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Huntington Funds – ‘N-Q’ for 3/31/05

On:  Friday, 5/27/05, at 1:42pm ET   ·   Effective:  5/27/05   ·   For:  3/31/05   ·   Accession #:  1318148-5-245   ·   File #:  811-05010

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Quarterly Schedule of Portfolio Holdings of a Management Investment Company   —   Form N-Q
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-Q         Quarterly Schedule of Portfolio Holdings of a        100±   467K 
                          Management Investment Company                          
 2: EX-99.CERT  Miscellaneous Exhibit                                  3±    13K 

N-Q   —   Quarterly Schedule of Portfolio Holdings of a Management Investment Company
Document Table of Contents

                                                    ==========================
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 UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
 MANAGEMENT INVESTMENT COMPANY

 Investment Company Act file number: 811-05010
THE HUNTINGTON FUNDS
(Exact name of registrant as specified in charter)
5800 Corporate Drive Pittsburgh, Pennsylvania 15237-7010
 (Address of principal executive offices) (Zip code)
Ronald J. Corn, Esq.
The Huntington National Bank
41 South High Street
Columbus, Ohio 43287
 (Name and address of agent for service)

Copies to:
 David C. Mahaffey, Esq., and Christine S. Boehm, Esq.
Sullivan & Worcester
 1666 K Street, N.W.
Washington, DC 20006

Registrant's telephone number, including area code: 1-800-544-8347

Date of fiscal year end: December 31

Date of reporting period: March 31, 2005

Item 1. Schedule of Investments.                                                

                                                        [Enlarge/Download Table]


Huntington Florida Tax-Free Money Fund                                                   
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

                                                                                         
        Principal       Security                                                         
    Amount or Shares   Description                                               Value   

Municipal Bonds  (97.9%):                                                                
Florida  (95.3%):                                                                        
         $500,000  Alachua County, FL, Health                          $         500,000 
                   Facilities Authority Revenue, Series                                  
                   B, (MBIA Ins), 2.190%, 12/1/26 **                                     
          275,000  Boynton Beach, FL, Community                                  276,357 
                   Redevelopment Tax Increment                                           
                   Revenue, 3.000%, 10/1/05                                              
          500,000  Broward County, FL School District,                           511,980 
                   5.000%, 2/15/06                                                       
        1,100,000  Broward County, FL, Educational                             1,100,000 
                   Facilities Authority Revenue,                                         
                   (LOC-Citibank N.A.), 2.280%, 11/1/31**                                
          850,000  Broward County, FL, Housing                                   850,000 
                   Finance Authority Multifamily                                         
                   Revenue, (FNMA Ins), 2.280%,                                          
                   5/15/27 **                                                            
          100,000  Broward County, FL, Housing                                   100,000 
                   Finance Authority Multifamily                                         
                   Revenue, (LOC-Bank One), 2.290%,                                      
                   11/1/05                                                               
          865,000  Broward County, FL, Housing                                   865,000 
                   Financial Authority Multifamily                                       
                   Revenue, (FHLMC Ins), 2.280%,                                         
                   12/1/29 **                                                            
          150,000  Broward County, FL, School Board,                             150,129 
                   Certificate Participation Refunding,                                  
                   Series A, (AMBAC Ins), 2.000%,                                        
                   7/1/05                                                                
        1,000,000  Charlotte County Florida Utility                            1,000,000 
                   Revenue, 2.300%, 10/1/21 **                                           
          300,000  Clay County, FL, Housing Finance                              300,000 
                   Authority Multifamily Revenue,                                        
                   (Freddie Mac Ins), 2.280%, 11/1/14**                                  
          385,000  Daytona Beach, FL, Public                                     386,525 
                   Improvements, G.O., (FGIC Ins),                                       
                   3.000%, 7/1/05                                                        
          500,000  Duval County, FL, School District,                            507,001 
                   6.250%, 8/1/05                                                        
          750,000  Florida Housing Financial Corp.,                              750,000 
                   Multifamily Revenue, Victoria Park,                                   
                   (FNMA Ins), 2.280%, 10/15/32 **                                       
          170,000  Florida State Board of Education,                             172,954 
                   Capital Outlay, Series B, G.O.,                                       
                   5.875%, 6/1/25 **                                                     
          350,000  Fort Lauderdale, FL, Crest Prep                               350,000 
                   School Project Revenue, (FSA Ins),                                    
                   2.300%, 6/1/32 **                                                     
          400,000  Halifax, FL, Health Care Facilities                           400,000 
                   Revenue, (LOC-Bank of America                                         
                   N.A.), 2.290%, 12/1/13 **                                             
          200,000  Highlands County, FL, Infrastructure                          200,750 
                    Sales Surtax Revenue, (AMBAC Ins),                                   
                    2.800%, 11/1/05                                                      
          500,000  Indian River County, FL, School                               503,571 
                   Board Revenue, BAN, 3.000%,                                           
                   12/23/05                                                              
           75,000  Indian River County, FL, Water &                               75,261 
                   Sewer Revenue, 3.000%, 9/1/05                                         
          400,000  Jacksonville, FL, Electric Authority                          400,000 
                   Revenue, Series B, (LOC-Bank of                                       
                   America), 2.300%, 10/1/30 **                                          
        1,100,000  Jacksonville, FL, Electric Authority                        1,100,000 
                   Revenue, Series B, (LOC-Bank of                                       
                   America), 2.230%, 10/1/34 **                                          
          545,000  Jacksonville, FL, Health Facilities                           545,000 
                   Authority Revenue, (LOC-Wachovia                                      
                   Bank N.A.), 2.230%, 8/15/21 **                                        
          800,000  Jacksonville, FL, Health Facilities                           800,000 
                   Authority Revenue, (MBIA Ins),                                        
                   2.270%, 8/15/19 **                                                    
          300,000  Jacksonville, FL, Health Facilities                           300,000 
                   Authority Revenue, Genesis                                            
                   Rehabilitation Hospital, (LOC-Bank of                                 
                   America), 2.300%, 5/1/21 **                                           
          500,000  Lakeland, FL, Energy Systems                                  500,000 
                   Revenue, Series A, (LOC-Suntrust                                      
                   Bank), 2.330%, 10/1/35 **                                             
          155,000  Lauderhill, FL, Water & Sewer                                 155,942 
                   Refunding Revenue, (FSA Ins),                                         
                   3.375%, 10/1/05                                                       
          615,000  Manatee County, FL, Public                                    616,845 
                   Improvements Revenue, (FGIC Ins),                                     
                   2.000%, 10/1/05                                                       
          250,000  Miami-Dade County, FL, School                                 250,466 
                   District Tax Anticipation Notes,                                      
                   2.750%, 6/28/05                                                       
          700,000  Orange County, FL, Health Facilities                          700,000 
                    Authority Revenue, (LOC-Suntrust                                     
                   Bank), 2.300%, 11/15/14 **                                            
          200,000  Orange County, FL, School Board                               200,000 
                   Certificate Participation, Series B,                                  
                   (AMBAC Ins), 2.280%, 8/1/25 **                                        
          200,000  Orange County, FL, School Board,                              200,000 
                   Certificate Participation, Series B,                                  
                   (MBIA Ins), 2.280%, 8/1/27 **                                         
        1,100,000  Orlando & Orange County, FL,                                1,100,000 
                   Expressway Revenue, 2.250%, 7/1/25**                                  
          800,000  Orlando, FL, Utilities, Water &                               800,000 
                   Electric Revenue, Series B,                                           
                   (LOC-Suntrust Bank), 2.300%, 10/1/22**                                
          900,000  Palm Beach County, FL, Educational                            900,000 
                    Facility Authority Revenue,                                          
                   (LOC-Bank of America), 2.350%,                                        
                   12/1/31 **                                                            
          500,000  Palm Beach County, FL, Housing                                500,000 
                   Finance Authority Multifamily                                         
                   Revenue, Emerald Bay Club                                             
                   Apartments, 2.310%, 6/1/30 **                                         
        1,000,000  Palm Beach County, FL, Revenue,                             1,000,000 
                   (AMBAC Ins), 2.300%, 3/1/27 **                                        
          200,000  Palm Beach County, FL, Revenue,                               200,000 
                   (LOC-Northern Trust Company),                                         
                   2.300%, 5/1/25 **                                                     
        1,050,000  Palm Beach County, FL, Revenue,                             1,050,000 
                   (LOC-Northern Trust Company),                                         
                   2.300%, 3/1/30 **                                                     
          700,000  Palm Beach County, FL, Revenue,                               700,000 
                   Henry Morrison Flagler Project,                                       
                   (LOC-Northern Trust Company),                                         
                   2.330%, 11/1/36 **                                                    
          800,000  Palm Beach County, FL, School                                 800,000 
                   Board Certificate Participation, Series                               
                   B, (FSA Ins), 2.290%, 8/1/27 **                                       
          500,000  Palm Beach County, FL, School                                 503,150 
                   District Revenue, 3.000%, 9/28/05                                     
          915,000  Pinellas County, FL, Education                                915,000 
                   Facilities Authority Revenue,                                         
                   (LOC-Suntrust Bank), 2.290%, 7/1/20**                                 
          700,000  Pinellas County, FL, Health                                   700,000 
                   Facilities Authority Refunding                                        
                   Revenue, (AMBAC Ins), 2.300%,                                         
                   12/1/15 **                                                            
        1,000,000  Sarasota County, FL, Hospital                               1,000,000 
                   Improvements Revenue, Series A,                                       
                   (AMBAC Ins), 2.330%, 7/1/37 **                                        
          500,000  University of South Florida,                                  500,000 
                   Certificate Participation, 2.240%,                                    
                   1/1/29 **                                                             
          300,000  University of South Florida,                                  300,000 
                   Interdisciplinary Revenue, Series A,                                  
                   (LOC-Bank of America N.A.), 2.310%,                                   
                    8/1/34 **                                                            
          100,000  Volusia County, FL, Housing                                   100,000 
                                                                                 ------- 
                   Finance Authority Refunding                                           
                   Revenue, (Fannie Mae Ins), 2.280%,                                    
                   1/15/32 **                                                            
                                                                              25,835,931 
Ohio  (0.9%):                                                                 ---------- 
          240,000  Southwest Licking, OH, Local School                           252,530 
                                                                                 ------- 
                    District, G.O., (FGIC Ins), 7.100%,                                  
                   12/1/16 **                                                            
Washington  (1.7%):                                                                      
          445,000  Washington State Public Power                                 448,243 
                                                                                 ------- 
                   Supply Refunding Revenue, Series A,                                   
                    5.000%, 7/1/05                                                       
Total Municipal Bonds (Cost $26,536,704)                                      26,536,704 
                                                                              ---------- 

Cash Equivalent  (1.9%):                                                                 
          511,444  Fidelity Institutional Tax-Exempt                             511,444 
                                                                                 ------- 
                   Fund                                                                  
Total Cash Equivalent (Cost $511,444)                                            511,444 
                                                                                 ------- 

Total Investments (Cost $27,048,148) (a)   -   99.8%                          27,048,148 
Other Assets in Excess of Liabilities   -   0.2%                                  54,195 
                                                                             ----------- 
NET ASSETS   -   100.0%                                                $      27,102,343 
                                                                              ========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Money Market Fund                                                             
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

        Principal       Security                                                         
    Amount or Shares   Description                                              Value    

U.S. Government Agencies  (92.7%):                                                       
Federal Farm Credit Bank  (19.7%):                                                       
      $25,000,000  2.450% - 2.460%, 4/6/05                                   $24,991,478 
       15,000,000  2.480%, 4/11/05                                            14,989,667 
       15,000,000  2.500%, 4/12/05                                            14,988,542 
       15,000,000  2.580%, 4/19/05                                            14,980,650 
       15,000,000  2.610%, 5/11/05                                            14,956,500 
       15,000,000  2.700%, 5/26/05                                            14,938,125 
       15,000,000  2.910%, 6/17/05                                            14,906,638 
       15,000,000  2.950%, 6/30/05                                            14,889,563 
                                                                              ---------- 
                                                                             129,641,163 
Federal Home Loan Bank  (34.1%):                                             ----------- 
       15,000,000  2.450%, 4/1/05                                             15,000,000 
       15,000,000  2.490%, 4/8/05                                             14,992,738 
       15,000,000  2.500%, 4/13/05                                            14,987,500 
       15,000,000  2.520%, 4/15/05                                            14,985,300 
       30,000,000  2.510% - 2.530%, 4/20/05                                   29,960,099 
       15,000,000  2.570%, 4/22/05                                            14,977,513 
       15,000,000  2.570%, 4/27/05                                            14,972,158 
       15,000,000  2.590%, 5/6/05                                             14,962,229 
       15,000,000  2.580%, 5/10/05                                            14,958,075 
       15,000,000  2.800%, 5/25/05                                            14,937,000 
       15,000,000  2.790%, 5/26/05                                            14,936,063 
       15,000,000  2.810%, 5/27/05                                            14,934,433 
       15,000,000  2.820%, 6/8/05                                             14,920,100 
       15,000,000  2.850%, 6/10/05                                            14,916,875 
                                                                              ---------- 
                                                                             224,440,083 
Federal Home Loan Mortgage Corporation  (29.8%):                             ----------- 
       25,000,000  2.430% - 2.450%, 4/5/05                                    24,993,227 
       10,000,000  2.560%, 4/19/05                                             9,987,225 
       15,000,000  2.580%, 4/26/05                                            14,973,177 
       20,000,000  2.700%, 5/2/05                                             19,953,499 
       15,000,000  2.700%, 5/5/05                                             14,961,750 
       15,000,000  2.680%, 5/9/05                                             14,957,567 
       15,000,000  2.770%, 5/16/05                                            14,948,063 
       15,000,000  2.660%, 5/17/05                                            14,949,017 
       15,000,000  2.750%, 5/24/05                                            14,939,271 
       15,000,000  2.760%, 5/31/05                                            14,931,000 
       20,000,000  2.790%, 6/7/05                                             19,896,150 
       16,500,000  2.870%, 6/15/05                                            16,401,344 
                                                                              ---------- 
                                                                             195,891,290 
Federal National Mortgage Association  (9.1%):                               ----------- 
       15,000,000  2.540%, 4/4/05                                             14,996,825 
       15,000,000  2.610%, 5/4/05                                             14,964,113 
       15,000,000  2.920%, 6/15/05                                            14,908,750 
       15,000,000  2.950%, 6/22/05                                            14,899,208 
                                                                              ---------- 
                                                                              59,768,896 
                                                                             ----------- 
Total U.S. Government Agencies (Cost $609,741,432)                           609,741,432 
                                                                             ----------- 

Repurchase Agreements  (6.7%):                                                           
       44,097,500  Morgan Stanley Dean Witter & Co.,                          44,097,500 
                   2.780%, dated 3/31/05, due 4/1/05,                         ---------- 
                   repurchase price $44,100,905 (Fully                                   
                   collateralized by U.S. Treasury                                       
                   securities)                                                           
Total Repurchase Agreements (Cost $44,097,500)                                44,097,500 
                                                                              ---------- 

Cash Equivalent  (0.8%):                                                                 
        5,000,000  Meeder Institutional Money Market                           5,000,000 
                   Fund                                                        --------- 
Total Cash Equivalent (Cost $5,000,000)                                        5,000,000 
                                                                               --------- 

Total Investments (Cost $658,838,932) (a)   -   100.2%                       658,838,932 
Liabilities in Excess of Other Assets   -   (0.2)%                           (1,499,990) 
                                                                             ----------- 

NET ASSETS   -   100.0%                                                $     657,338,942 
                                                                             =========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Ohio Municipal Money Market Fund                                              
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

        Principal         Security                                                       
    Amount or Shares     Description                                              Value  

Municipal Bonds  (93.4%):                                                                
Ohio  (91.7%):                                                                           
       $2,500,000  Akron, OH, Hospital District                        $       2,500,000 
                   Revenue, Series B, (LOC-Bank One                                      
                   N.A.), 2.290%, 11/1/34 **                                             
        1,280,000  Ashland, OH, G.O. BAN, 2.000%,                              1,280,663 
                   5/26/05                                                               
          900,000  Beaver Creek, OH, G.O., BAN,                                  903,263 
                   2.750%, 12/28/05                                                      
          150,000  Brunswick OH, G.O., 5.000%,                                   152,599 
                   12/1/05                                                               
          800,000  Butler County, OH, Hospital                                   800,000 
                   Facilities Revenue, (Middletown                                       
                   Regional Hospital), (LOC - Bank One                                   
                   N.A.), 2.290%, 11/1/10 **                                             
          700,000  Butler County, OH, Public                                     701,474 
                   Improvements, Series F, G.O., BAN,                                    
                   2.250%, 9/22/05                                                       
        2,200,000  Canal Winchester, OH, Local School                          2,206,989 
                    District, G.O., 2.750%, 12/21/05                                     
        2,900,000  Cincinnati & Hamilton County, OH,                           2,900,000 
                   Port Authority,Revenue, Kenwood                                       
                   Office Associate Project, (LOC-Fifth                                  
                   Third Bank), 2.330%, 9/1/25 **                                        
          750,000  Cincinnati, OH, G.O. BAN, 2.500%,                             752,929 
                   9/9/05                                                                
        2,000,000  Cleveland, OH, Airport System                               2,000,000 
                   Revenue, (FSA Ins), 2.300%, 1/1/31**                                  
        1,000,000  Cleveland, OH, Cuyahoga County                              1,000,000 
                   Port Authority Revenue, 2.300%,                                       
                   1/1/34 **                                                             
          300,000  Cleveland, OH, Income Tax                                     300,000 
                   Revenue, (AMBAC Ins), 2.230%,                                         
                   5/15/24 **                                                            
        4,000,000  Columbus, OH, Sewer, Refunding                              4,000,000 
                   Revenue, 2.300%, 6/1/11 **                                            
        2,000,000  Cuyahoga County OH Hospitals,                               2,000,000 
                   (University Hospital Cleveland),                                      
                   2.270%, 1/1/16 **                                                     
        2,000,000  Cuyahoga County, OH, Cleveland                              2,000,000 
                   Clinic, Various Revenue, Subseries                                    
                   B1, 2.350%, 1/1/39 **                                                 
          675,000  Dayton, OH, Airport Improvements,                             676,912 
                   G.O., BAN, 2.375%, 8/24/05                                            
          850,000  Dover, OH, Sewer Improvements,                                851,151 
                   G.O., 2.100%, 10/20/05                                                
        1,000,000  Dublin, OH, City School District,                           1,001,730 
                   G.O., BAN, 2.120%, 10/13/05                                           
          520,000  Fairfield County, OH, G.O., BAN,                              521,614 
                   2.700%, 12/15/05                                                      
          900,000  Fairfield County, OH, Water System                            905,679 
                    Improvements, G.O., BAN, 3.300%,                                     
                   4/6/06                                                                
          100,000  Field, OH, Local School District,                             100,386 
                   G.O., (AMBAC Ins), 3.000%, 12/1/05                                    
        1,055,000  Franklin County, OH, Hospital                               1,055,000 
                   Revenue, 2.290%, 12/1/20 **                                           
        1,795,000  Franklin County, OH, Hospital                               1,795,000 
                   Revenue, (Doctors Ohio Health),                                       
                   Series B, (LOC-National City Bank),                                   
                   2.300%, 12/1/28 **                                                    
        4,150,000  Franklin County, OH, Hospital                               4,150,000 
                   Revenue, Ohio Health Corp., Series                                    
                   D, (LOC-National City Bank), 2.300%,                                  
                    7/1/29 **                                                            
        7,895,000  Franklin County, OH, Hospital                               7,895,000 
                   Revenue, U.S. Health Corp., Series                                    
                   A, (LOC-Citibank N.A.), 2.290%,                                       
                   12/1/21 **                                                            
          945,000  Franklin County, OH, Hospital                                 945,000 
                   Revenue, U.S. Health Corp., Series                                    
                   C, (LOC-Morgan Guarantee), 2.290%,                                    
                   12/1/11 **                                                            
        3,000,000  Franklin County, OH, Industrial                             3,000,000 
                   Development Revenue, (LOC-Bank                                        
                   One), 2.100%, 11/1/14 **                                              
          415,000  Geauga County, OH, Health Care                                415,000 
                   Facilities Revenue, (LOC- Bank One                                    
                   Columbus), 2.300%, 7/1/23 **                                          
          600,000  Geauga County, OH, Library                                    602,952 
                   Administration G.O, 3.000%, 3/2/06                                    
          300,000  Greene County, OH, G.O., BAN,                                 300,617 
                   2.250%, 8/18/05                                                       
          425,000  Greene County, OH, G.O., BAN,                                 427,237 
                   Series A, (Various), 3.000%, 2/23/06                                  
        2,040,000  Grove City, OH, G.O., BAN,                                  2,050,927 
                   3.000%, 12/7/05                                                       
        3,000,000  Hamilton County, OH, Economic                               3,000,000 
                   Development Revenue, (LOC-Fifth                                       
                   Third Bank), 2.330%, 11/1/21 **                                       
        3,000,000  Hamilton County, OH, Economic                               3,000,000 
                   Development Revenue, Xavier High                                      
                   School Project, (LOC-Fifth Third                                      
                   Bank), 2.170%, 4/1/28 **                                              
        2,115,000  Hamilton County, OH, Electric                               2,115,000 
                   Revenue, Series A, (FSA Ins),                                         
                   2.280%, 10/1/23 **                                                    
        4,325,000  Hamilton County, OH, Electric                               4,325,000 
                   Revenue, Series B, (FSA Ins),                                         
                   2.280%, 10/1/25 **                                                    
        4,135,000  Hamilton County, OH, Hospital                               4,135,000 
                   Facilities Revenue,  Health Alliance,                                 
                   Series F, 2.280%, 1/1/18 **                                           
        4,855,000  Hamilton County, OH, Hospital                               4,855,000 
                   Facilities Revenue, Drake Center                                      
                   Inc., Series A, 2.290%, 6/1/19 **                                     
        1,700,000  Hamilton County, OH, Hospital                               1,700,000 
                   Facilities Revenue, Health Alliance,                                  
                   Series B, (MBIA Ins), 2.280%, 1/1/18**                                
        2,100,000  Hamilton County, OH, Hospital                               2,100,000 
                   Facilities Revenue, Series A, (LOC-JP                                 
                    Morgan Chase Bank), 2.290%, 6/1/27**                                 
        3,000,000  Hamilton County, OH, Hospital                               3,000,000 
                   Facilities Revenue, Series B, (LOC-JP                                 
                    Morgan Chase Bank), 2.280%, 6/1/27**                                 
        2,000,000  Hamilton County, OH, Industrial                             2,000,000 
                   Development Revenue, 2.050%,                                          
                   10/15/12 **                                                           
        3,900,000  Hamilton County, OH, Parking                                3,900,000 
                   Facility Improvements Revenue,                                        
                   (LOC-U.S. Bank), 2.290%, 12/1/26**                                    
          910,000  Hamilton, OH, G.O., BAN, (Various),                           910,456 
                    2.000%, 6/2/05                                                       
        2,000,000  Huron County, OH, Hospital                                  2,000,000 
                   Facilities Revenue, (Fisher-Titus                                     
                   Medical Center), Series A,                                            
                   (LOC-National City Bank), 2.300%,                                     
                   12/1/27 **                                                            
        3,675,000  Kent State University, OH, Ohio                             3,675,000 
                   Universities Revenue, (General                                        
                   Reciepts), (MBIA Ins), 2.270%, 5/1/31**                               
          500,000  Lake County, OH, Sewer                                        500,356 
                   Improvements, G.O., BAN, 2.000%,                                      
                   5/19/05                                                               
          800,000  Lucas County, OH, Health Care                                 800,000 
                   Facilities Refunding Revenue,                                         
                   (Sunset Retirement Communities),                                      
                   Series B, (LOC-Fifth Third Bank),                                     
                   2.300%, 8/15/30 **                                                    
        3,000,000  Marysville, OH, Sewer, Series A,                            3,009,470 
                   G.O., 3.000%, 8/25/05                                                 
          750,000  Mason, OH, City School District,                              757,440 
                   G.O., 5.500%, 2/9/06                                                  
          700,000  Mason, OH, Public Improvements,                               702,205 
                   G.O., BAN, 3.000%, 6/30/05                                            
        1,450,000  Montgomery County, OH, Health                               1,450,000 
                   Services, Miami Valley Hospital                                       
                   Revenue, Series A (LOC-National                                       
                   City Bank), 2.300%, 11/15/22 **                                       
        1,510,000  Oakwood, OH, G.O., BAN, 2.600%,                             1,511,520 
                   12/8/05                                                               
          400,000  Ohio State Air Quality Development                            400,000 
                   Authority Refunding Revenue, Timken                                   
                    Project, (LOC-Fifth Third Bank),                                     
                   2.260%, 11/1/25 **                                                    
        1,650,000  Ohio State Air Quality Development                          1,650,000 
                   Authority Revenue, Ohio Edison                                        
                   Project, Series A, 2.260%, 2/1/14 **                                  
          250,000  Ohio State Higher Education Capital                           250,661 
                   Facilities Revenue, Series II-A,                                      
                   5.000%, 5/1/05                                                        
          500,000  Ohio State Higher Education                                   500,000 
                   Facilities, 2.310%, 2/1/29 **                                         
        3,150,000  Ohio State Higher Education                                 3,150,000 
                   Facilities Commission Revenue, John                                   
                    Carroll, Series B, (LOC-Allied Irish                                 
                   Bank PLC), 2.290%, 2/1/32 **                                          
        2,455,000  Ohio State Higher Education                                 2,455,000 
                   Facilities Revenue, (LOC- Fifth Third                                 
                   Bank), 2.350%, 9/1/25 **                                              
        1,500,000  Ohio State Higher Education                                 1,500,000 
                   Facilities Revenue, John Carroll                                      
                   University, (LOC-Allied Irish Bank                                    
                   PLC), 2.290%, 11/15/31 **                                             
        3,700,000  Ohio State Higher Education                                 3,700,000 
                   Facilities Revenue, Xavier University,                                
                     (LOC-Fifth Third Bank), 2.220%,                                     
                   11/1/30 **                                                            
        1,600,000  Ohio State Higher Education                                 1,600,000 
                   Facilities, (LOC - Fifth Third Bank),                                 
                   2.300%, 9/1/27 **                                                     
        1,000,000  Ohio State Higher Education, G.O.,                          1,005,126 
                   3.000%, 2/1/06                                                        
        3,000,000  Ohio State Higher Educational                               3,000,000 
                   Facilities Revenue, Marietta College                                  
                   Project, 2.300%, 12/1/24 **                                           
          500,000  Ohio State Highway Capital                                    501,311 
                   Improvements, Series E, G.O.,                                         
                   4.750%, 5/1/05                                                        
        3,060,000  Ohio State University General                               3,060,000 
                   Receipts Revenue, (Various), 2.270%,                                  
                    12/1/27 **                                                           
        2,600,000  Ohio State University General                               2,600,000 
                   Receipts Reveue, (Various), 2.270%,                                   
                   12/1/17 **                                                            
          100,000  Ohio State University, Public                                 103,543 
                   Improvements, G.O., 6.150%, 8/1/10**                                  
          100,000  Ohio State Water Development                                  100,688 
                   Authority Pollution Control Facilities                                
                   Revenue, Water Quality Series,                                        
                   6.000%, 6/1/05                                                        
          400,000  Ohio State Water Development                                  400,000 
                   Authority Revenue, (Various) (MBIA                                    
                   Ins), 2.250%, 12/1/18 **                                              
          550,000  Ohio State Water Development                                  550,000 
                   Authority Revenue, Timken Co.                                         
                   Project, 2.300%, 5/1/07 **                                            
        2,245,000  Pickerington, OH, G.O, 3.000%,                              2,256,275 
                   3/9/06                                                                
          975,000  Pickerington, OH, Water & Sewer                               975,000 
                   Improvements, G.O., BAN, 1.750%,                                      
                   5/19/05                                                               
          100,000  Richland County, OH, G.O.,                                    100,263 
                   2.500%, 12/1/05                                                       
          500,000  Richland County, OH, Public                                   500,705 
                   Improvements, G.O., BAN, 2.150%,                                      
                   8/10/05                                                               
          200,000  Sandusky County, OH, G.O., BAN,                               200,000 
                   2.200%, 11/30/05                                                      
          500,000  Scioto County, OH, Hospital                                   500,000 
                   Revenue, Series F, (AMBAC Ins),                                       
                   2.280%, 12/1/25 **                                                    
          510,000  Scioto County, OH, Hospital                                   510,000 
                   Revenue, VHA Center Inc., Capital                                     
                   Assets, Series E, 2.280%, 12/1/25 **                                  
        4,275,000  Scioto County, OH, Hospital                                 4,275,000 
                   Revenue, VHA Center Inc., Capital                                     
                   Assets, Series G, 2.280%, 12/1/25**                                   
        1,575,000  Scioto County, OH, Hospital                                 1,575,000 
                   Revenue, VHA Center Inc., Series B,                                   
                   (AMBAC Ins), 2.280%, 12/1/25 **                                       
        1,750,000  Shaker Heights, OH, City School                             1,752,894 
                   District, G.O., BAN, 3.000%, 5/26/05                                  
        1,050,000  Toledo, OH, Public Improvements,                            1,050,000 
                   (LOC-State Street Bank), 2.280%,                                      
                   6/1/05                                                                
        1,750,000  Trumbull County, OH, Health Care                            1,750,000 
                   Revenue, (Non Profit Corp.), (Radian                                  
                   Ins), 2.330%, 10/1/31 **                                              
        7,000,000  University Akron General Receipts,                          7,000,001 
                   2.280%, 1/1/29 **                                                     
        1,300,000  University of Cincinnati General                            1,302,013 
                   Receipts Revenue, BAN, Series B,                                      
                   3.250%, 6/1/05                                                        
          500,000  University of Cincinnati General                              500,000 
                   Receipts Revenue, Series B,                                           
                   (Various), (AMBAC Ins), 2.280%,                                       
                   6/1/31 **                                                             
        3,000,000  Washington County, OH, Hospital                             3,000,000 
                   Facilities Revenue, 2.170%, 12/1/33**                                 
          170,000  Wilmington, OH, G.O., BAN,                                    170,072 
                   2.200%, 5/2/05                                                        
          365,000  Wilmington, OH, G.O., BAN,                                    365,535 
                   2.100%, 9/30/05                                                       
          125,000  Wilmington, OH, Water Refunding                               125,073 
                   Revenue, (AMBAC Ins), 2.500%,                                         
                   6/15/05                                                               
          510,000  Franklin County, OH, Revenue,                                 510,000 
                   Series C-2, (FGIC Ins), 2.280%,                                       
                   12/1/38 **                                                            
        2,300,000  University of Cincinnati General                            2,328,776 
                   Receipts Revenue, BAN, Series C,                            --------- 
                   4.000%, 3/28/06                                                       
Total Municipal Bonds (Cost $156,911,505)                                    156,911,505 
                                                                             ----------- 

