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
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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) 884-2100
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Date of fiscal year end: OCTOBER 31
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Date of reporting period: APRIL 30, 2006
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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, 100 F Street, NE,
Washington, DC 20549. 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.
[GRAPHIC OMITTED]
ABN AMRO ASSET MANAGEMENT LOGO - ABN AMRO FUNDS
[GRAPHIC OMITTED]
COVER ART
APRIL 30/2006 CLASS N, I & R SHARES
SEMI-ANNUAL REPORT 2006
EQUITY, SECTOR, BALANCED, FIXED & MONEY MARKET
THIS PRIVACY STATEMENT IS NOT PART OF THE SEMI ANNUAL REPORT
PRIVACY STATEMENT
At ABN AMRO Funds, we appreciate the privacy concerns and expectations of our
customers. Together with the Funds' distributor, ABN AMRO Distribution Services
(USA) Inc., we have established the following policies to maintain the privacy
of information you share with us.
INFORMATION WE COLLECT
We collect and retain nonpublic personal information about you that may include:
o Information we receive on your account applications or other forms
such as your name, address, financial information and/or social
security number;
o Information we receive about your mutual fund transactions, such as
purchases, sales, exchanges and account balances; and
o Information we collect through the use of Internet "cookies" when
you access our website. Cookies are software files we use to track
which of our sites you visit.
INFORMATION WE MAY SHARE
We do not sell any of your nonpublic personal information to third parties. We
may share the information we collect with affiliates or with non-affiliated
third parties only when those parties are acting on our behalf in servicing your
account, or as required by law. These third parties may include:
o Administrative service providers who, for example, process
transactions for your account, print checks or prepare account
statements;
o Companies that provide services for us to help market our products
to you; and
o Governmental or other legal agencies, as required by law
When information is shared with third parties, they are legally obligated to
maintain the confidentiality of the information and to limit their use of it to
servicing your account, except as permitted or required by law.
CONFIDENTIALITY AND SECURITY
Within both the Funds' and Distributor's organizations, we restrict access to
your nonpublic personal information to authorized employees who need to access
such information in order to provide services or products to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic
personal information.
As previously mentioned, we may collect information through the use of Internet
"cookies" on our Web site. In addition, in order to provide you with access to
your account via the Web, it is necessary for us to collect certain nonpublic
personal information such as your name, social security number and account
information. Special measures such as data encryption and authentication apply
to all nonpublic personal information and communications on our Web site.
APPLICABILITY
Our privacy policies apply only to those individual investors who have or had a
direct customer relationship with us. If you are an individual shareholder of
record of any of the Funds, the Funds consider you to be their customer.
Shareholders purchasing or owning shares of any of the Funds through their bank,
broker, or other financial institution should also consult that financial
institution's privacy policies.
The ABN AMRO Funds value your business. We understand the importance of
maintaining the integrity of your personal information and are committed to
keeping your trust. Please contact us at 800 992-8151 if you have any questions
concerning our policy, or visit us at www.abnamrofunds.com for additional copies
of this policy.
ABN AMRO Funds
TABLE OF CONTENTS
Performance Summary ................................................... 2
Schedules of Investments .............................................. 4
Statement of Assets and Liabilities ................................... 48
Statement of Operations ............................................... 52
Statements of Changes in Net Assets ................................... 56
Financial Highlights .................................................. 64
Notes to Financial Statements ......................................... 97
Additional Information ................................................ 109
EQUITY INCOME FUND
River Road Dynamic Equity Income Fund
LARGE CAP FUNDS
Growth Fund
Montag & Caldwell Growth Fund
TAMRO Large Cap Value Fund
Value Fund
Veredus Select Growth Fund
MID CAP FUNDS
Mid Cap Fund
Mid Cap Growth Fund
SMALL CAP FUNDS
River Road Small Cap Value Fund
TAMRO Small Cap Fund
Veredus Aggressive Growth Fund
SECTOR FUNDS
Real Estate Fund
Veredus SciTech Fund
BALANCED FUNDS
Balanced Fund
Montag & Caldwell Balanced Fund
FIXED INCOME FUNDS
Bond Fund
Investment Grade Bond Fund
High Yield Bond Fund
Municipal Bond Fund
MONEY MARKET FUND
Investor Money Market Fund
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.
ABN AMRO FUNDS ARE DISTRIBUTED BY ABN AMRO DISTRIBUTION SERVICES (USA) INC., 760
MOORE ROAD, KING OF PRUSSIA, PA 19406.
SHAREHOLDER SERVICES 800 992-8151 o WWW.ABNAMROFUNDS.COM
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.
| 1
ABN AMRO Funds
PERFORMANCE SUMMARY (UNAUDITED) AS OF APRIL 30, 2006
AVERAGE ANNUAL
TOTAL RETURN
------------------------------
SIX TEN YEAR
INCEPTION MONTH TOTAL ONE FIVE OR LIFE OF
DATE CLASS RETURN (a) YEAR YEAR FUND (b)
--------- ----- ----------- ------ ------- -----------
EQUITY FUNDS
River Road Dynamic Equity Income Fund (c) 06/28/05 N 14.43% N/A N/A 14.77%(a)
Growth Fund 12/13/93 N 6.43% 14.00% 0.17% 8.88%(b)
07/31/00 I 6.55% 14.33% 0.44% (0.62)%
12/31/02 R 6.33% 13.75% N/A 8.88%
Montag & Caldwell Growth Fund 11/02/94 N 5.10% 11.96% (0.10)% 7.62%(b)
06/28/96 I 5.23% 12.26% 0.18% 7.66%
12/31/02 R 4.95% 11.68% N/A 8.54%
TAMRO Large Cap Value Fund (c) 11/30/00 N 7.89% 13.13% 5.47% 6.13%
Value Fund (c) (d) 01/04/93 N 11.42% 16.34% 4.65% 8.03%(b)
09/20/05 I 11.47% N/A N/A 9.66%(a)
Veredus Select Growth Fund (c) 12/31/01 N 14.69% 27.46% N/A 7.41%
Mid Cap Fund (c) 09/19/94 N 12.81% 15.34% 10.32% 12.54%(b)
07/06/04 I 12.99% 15.62% N/A 7.94%
Mid Cap Growth Fund (c) 12/29/05 N N/A N/A N/A 4.60%(a)
River Road Small Cap Value Fund (c) (d) (e) 06/28/05 N 21.60% N/A N/A 25.00%(a)
TAMRO Small Cap Fund (c) (e) 11/30/00 N 24.89% 36.98% 15.84% 17.47%
01/04/05 I 25.08% 37.45% N/A 20.56%
Veredus Aggressive Growth Fund (c) (e) 06/30/98 N 16.84% 31.53% 1.34% 14.06%
10/05/01 I 16.96% 31.96% N/A 4.35%
Real Estate Fund (c) (f) 12/30/97 N 15.99% 28.15% 20.96% 12.95%
09/20/05 I 16.14% N/A N/A 13.28%(a)
Veredus SciTech Fund (c) (g) 06/30/00 N 18.57% 34.45% 1.57% (2.73)%
- ----------
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 HIGHER OR LOWER 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. CERTAIN EXPENSES
WERE SUBSIDIZED. IF THESE SUBSIDIES WERE NOT IN EFFECT, THE RETURNS WOULD HAVE
BEEN LOWER.
(a) NOT ANNUALIZED.
(b) RETURN FIGURES SHOWN ARE AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD FROM
INCEPTION THROUGH APRIL 30, 2006 EXCEPT FOR GROWTH FUND CLASS N, MONTAG &
CALDWELL GROWTH FUND CLASS N, VALUE FUND CLASS N, AND MID CAP FUND CLASS N
WHICH ARE FOR THE 10 YEARS ENDED APRIL 30, 2006.
(c) THE FUND'S INVESTMENT ADVISER IS CONTRACTUALLY OBLIGATED TO WAIVE FEES OR
REIMBURSE EXPENSES THROUGH FEBRUARY 28, 2007. THE PERFORMANCE QUOTED WOULD
HAVE BEEN LOWER IF THESE SUBSIDIES HAD NOT BEEN IN EFFECT.
(d) VALUE INVESTING INVOLVES THE RISK THAT A FUND'S INVESTING IN COMPANIES
BELIEVED TO BE UNDERVALUED WILL NOT APPRECIATE AS ANTICIPATED.
(e) SMALL COMPANY STOCKS AND SMALL CAP 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.
(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) 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.
| 2
ABN AMRO Funds
PERFORMANCE SUMMARY (UNAUDITED) - CONTINUED AS OF APRIL 30, 2006
AVERAGE ANNUAL
TOTAL RETURN
---------------------
SIX TEN YEAR
INCEPTION MONTH TOTAL ONE FIVE OR LIFE OF
DATE CLASS RETURN (a) YEAR YEAR FUND (b)
--------- ----- ----------- ------ ------- -----------
BALANCED FUNDS
Balanced Fund (c) 09/21/95 N 4.50% 9.32% 1.98% 7.94%(b)
Montag & Caldwell Balanced Fund (c) 11/02/94 N 3.15% 7.05% 1.32% 6.87%(b)
12/31/98 I 3.22% 7.29% 1.55% 1.77%
FIXED INCOME FUNDS
Bond Fund (d) (e) 12/13/93 N 0.35% 0.49% 4.12% 5.61%(b)
07/31/00 I 0.47% 0.74% 4.38% 5.32%
Investment Grade Bond Fund (d) (e) 06/30/03 N 0.48% 0.42% N/A 1.02%
10/23/95 I 0.60% 0.66% 4.03% 5.10%(b)
High Yield Bond Fund (e) (f) 06/30/03 N 3.48% 7.60% N/A 7.17%
06/30/03 I 3.61% 7.88% N/A 7.44%
Municipal Bond Fund (g) (h) 12/13/93 N 0.96% 0.98% 4.16% 4.43%(b)
MONEY MARKET FUND
Investor Money Market Fund 12/14/93 N 1.92% 3.38% 1.75% 3.50%(b)
7-DAY 30-DAY
AVERAGE YIELD AVERAGE YIELD
------------- -------------
Investor Money Market Fund N 4.17% 4.16%
- ----------
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 HIGHER OR LOWER 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. CERTAIN EXPENSES
WERE SUBSIDIZED. IF THESE SUBSIDIES WERE NOT IN EFFECT, THE 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
INCEPTION THROUGH APRIL 30, 2006 EXCEPT FOR BALANCED FUND CLASS N, MONTAG
& CALDWELL BALANCED FUND CLASS N, BOND FUND CLASS N, INVESTMENT GRADE BOND
FUND CLASS I, MUNICIPAL BOND FUND CLASS N, AND INVESTOR MONEY MARKET FUND
CLASS N WHICH ARE FOR THE 10 YEARS ENDED APRIL 30, 2006.
(c) THE FUND IS SUBJECT TO INTEREST RATE RISK ASSOCIATED WITH THE UNDERLYING
BOND HOLDINGS IN THE PORTFOLIO. THE VALUE OF THE FUND CAN DECLINE AS
INTEREST RATES RISE AND AN INVESTOR CAN LOSE PRINCIPAL.
(d) THE FUND'S INVESTMENT ADVISER IS CONTRACTUALLY OBLIGATED TO WAIVE FEES OR
REIMBURSE EXPENSES THROUGH FEBRUARY 28, 2007. THE PERFORMANCE QUOTED WOULD
HAVE BEEN LOWER IF THESE SUBSIDIES HAD NOT BEEN IN EFFECT.
(e) BOND FUNDS HAVE THE SAME INTEREST RATE, HIGH YIELD AND CREDIT RISKS
ASSOCIATED WITH UNDERLYING BONDS IN THE PORTFOLIO, ALL OF WHICH CAN REDUCE
THE FUND'S VALUE. AS INTEREST RATES RISE, THE VALUE OF THE FUND CAN
DECLINE AND AN INVESTOR CAN LOSE PRINCIPAL.
(f) 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. THE FUND IS SUBJECT TO INTEREST RATE RISK. THE VALUE OF THE
FUND MAY DECLINE AS INTEREST RATES RISE.
(g) INTEREST INCOME IS GENERALLY EXEMPT FROM FEDERAL TAXES BUT MAY BE SUBJECT
TO STATE AND LOCAL TAXES. FOR SOME INVESTORS, INTEREST INCOME MAY BE
SUBJECT TO THE FEDERAL ALTERNATIVE MINIMUM TAX. FIXED INCOME FUNDS ARE
SUBJECT TO INTEREST RATE RISK. AS INTEREST RATES RISE, THE VALUE OF THE
FUND CAN DECLINE.
(h) THE FUND'S INVESTMENT ADVISER IS VOLUNTARILY WAIVING FEES OR REIMBURSING
EXPENSES. THESE SUBSIDIES MAY END AT ANY TIME. THE PERFORMANCE QUOTED
WOULD HAVE BEEN LOWER IF THESE SUBSIDIES HAD NOT BEEN IN EFFECT.
| 3
ABN AMRO Funds
RIVER ROAD DYNAMIC EQUITY INCOME FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 25%
FINANCE 18%
OIL AND GAS EXTRACTION 16%
REAL ESTATE INVESTMENT TRUSTS 12%
COMMUNICATIONS 8%
FOOD, BEVERAGE AND TOBACCO 6%
COMMERCIAL SERVICES 5%
CLOSED-END FUNDS 4%
FOREIGN COMMON STOCKS AND PREFERRED STOCK 4%
CASH AND OTHER NET ASSETS 2%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ------------------
COMMON STOCKS - 89.38%
BASIC MATERIALS - 2.22%
650 Cemex, SP ADR ........................... $ 43,888
3,875 Compass Minerals International .......... 102,029
------------------
145,917
------------------
CAPITAL GOODS - 5.13%
1,800 Lancaster Colony ........................ 73,890
4,950 Nam Tai Electronics ..................... 111,771
2,100 Sonoco Products ......................... 65,772
1,000 3M ...................................... 85,430
------------------
336,863
------------------
CHEMICALS - 1.11%
3,950 RPM International ....................... 72,680
------------------
COMMERCIAL SERVICES - 5.45%
4,550 Cendant ................................. 79,306
7,400 Coinmach Service, IDS ................... 125,282
3,100 CPI ..................................... 65,689
3,000 Macquarie Infrastructure ................ 87,600
------------------
357,877
------------------
COMMUNICATIONS - 7.51%
6,300 Atlantic Tele-Network ................... 145,782
6,025 Citizens Communications ................. 80,012
3,050 Telefonos de Mexico, Series L, SP ADR ... 67,069
4,300 United Online ........................... 55,427
6,755 Valor Communications Group .............. 88,153
1,700 Verizon Communications .................. 56,151
------------------
492,594
------------------
CONSUMER CYCLICALS - 1.79%
2,700 Centerplate, IDS ........................ 35,316
4,725 World Wrestling Entertainment ........... 81,931
------------------
117,247
------------------
ELECTRICAL - 1.49%
2,825 General Electric ........................ 97,717
------------------
MARKET
SHARES VALUE
- ------ ------------------
FINANCE - 18.01%
2,000 Allied Irish Banks, SP ADR .............. $ 95,840
2,100 American Capital Strategies ............. 73,122
4,060 Astoria Financial ....................... 127,159
2,750 Bank of America ......................... 137,280
2,725 Barclays, SP ADR ........................ 135,841
2,050 Citigroup ............................... 102,398
1,900 First Horizon National .................. 80,598
7,900 Medallion Financial ..................... 105,149
3,400 Municipal Mortgage & Equity ............. 92,174
2,200 National City ........................... 81,180
2,200 U.S. Bancorp ............................ 69,168
1,200 Wells Fargo ............................. 82,428
------------------
1,182,337
------------------
FOOD, BEVERAGE AND TOBACCO - 6.13%
1,700 Anheuser-Busch .......................... 75,786
2,050 Diageo, SP ADR .......................... 135,813
4,200 Industrias Bachoco, SP ADR .............. 86,520
1,900 Kraft Foods, Class A .................... 59,356
2,500 Vector Group Ltd. ....................... 45,000
------------------
402,475
------------------
INSURANCE - 4.59%
1,370 Allstate (The) .......................... 77,391
1,300 Cincinnati Financial .................... 55,432
1,600 Erie Indemnity, Class A ................. 81,488
3,165 Gallagher (Arthur J.) ................... 86,848
------------------
301,159
------------------
MEDICAL PRODUCTS AND SUPPLIES - 0.89%
1,000 Johnson & Johnson ....................... 58,610
------------------
OIL AND GAS EXTRACTION - 15.57%
2,000 Buckeye Partners (a) .................... 86,540
2,800 Eastern American Natural Gas Trust ...... 77,420
2,100 Enerplus Resources Fund ................. 112,539
1,550 Eni, SP ADR ............................. 94,876
2,450 Magellan Midstream Partners (a) ......... 83,202
1,300 Marathon Oil ............................ 103,168
1,300 PetroChina, ADR ......................... 146,120
4,500 Petrofund Energy Trust .................. 110,520
2,300 Sunoco Logistics Partners (a) ........... 101,200
1,425 TC Pipelines (a) ........................ 47,951
1,100 Valero (a) .............................. 58,476
------------------
1,022,012
------------------
REAL ESTATE INVESTMENT TRUSTS - 12.20%
4,248 CapitalSource ........................... 99,828
2,675 Commercial Net Lease Realty ............. 56,309
2,375 First Industrial Realty Trust ........... 93,195
2,550 Getty Realty ............................ 70,482
1,700 Health Care REIT ........................ 59,160
1,900 Hospitality Properties Trust ............ 81,890
4,850 Host Marriott ........................... 101,947
1,600 LaSalle Hotel Properties ................ 69,968
1,075 National Health Investors ............... 25,864
1,850 Sovran Self Storage ..................... 90,928
3,400 UMH Properties .......................... 51,442
------------------
801,013
------------------
RETAIL - 1.28%
6,265 Books-A-Million ......................... 84,264
------------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 4
ABN AMRO Funds
RIVER ROAD DYNAMIC EQUITY INCOME FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ------------------
UTILITIES - 2.60%
1,900 Huaneng Power International, SP ADR ..... $ 55,670
1,400 Progress Energy ......................... 59,920
1,700 Southern (The) .......................... 54,791
------------------
170,381
------------------
WASTE MANAGEMENT - 3.41%
23,550 Synagro Technologies .................... 113,040
2,950 Waste Management ........................ 110,507
------------------
223,547
------------------
TOTAL COMMON STOCKS
(Cost $5,353,013) ...................... 5,866,693
------------------
CLOSED-END FUNDS - 4.07%
FINANCE
4,000 Calamos Strategic Total Return Fund ..... 55,560
4,575 First Trust/Four Corners Senior Floating
Rate Income Fund II ................... 80,383
1,100 Macquarie/ First Trust Global
Infrastructure/ Utilities Dividend &
Income Fund ........................... 23,540
2,400 Madison Strategic Sector Premium Fund ... 47,472
3,300 PIMCO Floating Rate Strategy Fund ....... 60,390
------------------
TOTAL CLOSED-END FUNDS
(Cost $270,159) ....................... 267,345
------------------
FOREIGN COMMON STOCKS - 3.41%
CANADA - 3.05%
600 Canadian Oil Sands Trust ................ 93,913
2,750 Penn West Energy Trust .................. 106,429
------------------
200,342
------------------
UNITED KINGDOM - 0.36%
2,600 Mitchells & Butlers ..................... 23,339
------------------
TOTAL FOREIGN COMMON STOCKS
(Cost $150,228) ....................... 223,681
------------------
PREFERRED STOCK - 0.69%
FINANCE
1,700 Wachovia, Series A ...................... 45,560
------------------
TOTAL PREFERRED STOCK
(Cost $48,932) ........................ 45,560
------------------
MARKET
SHARES VALUE
- ------ ------------------
INVESTMENT COMPANY - 2.63%
172,647 BlackRock Liquidity Funds Temp Fund
Portfolio ............................. $ 172,647
------------------
TOTAL INVESTMENT COMPANY
(Cost $172,647) ....................... 172,647
------------------
TOTAL INVESTMENTS - 100.18%
(Cost $5,994,979)* ...................................... 6,575,926
------------------
NET OTHER ASSETS AND LIABILITIES - (0.18)% ................ (11,995)
------------------
NET ASSETS - 100.00% ...................................... $ 6,563,931
==================
- ----------
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation. ................ $ 660,575
Gross unrealized depreciation. ................ (79,628)
------------------
Net unrealized appreciation ................... $ 580,947
==================
(a) Limited Partnership
ADR American Depositary Receipt
IDS Income Deposit Security
REIT Real Estate Investment Trust
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 5
ABN AMRO Funds
GROWTH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 25%
TECHNOLOGY 17%
FINANCE 13%
RETAIL 12%
CAPITAL GOODS 9%
CONSUMER CYCLICALS 7%
BIOTECHNOLOGY 6%
MEDICAL PRODUCTS AND SUPPLIES 5%
INSURANCE 5%
CASH AND OTHER NET ASSETS 1%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 98.44%
ADVERTISING - 1.87%
215,317 Omnicom Group ................................. $ 19,380,683
----------------
BIOTECHNOLOGY - 5.53%
418,700 Amgen * ....................................... 28,345,990
502,600 Gilead Sciences * ............................. 28,899,500
----------------
57,245,490
----------------
CAPITAL GOODS - 8.99%
657,758 Dover ......................................... 32,723,460
337,977 Illinois Tool Works ........................... 34,710,238
354,300 Rockwell Automation ........................... 25,672,578
----------------
93,106,276
----------------
CHEMICALS - 2.70%
499,130 Praxair ....................................... 28,016,167
----------------
COMMERCIAL SERVICES - 4.23%
675,879 Cintas ........................................ 28,373,400
408,007 Ecolab ........................................ 15,422,665
----------------
43,796,065
----------------
COMMUNICATIONS - 1.66%
819,102 Cisco Systems * ............................... 17,160,187
----------------
CONSUMER CYCLICALS - 6.66%
277,072 Harley-Davidson ............................... 14,086,341
204,800 Harman International Industries ............... 18,020,352
452,306 Johnson Controls .............................. 36,885,554
----------------
68,992,247
----------------
ELECTRICAL - 2.21%
660,538 General Electric .............................. 22,848,009
----------------
FINANCE - 13.39%
514,400 CIT Group ..................................... 27,782,744
590,437 Fifth Third Bancorp ........................... 23,865,463
610,926 SLM ........................................... 32,305,767
464,134 State Street .................................. 30,317,233
409,000 Wachovia ...................................... 24,478,650
----------------
138,749,857
----------------
MARKET
SHARES VALUE
- ------ ----------------
FOOD AND BEVERAGES - 2.05%
711,726 Sysco ......................................... $ 21,273,490
----------------
HEALTH CARE SERVICES - 2.04%
270,800 Express Scripts * ............................. 21,160,312
----------------
INSURANCE - 4.65%
543,299 AFLAC ......................................... 25,828,435
341,792 American International Group .................. 22,301,928
----------------
48,130,363
----------------
MEDICAL PRODUCTS AND SUPPLIES - 5.36%
614,413 Medtronic ..................................... 30,794,380
626,400 St. Jude Medical * ............................ 24,730,272
----------------
55,524,652
----------------
PHARMACEUTICALS - 1.35%
551,314 Pfizer ........................................ 13,964,784
----------------
RETAIL - 12.11%
858,834 Dollar General ................................ 14,995,242
629,493 Kohl's * ...................................... 35,150,889
671,590 Starbucks * ................................... 25,030,159
976,113 TJX ........................................... 23,553,607
638,263 Walgreen ...................................... 26,762,367
----------------
125,492,264
----------------
TECHNOLOGY - 16.58%
891,860 Dell * ........................................ 23,366,732
563,600 Electronic Arts * ............................. 32,012,480
759,441 Intel ......................................... 15,173,631
1,029,726 Microsoft ..................................... 24,867,883
2,157,816 Oracle * ...................................... 31,482,536
1,293,699 Texas Instruments ............................. 44,904,292
----------------
171,807,554
----------------
TELECOMMUNICATIONS EQUIPMENT - 4.44%
896,257 QUALCOMM ...................................... 46,013,834
----------------
TRANSPORTATION - 2.62%
1,671,148 Southwest Airlines ............................ 27,106,021
----------------
TOTAL COMMON STOCKS
(Cost $890,351,440) ........................ 1,019,768,255
----------------
INVESTMENT COMPANY - 1.79%
18,517,119 BlackRock Liquidity Funds
TempCash Portfolio .......................... 18,517,119
----------------
TOTAL INVESTMENT COMPANY
(Cost $18,517,119) ......................... 18,517,119
----------------
TOTAL INVESTMENTS - 100.23%
(Cost $908,868,559)** .................................... 1,038,285,374
----------------
NET OTHER ASSETS AND LIABILITIES - (0.23)% .................. (2,367,100)
----------------
NET ASSETS - 100.00% ........................................ $ 1,035,918,274
================
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 163,401,906
Gross unrealized depreciation ......................... (33,985,091)
----------------
Net unrealized appreciation ........................... $ 129,416,815
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 6
ABN AMRO Funds
MONTAG & CALDWELL GROWTH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 34%
OIL AND GAS EXTRACTION 16%
CONSUMER STAPLES 9%
TECHNOLOGY 10%
MEDICAL PRODUCTS AND SUPPLIES 8%
BIOTECHNOLOGY 6%
ELECTRICAL 5%
PHARMACEUTICALS 5%
CAPITAL GOODS 4%
CASH AND OTHER NET ASSETS 3%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 96.86%
ADVERTISING - 2.23%
585,600 Omnicom Group ................................. $ 52,709,856
----------------
BIOTECHNOLOGY - 5.64%
939,300 Amgen * ....................................... 63,590,610
871,400 Genentech * ................................... 69,459,294
----------------
133,049,904
----------------
CAPITAL GOODS - 4.07%
1,123,600 3M ............................................ 95,989,148
----------------
COMMERCIAL SERVICES - 2.71%
1,587,400 Paychex ....................................... 64,115,086
----------------
COMMUNICATIONS - 3.66%
206,900 Google, Class A * ............................. 86,471,786
----------------
CONSUMER CYCLICALS - 2.37%
683,100 NIKE, Class B ................................. 55,904,904
----------------
CONSUMER STAPLES - 8.85%
1,275,100 Colgate-Palmolive ............................. 75,383,912
1,098,900 Estee Lauder, Class A ......................... 40,791,168
1,591,477 Procter & Gamble .............................. 92,639,876
----------------
208,814,956
----------------
ELECTRICAL - 4.66%
3,178,600 General Electric .............................. 109,947,774
----------------
FINANCE - 3.20%
1,403,000 American Express .............................. 75,495,430
----------------
FOOD AND BEVERAGES - 3.99%
1,616,700 PepsiCo ....................................... 94,156,608
----------------
INSURANCE - 2.58%
932,500 American International Group .................. 60,845,625
----------------
MARKET
SHARES VALUE
- ------ ----------------
MEDICAL PRODUCTS AND SUPPLIES - 7.83%
596,900 Johnson & Johnson ............................. $ 34,984,309
1,511,700 Medtronic ..................................... 75,766,404
1,691,900 Stryker ....................................... 74,020,625
----------------
184,771,338
----------------
OIL AND GAS EXTRACTION - 15.89%
708,300 Baker Hughes .................................. 57,251,889
779,100 ConocoPhillips ................................ 52,121,790
1,390,900 Halliburton ................................... 108,698,835
355,100 Occidental Petroleum .......................... 36,482,974
1,743,500 Schlumberger .................................. 120,545,590
----------------
375,101,078
----------------
PHARMACEUTICALS - 5.52%
955,800 Caremark Rx ................................... 43,536,690
1,639,400 Eli Lilly ..................................... 86,757,048
----------------
130,293,738
----------------
RESTAURANTS - 2.77%
1,891,000 McDonald's .................................... 65,371,870
----------------
RETAIL - 3.95%
635,800 Bed Bath & Beyond * ........................... 24,382,930
482,700 Costco Wholesale .............................. 26,273,361
764,073 Kohl's * ...................................... 42,665,836
----------------
93,322,127
----------------
TECHNOLOGY - 10.03%
350,300 Apple Computer * .............................. 24,657,617
638,300 eBay * ........................................ 21,963,903
2,100,700 Hewlett-Packard ............................... 68,209,729
1,772,100 Maxim Integrated Products ..................... 62,484,246
774,800 Research In Motion * .......................... 59,372,924
----------------
236,688,419
----------------
TELECOMMUNICATIONS EQUIPMENT - 3.19%
1,465,000 QUALCOMM ...................................... 75,213,100
----------------
TRANSPORTATION - 3.72%
1,083,100 United Parcel Service, Class B ................ 87,806,917
----------------
TOTAL COMMON STOCKS
(Cost $1,984,854,217) ........................ 2,286,069,664
----------------
INVESTMENT COMPANY - 2.37%
55,928,559 BlackRock Liquidity Funds
TempCash Portfolio ......................... 55,928,559
----------------
TOTAL INVESTMENT COMPANY
(Cost $55,928,559) ......................... 55,928,559
----------------
TOTAL INVESTMENTS - 99.23%
(Cost $2,040,782,776)** .................................. 2,341,998,223
----------------
NET OTHER ASSETS AND LIABILITIES - 0.77% .................... 18,103,936
----------------
NET ASSETS - 100.00% ........................................ $ 2,360,102,159
================
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 347,556,317
Gross unrealized depreciation ......................... (46,340,870)
----------------
Net unrealized appreciation ........................... $ 301,215,447
================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 7
ABN AMRO Funds
TAMRO LARGE CAP VALUE FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 28%
FINANCE 18%
OIL AND GAS EXTRACTION 11%
FOOD AND BEVERAGES 11%
COMMUNICATIONS 9%
TECHNOLOGY 7%
RETAIL 5%
CHEMICALS 5%
TRANSPORTATION 4%
CASH AND OTHER NET ASSETS 2%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ -----------
COMMON STOCKS - 98.16%
BASIC MATERIALS - 2.77%
15,487 Alcoa .......................................... $ 523,151
-----------
BIOTECHNOLOGY - 1.80%
10,800 MedImmune * .................................... 339,876
-----------
CAPITAL GOODS - 2.31%
9,860 Raytheon ....................................... 436,502
-----------
CHEMICALS - 4.67%
9,560 Dow Chemical (The) ............................. 388,232
11,221 duPont (E. I.) de Nemours ...................... 494,846
-----------
883,078
-----------
COMMERCIAL SERVICES - 1.78%
8,020 Cintas ......................................... 336,680
-----------
COMMUNICATIONS - 9.10%
19,075 Comcast, Class A * ............................. 590,371
10,850 Univision Communications, Class A * ............ 387,237
14,542 Vodafone Group, SP ADR ......................... 344,645
520 Washington Post (The), Class B ................. 398,320
-----------
1,720,573
-----------
CONSUMER CYCLICALS - 4.28%
12,070 eBay * ......................................... 415,329
8,039 SONY, SP ADR ................................... 393,428
-----------
808,757
-----------
CONSUMER STAPLES - 1.95%
5,900 Avery Dennison ................................. 368,750
-----------
FINANCE - 18.03%
133 Berkshire Hathaway, Class B * .................. 392,616
4,580 Capital One Financial .......................... 396,811
8,305 Citigroup ...................................... 414,835
7,290 Freddie Mac .................................... 445,127
3,000 Goldman Sachs Group ............................ 480,870
9,932 JPMorgan Chase ................................. 450,714
MARKET
SHARES VALUE
- ------ -----------
FINANCE (CONTINUED)
9,061 Washington Mutual .............................. $ 408,289
6,130 Wells Fargo .................................... 421,070
-----------
3,410,332
-----------
FOOD AND BEVERAGES - 11.09%
8,730 Anheuser-Busch ................................. 389,184
9,396 Coca-Cola (The) ................................ 394,256
12,190 Koninklijke Ahold, SP ADR * .................... 99,958
22,990 Kroger ......................................... 465,777
6,110 PepsiCo ........................................ 355,846
21,960 Sara Lee ....................................... 392,425
-----------
2,097,446
-----------
HEALTH CARE SERVICES - 0.90%
2,400 WellPoint * .................................... 170,400
-----------
INSURANCE - 4.01%
5,910 Prudential Financial ........................... 461,748
14,590 UnumProvident .................................. 296,323
-----------
758,071
-----------
MEDICAL PRODUCTS AND SUPPLIES - 2.32%
7,490 Johnson & Johnson .............................. 438,989
-----------
OIL AND GAS EXTRACTION - 10.55%
2,890 Anadarko Petroleum ............................. 302,930
4,891 BP, SP ADR ..................................... 360,564
5,994 Chevron Texaco ................................. 365,754
6,119 Exxon Mobil . .................................. 385,987
4,344 Schlumberger ................................... 300,344
3,440 Transocean * ................................... 278,881
-----------
1,994,460
-----------
PHARMACEUTICALS - 2.06%
15,360 Pfizer ......................................... 389,069
-----------
RESTAURANTS - 2.08%
11,359 McDonald's ..................................... 392,681
-----------
RETAIL - 4.56%
11,290 Home Depot (The) ............................... 450,810
9,150 Wal-Mart Stores ................................ 412,024
-----------
862,834
-----------
TECHNOLOGY - 7.32%
20,030 Applied Materials .............................. 359,538
23,510 Cisco Systems * ................................ 492,535
22,060 Microsoft ...................................... 532,749
-----------
1,384,822
-----------
TRANSPORTATION - 4.43%
25,850 Southwest Airlines ............................. 419,287
5,170 United Parcel Service, Class B ................. 419,132
-----------
838,419
-----------
UTILITIES - 2.15%
23,940 AES (The) * .................................... 406,262
-----------
TOTAL COMMON STOCKS
(Cost $15,666,317) ........................... 18,561,152
-----------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 8
ABN AMRO Funds
TAMRO LARGE CAP VALUE FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ -----------
INVESTMENT COMPANY - 0.00%
88 BlackRock Liquidity Funds
TempCash Portfolio ............................. $ 88
-----------
TOTAL INVESTMENT COMPANY
(Cost $88) .................................... 88
-----------
TOTAL INVESTMENTS - 98.16%
(Cost $15,666,405)** ..................................... 18,561,240
-----------
NET OTHER ASSETS AND LIABILITIES - 1.84% ................... 347,334
-----------
NET ASSETS - 100.00% ....................................... $18,908,574
===========
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal
income tax purposes.
Gross unrealized appreciation ........................ $ 3,109,753
Gross unrealized depreciation ........................ (214,918)
-----------
Net unrealized appreciation .......................... $ 2,894,835
===========
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 9
ABN AMRO Funds
VALUE FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
FINANCE 21%
OTHER COMMON STOCKS 19%
CAPITAL GOODS 14%
OIL AND GAS EXTRACTION 12%
INSURANCE 9%
BASIC MATERIALS 7%
PHARMACEUTICALS 6%
UTILITIES 6%
COMMUNICATIONS 4%
CASH AND OTHER NET ASSETS 2%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ----------------
COMMON STOCKS - 97.77%
BASIC MATERIALS - 7.05%
37,300 Air Products & Chemicals .................. $ 2,555,796
21,300 Bowater ................................... 580,851
60,990 Dow Chemical (The) ........................ 2,476,804
58,180 duPont (E. I.) de Nemours ................. 2,565,738
70,940 International Paper ....................... 2,578,669
39,330 Nalco Holding * ........................... 741,370
69,860 PPG Industries ............................ 4,689,003
35,270 Praxair ................................... 1,979,705
21,420 Sherwin-Williams (The) .................... 1,091,135
58,410 Smurfit-Stone Container * ................. 756,410
119,100 Syngenta, ADR ............................. 3,308,598
----------------
23,324,079
----------------
CAPITAL GOODS - 13.83%
33,950 Cooper Industries ......................... 3,104,727
87,460 Deere ..................................... 7,677,239
24,260 Grainger (W.W.) ........................... 1,866,079
22,190 Illinois Tool Works ....................... 2,278,913
135,160 Lockheed Martin ........................... 10,258,644
217,780 Masco ..................................... 6,947,182
114,210 Northrop Grumman .......................... 7,640,649
27,170 Tyco International ........................ 715,930
83,820 United Technologies ....................... 5,264,734
----------------
45,754,097
----------------
COMMUNICATIONS - 4.41%
312,150 Sprint .................................... 7,741,320
79,010 Verizon Communications .................... 2,609,700
178,757 Vodafone Group, SP ADR .................... 4,236,541
----------------
14,587,561
----------------
CONSUMER CYCLICALS - 3.29%
56,350 CBS, Class B .............................. 1,435,234
73,830 Disney, Walt .............................. 2,064,287
57,660 Hasbro .................................... 1,136,479
13,500 Johnson Controls .......................... 1,100,925
MARKET
SHARES VALUE
- ------ ----------------
CONSUMER CYCLICALS (CONTINUED)
42,400 Reed Elsevier, SP ADR ..................... $ 1,687,520
42,000 Tribune ................................... 1,210,860
56,350 Viacom, Class B * ......................... 2,244,421
----------------
10,879,726
----------------
CONSUMER STAPLES - 4.15%
152,060 Altria Group .............................. 11,124,710
62,000 Archer-Daniels-Midland .................... 2,253,080
5,830 Kimberly-Clark ............................ 341,230
----------------
13,719,020
----------------
FINANCE - 21.36%
56,660 American Express .......................... 3,048,875
6,932 Ameriprise Financial ...................... 339,945
312,434 Bank of America ........................... 15,596,705
27,680 Bank of New York (The) .................... 972,952
233,730 Citigroup ................................. 11,674,814
85,870 Fannie Mae ................................ 4,345,022
20,860 Franklin Resources ........................ 1,942,483
25,050 Freddie Mac ............................... 1,529,553
66,330 Goldman Sachs Group ....................... 10,632,036
17,260 Lehman Brothers Holdings .................. 2,608,849
108,700 Mellon Financial .......................... 4,090,381
25,880 Merrill Lynch ............................. 1,973,609
90,730 SunTrust Banks ............................ 7,016,151
30,000 UBS ....................................... 3,505,500
20,080 Wells Fargo ............................... 1,379,295
----------------
70,656,170
----------------
FOOD AND BEVERAGES - 3.83%
46,640 Diageo, SP ADR ............................ 3,089,900
99,880 Kellogg ................................... 4,625,443
23,440 Nestle, SP ADR ............................ 1,782,148
25,810 PepsiCo ................................... 1,503,174
93,800 Sara Lee .................................. 1,676,206
----------------
12,676,871
----------------
INSURANCE - 8.43%
183,220 Allstate (The) ............................ 10,350,098
41,800 Chubb (The) ............................... 2,154,372
11,290 CIGNA ..................................... 1,208,030
34,500 Genworth Financial, Class A ............... 1,145,400
37,160 Hartford Financial Services Group ......... 3,416,119
18,520 Lincoln National .......................... 1,075,641
163,830 MetLife ................................... 8,535,543
----------------
27,885,203
----------------
MEDICAL PRODUCTS AND SUPPLIES - 0.18%
15,390 Baxter International ...................... 580,203
----------------
OIL AND GAS EXTRACTION - 11.49%
19,550 Amerada Hess .............................. 2,800,929
21,900 Apache .................................... 1,555,776
50,820 BP, SP ADR ................................ 3,746,450
39,786 Chevron Texaco ............................ 2,427,721
104,040 ConocoPhillips ............................ 6,960,276
38,300 Devon Energy .............................. 2,302,213
32,470 EOG Resources ............................. 2,280,368
107,720 Exxon Mobil ............................... 6,794,978
15,500 Noble ..................................... 1,223,570
57,320 Total, SP ADR ............................. 7,911,306
----------------
38,003,587
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 10
ABN AMRO Funds
VALUE FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ----------------
PHARMACEUTICALS - 6.33%
49,160 Abbott Laboratories ....................... $ 2,101,098
29,010 Eli Lilly ................................. 1,535,209
143,690 Johnson & Johnson ......................... 8,421,671
140,940 Merck ..................................... 4,851,155
82,530 Wyeth ..................................... 4,016,735
----------------
20,925,868
----------------
RETAIL - 2.18%
8,880 Federated Department Stores ............... 691,308
173,530 Gap (The) ................................. 3,139,157
23,190 Home Depot (The) .......................... 925,977
29,900 NIKE, Class B ............................. 2,447,016
----------------
7,203,458
----------------
TECHNOLOGY - 3.70%
126,360 Accenture, Class A ........................ 3,673,285
23,440 Analog Devices ............................ 888,845
75,270 Cisco Systems * ........................... 1,576,907
62,500 Dell * .................................... 1,637,500
75,540 Intel ..................................... 1,509,289
147,560 Oracle * .................................. 2,152,900
48,190 Symantec * ................................ 789,352
----------------
12,228,078
----------------
TRANSPORTATION - 1.84%
55,670 Burlington Northern Santa Fe .............. 4,427,435
9,620 Con-way ................................... 536,027
20,800 Norfolk Southern .......................... 1,123,200
----------------
6,086,662
----------------
UTILITIES - 5.70%
116,700 Dominion Resources ........................ 8,737,329
17,070 Entergy ................................... 1,193,876
19,660 Exelon .................................... 1,061,640
85,820 FPL Group ................................. 3,398,472
53,250 PPL ....................................... 1,546,380
21,460 Public Service Enterprise Group ........... 1,345,542
31,810 TXU ....................................... 1,578,730
----------------
18,861,969
----------------
TOTAL COMMON STOCKS
(Cost $257,997,140) .................... 323,372,552
----------------
MARKET
SHARES VALUE
- ------ ----------------
INVESTMENT COMPANY - 2.08%
6,873,572 BlackRock Liquidity Funds
TempCash Portfolio ..................... $ 6,873,572
----------------
TOTAL INVESTMENT COMPANY
(Cost $6,873,572) ...................... 6,873,572
----------------
TOTAL INVESTMENTS - 99.85%
(Cost $264,870,712)** ................................... 330,246,124
----------------
NET OTHER ASSETS AND LIABILITIES - 0.15% ................... 500,663
----------------
NET ASSETS - 100.00% ....................................... $ 330,746,787
================
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ........................ $ 71,676,607
Gross unrealized depreciation ........................ (6,301,195)
----------------
Net unrealized appreciation .......................... $ 65,375,412
================
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 11
ABN AMRO Funds
VEREDUS SELECT GROWTH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 36%
SEMICONDUCTORS 12%
COMPUTER SOFTWARE 8%
RETAIL 8%
BUILDING 7%
FINANCE 7%
PHAMACEUTICALS 7%
TRANSPORTATION 7%
INFORMATION TECHNOLOGY SERVICES 6%
CASH AND OTHER NET ASSETS 2%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------- ----------------
COMMON STOCKS - 97.73%
AEROSPACE/DEFENSE - 4.80%
10,400 L-3 Communications Holdings .................. $ 849,680
9,200 Precision Castparts .......................... 579,416
----------------
1,429,096
----------------
BASIC MATERIALS - 2.31%
10,200 Cemex, SP ADR ................................ 688,704
----------------
BIOTECHNOLOGY - 1.53%
7,900 Gilead Sciences * ............................ 454,250
----------------
BUILDING - 6.69%
1 D.R. Horton .................................. 30
10,400 Eagle Materials .............................. 689,000
11,900 Florida Rock Industries ...................... 742,203
5,800 KB HOME ...................................... 357,106
3,250 Ryland Group (The) ........................... 205,108
----------------
1,993,447
----------------
COMMERCIAL SERVICES - 2.65%
4,100 Corporate Executives Board ................... 439,233
6,100 Monster Worldwide * .......................... 350,140
----------------
789,373
----------------
COMPUTER SOFTWARE - 7.84%
22,400 Akamai Technologies * ........................ 754,656
27,850 Business Objects, SP ADR * ................... 900,390
35,900 Cadence Design Systems * ..................... 679,587
----------------
2,334,633
----------------
CONSUMER CYCLICALS - 2.81%
22,100 International Game Technology ................ 838,253
----------------
CONSUMER DISCRETIONARY - 3.05%
11,100 NIKE, Class B ................................ 908,424
----------------
MARKET
SHARES VALUE
- ------------- ----------------
ELECTRONICS - 3.45%
4,300 Garmin ....................................... $ 371,348
13,400 SONY, SP ADR ................................. 655,796
----------------
1,027,144
----------------
FINANCE - 7.03%
450 Chicago Mercantile Exchange .................. 206,100
6,100 Lehman Brothers Holdings ..................... 922,015
15,000 Morgan Stanley ............................... 964,500
----------------
2,092,615
----------------
INDUSTRIAL - 2.42%
8,650 Harsco ....................................... 720,977
----------------
INDUSTRIAL - CONSTRUCTION & ENGINEERING - 3.50%
12,600 Jacobs Engineering Group * ................... 1,042,020
----------------
INFORMATION TECHNOLGY SERVICES - 5.77%
16,400 CheckFree * .................................. 883,468
20,700 Paychex ...................................... 836,073
----------------
1,719,541
----------------
INSURANCE - 3.96%
14,600 Allstate (The) ............................... 824,754
8,500 Aon .......................................... 356,235
----------------
1,180,989
----------------
MEDICAL PRODUCTS AND SUPPLIES - 3.74%
4,250 Intuitive Surgical * ......................... 539,750
13,300 ResMed * ..................................... 573,895
----------------
1,113,645
----------------
PHARMACEUTICALS - 7.64%
14,300 Medco Health Solutions * ..................... 761,189
19,400 Shire, ADR ................................... 918,784
14,700 Teva Pharmaceutical Industries, SP ADR ....... 595,350
----------------
2,275,323
----------------
RETAIL - 8.17%
16,400 Bed Bath & Beyond * .......................... 628,940
9,800 Best Buy ..................................... 555,268
8,500 Lowe's ....................................... 535,925
18,600 Nordstrom .................................... 712,938
----------------
2,433,071
----------------
SEMICONDUCTORS - 11.75%
58,700 Applied Materials ............................ 1,053,665
27,900 Freescale Semiconductor * .................... 883,593
65,200 LSI Logic * .................................. 694,380
15,200 Marvell Technology Group * ................... 867,768
----------------
3,499,406
----------------
TELECOMMUNICATIONS EQUIPMENT - 1.92%
25,300 Nokia, SP ADR ................................ 573,298
----------------
TRANSPORTATION - 6.70%
54,300 Southwest Airlines ........................... 880,746
21,000 UAL * ........................................ 756,210
8,300 US Airways Group * ........................... 359,058
----------------
1,996,014
----------------
TOTAL COMMON STOCKS
(Cost $27,736,667) ........................ 29,110,223
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 12
ABN AMRO Funds
VEREDUS SELECT GROWTH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------------- ----------------
INVESTMENT COMPANY - 4.87%
1,449,881 BlackRock Liquidity Funds
TempCash Portfolio ........................ $ 1,449,881
----------------
TOTAL INVESTMENT COMPANY
(Cost $1,449,881) ......................... 1,449,881
----------------
TOTAL INVESTMENTS - 102.60%
(Cost $29,186,548)** ..................................... 30,560,104
----------------
NET OTHER ASSETS AND LIABILITIES - (2.60)% .................. (775,351)
----------------
NET ASSETS - 100.00% ........................................ $ 29,784,753
================
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 1,894,748
Gross unrealized depreciation ......................... (521,192)
----------------
Net unrealized appreciation ........................... $ 1,373,556
================
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 13
ABN AMRO Funds
MID CAP FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 35%
PRINTING AND PUBLISHING 16%
ELECTRICAL/ELECTRONICS EQUIPMENT & MANUFACTURING
SERVICES/OFFICE ELECTRONICS 14%
HEALTH CARE EQUIPMENT 8%
CHEMICALS-SPECIALTY/DIVERSIFIED 6%
OIL AND GAS-EQUIPMENT & SERVICES 6%
AUTOMOTIVE PARTS & EQUIPMENT 5%
COMMUNICATIONS EQUIPMENT 5%
TRUCKING 5%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------- ----------------
COMMON STOCKS - 99.80%
ADVERTISING - 1.51%
1,075,000 Interpublic Group * .......................... $ 10,298,500
----------------
AGRICULTURE - 2.38%
303,000 Bunge ........................................ 16,165,050
----------------
APPLICATIONS SOFTWARE - 4.00%
364,800 Cognos * ..................................... 13,596,096
1,035,430 Mentor Graphics * ............................ 13,595,196
----------------
27,191,292
----------------
ASSET MANAGEMENT - 0.68%
161,500 Eaton Vance .................................. 4,597,905
----------------
AUTOMOTIVE PARTS & EQUIPMENT - 5.00%
390,300 BorgWarner ................................... 23,702,919
131,500 Magna International, Class A ................. 10,316,175
----------------
34,019,094
----------------
BROADCASTING & CABLE - 1.64%
484,500 Hearst-Argyle Television ..................... 11,153,190
----------------
CHEMICALS - SPECIALTY/DIVERSIFIED - 5.90%
141,200 Engelhard .................................... 5,423,492
299,600 FMC * ........................................ 19,042,576
444,000 International Flavors & Fragrances ........... 15,686,520
----------------
40,152,588
----------------
COMMUNICATIONS EQUIPMENT - 5.41%
1,905,970 Andrew * ..................................... 20,165,163
357,400 Harris ....................................... 16,644,118
----------------
36,809,281
----------------
COMPUTER HARDWARE - 2.93%
468,430 Diebold ...................................... 19,931,696
----------------
MARKET
SHARES VALUE
- ------------- ----------------
COMPUTER STORAGE/PERIPHERAL - 3.11%
434,000 Lexmark International Group, Class A * ...... $ 21,135,800
----------------
ELECTRICAL/ELECTRONIC EQUIPMENT & MANUFACTURING
SERVICES/OFFICE ELECTRONICS - 13.59%
807,695 American Power Conversion .................... 17,963,137
344,770 Molex ........................................ 12,797,863
177,200 Molex, Class A ............................... 5,696,980
1,816,936 Symbol Technologies .......................... 19,350,368
541,300 Tektronix .................................... 19,118,716
441,200 Zebra Technologies * ......................... 17,511,228
----------------
92,438,292
----------------
ENGINEERING/CONSTRUCTION - 2.98%
847,200 Chicago Bridge & Iron ........................ 20,307,384
----------------
ENTERTAINMENT AND LEISURE - 2.74%
1,151,700 Mattel ....................................... 18,634,506
----------------
HEALTH CARE EQUIPMENT - 8.33%
639,200 Biomet ....................................... 23,765,456
441,900 Edwards Lifesciences * ....................... 19,638,036
618,200 PerkinElmer .................................. 13,254,208
----------------
56,657,700
----------------
INFORMATION TECHNOLOGY CONSULTING
& SERVICES - 4.47%
4,875,700 Unisys * ..................................... 30,424,368
----------------
INSURANCE - 2.47%
394,890 Cincinnati Financial ......................... 16,838,110
----------------
OIL & GAS - EQUIPMENT & SERVICES - 6.13%
565,773 FMC Technologies * ........................... 30,879,890
225,400 Veritas DGC * ................................ 10,801,168
----------------
41,681,058
----------------
OIL & GAS - EXPLORATION/PRODUCTION - 1.80%
375,800 Denbury Resources * .......................... 12,251,080
----------------
PHARMACEUTICALS - 4.26%
131,000 Alpharma, Class A ............................ 3,438,750
643,200 King Pharmaceuticals * ....................... 11,185,248
303,040 Shire, ADR ................................... 14,351,974
----------------
28,975,972
----------------
PRINTING AND PUBLISHING - 15.57%
588,500 Belo, Class A ................................ 10,787,205
1,043,800 New York Times, Class A ...................... 25,875,802
1,666,000 Pearson, SP ADR .............................. 23,074,100
2,384,600 Reader's Digest Association, Class A ......... 32,859,788
502,864 Scholastic * ................................. 13,346,011
----------------
105,942,906
----------------
TRUCKING - 4.90%
389,200 Con-way ...................................... 21,686,224
606,000 Werner Enterprises ........................... 11,623,080
----------------
33,309,304
----------------
TOTAL COMMON STOCKS
(Cost $590,480,480) ....................... 678,915,076
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 14
ABN AMRO Funds
MID CAP FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------------- ----------------
INVESTMENT COMPANY - 0.23%
1,558,239 BlackRock Liquidity Funds
TempCash Portfolio ........................ $ 1,558,239
----------------
TOTAL INVESTMENT COMPANY
(Cost $1,558,239) ......................... 1,558,239
----------------
TOTAL INVESTMENTS - 100.03%
(Cost $592,038,719)** .................................... 680,473,315
----------------
NET OTHER ASSETS AND LIABILITIES - (0.03)% .................. (229,500)
----------------
NET ASSETS - 100.00% ........................................ $ 680,243,815
================
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 120,475,041
Gross unrealized depreciation ......................... (32,040,445)
----------------
Net unrealized appreciation ........................... $ 88,434,596
================
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 15
ABN AMRO Funds
MID CAP GROWTH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
TECHNOLOGY 21%
FINANCE 15%
OTHER COMMON STOCKS 13%
RETAIL 12%
MEDICAL PRODUCTS & SUPPLIES 11%
CAPITAL GOODS 10%
COMMERCIAL SERVICES 7%
RESTAURANTS 5%
AEROSPACE/DEFENSE 3%
CONSUMER CYCLICAL 3%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ---------- ---------------
COMMON STOCKS - 100.21%
AEROSPACE/DEFENSE - 3.40%
1,165 ARGON ST * ..................................... $ 38,713
---------------
CAPITAL GOODS - 10.28%
560 Albany International, Class A .................. 21,896
480 Donaldson ...................................... 15,955
450 Dover .......................................... 22,388
350 Rockwell Automation ............................ 25,361
475 Stericycle * ................................... 31,274
---------------
116,874
---------------
COMMERCIAL SERVICES - 6.81%
735 Cintas ......................................... 30,855
760 Ecolab ......................................... 28,728
330 Ritchie Bros. Auctioneers ...................... 17,787
---------------
77,370
---------------
CONSUMER CYCLICAL - 3.06%
395 Harman International Industries ................ 34,756
---------------
CONSUMER DISCRETIONARY - 2.96%
530 Gentex ......................................... 7,770
760 Jarden * ....................................... 25,840
---------------
33,610
---------------
FINANCE - 15.00%
680 CIT Group ...................................... 36,727
845 East West Bancorp .............................. 33,521
820 Investors Financial Services ................... 39,245
495 Nelnet, Class A * .............................. 19,256
360 Nuveen Investments, Class A .................... 17,323
900 South Financial Group .......................... 24,417
---------------
170,489
---------------
FOOD AND BEVERAGES - 1.62%
575 United Natural Foods * ......................... 18,383
---------------
MARKET
SHARES VALUE
- ---------- ---------------
HEALTHCARE SERVICES - 1.24%
180 Express Scripts * .............................. $ 14,065
---------------
INSURANCE - 2.56%
555 Delphi Financial Group, Class A ................ 29,076
---------------
MEDICAL PRODUCTS AND SUPPLIES - 10.88%
620 Advanced Medical Optics * ...................... 28,892
620 Edwards Lifesciences * ......................... 27,553
860 MedImmune * .................................... 27,064
930 ResMed * ....................................... 40,130
---------------
123,639
---------------
PHARMACEUTICALS - 2.36%
855 Endo Pharmaceutical Holdings * ................. 26,890
---------------
RESTAURANTS - 4.92%
815 California Pizza Kitchen * ..................... 25,754
955 Cheesecake Factory (The) * ..................... 30,140
---------------
55,894
---------------
RETAIL - 11.93%
435 Carter's * ..................................... 29,302
825 Chico's FAS * .................................. 30,574
1,335 Dollar General ................................. 23,309
480 Tractor Supply * ............................... 31,099
920 Urban Outfitters * ............................. 21,344
---------------
135,628
---------------
TECHNOLOGY - 21.34%
3,195 Activision * ................................... 45,337
820 aQuantive * .................................... 20,549
660 CheckFree * .................................... 35,554
1,035 Cognos * ....................................... 38,575
1,100 THQ * .......................................... 28,193
1,190 VeriSign * ..................................... 27,989
1,675 Xilinx ......................................... 46,347
---------------
242,544
---------------
TRANSPORTATION - 1.85%
675 UTI Worldwide .................................. 21,053
---------------
TOTAL COMMON STOCKS
(Cost $1,091,652) ........................... 1,138,984
---------------
INVESTMENT COMPANY - 0.75%
8,533 BlackRock Liquidity Funds
TempCash Portfolio .......................... 8,533
---------------
TOTAL INVESTMENT COMPANY
(Cost $8,533) ............................... 8,533
---------------
TOTAL INVESTMENTS - 100.96%
(Cost $1,100,185)** ...................................... 1,147,517
---------------
NET OTHER ASSETS AND LIABILITIES - (0.96)% .................. (10,901)
---------------
NET ASSETS - 100.00% ........................................ $ 1,136,616
===============
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 76,720
Gross unrealized depreciation ......................... (29,388)
---------------
Net unrealized appreciation ........................... $ 47,332
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 16
ABN AMRO Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS & FOREIGN COMMON STOCK 27%
FINANCE 16%
FOOD AND BEVERAGES 13%
COMMERCIAL SERVICES 12%
COMMUNICATIONS 6%
RETAIL 6%
CASH AND OTHER NET ASSETS 5%
INSURANCE 5%
OIL AND GAS EXTRACTION 5%
WASTE MANAGEMENT 5%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ---------- ---------------
COMMON STOCKS - 94.98%
CAPITAL GOODS - 2.96%
3,860 AptarGroup ..................................... $ 202,302
3,180 Lawson Products ................................ 134,896
5,400 Nam Tai Electronics ............................ 121,932
---------------
459,130
---------------
COMMERCIAL SERVICES - 12.37%
5,900 Adesa .......................................... 150,509
17,100 Coinmach Service, Class A ...................... 172,368
10,070 Coinmach Service, IDS .......................... 170,485
7,845 CPI ............................................ 166,236
1,600 Geo Group (The) * .............................. 57,344
13,700 Ingram Micro, Class A * ........................ 251,943
46,680 Mac-Gray * ..................................... 555,492
7,600 NuCo2 * ........................................ 217,664
5,700 Volt Information Sciences * .................... 178,866
---------------
1,920,907
---------------
COMMUNICATIONS - 5.60%
11,900 Arbinet-thexchange * ........................... 102,340
9,325 Atlantic Tele-Network .......................... 215,780
10,250 IDT * .......................................... 112,238
5,430 Radio One, Class D * ........................... 39,042
14,080 United Online .................................. 181,491
5,300 Value Line ..................................... 218,625
---------------
869,516
---------------
CONSUMER CYCLICALS - 4.58%
10,680 Audiovox, Class A * ............................ 129,655
23,880 Interstate Hotels & Resorts * .................. 134,922
3,710 Perry Ellis International * .................... 84,959
11,950 Sands Regent (The) * ........................... 157,740
2,180 Strattec Security * ............................ 82,426
2,150 Vulcan International ........................... 122,012
---------------
711,714
---------------
MARKET
SHARES VALUE
- ---------- ---------------
CONSUMER STAPLES - 1.62%
7,000 American Greetings, Class A .................... $ 157,640
27,000 Hines Horticulture * ........................... 94,608
---------------
252,248
---------------
ENTERTAINMENT AND LEISURE - 2.09%
1,900 International Speedway, Class A ................ 93,461
6,060 Speedway Motorsports ........................... 230,765
---------------
324,226
---------------
FINANCE - 16.01%
12,500 Astoria Financial .............................. 391,500
52,500 BB Holdings .................................... 245,700
24,930 BFC Financial, Class A * ....................... 192,460
1,290 Boston Private Financial Holdings .............. 42,892
8,400 California Coastal Communities * ............... 308,028
6,560 Cass Information Systems ....................... 294,478
1,900 Gyrodyne Company of America * .................. 90,060
2,950 International Bancshares ....................... 84,399
28,300 Medallion Financial ............................ 376,673
13,000 Oppenheimer Holdings, Class A .................. 341,900
2,450 Prospect Energy ................................ 41,699
3,675 Republic Bancorp, Class A ...................... 76,220
---------------
2,486,009
---------------
FOOD AND BEVERAGES - 13.41%
14,250 American Dairy * ............................... 226,860
3,690 Arden Group, Class A ........................... 341,657
4,020 Calavo Growers ................................. 43,689
7,150 Coca-Cola Bottling ............................. 344,630
4,650 Foodarama Supermarkets * ....................... 241,800
20,700 Industrias Bachoco, SP ADR ..................... 426,420
4,400 J & J Snack Foods .............................. 150,700
3,500 Village Super Market, Class A .................. 206,500
14,240 Zapata * ....................................... 100,962
---------------
2,083,218
---------------
HEALTH CARE SERVICES - 3.34%
12,200 National Healthcare ............................ 519,110
---------------
INSURANCE - 4.77%
1,900 Erie Indemnity, Class A ........................ 96,767
5,200 Gallagher (Arthur J.) .......................... 142,688
2,835 Hilb Rogal and Hobbs ........................... 115,895
6,110 Midland (The) .................................. 217,882
120 NYMAGIC ........................................ 3,354
420 Wesco Financial ................................ 164,430
---------------
741,016
---------------
OIL AND GAS EXTRACTION - 5.28%
39,450 Chaparral Resources * .......................... 226,837
3,400 Cimarex Energy ................................. 146,030
11,300 Encore Acquisition * ........................... 346,232
1,550 Houston Exploration (The) * .................... 86,676
