-----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, PWa821cZV3j8wX8aUvZzRq7mfo+XA2VFKUHNS9h9oR2SQGQuuSwWOsJfONpnwqt7 SkGq+JZO+7JRvaBjI7nycQ== 0001135428-04-000493.txt : 20040923 0001135428-04-000493.hdr.sgml : 20040923 20040923090921 ACCESSION NUMBER: 0001135428-04-000493 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20040731 FILED AS OF DATE: 20040923 DATE AS OF CHANGE: 20040923 EFFECTIVENESS DATE: 20040923 FILER: COMPANY DATA: COMPANY CONFORMED NAME: 1838 INVESTMENT ADVISORS FUNDS CENTRAL INDEX KEY: 0000933996 IRS NUMBER: 232794406 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08902 FILM NUMBER: 041041986 BUSINESS ADDRESS: STREET 1: FIVE RADNOR CORPORATE CENTER SUITE 320 STREET 2: 100 MATSONFORD ROAD CITY: RADNOR STATE: PA ZIP: 19087 BUSINESS PHONE: 6102934300 MAIL ADDRESS: STREET 1: FIVE RADNOR CORPORATE CENTER SUITE 320 STREET 2: 100 MATSONFORD ROAD CITY: RADNOR STATE: PA ZIP: 19087 N-Q 1 nq_1838.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number: 811-08902 Name of Registrant: 1838 Investment Advisors Funds Address of Registrant: 2701 Renaissance Blvd., 4th Fl., King of Prussia, PA 19482 Name and address of agent for service: Anna M. Bencrowsky, 2701 Renaissance Blvd., 4th Fl., King of Prussia, PA 19482 Copies to: John Kelley, 2701 Renaissance Blvd., 4th Fl., King of Prussia, PA 19482 Registrant's telephone number, including area code: (484) 322-4300 Date of fiscal year end: October 31 Date of reporting period: July 31, 2004 ITEM 1: Schedule of Investments
1838 International Equity Fund Schedule of Investments (Unaudited) July 31, 2004 - ----------------------------------------------------------------------------------------------------------------------------------- Industry Shares Value -------- ------ ----- COMMON STOCK -- 99.46% Austria -- 1.90% Erste Bank Der Oester Spark Banks 14,400 559,115 ------------ Australia -- 1.91% BHP Billiton Ltd. Metal & Mining 61,130 564,227 ------------ Canada -- 3.94% Alcan Inc. Metal & Mining 9,300 368,466 Bank of Nova Scotia Banks 15,600 429,616 Encana Corporation Oil & Gas 8,200 363,416 ------------ 1,161,498 ------------ Denmark -- 1.37% Danske Bank A/S Banks 17,500 403,098 ------------ Finland -- 1.47% Stora Enso Oyj-R Shs Paper & Related Products 31,400 432,856 ------------ France -- 9.38% Accor SA Hotels, Restaurants & Leisure 10,200 433,249 AXA, Inc. Insurance 22,400 460,352 BNP Paribas Financial Services 6,258 364,510 Essilor International Health Care Equipment & Supplies 8,000 491,693 LVMH Moet-Hennessy L. Vuitton SA Consumer Durables & Apparel 5,500 375,452 Total SA (B Shares) Oil & Gas 3,300 640,851 ------------ 2,766,107 ------------ Germany -- 9.14% Continental AG Automobiles & Components 10,200 481,388 Deutsche Bank AG Banks 4,700 325,481 E. ON AG Electric Utilities 6,000 426,198 Puma AG Consumer Durables & Apparel 2,460 579,904 SAP AG Software 2,400 385,168 Siemens AG Industrial Conglomerate 7,100 497,411 ------------ 2,695,550 ------------ Greece -- 1.46% Coca-Cola Hellenic Bottling SA Beverages 18,200 429,035 Hong Kong -- 4.20% CNOOC Ltd. Oil & Gas 1,263,800 607,608 Esprit Holdings Ltd. Retailing 141,494 629,479 ------------ 1,237,087 ------------ India -- 1.59% ICICI Bank Ltd. - Sponsored ADR Banks 35,890 467,288 ------------ Ireland -- 2.19% Anglo Irish Bank Corp. Banks 40,860 644,434 ------------ Israel -- 1.53% TEVA Pharmaceutical Ind. - ADR Pharmaceuticals 15,200 449,920 ------------
