.33% 0.33% 0.33% 0.32% 0.35% 0.35%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.49% 0.59% 0.99% 2.38% 3.57% 2.73% 2.95%
After reimbursement of
expenses by Adviser ................. 0.62% 0.72% 1.11% 2.60% 3.80% 2.96% 3.17%
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS S
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) --(a) 0.01 0.02 0.04 0.03 0.03
-------- -------- -------- -------- -------- -------- --------
Less distributions from
net investment income ............... --(a) --(a) (0.01) (0.02) (0.04) (0.03) (0.03)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
TOTAL RETURN ............................... 0.19%(b) 0.47% 0.87% 1.96%(b) 3.61% 2.75% 2.96%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 20,511 $ 21,116 $ 20,930 $ 27,776 $ 65,046 $ 66,130 $ 67,480
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.71% 0.71% 0.70% 0.80% 1.05% 1.08% 1.06%
After reimbursement of
expenses by Adviser ................. 0.58% 0.58% 0.58% 0.58% 0.57% 0.60% 0.60%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.24% 0.34% 0.74% 2.13% 3.07% 2.23% 2.45%
After reimbursement of
expenses by Adviser ................. 0.37% 0.47% 0.86% 2.35% 3.55% 2.71% 2.92%
<FN>
- -------------------------------------------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 15
ABN AMRO FUNDS
- -----------------------
TREASURY MONEY MARKET FUND APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS YEAR YEAR YEAR
04/30/04 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00 12/31/99 12/31/98
----------- -------- -------- --------- -------- -------- --------
CLASS I
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) 0.01 0.01 0.03 0.06 0.05 0.05
-------- -------- -------- -------- -------- -------- --------
Less distributions from
net investment income ............... --(a) (0.01) (0.01) (0.03) (0.06) (0.05) (0.05)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
TOTAL RETURN ............................... 0.30%(b) 0.85% 1.47% 3.40%(b) 5.85% 4.63% 4.90%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $376,485 $370,304 $338,172 $246,473 $219,437 $327,906 $328,222
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.46% 0.46% 0.46% 0.56% 0.58% 0.59% 0.59%
After reimbursement of
expenses by Adviser ................. 0.36% 0.36% 0.36% 0.34% 0.35% 0.36% 0.37%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.50% 0.74% 1.35% 3.76% 5.44% 4.30% 4.58%
After reimbursement of
expenses by Adviser ................. 0.60% 0.84% 1.45% 3.98% 5.67% 4.53% 4.79%
- -----------------------------------------------------------------------------------------------------------------------------------
CLASS S
Net Asset Value, Beginning of Period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. --(a) 0.01 0.01 0.03 0.05 0.04 0.05
-------- -------- -------- -------- -------- -------- --------
Less distributions from
net investment income ............... --(a) (0.01) (0.01) (0.03) (0.05) (0.04) (0.05)
-------- -------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
TOTAL RETURN ............................... 0.17%(b) 0.60% 1.22% 3.19%(b) 5.59% 4.37% 4.64%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 8,642 $ 35,441 $ 31,128 $ 26,193 $ 13,422 $ 11,696 $ 17,625
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.71% 0.71% 0.71% 0.81% 1.08% 1.09% 1.09%
After reimbursement of
expenses by Adviser ................. 0.61% 0.61% 0.61% 0.59% 0.60% 0.61% 0.62%
Ratios of net investment income
to average net assets:
Before reimbursement of
expenses by Adviser ................. 0.25% 0.49% 1.10% 3.51% 4.94% 3.80% 4.08%
After reimbursement of
expenses by Adviser ................. 0.35% 0.59% 1.20% 3.73% 5.42% 4.28% 4.54%
<FN>
- -------------------------------------------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
</FN>
SEE ACCOMPANYING NOTES TOFINANCIAL STATEMENTS.
| 16
ABN AMRO FUNDS
- -----------------------
APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE (A) FUND ORGANIZATION: ABN AMRO Funds (the "Trust") was organized as a
Delaware statutory trust under a Declaration of Trust dated September 10, 1993.
The Trust is registered under the Investment Company Act of 1940, as amended
(the "1940 Act") and operates as an open-end management investment company that
is comprised of 26 separate portfolios.
Four Funds of the Trust are included in these financial statements: ABN AMRO
Government Money Market Fund ("Government Money Market Fund"), ABN AMRO Money
Market Fund ("Money Market Fund"), ABN AMRO Tax-Exempt Money Market Fund
("Tax-Exempt Money Market Fund") and ABN AMRO Treasury Money Market Fund
("Treasury Money Market Fund") (each a "Fund" and collectively, the "Funds").
NOTE (B) SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of the
significant accounting policies consistently followed by each Fund in the
preparation of its financial statements. These policies are in conformity with
accounting principles generally accepted in the United States.
(1) SECURITY VALUATION: All securities, with the exception of investments in
other funds and repurchase agreements are valued at amortized cost, which
approximates fair value. Under the amortized cost method, discounts and premiums
are accreted and amortized ratably to maturity and are included as interest
income. Investments in other funds are valued at the underlying fund's net asset
value at the date of valuation. Repurchase agreements are valued at cost.
(2) REPURCHASE AGREEMENTS: Each Fund may enter into repurchase agreements with
financial institutions deemed to be creditworthy by ABN AMRO Asset Management
(USA) LLC (the "Adviser") subject to the seller's agreement to repurchase and
the Fund's agreement to resell such securities at a mutually agreed upon price.
Securities purchased subject to repurchase agreements are deposited with the
Fund's custodian and, pursuant to the terms of the repurchase agreement, must
have an aggregate market value greater than or equal to the repurchase price
plus accrued interest at all times. If the value of the underlying securities
falls below the value of the repurchase price plus accrued interest, the Fund
will require the seller to deposit additional collateral by the next business
day. If the request for additional collateral is not met, or the seller defaults
on its repurchase obligation, the Fund has the right to sell the underlying
securities at market value and may claim any resulting loss against the seller.
(3) U.S. GOVERNMENT AGENCY OBLIGATIONS: Government Money Market Fund and Money
Market Fund may invest in U.S. Government Agency Obligations. These obligations
of U.S. Government sponsored entities are not issued or guaranteed by the U.S.
Treasury.