440 TC Pipelines ................................... 14,806
---------------
820,581
---------------
PHARMACEUTICALS - 1.68%
4,000 Medicis Pharmaceutical, Class A ................ 131,520
14,280 Omega Protein * ................................ 86,965
1,490 Watson Pharmaceuticals * ....................... 42,376
---------------
260,861
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 17
ABN AMRO Funds
RIVER ROAD SMALL CAP VALUE FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ---------- ---------------
RESTAURANTS - 3.64%
11,020 Frisch's Restaurants ........................... $ 259,301
3,580 Jack in the Box * .............................. 149,644
12,000 Nathan's Famous * .............................. 156,000
---------------
564,945
---------------
RETAIL - 6.22%
6,200 Barnes & Noble ................................. 279,496
12,700 Books-A-Million ................................ 170,815
10,350 Lazare Kaplan International * .................. 83,835
9,480 Regis .......................................... 332,463
4,190 Talbots ........................................ 99,387
---------------
965,996
---------------
TECHNOLOGY - 0.33%
1,220 Imation ........................................ 51,240
---------------
TRANSPORTATION - 3.51%
11,370 CHC Helicopter, Class A ........................ 285,728
10,490 Laidlaw International .......................... 259,628
---------------
545,356
---------------
UTILITIES - 2.57%
9,840 PICO Holdings * ................................ 322,457
3,000 SJW ............................................ 76,440
---------------
398,897
---------------
WASTE MANAGEMENT - 5.00%
93,650 Synagro Technologies ........................... 449,520
8,760 Waste Industries USA ........................... 177,741
20,140 WCA Waste * .................................... 149,640
---------------
776,901
---------------
TOTAL COMMON STOCKS
(Cost $13,225,089) .......................... 14,751,871
---------------
FOREIGN COMMON STOCK - 0.24%
UNITED KINGDOM
2,644 Onesource Services * ........................... 36,158
---------------
TOTAL FOREIGN COMMON STOCK
(Cost $34,875) .............................. 36,158
---------------
MARKET
SHARES VALUE
- ---------- ---------------
INVESTMENT COMPANY - 4.42%
686,826 BlackRock Liquidity Funds
TempFund Portfolio .......................... $ 686,826
---------------
TOTAL INVESTMENT COMPANY
(Cost $686,826) ............................. 686,826
---------------
TOTAL INVESTMENTS - 99.64%
(Cost $13,946,790)** ...................................... 15,474,855
---------------
NET OTHER ASSETS AND LIABILITIES - 0.36% .................... 56,510
---------------
NET ASSETS - 100.00% ........................................ $ 15,531,365
===============
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 1,647,195
Gross unrealized depreciation ......................... (119,130)
---------------
Net unrealized appreciation ........................... $ 1,528,065
===============
(a) Limited Partnership
IDS Income Deposit Security
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 18
ABN AMRO Funds
TAMRO SMALL CAP FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 16%
CAPITAL GOODS 14%
TECHNOLOGY 14%
FINANCE 13%
OIL AND GAS EXTRACTION 10%
CONSUMER CYCLICALS 9%
FOOD AND BEVERAGE 7%
CASH AND OTHER NET ASSETS 7%
PHARMACEUTICALS 5%
BASIC MATERIALS 5%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 93.06%
BASIC MATERIALS - 5.37%
133,290 Bowater ................................... $ 3,634,818
114,510 Cabot Microelectronics * .................. 3,745,622
102,060 Headwaters * .............................. 3,437,381
---------------
10,817,821
---------------
CAPITAL GOODS - 13.88%
134,420 Baldor Electric ........................... 4,462,744
187,445 General Cable * ........................... 5,917,639
111,050 Manitowoc (The) ........................... 5,506,969
251,570 Steelcase, Class A ........................ 4,709,390
39,520 Teleflex .................................. 2,578,285
159,800 Trex * .................................... 4,774,824
---------------
27,949,851
---------------
COMMERCIAL SERVICES - 2.42%
84,650 Cross Country Healthcare * ................ 1,533,858
101,260 Watson Wyatt & Co. Holdings ............... 3,338,542
---------------
4,872,400
---------------
CONSUMER CYCLICALS - 8.83%
261,030 La-Z-Boy .................................. 3,998,980
134,502 NetFlix * ................................. 3,986,639
411,708 Six Flags * ............................... 3,791,831
52,840 Vail Resorts * ............................ 1,986,784
133,380 Yankee Candle (The) ....................... 4,020,073
---------------
17,784,307
---------------
FINANCE - 12.82%
152,820 FelCor Lodging Trust, REIT ................ 3,308,553
117,250 First Marblehead (The) .................... 5,639,725
158,445 Innkeepers USA Trust, REIT ................ 2,538,289
371,420 Knight Capital Group * .................... 6,224,999
37,110 Post Properties, REIT ..................... 1,621,336
96,475 Raymond James Financial ................... 2,928,016
95,310 Washington REIT ........................... 3,552,204
---------------
25,813,122
---------------
MARKET
SHARES VALUE
- --------------- ---------------
FOOD AND BEVERAGES - 6.95%
215,030 Hain Celestial Group * .................... $ 5,784,307
121,130 Performance Food Group * .................. 3,718,691
439,900 SunOpta * ................................. 4,482,581
---------------
13,985,579
---------------
MEDICAL PRODUCTS AND SUPPLIES - 2.32%
74,150 Analogic .................................. 4,678,124
---------------
OIL AND GAS EXTRACTION - 9.79%
63,194 Helmerich & Payne ......................... 4,596,731
67,730 Oceaneering International * ............... 4,133,562
63,920 Tidewater ................................. 3,722,701
76,220 Whiting Petroleum * ....................... 3,220,295
182,560 Willbros Group * .......................... 4,034,576
---------------
19,707,865
---------------
PHARMACEUTICALS - 5.07%
188,500 NBTY * .................................... 4,269,525
230,460 Perrigo ................................... 3,678,141
62,940 Pharmaceutical Product Development ........ 2,257,658
---------------
10,205,324
---------------
RESTAURANTS - 3.05%
140,090 Bob Evans Farms ........................... 4,045,799
66,640 California Pizza Kitchen * ................ 2,105,824
---------------
6,151,623
---------------
RETAIL - 3.95%
222,870 Cost Plus * ............................... 3,922,512
267,720 Sharper Image * ........................... 4,026,509
---------------
7,949,021
---------------
TECHNOLOGY - 13.67%
161,280 Emulex * .................................. 2,927,232
114,050 Internet Security Systems * ............... 2,559,282
74,420 M-Systems Flash Disk Pioneers * ........... 2,565,258
100,260 ManTech International, Class A * .......... 3,311,588
211,440 Packeteer * ............................... 2,761,406
153,870 Power Integrations * ...................... 3,257,428
159,350 RSA Security * ............................ 3,336,789
418,970 TIBCO Software * .......................... 3,611,521
190,632 Viisage Technology * ...................... 3,196,899
---------------
27,527,403
---------------
TELECOMMUNICATIONS EQUIPMENT - 2.85%
261,800 Andrew * .................................. 2,769,844
135,380 Polycom * ................................. 2,978,360
---------------
5,748,204
---------------
TRANSPORTATION - 2.09%
410,050 JetBlue Airways * ......................... 4,207,113
---------------
TOTAL COMMON STOCKS
(Cost $135,790,250) .................... 187,397,757
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 19
ABN AMRO Funds
TAMRO SMALL CAP FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- --------------- ---------------
INVESTMENT COMPANIES - 5.98%
10,384,051 BlackRock Liquidity Funds TempCash
Portfolio ............................... $ 10,384,051
1,666,913 BlackRock Liquidity Funds TempFund
Portfolio ............................... 1,666,913
---------------
TOTAL INVESTMENT COMPANIES
(Cost $12,050,964) ..................... 12,050,964
---------------
TOTAL INVESTMENTS - 99.04%
(Cost $147,841,214)** .................................... 199,448,721
---------------
NET OTHER ASSETS AND LIABILITIES - 0.96% .................... 1,932,518
---------------
NET ASSETS - 100.00% ........................................ $ 201,381,239
===============
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 53,872,128
Gross unrealized depreciation ......................... (2,264,621)
---------------
Net unrealized appreciation ........................... $ 51,607,507
===============
REIT Real Estate Investment Trust
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 20
ABN AMRO Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
OTHER COMMON STOCKS 27%
INDUSTRIAL 14%
RETAIL 12%
COMPUTER SOFTWARE 10%
INDUSTRIAL-CONSTRUCTION & ENGINEERING 10%
SEMICONDUCTORS 9%
FINANCE 5%
MEDICAL PRODUCTS AND SUPPLIES 5%
TELECOMMUNICATIONS EQUIPMENT 5%
CASH AND OTHER NET ASSETS 3%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- --------------- ---------------
COMMON STOCKS - 97.32%
AEROSPACE/DEFENSE - 2.43%
707,650 BE Aerospace * ............................ $ 18,420,129
---------------
BASIC MATERIALS - 1.39%
227,425 Aleris International * .................... 10,518,406
---------------
BIOTECHNOLOGY - 0.50%
226,200 Momenta Pharmaceutical * .................. 3,825,042
---------------
BUILDING - 4.52%
376,300 Beazer Homes USA .......................... 21,686,169
199,975 Ryland Group (The) ........................ 12,620,422
---------------
34,306,591
---------------
COMMERCIAL SERVICES - 1.81%
192,900 Mobile Mini * ............................. 6,361,842
386,550 Pike Electric * ........................... 7,394,701
---------------
13,756,543
---------------
COMPUTER SOFTWARE - 10.25%
741,400 Akamai Technologies * ..................... 24,977,766
184,675 ANSYS * ................................... 10,424,904
563,700 aQuantive * ............................... 14,126,322
482,825 Informatica * ............................. 7,421,020
149,200 M-Systems Flash Disk Pioneers * ........... 5,142,924
529,350 Radiant Systems * ......................... 6,881,550
375,375 Witness Systems * ......................... 8,765,006
---------------
77,739,492
---------------
CONSUMER DISCRETIONARY - 1.08%
121,950 Carter's * ................................ 8,214,552
---------------
CONSUMER STAPLES - 1.55%
248,225 Longs Drug Stores ......................... 11,768,347
---------------
ELECTRONICS - 0.62%
13,175 Multi-Fineline Electronix * ............... 767,839
132,300 Xyratex * ................................. 3,957,093
---------------
4,724,932
---------------
MARKET
SHARES VALUE
- --------------- ---------------
FINANCE - 4.69%
23,200 Chicago Mercantile Exchange ............... $ 10,625,600
169,275 Jefferies Group ........................... 11,248,324
309,125 Lazard, Class A ........................... 13,725,150
---------------
35,599,074
---------------
HEALTH CARE SUPPLIES - 1.81%
508,075 LifeCell * ................................ 13,738,348
---------------
INDUSTRIAL - 13.53%
203,475 American Railcar Industries ............... 7,264,057
132,525 American Science and Engineering * ........ 11,358,718
330,400 Astec Industries * ........................ 13,001,240
263,450 Builders FirstSource * .................... 5,677,347
170,550 Columbus McKinnon (NY) * .................. 4,565,624
246,475 General Cable * ........................... 7,781,216
233,325 Greenbrier Cos. ........................... 9,367,999
136,300 H&E Equipment Services * .................. 4,758,233
832,350 Steelcase, Class A ........................ 15,581,592
541,200 URS * ..................................... 23,309,484
---------------
102,665,510
---------------
INDUSTRIAL - CONSTRUCTION & ENGINEERING - 10.26%
272,950 Granite Construction ...................... 12,653,962
473,300 Infrasource Services * .................... 8,940,637
318,650 Perini * .................................. 9,569,059
568,800 Quanta Services * ......................... 9,225,936
811,600 Shaw Group (The) * ........................ 24,834,960
226,450 Washington Group International * .......... 12,592,885
---------------
77,817,439
---------------
INFORMATION TECHNOLGY SERVICES - 1.11%
322,800 TALX ...................................... 8,396,028
---------------
MEDICAL PRODUCTS AND SUPPLIES - 5.17%
67,400 AngioDynamics * ........................... 2,094,118
172,725 Hologic * ................................. 8,233,801
67,125 Intuitive Surgical * ...................... 8,524,875
287,700 Kyphon * .................................. 11,953,935
223,300 Neurometrix * ............................. 8,422,876
---------------
39,229,605
---------------
OIL AND GAS EXTRACTION - 0.13%
80,800 PetroQuest Energy * ....................... 955,864
---------------
PHARMACEUTICALS - 1.83%
324,175 Adams Respiratory Therapeutics * .......... 13,903,866
---------------
REAL ESTATE SERVICE - 0.47%
92,300 Trammell Crow * ........................... 3,593,239
---------------
RESTAURANTS - 3.51%
231,025 California Pizza Kitchen * ................ 7,300,390
151,650 Chipotle Mexican Grill, Class A * ......... 7,914,614
746,575 Cosi * .................................... 7,010,339
188,075 Ruth's Chris Steak House * ................ 4,391,551
---------------
26,616,894
---------------
RETAIL - 12.31%
381,050 Aeropostale * ............................. 11,702,046
497,800 AnnTaylor Stores * ........................ 18,582,874
1,188,275 Charming Shoppes * ........................ 16,338,781
491,945 Coldwater Creek * ......................... 13,754,782
503,175 Genesco * ................................. 20,796,223
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 21
ABN AMRO Funds
VEREDUS AGGRESSIVE GROWTH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- --------------- ---------------
RETAIL (CONTINUED)
2,033,400 Wet Seal (The), Class A * ................. $ 11,692,050
17,350 Zumiez * .................................. 563,875
---------------
93,430,631
---------------
SEMICONDUCTORS - 9.42%
334,775 Advanced Energy Industries * .............. 5,252,620
1,529,100 Amkor Technology * ........................ 18,486,819
582,950 ASE Test * ................................ 6,645,630
143,975 DSP Group * ............................... 3,893,084
81,125 Intevac * ................................. 2,279,612
320,525 Netlogic Microsystems * ................... 12,907,542
428,225 RF Micro Devices * ........................ 3,982,492
270,925 SiRF Technology Holdings * ................ 9,252,089
328,975 Trident Microsystems * .................... 8,750,735
---------------
71,450,623
---------------
TELECOMMUNICATIONS EQUIPMENT - 4.69%
1,021,425 ECI Telecom * ............................. 10,908,819
259,150 Foundry Networks * ........................ 3,682,521
198,450 Itron * ................................... 13,306,073
625,850 MasTec * .................................. 7,716,731
---------------
35,614,144
---------------
TRANSPORTATION - 4.24%
1,585,350 AirTran Holdings * ........................ 22,163,193
185,800 American Commercial Lines * ............... 10,020,194
---------------
32,183,387
---------------
TOTAL COMMON STOCKS
(Cost $594,696,748) .................... 738,468,686
---------------
INVESTMENT COMPANY - 3.10%
23,538,408 BlackRock Liquidity Funds
TempCash Portfolio ..................... 23,538,408
---------------
TOTAL INVESTMENT COMPANY
(Cost $23,538,408) ..................... 23,538,408
---------------
TOTAL INVESTMENTS - 100.42%
(Cost $618,235,156)** .................................... 762,007,094
---------------
NET OTHER ASSETS AND LIABILITIES - (0.42)% .................. (3,150,174)
---------------
NET ASSETS - 100.00% ........................................ $ 758,856,920
===============
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 148,439,501
Gross unrealized depreciation ......................... (4,667,563)
---------------
Net unrealized appreciation ........................... $ 143,771,938
===============
NY New York
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 22
ABN AMRO Funds
REAL ESTATE FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
RETAIL 25%
OFFICE PROPERTIES 21%
RESIDENTIAL 21%
INDUSTRIAL 11%
HOTELS 6%
FOREIGN COMMON STOCKS 6%
HEALTH CARE 4%
STORAGE 3%
DIVERSIFIED 2%
CASH AND OTHER NET ASSETS 1%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------- ---------------
COMMON STOCKS - 93.28%
DIVERSIFIED - 2.55%
27,700 Vornado Realty Trust .............................. $ 2,649,228
---------------
HEALTH CARE - 3.76%
87,500 Ventas ............................................ 2,858,625
69,300 Windrose Medical Properties Trust ................. 1,045,044
---------------
3,903,669
---------------
HOTELS - 6.42%
56,700 Orient Express Hotels ............................. 2,324,700
35,500 Starwood Hotels & Resorts Worldwide ............... 2,036,990
80,300 Sunstone Hotel Investors .......................... 2,307,822
---------------
6,669,512
---------------
INDUSTRIAL - 11.37%
91,485 AMB Property ...................................... 4,573,335
144,200 ProLogis Trust .................................... 7,241,724
---------------
11,815,059
---------------
OFFICE PROPERTIES - 20.71%
126,400 BioMed Realty Trust ............................... 3,498,752
98,000 Brandywine Realty Trust ........................... 2,774,380
67,150 Brookfield Properties ............................. 2,155,515
41,900 Corporate Office Properties Trust ................. 1,738,850
101,484 Equity Office Properties Trust .................... 3,277,933
73,300 Reckson Associates Realty ......................... 2,981,844
51,400 SL Green Realty ................................... 5,088,600
---------------
21,515,874
---------------
RESIDENTIAL - 20.70%
48,524 AvalonBay Communities ............................. 5,226,035
54,700 Camden Property Trust ............................. 3,759,531
94,900 Equity Residential Properties Trust ............... 4,258,163
32,100 Essex Property Trust .............................. 3,502,110
175,000 United Dominion Realty Trust ...................... 4,758,250
---------------
21,504,089
---------------
MARKET
SHARES VALUE
- ------- ---------------
RETAIL - 24.59%
67,400 Cedar Shopping Centers ............................ $ 994,150
73,400 Developers Diversified Realty ..................... 3,904,880
121,900 General Growth Properties ......................... 5,723,205
116,700 Kimco Realty ...................................... 4,333,071
33,900 Pan Pacific Retail Properties ..................... 2,259,096
101,800 Simon Property Group .............................. 8,335,384
---------------
25,549,786
---------------
STORAGE - 3.18%
210,500 Extra Space Storage ............................... 3,309,060
---------------
TOTAL COMMON STOCKS
(Cost $76,190,979) .............................. 96,916,277
---------------
FOREIGN COMMON STOCKS - 5.77%
CANADA
183,200 Boardwalk Real Estate
Investment Trust ................................ 3,912,898
93,000 Summit Real Estate
Investment Trust ................................ 2,080,345
---------------
TOTAL FOREIGN COMMON STOCKS
(Cost $4,282,635) ............................... 5,993,243
---------------
INVESTMENT COMPANY - 0.78%
817,350 BlackRock Liquitity Funds
TempCash Portfolio .............................. 817,350
---------------
TOTAL INVESTMENT COMPANY
(Cost $817,350) ................................. 817,350
---------------
TOTAL INVESTMENTS - 99.83%
(Cost $81,290,964)* ...................................... 103,726,870
---------------
NET OTHER ASSETS AND LIABILITIES - 0.17% .................... 172,899
---------------
NET ASSETS - 100.00% ........................................ $ 103,899,769
===============
- ----------
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 22,761,106
Gross unrealized depreciation ......................... (325,200)
---------------
Net unrealized appreciation ........................... $ 22,435,906
===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 23
ABN AMRO Funds
VEREDUS SCITECH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
SEMICONDUCTORS 25%
COMPUTER SOFTWARE 22%
MEDICAL PRODUCTS AND SUPPLIES 10%
OTHER COMMON STOCKS 10%
PHARMACEUTICALS 8%
TELECOMMUNICATIONS EQUIPMENT 8%
AEROSPACE/DEFENSE 6%
INFORMATION TECHNOLOGY SERVICES 5%
HEALTH CARE SUPPLIES 4%
CASH AND OTHER NET ASSETS 2%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------- ---------------
COMMON STOCKS - 97.55%
AEROSPACE/DEFENSE - 5.69%
2,100 L-3 Communications Holdings ....................... $ 171,570
1,500 Precision Castparts ............................... 94,470
---------------
266,040
---------------
BIOTECHNOLOGY - 2.56%
1,200 Gilead Sciences * ................................. 69,000
3,000 Momenta Pharmaceutical * .......................... 50,730
---------------
119,730
---------------
COMPUTER SOFTWARE - 21.58%
4,550 Akamai Technologies * ............................. 153,289
1,550 ANSYS * ........................................... 87,498
5,000 aQuantive * ....................................... 125,300
5,600 Business Objects, SP ADR * ........................ 181,048
6,100 Cadence Design Systems * .......................... 115,473
2,925 Informatica * ..................................... 44,957
96,300 Internap Network Services * ....................... 126,153
900 M-Systems Flash Disk Pioneers * ................... 31,023
5,100 Radiant Systems * ................................. 66,300
3,375 Witness Systems * ................................. 78,806
---------------
1,009,847
---------------
CONSUMER CYCLICALS - 3.32%
4,100 International Game Technology ..................... 155,513
---------------
ELECTRONICS - 2.10%
700 Garmin ............................................ 60,452
150 Multi-Fineline Electronix * ....................... 8,742
975 Xyratex * ......................................... 29,162
---------------
98,356
---------------
MARKET
SHARES VALUE
- ------- ---------------
HEALTH CARE SUPPLIES - 3.55%
6,150 LifeCell * ........................................ $ 166,296
---------------
INDUSTRIAL - 2.24%
1,225 American Science and Engineering * ................ 104,995
---------------
INFORMATION TECHNOLOGY SERVICES - 4.95%
2,900 CheckFree * ....................................... 156,223
2,900 TALX .............................................. 75,429
---------------
231,652
---------------
MEDICAL PRODUCTS AND SUPPLIES - 10.17%
650 AngioDynamics * ................................... 20,196
1,700 Hologic * ......................................... 81,039
750 Intuitive Surgical * .............................. 95,250
2,700 Kyphon * .......................................... 112,185
2,025 Neurometrix * ..................................... 76,383
2,100 ResMed * .......................................... 90,615
---------------
475,668
---------------
PHARMACEUTICALS - 7.69%
2,575 Adams Respiratory Therapeutics * .................. 110,442
3,300 Shire, ADR ........................................ 156,288
2,300 Teva Pharmaceutical Industries, SP ADR ............ 93,150
---------------
359,880
---------------
SEMICONDUCTORS - 25.41%
2,700 Advanced Energy Industries * ...................... 42,363
11,100 Amkor Technology * ................................ 134,199
9,700 Applied Materials ................................. 174,115
5,525 ASE Test * ........................................ 62,985
1,275 DSP Group * ....................................... 34,476
5,900 Freescale Semiconductor * ......................... 186,853
700 Intevac * ......................................... 19,670
12,750 LSI Logic * ....................................... 135,787
2,100 Marvell Technology Group * ........................ 119,889
3,050 Netlogic Microsystems * ........................... 122,824
2,600 RF Micro Devices * ................................ 24,180
2,325 SiRF Technology Holdings * ........................ 79,399
1,950 Trident Microsystems * ............................ 51,870
---------------
1,188,610
---------------
TELECOMMUNICATIONS EQUIPMENT - 8.29%
10,000 ECI Telecom * ..................................... 106,800
2,200 Foundry Networks * ................................ 31,262
1,525 Itron * ........................................... 102,251
6,500 Nokia, SP ADR ..................................... 147,290
---------------
387,603
---------------
TOTAL COMMON STOCKS
(Cost $4,070,180) ............................... 4,564,190
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 24
ABN AMRO Funds
VEREDUS SCITECH FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------- ---------------
INVESTMENT COMPANY - 1.79%
83,542 BlackRock Liquidity Funds TempCash Portfolio ...... $ 83,542
---------------
TOTAL INVESTMENT COMPANY
(Cost $83,542) .................................. 83,542
---------------
TOTAL INVESTMENTS - 99.34%
(Cost $4,153,722)** ....................................... 4,647,732
---------------
NET OTHER ASSETS AND LIABILITIES - 0.66% .................... 30,971
---------------
NET ASSETS - 100.00% ........................................ $ 4,678,703
===============
- ----------
* Non-income producing security
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 561,706
Gross unrealized depreciation ......................... (67,696)
---------------
Net unrealized appreciation ........................... $ 494,010
===============
ADR American Depositary Receipt
SP ADR Sponsored American Depositary Receipt
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 25
ABN AMRO Funds
BALANCED FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
COMMON STOCKS 64%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 18%
CORPORATE NOTES AND BONDS 13%
CASH AND OTHER NET ASSETS 4%
FOREIGN GOVERNMENT BOND & ASSET-BACKED SECURITY 1%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------ ---------------
COMMON STOCKS - 63.84%
ADVERTISING - 1.22%
10,400 Omnicom Group .................................. $ 936,104
---------------
BIOTECHNOLOGY - 3.58%
20,100 Amgen * ........................................ 1,360,770
24,200 Gilead Sciences * .............................. 1,391,500
---------------
2,752,270
---------------
CAPITAL GOODS - 5.83%
31,600 Dover .......................................... 1,572,100
16,300 Illinois Tool Works ............................ 1,674,010
17,000 Rockwell Automation ............................ 1,231,820
---------------
4,477,930
---------------
CHEMICALS - 1.75%
24,000 Praxair ........................................ 1,347,120
---------------
COMMERCIAL SERVICES - 2.74%
32,500 Cintas ......................................... 1,364,350
19,600 Ecolab ......................................... 740,880
---------------
2,105,230
---------------
COMMUNICATIONS - 1.07%
39,400 Cisco Systems * ................................ 825,430
---------------
CONSUMER CYCLICALS - 4.33%
13,300 Harley-Davidson ................................ 676,172
9,900 Harman International Industries ................ 871,101
21,800 Johnson Controls ............................... 1,777,790
---------------
3,325,063
---------------
ELECTRICAL - 1.43%
31,800 General Electric ............................... 1,099,962
---------------
FINANCE - 8.70%
24,800 CIT Group ...................................... 1,339,448
28,500 Fifth Third Bancorp ............................ 1,151,970
29,400 SLM ............................................ 1,554,672
22,300 State Street ................................... 1,456,636
MARKET
SHARES VALUE
- ------ ---------------
FINANCE (CONTINUED)
19,700 Wachovia ....................................... $ 1,179,045
---------------
6,681,771
---------------
FOOD AND BEVERAGES - 1.34%
34,400 Sysco .......................................... 1,028,216
---------------
HEALTH CARE SERVICES - 1.32%
13,000 Express Scripts * .............................. 1,015,820
---------------
INSURANCE - 3.01%
26,200 AFLAC .......................................... 1,245,548
16,400 American International Group ................... 1,070,100
---------------
2,315,648
---------------
MEDICAL PRODUCTS AND SUPPLIES - 3.47%
29,500 Medtronic ...................................... 1,478,540
30,100 St. Jude Medical * ............................. 1,188,348
---------------
2,666,888
---------------
PHARMACEUTICALS - 0.87%
26,400 Pfizer ......................................... 668,712
---------------
RETAIL - 7.85%
41,100 Dollar General ................................. 717,606
30,300 Kohl's * ....................................... 1,691,952
32,400 Starbucks * .................................... 1,207,548
46,800 TJX ............................................ 1,129,284
30,700 Walgreen ....................................... 1,287,251
---------------
6,033,641
---------------
TECHNOLOGY - 10.75%
42,887 Dell * ......................................... 1,123,640
27,100 Electronic Arts * .............................. 1,539,280
36,400 Intel .......................................... 727,272
49,600 Microsoft ...................................... 1,197,840
103,600 Oracle * ....................................... 1,511,524
62,200 Texas Instruments .............................. 2,158,962
---------------
8,258,518
---------------
TELECOMMUNICATIONS EQUIPMENT - 2.88%
43,100 QUALCOMM ....................................... 2,212,754
---------------
TRANSPORTATION - 1.70%
80,400 Southwest Airlines ............................. 1,304,088
---------------
TOTAL COMMON STOCKS
(Cost $40,754,533) .......................... 49,055,165
---------------
PAR VALUE
- ----------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 17.81%
FEDERAL HOME LOAN MORTGAGE - 7.56%
$ 526,147 5.500%, 11/01/20,
Gold Pool # G18083 .......................... 521,729
81,833 5.500%, 12/01/20,
Gold Pool # G11820 .......................... 81,145
874,910 5.500%, 11/15/24,
Series 3098, Class KB, CMO .................. 876,473
301,186 5.500%, 08/15/25,
Series 3106, Class PA, CMO .................. 301,708
883,119 5.500%, 09/15/25,
Series 3099, Class PA, CMO .................. 884,688
324,000 5.000%, 05/15/28,
Series 2684, Class LD, CMO .................. 317,854
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 26
ABN AMRO Funds
BALANCED FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ---------- ---------------
FEDERAL HOME LOAN MORTGAGE (CONTINUED)
$ 165,000 5.000%, 05/15/28,
Series 2940, Class NB, CMO .................. $ 161,859
500,000 6.250%, 07/15/32, MTN .......................... 548,356
900,000 4.500%, 01/15/33,
Series 2760, Class LB, CMO .................. 855,059
420,000 5.500%, 07/15/34,
Series 3130, Class QD, CMO .................. 401,481
346,000 5.500%, 09/15/34,
Series 3098, Class KE, CMO .................. 330,709
585,000 5.000%, 01/15/36,
Series 3098, Class PG, CMO .................. 525,791
---------------
5,806,852
---------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 2.52%
250,000 4.375%, 09/15/12 ............................... 238,023
300,000 4.125%, 04/15/14 ............................... 277,444
763,746 4.500%, 06/25/29,
Series 2005-121, Class V, CMO ............... 685,578
285,721 4.350%, 03/25/34,
Series 2004-90, Class GA, CMO ............... 273,114
72,187 7.500%, 02/01/35, Pool # 787557 ................ 75,140
67,944 7.500%, 04/01/35, Pool # 819231 ................ 70,724
313,090 6.000%, 11/01/35, Pool # 844078 ................ 311,990
---------------
1,932,013
---------------
GOVERNMENT NATIONAL MORTGAGE ASSOCIATION - 2.72%
622,356 4.015%, 11/16/26,
Series 2005-50, Class A, CMO ................ 602,516
569,108 3.963%, 05/16/30,
Series 2005-76, Class A, CMO ................ 548,163
963,043 4.919%, 09/16/34,
Series 2005-29, Class AB, CMO ............... 939,596
---------------
2,090,275
---------------
U.S. TREASURY BONDS - 1.66%
350,000 7.500%, 11/15/16 ............................... 416,691
400,000 6.250%, 08/15/23 ............................... 442,188
250,000 6.000%, 02/15/26 ............................... 270,879
150,000 5.250%, 11/15/28 ............................... 148,992
---------------
1,278,750
---------------
U.S. TREASURY INFLATION INDEX NOTE - 0.63%
456,540 3.500%, 01/15/11 ............................... 483,611
---------------
U.S. TREASURY NOTES - 2.72%
750,000 3.625%, 06/30/07 ............................... 739,219
750,000 3.375%, 02/15/08 ............................... 730,958
400,000 3.500%, 11/15/09 ............................... 382,125
250,000 4.250%, 11/15/14 ............................... 236,397
---------------
2,088,699
---------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $13,932,169) .......................... 13,680,200
---------------
CORPORATE NOTES AND BONDS - 12.61%
BASIC MATERIALS - 0.87%
300,000 Albemarle, Senior Unsecured Notes
5.100%, 02/01/15 ............................ 278,239
MARKET
PAR VALUE VALUE
- ---------- ---------------
BASIC MATERIALS (CONTINUED)
$ 200,000 Packaging Corp. of America, Unsubordinated Notes
4.375%, 08/01/08 ............................ $ 194,353
190,000 Weyerhaeuser, Debentures
7.375%, 03/15/32 ............................ 199,006
---------------
671,598
---------------
CAPITAL GOODS - 0.13%
50,000 Norampac, Senior Notes
6.750%, 06/01/13 ............................ 47,250
50,000 Owens-Brockway Glass Container
7.750%, 05/15/11 ............................ 51,750
---------------
99,000
---------------
COMMUNICATIONS - 1.68%
200,000 AT&T
6.000%, 03/15/09 ............................ 202,582
200,000 British Sky Broadcasting
6.875%, 02/23/09 ............................ 206,598
230,000 News America
6.200%, 12/15/34 ............................ 213,359
175,000 Nextel Communications, Senior Notes, Series E
6.875%, 10/31/13 ............................ 179,821
50,000 PanAmSat, Senior Secured Notes
6.375%, 01/15/08 ............................ 50,312
250,000 Sprint Capital
6.000%, 01/15/07 ............................ 251,018
200,000 Telecom Italia Capital
6.375%, 11/15/33 ............................ 187,827
---------------
1,291,517
---------------
CONSUMER CYCLICALS - 0.41%
50,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 ............................ 50,996
275,000 NVR, Senior Notes
5.000%, 06/15/10 ............................ 263,200
---------------
314,196
---------------
ELECTRONICS - 0.07%
50,000 L-3 Communications, Senior Subordinated Notes
7.625%, 06/15/12 ............................ 51,750
---------------
ENTERTAINMENT AND LEISURE - 0.13%
50,000 Caesars Entertainment, Senior Subordinated Notes
9.375%, 02/15/07 ............................ 51,438
50,000 MGM MIRAGE
Senior Subordinated Notes
9.750%, 06/01/07 ............................ 52,125
---------------
103,563
---------------
FINANCE - 4.40%
200,000 American General Finance, MTN, Series I
5.400%, 12/01/15 ............................ 191,199
250,000 Beaver Valley Funding, Debentures, SLOB
9.000%, 06/01/17 ............................ 279,742
250,000 Block Financial
5.125%, 10/30/14 ............................ 226,766
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 27
ABN AMRO Funds
BALANCED FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ---------- ---------------
FINANCE (CONTINUED)
$ 250,000 CIT Group, Senior Notes
5.200%, 11/03/10 ............................ $ 246,340
160,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ............................ 164,400
300,000 Goldman Sachs Capital I
6.345%, 02/15/34 ............................ 288,693
150,000 HSBC Finance
5.500%, 01/19/16 ............................ 145,153
250,000 International Lease Finance
5.625%, 06/01/07 ............................ 250,716
300,000 John Deere Capital
4.875%, 10/15/10 ............................ 292,414
200,000 Key Bank NA, Subordinated Notes
4.950%, 09/15/15 ............................ 185,797
280,000 Morgan Stanley, Subordinated Notes
4.750%, 04/01/14 ............................ 259,365
315,000 NB Capital Trust II
7.830%, 12/15/26 ............................ 331,111
280,000 Residential Capital
6.000%, 02/22/11 ............................ 274,552
250,000 Westpac Capital Trust III, Subordinated Notes
5.819%, 12/29/49 (a) (b) .................... 245,045
---------------
3,381,293
---------------
FOOD AND BEVERAGES - 0.69%
50,000 Constellation Brands, Series B
8.000%, 02/15/08 ............................ 51,500
50,000 Delhaize America
8.125%, 04/15/11 ............................ 54,160
200,000 Kraft Foods
6.250%, 06/01/12 ............................ 205,389
215,000 Kroger
6.200%, 06/15/12 ............................ 217,606
---------------
528,655
---------------
HEALTHCARE SERVICES - 0.13%
50,000 HCA
6.300%, 10/01/12 ............................ 48,791
50,000 Omnicare, Senior Subordinated Notes
6.125%, 06/01/13 ............................ 48,187
---------------
96,978
---------------
INSURANCE - 0.32%
250,000 Principal Life Income Funding Trust
5.125%, 03/01/11 ............................ 245,784
---------------
OIL AND GAS EXTRACTION - 1.22%
150,000 Amerada Hess
7.875%, 10/01/29 ............................ 171,350
50,000 Chesapeake Energy
6.500%, 08/15/17 ............................ 48,000
200,000 Halliburton
5.500%, 10/15/10 ............................ 199,876
300,000 Pioneer Natural Resources
6.500%, 01/15/08 ............................ 306,771
50,000 Premcor Refining Group, Senior Notes
6.750%, 02/01/11 ............................ 52,014
MARKET
PAR VALUE VALUE
- ---------- ---------------
OIL AND GAS EXTRACTION (CONTINUED)
$ 50,000 Pride International, Senior Notes
7.375%, 07/15/14 ............................ $ 52,125
50,000 Western Oil Sands, Secured
8.375%, 05/01/12 ............................ 55,000
50,000 Williams Companies, Debentures, Series A
7.500%, 01/15/31 ............................ 51,250
---------------
936,386
---------------
PHARMACEUTICALS - 0.06%
50,000 Mylan Laboratories
6.375%, 08/15/15 ............................ 49,250
---------------
RESTAURANTS - 0.26%
190,000 Yum! Brands, Senior Notes
7.650%, 05/15/08 ............................ 197,700
---------------
TRANSPORTATION - 0.34%
275,000 Ryder System
4.625%, 04/01/10 ............................ 262,104
---------------
UTILITIES - 1.90%
200,000 CenterPoint Energy, Senior Notes, Series B
7.250%, 09/01/10 ............................ 210,492
175,000 CILCORP, Senior Notes
8.700%, 10/15/09 ............................ 191,202
225,000 Consolidated Edison of New York, Debentures
5.850%, 03/15/36 ............................ 214,037
215,000 NiSource Finance, Senior Notes
6.150%, 03/01/13 ............................ 217,252
315,000 Ohio Power, Senior Notes, Series H
4.850%, 01/15/14 ............................ 293,558
50,000 TXU, Senior Notes, Series P
5.550%, 11/15/14 ............................ 46,714
300,000 Virginia Electric & Power
4.500%, 12/15/10 ............................ 286,169
---------------
1,459,424
---------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $9,967,524) ........................... 9,689,198
---------------
ASSET-BACKED SECURITY - 0.79%
620,000 WFS Financial Owner Trust Series, Series 2004-1,
Class A4
2.810%, 08/22/11 ............................ 604,155
---------------
TOTAL ASSET-BACKED SECURITY
(Cost $608,850) ............................. 604,155
---------------
FOREIGN GOVERNMENT BOND - 0.39%
275,000 Republic of Philippines
8.250%, 01/15/14 ............................ 299,406
---------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $273,781) ............................. 299,406
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 28
ABN AMRO Funds
BALANCED FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ------ ---------------
INVESTMENT COMPANIES - 6.11%
3,915,682 BlackRock Liquidity Funds
TempCash Portfolio .......................... $ 3,915,682
779,010 BlackRock Liquidity Funds
TempFund Portfolio .......................... 779,010
---------------
TOTAL INVESTMENT COMPANIES
(Cost $4,694,692) ........................... 4,694,692
---------------
TOTAL INVESTMENTS - 101.55%
(Cost $70,231,549)** ..................................... 78,022,816
---------------
NET OTHER ASSETS AND LIABILITIES - (1.55)% .................. (1,187,213)
---------------
NET ASSETS - 100.00% ........................................ $ 76,835,603
===============
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 9,753,918
Gross unrealized depreciation ......................... (1,962,651)
---------------
Net unrealized appreciation ........................... $ 7,791,267
===============
(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, 2006, this security amounted to $245,045 or 0.32% of net
assets. This security has been determined by the Adviser to be a liquid
security.
(b) Variable rate security. Bond will pay an initial coupon rate for the first
period and then a variable rate for the following periods until maturity.
The coupon rate will be 5.819% until September 2013 and will be a variable
thereafter. The maturity date shown is the next scheduled reset date.
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
SLOB Secured Lease Obligation Bond
PORTFOLIO COMPOSITION
Common Stocks ..................................................... 63%
Investment Companies .............................................. 6%
U.S. Government Obligations ....................................... 5%
U.S. Government Agency Obligations ................................ 12%
Corporate Notes and Bonds (Moody's Ratings)
Aaa ............................................................ 1%
Aa ............................................................. 1%
A .............................................................. 4%
Baa ............................................................ 5%
Ba ............................................................. 2%
B .............................................................. 1%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 29
ABN AMRO Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
COMMON STOCKS 62%
U.S. GOVERNMENT AND AGENCY OBLIGATIONS 18%
CORPORATE NOTES AND BONDS 15%
CASH AND OTHER NET ASSETS 4%
ASSET-BACKED SECURITY 1%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
SHARES VALUE
- ------------- ----------------
COMMON STOCKS - 61.87%
ADVERTISING - 1.33%
7,800 Omnicom Group ................................ $ 702,078
----------------
BIOTECHNOLOGY - 3.50%
13,400 Amgen * ...................................... 907,180
11,800 Genentech * .................................. 940,578
----------------
1,847,758
----------------
CAPITAL GOODS - 2.43%
15,000 3M ........................................... 1,281,450
----------------
COMMERCIAL SERVICES - 1.97%
25,700 Paychex ...................................... 1,038,023
----------------
COMMUNICATIONS - 2.30%
2,900 Google, Class A * ............................ 1,212,026
----------------
CONSUMER CYCLICALS - 1.70%
11,000 NIKE, Class B ................................ 900,240
----------------
CONSUMER STAPLES - 5.64%
17,250 Colgate-Palmolive ............................ 1,019,820
17,800 Estee Lauder, Class A ........................ 660,736
22,265 Procter & Gamble ............................. 1,296,045
----------------
2,976,601
----------------
ELECTRICAL - 2.93%
44,700 General Electric ............................. 1,546,173
----------------
FINANCE - 2.34%
22,900 American Express ............................. 1,232,249
----------------
FOOD AND BEVERAGES - 2.50%
22,670 PepsiCo ...................................... 1,320,301
----------------
INSURANCE - 1.67%
13,500 American International Group ................. 880,875
----------------
MARKET
SHARES VALUE
- ------------- ----------------
MEDICAL PRODUCTS AND SUPPLIES - 4.96%
8,220 Johnson & Johnson ............................ $ 481,774
22,480 Medtronic .................................... 1,126,698
23,100 Stryker ...................................... 1,010,625
----------------
2,619,097
----------------
OIL AND GAS EXTRACTION - 9.88%
10,100 Baker Hughes ................................. 816,383
11,300 ConocoPhillips ............................... 755,970
19,200 Halliburton .................................. 1,500,480
4,700 Occidental Petroleum ......................... 482,878
24,000 Schlumberger ................................. 1,659,360
----------------
5,215,071
----------------
PHARMACEUTICALS - 3.62%
13,700 Caremark Rx .................................. 624,035
24,300 Eli Lilly .................................... 1,285,956
----------------
1,909,991
----------------
RESTAURANTS - 1.70%
26,000 McDonald's ................................... 898,820
----------------
RETAIL - 2.80%
9,500 Bed Bath & Beyond * .......................... 364,325
8,700 Costco Wholesale ............................. 473,541
11,400 Kohl's * ..................................... 636,576
----------------
1,474,442
----------------
TECHNOLOGY - 6.27%
4,800 Apple Computer * ............................. 337,872
8,400 eBay * ....................................... 289,044
30,100 Hewlett-Packard .............................. 977,347
25,500 Maxim Integrated Products .................... 899,130
10,500 Research In Motion * ......................... 804,615
----------------
3,308,008
----------------
TELECOMMUNICATIONS EQUIPMENT - 2.04%
21,000 QUALCOMM ..................................... 1,078,140
----------------
TRANSPORTATION - 2.29%
14,900 United Parcel Service, Class B ............... 1,207,943
----------------
TOTAL COMMON STOCKS
(Cost $28,327,935) ........................ 32,649,286
----------------
PAR VALUE
- -------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 17.93%
FEDERAL HOME LOAN MORTGAGE - 3.87%
$ 28,430 7.500%, 03/15/07, CMO, Class J ............... 28,402
700,000 2.750%, 03/15/08, MTN ........................ 670,809
400,000 5.125%, 10/15/08 ............................. 399,916
900,000 6.625%, 09/15/09 ............................. 940,536
----------------
2,039,663
----------------
FEDERAL NATIONAL MORTGAGE ASSOCIATION - 3.02%
900,000 6.000%, 05/15/11 ............................. 928,884
700,000 4.375%, 09/15/12 ............................. 666,464
----------------
1,595,348
----------------
GOVERNMENT NATIONAL MORTGAGE
ASSOCIATION - 0.00%
258 9.000%, 09/15/08, Pool # 27056 ............... 265
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 30
ABN AMRO Funds
MONTAG & CALDWELL BALANCED FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ------------- ----------------
U.S. TREASURY BONDS - 5.42%
$ 475,000 8.125%, 08/15/19 ............................. $ 604,326
775,000 8.000%, 11/15/21 ............................. 995,149
550,000 6.875%, 08/15/25 ............................. 652,911
550,000 6.125%, 08/15/29 ............................. 610,200
----------------
2,862,586
----------------
U.S. TREASURY NOTES - 5.62%
825,000 6.500%, 10/15/06 ............................. 830,834
500,000 3.250%, 08/15/08 ............................. 482,715
500,000 3.125%, 04/15/09 ............................. 476,230
600,000 4.250%, 08/15/13 ............................. 572,555
650,000 4.000%, 02/15/15 ............................. 602,469
----------------
2,964,803
----------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $9,716,020) ......................... 9,462,665
----------------
CORPORATE NOTES AND BONDS - 15.07%
COMMUNICATIONS - 1.53%
750,000 BellSouth Capital Funding
7.750%, 02/15/10 .......................... 805,862
----------------
FINANCE - 7.77%
750,000 General Electric Capital, MTN, Series A
5.875%, 02/15/12 .......................... 762,989
800,000 Goldman Sachs Group
5.150%, 01/15/14 .......................... 765,026
800,000 National Rural Utilities Cooperative Finance,
Collateral Trust
6.200%, 02/01/08 .......................... 811,567
900,000 Wachovia
4.950%, 11/01/06 .......................... 898,312
900,000 Wells Fargo
4.200%, 01/15/10 .......................... 862,680
----------------
4,100,574
----------------
INDUSTRIAL - 1.42%
700,000 Honeywell International
7.500%, 03/01/10 .......................... 748,843
----------------
OIL AND GAS EXTRACTION - 1.42%
750,000 Conoco Funding
5.450%, 10/15/06 .......................... 750,306
----------------
PHARMACEUTICALS - 1.31%
750,000 Abbott Laboratories
4.350%, 03/15/14 .......................... 689,373
----------------
RETAIL - 1.62%
900,000 Wal-Mart Stores
4.125%, 07/01/10 .......................... 857,956
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $8,181,023) ......................... 7,952,914
----------------
ASSET-BACKED SECURITY - 0.59%
310,137 PECO Energy Transition Trust Series 1999-A,
Class A-6
6.050%, 03/01/09 .......................... 311,694
----------------
TOTAL ASSET-BACKED SECURITY
(Cost $305,420) ........................... 311,694
----------------
MARKET
SHARES VALUE
- ------------- ----------------
INVESTMENT COMPANY - 3.10%
1,635,310 BlackRock Liquidity Funds
TempCash Portfolio ........................ $ 1,635,310
----------------
TOTAL INVESTMENT COMPANY
(Cost $1,635,310) ......................... 1,635,310
----------------
TOTAL INVESTMENTS - 98.56%
(Cost $48,165,708)** ..................................... 52,011,869
----------------
NET OTHER ASSETS AND LIABILITIES - 1.44% .................... 759,832
----------------
NET ASSETS - 100.00% ........................................ $ 52,771,701
================
- ----------
* Non-income producing security.
** At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 5,149,573
Gross unrealized depreciation ......................... (1,303,412)
----------------
Net unrealized appreciation ........................... $ 3,846,161
================
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
PORTFOLIO COMPOSITION
Common Stocks ............................................... 63%
Investment Company .......................................... 3%
U.S. Government Obligations ................................. 11%
U.S. Government Agency Obligations .......................... 7%
Corporate Notes and Bonds (Moody's Ratings)
Aaa ...................................................... 2%
Aa ....................................................... 7%
A ........................................................ 7%
----
100%
====
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 31
ABN AMRO Funds
BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S GOVERNMENT AND AGENCY OBLIGATIONS 60%
CORPORATE NOTES AND BONDS 37%
COMMERCIAL MORTGAGE-BACKED SECURITIES 2%
ASSET-BACKED SECURITY, FOREIGN GOVERNMENT BOND, CASH AND OTHER NET ASSETS 1%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- ------------- ----------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 60.07%
FEDERAL HOME LOAN BANK - 2.05%
$ 2,050,000 4.600%, 05/04/07 (a) ......................... $ 2,049,155
1,250,000 4.430%, 04/07/08 ............................. 1,234,110
----------------
3,283,265
----------------
FEDERAL HOME LOAN MORTGAGE - 26.10%
2,300,000 4.900%, 11/03/08 ............................. 2,276,903
2,957,632 5.500%, 11/01/20,
Gold Pool # G18083 ........................ 2,932,796
460,152 5.500%, 12/01/20,
Gold Pool # G11820 ........................ 456,288
4,968,272 5.500%, 11/15/24,
Series 3098, Class KB, CMO ................ 4,977,149
1,711,950 5.500%, 08/15/25,
Series 3106, Class PA, CMO ................ 1,714,919
5,004,343 5.500%, 09/15/25,
Series 3099, Class PA, CMO ................ 5,013,230
1,839,000 5.000%, 05/15/28,
Series 2684, Class LD, CMO ................ 1,804,114
940,000 5.000%, 05/15/28,
Series 2940, Class NB, CMO ................ 922,109
4,000,000 6.250%, 07/15/32, MTN ........................ 4,386,852
4,748,505 6.000%, 09/15/32,
Series 3129, Class LM, CMO ................ 4,771,363
5,113,000 4.500%, 01/15/33,
Series 2760, Class LB, CMO ................ 4,857,685
2,390,000 5.500%, 07/15/34,
Series 3130, Class QD, CMO ................ 2,284,618
1,967,000 5.500%, 09/15/34,
Series 3098, Class KE, CMO ................ 1,880,070
524,243 6.000%, 10/01/35,
Gold Pool # A47772 ........................ 523,018
3,330,000 5.000%, 01/15/36,
Series 3098, Class PG, CMO ................ 2,992,965
----------------
41,794,079
----------------
MARKET
PAR VALUE VALUE
- ------------- ----------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 14.99%
$ 1,500,000 4.375%, 09/15/12 ............................. $ 1,428,138
2,000,000 4.125%, 04/15/14 ............................. 1,849,628
1,114,073 6.000%, 11/01/17, Pool # 662854 .............. 1,129,155
783,799 6.000%, 04/01/18, Pool # 725175 .............. 794,383
947,070 5.500%, 11/01/18, Pool # 748886 .............. 941,244
485,820 4.500%, 06/01/19, Pool # 747860 .............. 463,435
2,593,599 6.000%, 01/01/21, Pool # 850787 .............. 2,628,317
4,364,261 4.500%, 06/25/29,
Series 2005-121, Class V, CMO ............. 3,917,589
4,936,926 5.500%, 07/25/31,
Series 2005-27, Class TH, CMO ............. 4,910,785
1,292,001 6.000%, 09/01/32, Pool # 847899 .............. 1,290,341
411,580 6.000%, 02/01/34, Pool # 771952 .............. 410,562
1,622,520 4.350%, 03/25/34,
Series 2004-90, Class GA, CMO ............. 1,550,923
460,443 7.500%, 02/01/35, Pool # 787557 .............. 479,280
433,258 7.500%, 04/01/35, Pool # 819231 .............. 450,984
1,759,792 6.000%, 11/01/35, Pool # 844078 .............. 1,753,609
----------------
23,998,373
----------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 4.45%
2,278,704 4.015%, 11/16/26,
Series 2005-50, Class A, CMO .............. 2,206,063
2,177,456 3.963%, 05/16/30,
Series 2005-76, Class A, CMO .............. 2,097,320
2,889,130 4.919%, 09/16/34,
Series 2005-29, Class AB, CMO ............. 2,818,787
----------------
7,122,170
----------------
U.S. TREASURY BONDS - 5.27%
1,500,000 6.250%, 08/15/23 ............................. 1,658,203
3,500,000 6.000%, 02/15/26 ............................. 3,792,306
3,000,000 5.250%, 11/15/28 ............................. 2,979,846
----------------
8,430,355
----------------
U.S. TREASURY INFLATION INDEX NOTE - 1.13%
1,712,025 3.500%, 01/15/11 ............................. 1,813,543
----------------
U.S. TREASURY NOTES - 6.08%
2,500,000 4.250%, 10/31/07 ............................. 2,477,638
1,500,000 4.000%, 06/15/09 ............................. 1,462,032
5,000,000 4.000%, 03/15/10 ............................. 4,843,950
1,000,000 4.250%, 11/15/14 ............................. 945,586
----------------
9,729,206
----------------
TOTAL U.S. GOVERNMENT AND AGENCY OBLIGATIONS
(Cost $98,097,746) ........................ 96,170,991
----------------
CORPORATE NOTES AND BONDS - 37.12%
BASIC MATERIALS - 2.86%
1,700,000 Albemarle, Senior Unsecured Notes
5.100%, 02/01/15 .......................... 1,576,684
525,000 Cascades, Senior Notes
7.250%, 02/15/13 .......................... 500,062
1,500,000 Packaging Corp. of America,
Unsubordinated Notes
4.375%, 08/01/08 .......................... 1,457,649
1,000,000 Weyerhaeuser, Debentures
7.375%, 03/15/32 .......................... 1,047,401
----------------
4,581,796
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 32
ABN AMRO Funds
BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ------------- ----------------
CAPITAL GOODS - 0.75%
$ 450,000 Norampac, Senior Notes
6.750%, 06/01/13 .......................... $ 425,250
750,000 Owens-Brockway Glass Container
7.750%, 05/15/11 .......................... 776,250
----------------
1,201,500
----------------
COMMUNICATIONS - 4.06%
1,000,000 AT&T
6.000%, 03/15/09 .......................... 1,012,910
765,000 British Sky Broadcasting
6.875%, 02/23/09 .......................... 790,236
1,325,000 News America
6.200%, 12/15/34 .......................... 1,229,131
800,000 Nextel Communications, Senior Notes, Series E
6.875%, 10/31/13 .......................... 822,041
1,000,000 PanAmSat, Senior Secured Notes
6.375%, 01/15/08 .......................... 1,006,250
1,750,000 Telecom Italia Capital
6.375%, 11/15/33 .......................... 1,643,482
----------------
6,504,050
----------------
CONSUMER CYCLICALS - 1.08%
750,000 D.R. Horton
Senior Notes
6.875%, 05/01/13 .......................... 764,941
1,000,000 NVR, Senior Notes
5.000%, 06/15/10 .......................... 957,089
----------------
1,722,030
----------------
ELECTRONICS - 0.45%
700,000 L-3 Communications, Senior Subordinated Notes
7.625%, 06/15/12 .......................... 724,500
----------------
ENTERTAINMENT AND LEISURE - 1.11%
1,125,000 Caesars Entertainment,
Senior Subordinated Notes
9.375%, 02/15/07 .......................... 1,157,344
590,000 MGM MIRAGE
Senior Subordinated Notes
9.750%, 06/01/07 .......................... 615,075
----------------
1,772,419
----------------
FINANCE - 12.32%
1,415,000 American General Finance, MTN, Series I
5.400%, 12/01/15 .......................... 1,352,732
750,000 Beaver Valley Funding, Debentures, SLOB
9.000%, 06/01/17 .......................... 839,227
1,400,000 Block Financial
5.125%, 10/30/14 .......................... 1,269,888
2,000,000 CIT Group, Senior Notes
5.200%, 11/03/10 .......................... 1,970,724
775,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 .......................... 796,313
1,650,000 Goldman Sachs Capital I
6.345%, 02/15/34 .......................... 1,587,812
800,000 HSBC Finance
5.500%, 01/19/16 .......................... 774,148
1,725,000 International Lease Finance
5.625%, 06/01/07 .......................... 1,729,940
MARKET
PAR VALUE VALUE
- ------------- ----------------
FINANCE (CONTINUED)
$ 1,125,000 John Deere Capital
4.875%, 10/15/10 .......................... $ 1,096,553
1,350,000 Key Bank NA, Subordinated Notes
4.950%, 09/15/15 .......................... 1,254,132
1,655,000 Morgan Stanley, Subordinated Notes
4.750%, 04/01/14 .......................... 1,533,030
1,725,000 NB Capital Trust II
7.830%, 12/15/26 .......................... 1,813,227
1,650,000 Residential Capital
6.000%, 02/22/11 .......................... 1,617,894
2,125,000 Westpac Capital Trust III, Subordinated Notes
5.819%, 12/29/49 (b) (c) .................. 2,082,885
----------------
19,718,505
----------------
FOOD AND BEVERAGES - 3.05%
840,000 Constellation Brands, Series B
8.000%, 02/15/08 .......................... 865,200
705,000 Delhaize America
8.125%, 04/15/11 .......................... 763,655
2,050,000 Kraft Foods
6.250%, 06/01/12 .......................... 2,105,233
1,135,000 Kroger
6.200%, 06/15/12 .......................... 1,148,760
----------------
4,882,848
----------------
HEALTHCARE SERVICES - 0.64%
540,000 HCA
6.300%, 10/01/12 .......................... 526,938
515,000 Omnicare, Senior Subordinated Notes
6.125%, 06/01/13 .......................... 496,331
----------------
1,023,269
----------------
INSURANCE - 0.87%
1,425,000 Principal Life Income Funding Trust
5.125%, 03/01/11 .......................... 1,400,969
----------------
OIL AND GAS EXTRACTION - 3.43%
1,500,000 Amerada Hess
7.875%, 10/01/29 .......................... 1,713,500
515,000 Chesapeake Energy
6.500%, 08/15/17 .......................... 494,400
1,000,000 Pioneer Natural Resources
6.500%, 01/15/08 .......................... 1,022,569
165,000 Premcor Refining Group, Senior Notes
6.750%, 02/01/11 .......................... 171,647
400,000 Pride International, Senior Notes
7.375%, 07/15/14 .......................... 417,000
1,005,000 Western Oil Sands, Secured
8.375%, 05/01/12 .......................... 1,105,500
550,000 Williams Companies, Debentures, Series A
7.500%, 01/15/31 .......................... 563,750
----------------
5,488,366
----------------
PHARMACEUTICALS - 0.40%
650,000 Mylan Laboratories
6.375%, 08/15/15 .......................... 640,250
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 33
ABN AMRO Funds
BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ------------- ----------------
RESTAURANTS - 0.74%
$ 1,135,000 Yum! Brands, Senior Notes
7.650%, 05/15/08 .......................... $ 1,180,997
----------------
TRANSPORTATION - 0.89%
1,500,000 Ryder System
4.625%, 04/01/10 .......................... 1,429,661
----------------
UTILITIES - 4.47%
1,045,000 CenterPoint Energy, Senior Notes, Series B
7.250%, 09/01/10 .......................... 1,099,822
1,500,000 CILCORP, Senior Notes
8.700%, 10/15/09 .......................... 1,638,874
1,300,000 Consoidated Edison of New York, Debentures
5.850%, 03/15/36 .......................... 1,236,656
199,000 Nevada Power, Second Mortgage
9.000%, 08/15/13 .......................... 219,550
1,000,000 NiSource Finance, Senior Notes
6.150%, 03/01/13 .......................... 1,010,477
1,800,000 Ohio Power, Senior Notes, Series H
4.850%, 01/15/14 .......................... 1,677,472
300,000 TXU, Senior Notes, Series P
5.550%, 11/15/14 .......................... 280,282
----------------
7,163,133
----------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $60,910,990) ........................ 59,434,293
----------------
COMMERCIAL MORTGAGE-BACKED SECURITY - 2.06%
3,125,000 GMAC Commercial Mortgage Securities
Series 2000-C3, Class A2
6.957%, 09/15/35 .......................... 3,300,808
----------------
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITY
(Cost $3,691,284) ......................... 3,300,808
----------------
ASSET-BACKED SECURITY - 1.38%
2,265,000 WFS Financial Owner Trust Series,
Series 2004-1, Class A4
2.810%, 08/22/11 .......................... 2,207,115
----------------
TOTAL ASSET-BACKED SECURITY
(Cost $2,224,268) ......................... 2,207,115
----------------
FOREIGN GOVERNMENT BOND - 0.51%
750,000 Republic of Philippines
8.250%, 01/15/14 .......................... 816,563
----------------
TOTAL FOREIGN GOVERNMENT BOND
(Cost $748,763) ........................... 816,563
----------------
MARKET
SHARES VALUE
- ------------- ----------------
INVESTMENT COMPANY - 0.65%
1,034,862 BlackRock Liquidity Funds
TempCash Portfolio ........................ $ 1,034,862
----------------
TOTAL INVESTMENT COMPANY
(Cost $1,034,862) ......................... 1,034,862
----------------
TOTAL INVESTMENTS - 101.79%
(Cost $166,707,913)* ..................................... 162,964,632
----------------
NET OTHER ASSETS AND LIABILITIES - (1.79)% .................. (2,869,879)
----------------
NET ASSETS - 100.00% ........................................ $ 160,094,753
================
- ----------
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 464,900
Gross unrealized depreciation ......................... (4,208,181)
----------------
Net unrealized depreciation ........................... $ (3,743,281)
================
(a) Variable rate bond. The interest rate shown reflects the rate in effect at
April 30, 2006.