1838 International Equity Fund Schedule of Investments (Unaudited) July 31, 2004 - ----------------------------------------------------------------------------------------------------------------------------------- Industry Shares Value -------- ------ ----- Japan -- 17.24% Asahi Kasei Corp. Chemicals - Diversified 77,000 337,831 Canon Inc. Office Electronics 8,900 434,400 Hoya Corp. Health Care Equipment & Services 4,100 421,201 JSR Corp. Chemicals 19,000 314,522 KDDI Corp. Wireless Telecommunication Services 75 382,890 Kubota Corporation Machinery 113,000 512,000 Mitsubishi Tokyo Financial Group, Inc. Banks 54 483,047 Nichii Gakkan Co. Commercial Services & Supplies 7,300 279,018 Omron Corp. Electronic Equipment & Instruments 19,100 408,717 Sharp Corp. Household Durables 28,000 404,217 SMC Corp. Machinery 3,100 303,172 Sumitomo Realty & Dev. Co., Ltd. Real Estate 36,800 418,996 Toray Industries, Inc. Textile Products 81,000 383,724 ------------ 5,083,735 ------------ Mexico -- 1.99% America Movil SA (L Shares) - ADR Wireless Communication Services 16,500 589,545 ------------ Norway -- 1.42% Telenor ASA Telecommunications 61,500 418,986 ------------ Netherlands -- 4.85% ING Groep NV Diversified Financial Services 26,234 608,948 Koninklijke Numico NV Food Products 13,800 430,482 Reed Elsevier NV Media 30,600 391,250 ------------ 1,430,680 ------------ Singapore -- 3.04% DBS Group Holdings Ltd. Banks 52,855 476,102 Keppel Corp. Ltd. Diversified Financials 98,900 419,567 ------------ 895,669 ------------ Spain -- 3.16% Banco Popular Espanol SA Banks 7,900 425,531 Grupo Ferrovial SA Construction & Engineering 11,600 505,982 ------------ 931,513 ------------ Sweden -- 2.95% Ericsson (LM) Tel - Sponsored ADR Wireless Telecommunication Services 14,300 381,953 Getinge AB (B Shares) Health Care Equipment & Services 42,400 488,982 ------------ 870,935 ------------ Switzerland -- 5.47% Actelion Ltd. Pharmaceuticals 3,700 353,558 Nestle SA - Sponsored ADR Food Products 7,000 446,950 Novartis AG - Registered Shares Pharmaceuticals 11,170 499,850 SGS SA Commercial Services 583 313,977 ------------ 1,614,335 ------------ United Kingdom -- 19.26% Barclays PLC Banks 56,634 473,736 BP PLC Oil & Gas 95,972 900,961 British Sky Broadcasting Group PLC* Media 32,200 353,959 Capita Group PLC Commercial Sefvices & Supplies 77,700 432,005 Lloyds TSB Group PLC Banks 55,946 419,402 Man Group PLC Diversified Financials 15,587 369,325 Reckitt Benckiser PLC Household Products 22,235 608,116 Royal Bank of Scotland Group PLC Banks 16,093 452,719 SABMiller PLC Beverage Manufacturing 43,290 551,832
