-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PWUQeSoQswynM2zgoyPOfcy5TAkH71eevl4gbfuCt6nz1M1Q8k7vEajP8/T1Dn34 n7QnzrS1pS8qEK/uBByMZg== 0001104659-10-008494.txt : 20100222 0001104659-10-008494.hdr.sgml : 20100222 20100222171950 ACCESSION NUMBER: 0001104659-10-008494 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20091231 FILED AS OF DATE: 20100222 DATE AS OF CHANGE: 20100222 EFFECTIVENESS DATE: 20100222 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AFBA 5STAR FUNDS CENTRAL INDEX KEY: 0001030802 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08035 FILM NUMBER: 10623580 BUSINESS ADDRESS: STREET 1: AFBA INVESTMENT MANAGEMENT COMPANY STREET 2: 909 N. WASHINGTON STREET CITY: ALEXANDRIA STATE: VA ZIP: 22314 BUSINESS PHONE: 8002439865 MAIL ADDRESS: STREET 1: AFBA INVESTMENT MANAGEMENT COMPANY STREET 2: 909 N. WASHINGTON STREET CITY: ALEXANDRIA STATE: VA ZIP: 22314 FORMER COMPANY: FORMER CONFORMED NAME: AFBA 5STAR FUND INC DATE OF NAME CHANGE: 20001103 FORMER COMPANY: FORMER CONFORMED NAME: AFBA FIVE STAR FUND INC DATE OF NAME CHANGE: 19980625 0001030802 S000000893 AFBA 5STAR BALANCED FUND C000002539 AFBA 5STAR BALANCED FUND ADVISOR CLASS AFSAX C000002541 AFBA 5STAR BALANCED FUND CLASS C AFSCX C000002542 AFBA 5STAR BALANCED FUND CLASS I AFBAX 0001030802 S000000895 AFBA 5STAR LARGE CAP GROWTH FUND C000002549 AFBA 5STAR LARGE CAP GROWTH FUND ADVISOR CLASS AFUAX C000002551 AFBA 5STAR LARGE CAP GROWTH FUND CLASS C AFUCX C000002552 AFBA 5STAR LARGE CAP GROWTH FUND CLASS I AFGLX 0001030802 S000000896 AFBA 5STAR TOTAL RETURN BOND FUND C000002554 AFBA 5STAR TOTAL RETURN BOND FUND ADVISOR CLASS AFHAX C000002556 AFBA 5STAR TOTAL RETURN BOND FUND CLASS C AFHCX C000002557 AFBA 5STAR TOTAL RETURN BOND FUND CLASS I AFHYX 0001030802 S000000897 AFBA 5STAR SCIENCE AND TECHNOLOGY FUND C000002559 AFBA 5STAR SCIENCE AND TECHNOLOGY FUND ADVISOR CLASS AFATX C000002561 AFBA 5STAR SCIENCE AND TECHNOLOGY FUND CLASS C AFCTX C000002562 AFBA 5STAR SCIENCE AND TECHNOLOGY FUND CLASS I AFITX 0001030802 S000000898 AFBA 5STAR SMALL CAP FUND C000002564 AFBA 5STAR SMALL CAP FUND ADVISOR CLASS AFCAX C000002566 AFBA 5STAR SMALL CAP FUND CLASS C AFCCX C000002567 AFBA 5STAR SMALL CAP FUND CLASS I AFCIX 0001030802 S000000899 AFBA 5STAR MID CAP VALUE FUND C000002569 AFBA 5STAR MID CAP VALUE FUND ADVISOR CLASS AFMAX C000002571 AFBA 5STAR MID CAP VALUE FUND CLASS C AFMCX C000002572 AFBA 5STAR MID CAP VALUE FUND CLASS I AFMIX N-Q 1 a10-1815_1nq.htm N-Q

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

 

FORM N-Q

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number

811-08035

 

 

AFBA 5Star Funds

(Exact name of registrant as specified in charter)

 

909 N. Washington Street
Alexandria, VA

 

22314

(Address of principal executive offices)

 

(Zip code)

 

Robert E. Morrison, Jr.
909 N. Washington Street
Alexandria, VA 22314

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:

703-706-5972

 

 

Date of fiscal year end:

March 31

 

 

 

 

Date of reporting period:

December 31, 2009

 

 


 

Item 1. Schedule of Investments.

 

The Schedules of Investments are attached herewith.

 


 

AFBA 5STAR MID CAP VALUE FUND

December 31, 2009 (Unaudited)

 

SHARES

 

COMPANY

 

VALUE

 

 

 

COMMON STOCKS - 99.71%

 

 

 

 

 

CAPITAL GOODS - 9.91%

 

 

 

2,075

 

Alliant Techsystems, Inc.*

 

$

183,160

 

1,925

 

CF Industries Holdings, Inc.

 

174,752

 

10,375

 

Constellation Brands, Inc. Class A*

 

165,274

 

5,800

 

Crane Co.

 

177,596

 

8,450

 

Mattel, Inc.

 

168,831

 

6,625

 

Pitney Bowes, Inc.

 

150,785

 

9,925

 

Spirit AeroSystems Holdings, Inc.*

 

197,110

 

9,300

 

Tutor Perini Corp.*

 

168,144

 

 

 

 

 

1,385,652

 

 

 

 

 

 

 

 

 

CONSUMER DISCRETIONARY - 6.46%

 

 

 

13,400

 

CBS Corp. Class B

 

188,270

 

5,325

 

Garmin Ltd.

 

163,478

 

6,300

 

International Speedway Corp. Class A

 

179,235

 

7,350

 

LIFE TIME FITNESS, Inc.*

 

183,235

 

11,200

 

Textainer Group Holdings Ltd.

 

189,280

 

 

 

 

 

903,498

 

 

 

 

 

 

 

 

 

CONSUMER DURABLES & APPAREL - 2.40%

 

 

 

7,475

 

Hanesbrands, Inc.*

 

180,222

 

9,950

 

Regis Corp.

 

154,921

 

 

 

 

 

335,143

 

 

 

 

 

 

 

 

 

CONSUMER STAPLES - 6.22%

 

 

 

15,125

 

Del Monte Foods Co.

 

171,518

 

3,000

 

Energizer Holdings, Inc.*

 

183,840

 

3,000

 

Ralcorp Holdings, Inc.*

 

179,130

 

5,850

 

Ruddick Corp.

 

150,520

 

4,400

 

Sanderson Farms, Inc.

 

185,504

 

 

 

 

 

870,512

 

 


 

 

 

EDUCATION - 1.20%

 

 

 

1,750

 

ITT Educational Services, Inc.*

 

167,930

 

 

 

 

 

 

 

 

 

ENERGY - 14.07%

 

 

 

6,750

 

Ameren Corp.

 

188,662

 

7,600

 

Arch Coal, Inc.

 

169,100

 

4,500

 

Atwood Oceanics, Inc.*

 

161,325

 

23,300

 

Cal Dive International, Inc.*

 

176,148

 

8,000

 

Forest Oil Corp.*

 

178,000

 

5,725

 

Idacorp, Inc.

 

182,914

 

4,350

 

Integrys Energy Group, Inc.

 

182,657

 

3,875

 

Newfield Exploration Co.*

 

186,891

 

14,325

 

NV Energy, Inc.

 

177,343

 

4,500

 

ONEOK, Inc.

 

200,565

 

6,800

 

Superior Energy Services, Inc.*

 

165,172

 

 

 

 

 

1,968,777

 

 

 

 

 

 

 

 

 

FINANCIALS - 4.97%

 

 

 

4,600

 

Ameriprise Financial, Inc.

 

178,572

 

3,600

 

Bank of Hawaii Corp.

 

169,416

 

3,875

 

BOK Financial Corp.

 

184,140

 

6,875

 

Raymond James Financial, Inc.

 

163,419

 

 

 

 

 

695,547

 

 

 

 

 

 

 

 

 

HEALTH CARE - 7.78%

 

 

 

11,300

 

Healthspring, Inc.*

 

198,993

 

9,775

 

IMS Health, Inc.

 

205,862

 

4,175

 

Inverness Medical Innovations, Inc.*

 

173,304

 

5,700

 

LifePoint Hospitals, Inc.*

 

185,307

 

9,764

 

Net 1 UEPS Technologies, Inc.*

 

189,617

 

19,775

 

PDL BioPharma, Inc.

 

135,656

 

 

 

 

 

1,088,739

 

 

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY - 15.47%

 

 

 

2,925

 

Alliance Data Systems Corp.*

 

188,926

 

6,575

 

Amdocs Ltd.*

 

187,585

 

3,875

 

Anixter International, Inc.*

 

182,513

 

16,000

 

Arris Group, Inc.*

 

182,880

 

6,050

 

CommScope, Inc.*

 

160,507

 

5,125

 

General Cable Corp.*

 

150,778

 

11,850

 

Jabil Circuit, Inc.