(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, 2006, this security amounted to $2,082,885 or 1.30% of net
assets. This security has been determined by the Adviser to be a liquid
security.
(c) Variable rate security. Bond will pay an initial coupon rate for the first
period and then a variable rate for the following periods until maturity.
The coupon rate will be 5.819% until September 2013 and will be a variable
thereafter. The maturity date shown is the next scheduled reset date.
CMO Collateralized Mortgage Obligation
MTN Medium Term Note
SLOB Secured Lease Obligation Bond
PORTFOLIO COMPOSITION
Investment Company .......................................... 1%
U.S. Government Obligations ................................. 12%
U.S. Government Agency Obligations .......................... 47%
Corporate Notes and Bonds (Moody's Ratings)
Aaa ....................................................... 3%
Aa ........................................................ 2%
A ......................................................... 12%
Baa ....................................................... 12%
Ba ........................................................ 9%
B ......................................................... 2%
----
100%
====
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 34
ABN AMRO Funds
INVESTMENT GRADE BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
U.S GOVERNMENT AND AGENCY OBLIGATIONS 41%
CORPORATE NOTES AND BONDS 41%
CASH AND OTHER NET ASSETS 6%
NON-AGENCY MORTGAGE-BACKED SECURITIES 6%
ASSET-BACKED SECURITIES 3%
COMMERCIAL MORTGAGE-BACKED SECURITIES 2%
MUNICIPAL SECURITY 1%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- --------------- ---------------
CORPORATE NOTES AND BONDS - 41.53%
CAPITAL GOODS - 1.01%
$ 335,000 Dover
4.875%, 10/15/15 ........................ $ 313,498
--------------
COMMUNICATIONS - 2.50%
385,000 British Sky Broadcasting
6.875%, 02/23/09 ........................ 397,700
125,000 News America
5.300%, 12/15/14 ........................ 119,885
275,000 Telecom Italia Capital
5.250%, 11/15/13 ........................ 259,710
--------------
777,295
--------------
CONSUMER CYCLICAL - 1.18%
380,000 Newell Rubbermaid
4.625%, 12/15/09 ........................ 366,977
--------------
ELECTRONICS - 1.57%
485,000 Thermo Electron, Convertible
3.250%, 11/01/07 ........................ 489,850
--------------
FINANCE - 17.35%
350,000 AmSouth Bank, Subordinated Notes
4.850%, 04/01/13 ........................ 333,064
350,000 CIT Group, Senior Notes
4.250%, 02/01/10 ........................ 335,152
310,000 Citigroup, Senior Notes
5.300%, 01/07/16 ........................ 298,880
275,000 Countrywide Home Loan, Series L, MTN
4.000%, 03/22/11 ........................ 254,650
Credit Suisse (USA), Senior
Unsecured Notes
170,000 5.250%, 03/02/11 ........................ 167,744
175,000 5.375%, 03/02/16 ........................ 168,152
400,000 EOP Operating
5.875%, 01/15/13 ........................ 397,036
260,000 General Electric Capital, Series A, MTN
5.000%, 06/15/07 ........................ 259,397
175,000 HSBC Finance
5.500%, 01/19/16 ........................ 169,345
MARKET
PAR VALUE VALUE
- --------------- --------------
FINANCE (CONTINUED)
$ 375,000 International Lease Finance,
Unsubordinated Notes
5.875%, 05/01/13 ........................ $ 374,978
300,000 JPMorgan Chase, Senior Notes
5.350%, 03/01/07 ........................ 300,152
300,000 Key Bank NA, Subordinated Notes
4.950%, 09/15/15 ........................ 278,696
360,000 Marshall & Ilsley Bank,
Subordinated Notes
5.250%, 09/04/12 ........................ 354,321
250,000 MBNA America Bank NA
6.500%, 06/20/06 ........................ 250,463
400,000 Merrill Lynch, MTN
5.017%, 06/16/08 (a) .................... 400,516
390,000 Morgan Stanley, Subordinated Notes
4.750%, 04/01/14 ........................ 361,258
360,000 SLM, Series A
4.500%, 07/26/10 ........................ 345,310
350,000 Textron Financial
5.875%, 06/01/07 ........................ 352,116
--------------
5,401,230
--------------
FOOD AND BEVERAGES - 2.72%
193,000 General Mills
6.000%, 02/15/12 ........................ 195,316
350,000 Kraft Foods
6.250%, 06/01/12 ........................ 359,430
300,000 Kroger
5.500%, 02/01/13 ........................ 291,620
--------------
846,366
--------------
INSURANCE - 4.06%
285,000 Berkshire Hathaway
4.625%, 10/15/13 ........................ 267,577
200,000 Chubb
6.000%, 11/15/11 ........................ 203,201
325,000 MetLife, Senior Unsecured Notes
5.000%, 06/15/15 ........................ 305,126
250,000 Principal Life Income Funding Trust
5.125%, 03/01/11 ........................ 245,784
250,000 State Auto Financial, Senior Notes
6.250%, 11/15/13 240,674
--------------
1,262,362
--------------
OIL AND GAS EXTRACTION - 4.09%
350,000 Consolidated Natural Gas
Senior Notes, Series C
6.250%, 11/01/11 ........................ 357,863
200,000 Halliburton
5.500%, 10/15/10 ........................ 199,876
275,000 Marathon Oil
5.375%, 06/01/07 ........................ 275,198
450,000 Occidental Petroleum
4.000%, 11/30/07 ........................ 441,114
--------------
1,274,051
--------------
PHARMACEUTICALS - 0.65%
205,000 Wyeth, Unsubordinated Notes
5.500%, 03/15/13 ........................ 201,980
--------------
TECHNOLOGY - 0.61%
200,000 First Data
3.375%, 08/01/08 ........................ 191,576
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 35
ABN AMRO Funds
INVESTMENT GRADE BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------------- --------------
TRANSPORTATION - 2.13%
$ 265,000 Ryder System
4.625%, 04/01/10 ........................ $ 252,573
425,000 Union Pacific
3.875%, 02/15/09 ........................ 409,469
--------------
662,042
--------------
UTILITIES - 3.66%
275,000 CILCORP, Senior Notes
8.700%, 10/15/09 ........................ 300,460
535,000 MidAmerican Energy, MTN
5.125%, 01/15/13 ........................ 515,886
340,000 Pacific Gas & Electric,
First Mortgage, Unsecured Notes
3.600%, 03/01/09 ........................ 323,838
--------------
1,140,184
--------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $13,426,133) ...................... 12,927,411
--------------
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 41.11%
FEDERAL HOME LOAN BANK - 3.69%
300,000 4.770%, 06/13/06 (a) ....................... 299,922
350,000 4.600%, 05/04/07 (a) ....................... 349,856
400,000 4.430%, 04/07/08 ........................... 394,915
100,000 6.500%, 08/14/09 ........................... 104,015
--------------
1,148,708
--------------
FEDERAL HOME LOAN MORTGAGE - 8.38%
125,000 2.750%, 03/15/08, MTN ...................... 119,787
87,505 5.500%, 08/01/17,
Gold Pool # E90954 ...................... 86,846
658,137 5.000%, 09/01/18,
Gold Pool # E99582 ...................... 641,335
154,377 6.500%, 08/01/32,
Gold Pool # C01385 ...................... 157,427
653,226 5.000%, 11/01/33,
Gold Pool # A15349 ...................... 620,040
705,515 5.500%, 11/01/33,
Gold Pool # A15901 ...................... 687,374
295,703 6.000%, 02/01/35,
Gold Pool # A34083 ...................... 295,117
--------------
2,607,926
--------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION - 23.27%
375,000 3.875%, 07/15/08 ........................... 365,405
280,000 4.125%, 05/15/10 ........................... 269,079
150,000 4.375%, 03/15/13 ........................... 142,138
350,000 5.000%, 03/15/16 ........................... 340,565
111,136 6.000%, 10/01/16, Pool # 611322 ............ 112,637
98,080 5.500%, 01/01/17, Pool # 623107 ............ 97,494
248,905 5.500%, 04/01/17, Pool # 254259 ............ 247,393
191,264 6.000%, 06/01/17, Pool # 254342 ............ 193,853
456,529 5.500%, 11/01/17, Pool # 659589 ............ 453,754
650,908 5.000%, 05/01/19, Pool # 255274 ............ 634,776
402,389 5.000%, 09/01/19, Pool # 788070 ............ 392,696
110,061 6.500%, 03/01/32, Pool # 254239 ............ 112,265
83,146 7.000%, 04/01/32, Pool # 545556 ............ 85,616
137,715 6.500%, 10/01/32, Pool # 254479 ............ 140,473
356,824 4.669%, 02/01/33,
Pool # 682778, ARM (b) .................. 350,304
MARKET
PAR VALUE VALUE
- --------------- --------------
FEDERAL NATIONAL
MORTGAGE ASSOCIATION (CONTINUED)
$ 564,161 3.708%, 05/01/33,
Pool # 703979, ARM (b) .................. $ 555,749
715,272 5.000%, 10/01/33, Pool # 749179 ............ 679,295
88,681 6.000%, 02/01/34, Pool # 725162 ............ 88,462
569,926 2.845%, 07/01/34,
Pool # 786027, ARM (b) .................. 556,017
243,285 6.000%, 09/01/34, Pool # 794267 ............ 242,498
355,892 6.000%, 11/01/34, Pool # 735060 ............ 354,740
301,980 4.734%, 01/01/35,
Pool # 819685, ARM (b) .................. 296,076
561,187 5.000%, 05/01/35, Pool # 826641 ............ 531,126
--------------
7,242,411
--------------
GOVERNMENT NATIONAL
MORTGAGE ASSOCIATION - 3.10%
333,800 4.287%, 01/16/30,
Series 2005-52, Class A, CMO ............ 324,599
197,950 3.963%, 05/16/30,
Series 2005-76, Class A, CMO ............ 190,665
94,767 6.500%, 05/15/32, Pool # 584389 97,586
361,140 4.919%, 09/16/34,
Series 2005-29, Class AB, CMO ........... 352,348
--------------
965,198
--------------
U.S. TREASURY INFLATION INDEX NOTE - 0.78%
228,164 3.500%, 01/15/11 ........................... 241,694
--------------
U.S. TREASURY NOTES - 1.89%
220,000 4.250%, 11/15/14 ........................... 208,029
200,000 4.125%, 05/15/15 ........................... 186,719
200,000 4.000%, 04/15/10 ........................... 193,609
--------------
588,357
--------------
TOTAL U.S. GOVERNMENT AND
AGENCY OBLIGATIONS
(Cost $13,122,333) ...................... 12,794,294
--------------
NON-AGENCY MORTGAGE-BACKED SECURITIES - 5.83%
388,657 Bear Stearns Asset Backed Securities,
Series 2003-AC5, Class A2, CMO
5.000%, 10/25/33 ........................ 375,575
431,404 Chase Mortgage Finance,
Series 2003-S2, Class A1, CMO
5.000%, 03/25/18 (c) .................... 417,807
56,853 Master Asset Securitization Trust,
Series 2002-8, Class 1A2, CMO
5.250%, 12/25/17 (c) .................... 55,629
211,488 Washington Mutual,
Series 2002-S8, Class 2A7, CMO
5.250%, 01/25/18 (c) .................... 207,126
Wells Fargo Mortgage Backed
Securities Trust,
311,877 Series 2003K,
Class 1A2, CMO, ARM
4.488%, 11/25/33 (b) (c) ................ 293,847
494,617 Series 2003L,
Class 1A2, CMO, ARM
4.567%, 11/25/33 (b) .................... 466,023
--------------
TOTAL NON-AGENCY
MORTGAGE-BACKED SECURITIES
(Cost $1,897,564) ....................... 1,816,007
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 36
ABN AMRO Funds
INVESTMENT GRADE BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- --------------- --------------
ASSET-BACKED SECURITIES - 2.79%
$ 500,000 Drive Auto Receivables Trust
Series 2005-2, Class A2
4.120%, 01/15/10 (d) .................... $ 494,371
385,000 WFS Financial Owner Trust Series,
Series 2004-1, Class A4
2.810%, 08/22/11 ........................ 375,161
--------------
TOTAL ASSET-BACKED SECURITIES
(Cost $872,991) ......................... 869,532
--------------
COMMERCIAL MORTGAGE-BACKED SECURITIES - 1.96%
167,817 General Electric Capital
Commercial Mortgage,
Series 2001-1, Class A1
6.079%, 05/15/33 ........................ 170,305
445,000 LB Commercial Mortgage Trust,
Series 2004-C4, Class A3
5.155%, 06/15/29 (b) .................... 439,578
--------------
TOTAL COMMERCIAL
MORTGAGE-BACKED SECURITIES
(Cost $651,696) ......................... 609,883
--------------
MUNICIPAL SECURITY - 0.95%
ILLINOIS
335,000 Illinois State, GO
4.350%, 06/01/18 ........................ 295,349
--------------
TOTAL MUNICIPAL SECURITY
(Cost $334,875) ......................... 295,349
--------------
SHARES
- ---------------
INVESTMENT COMPANY - 0.60%
185,003 BlackRock Liquidity Funds
TempCash Portfolio ...................... 185,003
--------------
TOTAL INVESTMENT COMPANY
(Cost $185,003) ......................... 185,003
--------------
TOTAL INVESTMENTS - 94.77%
(Cost $30,490,595)* ....................................... 29,497,479
--------------
NET OTHER ASSETS AND LIABILITIES - 5.23% ..................... 1,628,839
--------------
NET ASSETS - 100.00% ......................................... $ 31,126,318
==============
- ----------
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation .......................... $ 14,203
Gross unrealized depreciation .......................... (1,007,319)
--------------
Net unrealized depreciation ............................ $ (993,116)
==============
(a) Floating rate note. The interest rate shown reflects the rate in effect at
April 30, 2006.
(b) Adjustable Rate Mortgage. The interest rate shown reflects the rate in
effect at April 30, 2006.
(c) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
(d) 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, 2006, this security amounted to $494,371 or 1.59% of net
assets. This security has been determined by the Adviser to be a liquid
security.
ARM Adjustable Rate Mortgage
CMO Collateralized Mortgage Obligation
GO General Obligation
MTN Medium Term Note
PORTFOLIO COMPOSITION
Investment Company ....................................... 1%
U.S. Government Obligations .............................. 3%
U.S. Government Agency Obligations ....................... 40%
Corporate Notes and Bonds (Moody's Ratings)
Aaa ................................................... 13%
Aa .................................................... 8%
A ..................................................... 18%
Baa ................................................... 17%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 37
ABN AMRO Funds
HIGH YIELD BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
BASIC INDUSTRIES 17%
SERVICES CYCLICALS 14%
OTHER CORPORATE NOTES AND BONDS 11%
MEDIA 11%
ENERGY 10%
TELECOMMUNICATIONS 8%
CAPITAL GOODS 8%
CASH AND OTHER NET ASSETS 8%
UTILITIES 7%
SERVICES NON-CYCLICALS 6%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- ---------- ---------------
CORPORATE NOTES AND BONDS - 92.35%
BASIC INDUSTRIES - 16.74%
Abitibi Consolidated
$ 125,000 6.000%, 06/20/13 ............................ $ 112,500
50,000 8.850%, 08/01/30 ............................ 46,250
225,000 Arch Western Finance,
Senior Notes
6.750%, 07/01/13 ............................ 223,875
200,000 Cascades, Senior Notes
7.250%, 02/15/13 ............................ 190,500
250,000 Century Aluminum
7.500%, 08/15/14 ............................ 261,250
125,000 Domtar
7.875%, 10/15/11 ............................ 122,812
375,000 Equistar Chemical Funding
10.125%, 09/01/08 ........................... 403,594
250,000 Ethyl, Senior Notes
8.875%, 05/01/10 ............................ 262,500
125,000 Foundation PA Coal, Senior Notes
7.250%, 08/01/14 ............................ 125,937
200,000 Ineos Group Holdings
8.500%, 02/15/16 (a) ........................ 191,000
200,000 IPSCO, Senior Notes
8.750%, 06/01/13 ............................ 218,000
150,000 KI Holdings, Senior Discount Notes
9.601%, 11/15/14 (b) ........................ 111,750
238,000 Koppers, Senior Secured Notes
9.875%, 10/15/13 ............................ 261,800
150,000 Methanex, Senior Notes
8.750%, 08/15/12 ............................ 165,563
225,000 Neenah Paper, Senior Notes
7.375%, 11/15/14 ............................ 211,500
200,000 Nell AF, Senior Notes
8.375%, 08/15/15 (a) ........................ 199,250
125,000 Norampac, Senior Notes
6.750%, 06/01/13 ............................ 118,125
125,000 Novelis, Senior Notes
7.500%, 02/15/15 (a) ........................ 121,875
100,000 P.H. Glatfelter
7.125%, 05/01/16 (a) ........................ 100,896
MARKET
PAR VALUE VALUE
- ---------- ---------------
BASIC INDUSTRIES (CONTINUED)
$ 75,000 United States Steel, Senior Notes
10.750%, 08/01/08 ........................... $ 82,313
---------------
3,531,290
---------------
CAPITAL GOODS - 8.17%
300,000 Building Materials,
Senior Notes, Series B
8.000%, 10/15/07 ............................ 303,750
125,000 Case New Holland
7.125%, 03/01/14 (a) ........................ 123,437
DRS Technologies,
Senior Subordinated Notes
125,000 6.875%, 11/01/13 ............................ 124,531
50,000 7.625%, 02/01/18 ............................ 51,563
50,000 Goodman Global Holdings,
Senior Notes, Series B
7.491%, 06/15/12 (c) ........................ 51,125
175,000 Greif, Senior Subordinated Notes
8.875%, 08/01/12 ............................ 186,375
L-3 Communications, Senior
Subordinated Notes
150,000 7.625%, 06/15/12 ............................ 155,250
25,000 6.375%, 10/15/15 ............................ 24,375
75,000 Noble Group, Senior Notes
6.625%, 03/17/15 (a) ........................ 66,355
250,000 Owens-Brockway Glass Container,
Secured
8.750%, 11/15/12 ............................ 268,125
175,000 Trinity Industries, Senior Notes
6.500%, 03/15/14 ............................ 169,313
200,000 Westinghouse Air Brake,
Senior Notes
6.875%, 07/31/13 ............................ 199,500
---------------
1,723,699
---------------
CONSUMER CYCLICALS - 2.38%
65,000 Ahold Lease USA, Series A-2
8.620%, 01/02/25 ............................ 68,346
100,000 Church & Dwight,
Senior Subordinated Notes
6.000%, 12/15/12 ............................ 97,000
125,000 Couche-Tard US Finance,
Senior Subordinated Notes
7.500%, 12/15/13 ............................ 127,812
75,000 General Motors Acceptance
6.875%, 09/15/11 ............................ 70,337
125,000 TRW Automotive, Senior
Subordinated Notes
11.000%, 02/15/13 ........................... 138,750
---------------
502,245
---------------
CONSUMER NON-CYCLICALS - 3.73%
75,000 Chattem, Senior Subordinated Notes
7.000%, 03/01/14 ............................ 75,375
Constellation Brands, Series B
50,000 8.000%, 02/15/08 ............................ 51,500
150,000 8.125%, 01/15/12 ............................ 156,750
150,000 Dean Foods, Senior Notes
6.900%, 10/15/17 ............................ 150,000
Smithfield Foods, Senior Notes
50,000 7.000%, 08/01/11 ............................ 49,375
175,000 Series B
7.750%, 05/15/13 ............................ 177,187
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 38
ABN AMRO Funds
HIGH YIELD BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ---------- ---------------
CONSUMER NON-CYCLICALS (CONTINUED)
$ 125,000 Stater Brothers Holdings,
Senior Notes
8.125%, 06/15/12 ............................ $ 125,625
---------------
785,812
---------------
ENERGY - 10.55%
200,000 ANR Pipeline, Debentures
9.625%, 11/01/21 ............................ 241,315
50,000 Basic Energy Services, Senior Notes
7.125%, 04/15/16 (a) ........................ 49,625
175,000 Bluewater Finance
10.250%, 02/15/12 ........................... 182,875
200,000 Chaparral Energy, Senior Notes
8.500%, 12/01/15 (a) ........................ 207,000
Chesapeake Energy
300,000 6.500%, 08/15/17 ............................ 288,000
Senior Notes
100,000 7.500%, 09/15/13 ............................ 103,250
25,000 7.500%, 06/15/14 ............................ 25,812
75,000 El Paso, Senior Notes, MTN
7.800%, 08/01/31 ............................ 74,625
Massey Energy, Senior Notes
75,000 6.625%, 11/15/10 ............................ 75,938
225,000 6.875%, 12/15/13 (a) ........................ 217,688
150,000 Ocean Rig Norway, Senior Notes
8.375%, 07/01/13 (a) ........................ 159,000
150,000 Southern Natural Gas
8.875%, 03/15/10 ............................ 159,975
50,000 Southern Star Central
6.750%, 03/01/16 (a) ........................ 50,125
125,000 Western Oil Sands, Secured
8.375%, 05/01/12 ............................ 137,500
100,000 Whiting Petroleum
7.000%, 02/01/14 ............................ 99,500
150,000 Williams Companies,
Debentures, Series A
7.500%, 01/15/31 ............................ 153,750
---------------
2,225,978
---------------
MEDIA - 11.51%
100,000 Cablevision Systems, Senior Notes
9.620%, 04/01/09 (c) ........................ 106,250
125,000 CCH I, Secured
11.000%, 10/01/15 ........................... 111,875
100,000 Charter Communications Holdings II
Senior Notes
10.250%, 09/15/10 ........................... 101,250
125,000 Clarke American, Senior Notes
11.750%, 12/15/13 (a) ....................... 130,937
CSC Holdings, Senior Notes
125,000 7.250%, 07/15/08 ............................ 127,031
100,000 Series B
8.125%, 07/15/09 ............................ 104,250
130,000 Dex Media East/Dex Media East Finance
12.125%, 11/15/12 ........................... 147,713
200,000 EchoStar DBS, Senior Notes
5.750%, 10/01/08 ............................ 197,500
Houghton Mifflin
50,000 Senior Discount Notes
10.616%, 10/15/13 (b) ....................... 42,750
175,000 Senior Subordinated Notes
9.875%, 02/01/13 ............................ 188,125
MARKET
PAR VALUE VALUE
- ---------- ---------------
MEDIA (CONTINUED)
$ 125,000 LIN Television, Senior Subordinated Notes
6.500%, 05/15/13 ............................ $ 116,250
200,000 NTL Cable, Senior Notes
8.750%, 04/15/14 ............................ 206,250
125,000 Radio One, Series B
8.875%, 07/01/11 ............................ 131,563
RH Donnelly
25,000 10.875%, 12/15/12 ........................... 27,875
Senior Discount Notes
75,000 6.875%, 01/15/13 (a) ........................ 70,125
75,000 6.875%, 01/15/13 (a) ........................ 70,125
100,000 RH Donnelly Finance
10.875%, 12/15/12 (a) ....................... 111,500
175,000 Shaw Communications, Senior Notes
7.200%, 12/15/11 ............................ 180,031
250,000 Sinclair Broadcast Group, Senior
Subordinated Notes
8.000%, 03/15/12 ............................ 255,625
---------------
2,427,025
---------------
REAL ESTATE - 2.11%
American Real Estate Partners,
200,000 Senior Notes
8.125%, 06/01/12 (d) ........................ 207,500
75,000 Senior Unsecured Notes
7.125%, 02/15/13 (d) ........................ 74,812
150,000 CBRE Escrow, Senior Notes
9.750%, 05/15/10 ............................ 162,750
---------------
445,062
---------------
SERVICES CYCLICALS - 13.87%
100,000 Ashtead Holdings, Secured
8.625%, 08/01/15 (a) ........................ 104,000
225,000 CHC Helicopter,
Senior Subordinated Notes
7.375%, 05/01/14 ............................ 230,062
125,000 Chukchansi Economic
Development Authority,
Senior Notes
8.000%, 11/15/13 (a) ........................ 129,375
75,000 D.R. Horton
Senior Subordinated Notes
9.750%, 09/15/10 ............................ 84,385
175,000 French Lick Resorts & Casinos
10.750%, 04/15/14 (a) ....................... 173,687
125,000 FTI Consulting
7.625%, 06/15/13 ............................ 132,187
100,000 Hertz, Senior Subordinated Notes
10.500%, 01/01/16 (a) ....................... 111,125
75,000 Iron Mountain,
Senior Subordinated Notes
8.250%, 07/01/11 ............................ 75,967
225,000 KB HOME, Senior Notes
6.250%, 06/15/15 ............................ 210,870
125,000 Mandalay Resort Group
Senior Subordinated Notes
9.375%, 02/15/10 ............................ 135,000
MGM MIRAGE
25,000 8.375%, 02/01/11 ............................ 26,438
50,000 Debentures
7.250%, 08/01/17 ............................ 50,000
150,000 Senior Subordinated Notes
9.750%, 06/01/07 ............................ 156,375
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 39
ABN AMRO Funds
HIGH YIELD BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ---------- ---------------
SERVICES CYCLICALS (CONTINUED)
$ 200,000 Phi, Senior Notes
7.125%, 04/15/13 (a) ........................ $ 199,000
50,000 Resorts International Hotel and Casino,
First Mortgage
11.500%, 03/15/09 ........................... 54,875
175,000 River Rock Entertainment,
Senior Notes
9.750%, 11/01/11 ............................ 189,438
100,000 SAC Holdings, Senior Notes
8.500%, 03/15/14 ............................ 97,625
175,000 Speedway Motorsports
Senior Subordinated Notes
6.750%, 06/01/13 ............................ 173,688
Standard Pacific
50,000 Senior Notes
7.000%, 08/15/15 ............................ 46,750
100,000 Senior Subordinated Notes
9.250%, 04/15/12 ............................ 103,500
100,000 Trump Entertainment,
Second Mortgage
8.500%, 06/01/15 ............................ 99,000
175,000 United Rentals, North America,
Senior Notes
6.500%, 02/15/12 ............................ 172,375
175,000 Wynn Las Vegas, First Mortgage
6.625%, 12/01/14 ............................ 171,063
---------------
2,926,785
---------------
SERVICES NON-CYCLICALS - 5.89%
150,000 Bio-Rad Laboratories
Senior Subordinated Notes
7.500%, 08/15/13 ............................ 154,500
200,000 Coventry Health Care, Senior Notes
8.125%, 02/15/12 ............................ 211,250
300,000 Fresenius Medical Capital Trust II
7.875%, 02/01/08 ............................ 308,250
250,000 HCA, Senior Unsecured Notes
8.750%, 09/01/10 ............................ 272,020
125,000 Mylan Laboratories
6.375%, 08/15/15 ............................ 123,125
175,000 Omnicare. Senior Subordinated Notes
6.875%, 12/15/15 ............................ 173,906
---------------
1,243,051
---------------
TECHNOLOGY AND ELECTRONICS - 3.11%
Freescale Semiconductor,
Senior Notes
100,000 7.818%, 07/15/09 (c) ........................ 102,750
75,000 7.125%, 07/15/14 ............................ 77,250
100,000 Magnachip Semiconductor,
Secured
6.875%, 12/15/11 ............................ 96,000
250,000 Sensata Technologies
8.000%, 05/01/14 (a) ........................ 252,500
125,000 STATS ChipPac
7.500%, 07/19/10 ............................ 127,187
---------------
655,687
---------------
MARKET
PAR VALUE VALUE
- ---------- ---------------
TELECOMMUNICATIONS - 7.50%
Citizens Communications,
Senior Notes
$ 125,000 9.250%, 05/15/11 ............................ $ 137,969
50,000 9.000%, 08/15/31 ............................ 53,875
250,000 eircom Funding,
Senior Subordinated Notes
8.250%, 08/15/13 ............................ 270,000
200,000 INTELSAT Bermuda Ltd, Senior Notes
8.250%, 01/15/13 ............................ 204,750
100,000 PanAmSat Holding
8.665%, 11/01/14 (b) ........................ 72,750
50,000 PanAmSat, Senior Secured Notes
6.375%, 01/15/08 ............................ 50,312
75,000 Qwest Communications, Series B
7.500%, 02/15/14 ............................ 75,937
225,000 Qwest, Senior Notes
8.160%, 06/15/13 (c) ........................ 246,094
225,000 Rogers Wireless, Senior Notes
9.625%, 05/01/11 ............................ 255,938
100,000 Valor Telecommunications
Enterprises, Senior Notes
7.750%, 02/15/15 ............................ 104,500
100,000 Wind Acquistion Finance SA
10.750%, 12/01/15 (a) ....................... 111,000
---------------
1,583,125
---------------
UTILITIES - 6.79%
165,000 Beaver Valley Funding,
Debentures, SLOB
9.000%, 06/01/17 ............................ 184,630
299,000 Homer City Funding, SLOB
8.137%, 10/01/19 ............................ 322,920
100,000 MSW Energy Holdings/MSW
Energy Finance
8.500%, 09/01/10 ............................ 106,000
130,000 Nevada Power, Second Mortgage
9.000%, 08/15/13 ............................ 143,425
100,000 NRG Energy
Senior Notes
7.250%, 02/01/14 ............................ 100,750
200,000 Reliant Energy, Secured
9.500%, 07/15/13 ............................ 204,000
50,000 Sierra Pacific Power,
General Refunding Mortgage
6.250%, 04/15/12 ............................ 50,096
175,000 Teco Energy, Senior Notes
6.750%, 05/01/15 ............................ 179,375
150,000 TXU, Senior Notes, Series P
5.550%, 11/15/14 ............................ 140,141
---------------
1,431,337
---------------
TOTAL CORPORATE NOTES AND BONDS
(Cost $19,460,666) .......................... 19,481,096
---------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 40
ABN AMRO Funds
HIGH YIELD BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
SHARES VALUE
- ---------- ---------------
INVESTMENT COMPANIES - 6.71%
1,069,890 BlackRock Liquidity Funds
TempCash Portfolio .......................... $ 1,069,890
346,047 BlackRock Liquidity Funds
TempFund Portfolio .......................... 346,047
---------------
TOTAL INVESTMENT COMPANIES
(Cost $1,415,937) ........................... 1,415,937
---------------
TOTAL INVESTMENTS - 99.06%
(Cost $20,876,603)* ...................................... 20,897,033
---------------
NET OTHER ASSETS AND LIABILITIES - 0.94% .................... 197,945
---------------
NET ASSETS - 100.00% ........................................ $ 21,094,978
===============
- ----------
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ......................... $ 240,391
Gross unrealized depreciation ......................... (219,961)
---------------
Net unrealized appreciation ........................... $ 20,430
===============
(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, 2006, these securities amounted to
$2,949,625 or 13.98% 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 0.000% until the date shown and the subsequent
rate thereafter.
SECURITY DATE RATE
---------------- -------- -------
KI Holdings 11/15/09 9.875%
Houghton Mifflin 10/15/08 11.500%
PanAmSat Holding 11/01/09 10.375%
(c) Variable rate bonds. The interest rates shown reflect the rates in effect
at April 30, 2006.
(d) Limited Partnership
MTN Medium Term Note
SLOB Secured Lease Obligation Bond
PORTFOLIO COMPOSITION
Investment Companies .............................................. 4%
Corporate Notes and Bonds: (Moody's Ratings)
Baa ............................................................ 2%
Ba ............................................................. 40%
B .............................................................. 47%
Caa ............................................................ 5%
NR ............................................................. 2%
---
100%
===
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 41
ABN AMRO Funds
MUNICIPAL BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
EDUCATION 41%
GENERAL OBLIGATIONS BONDS 14%
TRANSPORTATION 8%
POLLUTION 6%
UTILITIES 8%
FINANCIAL 8%
HEALTHCARE 3%
WATER 7%
CASH AND OTHER NET ASSETS 1%
OTHER MUNICIPAL SECURITIES 4%
TOTAL 100%
% OF TOTAL NET ASSETS
MARKET
PAR VALUE VALUE
- ----------- ----------------
MUNICIPAL SECURITIES - 98.76%
ALABAMA - 1.54%
$ 1,000,000 Birmingham Industrial Water Board
Industrial Water Supply RB,
Partially Pre-refunded 01/01/07
6.000%, 07/01/07 (a) ..................... $ 1,026,650
----------------
ARIZONA - 3.20%
2,000,000 Glendale Water & Sewer RB, Sub Lien
5.000%, 07/01/16
Insured: FGIC ............................ 2,127,520
----------------
COLORADO - 1.64%
1,000,000 Colorado Department of
Transportation RB, Federal
Highway Grant Anticipation Notes,
Series A
5.500%, 06/15/12
Insured: MBIA ............................ 1,089,680
----------------
DISTRICT OF COLUMBIA - 1.04%
640,000 District of Columbia RB,
Smithsonian Institute, Series A
Pre-refunded 11/01/10
5.375%, 11/01/15 ......................... 689,440
----------------
FLORIDA - 4.15%
2,000,000 Dade County School District, GO
5.200%, 07/15/06
Insured: AMBAC ........................... 2,006,060
750,000 Palm Beach County
Health Facilities Authority RB,
Abbey DelRay South Project
5.500%, 10/01/11 (a) ..................... 750,757
----------------
2,756,817
----------------
MARKET
PAR VALUE VALUE
- ----------- ----------------
GEORGIA - 3.91%
$ 1,500,000 Burke County Development Authority
PCR, Georgia Power Plant Vogtle,
1st Series
Mandatory Put 05/05/06 @ 100
2.830%, 09/01/30 (b) ..................... $ 1,499,895
500,000 Cartersville Development
Authority Water &
Wastewater Facilities RB,
Anheuser-Busch Cos., Series A, AMT
7.375%, 05/01/09 ......................... 543,500
300,000 Fulton County School District, GO
6.375%, 05/01/11 ......................... 335,565
200,000 State of Georgia, GO,
Series D
6.700%, 08/01/09 ......................... 218,682
----------------
2,597,642
----------------
IDAHO - 1.84%
1,000,000 Idaho Health Facilities Authority RB,
IHC Hospitals, ETM
6.650%, 02/15/21 (a) ..................... 1,226,920
----------------
ILLINOIS - 6.45%
250,000 Chicago Public Building Commission RB,
School Reform Board, Series B
5.250%, 12/01/18
Insured: FGIC ............................ 272,370
375,000 DuPage County, Jail Project, GO
5.600%, 01/01/21 ......................... 416,182
1,000,000 Illinois Development Finance
Authority RB,
Lincoln Way Community
5.700%, 01/01/18
Insured: FGIC ............................ 1,125,310
405,000 Illinois State Sales Tax RB,
First Series
5.250%, 06/15/19 ......................... 440,701
1,000,000 Lake County Township High School
District No. 113,
Highland Park, GO
8.800%, 12/01/09 ......................... 1,165,380
785,000 University of Illinois RB, Auxiliary
Facilities Systems, Series B
5.500%, 04/01/17
Insured: FGIC ............................ 867,763
----------------
4,287,706
----------------
INDIANA - 2.83%
700,000 Indianapolis Public
Improvement RB, Series B
6.000%, 01/10/20 ......................... 798,259
1,000,000 Purdue University Revenues RB,
Student Fee, Series U
5.250%, 07/01/19 ......................... 1,083,140
----------------
1,881,399
----------------
IOWA - 2.71%
1,700,000 Johnston Community School District, GO
5.000%, 06/01/14
Insured: FGIC ............................ 1,805,451
----------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 42
ABN AMRO Funds
MUNICIPAL BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ----------- ----------------
KANSAS - 7.92%
$ 2,500,000 Burlington Environmental
Improvement RB,
Kansas City Power &
Light Project, Series B,
Mandatory Put 10/01/07
4.750%, 09/01/15 (b) ..................... $ 2,519,575
1,020,000 Butler & Sedgwick Counties
Unified School District No. 385,
Andover, GO
6.000%, 09/01/14
Insured: FSA ............................. 1,153,957
1,480,000 Butler County Unified School
District No. 394, GO
5.250%, 09/01/16
Insured: FSA ............................. 1,595,721
----------------
5,269,253
----------------
MASSACHUSETTS - 2.99%
1,370,000 Massachusetts State
Consolidated Loan,
Series A, GO
Pre-refunded 02/01/10
6.000%, 02/01/13 ......................... 1,486,080
500,000 Massachusetts State HEFA RB,
Boston College, Series M
3.580%, 06/01/35 (b) ..................... 500,000
----------------
1,986,080
----------------
MICHIGAN - 5.33%
1,500,000 Birmingham City School
District, GO
5.000%, 11/01/14 ......................... 1,596,015
1,450,000 Grand Blanc Community Schools,
School Building & Site, GO
5.000%, 05/01/09
Insured: FSA ............................. 1,502,968
400,000 Michigan Municipal Bond
Authority RB, Drinking Water
Revolving Fund
5.500%, 10/01/16 ......................... 444,544
----------------
3,543,527
----------------
MISSOURI - 2.40%
1,525,000 Kirkwood School District Educational
Facilities Authority Leasehold RB,
Kirkwood School District R-7 PJ,
Series B
5.000%, 02/15/19
Insured: MBIA ............................ 1,597,758
----------------
NEVADA - 6.16%
1,000,000 Clark County PCR,
Southern California Edison
Series C, Remarketed, AMT
3.250%, 06/01/31 (b) ..................... 968,370
1,000,000 Las Vegas Valley Water District, GO
Series A
4.000%, 06/01/06
Insured: FGIC ............................ 1,000,230
1,010,000 Nevada State Highway Improvement RB,
Motor Vehicle Fuel Tax
5.000%, 12/01/11
Insured: MBIA ............................ 1,069,338
MARKET
PAR VALUE VALUE
- ----------- ----------------
NEVADA (CONTINUED)
$ 1,000,000 Nevada System Higher Education
Universities RB, Series B
5.000%, 07/01/13
Insured: AMBAC ........................... $ 1,061,040
----------------
4,098,978
----------------
NEW HAMPSHIRE - 1.65%
1,000,000 Manchester School Facilities RB,
Pre-refunded 06/01/13
5.500%, 06/01/23
Insured: MBIA ............................ 1,095,510
----------------
NEW JERSEY - 1.62%
1,000,000 New Jersey State, GO
Pre-refunded 05/01/10
5.750%, 05/01/20 ......................... 1,075,470
----------------
NEW YORK - 2.35%
1,450,000 New York State Thruway Authority RB,
Second General Highway &
Bridge Trust Fund, Series A
5.250%, 04/01/14
Insured: MBIA ............................ 1,565,710
----------------
NORTH CAROLINA - 3.10%
2,000,000 North Carolina State, Unlimited GO
Series A
Pre-refunded 03/01/07
5.200%, 03/01/14 ......................... 2,064,600
----------------
OHIO - 3.86%
1,000,000 Cincinnati Ohio School District, GO
5.000%, 06/01/14
Insured: FSA ............................. 1,054,350
1,500,000 Ohio State Water
Development Authority RB,
5.000%, 12/01/06 ......................... 1,511,775
----------------
2,566,125
----------------
OKLAHOMA - 1.62%
1,000,000 Oklahoma City, GO
5.500%, 07/01/11 ......................... 1,078,940
----------------
SOUTH CAROLINA - 1.60%
1,000,000 Beaufort County School District
Series A, GO
5.000%, 03/01/15
Insured: SCSDE ........................... 1,062,240
----------------
TENNESSEE - 1.60%
1,000,000 State of Tennessee, Series A, GO
5.000%, 05/01/13 ......................... 1,063,620
----------------
TEXAS - 20.05%
1,090,000 Belton Independent School District, GO
5.000%, 02/15/13 (a)
Guaranteed: PSF .......................... 1,153,471
1,695,000 Dallas Independent School District, GO
Pre-refunded 02/15/12 @ 100
5.500%, 02/15/16
Insured: PSF ............................. 1,840,499
1,000,000 Dallas Waterworks & Sewer
System RB, Refunding and
Improvement, Series A
5.000%, 10/01/12 ......................... 1,061,830
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 43
ABN AMRO Funds
MUNICIPAL BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
MARKET
PAR VALUE VALUE
- ----------- ----------------
TEXAS (CONTINUED)
$ 480,000 Frisco Independent School
District, GO
7.000%, 08/15/10
Guaranteed: PSF .......................... $ 539,549
200,000 Humble Independent School District
Series II, GO
5.500%, 02/15/10
Insured: PSF ............................. 212,372
1,065,000 Killeen Independent School
District, GO
5.000%, 02/15/16
Guaranteed: PSF .......................... 1,122,979
1,000,000 Leander Independent School District,
School Building, GO
5.000%, 08/15/12 (a)
Guaranteed: PSF .......................... 1,057,860
1,000,000 Lower Colorado River Authority RB,
LCRA Transmission Services
5.000%, 05/15/15
Insured: FGIC ............................ 1,045,630
550,000 Plano Independent School District, GO
5.000%, 02/15/09
Guaranteed: PSF .......................... 568,716
1,250,000 Port of Houston Authority, Harris
County Airport Improvement,
Series B, GO, AMT
5.250%, 10/01/11
Insured: FGIC ............................ 1,322,812
1,000,000 San Marcos Consolidated
Independent School District, GO
5.250%, 08/01/19
Guaranteed: PSF .......................... 1,065,290
500,000 Texas Municipal Power Agency RB,
Series E
5.500%, 09/01/10
Insured: MBIA ............................ 534,420
715,000 Texas State Turnpike Authority
Central Texas Turnpike System RB,
BAN, Second Tier
5.000%, 06/01/08 ......................... 733,690
1,000,000 University of Texas RB,
Financing System, Series B
5.250%, 08/15/12 ......................... 1,074,530
----------------
13,333,648
----------------
UTAH - 0.46%
300,000 Intermountain Power Agency
Power Supply RB, Series E
6.250%, 07/01/07
Insured: FSA ............................. 308,736
----------------
VIRGINIA - 3.14%
1,000,000 Roanoke Public Improvement,
Series B, GO
5.000%, 02/01/19
Insured: State Aid Withholding ........... 1,054,370
1,000,000 Virginia Commonwealth Transportation
Board RB, Federal Highway
Reimbursement
5.000%, 10/01/08 ......................... 1,030,860
----------------
2,085,230
----------------
MARKET
PAR VALUE VALUE
- ----------- ----------------
WASHINGTON - 1.42%
$ 500,000 Port of Seattle Special
Facilities RB, Seattle-Tacoma
Fuel Facilities, AMT
5.000%, 06/01/11
Insured: MBIA ............................ $ 522,520
400,000 Thurston County, GO Tumwater
School District No. 033
5.000%, 12/01/13
Insured: FSA ............................. 424,840
----------------
947,360
----------------
WISCONSIN - 2.18%
1,345,000 State of Wisconsin, Series 3, GO
5.300%, 11/01/12
Insured: MBIA-IBC ........................ 1,452,116
----------------
TOTAL MUNICIPAL SECURITIES
(Cost $65,430,225) ....................... 65,684,126
----------------
SHARES
- -----------
INVESTMENT COMPANY - 0.24%
164,204 Blackrock Provident Institutional
MuniCash Portfolio ....................... 164,204
----------------
TOTAL INVESTMENT COMPANY
(Cost $164,204) .......................... 164,204
----------------
TOTAL INVESTMENTS - 99.00%
(Cost $65,594,429)* ..................................... 65,848,330
----------------
NET OTHER ASSETS AND LIABILITIES - 1.00% ................... 662,484
----------------
NET ASSETS - 100.00% ....................................... $ 66,510,814
================
- ----------
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
Gross unrealized appreciation ........................ $ 1,025,309
Gross unrealized depreciation ........................ (771,408)
----------------
Net unrealized appreciation .......................... $ 253,901
================
(a) Standard & Poor's (S&P) credit ratings are used in the absence of a rating
by Moody's Investors, Inc.
(b) Variable rate bonds. The interest rates shown reflect the rates in effect
at April 30, 2006.
AMBAC American Municipal Board 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
HEFA Health & Educational Facilities Authority
IBC Insured Bond Certificate
MBIA MBIA Insurance Corp.
PCR Pollution Control Revenue
PSF Permanent School Fund
RB Revenue Bond
SDSCE South Carolina State Department of Education
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 44
ABN AMRO Funds
MUNICIPAL BOND FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
PORTFOLIO COMPOSITION
Investment Company .......................................... 2%
Municipal Securities (Moody's Ratings) ......................
