-----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, VfS9utmMtiBjWH1musV2ORLsDtzrpxVwX8TaKWecmB+BpHyeILc+7BaCetjumJSN 1Nw8CfywJAcQ3Sk5rDe0Yg== 0001145443-05-001256.txt : 20050611 0001145443-05-001256.hdr.sgml : 20050611 20050525103417 ACCESSION NUMBER: 0001145443-05-001256 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20050331 FILED AS OF DATE: 20050525 DATE AS OF CHANGE: 20050525 EFFECTIVENESS DATE: 20050525 FILER: COMPANY DATA: COMPANY CONFORMED NAME: IXIS Advisor Funds Trust I CENTRAL INDEX KEY: 0000770540 IRS NUMBER: 000000000 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-04323 FILM NUMBER: 05855768 BUSINESS ADDRESS: STREET 1: 399 BOYLSTON ST CITY: BOSTON STATE: MA ZIP: 02116 BUSINESS PHONE: 8003997788 MAIL ADDRESS: STREET 1: 399 BOYLSTON STREET CITY: BOSTON STATE: MA ZIP: 02116 FORMER COMPANY: FORMER CONFORMED NAME: CDC NVEST FUNDS TRUST I DATE OF NAME CHANGE: 20010503 FORMER COMPANY: FORMER CONFORMED NAME: NVEST FUNDS TRUST I DATE OF NAME CHANGE: 20000202 FORMER COMPANY: FORMER CONFORMED NAME: NEW ENGLAND FUNDS TRUST I DATE OF NAME CHANGE: 19940614 N-Q 1 d17159_nq.txt IXIS ADVISOR FUNDS TRUST I UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-4323 IXIS Advisor Funds Trust I - -------------------------------------------------------------------------------- (Exact name of registrant as specified in charter) 399 Boylston Street, Boston, Massachusetts 02116 - -------------------------------------------------------------------------------- (Address of principal executive offices) (Zip code) Coleen Downs Dinneen, Esq. IXIS Asset Management Distributors, L.P. 399 Boylston Street Boston, Massachusetts 02116 - -------------------------------------------------------------------------------- (Name and address of agent for service) Registrant's telephone number, including area code: (617) 449-2810 Date of fiscal year end: December 31, 2004 Date of reporting period: March 31, 2005 ITEM I SCHEDULE OF INVESTMENTS CGM ADVISOR TARGETED EQUITY FUND -- SCHEDULE OF INVESTMENTS Investments as of March 31, 2005 (unaudited)
Shares Description Value (a) - ------------------------------------------------------------------------------------------------------------ Common Stocks -- 99.2% of Total Net Assets Apparel -- 3.6% 320,000 Nike, Inc., Class B $ 26,659,200 -------------- Beverages & Tobacco -- 5.3% 603,000 Altria Group, Inc. 39,430,170 -------------- Cosmetics & Personal Care -- 4.8% 669,000 Procter & Gamble Co. 35,457,000 -------------- Diversified Financial Services -- 5.0% 830,000 Citigroup, Inc. 37,300,200 -------------- Health Care - Products -- 7.0% 425,000 Johnson & Johnson 28,543,000 300,000 Zimmer Holdings, Inc. (c) 23,343,000 -------------- 51,886,000 -------------- Health Care - Services -- 5.9% 200,000 HCA, Inc. 10,714,000 348,000 UnitedHealth Group, Inc. 33,192,240 -------------- 43,906,240 -------------- Household Products & Wares -- 4.4% 405,000 Fortune Brands, Inc. 32,655,150 -------------- Insurance -- 4.1% 550,000 American International Group, Inc. 30,475,500 -------------- Mining -- 9.1% 1,350,000 BHP Billiton, Ltd., Sponsored ADR (d) 37,773,000 230,000 Rio Tinto PLC, Sponsored ADR 29,842,500 -------------- 67,615,500 -------------- Oil & Gas -- 28.8% 630,000 BP PLC, Sponsored ADR 39,312,000 700,000 ChevronTexaco Corp. 40,817,000 495,000 ConocoPhillips 53,380,800 595,000 Exxon Mobil Corp. 35,462,000 384,000 Total SA, Sponsored ADR (d) 45,016,320 -------------- 213,988,120 -------------- Oil & Gas Services -- 8.1% 540,000 Halliburton Co. 23,355,000 525,000 Schlumberger, Ltd. 37,002,000 -------------- 60,357,000 -------------- Retail -- 5.8% 840,000 J.C. Penney Co., Inc. (d) 43,612,800 -------------- Telecommunications -- 7.3% 1,553,200 Mobile TeleSystems, Sponsored ADR (d) 54,657,108 -------------- Total Common Stocks (Identified Cost $666,956,298) 737,999,988 --------------
Principal Amount Description Value (a) - ------------------------------------------------------------------------------------------------------------ Short Term Investments -- 10.5% $ 3,961,536 Repurchase Agreement with Investors Bank & Trust Co. dated 3/31/2005 at 2.02% to be repurchased at $3,961,759 on 4/1/2005, collateralized by $3,919,032 Small Business Administration Bond, 5.125%, due 11/25/2022 valued at $4,159,613 $ 3,961,536 3,294,174 Bank of America, 2.77%, due 4/18/2005 (e) 3,294,174 3,294,174 Bank of America, 2.82%, due 5/16/2005 (e) 3,294,174 1,003,152 Bank of Montreal, 2.60%, due 4/04/2005 (e) 1,003,152 3,619,887 Bank of Montreal, 2.75%, due 4/08/2005 (e) 3,619,887 5,863,629 Bank of Nova Scotia, 2.70%, due 4/11/2005 (e) 5,863,629 1,317,669 Bank of Nova Scotia, 2.73%, due 4/14/2005 (e) 1,317,669 3,294,174 Bank of Nova Scotia, 2.78%, due 4/28/2005 (e) 3,294,174 1,976,504 Barclays, 2.785%, due 4/25/2005 (e) 1,976,504 3,587,389 BGI Institutional Money Market Fund (e) 3,587,389 9,882,521 BNP Paribas, 2.73%, due 4/07/2005 (e) 9,882,521 3,294,174 BNP Paribas, 2.91%, due 6/15/2005 (e) 3,294,174 1,345,182 Calyon, 2.77%, due 4/21/2005 (e) 1,345,182 607,203 Den Danske Bank, 2.77%, due 4/26/2005 (e) 607,203 1,317,669 Falcon Asset Securitization Corp., 2.727%, due 4/13/2005 (e) 1,317,669 3,215,114 Fortis Bank, 2.44%, due 4/14/2005 (e) 3,215,114 3,294,174 Fortis Bank, 2.80%, due 4/06/2005 (e) 3,294,174 1,427,355 Goldman Sachs Financial Square Prime Obligations Fund (e) 1,427,355 3,294,174 Govco, Inc., 2.60%, due 4/05/2005 (e) 3,294,174 1,583,036 Keybank, 2.844%, due 4/01/2005 (e) 1,583,036 1,628,991 Merrill Lynch Premier Institutional Fund (e) 1,628,991 940,375 Merrimac Cash Fund-Premium Class (e) 940,375 3,294,174 Rabobank Nederland, 2.78%, due 4/29/2005 (e) 3,294,174 3,564,320 Royal Bank of Scotland, 2.75%, due 4/05/2005 (e) 3,564,320 3,294,174 Svenska Handlesbanken, 2.70%, due 4/11/2005 (e) 3,294,174 658,835 The Bank of the West, 2.79%, due 4/22/2005 (e) 658,835 658,835 Toronto Dominion Bank, 3.01%, due 6/24/2005 (e) 658,835 1,317,669 UBS AG, 2.805%, due 5/03/2005 (e) 1,317,669 1,317,669 Wells Fargo, 2.78%, due 4/20/2005 (e) 1,317,669 464,438 Wells Fargo, 2.79%, due 4/08/2005 (e) 464,438 658,835 Yorktown Capital LLC, 2.636%, due 4/01/2005 (e) 658,835 -------------- Total Short Term Investments (Identified Cost $78,271,205) 78,271,205 -------------- Total Investments -- 109.7% (Identified Cost $745,227,503) (b) 816,271,193 Other assets less liabilities (72,454,550) -------------- Total Net Assets -- 100% $ 743,816,643 ==============
(a) Equity securities for which market quotations are readily available are valued at market price on the basis of valuations furnished to the Fund by a pricing service which has been authorized by the Board of Trustees. The pricing service provides the last reported sale price for securities listed on an applicable securities exchange or, if no sale was reported and in the case of over-the-counter securities not so listed, the last reported bid price. Securities traded on the NASDAQ National Market are valued at the NASDAQ Official Closing Price ("NOCP"), or if lacking an NOCP, at the most recent bid quotation on the NASDAQ National Market. Debt securities for which market quotations are readily available (other than short-term obligations with a remaining maturity of less than sixty days) are generally valued at market price on the basis of valuations furnished by a pricing service authorized by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Short-term obligations with a remaining maturity of less than sixty days are stated at amortized cost, which approximates market value. All other securities and assets are valued at their fair value as determined in good faith by the Fund's investment adviser, pursuant to the procedures approved by the Board of Trustees. (b) Federal Tax Information: At March 31, 2005, the net unrealized appreciation on investments based on cost of $745,227,503 for federal income tax purposes was as follows: Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 82,537,280 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (11,493,590) -------------- Net unrealized appreciation $ 71,043,690 ==============
At December 31, 2004, the Fund had a capital loss carryover of approximately $141,323,294 which expires on December 31, 2010. This amount may be available to offset future realized capital gains, if any, to the extent provided by regulations. (c) Non-income producing security. (d) All or a portion of this security was on loan to brokers at March 31, 2005. (e) Represents investments of securities lending collateral. ADR An American Depositary Receipt (ADR) is a certificate issued by a U.S. bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States. HANSBERGER INTERNATIONAL FUND -- SCHEDULE OF INVESTMENTS Investments as of March 31, 2005 (unaudited)