 

205,835

 

7,075

 

Jack Henry & Associates, Inc.

 

163,574

 

7,325

 

Synaptics, Inc.*

 

224,511

 

7,350

 

Synopsys, Inc.*

 

163,758

 

7,025

 

VeriSign, Inc.*

 

170,286

 

16,575

 

Windstream Corp.

 

182,159

 

 

 

 

 

2,163,312

 

 


 

 

 

INDUSTRIALS - 12.85%

 

 

 

3,650

 

Fluor Corp.

 

164,396

 

5,700

 

Genesee & Wyoming, Inc. Class A*

 

186,048

 

3,150

 

Joy Global, Inc.

 

162,508

 

7,300

 

McDermott International, Inc.*

 

175,273

 

1,675

 

Mettler-Toledo International, Inc.*

 

175,858

 

12,300

 

Microsemi Corp.*

 

218,325

 

4,450

 

Reliance Steel & Aluminum Co.

 

192,329

 

3,200

 

Teleflex, Inc.

 

172,448

 

6,850

 

The Brink’s Co.

 

166,729

 

3,825

 

Tidewater, Inc.

 

183,409

 

 

 

 

 

1,797,323

 

 

 

 

 

 

 

 

 

INSURANCE - 8.29%

 

 

 

3,600

 

Allied World Assurance Company Holdings Ltd.

 

165,852

 

2,300

 

Arch Capital Group Ltd.*

 

164,565

 

4,710

 

Argo Group International Holdings Ltd.*

 

137,249

 

4,525

 

Endurance Specialty Holdings

 

168,466

 

3,875

 

Hanover Insurance Group, Inc.

 

172,166

 

3,750

 

Hubbell, Inc. Class B

 

177,375

 

4,550

 

Platinum Underwriters Holdings Ltd.

 

174,219

 

 

 

 

 

1,159,892

 

 

 

 

 

 

 

 

 

MATERIALS - 3.50%

 

 

 

7,950

 

Coeur d’Alene Mines Corp.*

 

143,577

 

2,400

 

Lubrizol Corp.

 

175,080

 

5,200

 

Owens-Illinois, Inc.*

 

170,924

 

 

 

 

 

489,581

 

 

 

 

 

 

 

 

 

REAL ESTATE INVESTMENT TRUST - 2.57%

 

 

 

8,375

 

Hospitality Properties Trust

 

198,571

 

21,825

 

MFA Financial, Inc.

 

160,414

 

 

 

 

 

358,985

 

 

 

 

 

 

 

 

 

RETAIL - 4.02%

 

 

 

6,445

 

Big Lots, Inc.*

 

186,776

 

12,875

 

Brinker International, Inc.

 

192,095

 

9,775

 

Burger King Holdings, Inc.

 

183,966

 

 

 

 

 

562,837

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(COST $12,854,654)

 

13,947,728

 

 


 

 

 

MONEY MARKET ACCOUNT - 0.61%

 

 

 

85,703

 

PNC Bank Money Market (a)

 

85,703

 

 

 

 

 

 

 

 

 

TOTAL MONEY MARKET ACCOUNT
(COST $85,703)

 

85,703

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 100.32%
(COST $12,940,357)#

 

14,033,431

 

 

 

 

 

 

 

 

 

Liabilities in excess of other assets - (0.32%)

 

(44,453

)

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.00%

 

$

13,988,978

 

 

 

 

* Non-income producing security.

 

 

(a) The interest rate on December 31, 2009 was 0.05%.

 

 

#   Federal Income Tax Information: Net unrealized appreciation of investments is comprised of gross appreciation of $2,244,970 and gross depreciation of $1,231,687 for federal income tax purposes. At December 31, 2009, the aggregate cost of securities for federal income tax purposes was $13,020,148.

 


 

AFBA 5STAR MID CAP VALUE FUND

December 31, 2009 (Unaudited)

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s assets carried at fair value:

 

 

 

 

 

Level 2

 

Level 3

 

 

 

Level 1

 

Significant

 

Significant

 

Valuation Inputs

 

Quoted Price

 

Observable Input

 

Unobservable Input

 

Equity Securities

 

$

13,947,728

 

$

—

 

$

—

 

Short-term Investments

 

85,703

 

—

 

—

 

Total - Investments in Securities

 

$

14,033,431

 

$

—

 

$

—

 

Other Financial Instruments*

 

—

 

—

 

—

 

Total

 

$

14,033,431

 

$

—

 

$

—

 

 

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

As of December 31, 2009, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

 


 

AFBA 5STAR SMALL CAP FUND

December 31, 2009 (Unaudited)

 

SHARES

 

COMPANY

 

VALUE

 

 

 

COMMON STOCKS - 93.26%

 

 

 

 

 

BASIC MATERIALS - 11.88%

 

 

 

 

 

Industrial Conglomerates - 2.36%

 

 

 

32,314

 

Tredegar Corp.

 

$

511,207

 

 

 

 

 

 

 

 

 

Specialty Chemicals - 9.52%

 

 

 

24,754

 

Albemarle Corp.

 

900,303

 

10,084

 

NewMarket Corp.

 

1,157,341

 

 

 

 

 

2,057,644

 

 

 

 

 

2,568,851

 

 

 

 

 

 

 

 

 

CAPITAL GOODS - 4.65%

 

 

 

 

 

Automotive Retail - 1.23%

 

 

 

10,992

 

CarMax, Inc.*

 

266,556

 

 

 

 

 

 

 

 

 

Hypermarkets & Supercenters - 3.42%

 

 

 

36,106

 

Pricesmart, Inc.

 

738,007

 

 

 

 

 

1,004,563

 

 

 

 

 

 

 

 

 

COMMERCIAL/INDUSTRIAL SERVICES - 4.84%

 

 

 

 

 

Office Furniture - 2.92%

 

 

 

61,112

 

Knoll, Inc.

 

631,287

 

 

 

 

 

 

 

 

 

Specialty - 1.92%

 

 

 

 

 

Force Protection, Inc.*

 

414,862

 

 

 

 

 

1,046,149

 

 

 

 

 

 

 

 

 

CONSUMER DISCRETIONARY - 9.65%

 

 

 

 

 

Commercial Services & Supplies - 3.06%

 

 

 

14,516

 

Universal Corp.

 

662,075

 

 

 

 

 

 

 

 

 

Leisure Equipment & Products - 3.84%

 

 

 

25,894

 

Hasbro, Inc.

 

830,162

 

 

 

 

 

 

 

 

 

Specialty Retail - 2.75%

 

 

 

61,331

 

Sturm, Ruger & Co., Inc.*

 

594,911

 

 

 

 

 

2,087,148

 

 


 

 

 

CONSUMER STAPLES - 8.69%

 

 

 

 

 

Household Products - 1.49%

 

 

 

5,259

 

Energizer Holdings, Inc.*

 

322,272

 

 

 

 

 

 

 

 

 

Packaged Foods & Meats - 3.49%

 

 

 

28,688

 

Lance, Inc.

 

754,494

 

 

 

 

 

 

 

 

 

Specialized Consumer Services - 3.71%

 

 

 

98,011

 

Service Corp. International

 

802,710

 

 

 

 

 

1,879,476

 

 

 

 

 

 

 

 

 

ENERGY - 7.65%

 

 

 

 

 

Energy-Oil Field Services - 3.83%

 

 

 

15,166

 

Kinder Morgan Management LLC*

 

828,672

 

 

 

 

 

 

 

 

 

Oil & Gas Drilling - 3.82%

 

 

 

23,012

 

Atwood Oceanics, Inc.*

 

824,980

 

 

 

 

 

1,653,652

 

 

 

FINANCIALS - 13.78%

 

 

 

 

 

Diversified Financial Services - 2.56%

 

 

 

18,165

 

Eaton Vance Corp.

 

552,398

 

 

 

 

 

 

 

 

 

Property & Casualty Insurance - 7.63%

 

 

 

1,825

 

Alleghany Corp.*

 

503,700

 

3,407

 

Investors Title Co.

 

105,958

 

1,409

 

Wesco Financial Corp.

 

483,287

 

1,677

 

White Mountain Insurance Group, Ltd.

 

557,871

 

 

 

 

 

1,650,816

 

 

 

 

 

 

 

 

 

Reinsurance - 3.59%

 

 

 

44,784

 

Montpelier Re Holdings, Ltd.

 

775,659

 

 

 

 

 

2,978,873

 

 

 

 

 

 

 

 

 

HEALTH CARE - 5.77%

 

 

 

 

 

Health Care Distributors - 3.40%

 

 

 

17,103

 

Owens & Minor, Inc.

