N-Q 1 d18196_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 Date of reporting period: September 30, 2005 ITEM I SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- CGM ADVISOR TARGETED EQUITY FUND -- SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Common Stocks -- 99.3% of Total Net Assets Biotechnology -- 5.8% 100,000 Amgen, Inc.(a) $ 7,967,000 449,000 Genentech, Inc.(a) 37,810,290 -------------- 45,777,290 -------------- Cosmetics & Personal Care -- 5.3% 700,000 Procter & Gamble Co. 41,622,000 -------------- Diversified Financial Services -- 5.0% 360,000 Legg Mason, Inc. 39,488,400 -------------- Health Care - Products -- 3.3% 405,000 Johnson & Johnson 25,628,400 -------------- Insurance -- 10.1% 865,000 Aflac, Inc. 39,184,500 650,000 American International Group, Inc. 40,274,000 -------------- 79,458,500 -------------- Internet -- 2.1% 53,000 Google, Inc., Class A(a) 16,772,380 -------------- Miscellaneous - Manufacturing -- 3.2% 740,000 General Electric Co. 24,915,800 -------------- Oil & Gas -- 26.1% 630,000 BP PLC, Sponsored ADR 44,635,500 970,000 ConocoPhillips 67,812,700 499,000 Occidental Petroleum Corp. 42,629,570 374,000 Total SA, Sponsored ADR 50,796,680 -------------- 205,874,450 -------------- Oil & Gas Services -- 17.7% 660,000 Baker Hughes, Inc. 39,388,800 845,000 Halliburton Co. 57,899,400 500,000 Schlumberger, Ltd. 42,190,000 -------------- 139,478,200 -------------- Pharmaceuticals -- 4.4% 750,000 Wyeth Corp. 34,702,500 -------------- Restaurants -- 4.9% 797,000 Yum! Brands, Inc. 38,582,770 -------------- Semiconductors -- 1.5% 490,000 Intel Corp. 12,078,500 -------------- Telecommunications -- 4.4% 1,320,000 America Movil SA de CV, Series L, ADR 34,742,400 -------------- Tobacco -- 5.5% 588,000 Altria Group, Inc. 43,341,480 -------------- Total Common Stocks (Identified Cost $655,075,852) 782,463,070 -------------- Principal Amount Description Value (+)(c) -------------------------------------------------------------------------------- Short-Term Investment -- 0.9% Commercial Paper -- 0.9% $ 7,435,000 American Express Credit Corp., 3.80%, 10/03/2005 (Identified Cost $7,435,000) $ 7,435,000 -------------- Total Investments -- 100.2% (Identified Cost $662,510,852)(b) 789,898,070 Other assets less liabilities --(0.2%) (1,556,358) -------------- Total Net Assets -- 100% $ 788,341,712 ==============
(+) 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. Security transactions are accounted for on trade date. (a) Non-income producing security. (b) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund's fiscal year for tax purposes. Such adjustments are primarily due to wash sales): At September 30, 2005, the net unrealized appreciation on investments based on cost of $662,510,852 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. $ 131,931,331 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value. (4,544,113) -------------- Net unrealized appreciation $ 127,387,218 ==============
-------------------------------------------------------------------------------- CGM ADVISOR TARGETED EQUITY FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited) 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) The books and records of the fund are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S dollars based upon foreign exchange rates prevailing at the end of the period. 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 September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Common Stocks -- 97.9% of Total Net Assets Australia -- 1.7% 65,500 Westpac Banking Corp. $ 1,054,504 45,547 Woodside Petroleum, Ltd. 1,251,085 -------------- 2,305,589 -------------- Brazil -- 2.7% 20,600 Aracruz Celulose SA 835,948 14,000 Banco Bradesco SA, Sponsored ADR 684,880 20,800 Cia Energetica de Minas Gerais, Sponsored ADR 792,064 18,760 Petroleo Brasileiro SA, ADR 1,341,152 -------------- 3,654,044 -------------- Canada -- 3.2% 28,200 Alcan, Inc. 894,786 49,181 Celestica, Inc.(a) 556,237 27,300 Manulife Financial Corp. 1,455,636 22,764 Suncor Energy, Inc. 1,377,905 -------------- 4,284,564 -------------- China -- 1.0% 1,778,410 Denway Motors, Ltd. 641,934 417,951 Ping An Insurance Group Co. of China, Ltd. 727,378 -------------- 1,369,312 -------------- Denmark -- 1.4% 76,600 Vestas Wind Systems A/S(a) 1,850,927 -------------- Finland -- 1.6% 45,980 Nokia OYJ 770,564 43,300 Nokia OYJ, Sponsored ADR 732,203 20,800 Tietoenator OYJ 698,911 -------------- 2,201,678 -------------- France -- 11.4% 30,320 Axa 832,534 12,500 BNP Paribas 950,490 28,100 Bouygues SA 1,306,344 18,880 Carrefour SA 868,862 9,800 Cie Generale d'Optique Essilor International SA 811,750 21,500 France Telecom SA 617,234 6,600 Groupe Danone 711,330 9,001 L'Oreal SA 697,414 8,900 Sanofi-Aventis 735,596 21,830 Schneider Electric SA 1,724,233 19,940 Suez SA 576,524 15,600 Technip SA 923,463 40,900 Thomson 850,641 4,840 Total SA 1,321,416 10,000 Total SA, Sponsored ADR 1,358,200 23,700 Veolia Environnement 1,000,359 8,000 Vivendi Universal 261,214 -------------- 15,547,604 -------------- Germany -- 5.5% 3,750 Adidas-Salomon AG 651,803 10,664 Allianz AG 1,440,229 14,520 Deutsche Bank AG 1,358,422 Shares Description Value (+)(c) -------------------------------------------------------------------------------- Germany - continued 11,310 E.ON AG $ 1,039,210 9,210 Linde AG 678,730 15,900 SAP AG, Sponsored ADR 688,947 14,480 Schering AG 915,653 9,300 Siemens AG 716,668 -------------- 7,489,662 -------------- Greece -- 0.3% 15,300 Folli - Follie SA 459,842 -------------- Hong Kong -- 3.3% 186,400 Esprit Holdings, Ltd. 1,393,717 146,950 Hutchison Whampoa, Ltd. 1,521,198 718,730 Johnson Electric Holdings, Ltd. 690,276 522,217 Shangri-La Asia, Ltd. 844,881 -------------- 4,450,072 -------------- India -- 1.5% 22,200 HDFC Bank, Ltd., ADR 1,136,640 12,000 Infosys Technologies, Ltd., Sponsored ADR 891,360 -------------- 2,028,000 -------------- Indonesia -- 0.4% 1,179,800 PT Indosat Tbk 608,263 -------------- Israel -- 0.6% 24,400 Teva Pharmaceutical Industries, Ltd., Sponsored ADR 815,448 -------------- Italy -- 3.1% 43,820 ENI-Ente Nazionale Idrocarburi SpA 1,301,733 49,440 Saipem SpA 833,898 362,900 UniCredito Italiano SpA 2,046,147 -------------- 4,181,778 -------------- Japan -- 16.4% 62,000 Asahi Glass Co., Ltd. 650,018 110,000 Bank of Yokohama, Ltd. (The) 837,588 32,100 Canon, Inc. 1,732,157 15,000 Chugoku Bank 204,137 52,200 Denso Corp. 1,511,778 42,400 JS Group Corp. 721,472 468,000 Kawasaki Heavy Industries, Ltd. 1,182,359 3,200 Keyence Corp. 803,944 190,000 Marubeni Corp. 883,099 19,000 Nidec Corp. 1,122,271 61,500 Nissan Motor Co., Ltd. 701,620 15,600 Nitto Denko Corp. 877,500 51,000 Nomura Holdings, Inc. 790,590 6,600 ORIX Corp. 1,191,021 41,700 Pioneer Corp. 593,197 98,000 Sharp Corp. 1,418,239 44,000 Shionogi & Co., Ltd. 598,416 11,300 SMC Corp. 1,503,019 172 Sumitomo Mitsui Financial Group, Inc. 1,620,070 171,000 Sumitomo Trust & Banking Co., Ltd. (The) 1,405,933 16,600 Takeda Pharmaceutical Co., Ltd. 987,817