(4) INVESTMENT INCOME AND SECURITIES TRANSACTIONS: Interest income is accrued
daily. Securities transactions are accounted for on the date securities are
purchased or sold. The cost of securities sold is generally determined using the
identified cost method.
(5) FEDERAL INCOME TAXES: The Funds have elected to be treated as "regulated
investment companies" under Subchapter M of the Internal Revenue Code and to
distribute substantially all of their respective net taxable income.
Accordingly, no provisions for federal income taxes have been made in the
accompanying financial statements. The Funds intend to utilize provisions of the
federal income tax laws which allow them to carry a realized capital loss
forward for eight years following the year of the loss and offset such losses
against any future realized capital gains. At October 31, 2003, the following
Funds had available realized capital losses to offset future net capital gains
through fiscal year ended:
AMOUNT EXPIRATION DATE
------ ---------------
Government Money Market Fund ...... $ 2,303 2004
Money Market Fund ................. 45 2004-2008
Tax-Exempt Money Market Fund ...... 1,324 2005
(6) MULTI-CLASS OPERATIONS: Each class offered by these Funds has equal rights
as to assets. Income, non-class specific expenses and realized and unrealized
capital gains and losses, if any, are allocated to each class of shares based on
the relative net assets of each class. Class specific expenses are allocated
directly to the appropriate class and relate to distribution fees and
shareholder servicing fees.
(7) USE OF ESTIMATES: The preparation of financial statements in conformity with
accounting principles generally accepted in the United States 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 revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
(8) COMMITMENTS AND CONTINGENCIES: In the normal course of business, the Trust
enters into contracts on behalf of the Funds that contain a variety of
provisions for general indemnifications. Each Fund's maximum exposure under
| 17
ABN AMRO FUNDS
- -----------------------
APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
these arrangements is unknown, as this would involve future claims that may be
made against each Fund that are not known at this time. However, based on
experience, the Funds believe the risk of loss is improbable.
NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: The Funds declare dividends daily from net investment income. The Funds'
dividends are payable monthly and are automatically reinvested in additional
Fund shares, at the month-end net asset value, for those shareholders that have
elected the reinvestment option. Differences in dividends per share between
classes of the Funds are due to different class expenses.
Net investment income and realized gains and losses for federal income tax
purposes may differ from those reported on the financial statements because of
permanent book and tax basis differences.
Distributions from net realized gains for book purposes may include short-term
capital gains, which are included as ordinary income for tax purposes. The tax
character of ordinary income distributions paid during the years ended October
31, 2003 and October 31, 2002 were as follows:
DISTRIBUTIONS PAID IN 2003 DISTRIBUTIONS PAID IN 2002
-------------------------- --------------------------
TAX-EXEMPT ORDINARY TAX-EXEMPT ORDINARY
INCOME INCOME INCOME INCOME
------ ------ ------ ------
Government Money
Market Fund .... $ -- $4,743,963 $ -- $8,259,564
Money Market Fund .. -- 823,338 -- 1,990,421
Tax-Exempt Money
Market Fund .... 2,757,974 -- 5,143,426 --
Treasury Money
Market Fund .... -- 3,526,657 -- 4,611,770
As of October 31, 2003, the components of distributable earnings on a tax basis
were as follows:
UNDISTRIBUTED UNDISTRIBUTED
CAPITAL LOSS ORDINARY TAX-EXEMPT
CARRYFORWARD INCOME INCOME
------------ ------ ------
Government Money
Market Fund .... $(2,303) $302,266 $ --
Money Market Fund .. (45) -- --
Tax-Exempt Money
Market Fund .... (1,324) -- 144,298
Treasury Money
Market Fund .... -- 194,758 --
These amounts are as of the most recent tax year end.
NOTE (D) SHARES OF BENEFICIAL INTEREST: Each Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value.
NOTE (E) ADVISORY, ADMINISTRATION AND DISTRIBUTION SERVICES AGREEMENTS: The
Adviser provides the Funds with investment advisory services. Under terms of
each Fund's investment advisory agreement, fees are accrued daily and paid
monthly based on a specified annual rate of average daily net assets. In
addition, the Funds have an expense limitation agreement with the Adviser, which
caps annual total expenses for Class I and Class S shareholders at certain
specified annual rates of average daily net assets, respectively.
ADVISORY FEES EXPENSE LIMITATIONS
------------- -------------------
FUND ANNUAL RATE CLASS I CLASS S
---- ----------- ------- -------
Government Money Market Fund 0.20% 0.31% 0.63%
Money Market Fund 0.35% 0.37% 0.73%
Tax-Exempt Money Market Fund 0.35% 0.33% 0.58%
Treasury Money Market Fund 0.35% 0.36% 0.61%
ABN AMRO Investment Fund Services, Inc. (the "Administrator"), provides the
Funds with various administrative services. Under terms of the administration
agreement, administration fees are accrued daily and paid monthly, based on a
specified percentage of average daily net assets of the Trust and custody
liaison fees are accrued for each Fund at a fixed charge that varies according
to the size of each Fund. The fee arrangements are as follows:
ADMINISTRATION CUSTODY
FEES LIAISON FEES
AT TRUST LEVEL ANNUAL RATE AT FUND LEVEL ANNUAL RATE
-------------- ----------- ------------- -----------
First $2 billion 0.060% First $100 million $10,000
$2 billion to $100 million to
$12.5 billion 0.050% $500 million 15,000
Over $12.5 billion 0.045% Over $500 million 20,000
The Administrator has entered into a sub-administration agreement with PFPC Inc.
("PFPC") to provide certain administrative services to the Funds. Under terms of
the sub-administration agreement, sub-administration fees are accrued daily and
paid monthly, based on a specified percentage of average daily net assets, as
follows:
AVERAGE DAILY NET ASSETS
OF TRUST ANNUAL RATE
-------- -----------
First $2 billion 0.045%
$2 billion to $3 billion 0.040%
$3 billion to $8 billion 0.030%
$8 billion to $12 billion 0.025%
Over $12 billion 0.020%
Under the sub-administration agreement with PFPC, custody liaison fees are fixed
at an annual rate of $10,000 per Fund.