 

734,232

 

 

 

 

 

 

 

 

 

Health Care Facilities - 2.37%

 

 

 

95,116

 

Tenet Healthcare Corp.*

 

512,675

 

 

 

 

 

1,246,907

 

 

 

 

 

 

 

 

 

INDUSTRIALS - 5.69%

 

 

 

 

 

Miscellaneous - 5.69%

 

 

 

22,368

 

Brink’s Home Security Holdings, Inc.*

 

730,092

 

20,595

 

The Brink’s Co.

 

501,282

 

 

 

 

 

1,231,374

 

 


 

 

 

INFORMATION TECHNOLOGY - 4.07%

 

 

 

 

 

Communications Equipment - 2.57%

 

 

 

18,156

 

Synaptics, Inc.*

 

556,481

 

 

 

 

 

 

 

 

 

Software - 1.50%

 

 

 

7,963

 

Advent Software, Inc.*

 

324,333

 

 

 

 

 

880,814

 

 

 

 

 

 

 

 

 

OTHER - 6.26%

 

 

 

 

 

Human Resources & Employment - 3.87%

 

 

 

34,122

 

Corrections Corp. of America*

 

837,695

 

 

 

 

 

 

 

 

 

Real Estate Management & Development - 2.39%

 

 

 

17,688

 

Tejon Ranch Co.*

 

516,843

 

 

 

 

 

1,354,538

 

 

 

 

 

 

 

 

 

RETAIL TRADE - 4.18%

 

 

 

 

 

Specialty Chains - 4.18%

 

 

 

63,417

 

Cabela’s, Inc.*

 

904,326

 

 

 

 

 

 

 

 

 

SERVICES - 1.85%

 

 

 

 

 

Human Resources & Employment - 1.85%

 

 

 

24,296

 

Korn/Ferry International*

 

400,884

 

 

 

 

 

 

 

 

 

TRANSPORTATION - 4.30%

 

 

 

 

 

Marine - 4.30%

 

 

 

27,187

 

Alexander & Baldwin, Inc.

 

930,611

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(COST $18,803,311)

 

20,168,166

 

 

 

 

 

 

 

 

 

REIT’s - 5.09%

 

 

 

 

 

Mortgage - 2.12%

 

 

 

16,420

 

Hatteras Financial Corp.

 

459,103

 

 

 

 

 

 

 

 

 

Residential - 2.97%

 

 

 

39,010

 

UDR, Inc.

 

641,324

 

 

 

 

 

 

 

 

 

TOTAL REIT’s
(COST $1,073,322)

 

1,100,427

 

 


 

 

 

MONEY MARKET ACCOUNT - 0.07%

 

 

 

15,996

 

PNC Bank Money Market (a)

 

15,996

 

 

 

 

 

 

 

 

 

TOTAL MONEY MARKET ACCOUNT
(COST $15,996)

 

15,996

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 98.42%
(COST $19,892,629)#

 

21,284,589

 

 

 

 

 

 

 

 

 

Other assets in excess of liabilities - 1.58%

 

341,776

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.00%

 

$

21,626,365

 

 

 

 

LLC - Limited Liability Corporation

 

 

REIT - Real Estate Investment Trust

 

 

(a) The interest rate on December 31, 2009 was 0.05%.

 

 

* Non-income producing security.

 

 

# Federal Income Tax Information: Net unrealized appreciation of investments is comprised of gross appreciation $1,839,295 and gross depreciation of $573,896 for federal income tax purposes. At December 31, 2009, the aggregate cost of securities for federal income tax purposes was $20,019,190.

 


 

AFBA 5STAR SMALL CAP FUND

December 31, 2009 (Unaudited)

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s assets carried at fair value:

 

 

 

 

 

Level 2

 

Level 3

 

 

 

Level 1

 

Significant

 

Significant

 

Valuation Inputs

 

Quoted Price

 

Observable Input

 

Unobservable Input

 

Equity Securities

 

$

21,268,593

 

$

—

 

$

—

 

Short-term Investments

 

15,996

 

—

 

—

 

Total - Investments in Securities

 

$

21,284,589

 

$

—

 

$

—

 

Other Financial Instruments*

 

—

 

—

 

—

 

Total

 

$

21,284,589

 

$

—

 

$

—

 

 

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

As of December 31, 2009, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

 


 

AFBA 5STAR LARGE CAP GROWTH FUND

December 31, 2009 (Unaudited)

 

SHARES

 

COMPANY

 

VALUE

 

 

 

COMMON STOCKS - 97.87%

 

 

 

 

 

BANKING - 1.13%

 

 

 

13,500

 

Wells Fargo & Co.

 

$

364,365

 

 

 

 

 

 

 

 

 

CAPITAL GOODS - 8.16%

 

 

 

5,400

 

3M Co.

 

446,418

 

6,300

 

Caterpillar, Inc.

 

359,037

 

9,000

 

Cummins, Inc.

 

412,740

 

9,000

 

McDermott International, Inc.*

 

216,090

 

4,700

 

Precision Castparts Corp.

 

518,645

 

9,700

 

United Technologies Corp.

 

673,277

 

 

 

 

 

2,626,207

 

 

 

 

 

 

 

 

 

CONSUMER DURABLES & APPAREL - 2.24%

 

 

 

5,600

 

NIKE, Inc. Class B

 

369,992

 

4,800

 

VF Corp.

 

351,552

 

 

 

 

 

721,544

 

 

 

 

 

 

 

 

 

CONSUMER SERVICES - 1.96%

 

 

 

12,400

 

Carnival Corp.*

 

392,956

 

16,000

 

Las Vegas Sands Corp.*

 

239,040

 

 

 

 

 

631,996

 

 

 

 

 

 

 

 

 

DIVERSIFIED FINANCIALS - 3.88%

 

 

 

5,100

 

Goldman Sachs Group, Inc. (The)

 

861,084

 

13,100

 

Morgan Stanley

 

387,760

 

 

 

 

 

1,248,844

 

 

 

 

 

 

 

 

 

ENERGY - 5.38%

 

 

 

6,300

 

National Oilwell Varco, Inc.*

 

277,767

 

13,500

 

Schlumberger Ltd.

 

878,715

 

3,100

 

Transocean Ltd.*

 

256,680

 

3,500

 

Ultra Petroleum Corp.*

 

174,510

 

8,000

 

Weatherford International Ltd.*

 

143,280

 

 

 

 

 

1,730,952

 

 

 

 

 

 

 

 

 

FOOD & STAPLES RETAILING - 0.76%

 

 

 

4,600

 

Wal-Mart Stores, Inc.

 

245,870

 

 

 

 

 

 

 

 

 

FOOD, BEVERAGES & TOBACCO - 1.47%

 

 

 

3,100

 

PepsiCo, Inc.

 

188,480

 

5,000

 

The Coca-Cola Co.

 

285,000

 

 

 

 

 

473,480

 

 


 

 

 

HEALTH CARE EQUIPMENT & SERVICES - 4.30%

 

 

 

1,900

 

Cerner Corp.*

 

156,636

 

8,000

 

Medco Health Solutions, Inc.*

 

511,280

 

8,300

 

Stryker Corp.

 

418,071

 

5,100

 

Wellpoint, Inc.*

 

297,279

 

 

 

 

 

1,383,266

 

 

 

 

 

 

 

 

 

HOUSEHOLD & PERSONAL PRODUCTS - 1.97%

 

 

 

7,700

 

Colgate-Palmolive Co.

 

632,555

 

 

 

 

 

 

 

 

 

MATERIALS - 4.66%

 

 

 

11,600

 

Freeport-McMoRan Copper & Gold, Inc.

 

931,364

 

7,200

 

Mosaic Corp. (The)*

 

430,056

 

2,900

 

Newmont Mining Corp.

 

137,199

 

 

 

 

 

1,498,619

 

 

 

 

 

 

 

 

 

PHARMACEUTICALS, BIOTECHNOLOGY & LIFE SCIENCES - 5.26%

 

 

 

4,300

 

Celgene Corp.

 

239,424

 

13,900

 

Gilead Sciences, Inc.*

 

601,592

 

11,100

 

Life Technologies Corp.*

 

579,753

 

9,600

 

Warner Chilcott PLC Class A*

 

273,312

 

 

 

 

 

1,694,081

 

 

 

 

 

 

 

 

 

RETAILING - 7.44%

 

 

 

6,700

 

Amazon.com, Inc.*

 

901,284

 

10,100

 

Kohl’s Corp.*

 

544,693

 

2,850

 

Priceline.com, Inc.*

 

622,725

 

6,700

 

Target Corp.

 

324,079

 

 

 

 

 

2,392,781

 

 

 

 

 

 

 

 

 

SEMICONDUCTORS & SEMICONDUCTOR EQUIPMENT - 4.45%

 

 

 

9,100

 

Broadcom Corp.*

 

286,195

 

71,100

 

Micron Technology, Inc.*

 

750,816

 

15,100

 

Texas Instruments, Inc.