-------------------------------------------------------------------------------- HANSBERGER INTERNATIONAL FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Japan - continued 21,800 Toyota Motor Corp. $ 997,887 -------------- 22,334,132 -------------- Mexico -- 0.6% 15,300 Wal-Mart de Mexico SA de CV 774,945 -------------- Netherlands -- 3.5% 35,461 ABN AMRO Holding NV 849,641 15,780 Akzo Nobel NV 688,068 58,900 ASML Holding NV, ADR(a) 972,439 28,628 ING Groep NV 852,843 28,290 Koninklijke Philips Electronics NV 751,967 39,900 STMicroelectronics NV 686,419 -------------- 4,801,377 -------------- Republic of Korea -- 3.9% 15,100 Kookmin Bank 889,938 15,500 Kookmin Bank, Sponsored ADR 918,375 14,460 LG Chem, Ltd. 622,189 2,272 Samsung Electronics Co., Ltd. 1,280,245 3,300 Samsung Electronics Co., Ltd., GDR, 144A 938,850 1,900 Shinsegae Co., Ltd. 704,648 -------------- 5,354,245 Russia -- 1.0% 24,400 LUKOIL, Sponsored ADR 1,410,808 -------------- Singapore -- 1.7% 175,140 DBS Group Holdings, Ltd. 1,634,792 90,470 Singapore Airlines, Ltd. 619,987 -------------- 2,254,779 -------------- South Africa -- 0.5% 290,220 Old Mutual PLC 710,025 -------------- Spain -- 4.5% 89,500 Banco Bilbao Vizcaya Argentaria SA 1,569,839 166,000 Banco Santander Central Hispano SA 2,181,249 86,200 Telefonica Moviles SA 956,502 88,489 Telefonica SA 1,448,916 -------------- 6,156,506 -------------- Sweden -- 0.5% 30,000 Svenska Handelsbanken 694,140 -------------- Switzerland -- 8.6% 128,410 ABB, Ltd.(a) 938,581 10,000 Ciba Specialty Chemicals AG 589,917 22,761 Credit Suisse Group 1,007,692 17,580 Lonza Group AG 1,037,753 5,477 Nestle SA 1,603,850 3,650 Nobel Biocare Holding AG 860,151 40,210 Novartis AG 2,039,626 6,660 Roche Holding AG 925,222 1,020 Serono SA, Class B 670,674 903 Sika AG(a) 687,934 Shares Description Value (+)(c) -------------------------------------------------------------------------------- Switzerland - continued 15,400 UBS AG $ 1,308,866 -------------- 11,670,266 -------------- Taiwan -- 0.5% 432,053 Taiwan Semiconductor Manufacturing Co., Ltd. 693,930 -------------- United Kingdom -- 18.5% 18,000 AstraZeneca PLC 836,309 94,518 Barclays PLC 954,955 54,211 BHP Billiton PLC 875,581 30,000 BP PLC 356,264 16,200 BP PLC, Sponsored ADR 1,147,770 151,200 British Sky Broadcasting PLC 1,494,311 153,690 Compass Group PLC 558,925 31,251 Exel PLC 676,117 35,595 GlaxoSmithKline PLC 905,040 265,060 Group 4 Securicor PLC(a) 706,892 313,581 Hays PLC 678,711 142,533 HBOS PLC 2,145,026 58,800 HSBC Holdings PLC 950,737 71,312 ICAP PLC 460,211 36,000 Johnson Matthey PLC 750,932 115,399 Kingfisher PLC 439,511 78,601 Lloyds TSB Group PLC 647,230 24,300 Man Group Plc 709,545 22,772 Reckitt Benckiser PLC 693,437 64,942 Royal Bank of Scotland Group PLC 1,842,448 295,670 Signet Group PLC 534,373 98,300 Smith & Nephew PLC 825,038 59,100 Smiths Group PLC 999,355 31,780 Standard Chartered PLC 685,321 223,257 Tesco PLC 1,218,370 68,310 Unilever PLC 713,049 463,346 Vodafone Group PLC 1,205,066 45,600 Vodafone Group PLC, Sponsored ADR 1,184,232 -------------- 25,194,756 -------------- Total Common Stocks (Identified Cost $111,414,063) 133,296,692 -------------- Preferred Stocks -- 0.7% Brazil -- 0.7% 24,389 Companhia de Bebidas das Americas, ADR (Identified Cost $589,498) 906,782 --------------
-------------------------------------------------------------------------------- HANSBERGER INTERNATIONAL FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Principal Amount Description Value (+)(c) -------------------------------------------------------------------------------- Short-Term Investment -- 1.4% $ 1,854,148 Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2005 at 1.750% to be repurchased at $1,854,419 on 10/03/2005, collateralized by $1,900,000 U.S. Treasury Note, 4.000% due 9/30/2007 valued at $1,895,250(d) (Identified Cost $1,854,148) 1,854,148 -------------- Total Investments -- 100.0% (Identified Cost $113,857,709)(b) 136,057,622 Other assets less liabilities -- 0.0% 39,318 -------------- Total Net Assets -- 100% $ 136,096,940 ==============
(+) 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. Security transactions are accounted for on trade date. (a) Non-income producing security. (b) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund's fiscal year for tax purposes. Such adjustments are primarily due to wash sales): At September 30, 2005, the net unrealized appreciation on investments based on cost of $113,857,709 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. $ 24,471,135 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value. (2,271,222) -------------- Net unrealized appreciation $ 22,199,913 ==============
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. Pursuant to IRS Regulations, for the year ended December 31, 2004, the Fund has elected to defer $9,235 of foreign currency losses attributable to Post-October losses. (c) The books and records of the fund are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S dollars based upon foreign exchange rates prevailing at the end of the period. (d) The Fund, through its custodian, receives delivery of the underlying securities collateralizing repurchase agreements. It is the Fund's policy that the market value of the collateral be at least equal to 102% of the repurchase price, including interest. The Fund's investment adviser is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held at the custodian bank in a segregated account for the benefit of the Fund and the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities. -------------------------------------------------------------------------------- HANSBERGER INTERNATIONAL FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited) 144A Securities exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of this security amounted to $938,850 or 0.7% of net assets. 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. -------------------------------------------------------------------------------- IXIS U.S. DIVERSIFIED PORTFOLIO -- SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Common Stocks -- 98.3% of Total Net Assets Advertising -- 1.2% 34,775 Getty Images, Inc.(a) $ 2,992,041 71,675 R.H. Donnelley Corp.(a) 4,534,161 -------------- 7,526,202 -------------- Aerospace & Defense -- 1.5% 29,925 Armor Holdings, Inc.(a) 1,287,074 30,900 Boeing Co. (The) 2,099,655 27,100 Lockheed Martin Corp. 1,654,184 116,400 Raytheon Co. 4,425,528 -------------- 9,466,441 -------------- Apparel -- 0.7% 32,875 Carter's, Inc.(a) 1,867,300 46,100 Coach, Inc.(a) 1,445,696 15,400 Nike, Inc., Class B 1,257,872 -------------- 4,570,868 -------------- Banks -- 3.7% 28,525 Banc Corp. (The)(a) 308,070 38,100 Bank of America Corp. 1,604,010 98,025 BOK Financial Corp. 4,721,864 51,875 City National Corp. 3,635,919 146,475 Colonial BancGroup, Inc. 3,281,040 84,506 Dearborn Bancorp, Inc.