ABN AMRO Distributions Services (USA) Inc. (the "Distributor") serves as
principal underwriter and distributor of the Funds' shares. Pursuant to a Rule
12b-1 distribution plan (the "Plan") adopted by the Funds with
| 18
ABN AMRO FUNDS
- -----------------------
APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
respect to Class S shares, the Funds pay certain expenses associated with the
distribution of their shares. Under the Plan, each Fund may pay actual expenses
not exceeding, on an annual basis, 0.25% of each participating Fund's average
daily net assets. The Class I shares of the Funds do not have distribution
plans.
In addition, the Funds have adopted a shareholder servicing plan for the Class S
shares. The Distributor is paid a fee at an annual rate up to 0.25% of the
average daily net assets of the Class S shares, for its efforts in maintaining
client accounts, arranging bank wires, responding to client inquiries concerning
services provided on investments and assisting clients in purchase, redemption
and exchange transactions, and changing their dividend options, account
designations and addresses.
The Trust does not compensate its officers or interested Trustees who are
affiliated with the Adviser. Effective March 1, 2004, the Trust pays each
non-interested Trustee and non-affiliated interested and Advisory Trustee $5,000
per Board of Trustees' meeting attended and an annual retainer of $10,000 and
reimburses each non-interested Trustee and non-affiliated interested and
Advisory Trustee for out-of-pocket expenses. The Chairman of the Audit Committee
receives an additional $5,000 per year. Prior to March 1, 2004, the Trust paid
each non-interested Trustee and non-affiliated interested and Advisory Trustee
$5,000 per Board of Trustees' meeting attended and an annual retainer of $5,000
and reimbursed each non-interested Trustee and non-affiliated interested and
Advisory Trustee for out-of-pocket expenses.
NOTE (F) CREDIT AGREEMENT: The Credit Agreement, amended March 17, 2004, with
The Bank of Nova Scotia provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by the series of the Trust, including
these Funds, and is available for temporary, emergency purposes including
liquidity needs in meeting redemptions. The annual facility fee is 0.11% of the
commitment amount of the facility in addition to reasonable administrative and
legal expenses incurred in connection with the preparation of any amendments.
The interest rate on outstanding loans is equivalent to the Federal Funds Rate
or LIBOR (London InterBank Offering Rate), as applicable, plus 0.625%.
Borrowings must be repaid within 60 days. At April 30, 2004, there were no
borrowings outstanding against the line of credit.
| 19
This page is left blank intentionally.
ABN AMRO Funds
ADVISERS
ABN AMRO Asset Management (USA) LLC
161 North Clark Street
Chicago, IL 60601
ABN AMRO Asset Management, Inc.
161 North Clark Street
Chicago, IL 60601
Montag & Caldwell, Inc.
3455 Peachtree Road, NE, Suite 1200
Atlanta, GA 30326
TAMRO Capital Partners LLC
1660 Duke St.
Alexandria, VA 22314
Veredus Asset Management LLC
One Paragon Centre
6060 Dutchmans Lane, Suite 320
Louisville, KY 40205
SHAREHOLDER SERVICES
ABN AMRO Funds
P.O. Box 9765
Providence, RI 02940
DISTRIBUTOR
ABN AMRO Distribution Services (USA) Inc.
760 Moore Road
King of Prussia, PA 19406
OFFICERS
Kenneth C. Anderson, President and
Chief Executive Officer
Gerald F. Dillenburg, Senior Vice President,
Secretary, Treasurer and Chief Operations
Officer
William Long, Vice President
Juli A. Braun, Assistant Secretary
Michael A. Cozzi, Assistant Treasurer
Laura M. Hlade, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153
LEGAL COUNSEL
Vedder, Price, Kaufman & Kammholz
222 N. LaSalle Street
Chicago, IL 60601
THIS REPORT IS SUBMITTED FOR GENERAL INFORMATION TO THE SHAREHOLDERS OF THE
FUNDS. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE
FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS WHICH INCLUDES
DETAILS REGARDING THE FUNDS' OBJECTIVES, POLICIES, EXPENSES AND OTHER
INFORMATION.
ABSEM 04 02
APRIL 30, 2004
[LOGO OMITTED] ABN AMRO ASSET MANAGEMENT
Semi-Annual Report 2004
ABN AMRO ASSET MANAGEMENT O MONTAG & CALDWELL
TAMRO CAPITAL PARTNERS O VEREDUS ASSET MANAGEMENT
ABN AMRO Funds
CLASS Y & YS SHARES
Institutional Money Market
ABN AMRO Funds
TABLE OF CONTENTS
Performance Summary............................... 1
Schedule of Investments........................... 2
Statement of Assets and Liabilities............... 4
Statement of Operations........................... 5
Statement of Changes in Net Assets................ 6
Financial Highlights.............................. 7
Notes to Financial Statements..................... 8
INSTITUTIONAL MONEY MARKET FUND
Institutional Prime Money Market Fund
FEES AND EXPENSES APPLY AS DESCRIBED IN THE PROSPECTUS, WHICH MUST PRECEDE OR
ACCOMPANY THIS REPORT. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR
SEND MONEY.
ABN AMRO FUNDS ARE DISTRIBUTED BY ABN AMRO DISTRIBUTION SERVICES (USA) INC., 760
MOORE ROAD, KING OF PRUSSIA, PA 19406.
DESCRIPTIONS OF ABN AMRO FUNDS' PROXY VOTING POLICIES AND PROCEDURES ARE
AVAILABLE UPON REQUEST AND WITHOUT CHARGE ON ABN AMRO FUNDS' WEBSITE AT
ABNAMROFUNDS.COM OR THE SECURITIES AND EXCHANGE COMMISSION'S WEBSITE AT SEC.GOV
OR BY CALLING 800/922-8151.
- -----------------------------------------------------
NOT FDIC INSURED o NO BANK GUARANTEE o MAY LOSE VALUE
- -----------------------------------------------------
- ----------------------------------------------------
ABN AMRO IS A REGISTERED SERVICE MARK OF ABN AMRO
HOLDING N.V. ALL RIGHTS RESERVED.