Commercial Paper  (6.5%):                                                                
Ohio  (6.5%):                                                                            
        5,000,000  Cuyahoga County, OH, 2.100%,                                5,000,000 
                   9/8/05                                                                
        6,000,000  Ohio State University, 2.030%,                              6,000,000 
                   5/17/05                                                     --------- 
                                                                              11,000,000 
                                                                              ---------- 
Total Commercial Papers (Cost $11,000,000)                                    11,000,000 
                                                                              ---------- 

Cash Equivalent  (0.5%):                                                                 
          883,254  Fidelity Institutional Tax-Exempt                             883,254 
                   Fund                                                          ------- 
Total Cash Equivalent (Cost $883,254)                                            883,254 
                                                                                 ------- 

Total Investments (Cost $168,794,759) (a)   -   100.4%                       168,794,759 
Liabilities in Excess of Other Assets   -   (0.4)%                             (747,904) 
                                                                             ----------- 
NET ASSETS   -   100.0%                                                $     168,046,855 
                                                                             =========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington U.S. Treasury Money Market Fund                                               
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

        Principal  Security                                                              
         Amount   Description                                                     Value  

U.S. Treasury Bills  (57.7%):                                                            
      $25,000,000  2.280% - 2.320%, 4/7/05                             $      24,990,320 
       25,000,0002.220% - 2.310%, 4/14/05                                     24,979,516 
       25,000,000  2.350% - 2.590%, 4/21/05                                   24,965,431 
       25,000,000  2.350% - 2.520%, 4/28/05                                   24,954,063 
       25,000,000  2.430% - 2.590%, 5/5/05                                    24,941,099 
       20,000,000  2.580% - 2.590%, 5/12/05                                   19,941,097 
       25,000,000  2.430% - 2.610%, 5/19/05                                   24,916,547 
       25,000,0002.520% - 2.590%, 5/26/05                                     24,901,046 
       25,000,000  2.560% - 2.700%, 6/2/05                                    24,886,204 
       25,000,000  2.590% - 2.670%, 6/9/05                                    24,874,209 
       20,000,000  2.690% - 2.720%, 6/16/05                                   19,885,683 
       25,000,0002.720% - 2.740%, 6/23/05                                     24,842,957 
       10,000,0002.740%, 6/30/05                                               9,931,450 
       15,000,000  2.750%, 7/7/05                                             14,888,773 
       10,000,000  2.800%, 7/14/05                                             9,919,169 
                                                                               --------- 
Total U.S. Treasury Bills (Cost $323,817,564)                                323,817,564 
                                                                             ----------- 

Repurchase Agreements  (42.5%):                                                          
       30,000,000  Bear Stearns, 2.620%, dated                                30,000,000 
                   3/31/05, due 4/7/05, repurchase price                                 
                   $30,015,283 (Fully collateralized by                                  
                   U.S. Treasury securities)                                             
       30,000,000  CitiGroup, Inc., 2.600%, dated                             30,000,000 
                   3/31/05, due 4/7/05, repurchase price                                 
                   $30,015,167 (Fully collateralized by                                  
                   U.S. Treasury securities)                                             
       30,000,000  Goldman Sachs, 2.700%, dated                               30,000,000 
                   3/29/05, due 4/5/05, repurchase price                                 
                   $30,015,750 (Fully collateralized by                                  
                   U.S. Treasury securities)                                             
       30,000,000  J.P. Morgan Chase & Co., 2.500%,                           30,000,000 
                   dated 3/30/05, due 4/1/05, repurchase                                 
                    price $30,004,167 (Fully collateralized                              
                    by U.S. Treasury securities)                                         
       20,000,000  Merrill Lynch, 2.570%, dated                               20,000,000 
                   3/31/05, due 4/6/05, repurchase price                                 
                   $20,008,567 (Fully collateralized by                                  
                   U.S. Treasury securities)                                             
       58,625,600  Morgan Stanley Dean Witter & Co.,                          58,625,600 
                   2.630%, dated 3/31/05, due 4/1/05,                                    
                   repurchase price $58,629,883 (Fully                                   
                   collateralized by U.S. Treasury                                       
                   securities)                                                           
       40,000,000  Morgan Stanley Dean Witter & Co.,                          40,000,000 
                   2.660%, dated 3/28/05, due 4/4/05,                         ---------- 
                   repurchase price $40,020,689 (Fully                                   
                   collateralized by U.S. Treasury                                       
                   securities)                                                           
Total Repurchase Agreements (Cost $238,625,600)                              238,625,600 
                                                                             ----------- 

Total Investments (Cost $562,443,164) (a)   -   100.2%                       562,443,164 
Liabilities in Excess of Other Assets   -   (0.2)%                           (1,067,822) 
                                                                             ----------- 

NET ASSETS   -   100.0%                                                $     561,375,342 
                                                                             =========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Dividend Capture Fund                                                         
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

       Shares or         Security                                                        
    Principal Amount    Description                                             Value    

Common Stocks  (53.7%):                                                                  
Auto/Truck Parts & Equipment  (0.6%):                                                    
           55,000  Ford Motor Co.                                      $         623,150 
                                                                                 ------- 
Banks  (6.0%):                                                                           
           49,000  Bank of America Corp.                                       2,160,900 
           35,000  J.P. Morgan Chase & Co.                                     1,211,000 
           51,000  KeyCorp                                                     1,654,950 
           33,000  Wachovia Corp.                                              1,680,030 
                                                                               --------- 
                                                                               6,706,880 
Beer, Wine, & Distilled Beverages  (0.2%):                                     --------- 
            3,000  Molson Coors Brewing Co., Class B                             231,510 
                                                                                 ------- 
Chemicals  (0.4%):                                                                       
            7,000  Monsanto Co.                                                  451,500 
                                                                                 ------- 
Computer Software  (1.1%):                                                               
           50,000  Microsoft Corp.                                             1,208,500 
                                                                               --------- 
Consumer Products  (1.8%):                                                               
           24,000  Fortune Brands, Inc.                                        1,935,120 
                                                                               --------- 
Drugs & Health Care  (2.5%):                                                             
          108,500  Bristol-Myers Squibb Co.                                    2,762,410 
                                                                               --------- 
Electric Utilities  (1.3%):                                                              
           33,000  Nisource, Inc.                                                752,070 
           17,000  Progress Energy, Inc.                                         713,150 
                                                                                 ------- 
                                                                               1,465,220 
Electronic Components  (1.0%):                                                 --------- 
           52,000  PerkinElmer, Inc.                                           1,072,760 
                                                                               --------- 
Entertainment  (0.8%):                                                                   
            3,000  Harrah's Entertainment, Inc.                                  193,740 
           23,000  The Walt Disney Co.                                           660,790 
                                                                                 ------- 
                                                                                 854,530 
Farm & Garden Machinery  (0.4%):                                                 ------- 
            6,000  Deere & Co.                                                   402,780 
                                                                                 ------- 
Financial Services  (3.0%):                                                              
           17,900  American Capital Strategies Ltd.                              562,239 
           30,000  Hartford Financial Services Group,                          2,056,800 
                   Inc.                                                                  
           12,000  Prudential Financial, Inc.                                    688,800 
                                                                                 ------- 
                                                                               3,307,839 
Food & Beverages  (1.1%):                                                      --------- 
           49,000  Archer-Daniels-Midland Co.                                  1,204,420 
                                                                               --------- 
Forestry  (1.1%):                                                                        
           17,500  Weyerhaeuser Co.                                            1,198,750 
                                                                               --------- 
Gas Utility  (0.6%):                                                                     
           15,500  Kinder Morgan Energy Partners LP                              697,500 
                                                                                 ------- 
Household Products  (1.1%):                                                              
           40,000  Leggett & Platt, Inc.                                       1,155,200 
                                                                               --------- 
Industrial  (0.8%):                                                                      
           23,000  General Electric Co.                                          829,380 
                                                                                 ------- 
Insurance  (4.3%):                                                                       
           11,250  Allstate Corp.                                                608,175 
            6,500  Chubb Corp.                                                   515,255 
           48,000  Cincinnati Financial Corp.                                  2,093,280 
           30,000  Safeco Corp.                                                1,461,300 
                                                                               --------- 
                                                                               4,678,010 
Life/Health Insurance  (3.2%):                                                 --------- 
           53,000  Lincoln National Corp.                                      2,392,420 
           28,000  MetLife, Inc.                                               1,094,800 
                                                                               --------- 
                                                                               3,487,220 
Oil Company - Exploration & Production  (1.2%):                                --------- 
           16,500  Kerr-McGee Corp.                                            1,292,445 
                                                                               --------- 
Paper & Allied Products  (0.7%):                                                         
           23,000  Georgia Pacific Corp.                                         816,270 
                                                                                 ------- 
Petroleum & Petroleum Products  (3.2%):                                                  
            5,000  ConocoPhillips                                                539,200 
           50,000  Exxon Mobil Corp.                                           2,980,000 
                                                                               --------- 
                                                                               3,519,200 
Railroad Transportation  (1.5%):                                               --------- 
           30,000  Burlington Northern Santa Fe Corp.                          1,617,900 
                                                                               --------- 
Real Estate Investment Trusts  (10.0%):                                                  
           15,000  Brandywine Realty Trust                                       426,000 
           10,000  Camden Property Trust                                         470,300 
           15,000  Capital Automotive Real Estate                                496,800 
                   Investment Trust, Inc.                                                
            7,500  CBL & Associates Properties, Inc.                             536,325 
           28,000  Colonial Properties Trust                                   1,075,480 
           20,000  CRT Properties, Inc.                                          435,600 
           35,000  Equity Inns, Inc.                                             386,050 
           35,000  Equity Office Properties Trust                              1,054,550 
           23,500  First Industrial Realty Trust, Inc.                           889,005 
            9,000  General Growth Properties                                     306,900 
           11,000  Hospitality Properties Trust                                  444,180 
            5,000  Kimco Realty Corp.                                            269,500 
           20,000  Liberty Property Trust                                        781,000 
           25,000  Mid-America Apartment                                         912,500 
                   Communities, Inc.                                                     
           30,500  New Plan Excel Realty Trust                                   765,855 
           10,000  Simon Property Group, Inc.                                    605,800 
           30,000  Thornburg Mortgage, Inc. (d)                                  841,200 
           12,000  Universal Health Realty Income                                339,000 
                   Trust                                                         ------- 
                                                                              11,036,045 
Restaurants  (1.6%):                                                           --------- 
           55,000  McDonald's Corp.                                            1,712,700 
                                                                               --------- 
Telephone & Telecommunications  (1.9%):                                                  
           21,000  BellSouth Corp.                                               552,090 
           42,000  Verizon Communications, Inc.                                1,491,000 
                                                                               --------- 
                                                                               2,043,090 
Transport - Services  (1.0%):                                                  --------- 
           25,500  Ryder System, Inc.                                          1,063,350 
                                                                               --------- 
Travel Services  (1.3%):                                                                 
           63,500  Sabre Holdings Corp., Class A                               1,389,380 
                                                                               --------- 
Total Common Stocks (Cost $54,352,601)                                        58,763,059 
                                                                              ---------- 

Preferred Stocks  (43.7%):                                                               
Auto-Cars/Light Trucks  (1.3%):                                                          
           27,000  Ford Motor Credit, 7.375%                                     621,810 
           40,000  General Motors Corp., 7.375% (d)                              818,000 
                                                                                 ------- 
                                                                               1,439,810 
Bank Holding Companies  (1.6%):                                                --------- 
           63,000  J.P. Morgan Chase & Co., Series X,                          1,625,400 
                   7.000%                                                                
            7,000  Suntrust Capital IV, 7.125%                                   178,220 
                                                                                 ------- 
                                                                               1,803,620 
Banks  (1.4%):                                                                 --------- 
           61,100  Wells Fargo Capital Trust II,                               1,564,160 
                                                                               --------- 
                   7.000%                                                                
Commercial Banks  (5.9%):                                                                
           68,900  ASBC Capital I, 7.625%                                      1,805,180 
           54,100  Comerica Capital Trust I, 7.600%                            1,387,665 
           47,800  Compass Capital, 7.350%                                     1,234,674 
           50,000  Fleet Capital Trust VII, 7.200%                             1,285,000 
           29,100  Fleet Capital Trust VIII, 7.200%                              751,071 
                                                                                 ------- 
                                                                               6,463,590 
Department Stores  (0.3%):                                                     --------- 
           13,900  Sears Roebuck Acceptance,                                     335,546 
                   7.000%                                                      --------- 
Electrical Services  (7.1%):                                                             
           20,000  BGE Capital Trust II, 6.200%                                  513,000 
           30,000  Consolidated Edison Co., Inc.,                                772,800 
                   7.500%                                                                
           65,000  Dominion CNG Capital Trust I,                               1,696,500 
                   7.800%                                                                
           42,000  Energy East Capital Trust I,                                1,100,400 
                   8.250%                                                                
           80,000  Entergy LA, Inc., 7.600%                                    2,088,000 
           60,000  Georgia Power Capital, 7.125%                               1,548,000 
                                                                               --------- 
                                                                               7,718,700 
Entertainment  (1.3%):                                                         --------- 
           55,000  The Walt Disney Co., 7.000%                                 1,419,000 
                                                                               --------- 
Financial Services  (11.9%):                                                             
           20,000  AMBAC Financial Group, 7.000%                                 511,800 
            7,100  BancWest Capital I, 9.500%                                    185,310 
           45,000  Citigroup Capital Trust VIII, 6.950%                        1,152,000 
           18,400  Everest Cap Trust 7.850%                                      478,400 
           35,000  General Electric Capital Corp.,                               883,400 
                   6.100%                                                                
           60,000  Hartford Life Capital II, Series B,                         1,551,000 
                   7.625%                                                                
           10,000  Household Capital Trust V, Series X,                          253,000 
                   10.000%                                                               
           15,700  Lehman Brothers Holdings, Inc.,                               412,910 
                   6.500%                                                                
           70,000  Merrill Lynch Capital Trust V, 7.280%                       1,837,500 
                    (b)                                                                  
           83,000  Morgan Stanley Capital Trust II,                            2,142,230 
                   7.250%                                                                
           60,000  National Commerce Capital Trust II,                         1,560,600 
                   7.700%                                                                
            6,500  Provident Financial Group, Inc.,                              173,550 
                   8.375% (d)                                                            
           70,900  SLM Corp., 6.000%                                           1,752,648 
                                                                               --------- 
                                                                              12,894,348 
Insurance  (4.9%):                                                             --------- 
           68,400  Ace Ltd., Series C, 7.800%                                  1,779,084 
           20,000  Chubb Corp., 7.000%                                           599,600 
           45,500  Partnerre Capital Trust I, 7.900%                           1,181,635 
           69,000  St. Paul Capital Trust, 7.600%                              1,763,640 
                                                                               --------- 
                                                                               5,323,959 
Life/Health Insurance  (3.3%):                                                 --------- 
           58,600  Aetna, Inc., 8.500%                                         1,529,460 
           33,000  Lincoln National Capital V, Series E,                         847,440 
                    7.650%                                                               
           42,300  PLC Capital Trust, 7.250%                                   1,099,800 
            6,800  Torchmark Capital Trust I, 7.750%                             176,732 
                                                                                 ------- 
                                                                               3,653,432 
Real Estate Investment Trusts  (2.7%):                                         --------- 
            6,500  Equity Residential Properties, Series                         171,925 
                    D, 8.600%                                                            
           20,000  HRPT Properties Trust, Series A,                              523,800 
                   9.875%                                                                
           19,600  Prologis Trust, Series F, 6.750%                              487,060 
           67,500  Public Storage, Series R, 8.000%                            1,742,175 
                                                                               --------- 
                                                                               2,924,960 
Reinsurance  (0.4%):                                                           --------- 
           17,800  RenaissanceRe Holdings Ltd.,                                  459,240 
                   Series B, 7.300%                                            --------- 
Telephone Communication  (1.6%):                                                         
           30,000  Alltel Corp., 7.750%                                        1,514,700 
           10,000  SBC Communications, Inc.,                                     254,700 
                   7.000%                                                      --------- 
                                                                               1,769,400 
                                                                               --------- 
Total Preferred Stocks (Cost $48,779,184)                                     47,769,765 
                                                                              ---------- 

Mutual Funds  (1.8%):                                                                    
Exchange Traded Funds  (1.8%):                                                           
           50,000  AMEX Technology SPDR                                          978,000 
            8,000  SPDR Trust Series 1 Index Fund (d)                            944,000 
                                                                                 ------- 
Total Mutual Funds (Cost $1,736,346)                                           1,922,000 
                                                                               --------- 

Cash Equivalent  (0.8%):                                                                 
          913,908  Huntington Money Market Fund,                                 913,908 
                   Interfund Shares *                                            ------- 
Total Cash Equivalent (Cost $913,908)                                            913,908 
                                                                                 ------- 

Short-Term Securities Held as Collateral for Securities Lending (2.0%):                  
Mutual Funds (0.0%):                                                                     
            1,509  JP Morgan Institutional Prime Money Market Fund                 1,509 
                                                                                   ----- 
Repurchase Agreements (0.5%):                                                            
         $362,302  JP Morgan Securities, 2.870%, 4/1/05                          362,302 
          206,906  Morgan Stanley Dean Witter & Co., 2.910%, 4/1/05              206,906 
                                                                                 ------- 
                                                                                 569,208 
Variable Rate Obligations (1.5%):                                                ------- 
          100,716  Bankone Class A 2004-4, 2.850%, 4/15/05                       100,716 
           60,413  Bankone ISS Trust 2003-1, 2.860%, 4/15/05                      60,413 
           50,283  Bayerische Landesbk NY, 2.900%, 4/19/05                        50,283 
           14,074  Capital One MT 2002-3, 2.871%, 4/15/05                         14,074 
           40,368  Capital One MT 2002-3, 2.879%, 4/15/05                         40,368 
           26,143  Capital One MT 2002-3, 2.890%, 4/15/05                         26,143 
           68,818  CCCIT Series 2000, CL 2002-A9, 3.031%, 6/15/05                 68,818 
           39,506  CCCIT Series 2000, CL 2002-A5, 3.047%, 6/15/05                 39,506 
           32,178  Chase CCC Trust 2004-2, C, 2.847%, 4/15/05                     32,178 
          100,716  Chase CCC Trust 2004-2, C, 2.850%, 4/15/05                    100,716 
           50,218  Chase CCMT 2001-2 Class A, 2.857%, 4/15/05                     50,218 
           86,642  Chase CCOT 2001-1 Class A, 2.853%, 4/15/05                     86,642 
           25,432  Chase CCOT 2003-1 Class A, 2.855%, 4/15/05                     25,432 
           20,906  Chase CCOT 2003-1 Class A, 2.860%, 4/15/05                     20,906 
           60,348  Chase CCOT 2003-1 Class A, 2.871%, 4/15/05                     60,348 
           55,606  Daimler Chrysler Master OT 2003-A, 2.860%, 4/15/05             55,606 
           50,218  Deutsche Bank, 3.005%, 4/1/05                                  50,218 
          100,651  Dexia Bank Belgium SA, 2.736%, 4/4/05                         100,651 
           50,218  Discover CMT I 2003-1, 2.870%, 4/15/05                         50,218 
           54,313  Discover CMT I 2001-2, 2.858%, 4/15/05                         54,313 
           20,044  Fleet CCMT II 2002-A Class A, 2.841%, 4/15/05                  20,044 
           10,130  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  10,130 
           30,174  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  30,174 
           20,044  Fleet CCMT II 2002-A Class A, 2.879%, 4/15/05                  20,044 
            7,975  General Electric Capital Corp., 2.860%, 5/12/05                 7,975 
           30,174  General Electric Capital Corp., 2.870%, 5/12/05                30,174 
          100,651  HBOS Treasury Services PLC, 3.110%, 6/30/05                   100,651 
          100,651  JP Morgan & Co., Inc., 2.970%, 6/2/05                         100,651 
           36,209  MassMutual Global Funding II, 3.161%, 6/28/05                  36,209 
           20,044  MBNA MCCT II 1997-K Class A, 2.851%, 4/15/05                   20,044 
          120,695  MBNA MCCT II 2000-K Class A, 2.702%, 4/15/05                  120,695 
                                                                                 ------- 
                                                                               1,584,558 
Total Short-Term Securities Held as Collateral for                             --------- 
  Securities Lending (Cost $2,155,275)                                         2,155,275 
                                                                               --------- 

Total Investments (Cost $107,937,314) (a)   -   102.0%                       111,524,007 
Liabilities in Excess of Other Assets   -   (2.0)%                           (2,205,359) 
                                                                             ----------- 

NET ASSETS   -   100.0%                                                $     109,318,648 
                                                                             =========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Growth Fund                                                                   
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

     Shares or          Security                                                         
    Principal Amount    Description                                              Value   

Common Stocks  (99.2%):                                                                  
Apparel & Textiles  (1.6%):                                                              
          100,000  Cintas Corp.                                        $       4,131,000 
            5,170  Liz Claiborne, Inc.                                           207,472 
                                                                                 ------- 
                                                                               4,338,472 
Banks  (0.0%):                                                                 ----------
              300  Bank of America Corp.                                          13,230 
                                                                                  ------ 
Building & Construction  (0.0%):                                                         
            3,215  Masco Corp.                                                   111,464 
                                                                                 ------- 
Chemicals  (3.0%):                                                                       
           53,000  Du Pont (E.I.) de Nemours & Co.                             2,715,720 
          150,000  Ecolab, Inc.                                                4,957,500 
            3,915  PPG Industries, Inc.                                          280,001 
            1,230  Praxair, Inc.                                                  58,868 
                                                                                  ------ 
                                                                               8,012,089 
Communications Equipment  (0.1%):                                              --------- 
            5,415  L-3 Communications Corp.                                      384,573 
                                                                                 ------- 
Computer Services  (3.2%):                                                               
            5,060  Diebold, Inc.                                                 277,541 
          152,087  Hewlett Packard Co.                                         3,336,789 
            2,915  Jabil Circuit, Inc. (b)                                        83,136 
          140,000  Sungard Data Systems, Inc. (b)                              4,830,000 
                                                                               --------- 
                                                                               8,527,466 
Computer Software  (2.5%):                                                     --------- 
            1,670  Adobe Systems, Inc.                                           112,174 
          270,625  Microsoft Corp.                                             6,541,006 
                                                                               --------- 
                                                                               6,653,180 
Computers  (6.9%):                                                             --------- 
           69,000  Cisco Systems, Inc. (b)                                     1,234,410 
           81,890  Computer Sciences Corp. (b)                                 3,754,657 
           79,350  Dell, Inc. (b)                                              3,048,627 
            6,585  EMC Corp. (b)                                                  81,127 
           58,785  International Business Machines                             5,371,773 
                   Corp.                                                                 
          355,360  Oracle Corp. (b)                                            4,434,893 
                                                                               --------- 
                                                                              17,925,487 
Consumer Products  (0.0%):                                                     --------- 
            1,045  Fortune Brands, Inc.                                           84,258 
                                                                                  ------ 
Containers - Paper/Plastic  (0.7%):                                                      
           78,000  Pactiv Corp. (b)                                            1,821,300 
                                                                               --------- 
Cosmetics/Toiletries  (2.2%):                                                            
           75,000  Colgate-Palmolive Co.                                       3,912,750 
           38,000  Procter & Gamble Co.                                        2,014,000 
                                                                               --------- 
                                                                               5,926,750 
Data Processing/Management  (5.1%):                                            --------- 
          300,000  Automatic Data Processing, Inc.                            13,485,000 
                                                                              ---------- 
Diversified Operations  (0.1%):                                                          
            4,185  Ingersoll Rand Co.                                            333,335 
                                                                                 ------- 
Drugs & Health Care  (6.2%):                                                             
          110,000  Abbott Laboratories                                         5,128,199 
            4,990  Alcon Inc                                                     445,557 
           17,185  Amgen, Inc. (b)                                             1,000,339 
            7,195  Bristol-Myers Squibb Co.                                      183,185 
           32,615  Merck & Co., Inc.                                           1,055,748 
           45,000  Mylan Laboratories, Inc. (d)                                  797,400 
          110,000  Pfizer, Inc.                                                2,889,700 
           63,000  Schering-Plough Corp.                                       1,143,450 
           65,000  Wyeth                                                       2,741,700 
           13,000  Zimmer Holdings, Inc. (b)                                   1,011,530 
                                                                               --------- 
                                                                              16,396,808 
Electric Utility  (0.0%):                                                     ---------- 
            1,270  FPL Group, Inc.                                                50,991 
                                                                                  ------ 
Electronic Components  (1.0%):                                                           
          100,000  Molex, Inc.                                                 2,636,000 
                                                                               --------- 
Financial Services  (1.9%):                                                              
           94,000  American Express Co.                                        4,828,780 
              500  Hartford Financial Services Group,                             34,280 
                   Inc.                                                                  
            2,000  Prudential Financial, Inc.                                    114,800 
                                                                                 ------- 
                                                                               4,977,860 
Food & Beverages  (4.2%):                                                      --------- 
           65,000  Anheuser Busch Cos., Inc.                                   3,080,350 
           20,875  Archer-Daniels-Midland Co.                                    513,108 
            8,170  Constellation Brands, Inc. (b)                                431,948 
           10,245  General Mills, Inc.                                           503,542 
          100,000  Wm. Wrigley Jr. Co.                                         6,556,999 
                                                                               --------- 
                                                                              11,085,947 
Household Products  (0.1%):                                                   ---------- 
            4,000  Church & Dwight Co., Inc.                                     141,880 
                                                                                 ------- 
Industrial  (3.8%):                                                                      
          280,200  General Electric Co.                                       10,104,012 
                                                                              ---------- 
Industrial Conglomerates  (2.4%):                                                        
           70,000  Illinois Tool Works, Inc.                                   6,267,100 
                                                                               --------- 
Instruments - Scientific  (0.8%):                                                        
           50,000  Millipore Corp. (b)                                         2,170,000 
                                                                               --------- 
Insurance  (2.3%):                                                                       
               43  Berkshire Hathaway, Inc., Class A                           3,741,000 
                   (b)                                                                   
           52,500  Cincinnati Financial Corp.                                  2,289,525 
            1,565  UnitedHealth Group, Inc.                                      149,270 
                                                                                 ------- 
                                                                               6,179,795 
Machinery  (0.0%):                                                                       
            1,130  Caterpillar, Inc.                                             103,327 
                                                                                 ------- 
Medical & Medical Services  (10.5%):                                                     
           90,000  Baxter International, Inc.                                  3,058,200 
           25,000  Biomet, Inc.                                                  907,500 
          100,000  Henry Schein, Inc. (b)                                      3,584,000 
           40,000  Hospira, Inc. (b)                                           1,290,800 
           75,000  Invacare Corp.                                              3,347,250 
          107,990  Johnson & Johnson                                           7,252,607 
           30,000  Medco Health Solutions, Inc. (b)                            1,487,100 
           77,540  Medtronic, Inc.                                             3,950,663 
           40,000  Stryker Corp.                                               1,784,400 
           35,000  Wright Medical Group, Inc. (b)                                840,000 
                                                                                 ------- 
                                                                              27,502,520 
Medical - HMO  (0.0%):                                                        ---------- 
              570  Wellpoint, Inc. (b)                                            71,450 
                                                                                  ------ 
Metal Processors & Fabricators  (0.2%):                                                  
           25,000  Worthington Industries, Inc.                                  482,000 
                                                                                 ------- 
Miscellaneous Business Services  (0.8%):                                                 
           75,000  Iron Mountain, Inc. (b)                                     2,163,000 
                                                                               --------- 
Multimedia  (0.3%):                                                                      
           50,000  Time Warner, Inc. (b)                                         877,500 
                                                                                 ------- 
Office Supplies  (2.9%):                                                                 
          125,000  Avery Dennison Corp.                                        7,741,250 
                                                                               --------- 
Oil Company - Exploration & Production  (1.5%):                                          
           56,300  Occidental Petroleum Corp.                                  4,006,871 
                                                                               --------- 
Paperboard Containers & Boxes  (0.1%):                                                   
            6,690  Bemis Co.                                                     208,193 
                                                                                 ------- 
Petroleum & Petroleum Products  (7.9%):                                                  
          165,000  Anadarko Petroleum Corp.                                   12,556,500 
            5,275  Apache Corp.                                                  322,988 
           58,930  Exxon Mobil Corp.                                           3,512,228 
           60,000  Schlumberger, Ltd.                                          4,228,800 
                                                                               --------- 
                                                                              20,620,516 
Pipelines  (1.0%):                                                            ---------- 
           35,000  Kinder Morgan, Inc.                                         2,649,500 
                                                                               --------- 
Printing & Publishing  (2.4%):                                                           
            5,250  McGraw-Hill Cos., Inc.                                        458,063 
           65,300  Media General, Inc., Class A                                4,038,805 
           50,000  Viacom, Inc., Class B                                       1,741,500 
                                                                               --------- 
                                                                               6,238,368 
Railroads  (0.2%):                                                            ---------- 
            6,660  Canadian National Railway Co.                                 421,645 
                                                                                 ------- 
Restaurants  (0.2%):                                                                     
           13,300  McDonald's Corp.                                              414,162 
                                                                                 ------- 
Retail  (10.5%):                                                                         
            6,360  CVS Corp.                                                     334,663 
          240,000  Home Depot, Inc.                                            9,177,600 
          132,000  Kohl's Corp. (b)                                            6,815,160 
          248,600  Walgreen Co.                                               11,042,812 
                                                                              ---------- 
                                                                              27,370,235 
Semi-Conductors/Instruments  (1.8%):                                          ---------- 
          100,000  Analog Devices, Inc.                                        3,614,000 
           41,500  Texas Instruments, Inc.                                     1,057,835 
                                                                               --------- 
                                                                               4,671,835 
Technology  (1.5%):                                                            --------- 
          157,885  Intel Corp.                                                 3,667,669 
            3,620  Lexmark International Group, Inc. (b)                         289,491 
                                                                                 ------- 
                                                                               3,957,160 
Telephone & Telecommunications  (2.2%):                                        --------- 
            1,175  Alltel Corp.                                                   64,449 
            8,070  Nokia Corp. ADR                                               124,520 
           90,000  Qualcomm, Inc.                                              3,298,500 
           82,500  Vodafone Group PLC ADR                                      2,191,200 
                                                                               --------- 
                                                                               5,678,669 
Textiles  (0.0%):                                                              --------- 
              515  V.F. Corp.                                                     30,457 
                                                                                  ------ 
Transport - Marine  (1.5%):                                                              
           52,000  Carnival Corp.                                              2,694,120 
           20,000  Overseas Shipholding Group, Inc.                            1,258,200 
                                                                               --------- 
                                                                               3,952,320 
Transportation Services  (0.0%):                                               --------- 
              400  Fedex Corp.                                                    37,580 
                                                                                  ------ 
Wholesale Distribution  (5.6%):                                                          
           11,450  Costco Wholesale Corp.                                        505,861 
          398,600  SYSCO Corp.                                                14,269,880 
                                                                              ---------- 
                                                                              14,775,741 
                                                                              ---------- 
Total Common Stocks (Cost $149,887,912)                                      261,601,296 
                                                                             ----------- 

