N-Q 1 nq_1838.txt UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-08902 Exact Name of Registrant as specified in charter: 1838 Investment Advisors Funds Address of Principal Executive Officers: 2701 Renaissance Blvd., 4th Fl., King of Prussia, PA 19406 Name and address of agent for service: Daniel N. Mullen, 2701 Renaissance Blvd., 4th Fl., King of Prussia, PA 19406 Copies to: Panayiotis (Peter) S. Andreou, 113 King Street Armonk, NY 10504 Registrant's telephone number, including area code: (914) 273-4545 Date of fiscal year end: October 31, 2005 Date of reporting period: January 31, 2005 ITEM 1: Schedule of Investments 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.
1838 International Equity Fund Schedule of Investments January 31,2005 --------------------------------------------------------------------------------------------------------------------------------- Value COMMON STOCK -- 99.02% Industry Shares (Note 2) -------- ------ -------- Austria -- 1.91% Erste Bank Der Oester Spark Banks 12,900 637,319 -------------- Australia -- 2.10% BHP Billiton Ltd. Metal & Mining 55,730 702,668 -------------- Canada -- 2.94% Bank of Nova Scotia Banks 15,600 496,635 Encana Corporation Oil & Gas 8,200 484,829 -------------- 981,464 -------------- Denmark -- 1.32% Danske Bank A/S Banks 15,100 441,083 -------------- Finland -- 1.68% Fortum OYJ Electric-Intergrated 31,400 560,761 -------------- France -- 7.93% AXA, Inc. Insurance 22,400 543,695 BNP Paribas Banks 6,258 451,523 Essilor International Health Care Equipment & Supplies 8,000 568,348 LVMH Moet-Hennessy L. Vuitton SA Consumer Durables & Apparel 5,500 382,136 Total SA (B Shares) Oil & Gas 3,300 707,632 -------------- 2,653,334 -------------- Germany -- 11.44% Continental AG Automobiles & Components 11,400 791,023 Deutsche Bank AG Banks 4,700 398,847 E. ON AG Electric Utilites 8,345 747,545 Puma AG Consumer Durables & Apparel 2,180 535,668 SAP AG Software 2,400 371,981 Siemens AG Industrial Conglomerate 6,330 503,340 Celesio AG Pharmaceuticals 6,180 476,509 -------------- 3,824,913 -------------- Greece -- 1.28% Coca-Cola Hellenic Bottling SA Beverages 18,200 429,415 -------------- Hong Kong -- 4.22% CNOOC Ltd. Oil & Gas 1,120,800 592,738 Esprit Holdings Ltd. Retailing 760,000 453,862 China Resources Power Holdings 78,494 365,389 -------------- 1,411,989 -------------- India -- 1.87% ICICI Bank Ltd. - Sponsored ADR Banks 31,790 625,309 --------------
1
Value COMMON STOCK -- 99.02% Industry Shares (Note 2) -------- ------ -------- Ireland -- 5.02% Allied Irish Bank PLC. Banks 24,680 489,330 Anglo Irish Bank Corp. Banks 31,460 766,881 CRH PLC Construction Materials 16,000 423,602 -------------- 1,679,813 -------------- Indonesia -- 1.19% PT Indonesian Satellite Telecommunication Services 12,800 398,720 -------------- Israel -- 1.18% TEVA Pharmaceutical Ind. - ADR Pharmaceuticals 13,700 393,601 -------------- Japan -- 18.59% Canon Inc. Office Electronics 8,900 464,550 Casio Computer CO Ltd Electronic Equipment & Instruments 28,300 396,919 Daiwa Securities Group Diversified Financial Services 53,000 359,635 Hoya Corp. Health Care Equipment & Services 4,100 422,860 JSR Corp. Chemicals 19,000 404,040 Kobe Steel Ltd. Construction