 

393,506

 

 

 

 

 

1,430,517

 

 

 

 

 

 

 

 

 

SOFTWARE & SERVICES - 19.65%

 

 

 

11,400

 

Adobe Systems, Inc.*

 

419,292

 

30,500

 

Cognizant Technology Solutions Corp.*

 

1,381,650

 

2,450

 

Google, Inc. Class A*

 

1,518,951

 

15,200

 

Microsoft Corp.

 

463,448

 

14,500

 

Red Hat, Inc.*

 

448,050

 

13,100

 

Salesforce.com, Inc.*

 

966,387

 

4,600

 

Visa, Inc. Class A

 

402,316

 

10,300

 

VMware, Inc.*

 

436,514

 

17,200

 

Yahoo!, Inc.*

 

288,616

 

 

 

 

 

6,325,224

 

 


 

 

 

TECHNOLOGY HARDWARE & EQUIPMENT - 18.52%

 

 

 

6,800

 

Apple, Inc.*

 

1,433,848

 

37,000

 

Cisco Systems, Inc.*

 

885,780

 

40,300

 

EMC Corp.*

 

704,041

 

26,800

 

Juniper Networks, Inc.*

 

714,756

 

36,600

 

NetApp, Inc.*

 

1,258,674

 

53,000

 

Seagate Technology

 

964,070

 

 

 

 

 

5,961,169

 

 

 

 

 

 

 

 

 

TRANSPORTATION - 6.64%

 

 

 

25,500

 

CSX Corp.

 

1,236,495

 

14,100

 

Union Pacific Corp.

 

900,990

 

 

 

 

 

2,137,485

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(COST $24,426,317)

 

31,498,955

 

 

 

 

 

 

 

 

 

MONEY MARKET ACCOUNT - 2.27%

 

 

 

731,131

 

PNC Bank Money Market (a)

 

731,131

 

 

 

 

 

 

 

 

 

TOTAL MONEY MARKET ACCOUNT
(COST $731,131)

 

731,131

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 100.14%
(COST $25,157,448)#

 

32,230,086

 

 

 

 

 

 

 

 

 

Liabilities in excess of other assets - (0.14%)

 

(44,734

)

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.00%

 

$

32,185,352

 

 

 

 

PLC - Public Limited Company

 

 

* Non-income producing security.

 

 

(a) The interest rate on December 31, 2009 was 0.05%.

 

 

#  Federal Income Tax Information: Net unrealized appreciation of investments is comprised of gross appreciation of $7,075,017 and gross depreciation of $94,829 for federal income tax purposes. At December 31, 2009, the aggregate cost of securities for federal income tax purposes was $25,249,898.

 


 

AFBA 5STAR LARGE CAP GROWTH FUND

December 31, 2009 (Unaudited)

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s assets carried at fair value:

 

 

 

 

 

Level 2

 

Level 3

 

 

 

Level 1

 

Significant

 

Significant

 

Valuation Inputs

 

Quoted Price

 

Observable Input

 

Unobservable Input

 

Equity Securities

 

$

31,498,955

 

$

—

 

$

—

 

Short-term Investments

 

731,131

 

—

 

—

 

Total - Investments in Securities

 

$

32,230,086

 

$

—

 

$

—

 

Other Financial Instruments*

 

—

 

—

 

—

 

Total

 

$

32,230,086

 

$

—

 

$

—

 

 

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

As of December 31, 2009, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

 


 

AFBA 5STAR BALANCED FUND

December 31, 2009 (Unaudited)

 

SHARES OR
FACE AMOUNT

 

COMPANY

 

VALUE

 

 

 

COMMON STOCKS - 56.83%

 

 

 

 

 

CONSUMER STAPLES - 11.57%

 

 

 

89,800

 

Altria Group, Inc.

 

$

1,762,774

 

20,400

 

British American Tobacco PLC ADR

 

1,319,064

 

26,242

 

Brown-Forman Corp. Class B

 

1,405,784

 

12,822

 

Lorillard, Inc.

 

1,028,709

 

19,782

 

Phillip Morris International, Inc.

 

953,295

 

40,000

 

The Coca-Cola Co.

 

2,280,000

 

30,893

 

Universal Corp.

 

1,409,030

 

 

 

 

 

10,158,656

 

 

 

 

 

 

 

 

 

ENERGY - 4.09%

 

 

 

23,400

 

Chevron Corp.

 

1,801,566

 

35,000

 

ConocoPhillips

 

1,787,450

 

 

 

 

 

3,589,016

 

 

 

 

 

 

 

 

 

FINANCIALS - 1.92%

 

 

 

62,500

 

Wells Fargo & Co.

 

1,686,875

 

 

 

 

 

 

 

 

 

HEALTH CARE - 9.26%

 

 

 

50,000

 

Bristol-Meyers Squibb Co.

 

1,262,500

 

36,100

 

Johnson & Johnson

 

2,325,201

 

37,000

 

Merck & Co., Inc.

 

1,351,980

 

30,917

 

Novartis AG ADR

 

1,682,812

 

83,000

 

Pfizer, Inc.

 

1,509,770

 

 

 

 

 

8,132,263

 

 

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY - 7.41%

 

 

 

100,000

 

Intel Corp.

 

2,040,000

 

17,300

 

International Business Machines Corp.

 

2,264,570

 

72,248

 

Microsoft Corp.

 

2,202,842

 

 

 

 

 

6,507,412

 

 

 

 

 

 

 

 

 

INSURANCE - 2.56%

 

 

 

685

 

Berkshire Hathaway, Inc. Class B*

 

2,250,910

 

 

 

 

 

 

 

 

 

MATERIALS - 6.86%

 

 

 

61,500

 

Albemarle Corp.

 

2,236,755

 

26,070

 

NewMarket Corp.

 

2,992,054

 

15,000

 

Vulcan Materials Co.

 

790,050

 

 

 

 

 

6,018,859

 

 

 

RETAIL - 2.49%

 

 

 

20,853

 

Lowe’s Companies, Inc.

 

487,751

 

 


 

31,838

 

Wal-Mart Stores, Inc.

 

1,701,741

 

 

 

 

 

2,189,492

 

 

 

 

 

 

 

 

 

TELECOMMUNICATIONS - 1.40%

 

 

 

37,000

 

Verizon Communications, Inc.

 

1,225,810

 

 

 

 

 

 

 

 

 

TRANSPORTATION - 5.69%

 

 

 

53,500

 

Alexander & Baldwin, Inc.

 

1,831,305

 

18,530

 

Burlington Northern Santa Fe Corp.

 

1,827,429

 

16,000

 

FedEx Corp.

 

1,335,200

 

 

 

 

 

4,993,934

 

 

 

 

 

 

 

 

 

UTILITIES - 3.58%

 

 

 

54,000

 

Dominion Resources, Inc.

 

2,101,680

 

60,315

 

Duke Energy Co.

 

1,038,021

 

 

 

 

 

3,139,701

 

 

 

 

 

 

 

 

 

TOTAL COMMON STOCKS
(COST $45,617,473)

 

49,892,928

 

 

 

 

 

 

 

 

 

REIT’s - 1.22%

 

 

 

65,376

 

UDR, Inc.

 

1,074,781

 

 

 

 

 

 

 

 

 

TOTAL REIT’s
(COST $1,222,978)

 

1,074,781

 

 

 

 

 

 

 

 

 

PREFERRED STOCKS - 1.19%

 

 

 

 

 

FINANCIALS - 0.02%

 

 

 

13,600

 

Federal National Mortgage Association, Perpetual Series S, 8.25% due 12/31/49 (d)

 

14,960

 

 

 

 

 

 

 

 

 

INSURANCE - 1.17%

 

 

 

40,000

 

Markel Corp., 7.50% due 08/22/46

 

1,030,000

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED STOCKS
(COST $1,342,000)

 

1,044,960

 

 

 

 

 

 

 

 

 

CORPORATE BONDS - 23.39%

 

 

 

 

 

AEROSPACE/DEFENSE - 0.27%

 

 

 

$

220,000

 

Boeing Co., 5.00% due 03/15/14

 

237,065

 

 

 

 

 

 

 

 

 

CHEMICALS - 0.38%

 

 

 

315,000

 

E.I. Du Pont de Nemours & Co., 4.75% due 03/15/15

 

335,414

 

 


 

 

 

CONSUMER DISCRETIONARY - 2.12%

 

 

 

150,000

 

Anheuser-Busch InBev Worldwide, Inc., 7.75% due 01/15/19 (b)

 

175,913

 

400,000

 

Comcast Corp., 5.50% due 03/15/11

 

418,710

 

1,000,000

 

Mandalay Resort Group, 7.625% due 07/15/13

 

765,000

 

150,000

 

Marriott International, 5.625% due 02/15/13

 