(a) 2,171,804 93,575 East West Bancorp, Inc. 3,185,293 62,600 South Financial Group (The), Inc. 1,680,184 100,000 U.S. Bancorp 2,808,000 -------------- 23,396,184 -------------- Beverages -- 1.0% 21,400 Coca-Cola Co. (The) 924,266 70,800 Diageo PLC, Sponsored ADR 4,107,108 23,250 PepsiCo, Inc. 1,318,508 -------------- 6,349,882 -------------- Biotechnology -- 1.5% 38,600 Amgen, Inc.(a) 3,075,262 25,175 Celgene Corp.(a) 1,367,506 30,100 Genzyme Corp.(a) 2,156,364 66,000 Human Genome Sciences, Inc.(a) 896,940 44,450 Protein Design Labs, Inc.(a) 1,244,600 29,800 Vertex Pharmaceuticals, Inc.(a) 657,668 -------------- 9,398,340 -------------- Building Materials -- 1.6% 319,150 Comfort Systems USA, Inc. 2,811,711 154,300 Masco Corp. 4,733,924 55,000 Texas Industries, Inc. 2,992,000 -------------- 10,537,635 -------------- Chemicals -- 2.7% 34,100 Air Products & Chemicals, Inc. 1,880,274 135,350 Airgas, Inc. 4,010,420 51,300 Cytec Industries, Inc. 2,225,394 66,500 Dow Chemical Co. (The) 2,771,055 39,300 Du Pont (E.I.) de Nemours & Co. 1,539,381 100,625 Lyondell Chemical Co. 2,879,888 Shares Description Value (+)(c) -------------------------------------------------------------------------------- Chemicals - continued 45,900 Praxair, Inc. $ 2,199,987 -------------- 17,506,399 -------------- Commercial Services -- 4.1% 86,900 Adesa, Inc. 1,920,490 132,325 Aramark Corp., Class B 3,534,401 53,000 Arbitron, Inc. 2,111,520 39,275 Corporate Executive Board Co. 3,062,664 94,850 Exponent, Inc.(a) 2,977,341 72,400 FTI Consulting, Inc.(a) 1,828,824 20,400 Hewitt Associates, Inc., Class A(a) 556,512 33,400 Manpower, Inc. 1,482,626 66,700 Moody's Corp. 3,407,036 30,850 Pharmaceutical Product Development, Inc. 1,774,184 112,300 Rent-A-Center, Inc.(a) 2,168,513 59,768 Viad Corp. 1,634,655 -------------- 26,458,766 -------------- Computers -- 2.4% 33,525 Apple Computer, Inc.(a) 1,797,275 52,200 Cognizant Technology Solutions Corp.(a) 2,431,998 283,800 Hewlett-Packard Co. 8,286,960 680,600 Sun Microsystems, Inc.(a) 2,667,952 -------------- 15,184,185 -------------- Cosmetics & Personal Care -- 0.5% 58,700 Procter & Gamble Co. 3,490,302 -------------- Distribution & Wholesale -- 0.5% 232,750 BlueLinx Holdings, Inc. 3,128,160 -------------- Diversified Financial Services -- 5.7% 32,725 Affiliated Managers Group(a) 2,369,945 97,800 American Express Co. 5,617,632 7,300 Chicago Mercantile Exchange Holdings, Inc. 2,462,290 139,700 Citigroup, Inc. 6,359,144 19,800 Franklin Resources, Inc. 1,662,408 195,600 JPMorgan Chase & Co. 6,636,708 129,900 Morgan Stanley 7,006,806 115,350 Nuveen Investments, Class A 4,543,636 -------------- 36,658,569 -------------- Electric -- 2.1% 26,116 Allete, Inc. 1,196,374 175,725 MDU Resources Group, Inc. 6,264,596 137,550 NRG Energy, Inc.(a) 5,859,630 -------------- 13,320,600 -------------- Electrical Componenets & Equipment -- 0.7% 106,800 Ametek, Inc. 4,589,196 -------------- Electronics -- 0.9% 62,200 Amphenol Corp., Class A 2,509,148 117,350 Avnet, Inc.(a) 2,869,208
-------------------------------------------------------------------------------- IXIS U.S. DIVERSIFIED PORTFOLIO -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Electronics - continued 15,600 Waters Corp.(a) $ 648,960 -------------- 6,027,316 -------------- Engineering & Construction -- 0.6% 72,250 Washington Group International, Inc.(a) 3,893,553 -------------- Entertainment -- 0.7% 64,425 Penn National Gaming, Inc.(a) 2,004,262 126,325 Warner Music Group Corp. 2,338,276 -------------- 4,342,538 -------------- Environmental Control -- 0.1% 43,900 Nalco Holding Co.(a) 740,593 -------------- Food -- 1.9% 129,250 Dean Foods Co.(a) 5,022,655 22,300 Nestle SA, Sponsored ADR 1,634,590 31,835 TreeHouse Foods, Inc.(a) 855,725 21,600 Whole Foods Market, Inc. 2,904,120 20,200 WM Wrigley Jr. Co. 1,451,976 -------------- 11,869,066 -------------- Gas -- 1.1% 109,200 Oneok, Inc. 3,714,984 108,425 UGI Corp. 3,052,164 -------------- 6,767,148 -------------- Health Care - Products -- 4.4% 54,900 Alcon, Inc. 7,020,612 122,700 Baxter International, Inc. 4,892,049 16,450 Intuitive Surgical, Inc.(a) 1,205,620 106,800 Johnson & Johnson 6,758,304 47,300 Medtronic, Inc. 2,536,226 51,825 St. Jude Medical, Inc.(a) 2,425,410 39,100 Sybron Dental Specialties, Inc.(a) 1,625,778 41,800 Varian Medical Systems, Inc.(a) 1,651,518 -------------- 28,115,517 -------------- Health Care - Services -- 3.6% 53,950 Covance, Inc.(a) 2,589,061 37,150 Coventry Health Care, Inc.(a) 3,195,643 55,000 Health Net, Inc.(a) 2,602,600 92,825 Humana, Inc.(a) 4,444,461 9,300 Sierra Health Services, Inc.(a) 640,491 77,775 Triad Hospitals, Inc.(a) 3,520,874 50,100 UnitedHealth Group, Inc. 2,815,620 43,900 WellPoint, Inc.(a) 3,328,498 -------------- 23,137,248 -------------- Home Builders -- 0.3% 42,750 Standard-Pacific Corp. 1,774,553 -------------- Household Products & Wares -- 1.0% 63,725 Church & Dwight Co., Inc. 2,354,002 46,200 Fortune Brands, Inc. 3,757,446 -------------- 6,111,448 -------------- Shares Description Value (+)(c) -------------------------------------------------------------------------------- Insurance -- 2.3% 40,200 Aflac, Inc. $ 1,821,060 139,900 Assurant, Inc. 5,324,594 22,300 MGIC Investment Corp. 1,431,660 93,375 Platinum Underwriters Holdings, Ltd. 2,790,979 87,525 Protective Life Corp. 3,604,279 -------------- 14,972,572 -------------- Internet -- 0.9% 11,100 Google, Inc., Class A(a) 3,512,706 68,200 Yahoo!, Inc.(a) 2,307,888 -------------- 5,820,594 -------------- Iron & Steel -- 0.3% 85,650 Chaparral Steel Co.(a) 2,160,093 -------------- Leisure Time -- 1.6% 121,500 Carnival Corp. 6,072,570 87,400 Harley-Davidson, Inc. 4,233,656 -------------- 10,306,226 -------------- Lodging -- 1.5% 17,475 Choice Hotels International, Inc. 1,129,584 346,825 La Quinta Corp.(a) 3,013,909 31,750 Starwood Hotels & Resorts Worldwide, Inc. 1,815,148 41,850 Station Casinos, Inc. 2,777,166 23,800 Wynn Resorts, Ltd.(a) 1,074,570 -------------- 9,810,377 -------------- Machinery - Diversified -- 1.5% 79,275 Alamo Group, Inc. 1,571,231 95,800 Albany International Corp., Class A 3,532,146 154,575 Wabtec Corp. 4,216,806 -------------- 9,320,183 -------------- Machinery - Construction & Mining -- 0.3% 28,800 Caterpillar, Inc. 1,692,000 -------------- Manufacturing -- 0.4% 50,450 Actuant Corp. 2,361,060 -------------- Media -- 5.4% 105,450 Citadel Broadcasting Corp. 1,447,829 55,900 Comcast Corp., Special Class A(a) 1,608,802 170,400 DIRECTV Group (The), Inc.(a) 2,552,592 665,000 Liberty Media Corp., Class A(a) 5,353,250 84,500 Scholastic Corp.(a) 3,123,120 407,800 Time Warner, Inc. 7,385,258 155,200 Viacom, Inc., Class B 5,123,152 240,100 Walt Disney Co. (The) 5,793,613 53,150 XM Satellite Radio Holdings, Inc., Class A(a) 1,908,616 -------------- 34,296,232 -------------- Metal Fabricate & Hardware -- 0.6% 67,200 Precision Castparts Corp. 3,568,320 --------------