- ----------------------------------------------------
SHAREHOLDER SERVICES 800 992-8151 O WWW.ABNAMROFUNDS.COM
ABN AMRO FUNDS
- -----------------------
PERFORMANCE SUMMARY (UNAUDITED)
AS OF APRIL 30, 2004
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
YIELDS RETURNS
- ------------------------------------------------------------------------------------------------------------------------------------
AVERAGE ANNUAL
INCEPTION 7-DAY 30-DAY SIX MONTH ONE YEAR SINCE INCEPTION
DATE CLASS AVERAGE YIELD AVERAGE YIELD RETURN(A) RETURN TO DATE
- ------------------------------------------------------------------------------------------------------------------------------------
Institutional Prime Money Market Fund 12/28/99 Y 0.90% 0.90% 0.45% 0.96% 3.10%
- ------------------------------------------------------------------------------------------------------------------------------------
06/29/00 YS 0.65% 0.66% 0.33% 0.71% 2.48%
- ------------------------------------------------------------------------------------------------------------------------------------
<FN>
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURN WILL FLUCTUATE SO THAT AN
INVESTOR'S SHARES, UPON REDEMPTION MAY BE WORTH MORE OR LESS THAN THEIR ORIGINAL
COST. CURRENT PERFORMANCE MAY BE LOWER OR HIGHER THAN THE PERFORMANCE DATA
QUOTED. FOR PERFORMANCE DATA CURRENT TO THE MOST RECENT MONTH-END, PLEASE VISIT
OUR WEBSITE AT WWW.ABNAMROFUNDS.COM.
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTIONS OF FUND SHARES. RETURN FIGURES
REFLECT ANY EXPENSE REIMBURSEMENTS AND FEE WAIVERS. WITHOUT REIMBURSEMENTS OR
WAIVERS, FUND RETURNS WOULD HAVE BEEN LOWER.
AN INVESTMENT IN THE ABN AMRO INSTITUTIONAL PRIME MONEY MARKET FUND IS NOT
INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER
GOVERNMENT AGENCY. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR
INVESTMENT AT $1.00 PER SHARE, IT IS POSSIBLE TO LOSE MONEY BY INVESTING IN THE
FUND. THE 7-DAY YIELD MORE CLOSELY REFLECTS THE FUND'S CURRENT EARNINGS THAN THE
TOTAL RETURN QUOTATION.
(A) NOT ANNUALIZED
</FN>
| 1
ABN AMRO FUNDS
- -----------------------------
INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[GRAPHIC OMITTED]
EDGAR REPRESENTATION OF DATA POINTS USED IN PRINTED GRAPHIC
CASH AND OTHER NET ASSETS 3%
FLOATING RATE SECURITIES 3%
BANK NOTE 2%
U.S. GOVERNMENT AGENCY OBLIGATIONS 5%
INSURANCE 1%
INSURANCE FUNDING AGREEMENTS 9%
CERTIFICATES OF DEPOSIT 26%
BANKS 10%
FINANCIAL SERVICES 18%
TIME DEPOSITS 11%
ASSET-BACKED SECURITIES 12%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
--------- -------
COMMERCIAL PAPER (A) - 41.03%
ASSET-BACKED (B) - 11.96%
$ 45,000,000 Blue Ridge Asset Funding
1.030%, 05/05/04 ................ $ 44,994,850
40,000,000 Giro-Multifunding
1.030%, 05/17/04 ................ 39,981,689
30,572,000 Jupiter Securitization
1.030%, 05/14/04 ................ 30,560,629
25,000,000 Park Avenue Receivables
1.030%, 05/06/04 ................ 24,996,424
Yorktown Capital
45,000,000 1.050%, 05/06/04 ................ 44,993,437
35,000,000 1.070%, 05/06/04 ................ 34,994,799
---------------
220,521,828
---------------
BANKS - 10.11%
20,000,000 CDC IXIS Capital Markets
1.070%, 10/19/04 ................ 19,898,350
Depfa Bank (NY)
25,000,000 1.085%, 10/18/04 ................ 24,871,910
17,000,000 1.150%, 10/22/04 ................ 16,905,508
20,000,000 1.190%, 11/23/04 ................ 19,863,811
80,000,000 Deutsche Bank
1.030%, 05/03/04 ................ 79,995,422
25,000,000 HSBC Bank (NY)
1.070%, 09/08/04 ................ 24,903,403
---------------
186,438,404
---------------
FINANCIAL SERVICES - 18.15%
General Electric Capital
35,000,000 1.090%, 07/12/04 ................ 34,923,700
30,000,000 1.120%, 10/05/04 ................ 29,853,467
75,000,000 Goldman Sachs Group
1.020%, 05/05/04 ................ 74,991,500
45,000,000 J.P. Morgan Chase
1.050%, 05/03/04 ................ 44,997,375
75,000,000 Merrill Lynch
1.030%, 05/03/04 ................ 74,995,708
MARKET
PAR VALUE VALUE
--------- -------
FINANCIAL SERVICES (CONTINUED)
$ 75,000,000 Morgan Stanley
1.020%, 05/04/04 ................ $ 74,993,625
---------------
334,755,375
---------------
INSURANCE - 0.81%
15,000,000 ING (US) Funding
1.200%, 07/06/04 ................ 14,967,000
---------------
TOTAL COMMERCIAL PAPER
(Cost $756,682,607) ............. 756,682,607
---------------
CERTIFICATES OF DEPOSIT - 26.23%
30,000,000 Abbey National Treasury Services
1.120%, 09/27/04 ................ 30,000,616
37,700,000 Australia & New Zealand Bank
1.025%, 05/04/04 ................ 37,699,983
50,000,000 Bank of New York
1.050%, 06/17/04 (d) ............ 50,000,647
BNP Paribas (NY)
19,000,000 1.390%, 08/27/04 ................ 19,011,584
20,000,000 1.020%, 02/07/05 ................ 19,996,927
10,000,000 Chase Manhattan Bank
1.050%, 11/08/04 (d) ............ 10,000,000
20,000,000 Credit Suisse First Boston (NY)
1.170%, 07/12/04 ................ 20,004,571
35,000,000 Danske Bank (NY)
1.100%, 07/30/04 ................ 35,000,435
35,000,000 Fortis Bank (NY)
1.160%, 10/04/04 ................ 35,001,505
30,000,000 Halifax Bank of Scotland (NY)
1.085%, 05/11/04 ................ 30,000,041
32,000,000 Regions Bank
1.160%, 10/15/04 ................ 32,000,000
35,000,000 Royal Bank of Scotland (NY)
1.390%, 09/07/04 ................ 35,028,449
Southtrust Bank
25,000,000 1.080%, 07/13/04 ................ 25,000,000
20,000,000 1.070%, 11/23/04 (d) ............ 20,000,000
30,000,000 Svenska Handelsbanken (NY)
1.260%, 06/29/04 ................ 30,000,487
West Deutsche Landesbank (NY)
25,000,000 1.080%, 05/10/04 ................ 25,000,000
30,000,000 1.220%, 05/25/04 ................ 30,000,198
---------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $483,745,443) ............. 483,745,443
---------------
TIME DEPOSITS - 10.98%
75,000,000 AmSouth Bank
1.031%, 05/03/04 ................ 75,000,000
70,000,000 Key Bank
1.031%, 05/03/04 ................ 70,000,000
57,500,000 National City Bank
1.031%, 05/03/04 ................ 57,500,000
---------------
TOTAL TIME DEPOSITS
(Cost $202,500,000) ............. 202,500,000
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 2
ABN AMRO FUNDS
- ----------------------
INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2004
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
--------- -------
INSURANCE FUNDING AGREEMENTS (C)(D) - 9.22%
$ 40,000,000 Allstate Life Insurance Funding
Agreement
1.260%, 05/02/05 ................ $ 40,000,000
30,000,000 Hartford Life Insurance Funding
Agreement
1.220%, 07/01/04 ................ 30,000,000
Metropolitan Life Insurance
Funding Agreement
40,000,000 1.170%, 02/01/05 ................ 40,000,000
10,000,000 1.230%, 04/27/05 ................ 10,000,000
50,000,000 Travelers Insurance Funding
Agreement
1.180%, 12/23/04 ................ 50,000,000
---------------
TOTAL INSURANCE FUNDING AGREEMENTS
(Cost $170,000,000) ............. 170,000,000
---------------
U.S. GOVERNMENT AGENCY OBLIGATIONS (A) - 4.81%
FEDERAL HOME LOAN MORTGAGE - 3.46%
19,000,000 1.180%, 05/06/04 ................ 18,996,886
25,000,000 1.200%, 09/09/04 ................ 24,890,833
20,000,000 1.140%, 10/18/04 ................ 19,892,334
---------------
63,780,053