Cash Equivalents  (0.8%):                                                                
        1,834,882  Huntington Money Market Fund,                               1,834,881 
                   Interfund Shares *                                                    
          242,532  Meeder Institutional Money Market                             242,532 
                   Fund                                                        --------- 
Total Cash Equivalents (Cost $2,077,413)                                       2,077,413 
                                                                               --------- 

Short-Term Securities Held as Collateral for Securities Lending (0.3%):                  
Mutual Funds (0.0%):                                                                     
              537  JP Morgan Institutional Prime Money Market Fund                   537 
                                                                                     --- 
Repurchase Agreements (0.1%):                                                            
         $128,849  JP Morgan Securities, 2.870%, 4/1/05                          128,849 
           73,584  Morgan Stanley Dean Witter & Co., 2.910%, 4/1/05               73,584 
                                                                                  ------ 
                                                                                 202,433 
Variable Rate Obligations (0.2%):                                                ------- 
           35,819  Bankone Class A 2004-4, 2.850%, 4/15/05                        35,819 
           21,484  Bankone ISS Trust 2003-1, 2.860%, 4/15/05                      21,484 
           17,882  Bayerische Landesbk NY, 2.900%, 4/19/05                        17,882 
            5,005  Capital One MT 2002-3, 2.871%, 4/15/05                          5,005 
           14,357  Capital One MT 2002-3, 2.879%, 4/15/05                         14,357 
            9,298  Capital One MT 2002-3, 2.890%, 4/15/05                          9,298 
           24,474  CCCIT Series 2000, CL 2002-A9, 3.031%, 6/15/05                 24,474 
           14,050  CCCIT Series 2000, CL 2002-A5, 3.047%, 6/15/05                 14,050 
           11,444  Chase CCC Trust 2004-2, C, 2.847%, 4/15/05                     11,444 
          35,819   Chase CCC Trust 2004-2, C, 2.850%, 4/15/05                     35,819 
           17,859  Chase CCMT 2001-2 Class A, 2.857%, 4/15/05                     17,859 
           30,813  Chase CCOT 2001-1 Class A, 2.853%, 4/15/05                     30,813 
            9,045  Chase CCOT 2003-1 Class A, 2.855%, 4/15/05                      9,045 
            7,435  Chase CCOT 2003-1 Class A, 2.860%, 4/15/05                      7,435 
           21,462  Chase CCOT 2003-1 Class A, 2.871%, 4/15/05                     21,462 
           19,776  Daimler Chrysler Master OT 2003-A, 2.860%, 4/15/05             19,776 
           17,859  Deutsche Bank, 3.005%, 4/1/05                                  17,859 
           35,796  Dexia Bank Belgium SA, 2.736%, 4/4/05                          35,796 
           17,859  Discover CMT I 2003-1, 2.870%, 4/15/05                         17,859 
           19,316  Discover CMT I 2001-2, 2.858%, 4/15/05                         19,316 
            7,128  Fleet CCMT II 2002-A Class A, 2.841%, 4/15/05                   7,128 
            3,603  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                   3,603 
           10,731  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  10,731 
            7,128  Fleet CCMT II 2002-A Class A, 2.879%, 4/15/05                   7,128 
            2,836  General Electric Capital Corp., 2.860%, 5/12/05                 2,836 
           10,731  General Electric Capital Corp., 2.870%, 5/12/05                10,731 
           35,796  HBOS Treasury Services PLC, 3.110%, 6/30/05                    35,796 
           35,796  JP Morgan & Co., Inc., 2.970%, 6/2/05                          35,796 
           12,877  MassMutual Global Funding II, 3.161%, 6/28/05                  12,877 
            7,128  MBNA MCCT II 1997-K Class A, 2.851%, 4/15/05                    7,128 
           42,924  MBNA MCCT II 2000-K Class A, 2.702%, 4/15/05                   42,924 
                                                                                  ------ 
                                                                                 563,530 
Total Short-Term Securities Held as Collateral for                               ------- 
  Securities Lending (Cost $766,500)                                             766,500 
                                                                                 ------- 

Total Investments (Cost $152,731,825) (a)   -   100.3%                       264,445,209 
Liabilities in Excess of Other Assets   -   (0.3)%                             (746,243) 

NET ASSETS   -   100.0%                                                $     263,698,966 
                                                                             =========== 
------------                                                                             

 See Notes to Portfolio of Investments.                                                  

Huntington Income Equity Fund                                                            
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

                   Security                                                              
         Shares   Description                                                     Value  

Common Stocks  (100.4%):                                                                 
Auto/Truck Parts & Equipment  (2.9%):                                                    
          145,000  Genuine Parts Co.                                   $       6,306,050 
                                                                               --------- 
Banks  (28.9%):                                                                          
          146,700  AmSouth Bancorporation                                      3,806,865 
          164,700  Bank of America Corp.                                       7,263,270 
          119,000  BB&T Corp.                                                  4,650,520 
          169,700  Citigroup, Inc.                                             7,626,318 
           67,300  Comerica, Inc.                                              3,706,884 
          156,100  J.P. Morgan Chase & Co.                                     5,401,060 
          204,000  MBNA Corp.                                                  5,008,200 
          200,000  National City Corp.                                         6,700,000 
          174,841  Regions Financial Corp.                                     5,664,848 
           42,900  SunTrust Banks, Inc.                                        3,091,803 
           59,400  Wachovia Corp.                                              3,024,054 
          149,700  Washington Mutual, Inc.                                     5,913,150 
                                                                               --------- 
                                                                              61,856,972 
Chemicals  (3.6%):                                                                       
           64,000  Monsanto Co.                                                4,128,000 
           49,000  PPG Industries, Inc.                                        3,504,480 
                                                                               --------- 
                                                                               7,632,480 
Computer Services  (5.5%):                                                     --------- 
           40,700  Diebold, Inc.                                               2,232,395 
           50,200  First Data Corp.                                            1,973,362 
           89,000  Pitney Bowes, Inc.                                          4,015,680 
          108,400  Thompson Corp.                                              3,615,140 
                                                                               --------- 
                                                                              11,836,577 
Computer Software  (0.9%):                                                    ---------- 
           83,000  Microsoft Corp.                                             2,006,110 
                                                                               --------- 
Consumer Products  (2.3%):                                                               
           62,000  Fortune Brands, Inc.                                        4,999,060 
                                                                               --------- 
Data Processing/Management  (1.0%):                                                      
           47,600  Automatic Data Processing, Inc.                             2,139,620 
                                                                               --------- 
Drugs & Health Care  (8.1%):                                                             
          152,000  Bristol-Myers Squibb Co.                                    3,869,920 
          141,500  Merck & Co., Inc.                                           4,580,355 
          210,800  Pfizer, Inc.                                                5,537,716 
           78,800  Wyeth                                                       3,323,784 
                                                                               --------- 
                                                                              17,311,775 
Electric - Integrated  (1.8%):                                                ---------- 
           93,000  Consolidated Edison, Inc.                                   3,922,740 
                                                                               --------- 
Electric Utility  (4.9%):                                                                
          166,000  Duke Energy Corp.                                           4,649,660 
           65,000  Exelon Corp.                                                2,982,850 
          128,000  Nisource, Inc.                                              2,917,120 
                                                                               --------- 
                                                                              10,549,630 
Food & Beverages  (0.9%):                                                     ---------- 
           75,000  ConAgra Foods, Inc.                                         2,026,500 
                                                                               --------- 
Food - Diversified  (2.1%):                                                              
          200,200  Sara Lee Corp.                                              4,436,432 
                                                                               --------- 
Industrial  (2.4%):                                                                      
          140,000  General Electric Co.                                        5,048,400 
                                                                               --------- 
Insurance  (2.5%):                                                                       
          120,000  Unitrin, Inc.                                               5,448,000 
                                                                               --------- 
Life/Health Insurance  (2.5%):                                                           
          119,000  Lincoln National Corp.                                      5,371,660 
                                                                               --------- 
Multimedia  (2.1%):                                                                      
           65,000  Comcast Corp. Special Class A (b)                           2,171,000 
          182,000  Pearson PLC ADR                                             2,231,320 
                                                                               --------- 
                                                                               4,402,320 
Oil Company - Exploration & Production  (5.8%):                                --------- 
           73,000  Kerr-McGee Corp.                                            5,718,090 
           94,000  Occidental Petroleum Corp.                                  6,689,980 
                                                                               --------- 
                                                                              12,408,070 
Petroleum & Petroleum Products  (7.5%):                                       ---------- 
          114,800  ChevronTexaco Corp.                                         6,693,988 
           58,900  ConocoPhillips                                              6,351,776 
           52,000  Royal Dutch Petroleum Co. ADR                               3,122,080 
                                                                               --------- 
                                                                              16,167,844 
Printing & Publishing  (4.1%):                                                ---------- 
           36,000  Gannett Co., Inc.                                           2,846,880 
          188,000  R.R. Donnelley & Sons Co.                                   5,944,560 
                                                                               --------- 
                                                                               8,791,440 
Real Estate Investment Trusts  (1.1%):                                         --------- 
           76,000  Equity Office Properties Trust                              2,289,880 
                                                                               --------- 
Retail  (1.3%):                                                                          
           77,000  May Department Stores Co.                                   2,850,540 
                                                                               --------- 
Technology  (1.0%):                                                                      
           96,500  Intel Corp.                                                 2,241,695 
                                                                               --------- 
Telecommunication Equipment  (0.9%):                                                     
          173,000  Avaya, Inc. (b)                                             2,020,640 
                                                                               --------- 
Telephone & Telecommunications  (5.0%):                                                  
          120,000  Alltel Corp.                                                6,582,000 
          145,000  Nokia Corp. ADR                                             2,237,350 
           87,000  Sprint Corp.                                                1,979,250 
                                                                               --------- 
                                                                              10,798,600 
Textiles  (1.3%):                                                             ---------- 
           45,900  V.F. Corp.                                                  2,714,526 
                                                                               --------- 
Total Common Stocks (Cost $159,680,700)                                      215,577,561 
                                                                             ----------- 

Cash Equivalent  (1.1%):                                                                 
        2,389,450  Huntington Money Market Fund,                               2,389,450 
                   Interfund Shares *                                          --------- 
Total Cash Equivalent (Cost $2,389,450)                                        2,389,450 
                                                                               --------- 

Total Investments (Cost $162,070,150) (a)   -   101.5%                       217,967,011 
Liabilities in Excess of Other Assets   -   (1.5)%                           (3,282,024) 
                                                                             ----------- 

NET ASSETS   -   100.0%                                                $     214,684,987 
                                                                             =========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington International Equity Fund                                                     
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

    Shares or         Security                                                           
  Principal Amount   Description                                                   Value 

Common Stocks  (91.4%):                                                                  
Austria  (1.8%):                                                                         
Banks  (1.8%):                                                                           
           49,600  Erste Bank der Oesterreichischen                    $       2,594,620 
                   Sparkassen AG                                               --------- 
Brazil  (1.8%):                                                                          
Oil & Gas  (1.8%):                                                                       
           60,000  Petroleo Brasileiro SA ADR                                  2,650,800 
                                                                               --------- 
Canada  (3.8%):                                                                          
Oil & Gas  (2.7%):                                                                       
           55,305  Encana Corp.                                                3,901,544 
                                                                               --------- 
Railroads  (1.1%):                                                                       
           24,000  Canadian National Railway Co.                               1,519,440 
                                                                               --------- 
                                                                               5,420,984 
Finland  (1.5%):                                                                         
Paper & Related Products  (1.5%):                                                        
           95,000  UPM Kymmene OYJ ADR (b)                                     2,121,350 
                                                                               --------- 
France  (7.2%):                                                                          
Food & Beverage  (1.0%):                                                                 
           15,000  Groupe Danone (b)                                           1,492,513 
                                                                               --------- 
Insurance  (0.7%):                                                                       
           39,900  Axa ADR                                                     1,064,532 
                                                                               --------- 
Oil & Gas  (2.1%):                                                                       
           12,535  Total SA                                                    2,933,257 
                                                                               --------- 
Optical Supplies  (2.1%):                                                                
           40,200  Essilor International SA                                    2,905,490 
                                                                               --------- 
Water Treatments  (1.3%):                                                                
           71,800  Suez SA ADR                                                 1,937,164 
                                                                               --------- 
                                                                              10,332,956 
Germany  (5.4%):                                                                         
Computer Software  (1.5%):                                                               
           13,900  SAP AG                                                      2,230,920 
                                                                               --------- 
Medical-Drugs  (2.4%):                                                                   
          106,300  Stada Arzneimittel AG                                       3,362,572 
                                                                               --------- 
Retail  (1.5%):                                                                          
           58,700  Douglas Holdings AG                                         2,142,225 
                                                                               --------- 
                                                                               7,735,717 
Hong Kong  (3.1%):                                                             --------- 
Financial Services  (1.1%):                                                              
          553,000  The Bank Of East Asia Ltd.                                  1,591,790 
                                                                               --------- 
Real Estate  (2.0%):                                                                     
          150,000  Cheung Kong Holdings Ltd.                                   1,331,850 
          338,000  Henderson Land Development                                  1,503,802 
                                                                               --------- 
                                                                               2,835,652 
                                                                               --------- 
                                                                               4,427,442 
Ireland  (3.1%):                                                               --------- 
Banking/Insurance  (1.8%):                                                               
          105,000  Anglo Irish Bank                                            2,629,934 
                                                                               --------- 
Food & Beverage  (1.3%):                                                                 
           75,300  Kerry Group PLC, Class A                                    1,820,633 
                                                                               --------- 
                                                                               4,450,567 
Japan  (19.1%):                                                                --------- 
Building-Heavy Construction  (1.1%):                                                     
          220,000  KOMATSU LTD.                                                1,654,027 
                                                                               --------- 
Commercial Banks  (2.8%):                                                                
          216,500  Mitsubishi Tokyo Financial Group,                           1,872,725 
                   Inc. ADR                                                              
          294,000  The 77th Bank Ltd.                                          2,130,852 
                                                                               --------- 
                                                                               4,003,577 
Computer Services/Software  (1.6%):                                            --------- 
           43,000  Canon, Inc.                                                 2,306,329 
                                                                               --------- 
Cosmetics & Toiletries  (2.7%):                                                          
          128,000  Shiseido Co. Ltd.                                           1,689,473 
           48,600  Uni-Charm Corp.                                             2,180,552 
                                                                               --------- 
                                                                               3,870,025 
Electronics  (3.5%):                                                           --------- 
          162,000  Matsushita Electric Industrial Co.                          2,387,575 
                   Ltd.                                                                  
          170,000  Sharp Corp.                                                 2,572,082 
                                                                               --------- 
                                                                               4,959,657 
Food & Beverage  (1.6%):                                                       --------- 
          185,000  Ajinomoto Co., Inc.                                         2,257,171 
                                                                               --------- 
Medical Supplies  (1.7%):                                                                
           82,100  Terumo Corp.                                                2,473,607 
                                                                               --------- 
Medical-Drugs  (2.5%):                                                                   
           38,000  Eisai Co. Ltd.                                              1,290,238 
           23,000  ONO Pharmaceutical Co. Ltd.                                 1,199,291 
          112,000  Tanabe Seiyaku Co. Ltd.                                     1,115,769 
                                                                               --------- 
                                                                               3,605,298 
Optical Supplies  (1.6%):                                                      --------- 
           20,800  Hoya Corp.                                                  2,289,445 
                                                                               --------- 
Toys  (0.0%):                                                                            
               50  Nintendo Co. Ltd.                                               5,457 
                                                                                   ----- 
                                                                              27,424,593 
Mexico  (1.3%):                                                               ---------- 
Construction Materials & Supplies  (1.3%):                                               
           53,255  Cemex SA ADR                                                1,930,494 
                                                                               --------- 
Netherlands  (3.8%):                                                                     
Insurance  (1.7%):                                                                       
           81,012  ING Group NV                                                2,447,112 
                                                                               --------- 
Transportation  (2.1%):                                                                  
          103,800  TPG NV                                                      2,953,795 
                                                                               --------- 
                                                                               5,400,907 
Netherlands Antilles  (1.3%):                                                  --------- 
Oil-Field Services  (1.3%):                                                              
           27,500  Schlumberger Ltd. ADR                                       1,938,200 
                                                                               --------- 
Singapore  (2.4%):                                                                       
Electronic Components  (0.7%):                                                           
          130,000  Venture Corp. Ltd.                                          1,047,434 
                                                                               --------- 
Telecommunications  (1.7%):                                                              
        1,567,290  Singapore Telecommunications Ltd.                           2,449,633 
                                                                               --------- 
                                                                               3,497,067 
South Korea  (0.9%):                                                           --------- 
Telephone Communications  (0.9%):                                                        
           66,000  SK Telecom Co. Ltd. ADR                                     1,301,520 
                                                                               --------- 
Spain  (6.3%):                                                                           
Banks  (1.4%):                                                                           
          121,700  Banco Bilbao Vizcaya SA ADR                                 1,980,059 
                                                                               --------- 
Building-Heavy Construction  (1.3%):                                                     
           35,800  Fomento De Construcciones y                                 1,830,030 
                                                                               --------- 
                   Contratas SA                                                          
Electric Integrated  (1.6%):                                                             
          104,000  Endesa SA                                                   2,339,275 
                                                                               --------- 
Telephone Communications  (2.0%):                                                        
          169,600  Telefonica SA                                               2,955,111 
                                                                               --------- 
                                                                               9,104,475 
Sweden  (4.1%):                                                                          
Banking & Finance  (0.9%):                                                               
           57,600  ForeningsSparbanken AB                                      1,360,296 
                                                                               --------- 
Manufacturing-Consumer Goods  (1.4%):                                                    
           89,000  Electrolux AB, Series B                                     2,070,382 
                                                                               --------- 
Tools  (1.8%):                                                                           
           57,900  Sandvik AB                                                  2,407,247 
                                                                               --------- 
                                                                               5,837,925 
Switzerland  (4.7%):                                                                     
Banking/Insurance  (0.9%):                                                               
           15,846  UBS AG                                                      1,337,718 
                                                                               --------- 
Chemicals-Specialty  (1.8%):                                                             
          120,400  Syngenta AG ADR                                             2,528,400 
                                                                               --------- 
Machinery  (0.9%):                                                                       
            3,400  Schindler Holding AG                                        1,258,944 
                                                                               --------- 
Medical-Drugs  (1.1%):                                                                   
           34,900  Novartis AG                                                 1,627,733 
                                                                               --------- 
                                                                               6,752,795 
United Kingdom  (19.8%):                                                                 
Aerospace  (1.4%):                                                                       
          129,200  Smiths Group PLC                                            2,078,477 
                                                                               --------- 
Commercial Banks  (2.4%):                                                                
          163,000  Barclays PLC                                                1,666,030 
           91,000  Standard Chartered PLC                                      1,636,727 
                                                                               --------- 
                                                                               3,302,757 
Diversified Operations  (1.4%):                                                          
          416,700  Tomkins PLC                                                 2,080,351 
                                                                               --------- 
Electric Utility  (1.8%):                                                                
          153,600  Scottish & Southern Energy PLC                              2,558,065 
                                                                               --------- 
Food & Beverage  (1.6%):                                                                 
          233,400  Cadbury Schweppes PLC                                       2,339,292 
                                                                               --------- 
Food - Retail  (1.8%):                                                                   
          430,284  Tesco PLC                                                   2,572,924 
                                                                               --------- 
Industrial Goods & Services  (1.5%):                                                     
          225,000  Bunzl PLC                                                   2,197,714 
                                                                               --------- 
Medical-Drugs  (1.2%):                                                                   
           38,750  GlaxoSmithkline PLC ADR                                     1,779,400 
                                                                               --------- 
Metals  (2.1%):                                                                          
           23,100  Rio Tinto PLC ADR                                           2,997,225 
                                                                               --------- 
Oil & Gas  (2.2%):                                                                       
          275,000  BG Group PLC                                                2,136,667 
          104,000  BP Amoco PLC                                                1,077,725 
                                                                               --------- 
                                                                               3,214,392 
Printing & Publishing  (1.6%):                                                           
          190,300  Pearson PLC                                                 2,318,978 
                                                                               --------- 
Retail  (0.8%):                                                                          
           97,100  Boots Group PLC                                             1,143,810 
                                                                               --------- 
                                                                              28,583,385 
                                                                              ---------- 
Total Common Stocks (Cost $101,087,355)                                      131,505,797 
                                                                             ----------- 

Mutual Funds  (3.4%):                                                                    
India  (1.0%):                                                                           
Management Investment Operation  (1.0%):                                                 
           47,400  Morgan Stanley India Investment                             1,375,548 
                   Fund                                                        --------- 
Japan  (0.7%):                                                                           
Management Investment Operation  (0.7%):                                                 
           97,000  iShares MSCI Japan  Index Fund                              1,017,530 
                                                                               --------- 
Malaysia  (1.1%):                                                                        
Management Investment Operation  (1.1%):                                                 
          240,000  iShares MSCI Malaysia Index Fund                            1,629,600 
                                                                               --------- 
Taiwan  (0.6%):                                                                          
Management Investment Operation  (0.6%):                                                 
           80,500  iShares MSCI Taiwan Index Fund                                932,190 
                                                                                 ------- 
Total Mutual Funds (Cost $4,595,171)                                           4,954,868 
                                                                               --------- 

Repurchase Agreement  (4.9%):                                                            
       $7,063,000  State Street Repurchase Agreement,                          7,063,000 
                   1.750%, dated 3/31/05, due 4/1/05,                          --------- 
                   repurchase price $7,063,343 (Fully                                    
                   Collateralized by U.S. Treasury                                       
                   Securities)                                                           
Total Repurchase Agreement (Cost $7,063,000)                                   7,063,000 
                                                                               --------- 

Total Investments (Cost $112,745,526) (a)   -   99.7%                        143,523,665 
Other Assets in Excess of Liabilities   -   0.3%                                 414,339 
                                                                             ----------- 
NET ASSETS   -   100.0%                                                $     143,938,004 
                                                                             =========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Macro 100 Fund                                                                
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

                   Security                                                              
         Shares   Description                                                     Value  

Common Stocks  (99.1%):                                                                  
Aerospace & Defense  (0.8%):                                                             
            4,500  Raytheon Co.                                        $         174,150 
                                                                                 ------- 
Auto/Truck Parts & Equipment  (0.4%):                                                    
            2,100  Genuine Parts Co.                                              91,329 
                                                                                  ------ 
Banks  (21.3%):                                                                          
            3,900  AmSouth Bancorporation                                        101,205 
           22,200  Bank of America Corp.                                         979,020 
            5,200  BB&T Corp.                                                    203,216 
            2,700  Compass Bancshares, Inc.                                      122,580 
            5,600  Countrywide Credit Industries, Inc.                           181,776 
            1,700  First Horizon National Corp.                                   69,343 
            4,628  Regions Financial Corp.                                       149,947 
            3,400  SunTrust Banks, Inc.                                          245,038 
           16,300  U.S. Bancorp                                                  469,766 
           14,070  Wachovia Corp.                                                716,304 
            8,000  Washington Mutual, Inc.                                       316,000 
           15,100  Wells Fargo & Co.                                             902,980 
                                                                                 ------- 
                                                                               4,457,175 
Beer, Wine, & Distilled Beverages  (0.8%):                                     --------- 
            1,500  Brown-Forman Corp.                                             82,125 
            1,000  Molson Coors Brewing Co., Class B                              77,170 
                                                                                  ------ 
                                                                                 159,295 
Chemicals  (0.7%):                                                               ------- 
            1,900  PPG Industries, Inc.                                          135,888 
                                                                                 ------- 
Communications Equipment  (2.3%):                                                        
            3,200  Comverse Technology, Inc. (b)                                  80,704 
           10,200  Nextel Communications, Inc., Class                            289,884 
                   A (b)                                                                 
            2,100  Scientific-Atlanta, Inc.                                       59,262 
            6,600  Tellabs, Inc. (b)                                              48,180 
                                                                                  ------ 
                                                                                 478,030 
Computer Services  (4.8%):                                                               
           11,400  Ebay, Inc. (b)                                                424,764 
            2,700  Jabil Circuit, Inc. (b)                                        77,004 
            4,500  Veritas Software Corp. (b)                                    104,490 
           11,900  Yahoo, Inc. (b)                                               403,410 
                                                                                 ------- 
                                                                               1,009,668 
Computer Software  (5.3%):                                                     --------- 
            2,500  Adobe Systems, Inc.                                           167,925 
           39,000  Microsoft Corp.                                               942,630 
                                                                                 ------- 
                                                                               1,110,555 
Computers  (12.3%):                                                            --------- 
           51,600  Cisco Systems, Inc. (b)                                       923,124 
            2,800  Citrix Systems, Inc. (b)                                       66,696 
            5,600  Computer Associates International,                            151,760 
                   Inc.                                                                  
            2,200  Computer Sciences Corp. (b)                                   100,870 
           21,300  Dell, Inc. (b)                                                818,346 
           40,900  Oracle Corp. (b)                                              510,432 
                                                                                 ------- 
                                                                               2,571,228 
Computers, Peripherals & Software  (1.4%):                                     --------- 
            4,700  Advanced Micro Devices, Inc. (b)                               75,764 
            3,700  BMC Software, Inc. (b)                                         55,500 
            7,000  Novell, Inc. (b)                                               41,720 
           13,500  Parametric Technology Corp. (b)                                75,465 
            5,800  Unisys Corp. (b)                                               40,948 
                                                                                  ------ 
                                                                                 289,397 
Diversified Operations  (1.3%):                                                  ------- 
            1,900  Ingersoll Rand Co.                                            151,335 
            1,500  Reynolds American, Inc.                                       120,885 
                                                                                 ------- 
                                                                                 272,220 
Electrical Equipment  (0.4%):                                                    ------- 
            1,200  Cooper Industries Ltd., Class A                                85,824 
                                                                                  ------ 
Electronic Components  (1.6%):                                                           
            4,900  Agilent Technologies, Inc. (b)                                108,780 
           13,400  Applied Micro Circuits Corp. (b)                               44,086 
            3,400  Broadcom Corp., Class A (b)                                   101,728 
            7,700  Sanmina Corp. (b)                                              40,194 
           11,900  Solectron Corp. (b)                                            41,293 
                                                                                  ------ 
                                                                                 336,081 
Financial Services  (9.7%):                                                      ------- 
           10,600  American Express Co.                                          544,522 
            1,200  Bear Stearns Companies, Inc.                                  119,880 
            2,600  Capital One Financial Corp.                                   194,402 
            5,700  E*Trade Group, Inc. (b)                                        68,400 
            2,400  Franklin Resources, Inc.                                      164,760 
            2,900  Golden West Financial Corp.                                   175,450 
            4,300  Janus Capital Group, Inc.                                      59,985 
            2,400  Marshall & Ilsley Corp.                                       100,200 
            5,200  Providian Financial Corp. (b)                                  89,232 
            4,200  SLM Corp.                                                     209,328 
            1,500  T. Rowe Price Group, Inc.                                      89,070 
           12,500  The Charles Schwab Corp.                                      131,375 
            1,100  Zions Bancorporation                                           75,922 
                                                                                  ------ 
                                                                               2,022,526 
Food & Beverages  (4.5%):                                                      --------- 
            4,900  Coca-Cola Enterprises, Inc.                                   100,548 
           20,200  The Coca-Cola Co.                                             841,734 
                                                                                 ------- 
                                                                                 942,282 
Hotels  (0.5%):                                                                  ------- 
            4,300  Hilton Hotels Corp.                                            96,105 
                                                                                  ------ 
Life Insurance  (0.6%):                                                                  
            3,200  Principal Financial Group                                     123,168 
                                                                                 ------- 
Machinery  (0.5%):                                                                       
            1,900  Rockwell International Corp.                                  107,616 
                                                                                 ------- 
Metals & Mining  (1.0%):                                                                 
            2,100  Freeport-McMoran Copper & Gold,                                83,181 
                   Inc., Class B                                                         
            1,200  Phelps Dodge Corp.                                            122,076 
                                                                                 ------- 
                                                                                 205,257 
Miscellaneous Business Services  (1.4%):                                         ------- 
            3,200  Autodesk, Inc.                                                 95,232 
            6,800  Symantec Corp. (b)                                            145,044 
            1,600  Waters Corp. (b)                                               57,264 
                                                                                  ------ 
                                                                                 297,540 
Real Estate Investment Trusts  (1.1%):                                           ------- 
            2,200  Prologis Trust                                                 81,620 
            2,400  Simon Property Group, Inc.                                    145,392 
                                                                                 ------- 
                                                                                 227,012 
Retail  (6.6%):                                                                  ------- 
            4,500  Circuit City Stores, Inc.                                      72,225 
            8,000  Gap, Inc.                                                     174,720 
           19,100  Home Depot, Inc.                                              730,384 
            7,100  Lowe's Cos., Inc.                                             405,339 
                                                                                 ------- 
                                                                               1,382,668 
Semi-Conductors/Instruments  (4.3%):                                           --------- 
            3,800  Analog Devices, Inc.                                          137,332 
            8,900  LSI Logic Corp. (b)                                            49,751 
            4,600  National Semiconductor Corp.                                   94,806 
            3,800  NVIDIA Corp. (b)                                               90,288 
            4,900  PMC-Sierra, Inc. (b)                                           43,120 
            2,500  QLogic Corp. (b)                                              101,250 
           15,200  Texas Instruments, Inc.                                       387,448 
                                                                                 ------- 
                                                                                 903,995 
Technology  (8.6%):                                                              ------- 
           25,400  ADC Telecommunications, Inc. (b)                               50,546 
            4,300  Altera Corp. (b)                                               85,054 
            9,000  Compuware Corp. (b)                                            64,800 
           41,100  Intel Corp.                                                   954,753 
            2,100  Intuit, Inc. (b)                                               91,917 
            1,400  Lexmark International Group, Inc.                             111,958 
                   (b)                                                                   
            3,200  Linear Technology Corp.                                       122,592 
            3,400  Maxim Integrated Products, Inc.                               138,958 
            1,400  Mercury Interactive Corp. (b)                                  66,332 
            3,700  Xilinx, Inc.                                                  108,151 
                                                                                 ------- 
                                                                               1,795,061 
Telephone & Telecommunications  (4.8%):                                        --------- 
           15,700  Ciena Corp. (b)                                                27,004 
           18,600  JDS Uniphase Corp. (b)                                         31,062 
           38,200  Lucent Technologies, Inc. (b)                                 105,050 
           20,900  Motorola, Inc.                                                312,873 
           14,600  Qualcomm, Inc.                                                535,090 
                                                                                 ------- 
                                                                               1,011,079 
Textiles  (0.4%):                                                              --------- 
            1,300  V.F. Corp.                                                     76,882 
                                                                                  ------ 
Transport - Marine  (1.4%):                                                              
            5,600  Carnival Corp.                                                290,136 
                                                                                 ------- 
Transportation Services  (0.3%):                                                         
            1,300  Ryder System, Inc.                                             54,210 
                                                                                  ------ 
Total Common Stocks (Cost $20,238,167)                                        20,706,377 
                                                                              ---------- 