1838 International Equity Fund Schedule of Investments (Unaudited) July 31, 2004 - ----------------------------------------------------------------------------------------------------------------------------------- Industry Shares Value -------- ------ ----- Tesco PLC Food & Drug retailing 99,503 460,948 Vodafone Airtouch PLC Wireless Telecommunication Services 301,030 654,152 ------------ 5,677,155 ------------ TOTAL COMMON STOCK (Cost $23,898,868) 29,322,769 SHORT-TERM INVESTMENT -- 0.63% Evergreen Institutional Money Market Fund - I Shares 187,069 187,069 ------------ TOTAL INVESTMENTS (Cost $24,085,937) -- 100.11% 29,509,838 OTHER ASSETS AND LIABILITIES, NET -- (0.11%) (31,076) ------------ NET ASSETS -- 100.00% 29,478,762 ------------
1838 Fixed Income Fund Schedule of Investments (Unaudited) July 31, 2004 - ----------------------------------------------------------------------------------------------------------------------------------- Moody's/S&P Principal Rating Amount Value ----------- --------- ------- CORPORATE BONDS -- 38.95% Financial -- 13.35% Chubb Corp., 3.95%, 04/01/08 A2/A 400,000 397,798 Credit Suisse FB USA Inc., 3.875%, 01/15/09 Aa3/A+ 365,000 358,389 Ford Motor Credit Co., 7.00%, 10/01/13 A3/BBB- 185,000 188,303 GE Global Insurance Holding, 7.00%, 02/15/26 A1/A- 365,000 386,858 General Motors Acceptance Corp., 4.375%, 12/10/07 A3/BBB 475,000 471,099 Goldman Sachs Group Inc., 6.125%, 02/15/33 Aa3/A+ 205,000 197,220 New York Life Insurance Co., 5.875%, 05/15/33, 144A Aa3/AA- 200,000 192,872 Washington Mutual Inc., 4.375%, 01/15/08 A3/A- 370,000 375,456 ----------- 2,567,997 ----------- Industrial & Miscellaneous -- 17.23% BAE Systems 2001 Asset Trust, 6.664%, 09/15/13, 144A Aaa/AAA 258,791 280,165 Centex Corp., 4.75%, 01/15/08 Baa2/BBB 380,000 385,598 Ford Motor Co., 7.45%, 07/16/31 Baa1/BBB- 85,000 80,843 International Paper Co., 5.85%, 10/30/12 Baa2/BBB 345,000 354,259 Reed Elsevier Capital, 613%, 08/01/06 A3/A- 335,000 353,540 SAB Miller PLC, 6.625%, 08/15/33, 144A Baa1/BBB+ 350,000 371,871 Transocean Sedco Inc., 6.75%, 04/15/05 Baa2/A- 395,000 404,592 Tyco Intl Group, 613%, 01/15/09 Baa3/BBB 340,000 364,155 United Mexican States, 4.625%, 10/08/08 Baa2/BBB- 380,000 378,480 Weyerhaeuser Co., 6.000%, 08/01/06 Baa2/BBB 325,000 342,021 ----------- 3,315,523 ----------- Telecommunications & Multimedia -- 8.37% AOL Time Warner, 6.125%, 04/15/06 Baa1/BBB+ 180,000 188,553 AOL Time Warner, 7.625%, 04/15/31 Baa1/BBB+ 235,000 258,537 AT&T Wireless Services Inc., 7.50%, 05/01/07 Baa2/BBB 190,000 208,821 British Telecom PLC, 7.625%, 12/15/10 Baa1/A- 175,000 206,254 Comcast Corp., 7.05%, 03/15/33 Baa3/BBB 35,000 36,894 Deutsche Telekom International Finance, 7.75%, 06/15/05 Baa2/BBB+ 195,000 204,459 France Telecom, 7.75%, 03/01/11 Baa2/BBB+ 280,000 326,695 GTE Corp. (Verizon), 6.94%, 04/15/28 A3/A+ 175,000 180,882 ----------- 1,611,095 ----------- Total Corporate Bonds 7,494,616 ----------- ASSET BACKED SECURITIES -- 12.79% Bear Stearns Commercial Mortgage Sec., Ser. 1999-WF2, C1. A2, 7.08%, 06/15/09 Aaa/AAA 