Shares Description Value (a) - ------------------------------------------------------------------------------------------------------------ Common Stocks -- 96.4% of Total Net Assets Australia -- 0.7% 46,400 Woodside Petroleum, Ltd. $ 871,573 -------------- Brazil -- 1.5% 15,000 Banco Bradesco SA, Sponsored ADR (c) 435,000 27,000 Cia Energetica de Minas Gerais, Sponsored ADR 616,140 22,860 Petroleo Brasileiro SA, ADR 1,009,955 -------------- 2,061,095 -------------- Canada -- 1.9% 28,500 Manulife Financial Corp. (c) 1,365,720 27,700 Suncor Energy, Inc. 1,113,817 -------------- 2,479,537 -------------- China -- 2.5% 190,460 China Mobile (Hong Kong), Ltd. 622,714 47,200 China Mobile (Hong Kong), Ltd., Sponsored ADR 774,552 1,544,410 Denway Motors, Ltd. 544,552 451,160 Ping An Insurance Group Co. of China, Ltd. (d) 711,509 23,200 Shanda Interactive Entertainment, Ltd., ADR (c)(d) 700,640 -------------- 3,353,967 -------------- Denmark -- 1.0% 92,200 Vestas Wind Systems AS (c)(d) 1,332,300 -------------- Finland -- 3.2% 52,380 Nokia OYJ 812,619 44,700 Nokia OYJ, Sponsored ADR (c) 689,721 51,300 Stora Enso OYJ (c) 720,669 30,000 Tietoenator OYJ 1,026,175 43,330 UPM-Kymmene OYJ (c) 961,114 -------------- 4,210,298 -------------- France -- 13.2% 40,520 Axa 1,080,119 44,200 Axa, Sponsored ADR (c) 1,179,256 12,000 BNP Paribas 850,671 29,500 Bouygues SA 1,170,172 20,380 Carrefour SA 1,082,286 10,300 Cie Generale D'Optique Essilor International SA 744,856 20,860 European Aeronautic Defense and Space Co. 623,970 10,000 Groupe Danone 995,563 13,000 L'Oreal SA 1,041,287 15,421 Sanofi-Aventis 1,301,218 9,030 Schneider Electric SA 708,067 14,600 Societe Generale, Class A 1,517,912 40,400 STMicroelectronics NV (New York) (c) 673,064 21,240 Suez SA 571,968 42,800 Thomson 1,154,775 5,940 Total SA 1,390,765 13,400 Total SA, Sponsored ADR (c) 1,570,882 -------------- 17,656,831 -------------- Germany -- 5.8% 4,750 Adidas-Salomon AG 755,149 8,100 Allianz AG 1,029,363 11,620 Deutsche Bank AG 1,003,100 11,710 E.ON AG 1,004,034 8,090 Fresenius Medical Care AG (c) 655,872
13,710 Linde AG $ 942,015 16,700 SAP AG, Sponsored ADR (c) 669,336 15,380 Schering AG 1,023,444 8,400 Siemens AG 663,243 -------------- 7,745,556 -------------- Hong Kong -- 4.2% 194,900 Esprit Holdings, Ltd. 1,330,687 64,000 HSBC Holdings PLC (Hong Kong) 1,017,527 178,950 Hutchison Whampoa, Ltd. 1,520,064 1,058,730 Johnson Electric Holdings, Ltd. 957,015 544,217 Shangri-La Asia, Ltd. 788,488 -------------- 5,613,781 -------------- India -- 1.1% 17,100 HDFC Bank, Ltd., ADR 718,713 9,600 Infosys Technologies, Ltd., Sponsored ADR (c) 707,808 -------------- 1,426,521 -------------- Indonesia -- 0.5% 1,233,500 PT Indosat Tbk 634,986 -------------- Israel -- 0.6% 24,300 Teva Pharmaceutical Industries, Ltd., Sponsored ADR 753,300 -------------- Italy -- 2.5% 46,420 Eni-Ente Nazionale Idrocarburi SpA 1,206,081 52,040 Saipem SpA 660,186 260,500 UniCredito Italiano SpA 1,530,721 -------------- 3,396,988 -------------- Japan -- 17.5% 90,000 Asahi Glass Co., Ltd. (c) 948,694 35,400 Canon, Inc. 1,898,787 54,500 Denso Corp. 1,357,416 10,400 Fanuc, Ltd. 650,970 30,500 Fujisawa Pharmaceutical Co., Ltd. (e) 733,195 5,600 Funai Electric Co., Ltd. 690,597 46,400 JS Group Corp. 851,821 21,000 Kao Corp. 482,882 409,000 Kawasaki Heavy Industries, Ltd. 705,830 3,400 Keyence Corp. 787,836 220,000 Mazda Motor Corp. (c) 751,119 115,000 NEC Corp. 695,149 9,200 Nidec Corp. 1,145,709 18,900 Nitto Denko Corp. 990,840 5,400 ORIX Corp. 688,601 45,000 Pioneer Corp. (c) 809,748 6,900 Rohm Co., Ltd. 666,185 25,000 Seven-Eleven Japan Co., Ltd. 732,276 80,000 Sharp Corp. 1,210,448 9,800 SMC Corp. 1,108,899 23,400 Sony Corp. 932,071 156 Sumitomo Mitsui Financial Group, Inc. (c) 1,056,493 194,000 Sumitomo Trust & Banking Co., Ltd. (The) 1,264,981 15,200 Takeda Pharmaceutical Co., Ltd. 724,552 18,500 Toyota Motor Corp. 688,573 22,000 World Co., Ltd. 796,269 -------------- 23,369,941 -------------- Mexico -- 0.1% 5,080 Cemex SA de CV, Sponsored ADR (c) 184,150 -------------- Netherlands -- 2.5% 36,587 ABN AMRO Holding NV (c) 908,362 16,880 Akzo Nobel NV 771,173 35,028 ING Groep NV 1,059,581 19,190 Koninklijke Philips Electronics NV (c) 528,713 -------------- 3,267,829 --------------
Republic of Korea -- 3.8% 15,660 Kookmin Bank $ 699,341 16,200 Kookmin Bank, Sponsored ADR (c) 723,330 16,430 LG Chem, Ltd. 663,348 2,490 Samsung Electronics Co., Ltd. 1,230,901 3,400 Samsung Electronics Co., Ltd., GDR, 144A (c) 840,374 2,620 Shinsegae Co., Ltd. 808,833 7,570 SK Telecom Co., Ltd., ADR (c) 149,280 -------------- 5,115,407 -------------- Russia -- 0.5% 5,000 LUKOIL (ADR) 666,250 -------------- Singapore -- 1.8% 197,140 DBS Group Holdings, Ltd. 1,779,802 93,470 Singapore Airlines, Ltd. 673,954 -------------- 2,453,756 -------------- South Africa -- 0.6% 303,020 Old Mutual PLC 769,762 -------------- Spain -- 3.6% 75,200 Banco Bilbao Vizcaya Argentaria SA 1,225,174 56,000 Banco Santander Central Hispano SA 682,093 140,400 Telefonica Moviles SA 1,664,576 74,413 Telefonica SA 1,297,294 -------------- 4,869,137 -------------- Switzerland -- 8.0% 104,750 ABB, Ltd. (d) 651,073 25,000 Credit Suisse Group (d) 1,073,908 18,880 Lonza Group AG 1,156,112 6,867 Nestle SA 1,879,894 3,800 Nobel Biocare Holding AG 800,276 42,010 Novartis AG (c) 1,960,982 6,960 Roche Holding AG 746,421 1,148 Sika AG (d) 856,630 18,300 UBS AG 1,546,177 -------------- 10,671,473 -------------- Taiwan -- 0.9% 357,148 Taiwan Semiconductor Manufacturing Co., Ltd. 583,797 80,020 Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR 678,570 -------------- 1,262,367 -------------- United Kingdom -- 18.4% 25,000 AstraZeneca PLC, Sponsored ADR 984,957 98,818 Barclays PLC 1,009,709 56,711 BHP Billiton PLC 761,553 17,500 BP PLC, Sponsored ADR 1,092,000 146,900 British Sky Broadcasting PLC 1,610,597 234,090 Compass Group PLC 1,067,734 70,651 Exel PLC 1,131,559 50,095 GlaxoSmithKline PLC 1,147,673 299,300 Group 4 Securicor PLC (d) 774,444 126,964 HBOS PLC 1,978,325 119,710 Kingfisher PLC 652,854 110,401 Lloyds TSB Group PLC 996,699 37,572 Reckitt Benckiser PLC 1,193,585 73,894 Royal Bank of Scotland Group PLC 2,350,251 330,070 Signet Group PLC 670,158 81,400 Smith & Nephew PLC 764,857 84,200 Smiths Group PLC 1,354,128 36,380 Standard Chartered PLC 654,128 229,588 Tesco PLC 1,372,416 71,610 Unilever PLC 707,357 514,446 Vodafone Group PLC 1,365,146 34,300 Vodafone Group PLC, Sponsored ADR 911,008 -------------- 24,551,138 -------------- Total Common Stocks (Identified Cost $113,082,417) 128,717,943 --------------
Shares Description Value (a) - ------------------------------------------------------------------------------------------------------------ Preferred Stocks -- 0.7% Germany -- 0.7% 1,237 Porsche AG (c) $ 900,166 -------------- Total Preferred Stocks (Identified Cost $740,324) 900,166 --------------
Principal Amount Description Value (a) - ------------------------------------------------------------------------------------------------------------ Short Term Investments -- 18.1% $ 4,198,789 Repurchase Agreement with Investors Bank & Trust Co. dated 3/31/2005 at 2.02% to be repurchased at $4,199,025 on 4/1/2005, collateralized by $4,104,988 Small Business Administration Bond, 5.875%, due 8/25/2016 valued at $4,408,729 $ 4,198,789 887,300 Bank of America, 2.77%, due 4/18/2005 (f) 887,300 887,300 Bank of America, 2.82%, due 5/16/2005 (f) 887,300 270,204 Bank of Montreal, 2.60%, due 4/04/2005 (f) 270,204 975,033 Bank of Montreal, 2.75%, due 4/08/2005 (f) 975,033 1,579,395 Bank of Nova Scotia, 2.70%, due 4/11/2005 (f) 1,579,395 354,920 Bank of Nova Scotia, 2.73%, due 4/14/2005 (f) 354,920 887,300 Bank of Nova Scotia, 2.78%, due 4/28/2005 (f) 887,300 532,381 Barclays, 2.785%, due 4/25/2005 (f) 532,381 966,279 BGI Institutional Money Market Fund (f) 966,279 2,661,901 BNP Paribas, 2.73%, due 4/07/2005 (f) 2,661,901 887,300 BNP Paribas, 2.91%, due 6/15/2005 (f) 887,300 362,331 Calyon, 2.77%, due 4/21/2005 (f) 362,331 163,553 Den Danske Bank, 2.77%, due 4/26/2005 (f) 163,553 354,920 Falcon Asset Securitization Corp., 2.727%, due 4/13/2005 (f) 354,920 866,005 Fortis Bank, 2.44%, due 4/14/2005 (f) 866,005 887,300 Fortis Bank, 2.80%, due 4/06/2005 (f) 887,300 384,464 Goldman Sachs Financial Square Prime Obligations Fund (f) 384,464 887,300 Govco, Inc., 2.60%, due 4/05/2005 (f) 887,300 426,398 Keybank, 2.844%, due 4/01/2005 (f) 426,398 438,776 Merrill Lynch Premier Institutional Fund (f) 438,776 253,295 Merrimac Cash Fund-Premium Class (f) 253,295 887,300 Rabobank Nederland, 2.78%, due 4/29/2005 (f) 887,300 960,065 Royal Bank of Scotland, 2.75%, due 4/05/2005 (f) 960,065 887,300 Svenska Handlesbanken, 2.70%, due 4/11/2005 (f) 887,300 177,460 The Bank of the West, 2.79%, due 4/22/2005 (f) 177,460 177,460 Toronto Dominion Bank, 3.01%, due 6/24/2005 (f) 177,460 354,920 UBS AG, 2.805%, due 5/03/2005 (f) 354,920 354,920 Wells Fargo, 2.78%, due 4/20/2005 (f) 354,920 125,098 Wells Fargo, 2.79%, due 4/08/2005 (f) 125,098 177,460 Yorktown Capital LLC, 2.636%, due 4/01/2005 (f) 177,460 -------------- Total Short Term Investments (Identified Cost $24,214,427) 24,214,427 -------------- Total Investments -- 115.2% (Identified Cost $138,037,168) (b) 153,832,536 Other assets less liabilities (20,354,690) -------------- Total Net Assets -- 100% $ 133,477,846 ==============