Cash Equivalent  (2.7%):                                                                 
          561,075  Huntington Money Market Fund,                                 561,075 
                   Interfund Shares *                                            ------- 
Total Cash Equivalent (Cost $561,075)                                            561,075 
                                                                                 ------- 

Total Investments (Cost $20,799,242) (a)   -   101.8%                         21,267,452 
Liabilities in Excess of Other Assets   -   (1.8)%                             (379,339) 
                                                                              ---------- 
NET ASSETS   -   100.0%                                                $      20,888,113 
                                                                              ========== 
------------                                                                             

See Notes to Portfolio of Investments.                                                   

Huntington Mid Corp America Fund                                                         
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

    Shares or          Security                                                          
    Principal Amount  Description                                                Value   

Common Stocks  (93.4%):                                                                  
Aerospace & Defense  (0.5%):                                                             
            9,600  Alliant Techsystems, Inc. (b)                       $         685,920 
                                                                                 ------- 
Amusement & Recreation Services  (0.4%):                                                 
           12,000  Boyd Gaming Corp.                                             625,800 
                                                                                 ------- 
Apparel & Textiles  (1.4%):                                                              
            3,000  G & K Services, Inc., Class A                                 120,870 
           22,500  Liz Claiborne, Inc.                                           902,925 
           14,000  Reebok International Ltd.                                     620,200 
           10,000  UniFirst Corp.                                                399,000 
                                                                                 ------- 
                                                                               2,042,995 
Auto/Truck Parts & Equipment  (0.4%):                                          --------- 
            5,600  Cummins Engine, Inc.                                          393,960 
            3,000  Oshkosh Truck Corp.                                           245,970 
                                                                                 ------- 
                                                                                 639,930 
Banks  (5.7%):                                                                   ------- 
           14,600  Amcore Financial, Inc.                                        412,450 
           21,200  BancorpSouth, Inc.                                            437,568 
           18,818  BOK Financial Corp. (b)                                       765,516 
           25,875  Chittenden Corp.                                              674,561 
           30,200  Compass Bancshares, Inc.                                    1,371,080 
           34,200  First Horizon National Corp.                                1,395,019 
            5,617  Fulton Financial Corp.                                        122,394 
           13,300  M & T Bank Corp.                                            1,357,398 
            5,333  New York Community Bancorp,                                    96,847 
                   Inc.                                                                  
           32,800  TCF Financial Corp.                                           890,520 
           14,749  TD Banknorth, Inc. (b)                                        460,759 
            7,076  Toronto-Dominion Bank                                         292,593 
                                                                                 ------- 
                                                                               8,276,705 
Beer, Wine, & Distilled Beverages  (0.8%):                                     --------- 
           14,100  Molson Coors Brewing Co., Class B                           1,088,097 
                                                                               --------- 
Biotechnology  (1.7%):                                                                   
           13,000  Cephalon, Inc. (b)                                            608,790 
           26,000  Invitrogen Corp. (b)                                        1,799,200 
                                                                               --------- 
                                                                               2,407,990 
Building & Construction  (4.0%):                                               --------- 
           21,000  Beazer Homes USA, Inc. (d)                                  1,047,060 
           16,400  Centex Corp.                                                  939,228 
           14,667  D. R. Horton, Inc.                                            428,853 
              363  Eagle Materials, Inc.                                          29,381 
            3,000  Hovnanian Enterprises , Class A                               153,000 
                   (b)                                                                   
           31,100  Insituform Technologies, Inc., Class                          451,261 
                   A (b)                                                                 
            5,300  Lafarge North America Corp.                                   309,785 
           33,000  Pulte Homes, Inc.                                           2,429,791 
                                                                               --------- 
                                                                               5,788,359 
Chemicals  (2.2%):                                                             --------- 
           20,700  Albemarle Corp.                                               752,652 
           27,700  Cytec Industries, Inc.                                      1,502,725 
           18,800  Lubrizol Corp.                                                764,032 
            3,000  Minerals Technologies, Inc.                                   197,340 
                                                                                 ------- 
                                                                               3,216,749 
Communications Equipment  (3.1%):                                              --------- 
           25,000  Harris Corp.                                                  816,250 
           39,000  L-3 Communications Corp.                                    2,769,780 
           32,500  Scientific-Atlanta, Inc.                                      917,150 
                                                                                 ------- 
                                                                               4,503,180 
Computer Services  (3.0%):                                                     --------- 
           94,000  Activision, Inc. (b)                                        1,391,200 
           14,300  Affiliated Computer Services, Inc.                            761,332 
                   (b)                                                                   
           16,000  Intergraph Corp. (b)                                          460,960 
           29,000  JDA Software Group, Inc. (b)                                  407,160 
            5,000  Pinnacle Systems, Inc. (b)                                     27,950 
           11,968  SafeNet, Inc. (b)                                             350,782 
           29,100  Sungard Data Systems, Inc. (b)                              1,003,950 
                                                                               --------- 
                                                                               4,403,334 
Computers  (1.5%):                                                             --------- 
           25,800  NCR Corp. (b)                                                 870,492 
           17,200  Progress Software Corp. (b)                                   450,984 
           20,000  Sandisk Corp. (b)                                             556,000 
           11,000  Storage Technology Corp. (b)                                  338,800 
                                                                                 ------- 
                                                                               2,216,276 
Computers, Peripherals & Software  (0.7%):                                     --------- 
            6,000  Cognos, Inc. (b)                                              251,640 
           20,000  Novell, Inc. (b)                                              119,200 
           32,000  Sybase, Inc. (b)                                              590,720 
                                                                                 ------- 
                                                                                 961,560 
Consulting Services  (0.4%):                                                     ------- 
           40,000  Forrester Research, Inc. (b)                                  563,200 
                                                                                 ------- 
Consumer Products  (0.2%):                                                               
            4,000  Harman International Industries,                              353,840 
                   Inc.                                                          ------- 
Containers - Paper/Plastic  (0.3%):                                                      
           18,300  Pactiv Corp. (b)                                              427,305 
                                                                                 ------- 
Data Processing/Management  (0.3%):                                                      
           26,400  MoneyGram International, Inc.                                 498,696 
                                                                                 ------- 
Diversified Operations  (2.0%):                                                          
            6,000  Ball Corp.                                                    248,880 
           40,700  Griffon Corp. (b)                                             871,387 
           21,500  Teleflex, Inc.                                              1,100,370 
           10,000  Textron, Inc.                                                 746,200 
                                                                                 ------- 
                                                                               2,966,837 
Drugs & Health Care  (1.7%):                                                   --------- 
           23,100  Barr Laboratories, Inc. (b)                                 1,127,973 
           73,725  Mylan Laboratories, Inc. (d)                                1,306,407 
                                                                               --------- 
                                                                               2,434,380 
Electrical Components  (0.7%):                                                 --------- 
           11,500  Elbit Systems Ltd.                                            268,295 
           19,000  Rayovac Corp. (b)                                             790,400 
                                                                                 ------- 
                                                                               1,058,695 
Electrical Equipment  (1.2%):                                                  --------- 
           23,600  Cooper Industries Ltd., Class A                             1,687,872 
                                                                               --------- 
Electrical Services  (1.2%):                                                             
            9,266  Allete, Inc.                                                  387,782 
            8,000  Constellation Energy Group                                    413,600 
           34,800  Energy East Corp.                                             912,456 
                                                                                 ------- 
                                                                               1,713,838 
Electronic Components  (0.3%):                                                 --------- 
            1,950  Benchmark Electronics, Inc. (b)                                62,069 
            6,000  Molex, Inc.                                                   158,160 
            8,000  Thomas & Betts Corp. (b)                                      258,400 
                                                                                 ------- 
                                                                                 478,629 
Environmental Services  (0.5%):                                                  ------- 
           17,000  Stericycle, Inc. (b)                                          751,400 
                                                                                 ------- 
Financial Services  (6.7%):                                                              
           28,500  Allied Capital Corp. (d)                                      743,850 
           17,900  AMBAC Financial Group, Inc.                                 1,338,025 
           26,200  AmeriCredit Corp. (b)                                         614,128 
           12,400  Bear Stearns Companies, Inc.                                1,238,760 
           26,900  City National Corp.                                         1,878,157 
           24,200  First American Financial Corp.                                797,148 
           17,000  Firstmerit Corp.                                              454,920 
           23,250  Legg Mason, Inc.                                            1,816,755 
           21,000  Wilmington Trust Corp.                                        737,100 
                                                                                 ------- 
                                                                               9,618,843 
Food & Beverages  (2.5%):                                                      --------- 
           10,000  Constellation Brands, Inc. (b)                                528,700 
           15,300  McCormick & Co., Inc.                                         526,779 
           20,700  Ralcorp Holding, Inc.                                         980,145 
           18,900  Smithfield Foods, Inc. (b)                                    596,295 
           16,400  SUPERVALU, Inc.                                               546,940 
           23,600  Tyson Foods, Inc., Class A                                    393,648 
                                                                                 ------- 
                                                                               3,572,507 
Gas & Natural Gas  (4.6%):                                                     --------- 
           12,000  AGL Resources, Inc.                                           419,160 
           15,500  Atmos Energy Corp.                                            418,500 
            9,000  Keyspan Corp.                                                 350,730 
           36,900  MDU Resources Group, Inc.                                   1,019,178 
           27,900  National Fuel Gas Co.                                         797,661 
            9,500  New Jersey Resources Corp.                                    413,535 
           11,500  Peoples Energy Corp.                                          482,080 
           45,500  Questar Corp.                                               2,695,875 
                                                                               --------- 
                                                                               6,596,719 
Healthcare Equipment & Supplies  (0.8%):                                       --------- 
           12,600  Hillenbrand Industries, Inc.                                  698,922 
           21,155  Viasys Healthcare, Inc. (b)                                   403,637 
                                                                                 ------- 
                                                                               1,102,559 
Hotels  (0.3%):                                                                --------- 
            4,000  Hilton Hotels Corp.                                            89,400 
            6,000  Starwood Hotels & Resorts                                     360,180 
                   Worldwide, Inc.                                             --------- 
                                                                                 449,580 
Household Products  (1.4%):                                                    --------- 
           31,200  Church & Dwight Co., Inc.                                   1,106,664 
           10,600  Ferro Corp.                                                   199,492 
           10,600  Whirlpool Corp.                                               717,938 
                                                                                 ------- 
                                                                               2,024,094 
Instruments - Scientific  (0.7%):                                              --------- 
           18,928  Fisher Scientific International, Inc. (b)                   1,077,382 
                                                                               --------- 
Insurance  (4.9%):                                                                       
           19,200  Allmerica Financial Corp. (b)                                 690,240 
           25,300  Fidelity National Financial, Inc.                             833,382 
           22,100  Nationwide Financial Services, Inc.                           793,390 
           49,800  Old Republic International Corp.                            1,159,842 
           26,000  PMI Group, Inc.                                               988,260 
           30,900  Protective Life Corp.                                       1,214,370 
           26,700  Torchmark Corp.                                             1,393,740 
                                                                               --------- 
                                                                               7,073,224 
Lasers - Systems/Components  (0.3%):                                           --------- 
           13,100  Coherent, Inc. (b)                                            442,256 
                                                                                 ------- 
Leisure  (1.7%):                                                                         
           16,900  Brunswick Corp.                                               791,765 
           37,200  Royal Caribbean Cruises Ltd.                                1,662,468 
                                                                               --------- 
                                                                               2,454,233 
Machinery  (2.8%):                                                             --------- 
           22,200  AptarGroup, Inc.                                            1,153,956 
           27,000  Kennametal, Inc.                                            1,282,230 
           15,600  Parker Hannifin Corp.                                         950,352 
            3,000  Rockwell International Corp.                                  169,920 
           11,800  Tecumseh Products Co., Class A                                467,398 
                                                                                 ------- 
                                                                               4,023,856 
Measuring Devices  (1.7%):                                                     --------- 
           13,600  FLIR Systems, Inc. (b)                                        412,080 
           22,500  Tektronix, Inc.                                               551,925 
           35,300  Thermo Electron Corp. (b)                                     892,737 
           17,100  Trimble Navigation Ltd. (b)                                   578,151 
                                                                                 ------- 
                                                                               2,434,893 
Medical & Medical Services  (5.2%):                                            --------- 
           23,850  Coventry Health Care, Inc. (b)                              1,625,139 
            4,000  Dentsply International, Inc.                                  217,640 
            9,000  Health Management Associates,                                 235,620 
                   Inc.                                                                  
           29,800  Lincare Holdings, Inc. (b)                                  1,318,054 
           22,200  Owens & Minor, Inc.                                           602,730 
           18,000  Pediatrix Medical Group, Inc. (b)                           1,234,620 
           22,500  Renal Care Group, Inc. (b)                                    853,650 
           25,000  Respironics, Inc. (b)                                       1,456,750 
                                                                               --------- 
                                                                               7,544,203 
Metal Processors & Fabrication  (0.9%):                                        --------- 
           16,400  Precision Castparts Corp.                                   1,262,964 
                                                                               --------- 
Miscellaneous Business Services  (2.1%):                                                 
            7,740  Caremark Rx, Inc. (b)                                         307,897 
            4,600  Electronic Arts, Inc. (b)                                     238,188 
           26,700  NCO Group, Inc. (b)                                           521,985 
           89,600  Symantec Corp. (b)                                          1,911,168 
                                                                               --------- 
                                                                               2,979,238 
Office Supplies  (0.1%):                                                       --------- 
            3,000  Avery Dennison Corp.                                          185,790 
                                                                                 ------- 
Oil & Gas - Exploration & Production  (2.4%):                                            
           39,644  Devon Energy Corp.                                          1,893,001 
           15,600  Suncor Energy, Inc. ADR                                       627,276 
           10,200  Unocal Corp.                                                  629,238 
            5,800  Weatherford International, Inc. (b)                           336,052 
                                                                                 ------- 
                                                                               3,485,567 
Paperboard Containers & Boxes  (0.1%):                                         --------- 
            6,200  Bemis Co.                                                     192,944 
                                                                                 ------- 
Personal Products  (0.5%):                                                               
           27,800  NBTY, Inc. (b)                                                697,502 
                                                                                 ------- 
Petroleum & Petroleum Products  (6.5%):                                                  
           27,710  Apache Corp.                                                1,696,683 
           62,700  Chesapeake Energy Corp.                                     1,375,638 
           11,300  Forest Oil Corp. (b)                                          457,650 
           14,600  Helmerich & Payne, Inc.                                       579,474 
            9,600  Murphy Oil Corp.                                              947,808 
           68,186  Patina Oil & Gas Corp.                                      2,727,440 
           15,000  Unit Corp. (b)                                                677,550 
           27,300  Vintage Petroleum, Inc.                                       858,858 
                                                                                 ------- 
                                                                               9,321,101 
Pharmaceuticals  (0.7%):                                                       --------- 
           23,500  Omnicare, Inc.                                                833,075 
            6,000  Watson Pharmaceutical, Inc. (b)                               184,380 
                                                                                 ------- 
                                                                               1,017,455 
Pollution Control  (0.7%):                                                     --------- 
           36,800  Pall Corp.                                                    998,016 
                                                                                 ------- 
Printing & Publishing  (1.6%):                                                           
           23,636  Banta Corp.                                                 1,011,621 
           51,400  Paxar Corp. (b)                                             1,096,876 
            7,000  R.R. Donnelley & Sons Co.                                     221,340 
                                                                                 ------- 
                                                                               2,329,837 
Restaurants  (0.4%):                                                           --------- 
                1  Applebee's International, Inc.                                     14 
           22,000  Ruby Tuesday, Inc.                                            534,380 
                                                                                 ------- 
                                                                                 534,394 
Retail  (3.9%):                                                                --------- 
           19,400  Abercrombie & Fitch Co., Class A                            1,110,456 
           30,900  AnnTaylor Stores Corp. (b)                                    790,731 
            8,900  Nieman Marcus Group, Inc.                                     814,439 
           20,000  Nordstrom, Inc.                                             1,107,600 
            3,000  Pacific Sunwear of California, Inc.                            83,940 
                   (b)                                                                   
            8,000  PETsMART, Inc.                                                230,000 
           27,500  Sonic Automotives, Inc.                                       624,525 
           31,800  Zales Corp. (b)                                               945,096 
                                                                                 ------- 
                                                                               5,706,787 
Schools  (0.1%):                                                               --------- 
            5,000  Career Education Corp. (b)                                    171,300 
                                                                                 ------- 
Semiconductor Equipment  (1.6%):                                                         
           15,000  ESS Technology, Inc. (b)                                       79,050 
           24,400  Imation Corp.                                                 847,900 
           23,200  International Rectifier Corp. (b)                           1,055,600 
            9,400  Varian Semiconductor Equipment                                357,294 
                                                                                 ------- 
                   Associates, Inc. (b)                                                  
                                                                               2,339,844 
Telephone & Telecommunications  (0.4%):                                        --------- 
           12,000  CenturyTel, Inc.                                              394,080 
            3,700  Commonwealth Telephone                                        174,418 
                   Enterprises, Inc. (b)                                       --------- 
                                                                                 568,498 
Tires & Tubes  (0.2%):                                                         --------- 
           13,900  Cooper Tire & Rubber Co.                                      255,204 
                                                                                 ------- 
Tools & Accessories  (0.3%):                                                             
            9,700  The Stanley Works                                             439,119 
                                                                                 ------- 
Transport - Services  (0.5%):                                                            
           16,000  Ryder System, Inc.                                            667,200 
                                                                                 ------- 
Wholesale Distribution  (1.5%):                                                          
           25,000  AmerisourceBergen Corp.                                     1,432,250 
           16,200  BorgWarner, Inc.                                              788,616 
                                                                                 ------- 
                                                                               2,220,866 
Woven Carpets & Rugs  (1.1%):                                                  --------- 
           19,500  Mohawk Industries, Inc. (b)                                 1,643,850 
                                                                               --------- 
Total Common Stocks (Cost $92,036,711)                                       135,223,412 
                                                                             ----------- 

Mutual Funds  (1.6%):                                                                    
Exchange Traded Funds  (1.6%):                                                           
            9,000  iShares S&P Midcap 400 (d)                                  1,183,320 
            9,000  MidCap SPDR Trust Series 1 Index                            1,083,240 
                   Fund (d)                                                    --------- 
Total Mutual Funds (Cost $1,506,600)                                           2,266,560 
                                                                               --------- 

Cash Equivalent  (5.0%):                                                                 
        7,294,051  Huntington Money Market Fund,                               7,294,051 
                   Interfund Shares *                                          --------- 
Total Cash Equivalent (Cost $7,294,051)                                        7,294,051 
                                                                               --------- 

Short-Term Securities Held as Collateral for Securities Lending (3.5%):                  
Mutual Funds (0.0%):                                                                     
            3,511  JP Morgan Institutional Prime Money Market Fund                 3,511 
                                                                                   ----- 
Repurchase Agreements (0.9%):                                                            
         $843,190  JP Morgan Securities, 2.870%, 4/1/05                          843,190 
          481,536  Morgan Stanley Dean Witter & Co., 2.910%, 4/1/05              481,536 
                                                                                 ------- 
                                                                               1,324,726 
Variable Rate Obligations (2.6%):                                              --------- 
          234,398  Bankone Class A 2004-4, 2.850%, 4/15/05                       234,398 
          140,598  Bankone ISS Trust 2003-1, 2.860%, 4/15/05                     140,598 
          117,023  Bayerische Landesbk NY, 2.900%, 4/19/05                       117,023 
           32,754  Capital One MT 2002-3, 2.871%, 4/15/05                         32,754 
           93,950  Capital One MT 2002-3, 2.879%, 4/15/05                         93,950 
           60,844  Capital One MT 2002-3, 2.890%, 4/15/05                         60,844 
          160,161  CCCIT Series 2000, CL 2002-A9, 3.031%, 6/15/05                160,161 
           91,943  CCCIT Series 2000, CL 2002-A5, 3.047%, 6/15/05                 91,943 
           74,889  Chase CCC Trust 2004-2, C, 2.847%, 4/15/05                     74,889 
         234,398   Chase CCC Trust 2004-2, C, 2.850%, 4/15/05                    234,398 
          116,873  Chase CCMT 2001-2 Class A, 2.857%, 4/15/05                    116,873 
          201,643  Chase CCOT 2001-1 Class A, 2.853%, 4/15/05                    201,643 
           59,189  Chase CCOT 2003-1 Class A, 2.855%, 4/15/05                     59,189 
           48,655  Chase CCOT 2003-1 Class A, 2.860%, 4/15/05                     48,655 
          140,448  Chase CCOT 2003-1 Class A, 2.871%, 4/15/05                    140,448 
          129,413  Daimler Chrysler Master OT 2003-A, 2.860%, 4/15/05            129,413 
          116,873  Deutsche Bank, 3.005%, 4/1/05                                 116,873 
          234,247  Dexia Bank Belgium SA, 2.736%, 4/4/05                         234,247 
          116,873  Discover CMT I 2003-1, 2.870%, 4/15/05                        116,873 
          126,403  Discover CMT I 2001-2, 2.858%, 4/15/05                        126,403 
           46,649  Fleet CCMT II 2002-A Class A, 2.841%, 4/15/05                  46,649 
           23,575  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  23,575 
           70,224  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  70,224 
           46,649  Fleet CCMT II 2002-A Class A, 2.879%, 4/15/05                  46,649 
           18,559  General Electric Capital Corp., 2.860%, 5/12/05                18,559 
           70,224  General Electric Capital Corp., 2.870%, 5/12/05                70,224 
          234,247  HBOS Treasury Services PLC, 3.110%, 6/30/05                   234,247 
          234,247  JP Morgan & Co., Inc., 2.970%, 6/2/05                         234,247 
           84,269  MassMutual Global Funding II, 3.161%, 6/28/05                  84,269 
           46,649  MBNA MCCT II 1997-K Class A, 2.851%, 4/15/05                   46,649 
          280,896  MBNA MCCT II 2000-K Class A, 2.702%, 4/15/05                  280,896 
                                                                                 ------- 
                                                                               3,687,763 
Total Short-Term Securities Held as Collateral for                             --------- 
  Securities Lending (Cost $5,016,000)                                         5,016,000 
                                                                               --------- 

Total Investments (Cost $105,853,362) (a)   -   103.5%                       149,800,023 
Liabilities in Excess of Other Assets   -   (3.5)%                           (5,051,577) 
                                                                             ----------- 

NET ASSETS   -   100.0%                                                $     144,748,446 
                                                                             =========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington New Economy Fund                                                              
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

    Shares or          Security                                                          
    Principal Amount   Description                                                Value  