Materials 257,000 409,888 Kubota Corporation Machinery 90,000 481,949 Omron Corp. Electronic Equipment & Instruments 19,100 461,553 Sharp Corp. Household Durables 28,000 429,520 SMC Corp. Machinery 3,700 432,749 Sumitomo Realty & Dev. Co., Ltd. Real Estate 35,000 489,875 Terumo Corp. Pharmaceuticals 15,400 445,827 Toray Industries Inc. Industrial Materials 97,000 452,864 Toyota Motor Corp. Automobiles & Components 14,500 564,835 -------------- 6,217,064 -------------- Mexico -- 2.27% America Movil SA (L Shares) - ADR Wireless Telecommunication Services 14,300 758,758 -------------- Netherlands -- 4.95% ING Groep NV Diversified Financial Services 26,234 755,077 Koninklijke Numico NV Food Products 12,700 486,388 Reed Elsevier NV Media 30,600 412,847 -------------- 1,654,312 -------------- Norway -- 1.69% Telenor ASA Telecommunication Services 61,500 566,285 -------------- Singapore -- 2.76% DBS Group Holdings Ltd. Banks 44,855 433,037 Kepple Corp. Ltd. Diversified Financials 86,900 488,501 -------------- 921,538 -------------- Spain -- 3.45% Banco Popular Espanol SA Banks 7,900 524,170 Grupo Ferrovial SA Construction & Engineering 10,500 627,972 -------------- 1,152,142 -------------- Sweden -- 2.56% Ericsson (LM) Tel - Sponsored ADR Wireless Telecommunication Services 14,300 419,419 Getinge AB (B Shares) Health Care Equipment & Services 33,600 437,635 -------------- 857,054 --------------
2
Value COMMON STOCK -- 99.02% Industry Shares (Note 2) -------- ------ -------- Switzerland -- 4.09% Nestle SA - Sponsored ADR Food Products 6,400 420,160 Novartis AG - Registered Shares Pharmaceuticals 11,170 535,709 SGS SA Commercial Services 583 412,294 -------------- 1,368,163 -------------- United Kingdom -- 14.58% Barclays PLC Banks 56,634 621,143 BP PLC Oil & Gas 83,200 821,494 Capita Group PLC Commercial Services & Supplies 53,300 360,145 HSBC Holdings PLC Banks 27,200 450,944 Reckitt Benckiser PLC Household Products 14,805 440,357 Royal Bank of Scotland Group PLC Banks 16,093 534,820 Sabmiller PLC Brewery 30,490 467,533 Tesco PLC Food & Drug Retailing 80,632 469,166 Vodafone Airtouch PLC Wireless Telecommunication Services 274,730 711,185 -------------- 4,876,787 -------------- TOTAL COMMON STOCK (Cost $23,890,200) 33,112,492 -------------- SHORT-TERM INVESTMENT -- 0.97% Evergreen Institutional Money Market Fund - I Shares (Cost $325,136) 325,136 325,136 -------------- TOTAL INVESTMENTS (Cost $24,215,336) t -- 99.99% 33,437,628 OTHER ASSETS AND LIABILITIES, NET -- 0.01% 1,998 -------------- NET ASSETS -- 100.00% 33,439,626 ==============
3
1838 Fixed Income Fund Schedule of Investments January 31, 2005 --------------------------------------------------------------------------------------------------------------------------------- Moody's/S&P Principal Value CORPORATE BONDS -- 40.51% Rating Amount (Note 2) ------------ ---------- ---------- Financial -- 14.44% Capital One Financial Corp, 8.75%, 02/01/07 Baa3/BBB- 185,000 202,016 Chubb Corp., 3.95%, 04/01/08 A2/A 300,000 299,322 Credit Suisse FB USA Inc., 3.875%, 01/15/09 Aa3/A+ 365,000 362,038 Ford Motor Credit Co., 7.00%, 10/01/13 A3/BBB- 185,000 194,984 GE Global Insurance Holding, 7.00%, 02/15/26 A1/A- 180,000 200,650 General Motors