-------------------------------------------------------------------------------- IXIS U.S. DIVERSIFIED PORTFOLIO -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Miscellaneous - Manufacturing -- 4.0% 76,000 3M Co. $ 5,575,360 239,500 General Electric Co. 8,063,965 65,500 Honeywell International, Inc. 2,456,250 13,400 ITT Industries, Inc. 1,522,240 44,000 Pall Corp. 1,210,000 248,000 Tyco International, Ltd. 6,906,800 -------------- 25,734,615 -------------- Office & Business Equipment -- 0.7% 319,900 Xerox Corp.(a) 4,366,635 -------------- Office Furnishings -- 0.3% 225,389 Interface, Inc., Class A(a) 1,861,713 -------------- Oil & Gas -- 4.2% 19,700 ConocoPhillips 1,377,227 55,525 Energy Partners, Ltd.(a) 1,733,490 33,450 EOG Resources, Inc. 2,505,405 100,000 Exxon Mobil Corp. 6,354,000 49,600 Range Resources Corp. 1,915,056 59,700 Southwestern Energy Co.(a) 4,381,980 20,100 Sunoco, Inc. 1,571,820 49,525 Todco, Class A 2,065,688 43,200 Transocean, Inc.(a) 2,648,592 43,725 Ultra Petroleum Corp.(a) 2,487,078 -------------- 27,040,336 -------------- Oil & Gas Services -- 4.0% 33,700 Baker Hughes, Inc. 2,011,216 144,075 FMC Technologies, Inc.(a) 6,066,998 108,525 Grant Prideco, Inc.(a) 4,411,541 45,000 Halliburton Co. 3,083,400 26,500 National Oilwell Varco, Inc.(a) 1,743,700 31,200 Schlumberger, Ltd. 2,632,656 72,250 Universal Compression Holdings, Inc.(a) 2,873,382 35,675 Weatherford International, Ltd.(a) 2,449,446 -------------- 25,272,339 -------------- Pharmaceuticals -- 1.5% 34,300 Abbott Laboratories 1,454,320 32,000 Caremark Rx, Inc.(a) 1,597,760 52,700 Idenix Pharmaceuticals, Inc.(a) 1,322,770 16,500 MGI Pharma, Inc.(a) 384,615 57,650 Omnicare, Inc. 3,241,659 127,000 Perrigo Co. 1,817,370 -------------- 9,818,494 -------------- Pipelines -- 0.4% 30,700 Questar Corp. 2,705,284 -------------- Processing / Business Services -- 0.4% 46,000 Express Scripts, Inc.(a) 2,861,200 -------------- Real Estate -- 1.2% 63,025 CB Richard Ellis Group, Inc., Class A(a) 3,100,830 195,750 Trammell Crow Co.(a) 4,831,110 -------------- 7,931,940 -------------- Shares Description Value (+)(c) -------------------------------------------------------------------------------- REITs - Financial Services -- 0.4% 58,875 CBL & Associates Properties, Inc. $ 2,413,286 -------------- REITs - Shopping Centers -- 0.6% 79,850 Developers Diversified Realty Corp. 3,728,995 -------------- Restaurants -- 1.5% 237,800 McDonald's Corp. 7,963,922 28,000 Yum! Brands, Inc. 1,355,480 -------------- 9,319,402 Retail -- 5.6% 145,350 Applebee's International, Inc. 3,007,291 56,975 BJ's Wholesale Club, Inc.(a) 1,583,905 64,250 Coldwater Creek, Inc.(a) 1,620,385 45,300 Costco Wholesale Corp. 1,951,977 214,300 Gap (The), Inc. 3,735,249 139,000 Home Depot, Inc. 5,301,460 58,800 Kohl's Corp.(a) 2,950,584 80,900 Limited Brands, Inc. 1,652,787 10,100 MSC Industrial Direct Co., Inc. 335,017 48,175 Regis Corp. 1,821,979 100,750 Staples, Inc. 2,147,990 35,600 Starbucks Corp.(a) 1,783,560 59,275 Talbots, Inc. 1,773,508 137,100 Wal-Mart Stores, Inc. 6,007,722 -------------- 35,673,414 -------------- Savings & Loans -- 0.9% 147,700 Washington Mutual, Inc. 5,792,794 -------------- Semiconductors -- 4.0% 71,900 Broadcom Corp., Class A(a) 3,372,829 111,650 Cypress Semiconductor Corp.(a) 1,680,333 241,500 Intel Corp. 5,952,975 59,700 Marvell Technology Group, Ltd.(a) 2,752,767 87,600 Microsemi Corp.(a) 2,237,304 607,950 ON Semiconductor Corp.(a) 3,143,101 143,900 Texas Instruments, Inc. 4,878,210 43,150 Varian Semiconductor Equipment Associates, Inc.(a) 1,828,265 -------------- 25,845,784 -------------- Software -- 4.5% 107,750 Activision, Inc.(a) 2,203,488 76,325 Autodesk, Inc. 3,544,533 132,100 Certegy, Inc. 5,286,642 45,425 Cognos, Inc.(a) 1,768,395 304,825 Compuware Corp.(a) 2,895,837 35,100 First Data Corp. 1,404,000 226,800 Microsoft Corp. 5,835,564 40,125 NAVTEQ Corp(a) 2,004,244 60,200 Salesforce.Com, Inc.(a) 1,391,824 108,550 Sybase, Inc.(a) 2,542,241 -------------- 28,876,768 -------------- Telecommunications -- 3.5% 75,125 ADTRAN, Inc. 2,366,437 139,975 Alamosa Holdings, Inc.(a) 2,394,972 75,650 American Tower Corp.(a) 1,887,468 82,200 Corning, Inc.(a) 1,588,926
-------------------------------------------------------------------------------- IXIS U.S. DIVERSIFIED PORTFOLIO -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Telecommunications - continued 85,750 Harris Corp. $ 3,584,350 94,275 Nextel Partners, Inc., Class A(a) 2,366,303 43,150 NII Holdings, Inc., Class B(a) 3,644,017 49,000 Telefonaktiebolaget LM Ericsson, Sponsored ADR 1,805,160 189,125 Valor Communications Group, Inc. 2,577,774 -------------- 22,215,407 -------------- Transportation -- 1.3% 187,125 Laidlaw International, Inc. 4,522,811 54,500 Union Pacific Corp. 3,907,650 -------------- 8,430,461 -------------- Total Common Stocks (Identified Cost $519,034,891) 628,557,233 -------------- Principal Amount -------------------------------------------------------------------------------- Short-Term Investment -- 1.5% $ 9,776,323 Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2005 at 1.75% to be repurchased at $9,777,749 on 10/03/2005, collateralized by $10,000,000 U. S. Treasury Note, 4.00%, due 09/30/2007 valued at $9,975,000 (d) (Identified Cost $9,776,323) 9,776,323 -------------- Total Investments -- 99.8% (Identified Cost $528,811,214)(b) 638,333,556 Other assets less liabilities -- 0.2% 1,190,677 -------------- Total Net Assets -- 100% $ 639,524,233 ==============
(+) 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. Security transactions are accounted for on trade date. (a) Non-income producing security. (b) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund's fiscal year for tax purposes. Such adjustments are primarily due to wash sales): At September 30, 2005, the net unrealized appreciation on investments based on cost of $528,811,214 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. $ 117,937,627 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value. (8,415,285) -------------- Net unrealized appreciation $ 109,522,342 ==============