Common Stocks  (89.0%):                                                                  
Aerospace & Defense  (1.3%):                                                             
            4,400  Armor Holdings, Inc. (b)                            $         163,196 
            8,100  DRS Technologies, Inc. (b)                                    344,250 
           12,000  Teledyne Technologies, Inc. (b)                               375,600 
                                                                                 ------- 
                                                                                 883,046 
Apparel & Textiles  (2.7%):                                                      ------- 
            5,400  American Eagle Outfitters, Inc.                               159,570 
            8,100  Bebe Stores, Inc.                                             274,995 
            6,800  Coach, Inc. (b)                                               385,084 
            6,300  Fossil, Inc. (b)                                              163,328 
            7,500  K-Swiss, Inc., Class A                                        247,725 
            4,300  Quiksilver, Inc. (b)                                          124,829 
           10,800  The Children's Place, Inc. (b)                                515,700 
                                                                                 ------- 
                                                                               1,871,231 
Auto/Truck Parts & Equipment  (1.1%):                                          --------- 
            4,500  Autoliv, Inc.                                                 214,425 
            2,900  Cummins Engine, Inc.                                          204,015 
            1,485  Magna International, Inc.                                      99,347 
            3,300  PACCAR, Inc.                                                  238,887 
                                                                                 ------- 
                                                                                 756,674 
Banks  (4.8%):                                                                   ------- 
           18,000  Center Financial Corp.                                        317,340 
           13,100  Countrywide Credit Industries, Inc.                           425,226 
            6,150  First Republic Bancorp, Inc.                                  199,076 
            5,700  Firstbank Corp.                                               240,825 
            6,200  Flagstar Bancorp, Inc.                                        121,210 
            3,800  Independence Community Bank                                   148,200 
                   Corp.                                                                 
            5,200  Irwin Financial Corp.                                         119,704 
            4,500  MB Financial, Inc.                                            172,350 
            3,200  New Century Financial Corp                                    149,824 
            8,400  R & G Finanical Corp., Class B                                261,828 
            7,200  Sovereign Bancorp                                             159,552 
            6,100  UCBH Holdings, Inc.                                           243,390 
            3,350  Washington Mutual, Inc.                                       132,325 
            3,400  Webster Financial Corp.                                       154,394 
            9,500  Western Sierra Bancorp (b)                                    324,235 
            3,500  WFS Financial, Inc. (b)                                       151,025 
                                                                                 ------- 
                                                                               3,320,504 
Building & Construction  (5.9%):                                               --------- 
            5,500  Centex Corp.                                                  314,985 
           12,733  D. R. Horton, Inc.                                            372,323 
            7,800  Dycom Industries, Inc. (b)                                    179,322 
            1,700  KB Home                                                       199,682 
            3,200  Lennar Corp.                                                  181,376 
            2,700  M/I Schottenstein Homes, Inc.                                 132,111 
            6,900  Masco Corp.                                                   239,223 
            2,531  MDC Holdings, Inc.                                            176,284 
              380  NVR, Inc. (b)                                                 298,300 
            2,100  Pulte Homes, Inc.                                             154,623 
            2,800  Ryland Group, Inc.                                            173,656 
            8,200  Simpson Manufacturing Co., Inc.                               253,380 
            3,300  Standard-Pacific Corp.                                        238,227 
            5,000  Technical Olympic USA, Inc.                                   151,000 
            5,600  Terex Corp. (b)                                               242,480 
            1,800  Toll Brothers, Inc. (b)                                       141,930 
            8,800  USG Corp. (b) (d)                                             291,808 
            7,700  Washington Group International, Inc.                          346,423 
                    (b)                                                          ------- 
                                                                               4,087,133 
Business Services  (2.2%):                                                               
           25,000  AES Corp. (b)                                                 409,500 
            4,300  Catalina Marketing Corp.                                      111,370 
           16,200  McGrath Rentcorp                                              378,756 
           11,200  Netratings, Inc. (b)                                          170,800 
           35,000  TeleTech Holdings, Inc. (b)                                   452,200 
                                                                                 ------- 
                                                                               1,522,626 
Chemicals  (2.0%):                                                             --------- 
            2,200  Eastman Chemical Co.                                          129,800 
            7,700  Georgia Gulf Corp.                                            354,046 
            3,000  Monsanto Co.                                                  193,500 
           12,200  OM Group, Inc. (b)                                            371,124 
            5,900  TETRA Technologies, Inc. (b)                                  167,796 
            2,600  The Dow Chemical Co.                                          129,610 
                                                                                 ------- 
                                                                               1,345,876 
Commercial Services  (1.5%):                                                   --------- 
           18,600  Cendant Corp.                                                 382,044 
           13,300  Coinstar, Inc. (b)                                            281,960 
           10,400  Heidrick & Struggles International,                           382,408 
                   Inc. (b)                                                              
              930  PHH Corp. (b)                                                  20,339 
                                                                                  ------ 
                                                                               1,066,751 
Communications Equipment  (1.4%):                                              --------- 
            4,000  L-3 Communications Corp.                                      284,080 
           11,800  Nextel Communications, Inc., Class                            335,356 
                   A (b)                                                                 
            6,000  SpectraSite, Inc. (b)                                         347,820 
                                                                                 ------- 
                                                                                 967,256 
Computer Services  (3.1%):                                                       ------- 
           20,800  Activision, Inc. (b)                                          307,840 
            5,100  Anteon International Corp. (b)                                198,543 
           28,600  Earthlink, Inc. (b)                                           257,400 
            6,400  Infospace, Inc. (b)                                           261,312 
            6,500  Intergraph Corp. (b)                                          187,265 
            5,600  Jabil Circuit, Inc. (b)                                       159,712 
            3,300  SRA International, Inc., Class A (b)                          198,825 
            5,400  Sungard Data Systems, Inc. (b)                                186,300 
           12,176  Yahoo, Inc. (b)                                               412,766 
                                                                                 ------- 
                                                                               2,169,963 
Computers  (4.0%):                                                             --------- 
            5,800  Anixter International, Inc. (b)                               209,670 
            8,200  Ansys, Inc. (b)                                               280,522 
           30,200  Apple Computer, Inc. (b)                                    1,258,434 
            6,200  Cerner Corp. (b) (d)                                          325,562 
           10,800  EMC Corp. (b)                                                 133,056 
           10,200  NCR Corp. (b)                                                 344,148 
            6,700  Progress Software Corp. (b)                                   175,674 
                                                                                 ------- 
                                                                               2,727,066 
Consumer Products  (1.8%):                                                     --------- 
           11,400  Chattem, Inc. (b)                                             506,958 
            9,800  Finish Line, Class A                                          226,870 
            2,000  Harman International Industries,                              176,920 
                   Inc.                                                                  
           18,000  Natures Sunshine Products, Inc.                               309,060 
                                                                                 ------- 
                                                                               1,219,808 
Diversified Operations  (0.8%):                                                --------- 
            8,700  Ball Corp.                                                    360,876 
            5,400  The Brink's Co.                                               186,840 
                                                                                 ------- 
                                                                                 547,716 
Electric - Integrated  (0.5%):                                                   ------- 
           17,000  Allegheny Energy, Inc. (b)                                    351,220 
                                                                                 ------- 
Electronic Components  (1.1%):                                                           
            9,750  Benchmark Electronics, Inc. (b)                               310,343 
           17,000  II-VI, Inc. (b)                                               296,480 
            7,000  Universal Electronics, Inc. (b)                               118,160 
           42,800  Viscount Systems, Inc. (b)                                     38,520 
                                                                                  ------ 
                                                                                 763,503 
Financial Services  (1.0%):                                                      ------- 
            7,275  Doral Financial Corp.                                         159,250 
            5,100  First American Financial Corp.                                167,994 
            3,000  Golden West Financial Corp.                                   181,500 
            4,000  H & R Block, Inc.                                             202,320 
                                                                                 ------- 
                                                                                 711,064 
Food & Beverages  (3.9%):                                                        ------- 
           17,400  Archer-Daniels-Midland Co.                                    427,692 
            8,300  Constellation Brands, Inc. (b)                                438,821 
           12,000  Flowers Foods, Inc.                                           338,520 
           12,900  Pilgrim's Pride Corp.                                         460,788 
            9,200  Ralcorp Holding, Inc.                                         435,620 
           12,700  Smithfield Foods, Inc. (b)                                    400,685 
            3,500  YUM! Brands, Inc.                                             181,335 
                                                                                 ------- 
                                                                               2,683,461 
Hotels  (0.8%):                                                                --------- 
            8,300  Caesars Entertainment, Inc. (b)                               164,257 
            2,500  MGM Grand, Inc. (b)                                           177,050 
            3,100  Starwood Hotels & Resorts                                     186,093 
                   Worldwide, Inc.                                               ------- 
                                                                                 527,400 
Household Furnishings  (0.4%):                                                   ------- 
            8,400  American Woodmark Corp.                                       304,752 
                                                                                 ------- 
Insurance  (1.6%):                                                                       
            5,142  Fidelity National Financial, Inc.                             169,377 
            1,700  Progressive Corp.                                             155,992 
            7,826  UnitedHealth Group, Inc.                                      746,444 
                                                                                 ------- 
                                                                               1,071,813 
Internet Services  (0.7%):                                                     --------- 
            9,100  Internet Security, Inc. (b)                                   166,530 
           10,600  Verisign, Inc. (b)                                            304,220 
                                                                                 ------- 
                                                                                 470,750 
Leisure  (0.4%):                                                                 ------- 
            2,800  Brunswick Corp.                                               131,180 
            3,700  Royal Caribbean Cruises Ltd.                                  165,353 
                                                                                 ------- 
                                                                                 296,533 
Machinery  (0.8%):                                                               ------- 
            5,400  Albany International Corp., Class A                           166,752 
            8,200  Sauer-Danfoss, Inc.                                           185,566 
            2,900  Smith International, Inc.                                     181,917 
                                                                                 ------- 
                                                                                 534,235 
Measuring Devices  (0.6%):                                                       ------- 
           14,000  FLIR Systems, Inc. (b)                                        424,200 
                                                                                 ------- 
Medical & Medical Services  (7.7%):                                                      
            6,600  Aetna US Healthcare, Inc.                                     494,670 
            8,400  Apria Healthcare Group, Inc. (b)                              269,640 
            4,300  Bausch & Lomb, Inc.                                           315,190 
            6,100  Becton, Dickinson & Co.                                       356,362 
           10,077  Cooper Companies, Inc.                                        734,613 
            7,400  Coventry Health Care, Inc. (b)                                504,236 
           11,700  DaVita, Inc. (b)                                              489,645 
            4,900  Dentsply International, Inc.                                  266,609 
            4,500  Genesis Healthcare Corp. (b)                                  193,005 
           26,400  Option Care, Inc.                                             543,576 
            5,500  Pediatrix Medical Group, Inc. (b)                             377,245 
            3,100  Quest Diagnostics, Inc.                                       325,903 
           10,200  Renal Care Group, Inc. (b)                                    386,988 
                                                                                 ------- 
                                                                               5,257,682 
Medical - HMO  (3.5%):                                                         --------- 
           14,300  Humana, Inc. (b)                                              456,742 
            9,700  PacifiCare Health Systems, Inc. (b)                           552,124 
           11,500  Sierra Health Services, Inc. (b)                              734,160 
            5,400  Wellpoint, Inc. (b)                                           676,890 
                                                                                 ------- 
                                                                               2,419,916 
Metals & Mining  (2.8%):                                                       --------- 
            4,944  Barrick Gold Corp.                                            118,458 
            2,500  Freeport-McMoran Copper & Gold,                                99,025 
                   Inc., Class B                                                         
            4,800  Newmont Mining Corp.                                          202,800 
            7,500  Nucor Corp.                                                   431,700 
            4,000  Phelps Dodge Corp.                                            406,920 
            4,500  Reliance Steel & Aluminum Co.                                 180,045 
            5,900  Southern Peru Copper Corp. (d)                                327,214 
            7,200  Timken Co.                                                    196,848 
                                                                                 ------- 
                                                                               1,963,010 
Miscellaneous Business Services  (6.5%):                                       --------- 
           12,600  Accenture Ltd. (b)                                            304,290 
           10,100  Acxiom Corp.                                                  211,393 
           33,200  Autodesk, Inc.                                                988,032 
            1,900  Black & Decker Corp.                                          150,081 
           17,200  Caremark Rx, Inc. (b)                                         684,216 
            3,000  Electronic Arts, Inc. (b)                                     155,340 
           36,000  Flanders Corp. (b)                                            406,080 
            3,100  Inco Ltd. (b)                                                 123,380 
            8,500  Jack Henry & Associates, Inc.                                 152,915 
           10,400  Mobile Mini, Inc. (b)                                         420,264 
           15,900  Polycom, Inc. (b)                                             269,505 
            3,900  Steel Dynamics, Inc.                                          134,355 
           11,400  Symantec Corp. (b)                                            243,162 
           12,300  TALX Corp.                                                    223,368 
                                                                                 ------- 
                                                                               4,466,381 
Office Equipment & Supplies  (0.2%):                                           --------- 
            2,700  Avid Technology, Inc. (b)                                     146,124 
                                                                                 ------- 
Oil Company - Exploration & Production  (4.4%):                                          
            4,800  Atwood Oceanics, Inc. (b)                                     319,392 
            5,800  Burlington Resources, Inc.                                    290,406 
           12,400  Grand Prideco, Inc. (b)                                       299,584 
            5,400  Hydril (b)                                                    315,414 
            2,982  Kerr-McGee Corp.                                              233,580 
            3,200  Occidental Petroleum Corp.                                    227,744 
           12,600  Oil States International, Inc. (b)                            258,930 
            4,100  Pogo Producing Co.                                            201,884 
            9,000  Remington Oil & Gas Corp. (b)                                 283,680 
            5,500  Transocean Sedco Forex, Inc. (b)                              283,030 
            9,554  XTO Energy, Inc.                                              313,753 
                                                                                 ------- 
                                                                               3,027,397 
Paper & Allied Products  (0.3%):                                               --------- 
            2,900  Georgia Pacific Corp.                                         102,921 
            1,600  Temple-Inland, Inc.                                           116,080 
                                                                                 ------- 
                                                                                 219,001 
Petroleum & Petroleum Products  (2.5%):                                          ------- 
            2,000  ConocoPhillips                                                215,680 
           44,000  Mission Resources Corp. (b)                                   311,520 
            2,100  Murphy Oil Corp.                                              207,333 
            9,400  Patina Oil & Gas Corp.                                        376,000 
            6,500  Unit Corp. (b)                                                293,605 
            4,600  Valero Energy Corp.                                           337,042 
                                                                                 ------- 
                                                                               1,741,180 
Pharmaceutical Preparations  (0.5%):                                           --------- 
           13,600  Parexel International Corp. (b)                               319,600 
                                                                                 ------- 
Printing & Publishing  (0.3%):                                                           
            9,500  Paxar Corp. (b)                                               202,730 
                                                                                 ------- 
Process Control Instruments  (0.3%):                                                     
            8,300  Flowserve Corp. (b)                                           214,721 
                                                                                 ------- 
Raw Materials  (0.4%):                                                                   
           11,000  Mueller Industries, Inc.                                      309,650 
                                                                                 ------- 
Real Estate Investment Trusts  (1.0%):                                                   
            8,500  Annaly Mortgage Management, Inc. (d)                          159,460 
            4,800  CBL & Associates Properties, Inc.                             343,248 
            7,700  Ventas, Inc.                                                  192,192 
                                                                                 ------- 
                                                                                 694,900 
Real Estate Management/Service  (0.7%):                                          ------- 
            9,800  Jones Lang LaSalle, Inc. (b)                                  457,170 
                                                                                 ------- 
Retail  (4.3%):                                                                          
           16,500  7-ELEVEN, Inc. (b)                                            396,330 
            5,400  Aeropostale, Inc. (b)                                         176,850 
            6,100  AutoNation, Inc. (b)                                          115,534 
            3,200  CBRL Group, Inc.                                              132,160 
            8,000  Circuit City Stores, Inc.                                     128,400 
            7,800  CVS Corp.                                                     410,436 
            3,000  Electronics Boutique Holdings Corp.                           128,910 
                   (b)                                                                   
            3,200  J.C. Penney Co., Inc.                                         166,144 
            2,000  Lowe's Cos., Inc.                                             114,180 
            2,800  Nordstrom, Inc.                                               155,064 
            4,600  PETsMART, Inc.                                                132,250 
            4,450  RARE Hospitality International, Inc.                          137,416 
                   (b)                                                                   
            3,200  Regis Corp.                                                   130,976 
            2,200  Sears Holdings Corp. (b) (d)                                  292,974 
            4,200  TBC Corp. (b)                                                 117,012 
            4,600  Urban Outfitters, Inc. (b)                                    220,662 
                                                                                 ------- 
                                                                               2,955,298 
Software  (0.7%):                                                              --------- 
           18,300  Alliance Atlantis Communications,                             453,126 
                   Inc., Class B (b)                                             ------- 
Steel  (1.0%):                                                                           
           30,000  AK Steel Holding Corp. (b)                                    331,800 
           11,500  Wheeling-Pittsburgh Corp. (b)                                 357,075 
                                                                                 ------- 
                                                                                 688,875 
Technology  (1.1%):                                                              ------- 
            4,100  Kronos, Inc. (b)                                              209,551 
           14,600  Micros Systems, Inc. (b)                                      535,966 
                                                                                 ------- 
                                                                                 745,517 
Telecommunication Equipment  (0.5%):                                             ------- 
           22,000  SBA Communications Corp. (b)                                  201,520 
            8,800  Tekelec (b)                                                   140,272 
                                                                                 ------- 
                                                                                 341,792 
Telephone & Telecommunications  (1.6%):                                          ------- 
            7,000  Commonwealth Telephone                                        329,980 
                   Enterprises, Inc. (b)                                                 
            4,100  Telephone & Data Systems, Inc.                                334,560 
           47,000  UbiquiTel, Inc. (b)                                           314,900 
           12,800  Ulticom, Inc (b)                                              142,464 
                                                                                 ------- 
                                                                               1,121,904 
Transportation Services  (3.1%):                                               --------- 
            5,600  ABX Air, Inc. (b)                                              40,544 
            7,800  Arkansas Best Corp.                                           294,684 
           11,000  EGL, Inc. (b)                                                 250,800 
            2,500  Fedex Corp.                                                   234,875 
            6,400  J.B. Hunt Transport Services, Inc.                            280,128 
           10,000  Old Dominion Freight Line, Inc. (b)                           311,500 
            7,700  Ryder System, Inc.                                            321,090 
           12,000  U.S. Xpress Enterprises, Inc., Class                          196,200 
                   A (b)                                                                 
            3,585  Yellow Roadway Corp. (b)                                      209,866 
                                                                                 ------- 
                                                                               2,139,687 
Wholesale Distribution  (1.2%):                                                --------- 
            3,100  CDW Corp.                                                     175,708 
            4,000  Fastenal Co.                                                  221,240 
           12,900  SCP Pool Corp.                                                410,994 
                                                                                 ------- 
                                                                                 807,942 
                                                                                 ------- 
Total Common Stocks (Cost $45,656,194)                                        61,318,184 
                                                                              ---------- 

Cash Equivalent  (11.0%):                                                                
        7,592,899  Huntington Money Market Fund,                               7,592,899 
                   Interfund Shares *                                          --------- 
Total Cash Equivalent (Cost $7,592,899)                                        7,592,899 
                                                                               --------- 

Short-Term Securities Held as Collateral for Securities Lending (1.6%):                  
Mutual Funds (0.0%):                                                                     
              751  JP Morgan Institutional Prime Money Market Fund                   751 
                                                                                     --- 
Repurchase Agreements (0.4%):                                                            
         $180,329  JP Morgan Securities, 2.870%, 4/1/05                          180,329 
          102,984  Morgan Stanley Dean Witter & Co., 2.910%, 4/1/05              102,984 
                                                                                 ------- 
                                                                                 283,313 
Variable Rate Obligations (1.2%):                                                ------- 
           50,130  Bankone Class A 2004-4, 2.850%, 4/15/05                        50,130 
           30,068  Bankone ISS Trust 2003-1, 2.860%, 4/15/05                      30,068 
           25,027  Bayerische Landesbk NY, 2.900%, 4/19/05                        25,027 
            7,005  Capital One MT 2002-3, 2.871%, 4/15/05                          7,005 
           20,093  Capital One MT 2002-3, 2.879%, 4/15/05                         20,093 
           13,012  Capital One MT 2002-3, 2.890%, 4/15/05                         13,012 
           34,253  CCCIT Series 2000, CL 2002-A9, 3.031%, 6/15/05                 34,253 
           19,664  CCCIT Series 2000, CL 2002-A5, 3.047%, 6/15/05                 19,664 
           16,016  Chase CCC Trust 2004-2, C, 2.847%, 4/15/05                     16,016 
           50,130  Chase CCC Trust 2004-2, C, 2.850%, 4/15/05                     50,130 
           24,995  Chase CCMT 2001-2 Class A, 2.857%, 4/15/05                     24,995 
           43,125  Chase CCOT 2001-1 Class A, 2.853%, 4/15/05                     43,125 
           12,658  Chase CCOT 2003-1 Class A, 2.855%, 4/15/05                     12,658 
           10,406  Chase CCOT 2003-1 Class A, 2.860%, 4/15/05                     10,406 
           30,037  Chase CCOT 2003-1 Class A, 2.871%, 4/15/05                     30,037 
           27,677  Daimler Chrysler Master OT 2003-A, 2.860%, 4/15/05             27,677 
           24,995  Deutsche Bank, 3.005%, 4/1/05                                  24,995 
           50,097  Dexia Bank Belgium SA, 2.736%, 4/4/05                          50,097 
           24,995  Discover CMT I 2003-1, 2.870%, 4/15/05                         24,995 
           27,033  Discover CMT I 2001-2, 2.858%, 4/15/05                         27,033 
            9,977  Fleet CCMT II 2002-A Class A, 2.841%, 4/15/05                   9,977 
            5,042  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                   5,042 
           15,019  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  15,019 
            9,977  Fleet CCMT II 2002-A Class A, 2.879%, 4/15/05                   9,977 
            3,969  General Electric Capital Corp., 2.860%, 5/12/05                 3,969 
           15,019  General Electric Capital Corp., 2.870%, 5/12/05                15,019 
           50,097  HBOS Treasury Services PLC, 3.110%, 6/30/05                    50,097 
           50,097  JP Morgan & Co., Inc., 2.970%, 6/2/05                          50,097 
           18,022  MassMutual Global Funding II, 3.161%, 6/28/05                  18,022 
            9,977  MBNA MCCT II 1997-K Class A, 2.851%, 4/15/05                    9,977 
           60,074  MBNA MCCT II 2000-K Class A, 2.702%, 4/15/05                   60,074 
                                                                                  ------ 
                                                                                 788,686 
Total Short-Term Securities Held as Collateral for                               ------- 
  Securities Lending (Cost $1,072,750)                                         1,072,750 
                                                                               --------- 

Total Investments (Cost $54,321,843) (a)   -   101.6%                         69,983,833 
Liabilities in Excess of Other Assets   -   (1.6)%                           (1,091,584) 
                                                                             ----------- 

NET ASSETS   -   100.0%                                                $      68,892,249 
                                                                              ========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Rotating Markets Fund                                                         
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

                   Security                                                              
         Shares   Description                                                     Value  

Mutual Funds  (96.6%):                                                                   
            8,475  iShares Dow Jones U.S. Consumer                     $         444,514 
                   Goods Sector Index Fund                                               
           39,397  iShares EAFE Index Fund                                     6,258,212 
           30,150  iShares MSCI Canada Index Fund                                538,178 
            1,341  iShares MSCI Emerging Markets                                 271,955 
                   Index Fund                                                            
           33,993  iShares MSCI EMU Index Fund                                 2,447,496 
           20,286  iShares MSCI Hong Kong Index                                  233,492 
                   Fund                                                                  
           34,100  iShares MSCI Japan Index Fund                                 357,709 
           22,478  iShares MSCI Mexico Index Fund                                542,394 
           44,281  iShares MSCI Singapore Index                                  320,594 
                   Fund                                                                  
           43,497  iShares MSCI United Kingdom Index                             788,601 
                   Fund                                                                  
           56,918  iShares Russell 1000 Index Fund                             3,608,600 
            5,574  iShares Russell 3000 Value Index                              477,190 
                   Fund                                                                  
            8,612  iShares Russell Midcap Value Index                            974,706 
                   Fund                                                                  
           11,724  iShares S&P Global 100 Index Fund                             710,123 
            1,500  iShares S&P Latin America 40 Index                            122,475 
                   Fund                                                                  
            7,562  iShares S&P SmallCap 600 Index                              1,199,409 
                   Fund                                                                  
           11,285  iShares S&P SmallCap 600 BARRA                              1,184,474 
                   Growth Index Fund                                                     
           12,472  Materials Select Sector SPDR Trust                            376,156 
                   Index Fund                                                            
           21,444  MidCap SPDR Trust Series 1 Index                            2,581,000 
                   Fund                                                                  
           21,911  NASDAQ 100 Index Fund                                         800,847 
                                                                                 ------- 
Total Mutual Funds (Cost $20,446,144)                                         24,238,125 
                                                                              ---------- 

Cash Equivalent  (3.3%):                                                                 
          824,447  Huntington Money Market Fund,                                 824,447 
                   Interfund Shares *                                            ------- 
Total Cash Equivalent (Cost $824,447)                                            824,447 
                                                                                 ------- 

Total Investments (Cost $21,270,591) (a)   -   99.9%                          25,062,572 
Other Assets in Excess of Liabilities   -   0.1%                                  37,177 
                                                                              ---------- 
NET ASSETS   -   100.0%                                                $      25,099,749 
                                                                              ========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Situs Small Cap Fund                                                          
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

    Shares or             Security                                                       
    Principal Amount     Description                                              Value  

Common Stocks  (96.0%):                                                                  
Australia  (0.3%):                                                                       
Chemicals - Diversified  (0.3%):                                                         
           16,000  Orica Ltd.                                          $         225,735 
                                                                                 ------- 
Canada  (0.1%):                                                                          
Banking  (0.1%):                                                                         
            2,153  Toronto-Dominion Bank                                          89,026 
                                                                                  ------ 
Chile  (0.3%):                                                                           
Chemicals  (0.3%):                                                                       
            2,400  Sociedad Quimica y Minera de Chile                            193,320 
                   SA ADR (b)                                                    ------- 
Denmark  (0.7%):                                                                         
Electrical & Electronic  (0.3%):                                                         
           14,500  Vestas Wind Systems A/S (b)                                   209,366 
                                                                                 ------- 
Pharmaceuticals  (0.4%):                                                                 
            5,700  Novozymes A/S, Class B                                        279,631 
                                                                                 ------- 
                                                                                 488,997 
Finland  (0.4%):                                                                 ------- 
Machinery  (0.4%):                                                                       
            3,500  Kone OYJ, Class B (b)                                         272,114 
                                                                                 ------- 
Germany  (1.5%):                                                                         
Drugs  (0.6%):                                                                           
           12,700  Stada Arzneimittel AG                                         401,737 
                                                                                 ------- 
Retail  (0.9%):                                                                          
           10,000  Douglas Holding AG                                            364,945 
            3,275  Fielmann AG                                                   220,782 
                                                                                 ------- 
                                                                                 585,727 
                                                                                 ------- 
                                                                                 987,464 
Hong Kong  (0.3%):                                                               ------- 
Television  (0.3%):                                                                      
           40,000  Television Broadcasts Ltd.                                    201,557 
                                                                                 ------- 
Ireland  (0.5%):                                                                         
Financial Services  (0.4%):                                                              
           91,000  Halma PLC                                                     276,799 
                                                                                 ------- 
Food & Beverage  (0.1%):                                                                 
            3,200  Kerry Group PLC                                                77,371 
                                                                                  ------ 
                                                                                 354,170 
Italy  (0.1%):                                                                   ------- 
Oil & Gas  (0.1%):                                                                       
            7,200  Saipem SPA                                                     91,289 
                                                                                  ------ 
Japan  (1.1%):                                                                           
Agriculture  (0.0%):                                                                     
               90  Hokuto Corp.                                                    1,569 
                                                                                   ----- 
Food  (0.2%):                                                                            
           14,000  Fuji Oil Co. Ltd.                                             163,630 
                                                                                 ------- 
Instruments-Scientific  (0.2%):                                                          
           14,000  Furuno Electric Co. Ltd.                                      132,811 
                                                                                 ------- 
Machinery (0.4%):                                                                        
            9,600  Sato Corp.                                                    241,780 
                                                                                 ------- 
Medical Supplies  (0.3%):                                                                
            9,000  Tanabe Seiyaku Co. Ltd.                                        89,660 
            2,700  Terumo Corp.                                                   81,349 
                                                                                  ------ 
                                                                                 171,009 
                                                                                 ------- 
                                                                                 710,799 
Singapore  (0.4%):                                                               ------- 
Beer & Ale  (0.4%):                                                                      
           55,000  Asia Pacific Breweries Ltd.                                   271,551 
                                                                                 ------- 
Spain  (0.5%):                                                                           
Public Thoroughfares  (0.5%):                                                            
           14,566  Acesa Infraestructuras SA                                     329,144 
                                                                                 ------- 
Sweden  (0.5%):                                                                          
Auto Parts & Equipment  (0.5%):                                                          
           17,000  Haldex AB (b)                                                 319,739 
                                                                                 ------- 
Switzerland  (0.5%):                                                                     
Confectionery  (0.5%):                                                                   
               22  Lindt & Spruengli AG                                          333,751 
                                                                                 ------- 
United Kingdom  (1.3%):                                                                  
Commercial Services  (0.5%):                                                             
           88,800  Aggreko PLC                                                   301,984 
                                                                                 ------- 
Diversified Minerals  (0.3%):                                                            
            8,600  Antofagasta Holdings                                          207,323 
                                                                                 ------- 
Industrial Goods & Services  (0.5%):                                                     
           32,300  Bunzl PLC                                                     315,494 
                                                                                 ------- 
                                                                                 824,801 
United States  (87.5%):                                                                  
Aerospace & Defense  (2.3%):                                                             
            7,300  Alliant Techsystems, Inc. (b)                                 521,585 
           26,000  Armor Holdings, Inc. (b)                                      964,340 
                                                                                 ------- 
                                                                               1,485,925 
Banking  (5.9%):                                                                         
           24,300  Anchor Bancorp Wisconsin, Inc.                                683,073 
           24,000  Bancshares of Florida, Inc (b)                                384,000 
           55,400  Colonial Bancgroup, Inc.                                    1,136,808 
           12,500  Main Street Banks, Inc.                                       331,000 
            8,841  SCBT Financial Corp                                           265,495 
            4,488  TD Banknorth, Inc. (b)                                        140,205 
           18,800  WSFS Financial Corp.                                          988,128 
                                                                                 ------- 
                                                                               3,928,709 
Building & Construction  (2.8%):                                               --------- 
           24,600  Florida Rock Industries                                     1,446,972 
            5,362  MDC Holdings, Inc.                                            373,463 
                                                                                 ------- 
                                                                               1,820,435 
Business Services  (2.3%):                                                     --------- 
            8,900  CDI Corp.                                                     196,957 
           27,000  eSPEED, Inc., Class A (b)                                     248,400 
           19,900  Jacobs Engineering Group, Inc. (b)                          1,033,208 
                                                                               --------- 
                                                                               1,478,565 
Chemicals  (0.6%):                                                             --------- 
           11,000  Albemarle Corp.                                               399,960 
                                                                                 ------- 
Combination Utility Services  (0.6%):                                                    
           10,100  Northwest Natural Gas Co.                                     365,317 
                                                                                 ------- 
Commercial Physical Research  (0.5%):                                                    
           31,000  Albany Molecular Research (b)                                 318,680 
                                                                                 ------- 
Commercial Services & Supplies  (0.3%):                                                  
           10,000  StarTek, Inc.                                                 168,000 
                                                                                 ------- 
Communications Equipment  (1.3%):                                                        
           50,900  Standard Microsystems Corp. (b)                               883,624 
                                                                                 ------- 
Computer Services  (7.2%):                                                               
           22,800  Cerner Corp. (b) (d)                                        1,197,228 
           30,300  Hutchinson Technology, Inc. (b)                             1,053,834 
           41,200  Intergraph Corp. (b)                                        1,186,972 
           57,900  Transaction Systems Architects,                             1,340,385 
                   Inc. (b)                                                    --------- 
                                                                               4,778,419 
Consumer Products & Services  (1.0%):                                          --------- 
            9,000  The Scotts Co., Class A (b)                                   632,070 
                                                                                 ------- 
Electrical & Electronic  (1.7%):                                                         
           19,900  Hawaiian Electric Industries, Inc.                            507,848 
           37,600  Methode Electronics, Inc.                                     455,336 
            6,144  Tektronix, Inc.                                               150,712 
                                                                                 ------- 
                                                                               1,113,896 
Electronic Measuring Instruments  (1.3%):                                      --------- 
           18,800  Garmin Ltd. (d)                                               870,816 
                                                                                 ------- 
Energy  (1.7%):                                                                          
           33,500  Headwaters, Inc. (b)                                        1,099,470 
                                                                               --------- 
Fire, Marine & Casualty Insurance  (1.7%):                                               
           27,600  Arch Capital Group (b)                                      1,105,104 
                                                                               --------- 
Food & Beverages  (2.6%):                                                                
           27,977  Fresh Del Monte Produce, Inc.                                 853,858 
           30,500  Performance Food Group Co. (b)                                844,240 
                                                                                 ------- 
                                                                               1,698,098 
Gas Production & Distribution  (1.4%):                                         --------- 
           20,250  UGI Corp.                                                     919,755 
                                                                                 ------- 
Home Furnishings Rental  (0.6%):                                                         
           13,850  RENT-A-CENTER, Inc. (b)                                       378,244 
                                                                                 ------- 
Hotels & Lodging  (2.5%):                                                                
           13,700  Kerzner International Ltd. (b)                                838,851 
           11,700  Mandalay Resort Group                                         824,733 
                                                                                 ------- 
                                                                               1,663,584 
Household Furnishings  (2.6%):                                                 --------- 
           20,000  American Woodmark Corp.                                       725,600 
           37,050  Fossil, Inc. (b)                                              960,521 
                                                                                 ------- 
                                                                               1,686,121 
Insurance  (1.8%):                                                             --------- 
           52,800  Scottish Annuity & Life Holdings                            1,189,056 
                   Ltd.                                                        --------- 
Leisure  (1.3%):                                                                         
           18,050  Brunswick Corp.                                               845,643 
                                                                                 ------- 
Machinery  (4.5%):                                                                       
           18,400  Cuno, Inc. (b)                                                945,576 
           38,000  Intermagnetics General Corp. (b)                              924,920 
           27,000  Thomas Industries, Inc.                                     1,070,280 
                                                                               --------- 
                                                                               2,940,776 
Medical & Medical Services  (5.0%):                                            --------- 
           18,500  Bio-Rad Laboratories, Inc., Class A                           901,135 
                   (b)                                                                   
            9,200  Coventry Health Care, Inc. (b)                                626,888 
           23,700  Edwards Lifesciences Corp. (b)                              1,024,314 
           10,000  Kindred Healthcare, Inc. (b)                                  351,000 
            4,050  Unitedhealth Group, Inc.                                      386,289 
                                                                                 ------- 
                                                                               3,289,626 
Metals & Mining  (4.4%):                                                       --------- 
           21,200  Precision Castparts Corp.                                   1,632,612 
           38,500  RTI International Metals, Inc. (b)                            900,900 
           12,700  Timken Co.                                                    347,218 
                                                                                 ------- 
                                                                               2,880,730 
Miscellaneous Business Services  (0.5%):                                       --------- 
            8,000  Ryder System, Inc.                                            333,600 
                                                                                 ------- 
Networking Products  (1.0%):                                                             
           17,000  Black Box Corp.                                               635,970 
                                                                                 ------- 
Office Equipment  (1.5%):                                                                
           27,000  Global Imaging Systems, Inc. (b)                              957,420 
                                                                                 ------- 
Oil Companies - Exploration and Production  (2.7%):                                      
           17,144  National-Oilwell Varco, Inc. (b)                              800,625 
           16,000  Remington Oil & Gas Corp. (b)                                 504,320 
           13,000  Spinnaker Exploration Co. (b)                                 461,890 
                                                                                 ------- 
                                                                               1,766,835 
Paper & Paper Products  (1.9%):                                                --------- 
           31,400  Universal Forest Products                                   1,219,890 
                                                                               --------- 
Petroleum & Petroleum Products  (6.6%):                                                  
           27,600  Denbury Resources, Inc. (b)                                   972,348 
           16,200  Houston Exploration Co. (b)                                   922,590 
           14,300  Hydril Co. (b)                                                835,263 
            4,700  Newfield Exploration Co. (b)                                  349,022 
           16,500  Veritas DGC, Inc. (b)                                         494,340 
           24,554  XTO Energy, Inc.                                              806,353 
                                                                                 ------- 
                                                                               4,379,916 
Pharmaceuticals  (0.5%):                                                       --------- 
            9,300  Par Pharmaceutical, Inc. (b)                                  310,992 
                                                                                 ------- 
Printing & Publishing  (0.6%):                                                           
            8,600  Banta Corp.                                                   368,080 
                                                                                 ------- 
Real Estate Investment Trusts  (1.4%):                                                   
            6,900  CBL & Associates Properties, Inc.                             493,419 
            8,000  Healthcare Realty Trust, Inc.                                 291,520 
           10,900  HRPT Properties Trust                                         129,819 
                                                                                 ------- 
                                                                                 914,758 
Recreation & Utility Trailer Dealers  (0.3%):                                    ------- 
            7,200  Thor Industries, Inc.                                         215,352 
                                                                                 ------- 
Retail  (6.6%):                                                                          
            7,500  AnnTaylor Stores Corp. (b)                                    191,925 
            8,500  Columbia Sportswear Co. (b)                                   452,455 
           14,200  Polo Ralph Lauren Corp.                                       550,960 
           22,100  Reebok International Ltd.                                     979,030 
           36,300  Urban Outfitters, Inc. (b)                                  1,741,311 
           21,900  West Marine, Inc. (b) (d)                                     465,594 
                                                                                 ------- 
                                                                               4,381,275 
Semiconductor Equipment  (0.7%):                                               --------- 
           14,150  Imation Corp.                                                 491,713 
                                                                                 ------- 
Steel  (1.2%):                                                                           
            3,900  Quanex Corp.                                                  207,948 
           25,300  Steel Technologies, Inc.                                      606,947 
                                                                                 ------- 
                                                                                 814,895 
Surgical Appliances & Supplies  (1.6%):                                          ------- 
           33,400  Mentor Corp.                                                1,072,140 
                                                                               --------- 
Technology  (0.3%):                                                                      
           23,000  Compuware Corp. (b)                                           165,600 
                                                                                 ------- 
Telephone - Integrated  (0.3%):                                                          
           19,000  General Communication, Inc., Class                            173,470 
                   A (b)                                                         ------- 
Transportation Services  (0.9%):                                                         
           28,750  Werner Enterprises, Inc.                                      558,613 
                                                                                 ------- 
Wireless Equipment  (1.0%):                                                              
           49,900  Audiovox Corp., Class A (b)                                   635,726 
                                                                                 ------- 
                                                                              57,336,868 
Total Common Stocks (Cost $46,333,811)                                        63,030,325 
                                                                              ---------- 