285,000 317,879 Carmax Auto Owner Trust, Ser. 2004-1, C1. A3, 2.66%, 05/15/08 Aaa/AAA 425,000 422,393 Drivetime Auto Owner Trust, Ser. 2004-A C1. A3, 2.419%, 08/15/08, 144A Aaa/AAA 410,000 404,875 Franklin Auto Trust, Ser. 2003-1, C1. A4, 2.27%, 05/20/11 Aaa/AAA 380,000 371,696 FHLMC Structured Pass Through Sec., Ser. H005, C1. A1, 2.55%, 08/15/07 Aaa/AAA 109,616 109,281 Long Beach Auto Receivables Trust, Ser. 2003-A, C1. A3, 2.021%, 07/15/07 Aaa/AAA 415,000 414,607 TF Automobiles Receivables Owner Trust, Ser. 2002-1 C1. A3, 3.00%, 05/12/09, 144A Aaa/AAA 280,000 281,568 Textron Financial Corp. Receivables Trust,Ser. 2000-B, C1. A3, 6.99%, 03/15/06, 144A Aaa/AAA 140,724 140,708 ----------- Total Asset Backed Securities 2,463,006 ----------- MORTGAGE BACKED SECURITIES -- 32.02% FGCI, Pool # E92496, 5.50%, 11/01/17 Aaa/AAA 18,621 19,155 FGCI, Pool # B13342, 5.50%, 04/01/19 Aaa/AAA 170,310 175,055 FGCI, Pool # B13580, 5.00%, 04/01/19 Aaa/AAA 202,325 203,914 FGLMC, Pool # C72047, 7.00%, 09/01/32 Aaa/AAA 4,311 4,564 FGLMC, Pool # A00930, 10.00%, 05/01/20 Aaa/AAA 6,331 7,087
1838 Fixed Income Fund Schedule of Investments (Unaudited) July 31, 2004 - ----------------------------------------------------------------------------------------------------------------------------------- Moody's/S&P Principal Rating Amount Value ----------- --------- ------- FGLMC, Pool # C80342, 6.50%, 09/01/25 Aaa/AAA 31,533 33,112 FGLMC, Pool #D85515, 6.50%, 01/01/28 Aaa/AAA 206,772 216,811 FGLMC, Pool # C16503, 6.50%, 10/01/28 Aaa/AAA 2,423 2,538 FGLMC, Pool # C00967, 8.50%, 02/01/30 Aaa/AAA 116,791 127,142 FGLMC, Pool # C01361, 6.00%, 05/01/32 Aaa/AAA 205,639 211,151 FGLMC, Pool # A14640, 5.00%, 10/01/33 Aaa/AAA 986,335 963,868 FGLMC, Pool #A22212, 5.500%, 05/01/34 Aaa/AAA 314,348 315,678 FNCI, Pool # 303728, 6.00%, 01/01/11 Aaa/AAA 205,660 215,401 FNCI, Pool # 535003, 7.00%, 11/01/14 Aaa/AAA 111,103 117,844 FNCI, Pool # 357279, 6.00%, 05/01/17 Aaa/AAA 324,441 338,995 FNCI, Pool # 701353, 5.00%, 04/01/18 Aaa/AAA 162,686 167,495 FNCI, Pool # 695852, 5.00%, 05/01/18 Aaa/AAA 319,105 321,897 FNCI, Pool #722798, 5.00%, 06/01/18 Aaa/AAA 248,555 250,730 FNCL, Pool # 481429, 6.00%, 01/01/29 Aaa/AAA 468,743 482,758 FNCL, Pool # 522898, 8.00%, 01/01/30 Aaa/AAA 74,913 81,445 FNCL, Pool # 526025, 8.00%, 01/01/30 Aaa/AAA 83,258 90,415 FNCL, Pool # 704096, 5.50%, 05/01/33 Aaa/AAA 749,463 753,145 FNCL, Pool #743430, 5.50%, 10/01/33 Aaa/AAA 387,970 389,876 GNSF, Pool # 6937, 8.50%, 12/15/05 Aaa/AAA 631 647 GNSF, Pool # 780374, 7.50%, 12/15/23 Aaa/AAA 192,744 208,342 GNSF, Pool # 417239, 7.00%, 02/15/26 Aaa/AAA 302,877 322,919 GNSF, Pool #569684, 6.00%, 02/15/32 Aaa/AAA 129,362 133,321 GNSF, Pool #588967, 6.00%, 11/15/32 Aaa/AAA 5,353 5,517 ----------- Total Mortgage Backed Securities 6,160,821 ----------- U.S. GOVERNMENT AGENCY OBLIGATIONS -- 9.39% FHLMC, 5.125%, 11/07/13 Aaa/AAA 250,000 248,034 FHLMC, Sub. Notes, 6.25%, 03/05/12 Aa2/AA- 535,000 563,008 FNMA, 3.50%, 10/15/07 Aaa/AAA 400,000 397,736 FNMA, 3.125%, 03/16/09 Aaa/AAA 