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. Pursuant to IRS Regulations, for the year ended December 31, 2004, the Fund has elected to defer $2,008 of foreign currency losses attributable to Post-October losses. (c) The books and records of the fund are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S dollars based upon foreign exchange rates prevailing at the end of the period. (d) The Portfolio, through its custodian, receives delivery of the underlying securities collateralizing repurchase agreements. It is the Portfolio's policy that the market value of the collateral be at least equal to 102% of the repurchase price, including interest. The Portfolio's investment adviser is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held at the custodian bank in a segregated account for the benefit of the Portfolio and the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Portfolio's ability to dispose of the underlying securities. -------------------------------------------------------------------------------- IXIS U.S. DIVERSIFIED PORTFOLIO -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited) 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 -------------------------------------------------------------------------------- IXIS VALUE FUND -- SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Common Stocks -- 97.5% of Total Net Assets Aerospace & Defense -- 2.3% 4,600 General Dynamics Corp. $ 549,930 7,400 Lockheed Martin Corp. 451,696 14,650 Northrop Grumman Corp. 796,227 8,900 Raytheon Co. 338,378 14,825 United Technologies Corp. 768,528 -------------- 2,904,759 -------------- Agriculture -- 0.4% 20,200 Archer-Daniels-Midland Co. 498,132 -------------- Apparel -- 0.1% 5,300 Jones Apparel Group, Inc. 151,050 -------------- Auto Parts & Equipment -- 0.0% 1,600 Lear Corp. 54,352 -------------- Banks -- 5.1% 27,275 Bank of America Corp. 1,148,277 8,200 First Bancorp Puerto Rico 138,744 10,400 Keycorp 335,400 22,400 North Fork Bancorporation, Inc. 571,200 5,850 SunTrust Banks, Inc. 406,283 70,500 U.S. Bancorp 1,979,640 15,000 Wachovia Corp. 713,850 21,200 Wells Fargo & Co. 1,241,684 -------------- 6,535,078 -------------- Beverages -- 4.1% 4,500 Anheuser-Busch Cos., Inc. 193,680 46,000 Coca-Cola Co. (The) 1,986,740 8,800 Molson Coors Brewing Co. 563,288 65,000 Pepsi Bottling Group, Inc. 1,855,750 11,400 PepsiCo, Inc. 646,494 -------------- 5,245,952 -------------- Biotechnology -- 0.3% 5,300 Amgen, Inc.(a) 422,251 -------------- Building Materials -- 1.2% 15,300 Masco Corp. 469,404 6,600 USG Corp.(a) 453,552 11,600 York International Corp. 650,412 -------------- 1,573,368 -------------- Chemicals -- 0.6% 15,425 Praxair, Inc. 739,320 -------------- Coal -- 0.6% 9,200 Peabody Energy Corp. 776,020 -------------- Shares Description Value (+)(c) -------------------------------------------------------------------------------- Commercial Services -- 2.3% 23,050 Accenture, Ltd., Class A $ 586,853 13,125 Aramark Corp., Class B 350,569 94,800 Cendant Corp. 1,956,672 8,800 MPS Group, Inc.(a) 103,840 -------------- 2,997,934 -------------- Computers -- 2.9% 5,000 Dell, Inc.(a) 171,000 95,350 Hewlett-Packard Co. 2,784,220 7,900 Intergraph Corp.(a) 353,209 4,700 International Business Machines Corp. 377,034 -------------- 3,685,463 -------------- Distribution & Wholesale -- 0.1% 8,100 Brightpoint, Inc.(a) 155,034 -------------- Diversified Financial Services -- 10.7% 24,850 American Express Co. 1,427,384 19,125 CIT Group, Inc. 864,068 50,683 Citigroup, Inc. 2,307,090 13,800 Countrywide Financial Corp. 455,124 2,500 Goldman Sachs Group, Inc. 303,950 90,597 JPMorgan Chase & Co. 3,073,956 9,500 Lehman Brothers Holdings, Inc. 1,106,560 21,500 Merrill Lynch & Co., Inc. 1,319,025 51,150 Morgan Stanley 2,759,031 2,100 SLM Corp. 112,644 -------------- 13,728,832 -------------- Electric -- 4.4% 9,625 Constellation Energy Group, Inc. 592,900 12,200 Dominion Resources, Inc. 1,050,908 6,100 Entergy Corp. 453,352 21,075 Exelon Corp. 1,126,248 10,625 NRG Energy, Inc.(a) 452,625 28,200 PG&E Corp. 1,106,850 3,700 TXU Corp. 417,656 12,300 Wisconsin Energy Corp. 491,016 -------------- 5,691,555 -------------- Electronics -- 0.4% 11,400 Amphenol Corp., Class A 459,876 -------------- Engineering & Construction -- 0.5% 79,425 ABB, Ltd., Sponsored ADR(a) 584,568 -------------- Food -- 0.9% 24,400 Kroger Co. (The)(a) 502,396 4,400 Supervalu, Inc. 136,928 27,200 Tyson Foods, Inc., Class A 490,960 -------------- 1,130,284 -------------- Gas -- 0.1% 2,400 UGI Corp. 67,560 --------------
-------------------------------------------------------------------------------- IXIS VALUE FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Health Care - Capital Equipment -- 0.1% 3,400 Applera Corp. - Applied Biosystems Group $ 79,016 -------------- Health Care - Products -- 4.1% 67,000 Baxter International, Inc. 2,671,290 8,000 Becton Dickinson & Co. 419,440 21,100 Boston Scientific Corp.(a) 493,107 3,000 Conmed Corp.(a) 83,640 11,000 Cooper Cos. (The), Inc. 842,710 10,700 Johnson & Johnson 677,096 -------------- 5,187,283 -------------- Health Care - Services -- 2.1% 3,300 Aetna, Inc. 284,262 1,800 Coventry Health Care, Inc.(a) 154,836 4,500 Genesis Healthcare Corp.(a) 181,440 11,500 Laboratory Corp. of America Holdings(a) 560,165 10,500 Quest Diagnostics 530,670 9,100 Triad Hospitals, Inc.(a) 411,957 10,600 UnitedHealth Group, Inc. 595,720 -------------- 2,719,050 -------------- Home Builders -- 0.3% 13,400 WCI Communities, Inc.(a) 380,158 -------------- Insurance -- 4.1% 21,425 Allstate Corp. (The) 1,184,588 14,075 American International Group, Inc. 872,087 140 Berkshire Hathaway, Inc., Class B(a) 382,340 14,100 Genworth Financial, Inc., Class A 454,584 19,650 HCC Insurance Holdings, Inc. 560,615 9,100 Hilb, Rogal & Hobbs Co. 339,612 2,500 LandAmerica Financial Group, Inc. 161,625 2,400 Loews Corp. 221,784 1,900 Metlife, Inc. 94,677 3,000 Old Republic International Corp. 80,010 4,600 Principal Financial Group 217,902 9,450 Prudential Financial, Inc. 638,442 -------------- 5,208,266 -------------- Internet -- 0.2% 9,500 Internet Security Systems(a) 228,095 -------------- Leisure Time -- 0.8% 20,000 Carnival Corp. 999,600 -------------- Lodging -- 0.2% 7,800 La Quinta Corp.(a) 67,782 2,000 Marriott International, Inc., Class A 126,000 -------------- 193,782 -------------- Media -- 7.0% 60,000 Cablevision Systems Corp., Class A(a) 1,840,200 42,675 DIRECTV Group (The), Inc.(a) 639,272 12,000 Liberty Global, Inc.(a) 309,000 12,000 Liberty Global, Inc., Class A(a) 324,960 200,000 Liberty Media Corp., Class A(a) 1,610,000 12,600 McGraw-Hill Cos. (The), Inc. 605,304 44,350 News Corp., Inc., Class A 691,416 Shares Description Value (+)(c) -------------------------------------------------------------------------------- Media - continued 162,425 Time Warner, Inc. $ 2,941,517 -------------- 8,961,669 -------------- Metal Fabricate & Hardware -- 0.1% 2,900 Commercial Metals Co. 97,846 -------------- Miscellaneous - Manufacturing -- 2.8% 31,800 General Electric Co. 1,070,706 21,000 Honeywell International, Inc. 787,500 62,925 Tyco International, Ltd. 1,752,461 -------------- 3,610,667 -------------- Oil & Gas -- 7.9% 1,200 Anadarko Petroleum Corp. 114,900 8,400 BP PLC, Sponsored ADR 595,140 9,600 ChevronTexaco Corp. 621,408 31,575 ConocoPhillips 2,207,408 2,800 Devon Energy Corp. 192,192 70,050 Exxon Mobil Corp. 4,450,977 17,625 GlobalSantaFe Corp. 804,053 1,400 Helmerich and Payne, Inc. 84,546 2,300 Houston Exploration Co.(a) 154,675 4,200 Southwestern Energy Co.(a) 308,280 4,600 Valero Energy Corp. 520,076 -------------- 10,053,655 -------------- Oil & Gas Services -- 2.3% 22,950 Halliburton Co. 1,572,534 5,500 Oil States International, Inc.(a) 199,705 13,800 Smith International, Inc. 459,678 16,700 Universal Compression Holdings, Inc.(a) 664,159 -------------- 2,896,076 -------------- Pharmaceuticals -- 2.9% 24,100 Abbott Laboratories 1,021,840 6,200 AmerisourceBergen Corp. 479,260 3,100 Cardinal Health, Inc. 196,664 17,900 Merck & Co., Inc. 487,059 62,317 Pfizer, Inc. 1,556,055 -------------- 3,740,878 -------------- Pipelines -- 0.1% 1,800 Questar Corp. 158,616 -------------- REITs - Health Care -- 0.4% 19,100 Health Care Property Investors, Inc. 515,509 -------------- REITs - Mortgage -- 0.4% 12,000 American Home Mortgage Investment Corp. 363,600 3,900 Arbor Realty Trust, Inc. 109,590 2,700 Criimi Mae, Inc.(a) 46,467 -------------- 519,657 -------------- REITs - Regional Malls -- 0.4% 6,750 Simon Property Group, Inc. 500,310 --------------