Cash Equivalent  (4.0%):                                                                 
        2,594,359  Huntington Money Market Fund,                               2,594,359 
                   Interfund Shares *                                          --------- 
Total Cash Equivalent (Cost $2,594,359)                                        2,594,359 
                                                                               --------- 

Short-Term Securities Held as Collateral for Securities Lending (3.6%):                  
Mutual Funds (0.0%):                                                                     
            1,658  JP Morgan Institutional Prime Money Market Fund                 1,658 
                                                                                   ----- 
Repurchase Agreements (1.0%):                                                            
         $398,187  JP Morgan Securities, 2.870%, 4/1/05                          398,187 
          227,400  Morgan Stanley Dean Witter & Co., 2.910%, 4/1/05              227,400 
                                                                                 ------- 
                                                                                 625,587 
Variable Rate Obligations (2.6%):                                                ------- 
          110,692  Bankone Class A 2004-4, 2.850%, 4/15/05                       110,692 
           66,394  Bankone ISS Trust 2003-1, 2.860%, 4/15/05                      66,394 
           55,263  Bayerische Landesbk NY, 2.900%, 4/19/05                        55,263 
           15,468  Capital One MT 2002-3, 2.871%, 4/15/05                         15,468 
           44,367  Capital One MT 2002-3, 2.879%, 4/15/05                         44,367 
           28,733  Capital One MT 2002-3, 2.890%, 4/15/05                         28,733 
           75,634  CCCIT Series 2000, CL 2002-A9, 3.031%, 6/15/05                 75,634 
           43,419  CCCIT Series 2000, CL 2002-A5, 3.047%, 6/15/05                 43,419 
           35,365  Chase CCC Trust 2004-2, C, 2.847%, 4/15/05                     35,365 
           110,692 Chase CCC Trust 2004-2, C, 2.850%, 4/15/05                    110,692 
           55,192  Chase CCMT 2001-2 Class A, 2.857%, 4/15/05                     55,192 
           95,224  Chase CCOT 2001-1 Class A, 2.853%, 4/15/05                     95,224 
           27,951  Chase CCOT 2003-1 Class A, 2.855%, 4/15/05                     27,951 
           22,977  Chase CCOT 2003-1 Class A, 2.860%, 4/15/05                     22,977 
           66,325  Chase CCOT 2003-1 Class A, 2.871%, 4/15/05                     66,325 
           61,114  Daimler Chrysler Master OT 2003-A, 2.860%, 4/15/05             61,114 
           55,192  Deutsche Bank, 3.005%, 4/1/05                                  55,192 
          110,621  Dexia Bank Belgium SA, 2.736%, 4/4/05                         110,621 
           55,192  Discover CMT I 2003-1, 2.870%, 4/15/05                         55,192 
           59,693  Discover CMT I 2001-2, 2.858%, 4/15/05                         59,693 
           22,029  Fleet CCMT II 2002-A Class A, 2.841%, 4/15/05                  22,029 
           11,133  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  11,133 
           33,163  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  33,163 
           22,029  Fleet CCMT II 2002-A Class A, 2.879%, 4/15/05                  22,029 
            8,764  General Electric Capital Corp., 2.860%, 5/12/05                 8,764 
           33,163  General Electric Capital Corp., 2.870%, 5/12/05                33,163 
          110,621  HBOS Treasury Services PLC, 3.110%, 6/30/05                   110,621 
          110,621  JP Morgan & Co., Inc., 2.970%, 6/2/05                         110,621 
           39,795  MassMutual Global Funding II, 3.161%, 6/28/05                  39,795 
           22,029  MBNA MCCT II 1997-K Class A, 2.851%, 4/15/05                   22,029 
          132,650  MBNA MCCT II 2000-K Class A, 2.702%, 4/15/05                  132,650 
                                                                                 ------- 
                                                                               1,741,505 
Total Short-Term Securities Held as Collateral for                             --------- 
  Securities Lending (Cost $2,368,750)                                         2,368,750 
                                                                               --------- 

Total Investments (Cost $51,296,920) (a)   -   103.6%                         67,993,434 
Liabilities in Excess of Other Assets   -   (3.6)%                           (2,396,063) 
                                                                             ----------- 

NET ASSETS   -   100.0%                                                $      65,597,371 
                                                                              ========== 
------------                                                                             

See Notes to Portfolio of Investments.                                                   

Huntington Fixed Income Securities Fund                                                  
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

        Principal     Security                                                           
    Amount or Shares  Description                                                 Value  

Corporate Bonds  (47.1%):                                                                
Auto/Truck Parts & Equipment  (1.1%):                                                    
       $1,000,000  Carlisle Cos., Inc., 7.250%,                        $       1,045,272 
                   1/15/07                                                               
        1,000,000  General Motors Corp., 8.375%,                                 855,732 
                   7/15/33                                                     --------- 
                                                                               1,901,004 
Banks  (1.2%):                                                                 --------- 
        1,000,000  First Tennessee Bank, 6.400%,                               1,055,673 
                   4/1/08                                                                
        1,000,000  KeyCorp, 6.750%, 3/15/06                                    1,023,893 
                                                                               --------- 
                                                                               2,079,566 
Building & Construction  (1.0%):                                               --------- 
        1,500,000  Hanson PLC, 7.875%, 9/27/10                                 1,703,322 
                                                                               --------- 
Business Services  (0.6%):                                                               
        1,000,000  The Reynold & Reynolds Co.,                                 1,026,500 
                                                                               --------- 
                   7.000%, 12/15/06                                                      
Diversified Financial Services  (10.1%):                                                 
        2,000,000  American General Finance Corp.,                             2,044,836 
                   6.100%, 5/22/06                                                       
        2,000,000  Ford Motor Credit Co., 7.600%,                              2,020,890 
                   8/1/05                                                                
        2,000,000  General Electric Capital Corp.,                             2,054,384 
                   5.450%, 1/15/13                                                       
        2,000,000  Goldman Sachs Group, Inc.,                                  2,164,284 
                   6.600%, 1/15/12                                                       
        1,000,000  Household Financial Corp., 5.750%,                          1,026,391 
                   1/30/07                                                               
        3,000,000  Lehman Brothers Holdings, 7.500%,                           3,139,644 
                   9/1/06                                                                
        1,000,000  MBNA America Bank N.A., 6.500%,                             1,027,839 
                   6/20/06 (c)                                                           
        1,000,000  MBNA Corp., 6.875%, 6/1/05                                  1,004,786 
        1,000,000  Morgan Stanley Dean Witter,                                 1,101,793 
                   6.750%, 10/15/13                                                      
        1,000,000  The Bear Stearns Cos., Inc.,                                1,026,228 
                   6.500%, 5/1/06                                             ---------- 
                                                                              16,611,075 
Diversified Manufacturing  (1.9%):                                            ---------- 
        2,000,000  Eaton Corp., 8.900%, 8/15/06                                2,121,886 
        1,000,000  Norsk Hydro AS, 6.700%, 1/15/18                             1,119,164 
                                                                               --------- 
                                                                               3,241,050 
Diversified Telecommunications  (0.7%):                                        --------- 
        1,000,000  Alltel Ohio LP, 8.000%, 8/15/10 (c)                         1,146,749 
                                                                               --------- 
Electrical Services  (4.0%):                                                             
        1,000,000  Atlantic City Electric, 6.750%,                             1,053,730 
                   5/12/08                                                               
        1,000,000  Cincinnati Gas & Electric Co.,                              1,051,692 
                   6.400%, 4/1/08                                                        
        1,000,000  Cinergy Global Resources, 6.200%,                           1,047,785 
                   11/3/08 (c)                                                           
        1,000,000  CLECO Corp., 6.520%, 5/15/09                                1,045,608 
        1,300,000  Gulf Power Co., 4.900%, 10/1/14                             1,276,219 
        1,185,000  PacifiCorp, 6.750%, 4/1/05                                  1,185,000 
                                                                               --------- 
                                                                               6,660,034 
Electronic Components  (0.6%):                                                           
        1,000,000  Philips Electronics NV, 8.375%,                             1,056,743 
                   9/15/06                                                     --------- 
Electronic Equipment & Instruments  (2.2%):                                              
        1,000,000  Cooper Industries, Inc., 5.250%,                            1,017,970 
                   7/1/07                                                                
        2,460,000  Thermo Electron Corp., 7.625%,                              2,681,427 
                   10/30/08                                                    --------- 
                                                                               3,699,397 
Health Services  (2.3%):                                                       --------- 
        1,400,000  Allegiance Corp., 7.300%, 10/15/06                          1,451,080 
        2,500,000  Wellpoint, Inc., 4.250%, 12/15/09 (c)                       2,440,600 
                                                                               --------- 
                                                                               3,891,680 
Insurance  (3.5%):                                                             --------- 
        1,750,000  Lincoln National Corp., 7.250%,                             1,758,661 
                   5/15/05                                                               
        1,000,000  Metlife, Inc., 5.000%, 11/24/13                               988,007 
        2,000,000  Protective Life Corp., 5.875%,                              2,043,532 
                   8/15/06 (c)                                                           
        1,000,000  SunAmerica, Inc., 6.750%, 10/1/07                           1,051,927 
                                                                               --------- 
                                                                               5,842,127 
Metals & Mining  (1.9%):                                                       --------- 
        3,000,000  Barrick Gold Corp., 7.500%, 5/1/07                          3,181,725 
                                                                               --------- 
Multimedia  (1.2%):                                                                      
        1,000,000  AOL Time Warner, Inc., 7.750%,                              1,008,409 
                   6/15/05                                                               
        1,000,000  E.W. Scripps Co., 6.625%,                                   1,059,744 
                   10/15/07                                                    --------- 
                                                                               2,068,153 
Petroleum & Petroleum Products  (2.0%):                                        --------- 
        1,000,000  Kinder Morgan Energy Partners,                              1,058,277 
                   6.800%, 3/1/08                                                        
        2,000,000  Kinder Morgan Energy Partners,                              2,310,446 
                   7.400%, 3/15/31                                             --------- 
                                                                               3,368,723 
Pipelines  (0.5%):                                                             --------- 
          750,000  Trans-Canada Pipelines, 9.125%,                               787,898 
                   4/20/06                                                     --------- 
Printing & Publishing  (0.9%):                                                           
        1,200,000  Knight-Ridder, Inc., 9.875%,                                1,422,058 
                   4/15/09                                                     --------- 
Railroads  (1.3%):                                                                       
        1,000,000  Atchison Topeka & Santa Fe                                  1,029,712 
                   Railroad, 6.550%, 7/1/06                                              
        1,000,000  Union Pacific Corp., 6.625%,                                1,103,664 
                   2/1/29                                                      --------- 
                                                                               2,133,376 
Real Estate Investment Trusts  (5.9%):                                         --------- 
        1,045,000  Avalon Properties, 6.875%,                                  1,103,156 
                   12/15/07                                                    --------- 
        1,500,000  Cpg Partners LP, 3.500%, 3/15/09                            1,417,470 
        2,000,000  Duke Realty LP, 3.500%, 11/1/07                             1,950,004 
        1,000,000  MACK-CALI Realty LP, 7.750%,                                1,130,496 
                   2/15/11                                                               
          310,000  Merry Land & Investment Co., Inc,                             312,276 
                   7.250%, 6/15/05                                                       
          580,000  Simon Property Group LP, 7.375%,                              594,583 
                   1/20/06                                                               
        1,949,000  Simon Property Group LP, 6.875%,                            2,022,421 
                   11/15/06                                                              
        1,000,000  Weingarten Realty Investment,                               1,106,766 
                   7.350%, 7/20/09                                             --------- 
                                                                               9,637,172 
Reinsurance  (2.6%):                                                           --------- 
        2,000,000  General Electric Global Insurance                           2,211,006 
                   Holding Corp., 7.500%, 6/15/10                                        
        2,050,000  RenaissanceRe Holdings Ltd.,                                2,105,473 
                   5.875%, 2/15/13                                             --------- 
                                                                               4,316,479 
Retail  (1.6%):                                                                          
        2,500,000  Tandy Corp., 6.950%, 9/1/07                                 2,645,888 
                                                                               --------- 
Total Corporate Bonds (Cost $77,468,452)                                      78,420,719 
                                                                              ---------- 

U.S. Treasury Obligations  (23.5%):                                                      
U.S. Treasury Bonds  (10.9%):                                                            
        2,000,000  8.750%, 8/15/20                                             2,851,876 
        2,000,000  6.000%, 2/15/26                                             2,287,890 
        2,000,000  6.750%, 8/15/26                                             2,490,546 
        1,500,000  5.250%, 11/15/28                                            1,577,520 
        3,000,000  6.250%, 5/15/30                                             3,604,452 
        5,000,000  5.375%, 2/15/31                                             5,449,415 
                                                                               --------- 
                                                                              18,261,699 
U.S. Treasury Notes  (12.6%):                                                            
        1,000,000  2.250%, 4/30/06                                               986,680 
        5,750,000  3.125%, 10/15/08                                            5,577,724 
        8,000,000  4.250%, 8/15/14                                             7,845,000 
        1,000,000  7.500%, 11/15/16                                            1,253,750 
        4,500,000  6.125%, 8/15/29                                             5,300,334 
                                                                               --------- 
                                                                              20,963,488 
                                                                               --------- 
Total U.S. Treasury Obligations (Cost $37,913,922)                            39,225,187 
                                                                              ---------- 

U.S. Government Agencies  (22.4%):                                                       
Federal Farm Credit Bank  (3.5%):                                                        
        4,000,000  2.790%, 10/16/06                                            3,933,464 
        2,000,000  3.625%, 7/28/08                                             1,957,290 
                                                                               --------- 
                                                                               5,890,754 
Federal Home Loan Bank  (7.1%):                                                --------- 
        2,000,000  3.500%, 5/15/07                                             1,978,406 
        3,000,000  3.375%, 10/5/07                                             2,949,183 
        4,000,000  3.500%, 11/15/07                                            3,933,448 
        3,000,000  4.625%, 8/15/12                                             2,993,361 
                                                                               --------- 
                                                                              11,854,398 
Federal Home Loan Mortgage Corporation  (7.1%):                               ---------- 
        2,000,000  3.000%, 5/26/06                                             1,981,842 
        4,000,000  2.750%, 8/15/06                                             3,943,608 
        3,000,000  3.000%, 5/21/07                                             2,938,533 
        2,000,000  3.640%, 8/12/08                                             1,961,226 
        1,000,000  5.200%, 3/5/19                                                986,785 
                                                                                 ------- 
                                                                              11,811,994 
Federal National Mortgage Association  (4.7%):                                ---------- 
        1,000,000  2.500%, 5/12/06                                               986,017 
        1,000,000  3.750%, 7/6/07                                                986,626 
        3,000,000  3.250%, 7/30/07                                             2,943,588 
        3,000,000  4.375%, 9/15/12                                             2,929,437 
                                                                               --------- 
                                                                               7,845,668 
                                                                               --------- 
Total U.S. Government Agencies (Cost $37,884,933)                             37,402,814 
                                                                              ---------- 

U.S. Treasury Notes  (3.1%):                                                             
        5,000,000  5.000%, 8/15/11                                             5,194,530 
                                                                               --------- 
Total U.S. Treasury Notes (Cost $5,235,516)                                    5,194,530 
                                                                               --------- 

U.S. Government Mortgage Backed Agencies  (1.5%):                                        
Federal Home Loan Mortgage Corporation  (1.1%):                                          
          836,311  Pool # 254403, 6.000%, 8/1/17                                 864,174 
          850,915  Pool # 599630, 6.500%, 8/1/16                                 888,787 
                                                                                 ------- 
                                                                               1,752,961 
Government National Mortgage Association  (0.4%):                              --------- 
          311,891  Pool # 345128, 6.500%, 1/15/24                                327,346 
           69,682  Pool # 352982, 7.500%, 5/15/24                                 75,091 
           46,284  Pool # 363175, 7.000%, 11/15/08                                47,993 
           71,663  Pool # 372962, 7.000%, 3/15/24                                 76,110 
           29,852  Pool # 373015, 8.000%, 6/15/24                                 32,210 
          161,143  Pool # 383488, 7.000%, 2/15/09                                168,093 
                                                                                 ------- 
                                                                                 726,843 
                                                                               --------- 
Total U.S. Government Mortgage Backed Agencies (Cost $2,422,272)               2,479,804 
                                                                               --------- 

Preferred Stocks  (0.7%):                                                                
Bank Holding Companies  (0.2%):                                                          
           10,000  Suntrust Capital IV, 7.125%                                   254,600 
                                                                                 ------- 
Banks  (0.2%):                                                                           
           20,000  Wells Fargo Capital Trust II,                                 512,000 
                   7.000%                                                        ------- 
Financial Services  (0.0%):                                                              
            1,400  National Commerce Capital Trust II,                            36,414 
                   7.700%                                                         ------ 
Life/Health Insurance  (0.2%):                                                           
           10,000  Aetna, Inc., 8.500%                                           261,000 
                                                                                 ------- 
Real Estate Investment Trusts  (0.1%):                                                   
            5,000  Public Storage, Series R, 8.000%                              129,050 
                                                                                 ------- 
Total Preferred Stocks (Cost $1,229,101)                                       1,193,064 
                                                                               --------- 

Cash Equivalent  (0.9%):                                                                 
        1,525,888  Huntington Money Market Fund,                               1,525,888 
                   Interfund Shares *                                          --------- 
Total Cash Equivalent (Cost $1,525,888)                                        1,525,888 
                                                                               --------- 

Total Investments (Cost $163,680,084) (a)   -   99.2%                        165,442,006 
Other Assets in Excess of Liabilities   -   0.8%                               1,353,766 
                                                                             ----------- 
NET ASSETS   -   100.0%                                                $     166,795,772 
                                                                             =========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Intermediate Government Income Fund                                           
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

        Principal  Security                                                              
    Amount or SharesDescription                                                   Value  

U.S. Government Agencies  (51.2%):                                                       
Federal Farm Credit Bank  (5.3%):                                                        
        1,000,000  5.750%, 1/18/11                                     $       1,057,853 
        2,000,000  4.900%, 3/17/14                                             1,920,274 
        2,000,000  4.990%, 1/28/15                                             1,960,322 
                                                                               --------- 
                                                                               4,938,449 
Federal Home Loan Bank  (8.8%):                                                --------- 
        1,500,000  2.700%, 4/27/05                                             1,497,075 
        1,500,000  3.875%, 8/14/09                                             1,469,405 
        1,000,000  4.000%, 7/8/11                                                960,646 
        2,000,000  Series EM09, 5.985%, 4/9/09                                 2,125,252 
        2,000,000  Series ID10, 6.625%, 11/15/10                               2,198,096 
                                                                               --------- 
                                                                               8,250,474 
Federal Home Loan Mortgage Corporation  (26.5%):                               --------- 
        1,500,000  4.260%, 7/19/07                                             1,505,898 
        1,000,000  3.250%, 1/28/08                                               976,145 
        2,000,000  3.000%, 5/13/08                                             1,929,594 
        2,500,000  3.875%, 11/10/08                                            2,463,867 
        1,000,000  3.875%, 1/12/09                                               979,828 
        1,000,000  4.720%, 5/19/09                                             1,001,976 
        1,500,000  4.750%, 12/8/10                                             1,493,624 
        1,500,000  4.500%, 12/16/10                                            1,468,535 
        2,000,000  6.000%, 6/15/11                                             2,145,203 
        2,000,000  4.750%, 10/11/12                                            1,967,950 
        1,000,000  4.250%, 5/22/13                                               957,940 
        1,500,000  5.162%, 12/16/13                                            1,505,322 
        1,000,000  4.500%, 4/2/14                                                957,909 
        2,000,000  5.000%, 11/13/14                                            1,986,600 
        3,500,000  5.200%, 3/5/19                                              3,453,747 
                                                                               --------- 
                                                                              24,794,138 
Federal National Mortgage Association  (10.6%):                               ---------- 
        2,000,000  2.810%, 9/28/06                                             1,965,258 
        1,000,000  3.500%, 12/28/06                                              987,992 
        2,000,000  3.410%, 8/30/07                                             1,961,948 
        2,000,000  5.500%, 7/18/12                                             2,012,496 
        1,000,000  5.380%, 10/2/13                                             1,033,033 
        2,000,000  4.625%, 10/15/14                                            1,957,954 
                                                                               --------- 
                                                                               9,918,681 
                                                                               --------- 
Total U.S. Government Agencies (Cost $47,946,990)                             47,901,742 
                                                                              ---------- 

U.S. Government Mortgage Backed Agencies  (31.3%):                                       
Federal Home Loan Mortgage Corporation  (9.8%):                                          
        1,684,501  Pool # C90699, 5.000%, 8/1/23                               1,666,106 
          803,261  Pool # E01184, 6.000%, 8/1/17                                 830,087 
          913,730  Pool # G08005, 5.500%, 8/1/34                                 916,713 
          822,678  Pool # M80773, 5.000%, 10/1/09                                829,254 
        1,483,006  Series 2555, Class B, 4.250%,                               1,459,571 
                   1/15/18                                                               
        2,500,000  Series 2571, Class VP, 5.500%,                              2,501,714 
                   7/15/21                                                               
        1,000,000  Series 2670, Class QP, 4.000%,                                970,917 
                   2/15/27                                                     --------- 
                                                                               9,174,362 
Federal National Mortgage Association  (16.5%):                                --------- 
        1,654,648  Pool # 254594, 5.500%, 1/1/33                               1,661,289 
        1,926,839  Pool # 254759, 4.500%, 6/1/18                               1,887,422 
          848,956  Pool # 254911, 5.000%, 10/1/23                                838,724 
        1,898,866  Pool # 255360, 5.000%, 8/1/24                               1,874,672 
          467,714  Pool # 647408, 5.000%, 10/1/17                                468,135 
          640,526  Pool # 677002, 5.500%, 1/1/18                                 653,389 
        1,941,749  Pool # 685852, 5.500%, 1/1/18                               1,980,741 
          994,170  Pool # 806715, 5.500%, 1/1/35                                 996,293 
        1,491,917  Pool # 807963, 5.000%, 1/1/35                               1,459,581 
        1,155,982  Series 2003-108, Class HA, 5.000%,                          1,158,778 
                    1/25/27                                                              
        1,840,629  Series 2003-11, Class BA, 5.500%,                           1,854,387 
                   8/25/32                                                               
          583,281  Series 2003-16, Class CB, 4.000%,                             570,479 
                   2/25/33                                                     --------- 
                                                                              15,403,890 
Government National Mortgage Association  (5.0%):                             ---------- 
          648,827  Pool # 2699, 6.000%, 1/20/29                                  667,418 
          750,083  Pool # 576456, 6.000%, 3/15/32                                772,166 
        1,785,366  Series 2002-70, Class A, 4.000%,                            1,798,666 
                   8/20/32                                                               
        1,500,000  Series 2003-100, Class VB, 5.500%,                          1,479,159 
                   1/20/23                                                     --------- 
                                                                               4,717,409 
                                                                               --------- 
Total U.S. Government Mortgage Backed Agencies (Cost $29,690,491)             29,295,661 
                                                                              ---------- 

U.S. Treasury Notes  (15.3%):                                                            
        2,000,000  4.625%, 5/15/06                                             2,023,984 
        2,000,000  6.875%, 5/15/06                                             2,072,890 
        2,000,000  7.000%, 7/15/06                                             2,084,532 
        1,000,000  6.500%, 10/15/06                                            1,041,758 
        2,000,000  6.125%, 8/15/07                                             2,102,578 
        2,000,000  3.375%, 11/15/08                                            1,955,156 
        1,000,000  5.000%, 8/15/11                                             1,038,906 
        2,000,000  4.250%, 11/15/14                                            1,958,672 
                                                                               --------- 
Total U.S. Treasury Notes (Cost $14,099,120)                                  14,278,476 
                                                                              ---------- 

Cash Equivalent  (1.6%):                                                                 
        1,475,840  Huntington Money Market Fund,                               1,475,840 
                   Interfund Shares *                                          --------- 
Total Cash Equivalent (Cost $1,475,840)                                        1,475,840 
                                                                               --------- 

Total Investments (Cost $93,212,441) (a)   -   99.4%                          92,951,719 
Other Assets in Excess of Liabilities   -   0.6%                                 595,633 
                                                                              ---------- 
NET ASSETS   -   100.0%                                                $      93,547,352 
                                                                              ========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Michigan Tax-Free Fund                                                        
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

    Principal            Security                                                        
    Amount or Shares    Description                                                Value 