---------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 1.35%
25,000,000 1.200%, 08/20/04 .................. 24,907,500
---------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $88,687,553) .............. 88,687,553
---------------
FLOATING RATE SECURITIES (D) - 2.60%
33,000,000 Bank One, Senior Notes, Series C,
MTN
1.400%, 05/07/04 ................ 33,001,944
15,000,000 Citigroup Global Markets Holdings,
Series K, MTN
1.449%, 05/07/04 ................ 15,001,000
---------------
TOTAL FLOATING RATE SECURITIES
(Cost $48,002,944) .............. 48,002,944
---------------
BANK NOTE - 1.84%
34,000,000 U.S. Bank
1.170%, 11/17/04 ................ 34,003,648
---------------
TOTAL BANK NOTE
(Cost $34,003,648) .............. 34,003,648
---------------
MARKET
SHARES VALUE
-------- -------
INVESTMENT COMPANY - 0.01%
124,076 BlackRock Provident Institutional
TempFund Portfolio .............. $ 124,076
---------------
TOTAL INVESTMENT COMPANY
(Cost $124,076) ................. 124,076
---------------
TOTAL INVESTMENTS - 96.72%
(Cost $1,783,746,271)* ........................ 1,783,746,271
---------------
NET OTHER ASSETS AND LIABILITIES - 3.28% ......... 60,469,512
---------------
NET ASSETS - 100.00% ............................. $ 1,844,215,783
===============
- ---------------------------------
* At April 30, 2004, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
(b) Securities exempt from registration under section 4(2) of the Securities
Act of 1933, as amended. These securities may only be resold in an exempt
transaction to qualified institutional buyers. At April 30, 2004, these
securities amounted to $220,521,828 or 11.96% of net assets. These
securities have been determined by the Adviser to be liquid securities.
(c) These securities are illiquid securities because they are subject to a
delayed settlement restriction of sixty days or more if redeemed prior to
maturity.
(d) Variable rate note. The interest rate shown reflects the rate in effect at
April 30, 2004.
(NY) New York
(US) United States
MTN Medium Term Note
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 3
ABN AMRO FUNDS
- ------------------------------
APRIL 30, 2004
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
INSTITUTIONAL PRIME
MONEY MARKET
FUND
-----------------
ASSETS:
Investments:
Investments at cost ............................................................................. $ 1,783,746,271
-----------------
Total investments at value .................................................................... 1,783,746,271
Receivables:
Dividends and interest .......................................................................... 2,111,583
Fund shares sold ................................................................................ 11,350
Investments ..................................................................................... 60,054,133
Other assets ............................................................................................ 67,997
-----------------
Total assets .................................................................................. 1,845,991,334
-----------------
LIABILITIES:
Payables:
Dividend distribution ........................................................................... 1,283,569
Due to Adviser, net (Note E) .................................................................... 166,149
Administration fees (Note E) .................................................................... 86,849
Shareholder service fees (Note E) ............................................................... 8,377
Trustees fees (Note E) .......................................................................... 11,952
Accrued expenses and other payables ..................................................................... 218,655
-----------------
Total liabilities ............................................................................. 1,775,551
-----------------
NET ASSETS .............................................................................................. $ 1,844,215,783
=================
NET ASSETS CONSIST OF:
Paid in capital ..................................................................................... $ 1,844,250,021
Accumulated net realized loss on investments ........................................................ (34,238)
-----------------
TOTAL NET ASSETS ................................................................................ $ 1,844,215,783
=================
CLASS Y:
Net Assets .......................................................................................... $ 1,804,279,477
Shares of beneficial interest outstanding ........................................................... 1,804,279,503
NET ASSET VALUE
Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................................................. $ 1.00
=================
CLASS YS:
Net Assets .......................................................................................... $ 39,936,306
Shares of beneficial interest outstanding ........................................................... 39,941,485
NET ASSET VALUE
Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................................................. $ 1.00
=================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 4
ABN AMRO FUNDS
- -----------------------
FOR THE SIX MONTHS ENDED APRIL 30, 2004 (UNAUDITED)
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
INSTITUTIONAL PRIME
MONEY MARKET
FUND
-----------------
INVESTMENT INCOME:
Dividends .......................................................................................... $ 9,120
Interest ........................................................................................... 12,925,316
----------------
Total investment income ........................................................................... 12,934,436
----------------
EXPENSES:
Investment advisory fees (Note E) .................................................................. 1,180,409
Shareholder service fees(a) (Note E) ............................................................... 63,530
Transfer agent fees ................................................................................ 50,856
Administration fees (Note E) ....................................................................... 615,168
Custodian fees ..................................................................................... 93,739
Professional fees .................................................................................. 73,961
Trustees fees (Note E) ............................................................................. 32,052
Other expenses ..................................................................................... 177,863
----------------
Net expenses ...................................................................................... 2,287,578
----------------
NET INVESTMENT INCOME ................................................................................... 10,646,858
----------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ......................................................... $ 10,646,858
================
<FN>