Aaa ...................................................... 61%
Aa ....................................................... 28%
A ........................................................ 5%
Baa ...................................................... 1%
NR ....................................................... 3%
-----
100%
=====
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 45
ABN AMRO Funds
INVESTOR MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REPURCHASE AGREEMENTS 91%
CERTIFICATES OF DEPOSIT 8%
CASH AND OTHER NET ASSETS 1%
TOTAL 100%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- ------------ ------------
CERTIFICATES OF DEPOSIT - 7.63%
$ 1,000,000 Abbey National Treasury Services
4.670%, 07/19/06 ............................ $ 1,000,011
2,000,000 Citibank NA
4.645%, 07/10/06 ............................ 2,000,057
3,000,000 Credit Suisse First Boston (NY)
4.745%, 05/23/06 ............................ 3,000,000
------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $6,000,068) ........................... 6,000,068
------------
REPURCHASE AGREEMENTS - 91.54%
28,000,000 Barclays Bank, 4.720%,
dated 04/28/06, matures
05/01/06, repurchase price
$28,011,013, (collateralized
by U.S. Government Agency
Instrument with interest
rates of 4.300% and
maturing 2008, total market
value $28,560,137) .......................... 28,000,000
29,000,000 Deutsche Bank, 4.790%,
dated 04/28/06, matures
05/01/06, repurchase price
$29,011,576, (collateralized
by U.S. Government Agency
Instruments, with interest
rates of 5.000% to 5.500%
and maturities of 2021
to 2033, total market
value $29,580,000) .......................... 29,000,000
15,000,000 Merrill Lynch, 4.780%,
dated 04/28/06, matures
05/01/06, repurchase price
$15,005,975 (collateralized
by cash, total market
value $15,005,000) .......................... 15,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $72,000,000) .......................... 72,000,000
------------
AMORTIZED
SHARES COST
- ------ ------------
INVESTMENT COMPANY - 0.99%
783,642 BlackRock Liquidity Funds
TempFund Portfolio .......................... $ 783,642
------------
TOTAL INVESTMENT COMPANY
(Cost $783,642) ............................. 783,642
------------
TOTAL INVESTMENTS - 100.16%
(Cost $78,783,710)* ......................................... 78,783,710
------------
NET OTHER ASSETS AND LIABILITIES - (0.16)% .................... (128,594)
------------
NET ASSETS - 100.00% .......................................... $ 78,655,116
============
- ----------
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
NY New York
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 46
This page intentionally left blank.
| 47
ABN AMRO Funds
APRIL 30, 2006
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
RIVER ROAD DYNAMIC MONTAG
EQUITY INCOME GROWTH & CALDWELL
FUND FUND GROWTH FUND
------------------ --------------- ---------------
ASSETS:
Investments:
Investments at cost ................................................ $ 5,994,979 $ 908,868,559 $ 2,040,782,776
Net unrealized appreciation ........................................ 580,947 129,416,815 301,215,447
------------------ --------------- ---------------
Total investments at value ...................................... 6,575,926 1,038,285,374 2,341,998,223
Cash ..................................................................... -- -- 500,000
Receivables:
Dividends and interest ............................................. 15,281 110,959 1,529,352
Dividend reclaims .................................................. -- -- --
Fund shares sold ................................................... 3,983 724,501 2,710,143
Investments sold ................................................... -- -- 67,362,334
Due from Adviser, net (Note G) ..................................... 1,219 -- --
Other assets ............................................................. 4,914 36,420 72,151
------------------ --------------- ---------------
Total assets .................................................... 6,601,323 1,039,157,254 2,414,172,203
------------------ --------------- ---------------
LIABILITIES:
Payables:
Line of Credit ..................................................... -- -- --
Dividend distribution .............................................. 8,937 -- --
Investments and foreign currency purchased ......................... 16,153 -- --
Fund shares redeemed ............................................... 959 2,404,105 52,276,499
Due to Adviser, net (Note G) ....................................... -- 606,800 1,325,574
Administration (Note G) ............................................ 2,005 46,163 104,223
Distribution fees (Note G) ......................................... 268 23,489 37,588
Audit and tax fees ................................................. 5,440 20,003 14,343
Trustees fees and related expenses (Note G) ........................ 67 23,863 15,860
Interest expense (Note H) .......................................... -- -- --
Accrued expenses and other payables ...................................... 3,563 114,557 295,957
------------------ --------------- ---------------
Total liabilities ............................................... 37,392 3,238,980 54,070,044
------------------ --------------- ---------------
NET ASSETS ............................................................... $ 6,563,931 $ 1,035,918,274 $ 2,360,102,159
================== =============== ===============
NET ASSETS CONSIST OF:
Paid in capital ....................................................... $ 5,990,249 $ 861,696,871 $ 2,098,090,745
Accumulated undistributed (distribution in excess of) net investment
income (loss) ....................................................... 9,294 (99,205) (649,939)
Accumulated net realized gain (loss) on investments and foreign
currency transactions ............................................... (16,599) 44,903,793 (38,554,094)
Net unrealized appreciation on investments and translation of assets
and liabilities in foreign currency ................................. 580,987 129,416,815 301,215,447
------------------ --------------- ---------------
TOTAL NET ASSETS ................................................... $ 6,563,931 $ 1,035,918,274 $ 2,360,102,159
================== =============== ===============
CLASS N:
Net Assets ............................................................ $ 6,563,931 $ 563,314,482 $ 899,885,908
Shares of beneficial interest outstanding (unlimited authorization) ... 590,952 24,483,687 36,759,861
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................. $ 11.11 $ 23.01 $ 24.48
================== =============== ===============
CLASS I:
Net Assets ............................................................ $ -- $ 470,757,957 $ 1,459,388,794
Shares of beneficial interest outstanding (unlimited authorization) ... -- 20,175,938 59,411,029
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................. $ -- $ 23.33 $ 24.56
================== =============== ===============
CLASS R:
Net Assets ............................................................ $ -- $ 1,845,835 $ 827,457
Shares of beneficial interest outstanding (unlimited authorization) ... -- 80,791 33,938
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) .................................. $ -- $ 22.85 $ 24.38
================== =============== ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 48
ABN AMRO Funds
TAMRO LARGE VALUE VEREDUS SELECT MID CAP
CAP VALUE FUND FUND GROWTH FUND FUND
-------------- ------------- -------------- --------------
ASSETS:
Investments:
Investments at cost ................................ $ 15,666,405 $ 264,870,712 $ 29,186,548 $ 592,038,719
Net unrealized appreciation ........................ 2,894,835 65,375,412 1,373,556 88,434,596
-------------- ------------- -------------- --------------
Total investments at value ...................... 18,561,240 330,246,124 30,560,104 680,473,315
Cash ..................................................... 3,400,000 -- -- --
Receivables:
Dividends and interest ............................. 21,772 461,416 12,145 883,677
Dividend reclaims .................................. -- -- -- 2,568
Fund shares sold ................................... 2,446 294,537 163,888 717,015
Investments sold ................................... 3,934,060 -- 2,246,289 5,914,676
Due from Adviser, net (Note G) ..................... -- -- -- --
Other assets ............................................. 629 27,192 8,276 18,464
-------------- ------------- -------------- --------------
Total assets .................................... 25,920,147 331,029,269 32,990,702 688,009,715
-------------- ------------- -------------- --------------
LIABILITIES:
Payables:
Line of Credit ..................................... 3,297,500 -- -- --
Dividend distribution .............................. -- -- -- --
Investments and foreign currency purchased ......... 240,615 -- 2,951,732 4,028,210
Fund shares redeemed ............................... 3,451,600 87,879 220,398 3,089,448
Due to Adviser, net (Note G) ....................... 8,616 155,105 14,500 416,384
Administration (Note G) ............................ 2,352 15,691 2,621 30,611
Distribution fees (Note G) ......................... 847 4,088 1,227 24,965
Audit and tax fees ................................. 2,949 1,630 8,082 8,598
Trustees fees and related expenses (Note G) ........ 276 1,371 308 8,282
Interest expense (Note H) .......................... 1,340 -- -- --
Accrued expenses and other payables ...................... 5,478 16,718 7,081 159,402
-------------- ------------- -------------- --------------
Total liabilities ............................... 7,011,573 282,482 3,205,949 7,765,900
-------------- ------------- -------------- --------------
NET ASSETS ............................................... $ 18,908,574 $ 330,746,787 $ 29,784,753 $ 680,243,815
============== ============= ============== ==============
NET ASSETS CONSIST OF:
Paid in capital ....................................... $ 15,095,157 $ 258,806,031 $ 26,768,924 $ 569,246,911
Accumulated undistributed (distribution in excess of)
net investment income (loss) ........................ (8,716) 395,960 (37,115) 39,204
Accumulated net realized gain (loss) on investments
and foreign currency transactions ................... 927,298 6,169,384 1,679,388 22,523,104
Net unrealized appreciation on investments and
translation of assets and liabilities in foreign
currency ............................................ 2,894,835 65,375,412 1,373,556 88,434,596
-------------- ------------- -------------- --------------
TOTAL NET ASSETS ................................... $ 18,908,574 $ 330,746,787 $ 29,784,753 $ 680,243,815
============== ============= ============== ==============
CLASS N:
Net Assets ............................................ $ 18,908,574 $ 100,083,937 $ 29,784,753 $ 602,033,014
Shares of beneficial interest outstanding (unlimited
authorization) ....................................... 1,418,872 7,561,929 2,187,173 23,854,879
NET ASSET VALUE Offering and redemption price per
share (Net Assets/Shares Outstanding) ............ $ 13.33 $ 13.24 $ 13.62 $ 25.24
============== ============= ============== ==============
CLASS I:
Net Assets ............................................ $ -- $ 230,662,850 $ -- $ 78,210,801
Shares of beneficial interest outstanding (unlimited
authorization) ...................................... -- 17,418,116 -- 3,083,072
NET ASSET VALUE Offering and redemption price per
share (Net Assets/Shares Outstanding) ............ $ -- $ 13.24 $ -- $ 25.37
============== ============= ============== ==============
CLASS R:
Net Assets ............................................ $ -- $ -- $ -- $ --
Shares of beneficial interest outstanding (unlimited
authorization) ...................................... -- -- -- --
NET ASSET VALUE Offering and redemption price
per share (Net Assets/Shares Outstanding) ........ $ -- $ -- $ -- $ --
============== ============= ============== ==============
MID CAP RIVER ROAD
GROWTH SMALL CAP VALUE TAMRO SMALL
FUND FUND CAP FUND
------------- --------------- -------------
ASSETS:
Investments:
Investments at cost ................................................. $ 1,100,185 $ 13,946,790 $ 147,841,214
Net unrealized appreciation ......................................... 47,332 1,528,065 51,607,507
------------- --------------- -------------
Total investments at value ....................................... 1,147,517 15,474,855 199,448,721
Cash ...................................................................... -- -- --
Receivables:
Dividends and interest .............................................. 275 9,261 72,019
Dividend reclaims ................................................... -- -- --
Fund shares sold .................................................... -- 314,753 984,937
Investments sold .................................................... -- 989,338 7,787,790
Due from Adviser, net (Note G) ...................................... 5,458 -- --
Other assets .............................................................. 29 3,172 14,093
------------- --------------- -------------
Total assets ..................................................... 1,153,279 16,791,379 208,307,560
------------- --------------- -------------
LIABILITIES:
Payables:
Line of Credit ...................................................... -- -- --
Dividend distribution ............................................... -- -- --
Investments and foreign currency purchased .......................... -- 236,243 6,567,007
Fund shares redeemed ................................................ 1,020 1,001,471 195,799
Due to Adviser, net (Note G) ........................................ -- 7,713 131,725
Administration (Note G) ............................................. 1,418 2,356 9,688
Distribution fees (Note G) .......................................... 47 669 6,746
Audit and tax fees .................................................. 6,366 5,301 2,857
Trustees fees and related expenses (Note G) ......................... 11 163 2,283
Interest expense (Note H) ........................................... -- -- --
Accrued expenses and other payables ....................................... 7,801 6,098 10,216
------------- --------------- -------------
Total liabilities ................................................ 16,663 1,260,014 6,926,321
------------- --------------- -------------
NET ASSETS ................................................................ $ 1,136,616 $ 15,531,365 $ 201,381,239
============= =============== =============
NET ASSETS CONSIST OF:
Paid in capital ........................................................ $ 1,088,955 $ 13,089,224 $ 143,297,659
Accumulated undistributed (distribution in excess of) net investment
income (loss) ........................................................ (2,808) 35,316 (300,778)
Accumulated net realized gain (loss) on investments and foreign
currency transactions ................................................ 3,137 878,760 6,776,851
Net unrealized appreciation on investments and translation of assets and
liabilities in foreign currency ...................................... 47,332 1,528,065 51,607,507
------------- --------------- -------------
TOTAL NET ASSETS .................................................... $ 1,136,616 $ 15,531,365 $ 201,381,239
============= =============== =============
CLASS N:
Net Assets ............................................................. $ 1,136,616 $ 15,531,365 $ 164,956,864
Shares of beneficial interest outstanding (unlimited authorization) .... 108,711 1,242,452 8,449,746
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................... $ 10.46 $ 12.50 $ 19.52
============= =============== =============
CLASS I:
Net Assets ............................................................. $ -- $ -- $ 36,424,375
Shares of beneficial interest outstanding (unlimited authorization) .... -- -- 1,858,702
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................... $ -- $ -- $ 19.60
============= =============== =============
CLASS R:
Net Assets ............................................................. $ -- $ -- $ --
Shares of beneficial interest outstanding (unlimited authorization) .... -- -- --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................... $ -- $ -- $ --
============= =============== =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 49
ABN AMRO Funds
APRIL 30, 2006
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
VEREDUS
AGGRESSIVE REAL ESTATE VEREDUS
GROWTH FUND FUND SCITECH FUND
-------------- ---------------- --------------
ASSETS:
Investments:
Investments at cost ............................................... $ 618,235,156 $ 81,290,964 $ 4,153,722
Repurchase agreements ............................................. -- -- --
Net unrealized appreciation (depreciation) ........................ 143,771,938 22,435,906 494,010
-------------- ---------------- --------------
Total investments at value ..................................... 762,007,094 103,726,870 4,647,732
Cash .................................................................... -- 90,886 --
Receivables:
Dividends and interest ............................................ 103,081 78,071 310
Fund shares sold .................................................. 1,109,554 236,264 16,013
Investments and foreign currency sold ............................. 22,200,540 -- 264,262
Due from Adviser, net (Note G) ................................. -- -- 1,851
Other assets ............................................................ 20,532 23,595 5,960
-------------- ---------------- --------------
Total assets ................................................... 785,440,801 104,155,686 4,936,128
-------------- ---------------- --------------
LIABILITIES:
Payables:
Dividend distribution ............................................. -- -- --
Investments and foreign currency purchased ........................ 23,558,533 90,121 232,540
Fund shares redeemed .............................................. 2,195,088 62,133 13,126
Due to Adviser, net (Note G) ...................................... 628,048 79,359 --
Administration (Note G) ........................................... 34,087 5,712 1,582
Distribution fees (Note G) ........................................ 23,548 2,511 191
Audit and tax fees ................................................ 9,004 5,487 5,003
Trustees fees and related expenses (Note G) ....................... 9,411 1,240 60
Accrued expenses and other payables ..................................... 126,162 9,354 4,923
-------------- ---------------- --------------
Total liabilities .............................................. 26,583,881 255,917 257,425
-------------- ---------------- --------------
NET ASSETS .............................................................. $ 758,856,920 $ 103,899,769 $ 4,678,703
============== ================ ==============
NET ASSETS CONSIST OF:
Paid in capital ...................................................... $ 601,600,659 $ 69,194,801 $ 5,385,362
Accumulated undistributed (distribution in excess of) net
investment income (loss) ........................................... (3,816,122) 865,449 (25,957)
Accumulated net realized gain (loss) on investments and
foreign currency transactions ...................................... 17,300,445 11,405,184 (1,174,712)
Net unrealized appreciation (depreciation) on investments
and translation of assets and liabilities in foreign currency ...... 143,771,938 22,434,335 494,010
-------------- ---------------- --------------
TOTAL NET ASSETS .................................................. $ 758,856,920 $ 103,899,769 $ 4,678,703
============== ================ ==============
CLASS N:
Net Assets ........................................................... $ 569,397,028 $ 61,313,793 $ 4,678,703
Shares of beneficial interest outstanding (unlimited authorization) .. 26,551,303 3,673,132 555,122
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................. $ 21.45 $ 16.69 $ 8.43
============== ================ ==============
CLASS I:
Net Assets ........................................................... $ 189,459,892 $ 42,585,976 $ --
Shares of beneficial interest outstanding (unlimited authorization) .. 8,721,318 2,551,609 --
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding) ................................. $ 21.72 $ 16.69 $ --
============== ================ ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 50
ABN AMRO Funds
MONTAG INVESTMENT
BALANCED & CALDWELL BOND GRADE BOND
FUND BALANCED FUND FUND FUND
------------- ------------- ------------- -------------
ASSETS:
Investments:
Investments at cost ................................. $ 70,231,549 $ 48,165,708 $ 166,707,913 $ 30,490,595
Repurchase agreements ............................... -- -- -- --
Net unrealized appreciation (depreciation) .......... 7,791,267 3,846,161 (3,743,281) (993,116)
------------- ------------- ------------- -------------
Total investments at value ....................... 78,022,816 52,011,869 162,964,632 29,497,479
Cash ...................................................... -- -- -- --
Receivables:
Dividends and interest .............................. 286,090 243,339 1,793,245 275,895
Fund shares sold .................................... 1,762 12,183 24,867 6,646
Investments and foreign currency sold ............... -- 611,934 -- 1,465,218
Due from Adviser, net (Note G) ...................... -- -- -- --
Other assets .............................................. 13,574 7,427 5,455 8,374
------------- ------------- ------------- -------------
Total assets ..................................... 78,324,242 52,886,752 164,788,199 31,253,612
------------- ------------- ------------- -------------
LIABILITIES:
Payables:
Dividend distribution ............................... -- -- 141,229 56,238
Investments and foreign currency purchased .......... -- -- -- --
Fund shares redeemed ................................ 1,415,401 66,113 4,460,462 51,427
Due to Adviser, net (Note G) ........................ 46,842 32,908 39,455 6,171
Administration (Note G) ............................. 6,745 4,158 10,213 4,527
Distribution fees (Note G) .......................... 3,228 1,624 4,633 140
Audit and tax fees .................................. 2,849 5,303 10,033 2,170
Trustees fees and related expenses (Note G) ......... 1,308 775 2,300 417
Accrued expenses and other payables ....................... 12,266 4,170 25,121 6,204
------------- ------------- ------------- -------------
Total liabilities ................................ 1,488,639 115,051 4,693,446 127,294
------------- ------------- ------------- -------------
NET ASSETS ................................................ $ 76,835,603 $ 52,771,701 $ 160,094,753 $ 31,126,318
============= ============= ============= =============
NET ASSETS CONSIST OF:
Paid in capital ........................................ $ 53,150,736 $ 60,464,398 $ 170,020,992 $ 33,047,347
Accumulated undistributed (distribution in excess of)
net investment income (loss) ........................ (209,979) (646,589) (1,353,401) (264,838)
Accumulated net realized gain (loss) on investments and
foreign currency transactions ........................ 16,103,579 (10,892,269) (4,829,557) (663,075)
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities in foreign currency ...................... 7,791,267 3,846,161 (3,743,281) (993,116)
------------- ------------- ------------- -------------
TOTAL NET ASSETS ................................. $ 76,835,603 $ 52,771,701 $ 160,094,753 $ 31,126,318
============= ============= ============= =============
CLASS N:
Net Assets ............................................. $ 76,835,603 $ 39,475,999 $ 108,504,435 $ 3,420,908
Shares of beneficial interest outstanding (unlimited
authorization) ....................................... 7,217,954 2,351,371 11,437,132 379,896
NET ASSET VALUE Offering and redemption price per
share (Net Assets/Shares Outstanding) ............ $ 10.65 $ 16.79 $ 9.49 $ 9.00
============= ============= ============= =============
CLASS I:
Net Assets ............................................. $ -- $ 13,295,702 $ 51,590,318 $ 27,705,410
Shares of beneficial interest outstanding (unlimited
authorization) ....................................... -- 792,614 5,437,702 3,076,837
NET ASSET VALUE Offering and redemption price per
share (Net Assets/Shares Outstanding) ............ $ -- $ 16.77 $ 9.49 $ 9.00
============= ============= ============= =============
INVESTOR
HIGH YIELD MUNICIPAL MONEY MARKET
BOND FUND BOND FUND FUND
------------- ------------- -------------
ASSETS:
Investments:
Investments at cost ................................. $ 20,876,603 $ 65,594,429 $ 6,783,710
Repurchase agreements ............................... -- -- 72,000,000
Net unrealized appreciation (depreciation) .......... 20,430 253,901 --
------------- ------------- -------------
Total investments at value ....................... 20,897,033 65,848,330 78,783,710
Cash ...................................................... -- -- --
Receivables:
Dividends and interest .............................. 415,452 927,405 99,121
Fund shares sold .................................... -- 69,916 130,491
Investments and foreign currency sold ............... 76,363 -- --
Due from Adviser, net (Note G) ...................... 1,218 -- --
Other assets .............................................. 9,237 5,782 14,705
------------- ------------- -------------
Total assets ..................................... 21,399,303 66,851,433 79,028,027
------------- ------------- -------------
LIABILITIES:
Payables:
Dividend distribution ............................... 121,571 66,895 147,152
Investments and foreign currency purchased .......... 171,329 -- --
Fund shares redeemed ................................ 365 233,617 178,415
Due to Adviser, net (Note G) ........................ -- 13,556 30,387
Administration (Note G) ............................. 4,792 5,255 5,359
Distribution fees (Note G) .......................... 210 -- --
Audit and tax fees .................................. 1,882 5,366 2,628
Trustees fees and related expenses (Note G) ......... 352 843 1,619
Accrued expenses and other payables ....................... 3,824 15,087 7,351
------------- ------------- -------------
Total liabilities ................................ 304,325 340,619 372,911
------------- ------------- -------------
NET ASSETS ................................................ $ 21,094,978 $ 66,510,814 $ 78,655,116
============= ============= =============
NET ASSETS CONSIST OF:
Paid in capital ........................................ $ 21,264,749 $ 66,323,994 $ 78,655,056
Accumulated undistributed (distribution in excess of)
net investment income (loss) ......................... (188,653) -- 60
Accumulated net realized gain (loss) on investments and
foreign currency transactions ........................ (1,548) (67,081) --
Net unrealized appreciation (depreciation) on
investments and translation of assets and
liabilities in foreign currency ...................... 20,430 253,901 --
------------- ------------- -------------
TOTAL NET ASSETS ................................. $ 21,094,978 $ 66,510,814 $ 78,655,116
============= ============= =============
CLASS N:
Net Assets ............................................. $ 5,092,123 $ 66,510,814 $ 78,655,116
Shares of beneficial interest outstanding (unlimited
authorization) ....................................... 512,858 6,554,058 78,655,210
NET ASSET VALUE Offering and redemption price per
share (Net Assets/Shares Outstanding) ............ $ 9.93 $ 10.15 $ 1.00
============= ============= =============
CLASS I:
Net Assets ............................................. $ 16,002,855 $ -- $ --
Shares of beneficial interest outstanding (unlimited
authorization) ....................................... 1,611,972 -- --
NET ASSET VALUE Offering and redemption price per
share (Net Assets/Shares Outstanding) ............ $ 9.93 $ -- $ --
============= ============= =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 51
ABN AMRO Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2006 (UNAUDITED)
STATEMENT OF OPERATIONS
- --------------------------------------------------------------------------------
RIVER ROAD DYNAMIC MONTAG
EQUITY INCOME GROWTH & CALDWELL
FUND FUND GROWTH FUND
------------------ ------------- -------------
INVESTMENT INCOME:
Dividends ............................................................. $ 167,252 $ 6,033,330 $ 17,462,992
Less: foreign taxes withheld .......................................... (2,323) -- --
Interest .............................................................. 320 -- --
------------------ ------------- -------------
Total investment income ............................................ 165,249 6,033,330 17,462,992
------------------ ------------- -------------
EXPENSES:
Investment advisory fees (Note G) ..................................... 20,468 4,149,972 8,412,501
Distribution expenses(a) (Note G) ..................................... 7,313 907,884 1,186,427
Transfer agent fees (Note G) .......................................... 8,545 228,712 427,919
Administration (Note G) ............................................... 9,855 304,108 643,418
Registration expenses ................................................. 10,400 44,500 53,250
Custodian fees ........................................................ 1,084 35,911 48,823
Audit and tax fees .................................................... 7,282 21,225 13,697
Legal fees ............................................................ 135 38,161 49,482
Trustees fees and related expenses (Note G) ........................... 133 35,496 39,056
Interest expense (Note H) ............................................. -- 2,089 --
Other expenses ........................................................ 970 61,368 195,312
------------------ ------------- -------------
Total expenses before waivers ...................................... 66,185 5,829,426 11,069,885
------------------ ------------- -------------
Less: Investment advisory fees waived (Note G) ..................... (20,468) -- --
Less: Expenses reimbursed (Note G) ................................. (7,706) -- --
------------------ ------------- -------------
Net expenses ....................................................... 38,011 5,829,426 11,069,885
------------------ ------------- -------------
NET INVESTMENT INCOME (LOSS) ............................................. 127,238 203,904 6,393,107
------------------ ------------- -------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ...................................... 46,786 90,508,218 134,461,161
Net realized gain on foreign currency transactions .................... 285 -- --
Short-term capital gain distributions received ........................ 478 -- --
Long-term capital gain distributions received ......................... 2,308 -- --
Net change in unrealized appreciation (depreciation) on investments ... 614,836 (11,840,923) (3,782,057)
Net change in unrealized appreciation (depreciation) on translation
of assets and liabilities denominated in foreign currency ........... (434) -- --
------------------ ------------- -------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ....................... 664,259 78,667,295 130,679,104
------------------ ------------- -------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............................ $ 791,497 $ 78,871,199 $ 137,072,211
================== ============= =============
- ----------
(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 and R of the Growth Fund is $903,780 and $4,104, respectively.
The distribution expense for Class N and R of the Montag & Caldwell Growth
Fund is $1,184,454 and $1,973, respectively.
(b) ABN AMRO Mid Cap Growth Fund commenced investment operations on December
29, 2005.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 52
ABN AMRO Funds
TAMRO LARGE VALUE VEREDUS SELECT MID CAP
CAP VALUE FUND FUND GROWTH FUND FUND
-------------- ------------ -------------- ------------
INVESTMENT INCOME:
Dividends ....................................................... 193,805 $ 3,788,907 $ 103,873 $ 3,835,758
Less: foreign taxes withheld .................................... $ (942) (30,446) (1,829) (22,667)
Interest ........................................................ -- -- 233 --
-------------- ------------ -------------- ------------
Total investment income ...................................... 192,863 3,758,461 102,277 3,813,091
-------------- ------------ -------------- ------------
EXPENSES:
Investment advisory fees (Note G) ............................... 88,149 1,225,806 85,780 2,463,401
Distribution expenses(a) (Note G) ............................... 27,546 120,825 26,806 739,082
Transfer agent fees (Note G) .................................... 16,201 22,751 20,255 258,181
Administration (Note G) ......................................... 13,076 85,550 12,778 172,856
Registration expenses ........................................... 7,750 9,610 8,000 26,000
Custodian fees .................................................. 1,450 10,350 1,974 13,648
Audit and tax fees .............................................. 5,795 4,174 10,943 10,772
Legal fees ...................................................... 515 7,601 479 15,531
Trustees fees and related expenses (Note G) ..................... 485 4,356 544 14,862
Interest expense (Note H) ....................................... 1,340 -- -- 1,557
Other expenses .................................................. 6,338 29,157 3,168 57,997
-------------- ------------ -------------- ------------
Total expenses before waivers ................................ 168,645 1,520,180 170,727 3,773,887
-------------- ------------ -------------- ------------
Less: Investment advisory fees waived (Note G) ............... (35,082) (342,097) (31,335) --
Less: Expenses reimbursed (Note G) ........................... -- -- -- --
-------------- ------------ -------------- ------------
Net expenses ................................................. 133,563 1,178,083 139,392 3,773,887
-------------- ------------ -------------- ------------
NET INVESTMENT INCOME (LOSS) ....................................... 59,300 2,580,378 (37,115) 39,204
-------------- ------------ -------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ................................ 1,346,967 7,014,863 1,686,498 23,226,701
Net realized gain on foreign currency transactions .............. -- -- -- --
Short-term capital gain distributions received .................. -- -- -- --
Long-term capital gain distributions received ................... -- -- -- --
Net change in unrealized appreciation (depreciation) on
investments ................................................... 292,113 23,842,634 1,055,745 55,592,580
Net change in unrealized appreciation (depreciation) on
translation of assets and liabilities denominated in foreign
currency ...................................................... -- -- -- --
-------------- ------------ -------------- ------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ................. 1,639,080 30,857,497 2,742,243 78,819,281
-------------- ------------ -------------- ------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ...................... $ 1,698,380 $ 33,437,875 $ 2,705,128 $ 78,858,485
============== ============ ============== ============
MID CAP RIVER ROAD
GROWTH SMALL CAP VALUE TAMRO SMALL
FUND(b) FUND CAP FUND
--------- ---------------- ------------
INVESTMENT INCOME:
Dividends ....................................................... $ 1,895 $ 123,028 $ 685,596
Less: foreign taxes withheld .................................... (21) (432) --
Interest ........................................................ 492 3,460 --
--------- ---------------- ------------
Total investment income ...................................... 2,366 126,056 685,596
--------- ---------------- ------------
EXPENSES:
Investment advisory fees (Note G) ............................... 2,957 54,444 762,927
Distribution expenses(a) (Note G) ............................... 924 15,126 174,897
Transfer agent fees (Note G) .................................... 5,807 10,015 99,687
Administration (Note G) ......................................... 5,143 11,172 50,149
Registration expenses ........................................... 7,120 10,400 22,525
Custodian fees .................................................. 898 7,808 2,980
Audit and tax fees .............................................. 6,366 7,142 5,542
Legal fees ...................................................... 628 266 3,431
Trustees fees and related expenses (Note G) ..................... 21 305 3,787
Interest expense (Note H) ....................................... -- -- --
Other expenses .................................................. 2,045 525 6,508
--------- ---------------- ------------
Total expenses before waivers ................................ 31,909 117,203 1,132,433
--------- ---------------- ------------
Less: Investment advisory fees waived (Note G) ............... (2,957) (26,463) (77,039)
Less: Expenses reimbursed (Note G) ........................... (23,778) -- --
--------- ---------------- ------------
Net expenses ................................................. 5,174 90,740 1,055,394
--------- ---------------- ------------
NET INVESTMENT INCOME (LOSS) ....................................... (2,808) 35,316 (369,798)
--------- ---------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain on investments ................................ 3,137 934,107 7,893,229
Net realized gain on foreign currency transactions ..............
Short-term capital gain distributions received .................. -- 114 --
Long-term capital gain distributions received ................... -- -- --
Net change in unrealized appreciation (depreciation) on -- -- --
investments ................................................... 47,332 1,431,736 30,237,902
Net change in unrealized appreciation (depreciation) on
translation of assets and liabilities denominated in foreign
currency ...................................................... -- -- --
--------- ---------------- ------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS ................. 50,469 2,365,957 38,131,131
--------- ---------------- ------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ...................... $ 47,661 $ 2,401,273 $ 37,761,333
========= ================ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 53
ABN AMRO Funds
FOR THE SIX MONTHS ENDED APRIL 30, 2006 (UNAUDITED)
STATEMENT OF OPERATIONS - CONTINUED
- --------------------------------------------------------------------------------
VEREDUS
AGGRESSIVE REAL ESTATE VEREDUS
GROWTH FUND FUND SCITECH FUND
-------------- ------------- ------------
INVESTMENT INCOME:
Dividends ...................................................................... $ 1,101,447 $ 1,945,001 $ 11,598
Less: foreign taxes withheld ................................................... -- (24,918) (444)
Interest ....................................................................... -- -- 560
-------------- ------------- ------------
Total investment income ..................................................... 1,101,447 1,920,083 11,714
-------------- ------------- ------------
EXPENSES:
Investment advisory fees (Note G) .............................................. 3,659,868 479,076 23,545
Distribution expenses (Note G) ................................................. 698,143 72,108 5,886
Transfer agent fees (Note G) ................................................... 207,364 24,889 11,662
Administration (Note G) ........................................................ 191,416 31,203 8,611
Registration expenses .......................................................... 19,750 11,888 7,750
Custodian fees ................................................................. 19,645 5,115 3,686
Audit and tax fees ............................................................. 11,013 8,258 7,868
Legal fees ..................................................................... 17,101 2,215 110
Trustees fees and related expenses (Note G) .................................... 16,493 2,153 105
Interest expense (Note H) ...................................................... -- -- --
Other expenses ................................................................. 76,776 21,435 2,709
-------------- ------------- ------------
Total expenses before waivers ............................................... 4,917,569 658,340 71,932
-------------- ------------- ------------
Less: Investment advisory fees waived (Note G) .............................. -- (50,271) (23,545)
Less: Expenses reimbursed (Note G) .......................................... -- -- (10,716)
-------------- ------------- ------------
Net expenses ................................................................ 4,917,569 608,069 37,671
-------------- ------------- ------------
NET INVESTMENT INCOME (LOSS) ...................................................... (3,816,122) 1,312,014 (25,957)
-------------- ------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ........................................ 94,602,734 11,002,015 811,306
Net realized loss on foreign currency transactions ............................. -- (5,900) --
Net change in unrealized appreciation (depreciation) on investments ............ 23,114,387 1,562,592 7,895
Net change in unrealized depreciation on translation of assets and liabilities
denominated in foreign currency ............................................. -- (1,443) --
-------------- ------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ......................... 117,717,121 12,557,264 819,201
-------------- ------------- ------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ..................................... $ 113,900,999 $ 13,869,278 $ 793,244
============== ============= ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 54
ABN AMRO Funds
MONTAG
BALANCED & CALDWELL BOND
FUND BALANCED FUND FUND
-------------- ------------- ------------
INVESTMENT INCOME:
Dividends ...................................................................... $ 451,972 $ 275,370 $ 90,139
Less: foreign taxes withheld ................................................... -- -- --
Interest ....................................................................... 962,949 422,924 4,716,331
-------------- ------------- ------------
Total investment income ..................................................... 1,414,921 698,294 4,806,470
-------------- ------------- ------------
EXPENSES:
Investment advisory fees (Note G) .............................................. 400,423 218,773 498,285
Distribution expenses (Note G) ................................................. 143,352 55,106 153,947
Transfer agent fees (Note G) ................................................... 17,242 26,094 50,401
Administration (Note G) ........................................................ 42,105 24,017 58,103
Registration expenses .......................................................... 6,386 13,750 18,250
Custodian fees ................................................................. 8,230 3,258 7,512
Audit and tax fees ............................................................. 5,476 8,039 8,587
Legal fees ..................................................................... 2,936 1,367 4,288
Trustees fees and related expenses (Note G) .................................... 2,151 1,177 3,710
Interest expense (Note H) ...................................................... 1,465 -- 1,039
Other expenses ................................................................. 9,584 11,275 13,879
-------------- ------------- ------------
Total expenses before waivers ............................................... 639,350 362,856 818,001
-------------- ------------- ------------
Less: Investment advisory fees waived (Note G) .............................. -- -- (219,608)
Less: Expenses reimbursed (Note G) .......................................... -- -- --
-------------- ------------- ------------
Net expenses ................................................................ 639,350 362,856 598,393
-------------- ------------- ------------
NET INVESTMENT INCOME (LOSS) ..................................................... 775,571 335,438 4,208,077
-------------- ------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ........................................ 18,910,555 2,535,234 (2,649,671)
Net realized loss on foreign currency transactions ............................. -- -- --
Net change in unrealized appreciation (depreciation) on investments ............ (13,094,251) (787,292) (533,876)
Net change in unrealized depreciation on translation of assets and liabilities
denominated in foreign currency ............................................. -- -- --
-------------- ------------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS ......................... 5,816,304 1,747,942 (3,183,547)
-------------- ------------- ------------
NET INCREASE IN NET ASSETS FROM OPERATIONS ..................................... $ 6,591,875 $ 2,083,380 $ 1,024,530
============== ============= ============
INVESTMENT INVESTOR
GRADE BOND HIGH YIELD MUNICIPAL MONEY MARKET
FUND BOND FUND BOND FUND FUND
---------- ---------- ----------- ------------
INVESTMENT INCOME:
Dividends ............................................................... $ 14,996 $ 24,825 $ 33,448 $ 7,418
Less: foreign taxes withheld ............................................ -- -- -- --
Interest ................................................................ 768,123 786,080 1,348,934 2,350,987
---------- ---------- ----------- ------------
Total investment income .............................................. 783,119 810,905 1,382,382 2,358,405
---------- ---------- ----------- ------------
EXPENSES:
Investment advisory fees (Note G) ....................................... 85,529 47,348 208,633 213,472
Distribution expenses (Note G) .......................................... 4,349 11,467 62,659 --
Transfer agent fees (Note G) ............................................ 21,336 20,744 29,909 24,446
Administration (Note G) ................................................. 21,209 20,048 27,667 33,720
Registration expenses ................................................... 13,250 13,500 8,750 9,250
Custodian fees .......................................................... 2,373 1,846 1,893 6,839
Audit and tax fees ...................................................... 4,994 4,728 8,156 5,281
Legal fees .............................................................. 802 490 1,620 2,553
Trustees fees and related expenses (Note G) ............................. 735 549 1,508 2,325
Interest expense (Note H) ............................................... 330 -- -- --
Other expenses .......................................................... 4,681 3,969 8,991 18,075
---------- ---------- ----------- ------------
Total expenses before waivers ........................................ 159,588 124,689 359,786 315,961
---------- ---------- ----------- ------------
Less: Investment advisory fees waived (Note G) ....................... (45,433) (47,348) (185,926) --
Less: Expenses reimbursed (Note G) ................................... -- (8,005) -- --
---------- ---------- ----------- ------------
Net expenses ......................................................... 114,155 69,336 173,860 315,961
---------- ---------- ----------- ------------
NET INVESTMENT INCOME (LOSS) .............................................. 668,964 741,569 1,208,522 2,042,444
---------- ---------- ----------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments ................................. (238,606) 35,101 (66,379) --
Net realized loss on foreign currency transactions ...................... -- -- -- --
Net change in unrealized appreciation (depreciation) on investments ..... (185,045) (41,747) (523,510) --
Net change in unrealized depreciation on translation of assets and
liabilities denominated in foreign currency .......................... -- -- -- --
---------- ---------- ----------- ------------
NET REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS .................. (423,651) (6,646) (589,889) --
---------- ---------- ----------- ------------
NET INCREASE IN NET ASSETS FROM OPERATIONS .............................. $ 245,313 $ 734,923 $ 618,633 $ 2,042,444
========== ========== =========== ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 55
ABN AMRO Funds
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
RIVER ROAD
DYANAMIC EQUITY INCOME FUND GROWTH FUND
--------------------------------- -----------------------------------
SIX MONTHS ENDED PERIOD ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005(a) (UNAUDITED) 2005
---------------- ------------- ---------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD .................... $ 5,325,624 $ -- $ 1,338,862,792 $ 1,321,365,915
---------------- ------------- ---------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................. 127,238 68,595 203,904 4,140,160
Net realized gain (loss) on investments sold and
foreign currency transactions .................. 47,071 (69,330) 90,508,218 80,212,499(c)
Short-term capital gain distributions received .... 478 -- -- --
Long-term capital gain distributions received ..... 2,308 -- -- --
Net change in unrealized appreciation
(depreciation) on investments and translation of
assets and liabilities denominated in
foreign currency ............................... 614,402 (33,415) (11,840,923) (22,661,147)
---------------- ------------- ---------------- ---------------
Net increase (decrease) in net assets from
operations ..................................... 791,497 (34,150) 78,871,199 61,691,512
---------------- ------------- ---------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................ (120,413) (63,252) -- (2,308,505)
Class I ........................................ -- -- (723,613) (1,409,891)
Class C ........................................ -- -- -- (183)
Class R ........................................ -- -- -- (1,077)
Net realized gain on investments:
Class N ........................................ -- -- (39,262,754) --
Class I ........................................ -- -- (20,962,724) --
Class R ........................................ -- -- (55,562) --
---------------- ------------- ---------------- ---------------
Total distributions ......................... (120,413) (63,252) (61,004,653) (3,719,656)
---------------- ------------- ---------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................ 1,096,828 5,421,878 50,217,409 248,092,784
Class I ........................................ -- -- 44,894,733 206,611,083
Class C ........................................ -- -- -- 50,291
Class R ........................................ -- -- 983,668 808,031
Proceeds from reinvestment of distributions:
Class N ........................................ 15,988 2,211 35,934,679 2,045,913
Class I ........................................ -- -- 20,806,230 629,526
Class C ........................................ -- -- -- 70
Class R ........................................ -- -- 35,886 1,077
Cost of shares redeemed:
Class N ........................................ (545,593) (1,063) (421,191,062) (362,811,752)
Class I ........................................ -- -- (52,172,918) (98,222,006)
Class C ........................................ -- -- -- (59,536)
Class R ........................................ -- -- (319,689) (287,584)
Exchange(b):
Class N ........................................ -- -- -- 382,116
Class C ........................................ -- -- -- (382,116)
Redemption in kind (Note E):
Class I ........................................ -- -- -- (37,332,876)
---------------- ------------- ---------------- ---------------
Net increase (decrease) from capital
share transactions ........................ 567,223 5,423,026 (320,811,064) (40,474,979)
---------------- ------------- ---------------- ---------------
Total increase (decrease) in net assets .... 1,238,307 5,325,624 (302,944,518) 17,496,877
---------------- ------------- ---------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ...... $ 6,563,931 $ 5,325,624 $ 1,035,918,274 $ 1,338,862,792
================ ============= ================ ===============
(A) Undistributed (distributions in excess of)
net investment income ......................... $ 9,294 $ 2,469 $ (99,205) $ 420,504
================ ============= ================ ===============
- ----------
(a) ABN AMRO/River Road Dynamic Equity Income Fund commenced investment
operations on June 28, 2005.
(b) ABN AMRO Growth Fund, Class C Shares were closed on October 28, 2005.
Existing shareholders were exchanged into Class N Shares.
(c) Amount includes $17,337,590 of net realized gains relating to a redemption
in kind on February 22, 2005. This amount was not recognized for Federal
income tax purposes.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 56
ABN AMRO Funds
MONTAG & CALDWELL TAMRO LARGE CAP
GROWTH FUND VALUE FUND
----------------------------------- -----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005 (UNAUDITED) 2005
---------------- --------------- ---------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD .................... $ 2,720,779,560 $ 3,203,905,297 $ 21,589,988 $ 17,574,310
---------------- --------------- ---------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................. 6,393,107 11,565,400 59,300 147,230
Net realized gain (loss) on investments sold and
foreign currency transactions .................. 134,461,161 177,267,227 1,346,967 594,022
Short-term capital gain distributions received .... -- -- -- --
Long-term capital gain distributions received ..... -- -- -- --
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currency ............................... (3,782,057) 74,822,384 292,113 1,136,697
---------------- --------------- ---------------- ---------------
Net increase (decrease) in net assets from
operations ..................................... 137,072,211 263,655,011 1,698,380 1,877,949
---------------- --------------- ---------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................ (2,335,902) (2,564,626) (81,200) (140,652)
Class I ........................................ (6,930,689) (9,657,940) -- --
Class C ........................................ -- -- -- --
Class R ........................................ -- (510) -- --
Net realized gain on investments:
Class N ........................................ -- -- -- --
Class I ........................................ -- -- -- --
Class R ........................................ -- -- -- --
---------------- --------------- ---------------- ---------------
Total distributions ......................... (9,266,591) (12,223,076) (81,200) (140,652)
---------------- --------------- ---------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................ 119,031,397 303,643,076 1,468,816 8,202,714
Class I ........................................ 130,767,028 543,642,784 -- --
Class C ........................................ -- -- -- --
Class R ........................................ 189,704 245,347 -- --
Proceeds from reinvestment of distributions:
Class N ........................................ 2,210,188 2,347,634 78,007 135,803
Class I ........................................ 5,902,308 8,337,953 -- --
Class C ........................................ -- -- -- --
Class R ........................................ -- 510 -- --
Cost of shares redeemed:
Class N ........................................ (260,072,294) (418,567,772) (5,845,417) (6,060,136)
Class I ........................................ (486,411,793) (1,174,159,740) -- --
Class C ........................................ -- -- -- --
Class R ........................................ (99,559) (47,464) -- --
Exchange(b):
Class N ........................................ -- -- -- --
Class C ........................................ -- -- -- --
Redemption in kind (Note E):
Class I ........................................ -- -- -- --
---------------- --------------- ---------------- ---------------
Net increase (decrease) from capital share
transactions .............................. (488,483,021) (734,557,672) (4,298,594) 2,278,381
---------------- --------------- ---------------- ---------------
Total increase (decrease) in net assets ..... (360,677,401) (483,125,737) (2,681,414) 4,015,678
---------------- --------------- ---------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ....... $ 2,360,102,159 $ 2,720,779,560 $ 18,908,574 $ 21,589,988
================ =============== ================ ===============
(A) Undistributed (distributions in excess of)
net investment income ......................... $ (649,939) $ 2,223,545 $ (8,716) $ 13,184
================ =============== ================ ===============
VALUE FUND
-----------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005
---------------- ---------------
NET ASSETS AT BEGINNING OF PERIOD .................... $ 288,285,791 $ 229,978,703
---------------- ---------------
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ............................. 2,580,378 3,581,945
Net realized gain (loss) on investments sold and
foreign currency transactions .................. 7,014,863 13,973,169
Short-term capital gain distributions received .... -- --
Long-term capital gain distributions received ..... -- --
Net change in unrealized appreciation
(depreciation) on investments and translation
of assets and liabilities denominated in
foreign currency ............................... 23,842,634 10,155,144
---------------- ---------------
Net increase (decrease) in net assets from
operations ..................................... 33,437,875 27,710,258
---------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ........................................ (661,745) (3,689,930)
Class I ........................................ (1,674,818) --
Class C ........................................ -- --
Class R ........................................ -- --
Net realized gain on investments:
Class N ........................................ (1,521,027) --
Class I ........................................ (3,052,213) --
Class R ........................................ -- --
---------------- ---------------
Total distributions ......................... (6,909,803) (3,689,930)
---------------- ---------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ........................................ 9,462,128 47,190,740
Class I ........................................ 15,705,540 195,878,603
Class C ........................................ -- --
Class R ........................................ -- --
Proceeds from reinvestment of distributions:
Class N ........................................ 2,103,844 1,172,234
Class I ........................................ 4,727,035 --
Class C ........................................ -- --
Class R ........................................ -- --
Cost of shares redeemed:
Class N ........................................ (15,421,509) (209,949,823)
Class I ........................................ (644,114) (4,994)
Class C ........................................ -- --
Class R ........................................ -- --
Exchange(b):
Class N ........................................ -- --
Class C ........................................ -- --
Redemption in kind (Note E):
Class I ........................................ -- --
---------------- ---------------
Net increase (decrease) from capital share
transactions .............................. 15,932,924 34,286,760
---------------- ---------------
Total increase (decrease) in net assets ..... 42,460,996 58,307,088
---------------- ---------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ....... $ 330,746,787 $ 288,285,791
================ ===============
(A) Undistributed (distributions in excess of)
net investment income ......................... $ 395,960 $ 152,145
================ ===============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 57
ABN AMRO Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
VEREDUS
SELECT GROWTH FUND MID CAP FUND
------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005 (UNAUDITED) 2005
---------------- ------------ ---------------- --------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 13,269,721 $ 2,684,264 $ 621,888,361 $ 411,527,018
---------------- ------------ ---------------- --------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ......................... (37,115) (26,501) 39,204 (304,151)
Net realized gain (loss) on investments sold and
foreign currency transactions ..................... 1,686,498 190,635 23,226,701 24,358,460
Net change in unrealized appreciation (depreciation)
on investments .................................... 1,055,745 232,102 55,592,580 (9,525,864)
---------------- ------------ ---------------- --------------
Net increase in net assets from operations ........... 2,705,128 396,236 78,858,485 14,528,445
---------------- ------------ ---------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Class N .............................................. (19,255) -- (21,122,968) (13,057,183)
Class I .............................................. -- -- (2,864,757) (1,058,303)
---------------- ------------ ---------------- --------------
Total distributions ............................... (19,255) -- (23,987,725) (14,115,486)
---------------- ------------ ---------------- --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 15,754,315 11,127,013 104,852,013 357,423,460
Class I .............................................. -- -- 13,044,144 52,118,826
Proceeds from reinvestment of distributions:
Class N .............................................. 17,181 -- 19,242,024 11,601,527
Class I .............................................. -- -- 2,546,016 1,002,043
Cost of shares redeemed:
Class N .............................................. (1,942,337) (937,792) (119,262,159) (206,802,113)
Class I .............................................. -- -- (16,937,344) (5,395,359)
Subscription in kind (Note E):
Class N .............................................. -- -- -- --
---------------- ------------ ---------------- --------------
Net increase (decrease) from capital share
transactions ...................................... 13,829,159 10,189,221 3,484,694 209,948,384
---------------- ------------ ---------------- --------------
Total increase in net assets ...................... 16,515,032 10,585,457 58,355,454 210,361,343
---------------- ------------ ---------------- --------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 29,784,753 $ 13,269,721 $ 680,243,815 $ 621,888,361
================ ============ ================ ==============
(A) Undistributed (distributions in excess of) net
investment income (loss) ......................... $ (37,115) $ -- $ 39,204 $ --
================ ============ ================ ==============
- ----------
(a) ABN AMRO Mid Cap Growth Fund commenced investment operations on December
29, 2005.
(b) ABN AMRO/River Road Small Cap Value Fund commenced investment operations
on June 28, 2005.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 58
ABN AMRO Funds
MID CAP RIVER ROAD
GROWTH SMALL CAP VALUE
FUND FUND
----------------- -------------------------------
PERIOD ENDED SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 2006(a) APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) (UNAUDITED) 2005(b)
----------------- ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ -- $ 6,299,392 $ --
----------------- ---------------- ------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ......................... (2,808) 35,316 (868)
Net realized gain (loss) on investments sold and
foreign currency transactions ..................... 3,137 934,221 (55,461)
Net change in unrealized appreciation (depreciation)
on investments .................................... 47,332 1,431,736 96,329
----------------- ---------------- ------------
Net increase in net assets from operations ........... 47,661 2,401,273 40,000
----------------- ---------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Class N .............................................. -- -- --
Class I .............................................. -- -- --
----------------- ---------------- ------------
Total distributions ............................... -- -- --
----------------- ---------------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 1,095,984 11,604,647 5,845,575
Class I .............................................. -- -- --
Proceeds from reinvestment of distributions:
Class N .............................................. -- -- --
Class I .............................................. -- -- --
Cost of shares redeemed:
Class N .............................................. (7,029) (4,773,947) --
Class I .............................................. -- -- --
Subscription in kind (Note E):
Class N .............................................. -- -- 413,817
----------------- ---------------- ------------
Net increase (decrease) from capital share
transactions ................................... 1,088,955 6,830,700 6,259,392
----------------- ---------------- ------------
Total increase in net assets ...................... 1,136,616 9,231,973 6,299,392
----------------- ---------------- ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 1,136,616 $ 15,531,365 $ 6,299,392
================= ================ ============
(A) Undistributed (distributions in excess of) net
investment income (loss) ......................... $ (2,808) $ 35,316 $ --
================= ================ ============
TAMRO SMALL VEREDUS AGGRESSIVE
CAP FUND GROWTH FUND
-------------------------------- ---------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005 (UNAUDITED) 2005
---------------- ------------- ---------------- --------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 160,381,859 $ 112,808,893 $ 705,738,099 $ 639,344,192
---------------- ------------- ---------------- --------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ......................... (369,798) (722,791) (3,816,122) (7,051,595)
Net realized gain (loss) on investments sold and
foreign currency transactions ..................... 7,893,229 (1,281,615) 94,602,734 53,535,623
Net change in unrealized appreciation (depreciation)
on investments .................................... 30,237,902 13,990,543 23,114,387 30,957,106
---------------- ------------- ---------------- --------------
Net increase in net assets from operations ........... 37,761,333 11,986,137 113,900,999 77,441,134
---------------- ------------- ---------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments:
Class N .............................................. -- (8,091,079) -- --
Class I .............................................. -- -- -- --
---------------- ------------- ---------------- --------------
Total distributions ............................... -- (8,091,079) -- --
---------------- ------------- ---------------- --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 41,522,423 103,814,645 61,500,165 168,946,773
Class I .............................................. 26,494,542 12,436,119 27,415,664 64,228,670
Proceeds from reinvestment of distributions:
Class N .............................................. -- 7,134,775 -- --
Class I .............................................. -- -- -- --
Cost of shares redeemed:
Class N .............................................. (56,488,537) (78,465,170) (128,569,102) (206,649,366)
Class I .............................................. (8,290,381) (1,242,461) (21,128,905) (37,573,304)
Subscription in kind (Note E):
Class N .............................................. -- -- -- --
---------------- ------------- ---------------- --------------
Net increase (decrease) from capital share
transactions ................................... 3,238,047 43,677,908 (60,782,178) (11,047,227)
---------------- ------------- ---------------- --------------
Total increase in net assets ...................... 40,999,380 47,572,966 53,118,821 66,393,907
---------------- ------------- ---------------- --------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 201,381,239 $ 160,381,859 $ 758,856,920 $ 705,738,099
================ ============= ================ ==============
(A) Undistributed (distributions in excess of) net
investment income (loss) ......................... $ (300,778) $ 69,020 $ (3,816,122) $ --
================ ============= ================ ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 59
ABN AMRO Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
VEREDUS
REAL ESTATE FUND SCITECH FUND
-------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005 (UNAUDITED) 2005
---------------- ------------- ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 87,561,637 $ 72,451,173 $ 4,553,922 $ 7,135,353
---------------- ------------- ---------------- ------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ 1,312,014 2,530,019 (25,957) (70,987)
Net realized gain (loss) on investments sold and foreign
currency transactions ................................ 10,996,115 8,683,521 811,306 (8,319)
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities
denominated in foreign currency ...................... 1,561,149 2,262,706 7,895 370,808
---------------- ------------- ---------------- ------------
Net increase in net assets from operations .............. 13,869,278 13,476,246 793,244 291,502
---------------- ------------- ---------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. (333,462) (1,364,324) -- --
Class I .............................................. (260,576) -- -- --
Net realized gain on investments:
Class N .............................................. (6,115,413) (3,196,087) -- --
Class I .............................................. (3,722,701) -- -- --
---------------- ------------- ---------------- ------------
Total distributions ............................... (10,432,152) (4,560,411) -- --
---------------- ------------- ---------------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 9,704,372 23,204,234 855,026 1,207,716
Class I .............................................. 4,511,196 33,547,178 -- --
Proceeds from reinvestment of distributions:
Class N .............................................. 6,356,206 2,424,164 -- --
Class I .............................................. 3,983,277 -- -- --
Cost of shares redeemed:
Class N .............................................. (11,576,229) (52,980,947) (1,523,489) (4,080,649)
Class I .............................................. (77,816) -- -- --
---------------- ------------- ---------------- ------------
Net increase (decrease) from capital share
transactions ................................... 12,901,006 6,194,629 (668,463) (2,872,933)
---------------- ------------- ---------------- ------------
Total increase (decrease) in net assets ........... 16,338,132 15,110,464 124,781 (2,581,431)
---------------- ------------- ---------------- ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 103,899,769 $ 87,561,637 $ 4,678,703 $ 4,553,922
================ ============= ================ ============
(A) Undistributed (distributions in excess of) net
investment income (loss) ......................... $ 865,449 $ 147,473 $ (25,957) $ --
================ ============= ================ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 60
ABN AMRO Funds
BALANCED FUND
---------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005
---------------- --------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 173,051,478 $ 230,243,793
---------------- --------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ 775,571 3,208,090
Net realized gain (loss) on investments sold and foreign
currency transactions ................................ 18,910,555 10,810,253
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities
denominated in foreign currency ...................... (13,094,251) (7,335,296)
---------------- --------------
Net increase in net assets from operations .............. 6,591,875 6,683,047
---------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. (1,007,443) (3,673,528)
Class I .............................................. -- --
Net realized gain on investments:
Class N .............................................. (8,738,671) (13,121,235)
Class I .............................................. -- --
---------------- --------------
Total distributions ............................... (9,746,114) (16,794,763)
---------------- --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 6,101,736 90,324,274
Class I .............................................. -- --
Proceeds from reinvestment of distributions:
Class N .............................................. 9,682,119 16,683,541
Class I .............................................. -- --
Cost of shares redeemed:
Class N .............................................. (108,845,491) (154,088,414)
Class I .............................................. -- --
---------------- --------------
Net increase (decrease) from capital share
transactions ................................... (93,061,636) (47,080,599)
---------------- --------------
Total increase (decrease) in net assets ........... (96,215,875) (57,192,315)
---------------- --------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 76,835,603 $ 173,051,478
================ ==============
(A) Undistributed (distributions in excess of) net
investment income (loss) ............................ $ (209,979) $ 21,893
================ ==============
MONTAG & CALDWELL
BALANCED FUND
---------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005
---------------- --------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 68,367,989 $ 173,871,189
---------------- --------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................... 335,438 1,393,206
Net realized gain (loss) on investments sold and foreign
currency transactions ............................... 2,535,234 13,797,988
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities
denominated in foreign currency ...................... (787,292) (7,319,286)
---------------- --------------
Net increase in net assets from operations .............. 2,083,380 7,871,908
---------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. (350,939) (1,155,632)
Class I .............................................. (117,220) (863,414)
Net realized gain on investments:
Class N .............................................. -- --
Class I .............................................. -- --
---------------- --------------
Total distributions ............................... (468,159) (2,019,046)
---------------- --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 2,865,153 12,169,742
Class I .............................................. 2,233,276 7,002,823
Proceeds from reinvestment of distributions:
Class N .............................................. 347,007 1,146,598
Class I .............................................. 116,065 860,546
Cost of shares redeemed:
Class N .............................................. (13,632,967) (62,720,946)
Class I .............................................. (9,140,043) (69,814,825)
---------------- --------------
Net increase (decrease) from capital share
transactions ................................... (17,211,509) (111,356,062)
---------------- --------------
Total increase (decrease) in net assets ........... (15,596,288) (105,503,200)
---------------- --------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 52,771,701 $ 68,367,989
================ ==============
(A) Undistributed (distributions in excess of) net
investment income (loss) ............................ $ (646,589) $ (513,868)
================ ==============
BOND FUND
---------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005
---------------- --------------
NET ASSETS AT BEGINNING OF PERIOD .......................... $ 211,682,793 $ 432,790,869
---------------- --------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ 4,208,077 11,550,715
Net realized gain (loss) on investments sold and foreign
currency transactions ................................ (2,649,671) 2,899,029
Net change in unrealized appreciation (depreciation) on
investments and translation of assets and liabilities
denominated in foreign currency ...................... (533,876) (11,976,484)
---------------- --------------
Net increase in net assets from operations .............. 1,024,530 2,473,260
---------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N .............................................. (2,979,933) (7,284,037)
Class I .............................................. (1,467,850) (5,698,667)
Net realized gain on investments:
Class N .............................................. -- --
Class I .............................................. -- --
---------------- --------------
Total distributions ............................... (4,447,783) (12,982,704)
---------------- --------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N .............................................. 15,135,376 42,800,933
Class I .............................................. 2,892,668 12,855,619
Proceeds from reinvestment of distributions:
Class N .............................................. 2,813,095 6,979,046
Class I .............................................. 733,043 2,235,381
Cost of shares redeemed:
Class N .............................................. (45,875,439) (58,420,840)
Class I .............................................. (23,863,530) (217,048,771)
---------------- --------------
Net increase (decrease) from capital share
transactions ................................... (48,164,787) (210,598,632)
---------------- --------------
Total increase (decrease) in net assets ........... (51,588,040) (221,108,076)
---------------- --------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) ............. $ 160,094,753 $ 211,682,793
================ ==============
(A) Undistributed (distributions in excess of) net
investment income (loss) ............................ $ (1,353,401) $ (1,113,695)
================ ==============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 61
ABN AMRO Funds
STATEMENTS OF CHANGES IN NET ASSETS - CONTINUED
- --------------------------------------------------------------------------------
INVESTMENT GRADE HIGH YIELD
BOND FUND BOND FUND
------------------------------- -------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005 (UNAUDITED) 2005
---------------- ------------ ---------------- ------------
NET ASSETS AT BEGINNING OF PERIOD ....................... $ 36,037,644 $ 42,552,988 $ 21,110,797 $ 21,512,272
---------------- ------------ ---------------- ------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ................................ 668,964 1,431,608 741,569 1,416,331
Net realized gain (loss) on investments sold ......... (238,606) (208,399) 35,101 62,621
Net change in unrealized depreciation
on investments ..................................... (185,045) (1,054,474) (41,747) (840,493)
---------------- ------------ ---------------- ------------
Net increase in net assets from operations ......... 245,313 168,735 734,923 638,459
---------------- ------------ ---------------- ------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................ (70,678) (108,513) (331,088) (790,937)
Class I ............................................ (657,713) (1,524,472) (453,081) (761,567)
Net realized gain on investments:
Class N ............................................ -- -- -- (58,531)
Class I ............................................ -- -- -- (55,835)
---------------- ------------ ---------------- ------------
Total distributions .............................. (728,391) (1,632,985) (784,169) (1,666,870)
---------------- ------------ ---------------- ------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................ 186,402 2,451,749 183,325 945,867
Class I ............................................ 433,562 1,508,268 6,003,361 53,321
Proceeds from reinvestment of distributions:
Class N ............................................ 70,659 108,447 31,631 62,645
Class I ............................................ 263,782 601,334 3,841 7,880
Cost of shares redeemed:
Class N ............................................ (418,348) (376,015) (6,162,206) (391,345)
Class I ............................................ (4,964,305) (9,344,877) (26,525) (51,432)
---------------- ------------ ---------------- ------------
Net increase (decrease) from capital share
transactions ................................... (4,428,248) (5,051,094) 33,427 626,936
---------------- ------------ ---------------- ------------
Total increase (decrease) in net assets .......... (4,911,326) (6,515,344) (15,819) (401,475)
---------------- ------------ ---------------- ------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) .......... $ 31,126,318 $ 36,037,644 $ 21,094,978 $ 21,110,797
================ ============ ================ ============
(A) Undistributed (distributions in excess of) net
investment income .................................. $ (264,838) $ (205,411) $ (188,653) $ (146,053)
================ ============ ================ ============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 62
ABN AMRO Funds
INVESTOR MONEY
MUNICIPAL BOND FUND MARKET FUND
------------------------------- --------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005 (UNAUDITED) 2005
---------------- ------------ ---------------- -------------
NET ASSETS AT BEGINNING OF PERIOD ....................... $ 69,070,240 $ 61,072,678 $ 117,038,683 $ 219,890,520
---------------- ------------ ---------------- -------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income ................................ 1,208,522 2,155,893 2,042,444 3,458,570
Net realized gain (loss) on investments sold ......... (66,379) 152,063 -- 324
Net change in unrealized depreciation
on investments ..................................... (523,510) (1,950,796) -- --
---------------- ------------ ---------------- -------------
Net increase in net assets from operations ......... 618,633 357,160 2,042,444 3,458,894
---------------- ------------ ---------------- -------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class N ............................................ (1,208,522) (2,155,893) (2,042,384) (3,458,570)
Class I ............................................ -- -- -- --
Net realized gain on investments:
Class N ............................................ (152,759) (182,140) (324) --
Class I ............................................ -- -- -- --
---------------- ------------ ---------------- -------------
Total distributions .............................. (1,361,281) (2,338,033) (2,042,708) (3,458,570)
---------------- ------------ ---------------- -------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class N ............................................ 11,010,576 23,890,707 220,989,460 536,100,236
Class I ............................................ -- -- -- --
Proceeds from reinvestment of distributions:
Class N ............................................ 853,257 1,394,146 874,192 805,231
Class I ............................................ -- -- -- --
Cost of shares redeemed:
Class N ............................................ (13,680,611) (15,306,418) (260,246,955) (639,757,628)
Class I ............................................ -- -- -- --
---------------- ------------ ---------------- -------------
Net increase (decrease) from capital share
transactions ................................... (1,816,778) 9,978,435 (38,383,303) (102,852,161)
---------------- ------------ ---------------- -------------
Total increase (decrease) in net assets .......... (2,559,426) 7,997,562 (38,383,567) (102,851,837)
---------------- ------------ ---------------- -------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A) .......... $ 66,510,814 $ 69,070,240 $ 78,655,116 $ 117,038,683
================ ============ ================ =============
(A) Undistributed (distributions in excess of) net
investment income .................................. $ -- $ -- $ 60 $ --
================ ============ ================ =============
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 63
ABN AMRO Funds
RIVER ROAD DYNAMIC EQUITY INCOME FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
04/30/06 ENDED
(UNAUDITED) 10/31/05(a)
----------- -----------
Net Asset Value, Beginning of Period ........................................... $ 9.91 $ 10.00
----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................................................... 0.23 0.13
Short-term capital gains distributions received ........................... --(b) --
Net realized and unrealized gain (loss) on investments .................... 1.19 (0.10)
----------- -----------
Total from investment operations ........................................ 1.42 0.03
----------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ................. (0.22) (0.12)
----------- -----------
Total distributions ..................................................... (0.22) (0.12)
----------- -----------
Net increase (decrease) in net asset value ..................................... 1.20 (0.09)
----------- -----------
Net Asset Value, End of Period ................................................. $ 11.11 $ 9.91
=========== ===========
TOTAL RETURN ................................................................... 14.43%(c) 0.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................................ $ 6,564 $ 5,326
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ................. 2.26% 2.71%
After reimbursement and/or waiver of expenses by Adviser .................. 1.30% 1.30%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ................. 3.39% 2.65%
After reimbursement and/or waiver of expenses by Adviser .................. 4.35% 4.06%
Portfolio Turnover .......................................................... 22.22%(c) 14.37%(c)
- ----------
(a) ABN AMRO/River Road Dynamic Equity Income Fund commenced investment
operations on June 28, 2005.