(a) Equity securities for which market quotations are readily available are valued at market price on the basis of valuations furnished to the Fund by a pricing service which has been authorized by the Board of Trustees. The pricing service provides the last reported sale price for securities listed on an applicable securities exchange or, if no sale was reported and in the case of over-the-counter securities not so listed, the last reported bid price. Securities traded on the NASDAQ National Market are valued at the NASDAQ Official Closing Price ("NOCP"), or if lacking an NOCP, at the most recent bid quotation on the NASDAQ National Market. Debt securities for which market quotations are readily available (other than short-term obligations with a remaining maturity of less than sixty days) are generally valued at market price on the basis of valuations furnished by a pricing service authorized by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Short-term obligations with a remaining maturity of less than sixty days are stated at amortized cost, which approximates market value. Securities traded on a foreign exchange will be valued at their market price on the non-U.S. exchange. The value of other securities principally traded outside the United States will be computed as of the completion of substantial trading for the day on the markets on which such securities principally trade. Occasionally, events affecting the value of securities principally traded outside the United States may occur between the completion of substantial trading of such securities for the day and the close of the Exchange, which events would not be reflected in the computation of the Fund's net asset value. If, in the determination of the Board of Trustees or persons acting at their direction, events materially affecting the value of the Fund's securities occur during such period, then these securities may be fair valued at the time the Fund determines its net asset value by or pursuant to procedures approved by the Board of Trustees. When fair valuing its securities, the Fund may, among other things, use modeling tools or other processes that may take into account factors such as securities market activity and/or significant events that occur after the close of the local market and before the time the Fund's net asset value is calculated. All other securities and assets are valued at their fair value as determined in good faith by the Fund's investment adviser and subadviser, pursuant to the procedures approved by the Board of Trustees. (b) Federal Tax Information: At March 31, 2005, the net unrealized appreciation on investments based on cost of $138,037,168 for federal income tax purposes was as follows: Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 17,968,159 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (2,172,791) -------------- Net unrealized appreciation $ 15,795,368 ==============
At December 31, 2004, the Fund had a capital loss carryover of approximately $8,938,160 of which $1,066,443 expires on December 31, 2009 and $7,871,717 expires on December 31, 2010. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations. (c) All or a portion of this security was on loan to brokers at March 31, 2005. (d) Non-income producing security. (e) Security valued at fair value as determined in good faith by or under the direction of the Board of Trustees. (f) Represents investments of securities lending collateral. ADR/GDR An American Depositary Receipt (ADR) or Global Depositary Receipt (GDR) is a certificate issued by a U.S. bank representing the right to receive securities of the foreign issuer described. The values of ADRs and GDRs are significantly influenced by trading on exchanges not located in the United States. 144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registrations, normally to qualified institutional buyers. At the period end, the value of these amounted to $840,374 or 0.6% of net assets. CDC NVEST STAR ADVISERS FUND -- SCHEDULE OF INVESTMENTS Investments as of March 31, 2005 (unaudited)
Shares Description Value (a) - ------------------------------------------------------------------------------------------------------------ Common Stocks -- 98.5% of Total Net Assets Advertising -- 1.5% 38,225 Getty Images, Inc. (c)(d) $ 2,718,180 56,650 Lamar Advertising Co. (c)(d) 2,282,428 81,425 R.H. Donnelley Corp. (c)(d) 4,729,978 -------------- 9,730,586 -------------- Aerospace & Defense -- 1.6% 29,900 Boeing Co. (The) 1,747,954 26,050 L-3 Communications Holdings, Inc. 1,850,071 27,600 Lockheed Martin Corp. 1,685,256 125,700 Raytheon Co. 4,864,590 -------------- 10,147,871 -------------- Apparel -- 0.6% 64,475 Coach, Inc. (c) 3,651,219 -------------- Banks -- 3.5% 41,300 Bank of America Corp. 1,821,330 78,700 BOK Financial Corp. (c) 3,201,516 60,125 City National Corp. 4,197,927 80,482 Dearborn Bancorp, Inc. (c) 2,132,773 47,475 Investors Financial Services Corp. 2,322,002 130,650 South Financial Group (The), Inc. (d) 3,990,051 168,200 U.S. Bancorp 4,847,524 -------------- 22,513,123 -------------- Beverages -- 2.6% 80,600 Anheuser-Busch Cos., Inc. 3,819,634 24,000 Coca-Cola Co. (The) 1,000,080 85,100 Coca-Cola Enterprises, Inc. 1,746,252 51,675 Constellation Brands, Inc. (c)(d) 2,732,057 96,300 Diageo PLC, Sponsored ADR 5,479,470 40,200 PepsiCo, Inc. 2,131,806 -------------- 16,909,299 -------------- Biotechnology -- 0.9% 27,575 Affymetrix, Inc. (c) 1,181,313 40,300 Celgene Corp. (c) 1,372,215 88,900 Gilead Sciences, Inc. (c) 3,182,620 -------------- 5,736,148 -------------- Building Materials -- 1.5% 477,400 Comfort Systems USA, Inc. (c) 3,699,850 170,900 Masco Corp. 5,925,103 -------------- 9,624,953 -------------- Chemicals -- 2.4% 34,700 Air Products & Chemicals, Inc. 2,196,163 154,500 Airgas, Inc. 3,691,005 5,900 Ashland, Inc. 398,073 67,600 Dow Chemical Co. (The) 3,369,860 40,000 Du Pont (E.I.) de Nemours & Co. 2,049,600 57,300 Lyondell Chemical Co. 1,599,816 46,600 Praxair, Inc. 2,230,276 7,400 Sigma-Aldrich Corp. 453,250 -------------- 15,988,043 -------------- Commercial Services -- 3.5% 53,500 Accenture, Ltd., Class A (c) 1,292,025 150,575 Adesa, Inc. 3,517,432 144,125 Aramark Corp., Class B 3,787,605 47,925 Arbitron, Inc. 2,055,982 39,275 Corporate Executive Board Co. 2,511,636 57,425 Exponent, Inc. (c) 1,371,883 20,700 Hewitt Associates, Inc., Class A (c)(d) 550,620 48,100 Manpower, Inc. 2,093,312 33,350 Moody's Corp. (d) 2,696,681 110,143 Viad Corp. (d) 2,962,847 -------------- 22,840,023 --------------
Computers -- 2.4% 70,950 Apple Computer, Inc. (c) $ 2,956,486 69,950 Cognizant Technology Solutions Corp. (c)(d) 3,231,690 90,000 Hewlett-Packard Co. 1,974,600 65,225 Network Appliance, Inc. (c)(d) 1,804,123 15,150 Research In Motion, Ltd. (c) 1,157,763 20,375 SRA International, Inc., Class A (c) 1,227,594 54,125 Storage Technology Corp. (c)(d) 1,667,050 445,000 Sun Microsystems, Inc. (c)(d) 1,797,800 -------------- 15,817,106 -------------- Cosmetics & Personal Care -- 0.7% 36,700 Avon Products, Inc. 1,575,898 59,700 Procter & Gamble Co. 3,164,100 -------------- 4,739,998 -------------- Distribution & Wholesale -- 0.6% 275,750 BlueLinx Holdings, Inc. 3,725,382 -------------- Diversified Financial Services -- 4.3% 35,000 American Express Co. 1,797,950 9,900 Chicago Mercantile Exchange (The) 1,920,897 146,100 Citigroup, Inc. 6,565,734 28,200 Doral Financial Corp. 617,298 73,700 Fannie Mae 4,012,965 21,800 Franklin Resources, Inc. 1,496,570 166,000 JPMorgan Chase & Co. 5,743,600 29,250 Legg Mason, Inc. (d) 2,285,595 49,900 MBNA Corp. 1,225,045 42,625 T. Rowe Price Group, Inc. 2,531,072 -------------- 28,196,726 -------------- Electric -- 1.8% 44,041 Allete, Inc. (d) 1,843,116 124,225 MDU Resources Group, Inc. 3,431,094 183,500 NRG Energy, Inc. (c) 6,266,525 -------------- 11,540,735 -------------- Electrical Components & Equipment -- 0.6% 98,575 Ametek, Inc. 3,967,644 -------------- Electronics -- 1.4% 71,000 Amphenol Corp., Class A 2,629,840 46,825 Cogent, Inc. (c) 1,179,053 16,800 Fisher Scientific International, Inc. (c)(d) 956,256 94,770 Lowrance Electronics, Inc. 2,303,859 70,400 Texas Instruments, Inc. 1,794,496 15,900 Waters Corp. (c) 569,061 -------------- 9,432,565 -------------- Engineering & Construction -- 0.8% 122,075 Washington Group International, Inc. (c)(d) 5,492,154 -------------- Environmental Control -- 1.1% 89,050 Nalco Holding Co. (c)(d) 1,676,811 180,600 Waste Management, Inc. 5,210,310 -------------- 6,887,121 -------------- Food -- 2.7% 134,975 Dean Foods Co. (c) 4,629,642 61,200 General Mills, Inc. 3,007,980 49,100 H.J Heinz Co. 1,808,844 44,300 McCormick & Co., Inc. (d) 1,525,249 36,900 Nestle SA, Sponsored ADR (d) 2,525,399 26,450 Whole Foods Market, Inc. (d) 2,701,338 20,500 WM Wrigley Jr. Co. 1,344,185 -------------- 17,542,637 -------------- Gas -- 1.2% 124,325 Oneok, Inc. 3,831,696 84,575 UGI Corp. 3,841,396 -------------- 7,673,092 -------------- Health Care - Products -- 5.8% 57,900 Alcon, Inc. 5,169,891 141,700 Baxter International, Inc. 4,814,966 74,900 Boston Scientific Corp. (c) 2,193,821 42,700 CR Bard, Inc. 2,907,016 39,525 Gen-Probe, Inc. (c) 1,761,234 38,700 Intuitive Surgical, Inc. (c) 1,759,689 131,700 Johnson & Johnson 8,844,972