154,026

 

222,000

 

Metlife, Inc., 6.125% due 12/01/11

 

238,764

 

100,000

 

Metlife, Inc., 6.817% due 08/15/18

 

111,560

 

 

 

 

 

1,863,973

 

 

 

 

 

 

 

 

 

CONSUMER STAPLES - 0.76%

 

 

 

150,000

 

International Paper Co., 9.375% due 05/15/19

 

184,678

 

450,000

 

The Coca-Cola Co., 5.35% due 11/15/17

 

485,532

 

 

 

 

 

670,210

 

 

 

 

 

 

 

 

 

ENERGY - 0.77%

 

 

 

200,000

 

Devon Energy Corp., 5.625% due 01/15/14

 

216,254

 

150,000

 

Husky Energy, Inc., 5.90% due 06/15/14

 

163,668

 

275,000

 

Sempra Energy, 6.50% due 06/01/16

 

298,632

 

 

 

 

 

678,554

 

 

 

 

 

 

 

 

 

FINANCIALS - 8.86%

 

 

 

60,000

 

American Express Credit Corp., 7.30% due 08/20/13

 

67,487

 

275,000

 

American Express Travel Related Services, 5.25% due 11/21/11 (b)

 

288,516

 

250,000

 

Bank of America Corp., 5.375% due 09/11/12

 

265,393

 

250,000

 

BHP Billiton Finance USA Ltd., 6.75% due 11/01/13

 

280,717

 

325,000

 

Caterpillar Financial Services Corp., 4.90% due 08/15/13

 

345,526

 

300,000

 

Citigroup, Inc., 6.00% due 02/21/12

 

316,868

 

175,000

 

Citigroup, Inc., 6.125% due 11/21/17

 

176,669

 

375,000

 

CME Group, Inc., 5.75% due 02/15/14

 

410,541

 

225,000

 

Credit Suisse USA, Inc., 6.125% due 11/15/11

 

242,744

 

275,000

 

Credit Suisse USA, Inc., 5.125% due 08/15/15

 

292,742

 

350,000

 

Diego Capital PLC, 7.375% due 01/15/14

 

405,243

 

250,000

 

Fifth Third Bancorp, 6.25% due 05/01/13

 

257,596

 

125,000

 

General Electric Capital Corp., 4.80% due 05/01/13

 

130,759

 

250,000

 

General Electric Capital Corp., 5.50% due 06/04/14

 

265,154

 

125,000

 

Goldman Sachs Group, Inc. (The), 6.60% due 01/15/12

 

135,957

 

125,000

 

Goldman Sachs Group, Inc. (The), 5.70% due 09/01/12

 

134,541

 

160,000

 

Jefferies Group, Inc., 8.50% due 07/15/19

 

175,190

 

346,000

 

JPMorgan Chase & Co., 5.75% due 01/02/13

 

369,259

 

300,000

 

Keycorp, 6.50% due 05/14/13

 

309,873

 

325,000

 

Merrill Lynch & Co., Inc. 5.77% due 07/25/11

 

343,698

 

250,000

 

Merrill Lynch & Co., Inc. 0.744375% due 01/15/15 (d)

 

229,443

 

250,000

 

Morgan Stanley, 5.05% due 01/21/11

 

259,363

 

250,000

 

Morgan Stanley, 4.75% due 04/01/14

 

251,676

 

150,000

 

Regions Financial Corp., 7.75% due 11/10/14

 

148,080

 

375,000

 

Suntrust Banks, Inc., 5.25% due 11/05/12

 

389,340

 

250,000

 

Suntrust Banks, Inc., 6.00% due 09/11/17

 

248,187

 

300,000

 

Toyota Motor Credit Corp., 5.17% due 01/11/12

 

301,191

 

300,000

 

Wachovia Corp., 5.25% due 08/01/14

 

310,892

 

400,000

 

Wells Fargo & Co., 5.25% due 10/23/12

 

427,309

 

 

 

 

 

7,779,954

 

 


 

 

 

HEALTH CARE - 2.27%

 

 

 

150,000

 

CIGNA Corp., 8.50% due 05/01/19

 

170,723

 

325,000

 

GlaxoSmithKline Capital, Inc., 4.85% due 05/15/13

 

349,142

 

220,000

 

Pfizer, Inc., 5.35% due 03/15/15

 

240,713

 

1,000,000

 

Psychiatric Solutions, Inc., 7.75% due 07/15/15

 

972,500

 

250,000

 

UnitedHealth Group, Inc., 5.375% due 03/15/16

 

257,621

 

 

 

 

 

1,990,699

 

 

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY - 1.05%

 

 

 

350,000

 

Dell, Inc., 4.70% due 04/15/13

 

369,626

 

250,000

 

International Business Machines Corp., 6.50% due 10/15/13

 

285,933

 

250,000

 

Hewlett-Packard Co., 4.50% due 03/01/13

 

265,236

 

 

 

 

 

920,795

 

 

 

 

 

 

 

 

 

INSURANCE - 2.60%

 

 

 

250,000

 

Aflac, Inc., 8.50% due 05/15/19

 

288,476

 

350,000

 

Allstate Corp., 5.00% due 08/15/14

 

368,986

 

150,000

 

General Electric Global Insurance, 7.00% due 02/15/26

 

146,906

 

300,000

 

Hartford Financial Services Group, Inc., 5.375% due 03/15/17

 

286,398

 

250,000

 

Nationwide Life Global Fund I, 1.026% due 05/19/10 (b)(d)

 

248,781

 

350,000

 

New York Life Global Funding, 5.25% due 10/16/12 (b)

 

375,598

 

250,000

 

Progressive Corp., 6.375% due 01/15/12

 

268,046

 

285,000

 

Prudential Financial, Inc., 5.10% due 09/20/14

 

297,461

 

 

 

 

 

2,280,652

 

 

 

 

 

 

 

 

 

MANUFACTURING - 0.21%

 

 

 

150,000

 

Tyco International Finance SA, 8.50% due 01/15/19

 

181,459

 

 

 

 

 

 

 

 

 

MATERIALS - 0.44%

 

 

 

350,000

 

Barrick Gold Financeco LLC, 6.125% due 09/15/13

 

385,046

 

 

 

 

 

 

 

 

 

REIT’s - 0.40%

 

 

 

325,000

 

Boston Properties LP, 6.25% due 01/15/13

 

346,606

 

 

 

 

 

 

 

 

 

RETAIL - 0.61%

 

 

 

300,000

 

Best Buy Co., 6.75% due 07/15/13

 

329,838

 

200,000

 

Home Depot, Inc., 5.40% due 03/01/16

 

209,646

 

 

 

 

 

539,484

 

 

 

 

 

 

 

 

 

TELECOMMUNICATION SERVICES - 2.26%

 

 

 

225,000

 

AT&T, Inc., 4.95% due 01/15/13

 

240,217

 

250,000

 

AT&T, Inc., 6.70% due 11/15/13

 

282,304

 

275,000

 

Corning, Inc., 6.05% due 06/15/15

 

277,244

 

300,000

 

Deutsche Telekom International Finance BV, 5.875% due 08/20/13

 

324,900

 

350,000

 

Verizon Communications, Inc., 5.25% due 04/15/13

 

377,575

 

150,000

 

Verizon Communications, Inc., 8.75% due 11/01/18

 

187,655

 

275,000

 

Vodafone Group PLC., 5.35% due 02/27/12

 

293,554

 

 

 

 

 

1,983,449

 

 


 

 

 

TRANSPORTATION - 0.39%

 

 

 

300,000

 

FedEx Corp., 7.375% due 01/15/14

 

340,695

 

 

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS
(COST $19,352,815)

 

20,534,055

 

 

 

 

 

 

 

 

 

AGENCY OBLIGATIONS - 5.82%

 

 

 

350,000

 

Federal Home Loan Bank, 5.75% due 05/15/12

 

384,633

 

477,202

 

Federal Home Loan Mortgage Corporation, 5.00% due 05/01/20

 

501,792

 

954,482

 

Federal Home Loan Mortgage Corporation, 5.50% due 04/01/37

 

1,001,859

 

655,000

 

Federal National Mortgage Association, 4.625% due 10/15/14

 

710,450

 

400,000

 

Federal National Mortgage Association, 3.00% due 12/28/16

 

397,043

 

250,000

 

Federal National Mortgage Association, 5.375% due 06/12/17

 

277,619

 

766,059

 

Federal National Mortgage Association, 4.50% due 08/01/20

 

795,352

 

977,313

 

Federal National Mortgage Association, 6.00% due 10/01/37

 

1,036,868

 

 

 

 

 

 

 

 

 

TOTAL AGENCY OBLIGATIONS

(COST $4,857,302)

 

5,105,616

 

 

 

 

 

 

 

 

 