- --------------------------------------------------------------------------------
(a) Shareholder service fees are incurred at the Class YS level.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 5
ABN AMRO FUNDS
- ------------------------------
STATEMENT OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
INSTITUTIONAL PRIME MONEY MARKET FUND
-------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2004 OCTOBER 31,
(UNAUDITED) 2003
---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD ..................................................... $ 2,097,606,326 $ 2,268,472,819
---------------- ----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income .......................................................... 10,646,858 28,681,186
---------------- ----------------
Net increase in net assets from operations ..................................... 10,646,858 28,681,186
---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class Y ........................................................................ (10,479,547) (27,976,723)
Class YS ....................................................................... (167,311) (706,334)
---------------- ----------------
Total distributions ............................................................ (10,646,858) (28,683,057)
---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class Y ........................................................................ 4,735,833,717 9,544,377,583
Class YS ....................................................................... 85,461,700 333,491,996
Proceeds from reinvestment of distributions:
Class Y ........................................................................ 1,301,963 4,991,114
Class YS ....................................................................... 70,983 177,553
Cost of shares redeemed:
Class Y ........................................................................ (4,968,564,966) (9,702,963,040)
Class YS ....................................................................... (107,493,940) (350,939,828)
---------------- ----------------
Net decrease from capital share transactions ................................... (253,390,543) (170,864,622)
---------------- ----------------
Total decrease in net assets ................................................... (253,390,543) (170,866,493)
---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ........................................ $ 1,844,215,783 $ 2,097,606,326
================ ================
(A) Undistributed net investment income ........................................... $ -- $ --
================ ================
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class Y:
Sold ........................................................................... 4,735,833,717 9,544,377,583
Proceeds from reinvestment of distributions .................................... 1,301,963 4,991,114
Redeemed ....................................................................... (4,968,564,965) (9,702,963,041)
Class YS:
Sold ........................................................................... 85,461,700 333,491,996
Proceeds from reinvestment of distributions .................................... 70,983 177,553
Redeemed ....................................................................... (107,493,940) (350,939,828)
---------------- ----------------
Net decrease in shares outstanding ............................................. (253,390,542) (170,864,623)
================ ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 6
ABN AMRO FUNDS
- ----------------------
INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2004
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS Y
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS YEAR PERIOD
04/30/04 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00 12/31/99(A)
------------ ------------ ------------ ------------ ------------ ------------
Net Asset Value, Beginning of Period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............ --(b) 0.01 0.02 0.04 0.06 --(b)
------------ ------------ ------------ ------------ ------------ ------------
Less distributions from
net investment income .......... --(b) (0.01) (0.02) (0.04) (0.06) --b)
------------ ------------ ------------ ------------ ------------ ------------
Net Asset Value, End of Period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============ ============ ============
TOTAL RETURN .......................... 0.45%(c) 1.14% 1.84% 3.73%(c) 6.32% 0.05%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) $ 1,804,279 $ 2,035,709 $ 2,189,305 $ 1,651,104 $ 1,445,394 $ 5,000
Ratios of expenses to average net assets:
Before reimbursement of
expenses by Adviser ............ 0.19% 0.18% 0.18% 0.19% 0.20% 3.39%
After reimbursement of
expenses by Adviser ............ 0.19% 0.18% 0.18% 0.19% 0.20% 0.20%
Ratios of net investment income to
average net assets:
Before reimbursement of
expenses by Adviser ............ 0.91% 1.13% 1.80% 4.37% 6.46% 1.22%
After reimbursement of
expenses by Adviser ............ 0.91% 1.13% 1.80% 4.37% 6.46% 4.40%
- --------------------------------------------------------------------------------
CLASS YS
SIX MONTHS
ENDED YEAR YEAR TEN MONTHS PERIOD
04/30/04 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/03 10/31/02 10/31/01 12/31/00(D)
------------ ------------ ------------ ------------ ------------
Net Asset Value, Beginning of Period ................ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------ ------------ ------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... --(b) 0.01 0.02 0.03 0.03
------------ ------------ ------------ ------------ ------------
Less distributions from net investment income .. --(b) (0.01) (0.02) (0.03) (0.03)
------------ ------------ ------------ ------------ ------------
Net Asset Value, End of Period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============ ============ ============
TOTAL RETURN ........................................ 0.33%(c) 0.88% 1.59% 3.52%(c) 3.20%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ................ $ 39,936 $ 61,898 $ 79,168 $ 92,009 $ 71,609
Ratios of expenses to average net assets:
Before reimbursement of expenses by Adviser .... 0.44% 0.43% 0.43% 0.44% 0.45%
After reimbursement of expenses by Adviser ..... 0.44% 0.43% 0.43% 0.44% 0.45%
Ratios of net investment income to average net assets:
Before reimbursement of expenses by Adviser .... 0.66% 0.88% 1.55% 4.12% 6.23%
After reimbursement of expenses by Adviser ..... 0.66% 0.88% 1.55% 4.12% 6.23%
<FN>
- ------------------------------------------
(a) ABN AMRO Institutional Prime Money Market Fund -- Class Y commenced
investment operations on December 28, 1999.
(b) Represents less than $0.005 per share.
(c) Not Annualized.
(d) ABN AMRO Institutional Prime Money Market Fund -- Class YS commenced
investment operations on June 29, 2000.
</FN>
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 7
ABN AMRO FUNDS
- ------------------------------
APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
NOTE (A) FUND ORGANIZATION: ABN AMRO Funds (the "Trust") was organized as a
Delaware statutory trust under a Declaration of Trust dated September 10, 1993.