20,050 Kinetic Concepts, Inc. (c) $ 1,195,982 50,000 Medtronic, Inc. 2,547,500 36,200 St. Jude Medical, Inc. (c) 1,303,200 42,500 Varian Medical Systems, Inc. (c)(d) 1,456,900 67,625 Ventana Medical Systems (c)(d) 2,533,232 18,600 Zimmer Holdings, Inc. (c) 1,447,266 -------------- 37,935,669 -------------- Health Care - Services -- 2.9% 36,200 Caremark Rx, Inc. (c) 1,440,036 30,625 Pacificare Health Systems (c) 1,743,175 36,700 Sierra Health Services, Inc. (c)(d) 2,342,928 86,800 Triad Hospitals, Inc. (c) 4,348,680 33,700 UnitedHealth Group, Inc. 3,214,306 42,875 WellPoint, Inc. (c) 5,374,381 -------------- 18,463,506 -------------- Heavy Machinery -- 0.3% 14,900 Caterpillar, Inc. 1,362,456 13,500 National Oilwell Varco, Inc. (c) 630,450 -------------- 1,992,906 -------------- Home Builders -- 0.3% 24,575 Standard-Pacific Corp. (d) 1,774,069 -------------- Household Products & Wares -- 1.1% 61,850 Church & Dwight Co., Inc. 2,193,819 60,800 Fortune Brands, Inc. 4,902,304 -------------- 7,096,123 -------------- Insurance -- 3.0% 45,100 Aflac, Inc. 1,680,426 173,175 Assurant, Inc. (d) 5,835,998 25,300 MGIC Investment Corp. 1,560,251 142,650 Old Republic International Corp. 3,322,319 106,725 Platinum Underwriters Holdings, Ltd. (d) 3,169,733 99,250 Protective Life Corp. 3,900,525 -------------- 19,469,252 -------------- Internet -- 1.3% 107,575 Avocent Corp. (c) 2,760,375 34,725 F5 Networks, Inc. (c) 1,753,265 7,550 Google, Inc., Class A (c)(d) 1,362,851 76,800 Yahoo!, Inc. (c) 2,603,520 -------------- 8,480,011 -------------- Iron & Steel -- 0.6% 40,600 Nucor Corp. 2,336,936 79,350 Roanoke Electric Steel Corp. 1,640,958 -------------- 3,977,894 -------------- Leisure Time -- 0.9% 62,600 Carnival Corp. 3,243,306 48,000 Harley-Davidson, Inc. 2,772,480 -------------- 6,015,786 -------------- Lodging -- 3.8% 27,750 Choice Hotels International, Inc. (d) 1,719,113 27,700 Harrah's Entertainment, Inc. (d) 1,788,866 462,500 La Quinta Corp. (c) 3,931,250 25,850 Las Vegas Sands Corp. (c)(d) 1,163,250 39,000 Marriott International, Inc., Class A 2,607,540 90,050 Starwood Hotels & Resorts Worldwide, Inc. 5,405,702 64,450 Station Casinos, Inc. 4,353,598 51,475 Wynn Resorts, Ltd. (c)(d) 3,486,917 -------------- 24,456,236 -------------- Machinery - Construction & Mining -- 0.5% 28,500 Bucyrus International, Inc., Class A 1,113,210 68,000 Joy Global, Inc. 2,384,080 -------------- 3,497,290 -------------- Machinery - Diversified -- 1.7% 61,350 Alamo Group, Inc. 1,517,799 109,975 Albany International Corp., Class A 3,396,028 20,400 Deere & Co. 1,369,452 221,825 Wabtec Corp. 4,545,194 -------------- 10,828,473 --------------
Media -- 6.1% 150,100 Comcast Corp., Special Class A (c) $ 5,013,340 184,100 DIRECTV Group (The), Inc. (c) 2,654,722 715,000 Liberty Media Corp., Class A (c) 7,414,550 94,225 Scholastic Corp. (c) 3,475,960 148,325 Sirius Satellite Radio, Inc. (c)(d) 833,587 359,000 Time Warner, Inc. (c) 6,300,450 155,200 Viacom, Inc., Class B 5,405,616 206,500 Walt Disney Co. (The) (d) 5,932,745 82,900 XM Satellite Radio Holdings, Inc., Class A (c)(d) 2,611,350 -------------- 39,642,320 -------------- Metal Fabricate & Hardware -- 0.4% 31,575 Precision Castparts Corp. 2,431,591 -------------- Miscellaneous - Manufacturing -- 2.8% 77,200 3M Co. 6,615,268 245,500 General Electric Co. 8,852,730 70,400 Honeywell International, Inc. 2,619,584 -------------- 18,087,582 -------------- Office & Business Equipment -- 0.8% 359,000 Xerox Corp. (c) 5,438,850 -------------- Office Furnishings -- 0.2% 153,314 Interface, Inc., Class A (c) 1,045,601 -------------- Oil & Gas -- 4.2% 33,900 Baker Hughes, Inc. 1,508,211 75,800 Burlington Resources, Inc. 3,795,306 173,375 Energy Partners, Ltd. (c)(d) 4,502,549 39,525 EOG Resources, Inc. 1,926,449 45,700 Halliburton Co. 1,976,525 61,125 Noble Corp. 3,435,836 111,950 Transocean, Inc. (c) 5,760,947 47,325 Ultra Petroleum Corp. (c) 2,404,110 58,300 Universal Compression Holdings, Inc. (c) 2,207,821 -------------- 27,517,754 -------------- Oil & Gas Services -- 1.4% 177,100 FMC Technologies, Inc. (c) 5,876,178 19,100 Grant Prideco, Inc. (c) 461,456 40,800 Schlumberger, Ltd. 2,875,584 -------------- 9,213,218 -------------- Packaging & Containers -- 0.3% 85,950 Pactiv Corp. (c) 2,006,933 -------------- Pharmaceuticals -- 3.0% 92,000 Abbott Laboratories 4,289,040 111,800 Bristol-Myers Squibb Co. 2,846,428 71,400 Hospira, Inc. (c) 2,304,078 45,150 Idenix Pharmaceuticals, Inc. (c)(d) 896,228 36,900 Medco Health Solutions, Inc. (c) 1,829,133 96,200 Omnicare, Inc. 3,410,290 204,450 Perrigo Co. 3,915,218 -------------- 19,490,415 -------------- Pipelines -- 0.3% 37,775 Questar Corp. 2,238,169 -------------- Real Estate -- 1.3% 34,725 St. Joe Co. (The) 2,336,993 287,475 Trammell Crow Co. (c) 5,913,361 -------------- 8,250,354 -------------- REITS - Mortgage -- 0.4% 225,500 Luminent Mortgage Capital, Inc. (d) 2,475,990 -------------- REITS - Shopping Centers -- 0.5% 87,975 Developers Diversified Realty Corp. 3,497,006 -------------- Retail -- 8.7% 79,150 American Eagle Outfitters 2,338,883 75,050 Applebee's International, Inc. (d) 2,068,378 80,925 BJ's Wholesale Club, Inc. (c) 2,513,531 64,225 CBRL Group, Inc. 2,652,493 69,750 Chico's FAS, Inc. (c)(d) 1,971,135
49,100 Costco Wholesale Corp. $ 2,169,238 232,200 Gap (The), Inc. 5,071,248 150,900 Home Depot, Inc. 5,770,416 102,600 Kohl's Corp. (c) 5,297,238 89,600 Limited Brands, Inc. 2,177,280 209,500 McDonald's Corp. 6,523,830 10,200 MSC Industrial Direct Co., Inc. 311,712 14,725 Sears Holdings Corp. (c)(d) 1,960,928 68,300 Staples, Inc. 2,146,669 36,800 Starbucks Corp. (c) 1,901,088 117,350 Talbots, Inc. 3,752,853 71,200 Wal-Mart Stores, Inc. 3,567,832 81,825 Yum! Brands, Inc. 4,239,353 -------------- 56,434,105 -------------- Savings & Loans -- 1.8% 176,324 Commercial Capital Bancorp, Inc. (d) 3,588,193 203,700 Washington Mutual, Inc. 8,046,150 -------------- 11,634,343 -------------- Semiconductors -- 1.6% 263,275 Entegris, Inc. (c) 2,603,790 171,050 Fairchild Semiconductor International, Inc. (c) 2,622,197 81,800 Marvell Technology Group, Ltd. (c) 3,136,212 44,525 QLogic Corp. (c) 1,803,263 -------------- 10,165,462 -------------- Software -- 3.8% 156,350 Certegy, Inc. (d) 5,412,837 39,300 Dun & Bradstreet Corp. (c) 2,414,985 140,900 First Data Corp. 5,538,779 41,000 Mercury Interactive Corp. (c)(d) 1,942,580 241,000 Microsoft Corp. 5,824,970 24,450 NAVTEQ Corp. (c) 1,059,908 125,550 Sybase, Inc. (c) 2,317,653 -------------- 24,511,712 -------------- Technology -- 0.2% 147,100 Corning, Inc. 1,637,223 -------------- Telecommunications -- 1.4% 140,875 Adtran, Inc. (d) 2,485,035 101,750 Harris Corp. 3,322,138 47,400 Telefonaktiebolaget LM Ericsson, Sponsored ADR (c)(d) 1,336,680 154,625 Valor Communications Group, Inc. 2,237,424 -------------- 9,381,277 -------------- Transportation -- 1.4% 28,775 CNF, Inc. 1,346,382 291,825 Laidlaw International, Inc. (c) 6,069,960 25,825 UTI Worldwide, Inc. (d) 1,793,546 -------------- 9,209,888 -------------- Total Common Stocks (Identified Cost $538,052,961) 640,453,433 --------------
Principal Amount Description Value (a) - ------------------------------------------------------------------------------------------------------------ Short Term Investments -- 15.2% $ 17,207,648 Repurchase Agreement with Investors Bank & Trust Co. dated 3/31/2005 at 2.02% to be repurchased at $17,208,614 on 4/1/2005, collateralized by $5,183,346 Small Business Administration Bond, 5.875% , due 3/25/2028 valued at $5,612,382 and $11,503,865 Small Business Administration Bond, 5.700%, due 3/25/2029 valued at $12,455,648 $ 17,207,648 3,631,283 Bank of America, 2.77%, due 4/18/2005 (e) 3,631,283 3,631,283 Bank of America, 2.82%, due 5/16/2005 (e) 3,631,283 1,105,810 Bank of Montreal, 2.60%, due 4/04/2005 (e) 1,105,810 3,990,325 Bank of Montreal, 2.75%, due 4/08/2005 (e) 3,990,325 6,463,684 Bank of Nova Scotia, 2.70%, due 4/11/2005 (e) 6,463,684 1,452,514 Bank of Nova Scotia, 2.73%, due 4/14/2005 (e) 1,452,514 3,631,283 Bank of Nova Scotia, 2.78%, due 4/28/2005 (e) 3,631,283 2,178,769 Barclays, 2.785%, due 4/25/2005 (e) 2,178,769 3,954,504 BGI Institutional Money Market Fund, 2.792%, .. due 4/01/2005 (e) 3,954,504 10,893,849 BNP Paribas, 2.73%, due 4/07/2005 (e) 10,893,849 3,631,283 BNP Paribas, 2.91%, due 6/15/2005 (e) 3,631,283 1,482,840 Calyon, 2.77%, due 4/21/2005 (e) 1,482,840 669,341 Den Danske Bank, 2.77%, due 4/26/2005 (e) 669,341 1,452,514 Falcon Asset Securitization Corp., 2.727%, due 4/13/2005 (e) 1,452,514
$ 3,544,133 Fortis Bank, 2.44%, due 4/14/2005 (e) $ 3,544,133 3,631,283 Fortis Bank, 2.80%, due 4/06/2005 (e) 3,631,283 1,573,424 Goldman Sachs Financial Square Prime Obligations Fund, 2.595%, due 4/01/2005 (e) 1,573,424 3,631,283 Govco, Inc., 2.60%, due 4/05/2005 (e) 3,631,283 1,745,037 Keybank, 2.844%, due 4/01/2005 (e) 1,745,037 1,795,694 Merrill Lynch Premier Institutional Fund, 2.525%, due 4/01/2005 (e) 1,795,694 1,036,609 Merrimac Cash Fund-Premium Class, 2.515%, due 4/01/2005 (e) 1,036,609 3,631,283 Rabobank Nederland, 2.78%, due 4/29/2005 (e) 3,631,283 3,929,076 Royal Bank of Scotland, 2.75%, due 4/05/2005 (e) 3,929,076 3,631,283 Svenska Handlesbanken, 2.70%, due 4/11/2005 (e) 3,631,283 726,256 The Bank of the West, 2.79%, due 4/22/2005 (e) 726,256 726,256 Toronto Dominion Bank, 3.01%, due 6/24/2005 (e) 726,256 1,452,514 UBS AG, 2.805%, due 5/03/2005 (e) 1,452,514 1,452,514 Wells Fargo, 2.78%, due 4/20/2005 (e) 1,452,514 511,966 Wells Fargo, 2.79%, due 4/08/2005 (e) 511,966 726,256 Yorktown Capital LLC, 2.636%, due 4/01/2005 (e) 726,256 -------------- Total Short Term Investments (Identified Cost $99,121,797) 99,121,797 -------------- Total Investments -- 113.7% (Identified Cost $637,174,758) (b) 739,575,230 Other assets less liabilities (89,140,850) -------------- Total Net Assets -- 100% $ 650,434,380 ==============