(b) Represents less than $0.005 per share.
(c) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 64
ABN AMRO Funds
GROWTH FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
------------ -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ............ $ 22.66 $ 21.76 $ 21.14 $ 18.55 $ 20.38 $ 30.86
------------ -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............... (0.01)(a) 0.05(a) (0.05)(a) (0.02) (0.04) (0.04)
Net realized and unrealized gain (loss) on
investments .............................. 1.45(a) 0.90(a) 0.67(a) 2.61 (1.74) (7.36)
------------ -------- -------- -------- -------- --------
Total from investment operations ......... 1.44 0.95 0.62 2.59 (1.78) (7.40)
------------ -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ........................ -- (0.05) -- -- --(b) --
Distributions from net realized gain on
investments .............................. (1.09) -- -- -- (0.05) (3.08)
------------ -------- -------- -------- -------- --------
Total distributions ........................ (1.09) (0.05) -- -- (0.05) (3.08)
------------ -------- -------- -------- -------- --------
Net increase (decrease) in net asset value ...... 0.35 0.90 0.62 2.59 (1.83) (10.48)
------------ -------- -------- -------- -------- --------
Net Asset Value, End of Period .................. $ 23.01 $ 22.66 $ 21.76 $ 21.14 $ 18.55 $ 20.38
============ ======== ======== ======== ======== ========
TOTAL RETURN .................................... 6.43%(c) 4.38% 2.93% 13.96% (8.76)% (25.95)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ......... $ 563,314 $888,248 $962,036 $878,724 $609,049 $464,023
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................... 1.09% 1.10% 1.09% 1.11% 1.10% 1.09%
After reimbursement and/or waiver of
expenses by Adviser ...................... 1.09% 1.10% 1.09% 1.11% 1.10% 1.09%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ...................... (0.07)% 0.21% (0.22)% (0.11)% (0.20)% (0.18)%
After reimbursement and/or waiver of
expenses by Adviser ...................... (0.07)% 0.21% (0.22)% (0.11)% (0.20)% (0.18)%
Portfolio Turnover ......................... 9.00%(c) 31.30%(d) 18.59% 7.66% 7.52% 17.22%
- ----------
(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.
(d) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 65
ABN AMRO Funds
GROWTH FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- --------- --------- --------- --------- --------
Net Asset Value, Beginning of
Period ............................ $ 22.97 $ 22.02 $ 21.33 $ 18.67 $ 20.45 $ 30.89
----------- --------- --------- --------- --------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ...................... 0.02(a) 0.11(a) 0.01(a) 0.03 (0.03) 0.02
Net realized and unrealized
gain (loss) on investments .. 1.47(a) 0.92(a) 0.68(a) 2.63 (1.70) (7.38)
----------- --------- --------- --------- --------- --------
Total from investment
operations ............... 1.49 1.03 0.69 2.66 (1.73) (7.36)
----------- --------- --------- --------- --------- --------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment
income ...................... (0.04) (0.08) -- -- -- --
Distributions from net realized
gain on investments ......... (1.09) -- -- -- (0.05) (3.08)
----------- --------- --------- --------- --------- --------
Total distributions ........ (1.13) (0.08) -- -- (0.05) (3.08)
----------- --------- --------- --------- --------- --------
Net increase (decrease) in net
asset value ....................... 0.36 0.95 0.69 2.66 (1.78) (10.44)
----------- --------- --------- --------- --------- --------
Net Asset Value, End of Period ...... $ 23.33 $ 22.97 $ 22.02 $ 21.33 $ 18.67 $ 20.45
=========== ========= ========= ========= ========= ========
TOTAL RETURN ........................ 6.55%(b) 4.69% 3.23% 14.25% (8.51)% (25.78)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's) ..................... $ 470,758 $ 449,492 $ 358,377 $ 272,497 $ 149,741 $ 43,362
Ratios of expenses to average net
assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 0.81% 0.82% 0.82% 0.83% 0.83% 0.84%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 0.81% 0.82% 0.82% 0.83% 0.83% 0.84%
Ratios of net investment
income to average net assets:
Before reimbursement
and/or waiver of expenses by
Adviser ..................... 0.21% 0.49% 0.05% 0.17% 0.07% 0.07%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 0.21% 0.49% 0.05% 0.17% 0.07% 0.07%
Portfolio Turnover ............... 9.00%(b) 31.30%(c) 18.59% 7.66% 7.52% 17.22%
- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Not Annualized.
(c) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 66
ABN AMRO Funds
GROWTH FUND - CLASS R APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ................... $ 22.53 $ 21.66 $ 21.09 $ 18.07
----------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ..................... (0.03)(b) --(b)(c) (0.10)(b) (0.03)
Net realized and unrealized gain on investments .. 1.44(b) 0.90(b) 0.67(b) 3.05
----------- -------- -------- -----------
Total from investment operations .............. 1.41 0.90 0.57 3.02
----------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .............................. -- (0.03) -- --
Distributions from net realized gain on
investments .................................... (1.09) -- -- --
----------- -------- -------- -----------
Total distributions ........................... (1.09) (0.03) -- --
----------- -------- -------- -----------
Net increase in net asset value ........................ 0.32 0.87 0.57 3.02
----------- -------- -------- -----------
Net Asset Value, End of Period ......................... $ 22.85 $ 22.53 $ 21.66 $ 21.09
=========== ======== ======== ===========
TOTAL RETURN ........................................... 6.33%(d) 4.16% 2.70% 16.71%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ................ $ 1,846 $ 1,122 $ 573 $ 117
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses
by Adviser ..................................... 1.31% 1.31% 1.31% 1.35%
After reimbursement and/or waiver of expenses by
Adviser ........................................ 1.31% 1.31% 1.31% 1.35%
Ratios of net investment income (loss) to average
net assets:
Before reimbursement and/or waiver of expenses
by Adviser ..................................... (0.29)% 0.00% (0.44)% (0.16)%
After reimbursement and/or waiver of expenses by
Adviser ........................................ (0.29)% 0.00% (0.44)% (0.16)%
Portfolio Turnover .................................. 9.00%(d) 31.30%(e) 18.59% 7.66%
- ----------
(a) ABN AMRO 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) Represents less than $0.005 per share.
(d) Not Annualized.
(e) Portfolio turnover rate excludes securities delivered from processing a
redemption-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 67
ABN AMRO Funds
MONTAG & CALDWELL GROWTH FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- --------- ----------- --------- --------- ---------
Net Asset Value, Beginning of
Period ............................ $ 23.35 $ 21.53 $ 20.74 $ 19.03 $ 22.43 $ 31.30
----------- --------- ----------- --------- --------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ......... 0.04(a) 0.05(a) 0.04(a) 0.06(a) 0.05 0.02
Net realized and unrealized
gain (loss) on investments .. 1.15(a) 1.83(a) 0.77(a) 1.65(a) (3.45) (4.81)
----------- --------- ----------- --------- --------- ---------
Total from investment
operations ............... 1.19 1.88 0.81 1.71 (3.40) (4.79)
----------- --------- ----------- --------- --------- ---------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment
income ...................... (0.06) (0.06) (0.02) -- -- --
Distributions from net
realized gain on
investments ................. -- -- -- -- -- (4.08)
----------- --------- ----------- --------- --------- ---------
Total distributions ........ (0.06) (0.06) (0.02) -- -- (4.08)
----------- --------- ----------- --------- --------- ---------
Net increase (decrease) in net
asset value ....................... 1.13 1.82 0.79 1.71 (3.40) (8.87)
----------- --------- ----------- --------- --------- ---------
Net Asset Value, End of Period ...... $ 24.48 $ 23.35 $ 21.53 $ 20.74 $ 19.03 $ 22.43
=========== ========= =========== ========= ========= =========
TOTAL RETURN ........................ 5.10%(b) 8.72% 3.89% 8.99% (15.16)% (17.37)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's) ..................... $ 899,886 $ 992,229 $ 1,018,935 $ 967,300 $ 714,043 $ 872,657
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 1.05% 1.03% 1.02% 1.06% 1.06% 1.06%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 1.05% 1.03% 1.02% 1.06% 1.06% 1.06%
Ratios of net investment income
to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 0.32% 0.20% 0.20% 0.29% 0.23% 0.10%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 0.32% 0.20% 0.20% 0.29% 0.23% 0.10%
Portfolio Turnover ............... 33.65%(b) 52.16% 52.86% 38.76% 38.23% 59.64%
- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 68
ABN AMRO Funds
MONTAG & CALDWELL GROWTH FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- ----------- ----------- ----------- ----------- -----------
Net Asset Value, Beginning of
Period ............................ $ 23.44 $ 21.61 $ 20.84 $ 19.22 $ 22.74 $ 31.70
----------- ----------- ----------- ----------- ----------- -----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ......... 0.07(a) 0.11(a) 0.10(a) 0.12(a) 0.11 0.09
Net realized and unrealized
gain (loss) on investments .. 1.16(a) 1.83(a) 0.77(a) 1.66(a) (3.48) (4.90)
----------- ----------- ----------- ----------- ----------- -----------
Total from investment
operations ............... 1.23 1.94 0.87 1.78 (3.37) (4.81)
----------- ----------- ----------- ----------- ----------- -----------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment
income ...................... (0.11) (0.11) (0.10) (0.16) (0.15) (0.07)
Distributions from net
realized gain on
investments ................. -- -- -- -- -- (4.08)
----------- ----------- ----------- ----------- ----------- -----------
Total distributions ........ (0.11) (0.11) (0.10) (0.16) (0.15) (4.15)
----------- ----------- ----------- ----------- ----------- -----------
Net increase (decrease) in net
asset value ....................... 1.12 1.83 0.77 1.62 (3.52) (8.96)
----------- ----------- ----------- ----------- ----------- -----------
Net Asset Value, End of Period ...... $ 24.56 $ 23.44 $ 21.61 $ 20.84 $ 19.22 $ 22.74
=========== =========== =========== =========== =========== ===========
TOTAL RETURN ........................ 5.23%(b) 8.99% 4.19% 9.35% (14.91)% (17.16)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's) ..................... $ 1,459,389 $ 1,727,848 $ 2,184,511 $ 2,151,687 $ 1,325,116 $ 1,058,500
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 0.76% 0.75% 0.74% 0.77% 0.77% 0.77%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 0.76% 0.75% 0.74% 0.77% 0.77% 0.77%
Ratios of net investment income
to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 0.61% 0.48% 0.48% 0.58% 0.52% 0.39%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 0.61% 0.48% 0.48% 0.58% 0.52% 0.39%
Portfolio Turnover ............... 33.65%(b) 52.16% 52.86% 38.76% 38.23% 59.64%
- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 69
ABN AMRO Funds
MONTAG & CALDWELL GROWTH FUND - CLASS R APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03(a)
----------- -------- -------- -----------
Net Asset Value, Beginning of Period ............................... $ 23.23 $ 21.43 $ 20.69 $ 18.59
----------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................. 0.01(b) (0.01)(b) (0.01)(b) 0.05(b)
Net realized and unrealized gain on investments .............. 1.14(b) 1.83(b) 0.77(b) 2.05(b)
----------- -------- -------- -----------
Total from investment operations .......................... 1.15 1.82 0.76 2.10
----------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ..................................................... -- (0.02) (0.02) --
----------- -------- -------- -----------
Total distributions ....................................... -- (0.02) (0.02) --
----------- -------- -------- -----------
Net increase in net asset value .................................... 1.15 1.80 0.74 2.10
----------- -------- -------- -----------
Net Asset Value, End of Period ..................................... $ 24.38 $ 23.23 $ 21.43 $ 20.69
=========== ======== ======== ===========
TOTAL RETURN ....................................................... 4.95%(c) 8.50% 3.65% 11.30%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................ $ 827 $ 703 $ 459 $ 111
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 1.26% 1.25% 1.24% 1.30%
After reimbursement and/or waiver of expenses by Adviser ..... 1.26% 1.25% 1.24% 1.30%
Ratios of net investment income (loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 0.11% (0.02)% (0.02)% 0.32%
After reimbursement and/or waiver of expenses by Adviser ..... 0.11% (0.02)% (0.02)% 0.32%
Portfolio Turnover .............................................. 33.65%(c) 52.16% 52.86% 38.76%
- ----------
(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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 70
ABN AMRO Funds
TAMRO LARGE CAP VALUE FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01(a)
----------- ---------- ---------- ---------- ---------- -----------
Net Asset Value, Beginning of
Period ........................... $ 12.40 $ 11.35 $ 10.27 $ 8.47 $ 9.68 $ 10.00
----------- ---------- ---------- ---------- ---------- -----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ......... 0.04 0.08 0.07 0.09 0.06 0.02
Net realized and unrealized gain
(loss)on investments ....... 0.94 1.05 1.08 1.81 (1.22) (0.33)
----------- ---------- ---------- ---------- ---------- -----------
Total from investment
operations .............. 0.98 1.13 1.15 1.90 (1.16) (0.31)
----------- ---------- ---------- ---------- ---------- -----------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment
income ....................... (0.05) (0.08) (0.07) (0.10) (0.05) (0.01)
----------- ---------- ---------- ---------- ---------- -----------
Total distributions ........ (0.05) (0.08) (0.07) (0.10) (0.05) (0.01)
----------- ---------- ---------- ---------- ---------- -----------
Net increase (decrease) in net
asset value ...................... 0.93 1.05 1.08 1.80 (1.21) (0.32)
----------- ---------- ---------- ---------- ---------- -----------
Net Asset Value, End of Period ...... $ 13.33 $ 12.40 $ 11.35 $ 10.27 $ 8.47 $ 9.68
=========== ========== ========== ========== ========== ===========
TOTAL RETURN ........................ 7.89%(b) 9.98% 11.17% 22.68% (12.01)% (3.11)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in
000's) ......................... $ 18,909 $ 21,590 $ 17,574 $ 8,887 $ 9,632 $ 5,195
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ...................... 1.53%(c) 1.54% 1.76% 1.92% 1.79% 3.37%
After reimbursement and/or
waiver of expenses by
Adviser ...................... 1.21%(c) 1.20% 1.20% 1.20% 1.20% 1.20%
Ratios of net investment income
(loss)to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ...................... 0.22% 0.35% 0.00% 0.35% 0.15% (1.96)%
After reimbursement and/or
waiver of expenses by
Adviser ...................... 0.54% 0.69% 0.56% 1.07% 0.74% 0.21%
Portfolio Turnover ............... 25.18%(b) 36.84% 38.34% 102.51%(d) 83.14% 102.34%(b)
- ----------
(a) ABN AMRO/TAMRO Large Cap Value Fund commenced investment operations on
November 30, 2000.
(b) Not Annualized.
(c) Ratios of expenses to average net assets include interest expense of 0.01%
which is not included in the contractual expense limitation. The interest
expense is from utilizing the line of credit as discussed in Note H to
Financial Statements.
(d) Portfolio turnover rate excludes securities delivered from processing a
redemption in kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 71
ABN AMRO Funds
VALUE FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR TEN MONTHS YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 12/31/00
----------- -------- --------- --------- ---------- ---------- ---------
Net Asset Value, Beginning of
Period .......................... $ 12.15 $ 11.05 $ 9.66 $ 8.45 $ 9.39 $ 11.68 $ 12.75
----------- -------- --------- --------- ---------- ---------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ......... 0.10 0.17(c) 0.14 0.14 0.11 0.07 0.10
Net realized and unrealized
gain (loss)on investments ... 1.27 1.10(c) 1.39 1.22 (0.79) (2.25) (0.24)
----------- -------- --------- --------- ---------- ---------- ---------
Total from investment
operations ................ 1.37 1.27 1.53 1.36 (0.68) (2.18) (0.14)
----------- -------- --------- --------- ---------- ---------- ---------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment
income ...................... (0.09) (0.17) (0.14) (0.15) (0.08) (0.06) (0.10)
Distributions from net
realized gain on
investments ................. (0.19) -- -- -- (0.18) (0.05) (0.83)
----------- -------- --------- --------- ---------- ---------- ---------
Total distributions ........... (0.28) (0.17) (0.14) (0.15) (0.26) (0.11) (0.93)
----------- -------- --------- --------- ---------- ---------- ---------
Net increase (decrease) in net
asset value ..................... 1.09 1.10 1.39 1.21 (0.94) (2.29) (1.07)
----------- -------- --------- --------- ---------- ---------- ---------
Net Asset Value, End of Period ..... $ 13.24 $ 12.15 $ 11.05 $ 9.66 $ 8.45 $ 9.39 $ 11.68
=========== ======== ========= ========= ========== ========== =========
TOTAL RETURN ....................... 11.42%(a) 11.48% 15.88% 16.32% (7.58)% (18.86)%(a) (0.68)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in
000's) ........................ $ 100,084 $ 95,624 $ 229,979 $ 195,853 $ 111,817 $ 116,221 $ 131,303
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 1.16% 1.16% 1.16% 1.19% 1.20% 1.08% 1.06%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 0.94% 0.94% 0.94% 0.94% 0.96%(b) 1.07% 1.06%
Ratios of net investment
income to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 1.29% 1.19% 1.10% 1.34% 1.00% 0.68% 0.85%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 1.51% 1.41% 1.32% 1.59% 1.24% 0.69% 0.85%
Portfolio Turnover .............. 12.34%(a) 21.84% 38.29% 56.67% 144.90% 58.41%(a) 76.00%
- ----------
(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.
(c) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 72
ABN AMRO Funds
VALUE FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
04/30/06 ENDED
(UNAUDITED) 10/31/05(a)
----------- -----------
Net Asset Value, Beginning of Period ...................... $ 12.16 $ 12.36
----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................ 0.11 0.01(b)
Net realized and unrealized gain (loss) on
investments ........................................ 1.26 (0.21)(b)
----------- -----------
Total from investment operations ................... 1.37 (0.20)
----------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income ............................................. (0.10) --
Distributions from net realized gain on investmenst .. (0.19) --
----------- -----------
Total distributions ................................ (0.29) --
----------- -----------
Net increae (decrease) in net asset value ................. 1.08 (0.20)
----------- -----------
Net Asset Value, End of Period ............................ $ 13.24 $ 12.16
=========== ===========
TOTAL RETURN .............................................. 11.47%(c) (1.62)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ................... $ 230,663 $ 192,662
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................ 0.91% 0.91%
After reimbursement and/or waiver of expenses by
Adviser ............................................ 0.69% 0.69%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ............................................ 1.54% 0.40%
After reimbursement and/or waiver of expenses by
Adviser ............................................ 1.76% 0.62%
Portfolio Turnover ..................................... 12.34%(c) 21.84%
- ----------
(a) ABN AMRO Value Fund - Class I commenced investment operations on September
20, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 73
ABN AMRO Funds
VEREDUS SELECT GROWTH FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02(a)
----------- --------- ---------- --------- -----------
Net Asset Value, Beginning of Period .. $ 11.88 $ 10.31 $ 9.33 $ 7.30 $ 10.00
----------- --------- ---------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss .............. (0.02) (0.02) (0.06) (0.05) (0.03)
Net realized and unrealized gain
(loss) on investments .......... 1.77 1.59 1.04 2.08 (2.67)
----------- --------- ---------- --------- -----------
Total from investment
operations ................... 1.75 1.57 0.98 2.03 (2.70)
----------- --------- ---------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investments ............ (0.01) -- -- -- --
----------- --------- ---------- --------- -----------
Total distributions ............ (0.01) -- -- -- --
----------- --------- ---------- --------- -----------
Net increase (decrease) in net asset
value .............................. 1.74 1.57 0.98 2.03 (2.70)
----------- --------- ---------- --------- -----------
Net Asset Value, End of Period ........ $ 13.62 $ 11.88 $ 10.31 $ 9.33 $ 7.30
=========== ========= ========== ========= ===========
TOTAL RETURN .......................... 14.69%(b) 15.23% 10.50% 27.98% (27.10)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's) ...................... $ 29,785 $ 13,270 $ 2,684 $ 2,006 $ 2,164
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser ......... 1.59% 2.57% 3.82% 4.31% 3.45%
After reimbursement and/or waiver
of expenses by Adviser ......... 1.30% 1.30% 1.30% 1.30% 1.30%
Ratios of net investment loss to
average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ......... (0.64)% (1.76)% (3.17)% (3.59)% (2.53)%
After reimbursement and/or waiver
of expenses by Adviser ......... (0.35)% (0.49)% (0.65)% (0.58)% (0.38)%
Portfolio Turnover ................. 133.47%(b) 202.37% 308.13% 444.75% 1,314.29%(b)
- ----------
(a) ABN AMRO/Veredus Select Growth Fund commenced investment operations on
December 31, 2001.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 74
ABN AMRO Funds
MID CAP FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- --------- --------- --------- --------- --------
Net Asset Value, Beginning of
Period ............................. $ 23.21 $ 22.93 $ 20.18 $ 14.24 $ 15.67 $ 18.50
----------- --------- --------- --------- --------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment loss .............. --(a) (0.02) (0.08)(b) (0.07) (0.06) (0.07)
Net realized and unrealized
gain (loss) on investments ..... 2.94 1.04 2.90(b) 6.01 (1.12) 0.55
----------- --------- --------- --------- --------- --------
Total from investment
operations ................... 2.94 1.02 2.82 5.94 (1.18) 0.48
----------- --------- --------- --------- --------- --------
LESS DISTRIBUTIONS:
Distributions from net
realized gain on investments ... (0.91) (0.74) (0.07) -- (0.25) (3.31)
----------- --------- --------- --------- --------- --------
Total distributions ............ (0.91) (0.74) (0.07) -- (0.25) (3.31)
----------- --------- --------- --------- --------- --------
Net increase (decrease) in net
asset value ........................ 2.03 0.28 2.75 5.94 (1.43) (2.83)
----------- --------- --------- --------- --------- --------
Net Asset Value, End of Period ........ $ 25.24 $ 23.21 $ 22.93 $ 20.18 $ 14.24 $ 15.67
=========== ========= ========= ========= ========= ========
TOTAL RETURN .......................... 12.81%(c) 4.43% 14.08% 41.64% (7.88)% 3.42%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in
000's) ......................... $ 602,033 $ 548,595 $ 385,325 $ 191,220 $ 85,727 $ 40,265
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ...................... 1.16% 1.23% 1.29%(d) 1.36% 1.38% 1.42%
After reimbursement and/or
waiver of expenses by
Adviser ...................... 1.16% 1.23% 1.29%(d) 1.34%(e) 1.30% 1.30%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ...................... (0.02)% (0.08)% (0.38)% (0.57)% (0.61)% (0.61)%
After reimbursement and/or
waiver of expenses by
Adviser ...................... (0.02)% (0.08)% (0.38)% (0.55)% (0.53)% (0.49)%
Portfolio Turnover ............. 16.95%(c) 27.42% 26.64% 59.35% 45.17% 77.15%
- ----------
(a) Represents less than $(0.005) per share.
(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 on December
22, 2003 from a flat fee of 0.80% of average net assets to a scaled fee
arrangement of 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.
(e) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.30% to 1.40% on March 1, 2003.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 75
ABN AMRO Funds
MID CAP FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR PERIOD
04/30/06 ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04(a)
----------- ---------- -----------
Net Asset Value, Beginning of Period .................. $ 23.30 $ 22.96 $ 23.61
----------- ---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ..................... 0.03 0.04 --(b)(c)
Net realized and unrealized gain (loss) on
investments .................................... 2.95 1.04 (0.65)(b)
----------- ---------- -----------
Total from investment operations ............... 2.98 1.08 (0.65)
----------- ---------- -----------
LESS DISTRIBUTIONS:
Distributions from net realized gain on
investment ..................................... (0.91) (0.74) --
----------- ---------- -----------
Total distributions ............................ (0.91) (0.74) --
----------- ---------- -----------
Net increase (decrease) in net asset value ............ 2.07 0.34 (0.65)
----------- ---------- -----------
Net Asset Value, End of Period ........................ $ 25.37 $ 23.30 $ 22.96
=========== ========== ===========
TOTAL RETURN .......................................... 12.99%(d) 4.69% (2.80)%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............... $ 78,211 $ 73,293 $ 26,202
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by
Adviser ........................................ 0.89% 0.94% 0.98%
After reimbursement and/or waiver of expenses by
Adviser ........................................ 0.89% 0.94% 0.98%
Ratios of net investment income (loss) to average
net assets:
Before reimbursement and/or waiver of expenses by
Adviser ........................................ 0.25% 0.21% (0.04)%
After reimbursement and/or waiver of expenses by
Adviser ........................................ 0.25% 0.21% (0.04)%
Portfolio Turnover ................................. 16.95%(d) 27.42% 26.64%
- ----------
(a) ABN AMRO Mid Cap Fund - Class I commenced investment operations on July 6,
2004.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $0.005 per share.
(d) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 76
ABN AMRO Funds
MID CAP GROWTH FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
PERIOD
ENDED
04/30/06(a)
(UNAUDITED)
-----------
Net Asset Value, Beginning of Period ............................. $ 10.00
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ........................................ (0.03)
Net realized and unrealized gain on investments ............ 0.49
-----------
Total from investment operations ........................ 0.46
-----------
Net increase in net asset value .................................. 0.46
-----------
Net Asset Value, End of Period ................................... $ 10.46
===========
TOTAL RETURN ..................................................... 4.60%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 1,137
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. 8.63%
After reimbursement and/or waiver of expenses by Adviser ... 1.40%
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .. (7.99)%
After reimbursement and/or waiver of expenses by Adviser ... (0.76)%
Portfolio Turnover ............................................ 2.10%(b)
- ----------
(a) ABN AMRO Mid Cap Growth Fund - Class N commenced investment operations on
December 29, 2005.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 77
ABN AMRO Funds
RIVER ROAD SMALL CAP VALUE FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
04/30/06 ENDED
(UNAUDITED) 10/31/05(a)
----------- -----------
Net Asset Value, Beginning of Period ............................... $ 10.28 $ 10.00
----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................. 0.03 --(b)
Net realized and unrealized gain on investments .............. 2.19 0.28
----------- -----------
Total from investment operations .......................... 2.22 0.28
----------- -----------
Net increase in net asset value .................................... 2.22 0.28
----------- -----------
Net Asset Value, End of Period ..................................... $ 12.50 $ 10.28
=========== ===========
TOTAL RETURN ....................................................... 21.60%(c) 2.80%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................ $ 15,531 $ 6,299
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 1.94% 2.86%
After reimbursement and/or waiver of expenses by Adviser ..... 1.50% 1.50%
Ratios of net investment income(loss) to average net assets:
Before reimbursement and/or waiver of expenses by Adviser .... 0.14% (1.41)%
After reimbursement and/or waiver of expenses by Adviser ..... 0.58% (0.05)%
Portfolio Turnover .............................................. 54.17%(c) 20.82%(c)(d)
- ----------
(a) ABN AMRO/River Road Small Cap Value Fund commenced investment operations
on June 28, 2005.
(b) Represents less than $(0.005) per share.
(c) Not Annualized.
(d) Portfolio turnover rate excludes securities received from processing a
subscription-in-kind.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 78
ABN AMRO Funds
TAMRO SMALL CAP FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01(a)
----------- -------- --------- -------- -------- -----------
Net Asset Value, Beginning of Period ........ $ 15.63 $ 15.25 $ 15.75 $ 10.49 $ 10.75 $ 10.00
----------- -------- --------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......... (0.04) (0.07)(b) (0.09) (0.01) (0.02)(b) 0.06
Net realized and unrealized gain
(loss) on investments .............. 3.93 1.45(b) 1.62 5.27 (0.14)(b) 0.72
----------- -------- --------- -------- -------- -----------
Total from investment operations ... 3.89 1.38 1.53 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 ................ -- (1.00) (2.03) -- (0.08) --
----------- -------- --------- -------- -------- -----------
Total distributions ................ -- (1.00) (2.03) -- (0.10) (0.03)
----------- -------- --------- -------- -------- -----------
Net increase (decrease) in net asset value .. 3.89 0.38 (0.50) 5.26 (0.26) 0.75
----------- -------- --------- -------- -------- -----------
Net Asset Value, End of Period .............. $ 19.52 $ 15.63 $ 15.25 $ 15.75 $ 10.49 $ 10.75
=========== ======== ========= ======== ======== ===========
TOTAL RETURN ................................ 24.89%(c) 9.16% 10.17% 50.14% (1.59)% 7.74%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 164,957 $148,950 $ 112,809 $ 60,932 $ 40,407 $ 2,000
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. 1.39% 1.41% 1.42% 1.44% 1.52% 5.46%
After reimbursement and/or waiver
of expenses by Adviser ............. 1.30% 1.30% 1.30% 1.30% 1.30% 1.30%
Ratios of net investment income (loss)
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............. (0.58)% (0.58)% (0.89)% (0.21)% (0.34)% (3.49)%
After reimbursement and/or waiver
of expenses by Adviser ............. (0.49)% (0.47)% (0.77)% (0.07)% (0.12)% 0.67%
Portfolio Turnover ....................... 31.28%(c) 56.28% 102.56% 115.42% 266.78% 175.17%(c)
- ----------
(a) ABN AMRO/TAMRO Small Cap Fund - Class N 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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 79
ABN AMRO Funds
TAMRO SMALL CAP FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
04/30/06 ENDED
(UNAUDITED) 10/31/05(a)
----------- -----------
Net Asset Value, Beginning of Period .............................. $ 15.67 $ 15.32
----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ......................................... (0.03) (0.04)(b)
Net realized and unrealized gain on investments ............. 3.96 0.39(b)
----------- -----------
Total from investment operations ......................... 3.93 0.35
----------- -----------
Net increase in net asset value ................................... 3.93 0.35
----------- -----------
Net Asset Value, End of Period .................................... $ 19.60 $ 15.67
=========== ===========
TOTAL RETURN ...................................................... 25.08%(c) 2.28%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........................... $ 36,424 $ 11,432
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.08% 1.16%
After reimbursement and/or waiver of expenses by Adviser .... 0.99% 1.05%
Ratios of net investment loss to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... (0.27)% (0.39)%
After reimbursement and/or waiver of expenses by Adviser .... (0.18)% (0.28)%
Portfolio Turnover ............................................. 31.28%(c) 56.28%
- ----------
(a) ABN AMRO/TAMRO Small Cap Fund - Class I commenced investment operations on
January 4, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 80
ABN AMRO Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period .......... $ 18.35 $ 16.26 $ 15.24 $ 11.44 $ 17.55 $ 22.51
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................... (0.12) (0.20) (0.18) (0.10) (0.14) (0.13)
Net realized and unrealized gain
(loss) on investments ................ 3.22 2.29 1.20 3.90 (5.97) (1.72)
----------- -------- -------- -------- -------- --------
Total from investment operations ..... 3.10 2.09 1.02 3.80 (6.11) (1.85)
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from net realized
gain on investments .................. -- -- -- -- -- (3.11)
----------- -------- -------- -------- -------- --------
Total distributions .................. -- -- -- -- -- (3.11)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .... 3.10 2.09 1.02 3.80 (6.11) (4.96)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ................ $ 21.45 $ 18.35 $ 16.26 $ 15.24 $ 11.44 $ 17.55
=========== ======== ======== ======== ======== ========
TOTAL RETURN .................................. 16.84%(b) 12.85% 6.69% 33.10% (34.76)% (10.08)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ....... $ 569,397 $549,452 $524,737 $444,207 $314,317 $268,271
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 1.41% 1.42% 1.43% 1.50% 1.48% 1.44%
After reimbursement and/or waiver of
expenses by Adviser .................. 1.41% 1.42% 1.43% 1.46%(a) 1.40% 1.40%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. (1.11)% (1.06)% (1.18)% (0.97)% (1.15)% (0.87)%
After reimbursement and/or waiver of
expenses by Adviser .................. (1.11)% (1.06)% (1.18)% (0.93)% (1.07)% (0.83)%
Portfolio Turnover ...................... 67.21%(b) 140.04% 118.89% 159.64% 162.80% 177.30%
- ----------
(a) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.40% to 1.49% on March 1, 2003.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 81
ABN AMRO Funds
VEREDUS AGGRESSIVE GROWTH FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01(a)
----------- --------- --------- -------- -------- -----------
Net Asset Value, Beginning of Period ......... $ 18.57 $ 16.40 $ 15.33 $ 11.48 $ 17.56 $ 17.88
----------- --------- --------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss ..................... (0.08) (0.12) (0.15) (0.08) (0.19) --
Net realized and unrealized gain
(loss) on investments ................. 3.23 2.29 1.22 3.93 (5.89) (0.32)
----------- --------- --------- -------- -------- -----------
Total from investment operations ...... 3.15 2.17 1.07 3.85 (6.08) (0.32)
----------- --------- --------- -------- -------- -----------
Net increase (decrease) in net asset value ... 3.15 2.17 1.07 3.85 (6.08) (0.32)
----------- --------- --------- -------- -------- -----------
Net Asset Value, End of Period ............... $ 21.72 $ 18.57 $ 16.40 $ 15.33 $ 11.48 $ 17.56
=========== ========= ========= ======== ======== ===========
TOTAL RETURN ................................. 16.96%(b) 13.23% 6.98% 33.54% (34.62)% (1.79)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ...... $ 189,460 $ 156,286 $ 114,607 $ 77,660 $ 52,808 $ 5,497
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... 1.13% 1.14% 1.15% 1.20% 1.19% 1.16%
After reimbursement and/or waiver of
expenses by Adviser ................... 1.13% 1.14% 1.15% 1.16%(c) 1.11% 1.12%
Ratios of net investment loss
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser ................... (0.83)% (0.78) (0.90)% (0.67)% (0.86)% (0.59)%
After reimbursement and/or waiver of
expenses by Adviser ................... (0.83)% (0.78) (0.90)% (0.63)% (0.78)% (0.55)%
Portfolio Turnover ........................ 67.21%(b) 140.04% 118.89% 159.64% 162.80% 177.30%(b)
- ----------
(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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 82
ABN AMRO Funds
REAL ESTATE FUND - CLASS N
APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR TEN MONTHS YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 12/31/00
----------- -------- -------- -------- -------- ---------- --------
Net Asset Value, Beginning of Period .... $ 16.23 $ 14.56 $ 11.52 $ 9.23 $ 9.15 $ 9.47 $ 7.72
----------- -------- -------- -------- -------- ---------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............... 0.21(a) 0.46(a) 0.44 0.40 0.39 0.34 0.42(a)
Net realized and unrealized gain
(loss) on investments ............. 2.20(a) 2.10(a) 3.02 2.54 0.24 (0.39) 1.75(a)
----------- -------- -------- -------- -------- ---------- --------
Total from investment operations .. 2.41 2.56 3.46 2.94 0.63 (0.05) 2.17
----------- -------- -------- -------- -------- ---------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess
of net investment income .......... (0.10) (0.26) (0.30) (0.24) (0.33) (0.27) (0.33)
Distributions from net realized
gain on investments ............... (1.85) (0.63) (0.12) (0.41) (0.22) -- --
Distributions from paid in capital .. -- -- -- -- -- -- (0.09)
----------- -------- -------- -------- -------- ---------- --------
Total distributions ............... (1.95) (0.89) (0.42) (0.65) (0.55) (0.27) (0.42)
----------- -------- -------- -------- -------- ---------- --------
Net increase (decrease) in net asset
value ................................. 0.46 1.67 3.04 2.29 0.08 (0.32) 1.75
----------- -------- -------- -------- -------- ---------- --------
Net Asset Value, End of Period .......... $ 16.69 $ 16.23 $ 14.56 $ 11.52 $ 9.23 $ 9.15 $ 9.47
=========== ======== ======== ======== ======== ========== ========
TOTAL RETURN ............................ 15.99%(b) 18.06% 30.73% 33.71% 6.62% (0.46)%(b) 28.77%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .. $ 61,314 $ 54,851 $ 72,451 $ 47,777 $ 19,924 $ 15,242 $ 21,744
Ratios of expenses to average net
assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 1.47% 1.45% 1.46% 1.56% 1.68% 1.63% 1.70%
After reimbursement and/or waiver
of expenses by Adviser ............ 1.37% 1.37% 1.37% 1.37% 1.37% 1.33% 1.39%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ............ 2.54% 2.91% 3.50% 4.10% 3.80% 4.01% 4.87%
After reimbursement and/or waiver
of expenses by Adviser ............ 2.64% 2.99% 3.59% 4.29% 4.11% 4.31% 5.19%
Portfolio Turnover .................... 39.73%(b) 43.14% 24.28% 13.11% 36.69% 17.95%(b) 25.00%
- ----------
(a) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 83
ABN AMRO Funds
REAL ESTATE FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED PERIOD
04/30/06 ENDED
(UNAUDITED) 10/31/05(a)
----------- -----------
Net Asset Value, Beginning of Period ............................... $ 16.23 $ 16.64
----------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ......................................... 0.24(b) 0.10(b)
Net realized and unrealized gain (loss) on investments ........ 2.19(b) (0.51)(b)
----------- -----------
Total from investment operations ............................ 2.43 (0.41)
----------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment income ..... (0.12) --
Distributions from net realized gain on investments ........... (1.85) --
----------- -----------
Total distributions ......................................... (1.97) --
----------- -----------
Net increase (decrease) in net asset value ......................... 0.46 (0.41)
----------- -----------
Net Asset Value, End of Period ..................................... $ 16.69 $ 16.23
=========== ===========
TOTAL RETURN ....................................................... 16.14%(c) (2.46)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............................ $ 42,586 $ 32,711
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ..... 1.22% 1.32%
After reimbursement and/or waiver of expenses by Adviser ...... 1.12% 1.11%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ..... 2.79% 5.11%
After reimbursement and/or waiver of expenses by Adviser ...... 2.89% 5.32%
Portfolio Turnover .............................................. 39.73%(c) 43.14%
- ----------
(a) ABN AMRO Real Estate Fund - Class I commenced investment operations on
September 20, 2005.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 84
ABN AMRO Funds
VEREDUS SCITECH FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- -------- -------- -------- -------- --------
Net Asset Value, Beginning of Period ................ $ 7.11 $ 6.78 $ 7.18 $ 4.89 $ 7.57 $ 8.93
----------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................... (0.05) (0.11) (0.10) (0.05) (0.08) 0.02
Net realized and unrealized gain (loss) on
investments .................................. 1.37 0.44 (0.30) 2.34 (2.60) (1.32)
----------- -------- -------- -------- -------- --------
Total from investment operations ............. 1.32 0.33 (0.40) 2.29 (2.68) (1.30)
----------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income ............................ -- -- -- -- -- (0.06)
----------- -------- -------- -------- -------- --------
Total distributions .......................... -- -- -- -- -- (0.06)
----------- -------- -------- -------- -------- --------
Net increase (decrease) in net asset value .......... 1.32 0.33 (0.40) 2.29 (2.68) (1.36)
----------- -------- -------- -------- -------- --------
Net Asset Value, End of Period ...................... $ 8.43 $ 7.11 $ 6.78 $ 7.18 $ 4.89 $ 7.57
=========== ======== ======== ======== ======== ========
TOTAL RETURN ........................................ 18.57%(a) 4.71% (5.43)% 46.83% (35.40)% (14.49)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............. $ 4,679 $ 4,554 $ 7,135 $ 4,314 $ 2,206 $ 2,566
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .......................... 3.06% 2.89% 2.38% 4.65% 3.70% 3.88%
After reimbursement and/or waiver of
expenses by Adviser .......................... 1.60% 1.60% 1.60% 1.57%(b) 1.50% 1.50%
Ratios of net investment income (loss) to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .......................... (2.56)% (2.59)% (2.21)% (4.42)% (3.50)% (2.13)%
After reimbursement and/or waiver of
expenses by Adviser .......................... (1.10)% (1.30)% (1.43)% (1.34)% (1.30)% 0.25%
Portfolio Turnover ............................... 140.75%(a) 236.92% 251.03% 492.93% 496.86% 481.21%
- ----------
(a) Not Annualized.
(b) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 1.50% to 1.60% on March 1, 2003.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 85
ABN AMRO Funds
BALANCED FUND - CLASS N
APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- --------- --------- --------- --------- ---------
Net Asset Value, Beginning of Period. ............... $ 10.84 $ 11.32 $ 11.07 $ 10.10 $ 10.77 $ 14.23
----------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) ....................... 0.05 0.16 0.14 0.13 0.19 0.26
Net realized and unrealized gain
(loss) on investments(a) ..................... 0.43 0.20 0.27 0.99 (0.64) (2.09)
----------- --------- --------- --------- --------- ---------
Total from investment operations ............. 0.48 0.36 0.41 1.12 (0.45) (1.83)
----------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ........................ (0.08) (0.19) (0.16) (0.15) (0.20) (0.27)
Distributions from net realized
gain on investments .......................... (0.59) (0.65) -- -- (0.02) (1.36)
----------- --------- --------- --------- --------- ---------
Total distributions .......................... (0.67) (0.84) (0.16) (0.15) (0.22) (1.63)
----------- --------- --------- --------- --------- ---------
Net increase (decrease) in net asset value .......... (0.19) (0.48) 0.25 0.97 (0.67) (3.46)
----------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period ...................... $ 10.65 $ 10.84 $ 11.32 $ 11.07 $ 10.10 $ 10.77
=========== ========= ========= ========= ========= =========
TOTAL RETURN ........................................ 4.50%(b) 3.20% 3.73% 11.23% (4.33)% (13.41)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ............. $ 76,836 $ 173,051 $ 230,244 $ 320,108 $ 300,830 $ 342,520
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser ....................... 1.12% 1.09% 1.07% 1.07% 1.07% 1.07%
After reimbursement and/or waiver
of expenses by Adviser ....................... 1.12% 1.09% 1.07% 1.07% 1.07% 1.07%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser(a) .................... 1.36% 1.53% 1.20% 1.30% 1.78% 2.10%
After reimbursement and/or waiver
of expenses by Adviser(a) .................... 1.36% 1.53% 1.20% 1.30% 1.78% 2.10%
Portfolio Turnover ............................. 19.86%(b) 28.76% 28.32% 47.90% 47.27% 35.25%
- ----------
(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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 86
ABN AMRO Funds
MONTAG & CALDWELL BALANCED FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ........ $ 16.41 $ 15.81 $ 15.57 $ 14.82 $ 16.49 $ 18.61
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) ............... 0.09(b) 0.17(b) 0.19(b) 0.21 0.29 0.36
Net realized and unrealized gain (loss)
on investments(a) .................... 0.42(b) 0.67(b) 0.30(b) 0.78 (1.66) (1.50)
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ..... 0.51 0.84 0.49 0.99 (1.37) (1.14)
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................... (0.13) (0.24) (0.25) (0.24) (0.30) (0.36)
Distributions from net realized gain
on investments ....................... -- -- -- -- -- (0.62)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions .................. (0.13) (0.24) (0.25) (0.24) (0.30) (0.98)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.38 0.60 0.24 0.75 (1.67) (2.12)
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 16.79 $ 16.41 $ 15.81 $ 15.57 $ 14.82 $ 16.49
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ................................ 3.15%(c) 5.27% 3.15% 6.79% (8.42)% (6.34)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 39,476 $ 48,759 $ 93,935 $ 105,669 $ 82,126 $ 126,690
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 1.31% 1.16% 1.13% 1.15% 1.14% 1.12%
After reimbursement and/or waiver of
expenses by Adviser .................. 1.31% 1.16% 1.13% 1.15% 1.14% 1.12%
Ratios of net investment income to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser(a) ............... 1.09% 1.04% 1.18% 1.43% 1.74% 1.99%
After reimbursement and/or waiver of
expenses by Adviser(a) ............... 1.09% 1.04% 1.18% 1.43% 1.74% 1.99%
Portfolio Turnover ....................... 16.03%(c) 33.43% 35.90% 41.18% 32.87% 44.80%
- ----------
(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) The selected per share data was calculated using the weighed average
shares outstanding method for the period.
(c) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 87
ABN AMRO Funds
MONTAG & CALDWELL BALANCED FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ........ $ 16.39 $ 15.81 $ 15.57 $ 14.82 $ 16.49 $ 18.62
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) ............... 0.11(b) 0.21(b) 0.23(b) 0.25 0.32 0.38
Net realized and unrealized gain (loss)
on investments(a) .................... 0.42(b) 0.66(b) 0.30(b) 0.78 (1.64) (1.49)
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ..... 0.53 0.87 0.53 1.03 (1.32) (1.11)
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................... (0.15) (0.29) (0.29) (0.28) (0.35) (0.40)
Distributions from net realized gain
on investments ....................... -- -- -- -- -- (0.62)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions .................. (0.15) (0.29) (0.29) (0.28) (0.35) (1.02)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. 0.38 0.58 0.24 0.75 (1.67) (2.13)
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 16.77 $ 16.39 $ 15.81 $ 15.57 $ 14.82 $ 16.49
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ................................ 3.22%(c) 5.50% 3.41% 7.06% (8.18)% (6.13)%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 13,296 $ 19,609 $ 79,936 $ 141,031 $ 133,379 $ 179,688
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 1.05% 0.91% 0.87% 0.89% 0.87% 0.87%
After reimbursement and/or waiver of
expenses by Adviser .................. 1.05% 0.91% 0.87% 0.89% 0.87% 0.87%
Ratios of net investment income to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser(a) ............... 1.35% 1.29% 1.44% 1.69% 2.01% 2.25%
After reimbursement and/or waiver of
expenses by Adviser(a) ............... 1.35% 1.29% 1.44% 1.69% 2.01% 2.25%
Portfolio Turnover ....................... 16.03%(c) 33.43% 35.90% 41.18% 32.87% 44.80%
- ----------
(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 $(0.02), $0.02, (0.10)% and (0.10)%, respectively. Years prior to
October 31, 2002 have not been adjusted for this change.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 88
ABN AMRO Funds
BOND FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period ........ $ 9.69 $ 10.13 $ 10.07 $ 10.06 $ 10.34 $ 9.73
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) ............... 0.22(b) 0.42(b) 0.43 0.39 0.51 0.61
Net realized and unrealized gain (loss)
on investments(a) .................... (0.19)(b) (0.38)(b) 0.13 0.07 (0.24) 0.62
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ..... 0.03 0.04 0.56 0.46 0.27 1.23
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .................... (0.23) (0.48) (0.50) (0.45) (0.55) (0.62)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions .................. (0.23) (0.48) (0.50) (0.45) (0.55) (0.62)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. (0.20) (0.44) 0.06 0.01 (0.28) 0.61
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 9.49 $ 9.69 $ 10.13 $ 10.07 $ 10.06 $ 10.34
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ................................ 0.35%(c) 0.40% 5.66% 4.58% 2.80% 13.09%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 108,504 $ 138,807 $ 154,079 $ 202,021 $ 229,676 $ 369,597
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 0.98% 0.95% 0.92% 0.92% 0.92% 0.96%
After reimbursement and/or waiver of
expenses by Adviser .................. 0.74% 0.74% 0.74% 0.74% 0.74% 0.74%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser(a) ............... 4.32% 3.98% 4.08% 3.69% 4.87% 5.90%
After reimbursement and/or waiver of
expenses by Adviser(a) ............... 4.56% 4.19% 4.26% 3.87% 5.05% 6.12%
Portfolio Turnover ....................... 53.42%(c) 41.33% 46.80% 126.94% 77.19% 61.78%
- ----------
(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) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 89
ABN AMRO Funds
BOND FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, Beginning of Period. ....... $ 9.69 $ 10.13 $ 10.07 $ 10.06 $ 10.34 $ 9.73
----------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income(a) ............... 0.23(b) 0.44(b) 0.45 0.41 0.56 0.64
Net realized and unrealized gain (loss)
on investments(a) .................... (0.18)(b) (0.37)(b) 0.13 0.07 (0.26) 0.62
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ..... 0.05 0.07 0.58 0.48 0.30 1.26
----------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from and in excess of
net investment income ................ (0.25) (0.51) (0.52) (0.47) (0.58) (0.65)
----------- ---------- ---------- ---------- ---------- ----------
Total distributions .................. (0.25) (0.51) (0.52) (0.47) (0.58) (0.65)
----------- ---------- ---------- ---------- ---------- ----------
Net increase (decrease) in net asset value .. (0.20) (0.44) 0.06 0.01 (0.28) 0.61
----------- ---------- ---------- ---------- ---------- ----------
Net Asset Value, End of Period .............. $ 9.49 $ 9.69 $ 10.13 $ 10.07 $ 10.06 $ 10.34
=========== ========== ========== ========== ========== ==========
TOTAL RETURN ................................ 0.47%(c) 0.65% 5.93% 4.85% 3.07% 13.36%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ..... $ 51,590 $ 72,876 $ 278,712 $ 300,363 $ 262,924 $ 79,444
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of
expenses by Adviser .................. 0.73% 0.70% 0.67% 0.67% 0.67% 0.71%
After reimbursement and/or waiver of
expenses by Adviser .................. 0.49% 0.49% 0.49% 0.49% 0.49% 0.49%
Ratios of net investment income to
average net assets:
Before reimbursement and/or waiver of
expenses by Adviser(a) ............... 4.57% 4.23% 4.34% 3.94% 5.12% 6.15%
After reimbursement and/or waiver of
expenses by Adviser(a) ............... 4.81% 4.44% 4.52% 4.12% 5.30% 6.37%
Portfolio Turnover ....................... 53.42%(c) 41.33% 46.80% 126.94% 77.19% 61.78%
- ----------
(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, (0.23)% and (0.23)%, respectively. Years prior to
October 31, 2002 have not been adjusted for this change.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 90
ABN AMRO Funds
INVESTMENT GRADE BOND FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03(a)
---------- -------- -------- -----------
Net Asset Value, Beginning of Period ............................. $ 9.14 $ 9.49 $ 9.82 $ 10.08
---------- -------- -------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... 0.16 0.31 0.31(b) 0.10(b)
Net realized and unrealized gain (loss) on investments ...... (0.12) (0.29) 0.02(b) (0.23)(b)
---------- -------- -------- -----------
Total from investment operations .......................... 0.04 0.02 0.33 (0.13)
---------- -------- -------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net investment
income .................................................... (0.18) (0.37) (0.38) (0.13)
Distributions from net realized gain on investments ......... -- -- (0.28) --
---------- -------- -------- -----------
Total distributions ....................................... (0.18) (0.37) (0.66) (0.13)
---------- -------- -------- -----------
Net decrease in net asset value .................................. (0.14) (0.35) (0.33) (0.26)
---------- -------- -------- -----------
Net Asset Value, End of Period ................................... $ 9.00 $ 9.14 $ 9.49 $ 9.82
========== ======== ======== ===========
TOTAL RETURN ..................................................... 0.48%(c) 0.21% 3.51% (1.24)%(c)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .......................... $ 3,421 $ 3,632 $ 1,557 $ 257
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 1.16% 1.10% 1.13%(d) 1.18%
After reimbursement and/or waiver of expenses by Adviser .... 0.89% 0.89% 0.89%(d) 0.89%
Ratios of net investment income to average net assets:
Before reimbursement and/or waiver of expenses by Adviser ... 3.42% 3.21% 2.98% 2.58%
After reimbursement and/or waiver of expenses by Adviser .... 3.69% 3.42% 3.22% 2.87%
Portfolio Turnover ............................................ 12.56%(c) 38.87% 53.67% 105.35%
- ----------
(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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 91
ABN AMRO Funds
INVESTMENT GRADE BOND FUND - CLASS I(a) APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR SIX MONTHS YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 4/30/02 4/30/01
----------- ---------- ---------- ---------- ---------- -------- --------
Net Asset Value, Beginning of
Period ........................ $ 9.14 $ 9.49 $ 9.82 $ 10.33 $ 9.96 $ 9.88 $ 9.54
----------- ---------- ---------- ---------- ---------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ...... 0.17 0.33 0.33(b) 0.34(b) 0.24 0.54 0.57
Net realized and unrealized
gain (loss) on
investments .............. (0.11) (0.29) 0.02(b) (0.10)(b) 0.41 0.08 0.34
----------- ---------- ---------- ---------- ---------- -------- --------
Total from investment
operations ............. 0.06 0.04 0.35 0.24 0.65 0.62 0.91
----------- ---------- ---------- ---------- ---------- -------- --------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment
income ................... (0.20) (0.39) (0.40) (0.44) (0.28) (0.54) (0.57)
Distributions from net
realized gain on
investments .............. -- -- (0.28) (0.31) -- -- --
----------- ---------- ---------- ---------- ---------- -------- --------
Total distributions ...... (0.20) (0.39) (0.68) (0.75) (0.28) (0.54) (0.57)
----------- ---------- ---------- ---------- ---------- -------- --------
Net increase (decrease) in net
asset value ................... (0.14) (0.35) (0.33) (0.51) 0.37 0.08 0.34
----------- ---------- ---------- ---------- ---------- -------- --------
Net Asset Value, End of Period .. $ 9.00 $ 9.14 $ 9.49 $ 9.82 $ 10.33 $ 9.96 $ 9.88
=========== ========== ========== ========== ========== ======== ========
TOTAL RETURN .................... 0.60%(c) 0.45% 3.75% 2.47% 6.60%(c) 6.38% 9.76%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in
000's) ..................... $ 27,705 $ 32,405 $ 40,996 $ 48,773 $ 54,748 $ 83,142 $ 90,771
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser .................. 0.91% 0.85% 0.88%(d) 0.93% 1.06% 1.05% 1.05%
After reimbursement and/or
waiver of expenses by
Adviser .................. 0.64% 0.64% 0.64%(d) 0.64% 0.65% 0.60% 0.60%
Ratios of net investment
income to average net
assets:
Before reimbursement and/or
waiver of expenses by
Adviser .................. 3.67% 3.46% 3.23% 3.14% 4.11% 4.93% 5.39%
After reimbursement and/or
waiver of expenses by
Adviser .................. 3.94% 3.67% 3.47% 3.43% 4.52% 5.38% 5.84%
Portfolio Turnover ........... 12.56%(c) 38.87% 53.67% 105.35% 80.49%(c) 17.00% 28.00%
- ----------
(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.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 92
ABN AMRO Funds
HIGH YIELD BOND FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03(a)
----------- --------- --------- -----------
Net Asset Value, Beginning of Period. ............. $ 9.95 $ 10.44 $ 10.15 $ 10.00
----------- --------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.34(b) 0.67 0.66 0.18
Net realized and unrealized gain (loss) on
investments ................................ --(b)(c) (0.37) 0.35 0.17
----------- --------- --------- -----------
Total from investment operations ........... 0.34 0.30 1.01 0.35
----------- --------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .......................... (0.36) (0.73) (0.72) (0.20)
Distribution from net realized gain on
investments ................................ -- (0.06) -- --
----------- --------- --------- -----------
Total distributions ........................ (0.36) (0.79) (0.72) (0.20)
----------- --------- --------- -----------
Net increase (decrease) in net asset value ........ (0.02) (0.49) 0.29 0.15
----------- --------- --------- -----------
Net Asset Value, End of Period .................... $ 9.93 $ 9.95 $ 10.44 $ 10.15
=========== ========= ========= ===========
TOTAL RETURN ...................................... 3.48%(d) 2.88% 10.26% 3.67%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........... $ 5,092 $ 11,019 $ 10,937 $ 10,425
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses
by Adviser ................................. 1.33% 1.31% 1.26% 1.25%
After reimbursement and/or waiver of expenses
by Adviser ................................. 0.80% 0.80% 0.80% 0.80%
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of expenses
by Adviser ................................. 6.38% 5.96% 5.96% 4.99%
After reimbursement and/or waiver of expenses
by Adviser ................................. 6.91% 6.47% 6.42% 5.44%
Portfolio Turnover ........................... 32.83%(d) 54.27% 62.66% 16.23%(d)
- ----------
(a) ABN AMRO High Yield Bond Fund - Class N commenced investment operations on
June 30, 2003.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $0.005 per share.