The Trust is registered under the Investment Act of 1940, as amended (the "1940
Act") and operates as an open-end management investment company that is
comprised of 26 separate portfolios.
One Fund of the Trust is included in these financial statements: ABN AMRO
Institutional Prime Money Market Fund (the "Fund"). Two other Institutional
Money Market Funds, ABN AMRO Institutional Treasury Money Market Fund and ABN
AMRO Institutional Government Money Market Fund, have not yet commenced
operations as of April 30, 2004.
NOTE (B) SIGNIFICANT ACCOUNTING POLICIES: The following is a summary of the
significant accounting policies consistently followed by the Fund in the
preparation of its financial statements. These policies are in conformity with
accounting principles generally accepted in the United States.
(1) SECURITY VALUATION: All securities, with the exception of investments in
other funds, repurchase agreements and insurance funding agreements ("IFAs"),
are valued at amortized cost, which approximates fair value. Under the amortized
cost method, discounts and premiums are accreted and amortized ratably to
maturity and are included as interest income. Investments in other funds are
valued at the underlying fund's net asset value at the date of valuation.
Repurchase agreements are valued at cost and IFAs are valued at cost plus
accrued interest, which approximates fair value.
(2) REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements with
financial institutions deemed to be creditworthy by ABN AMRO Asset Management
(USA) LLC (the "Adviser") subject to the seller's agreement to repurchase and
the Fund's agreement to resell such securities at a mutually agreed upon price.
Securities purchased subject to repurchase agreements are deposited with the
Fund's custodian and, pursuant to the terms of the repurchase agreement, must
have an aggregate market value greater than or equal to the repurchase price
plus accrued interest at all times. If the value of the underlying securities
falls below the value of the repurchase price plus accrued interest, the Fund
will require the seller to deposit additional collateral by the next business
day. If the request for additional collateral is not met, or the seller defaults
on its repurchase obligation, the Fund has the right to sell the underlying
securities at market value and may claim any resulting loss against the seller.
(3) U.S. GOVERNMENT AGENCY OBLIGATIONS: The Fund may invest in U.S. Government
Agency Obligations. These obligations of U.S. Government sponsored entities are
not issued or guaranteed by the U.S. Treasury.
(4) INVESTMENT INCOME AND SECURITIES TRANSACTIONS: Interest income is accrued
daily. Securities transactions are accounted for on the date securities are
purchased or sold. The cost of securities sold is generally determined using the
identified cost method.
(5) FEDERAL INCOME TAXES: The Fund has elected to be treated as a "regulated
investment company" under Subchapter M of the Internal Revenue Code and to
distribute substantially all of its net taxable income. Accordingly, no
provisions for federal income taxes have been made in the accompanying financial
statements. The Fund intends to utilize provisions of the federal income tax
laws which allow it to carry a realized capital loss forward for eight years
following the year of the loss and offset such losses against any future
realized capital gains. At October 31, 2003, the Fund had available realized
capital losses to offset future net capital gains through fiscal year ended:
AMOUNT EXPIRATION DATE
------ ---------------
$33,848 2005
244 2007
146 2008
-------
$34,238
(6) MULTI-CLASS OPERATIONS: Each class offered by the Fund has equal rights as
to assets. Income, non-class specific expenses and realized and unrealized
capital gains and losses, if any, are allocated to each class of shares based on
the relative net assets of each class. Class specific expenses are allocated
directly to the appropriate class and relate to shareholder service fees.
(7) USE OF ESTIMATES: The preparation of financial statements in conformity with
accounting principles generally accepted in the United States 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 revenues and
expenses during the reporting period. Actual results could differ from those
estimates.
| 8
ABN AMRO FUNDS
- -----------------------
APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
(8) COMMITMENTS AND CONTINGENCIES: In the normal course of business, the Trust
enters into contracts on behalf of the Fund that contain a variety of provisions
for general indemnifications. The Fund's maximum exposure under these
arrangements is unknown, as this would involve future claims that may be made
against the Fund that are not known at this time. However, based on experience,
the Fund believes the risk of loss is improbable.
NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: The Fund declares dividends daily from net investment income. The Fund's
dividends are payable monthly and are automatically reinvested in additional
Fund shares, at the month-end net asset value, for those shareholders that have
elected the reinvestment option. Differences in dividends per share between
classes of the Fund are due to different class expenses.
Net investment income and realized gains and losses for federal income tax
purposes may differ from those reported on the financial statements because of
permanent book and tax basis differences.
Distributions from net realized gains for book purposes may include short-term
capital gains, which are included as ordinary income for tax purposes. The tax
character of ordinary income distributions paid during the years ended October
31, 2003 and October 31, 2002 were $ 29,613,241 and $36,433,624, respectively.
As of October 31, 2003, the components of distributable earnings on a tax basis
for the Fund were as follows:
CAPITAL LOSS UNDISTRIBUTED
CARRYFORWARD ORDINARY INCOME
------------ ---------------
$ (34,238) $1,485,096
These amounts are as of the most recent tax year end.
NOTE (D) SHARES OF BENEFICIAL INTEREST: The Fund is authorized to issue an
unlimited number of shares of beneficial interest with no par value.
NOTE (E) ADVISORY, ADMINISTRATION AND DISTRIBUTION SERVICES AGREEMENTS: The
Adviser provides the Fund with investment advisory services. Under terms of the
Fund's investment advisory agreement, fees are accrued daily and paid monthly,
based on an annual rate of 0.10% of average daily net assets.
ABN AMRO Investment Fund Services, Inc. (the "Administrator") provides the Fund
with various administrative services. Under terms of the administration
agreement, administration fees are accrued daily and paid monthly, based on a
specified percentage of average daily net assets of the Trust and custody
liaison fees are accrued for each Fund at a fixed charge that varies according
to the size of the Fund.
The fee arrangements are as follows:
ADMINISTRATION CUSTODY
FEES LIAISON FEES
AT TRUST LEVEL ANNUAL RATE AT FUND LEVEL ANNUAL RATE
-------------- ----------- ------------- -----------
First $2 billion 0.060% First $100 million $10,000
$2 billion to $100 million to
$12.5 billion 0.050% $500 million 15,000
Over $12.5 billion 0.045% Over $500 million 20,000
The Administrator has entered into a sub-administration agreement with PFPC Inc.