Acceptance Corp., 4.375%, 12/10/07 A3/BBB- 350,000 339,646 Goldman Sachs Group Inc., 6.125%, 02/15/33 Aa3/A+ 180,000 192,739 New York Life Insurance Co., 5.875%, 05/15/33, 144A Aa3/AA- 200,000 214,458 Washington Mutual Inc., 4.375%, 01/15/08 A3/A- 370,000 373,950 -------------- 2,379,803 -------------- Industrial & Miscellaneous -- 17.27% BAE Systems 2001 Asset Trust, 6.664%, 09/15/13, 144A* Aaa/AAA 243,108 268,070 Centex Corp., 4.75%, 01/15/08 Baa2/BBB 280,000 284,861 Ford Motor Co., 7.45%, 07/16/31 Baa1/BBB- 85,000 84,800 International Paper Co., 5.85%, 10/30/12 Baa2/BBB 345,000 372,121 Reed Elsevier Capital, 6.125%, 08/01/06 A3/A- 335,000 345,520 SAB Miller PLC, 6.625%, 08/15/33, 144A Baa1/BBB+ 350,000 405,238 Tyco International Group, 6.125%, 01/15/09 Baa3/BBB 340,000 365,368 United Mexican States, 4.625%, 10/08/08 Baa2/BBB- 380,000 383,800 Weyerhaeuser Co., 6.00%, 08/01/06 Baa2/BBB 325,000 336,214 -------------- 2,845,992 -------------- Telecommunications & Multimedia -- 8.80% AT&T Wireless Services Inc., 7.50%, 05/01/07 Baa2/A 190,000 205,061 AOL Time Warner, 6.125%, 04/15/06 Baa1/BBB+ 180,000 185,451 AOL Time Warner, 7.625%, 04/15/31 Baa1/BBB+ 160,000 197,084 British Telecom PLC, 7.625%, 12/15/05 Baa1/A- 175,000 209,251 Comcast Corp., 7.05%, 03/15/33 Baa3/BBB 35,000 41,089 France Telecom, 7.75%, 03/01/11 Baa2/BBB+ 280,000 334,135 GTE North Inc., 6.73%, 02/15/28 A1/A+ 260,000 277,802 -------------- 1,449,873 -------------- Total Corporate Bonds (Cost $6,494,199) 6,675,668 --------------
4
Moody's/S&P Principal Value Rating Amount (Note 2) ------------ ---------- ---------- ASSET BACKED SECURITIES -- 11.84% Bear Stearns Commercial Mortgage Sec., Ser. 1999-WF2, Cl. A2, 7.08%, 06/15/09 Aaa/AAA 285,000 317,039 Carmax Auto Owner Trust, Ser. 2004-1, Cl. A3, 2.66%, 05/15/08 Aaa/AAA 425,000 421,047 Drivetime Auto Owner Trust, Ser. 2004-A, Cl. A3, 2.419%, 08/15/08, 144A Aaa/AAA 410,000 404,106 Franklin Auto Trust, Ser. 2003-1, Cl. A4, 2.27%, 05/20/11 Aaa/AAA 380,000 371,720 Long Beach Auto Receivables Trust, Ser. 2003-A, Cl. A3, 2.021%, 07/15/07 Aaa/AAA 242,978 241,981 TF Auto Receivables Owner Trust, Ser. 2002-1, Cl. A3, 3.00%, 05/12/09, 144A Aaa/AAA 195,668 195,546 -------------- Total Asset Backed Securities (Cost $1,932,982) 1,951,439 -------------- MORTGAGE BACKED SECURITIES -- 33.00% FGCI, Pool # E92496, 5.50%, 11/01/17 Aaa/AAA 14,851 15,326 FGCI, Pool # B13342, 5.50%, 04/01/19 Aaa/AAA 165,883 171,105 FGCI, Pool # B13580, 5.00%, 04/01/19 Aaa/AAA 192,377 195,536 FGLMC, Pool # C72047, 7.00%, 04/11/32 Aaa/AAA 4,262 4,511 FGLMC, Pool # A00930, 10.00%, 05/01/20 Aaa/AAA 5,342 5,918 FGLMC, Pool # A22212, 5.50%, 05/01/34 Aaa/AAA 311,912 318,138 FGLMC, Pool # C80342, 6.50%, 09/01/25 Aaa/AAA 26,062 27,387 FGLMC, Pool # D85515, 6.50%, 01/01/28 Aaa/AAA 171,540 180,051 FGLMC, Pool # C16503, 6.50%, 10/01/28 Aaa/AAA 2,097 2,200 FGLMC, Pool # A14640, 5.00%, 10/01/33 Aaa/AAA 625,639 626,304 FHLMC Pool # C01361, 6.00%, 05/01/32 Aaa/AAA 180,598 186,633 FHLMC Pool # C00967, 8.5%, 02/01/30 Aaa/AAA 88,297 96,157 FNCI, Pool # 303728, 6.00%, 01/01/11 Aaa/AAA 162,400 170,255 FNCI, Pool # 535003, 7.00%, 11/01/14 Aaa/AAA 90,248 95,555 FNCI, Pool # 357279, 6.00%, 05/01/17 Aaa/AAA 265,031 277,533 FNCI, Pool # 701353, 5.00%, 04/01/18 Aaa/AAA 134,146 138,540 FNCI, Pool # 780962, 4.50%, 05/01/19 Aaa/AAA 224,299 224,156 FNCI, Pool # 695852, 5.00%, 05/01/18 Aaa/AAA 283,953 288,766 FNCI, Pool # 722798, 5.00%, 05/01/19 Aaa/AAA 227,184 231,034 FNCL, Pool # 481429, 6.00%, 01/01/29 Aaa/AAA 398,740 411,926 FNCL, Pool # 522898, 8.00%, 01/01/30 Aaa/AAA 74,354 80,897 FNCL, Pool # 526025, 8.00%, 01/01/30 Aaa/AAA 48,272 52,390 FNCL, Pool # 704096, 5.50%, 05/01/33 Aaa/AAA 712,183 726,113 FNCL, Pool # 743430, 5.50%, 10/01/33 Aaa/AAA 366,172 373,334 GNSF, Pool # 6937, 8.50%, 12/15/05 Aaa/AAA 367 372 GNSF, Pool # 780374, 7.50%, 12/15/23 Aaa/AAA 159,754 172,616 GNSF, Pool # 417239, 7.00%, 02/15/26 Aaa/AAA 233,265 248,429 GNSF, Pool # 569684, 6.00%, 02/15/32 Aaa/AAA 108,460 112,802 GNSF, Pool # 588967, 6.00%, 11/15/32 Aaa/AAA 3,673 3,820 -------------- Total Mortgage Backed Securities (Cost $5,303,020) 5,437,804 --------------
5
Moody's/S&P Principal Value Rating Amount (Note 2) ------------ ---------- ---------- U.S. AGENCY OBLIGATIONS -- 7.92% Freddie Mac MTN., 5%, 7/15/14 Aaa/AAA 210,000 218,624 FHLMC, 5.125%, 11/07/13 Aaa/AAA 250,000 251,826 FHLMC, Sub. Notes, 6.25%, 03/05/12 Aa2/AA- 335,000 348,857 FNMA, 6.00%, 5/15/08 Aaa/AAA 170,000 181,713 FNMA, 3.125%, 03/16/09 Aaa/AAA 145,000 140,631 Freddie Mac MTN., 3.60%, 05/7/08 Aaa/AAA 165,000 164,476 -------------- Total U.S. Government Agency Obligations (Cost $1,303,319) 1,306,127 -------------- U.S. TREASURY OBLIGATIONS** -- 3.93% U.S. Treasury Notes, 1.50%, 03/31/06 Aaa/AAA 35,000 34,397 U.S. Treasury Notes, 2.75%, 06/30/06 Aaa/AAA 225,000 223,875 U.S. Treasury Notes, 3.125%, 04/15/09 Aaa/AAA 90,000 88,323 U.S.Treasury Bonds, 5.375%, 02/15/31 Aaa/AAA 270,000 302,031 -------------- Total U.S. Treasury Obligations (Cost $638,102) 648,626 -------------- SHORT-TERM INVESTMENTS -- 1.98% Shares ---------- Evergreen Institutional Money Market Fund - I Shares (Cost $325,615) 325,615 325,615 -------------- TOTAL INVESTMENTS (Cost $15,997,237) -- 99.18% 16,345,279 OTHER ASSETS AND LIABILITIES, NET-- 0.82% 134,881 -------------- NET ASSETS -- 100.00% 16,480,160 ============== 144A Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. As of January 31, 2005, these securities amounted to 2.93% of net assets. These securities have been determined to be liquid under the guidelines approved by the Board of Trustees. * The bond's principal and interest payments are insured by MBIA, Inc., the parent company of the Fund's sub-adviser, MBIA Capital Management Corp. ** While no ratings are shown for U.S. Government Agency Obligations and U.S. Treasury Obligations, they are considered to be of the highest quality, comparable to Moody's AAA rating and S&P's Aaa rating.
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/ Ross K. Chapin ---------------------------------- Ross K. Chapin President, Chief Executive Officer Date: March 22, 2005 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/ Ross K. Chapin ---------------------------------- Ross K. Chapin President, Chief Executive Officer (Principal Executive Officer) Date: March 22, 2005 BY: /s/ Daniel N. Mullen ----------------------------- Daniel N. Mullen Treasurer (Principal Financial Officer) Date: March 22, 2005