(d) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 93
ABN AMRO Funds
HIGH YIELD BOND FUND - CLASS I APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR PERIOD
04/30/06 ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03(a)
----------- --------- --------- -----------
Net Asset Value, Beginning of Period. ............. $ 9.95 $ 10.44 $ 10.15 $ 10.00
----------- --------- --------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.35(b) 0.69 0.69 0.19
Net realized and unrealized gain (loss) on
investments ................................ --(b)(c) (0.37) 0.35 0.17
----------- --------- --------- -----------
Total from investment operations ........... 0.35 0.32 1.04 0.36
----------- --------- --------- -----------
LESS DISTRIBUTIONS:
Distributions from and in excess of net
investment income .......................... (0.37) (0.75) (0.75) (0.21)
Distribution from net realized gain on
investments ................................ -- (0.06) -- --
----------- --------- --------- -----------
Total distributions ........................ (0.37) (0.81) (0.75) (0.21)
----------- --------- --------- -----------
Net increase (decrease) in net asset value ........ (0.02) (0.49) 0.29 0.15
----------- --------- --------- -----------
Net Asset Value, End of Period .................... $ 9.93 $ 9.95 $ 10.44 $ 10.15
=========== ========= ========= ===========
TOTAL RETURN ...................................... 3.61%(d) 3.14% 10.54% 3.76%(d)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) ........... $ 16,003 $ 10,092 $ 10,575 $ 10,282
Ratios of expenses to average net assets:
Before reimbursement and/or waiver of expenses
by Adviser ................................. 1.08% 1.06% 1.01% 1.00%
After reimbursement and/or waiver of expenses
by Adviser ................................. 0.55% 0.55% 0.55% 0.55%
Ratios of net investment income to average net
assets:
Before reimbursement and/or waiver of expenses
by Adviser ................................. 6.63% 6.21% 6.21% 5.24%
After reimbursement and/or waiver of expenses
by Adviser ................................. 7.16% 6.72% 6.67% 5.69%
Portfolio Turnover ............................. 32.83%(d) 54.27% 62.66% 16.23%(d)
- ----------
(a) ABN AMRO High Yield Bond Fund - Class I commenced investment operations on
June 30, 2003.
(b) The selected per share data was calculated using the weighted average
shares outstanding method for the period.
(c) Represents less than $0.005 per share.
(d) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 94
ABN AMRO Funds
MUNICIPAL BOND FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- --------- --------- --------- --------- ---------
Net Asset Value, Beginning of
Period. .......................... $ 10.25 $ 10.56 $ 10.65 $ 10.56 $ 10.43 $ 9.92
----------- --------- --------- --------- --------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ......... 0.18 0.34 0.34 0.37 0.41 0.47
Net realized and unrealized
gain (loss) on investments .. (0.08) (0.28) 0.06 0.09 0.13 0.51
----------- --------- --------- --------- --------- ---------
Total from investment
operations ................ 0.10 0.06 0.40 0.46 0.54 0.98
----------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS:
Distributions from and in
excess of net investment
income ...................... (0.18) (0.34) (0.34) (0.37) (0.41) (0.47)
Distributions from net
realized gain on
investments ................. (0.02) (0.03) (0.15) -- -- --
----------- --------- --------- --------- --------- ---------
Total distributions ......... (0.20) (0.37) (0.49) (0.37) (0.41) (0.47)
----------- --------- --------- --------- --------- ---------
Net increase (decrease) in net
asset value ...................... (0.10) (0.31) (0.09) 0.09 0.13 0.51
----------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period ..... $ 10.15 $ 10.25 $ 10.56 $ 10.65 $ 10.56 $ 10.43
=========== ========= ========= ========= ========= =========
TOTAL RETURN ....................... 0.96%(b) 0.58% 3.85% 4.45% 5.32% 10.09%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in
000's) ........................ $ 66,511 $ 69,070 $ 61,073 $ 48,047 $ 54,264 $ 48,222
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 1.03% 1.02% 0.96% 0.90% 0.81% 1.06%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 0.50% 0.50% 0.50% 0.50% 0.50% 0.18%(a)
Ratios of net investment
income to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser ..................... 2.94% 2.75% 2.76% 3.10% 3.62% 3.67%
After reimbursement and/or
waiver of expenses by
Adviser ..................... 3.47% 3.27% 3.22% 3.50% 3.93% 4.55%
Portfolio Turnover .............. 11.93%(b) 13.53% 54.77% 59.47% 53.17% 60.10%
- ----------
(a) The Adviser's expense reimbursement level, which affects the net expense
ratio, changed from 0.10% to 0.50% on September 24, 2001.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 95
ABN AMRO Funds
INVESTOR MONEY MARKET FUND - CLASS N APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01
----------- --------- --------- --------- --------- ---------
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 ........ 0.02 0.02 0.01 0.01 0.01 0.04
----------- --------- --------- --------- --------- ---------
LESS DISTRIBUTIONS FROM:
Net investment income ........ (0.02) (0.02) (0.01) (0.01) (0.01) (0.04)
Net realized gain on
investments ................ --(a) -- -- -- -- --
----------- --------- --------- --------- --------- ---------
Net Asset Value, End of Period .... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ========= ========= ========= ========= =========
TOTAL RETURN ...................... 1.92%(b) 2.36% 0.71% 0.78% 1.37% 4.40%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in
000's) ....................... $ 78,655 $ 117,039 $ 219,891 $ 236,811 $ 340,537 $ 484,148
Ratios of expenses to average
net assets:
Before reimbursement and/or
waiver of expenses by
Adviser. ................... 0.59% 0.55% 0.53% 0.51% 0.52% 0.51%
After reimbursement and/or
waiver of expenses by
Adviser. ................... 0.59% 0.55% 0.53% 0.51% 0.52% 0.51%
Ratios of net investment
income to average net assets:
Before reimbursement and/or
waiver of expenses by
Adviser. ................... 3.83% 2.19% 0.71% 0.78% 1.39% 4.24%
After reimbursement and/or
waiver of expenses by
Adviser. ................... 3.83% 2.19% 0.71% 0.78% 1.39% 4.24%
- ----------
(a) Represents less than $0.005 per share.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
| 96
ABN AMRO Funds
APRIL 30, 2006
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 27 separate
portfolios.
The following portfolios of the Trust are included in these financial
statements: ABN AMRO/River Road Dynamic Equity Income Fund (the "River Road
Dynamic Equity Income Fund"), 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 Mid Cap Growth Fund
(the "Mid Cap Growth Fund"), ABN AMRO/River Road Small Cap Value Fund (the
"River Road Small Cap Value 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 Balanced
Fund (the "Balanced Fund"), ABN AMRO/Montag & Caldwell Balanced Fund (the "M&C
Balanced 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 and M&C Growth Fund are authorized to issue three classes of shares
(Class N Shares, Class I Shares and Class R Shares). Value Fund, Mid Cap Fund,
TAMRO Small Cap Fund, Veredus Aggressive Growth Fund, Real Estate 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). River Road Dynamic Equity Income Fund, TAMRO Large Cap Value
Fund, Veredus Select Growth Fund, Mid Cap Growth Fund, River Road Small Cap
Value Fund, Veredus SciTech Fund, Municipal Bond Fund and Investor Money Market
Fund are each authorized to issue one class of shares (N Shares). Currently
Balanced Fund offers only Class N Shares. Each class of shares are substantially
the same except that certain classes of shares bear class specific expenses,
which include distribution fees and sub-transfer agent fees.
The investment objectives of the Funds are as follows:
- --------------------------------------------------------------------------------
RIVER ROAD DYNAMIC High current income and, secondarily, long-term capital
EQUITY INCOME FUND appreciation.
- --------------------------------------------------------------------------------
GROWTH FUND Long-term total return through a combination of capital
appreciation and current income by investing primarily
in a combination of stocks and bonds.
- --------------------------------------------------------------------------------
M&C GROWTH FUND Long-term capital appreciation and, secondarily,
current income, by investing primarily in common stocks
and convertible securities.
- --------------------------------------------------------------------------------
TAMRO LARGE CAP Long-term capital appreciation.
VALUE FUND
- --------------------------------------------------------------------------------
VALUE FUND Total return through long-term capital appreciation and
current income.
- --------------------------------------------------------------------------------
VEREDUS SELECT Capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
MID CAP FUND Long-term total return through capital appreciation by
investing primarily in common and preferred stocks and
convertible securities.
- --------------------------------------------------------------------------------
MID CAP GROWTH FUND Total return through capital appreciation.
- --------------------------------------------------------------------------------
RIVER ROAD SMALL Long-term capital appreciation.
CAP VALUE FUND
- --------------------------------------------------------------------------------
TAMRO SMALL CAP FUND Long-term capital appreciation.
- --------------------------------------------------------------------------------
VEREDUS AGGRESSIVE Capital appreciation.
GROWTH FUND
- --------------------------------------------------------------------------------
REAL ESTATE FUND Total return through a combination of growth and
income.
- --------------------------------------------------------------------------------
VEREDUS SCITECH FUND Long-term capital appreciation.
- --------------------------------------------------------------------------------
BALANCED FUND Growth of capital with current income by investing in a
combination of equity and fixed income securities.
- --------------------------------------------------------------------------------
M&C BALANCED FUND Long-term total return.
- --------------------------------------------------------------------------------
BOND FUND High current income consistent with prudent risk of
capital.
- --------------------------------------------------------------------------------
INVESTMENT GRADE
BOND FUND Total return.
- --------------------------------------------------------------------------------
HIGH YIELD BOND FUND Interest income and capital appreciation.
- --------------------------------------------------------------------------------
MUNICIPAL BOND FUND High level of current interest income exempt from
federal income tax consistent with preservation of
capital by investing primarily in intermediate-term
municipal securities.
- --------------------------------------------------------------------------------
INVESTOR MONEY High level of current interest income as is consis-
MARKET FUND tent with maintaining liquidity and stability of
principal.
- --------------------------------------------------------------------------------
| 97
ABN AMRO Funds
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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
U.S. generally accepted accounting principles. Certain reclassifications have
been made to prior year financial information to conform with current year
presentations.
(1) SECURITY VALUATION: Equity securities, closed-end funds 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"), if applicable. If no last sale price or
NOCP, if applicable, 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 current market value of such securities in
accordance with guidelines adopted. If accurate market quotations are not
available, securities are valued at 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. Interest accrued is captured in dividends and interest
receivable. Investments in money market 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 may
utilize the services of an independent pricing service to determine fair value
prices for foreign securities if certain significant events occur and the
Adviser does not believe the last sale is an appropriate estimate of fair value.
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
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) 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 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, 2006, the Funds did not
own any when issued or delayed delivery securities.
(4) 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 previously listed may also invest in collateralized mortgage
obligations (CMOs) and real estate mort-
| 98
ABN AMRO Funds
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
gage investment conduits (REMICs). A CMO is a bond that 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.
(5) INVESTM ENT 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 transactions are accounted for on the date securities
are purchased or sold. The cost of securities sold is determined using the
identified cost method.
(6) 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 p.m. US ET (Eastern Time). 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 effects 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.
(7) 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, 2005, the following
Funds had available realized capital losses to offset future net capital gains
through the fiscal year ended:
2008 2009 2010 2011 2012 2013 TOTAL
------------ ------------ ------------ ------------ --------- --------- -------------
River Road Dynamic
Equity Income Fund ........... $ -- $ -- $ -- $ -- $ -- $ 66,456 $ 66,456
Growth Fund ..................... 21,124,514 15,732,773 -- -- -- -- 36,857,287
M&C Growth Fund ................. -- -- 89,830,701 72,782,075 -- -- 162,612,776
TAMRO Large Cap Value Fund ...... -- -- 384,072 -- -- -- 384,072
River Road Small Cap
Value Fund ................... -- -- -- -- -- 43,156 43,156
TAMRO Small Cap Fund ............ -- -- -- -- -- 798,720 798,720
Veredus Aggressive Growth
Fund ......................... -- -- 77,200,018 -- -- -- 77,200,018
Veredus SciTech Fund ............ -- 545,680 1,041,291 -- 390,520 8,062 1,985,553
M&C Balanced Fund ............... -- -- 10,278,507 2,978,228 -- -- 13,256,735
Bond Fund ....................... -- -- 2,004,521 -- 139,950 -- 2,144,471
Investment Grade Bond Fund ...... -- -- -- -- 75,141 354,840 429,981
High Yield Bond Fund ............ -- -- -- -- -- 32,155 32,155
| 99
ABN AMRO Funds
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
(8) MULTI-CLASS OPERATIONS: With respect to Growth Fund, M&C Growth Fund, Value
Fund, Mid Cap Fund, TAMRO Small Cap Fund, Veredus Aggressive Growth Fund, Real
Es tate 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, fund level 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 to each class
and include distribution fees and sub-transfer agent fees.
(9) USE OF ESTIMATES: The preparation of financial statements in conformity with
U.S. generally accepted accounting principles 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.
(10) 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 remote.
NOTE (C) DIVIDENDS FROM NET INVESTMENT INCOME AND DISTRIBUTIONS OF CAPITAL
GAINS: Dividends and distributions to shareholders are recorded on the
ex-dividend date. River Road Dynamic Equity Income Fund, 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 generally not expected to be distributed more
frequently than annually.
Growth Fund, M&C Growth Fund, TAMRO Large Cap Value Fund, Value Fund, Veredus
Select Growth Fund, Mid Cap Fund, Mid Cap Growth Fund, River Road Small Cap
Value Fund, TAMRO Small Cap Fund, Veredus Aggressive Growth, Real Estate Fund,
Veredus SciTech Fund, Balanced Fund and M&C Balanced Fund distribute dividends
from net investment income to shareholders quarterly and net realized gains from
investment transactions, if any, are generally not expected to be distributed
more frequently than 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 generally not
expected to be distributed more frequently than annually. Differences in
dividends per share between classes of Growth Fund, M&C Growth Fund, Value Fund,
Mid Cap Fund, TAMRO Small Cap Fund, Veredus Aggressive Growth Fund, Real Estate
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 classified as ordinary income for tax purposes.
The tax character of distributions paid during 2005 and 2004 was as follows:
| 100
ABN AMRO Funds
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
DISTRIBUTIONS PAID IN 2005 DISTRIBUTIONS PAID IN 2004
---------------------------------------- -------------------------------------
LONG-TERM LONG-TERM
TAX-EXEMPT ORDINARY CAPITAL TAX-EXEMPT ORDINARY CAPITAL
INCOME INCOME GAINS INCOME INCOME GAINS
----------- ------------ ------------ ---------- ------------ -----------
River Road Dynamic Equity Income Fund ..... $ -- $ 52,394 $ -- $ -- $ -- $ --
Growth Fund ............................... -- 3,719,656 -- -- -- --
M&C Growth Fund ........................... -- 12,223,076 -- -- 11,590,131 --
TAMRO Large Cap Value Fund ................ -- 140,652 -- -- 66,473 --
Value Fund ................................ -- 3,689,930 -- -- 2,785,108 --
Mid Cap Fund .............................. -- -- 14,115,486 -- -- 655,679
TAMRO Small Cap Fund ...................... -- 2,319,448 5,771,631 -- 4,876,999 4,162,512
Real Estate Fund .......................... -- 1,534,870 3,025,541 -- 1,354,833 504,832
Balanced Fund ............................. -- 3.673.528 13,121,235 -- 3,970,998 --
M&C Balanced Fund ......................... -- 2,019,046 -- -- 3,905,283 --
Bond Fund ................................. -- 13,742,768 -- -- 22,589,575 --
Investment Grade Bond Fund ................ -- 1,638,810 -- -- 1,971,123 1,396,278
High Yield Bond Fund ...................... -- 1,634,987 22,832 -- 1,521,775 --
Municipal Bond Fund ....................... 2,148,332 -- 182,140 1,768,670 250,780 438,383
Investor Money Market Fund ................ -- 3,456,889 -- -- 1,539,649 --
As of October 31, 2005, the most recent tax year end, the components of
distributable earnings on a tax basis were as follows:
UNREALIZED
CAPITAL LOSS UNDISTRIBUTED UNDISTRIBUTED UNDISTRIBUTED APPRECIATION
CARRYFORWARD ORDINARY INCOME TAX-EXEMPT INCOME LONG-TERM GAIN (DEPRECIATION)
------------- --------------- ----------------- -------------- --------------
River Road Dynamic Equity Income Fund ..... $ (66,456) $ 10,077 $ -- $ -- $ (31,113)
Growth Fund ............................... (36,857,287) 420,504 -- 60,279,416 132,512,224
M&C Growth Fund ........................... (162,612,776) 2,223,545 -- -- 294,595,025
TAMRO Large Cap Value Fund ................ (384,072) 13,184 -- -- 2,567,125
Value Fund ................................ -- 152,145 -- 4,572,940 40,687,599
Veredus Select Growth Fund ................ -- -- -- 19,194 310,762
Mid Cap Fund .............................. -- 2,977,006 -- 21,008,910 32,140,228
River Road Small Cap Value Fund ........... (43,156) -- -- -- 84,024
TAMRO Small Cap Fund ...................... (798,720) -- -- -- 21,120,967
Veredus Aggressive Growth Fund ............ (77,200,018) -- -- -- 120,555,280
Real Estate Fund .......................... -- 506,385 -- 9,478,709 21,282,734
Veredus SciTech Fund ...................... (1,985,553) -- -- -- 485,650
Balanced Fund ............................. -- 299,170 -- 8,737,518 17,802,418
M&C Balanced Fund ......................... (13,256,735) 117,517 -- -- 3,831,300
Bond Fund ................................. (2,144,471) 165,769 -- -- (4,367,667)
Investment Grade Bond Fund ................ (429,981) 75,095 -- -- (1,015,988)
High Yield Bond Fund ...................... (32,155) 125,670 -- -- 57,683
Municipal Bond Fund ....................... -- 50,542 75,158 101,515 777,411
Investor Money Market Fund ................ -- 223,229 -- -- --
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, 2006, ABN AMRO Asset Management Holdings, Inc. owned 449,516 shares of River
Road Dynamic Equity Income Fund, Class N, 100,000 shares of Veredus Select
Growth Fund, Class N, 100,000 shares of Mid Cap Growth Fund, Class N, 160,085
shares of River Road Small Cap Value, Class N and 399,987 and 1,599,986 shares
of High Yield Bond Fund, Class N and Class I, respectively. Share transactions
of the Funds were as follows:
SIX MONTHS ENDED APRIL 30, 2006
NET INCREASE
PROCEEDS FROM (DECREASE) IN
REINVESTMENT SHARES
CLASS N SOLD OF DISTRIBUTIONS REDEEMED OUTSTANDING
- --------------------------- --------- ---------------- ----------- -------------
River Road Dynamic Equity Income Fund ....... 102,370 1,494 (50,176) 53,688
Growth Fund ................................. 2,186,006 1,583,026 (18,488,835) (14,719,803)
M&C Growth Fund ............................. 4,915,454 91,322 (10,738,707) (5,731,931)
TAMRO Large Cap Value Fund .................. 113,037 6,033 (441,891) (322,821)
Value Fund .................................. 744,440 169,403 (1,222,202) (308,359)
Veredus Select Growth Fund .................. 1,217,427 1,361 (148,493) 1,070,295
| 101
ABN AMRO Funds
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
SIX MONTHS ENDED APRIL 30, 2006- CONTINUED
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
OF IN SHARES
CLASS N (CONTINUED) SOLD DISTRIBUTIONS REDEEMED OUTSTANDING
- ------------------------------- ----------- ------------- ------------ -------------
Mid Cap Fund ............................... 4,211,698 797,762 (4,787,797) 221,663
Mid Cap Growth Fund (a) .................... 109,383 -- (672) 108,711
River Road Small Cap Value Fund ............ 1,030,522 -- (400,637) 629,885
TAMRO Small Cap Fund ....................... 2,269,395 -- (3,348,964) (1,079,569)
Veredus Aggressive Growth Fund ............. 3,023,332 -- (6,410,467) (3,387,135)
Real Estate Fund ........................... 589,152 417,428 (713,234) 293,346
Veredus SciTech Fund ....................... 110,462 -- (195,736) (85,274)
Balanced Fund .............................. 564,406 913,360 (10,216,666) (8,738,900)
M&C Balanced Fund .......................... 170,695 20,699 (811,526) (620,132)
Bond Fund .................................. 1,565,688 291,984 (4,744,863) (2,887,191)
Investment Grade Bond Fund ................. 20,362 7,771 (45,802) (17,669)
High Yield Bond Fund ....................... 18,671 3,173 (616,301) (594,457)
Municipal Bond Fund ........................ 1,074,429 83,326 (1,340,969) (183,214)
Investor Money Market Fund ................. 220,989,460 874,192 (260,246,955) (38,383,303)
(a) Mid Cap Growth Fund commenced investment operations on December 29, 2005.
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
OF IN SHARES
CLASS I SOLD DISTRIBUTIONS REDEEMED OUTSTANDING
- ------------------------------- ----------- ------------- ------------ -------------
Growth Fund ................................ 1,946,926 904,126 (2,246,917) 604,135
M&C Growth Fund ............................ 5,384,494 243,165 (19,922,536) (14,294,877)
Value Fund ................................. 1,242,707 380,270 (52,282) 1,570,695
Mid Cap Fund ............................... 524,107 105,120 (692,070) (62,843)
TAMRO Small Cap Fund ....................... 1,579,752 -- (450,755) 1,128,997
Veredus Aggressive Growth Fund ............. 1,328,841 -- (1,025,309) 303,532
Real Estate Fund ........................... 279,367 261,579 (5,313) 535,633
M&C Balanced Fund .......................... 133,368 6,935 (544,329) (404,026)
Bond Fund .................................. 298,405 76,059 (2,458,445) (2,083,981)
Investment Grade Bond Fund ................. 47,330 29,010 (546,632) (470,292)
High Yield Bond Fund ....................... 600,000 385 (2,600) 597,785
PROCEEDS FROM
REINVESTMENT NET INCREASE
OF IN SHARES
CLASS R SOLD DISTRIBUTIONS REDEEMED OUTSTANDING
- ------------------------------- ----------- ------------- ------------ -------------
Growth Fund ................................ 43,443 1,594 (14,053) 30,984
M&C Growth Fund ............................ 7,818 -- (4,130) 3,688
YEAR ENDED OCTOBER 31, 2005
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
OF EXCHANGED SUBSCRIPTION IN SHARES
CLASS N SOLD DISTRIBUTIONS REDEEMED IN (b) IN KIND OUTSTANDING
- ---------------------------------------- ----------- ------------- ------------ ------------ ------------ ------------
River Road Dynamic Equity Income Fund (a) .. 537,150 220 (106) -- -- 537,264
Growth Fund (b) ............................ 11,103,850 90,569 (16,227,885) 16,975 -- (5,016,491)
M&C Growth Fund ............................ 13,383,528 104,095 (18,317,017) -- -- (4,829,394)
TAMRO Large Cap Value Fund ................. 681,239 11,210 (498,783) -- -- 193,666
Value Fund ................................. 3,990,876 97,285 (17,027,981) -- -- (12,939,820)
Veredus Select Growth ...................... 938,928 -- (82,375) -- -- 856,553
Mid Cap Fund ............................... 14,969,958 486,641 (8,628,945) -- -- 6,827,654
River Road Small Cap Value Fund (c) ........ 573,564 -- -- -- 39,003 612,567
TAMRO Small Cap Fund ....................... 6,749,648 461,797 (5,077,393) -- -- 2,134,052
Veredus Aggressive Growth Fund ............. 9,272,640 -- (11,604,303) -- -- (2,331,663)
Real Estate Fund ........................... 1,518,071 160,052 (3,274,478) -- -- (1,596,355)
Veredus SciTech Fund ....................... 173,970 -- (585,267) -- -- (411,297)
Balanced Fund .............................. 8,201,094 1,527,947 (14,116,605) -- -- (4,387,564)
M&C Balanced Fund .......................... 749,234 70,245 (3,789,396) -- -- (2,969,917)
Bond Fund .................................. 4,283,628 702,258 (5,870,924) -- -- (885,038)
Investment Grade Bond Fund ................. 262,184 11,654 (40,302) -- -- 233,536
High Yield Bond Fund ....................... 92,033 6,169 (38,688) -- -- 59,514
Municipal Bond Fund ........................ 2,293,449 133,990 (1,473,151) -- -- 954,288
Investor Money Market Fund ................. 536,100,236 805,231 (639,757,628) -- -- (102,852,161)
(a) River Road Dynamic Equity Income Fund commenced investment operations on
June 28, 2005.
(b) Growth Fund closed its Class C Shares on October 28, 2005. Existing
shareholders were exchanged into Class N Shares.
(c) River Road Small Cap Value Fund commenced investment operations on June
28, 2005.
| 102
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APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
PROCEEDS FROM NET INCREASE
REINVESTMENT (DECREASE)
OF REDEMPTION IN SHARES
CLASS I SOLD DISTRIBUTIONS REDEEMED IN KIND OUTSTANDING
- ------------------------------ ---------- ------------- ----------- ----------- ------------
Growth Fund ................................ 9,271,249 27,567 (4,317,572) (1,686,980) 3,294,264
M&C Growth Fund ............................ 23,771,517 366,681 (51,532,551) -- (27,394,353)
Value Fund (a) ............................. 15,847,838 -- (417) -- 15,847,421
Mid Cap Fund ............................... 2,187,523 41,979 (224,612) -- 2,004,890
TAMRO Small Cap Fund (b) ................... 811,375 -- (81,670) -- 729,705
Veredus Aggressive Growth Fund ............. 3,492,096 -- (2,061,067) -- 1,431,029
Real Estate Fund (c) ....................... 2,015,976 -- -- -- 2,015,976
M&C Balanced Fund .......................... 429,031 52,909 (4,341,762) -- (3,859,822)
Bond Fund .................................. 1,282,257 224,964 (21,501,108) -- (19,993,887)
Investment Grade Bond Fund ................. 160,146 64,458 (995,911) -- (771,307)
High Yield Bond Fund ....................... 5,266 778 (5,149) -- 895
(a) Value Fund began issuing Class I Shares on September 20, 2005.
(b) TAMRO Small Cap Fund began issuing Class I Shares on January 4, 2005.
(c) Real Estate Fund began issuing Class I Shares on September 20, 2005.
PROCEEDS FROM
REINVESTMENT NET INCREASE
OF EXCHANGED IN SHARES
CLASS C SOLD DISTRIBUTIONS REDEEMED OUT (a) OUTSTANDING
- ------------------------------ ---------- ------------- ----------- ----------- ------------
Growth Fund (a) ............................ 2,273 3 (2,999) (16,975) (17,698)
(a) Growth Fund closed its Class C Shares on October 28, 2005. Existing
shareholders were exchanged into Class N Shares.
PROCEEDS FROM
REINVESTMENT NET INCREASE
OF IN SHARES
CLASS R SOLD DISTRIBUTIONS REDEEMED OUTSTANDING
- ------------------------------ ---------- ------------- ----------- ------------
Growth Fund ................................ 36,305 48 (12,984) 23,369
M&C Growth Fund ............................ 10,905 23 (2,104) 8,824
NOTE (E) INVESTMENT TRANSACTIONS: Aggregate purchases and proceeds from sales of
investment securities (other than short-term investments) for the period ended
April 30, 2006 were as follows:
AGGREGATE PURCHASES PROCEEDS FROM SALES
------------------------------ -------------------------------
U.S. GOVERNMENT OTHER U.S. GOVERNMENT OTHER
--------------- ------------- --------------- --------------
River Road Dynamic Equity Income Fund .. $ -- $ 2,083,017 $ -- $ 1,243,459
Growth Fund ............................ -- 105,664,013 -- 488,620,875
M&C Growth Fund ........................ -- 817,461,871 -- 1,198,151,742
TAMRO Large Cap Value Fund ............. -- 5,378,011 -- 9,542,635
Value Fund ............................. -- 47,838,115 -- 37,150,629
Veredus Select Growth Fund ............. -- 41,489,691 -- 27,705,820
Mid Cap Fund ........................... -- 119,704,080 -- 112,268,479
Mid Cap Growth Fund .................... -- 1,111,412 -- 22,898
River Road Small Cap Value Fund (b) .... -- 12,800,647 -- 6,091,587
TAMRO Small Cap Fund ................... -- 52,560,396 -- 60,445,928
Veredus Aggressive Growth Fund ......... -- 483,150,542 -- 537,899,526
Real Estate Fund ....................... -- 42,713,764 -- 37,774,401
Veredus SciTech Fund ................... -- 6,312,609 -- 6,517,955
Balanced Fund .......................... 12,249,297 9,545,168 25,900,284 101,242,801
M&C Balanced Fund ...................... 624,922 8,417,580 3,813,313 23,541,798
Bond Fund .............................. 44,452,155 51,885,126 100,756,985 39,676,274
Investment Grade Bond Fund ............. 1,608,102 2,552,179 5,274,467 3,869,576
High Yield Bond Fund ................... -- 6,508,146 -- 7,346,673
Municipal Bond Fund .................... -- 9,881,584 -- 8,051,597
| 103
ABN AMRO Funds
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
NOTE (F) REDEMPTION FEES: In accordance with the prospectuses, certain Funds
assessed a 2% redemption fee on fund share redemptions and exchanges within
specified time periods, as indicated in the following table:
FUND NAME TIME PERIOD AMOUNT FUND NAME TIME PERIOD AMOUNT
- ------------------------------------- ---------------- ------- ------------------------------ ----------------- --------
River Road Dynamic Equity Income Fund 2% Within 7 Days $ -- Veredus Aggressive Growth Fund 2% Within 7 Days $ 6,140
Growth Fund 2% Within 7 Days -- Real Estate Fund 2% Within 90 Days 8,088
M&C Growth Fund 2% Within 7 Days 5,235 Veredus SciTech Fund 2% Within 90 Days 518
TAMRO Large Cap Value Fund 2% Within 7 Days -- Balanced Fund 2% Within 7 Days --
Value Fund 2% Within 7 Days -- M&C Balanced Fund 2% Within 7 Days 3
Veredus Select Growth 2% Within 7 Days -- Bond Fund 2% Within 7 Days 481
Mid Cap Fund 2% Within 7 Days 1,361 Investment Grade Bond Fund 2% Within 7 Days --
River Road Small Cap Value Fund 2% Within 7 Days 215 High Yield Bond Fund 2% Within 90 Days 50
TAMRO Small Cap Fund 2% Within 7 Days 262 Municipal Bond Fund 2% Within 90 Days 13,648
Redemption fees are allocated back to each class based on relative net assets
and have been deducted from gross redemption proceeds on the Statements of
Changes in Net Assets. The Board of Trustees of the Trust approved the removal
of the 2% redemption fee on Fund shares redeemed or exchanged within seven days
of purchase for all of the Trust's Funds listed above with a time period of 7
days, effective January 2006, except for Real Estate Fund, Veredus SciTech Fund,
High Yield Bond Fund and Municipal Bond Fund, which continue to have a 2%
redemption fee on Fund shares redeemed or exchanged within 90 days of purchase.
NOTE (G) 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 cap annual ordinary operating
expenses for Class N and Class I shareholders at certain specified annual rates
of average daily net assets, respectively. There are no contractual expense
limitations for Class R shareholders. Contractual expense limitation contracts
are effective through February 28, 2007 for all Classes of the Funds. The
advisory rates and contractual expense limitations for the six months ended
April 30, 2006 were as follows:
CONTRACTUAL
EXPENSE
LIMITATIONS
-----------------
ADVISER ADVISORY FEES CLASS N CLASS I
----------------------------------- --------------------------- ------- -------
River Road Dynamic Equity Income Fund River Road Asset Management LLC 0.70% 1.30% N/A
Growth Fund ABN AMRO Asset Management, Inc. 0.70% N/A N/A
M&C Growth Fund Montag & Caldwell, Inc. 0.80% on first $800,000,000
0.60% over $800,000,000 N/A N/A
TAMRO Large Cap Value Fund TAMRO Capital Partners LLC 0.80% 1.20% N/A
Value Fund ABN AMRO Asset Management, Inc. (b) 0.80% 0.94% 0.69%
Veredus Select Growth Fund Veredus Asset Management LLC 0.80% 1.30% N/A
Mid Cap Fund ABN AMRO Asset Management, Inc. 0.80% on first $100,000,000
0.75% next $300,000,000
0.70% over $400,000,000 1.40% 1.15%
Mid Cap Growth Fund ABN AMRO Asset Management, Inc. 0.80% 1.40% N/A
River Road Small Cap Value Fund River Road Asset Management LLC 0.90% 1.50% N/A
TAMRO Small Cap Fund TAMRO Capital Partners LLC 0.90% 1.30% 1.05%
Veredus Aggressive Growth Fund Veredus Asset Management LLC 1.00% 1.49% 1.24%
Real Estate Fund ABN AMRO Asset Management, Inc. (b) 1.00% 1.37% 1.12%
Veredus SciTech Fund Veredus Asset Management LLC 1.00% 1.60% N/A
Balanced Fund ABN AMRO Asset Management, Inc. 0.70% N/A N/A
M&C Balanced Fund Montag & Caldwell, Inc. 0.75% N/A N/A
Bond Fund ABN AMRO Asset Management, Inc. 0.55% 0.74% 0.49%
Investment Grade Bond Fund ABN AMRO Asset Management, Inc. 0.50% 0.89% 0.64%
High Yield Bond Fund ABN AMRO Asset Management, Inc. (b) 0.45% 0.80% 0.55%
| 104
ABN AMRO Funds
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
CONTRACTUAL
EXPENSE
LIMITATIONS
-----------------
ADVISER ADVISORY FEES CLASS N CLASS I
----------------------------------- --------------------------- ------- -------
Municipal Bond Fund (a) ABN AMRO Asset Management, Inc. 0.60% N/A N/A
Investor Money Market Fund ABN AMRO Asset Management, Inc. 0.40% N/A N/A
(a) The Adviser voluntarily waived management fees and all distribution fees
for the Municipal Bond Fund so that the net expense ratio was 0.50%. The
Adviser may revise or discontinue the voluntary waivers at any time.
(b) Effective January 1, 2006, ABN AMRO Asset Management (USA) LLC ("AAAM
LLC") merged with ABN AMRO Asset Management, Inc. Any contract between the
Funds' and AAAM LLC continues under ABN AMRO Asset Management, Inc.
In addition, the Adviser entered into sub-advisory agreements with the following
entities for the following Funds:
FUND SUB-ADVISER
- ------------ --------------------------------
Value Fund MFS Institutional Advisors, Inc.
Mid Cap Fund Optimum Investment Advisers, LP
Sub-advisory fees are paid monthly by the Adviser.
ABN A MRO Inv estment Fund Servi ces, Inc. (the "Administrator"), provides the
Funds with various administrative services. Administration expenses also include
pricing agent fees and compliance related expenses. Effective April 1, 2005,
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 base fees are fixed at an annual rate of $12,000 per
Fund. The administration fee arrangement is as follows:
ADMINISTRATION FEES
AT TRUST LEVEL ANNUAL RATE
- ------------------- -----------
First $7.4 billion 0.0490%
Over $7.4 billion 0.0465%
Prior to April 1, 2005, under terms of the administration agreement,
administration fees were accrued daily and paid monthly, based on a specified
percentage of average daily net assets of the Trust and custody liaison fees
were accrued for at a fixed charge that varied according to the size of the
Fund. The fee arrangements were as follows:
ADMINISTRATION FEES
AT TRUST LEVEL ANNUAL RATE CUSTODY LIAISON FEES ANNUAL RATE
- --------------------------- ----------- ---------------------------- -----------
First $2 billion 0.060% First $100 million $ 10,000
$2 billion to $12.5 billion 0.050% $100 million to $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. Effective
April 1, 2005, under the 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 of the Trust and base fees, formerly
known as custody liaison fees, are fixed at an annual rate of $12,000. The
sub-administration fee arrangement is as follows:
SUB-ADMINISTRATION FEES ANNUAL RATE
- ----------------------- -----------
First $7.4 billion 0.0255%
Over $7.4 billion 0.0230%
Prior to April 1, 2005, under the terms of the sub-administration agreement,
sub-administration fees were accrued daily and paid monthly, based on a
specified percentage of average daily net assets of the Trust, 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%
Prior to April 1, 2005, custody liaison fees were fixed at an annual rate of
$10,000 per Fund. Effective April 1, 2005, these fees were eliminated.
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 and Class R shares, the Funds pay certain
expenses associated with the distribution of their shares. Under the Plans, 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 and 0.50% of each
participating Fund's Class R average daily net assets. On October 28, 2005, the
Class C shares of the Growth Fund were closed. Prior to that time, under the
Plans, the Growth Fund could pay expenses not exceeding, on an annual basis,
0.75% of the Growth Fund's Class C average daily net assets. The Class I shares
do not have distribution plans.
Prior to October 28, 2005, the Growth Fund had also adopted a shareholder
servicing plan for the Class C shares. On October 28, 2005, Class C shares of
the Growth Fund were closed, therefore the shareholder servicing
| 105
ABN AMRO Funds
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
plan no longer exists. The Distributor was 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 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 was
paid a CDSC of up to 1.00% on the redemption of Class C shares within 18 months
of their purchase.
In addition, some of the Funds, with respect to Class N shares, Class I shares
and Class R shares, pay a sub-transfer agent fee pursuant to certain fee
arrangements. For the six months ended April 30, 2006, the fees charged to these
Funds for Class N, Class I and Class R, which are included in the Transfer agent
fees on the Statement of Operations, were as follows:
SUB-TRANSFER AGENT FEES
-----------------------------
FUND CLASS N CLASS I CLASS R
- ---- --------- ------- -------
River Road Dynamic Equity Income Fund $ -- $ -- $ --
Growth Fund 117,343 -- --
M&C Growth Fund 182,476 -- --
TAMRO Large Cap Value Fund 1,102 -- --
Value Fund -- -- --
Veredus Select Growth Fund 4,289 -- --
Mid Cap Fund 103,381 3,857 --
Mid Cap Growth Fund -- -- --
River Road Small Cap Value Fund -- -- --
TAMRO Small Cap Fund 44,044 -- --
Veredus Aggressive Growth Fund 83,778 -- --
Real Estate Fund 991 -- --
Veredus SciTech Fund 942 -- --
Balanced Fund 5,377 -- --
M&C Balanced Fund 2,204 -- --
Municipal Bond Fund 6,954 -- --
The Trust does not compensate its officers or interested Trustees who are
affiliated with the Adviser. Effective January 1, 2005, the Trust pays each
non-interested Trustee $5,000 per Board of Trustees meeting attended, an annual
retainer of $25,000 and reimburses for out-of-pocket expenses. In addition, the
Trust pays each member of the Nominating and Governance Committee a $2,000
annual retainer and each member of the Audit Committee a $2,500 annual retainer.
The Chairman of the Audit Committee receives an additional $10,000 per year, the
Chairman of the Nominating and Governance Committee receives an additional
$2,500 per year, and the Lead Independent Trustee receives an additional $20,000
per year. Prior to January 1, 2005, 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 $10,000 and reimbursed each
non-interested Trustee and non-affiliated interested and advisory Trustee for
out-of-pocket expenses. Additionally, the Chairman of the Audit Committee
received an additional $5,000 per year.
NOTE (H) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended March 17, 2006, provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by each 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 an annual administration fee of
$37,500 and reasonable 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 Offered Rate),
as applicable, plus 0.625%. Borrowings must be repaid within 60 days. At April
30, 2006, there was one borrowing outstanding on the line of credit for the
TAMRO Large Cap Value Fund totaling $3,297,500. For the Funds that utilized the
line of credit during the six months ended April 30, 2006, the average daily
loan balance outstanding on the days where borrowings existed, the weighted
average interest rate and the interest expense, included on the Statement of
Operations, allocated to each Fund for use of the line of credit were as
follows:
AVERAGE DAILY LOAN WEIGHTED AVERAGE
BALANCE INTEREST RATE INTEREST EXPENSE
------------------ ---------------- ----------------
Growth Fund $ 6,076,167 4.18% $ 2,089
TAMRO Large Cap Value Fund 3,297,500 4.88% 1,340
Mid Cap Fund 2,056,425 4.72% 1,557
Balanced Fund 6,177,500 4.27% 1,465
Bond Fund 4,802,500 4.24% 1,039
Investment Grade Bond Fund 3,290,900 4.78% 330
NOTE (I) SUBSEQUENT EVENTS: The Trust filed a Post-Effective Amendment to its
Registration Statement on April 28, 2006 for the purpose of adding Class I
shares to Veredus Select Growth Fund. Class I shares are expected to be offered
to the public on or about June 30, 2006.
On April 20, 2006, ABN AMRO Asset Management, Inc. and its affiliates ABN AMRO
Asset Management Holdings, Inc., ABN AMRO Investment Fund Services, Inc.
("AAIFS"), Montag & Caldwell, Inc., TAMRO Capital Partners LLC, Veredus Asset
Management LLC and River Road Asset Management LLC (collectively, "ABN AMRO")
entered into a defi nitive agreement to sell
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substantially all of the assets related to their U.S. mutual fund business (the
"Purchase Agreement") to Highbury Financial Inc. and Aston Asset Management LLC
("Aston"), a newly created subsidiary of Highbury. Subject to approval of the
Board of Trustees and shareholders and other conditions, Aston would become
investment below to nineteen series of ABN AMRO Funds (the "Trust") listed
below. ABN AMRO would continue to be responsible for the day-to-day management
of each Fund as a sub-adviser to Aston, except as described below. The
transactions under the Purchase Agreement are collectively referred to as the
"Strategic Transaction."
On May 9, 2006, the Board of Trustees of ABN AMRO Funds considered and approved
several proposals in connection with the Strategic Transaction. The proposals
approved by the Board of Trustees in connection with the Strategic Transaction
included the following:
(I) approval of a new investment advisory agreement with Aston with respect to
nineteen series of the Trust listed below, which provides for the same
investment advisory fee rate currently in effect for each Fund;
(II) approval of a new sub-advisory agreement for nineteen series of the Trust
listed above with the sub-advisers shown below;
(III) approval of the assignment of the agreements relating to the provision of
administration services from AAIFS to Aston; and
(IV) approval of name changes for the Trust and each Fund to reflect the name
Aston and, if applicable, ABN AMRO.
The Board of Trustees approved new sub-advisory agreements with respect to each
Fund as follows:
FUND PROPOSED SUB-ADVISER
- ---- --------------------
ABN AMRO Growth Fund ABN AMRO Asset Management, Inc.*
ABN AMRO Mid Cap Growth Fund ABN AMRO Asset Management, Inc.*
ABN AMRO Real Estate Fund ABN AMRO Asset Management, Inc.*
ABN AMRO High Yield Bond Fund ABN AMRO Asset Management, Inc.*
ABN AMRO/Montag & Caldwell Growth Fund Montag & Caldwell, Inc.*
ABN AMRO/Montag & Caldwell Balanced Fund Montag & Caldwell, Inc.*
ABN AMRO/River Road Dynamic Equity Income Fund River Road Asset Management LLC*
ABN AMRO/River Road Small Cap Value Fund River Road Asset Management LLC*
ABN AMRO/TAMRO Large Cap Value Fund TAMRO Capital Partners LLC*
ABN AMRO/TAMRO Small Cap Fund TAMRO Capital Partners LLC*
ABN AMRO/Veredus Select Growth Fund Veredus Asset Management LLC*
ABN AMRO/Veredus SciTech Fund Veredus Asset Management LLC*
ABN AMRO/Veredus Aggressive Growth Fund Veredus Asset Management LLC*
ABN AMRO Value Fund MFS Institutional Advisers, Inc.**
ABN AMRO Mid Cap Fund Optimum Investment Advisors, LP**
ABN AMRO Bond Fund Taplin, Canida & Habacht, Inc.
ABN AMRO Investment Grade Bond Fund Taplin, Canida & Habacht, Inc.
ABN AMRO Municipal Bond Fund McDonnell Investment Management, LLC
ABN AMRO Balanced Fund Taplin, Canida & Habacht, Inc. (Income Portion),
ABN AMRO Asset Management, Inc. (Equity Portion)*
* Currently serves as investment adviser to the Fund.
** Currently serves as sub-adviser with respect to the Fund.
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The new investment advisory and sub-advisory agreements are also subject to the
approval of each Fund's shareholders. Shareholders of each Fund will receive a
proxy statement in early July, which will describe these agreements in more
detail and seek shareholder approval of the agreements. Although shareholders of
each Fund vote separately with respect to the agreements affecting their Fund,
the proposals are dependent on each other. If the agreements are approved by
shareholders of substantially all of the Funds and certain other conditions
required by the Purchase Agreement are satisfied or waived, the agreements will
become effective as of the closing date of the Purchase Agreement and the
existing investment advisory and sub-advisory agreements with respect to each
Fund will be terminated. It is anticipated that the transactions under the
Purchase Agreement will close in the third quarter of 2006.
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ADDITIONAL INFORMATION (UNAUDITED)
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FORM N-Q: The Trust files complete schedules of portfolio holdings for the Funds
with the Securities and Exchange Commission (the "SEC") for the Trust's first
and third quarters of each fiscal year on Form N-Q. The Trust's Form N-Q are
available on the SEC's Web site at www.sec.gov and are available for review and
copying at the SEC's Public Reference Room in Washington, DC. Information on the
operations of the Public Reference Room may be obtained by calling the SEC at
800 SEC-0330.
PROXY VOTING: ABN AMRO Funds' Proxy Voting Policies and Procedures, used to
determine how to vote proxies relating to portfolio securities, are included in
the Trust's Statement of Additional Information, which is available (i) upon
request, without charge, by calling 800 992- 81 51; (ii ) on ABN A MRO Funds'
Web site at www.abnamrofunds.com; and (iii) on the SEC's Web site at
www.sec.gov.
ABN AMRO Funds' Proxy Voting Record for the most recent twelve-month period
ended June 30, 2005 is available without charge (i) on the Funds' Web site at
www.abnamrofunds.com; and (ii) on the SEC's Web site at www.sec.gov.
APPROVAL OF INVESTMENT ADVISORY CONTRACT WITH RESPECT TO THE MID CAP GROWTH
FUND: The 1940 Act requires that the investment advisory agreement between ABN
AMRO Asset Management, Inc. ("AAAM Inc.") and the Trust on behalf of the Mid Cap
Growth Fund be approved both by the Board of Trustees and also by a majority of
the Independent Trustees voting separately. The Board of Trustees, including all
the Independent Trustees, at a meeting held June 16, 2005, determined that the
terms of the investment advisory agreement for the Mid Cap Growth Fund are fair
and reasonable and approved the investment advisory agreement as being in the
best interests of the Mid Cap Growth Fund. The Board of Trustees, including all
the Independent Trustees, believes that the investment advisory agreement will
enable the Mid Cap Growth Fund to enjoy high quality investment advisory
services at costs that are deemed appropriate, reasonable and in the best
interests of the Mid Cap Growth Fund and its shareholders. In making such
determinations, the Board of Trustees, including all the Independent Trustees,
considered materials received specifically relating to the approval of the
investment advisory agreement. The Independent Trustees met separately from the
"interested" Trustees of the Trust and any officers of AAAM Inc., or its
affiliates to consider approval of the investment advisory agreement and were
assisted by independent legal counsel in their considerations.
In evaluating the investment advisory agreement for the Mid Cap Growth Fund, the
Board of Trustees reviewed materials furnished by AAAM Inc. including
information regarding AAAM Inc., and its personnel and operations. Among other
information, the Board of Trustees reviewed information regarding: (1) the
nature, extent and quality of the services to be provided to the Mid Cap Growth
Fund, including information regarding the personnel involved in the investment
process; (2) the advisory fee to be charged and estimated total expense ratio of
the Mid Cap Growth Fund compared to a relevant peer group of funds; (3) fee
waivers or expenses to be reimbursed by AAAM Inc.; and (4) benefits to be
received by affiliates of AAAM Inc. from their relationships with the Mid Cap
Growth Fund.
In considering the investment advisory agreement, the Board of Trustees,
including the Independent Trustees, did not identify any single factor or group
of factors as all-important or controlling, but considered all factors together.
The following summary does not detail all the matters considered. Among the
matters considered by the Board of Trustees, including the Independent Trustees,
in connection with its approval of the investment advisory agreement were the
following:
INVESTMENT PERFORMANCE. The Board considered the past performance of other funds
managed by AAAM Inc. and concluded that AAAM Inc. was well-qualified to manage
the Mid Cap Growth Fund.
INVESTMENT ADVISER'S PERSONNEL AND METHODS. The Board met with representatives
of AAAM Inc. and discussed its approach to managing the Mid Cap Growth Fund. The
Board also discussed with AAAM Inc. the adequacy of resources and the background
and quality of the investment management team. The Board concluded that the
services to be provided by AAAM Inc. were expected to be suitable.
EXPENSES. The Board considered the Mid Cap Growth Fund's estimated fees and
total expense ratio as compared to those of a peer group of funds. As a part of
this analysis, the Board considered the investment advisory fee to be paid by
the Mid Cap Growth Fund to AAAM Inc. as well as fee waivers or expenses to be
reimbursed by the AAAM Inc. and compared the gross and net advisory fees to
those of the peer group. The Board also considered the advisory fees charged by
AAAM Inc. to other
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clients, but noted that in many cases the services provided were not comparable.
The Board concluded that the Mid Cap Growth Fund's estimated fees and total
expense ratio were reasonable.
COSTS AND PROFITABILITY. With respect to the costs of services to be provided
and profits to be realized by AAAM Inc., the Board considered the resources
involved in managing the Mid Cap Growth Fund as well as fee waivers or expenses
to be reimbursed by AAAM Inc. Because the Mid Cap Growth Fund had not yet
commenced operations, profitability information was not available. However,
based upon projected asset size and the impact of fee waivers or expenses to be
reimbursed by AAAM Inc., the Board concluded that profitability was anticipated
to be reasonable.
ECONOMIES OF SCALE. The Board considered the extent to which economies of scale
would be realized as the Mid Cap Growth Fund grows. The Board reviewed the Mid
Cap Growth Fund's estimated expense ratios giving effect to fee waivers or
expenses to be reimbursed by AAAM Inc. and considered the anticipated asset size
of the Mid Cap Growth Fund, since the Mid Cap Growth Fund had not yet commenced
operations. The Board concluded that at this time, no significant economies of
scale were anticipated.
OTHER BENEFITS TO AAAM INC. The Board also considered the nature and amount of
fees to be paid by the Mid Cap Growth Fund for services provided by affiliates
of AAAM Inc. for administration services. The Board also considered payments
under the Rule 12b-1 distribution plan and benefits to AAAM Inc. from the use of
"soft" commission dollars to pay for research and brokerage services. The Board
concluded that these fallout benefits were reasonable.
BENEFITS TO SHAREHOLDERS. The Board considered the benefit to shareholders of
engaging an investment adviser that is an affiliate of other investment advisers
managing funds that are part of a larger complex of funds offering a wide
variety of investment objectives and strategies.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board of Trustees, including all
the Independent Trustees, concluded that the proposed advisory fees were fair
and reasonable, and that the investment advisory agreement should be approved.
CONTINUATION OF INVESTMENT ADVISORY CONTRACTS WITH RESPECT TO THE GROWTH FUND,
M&C GROWTH FUND, TAMRO LARGE CAP VALUE FUND, VALUE FUND, VEREDUS SELECT GROWTH
FUND, MID CAP FUND, TAMRO SMALL CAP FUND, VEREDUS AGGRESSIVE GROWTH FUND, REAL
ESTATE FUND, VEREDUS SCITECH FUND, BALANCED FUND, M&C BALANCED FUND, BOND FUND,
INVESTMENT GRADE BOND FUND, HIGH YIELD BOND FUND, MUNICIPAL BOND FUND AND
INVESTOR MONEY MARKET FUND: The 1940 Act requires that the investment advisory
agreements between the Investment Advisers and the Trust and the Sub-Advisers
and the Investment Advisers on behalf of each Fund be approved annually both by
the Board of Trustees and also by a majority of the Independent Trustees voting
separately. On December 15, 2005, the Board of Trustees, including all the
Independent Trustees, determined that the terms of the investment advisory and
sub-advisory agreements continued to be in the best interests of the Funds. The
Board of Trustees, including all the Independent Trustees, believes that the
current investment advisory and sub-advisory agreements enable the Funds to
enjoy high quality investment advisory services at costs that are deemed
appropriate, reasonable and in the best interests of the Funds and their
shareholders. In making such determinations, the Board of Trustees, including
all the Independent Trustees, considered materials received specifically
relating to the renewal of the investment advisory and sub-advisory agreements
as well as information received periodically regarding the performance of the
Investment Advisers and Sub-Advisers and the operations of the Funds. The
Independent Trustees met separately from the "interested" Trustees of the Trust
and all officers, directors and employees of the Investment Advisers or their
affiliates to consider continuance of these agreements and were assisted by
independent legal counsel in their considerations.
In evaluating the investment advisory and sub-advisory agreements for each Fund,
as applicable, the Board of Trustees reviewed the materials furnished by the
Investment Advisers and Sub-Advisers, including information regarding each
Investment Adviser, its affiliates and personnel, its operations and financial
condition. Among other information, the Board of Trustees reviewed information
regarding: (1) the nature, extent and quality of the services provided to the
Funds, including information on both the short-term and long-term investment
performance of each Fund and comparisons to a relevant peer group of funds
independently selected and compiled by Lipper Inc. and an appropriate index, as
well as information regarding the personnel involved in the investment process
and the record of compliance with
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each Fund's policies and restrictions on personal securities transactions; (2)
the advisory fees charged and total expense ratios of the Funds compared to a
relevant peer group of funds independently selected and compiled by Lipper Inc.;
(3) sub-advisory fees paid by the Investment Adviser and fees waived or expenses
reimbursed by the Investment Adviser; (4) the Investment Adviser's financial
condition and the profitability to the Investment Adviser as a result of its
relationship with the Funds; (5) any breakpoints in the investment advisory fees
that have the effect of passing on economies of scale to Fund investors; (6) the
allocation of each Fund's brokerage, if any, including the use of "soft"
commission dollars to pay for research and brokerage services; (7) revenue
sharing payments made by the Investment Adviser; and (8) other benefits received
by affiliates of the Investment Adviser from its relationship with the Fund.
In considering the investment advisory and sub-advisory agreements, the Board of
Trustees, including all the Independent Trustees, did not identify any single
factor or group of factors as all-important or controlling, but considered all
factors together. The following summary does not detail all the matters
considered. Among matters considered by the Board of Trustees, including all the
Independent Trustees, in connection with its approval of the continuation of the
investment advisory and sub-advisory agreements were the following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the investment advisory and sub-advisory
agreements, including portfolio management services. The Board considered the
experience and skills of senior management and investment personnel, the
resources made available to such personnel, the ability of the Investment
Advisers to attract and retain high-quality personnel, and the organizational
depth and stability of the Investment Advisers. It also reviewed each Fund's
investment performance over short-term and long-term periods, and reviewed that
performance as compared to a relevant peer group of mutual funds independently
selected and compiled by Lipper Inc. and an appropriate index. The Board
considered whether investment results were consistent with each Fund's
investment objectives and policies. The Board noted the short-term
underper-formance of M&C Growth Fund, M&C Balanced Fund and Balanced Fund as
compared to peer funds, and took into account the factors contributing to such
underperfor-mance, the Funds' favorable long-term performance, and the adherence
of each Investment Adviser to its investment style and strategies. The Board
also discussed the underperformance of Veredus SciTech Fund and noted both the
small size of that particular Fund and the fact that a proposal from management
to restructure that Fund was pending. The Board discussed with management the
upcoming merger of ABN AMRO Asset Management (USA) LLC into AAAM Inc. and
concluded that there would be no impact on the services provided to the Funds as
a result of the merger, which did not constitute a change of control. The Board
also considered regulatory actions against certain advisory affiliates of MFS
Institutional Advisors, Inc. ("MFS") and noted the remedial actions taken by the
MFS parent organization, as well as the fact that none of the regulatory actions
involved MFS. On the basis of this evaluation and its ongoing review of
investment results, the Board concluded that the nature, quality and extent of
services provided by the Investment Advisers historically have been and continue
to be satisfactory, and that the performance of each Fund over time was
satisfactory.
FEES AND EXPENSES. The Board considered each Fund's management fee rate,
operating expenses and total expense ratio, and compared this information to the
fees and expenses of a peer group based on information and data supplied by
Lipper Inc. As a part of this analysis, the Board considered the investment
advisory fee paid by each Fund and the fees waived or expenses reimbursed by the
Investment Advisers and compared the gross and net advisory fees to those of a
peer group. The Board also considered the advisory or sub-advisory fees charged
by the Investment Advisers to other mutual fund and separate account clients,
but noted that in many cases the services provided were not comparable (i.e.,
services include investment management only and do not take into account the
entrepreneurial risks associated with operating mutual funds or the additional
compliance, reporting and administrative infrastructure necessary to operate
mutual funds). On the basis of the information provided, the Board concluded
that management fees were reasonable and appropriate in light of the nature,
quality and extent of services provided by the Investment Advisers.