-------------------------------------------------------------------------------- IXIS VALUE FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Restaurants -- 4.0% 96,400 McDonald's Corp. $ 3,228,436 40,000 Yum! Brands, Inc. 1,936,400 -------------- 5,164,836 -------------- Retail -- 7.2% 35,000 Costco Wholesale Corp. 1,508,150 11,600 CVS Corp. 336,516 14,725 Federated Department Stores 984,661 70,000 Gap (The), Inc. 1,220,100 14,200 Home Depot, Inc. 541,588 8,900 JC Penney Co., Inc. 422,038 9,900 Kohl's Corp.(a) 496,782 6,900 Lowe's Cos, Inc. 444,360 16,450 Office Depot, Inc.(a) 488,565 8,000 Regis Corp. 302,560 52,000 Tiffany & Co. 2,068,040 10,200 Wal-Mart Stores, Inc. 446,964 -------------- 9,260,324 -------------- Savings & Loans -- 3.5% 5,300 Firstfed Financial Corp.(a) 285,193 24,000 People's Bank 695,520 80,000 Sovereign Bancorp, Inc. 1,763,200 45,000 Washington Mutual, Inc. 1,764,900 -------------- 4,508,813 -------------- Semiconductors -- 1.9% 26,415 Freescale Semiconductor, Inc., Class B(a) 622,866 55,600 Intel Corp. 1,370,540 13,500 Texas Instruments, Inc. 457,650 -------------- 2,451,056 -------------- Software -- 1.8% 12,000 Compuware Corp.(a) 114,000 10,575 First Data Corp. 423,000 6,500 Intuit, Inc.(a) 291,265 44,800 Microsoft Corp. 1,152,704 30,700 Oracle Corp.(a) 380,373 -------------- 2,361,342 -------------- Telecommunications -- 3.7% 49,850 Avaya, Inc.(a) 513,455 32,400 BellSouth Corp. 852,120 12,050 CenturyTel, Inc. 421,509 33,000 Cisco Systems, Inc.(a) 591,690 36,400 Motorola, Inc. 804,076 36,300 Nokia OYJ, Sponsored ADR 613,833 34,500 SBC Communications, Inc. 826,965 1,700 United States Cellular Corp.(a) 90,814 -------------- 4,714,462 -------------- Tobacco -- 0.9% 15,600 Altria Group, Inc. 1,149,876 -------------- Toys, Games & Hobbies -- 0.0% 3,500 Jakks Pacific, Inc.(a) 56,805 -------------- Shares Description Value (+)(c) -------------------------------------------------------------------------------- Transportation -- 1.3% 16,600 Burlington Northern Santa Fe Corp. $ 992,680 11,100 Norfolk Southern Corp. 450,216 4,400 Overseas Shipholding Group 256,652 -------------- 1,699,548 -------------- Total Common Stocks (Identified Cost $100,296,955) 124,818,583 -------------- Principal Amount -------------------------------------------------------------------------------- Short-Term Investment -- 2.6% $ 3,349,916 Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2005 at 1.75% to be repurchased at $3,350,405 on 10/03/2005, collateralized by $3,430,000 U.S. Treasury Note, 4.00%, due 09/30/2007 valued at $3,421,425(d) (Identified Cost $3,349,916) 3,349,916 -------------- Total Investments -- 100.1% (Identified Cost $103,646,871)(b) 128,168,499 Other assets less liabilities -- (0.1%) (208,471) -------------- Total Net Assets -- 100% $ 127,960,028 ==============
(+) 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. Security transactions are accounted for on trade date. (a) Non-income producing security. -------------------------------------------------------------------------------- IXIS VALUE FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited) (b) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund's fiscal year for tax purposes. Such adjustments are primarily due to wash sales): At September 30, 2005, the net unrealized appreciation on investments based on cost of $103,646,871 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. $ 26,267,054 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value. (1,745,426) -------------- Net unrealized appreciation $ 24,521,628 ==============
(c) The books and records of the fund are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S dollars based upon foreign exchange rates prevailing at the end of the period. (d) The Fund, through its custodian, receives delivery of the underlying securities collateralizing repurchase agreements. It is the Fund's policy that the market value of the collateral be at least equal to 102% of the repurchase price, including interest. The Fund's investment adviser is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held at the custodian bank in a segregated account for the benefit of the Fund and the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities. 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 September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Common Stocks -- 97.6% of Total Net Assets Aerospace & Defense -- 7.0% 34,425 Alliant Techsystems, Inc.(a) $ 2,569,827 55,100 DRS Technologies, Inc. 2,719,736 37,225 Esterline Technologies Corp.(a) 1,410,455 28,612 Moog, Inc., Class A(a) 844,626 -------------- 7,544,644 -------------- Banks -- 7.9% 18,775 City Holding Co. 671,394 45,926 MB Financial, Inc. 1,790,195 67,325 Provident Bankshares Corp. 2,341,564 138,240 Republic Bancorp, Inc. 1,954,714 94,075 UCBH Holdings, Inc. 1,723,454 -------------- 8,481,321 -------------- Building Materials -- 2.8% 136,225 U.S. Concrete, Inc.(a) 1,050,295 36,000 York International Corp. 2,018,520 -------------- 3,068,815 -------------- Commercial Services -- 8.4% 34,300 Consolidated Graphics, Inc.(a) 1,476,615 59,100 Dollar Thrifty Automotive Group, Inc.(a) 1,989,897 64,050 McGrath Rentcorp 1,814,536 29,900 Monro Muffler, Inc.(a) 785,473 11,925 Strayer Education, Inc. 1,127,151 80,850 Team, Inc.(a) 1,819,125 -------------- 9,012,797 -------------- Computer Services -- 0.5% 68,725 Tyler Technologies, Inc.(a) 569,043 -------------- Computers & Peripherals -- 0.7% 42,350 Synaptics, Inc.(a) 796,180 -------------- Distribution & Wholesale -- 2.0% 39,800 Watsco, Inc. 2,113,778 -------------- Diversified Financial Services -- 3.9% 30,850 Financial Federal Corp. 1,227,830 92,750 Raymond James Financial, Inc. 2,979,130 -------------- 4,206,960 -------------- Electric -- 2.2% 97,225 Westar Energy, Inc. 2,346,039 -------------- Electrical Componenets & Equipment -- 0.4% 10,875 MTS Systems Corp. 410,749 -------------- Engineering & Construction -- 0.3% 15,800 Dycom Industries, Inc.