U.S. TREASURY OBLIGATIONS - 6.15%

 

 

 

2,720,000

 

U.S. Treasury Note, 4.75% due 08/15/17

 

2,952,264

 

400,000

 

U.S. Treasury Note, 3.75% due 11/15/18

 

400,094

 

1,620,000

 

U.S. Treasury Note, 5.00% due 05/15/37

 

1,720,997

 

300,000

 

U.S. Treasury Inflation Indexed Bond, 2.50% due 01/15/29 (e)

 

324,733

 

 

 

 

 

 

 

 

 

TOTAL U.S. TREASURY OBLIGATIONS
(COST $5,430,805)

 

5,398,088

 

 

 

 

 

 

 

 

 

CONVERTIBLE CORPORATE BONDS - 2.18%

 

 

 

 

 

CONSUMER DISCRETIONARY - 2.18%

 

 

 

1,000,000

 

Lions Gate Entertainment Corp., 2.9375% due 10/15/24

 

962,500

 

1,000,000

 

Lions Gate Entertainment Corp., 3.625% due 03/15/25 (c)

 

952,500

 

 

 

 

 

 

 

 

 

TOTAL CONVERTIBLE CORPORATE BONDS
(COST $1,904,523)

 

1,915,000

 

 

 

 

 

 

 

 

 

ASSET-BACKED SECURITIES - 1.43%

 

 

 

70,807

 

Capital Auto Receivables Asset Trust, Series 2006-2, Class A3B, 0.293125% due 05/15/11 (d)

 

70,769

 

500,000

 

Chase Issuance Trust, Series 2007-A15, Class A, 4.96% due 09/17/12

 

515,178

 

650,000

 

Chase Issuance Trust, Series 2005-A10, Class A10, 4.65% due 12/17/12

 

670,028

 

 

 

 

 

 

 

 

 

TOTAL ASSET-BACKED SECURITIES
(COST $1,196,251)

 

1,255,975

 

 


 

 

 

MONEY MARKET ACCOUNT - 1.08%

 

 

 

948,810

 

PNC Bank Money Market (a)

 

948,810

 

 

 

 

 

 

 

 

 

TOTAL MONEY MARKET ACCOUNT
(COST $948,810)

 

948,810

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 99.29%
(COST $81,872,957)#

 

87,170,213

 

 

 

 

 

 

 

 

 

Other assets in excess of liabilities - 0.71%

 

624,178

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.00%

 

$

87,794,391

 

 

 

 

ADR - American Depository Receipt

 

 

LLC - Limited Liability Company

 

 

LP - Limited Partnership

 

 

PLC - Public Limited Company

 

 

REIT - Real Estate Investment Trust

 

 

(a) The interest rate on December 31, 2009 was 0.05%.

 

 

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registation, normally to qualified institutional buyers.

 

 

(c) Stepped coupon bond - the rate shown is the rate in effect on December 31, 2009.

 

 

(d) Indicates a variable rate security.

 

 

(e) Face amount reflects the settled face amount not adjusted for changes in the Consumer Price Index.

 

 

* Non-income producing security.

 

 

# Federal Income Tax Information: Net unrealized appreciation of investments is comprised of gross appreciation $9,452,134 and gross depreciation of $3,920,249 for federal income tax purposes. At December 31, 2009, the aggregate cost of securities for federal income tax purposes was $81,638,328.

 


 

AFBA 5STAR BALANCED FUND

December 31, 2009 (Unaudited)

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s assets carried at fair value:

 

 

 

 

 

Level 2

 

Level 3

 

 

 

Level 1

 

Significant

 

Significant

 

Valuation Inputs

 

Quoted Price

 

Observable Input

 

Unobservable Input

 

Equity Securities

 

$

50,967,709

 

$

—

 

$

—

 

Preferred Stocks

 

1,044,960

 

—

 

—

 

U.S. Treasury/U.S. Gov’t Corp. & Agency

 

—

 

10,503,704

 

—

 

Corporate Bonds

 

—

 

20,534,055

 

—

 

Other Debt Obligations

 

—

 

3,170,975

 

—

 

Short-term Investments

 

948,810

 

—

 

—

 

Total - Investments in Securities

 

$

52,961,479

 

$

34,208,734

 

$

—

 

Other Financial Instruments*

 

—

 

—

 

—

 

Total

 

$

52,961,479

 

$

34,208,734

 

$

—

 

 

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

As of December 31, 2009, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

 


 

AFBA 5STAR TOTAL RETURN FUND

December 31, 2009 (Unaudited)

 

SHARES OR

 

 

 

 

 

FACE AMOUNT

 

COMPANY

 

VALUE

 

 

 

AGENCY OBLIGATIONS - 15.56%

 

 

 

$

590,000

 

Federal Home Loan Bank, 5.75% due 05/15/12

 

$

648,381

 

1,090,837

 

Federal Home Loan Mortgage Corporation, 5.50% due 04/01/37

 

1,144,981

 

350,000

 

Federal National Mortgage Association, 3.00% due 12/28/16

 

347,413

 

933,321

 

Federal National Mortgage Association, 4.50% due 08/01/20

 

969,010

 

90,000

 

Federal National Mortgage Association, 5.375% due 06/12/17

 

99,943

 

1,179,090

 

Federal National Mortgage Association, 6.00% due 10/01/37

 

1,250,941

 

 

 

 

 

 

 

 

 

TOTAL AGENCY OBLIGATIONS
(COST $4,232,582)

 

4,460,669

 

 

 

 

 

 

 

 

 

CORPORATE BONDS - 58.74%

 

 

 

 

 

CONSUMER DISCRETIONARY - 21.88%

 

 

 

250,000

 

Aflac, Inc., 8.50% due 05/15/19

 

288,476

 

270,000

 

Allstate Corp., 5.00% due 08/15/14

 

284,646

 

60,000

 

American Express Credit Co., 7.30% due 08/20/13

 

67,487

 

140,000

 

American Express Travel Related Services Co., Inc., 5.25% due 11/21/11 (b)

 

146,881

 

125,000

 

Anheuser-Busch InBev Worldwide Inc., 7.75% due 01/15/19 (b)

 

146,594

 

275,000

 

Best Buy Co., 6.75% due 07/15/13

 

302,352

 

250,000

 

Comcast Corp., 6.50% due 01/15/17

 

277,160

 

300,000

 

Dell, Inc., 4.70% due 04/15/13

 

316,822

 

275,000

 

FedEx Corp., 7.375% due 01/15/14

 

312,303

 

235,000

 

GameStop Corp., 8.00% due 10/01/12

 

244,694

 

281,000

 

General Electric Capital Corp., 5.00% due 04/10/12

 

296,146

 

125,000

 

General Electric Capital Corp., 4.80% due 05/01/13

 

130,759

 

125,000

 

General Electric Global Insurance, 7.00% due 02/15/26

 

122,422

 

300,000

 

Hartford Financial Services Group, 5.375% due 03/15/17

 

286,398

 

250,000

 

Hewlett-Packard Co., 4.50% due 03/01/13

 

265,236

 

125,000

 

International Paper Co., 9.375% due 05/15/19

 

153,898

 

340,000

 

Mandalay Resort Group, 7.625% due 07/15/13

 

260,100

 

150,000

 

Marriott International, Series J, 5.625% due 02/15/13

 

154,026

 

275,000

 

MetLife, Inc., 6.817% due 08/15/18

 

306,789

 

225,000

 

Nationwide Life Global Fund I, 0.4703125% due 05/19/10 (b)(c)

 

223,903

 

275,000

 

New York Life Global Funding, 5.25% due 10/16/12 (b)

 

295,112

 

100,000

 

Penske Auto Group, Inc., 7.75% due 12/15/16

 

97,250

 

325,000

 

Phillips Van-Heusen, 7.75% due 11/15/23

 

299,993

 

240,000

 

Progressive Corp., 6.375% due 01/15/12

 

257,324

 

250,000

 

Prudential Financial, Inc., 5.10% due 09/20/14

 

260,931

 

575,000

 

Royal Caribbean Cruises, Ltd., 7.50% due 10/15/27

 

476,531

 

 

 

 

 

6,274,233

 

 


 

 

 

CONSUMER STAPLES - 2.06%

 

 

 

250,000

 

Diego Capital PLC, 5.20% due 01/30/13

 

267,829

 

300,000

 

The Coca-Cola Co., 5.35% due 11/15/17

 

323,688

 

 

 

 

 

591,517

 

 

 

 

 

 

 

 

 

FINANCIALS - 18.14%

 

 

 

175,000

 

Bank of America Corp., 5.375% due 09/11/12

 

185,775

 

200,000

 

Capital One Financial Co., 6.75% due 09/15/17

 

215,538

 

325,000

 

Caterpillar Financial Services Corp., 4.90% due 08/15/13

 

345,526

 

300,000

 