(a) Equity securities for which market quotations are readily available are valued at market price on the basis of valuations furnished to the Fund by a pricing service which has been authorized by the Board of Trustees. The pricing service provides the last reported sale price for securities listed on an applicable securities exchange or, if no sale was reported and in the case of over-the-counter securities not so listed, the last reported bid price. Securities traded on the NASDAQ National Market are valued at the NASDAQ Official Closing Price ("NOCP"), or if lacking an NOCP, at the most recent bid quotation on the NASDAQ National Market. Debt securities for which market quotations are readily available (other than short-term obligations with a remaining maturity of less than sixty days) are generally valued at market price on the basis of valuations furnished by a pricing service authorized by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Short-term obligations with a remaining maturity of less than sixty days are stated at amortized cost, which approximates market value. All other securities and assets are valued at fair value as determined in good faith by the Fund's investment adviser and subadvisers, pursuant to the procedures approved by the Board of Trustees. (b) Federal Tax Information: At March 31, 2005, the net unrealized appreciation on investments based on cost of $637,174,758 for federal income tax purposes was as follows: Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 113,151,304 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (10,750,832) -------------- Net unrealized appreciation $ 102,400,472 ==============
At December 31, 2004, the Fund had a capital loss carryover of approximately $224,285,919 of which $161,817,021 expires on December 31, 2009 and $62,468,898 expires on December 31, 2010. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations. (c) Non-income producing security. (d) All or a portion of this security was on loan to brokers at March 31, 2005. (e) Represents investments of securities lending collateral. ADR An American Depositary Receipt (ADR) is a certificate issued by a U.S. bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States. REITS Real Estate Investment Trusts CDC NVEST STAR VALUE FUND -- SCHEDULE OF INVESTMENTS Investments as of March 31, 2005 (unaudited)
Shares Description Value (a) - ------------------------------------------------------------------------------------------------------------ Common Stocks -- 97.4% of Total Net Assets Aerospace & Defense -- 1.7% 5,100 Boeing Co. (The) $ 298,146 4,600 General Dynamics Corp. 492,430 16,150 Northrop Grumman Corp. 871,777 5,450 United Technologies Corp. 554,047 -------------- 2,216,400 -------------- Agriculture -- 1.0% 18,500 Altria Group, Inc. 1,209,715 4,900 Archer-Daniels-Midland Co. (c) 120,442 -------------- 1,330,157 -------------- Apparel -- 0.0% 900 Jones Apparel Group, Inc. 30,141 -------------- Auto Manufacturers -- 0.1% 9,000 Ford Motor Co. 101,970 -------------- Banks -- 5.3% 18,275 Bank of America Corp. 805,927 4,200 Bear Stearns Cos. (The), Inc. 419,580 6,550 Comerica, Inc. 360,774 9,500 Fifth Third Bancorp (c) 408,310 1,600 R&G Financial Corp., Class B 49,872 12,400 Sky Financial Group, Inc. 332,568 5,850 SunTrust Banks, Inc. 421,609 51,100 U.S. Bancorp 1,472,702 29,476 Wachovia Corp. 1,500,623 21,200 Wells Fargo & Co. 1,267,760 -------------- 7,039,725 -------------- Beverages -- 4.2% 14,100 Anheuser-Busch Cos., Inc. 668,199 52,300 Coca-Cola Co. (The) 2,179,341 1,400 Molson Coors Brewing Co., Class B 108,038 70,000 Pepsi Bottling Group, Inc. 1,949,500 11,400 PepsiCo, Inc. 604,542 -------------- 5,509,620 -------------- Biotechnology -- 0.2% 3,900 Amgen, Inc. (d) 227,019 -------------- Building Materials -- 0.4% 15,300 Masco Corp. 530,451 -------------- Chemicals -- 0.9% 117 Kronos Worldwide, Inc. 4,974 19,400 NL Industries (d) 448,140 16,600 Praxair, Inc. 794,476 -------------- 1,247,590 -------------- Coal -- 1.1% 15,800 CONSOL Energy, Inc. (c) 742,916
14,700 Peabody Energy Corp. 681,492 -------------- 1,424,408 -------------- Commercial Services -- 2.1% 23,050 Accenture, Ltd., Class A (d) 556,657 102,500 Cendant Corp. 2,105,350 3,500 PHH Corp. (d) 76,545 -------------- 2,738,552 -------------- Computers -- 2.2% 9,000 Apple Computer, Inc. (d) 375,030 28,700 Hewlett-Packard Co. 629,678 14,700 International Business Machines Corp. 1,343,286 15,150 SunGard Data Systems, Inc. (d) 522,675 -------------- 2,870,669 -------------- Cosmetics & Personal Care -- 0.3% 7,700 Procter & Gamble Co. 408,100 -------------- Distribution & Wholesale -- 0.4% 13,300 Genuine Parts Co. 578,417 -------------- Diversified Financial Services -- 7.9% 19,725 American Express Co. (c) 1,013,273 6,500 Capital One Financial Corp. 486,005 12,600 CIT Group, Inc. 478,800 53,058 Citigroup, Inc. 2,384,427 14,900 Countrywide Financial Corp. (c) 483,654 5,725 Fannie Mae 311,726 2,600 Federated Investors, Inc., Class B 73,606 84,472 JPMorgan Chase & Co. 2,922,731 8,900 Lehman Brothers Holdings, Inc. 838,024 8,300 MBNA Corp. 203,765 21,500 Merrill Lynch & Co., Inc. 1,216,900 -------------- 10,412,911 -------------- Electric -- 3.7% 9,625 Constellation Energy Group, Inc. 497,612 8,700 Dominion Resources, Inc. (c) 647,541 21,075 Exelon Corp. 967,132 51,625 PG&E Corp. (c) 1,760,412 4,500 TXU Corp. 358,335 19,500 Wisconsin Energy Corp. 692,250 -------------- 4,923,282 -------------- Electrical Components & Equipment -- 0.4% 8,400 Energizer Holdings, Inc. (d) 502,320 -------------- Electronics -- 0.1% 5,500 Applera Corp. - Applied Biosystems Group 108,570 -------------- Environmental Control -- 2.0% 90,000 Waste Management, Inc. 2,596,500 -------------- Food -- 0.7% 11,100 Sanderson Farms, Inc. 479,631 22,900 Tyson Foods, Inc., Class A 381,972 -------------- 861,603 -------------- Gas -- 0.1% 1,700 KeySpan Corp. 66,249 -------------- Health Care - Products -- 3.3% 76,000 Baxter International, Inc. 2,582,480
7,700 Becton Dickinson & Co. 449,834 18,600 Boston Scientific Corp. (c) (d) 544,794 3,100 Dade Behring Holdings, Inc. (d) 182,683 7,900 Johnson & Johnson 530,564 -------------- 4,290,355 -------------- Health Care - Services -- 2.8% 2,300 Caremark Rx, Inc. (d) 91,494 3,300 HCA, Inc. 176,781 20,100 Laboratory Corp. of America Holdings (d) 968,820 4,500 Pediatrix Medical Group, Inc. (d) 308,655 5,250 Quest Diagnostics 551,932 13,500 Triad Hospitals, Inc. (d) 676,350 17,000 Universal Health Services, Inc., Class B 890,800 -------------- 3,664,832 -------------- Home Builders -- 0.6% 7,800 Beazer Homes USA, Inc. (c) 388,908 13,800 Technical Olympic USA, Inc. 416,760 -------------- 805,668 -------------- Insurance -- 4.6% 19,800 ACE, Ltd. (c) 817,146 9,900 Allmerica Financial Corp. (d) 355,905 22,300 Allstate Corp. (The) 1,205,538 8,000 AMBAC Financial Group, Inc. 598,000 9,960 American International Group, Inc. 551,884 290 Berkshire Hathaway, Inc., Class B (c) (d) 828,240 9,100 Hilb, Rogal & Hobbs Co. 325,780 2,400 Loews Corp. 176,496 15,500 Old Republic International Corp. 360,995 7,000 Principal Financial Group 269,430 9,450 Prudential Financial, Inc. 542,430 -------------- 6,031,844 -------------- Internet -- 0.5% 15,000 E*TRADE Financial Corp. (d) 180,000 14,800 Yahoo!, Inc. (d) 501,720 -------------- 681,720 -------------- Iron & Steel -- 0.3% 900 Nucor Corp. 51,804 11,600 Steel Dynamics, Inc. (c) 399,620 -------------- 451,424 -------------- Leisure Time -- 0.8% 20,000 Carnival Corp. 1,036,200 2,200 Penn National Gaming, Inc. (d) 64,636 -------------- 1,100,836 -------------- Lodging -- 0.1% 2,900 Marriott International, Inc., Class A 193,894 -------------- Machinery - Construction & Mining -- 0.1% 3,200 Terex Corp. (d) 138,560 -------------- Media -- 7.6% 70,000 Cablevision Systems Corp., Class A (d) 1,963,500 7,500 Clear Channel Communications, Inc. (c) 258,525 42,675 DIRECTV Group (The), Inc. (d) 615,373 200,000 Liberty Media Corp., Class A (d) 2,074,000 12,000 Liberty Media International, Inc., Class A (d) 524,880 5,175 McGraw-Hill Cos. (The), Inc. 451,519 44,350 News Corp., Inc., Class A 750,402 172,425 Time Warner, Inc. (d) 3,026,059
9,150 Tribune Co. 364,810 -------------- 10,029,068 -------------- Mining -- 0.7% 11,100 Inco, Ltd. (d) 441,780 900 Newmont Mining Corp. 38,025 4,200 Phelps Dodge Corp. (c) 427,266 -------------- 907,071 -------------- Miscellaneous - Manufacturing -- 2.5% 33,800 General Electric Co. 1,218,828 21,600 Honeywell International, Inc. 803,736 3,800 Illinois Tool Works, Inc. (c) 340,214 26,925 Tyco International, Ltd. 910,065 -------------- 3,272,843 -------------- Oil & Gas -- 8.5% 16,300 BP PLC, Sponsored ADR 1,017,120 9,600 ChevronTexaco Corp. 559,776 7,350 ConocoPhillips 792,624 71,450 Exxon Mobil Corp. 4,258,420 23,700 GlobalSantaFe Corp. 877,848 5,600 Houston Exploration Co. (d) 318,920 14,000 Kerr-McGee Corp. (c) 1,096,620 32,800 Pioneer Natural Resources Co. (c) 1,401,216 8,050 Quicksilver Resources, Inc. (c) (d) 392,277 13,600 Tesoro Corp. (d) 503,472 -------------- 11,218,293 -------------- Oil & Gas Services -- 0.7% 19,750 Halliburton Co. 854,188 1,200 Maverick Tube Corp. (d) 39,012 2,400 Oil States International, Inc. (d) 49,320 -------------- 942,520 -------------- Pharmaceuticals -- 2.6% 19,925 Abbott Laboratories 928,904 400 AmerisourceBergen Corp. (c) 22,916 2,700 Cardinal Health, Inc. (c) 150,660 2,300 Gilead Sciences, Inc. (d) 82,340 20,500 Merck & Co., Inc. 663,585 59,017 Pfizer, Inc. 1,550,377 -------------- 3,398,782 -------------- Pipelines -- 0.4% 9,000 Equitable Resources, Inc. 516,960 -------------- REITS - Forest Products & Paper -- 0.2% 6,400 Plum Creek Timber Co., Inc. 228,480 -------------- REITS - Mortgage -- 0.3% 15,100 American Home Mortgage Investment Corp. 432,464 -------------- REITS - Regional Malls -- 0.3% 6,750 Simon Property Group, Inc. 408,915 -------------- Retail -- 12.2% 40,000 Costco Wholesale Corp. 1,767,200 16,800 CVS Corp. 884,016 13,825 Federated Department Stores 879,823 82,200 Gap (The), Inc. (c) 1,795,248 15,700 Home Depot, Inc. 600,368 18,750 J.C. Penney Co., Inc. 973,500 9,900 Kohl's Corp. (d) 511,137