COSTS AND PROFITABILITY. The Board considered certain financial information and
statistics related to the costs and profitability of the Investment Advisers'
advisory agreements with the Funds. The Board considered that the Investment
Advisers must be able to compensate their employees at competitive rates in
order to attract and retain high quality personnel to provide high quality
services to the Funds. The Board also considered that for smaller Funds, the net
income generated from the
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advisory relationship was not large, and in some cases was negative. With
respect to the sub-advisory agreements, the Board considered that the
sub-advisory fee rate was negotiated at arm's length between the Investment
Adviser and Sub-Adviser, an unaffiliated third party, and that the Investment
Adviser compensates the Sub-Adviser from its fees. Accordingly, the Board
considered the estimated profitability of the Investment Advisers and did not
consider estimated profitability of the Sub-Advisers. Based on the information
provided, the Board concluded that the profits realized by the Investment
Advisers in connection with the management of the Funds were not unreasonable.
ECONOMIES OF SCALE. The Board considered whether there are economies of scale
with respect to the management of the Funds and whether the Funds benefit from
any economies of scale. The Board considered the size of the Funds, any
breakpoints in fees, and the nature of the asset class and any capacity limits.
The Board concluded that at this time, the potential for economies of scale were
limited for most Funds, and that, where appropriate, the advisory fees include
breakpoints designed to share economies of scale with shareholders.
OTHER BENEFITS TO THE INVESTMENT ADVISERS. The Board also considered the nature
and amount of fees paid by each Fund for services provided by affiliates of the
Investment Advisers for administrative services. The Board also considered
payments under Rule 12b-1 plans and benefits to the Investment Advisers from the
use of "soft" commission dollars to pay for research and brokerage services. The
Board concluded that management fees were reasonable in light of these fallout
benefits.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board of Trustees, including all
the Independent Trustees, concluded that the existing advisory fee structures
were fair and reasonable, and that the existing investment advisory and
sub-advisory agreements, as applicable, should be approved for continuance.
DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.
This table illustrates each Fund's costs in two ways:
ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period.
You may use the information here, together with your account value, to estimate
the expenses that you paid over the period. To do so, simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number given for your Fund in the first line
under the heading entitled "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads) and redemption fees, which are described in the
Prospectus. If these costs were applied to your account, your costs would be
higher.
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BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/05 04/30/06 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
RIVER ROAD DYNAMIC EQUITY INCOME FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,144.30 1.30% $ 6.91
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,018.35 1.30% $ 6.51
GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,064.30 1.09% $ 5.58
Class I .......................... 1,000 1,065.50 0.81% 4.15
Class R .......................... 1,000 1,063.30 1.31% 6.70
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,019.39 1.09% $ 5.46
Class I .......................... 1,000 1,020,78 0.81% 4.06
Class R .......................... 1,000 1,018.30 1.31% 6.56
MONTAG & CALDWELL GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,051.00 1.05% $ 5.34
Class I .......................... 1,000 1,052.30 0.76% 3.87
Class R .......................... 1,000 1,049.50 1.26% 6.40
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,019.59 1.05% $ 5.26
Class I .......................... 1,000 1,021.03 0.76% 3.81
Class R .......................... 1,000 1,018.55 1.26% 6.31
TAMRO LARGE CAP VALUE FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,078.90 1.21% $ 6.24
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,018.79 1.21% $ 6.06
VALUE FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,114.20 0.94% $ 4.93
Class I .......................... 1,000 1,114.70 0.69% 3.62
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,020.13 0.94% $ 4.71
Class I .......................... 1,000 1,021.37 0.69% 3.46
VEREDUS SELECT GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,146.90 1.30% $ 6.92
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,018.35 1.30% $ 6.51
MID CAP FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,128.10 1.16% $ 6.12
Class I .......................... 1,000 1,129.90 0.89% 4.70
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,019.04 1.16% $ 5.81
Class I .......................... 1,000 1,020.38 0.89% 4.46
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/05 04/30/06 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
MID CAP GROWTH FUND (3)
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,046.00 1.40% $ 4.83
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,012.13 1.40% $ 4.75
RIVER ROAD SMALL CAP VALUE FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,216.00 1.50% $ 8.24
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,017.36 1.50% $ 7.50
TAMRO SMALL CAP FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,248.90 1.30% $ 7.25
Class I .......................... 1,000 1,250.80 0.99% 5.52
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,018.35 1.30% $ 6.51
Class I .......................... 1,000 1,019.89 0.99% 4.96
VEREDUS AGGRESSIVE GROWTH FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,168.40 1.41% $ 7.58
Class I .......................... 1,000 1,169.60 1.13% 6.08
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,017.80 1.41% $ 7.05
Class I .......................... 1,000 1,019.19 1.13% 5.66
REAL ESTATE FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,159.90 1.37% $ 7.34
Class I .......................... 1,000 1,161.40 1.12% 6.00
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,018.00 1.37% $ 6.85
Class I .......................... 1,000 1,019.24 1.12% 5.61
VEREDUS SCITECH FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,185.70 1.60% $ 8.67
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,016.86 1.60% $ 8.00
BALANCED FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,045.00 1.12% $ 5.68
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,019.24 1.12% $ 5.61
M&C BALANCED FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,031.50 1.31% $ 6.60
Class I .......................... 1,000 1,032.20 1.05% 5.29
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,018.30 1.31% $ 6.56
Class I .......................... 1,000 1019.59 1.05% 5.26
BOND FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,003.50 0.74% $ 3.68
Class I .......................... 1,000 1,004.70 0.49% 2.44
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,021.12 0.74% $ 3.71
Class I .......................... 1,000 1,022.36 0.49% 2.46
| 113
ABN AMRO FUNDS
APRIL 30, 2006
ADDITIONAL INFORMATION - (UNAUDITED) CONTINUED
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/05 04/30/06 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
INVESTMENT GRADE BOND FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,004.80 0.89% $4.42
Class I .......................... 1,000 1,006.00 0.64% 3.18
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,020.38 0.89% $4.46
Class I .......................... 1,000 1,021.62 0.64% 3.21
HIGH YIELD BOND FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,034.80 0.80% $4.04
Class I .......................... 1,000 1,036.10 0.55% 2.78
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,020.83 0.80% $4.01
Class I .......................... 1,000 1,022.07 0.55% 2.76
MUNICIPAL BOND FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,009.60 0.50% $2.49
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,022.32 0.50% $2.51
INVESTOR MONEY MARKET FUND
ACTUAL FUND RETURN
Class N .......................... $ 1,000 $1,019.20 0.59% $2.95
HYPOTHETICAL 5% RETURN
Class N .......................... $ 1,000 $1,021.87 0.59% $2.96
(1) Annualized, based on the Funds' most recent fiscal half-year expenses.
(2) Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year or partial year, if applicable,
then divided by 365.
(3) Mid Cap Growth Fund commenced investment operations on December 29, 2005.
| 114
ABN AMRO Funds
ADVISERS
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
River Road Asset Management LLC
Meidinger Tower, Suite 1600
462 South Fourth Street
Louisville, KY 40202
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 and Treasurer, Chief
Financial Officer, Chief Operating Officer and Chief Compliance Officer
William Long, Vice President
Juli A. Braun, Assistant Secretary
Laura M. Curylo, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
Joseph W. Wheeler, Assistant Treasurer
CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153
LEGAL COUNSEL
Vedder, Price, Kaufman & Kammholz
222 N. LaSalle Street
Chicago, IL 60601
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Sears Tower
233 S. Wacker Drive
Chicago, IL 60606
THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT
FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT CHARGE BY CALLING 800
992-8151.
| 115
This page intentionally left blank.
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 ABN AMRO Funds account. 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.
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, view statements, 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.
[GRAPHIC OMITTED]
ABN AMRO ASSET MANAGEMENT
ABSEM 06 01
[GRAPHIC OMITTED]
ABN AMRO ASSET MANAGEMENT LOGO - ABN AMRO FUNDS
[GRAPHIC OMITTED]
COVER ART
APRIL 30/2006 CLASS I & S SHARES
SEMI-ANNUAL REPORT 2006
MONEY MARKET
THIS PRIVACY STATEMENT IS NOT PART OF THE SEMI ANNUAL REPORT
PRIVACY STATEMENT
At ABN AMRO Funds, we appreciate the privacy concerns and expectations of our
customers. Together with the Funds' distributor, ABN AMRO Distribution Services
(USA) Inc., we have established the following policies to maintain the privacy
of information you share with us.
INFORMATION WE COLLECT
We collect and retain nonpublic personal information about you that may include:
o Information we receive on your account applications or other forms
such as your name, address, financial information and/or social
security number;
o Information we receive about your mutual fund transactions, such as
purchases, sales, exchanges and account balances; and
o Information we collect through the use of Internet "cookies" when you
access our website. Cookies are software files we use to track which
of our sites you visit.
INFORMATION WE MAY SHARE
We do not sell any of your nonpublic personal information to third parties. We
may share the information we collect with affiliates or with non-affiliated
third parties only when those parties are acting on our behalf in servicing your
account, or as required by law. These third parties may include:
o Administrative service providers who, for example, process
transactions for your account, print checks or prepare account
statements;
o Companies that provide services for us to help market our products to
you; and
o Governmental or other legal agencies, as required by law
When information is shared with third parties, they are legally obligated to
maintain the confidentiality of the information and to limit their use of it to
servicing your account, except as permitted or required by law.
CONFIDENTIALITY AND SECURITY
Within both the Funds' and Distributor's organizations, we restrict access to
your nonpublic personal information to authorized employees who need to access
such information in order to provide services or products to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic
personal information.
As previously mentioned, we may collect information through the use of Internet
"cookies" on our Web site. In addition, in order to provide you with access to
your account via the Web, it is necessary for us to collect certain nonpublic
personal information such as your name, social security number and account
information. Special measures such as data encryption and authentication apply
to all nonpublic personal information and communications on our Web site.
APPLICABILITY
Our privacy policies apply only to those individual investors who have or had a
direct customer relationship with us. If you are an individual shareholder of
record of any of the Funds, the Funds consider you to be their customer.
Shareholders purchasing or owning shares of any of the Funds through their bank,
broker, or other financial institution should also consult that financial
institution's privacy policies.
The ABN AMRO Funds value your business. We understand the importance of
maintaining the integrity of your personal information and are committed to
keeping your trust. Please contact us at 800 992-8151 if you have any questions
concerning our policy, or visit us at www.abnamrofunds.com for additional copies
of this policy.
ABN AMRO Funds
TABLE OF CONTENTS
Performance Summary......................................................... 2
Schedules of Investments.................................................... 3
Statement of Assets and Liabilities......................................... 10
Statement of Operations..................................................... 11
Statements of Changes in Net Assets......................................... 12
Financial Highlights........................................................ 14
Notes to Financial Statements............................................... 18
Additional Information...................................................... 21
MONEY MARKET FUNDS
Government Money Market Fund
Money Market Fund
Tax-Exempt Money Market Fund
Treasury Money Market Fund
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.
ABN AMRO FUNDS ARE DISTRIBUTED BY ABN AMRO DISTRIBUTION SERVICES (USA) INC.,
760 MOORE ROAD, KING OF PRUSSIA, PA 19406.
SHAREHOLDER SERVICES 800 992-8151 o WWW.ABNAMROFUNDS.COM
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.
1
ABN AMRO Funds
- --------------
PERFORMANCE SUMMARY (UNAUDITED) AS OF APRIL 30, 2006
- --------------------------------------------------------------------------------
AVERAGE ANNUAL
SIX TOTAL RETURN
7-DAY MONTH --------------------------
INCEPTION AVERAGE TOTAL ONE FIVE TEN
DATE YIELD (A) RETURN (B) YEAR YEAR YEAR
--------- --------- ---------- ----- ----- -----
GOVERNMENT MONEY MARKET FUND - CLASS I 01/04/93 4.54% 2.06% 3.65% 2.00% 3.66%
iMoneyNet Government & Agency Institutional Average 2.00% 3.55% 1.91% N/A
Lipper Institutional U.S. Gov't. Money Market Funds Index 2.05% 3.65% 2.02% 3.66%
GOVERNMENT MONEY MARKET FUND - CLASS S 04/22/93 4.22% 1.90% 3.32% 1.67% 3.34%
iMoneyNet Government & Agency Retail Average 1.82% 3.16% 1.58% 3.29%
Lipper U.S. Government Money Market Funds Index 1.85% 3.24% 1.65% 3.34%
MONEY MARKET FUND - CLASS I 01/04/93 4.45% 2.05% 3.62% 1.96% 3.68%
iMoneyNet First Tier Institutional Average 2.04% 3.61% 1.96% 3.69%
Lipper Institutional Money Market Funds Index 2.13% 3.80% 2.18% 3.86%
MONEY MARKET FUND - CLASS S 03/31/93 4.09% 1.86% 3.25% 1.59% 3.33%
iMoneyNet First Tier Retail Average 1.80% 3.13% 1.57% 3.31%
Lipper Money Market Funds Index 1.91% 3.35% 1.75% 3.46%
TAX-EXEMPT MONEY MARKET FUND - CLASS I 01/04/93 3.18% 1.34% 2.44% 1.37% 2.34%
iMoneyNet National Institutional Average 1.36% 2.46% 1.41% 2.35%
Lipper Institutional Tax-Exempt Money Market Funds Index 1.42% 2.57% 1.54% 2.44%
TAX-EXEMPT MONEY MARKET FUND - CLASS S 03/24/93 2.93% 1.22% 2.18% 1.12% 2.09%
iMoneyNet National Retail Average 1.21% 2.15% 1.16% 2.10%
Lipper Tax-Exempt Money Market Funds Index 1.28% 2.30% 1.27% 2.21%
TREASURY MONEY MARKET FUND - CLASS I 01/04/93 4.35% 1.98% 3.49% 1.82% 3.43%
iMoneyNet Treasury & Repo Institutional Average 1.95% 3.43% 1.79% N/A
Lipper Inst'l. U.S. Treasury Money Market Funds Index 1.96% 3.46% 1.92% 3.55%
TREASURY MONEY MARKET FUND - CLASS S 03/25/93 4.10% 1.85% 3.23% 1.57% 3.17%
iMoneyNet Treasury & Repo Retail Average 1.75% 3.05% 1.49% 3.19%
Lipper U.S. Treasury Money Money Market Funds Index 1.79% 3.13% 1.59% 3.21%
____________________________________
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURNS 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.
INDEXES ARE UNMANAGED AND DO NOT TAKE INTO ACCOUNT FEES, EXPENSES OR OTHER
COSTS.
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTION OF FUND SHARES.
THE FUNDS' INVESTMENT ADVISER IS CONTRACTUALLY OBLIGATED TO WAIVE FEES OR
REIMBURSE EXPENSES THROUGH FEBRUARY 28, 2007. THE PERFORMANCE QUOTED WOULD HAVE
BEEN LOWER IF THESE SUBSIDIES WERE NOT IN EFFECT.
AN INVESTMENT IN THE FUNDS IS 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 OF $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUNDS.
(A) THE 7-DAY AVERAGE YIELD MORE CLOSELY REFLECTS THE FUNDS' CURRENT EARNINGS
THAN THE TOTAL RETURN QUOTATION.
(B) NOT ANNUALIZED.
2
ABN AMRO Funds
- --------------
GOVERNMENT MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REPURCHASE AGREEMENTS 88%
US GOVERNMENT AGENCY OBLIGATIONS 11%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
---------- --------------
U.S. GOVERNMENT AGENCY OBLIGATIONS - 10.76%
FEDERAL HOME LOAN BANK (a) - 6.44%
$ 20,000,000 4.770%, 06/12/06........................... $ 19,999,378
14,000,000 4.760%, 07/13/06........................... 13,999,824
--------------
33,999,202
--------------
FEDERAL HOME LOAN MORTGAGE (b) - 2.43%
5,000,000 4.315%, 05/09/06........................... 4,995,205
3,000,000 4.647%, 10/17/06........................... 2,934,555
5,000,000 4.540%, 10/23/06........................... 4,889,653
--------------
12,819,413
--------------
FEDERAL NATIONAL MORTGAGE
ASSOCIATION - 1.89%
10,000,000 5.500%, 05/02/06........................... 10,000,166
--------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $56,818,781) 56,818,781
--------------
REPURCHASE AGREEMENTS - 88.30%
200,000,000 Barclays Bank, 4.770%, dated
04/28/06, matures 05/01/06,
repurchase price $200,079,500,
(collateralized by U.S. Government
Agency instruments, with interest
rates from 4.500% to 6.500%,
and maturities from 2019 to 2036,
total market value $204,000,000) 200,000,000
266,000,000 Deutsche Bank, 4.790%, dated
04/28/06, matures 05/01/06,
repurchase price $266,106,178,
(collateralized by U.S. Government
Agency instruments, with interest
rates from 3.244% to 5.500%,
and maturities from 2018 to 2036,
total market value $271,320,001) 266,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $466,000,000) 466,000,000
--------------
AMORTIZED
SHARES COST
---------- --------------
INVESTMENT COMPANIES - 1.16%
15,016 AIM STIT Government &
Agency Portfolio......................... $ 15,016
6,101,777 BlackRock Liquidity Funds
FedFund Portfolio........................ 6,101,777
--------------
TOTAL INVESTMENT COMPANIES
(Cost $6,116,793) 6,116,793
--------------
TOTAL INVESTMENTS - 100.22%
(Cost $528,935,574)*................................... 528,935,574
--------------
NET OTHER ASSETS AND LIABILITIES - (0.22)%................ (1,174,265)
--------------
NET ASSETS - 100.00%...................................... $ 527,761,309
==============
_______________________
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
(a) Variable rate instrument. The interest rate shown reflects the rate in
effect at April 30, 2006.
(b) Annualized yield at the time of purchase.
STIT Short-Term Investments Trust PLC
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
ABN AMRO Funds
- --------------
MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REPURCHASE AGREEMENTS 81%
CERTIFICATES OF DEPOSIT 11%
COMMERCIAL PAPER 7%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
---------- --------------
CERTIFICATES OF DEPOSIT - 11.07%
$ 2,000,000 Abbey National Treasury Services
4.670%, 07/19/06 ........................ $ 2,000,021
2,000,000 Calyon (NY)
4.750%, 10/24/06 ........................ 1,999,994
5,000,000 Citibank NA
4.645%, 07/10/06 ........................ 5,000,143
7,000,000 Credit Suisse First Boston (NY)
4.745%, 05/23/06 ........................ 7,000,000
2,000,000 Natexis Banques Populaires US
Finance (NY)
4.675%, 07/20/06 ........................ 2,000,000
2,350,000 Royal Bank of Scotland (NY)
4.450%, 10/05/06 ........................ 2,346,654
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $20,346,812) 20,346,812
--------------
COMMERCIAL PAPER (a) - 7.33%
ASSET-BACKED - 7.33%
4,000,000 FCAR Owner Trust
4.900%, 06/13/06 ........................ 3,976,589
2,000,000 FCAR Owner Trust II
4.450%, 05/02/06 ........................ 1,999,753
7,500,000 New Center Asset Trust
4.770%, 05/01/06 ........................ 7,500,000
--------------
13,476,342
--------------
TOTAL COMMERCIAL PAPER
(Cost $13,476,342) 13,476,342
--------------
AMORTIZED
PAR VALUE COST
---------- --------------
REPURCHASE AGREEMENTS - 81.04%
$ 75,000,000 Barclays Bank, 4.770%, dated
04/28/06, matures 05/01/06,
repurchase price $75,029,813
(collateralized by U.S.
Government Agency instruments,
with interest rates of 4.500% to
8.500% and maturities of 2020
to 2035, total market
value $76,500,001)....................... $ 75,000,000
74,000,000 Merrill Lynch, 4.780%, dated
04/28/06, matures 05/01/06,
repurchase price $74,029,477
(collateralized by cash,
total market value
$74,005,000)............................. 74,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $149,000,000) 149,000,000
--------------
SHARES
- ------
INVESTMENT COMPANY - 0.40%
740,374 BlackRock Liquidity Funds
TempFund Portfolio....................... 740,374
--------------
TOTAL INVESTMENT COMPANY
(Cost $740,374) 740,374
--------------
TOTAL INVESTMENTS - 99.84%
(Cost $183,563,528)*................................... 183,563,528
--------------
NET OTHER ASSETS AND LIABILITIES - 0.16%.................. 288,254
--------------
NET ASSETS - 100.00%...................................... $ 183,851,782
==============
______________________
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
(a) Annualized yield at the time of purchase.
NY New York
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
ABN AMRO Funds
- --------------
TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
EDUCATION 19%
GENERAL OBLIGATION 18%
UTILITIES 17%
MEDICAL 17%
TRANSPORTATION 8%
POLLUTION 8%
WATER 5%
OTHER MUNICIPAL SECURITIES 4%
HOUSING 3%
DEVELOPMENT 1%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
- ---------- --------------
MUNICIPAL OBLIGATIONS - 101.40%
ALASKA - 0.89%
Valdez Marine Terminal RB,
$ 200,000 BP Pipelines, Inc. Project
3.810%, 05/01/06 (a)..................... $ 200,000
2,250,000 Exxon Pipeline Co. Project
3.770%, 05/01/06 (a)..................... 2,250,000
--------------
2,450,000
--------------
ARIZONA - 4.53%
12,500,000 Salt River Project Agriculture TECP
3.280%, 05/04/06 (b)..................... 12,500,000
--------------
CALIFORNIA - 2.05%
5,650,000 California State Department of
Water Resources RB, Series B-2
3.780%, 05/01/06 (a)
LOC: BNP Paribas......................... 5,650,000
--------------
COLORADO - 2.88%
2,955,000 Colorado Educational & Cultural
Facilities RB, Naropa University
Project
3.810%, 05/04/06 (a)
LOC: Wells Fargo Bank.................... 2,955,000
5,000,000 Colorado State, TRAN
4.000%, 06/27/06 ........................ 5,010,650
--------------
7,965,650
--------------
CONNECTICUT - 5.03%
1,800,000 Connecticut State Health, GO,
Series B 3.780%, 05/04/06 (a)
SPA: Bayerische Landesbank 1,800,000
Connecticut State HEFA RB,
Yale University
100,000 Series T-2
3.730%, 05/04/06 (a)..................... 100,000
12,000,000 Series X-3
3.750%, 05/01/06 (a)..................... 12,000,000
--------------
13,900,000
--------------
AMORTIZED
PAR VALUE COST
---------- --------------
FLORIDA - 7.52%
$ 4,900,000 Collier County Educational
Facilities Authority RB,
International College Project
3.800%, 05/05/06 (a)
LOC: Fifth Third Bank.................... $ 4,900,000
5,268,000 Jacksonville Electric Authority
System TECP
3.280%, 07/11/06 (b)..................... 5,268,000
10,600,000 Sarasota Memorial Hospital TECP
3.170%, 06/06/06 (b)..................... 10,600,000
--------------
20,768,000
--------------
GEORGIA - 6.44%
7,790,000 Burke County Development Authority
PCR, Oglethorpe Power Corp,
Series A
3.800%, 05/03/06 (a)
Insured: FGIC............................ 7,790,000
5,000,000 Metropolitan Atlanta Rapid Transit
Authority RB, Series A
3.770%, 05/03/06 (a)
LOC: Bayerische Landesbank,
Westdeutsche Landesbank.................. 5,000,000
5,000,000 Municipal Electric Authority of
Georgia RB, Project One
Subordinated Bonds, Remarketed
3.690%, 05/03/06 (a)
Insured: FSA
SPA: Dexia Credit Local.................. 5,000,000
--------------
17,790,000
--------------
ILLINOIS - 9.69%
6,650,000 Chicago Board of Education, GO,
Series C-1
3.810%, 05/01/06 (a)
Insured: FSA
SPA: Depfa Bank.......................... 6,650,000
Illinois Health Facilities Authority RB,
Gottlieb Health Resource, Inc.
9,600,000 3.800%, 05/03/06 (a)
LOC: Harris Trust &
Savings Bank............................. 9,600,000
500,000 Rush Presbyterian - St. Luke's
Medical Center Obligated Group,
Series B
3.830%, 05/03/06 (a)
Insured: MBIA
SPA: JPMorgan Chase...................... 500,000
10,000,000 Illinois State, GO, Series B
3.900%, 05/03/06 (a)
SPA: Depfa Bank.......................... 10,000,000
--------------
26,750,000
--------------
INDIANA - 0.14%
400,000 Hammond PCR,
Amoco Oil Project
3.810%, 05/01/06 (a)..................... 400,000
--------------
KENTUCKY - 1.08%
2,990,000 Kentucky Economic
DevelopmentFinance Authority
Hospital Facilities RB, Baptist
Healthcare HSystem, Series C,
3.810%, 05/01/06 (a)
Insured: MBIA
SPA: National City Bank.................. 2,990,000
--------------
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
ABN AMRO Funds
- --------------
TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
AMORTIZED
PAR VALUE COST
---------- --------------
LOUISIANA - 0.76%
$ 2,100,000 Saint Charles Parish PCR,
Shell Oil Co. Project, Series B
3.800%, 05/01/06 (a)..................... $ 2,100,000
--------------
MARYLAND - 1.74%
Maryland State Health &
Higher Education Facilities
Authority RB,
Pooled Loan Program,
700,000 Series A
3.800%, 05/03/06 (a)
LOC: Bank One Trust...................... 700,000
4,100,000 Series B
3.800%, 05/03/06 (a)
LOC: First National Bank................. 4,100,000
--------------
4,800,000
--------------
MASSACHUSETTS - 4.13%
Massachusetts State HEFA RB
2,000,000 Capital Asset Program, Series C
3.760%, 05/01/06 (a)
Insured: MBIA
SPA: State Street Bank & Trust .......... 2,000,000
640,000 Harvard University, Series L
3.600%, 05/03/06 (a)..................... 640,000
8,770,000 Massachusetts Water Resources
Authority, Multi-Modal
Subordinated General RB, Series A
3.770%, 05/03/06 (a)
Insured: AMBAC
SPA: Bank of Nova Scotia /
Dexia Credit Local....................... 8,770,000
--------------
11,410,000
--------------
MINNESOTA - 3.31%
2,250,000 Hennepin County Library, GO, Series A
3.660%, 05/04/06 (a)
SPA: State Street
Bank & Trust............................. 2,250,000
365,000 Minneapolis Convention Center,
GO, Convention Center Bonds
3.660%, 05/04/06 (a)
SPA: Dexia Credit Local.................. 365,000
830,000 Minneapolis, Library, GO
3.660%, 05/04/06 (a)
SPA: Dexia Credit Local.................. 830,000
5,700,000 Owatonna Hospital RB
Health Central System
3.950%, 05/03/06 (a)
LOC: Wells Fargo Bank.................... 5,700,000
--------------
9,145,000
--------------
MISSOURI - 3.78%
Missouri State HEFA RB
10,000,000 The Saint Louis University
Project, Series A
3.500%, 05/01/06 (a)
LOC: MBIA
SPA: Bank of New York.................... 10,000,000
The Washington University
285,000 Project, Series A
3.820%, 05/01/06 (a)
SPA: Morgan Guaranty Trust .............. 285,000
AMORTIZED
PAR VALUE COST
---------- --------------
MISSOURI (CONTINUED)
$ 150,000 Series B
3.820%, 05/01/06 (a)
SPA: Morgan Guaranty Trust .............. $ 150,000
--------------
10,435,000
--------------
NEBRASKA - 9.03%
Lincoln Electric System TECP
8,250,000 3.200%, 05/02/06 (b)..................... 8,250,000
6,000,000 3.410%, 05/02/06 (b)..................... 6,000,000
10,700,000 Omaha Public Power TECP
3.280%, 05/04/06 (b)..................... 10,700,000
--------------
24,950,000
--------------
NEVADA - 2.58%
7,130,000 Clark County School District, GO,
Series A
3.780%, 05/01/06 (a)
Insured: FSA
SPA: State Street Bank & Trust .......... 7,130,000
--------------
NEW JERSEY - 4.35%
5,000,000 New Jersey Economic Development
Authority Water Facilities RB,
United Water New Jersey, Inc.
Project, Series A
3.780%, 05/01/06 (a)
Insured: AMBAC
SPA: Bank of New York.................... 5,000,000
7,000,000 New Jersey State, TRAN,
Series A
4.000%, 06/23/06 ........................ 7,012,218
--------------
12,012,218
--------------
NEW MEXICO - 1.52%
3,925,000 Hurley PCR,
Kennecott Santa Fe Project
3.810%, 05/01/06 (a) .................... 3,925,000
260,000 New Mexico State Hospital Equipment
Loan Council, Hospital RB,
Presbyterian Healthcare,
Series B,
3.820%, 05/03/06 (a)
Insured: FSA
SPA: Citibank............................ 260,000
--------------
4,185,000
--------------
NEW YORK - 7.02%
655,000 New York City Housing Development
Corp, Multifamily Rent Housing RB,
James Tower Development, Series A
3.750%, 05/03/06 (a)..................... 655,000
850,000 New York City Transitional Finance
Authority RB, Series 3, Sub Series 3B
3.750%, 05/01/06 (a)
SPA: Bank of New York.................... 850,000
New York City, GO
1,500,000 Sub Series E4
3.770%, 05/01/06 (a)
LOC: State Street Bank & Trust .......... 1,500,000
1,300,000 Sub Series E5
3.710%, 05/01/06 (a)
LOC: JPMorgan Chase...................... 1,300,000
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
ABN AMRO Funds
- --------------
TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
AMORTIZED
PAR VALUE COST
---------- --------------
NEW YORK (CONTINUED)
$ 5,380,000 New York Metropolitan Transportation
Authority Dedicated Tax Fund RB,
Series D-1
3.850%, 05/04/06 (a)
Insured: AMBAC
SPA: Wachovia Bank....................... $ 5,380,000
New York State Housing Finance
Agency RB,
8,790,000 10 Barclay Street, Series A
3.820%, 05/03/06 (a)..................... 8,790,000
200,000 Normandie Court I Project
3.750%, 05/03/06 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale.................... 200,000
700,000 New York State Local Government
Assistance RB, Series D
3.750%, 05/03/06 (a)
LOC: Societe Generale.................... 700,000
--------------
19,375,000
--------------
NORTH CAROLINA - 1.52%
4,200,000 North Carolina State, Public
Improvement GO, Series F
3.750%, 05/03/06 (a)
SPA: Landesbank Hessen
Thurigen Girozentrale.................... 4,200,000
--------------
TEXAS - 16.83%
3,560,000 Austin Texas Utility TECP
3.400%, 05/03/06 (b)..................... 3,560,000
3,935,000 Dallas Childrens Hospital,
Series B-1
3.820%, 05/01/06 (a)
Insured: MBIA
SPA: JPMorgan Chase...................... 3,935,000
5,200,000 Gulf Coast Waste Disposal
Authority PCR, Exxon Project
3.770%, 05/01/06 (a)..................... 5,200,000
Harris County Health Facilities
Development Corp. Hospital RB,
2,300,000 Special Facilities Texas Medical
Center Project
3.810%, 05/01/06 (a)
Insured: MBIA
SPA: JPMorgan Chase...................... 2,300,000
5,000,000 North Central Texas Hospitals TECP
3.180%, 06/07/06 (b)..................... 5,000,000
7,950,000 Southwest Higher Education Authority
RB, Southern Methodist University
3.790%, 05/01/06 (a)
LOC: Landesbank Hessen Thurigen
Girozentrale............................. 7,950,000
Texas Department of
Transportation TECP
8,000,000 3.180%, 05/03/06 (b)..................... 8,000,000
3,500,000 3.260%, 05/16/06 (b)..................... 3,500,000
7,000,000 Texas State, TRAN, GO
4.500%, 08/31/06 ........................ 7,028,923
--------------
46,473,923
--------------
AMORTIZED
PAR VALUE COST
---------- --------------
UTAH - 2.17%
$ 3,000,000 Intermountain Public Power TECP
3.150%, 05/03/06 (b)..................... $ 3,000,000
2,000,000 Salt Lake County PCR
Service Station Holdings Project
3.810%, 05/01/06 (a)..................... 2,000,000
1,000,000 State of Utah Building Ownership
Authority Lease RB,
Facilities Master Lease Program,
Series C
3.870%, 05/03/06 (a)
LOC: Landesbank Hessen
Thurigen Girozentrale.................... 1,000,000
--------------
6,000,000
--------------
WISCONSIN - 2.17%
6,000,000 State of Wisconsin TECP
3.410%, 05/02/06 ........................ 6,000,000
--------------
WYOMING - 0.24%
650,000 Sublette County PCR,
Exxon Project
3.660%, 05/01/06 (a)..................... 650,000
--------------
TOTAL MUNICIPAL OBLIGATIONS
(Cost $280,029,791) 280,029,791
--------------
SHARES
- ------
INVESTMENT COMPANIES - 0.01%
6,681 AIM TFIT-Tax-Free Cash
Reserve Portfolio ....................... 6,681
1,238 Dreyfus Tax Exempt Cash
Management Fund ......................... 1,238
8,177 SEI Tax-Exempt Trust
Institutional Tax Free Fund ............. 8,177
--------------
TOTAL INVESTMENT COMPANIES
(Cost $16,096) 16,096
--------------
TOTAL INVESTMENTS - 101.41%
(Cost $280,045,887)*................................... 280,045,887
--------------
NET OTHER ASSETS AND LIABILITIES - (1.41)%................ (3,880,132)
--------------
NET ASSETS - 100.00%...................................... $ 276,165,755
==============
__________________________
* At April 30, 2006, 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, 2006. The maturity date shown is the next scheduled demand
date.
(b) Annualized yield at the time of purchase.
AMBAC Ambac Assurance Corp.
FGIC Financial Guaranty Insurance Co.
FSA Financial Security Assurance, Inc.
GO General Obligation
HEFA Health & Educational Facilities Authority
LOC Letter of Credit
MBIA MBIA Insurance Corp.
PCR Pollution Control Revenue
RB Revenue Bond
SPA Standby Purchase Agreement
TECP Tax-Exempt Commercial Paper
TFIT Tax-Free Investments Trust
TRAN Tax & Revenue Anticipation Note
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
ABN AMRO Funds
- --------------
TREASURY MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
REPURCHASE AGREEMENTS 90%
U.S. TREASURY OBLIGATIONS 9%
CASH AND OTHER NET ASSETS 1%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
---------- --------------
U.S. TREASURY OBLIGATIONS - 9.14%
U.S. TREASURY NOTES
$ 7,000,000 2.000%, 05/15/06........................... $ 6,993,988
3,000,000 2.750%, 07/31/06........................... 2,988,288
3,000,000 2.750%, 06/30/06........................... 2,992,495
1,500,000 2.375%, 08/15/06........................... 1,491,088
--------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $14,465,859) 14,465,859
--------------
REPURCHASE AGREEMENTS - 90.38%
55,000,000 Barclays Bank, 4.660%, dated
04/28/06, matures 05/01/06,
repurchase price $55,021,358,
(collateralized by U.S. Treasury
instrument, with interest rate
of 0.000%, maturing 2011, total
market value $56,100,000)................ 55,000,000
48,000,000 Deutsche Bank, 4.720%, dated
04/28/06, matures 05/01/06,
repurchase price $48,018,880,
(collateralized by U.S. Treasury
instrument, with interest rate
of 3.125%, maturing 2008, total
market value $48,960,178)................ 48,000,000
40,000,000 Merrill Lynch, 4.700%, dated
04/28/06, matures 05/01/06,
repurchase price $40,015,667,
(collateralized by U.S. Treasury
instrument, with interest rate
of 4.625%, maturing 2008, total
market value $40,800,179)................ 40,000,000
--------------
TOTAL REPURCHASE AGREEMENTS
(Cost $143,000,000) 143,000,000
--------------
AMORTIZED
SHARES COST
---------- --------------
INVESTMENT COMPANIES - 0.75%
20,342 AIM STIT Treasury Portfolio................ $ 20,342
1,160,620 BlackRock Liquidity Funds
TempCash Portfolio....................... 1,160,620
--------------
TOTAL INVESTMENT COMPANIES
(Cost $1,180,962) 1,180,962
--------------
TOTAL INVESTMENTS - 100.27%
(Cost $158,646,821)*................................... 158,646,821
--------------
NET OTHER ASSETS AND LIABILITIES - (0.27)%................ (421,276)
--------------
NET ASSETS - 100.00%...................................... $ 158,225,545
==============
_____________________
* At April 30, 2006, cost is identical for book and Federal income tax
purposes.
STIT Short-Term Investments Trust PLC
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
This page is left blank intentionally.
9
ABN AMRO Funds
- --------------
APRIL 30, 2006
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 amortized cost................ $ 62,935,574 $ 34,563,528 $ 280,045,887 $ 15,646,821
Repurchase agreements at cost................ 466,000,000 149,000,000 -- 143,000,000
---------------- --------------- ---------------- ----------------
Total investments............................ 528,935,574 183,563,528 280,045,887 158,646,821
Cash................................................... -- -- 61 --
Receivables:
Dividends and interest......................... 660,795 332,542 1,522,089 178,646
Fund shares sold............................... 91 6,277 1,500 --
Other assets........................................... 13,095 29,376 9,876 25,050
---------------- --------------- ---------------- ----------------
Total assets................................. 529,609,555 183,931,723 281,579,413 158,850,517
---------------- --------------- ---------------- ----------------
LIABILITIES:
Payables:
Line of Credit (Note F)........................ -- -- 4,642,700 --
Dividend distribution.......................... 1,603,482 -- 673,270 563,499
Fund shares redeemed........................... 77,179 8,589 -- 288
Due to Adviser, net (Note E)................... 83,108 24,793 55,455 28,333
Administration (Note E)........................ 22,706 9,179 14,898 7,989
Distribution fees (Note E)..................... 1,977 7,215 981 182
Shareholder service fees (Note E).............. 2,663 15,953 -- --
Trustees fees and related expenses (Note E).... 6,123 2,361 2,791 4,146
Interest expense (Note F)...................... -- -- 1,886 --
Accrued expenses and other payables.................... 51,008 11,851 21,677 20,535
---------------- --------------- ---------------- ----------------
Total liabilities............................ 1,848,246 79,941 5,413,658 624,972
---------------- --------------- ---------------- ----------------
NET ASSETS............................................. $ 527,761,309 $ 183,851,782 $ 276,165,755 $ 158,225,545
================ =============== ================ ================
NET ASSETS CONSIST OF:
Paid in capital.................................... $ 527,729,687 $ 183,851,798 $ 276,165,755 $ 158,225,593
Accumulated undistributed net investment income.... 31,622 -- -- --
Accumulated net realized loss on investments....... -- (16) -- (48)
---------------- --------------- ---------------- ----------------
TOTAL NET ASSETS............................... $ 527,761,309 $ 183,851,782 $ 276,165,755 $ 158,225,545
================ =============== ================ ================
CLASS I:
Net Assets......................................... $ 476,008,304 $ 5,481,557 $ 252,855,751 $ 153,783,750
Shares of beneficial interest outstanding
(unlimited authorization)....................... 475,975,733 5,481,429 252,856,536 153,792,119
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......................................... $ 51,753,005 $ 178,370,225 $ 23,310,004 $ 4,441,795
Shares of beneficial interest outstanding
(unlimited authorization)....................... 51,755,689 178,370,622 23,310,648 4,440,725
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.
10
ABN AMRO Funds
- --------------
FOR THE SIX MONTHS ENDED APRIL 30, 2006
STATEMENT OF OPERATIONS (UNAUDITED)
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MONEY TAX-EXEMPT MONEY TREASURY MONEY
MARKET FUND MARKET FUND MARKET FUND MARKET FUND
---------------- --------------- ---------------- ----------------
INVESTMENT INCOME:
Dividends......................................... $ 120,170 $ 5,807 $ 148,379 $ 22,633
Interest.......................................... 10,055,524 3,932,111 4,726,613 3,459,123
---------------- --------------- ---------------- ----------------
Total investment income.......................... 10,175,694 3,937,918 4,874,992 3,481,756
---------------- --------------- ---------------- ----------------
EXPENSES:
Investment advisory fees (Note E)................. 461,472 308,639 561,711 282,509
Distribution expenses(a) (Note E) ................ 46,867 213,018 35,668 7,458
Shareholder service fees(a) (Note E) ............. 13,123 93,728 -- --
Transfer agent fees............................... 9,456 39,099 15,175 17,423
Administration (Note E)........................... 121,781 51,351 87,960 46,887
Registration expenses............................. 15,500 10,000 14,872 15,500
Custodian fees.................................... 7,968 5,987 6,858 7,745
Professional fees................................. 20,316 8,249 14,806 12,151
Reports to shareholder expense.................... 7,000 28,203 4,430 3,500
Trustees fees and related expenses (Note E)....... 10,701 4,044 6,175 3,201
Interest expense (Note F)......................... -- -- 30,370 --
Other expenses.................................... 12,250 1,341 20,617 22,462
---------------- --------------- ---------------- ----------------
Total expenses before waivers.................... 726,434 763,659 798,642 418,836
---------------- --------------- ---------------- ----------------
Less: Investment advisory fees waived (Note E).. -- (130,637) (202,991) (120,796)
---------------- --------------- ---------------- ----------------
Net expenses..................................... 726,434 633,022 595,651 298,040
---------------- --------------- ---------------- ----------------
NET INVESTMENT INCOME.................................. 9,449,260 3,304,896 4,279,341 3,183,716
---------------- --------------- ---------------- ----------------
NET REALIZED LOSS ON INVESTMENTS:
Net realized loss on investments.................. -- -- -- (48)
---------------- --------------- ---------------- ----------------
NET REALIZED LOSS ON INVESTMENTS....................... -- -- -- (48)
---------------- --------------- ---------------- ----------------
NET INCREASE IN NET ASSETS FROM OPERATIONS............. $ 9,449,260 $ 3,304,896 $ 4,279,341 $ 3,183,668
================ =============== ================ ================
_____________________
(a) Fees are incurred at the Class S level.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
11
ABN AMRO Funds
- --------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
GOVERNMENT MONEY MARKET FUND MONEY MARKET FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005 (UNAUDITED) 2005
---------------- --------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD...................... $ 412,495,904 $ 492,385,672 $ 181,042,874 $ 137,652,825
---------------- --------------- ---------------- ----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income........................... 9,449,260 11,711,045 3,304,896 3,426,815
Net realized gain (loss) on investments sold.... -- -- -- --
---------------- --------------- ---------------- ----------------
Net increase in net assets from operations...... 9,449,260 11,711,045 3,304,896 3,426,815
---------------- --------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class I......................................... (8,729,778) (10,956,036) (120,097) (131,453)
Class S......................................... (719,482) (755,009) (3,184,799) (3,295,362)
Net realized gain on investments:
Class I......................................... -- (811) -- --
Class S......................................... -- (71) -- --
---------------- --------------- ---------------- ----------------
Total distributions.......................... (9,449,260) (11,711,927) (3,304,896) (3,426,815)
---------------- --------------- ---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class I......................................... 464,063,856 1,461,781,812 19,040,283 42,355,059
Class S......................................... 77,240,878 82,615,935 367,365,381 567,766,948
Proceeds from reinvestment of distributions:
Class I......................................... 539,130 592,711 120,052 131,383
Class S......................................... 719,454 754,332 3,184,623 3,286,376
Cost of shares redeemed:
Class I......................................... (369,469,599) (1,540,973,368) (23,213,882) (37,772,799)
Class S......................................... (57,828,314) (84,660,308) (363,687,549) (532,376,918)
---------------- --------------- ---------------- ----------------
Net increase (decrease) from capital share
transactions............................. 115,265,405 (79,888,886) 2,808,908 43,390,049
---------------- --------------- ---------------- ----------------
Total increase (decrease) in net assets...... 115,265,405 (79,889,768) 2,808,908 43,390,049
---------------- --------------- ---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A)......... $ 527,761,309 $ 412,495,904 $ 183,851,782 $ 181,042,874
================ =============== ================ ================
(A) Undistributed net investment income......... $ 31,622 $ 31,622 $ -- $ --
================ =============== ================ ================
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class I
Sold............................................ 464,063,856 1,461,781,812 19,040,283 42,355,059
Proceeds from reinvestment of distributions..... 539,130 592,711 120,052 131,383
Redeemed........................................ (369,469,599) (1,540,973,368) (23,213,882) (37,772,799)
Class S
Sold............................................ 77,240,878 82,615,935 367,365,380 567,766,948
Proceeds from reinvestment of distributions..... 719,454 754,332 3,184,623 3,286,376
Redeemed........................................ (57,828,314) (84,660,308) (363,687,549) (532,376,918)
---------------- --------------- ---------------- ----------------
Net increase (decrease) in shares outstanding 115,265,405 (79,888,886) 2,808,907 43,390,049
================ =============== ================ ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
12
ABN AMRO Funds
- --------------
TAX-EXEMPT MONEY MARKET FUND TREASURY MONEY MARKET FUND
---------------------------------- ----------------------------------
SIX MONTHS ENDED YEAR ENDED SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31, APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005 (UNAUDITED) 2005
---------------- --------------- ---------------- ----------------
NET ASSETS AT BEGINNING OF PERIOD...................... $ 278,397,955 $ 289,817,134 $ 183,993,014 $ 315,326,381
---------------- --------------- ---------------- ----------------
INCREASE IN NET ASSETS FROM OPERATIONS:
Net investment income........................... 4,279,341 5,119,758 3,183,716 6,014,678
Net realized gain (loss) on investments sold.... -- -- (48) 240
---------------- --------------- ---------------- ----------------
Net increase in net assets from operations...... 4,279,341 5,119,758 3,183,668 6,014,918
---------------- --------------- ---------------- ----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class I......................................... (3,930,444) (4,597,020) (3,073,872) (5,875,226)
Class S......................................... (348,897) (522,738) (109,844) (139,452)
Net realized gain on investments:
Class I......................................... -- -- (230) (75)
Class S......................................... -- -- (10) (2)
---------------- --------------- ---------------- ----------------
Total distributions.......................... (4,279,341) (5,119,758) (3,183,956) (6,014,755)
---------------- --------------- ---------------- ----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class I......................................... 467,611,923 641,284,230 152,150,090 504,203,062
Class S......................................... 186,370,287 503,203,397 27,661,970 27,150,457
Proceeds from reinvestment of distributions:
Class I......................................... 4,895 6,078 19,391 24,246
Class S......................................... 348,897 440,848 108,286 138,277
Cost of shares redeemed:
Class I......................................... (474,971,445) (643,667,195) (177,181,563) (633,603,437)
Class S......................................... (181,596,757) (512,686,537) (28,525,355) (29,246,135)
---------------- --------------- ---------------- ----------------
Net increase (decrease) from capital share
transactions............................. (2,232,200) (11,419,179) (25,767,181) (131,333,530)
---------------- --------------- ---------------- ----------------
Total increase (decrease) in net assets...... (2,232,200) (11,419,179) (25,767,469) (131,333,367)
---------------- --------------- ---------------- ----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A)......... $ 276,165,755 $ 278,397,955 $ 158,225,545 $ 183,993,014
================ =============== ================ ================
(A) Undistributed net investment income......... $ -- $ -- $ -- $ --
================ =============== ================ ================
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class I
Sold............................................ 467,611,923 641,284,230 152,150,090 504,203,062
Proceeds from reinvestment of distributions..... 4,895 6,078 19,391 24,246
Redeemed........................................ (474,971,445) (643,667,195) (177,181,563) (633,603,437)
Class S
Sold............................................ 186,370,287 503,203,397 27,661,970 27,150,457
Proceeds from reinvestment of distributions..... 348,897 440,848 108,286 138,277
Redeemed........................................ (181,596,757) (512,686,537) (28,525,355) (29,246,135)
---------------- --------------- ---------------- ----------------
Net increase (decrease) in shares outstanding (2,232,200) (11,419,179) (25,767,181) (131,333,530)
================ =============== ================ ================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
13
ABN AMRO Funds
- --------------
GOVERNMENT MONEY MARKET FUND APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR TEN MONTHS YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 12/31/00
----------- -------- -------- -------- -------- --------- --------
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 ................. 0.02 0.03 0.01 0.01 0.02 0.04 0.06
----------- -------- -------- -------- -------- --------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.02) (0.03) (0.01) (0.01) (0.02) (0.04) (0.06)
Net realized gain on investments ...... -- --(a) -- -- -- -- --
----------- -------- -------- -------- -------- --------- --------
Total distribution .................... (0.02) (0.03) (0.01) (0.01) (0.02) (0.04) (0.06)
----------- -------- -------- -------- -------- --------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========= ========
TOTAL RETURN ............................... 2.06%(b) 2.59% 0.91% 0.98% 1.70% 3.57%(b) 6.08%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 476,008 $380,875 $459,475 $453,873 $492,398 $ 611,611 $589,752
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.29% 0.30% 0.30% 0.29% 0.30% 0.38% 0.41%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.29% 0.30% 0.30% 0.29% 0.30% 0.31% 0.33%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 4.13% 2.60% 0.91% 0.98% 1.70% 4.14% 5.84%
After reimbursement and/or waiver
of expenses by Adviser .............. 4.13% 2.60% 0.91% 0.98% 1.70% 4.21% 5.92%
- -----------------------------------------------------------------------------------------------------------------------------------
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 ................. 0.02 0.02 0.01 0.01 0.01 0.03 0.06
----------- -------- -------- -------- -------- --------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.02) (0.02) (0.01) (0.01) (0.01) (0.03) (0.06)
Net realized gain on investments ...... -- --(a) -- -- -- -- --
----------- -------- -------- -------- -------- --------- --------
Total distribution .................... (0.02) (0.02) (0.01) (0.01) (0.01) (0.03) (0.06)
----------- -------- -------- -------- -------- --------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========= ========
TOTAL RETURN ............................... 1.90%(b) 2.26% 0.58% 0.65% 1.36% 3.30%(b) 5.74%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 51,753 $ 31,621 $ 32,911 $ 41,768 $ 30,590 $ 44,190 $ 76,097
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.61% 0.62% 0.62% 0.62% 0.63% 0.71% 0.91%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.61% 0.62% 0.62% 0.62% 0.63% 0.63% 0.65%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 3.81% 2.28% 0.59% 0.65% 1.37% 3.81% 5.34%
After reimbursement and/or waiver
of expenses by Adviser .............. 3.81% 2.28% 0.59% 0.65% 1.37% 3.89% 5.60%
____________________________________________
(a) Represents less than $0.005 per share.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
14
ABN AMRO Funds
- --------------
MONEY MARKET FUND APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR TEN MONTHS YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 12/31/00
----------- -------- -------- -------- -------- --------- --------
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 ................. 0.02 0.03 0.01 0.01 0.02(a) 0.04 0.06
----------- -------- -------- -------- -------- --------- --------
Less distributions from
net investment income ............... (0.02) (0.03) (0.01) (0.01) (0.02) (0.04) (0.06)
----------- -------- -------- -------- -------- --------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========= ========
TOTAL RETURN ............................... 2.05%(b) 2.57% 0.87% 0.92% 1.58% 3.65%(b) 6.21%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 5,482 $ 9,535 $ 4,821 $ 302 $ 414 $ 1,672 $ 44,274
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.52% 0.51% 0.50% 0.50% 0.49% 0.58% 0.56%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.37% 0.37% 0.37% 0.37% 0.37% 0.36% 0.33%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 3.95% 2.44% 0.73% 0.78% 1.45% 4.17% 5.58%
After reimbursement and/or waiver
of expenses by Adviser .............. 4.10% 2.58% 0.86% 0.91% 1.57% 4.39% 5.81%
- -----------------------------------------------------------------------------------------------------------------------------------
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 ................. 0.02 0.02 0.01 0.01 0.01(a) 0.03 0.06
----------- -------- -------- -------- -------- --------- --------
Less distributions from
net investment income ............... (0.02) (0.02) (0.01) (0.01) (0.01) (0.03) (0.06)
----------- -------- -------- -------- -------- --------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========= ========
TOTAL RETURN ............................... 1.86%(b) 2.20% 0.50% 0.55% 1.22% 3.34%(b) 5.83%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 178,370 $171,508 $132,831 $132,233 $143,446 $ 176,451 $231,648
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.88% 0.87% 0.86% 0.86% 0.85% 0.94% 1.06%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.73% 0.73% 0.73% 0.73% 0.73% 0.72% 0.69%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 3.59% 2.08% 0.37% 0.42% 1.09% 3.81% 5.08%
After reimbursement and/or waiver
of expenses by Adviser .............. 3.74% 2.22% 0.50% 0.55% 1.21% 4.03% 5.45%
____________________________________________
(a) The selected per share data was calculated using weighted average shares
method for the period.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
15
ABN AMRO Funds
- --------------
TAX-EXEMPT MONEY MARKET FUND APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR TEN MONTHS YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 12/31/00
----------- -------- -------- -------- -------- --------- --------
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 ................. 0.01 0.02 0.01 0.01 0.01 0.02 0.04
----------- -------- -------- -------- -------- --------- --------
Less distributions from
net investment income ............... (0.01) (0.02) (0.01) (0.01) (0.01) (0.02) (0.04)
----------- -------- -------- -------- -------- --------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========= ========
TOTAL RETURN ............................... 1.34%(a) 1.83% 0.74% 0.72% 1.12% 2.17%(a) 3.87%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 252,856 $260,210 $262,587 $274,759 $340,683 $ 434,372 $416,864
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.48%(c) 0.46% 0.46% 0.46% 0.45% 0.55% 0.55%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.35%(c) 0.33% 0.33% 0.33% 0.33% 0.33% 0.32%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 2.56% 1.68% 0.61% 0.59% 0.99% 2.38% 3.57%
After reimbursement and/or waiver
of expenses by Adviser .............. 2.69% 1.81% 0.74% 0.72% 1.11% 2.60% 3.80%
- -----------------------------------------------------------------------------------------------------------------------------------
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 ................. 0.01 0.02 --(b) --(b) 0.01 0.02 0.04
----------- -------- -------- -------- -------- --------- --------
Less distributions from
net investment income ............... (0.01) (0.02) --(b) --(b) (0.01) (0.02) (0.04)
----------- -------- -------- -------- -------- --------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========= ========
TOTAL RETURN ............................... 1.22%(a) 1.57% 0.49% 0.47% 0.87% 1.96%(a) 3.61%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 23,310 $ 18,188 $ 27,230 $ 21,116 $ 20,930 $ 27,776 $ 65,046
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.73%(c) 0.71% 0.71% 0.71% 0.70% 0.80% 1.05%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.60%(c) 0.58% 0.58% 0.58% 0.58% 0.58% 0.57%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 2.31% 1.43% 0.36% 0.34% 0.74% 2.13% 3.07%
After reimbursement and/or waiver
of expenses by Adviser .............. 2.44% 1.56% 0.49% 0.47% 0.86% 2.35% 3.55%
____________________________________________
(a) Not Annualized.
(b) Represents less than $0.005 per share.
(c) Ratios of expenses to average net assets include interest expense of 0.02%
which is not included in the contractual expense limitation. The interest
expense is from utilizing the line of credit as discussed in Note F to
Financial Statements.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
16
ABN AMRO Funds
- --------------
TREASURY MONEY MARKET FUND APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR TEN MONTHS YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 12/31/00
----------- -------- -------- -------- -------- --------- --------
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 ................. 0.02 0.02 0.01 0.01 0.01 0.03 0.06
----------- -------- -------- -------- -------- --------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.02) (0.02) (0.01) (0.01) (0.01) (0.03) (0.06)
Net realized gain on investments ...... --(a) --(a) -- -- -- -- --
----------- -------- -------- -------- -------- --------- --------
Total distribution .................... (0.02) (0.02) (0.01) (0.01) (0.01) (0.03) (0.06)
----------- -------- -------- -------- -------- --------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========= ========
TOTAL RETURN ............................... 1.98%(b) 2.41% 0.75% 0.85% 1.47% 3.40%(b) 5.85%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 153,784 $178,796 $308,172 $370,304 $338,172 $ 246,473 $219,437
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.51% 0.48% 0.46% 0.46% 0.46% 0.56% 0.58%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.36% 0.36% 0.36% 0.36% 0.36% 0.34% 0.35%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 3.80% 2.17% 0.63% 0.74% 1.35% 3.76% 5.44%
After reimbursement and/or waiver
of expenses by Adviser .............. 3.95% 2.29% 0.73% 0.84% 1.45% 3.98% 5.67%
- -----------------------------------------------------------------------------------------------------------------------------------
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 ................. 0.02 0.02 --(a) 0.01 0.01 0.03 0.05
----------- -------- -------- -------- -------- --------- --------
LESS DISTRIBUTIONS FROM:
Net investment income ................. (0.02) (0.02) --(a) (0.01) (0.01) (0.03) (0.05)
Net realized gain on investments ...... --(a) --(a) -- -- -- -- --
----------- -------- -------- -------- -------- --------- --------
Total distribution .................... (0.02) (0.02) -- (0.01) (0.01) (0.03) (0.05)
----------- -------- -------- -------- -------- --------- --------
Net Asset Value, End of Period ............. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
=========== ======== ======== ======== ======== ========= ========
TOTAL RETURN ............................... 1.85%(b) 2.16% 0.50% 0.60% 1.22% 3.19%(b) 5.59%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in 000's) .... $ 4,442 $ 5,197 $ 7,154 $ 35,441 $ 31,128 $ 26,193 $ 13,422
Ratios of expenses to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 0.76% 0.73% 0.71% 0.71% 0.71% 0.81% 1.08%
After reimbursement and/or waiver
of expenses by Adviser .............. 0.61% 0.61% 0.61% 0.61% 0.61% 0.59% 0.60%
Ratios of net investment income
to average net assets:
Before reimbursement and/or waiver
of expenses by Adviser .............. 3.55% 1.92% 0.38% 0.49% 1.10% 3.51% 4.94%
After reimbursement and/or waiver
of expenses by Adviser .............. 3.70% 2.04% 0.48% 0.59% 1.20% 3.73% 5.42%
____________________________________________
(a) Represents less than $0.005 per share.
(b) Not Annualized.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
17
ABN AMRO Funds
- --------------
APRIL 30, 2006
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 27 separate portfolios.