("PFPC") to provide certain administrative services to the Fund. Under terms of
the sub-administration agreement, sub-administration fees are accrued daily and
paid monthly, based on a specified percentage of average daily net assets, as
follows:
AVERAGE DAILY NET ASSETS OF TRUST ANNUAL RATE
- --------------------------------- -----------
First $2 billion 0.045%
$2 billion to $3 billion 0.040%
$3 billion to $8 billion 0.030%
$8 billion to $12 billion 0.025%
Over $12 billion 0.020%
Under the sub-administration agreement with PFPC, custody liaison fees are fixed
at an annual rate of $10,000 per Fund.
ABN AMRO Distribution Services (USA) Inc. (the "Distributor") serves as
principal underwriter and distributor of the Fund's shares. Pursuant to a
shareholder servicing plan (the "Plan") adopted by the Fund, the Distributor is
paid a fee up to 0.25% of the average daily net assets of the Class YS shares
for its efforts in maintaining client accounts, arranging bank wires, responding
to client inquiries concerning services provided on investments and assisting
clients in purchase, redemption and exchange transactions, and changing their
dividend options, account designations and addresses.
The Trust does not compensate its officers or interested Trustees who are
affiliated with the Adviser. Effective March 1, 2004, the Trust pays each
non-interested Trustee and non-affiliated interested and Advisory Trustee $5,000
per Board of Trustees' meeting attended and an annual retainer of $10,000 and
reimburses each non-interested Trustee and non-affiliated interested and
Advisory Trustee for out-of-pocket expenses. The Chairman of the Audit Committee
receives an additional $5,000 per year. Prior to
| 9
ABN AMRO FUNDS
- ------------------------------
APRIL 30, 2004
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
March 1, 2004, the Trust paid each non-interested Trustee and non-affiliated
interested and Advisory Trustee $5,000 per Board of Trustees' meeting attended
and an annual retainer of $5,000 and reimbursed each non-interested Trustee and
non-affiliated interested and Advisory Trustee for out-of-pocket expenses.
NOTE (F) CREDIT AGREEMENT: The Credit Agreement, amended March 17, 2004, with
The Bank of Nova Scotia provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by the series of the Trust, including
this Fund, and is available for temporary, emergency purposes including
liquidity needs in meeting redemptions. The annual facility fee is 0.11% of the
commitment amount of the facility in addition to reasonable administrative and
legal expenses incurred in connection with the preparation of any amendments.
The interest rate on outstanding loans is equivalent to the Federal Funds Rate
or LIBOR (London InterBank Offering Rate), as applicable, plus 0.625%.
Borrowings must be repaid within 60 days. At April 30, 2004, there were no
borrowings outstanding against the line of credit.
| 10
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ABN AMRO Funds
ADVISERS
ABN AMRO Asset Management (USA) LLC
161 North Clark Street
Chicago, IL 60601
ABN AMRO Asset Management, Inc.
161 North Clark Street
Chicago, IL 60601
Montag & Caldwell, Inc.
3455 Peachtree Road, NE, Suite 1200
Atlanta, GA 30326
TAMRO Capital Partners LLC
1660 Duke St.
Alexandria, VA 22314
Veredus Asset Management LLC
One Paragon Centre
6060 Dutchmans Lane, Suite 320
Louisville, KY 40205
SHAREHOLDER SERVICES
ABN AMRO Funds
P.O. Box 9765
Providence, RI 02940
DISTRIBUTOR
ABN AMRO Distribution Services (USA) Inc.
760 Moore Road
King of Prussia, PA 19406
OFFICERS
Kenneth C. Anderson, President and
Chief Executive Officer
Gerald F. Dillenburg, Senior Vice President,
Secretary, Treasurer and Chief Operations
Officer
William Long, Vice President
Juli A. Braun, Assistant Secretary
Michael A. Cozzi, Assistant Treasurer
Laura M. Hlade, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153
LEGAL COUNSEL
Vedder, Price, Kaufman & Kammholz
222 N. LaSalle Street
Chicago, IL 60601
THIS REPORT IS SUBMITTED FOR GENERAL INFORMATION TO THE SHAREHOLDERS OF THE
FUNDS. IT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE INVESTORS IN THE
FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS WHICH INCLUDES
DETAILS REGARDING THE FUNDS' OBJECTIVES, POLICIES, EXPENSES AND OTHER
INFORMATION.
ABSEM 04 03
ITEM 2. CODE OF ETHICS.
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.
Not applicable.
ITEM 6. SCHEDULE OF INVESTMENTS
Not applicable.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 9. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
There have been no material changes to the procedures by which the shareholders
may recommend nominees to the registrant's board of directors, where those
changes were implemented after the registrant last provided disclosure in
response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A (17 CFR
240.14a-101), or this Item.
ITEM 10. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive and principal financial officers,
or persons performing similar functions, have concluded that the
registrant's disclosure controls and procedures (as defined in Rule
30a-3(c) under the Investment Company Act of 1940, as amended (the
"1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within
90 days of the filing date of the report that includes the disclosure
required by this paragraph, based on their evaluation of these controls
and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR
270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities
Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or
240.15d-15(b)).
(b) There were no changes in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17
CFR 270.30a-3(d)) that occurred during the registrant's last fiscal
half-year (the registrant's second fiscal half-year in the case of an
annual report) that has materially affected, or is reasonably likely to
materially affect, the registrant's internal control over financial
reporting.
ITEM 11. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.
(a)(3) Not applicable.
(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and
Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(Registrant) ABN AMRO FUNDS
--------------------------------------------------------------------
By (Signature and Title)* /S/ KENNETH C. ANDERSON
-------------------------------------------------------
Kenneth C. Anderson, President
(principal executive officer)
Date JULY 1, 2004
----------------------------------------------------------------------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By (Signature and Title)* /S/ KENNETH C. ANDERSON
-------------------------------------------------------
Kenneth C. Anderson, President
(principal executive officer)
Date JULY 1, 2004
----------------------------------------------------------------------------
By (Signature and Title)* /S/ GERALD DILLENBURG
-------------------------------------------------------
Gerald Dillenburg, Senior Vice President,
Secretary & Treasurer
(principal financial officer)
Date JULY 1, 2004
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.