(a) 319,476 -------------- Food -- 1.3% 70,600 Corn Products International, Inc. 1,424,002 -------------- Health Care - Products -- 1.8% 47,150 Invacare Corp. 1,964,740 -------------- Shares Description Value (+)(c) -------------------------------------------------------------------------------- Health Care - Services -- 5.1% 68,162 Healthcare Services Group, Inc. $ 1,312,119 31,150 Pediatrix Medical Group, Inc.(a) 2,392,943 40,350 Triad Hospitals, Inc.(a) 1,826,644 -------------- 5,531,706 -------------- Insurance -- 5.3% 121,437 HCC Insurance Holdings, Inc. 3,464,598 59,125 Hilb, Rogal & Hobbs Co. 2,206,545 -------------- 5,671,143 -------------- Internet -- 1.4% 7,325 F5 Networks, Inc.(a) 319,212 76,650 Vignette Corp.(a) 1,219,501 -------------- 1,538,713 -------------- Investment Companies -- 2.9% 32,475 iShares Russell 2000 Value Index Fund 2,141,076 58,725 MCG Capital Corp. 990,691 -------------- 3,131,767 -------------- Iron & Steel -- 1.2% 56,437 Gibraltar Industries, Inc. 1,290,714 -------------- Leisure Time -- 1.2% 113,200 K2, Inc.(a) 1,290,480 -------------- Machinery - Diversified -- 3.8% 56,575 Briggs & Stratton Corp. 1,956,929 54,775 Nordson Corp. 2,083,093 -------------- 4,040,022 -------------- Mining -- 0.3% 12,325 Century Aluminum Co.(a) 277,066 -------------- Miscellaneous - Manufacturing -- 1.9% 253,000 Jacuzzi Brands, Inc.(a) 2,039,180 -------------- Oil & Gas -- 5.6% 34,900 Comstock Resources, Inc.(a) 1,145,069 25,400 GMX Resources, Inc.(a) 667,258 57,975 Petrohawk Energy Corp.(a) 835,420 20,475 Southwestern Energy Co.(a) 1,502,865 42,500 Whiting Petroleum Corp.(a) 1,863,200 -------------- 6,013,812 -------------- Oil & Gas Services -- 5.0% 69,075 Oil States International, Inc.(a) 2,508,113 72,250 Universal Compression Holdings, Inc.(a) 2,873,383 -------------- 5,381,496 -------------- Pipelines -- 1.9% 52,850 Equitable Resources, Inc. 2,064,321 -------------- Real Estate -- 1.1% 23,325 CB Richard Ellis Group, Inc., Class A(a) 1,147,590 --------------
-------------------------------------------------------------------------------- VAUGHAN NELSON SMALL CAP VALUE FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- REITs - Health Care -- 1.8% 48,850 Healthcare Realty Trust, Inc. $ 1,960,839 -------------- REITs - Hotels -- 2.6% 150,550 Ashford Hospitality Trust, Inc. 1,619,918 111,525 Highland Hospitality Corp. 1,144,246 -------------- 2,764,164 -------------- REITs - Mortgage -- 1.0% 22,250 Redwood Trust, Inc. 1,081,573 -------------- Retail -- 5.7% 49,175 Regis Corp. 1,859,798 119,450 Triarc Cos., Inc., Class B 1,824,001 54,700 United Auto Group, Inc. 1,807,288 24,675 Zale Corp.(a) 670,667 -------------- 6,161,754 -------------- Semiconductors -- 1.7% 60,325 ATMI, Inc.(a) 1,870,075 -------------- Software -- 1.4% 56,750 Reynolds & Reynolds Co. (The), Class A 1,555,518 -------------- Telecommunications -- 0.6% 12,650 Netgear, Inc. (a) 303,944 62,450 Sonus Networks, Inc. (a) 362,210 -------------- 666,154 -------------- Transportation -- 5.2% 86,625 Arlington Tankers, Ltd. 2,029,624 81,650 Genesee & Wyoming, Inc., Class A(a) 2,588,305 23,675 Landstar System, Inc.(a) 947,710 -------------- 5,565,639 -------------- Trucking & Leasing -- 1.7% 31,635 AMERCO, Inc.(a) 1,840,841 -------------- Total Common Stocks (Identified Cost $89,817,456) 105,143,111 -------------- Principal Amount -------------------------------------------------------------------------------- Short-Term Investment -- 4.1% $ 4,442,126 Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2005 at 1.750% to be repurchased at $4,442,774 on 10/03/2005, collateralized by $4,545,000 U.S. Treasury Note, 4.000% due 9/30/2007 valued at $4,533,638(d) (Identified Cost $4,442,126) 4,442,126 -------------- Total Investments -- 101.7% (Identified Cost $94,259,582)(b) 109,585,237 Other assets less liabilities -- (1.7%) (1,781,965) -------------- Total Net Assets -- 100% $ 107,803,272 ==============
-------------------------------------------------------------------------------- VAUGHAN NELSON SMALL CAP VALUE FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited) (+) 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. Security transactions are accounted for on trade date. (a) Non-income producing security. (b) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund's fiscal year for tax purposes. Such adjustments are primarily due to wash sales): At September 30, 2005, the net unrealized appreciation on investments based on cost of $94,259,582 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. $ 16,633,415 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value. (1,307,760) -------------- Net unrealized appreciation $ 15,325,655 ===============
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) The books and records of the fund are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S dollars based upon foreign exchange rates prevailing at the end of the period. (d) The Fund, through its custodian, receives delivery of the underlying securities collateralizing repurchase agreements. It is the Fund's policy that the market value of the collateral be at least equal to 102% of the repurchase price, including interest. The Fund's investment adviser is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held at the custodian bank in a segregated account for the benefit of the Fund and the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the counterparty including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities. REITs Real Estate Investment Trusts -------------------------------------------------------------------------------- WESTPEAK CAPITAL GROWTH FUND -- SCHEDULE OF INVESTMENTS -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Common Stocks -- 99.4% of Total Net Assets Aerospace & Defense -- 3.3% 26,400 Boeing Co. (The) $ 1,793,880 8,300 Teledyne Technologies, Inc.(a) 286,101 -------------- 2,079,981 -------------- Apparel Retailers -- 0.8% 15,200 Timberland Co.(a) 513,456 -------------- Beverages -- 1.0% 14,500 Anheuser-Busch Cos., Inc. 624,080 -------------- Biotechnology -- 3.0% 24,000 Amgen, Inc.(a) 1,912,080 -------------- Commercial Services -- 0.8% 24,300 Cendant Corp. 501,552 -------------- Computers -- 4.6% 36,200 Dell, Inc.(a) 1,238,040 6,900 DST Systems, Inc.(a) 378,327 16,300 International Business Machines Corp. 1,307,586 -------------- 2,923,953 -------------- Cosmetics & Personal Care -- 2.4% 20,100 Kimberly-Clark Corp. 1,196,553 5,500 Procter & Gamble Co. 327,030 -------------- 1,523,583 -------------- Diversified Financial Services -- 5.4% 31,200 American Express Co. 1,792,128 14,000 Countrywide Financial Corp. 461,720 5,500 Franklin Resources, Inc. 461,780 13,600 Morgan Stanley 733,584 -------------- 3,449,212 -------------- Electrical Componenets & Equipment -- 1.8% 19,700 Energizer Holdings, Inc.