Municipal Bonds  (98.8%):                                                                
Michigan  (98.8%):                                                                       
          $80,000  Alpena, MI, Public Schools, G.O.,                   $          83,922 
                   (MBIA Ins), 5.500%, 5/1/09                                            
          135,000  Ann Arbor, MI, Water Supply                                   130,442 
                   Systems Revenue, Series Z, (AMBAC                                     
                    Ins), 3.000%, 2/1/11                                                 
          195,000  Atherton, MI, Community School                                215,060 
                   District, G.O., 6.000%, 5/1/09                                        
          100,000  Bedford, MI, Public School District,                          103,290 
                   G.O., (FSA Ins), 4.650%, 5/1/12                                       
          300,000  Birmingham, MI, Sewer                                         327,783 
                   Improvements, G.O., 5.700%,                                           
                   10/1/13                                                               
          400,000  Birmingham, MI, Sewer                                         437,704 
                   Improvements, G.O., 5.750%,                                           
                   10/1/14                                                               
          100,000  Bloomfield Hills, MI, School                                  104,336 
                   Improvements, G.O., 5.000%,                                           
                   5/1/11                                                                
          100,000  Burton, MI, Water Supply & Sewer                              106,515 
                   Revenue, (MBIA Ins), 5.000%,                                          
                   12/1/08                                                               
          500,000  Cadillac, MI, Area Public Schools,                            514,460 
                   G.O., (FGIC Ins), 5.375%, 5/1/10                                      
          800,000  Caledonia, MI, Community Schools,                             872,287 
                   G.O., 5.250%, 5/1/15                                                  
          250,000  Canton Charter Township, MI, G.O.,                            267,743 
                   (FGIC Ins), 5.250%, 10/1/11                                           
           50,000  Cedar Springs, MI, Public School                               52,099 
                   District G.O., 4.800%, 5/1/11                                         
          400,000  Chipewa, MI, Community Schools                                433,640 
                   Building Site, 5.375%, 5/1/17                                         
          135,000  Clarkson, MI, Community Schools                               142,661 
                   Refunding, G.O., (AMBAC Ins),                                         
                   5.000%, 5/1/08                                                        
          100,000  Coldwater, MI, Water Supply                                   103,253 
                   Refunding Revenue, (AMBAC Ins),                                       
                   4.750%, 7/1/10                                                        
          300,000  Coopersville, MI, Area Public                                 310,449 
                   Schools, G.O., (MBIA Ins), 4.875%,                                    
                   5/1/15                                                                
          250,000  Detroit, MI, Downtown Development                             261,503 
                   Authority Tax Increment Revenue,                                      
                   Series A, (MBIA Ins), 4.650%, 7/1/10                                  
          150,000  Detroit, MI, Public Improvements,                             157,914 
                   Series A, G.O., (FGIC Ins), 5.375%,                                   
                   4/1/11                                                                
          300,000  Detroit, MI, School District, G.O.,                           323,160 
                   (FGIC Ins), 5.375%, 5/1/15                                            
           50,000  Detroit, MI, Water Supply System                               53,289 
                   Revenue, Series A, (MBIA Ins),                                        
                   5.200%, 7/1/08                                                        
          235,000  Detroit, MI, Wayne County Stadium                             249,394 
                   Authority Revenue, (FGIC Ins),                                        
                   5.500%, 2/1/17                                                        
          100,000  East China, MI, School District                               104,892 
                   Refunding, G.O., (FGIC Ins), 4.700%,                                  
                    5/1/10                                                               
           65,000  Ecorse, MI, Public School District,                            69,261 
                   G.O. (FGIC Ins), 5.250%, 5/1/12                                       
          100,000  Ferndale, MI, G.O., (FGIC Ins),                               108,433 
                   6.000%, 5/1/08                                                        
          500,000  Ferndale, MI, G.O., (FGIC Ins),                               532,519 
                   5.250%, 4/1/16                                                        
          250,000  Ferris State University, MI,                                  255,730 
                   Refunding Revenue (FGIC Ins),                                         
                   5.150%, 10/1/09                                                       
          100,000  Forest Hills, MI, Public Schools,                             101,198 
                   G.O., 5.200%, 5/1/08                                                  
          250,000  Forest Hills, MI, Public Schools,                             268,003 
                   G.O., 5.250%, 5/1/13                                                  
          400,000  Fowlerville, MI, Community School                             419,976 
                   District, G.O., (MBIA Ins), 5.350%,                                   
                   5/1/10                                                                
           45,000  Genesee County, MI, Building                                   46,244 
                   Authority, G.O. (MBIA Ins), 4.000%,                                   
                   5/1/08                                                                
          200,000  Genesee County, MI, Building                                  210,566 
                   Authority, G.O., (AMBAC Ins),                                         
                   5.100%, 5/1/14                                                        
          500,000  Gibraltar, MI, School District G.O.,                          528,375 
                   (MBIA Ins), 5.000%, 5/1/08                                            
          200,000  Godwin Heights, MI, Public Schools,                           217,848 
                   G.O., 5.600%, 5/1/14                                                  
          100,000  Grand Ledge, MI, Public School                                103,207 
                   District Refunding, G.O., (FSA Ins),                                  
                   4.750%, 5/1/14                                                        
           25,000  Grand Rapids, MI, Community                                    26,267 
                   College, G.O. (FGIC Ins), 5.100%,                                     
                   5/1/13                                                                
          545,000  Grand Rapids, MI, Downtown                                    554,636 
                   Development Authority Tax Increment                                   
                    Revenue, (MBIA Ins), 6.600%,                                         
                   6/1/08                                                                
          100,000  Grand Rapids, MI, G.O., 5.100%,                               105,375 
                   4/1/14                                                                
          200,000  Grandville, MI, G.O, 5.150%,                                  208,122 
                   5/1/12                                                                
          490,000  Greenville, MI, Public Schools                                507,057 
                   Refunding G.O., (FSA Ins), 4.900%,                                    
                   5/1/13                                                                
           95,000  Grosse Isle Township, MI, School                               98,675 
                   District Refunding, G.O. (FGIC Ins),                                  
                   4.850%, 5/1/12                                                        
          500,000  Grosse Isle Township, MI, School                              527,465 
                   District Refunding, G.O., (FGIC Ins),                                 
                   5.600%, 5/1/10                                                        
          655,000  Holland, MI, Water Supply Systems                             675,428 
                   Revenue, Series A, 5.250%, 7/1/12                                     
          200,000  Howell, MI, Public Schools, G.O.,                             214,596 
                   5.000%, 5/1/10                                                        
          100,000  Hudsonville, MI, Public Schools,                              101,309 
                   G.O. (FSA Ins), 3.500%, 5/1/08                                        
          100,000  Hudsonville, MI, Public Schools,                              104,921 
                   G.O., (FGIC Ins.), 5.050%, 5/1/12                                     
          140,000  Huron Valley, MI, School District                             146,479 
                   Refunding, G.O. (FGIC Ins), 5.000%,                                   
                   5/1/18                                                                
          100,000  Huron Valley, MI, School District,                            104,952 
                   G.O., (FGIC Ins), 5.350%, 5/1/07                                      
           50,000  Huron Valley, MI, School District,                             52,263 
                   G.O., (FGIC Ins), 4.800%, 5/1/13                                      
           80,000  Ingham County, MI, Building                                    81,926 
                   Authority Refunding Revenue,                                          
                   (AMBAC Ins), 5.000%, 11/1/16                                          
           50,000  Kalamazoo, MI,  Building Authority                             51,599 
                   Revenue, (FSA Ins), 4.400%,                                           
                   10/1/10                                                               
          100,000  Kalamazoo, MI, Hospital Finance                               105,193 
                   Authority Refunding Revenue, (MBIA                                    
                   Ins), 5.250%, 5/15/18                                                 
          450,000  Kelloggsville, MI, Public Schools,                            472,302 
                   (FGIC Ins), 5.000%, 5/1/13                                            
          175,000  Kent County, MI, Building Authority,                          182,746 
                   G.O., 5.000%, 11/1/09                                                 
          250,000  Kent County, MI, Building Authority,                          263,548 
                   G.O., 5.000%, 6/1/14                                                  
           25,000  Kent County, MI, Building Authority,                           26,081 
                   G.O., 4.800%, 6/1/16                                                  
          500,000  Lake Shore, MI, Public Schools,                               525,470 
                   G.O., (FSA Ins), 5.400%, 5/1/12                                       
           50,000  Lamphere Schools, Madison Heights                              52,147 
                   MI, G.O., (FGIC Ins), 5.000%,                                         
                   5/1/15                                                                
          250,000  Lansing, MI, Board of Water & Light                           269,533 
                   Revenue, Series A, 5.000%, 7/1/15                                     
           75,000  Lansing/Ingham County, MI, Building                            80,106 
                    Authority, G.O., 5.125%, 11/1/10                                     
          200,000  Lansing/Ingham County, MI, Building                           213,636 
                    Authority, G.O., 5.200%, 11/1/11                                     
          100,000  Livingston County, MI, Water &                                102,665 
                   Sewer Improvements Revenue, (MBIA                                     
                    Ins), 5.000%, 6/1/15                                                 
          300,000  Michigan Municipal Bond Authority                             320,529 
                   Revenue, Series C, (AMBAC Ins),                                       
                   5.100%, 11/1/15                                                       
           75,000  Michigan Municipal Building Authority                          78,874 
                    Revenue, 4.800%, 10/1/08                                             
          400,000  Michigan Municipal Building Authority                         416,732 
                    Revenue, Series A, 5.100%,                                           
                   10/1/09                                                               
           45,000  Michigan Municipal Building                                    47,511 
                   Authority, Pollution Control Revenue,                                 
                   5.250%, 10/1/07                                                       
           75,000  Michigan Municipal Building                                    80,432 
                   Authority, Pollution Control Revenue,                                 
                   6.000%, 10/1/07                                                       
          250,000  Michigan Municipal Building                                   283,357 
                   Authority, Water Utility Improvements                                 
                    Revenue, 5.875%, 10/1/17                                             
           50,000  Michigan State Building Authority                              55,155 
                   Refunding Revenue, Series I (FSA                                      
                   Ins), 5.250%, 10/15/12                                                
          150,000  Michigan State Building Authority                             159,453 
                   Refunding Revenue, Series I, (FSA                                     
                   Ins), 5.000%, 10/15/08                                                
          100,000  Michigan State Building Authority                             104,892 
                   Revenue, Series I, 4.750%, 10/15/11                                   
          300,000  Michigan State Building Authority                             326,127 
                   Revenue, Series I, (AMBAC Ins),                                       
                   6.500%, 10/1/07                                                       
          250,000  Michigan State Building Authority                             268,083 
                   Revenue, Series I, (AMBAC Ins),                                       
                   5.100%, 10/1/08                                                       
           50,000  Michigan State Building Authority                              53,736 
                   Revenue, Series I, (AMBAC Ins),                                       
                   5.200%, 10/1/09                                                       
           80,000  Michigan State Building Authority                              83,438 
                   Revenue, Series I, (MBIA Ins),                                        
                   4.750%, 10/15/12                                                      
          600,000  Michigan State Building Authority,                            637,391 
                   Facilities Program Refunding                                          
                   Revenue, Series I, 5.125%, 10/15/15                                   
          250,000  Michigan State Building Authority,                            262,330 
                   Facilities Program Refunding                                          
                   Revenue, Series III, 5.000%,                                          
                   10/15/07                                                              
          780,000  Michigan State Building Authority,                            826,893 
                   Facilities Program Revenue, Series II,                                
                    5.000%, 10/15/14                                                     
          200,000  Michigan State Certificate                                    211,610 
                   Participation, New Center                                             
                   Development, Inc., (MBIA Ins),                                        
                   5.500%, 9/1/07                                                        
          300,000  Michigan State Comprehensive                                  312,195 
                   Transit Refunding Revenue, Series A,                                  
                    (MBIA Ins), 5.250%, 8/1/12                                           
          610,000  Michigan State Comprehensive                                  642,049 
                   Transit Revenue, Series A, (MBIA                                      
                   Ins), 5.000%, 11/1/10                                                 
          125,000  Michigan State Environmental                                  127,654 
                   Protection Unrefunded, G.O., 4.875%,                                  
                    11/1/07                                                              
          100,000  Michigan State Highway                                        104,840 
                   Improvements Revenue, Series A,                                       
                   (FGIC Ins), 5.250%, 11/1/07                                           
           45,000  Michigan State Hospital Finance                                47,683 
                   Authority, 5.000%, 8/15/13                                            
           10,000  Michigan State Hospital Finance                                11,117 
                   Authority Refunding Revenue, Series                                   
                   A (MBIA Ins), 6.000%, 5/15/14                                         
          100,000  Michigan State Hospital Finance                               105,572 
                   Authority Revenue (AMBAC Ins),                                        
                   5.500%, 1/1/16                                                        
           10,000  Michigan State Hospital Financing                              10,668 
                   Authority Revenue, (AMBAC Ins),                                       
                   5.750%, 5/15/16                                                       
          250,000  Michigan State School                                         260,440 
                   Improvements, G.O., 4.800%,                                           
                   12/1/11                                                               
          365,000  Michigan State Underground Storage                            379,585 
                   Tank Financial Assurance Authority,                                   
                   (AMBAC Ins), 5.500%, 5/1/09                                           
          370,000  Montrose Township, MI, Public                                 388,478 
                   Schools, G.O., (MBIA Ins), 5.350%,                                    
                   5/1/10                                                                
          100,000  Muskegon County, MI, Building                                 104,410 
                   Authority Refunding, G.O., (AMBAC                                     
                   Ins), 4.625%, 9/1/13                                                  
           50,000  Newaygo, MI, Public Schools, G.O.,                             55,098 
                   (Q-SBLF Ins), 5.500%, 5/1/13                                          
           80,000  Northwestern, MI, Community                                    86,728 
                   College Refunding, G.O. (FGIC Ins),                                   
                   5.300%, 4/1/12                                                        
          150,000  Novi, MI, Community School                                    158,433 
                   District, G.O., 5.125%, 5/1/18                                        
           50,000  Oakland County, MI, Sewer                                      51,424 
                   Improvements Refunding, G.O.,                                         
                   4.950%, 10/1/09                                                       
           75,000  Onsted, MI, Community Schools,                                 78,596 
                   G.O., (MBIA Ins), 5.250%, 5/1/17                                      
           55,000  Ottawa County, MI, Holland                                     56,985 
                   Township Water Supply, G.O.,                                          
                   5.500%, 8/1/06                                                        
          500,000  Paw Paw, MI, Public School District,                          560,889 
                   G.O., (FGIC Ins), 6.500%, 5/1/09                                      
          100,000  Pinckney, MI, Community Schools,                              105,293 
                   G.O., (FGIC Ins), 5.500%, 5/1/12                                      
          200,000  Portage, MI, Building Authority,                              209,912 
                   G.O., 5.450%, 7/1/09                                                  
          250,000  Portage, MI, Public Schools, G.O.,                            256,160 
                   (FSA Ins), 4.500%, 5/1/14                                             
          200,000  Potterville, MI, Public Schools, G.O.,                        217,726 
                    (FSA Ins), 5.550%, 5/1/14                                            
          100,000  Reeths-Puffer, MI, Schools                                    102,936 
                   Refunding, G.O., (FGIC Ins), 4.850%,                                  
                   5/1/12                                                                
          150,000  Reeths-Puffer, MI, Schools, G.O.,                             154,142 
                   (FGIC Ins), 5.250%, 5/1/12                                            
          490,000  Romeo, MI, Community School                                   534,275 
                   District, G.O., 5.250%, 5/1/15                                        
          640,000  Saginaw Valley State University, MI,                          679,020 
                   Revenue, (AMBAC Ins), 5.000%,                                         
                   7/1/12                                                                
           65,000  South Lyon, MI, Community                                      67,491 
                   Schools, G.O., 4.250%, 5/1/10                                         
          100,000  South Lyon, MI, Community                                     102,881 
                   Schools, G.O., (FGIC Ins), 5.375%,                                    
                   5/1/06                                                                
          500,000  South Macomb, MI, Disposal                                    540,165 
                   Authority Revenue, (AMBAC Ins),                                       
                   5.375%, 9/1/12                                                        
          200,000  Sterling Heights, MI, Building                                215,796 
                   Authority, G.O., (FGIC Ins), 5.600%,                                  
                   10/1/13                                                               
           50,000  Sterling Heights, MI, Public                                   51,819 
                   Improvements, G.O., 5.250%,                                           
                   10/1/06                                                               
          225,000  Tecumseh, MI, Public Schools, G.O.,                           242,258 
                   5.300%, 5/1/16                                                        
           40,000  Three Rivers, MI, Community                                    41,392 
                   Schools, G.O., (FSA Ins), 4.900%,                                     
                   5/1/13                                                                
          120,000  Traverse City, MI, Area Public                                130,498 
                   Schools, G.O., (FGIC Ins), 7.250%,                                    
                   5/1/07                                                                
          100,000  Unionville-Sebewaing, MI, Area                                104,253 
                   School District, G.O., 5.000%,                                        
                   5/1/07                                                                
          300,000  University of Michigan Refunding                              318,324 
                   Revenue, Series A-1, 5.250%,                                          
                   12/1/10                                                               
          200,000  Van Buren County, MI, Public                                  205,428 
                   Schools, G.O., (AMBAC Ins), 4.750%,                                   
                   5/1/16                                                                
          500,000  Van Buren County, MI, Sewage                                  524,310 
                   Disposal, G.O., (AMBAC Ins),                                          
                   5.000%, 5/1/16                                                        
          200,000  Waterford, MI, School District                                204,732 
                   Refunding, G.O., 5.000%, 6/1/14                                       
           50,000  Wayne County, MI, Community                                    52,272 
                   Schools, G.O., 5.125%, 5/1/09                                         
           50,000  Wayne County, MI, G.O., 5.200%,                                53,844 
                   10/1/12                                                               
          125,000  Wayne County, MI, G.O., 5.250%,                               130,860 
                   6/1/16                                                                
          750,000  Wayne County, MI, Public                                      803,489 
                   Improvements, Series A, G.O.,                                         
                   5.250%, 10/1/12                                                       
           15,000  Wayne County, MI, Wayne                                        16,176 
                   Community College, G.O., (AMBAC                                       
                   Ins), 5.350%, 7/1/13                                                  
          350,000  Wayne County, MI, Westland                                    365,904 
                   Community Schools, G.O., 5.125%,                                      
                   5/1/11                                                                
          150,000  Wayne County, MI, Westland                                    156,816 
                   Community Schools, G.O., (FSA Ins),                                   
                   5.125%, 5/1/14                                                        
          100,000  Wayne State University, MI,                                   108,288 
                   Revenue (FGIC Ins), 5.375%,                                           
                   11/15/13                                                              
          500,000  Wayne State University, MI,                                   527,965 
                   University & College Improvements                                     
                   Revenue, (FGIC Ins), 4.750%,                                          
                   11/15/08                                                              
          250,000  Wayne-Westland, MI, Community                                 261,360 
                   Schools, G.O., (FSA Ins), 5.125%,                                     
                   5/1/15                                                                
          110,000  West Branch Rose City, MI, Area                               115,502 
                   School District, G.O., 5.375%,                                        
                   5/1/07                                                                
          355,000  West Ottawa, MI, Public School                                373,084 
                   District, Prefunded, G.O., (FGIC Ins),                                
                   5.400%, 5/1/09                                                        
          145,000  West Ottawa, MI, Public School                                151,819 
                   District, Unrefunded, G.O., (FGIC                                     
                   Ins), 5.400%, 5/1/09                                                  
           60,000  West Ottawa, MI, Public School                                 62,888 
                   District, Unrefunded, G.O., (FGIC                                     
                   Ins), 5.600%, 5/1/11                                                  
           75,000  Western Michigan University                                    78,296 
                   Refunding Revenue, (FGIC Ins),                                        
                   5.000%, 11/15/11                                                      
          550,000  Western Ottawa, MI, Public School                             608,046 
                   District Refunding, G.O., Series A,                                   
                   5.375%, 5/1/13                                                        
          200,000  Western Township, MI, Utilities                               214,608 
                   Refunding, G.O. Series A (MBIA Ins),                                  
                   5.250%, 1/1/12                                                        
          250,000  Whiteford, MI, Agricultural School                            263,490 
                   District, G.O., 5.000%, 5/1/15                                        
           85,000  Wyandotte, MI, Electric Utility                                91,468 
                   Refunding Revenue, (MBIA Ins),                                        
                   5.375%, 10/1/13                                                       
           60,000  Wyoming, MI, Public Improvements,                              64,229 
                   G.O., (FGIC Ins), 5.250%, 5/1/11                                      
          100,000  Wyoming, MI, Public Schools, G.O.,                            105,911 
                   (FGIC Ins), 5.050%, 5/1/11                                  --------- 
                                                                              31,446,166 
                                                                              ---------- 
Total Municipal Bonds (Cost $31,096,883)                                      31,446,166 
                                                                              ---------- 

Cash Equivalent  (1.6%):                                                                 
          507,779  Fidelity Institutional Tax-Exempt                             507,779 
                   Fund                                                          ------- 
Total Cash Equivalent (Cost $507,779)                                            507,779 
                                                                                 ------- 

Total Investments (Cost $31,604,662) (a)   -   100.4%                         31,953,945 
Liabilities in Excess of Other Assets   -   (0.4)%                             (136,110) 
                                                                              ---------- 
NET ASSETS   -   100.0%                                                $      31,817,835 
                                                                              ========== 
------------                                                                             
See Notes to Portfolio of Investments.                                                   

Huntington Mortgage Securities Fund                                                      
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              
        Principal                                                                        
         Amount                                                                          
           or      Security                                                              
         Shares   Description                                                     Value  

U.S. Government Mortgage Backed Agencies  (84.0%):                                       
Federal Home Loan Mortgage Corporation  (27.5%):                                         
       $1,777,633  Pool # A15284, 5.500%, 10/1/33                      $       1,786,073 
          637,916  Pool # C00730, 6.000%, 3/1/29                                 654,923 
          227,191  Pool # C90237, 6.500%, 11/1/18                                237,144 
        1,438,408  Pool # C90859, 5.500%, 10/1/24                              1,453,765 
        1,827,461  Pool # G08005, 5.500%, 8/1/34                               1,833,996 
          869,039  Pool # M80927, 5.000%, 7/1/11                                 876,131 
          413,628  REMIC Series 2399, Class EC,                                  420,084 
                   5.500%, 1/15/09                                                       
        2,000,000  REMIC Series 2481, Class PE,                                2,055,125 
                   6.000%, 4/15/31                                                       
        1,000,000  REMIC Series 2543, Class PQ,                                1,016,955 
                   5.500%, 4/15/22                                                       
        2,000,000  REMIC Series 2553, Class AE,                                2,042,849 
                   5.500%, 9/15/29                                                       
          536,912  REMIC Series 2584, Class LE,                                  512,167 
                   4.000%, 12/15/13                                                      
        1,000,000  Series 2552, Class NM, 5.000%,                              1,007,385 
                   11/15/26                                                              
        1,000,000  Series 2571, Class VP, 5.500%,                              1,001,310 
                   7/15/21                                                               
        1,000,000  Series 2672, Class GH, 5.500%,                              1,006,440 
                   8/15/31                                                               
        2,000,000  Series 2780, Class QC, 4.500%,                              1,976,035 
                   3/15/17                                                    ---------- 
                                                                              17,880,382 
Federal National Mortgage Association  (50.5%):                               ---------- 
        1,563,556  Pool # 254442, 5.500%, 9/1/17                               1,595,443 
          880,491  Pool # 254486, 5.000%, 9/1/17                                 881,557 
        1,111,509  Pool # 254720, 4.500%, 5/1/18                               1,089,118 
        1,156,103  Pool # 254759, 4.500%, 6/1/18                               1,132,815 
        1,563,011  Pool # 254802, 4.500%, 7/1/18                               1,531,525 
        1,208,722  Pool # 254831, 5.000%, 8/1/23                               1,194,532 
        2,460,189  Pool # 254908, 5.000%, 9/1/23                               2,431,306 
        2,238,002  Pool # 254911, 5.000%, 10/1/23                              2,211,728 
          943,687  Pool # 255320, 5.000%, 7/1/24                                 931,958 
          394,795  Pool # 602879, 6.000%, 11/1/31                                404,179 
          978,700  Pool # 663808, 5.000%, 11/1/17                                979,886 
        1,430,016  Pool # 684488, 5.000%, 12/1/17                              1,431,748 
        1,547,372  Pool # 693256, 5.000%, 4/1/18                               1,548,699 
        2,567,901  Pool # 729535, 5.500%, 7/1/33                               2,577,205 
          565,313  Pool # 748422, 6.000%, 8/1/33                                 578,162 
          994,170  Pool # 806715, 5.500%, 1/1/35                                 996,604 
          994,611  Pool # 807963, 5.000%, 1/1/35                                 973,365 
          119,048  Pool # E65142, 6.500%, 7/1/11                                 124,534 
        2,000,000  REMIC Series 2003-83, Class TJ,                             1,912,504 
                   4.500%, 9/25/18                                                       
          672,152  Series 1994-23, Class PK, 6.000%,                             690,201 
                   5/25/10                                                               
        1,265,846  Series 2003-38, Class TC, 5.000%,                           1,262,663 
                   3/25/23                                                               
        1,328,056  Series 2004-21, Class NA, 5.500%,                           1,319,669 
                   4/25/34                                                               
        2,000,000  Series 2004-45, Class NC, 5.500%,                           2,031,719 
                   11/25/28                                                              
        2,126,562  Series 2004-45, Class VD, 4.500%,                           2,059,711 
                   3/25/18, 4.500%, 3/25/18                                              
        1,091,000  Series 2847, Class NC, 4.000%,                              1,069,710 
                   1/15/24, 4.000%, 1/15/24                                   ---------- 
                                                                              32,960,541 
Government National Mortgage Association  (6.0%):                             ---------- 
            3,168  Pool # 328651, 8.500%, 5/15/07                                  3,316 
        3,421,892  Pool # 3637, 5.500%, 11/20/34                               3,452,887 
          424,091  REMIC Series 2002-13, Class KC,                               425,403 
                   6.000%, 7/16/30                                             --------- 
                                                                               3,881,606 
                                                                              ---------- 
Total U.S. Government Mortgage Backed Agencies (Cost $55,355,124)             54,722,529 
                                                                              ---------- 

Common Stocks  (8.7%):                                                                   
Real Estate Investment Trusts  (8.7%):                                                   
            4,700  Acadia Realty Trust                                            75,576 
            3,400  Alexandria Real Estate Equities,                              218,892 
                   Inc.                                                                  
            3,400  Boston Properties, Inc.                                       204,782 
            7,000  Brandywine Realty Trust                                       198,800 
            2,000  Camden Property Trust                                          94,060 
            3,000  Capital Automotive Real Estate                                 99,360 
                   Investment Trust, Inc.                                                
              889  Catellus Development Corp.                                     23,692 
            3,000  CBL & Associates Properties, Inc.                             214,530 
            4,200  CenterPoint Properties Corp.                                  172,200 
            4,200  Developers Diversified Realty                                 166,950 
                   Corp.                                                                 
            5,000  Duke Realty Corp.                                             149,250 
            1,500  EastGroup Properties, Inc.                                     56,550 
            1,700  Equity Office Properties Trust                                 51,221 
            5,000  Equity Residential Properties Trust                           161,050 
            3,000  Essex Property Trust, Inc.                                    206,820 
            2,100  General Growth Properties                                      71,610 
              800  Getty Realty Corp.                                             20,440 
            3,000  Health Care Property Investors,                                70,410 
                   Inc.                                                                  
            3,500  Healthcare Realty Trust, Inc.                                 127,540 
            4,200  Heritage Property Investment                                  124,656 
            3,700  Home Properties, Inc.                                         143,560 
            4,600  Hospitality Properties Trust                                  185,748 
            3,800  Kimco Realty Corp.                                            204,820 
            2,100  Kramont Realty Trust                                           49,140 
            4,000  Mack-Cali Realty Corp.                                        169,400 
            3,700  Mills Corp.                                                   195,730 
            1,000  New Plan Excel Realty Trust                                    25,110 
            2,500  Parkway Properties, Inc.                                      116,750 
            4,200  Pennsylvania Real Estate                                      169,344 
                   Investment Trust                                                      
            5,000  Prologis Trust                                                185,500 
            4,200  Public Storage, Inc.                                          239,148 
            3,100  Regency Centers Corp.                                         147,653 
            2,500  Shurgard Storage Centers, Inc.,                               102,450 
                   Class A                                                               
            3,400  Simon Property Group, Inc.                                    205,972 
            3,800  SL Green Realty Corp.                                         213,636 
            1,100  The Macerich Co.                                               58,608 
            5,900  United Dominion Realty Trust, Inc.                            123,133 
            3,900  Ventas, Inc.                                                   97,344 
            2,800  Vornado Realty Trust                                          193,956 
            5,000  Washington Real Estate Investment                             143,750 
                   Trust                                                                 
            5,000  Weingarten Realty Investors                                   172,550 
                                                                                 ------- 
Total Common Stocks (Cost $3,719,997)                                          5,651,691 
                                                                               --------- 

U.S. Government Agencies  (5.3%):                                                        
Federal Home Loan Bank  (1.5%):                                                          
        1,000,000  2.710%, 4/27/05                                               998,068 
                                                                                 ------- 
Federal Home Loan Mortgage Corporation  (2.3%):                                          
          500,000  3.650%, 1/23/08                                               493,587 
          500,000  4.750%, 10/11/12                                              492,757 
          500,000  4.500%, 4/2/14                                                479,827 
                                                                                 ------- 
                                                                               1,466,171 
Federal National Mortgage Association  (1.5%):                                 --------- 
        1,000,000  2.875%, 5/19/08                                               960,093 
                                                                                 ------- 
Total U.S. Government Agencies (Cost $3,487,255)                               3,424,332 
                                                                               --------- 

Cash Equivalent  (1.6%):                                                                 
        1,035,015  Huntington Money Market Fund,                               1,035,015 
                   Interfund Shares *                                          --------- 
Total Cash Equivalent (Cost $1,035,015)                                        1,035,015 
                                                                               --------- 

Total Investments (Cost $63,597,391) (a)   -   99.6%                          64,833,567 
Other Assets in Excess of Liabilities   -   0.4%                                 250,564 
                                                                              ---------- 
NET ASSETS   -   100.0%                                                $      65,084,131 
                                                                              ========== 
------------                                                                             

See Notes to Portfolio of Investments.                                                   

Huntington Ohio Tax-Free Fund                                                            
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

        Principal      Security                                                          
    Amount or Shares   Description                                                Value  