4,300 May Department Stores Co. (The) 159,186 103,300 McDonald's Corp. 3,216,762 15,100 Regis Corp. 618,043 52,000 Tiffany & Co. (c) 1,795,040 15,100 United Auto Group, Inc. 420,233 48,500 Yum! Brands, Inc. 2,512,785 -------------- 16,133,341 -------------- Savings & Loans -- 3.7% 16,000 People's Bank 655,200 111,800 Sovereign Bancorp, Inc. 2,477,488 45,000 Washington Mutual, Inc. 1,777,500 -------------- 4,910,188 -------------- Semiconductors -- 1.8% 26,415 Freescale Semiconductor, Inc., Class B (d) 455,659 59,400 Intel Corp. 1,379,862 41,200 MEMC Electronic Materials, Inc. (d) 554,140 -------------- 2,389,661 -------------- Software -- 2.0% 35,000 First Data Corp. 1,375,850 10,300 IMS Health, Inc. 251,217 21,200 Microsoft Corp. 512,404 36,000 Oracle Corp. (d) 449,280 -------------- 2,588,751 -------------- Telecommunications -- 3.8% 8,700 Alltel Corp. (c) 477,195 38,900 Avaya, Inc. (d) 454,352 23,125 BellSouth Corp. 607,956 6,350 CenturyTel, Inc. (c) 208,534 57,100 Cisco Systems, Inc. (d) 1,021,519 30,150 Citizens Communications Co. (c) 390,141 36,400 Motorola, Inc. 544,908 25,300 Nokia OYJ, Sponsored ADR 390,379 29,700 SBC Communications, Inc. 703,593 6,900 Verizon Communications, Inc. 244,950 -------------- 5,043,527 -------------- Toys, Games & Hobbies -- 0.6% 26,150 Hasbro, Inc. 534,768 10,600 Jakks Pacific, Inc. (c) (d) 227,582 -------------- 762,350 -------------- Transportation -- 1.6% 11,900 Burlington Northern Santa Fe Corp. 641,767 11,100 Norfolk Southern Corp. 411,255 7,700 Overseas Shipholding Group 484,407 28,600 Werner Enterprises, Inc. 555,698 -------------- 2,093,127 -------------- Total Common Stocks (Identified Cost $103,825,218) 128,360,128 --------------
Principal Amount Description Value (a) - ------------------------------------------------------------------------------------------------------------ Short Term Investments -- 11.7% $ 3,167,215 Repurchase Agreement with Investors Bank & Trust Co. dated 3/31/2005 at 2.02% to be repurchased at $3,167,393 on 4/1/2005, collateralized by $3,297,730 Federal Home Loan Mortgage Corporation Bond, 3.310% due 6/15/2034 valued at $3,330,373 $ 3,167,215 544,524 Bank of America, 2.77%, due 4/18/2005 (e) 544,524 544,524 Bank of America, 2.82%, due 5/16/2005 (e) 544,524 165,821 Bank of Montreal, 2.60%, due 4/04/2005 (e) 165,821 598,365 Bank of Montreal, 2.75%, due 4/08/2005 (e) 598,365
969,253 Bank of Nova Scotia, 2.70%, due 4/11/2005 (e) 969,253 217,810 Bank of Nova Scotia, 2.73%, due 4/14/2005 (e) 217,810 544,524 Bank of Nova Scotia, 2.78%, due 4/28/2005 (e) 544,524 326,714 Barclays, 2.785%, due 4/25/2005 (e) 326,714 592,993 BGI Institutional Money Market Fund, 2.792%, due 4/01/2005 (e) 592,993 1,633,573 BNP Paribas, 2.73%, due 4/07/2005 (e) 1,633,573 544,524 BNP Paribas, 2.91%, due 6/15/2005 (e) 544,524 222,358 Calyon, 2.77%, due 4/21/2005 (e) 222,358 100,371 Den Danske Bank, 2.77%, due 4/26/2005 (e) 100,371 217,810 Falcon Asset Securitization Corp., 2.727%, due 4/13/2005 (e) 217,810 531,455 Fortis Bank, 2.44%, due 4/14/2005 (e) 531,455 544,524 Fortis Bank, 2.80%, due 4/06/2005 (e) 544,524 235,940 Goldman Sachs Financial Square Prime Obligations Fund, 2.595%, due 4/01/2005 (e) 235,940 544,524 Govco, Inc., 2.60%, due 4/05/2005 (e) 544,524 261,674 Keybank, 2.844%, due 4/01/2005 (e) 261,674 269,272 Merrill Lynch Premier Institutional Fund, 2.525%, due 4/01/2005 (e) 269,272 155,443 Merrimac Cash Fund-Premium Class, 2.515%, due 4/01/2005 (e) 155,443 544,524 Rabobank Nederland, 2.78%, due 4/29/2005 (e) 544,524 589,180 Royal Bank of Scotland, 2.75%, due 4/05/2005 (e) 589,180 544,524 Svenska Handlesbanken, 2.70%, due 4/11/2005 (e) 544,524 108,904 The Bank of the West, 2.79%, due 4/22/2005 (e) 108,904 108,904 Toronto Dominion Bank, 3.01%, due 6/24/2005 (e) 108,904 217,810 UBS AG, 2.805%, due 5/03/2005 (e) 217,810 217,810 Wells Fargo, 2.78%, due 4/20/2005 (e) 217,810 76,772 Wells Fargo, 2.79%, due 4/08/2005 (e) 76,772 108,904 Yorktown Capital LLC, 2.636%, due 4/01/2005 (e) 108,904 -------------- Total Short Term Investments (Identified Cost $15,450,543) 15,450,543 -------------- Total Investments -- 109.1% (Identified Cost $119,275,761) (b) 143,810,671 Other assets less liabilities (12,041,261) -------------- Total Net Assets -- 100% $ 131,769,410 ==============
(a) Equity securities for which market quotations are readily available are valued at market price on the basis of valuations furnished to the Fund by a pricing service which has been authorized by the Board of Trustees. The pricing service provides the last reported sale price for securities listed on an applicable securities exchange or, if no sale was reported and in the case of over-the-counter securities not so listed, the last reported bid price. Securities traded on the NASDAQ National Market are valued at the NASDAQ Official Closing Price ("NOCP"), or if lacking an NOCP, at the most recent bid quotation on the NASDAQ National Market. Debt securities for which market quotations are readily available (other than short-term obligations with a remaining maturity of less than sixty days) are generally valued at market price on the basis of valuations furnished by a pricing service authorized by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Short-term obligations with a remaining maturity of less than sixty days are stated at amortized cost, which approximates market value. All other securities and assets are valued at their fair value as determined in good faith by the Fund's investment adviser and subadvisers, pursuant to the procedures approved by the Board of Trustees. (b) Federal Tax Information: At March 31, 2005, the net unrealized appreciation on investments based on cost of $119,275,761 for federal income tax purposes was as follows: Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 26,462,447 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (1,927,537) -------------- Net unrealized appreciation $ 24,534,910 ==============
(c) All or a portion of this security was on loan to brokers at March 31, 2005. (d) Non-income producing security. (e) Represents investments of securities lending collateral. ADR An American Depositary Receipt (ADR) is a certificate issued by a U.S. bank representing the right to receive securities of the foreign issuer described. The values of ADRs are significantly influenced by trading on exchanges not located in the United States. REITS Real Estate Investment Trusts VAUGHAN NELSON SMALL CAP VALUE FUND -- SCHEDULE OF INVESTMENTS Investments as of March 31, 2005 (unaudited)
Shares Description Value (a) - ------------------------------------------------------------------------------------------------------------ Common Stocks -- 95.9% of Total Net Assets Aerospace & Defense -- 5.7% 30,125 Alliant Techsystems, Inc. (c) (d) $ 2,152,431 48,825 DRS Technologies, Inc. (c) (d) 2,075,062 29,075 Esterline Technologies Corp. (c) 1,004,541 19,075 Moog, Inc., Class A (c) 862,190 ------------- 6,094,224 ------------- Automobiles -- 1.0% 63,875 Monaco Coach Corp. 1,031,581 ------------- Banks -- 5.8% 26,976 MB Financial, Inc. 1,033,181 121,665 Republic Bancorp, Inc. 1,647,344 49,225 United Bankshares, Inc. 1,631,316 66,575 WesBanco, Inc. 1,831,478 ------------- 6,143,319 ------------- Building Materials -- 0.7% 110,000 U.S. Concrete, Inc. (c) (d) 689,700 ------------- Commercial Services -- 6.9% 50,425 Consolidated Graphics, Inc. (c) 2,652,355 60,075 Dollar Thrifty Automotive Group, Inc. (c) 1,969,258 54,550 McGrath Rentcorp 1,275,379 69,750 Team, Inc. (c) 1,395,000 ------------- 7,291,992 ------------- Distribution & Wholesale -- 1.7% 44,125 Watsco, Inc. 1,857,662 ------------- Diversified Financial Services -- 3.1% 28,000 Financial Federal Corp. (d) 990,360 74,450 Raymond James Financial, Inc. 2,255,835 ------------- 3,246,195 ------------- Electrical Components & Equipment -- 1.6% 57,300 MTS Systems Corp. 1,663,419 ------------- Food -- 0.8% 52,500 Gold Kist, Inc. (c) 834,750 ------------- Health Care - Services -- 7.7% 134,425 Healthcare Services Group, Inc. 3,259,806 28,300 Pediatrix Medical Group, Inc. (c) 1,941,097 58,700 Triad Hospitals, Inc. (c) 2,940,870 ------------- 8,141,773 ------------- Household Products & Wares -- 1.3% 45,175 Yankee Candle Co. (The), Inc. (c) 1,432,047 ------------- Insurance -- 4.7% 40,875 Allmerica Financial Corp. (c) 1,469,456 64,525 HCC Insurance Holdings, Inc. 2,333,224 34,375 Hilb, Rogal & Hobbs Co. 1,230,625 ------------- 5,033,305 -------------