CME Group, Inc., 5.75% due 02/15/14

 

328,433

 

225,000

 

Credit Suisse USA, Inc., 6.125% due 11/15/11

 

242,744

 

225,000

 

Credit Suisse USA, Inc., 5.125% due 08/15/15

 

239,517

 

250,000

 

Fifth Third Bancorp, 6.25% due 05/01/13

 

257,596

 

150,000

 

Goldman Sachs Group, Inc. (The), 6.60% due 01/15/12

 

163,149

 

125,000

 

Goldman Sachs Group, Inc. (The), 5.70% due 09/01/12

 

134,541

 

140,000

 

Jefferies Group, Inc., 8.50% due 07/15/19

 

153,291

 

235,000

 

JPMorgan Chase & Co., 5.375% due 10/01/12

 

254,463

 

300,000

 

Keycorp, 6.50% due 05/14/13

 

309,873

 

150,000

 

Merrill Lynch & Co., Inc., 5.77% due 07/25/11

 

158,630

 

200,000

 

Merrill Lynch & Co., Inc., 0.744375% due 01/15/15 (c)

 

183,555

 

400,000

 

Morgan Stanley, 5.05% due 01/12/11

 

414,981

 

125,000

 

Regions Financial Corp., 7.75% due 11/10/14

 

123,400

 

215,000

 

Suntrust Banks, Inc., 5.25% due 11/05/12

 

223,221

 

300,000

 

Suntrust Banks, Inc., 6.00% due 09/11/17

 

297,825

 

275,000

 

Toyota Motor Credit Corp., 5.17% due 01/11/12

 

276,092

 

166,000

 

Union Planters Corp., 4.375% due 12/01/10

 

165,790

 

200,000

 

Wachovia Corp., 5.25% due 08/01/14

 

207,262

 

300,000

 

Wells Fargo & Co., 5.25% due 10/23/12

 

320,481

 

 

 

 

 

5,201,683

 

 

 

 

 

 

 

 

 

HEALTH CARE - 4.12%

 

 

 

445,000

 

Abbott Laboratories, 5.60% due 05/15/11

 

472,138

 

125,000

 

Cigna Corp., 8.50% due 05/01/19

 

142,269

 

325,000

 

GlaxoSmithKline Capital, Inc., 4.85% due 05/15/13

 

349,142

 

200,000

 

Pfizer, Inc., 5.35% due 03/15/15

 

218,830

 

 

 

 

 

1,182,379

 

 


 

 

 

INDUSTRIALS - 5.74%

 

 

 

50,000

 

American Railcar Industries, Inc., 7.50% due 03/01/14

 

46,937

 

300,000

 

Barrick Gold Financeco LLC, 6.125% due 09/15/13

 

330,039

 

200,000

 

Boeing Co., 5.00% due 03/15/14

 

215,514

 

175,000

 

Devon Energy Corp., 5.625% due 01/15/14

 

189,222

 

285,000

 

E.I. Du Pont de Nemours & Co., 4.75% due 03/15/15

 

303,470

 

125,000

 

Husky Energy, Inc., 5.90% due 06/15/14

 

136,390

 

250,000

 

Sempra Energy, 6.50% due 06/01/16

 

271,484

 

125,000

 

Tyco International Finance SA, 8.50% due 01/15/19

 

151,216

 

 

 

 

 

1,644,272

 

 

 

 

 

 

 

 

 

RETAIL - 1.59%

 

 

 

120,000

 

Home Depot, Inc., 5.40% due 03/01/16

 

125,787

 

300,000

 

Lowe’s Companies, Inc., 5.60% due 09/15/12

 

329,928

 

 

 

 

 

455,715

 

 

 

 

 

 

 

 

 

TELECOMMUNICATION SERVICES - 5.21%

 

 

 

250,000

 

Corning, Inc., 6.05% due 06/15/15

 

252,040

 

275,000

 

Deutsche Telekom International Finance BV, 5.875% due 08/20/13

 

297,824

 

280,000

 

Rodgers Wireless, Inc., 7.50% due 03/15/15

 

327,397

 

360,000

 

SBC Communications, 5.875% due 08/15/12

 

393,253

 

212,000

 

Vodafone Group PLC, 5.50% due 06/15/11

 

223,666

 

 

 

 

 

1,494,180

 

 

 

 

 

 

 

 

 

TOTAL CORPORATE BONDS
(COST $15,762,048)

 

16,843,979

 

 

 

 

 

 

 

 

 

U.S. TREASURY OBLIGATIONS - 17.56%

 

 

 

1,455,000

 

U.S. Treasury Note, 4.75% due 08/15/17

 

1,579,244

 

875,000

 

U.S. Treasury Note, 3.75% due 11/15/18

 

875,206

 

2,125,000

 

U.S. Treasury Note, 5.00% due 05/15/37

 

2,257,481

 

300,000

 

U.S. Treasury Inflation Indexed Bond, 2.50% due 01/15/29 (e)

 

324,733

 

 

 

 

 

 

 

 

 

TOTAL U.S. TREASURY OBLIGATIONS
(COST $5,145,254)

 

5,036,664

 

 

 

 

 

 

 

 

 

ASSET - BACKED SECURITIES - 3.81%

 

 

 

63,727

 

Capital Auto Receivables Asset Trust, Series 2006-2, Class A3B, 0.29875% due 05/15/11 (c)

 

63,692

 

500,000

 

Chase Issuance Trust, Series 2007-A15, Class A, 4.96% due 09/17/12

 

515,178

 

500,000

 

Chase Issuance Trust, Series 2005-A10, Class A10, 4.65% due 12/17/12

 

515,406

 

 

 

 

 

 

 

 

 

TOTAL ASSET - BACKED SECURITIES
(COST $1,042,753)

 

1,094,276

 

 

 

 

 

 

 

 

 

CONVERTIBLE CORPORATE BONDS - 1.85%

 

 

 

550,000

 

Lions Gate Entertainment Corp., 2.9375% due 10/15/24

 

529,375

 

 

 

 

 

 

 

 

 

TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $548,396)

 

529,375

 

 


 

 

 

CONVERTIBLE PREFERRED STOCK - 1.32%

 

 

 

 

 

FINANCIALS - 1.32%

 

 

 

13,350

 

Boston Private Capital Trust I, 4.875%, 10/01/34 (d)

 

379,641

 

 

 

 

 

 

 

 

 

TOTAL CONVERTIBLE PREFERRED STOCK
(COST $638,783)

 

379,641

 

 

 

 

 

 

 

 

 

PREFERRED STOCK - 0.04%

 

 

 

 

 

FINANCIALS - 0.04%

 

 

 

10,400

 

Federal National Mortgage Association, Perpetual Series S, 8.25% due 12/31/49 (c)

 

11,440

 

 

 

 

 

 

 

 

 

TOTAL PREFERRED STOCK
(COST $260,000)

 

11,440

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 98.88%
(COST $27,629,816)#

 

28,356,044

 

 

 

 

 

 

 

 

 

Other assets in excess of liabilities - 1.12%

 

320,520

 

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.00%

 

$

28,676,564

 

 

 

 

LLC - Limited Liability Company

 

 

PLC - Public Limited Company

 

 

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers.

 

 

(c) Indicates a variable rate security.

 

 

(d) Indicates a security that has been deemed illiquid.

 

 

(e) Face amount reflects the settled face amount not adjusted for changes in the Consumer Price Index.

 

 

# Federal Income Tax Information: Net unrealized appreciation of investments is comprised of gross appreciation of $1,524,038 and gross depreciation of $799,215 for federal income tax purposes. At December 31, 2009, the aggregate cost of securities for federal income tax purposes was $27,631,221.