(a) 1,116,990 -------------- Food -- 0.5% 6,100 Hershey Co. (The) 343,491 -------------- Health Care - Capital Equipment -- 0.8% 21,300 Applera Corp. - Applied Biosystems Group 495,012 -------------- Health Care - Products -- 7.9% 23,900 Becton Dickinson & Co. 1,253,077 38,700 Boston Scientific Corp.(a) 904,419 44,800 Johnson & Johnson 2,834,944 -------------- 4,992,440 -------------- Health Care - Services -- 6.6% 18,100 Aetna, Inc. 1,559,134 17,000 Coventry Health Care, Inc.(a) 1,462,340 20,800 UnitedHealth Group, Inc. 1,168,960 -------------- 4,190,434 -------------- Shares Description Value (+)(c) -------------------------------------------------------------------------------- Home Builders -- 2.8% 1,400 NVR, Inc.(a) $ 1,238,930 3,600 William Lyon Homes, Inc.(a) 558,720 -------------- 1,797,650 -------------- Insurance -- 4.1% 8,000 Aflac, Inc. 362,400 12,200 Genworth Financial, Inc., Class A 393,328 6,900 MBIA, Inc. 418,278 2,800 Progressive Corp (The) 293,356 10,700 Prudential Financial, Inc. 722,892 10,650 W.R. Berkley Corp. 420,462 -------------- 2,610,716 -------------- Internet -- 0.8% 12,000 j2 Global Communications, Inc.(a) 485,040 -------------- Lodging -- 0.7% 6,700 Marriott International, Inc., Class A 422,100 -------------- Miscellaneous - Manufacturing -- 2.8% 52,800 General Electric Co. 1,777,776 -------------- Oil & Gas -- 8.5% 6,300 EOG Resources, Inc. 471,870 8,500 Giant Industries, Inc.(a) 497,590 23,700 KCS Energy, Inc.(a) 652,461 26,800 Oil States International, Inc.(a) 973,108 22,200 Southwestern Energy Co.(a) 1,629,480 14,800 Sunoco, Inc. 1,157,360 -------------- 5,381,869 -------------- Oil & Gas Services -- 2.0% 22,600 Lone Star Technologies(a) 1,256,334 -------------- Pharmaceuticals -- 6.7% 11,300 AmerisourceBergen Corp. 873,490 24,300 Cardinal Health, Inc. 1,541,592 10,300 Medco Health Solutions, Inc.(a) 564,749 46,800 Merck & Co., Inc. 1,273,428 -------------- 4,253,259 -------------- REITs - Mortgage -- 0.8% 16,400 American Home Mortgage Investment Corp. 496,920 -------------- Restaurants -- 0.4% 9,100 Darden Restaurants, Inc. 276,367 -------------- Retail -- 7.9% 41,400 American Eagle Outfitters 974,142 6,200 Autozone, Inc.(a) 516,150 30,000 Best Buy Co., Inc. 1,305,900 39,550 Home Depot, Inc. 1,508,437 14,500 JC Penney Co., Inc. 687,590 -------------- 4,992,219 --------------
-------------------------------------------------------------------------------- WESTPEAK CAPITAL GROWTH FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited)
Shares Description Value (+)(c) -------------------------------------------------------------------------------- Savings & Loans -- 0.7% 7,200 Golden West Financial Corp. $ 427,608 -------------- Semiconductors -- 7.8% 37,800 Applied Materials, Inc. 641,088 98,100 Intel Corp. 2,418,165 55,700 Texas Instruments, Inc. 1,888,230 -------------- 4,947,483 -------------- Software -- 9.8% 29,700 BEA Systems, Inc.(a) 266,706 20,700 IMS Health, Inc. 521,019 4,400 Intuit, Inc.(a) 197,164 140,900 Microsoft Corp. 3,625,357 131,700 Oracle Corp.(a) 1,631,763 -------------- 6,242,009 -------------- Telecommunications -- 3.7% 107,900 Cisco Systems, Inc.(a) 1,934,647 5,100 NII Holdings, Inc., Class B(a) 430,695 -------------- 2,365,342 -------------- Tobacco -- 1.0% 9,000 Altria Group, Inc. 663,390 -------------- Total Common Stocks (Identified Cost $61,559,663) 63,062,346 -------------- Principal Amount -------------------------------------------------------------------------------- Short-Term Investment -- 1.0% $ 656,690 Tri-Party Repurchase Agreement with Fixed Income Clearing Corporation, dated 9/30/2005 to be repurchased at $656,786 on 10/03/2005, collateralized by $675,000 U.S. Treasury Note, 4.00%, due 09/30/2007 valued at $673,313 (d) (Identified Cost $656,690) 656,690 -------------- Total Investments -- 100.4% (Identified Cost $62,216,353)(b) 63,719,036 Other assets less liabilities -- (0.4%) (234,363) -------------- Total Net Assets -- 100% $ 63,484,673 ==============
(+) 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. Securitiy transactions are accounted for on the trade date. (a) Non-income producing security. (b) Federal Tax Information (Amounts exclude certain adjustments made at the end of the Fund's fiscal year for tax purposes. Such adjustments are primarily due to wash sales): At September 30, 2005, the net unrealized appreciation on investments based on cost of $62,216,353 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. $ 6,738,525 Aggregate gross unrealized depreciation for all investments in which there is an excess of tax cost over value. (5,235,842) -------------- Net unrealized appreciation $ 1,502,683 ==============
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) The books and records of the fund are maintained in U.S. dollars. The value of securities, currencies and other assets and liabilities denominated in currencies other than U.S. dollars are translated into U.S dollars based upon foreign exchange rates prevailing at the end of the period. (d) The Fund, through its custodian, receives delivery of the underlying securities collateralizing repurchase agreements. It is the Fund's policy that the market value of the collateral be at least equal to 102% of the repurchase price, including interest. The Fund's investment adviser is responsible for determining that the value of the collateral is at all times at least equal to 102% of the repurchase price, including interest. The repurchase agreements are tri-party arrangements whereby the collateral is held at the custodian bank in a segregated account for the benefit of the Fund and the counterparty. Repurchase agreements could involve certain risks in the event of default or insolvency of the -------------------------------------------------------------------------------- WESTPEAK CAPITAL GROWTH FUND -- SCHEDULE OF INVESTMENTS (continued) -------------------------------------------------------------------------------- Investments as of September 30, 2005 (Unaudited) counterparty including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities. REITs Real Estate Investment Trusts ITEM 2. CONTROLS AND PROCEDURES. The registrant's principal executive officer and principal financial officer have concluded that the registrant's disclosure controls and procedures are sufficient to ensure that information required to be disclosed by the registrant 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 changes in the registrant's internal control over financial reporting that occurred during the registrant's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. 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: November 28, 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: November 28, 2005 By:/s/ Michael C. Kardok --------------------- Name: Michael C. Kardok Title: Treasurer Date: November 28, 2005