The following Portfolios 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
U.S. generally accepted accounting principles.
(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.
Interest accrued is captured in dividends and interest receivable.
(2) REPURCHASE AGREEMENTS: Each Fund may enter into repurchase agreements with
financial institutions deemed to be creditworthy by ABN AMRO Asset Management,
Inc. (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 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, 2005, the following
Fund had available realized capital losses to offset future net capital gains
through fiscal year ended:
AMOUNT EXPIRATION DATE
------ ---------------
Money Market Fund $ 10 2006
6 2008
(6) MULTI-CLASS OPERATIONS: The Funds are authorized to issue two classes of
shares, Class I and Class S. The classes are substantially the same except that
Class S bears class specific expenses, which relate to distribution fees and
shareholder service fees. Each class offered by these Funds has equal rights as
to assets. Income, fund level 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.
(7) USE OF ESTIMATES: The preparation of financial statements in conformity with
U.S. generally accepted accounting principles 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
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 remote.
18
ABN AMRO Funds
- --------------
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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 classified as ordinary income for tax purposes. The tax
character of ordinary income distributions paid during the years ended October
31, 2005 and 2004 was as follows:
DISTRIBUTIONS PAID IN 2005 DISTRIBUTIONS PAID IN 2004
-------------------------- --------------------------
TAX-EXEMPT ORDINARY TAX-EXEMPT ORDINARY
INCOME INCOME INCOME INCOME
----------- ------------ ------------ -----------
Government Money
Market Fund ... $ -- $ 11,208,138 $ -- $ 4,116,031
Money Market Fund . -- 3,426,815 -- 715,593
Tax-Exempt Money
Market Fund ... 4,882,771 -- 2,083,226 --
Treasury Money
Market Fund ... -- 5,815,496 -- 2,530,817
As of October 31, 2005, the most recent tax year end, 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 .... $ -- $ 1,108,669 $ --
Money Market Fund ............... (16) -- --
Tax-Exempt Money Market Fund .... -- -- 531,895
Treasury Money Market Fund ...... -- 549,916 --
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 the 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 ordinary operating expenses for Class I and Class S shareholders at
certain specified annual rates of average daily net assets, respectively.
Contractual expense limitation contracts are effective through February 28, 2007
for all classes of the Funds. The advisory rates and contractual expense
limitations for the six months ended April 30, 2006 were as follows:
CONTRACTUAL
EXPENSE LIMITATIONS
--------------------
ADVISORY FEES
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. Administration expenses also include
pricing agent fees and compliance related expenses. Effective April 1, 2005,
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 base fees are fixed at an annual rate of $12,000 per
Fund. The administration fee arrangement is as follows:
ADMINISTRATION FEES AT TRUST LEVEL ANNUAL RATE
- ---------------------------------- -----------
First $7.4 billion 0.0490%
Over $7.4 billion 0.0465%
Prior to April 1, 2005, under terms of the administration agreement,
administration fees were accrued daily and paid monthly, based on a specified
percentage of average daily net assets of the Trust and custody liaison fees
were accrued for at a fixed charge that varied according to the size of the
Fund. The fee arrangements were as follows:
ADMINISTRATION FEES
AT TRUST LEVEL ANNUAL RATE CUSTODY LIAISON FEES ANNUAL RATE
- -------------------- ----------- ---------------------------- -----------
First $2 billion 0.060% First $100 million $10,000
$2 billion to $12.5 billion 0.050% $100 million to $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. Effective
April 1, 2005, under the 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 of the Trust and base fees are fixed at
an annual rate of $12,000 per Fund. The sub-administration fee arrangement is as
follows:
SUB-ADMINISTRATION FEES ANNUAL RATE
- ----------------------- -----------
First $7.4 billion 0.0255%
Over $7.4 billion 0.0230%
19
ABN AMRO Funds
- --------------
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
Prior to April 1, 2005, under the terms of the sub-administration agreement,
sub-administration fees were accrued daily and paid monthly, based on a
specified percentage of average daily net assets of the Trust, 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%
Prior to April 1, 2005, custody liaison fees were fixed at an annual rate of
$10,000 per Fund. Effective April 1, 2005, these were eliminated.
ABN AMRO Distribution 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 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, which allows the Distributor to be paid a fee at an annual rate of 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. Tax-Exempt Money Market Fund and
Treasury Money Market Fund were not charged shareholder service fees for the six
months ended April 30, 2006.
The Trust does not compensate its officers or interested Trustees who are
affiliated with the Adviser. Effective January 1, 2005, the Trust pays each
non-interested Trustee $5,000 per Board of Trustees meeting attended, an annual
retainer of $25,000 and reimburses for out-of-pocket expenses. In addition, the
Trust pays each member of the Nominating and Governance Committee a $2,000
annual retainer and each member of the Audit Committee a $2,500 annual retainer.
The Chairman of the Audit Committee receives an additional $10,000 per year, the
Chairman of the Nominating and Governance Committee receives an additional
$2,500 per year, and the Lead Independent Trustee receives an additional $20,000
per year. Prior to January 1, 2005, 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 $10,000 and reimbursed each
non-interested Trustee and non-affiliated interested and advisory Trustee for
out-of-pocket expenses. Additionally, the Chairman of the Audit Committee
received an additional $5,000 per year.
NOTE (F) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended March 17, 2006, provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by each series of the Trust, including
the 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 an annual administration fee of
$37,500 and reasonable 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 Offered Rate),
as applicable, plus 0.625%. Borrowings must be repaid within 60 days. At April
30, 2006, there was one borrowing outstanding on the line of credit for the
Tax-Exempt Money Market Fund totaling $4,642,700. For the six month period ended
April 30, 2006, the average daily loan balance outstanding on days where
borrowings existed for the Tax-Exempt Money Market Fund was $6,554,956 at a
weighted average interest rate of 4.46%. Interest expense allocated to the Fund
of $30,370 was paid for use of the line of credit and is included on the
Statement of Operations.
NOTE (G) SUBSEQUENT EVENT: On April 20, 2006, ABN AMRO Asset Management, Inc.
and its affiliates ("ABN AMRO") entered into a strategic agreement to sell
substantially all of the assets related to their U.S. mutual fund business (the
"Transaction"). Upon shareholder approvals related to the Transaction, ABN AMRO
will no longer serve as sponsor of the Trust, and will no longer serve as
investment adviser for the non-Money Market Funds or administrator of all series
of the Trust. ABN AMRO will continue to serve as subadviser to certain funds. As
of the date of this report, it is expected that ABN AMRO will continue as the
investment adviser on the Money Market Funds. It is anticipated that the
Transaction will close in the third quarter of 2006.
20
ABN AMRO Funds
- --------------
APRIL 30, 2006
ADDITIONAL INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
FORM N-Q: The Trust files complete schedules of portfolio holdings for the Funds
with the Securities and Exchange Commission (the "SEC") for the Trust's first
and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are
available on the SEC's Web site at www.sec.gov and are available for review and
copying at the SEC's Public Reference Room in Washington, DC. Information on the
operations of the Public Reference Room may be obtained by calling the SEC at
800 SEC-0330.
PROXY VOTING: ABN AMRO Funds' Proxy Voting Policies and Procedures, used to
determine how to vote proxies relating to portfolio securities, are included in
the Trust's Statement of Additional Information, which is available (i) upon
request, without charge, by calling 800 992-8151; (ii) on ABN AMRO Funds' Web
site at www.abnamrofunds.com; and (iii) on the SEC's Web site at www.sec.gov.
ABN AMRO Funds' Proxy Voting Record for the most recent twelve-month period
ended June 30, 2005 is available without charge (i) on the Funds' Web site at
www.abnamrofunds.com; and (ii) on the SEC's Web site at www.sec.gov.
CONTINUATION OF INVESTMENT ADVISORY CONTRACTS: The 1940 Act requires that the
investment advisory agreements between the Adviser and the Trust on behalf of
each Fund be approved annually both by the Board of Trustees and also by a
majority of the Independent Trustees voting separately. On December 15, 2005,
the Board of Trustees, including all the Independent Trustees, determined that
the terms of the investment advisory agreements continued to be in the best
interests of the Funds. The Board of Trustees, including all the Independent
Trustees, believes that the current investment advisory agreements enable the
Funds to enjoy high quality investment advisory services at costs that are
deemed appropriate, reasonable and in the best interests of the Funds and their
shareholders. In making such determinations, the Board of Trustees, including
all the Independent Trustees, considered materials received specifically
relating to the renewal of the investment advisory agreements as well as
information received periodically regarding the performance of the Adviser and
the operations of the Funds. The Independent Trustees met separately from the
"interested" Trustees of the Trust and all officers, directors and employees of
the Adviser or its affiliates to consider continuance of these agreements and
were assisted by independent legal counsel in their considerations.
In evaluating the investment advisory agreement for each Fund, the Board of
Trustees reviewed the materials furnished by the Adviser, including information
regarding the Adviser, its affiliates and personnel, its operations and
financial condition. Among other information, the Board of Trustees reviewed
information regarding: (1) the nature, extent and quality of the services
provided to the Funds, including information on both the short-term and
long-term investment performance of each Fund and comparisons to a relevant peer
group of funds independently selected and compiled by Lipper Inc. and an
appropriate index, as well as information regarding the personnel involved in
the investment process and the record of compliance with each Fund's policies
and restrictions on personal securities transactions; (2) the advisory fees
charged and total expense ratios of the Funds compared to a relevant peer group
of funds independently selected and compiled by Lipper Inc.; (3) fees waived or
expenses reimbursed by the Adviser; (4) the Adviser's financial condition and
the profitability to the Adviser of its relationship with the Funds; (5) any
breakpoints in the investment advisory fees that have the effect of passing on
economies of scale to Fund investors; (6) revenue sharing payments made by the
Adviser; and (7) other benefits received by affiliates of the Adviser from its
relationship with the Funds.
In considering the investment advisory agreements, the Board of Trustees,
including all the Independent Trustees, did not identify any single factor or
group of factors as all-important or controlling, but considered all factors
together. The following summary does not detail all the matters considered.
Among matters considered by the Board of Trustees, including all the Independent
Trustees, in connection with its approval of the investment advisory agreements
were the following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the investment advisory agreements,
including portfolio management services. The Board considered the experience and
skills of senior management and investment personnel, the resources made
available to such personnel, the ability of the Adviser to attract and retain
high-quality personnel, and the organizational depth and stability of the
Adviser. It also reviewed each Fund's investment performance over short-term and
long-term periods, and reviewed that performance as compared to a relevant peer
group of mutual funds independently selected and compiled by Lipper Inc. and an
appropriate index. The Board considered whether investment results were
consistent with each Fund's investment objectives and policies. The Board
discussed with management the upcoming merger of ABN AMRO Asset Management (USA)
LLC into ABN AMRO Asset Management, Inc. and concluded that there would be no
impact on the services provided to the Funds as a result of the merger, which
did not constitute a change of control. On the basis of this evaluation and
21
ABN AMRO Funds
- --------------
APRIL 30, 2006
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
its ongoing review of investment results, the Board concluded that the nature,
quality and extent of services provided by the Adviser historically has been and
continues to be satisfactory, and that the performance of each Fund over time
was satisfactory.
FEES AND EXPENSES. The Board considered each Fund's management fee rate,
operating expenses and total expense ratio, and compared this information to the
fees and expenses of a peer group based on information and data supplied by
Lipper Inc. As a part of this analysis, the Board considered the investment
advisory fee paid by each Fund and the fees waived or expenses reimbursed by the
Adviser and compared the gross and net advisory fees to those of a peer group.
On the basis of the information provided, the Board concluded that management
fees were reasonable and appropriate in light of the nature, quality and extent
of services provided by the Adviser.
COSTS AND PROFITABILITY. The Board considered certain financial information and
statistics related to the costs and profitability of the Adviser's advisory
agreements with the Funds. The Board considered that the Adviser must be able to
compensate its employees at competitive rates in order to attract and retain
high quality personnel to provide high quality services to the Funds. Based on
the information provided, the Board concluded that the profits realized by the
Adviser in connection with the management of the Funds were not unreasonable.
ECONOMIES OF SCALE. The Board considered whether there are economies of scale
with respect to the management of the Funds and whether the Funds benefit from
any economies of scale. The Board considered the size of the Funds, any
breakpoints in fees, and the nature of the asset class and any capacity limits.
The Board concluded that the management fee schedule reflects an appropriate
level of sharing of any economies of scale.
OTHER BENEFITS TO THE ADVISER. The Board also considered the nature and amount
of fees paid by each Fund for services provided by affiliates of the Adviser for
administrative services. The Board also considered payments under Rule 12b-1
plans and benefits to the Adviser from the use of "soft" commission dollars to
pay for research and brokerage services. The Board concluded that management
fees were reasonable in light of these fallout benefits.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board of Trustees, including all
the Independent Trustees, concluded that the existing advisory fee structures
were fair and reasonable, and that the existing investment advisory agreements,
as applicable, should be approved for continuance.
DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.
This table illustrates each Fund's costs in two ways:
ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period.
You may use the information here, together with your account value, to estimate
the expenses that you paid over the period. To do so, simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number given for your Fund in the first line
under the heading entitled "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons to
other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds.
22
ABN AMRO Funds
- --------------
APRIL 30, 2006
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads) and redemption fees, which are described in the
Prospectus. If these costs were applied to your account, your costs would be
higher.
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/05 4/30/06 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
GOVERNMENT MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ................ $1,000 $1,020.60 0.29% $ 1.45
Class S ................ 1,000 1,019.00 0.61% 3.05
HYPOTHETICAL 5% RETURN
Class I ................ $1,000 $1,023.36 0.29% $ 1.45
Class S ................ 1,000 1,021.77 0.61% 3.06
MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ................ $1,000 $1,020.50 0.37% $ 1.85
Class S ................ 1,000 1,018.60 0.73% 3.65
HYPOTHETICAL 5% RETURN
Class I ................ $1,000 $1,022.96 0.37% $ 1.86
Class S ................ 1,000 1,021.17 0.73% 3.66
TAX-EXEMPT MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ................ $1,000 $1,013.40 0.35% $ 1.75
Class S ................ 1,000 1,012.20 0.60% 2.99
HYPOTHETICAL 5% RETURN
Class I ................ $1,000 $1,023.06 0.35% $ 1.76
Class S ................ 1,000 1,021.82 0.60% 3.01
TREASURY MONEY MARKET FUND
ACTUAL FUND RETURN
Class I ................ $1,000 $1,019.80 0.36% $ 1.80
Class S ................ 1,000 1,018.50 0.61% 3.05
HYPOTHETICAL 5% RETURN
Class I ................ $1,000 $1,023.01 0.36% $ 1.81
Class S ................ 1,000 1,021.77 0.61% 3.06
(1) Annualized, based on a Fund's most recent fiscal half-year expenses.
(2) Expenses are equal to a Fund's annualized expense ratio multiplied by the
average account value over the period, multiplied by the number of days in
the most recent fiscal half-year, then divided by 365.
23
This page is left blank intentionally.
ABN AMRO Funds
ADVISERS
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
River Road Asset Management LLC
Meidinger Tower, Suite 1600
462 South Fourth Street
Louisville, KY 40202
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 and Treasurer, Chief Financial
Officer, Chief Operating Officer and Chief
Compliance Officer
William Long, Vice President
Juli A. Braun, Assistant Secretary
Laura M. Curylo, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
Joseph W. Wheeler, Assistant Treasurer
CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153
LEGAL COUNSEL
Vedder, Price, Kaufman & Kammholz, P.C.
222 N. LaSalle Street
Chicago, IL 60601
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Sears Tower
233 S. Wacker Drive
Chicago, IL 60606
THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT
FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT CHARGE BY CALLING 800 992
8151.
ABN AMRO ASSET MANAGEMENT
ABSEM 06 02
[GRAPHIC OMITTED]
ABN AMRO ASSET MANAGEMENT LOGO - ABN AMRO FUNDS
[GRAPHIC OMITTED]
COVER ART
APRIL 30/2006 CLASS Y & YS SHARES
SEMI-ANNUAL REPORT 2006
INSTITUTIONAL MONEY MARKET
THIS PRIVACY STATEMENT IS NOT PART OF THE SEMI ANNUAL REPORT
PRIVACY STATEMENT
At ABN AMRO Funds, we appreciate the privacy concerns and expectations of our
customers. Together with the Funds' distributor, ABN AMRO Distribution Services
(USA) Inc., we have established the following policies to maintain the privacy
of information you share with us.
INFORMATION WE COLLECT
We collect and retain nonpublic personal information about you that may include:
o Information we receive on your account applications or other forms
such as your name, address, financial information and/or social
security number;
o Information we receive about your mutual fund transactions, such as
purchases, sales, exchanges and account balances; and
o Information we collect through the use of Internet "cookies" when you
access our website. Cookies are software files we use to track which
of our sites you visit.
INFORMATION WE MAY SHARE
We do not sell any of your nonpublic personal information to third parties. We
may share the information we collect with affiliates or with non-affiliated
third parties only when those parties are acting on our behalf in servicing your
account, or as required by law. These third parties may include:
o Administrative service providers who, for example, process
transactions for your account, print checks or prepare account
statements;
o Companies that provide services for us to help market our products to
you; and
o Governmental or other legal agencies, as required by law
When information is shared with third parties, they are legally obligated to
maintain the confidentiality of the information and to limit their use of it to
servicing your account, except as permitted or required by law.
CONFIDENTIALITY AND SECURITY
Within both the Funds' and Distributor's organizations, we restrict access to
your nonpublic personal information to authorized employees who need to access
such information in order to provide services or products to you. We maintain
physical, electronic and procedural safeguards to protect your nonpublic
personal information.
As previously mentioned, we may collect information through the use of Internet
"cookies" on our Web site. In addition, in order to provide you with access to
your account via the Web, it is necessary for us to collect certain nonpublic
personal information such as your name, social security number and account
information. Special measures such as data encryption and authentication apply
to all nonpublic personal information and communications on our Web site.
APPLICABILITY
Our privacy policies apply only to those individual investors who have or had a
direct customer relationship with us. If you are an individual shareholder of
record of any of the Funds, the Funds consider you to be their customer.
Shareholders purchasing or owning shares of any of the Funds through their bank,
broker, or other financial institution should also consult that financial
institution's privacy policies.
The ABN AMRO Funds value your business. We understand the importance of
maintaining the integrity of your personal information and are committed to
keeping your trust. Please contact us at 800 992-8151 if you have any questions
concerning our policy, or visit us at www.abnamrofunds.com for additional copies
of this policy.
ABN AMRO Funds
TABLE OF CONTENTS
Performance Summary ........................................................ 2
Schedule of Investments..................................................... 3
Statement of Assets and Liabilities......................................... 5
Statement of Operations..................................................... 6
Statements of Changes in Net Assets......................................... 7
Financial Highlights........................................................ 8
Notes to Financial Statements............................................... 9
Additional Information...................................................... 12
INSTITUTIONAL MONEY MARKET FUND
Institutional Prime Money Market Fund
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.
ABN AMRO FUNDS ARE DISTRIBUTED BY ABN AMRO DISTRIBUTION SERVICES (USA)
INC., 760 MOORE ROAD, KING OF PRUSSIA, PA 19406.
SHAREHOLDER SERVICES 800 992-8151 o WWW.ABNAMROFUNDS.COM
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.
1
ABN AMRO Funds
- ---------------
PERFORMANCE SUMMARY (UNAUDITED) AS OF APRIL 30, 2006
- --------------------------------------------------------------------------------
AVERAGE ANNUAL
SIX TOTAL RETURN
7-DAY MONTH --------------------------------
INCEPTION AVERAGE TOTAL ONE FIVE SINCE
DATE YIELD (A) RETURN (B) YEAR YEAR INCEPTION
--------- --------- ---------- ------- ------ ---------
INSTITUTIONAL PRIME MONEY MARKET FUND - CLASS Y 12/28/99 4.69% 2.15% 3.83% 2.17% 3.00%
iMoneyNet First Tier Institutional Average 12/31/99 2.04% 3.61% 1.96% 2.81%
Lipper Institutional Money Market Funds Index 12/31/99 2.13% 3.80% 2.18% 3.01%
INSTITUTIONAL PRIME MONEY MARKET FUND - CLASS YS 06/29/00 4.44% 2.02% 3.58% 1.91% 2.50%
iMoneyNet First Tier Institutional Average 06/30/00 2.04% 3.61% 1.96% 2.55%
Lipper Institutional Money Market Funds Index 06/30/00 2.13% 3.80% 2.18% 2.75%
________________________________
THE PERFORMANCE DATA QUOTED REPRESENTS PAST PERFORMANCE. PAST PERFORMANCE DOES
NOT GUARANTEE FUTURE RESULTS. INVESTMENT RETURNS 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.
INDEXES ARE UNMANAGED AND DO NOT TAKE INTO ACCOUNT FEES, EXPENSES OR OTHER
COSTS.
PERFORMANCE FIGURES DO NOT REFLECT THE DEDUCTION OF TAXES THAT A SHAREHOLDER
WOULD PAY ON FUND DISTRIBUTIONS OR REDEMPTION OF FUND SHARES.
THE FUND'S INVESTMENT ADVISER IS CONTRACTUALLY OBLIGATED TO WAIVE FEES OR
REIMBURSE EXPENSES THROUGH FEBRUARY 2007. THE PERFORMANCE QUOTED WOULD HAVE BEEN
LOWER IF THESE SUBSIDIES WERE NOT IN EFFECT.
AN INVESTMENT IN THE 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 OF $1.00 PER SHARE, IT IS POSSIBLE TO LOSE
MONEY BY INVESTING IN THE FUND.
(A) THE 7-DAY AVERAGE YIELD MORE CLOSELY REFLECTS THE FUND'S CURRENT EARNINGS
THAN THE TOTAL RETURN QUOTATION.
(B) NOT ANNUALIZED.
2
ABN AMRO Funds
- ---------------
INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
[THE FOLLOWING TABLE WAS REPRESENTED BY A PIE CHART IN THE PRINTED MATERIAL.]
COMMERCIAL PAPER 26%
TIME DEPOSITS 24%
REPURCHASE AGREEMENTS 18%
CERTIFICATES OF DEPOSIT 16%
FLOATING RATE NOTES 8%
INSURANCE FUNDING AGREEMENTS 7%
U.S. GOVERNMENT AGENCY OBLIGATION 1%
% OF TOTAL NET ASSETS
AMORTIZED
PAR VALUE COST
--------- ----------------
COMMERCIAL PAPER (A) - 25.63%
ASSET-BACKED - 18.13%
FCAR Owner Trust
$ 10,000,000 4.560%, 07/17/06............................ $ 9,902,467
25,000,000 4.610%, 07/17/06............................ 24,753,493
FCAR Owner Trust II
20,000,000 4.450%, 05/02/06............................ 19,997,528
17,000,000 4.490%, 05/02/06............................ 16,997,880
25,000,000 4.680%, 05/02/06............................ 24,996,750
25,000,000 4.700%, 05/15/06............................ 24,954,305
Fountain Square Commercial Funding
20,000,000 4.690%, 05/05/06 (b)........................ 19,989,578
12,887,000 4.710%, 05/08/06 (b)........................ 12,875,197
20,000,000 4.630%, 06/27/06 (b)........................ 19,853,383
Galaxy Funding
50,000,000 4.870%, 05/01/06 (b)........................ 50,000,000
25,000,000 4.640%, 05/15/06 (b)........................ 24,954,889
Giro Balanced Funding
25,000,000 4.700%, 05/11/06 (b)........................ 24,967,361
20,000,000 4.790%, 06/08/06 (b)........................ 19,898,878
15,000,000 4.810%, 06/08/06 (b)........................ 14,923,842
20,000,000 4.820%, 06/08/06 (b)........................ 19,898,244
New Center Asset Trust
20,000,000 4.800%, 06/07/06............................ 19,901,333
25,000,000 4.870%, 07/06/06............................ 24,776,792
25,000,000 Thames Asset Global Securitization
4.680%, 05/08/06 (b)........................ 24,977,250
---------------
398,619,170
---------------
BANKS - 7.50%
25,000,000 Credit Suisse First Boston (NY)
4.690%, 05/22/06 ........................... 24,931,604
25,000,000 Depfa Bank (NY)
4.620%, 05/09/06 (b)........................ 24,974,334
100,000,000 Rabobank USA Finance
4.840%, 05/01/06 ........................... 100,000,000
15,000,000 Westpac Banking
4.620%, 05/09/06 (b)........................ 14,984,600
---------------
164,890,538
---------------
TOTAL COMMERCIAL PAPER
(Cost $563,509,708)......................... 563,509,708
---------------
AMORTIZED
PAR VALUE COST
--------- ----------------
TIME DEPOSITS - 23.86%
$ 100,000,000 Harris Trust & Savings
4.820%, 05/01/06 ........................... $ 100,000,000
100,000,000 Marshall & Ilsley Bank
4.830%, 05/01/06 ........................... 100,000,000
49,500,000 National City Bank
4.830%, 05/01/06 ........................... 49,500,000
100,000,000 State Street Bank
4.850%, 05/01/06 ........................... 100,000,000
75,000,000 SunTrust Bank
4.844%, 05/01/06 ........................... 75,000,000
100,000,000 Wachovia Bank
4.800%, 05/01/06 ........................... 100,000,000
---------------
TOTAL TIME DEPOSITS
(Cost $524,500,000)......................... 524,500,000
---------------
CERTIFICATES OF DEPOSIT - 16.12%
25,000,000 Abbey National Treasury Services
4.670%, 07/19/06 ........................... 25,000,268
Barclays Bank (NY)
25,000,000 Series 1
4.872%, 06/21/06 (c)........................ 24,999,700
25,000,000 4.872%, 06/21/06 (c)........................ 24,998,928
Calyon (NY)
20,000,000 4.890%, 08/21/06............................ 20,000,000
15,000,000 4.905%, 08/24/06............................ 14,998,641
25,000,000 4.750%, 10/24/06............................ 24,999,926
Credit Suisse First Boston (NY)
28,000,000 4.745%, 05/23/06............................ 28,000,000
11,000,000 4.890%, 07/19/06 (c)........................ 10,999,969
Depfa Bank (NY)
19,000,000 4.690%, 07/14/06............................ 19,000,000
5,000,000 4.220%, 08/11/06............................ 4,992,451
10,000,000 Deutsche Bank (NY)
4.105%, 08/25/06 ........................... 9,977,327
10,000,000 Dexia Credit Local (NY)
4.940%, 08/30/06 (c)........................ 9,999,290
Fortis Bank (NY)
4,400,000 3.970%, 07/17/06............................ 4,392,858
20,000,000 4.430%, 07/20/06............................ 19,987,740
25,000,000 HSBC Bank USA
4.700%, 08/03/06 (c)........................ 25,002,175
Natexis Banques Populaires US
Finance (NY)
25,000,000 4.675%, 07/20/06............................ 25,000,000
27,000,000 4.750%, 08/23/06............................ 27,000,000
10,000,000 4.750%, 10/26/06............................ 9,989,757
25,000,000 Royal Bank of Scotland (NY)
4.750%, 07/05/06 (c)........................ 24,997,872
---------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $354,336,902)......................... 354,336,902
---------------
FLOATING RATE NOTES (C) - 8.36%
25,000,000 American Express Centurion Bank
Bank Note, Series 1
4.782%, 06/29/06 ........................... 25,000,000
5,000,000 Citigroup Global Markets Holdings
MTN, Series M
5.225%, 07/25/06 ........................... 5,001,774
25,000,000 Credit Suisse First Boston USA, MTN
5.210%, 06/19/06 ........................... 25,009,796
25,000,000 HSBC Finance, MTN
4.985%, 06/22/06 ........................... 25,002,629
25,000,000 National City Bank of Michigan/Illinois,
Bank Note
4.766%, 09/01/06 ........................... 24,997,941
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
3
ABN AMRO Funds
- ---------------
INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2006
SCHEDULE OF INVESTMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
AMORTIZED
PAR VALUE COST
--------- ----------------
FLOATING RATE NOTES (CONTINUED)
$ 35,000,000 Toyota Motor Credit, Senior Notes
MTN, Series B
4.810%, 06/23/06 ........................... $ 35,000,996
8,250,000 US Bank NA, Bank Note
4.930%, 09/29/06 ........................... 8,250,312
Wells Fargo
10,500,000 4.980%, 06/12/06............................ 10,501,499
25,000,000 Senior Unsecured
5.000%, 09/15/06............................ 25,012,749
---------------
TOTAL FLOATING RATE NOTES
(Cost $183,777,696)......................... 183,777,696
---------------
INSURANCE FUNDING AGREEMENTS - 7.05%
30,000,000 Hartford Life Insurance Co.
4.956%,
Reset Date: 05/01/06
Maturity Date: 10/02/06 (d) ................ 30,000,000
40,000,000 ING USA Annuity and Life Insurance Co.
4.880%,
Maturity Date: 06/01/06 (e) ................ 40,000,000
Metropolitan Life Insurance Co.
25,000,000 4.910%,
Reset Date: 05/01/06
Maturity Date: 02/20/07 (d) ................ 25,000,000
10,000,000 5.100%,
Reset Date:07/03/06
Maturity Date: 04/23/07 (d) ................ 10,000,000
50,000,000 Travelers Insurance Co.
5.010%,
Reset Date: 05/23/06
Maturity Date: 12/22/06 (d) ................ 50,000,000
---------------
TOTAL INSURANCE FUNDING AGREEMENTS
(Cost $155,000,000)......................... 155,000,000
---------------
U.S. GOVERNMENT AGENCY OBLIGATION - 1.14%
FEDERAL NATIONAL MORTGAGE ASSOCIATION
25,000,000 5.500%, 05/02/06 ........................... 25,000,415
---------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATION
(Cost $25,000,415).......................... 25,000,415
---------------
REPURCHASE AGREEMENTS - 17.74%
100,000,000 Bank of America, 4.975%, dated 04/28/06,
maturing 05/01/06, repurchase price
$100,041,458 (collateralized by corporate
bonds with interest rates of 3.750% to
12.125% and maturities of 2006 to 2043,
total market value $102,000,000)............ 100,000,000
45,000,000 Citigroup, 4.955%, dated 04/28/06, maturing
05/01/06, repurchase price $45,018,581
(collateralized by mortgage-backed security
with interest rate of 4.250% and maturing
2035, total market value $47,250,001) ...... 45,000,000
AMORTIZED
PAR VALUE COST
--------- ----------------
REPURCHASE AGREEMENTS (CONTINUED)
$ 55,000,000 Deutsche Bank, 4.790%, dated 04/28/06,
matures 05/01/06, repurchase price
$55,021,954, (collateralized by U.S.
Government Agency Instruments, with interest
rates of 4.202% to 6.000% and maturities of
2020 to 2036, total market value
$56,100,001) ............................... $ 55,000,000
90,000,000 Goldman Sachs, 4.945%, dated 04/28/06,
maturing 05/01/06, repurchase price
$90,037,088 (collateralized by
mortgage-backed securities with interest
rates of 4.500% to 5.750% and maturities of
2021 to 2043, total market value
$91,800,001)................................ 90,000,000
100,000,000 Lehman Brothers, 4.975%, dated 04/28/06,
maturing 05/01/06, repurchase price
$100,041,458 (collateralized by equity
securities, total market value $105,039,552) 100,000,000
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $390,000,000)......................... 390,000,000
---------------
SHARES
--------
INVESTMENT COMPANIES - 0.14%
3,106,346 AIM STIT Liquid Assets Portfolio ............. 3,106,346
86,158 BlackRock Liquidity Funds
TempFund Portfolio.......................... 86,158
---------------
TOTAL INVESTMENT COMPANIES
(Cost $3,192,504)........................... 3,192,504
---------------
TOTAL INVESTMENTS - 100.04%
(Cost $2,199,317,225)*.................................... 2,199,317,225
---------------
NET OTHER ASSETS AND LIABILITIES - (0.04)%................... (877,180)
---------------
NET ASSETS - 100.00%......................................... $ 2,198,440,045
===============
_________________________
* At April 30, 2006, 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, 2006, these
securities amounted to $272,297,556 or 12.39% of net assets. These
securities have been determined by the Adviser to be liquid securities.
(c) Variable rate bonds. The interest rates shown reflect the rates in effect
at April 30, 2006.
(d) Variable rate instruments. The rates shown reflects the rates in effect on
April 30, 2006. These securities have been deemed by the Adviser to be
illiquid securities because they are subject to a delayed settlement
restriction of sixty days or more if redeemed prior to maturity. At April
30, 2006, these securities amounted to $115,000,000 or 5.23% of net
assets.
(e) Fixed rate instrument. The rate shown reflects the rate at April 30, 2006.
This security has been deemed by the Adviser to be an illiquid security
because it is subject to a delayed settlement restriction of sixty days or
more if redeemed prior to maturity. At April 30, 2006, this security
amounted to $40,000,000 or 1.82% of net assets.
MTN Medium Term Note
NY New York
STIT Short-Term Investments Trust PLC
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
4
ABN AMRO Funds
- ---------------
APRIL 30, 2006
STATEMENT OF ASSETS AND LIABILITIES (UNAUDITED)
- --------------------------------------------------------------------------------
INSTITUTIONAL PRIME
MONEY MARKET
FUND
-------------------
ASSETS:
Investments:
Investments at amortized cost..................................................................... $ 1,809,317,225
Repurchase agreements at cost..................................................................... 390,000,000
-------------------
Total investments............................................................................... 2,199,317,225
Receivables:
Dividends and interest............................................................................ 6,869,618
Other assets.............................................................................................. 83,102
-------------------
Total assets.................................................................................... 2,206,269,945
-------------------
LIABILITIES:
Payables:
Dividend distribution............................................................................. 7,394,212
Due to Adviser, net (Note E)...................................................................... 201,138
Administration (Note E)........................................................................... 106,311
Shareholder service fees (Note E)................................................................. 7,299
Trustees fees and related expenses (Note E)....................................................... 33,516
Accrued expenses and other payables....................................................................... 87,424
-------------------
Total liabilities............................................................................... 7,829,900
-------------------
NET ASSETS................................................................................................ $ 2,198,440,045
===================
NET ASSETS CONSIST OF:
Paid in capital....................................................................................... $ 2,198,438,554
Accumulated net realized gain on investments.......................................................... 1,491
-------------------
TOTAL NET ASSETS.................................................................................. $ 2,198,440,045
===================
CLASS Y:
Net Assets............................................................................................ $ 2,152,712,062
Shares of beneficial interest outstanding (unlimited authorization)................................... 2,152,710,111
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding).................................................................... $ 1.00
===================
CLASS YS:
Net Assets............................................................................................ $ 45,727,983
Shares of beneficial interest outstanding (unlimited authorization)................................... 45,733,213
NET ASSET VALUE Offering and redemption price per share
(Net Assets/Shares Outstanding).................................................................... $ 1.00
===================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
5
ABN AMRO Funds
- ----------------
FOR THE SIX MONTHS ENDED APRIL 30, 2006
STATEMENT OF OPERATIONS (UNAUDITED)
- --------------------------------------------------------------------------------
INSTITUTIONAL PRIME
MONEY MARKET
FUND
-------------------
INVESTMENT INCOME:
Dividends............................................................................................ $ 162,242
Interest............................................................................................. 58,729,721
-------------------
Total investment income............................................................................ 58,891,963
-------------------
EXPENSES:
Investment advisory fees (Note E).................................................................... 1,317,463
Shareholder service fees(a) (Note E)................................................................. 37,370
Transfer agent fees.................................................................................. 22,873
Administration (Note E).............................................................................. 668,003
Registration expenses................................................................................ 33,000
Custodian fees....................................................................................... 77,336
Professional fees.................................................................................... 80,347
Reports to shareholder expense....................................................................... 30,509
Trustees fees and related expenses (Note E).......................................................... 59,161
Other expenses....................................................................................... 92,155
-------------------
Net expenses....................................................................................... 2,418,217
-------------------
NET INVESTMENT INCOME..................................................................................... 56,473,746
-------------------
NET REALIZED GAIN ON INVESTMENTS:
Net realized gain on investments..................................................................... 1,881
-------------------
NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS...................................................... 1,881
-------------------
NET INCREASE IN NET ASSETS FROM OPERATIONS........................................................... $ 56,475,627
===================
_________________________________________________
(a) Fees are incurred at the Class YS level.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
6
ABN AMRO Funds
- ----------------
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
INSTITUTIONAL PRIME MONEY MARKET FUND
-------------------------------------
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 2006 OCTOBER 31,
(UNAUDITED) 2005
----------------- -----------------
NET ASSETS AT BEGINNING OF PERIOD......................................................... $ 2,445,801,335 $ 2,210,766,247
----------------- -----------------
Net investment income.............................................................. 56,473,746 65,733,317
Net realized gain on investments sold ............................................. 1,881 44
----------------- -----------------
Net increase in net assets from operations..................................... 56,475,627 65,733,361
----------------- -----------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income:
Class Y............................................................................ (55,870,991) (64,660,593)
Class YS........................................................................... (602,755) (1,072,724)
----------------- -----------------
Total distributions................................................................ (56,473,746) (65,733,317)
----------------- -----------------
CAPITAL SHARE TRANSACTIONS:
Proceeds from sales of shares:
Class Y............................................................................ 6,709,657,668 9,688,287,410
Class YS........................................................................... 43,284,746 42,126,468
Proceeds from reinvestment of distributions:
Class Y............................................................................ 9,455,700 8,766,299
Class YS........................................................................... 256,310 426,306
Cost of shares redeemed:
Class Y............................................................................ (6,975,097,972) (9,447,885,766)
Class YS........................................................................... (34,919,623) (56,685,673)
----------------- -----------------
Net increase (decrease) from capital share transactions............................ (247,363,171) 235,035,044
----------------- -----------------
Total increase (decrease) in net assets............................................ (247,361,290) 235,035,088
----------------- -----------------
NET ASSETS AT END OF PERIOD (INCLUDING LINE A)............................................ $ 2,198,440,045 $ 2,445,801,335
================= =================
(A) Undistributed net investment income............................................ $ -- $ --
================= =================
OTHER INFORMATION:
SHARE TRANSACTIONS:
Class Y
Sold............................................................................... 6,709,657,668 9,688,287,410
Proceeds from reinvestment of distributions........................................ 9,455,699 8,766,299
Redeemed........................................................................... (6,975,097,972) (9,447,885,766)
Class YS
Sold............................................................................... 43,284,746 42,126,468
Proceeds from reinvestment of distributions........................................ 256,310 426,306
Redeemed........................................................................... (34,919,623) (56,685,673)
----------------- -----------------
Net increase (decrease) in shares outstanding...................................... (247,363,172) 235,035,044
================= =================
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
7
ABN AMRO Funds
- ----------------
INSTITUTIONAL PRIME MONEY MARKET FUND APRIL 30, 2006
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
CLASS Y
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR TEN MONTHS YEAR
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 12/31/00
---------- ---------- ---------- ---------- ---------- ---------- -----------
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 ...... 0.02 0.03 0.01 0.01 0.02 0.04 0.06
---------- ---------- ---------- ---------- ---------- ---------- -----------
Less distributions from
net investment income .... (0.02) (0.03) (0.01) (0.01) (0.02) (0.04) (0.06)
---------- ---------- ---------- ---------- ---------- ---------- -----------
Net Asset Value, End of Period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ========== ========== ===========
TOTAL RETURN .................. 2.15%(a) 2.79% 1.07% 1.14% 1.84% 3.73%(a) 6.32%
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's) ................. $2,152,712 $2,408,695 $2,159,527 $2,035,709 $2,189,305 $1,651,104 $ 1,445,394
Ratios of expenses to
average net assets ....... 0.18% 0.18% 0.19% 0.18% 0.18% 0.19% 0.20%
Ratios of net investment
income to average net
assets ................... 4.29% 2.75% 1.06% 1.13% 1.80% 4.37% 6.46%
- --------------------------------------------------------------------------------
CLASS YS
SIX MONTHS
ENDED YEAR YEAR YEAR YEAR TEN MONTHS PERIOD
04/30/06 ENDED ENDED ENDED ENDED ENDED ENDED
(UNAUDITED) 10/31/05 10/31/04 10/31/03 10/31/02 10/31/01 12/31/00(b)
---------- ---------- ---------- ---------- ---------- ---------- -----------
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 .... 0.02 0.03 0.01 0.01 0.02 0.03 0.03
---------- ---------- ---------- ---------- ---------- ---------- -----------
Less distributions from
net investment income .. (0.02) (0.03) (0.01) (0.01) (0.02) (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 .................. 2.02%(a) 2.53% 0.82% 0.88% 1.59% 3.52%(a) 3.20%(a)
RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period
(in 000's) ............... $ 45,728 $ 37,107 $ 51,239 $ 61,898 $ 79,168 $ 92,009 $ 71,609
Ratios of expenses to
average net assets ..... 0.43% 0.43% 0.44% 0.43% 0.43% 0.44% 0.45%
Ratios of net investment
income to average net
assets ................. 4.04% 2.50% 0.81% 0.88% 1.55% 4.12% 6.23%
___________________________
(a) Not Annualized.
(b) ABN AMRO Institutional Prime Money Market Fund -- Class YS commenced
investment operations on June 29, 2000.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.
8
ABN AMRO Funds
- ---------------
APRIL 30, 2006
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 27 separate portfolios.
One Portfolio 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, 2006.
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
U.S. generally accepted accounting principles.
(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 and IFAs are valued at cost. Interest accrued is captured
in dividends and interest receivable.
(2) REPURCHASE AGREEMENTS: The Fund may enter into repurchase agreements with
financial institutions deemed to be creditworthy by ABN AMRO Asset Management,
Inc. (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 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, 2005, the Fund had available realized
capital losses to offset future net capital gains through fiscal year ended:
AMOUNT EXPIRATION DATE
------ ---------------
$ 244 2007
146 2008
(6) MULTI-CLASS OPERATIONS: The Fund is authorized to issue two classes of
shares, Class Y and Class YS. The classes are substantially the same except that
Class YS bears class specific expenses, which relate to shareholder service
fees. Each class offered by the Fund has equal rights as to assets. Income, fund
level 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.
(7) USE OF ESTIMATES: The preparation of financial statements in conformity with
U.S. generally accepted accounting principles 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
9
ABN AMRO Funds
- ---------------
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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
remote.
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 classified as ordinary income for tax purposes. The tax
character of ordinary income distributions paid during the years ended October
31, 2005 and 2004 was $61,779,016 and $22,156,691, respectively.
As of October 31, 2005, the most recent tax year end, the components of
distributable earnings on a tax basis for the Fund were as follows:
CAPITAL LOSS UNDISTRIBUTED
CARRYFOWARD ORDINARY INCOME
------------ ---------------
$ (390) $ 6,586,222
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. Administration expenses also include
pricing agent fees and compliance related expenses. Effective April 1, 2005,
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 base fees are fixed at an annual rate of $12,000 per
Fund. The administration fee arrangement is as follows:
ADMINISTRATION FEES
AT TRUST LEVEL ANNUAL RATE
- ------------------- -----------
First $7.4 billion 0.0490%
Over $7.4 billion 0.0465%
Prior to April 1, 2005, under terms of the administration agreement,
administration fees were accrued daily and paid monthly, based on a specified
percentage of average daily net assets of the Trust and custody liaison fees
were accrued for at a fixed charge that varied according to the size of the
Fund. The fee arrangements were as follows:
ADMINISTRATION FEES CUSTODY 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 $12.5 billion 0.050% $100 million to $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. Effective April
1, 2005, under the 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 of the Trust and base fees are fixed at an annual rate
of $12,000 per Fund. The sub-administration fee arrangement is as follows:
SUB-ADMINISTRATION FEES ANNUAL RATE
- ----------------------- -----------
First $7.4 billion 0.0255%
Over $7.4 billion 0.0230%
Prior to April 1, 2005, under the terms of the sub-administration agreement,
sub-administration fees were accrued daily and paid monthly, based on a
specified percentage of average daily net assets of the Trust, 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%
Prior to April 1, 2005, custody liaison fees were fixed at an annual rate of
$10,000 per Fund. Effective April 1, 2005, these were eliminated.
10
ABN AMRO Funds
- ---------------
APRIL 30, 2006
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
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 of 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 January 1, 2005, the Trust pays each
non-interested Trustee $5,000 per Board of Trustees meeting attended, an annual
retainer of $25,000 and reimburses for out-of-pocket expenses. In addition, the
Trust pays each member of the Nominating and Governance Committee a $2,000
annual retainer and each member of the Audit Committee a $2,500 annual retainer.
The Chairman of the Audit Committee receives an additional $10,000 per year, the
Chairman of the Nominating and Governance Committee receives an additional
$2,500 per year, and the Lead Independent Trustee receives an additional $20,000
per year. Prior to January 1, 2005, 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 $10,000 and reimbursed each
non-interested Trustee and non-affiliated interested and advisory Trustee for
out-of-pocket expenses. Additionally, the Chairman of the Audit Committee
received an additional $5,000 per year.
NOTE (F) CREDIT AGREEMENT: The Credit Agreement with The Bank of Nova Scotia,
amended March 17, 2006, provides the Trust with a revolving credit facility up
to $50 million. The facility is shared by each 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 an annual administration fee of
$37,500 and reasonable 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 Offered Rate),
as applicable, plus 0.625%. Borrowings must be repaid within 60 days. During the
six months ended April 30, 2006, the Fund made no borrowings on the line of
credit.
NOTE (G) SUBSEQUENT EVENT: On April 20, 2006, ABN AMRO Asset Management, Inc.
and its affiliates ("ABN AMRO") entered into a strategic agreement to sell
substantially all of the assets related to their U.S. mutual fund business (the
"Transaction"). Upon shareholder approvals related to the Transaction, ABN AMRO
will no longer serve as sponsor of the Trust, and will no longer serve as
investment adviser for the non-Money Market Funds or administrator of all series
of the Trust. ABN AMRO will continue to serve as subadviser to certain funds. As
of the date of this report, it is expected that ABN AMRO will continue as the
investment adviser on the Money Market Funds. It is anticipated that the
Transaction will close in the third quarter of 2006.
11
ABN AMRO Funds
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APRIL 30, 2006
ADDITIONAL INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
FORM N-Q: The Trust files complete schedules of portfolio holdings for the Fund
with the Securities and Exchange Commission (the "SEC") for the Trust's first
and third quarters of each fiscal year on Form N-Q. The Trust's Forms N-Q are
available on the SEC's Web site at www.sec.gov and are available for review and
copying at the SEC's Public Reference Room in Washington, DC. Information on the
operations of the Public Reference Room may be obtained by calling the SEC at
800 SEC-0330.
PROXY VOTING: ABN AMRO Funds' Proxy Voting Policies and Procedures, used to
determine how to vote proxies relating to portfolio securities, are included in
the Trust's Statement of Additional Information, which is available (i) upon
request, without charge, by calling 800 992-8151; (ii) on ABN AMRO Funds' Web
site at www.abnamrofunds.com; and (iii) on the SEC's Web site at www.sec.gov.
ABN AMRO Funds' Proxy Voting Record for the most recent twelve-month period
ended June 30, 2005 is available without charge (i) on the Funds' Web site at
www.abnamrofunds.com; and (ii) on the SEC's Web site at www.sec.gov.
CONTINUATION OF INVESTMENT ADVISORY CONTRACT: The 1940 Act requires that the
investment advisory agreement between the Adviser and the Trust, on behalf of
the Fund be approved annually both by the Board of Trustees and also by a
majority of the Independent Trustees voting separately. On December 15, 2005,
the Board of Trustees, including all the Independent Trustees, determined that
the terms of the investment advisory agreement continued to be in the best
interests of the Fund. The Board of Trustees, including all the Independent
Trustees, believes that the current investment advisory agreement enables the
Fund to enjoy high quality investment advisory services at costs that are deemed
appropriate, reasonable and in the best interests of the Fund and its
shareholders. In making this determination, the Board of Trustees, including all
the Independent Trustees, considered materials received specifically relating to
the renewal of the investment advisory agreement as well as information received
periodically regarding the performance of the Adviser and the operations of the
Fund. The Independent Trustees met separately from the "interested" Trustees of
the Trust and all officers, directors and employees of the Adviser or its
affiliates to consider continuance of this agreement and were assisted by
independent legal counsel in their considerations.
In evaluating the investment advisory agreement for the Fund, the Board of
Trustees reviewed the materials furnished by the Adviser, including information
regarding the Adviser, its affiliates and personnel, its operations and
financial condition. Among other information, the Board of Trustees reviewed
information regarding: (1) the nature, extent and quality of the services
provided to the Fund, including information on both the short-term and long-term
investment performance of the Fund and comparisons to a relevant peer group of
funds independently selected and compiled by Lipper Inc. and an appropriate
index, as well as information regarding the personnel involved in the investment
process and the record of compliance with the Fund's policies and restrictions
on personal securities transactions; (2) the advisory fee charged and total
expense ratio of the Fund compared to a relevant peer group of funds
independently selected and compiled by Lipper Inc.; (3) fees waived or expenses
reimbursed by the Adviser; (4) the Adviser's financial condition and the
profitability to the Adviser as a result of its relationship with the Fund; (5)
any breakpoints in the investment advisory fee that has the effect of passing on
economies of scale to Fund investors; (6) revenue sharing payments made by the
Adviser; and (7) other benefits received by affiliates of the Adviser from its
relationship with the Fund.
In considering the investment advisory agreement, the Board of Trustees,
including all the Independent Trustees, did not identify any single factor or
group of factors as all-important or controlling, but considered all factors
together. The following summary does not detail all the matters considered.
Among matters considered by the Board of Trustees, including all the Independent
Trustees, in connection with its approval of the investment advisory agreement
were the following:
NATURE, QUALITY AND EXTENT OF SERVICES. The Board considered the nature, quality
and extent of services provided under the investment advisory agreement,
including portfolio management services. The Board considered the experience and
skills of senior management and investment personnel, the resources made
available to such personnel, the ability of the Adviser to attract and retain
high-quality personnel, and the organizational depth and stability of the
Adviser. It also reviewed the Fund's investment performance over short-term and
long-term periods, and reviewed that performance as compared to a relevant peer
group of mutual funds independently selected and compiled by Lipper Inc. and an
appropriate index. The Board considered whether investment results were
consistent with the Fund's investment objective and policies.
12
ABN AMRO Funds
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APRIL 30, 2006
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
The Board discussed with management the upcoming merger of ABN AMRO Asset
Management (USA) LLC into ABN AMRO Asset Management, Inc. and concluded that
there would be no impact on the services provided to the Fund as a result of the
merger, which did not constitute a change of control. On the basis of this
evaluation and its ongoing review of investment results, the Board concluded
that the nature, quality and extent of services provided by the Adviser
historically has been and continues to be satisfactory, and that the performance
of the Fund over time was satisfactory.
FEES AND EXPENSES. The Board considered the Fund's management fee rate,
operating expenses and total expense ratio, and compared this information to the
fees and expenses of a peer group based on information and data supplied by
Lipper Inc. As a part of this analysis, the Board considered the investment
advisory fee paid by the Fund and the fees waived or expenses reimbursed by the
Adviser and compared the gross and net advisory fees to those of a peer group.
On the basis of the information provided, the Board concluded that the
management fee was reasonable and appropriate in light of the nature, quality
and extent of services provided by the Adviser.
COSTS AND PROFITABILITY. The Board considered certain financial information and
statistics related to the costs and profitability of the advisory agreement with
the Fund. The Board considered that the Adviser must be able to compensate its
employees at competitive rates in order to attract and retain high quality
personnel to provide high quality services to the Fund. Based on the information
provided, the Board concluded that the profits realized by the Adviser in
connection with the management of the Fund were not unreasonable.
ECONOMIES OF SCALE. The Board considered whether there are economies of scale
with respect to the management of the Fund and whether the Fund benefits from
any economies of scale. The Board considered the size of the Fund, any
breakpoints in fees, and the nature of the asset class and any capacity limits.
The Board concluded that the management fee schedule reflects an appropriate
level of sharing of any economies of scale.
OTHER BENEFITS TO THE ADVISER. The Board also considered the nature and amount
of fees paid by the Fund for services provided by affiliates of the Adviser for
administrative services. The Board also considered payments under Rule 12b 1
plans and benefits to the Adviser from the use of "soft" commission dollars to
pay for research and brokerage services. The Board concluded that management
fees were reasonable in light of these fallout benefits.
CONCLUSION. Based upon its evaluation of all material factors and assisted by
the advice of independent legal counsel, the Board of Trustees, including all
the Independent Trustees, concluded that the existing advisory fee structure was
fair and reasonable, and that the existing investment advisory agreement should
be approved for continuance.
DISCLOSURE OF FUND EXPENSES: We believe it is important for you to understand
the impact of fees regarding your investment. All mutual funds have operating
expenses. As a shareholder of a mutual fund, you incur ongoing costs, which
include costs for portfolio management, administrative services, and shareholder
reports (like this one), among others. Operating expenses, which are deducted
from a fund's gross income, directly reduce the investment return of the fund. A
fund's expenses are expressed as a percentage of its average daily net assets.
This figure is known as the expense ratio. The following examples are intended
to help you understand the ongoing fees (in dollars) of investing in your Fund
and to compare these costs with those of other mutual funds. The examples are
based on an investment of $1,000 made at the beginning of the period shown and
held for the entire period.
This table illustrates the Fund's costs in two ways:
ACTUAL FUND RETURN: This section helps you to estimate the actual expenses,
after any applicable fee waivers, that you paid over the period. The "Ending
Account Value" shown is derived from the Fund's actual return for the past six
month period, the "Expense Ratio" column shows the period's annualized expense
ratio, and the "Expenses Paid During Period" column shows the dollar amount that
would have been paid by an investor who started with $1,000 in the Fund at the
beginning of the period.
You may use the information here, together with your account value, to estimate
the expenses that you paid over the period. To do so, simply divide your account
value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6),
then multiply the result by the number given for your Fund in the first line
under the heading entitled "Expenses Paid During Period."
HYPOTHETICAL 5% RETURN: This section is intended to help you compare your Fund's
costs with those of other mutual funds. It assumes that the Fund had an annual
return of 5% before expenses, but that the expense ratio is unchanged. In this
case, because the return used is not the Fund's actual return, the results do
not apply to your investment. This example is useful in making comparisons
13
ABN AMRO Funds
- ---------------
APRIL 30, 2006
ADDITIONAL INFORMATION (UNAUDITED) - CONTINUED
- --------------------------------------------------------------------------------
to other mutual funds because the SEC requires all mutual funds to calculate
expenses based on an assumed 5% annual return. You can assess your Fund's costs
by comparing this hypothetical example with the hypothetical examples that
appear in shareholder reports of other funds.
Please note that the expenses shown in the table are meant to highlight and help
you compare your ongoing costs only and do not reflect any transactional costs
such as sales charges (loads) and redemption fees, which are described in the
Prospectus. If these costs were applied to your account, your costs would be
higher.
BEGINNING ENDING
ACCOUNT ACCOUNT EXPENSES
VALUE VALUE EXPENSE PAID DURING
11/01/05 04/30/06 RATIO(1) PERIOD(2)
--------- --------- -------- -----------
ACTUAL FUND RETURN
Class Y........... $1,000 $1,021.50 0.18% $0.90
Class YS.......... 1,000 1,020.20 0.43% 2.15
HYPOTHETICAL 5% RETURN
Class Y........... $1,000 $1,023.90 0.18% $0.90
Class YS.......... 1,000 1,022.66 0.43% 2.16
(1) Annualized, based on the Fund's most recent fiscal half-year expenses.
(2) Expenses are equal to the Fund's annualized expense ratio multiplied by
the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year, then divided by 365.
14
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ABN AMRO Funds
ADVISERS
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
River Road Asset Management LLC
Meidinger Tower, Suite 1600
462 South Fourth Street
Louisville, KY 40202
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 and Treasurer, Chief Financial
Officer, Chief Operating Officer
and Chief Compliance Officer
William Long, Vice President
Juli A. Braun, Assistant Secretary
Laura M. Curylo, Assistant Treasurer
Marc J. Peirce, Assistant Secretary
Joseph W. Wheeler, Assistant Treasurer
CUSTODIAN
PFPC Trust Company
8800 Tinicum Boulevard
Philadelphia, PA 19153
LEGAL COUNSEL
Vedder, Price, Kaufman & Kammholz, P.C.
222 N. LaSalle Street
Chicago, IL 60601
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
Ernst & Young LLP
Sears Tower
233 S. Wacker Drive
Chicago, IL 60606
THE STATEMENT OF ADDITIONAL INFORMATION INCLUDES ADDITIONAL INFORMATION ABOUT
FUND TRUSTEES AND IS AVAILABLE UPON REQUEST WITHOUT CHARGE BY CALLING 800
992-8151.
ABN AMRO ASSET MANAGEMENT
ABSEM 06 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.
Schedule of Investments in securities of unaffiliated issuers as of the close of
the reporting period is included as part of the report to shareholders filed
under Item 1 of this form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT
COMPANY AND AFFILIATED PURCHASERS.
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.
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 11. 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 second fiscal
quarter of the period covered by this report that has materially
affected, or is reasonably likely to materially affect, the
registrant's internal control over financial reporting.
ITEM 12. EXHIBITS.
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the 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(b) 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 6/30/06
----------------------------------------------------------------------------
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 6/30/06
----------------------------------------------------------------------------
By (Signature and Title)* /S/ GERALD F. DILLENBURG
-------------------------------------------------------
Gerald F. Dillenburg, Senior Vice President, Secretary
& Treasurer
(principal financial officer)
Date 6/30/06
----------------------------------------------------------------------------
* Print the name and title of each signing officer under his or her signature.