 


 

AFBA 5STAR TOTAL RETURN BOND FUND

December 31, 2009 (Unaudited)

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s assets carried at fair value:

 

 

 

 

 

Level 2

 

Level 3

 

 

 

Level 1

 

Significant

 

Significant

 

Valuation Inputs

 

Quoted Price

 

Observable Input

 

Unobservable Input

 

Preferred Stock

 

$

11,440

 

$

379,641

 

$

—

 

U.S. Treasury/U.S. Gov’t Corp. & Agency

 

—

 

9,497,333

 

—

 

Corporate Bonds

 

—

 

16,843,979

 

—

 

Other Debt Obligations

 

—

 

1,623,651

 

—

 

Short-term Investments

 

—

 

—

 

—

 

Total - Investments in Securities

 

$

11,440

 

$

28,344,604

 

$

—

 

Other Financial Instruments*

 

—

 

—

 

—

 

Total

 

$

11,440

 

$

28,344,604

 

$

—

 

 

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

As of December 31, 2009, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

 


 

AFBA 5STAR SCIENCE & TECHNOLOGY FUND

December 31, 2009 (Unaudited)

 

SHARES

 

COMPANY

 

VALUE

 

 

 

COMMON STOCKS - 99.43%

 

 

 

 

 

HEALTH CARE - 13.76%

 

 

 

 

 

Biotechnology - 6.67%

 

 

 

4,200

 

Amgen, Inc.*

 

$

237,594

 

5,300

 

Gilead Sciences, Inc.*

 

229,384

 

3,828

 

Life Technologies Corp.*

 

199,936

 

200

 

Qiagen N.V.*

 

4,464

 

 

 

 

 

671,378

 

 

 

 

 

 

 

 

 

Health Care Providers & Services - 3.42%

 

 

 

7,600

 

athenahealth, Inc.*

 

343,824

 

 

 

 

 

 

 

 

 

Laboratory Analytical Instruments - 0.77%

 

 

 

2,548

 

Illumina, Inc.*

 

78,096

 

 

 

 

 

 

 

 

 

Pharmaceuticals - 2.90%

 

 

 

5,200

 

Teva Pharmaceutical Industries, Ltd. ADR

 

292,136

 

 

 

 

 

1,385,434

 

 

 

 

 

 

 

 

 

INFORMATION TECHNOLOGY - 85.67%

 

 

 

 

 

Communications Equipment - 10.11%

 

 

 

2,358

 

Black Box Corp.

 

66,826

 

16,375

 

Cisco Systems, Inc.*

 

392,018

 

16,500

 

Corning, Inc.

 

318,615

 

9,000

 

Juniper Networks, Inc.*

 

240,030

 

 

 

 

 

1,017,489

 

 

 

 

 

 

 

 

 

Computer Integrated Systems Design - 4.01%

 

 

 

650

 

Google, Inc. Class A*

 

402,987

 

 

 

 

 

 

 

 

 

Computer Storage Devices - 2.55%

 

 

 

14,700

 

EMC Corp.*

 

256,809

 

 


 

 

 

Electronic Equipment & Instruments - 5.17%

 

 

 

4,900

 

Hewlett-Packard Co.

 

252,399

 

9,100

 

National Instruments Corp.

 

267,995

 

 

 

 

 

520,394

 

 

 

 

 

 

 

 

 

Electronic Lighting & Wiring Equipment - 1.24%

 

 

 

13,500

 

Daktronics, Inc.

 

124,335

 

 

 

 

 

 

 

 

 

Internet Software & Services - 2.77%

 

 

 

11,000

 

Akamai Technologies, Inc.*

 

278,630

 

 

 

 

 

 

 

 

 

Materials - 4.11%

 

 

 

8,800

 

Cabot Microelectronics Corp.*

 

290,048

 

9,100

 

MEMC Electronic Materials, Inc.*

 

123,942

 

 

 

 

 

413,990

 

 

 

 

 

 

 

 

 

Semiconductor Equipment - 10.31%

 

 

 

20,700

 

Applied Materials, Inc.

 

288,558

 

6,200

 

Cymer, Inc.*

 

237,956

 

6,000

 

Lam Research Corp.*

 

235,260

 

7,700

 

Varian Semiconductor Equipment Associates, Inc.*

 

276,276

 

 

 

 

 

1,038,050

 

 

 

 

 

 

 

 

 

Semiconductors - 29.53%

 

 

 

12,400

 

Altera Corp.

 

280,612

 

11,000

 

Atheros Communications *

 

376,640

 

9,600

 

Broadcom Corp. Class A*

 

301,920

 

11,000

 

Cree, Inc.*

 

620,070

 

14,325

 

Intel Corp.

 

292,230

 

10,500

 

IXYS Corp.*

 

77,910

 

11,550

 

Maxim Integrated Products

 

234,465

 

7,300

 

Microchip Technology, Inc.

 

212,138

 

11,400

 

Microsemi Corp.*

 

202,350

 

14,400

 

NVIDIA Corp.*

 

268,992

 

3,500

 

Supertex, Inc.*

 

104,300

 

 

 

 

 

2,971,627

 

 

 

 

 

 

 

 

 

Software - 15.87%

 

 

 

9,200

 

Adobe Systems, Inc.*

 

338,376

 

5,800

 

Citrix Systems, Inc.*

 

241,338

 

7,700

 

Manhattan Associates, Inc.*

 

185,031

 

11,000

 

Microsoft Corp.

 

335,390

 

9,300

 

Oracle Corp.*

 

228,222

 

6,100

 

Quest Software, Inc.*

 

112,240

 

3,700

 

VMware, Inc. Class A*

 

156,806

 

 

 

 

 

1,597,403

 

 

 

 

 

8,621,714

 

 


 

 

 

TOTAL COMMON STOCKS
(COST $8,301,534)

 

10,007,148

 

 

 

 

 

 

 

 

 

MONEY MARKET ACCOUNT - 0.77%

 

 

 

77,332

 

PNC Bank Money Market (a)

 

77,332

 

 

 

 

 

 

 

 

 

TOTAL MONEY MARKET ACCOUNT
(COST $77,332)

 

77,332

 

 

 

 

 

 

 

 

 

TOTAL INVESTMENTS - 100.20%
(COST $8,378,866)#

 

10,084,480

 

 

 

 

 

 

 

 

 

Liabilities in excess of other assets - (0.20%)

 

(20,293

)

 

 

 

 

 

 

 

 

TOTAL NET ASSETS - 100.00%

 

$

10,064,187

 

 

 

 

ADR - American Depository Receipt

 

 

* Non-income producing security.

 

 

(a) The interest rate on December 31, 2009 was 0.05%.

 

 

#  Federal Income Tax Information: Net unrealized appreciation of investments is comprised of gross appreciation of $2,168,908 and gross depreciation of $598,057 for federal income tax purposes. At December 31, 2009, the aggregate cost of securities for federal income tax purposes was $8,513,629.

 


 

AFBA 5STAR SCIENCE & TECHNOLOGY FUND

December 31, 2009 (Unaudited)

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

Level 1 - quoted prices in active markets for identical securities

Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

Level 3 - significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

 

The following is a summary of the inputs used as of December 31, 2009 in valuing the Fund’s assets carried at fair value:

 

 

 

 

 

Level 2

 

Level 3

 

 

 

Level 1

 

Significant

 

Significant

 

Valuation Inputs

 

Quoted Price

 

Observable Input

 

Unobservable Input

 

Equity Securities

 

$

10,007,148

 

$

—

 

$

—

 

Short-term Investments

 

77,332

 

—

 

—

 

Total - Investments in Securities

 

$

10,084,480

 

$

—

 

$

—

 

Other Financial Instruments*

 

—

 

—

 

—

 

Total

 

$

10,084,480

 

$

—

 

$

—

 

 

*Other financial instruments are derivative instruments not reflected in the Schedule of Investments, such as futures, forwards and swap contracts, which are valued at the unrealized appreciation/depreciation on the instrument.

 

As of December 31, 2009, the Fund did not use any significant unobservable inputs (Level 3) in determining the valuation of investments.

 


 

Item 2. Controls and Procedures.

 

(a)          The registrant’s principal executive officer and principal financial officer, 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 this report, as that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

 

(b)         There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

 

Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 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)

AFBA 5Star Funds

 

 

 

 

By (Signature and Title)*

/s/ Robert E. Morrison, Jr.,

 

 

Robert E. Morrison, Jr., President

 

 

(principal executive officer)

 

 

 

 

Date

 

February 11, 2010

 

 

 

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/ Robert E. Morrison, Jr.,

 

 

Robert E. Morrison, Jr., President

 

 

(principal executive officer)

 

 

 

 

Date

 

February 11, 2010

 

 

 

 

 

By (Signature and Title)*

/s/ John F. Boyle

 

 

John F. Boyle, Chief Financial Officer

 

 

(principal financial officer)

 

 

 

 

Date

 

February 12, 2010

 

 

 

* Print the name and title of each signing officer under his or her signature.

 

 EX-99.CERT 2 a10-1815_1ex99dcert.htm EX-99.CERT

Exhibit 99.CERT

 

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act

 

I, Robert E. Morrison, Jr., certify that:

 

1.     I have reviewed this report on Form N-Q of AFBA 5Star Funds;

 

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.     Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.     The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.     The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 


 

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date:

February 11, 2010

 

/s/ Robert E. Morrison, Jr.

 

 

Robert E. Morrison, Jr., President

 

 

(principal executive officer)

 


 

Certification Pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the
Sarbanes-Oxley Act

 

I, John F. Boyle, certify that:

 

1.     I have reviewed this report on Form N-Q of AFBA 5Star Funds;

 

2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.     Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4.     The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)   Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)   Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)   Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

 

(d)   Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.     The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 


 

(a)   All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)   Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

 

Date: 

February 12, 2010

 

/s/ John F. Boyle

 

 

John F. Boyle, Chief Financial Officer

 

 

(principal financial officer)

 

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