405,000 388,079 FFCB, 3.25%, 06/15/07 Aaa/AAA 210,000 209,248 ----------- Total U.S. Agency Obligations 1,806,104 ----------- U.S. TREASURY OBLIGATIONS* -- 5.53% U.S. Treasury Notes, 1.50%, 03/31/06 250,000 245,986 U.S. Treasury Notes, 3.025%, 04/15/09 90,000 87,986 U.S. Treasury Notes, 2.75%, 06/30/06 225,000 225,448 U.S. Treasury Bonds, 5.375%, 02/15/31 490,000 501,867 ----------- Total U.S. Treasury Obligations 1,061,287 ----------- SHORT-TERM INVESTMENTS -- 0.49% Shares ------ Evergreen Institutional Money Market Fund - I Shares 91,821 91,821 ----------- TOTAL INVESTMENTS -- 99.15% 19,077,655 OTHER ASSETS AND LIABILITIES, NET-- 0.85% 164,471 ----------- NET ASSETS -- 100.00% 19,242,126 ===========
ITEM 2: CONTROLS AND PROCEDURES. (a) The registrant's principal executive officer and principal financial officer have evaluated the registrant's disclosure controls and procedures within 90 days of this filing and have concluded that the registrant's disclosure controls and procedures were effective, as of that date, in ensuring that information required to be disclosed by the registrant in this Form N-Q was recorded, processed, summarized, and reported timely. (b) The registrant's principal executive officer and principal financial officer are aware of 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. (1) Separate certifications by the registrant's principal executive officer and principal financial officer, required by Rule 30a-2(a) under the Investment Company Act of 1940, are attached. (2) A certification by the registrant's principal executive officer and principal financial officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940, is attached. 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. 1838 Investment Advisors Funds BY: /s/ W. Thacher Brown ---------------------------- W. Thacher Brown Chairman and President Date: September __, 2004 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. BY: /s/ W. Thacher Brown --------------------------------- W. Thacher Brown Chairman and President (Principal Executive Officer) Date: September __, 2004 BY: /s/ Anna M. Bencrowsky --------------------------------- Anna M. Bencrowsky Secretary and Treasurer (Principal Financial Officer) Date: September __, 2004 EX-99.CERT 2 exhibit.txt CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, W. Thacher Brown, certify that: 1. I have reviewed this report on Form N-Q of the 1838 Investment Advisors Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting Date: ___________________________ ___________________________ W. Thacher Brown Chairman and President (Principal Executive Officer) 1 CERTIFICATION Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 I, Anna M. Bencrowsky, certify that: 1. I have reviewed this report on Form N-Q of the 1838 Investment Advisors Funds; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting Date: _______________________ _______________________ Anna M. Bencrowsky Secretary and Treasurer (Principal Financial Officer) -----END PRIVACY-ENHANCED MESSAGE-----