Investment Companies -- 6.0% 29,200 iShares Russell 2000 Value Index Fund (d) $ 5,380,100 66,675 MCG Capital Corp. 1,025,795 ------------- 6,405,895 ------------- Iron & Steel -- 2.8% 60,037 Gibraltar Industries, Inc. 1,317,212 35,950 Olympic Steel, Inc. (c) (d) 642,786 29,900 Steel Dynamics, Inc. (d) 1,030,055 ------------- 2,990,053 ------------- Leisure Time -- 1.6% 126,600 K2, Inc. (c) (d) 1,740,750 ------------- Lodging -- 1.7% 206,800 La Quinta Corp. (c) 1,757,800 ------------- Machinery - Diversified -- 2.9% 41,300 Briggs & Stratton Corp. (d) 1,503,733 43,425 Nordson Corp. 1,598,909 ------------- 3,102,642 ------------- Media -- 1.3% 82,050 Journal Register Co. (c) 1,370,235 ------------- Mining -- 1.1% 39,725 Century Aluminum Co. (c) 1,202,079 ------------- Miscellaneous - Manufacturing -- 1.7% 188,550 Jacuzzi Brands, Inc. (c) 1,840,248 ------------- Oil & Gas -- 8.2% 90,700 Comstock Resources, Inc. (c) 2,606,718 39,425 GMX Resources, Inc. (c) 453,782 87,875 Oil States International, Inc. (c) 1,805,831 36,475 Petrohawk Energy Corp. (c) (d) 382,258 24,025 Southwestern Energy Co. (c) 1,363,659 13,600 Ultra Petroleum Corp. (c) 690,880 36,200 Universal Compression Holdings, Inc. (c) 1,370,894 ------------- 8,674,022 ------------- Pipelines -- 1.4% 26,425 Equitable Resources, Inc. 1,517,852 ------------- Real Estate -- 1.4% 43,275 CB Richard Ellis Group, Inc., Class A (c) 1,514,192 ------------- REITS - Hotels -- 3.5% 209,450 Ashford Hospitality Trust, Inc. 2,136,390 153,300 Highland Hospitality Corp. 1,586,655 ------------- 3,723,045 ------------- REITS - Office Buildings -- 1.0% 72,750 American Financial Realty Trust 1,064,334 ------------- Retail -- 7.9% 67,175 Regis Corp. 2,749,473 120,825 Triarc Cos., Inc., Class B 1,671,010 68,925 United Auto Group, Inc. 1,918,183 69,325 Zale Corp. (c) 2,060,339 ------------- 8,399,005 ------------- Semiconductors -- 2.4% 169,350 Asyst Technologies, Inc. (c) 811,187 40,675 ATMI, Inc. (c) 1,018,502 50,275 Brooks Automation, Inc. (c) 763,175 ------------- 2,592,864 -------------
Software -- 2.6% 52,250 Inter-Tel, Inc. $ 1,280,125 56,750 Reynolds & Reynolds Co. (The), Class A 1,535,655 ------------- 2,815,780 ------------- Transportation -- 6.2% 72,375 Arlington Tankers, Ltd. 1,700,813 77,325 Genesee & Wyoming, Inc., Class A (c) (d) 2,003,491 22,200 Landstar System, Inc. (c) 727,050 59,475 RailAmerica, Inc. (c) 742,248 72,100 Werner Enterprises, Inc. 1,400,903 ------------- 6,574,505 ------------- Trucking & Leasing -- 1.2% 27,510 AMERCO, Inc. (c) (d) 1,273,713 ------------- Total Common Stocks (Identified Cost $91,287,876) 102,018,981 -------------
Principal Amount Description Value (a) - ------------------------------------------------------------------------------------------------------------ Short Term Investments -- 19.2% $ 3,919,684 Repurchase Agreement with Investors Bank & Trust Co. dated 3/31/2005 at 2.02% to be repurchased at $3,919,904 on 4/1/2005, collateralized by $4,097,660 Federal National Mortgage Association Bond, 3.234%, due 8/18/2031 valued at $4,116,748 $ 3,919,684 731,114 Bank of America, 2.77%, due 4/18/2005 (e) 731,114 731,114 Bank of America, 2.82%, due 5/16/2005 (e) 731,114 222,641 Bank of Montreal, 2.60%, due 4/04/2005 (e) 222,641 803,404 Bank of Montreal, 2.75%, due 4/08/2005 (e) 803,404 1,301,383 Bank of Nova Scotia, 2.70%, due 4/11/2005 (e) 1,301,383 292,446 Bank of Nova Scotia, 2.73%, due 4/14/2005 (e) 292,446 731,114 Bank of Nova Scotia, 2.78%, due 4/28/2005 (e) 731,114 438,668 Barclays, 2.785%, due 4/25/2005 (e) 438,668 796,191 BGI Institutional Money Market Fund (e) 796,191 2,193,342 BNP Paribas, 2.73%, due 4/07/2005 (e) 2,193,342 731,114 BNP Paribas, 2.91%, due 6/15/2005 (e) 731,114 298,552 Calyon, 2.77%, due 4/21/2005 (e) 298,552 134,764 Den Danske Bank, 2.77%, due 4/26/2005 (e) 134,764 292,446 Falcon Asset Securitization Corp., 2.727%, due 4/13/2005 (e) 292,446 713,567 Fortis Bank, 2.44%, due 4/14/2005 (e) 713,567 731,114 Fortis Bank, 2.80%, due 4/06/2005 (e) 731,114 316,789 Goldman Sachs Financial Square Prime Obligations Fund (e) 316,789 731,114 Govco, Inc., 2.60%, due 4/05/2005 (e) 731,114 351,341 Keybank, 2.844%, due 4/01/2005 (e) 351,341 361,541 Merrill Lynch Premier Institutional Fund (e) 361,541 208,708 Merrimac Cash Fund-Premium Class (e) 208,708 731,114 Rabobank Nederland, 2.78%, due 4/29/2005 (e) 731,114 791,071 Royal Bank of Scotland, 2.75%, due 4/05/2005 (e) 791,071 731,114 Svenska Handlesbanken, 2.70%, due 4/11/2005 (e) 731,114 146,223 The Bank of the West, 2.79%, due 4/22/2005 (e) 146,223 146,223 Toronto Dominion Bank, 3.01%, due 6/24/2005 (e) 146,223 292,446 UBS AG, 2.805%, due 5/03/2005 (e) 292,446 292,446 Wells Fargo, 2.78%, due 4/20/2005 (e) 292,446 103,079 Wells Fargo, 2.79%, due 4/08/2005 (e) 103,079 146,223 Yorktown Capital LLC, 2.636%, due 4/01/2005 (e) 146,223 ------------- Total Short Term Investments (Identified Cost $20,412,090) 20,412,090 ------------- Total Investments -- 115.1% (Identified Cost $111,699,966) (b) 122,431,071 Other assets less liabilities (16,057,076) ------------- Total Net Assets -- 100% $ 106,373,995 =============
(a) Equity securities for which market quotations are readily available are valued at market price on the basis of valuations furnished to the Fund by a pricing service which has been authorized by the Board of Trustees. The pricing service provides the last reported sale price for securities listed on an applicable securities exchange or, if no sale was reported and in the case of over-the-counter securities not so listed, the last reported bid price. Securities traded on the NASDAQ National Market are valued at the NASDAQ Official Closing Price ("NOCP"), or if lacking an NOCP, at the most recent bid quotation on the NASDAQ National Market. Debt securities for which market quotations are readily available (other than short-term obligations with a remaining maturity of less than sixty days) are generally valued at market price on the basis of valuations furnished by a pricing service authorized by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Short-term obligations with a remaining maturity of less than sixty days are stated at amortized cost, which approximates market value. All other securities and assets are valued at their fair value as determined in good faith by the Fund's investment adviser and subadviser, pursuant to the procedures approved by the Board of Trustees. (b) Federal Tax Information: At March 31, 2005, the net unrealized appreciation on investments based on cost of $111,699,966 for federal income tax purposes was as follows: Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 12,992,561 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (2,261,456) -------------- Net unrealized appreciation $ 10,731,105 ==============
At December 31, 2004, the Fund had a capital loss carryover of approximately $42,306,805 of which $15,016,855 expires on December 31, 2009 and $27,289,950 expires on December 31, 2010. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations. (c) Non-income producing security. (d) All or a portion of this security was on loan to brokers at March 31, 2005. (e) Represents investments of securities lending collateral. REITS Real Estate Investment Trusts WESTPEAK CAPITAL GROWTH FUND -- SCHEDULE OF INVESTMENTS Investments as of March 31, 2005 (unaudited)
Shares Description Value (a) - ------------------------------------------------------------------------------------------------------------ Common Stocks -- 99.1% of Total Net Assets Aerospace & Defense -- 1.5% 6,400 Boeing Co. (The) $ 374,144 5,800 General Dynamics Corp. 620,890 -------------- 995,034 -------------- Apparel Retailers -- 0.4% 4,700 Abercrombie & Fitch Co. 269,028 -------------- Banks -- 0.8% 17,700 U.S. Bancorp 510,114 -------------- Beverages -- 4.1% 9,500 Anheuser-Busch Cos., Inc. 450,205 9,800 Coca-Cola Co. (The) 408,366 35,700 Pepsi Bottling Group, Inc. 994,245 15,600 PepsiCo, Inc. 827,268 -------------- 2,680,084 -------------- Biotechnology -- 1.6% 17,800 Amgen, Inc. (c) 1,036,138 -------------- Chemicals -- 1.7% 24,900 Sherwin-Williams Co. (The) 1,095,351 -------------- Commercial Services -- 1.8% 26,500 Cendant Corp. 544,310 17,200 McKesson Corp. 649,300 -------------- 1,193,610 -------------- Computers -- 6.5% 44,500 Dell, Inc. (c) 1,709,690 27,500 International Business Machines Corp. 2,512,950 -------------- 4,222,640 -------------- Cosmetics & Personal Care -- 3.2% 20,100 Kimberly-Clark Corp. 1,321,173 13,900 Procter & Gamble Co. 736,700 -------------- 2,057,873 -------------- Diversified Financial Services -- 6.3% 26,700 American Express Co. (d) 1,371,579 77,900 Ameritrade Holding Corp. (c) 795,359 18,800 Capital One Financial Corp. 1,405,676 9,700 Fannie Mae 528,165 -------------- 4,100,779 -------------- Electrical Components & Equipment -- 2.1% 22,600 Energizer Holdings, Inc. (c) 1,351,480 -------------- Electronics -- 5.6% 29,900 Applera Corp. - Applied Biosystems Group 590,226 132,100 Intel Corp. 3,068,683 -------------- 3,658,909 -------------- Food -- 0.4% 6,300 Sanderson Farms, Inc. 272,223 --------------
Health Care - Products -- 8.1% 25,200 Becton Dickinson & Co. $ 1,472,184 31,100 Boston Scientific Corp. (c)(d) 910,919 5,000 Dade Behring Holdings, Inc. (c) 294,650 38,700 Johnson & Johnson 2,599,092 -------------- 5,276,845 -------------- Health Care - Services -- 3.9% 19,100 Caremark Rx, Inc. (c) 759,798 15,700 Laboratory Corp. of America Holdings (c) 756,740 10,500 UnitedHealth Group, Inc. 1,001,490 -------------- 2,518,028 -------------- Home Builders -- 2.9% 9,000 Meritage Homes Corp. (c)(d) 530,280 1,700 NVR, Inc. (c)(d) 1,334,500 -------------- 1,864,780 -------------- Insurance -- 2.1% 13,800 American International Group, Inc. 764,658 11,500 W.R. Berkley Corp. 570,400 -------------- 1,335,058 -------------- Internet -- 1.5% 64,600 Earthlink, Inc. (c) 581,400 10,900 Yahoo!, Inc. (c) 369,510 -------------- 950,910 -------------- Leisure Time -- 1.2% 27,200 Penn National Gaming, Inc. (c) 799,136 -------------- Machinery - Construction & Mining -- 2.0% 29,800 Terex Corp. (c) 1,290,340 -------------- Medical Supplies -- 0.5% 13,900 Cytyc Corp. (c) 319,839 -------------- Mining -- 0.2% 3,400 Newmont Mining Corp. 143,650 -------------- Miscellaneous - Manufacturing -- 2.1% 15,100 Illinois Tool Works, Inc. (d) 1,351,903 -------------- Oil & Gas -- 2.8% 11,200 Burlington Resources, Inc. 560,784 9,000 Oil States International, Inc. (c) 184,950 18,800 Southwestern Energy Co. (c) 1,067,088 -------------- 1,812,822 -------------- Oil & Gas Services -- 2.2% 30,800 Lone Star Technologies (c) 1,214,444 7,400 Maverick Tube Corp. (c) 240,574 -------------- 1,455,018 -------------- Pharmaceuticals -- 9.6% 22,300 AmerisourceBergen Corp. (d) 1,277,567 27,800 Cardinal Health, Inc. (d) 1,551,240 14,900 Gilead Sciences, Inc. (c) 533,420 11,800 Merck & Co., Inc. 381,966 96,250 Pfizer, Inc. 2,528,488 -------------- 6,272,681 -------------- REITS - Mortgage -- 1.3% 29,300 American Home Mortgage Investment Corp. 839,152 -------------- Restaurants -- 0.4% 9,100 Darden Restaurants, Inc. 279,188 --------------
Retail -- 7.0% 5,300 Costco Wholesale Corp. $ 234,154 57,450 Home Depot, Inc. 2,196,888 36,700 Target Corp. 1,835,734 5,200 Wal-Mart Stores, Inc. 260,572 -------------- 4,527,348 -------------- Software -- 7.8% 22,300 IMS Health, Inc. 543,897 140,500 Microsoft Corp. 3,395,885 92,500 Oracle Corp. (c) 1,154,400 -------------- 5,094,182 -------------- Telecommunications -- 6.6% 155,000 Cisco Systems, Inc. (c) 2,772,950 18,200 QUALCOMM, Inc. 667,030 14,200 Spectrasite, Inc. (c) 823,174 -------------- 4,263,154 -------------- Transportation -- 0.9% 6,400 FedEx Corp. 601,280 -------------- Total Common Stocks (Identified Cost $70,026,395) 64,438,577 --------------
Principal Amount Description Value (a) - ------------------------------------------------------------------------------------------------------------ Short Term Investments -- 14.1% $ 769,660 Repurchase Agreement with Investors Bank & Trust Co. dated 3/31/2005 at 2.02% to be repurchased at $769,703 on 4/1/2005, collateralized by $764,077 Small Business Administration Bond, 5.875%, due 8/25/2014 valued at $808,143 $ 769,660 372,035 Bank of America, 2.77%, due 4/18/2005 (e) 372,035 372,035 Bank of America, 2.82%, due 5/16/2005 (e) 372,035 113,293 Bank of Montreal, 2.60%, due 4/04/2005 (e) 113,293 408,820 Bank of Montreal, 2.75%, due 4/08/2005 (e) 408,820 662,222 Bank of Nova Scotia, 2.70%, due 4/11/2005 (e) 662,222 148,814 Bank of Nova Scotia, 2.73%, due 4/14/2005 (e) 148,814 372,035 Bank of Nova Scotia, 2.78%, due 4/28/2005 (e) 372,035 223,221 Barclays, 2.785%, due 4/25/2005 (e) 223,221 405,150 BGI Institutional Money Market Fund (e) 405,150 1,116,105 BNP Paribas, 2.73%, due 4/07/2005 (e) 1,116,105 372,035 BNP Paribas, 2.91%, due 6/15/2005 (e) 372,035 151,921 Calyon, 2.77%, due 4/21/2005 (e) 151,921 68,576 Den Danske Bank, 2.77%, due 4/26/2005 (e) 68,576 148,814 Falcon Asset Securitization Corp., 2.727%, due 4/13/2005 (e) 148,814 363,106 Fortis Bank, 2.44%, due 4/14/2005 (e) 363,106 372,035 Fortis Bank, 2.80%, due 4/06/2005 (e) 372,035 161,202 Goldman Sachs Financial Square Prime Obligations Fund (e) 161,202 372,035 Govco, Inc., 2.60%, due 4/05/2005 (e) 372,035 178,784 Keybank, 2.844%, due 4/01/2005 (e) 178,784 183,974 Merrill Lynch Premier Institutional Fund (e) 183,974 106,203 Merrimac Cash Fund-Premium Class (e) 106,203 372,035 Rabobank Nederland, 2.78%, due 4/29/2005 (e) 372,035 402,545 Royal Bank of Scotland, 2.75%, due 4/05/2005 (e) 402,545 372,035 Svenska Handlesbanken, 2.70%, due 4/11/2005 (e) 372,035 74,407 The Bank of the West, 2.79%, due 4/22/2005 (e) 74,407 74,407 Toronto Dominion Bank, 3.01%, due 6/24/2005 (e) 74,407 148,814 UBS AG, 2.805%, due 5/03/2005 (e) 148,814 148,814 Wells Fargo, 2.78%, due 4/20/2005 (e) 148,814 52,450 Wells Fargo, 2.79%, due 4/08/2005 (e) 52,450 74,407 Yorktown Capital LLC, 2.636%, due 4/01/2005 (e) 74,407 -------------- Total Short Term Investments (Identified Cost $9,161,989) 9,161,989 -------------- Total Investments -- 113.2% (Identified Cost $79,188,384) (b) 73,600,566 Other assets less liabilities (8,594,607) -------------- Total Net Assets -- 100% $ 65,005,959 ==============
(a) Equity securities for which market quotations are readily available are valued at market price on the basis of valuations furnished to the Fund by a pricing service which has been authorized by the Board of Trustees. The pricing service provides the last reported sale price for securities listed on an applicable securities exchange or, if no sale was reported and in the case of over-the-counter securities not so listed, the last reported bid price. Securities traded on the NASDAQ National Market are valued at the NASDAQ Official Closing Price ("NOCP"), or if lacking an NOCP, at the most recent bid quotation on the NASDAQ National Market. Debt securities for which market quotations are readily available (other than short-term obligations with a remaining maturity of less than sixty days) are generally valued at market price on the basis of valuations furnished by a pricing service authorized by the Board of Trustees, which service determines valuations for normal, institutional-size trading units of such securities using market information, transactions for comparable securities and various relationships between securities which are generally recognized by institutional traders. Short-term obligations with a remaining maturity of less than sixty days are stated at amortized cost, which approximates market value. All other securities and assets are valued at fair value as determined in good faith by the Fund's investment adviser and subadviser, pursuant to the procedures approved by the Board of Trustees. (b) Federal Tax Information: At March 31, 2005, the net unrealized depreciation on investments based on cost of $79,188,384 for federal income tax purposes was as follows: Aggregate gross unrealized appreciation for all investments in which there is an excess of value over tax cost $ 4,031,513 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value (9,619,331) ------------- Net unrealized depreciation $ (5,587,818) =============
At December 31, 2004, the Fund had a capital loss carryover of approximately $53,439,207 of which $22,458,247 expires on December 31, 2009, $26,883,047 expires on December 31, 2010 and $4,097,913 expires on December 31, 2011. These amounts may be available to offset future realized capital gains, if any, to the extent provided by regulations. (c) Non-income producing security. (d) All or a portion of this security was on loan to brokers at March 31, 2005. (e) Represents investments of securities lending collateral. REITS Real Estate Investment Trusts ITEM 2. CONTROLS AND PROCEDURES. The Trust's principal executive officer and principal financial officer have concluded that the Trust's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the Trust in this Form N-Q was recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission's rules and forms, based upon such officers' evaluation of these controls and procedures as of a date within 90 days of the filing date of the report. There were no significant changes or corrective actions with regard to significant deficiencies or material weaknesses in the Trust's internal controls or in other factors that could significantly affect the Trust's internal controls subsequent to the date of their evaluation. ITEM 3. EXHIBITS (a)(1) Certification for the principal executive officer as required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended (the "Act") filed herewith. (a)(2) Certification for the principal financial officer as required by Rule 30a-2(a) of the Investment Company Act of 1940, as amended (the "Act") filed herewith. 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. IXIS Advisor Funds Trust I By: /s/ John T. Hailer ------------------ Name: John T. Hailer Title: President and Chief Executive Officer Date: May 23, 2005 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed by the following persons on behalf of the registrant and in the capacities and on the dates indicated. By: /s/ John T. Hailer ------------------ Name: John T. Hailer Title: President and Chief Executive Officer Date: May 23, 2005 By: /s/ Michael C. Kardok --------------------- Name: Michael C. Kardok Title: Treasurer Date: May 23, 2005 EX-99.A1 2 d17159_exa1.txt CEO SECTION 302 CERTIFICATION Exhibit (a)(1) IXIS Advisor Funds Trust I Exhibit to SEC Form N-Q Section 302 Certification I, John T. Hailer, certify that: 1. I have reviewed this report on Form N-Q of IXIS Advisor Funds Trust I; 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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3c) 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 such disclosure controls and procedures, as of a date within 90 days prior to the filing of this report; 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 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: May 23, 2005 /s/ John T. Hailer ------------------ John T. Hailer President and Chief Executive Officer EX-99.A2 3 d17159_exa2.txt TREASURER SECTION 302 CERTIFICATION Exhibit (a)(2) IXIS Advisor Funds Trust I Exhibit to SEC Form N-Q Section 302 Certification I, Michael C. Kardok, certify that: 1. I have reviewed this report on Form N-Q of IXIS Advisor Funds Trust I; 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 and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3c) 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 such disclosure controls and procedures, as of a date within 90 days prior to the filing of this report; 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 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: May 23, 2005 /s/ Michael C. Kardok --------------------- Michael C. Kardok Treasurer IXIS Advisor Funds Trust I -----END PRIVACY-ENHANCED MESSAGE-----