Municipal Bonds  (99.3%):                                                                
Ohio  (98.6%):                                                                           
         $500,000  Akron, OH, G.O., Series 2, 5.300%,                  $         526,115 
                   12/1/11                                                               
           70,000  Akron, OH, Pension Funding                                     76,243 
                   Refunding Revenue, (AMBAC Ins),                                       
                   5.250%, 12/1/18                                                       
          375,000  Avon Lake, OH, Water System                                   409,223 
                   Revenue, Series A, (AMBAC Ins),                                       
                   5.500%, 10/1/15                                                       
          500,000  Bay Village, OH, City School                                  539,990 
                   District, G.O., 5.250%, 12/1/16                                       
          500,000  Butler County, OH, G.O., (AMBAC                               526,920 
                   Ins), 5.000%, 12/1/12                                                 
          100,000  Butler County, OH, Public                                     105,393 
                   Improvements, G.O., (AMBAC Ins),                                      
                   5.450%, 12/1/16                                                       
          315,000  Butler County, OH, Transportation                             332,498 
                   Improvement Revenue, Series A,                                        
                   5.125%, 4/1/17                                                        
          420,000  Canton, OH, School District, G.O.,                            461,567 
                   (MBIA Ins), 5.350%, 12/1/15                                           
          500,000  Chagrin Falls, OH, Exempt Village                             532,665 
                   School District, G.O., Series 2,                                      
                   5.100%, 12/1/10                                                       
          260,000  Chagrin Falls, OH, Exempt Village                             276,325 
                   School District, Series 2, G.O.,                                      
                   5.000%, 12/1/09                                                       
           75,000  Cincinnati, OH, City School District,                          79,886 
                   G.O., (MBIA Ins), 5.000%, 12/1/08                                     
          150,000  Cincinnati, OH, Public                                        159,704 
                   Improvements, G.O., 5.000%,                                           
                   12/1/12                                                               
          525,000  Cincinnati, OH, Public                                        552,395 
                   Improvements, G.O., 5.000%,                                           
                   12/1/15                                                               
          150,000  Cincinnati, OH, Water System                                  164,994 
                   Revenue, 5.500%, 12/1/12                                              
          205,000  Clermont County, OH, Refunding                                219,817 
                   Revenue, Mercy Health System,                                         
                   Series B, (AMBAC Ins), 5.625%,                                        
                   9/1/16                                                                
          150,000  Cleveland, OH, G.O., (FGIC Ins),                              165,632 
                   5.500%, 11/15/13                                                      
           85,000  Cleveland, OH, G.O., (MBIA Ins)                                94,874 
                   (Various Purposes), 5.500%, 12/1/13                                   
          240,000  Cleveland, OH, Parking Facilities                             253,118 
                   Refunding Revenue, (MBIA Ins),                                        
                   5.375%, 9/15/12                                                       
          180,000  Cleveland, OH, Public Power                                   190,159 
                   System Refunding Revenue, Series                                      
                   1, (MBIA Ins), 5.250%, 11/15/16                                       
          200,000  Cleveland, OH, Refunding Public                               214,624 
                   Improvements, G.O., (MBIA Ins),                                       
                   5.500%, 8/1/09                                                        
          200,000  Cleveland, OH, Waterworks                                     212,222 
                   Refunding Revenue, Series I, (FSA                                     
                   Ins), 5.250%, 1/1/11                                                  
        1,600,000  Cleveland, OH, Waterworks                                   1,718,735 
                   Refunding Revenue, Series I, (FSA                                     
                   Ins), 5.250%, 1/1/12                                                  
        1,190,000  Cleveland, OH, Waterworks                                   1,262,721 
                   Refunding Revenue, Series I, (FSA                                     
                   Ins), 5.250%, 1/1/13                                                  
        1,250,000  Cleveland, OH, Waterworks                                   1,313,549 
                   Refunding Revenue, Series I, (FSA                                     
                   Ins), 5.000%, 1/1/16                                                  
          115,000  Cleveland, OH, Waterworks                                     119,649 
                   Refunding Revenue, Series I, (FSA                                     
                   Ins), 5.000%, 1/1/17                                                  
          100,000  Columbus State Community                                      107,096 
                   College, University & College                                         
                   Improvements Revenue, (AMBAC                                          
                   Ins), 5.500%, 12/1/10                                                 
          160,000  Columbus, OH, G.O., Series 1,                                 175,152 
                   5.500%, 11/15/09                                                      
          350,000  Columbus, OH, G.O., Series 2,                                 382,277 
                   5.750%, 6/15/09                                                       
          600,000  Columbus, OH, Police/Fireman                                  633,348 
                   Disability, G.O., 5.000%, 7/15/13                                     
        2,000,000  Columbus, OH, Public Improvement,                           2,158,479 
                   G.O., Series 2, 5.000%, 6/15/12                                       
          560,000  Columbus, OH, Public                                          590,922 
                   Improvements, Series 1, G.O.,                                         
                   5.000%, 6/15/12                                                       
           75,000  Columbus, OH, Sewer Refunding                                  78,345 
                   Revenue, 5.000%, 6/1/07                                               
           53,600  Columbus, OH, Special                                          54,916 
                   Assessment, 5.700%, 7/15/06                                           
           50,000  Columbus, OH, University & College                             54,194 
                   Improvements Revenue, (AMBAC                                          
                   Ins), 6.000%, 12/1/08                                                 
          175,000  Columbus, OH, Water System                                    183,864 
                   Refunding Revenue, 5.000%,                                            
                   11/1/07                                                               
          370,000  Cuyahoga County, OH, Correctional                             387,779 
                   Facilities Improvements, G.O.,                                        
                   5.000%, 12/1/17                                                       
          500,000  Cuyahoga County, OH, G.O.,                                    518,130 
                   5.200%, 11/15/09                                                      
          100,000  Cuyahoga County, OH, Hospital                                 103,897 
                   Refunding Revenue, Series B, (MBIA                                    
                   Ins), 5.500%, 1/15/16                                                 
          500,000  Cuyahoga County, OH, Hospital                                 536,745 
                   Revenue, Walker Center, Series I,                                     
                   5.250%, 1/1/13                                                        
          500,000  Dayton, OH, G.O., (MBIA Ins),                                 530,440 
                   5.000%, 12/1/12                                                       
          435,000  Delaware County, OH, G.O.,                                    462,440 
                   5.000%, 12/1/18                                                       
          250,000  Dover, OH, Municipal Electric                                 257,298 
                   System Revenue, (FGIC Ins),                                           
                   5.500%, 12/1/07                                                       
          205,000  Dublin, OH, Various Purposes, G.O.,                           231,527 
                   Series A, 6.000%, 12/1/15                                             
          500,000  Euclid, OH, G.O., 5.300%, 12/1/07                             518,430 
          500,000  Euclid, OH, G.O., 5.450%, 12/1/08                             518,915 
          500,000  Euclid, OH, G.O., 5.000%, 12/1/12                             529,555 
          205,000  Fairlawn, OH, G.O., 5.750%,                                   208,122 
                   12/1/13                                                               
          305,000  Franklin County, OH, G.O., 6.000%,                            312,134 
                   9/1/06                                                                
          500,000  Franklin County, OH, Hospital                                 527,530 
                   Facility Authority Refunding                                          
                   Revenue, 5.800%, 11/1/10                                              
          125,000  Franklin County, OH, Public                                   131,486 
                   Improvements, G.O., 5.500%,                                           
                   12/1/14                                                               
          200,000  Franklin County, OH, Refunding,                               216,854 
                   G.O., 5.375%, 12/1/20                                                 
          300,000  Greene County, OH, Water                                      327,327 
                   Systems Revenue, Series A, (FGIC                                      
                   Ins), 5.750%, 12/1/09                                                 
          250,000  Hamilton County, OH,  Sewer                                   265,698 
                   Improvement Revenue, 5.000%,                                          
                   12/1/14                                                               
        1,795,000  Hamilton County, OH, G.O.,                                  1,905,338 
                   5.250%, 12/1/15                                                       
          150,000  Hamilton County, OH, Sales Tax                                166,094 
                   Revenue, Series B, (AMBAC Ins),                                       
                   5.750%, 12/1/12                                                       
          120,000  Hamilton County, OH, Sewer                                    127,535 
                   System Revenue, 5.000%, 12/1/13                                       
          250,000  Hancock County, OH, Public                                    265,153 
                   Improvements, G.O., 5.450%,                                           
                   12/1/17                                                               
          315,000  Hancock County, OH, Refunding &                               323,625 
                   Improvement Revenue, G.O.,                                            
                   5.200%, 12/1/08                                                       
          170,000  Hilliard, OH, G.O., 5.350%, 12/1/06                           174,493 
          180,000  Hilliard, OH, G.O., 5.500%, 12/1/07                           185,278 
          250,000  Hudson City, OH, Recreational                                 266,443 
                   Facilities Improvements, G.O.,                                        
                   5.000%, 12/1/14                                                       
          500,000  Kent State University, OH,                                    528,180 
                   Revenue, (MBIA Ins), 5.300%,                                          
                   5/1/10                                                                
           50,000  Kent State University, Series A,                               52,576 
                   5.000%, 5/1/18                                                        
          100,000  Lakewood, OH, Sewer Systems                                   103,928 
                   Refunding, G.O., Series B, 5.550%,                                    
                   12/1/08                                                               
          200,000  Lakota, OH,  Local School District,                           226,012 
                   G.O., (AMBAC Ins), 7.000%, 12/1/08                                    
          150,000  London, OH, City School District,                             165,141 
                   G.O., 5.500%, 12/1/14                                                 
          300,000  Lorain County, Hospital Revenue,                              322,047 
                   5.625%, 9/1/14                                                        
          500,000  Lorain County, OH, Revenue,                                   542,510 
                   Catholic Healthcare Partners, Series                                  
                   B, (MBIA Ins), 6.000%, 9/1/08                                         
          100,000  Lorain, OH, Water Authority                                   107,539 
                   Revenue, (AMBAC Ins), 5.100%,                                         
                   10/1/09                                                               
          500,000  Lucas County, OH, G.O., 5.400%,                               519,190 
                   12/1/15                                                               
           50,000  Lucas County, OH, G.O., (AMBAC                                 53,022 
                   Ins), 5.375%, 12/1/11                                                 
          205,000  Lucas County, OH, Juvenile                                    217,702 
                   Justice, G.O., (FGIC Ins), 5.750%,                                    
                   11/15/11                                                              
          500,000  Mahoning County, OH, Sewer                                    538,280 
                   Systems, Refunding Revenue,                                           
                   (AMBAC Ins), 5.200%, 12/1/14                                          
          100,000  Mansfield, OH, City School District,                          107,481 
                   G.O., (MBIA Ins) (Various), 5.350%,                                   
                   12/1/14                                                               
        1,010,000  Marysville Exempt Village School                            1,100,970 
                   District, GO, 5.250%, 12/1/16                                         
          500,000  Mason, OH, City School District,                              536,045 
                   G.O., 5.150%, 12/1/12                                                 
          175,000  Medina, OH, City School District,                             184,984 
                   G.O., (FGIC Ins), 4.850%, 12/1/10                                     
           70,000  Medina, OH, City School District,                              74,581 
                   G.O., (FGIC Ins), 5.125%, 12/1/19                                     
          300,000  Mentor, OH, Public Improvements,                              316,824 
                   G.O., 5.250%, 12/1/10                                                 
          250,000  Miami County, OH, G.O., 4.875%,                               263,260 
                   12/1/10                                                               
          200,000  Middleburg Heights, OH, Hospital                              216,850 
                   Refunding Revenue, Southwest                                          
                   General Health Center, 5.625%,                                        
                   8/15/15                                                               
          500,000  Montgomery County, OH, G.O.,                                  531,345 
                   5.400%, 12/1/11                                                       
          100,000  Montgomery County, OH, Public                                 110,368 
                   Improvements, G.O., 5.500%,                                           
                   12/1/11                                                               
           50,000  Montgomery County, OH, Public                                  54,866 
                   Improvements, G.O., 5.500%,                                           
                   12/1/13                                                               
          100,000  Montgomery County, OH, Solid                                  103,675 
                   Waste Revenue, (MBIA Ins), 5.500%,                                    
                   11/1/10                                                               
          100,000  Muskingum County, OH, Hospital                                105,580 
                   Facilities Refunding Revenue,                                         
                   Bethesda Hospital Association,                                        
                   (Connie Lee Ins), 5.400%, 12/1/16                                     
          250,000  Muskingum County, OH, Refunding                               265,008 
                   & Improvement Revenue, Bethesda                                       
                   Care System, (Connie Lee Ins),                                        
                   5.350%, 12/1/07                                                       
          100,000  North Olmsted, OH, Public                                     108,565 
                   Improvements Refunding, G.O.,                                         
                   (FGIC Ins), 5.250%, 12/1/11                                           
          100,000  North Olmsted, OH, Public                                     109,407 
                   Improvements Refunding, G.O.,                                         
                   (FGIC Ins), 5.500%, 12/1/12                                           
          100,000  North Olmsted, OH, Public                                     104,914 
                   Improvements, G.O., (AMBAC Ins),                                      
                   5.000%, 12/1/16                                                       
          400,000  Northeast, OH, Regional Sewer                                 411,212 
                   District Refunding Revenue (AMBAC                                     
                   Ins), 5.500%, 11/15/12                                                
          235,000  Norwalk, OH, Refunding, G.O.,                                 246,069 
                   5.550%, 4/1/09                                                        
          250,000  Norwalk, OH, Refunding, G.O.,                                 261,895 
                   5.600%, 4/1/10                                                        
          300,000  Norwalk, OH, Refunding, G.O.,                                 314,454 
                   5.900%, 4/1/15                                                        
        1,500,000  Ohio State Building Authority                               1,637,339 
                   Facilities Revenue, Administration                                    
                   Building, Series A, 5.250%, 10/1/11                                   
          420,000  Ohio State Building Authority                                 460,631 
                   Facilities Revenue, Administration                                    
                   Building, Series A, 5.375%, 10/1/12                                   
        1,020,000  Ohio State Building Authority                               1,108,873 
                   Facilities Revenue, Administration                                    
                   Building, Series A, 5.375%, 10/1/14                                   
           75,000  Ohio State Building Authority Sports                           80,819 
                   Facilities Revenue, 5.250%, 10/1/13                                   
           70,000  Ohio State Building Authority Sports                           74,687 
                   Facilities Revenue, (FSA Ins),                                        
                   5.200%, 10/1/09                                                       
          300,000  Ohio State Building Authority Sports                          321,483 
                   Facilities Revenue, (FSA Ins),                                        
                   5.375%, 10/1/11                                                       
          300,000  Ohio State Building Authority State                           329,022 
                   Facilities Revenue, Administration                                    
                   Building, Series A, 5.375%, 10/1/13                                   
          400,000  Ohio State Building Authority State                           437,132 
                   Facilities Revenue, Adult Correctional,                               
                   Series A, 5.500%, 10/1/09                                             
          200,000  Ohio State Building Authority State                           220,384 
                   Facilities Revenue, Adult Correctional,                               
                   Series A, 5.500%, 10/1/13                                             
          135,000  Ohio State Building Authority State                           148,759 
                   Facilities Revenue, Adult Correctional,                               
                   Series A, 5.500%, 10/1/15                                             
          100,000  Ohio State Building Authority State                           105,994 
                   Facilities Revenue, Highway Safety                                    
                   Building, Series A, 5.375%, 10/1/11                                   
          300,000  Ohio State Building Authority State                           323,394 
                   Facilities Revenue, Juvenile                                          
                   Correctional, 5.250%, 10/1/10                                         
          500,000  Ohio State Building Authority State                           550,960 
                   Facilities Revenue, Series A, (FSA                                    
                   Ins), 5.500%, 10/1/12                                                 
          140,000  Ohio State Community Schools,                                 148,326 
                   G.O., Series B, 5.000%, 9/15/18                                       
          200,000  Ohio State Higher Education Capital                           221,746 
                   Facilities, G.O., Series B, 5.625%,                                   
                   5/1/15                                                                
          190,000  Ohio State Higher Education Capital                           207,809 
                   Facilities, G.O., Series II-A, 5.500%,                                
                   12/1/09                                                               
        1,000,000  Ohio State Higher Education                                 1,054,929 
                   Facilities Revenue, Case Western                                      
                   Reserve University, 5.000%,                                           
                   10/1/11                                                               
          200,000  Ohio State Higher Education, Capital                          217,392 
                   Facilities, G.O., Series A, 5.375%,                                   
                   2/1/15                                                                
          335,000  Ohio State Higher Education, G.O.,                            357,579 
                   Series A, 5.000%, 5/1/09                                              
          300,000  Ohio State Higher Educational                                 319,239 
                   Facilities Revenue, Xavier University,                                
                   (MBIA Ins), 5.350%, 5/15/12                                           
           25,000  Ohio State Highway Improvements                                26,121 
                   Revenue, 5.000%, 2/15/17                                              
          400,000  Ohio State Infrastructure                                     427,140 
                   Improvement Refunding, G.O., Series                                   
                   R, 5.250%, 8/1/12                                                     
           50,000  Ohio State Mental Health Capital                               52,926 
                   Facilities Revenue, Series II-A,                                      
                   5.000%, 6/1/08                                                        
          175,000  Ohio State Public Facilities                                  186,769 
                   Commission Revenue, Higher                                            
                   Education Capital Facilities, Series                                  
                   II-A, 5.000%, 11/1/12                                                 
          100,000  Ohio State Turnpike Commission                                107,047 
                   Revenue, Series B, (FGIC Ins),                                        
                   5.250%, 2/15/12                                                       
          500,000  Ohio State University General                                 538,770 
                   Receipts Revenue, Series A, 5.100%,                                   
                   12/1/10                                                               
          100,000  Ohio State University General                                 107,637 
                   Receipts Revenue, Series A, 5.125%,                                   
                   12/1/11                                                               
          900,000  Ohio State Water Development                                  956,511 
                   Authority Pollution Control Facilities                                
                   Revenue, (MBIA Ins), 5.000%,                                          
                   12/1/14                                                               
        1,000,000  Ohio State Water Development                                1,062,790 
                   Authority Pollution Control Facilities                                
                   Revenue, (MBIA Ins), 5.000%,                                          
                   6/1/15                                                                
          100,000  Ohio State Water Development                                  106,279 
                   Authority Pollution Control Facilities                                
                   Revenue, (MBIA Ins), 5.000%,                                          
                   12/1/15                                                               
          100,000  Ohio State Water Development                                  106,279 
                   Authority Pollution Control Facilities                                
                   Revenue, (MBIA Ins), 5.000%,                                          
                   6/1/16                                                                
           30,000  Ohio State Water Development                                   32,831 
                   Authority Refunding Revenue,                                          
                   5.250%, 6/1/11                                                        
          170,000  Ohio State Water Development                                  170,823 
                   Authority Revenue, (AMBAC Ins),                                       
                   6.000%, 12/1/08                                                       
          300,000  Ohio State Water Development                                  322,896 
                   Authority Revenue, (FSA Ins),                                         
                   5.250%, 12/1/11                                                       
          100,000  Ohio State Water Development                                  105,568 
                   Authority Revenue, (MBIA Ins),                                        
                   5.000%, 12/1/09                                                       
          150,000  Ohio State Water Development                                  160,323 
                   Authority Revenue, Fresh Water                                        
                   Series, (FSA Ins), 5.250%, 12/1/10                                    
          745,000  Ohio State Water Development                                  796,293 
                   Authority Revenue, Public                                             
                   Improvements, (FSA Ins), 5.000%,                                      
                   6/1/14                                                                
          210,000  Ohio State Water Development                                  224,952 
                   Authority, Community Assistance,                                      
                   (AMBAC Ins), 5.250%, 12/1/17                                          
          975,000  Ohio State Water Development                                1,042,128 
                   Authority, Sewer System                                               
                   Improvements Revenue, (FSA Ins),                                      
                   5.000%, 6/1/15                                                        
          250,000  Plain, OH, Local School District,                             279,620 
                   G.O., (FGIC Ins), 5.700%, 12/1/14                                     
           55,000  Portage County, OH, Hospital                                   57,135 
                   Revenue, 5.800%, 11/15/15                                             
          100,000  Portage County, OH, Public                                    107,120 
                   Improvements, G.O., (MBIA Ins),                                       
                   5.250%, 12/1/17                                                       
          100,000  River Valley Ohio Local School                                108,080 
                   Distric, GO, 5.250%, 11/1/16                                          
          500,000  Solon, OH, G.O., 5.250%, 12/1/07                              514,220 
          500,000  Springboro, OH, Community School                              523,940 
                   District Refunding, G.O., (AMBAC                                      
                   Ins), 5.250%, 12/1/16                                                 
          130,000  Springfield, OH, G.O., (FGIC Ins),                            141,608 
                   5.500%, 12/1/17                                                       
          100,000  State Higher Educational Facility                             105,889 
                   Revenue, University of Dayton,                                        
                   5.200%, 12/1/10                                                       
          250,000  Stow, OH, Public Improvements,                                261,398 
                   G.O., (MBIA Ins), 6.150%, 12/1/15                                     
           55,000  Strongsville, OH, G.O., 6.700%,                                59,373 
                   12/1/11                                                               
          250,000  Summit County, OH, Public                                     263,460 
                   Improvements, G.O., Series A, (FGIC                                   
                   Ins), 5.000%, 12/1/12                                                 
          235,000  Swanton, OH, Local School Disctrict,                          249,772 
                   School Improvement, G.O.,  (FGIC                                      
                   Ins), 4.900%, 12/1/15                                                 
          500,000  Teays Valley, OH, Local School                                532,990 
                   District, School Facilities Construction                              
                   & Improvement, G.O., (FGIC Ins),                                      
                   5.150%, 12/1/14                                                       
          315,000  Toledo, OH, Sewer System                                      341,129 
                   Revenue, 5.250%, 11/15/13                                             
          500,000  Troy, OH, Capital Facilities, G.O.,                           553,725 
                   6.250%, 12/1/11                                                       
          350,000  Trumbull County, OH, Public                                   383,782 
                   Improvements Refunding, G.O.,                                         
                   (MBIA Ins), 5.125%, 12/1/13                                           
          100,000  University of Akron, OH, General                              105,241 
                   Receipts Revenue, (AMBAC Ins),                                        
                   5.125%, 1/1/11                                                        
          500,000  University of Cincinnati, OH,                                 543,645 
                   Certificate Participation, University                                 
                   Center Project, (MBIA Ins), 5.100%,                                   
                   6/1/11                                                                
          250,000  University of Cincinnati, OH,                                 253,555 
                   General Receipts Revenue, Series V,                                   
                   5.250%, 6/1/08                                                        
          265,000  University of Cincinnati, OH,                                 268,808 
                   General Receipts Revenue, Series V,                                   
                   5.350%, 6/1/09                                                        
          100,000  University of Cincinnati, OH,                                 104,206 
                   General Receipts Revenue, Series W,                                   
                   5.650%, 6/1/11                                                        
          300,000  University of Cincinnati, OH,                                 313,758 
                   General Receipts Revenue, Series Z,                                   
                   5.000%, 6/1/17                                                        
          175,000  Warren County, OH, Sewer                                      179,814 
                   Improvement, P&G Co./Lower Miami,                                     
                   G.O., 5.250%, 12/1/08                                                 
          185,000  Warren County, OH, Sewer                                      190,208 
                   Improvement, P&G Co./Lower Miami,                                     
                   G.O., 5.350%, 12/1/09                                                 
          400,000  Warren County, OH, Water                                      411,004 
                   Improvement, The P&G Project, G.O.,                                   
                   5.250%, 12/1/07                                                       
          500,000  Wauseon Village, OH, School                                   531,350 
                   District, G.O., 5.450%, 12/1/14                                       
          100,000  West Holmes, OH, Local School                                 105,652 
                   District, G.O., (MBIA Ins), 5.100%,                                   
                   12/1/11                                                               
          500,000  Westlake, OH, City School District,                           537,740 
                   G.O., Series A, 5.500%, 12/1/10                                       
          500,000  Westlake, OH, Refunding &                                     541,420 
                   Improvement, G.O., 5.350%,                                            
                   12/1/10                                                               
          165,000  Whitehall, OH, Public                                         173,978 
                   Improvements, G.O., (AMBAC Ins),                                      
                   4.950%, 12/1/10                                                       
          100,000  Worthington, OH, City School                                  106,920 
                   District Refunding, G.O., (FGIC Ins),                                 
                   5.000%, 12/1/09                                                       
          100,000  Youngstown, OH, G.O., (MBIA Ins),                             102,646 
                   6.125%, 12/1/14                                            ---------- 
Total Municipal Bonds (Cost $56,431,501)                                      57,644,123 
                                                                              ---------- 

Cash Equivalent  (1.9%):                                                                 
        1,097,752  Fidelity Institutional Tax-Exempt                           1,097,752 
                   Fund                                                        --------- 
Total Cash Equivalent (Cost $1,097,752)                                        1,097,752 
                                                                               --------- 

Total Investments (Cost $57,529,253) (a)   -   101.2%                         58,741,875 
Liabilities in Excess of Other Assets   -   (1.2)%                             (680,703) 
                                                                              ---------- 
NET ASSETS   -   100.0%                                                $      58,061,172 
                                                                              ========== 
------------                                                                             

See Notes to Portfolio of Investments.                                                   

Huntington Short/Intermediate Fixed Income Securities Fund                               
Portfolio of Investments                                                  March 31, 2005 
(Unaudited)                                                                              

        Principal      Security                                                          
    Amount or Shares   Description                                               Value   

Corporate Bonds  (59.0%):                                                                
Agricultural Services  (1.2%):                                                           
       $2,000,000  Monsanto Co., 4.000%, 5/15/08                       $       1,968,788 
                                                                               --------- 
Audio/Video Products  (1.0%):                                                            
        1,495,000  Harman International Industries,                            1,559,010 
                   Inc., 7.125%, 2/15/07                                       --------- 
Banks  (5.3%):                                                                           
        3,000,000  KeyCorp., 4.700%, 5/21/09                                   2,996,994 
        2,659,091  Marshall & Ilsley Bank, 2.900%,                             2,563,816 
                   8/18/09                                                               
        3,000,000  National City Bank, 4.250%,                                 2,938,182 
                   1/29/10                                                     --------- 
                                                                               8,498,992 
Bottled & Canned Soft Drinks  (1.8%):                                          --------- 
        3,000,000  PepsiAmericas, Inc., 3.875%,                                2,963,364 
                                                                               --------- 
                   9/12/07                                                               
Chemicals  (1.9%):                                                                       
        3,000,000  Chevron Phillips Chemical Co.,                              3,056,118 
                   5.375%, 6/15/07                                             --------- 
Computers  (1.3%):                                                                       
        2,000,000  Hewlett Packard Co., 7.150%,                                2,015,336 
                   6/15/05                                                     --------- 
Consumer Products  (4.2%):                                                               
        2,000,000  Costco Wholesale Corp., 5.500%,                             2,051,182 
                   3/15/07                                                               
        3,000,000  Earthgrains Co., 6.500%, 4/15/09                            3,208,206 
        1,500,000  Fortune Brands, Inc., 2.875%,                               1,472,606 
                   12/1/06                                                     --------- 
                                                                               6,731,994 
Electrical Services  (3.7%):                                                   --------- 
        2,000,000  Alabama Power Co., 3.125%,                                  1,925,698 
                   5/1/08                                                                
        1,000,000  Baltimore Gas & Electric, 5.250%,                           1,016,560 
                   12/15/06                                                              
        3,000,000  Virginia Electric & Power, 5.750%,                          3,050,277 
                   3/31/06                                                     --------- 
                                                                               5,992,535 
Financial Services  (11.0%):                                                   --------- 
        3,000,000  AIG International Lease Finance                             2,980,628 
                   Corp., 4.500%, 5/1/08                                                 
        2,000,000  Bear Stearns Co., 3.000%, 3/30/06                           1,981,330 
        2,000,000  Caterpillar Financial Services Corp.,                       1,961,732 
                   3.670%, 10/4/07                                                       
        3,000,000  Countrywide Home Loan, 3.250%,                              2,871,624 
                   5/21/08                                                               
        1,000,000  Ford Motor Credit Co., 6.500%,                              1,010,143 
                   1/25/07                                                               
        1,000,000  General Motors Acceptance Corp.,                            1,006,963 
                   6.750%, 1/15/06                                                       
        2,000,000  General Motors Acceptance Corp.,                            1,950,230 
                   6.125%, 8/28/07 (d)                                                   
        2,000,000  MBIA Global Funding LLC, 2.875%,                            1,957,942 
                   11/30/06 (c)                                                          
        2,000,000  Morgan Stanley, 3.875%, 1/15/09                             1,944,776 
                                                                               --------- 
                                                                              17,665,368 
Insurance  (2.0%):                                                            ---------- 
        2,100,000  Metlife, Inc., 5.250%, 12/1/06                              2,139,890 
        1,000,000  Prudential Financial, 6.375%, 7/23/06 (c)                   1,032,613 
                                                                               --------- 
                                                                               3,172,503 
Miscellaneous Business Services  (1.9%):                                       --------- 
        3,000,000  Rockwell International Corp.,                               3,121,953 
                   6.150%, 1/15/08                                             --------- 

Motion Picture & Video Production  (0.6%):                                               
        1,000,000  Viacom, Inc., 5.625%, 5/1/07                                1,023,506 
                                                                               --------- 

Oil & Gas Exploration Services  (1.3%):                                                  
        2,000,000  Burlington Resources, Inc., 5.600%,                         2,039,890 
                   12/1/06                                                     --------- 

Personal Credit Institutions  (1.8%):                                                    
        3,000,000  Household Finance Corp., 4.125%,                            2,916,957 
                   11/16/09                                                    --------- 

Petroleum Refining  (2.5%):                                                              
        2,000,000  Anadarko Petroleum Corp., 3.250%,                           1,930,092 
                   5/1/08                                                                
        2,000,000  Marathon Oil, 5.375%, 6/1/07                                2,040,900 
                                                                               --------- 
                                                                               3,970,992 
Printing & Publishing  (1.3%):                                                 --------- 
        1,000,000  Knight-Ridder, Inc., 6.300%,                                1,015,313 
                   12/15/05                                                              
        1,000,000  Reed Elsevier Capital, Inc., 7.000%,                        1,004,297 
                    5/15/05                                                    --------- 
                                                                               2,019,610 
Radio Broadcasting  (1.8%):                                                    --------- 
        3,000,000  Clear Channel Communications,                               2,965,521 
                   Inc., 4.625%, 1/15/08                                       --------- 

Railroad Transportation  (1.8%):                                                         
        3,000,000  Union Pacific Corp., 3.875%,                                2,912,748 
                   2/15/09                                                     --------- 
Real Estate Investment Trusts  (2.5%):                                                   
        2,000,000  Amb Property L.P., 7.200%,                                  2,043,988 
                   12/15/05                                                              
        2,000,000  Archstone-Smith Trust, 3.000%,                              1,904,472 
                   6/15/08                                                     --------- 
                                                                               3,948,460 
Residential Building Construction  (1.9%):                                     --------- 
        3,000,000  Centex Corp., 4.750%, 1/15/08                               2,999,661 
                                                                               --------- 
Retail  (3.8%):                                                                          
        3,000,000  CVS Corp., 3.875%, 11/1/07                                  2,956,749 
        3,000,000  Tandy Corp., 6.950%, 9/1/07                                 3,175,065 
                                                                               --------- 
                                                                               6,131,814 
Telephone Communication  (3.2%):                                               --------- 
        1,000,000  Bell Atlantic Financial, 7.600%,                            1,060,840 
                   3/15/07                                                               
        3,000,000  Cingular Wireless, 5.625%,                                  3,064,737 
                   12/15/06                                                              
        1,000,000  GTE North, Inc., 5.650%, 11/15/08                           1,020,314 
                                                                               --------- 
                                                                               5,145,891 
Tools & Accessories  (0.6%):                                                   --------- 
        1,000,000  Stanley Works, 3.500%, 11/1/07                                980,132 
                                                                                 ------- 
Wholesale Distribution  (0.6%):                                                          
        1,000,000  Cardinal Health, Inc., 4.450%,                              1,000,992 
                   6/30/05                                                    ---------- 
Total Corporate Bonds (Cost $97,045,616)                                      94,802,135 
                                                                              ---------- 

U.S. Government Agencies  (39.1%):                                                       
Federal Home Loan Bank  (15.1%):                                                         
        2,500,000  6.875%, 8/15/05                                             2,536,078 
        3,000,000  2.000%, 12/9/05                                             2,969,292 
        2,000,000  2.200%, 12/30/05                                            1,979,922 
        2,000,000  2.950%, 9/14/06                                             1,973,402 
        3,000,000  3.600%, 2/23/07                                             2,979,038 
        1,000,000  3.300%, 9/14/07                                               981,775 
        3,000,000  3.850%, 1/30/08                                             2,973,822 
        2,000,000  3.375%, 2/15/08                                             1,955,434 
        1,000,000  3.500%, 3/24/08                                               980,484 
        1,500,000  3.500%, 4/28/08                                             1,469,619 
        1,000,000  3.500%, 12/26/08                                              972,005 
        2,500,000  3.875%, 8/14/09                                             2,449,008 
                                                                               --------- 
                                                                              24,219,879 
Federal Home Loan Mortgage Corporation  (15.4%):                              ---------- 
        3,000,000  2.670%, 4/12/05                                             2,997,525 
        4,000,000  2.710%, 4/26/05                                             3,992,500 
        5,000,000  5.250%, 1/15/06                                             5,063,255 
        2,000,000  3.050%, 1/19/07                                             1,969,394 
        1,000,000  4.260%, 7/19/07                                             1,003,932 
        3,000,000  3.500%, 4/1/08                                              2,939,673 
        2,000,000  3.650%, 5/7/08                                              1,966,620 
        3,000,000  3.600%, 5/22/08                                             2,945,307 
        1,000,000  3.875%, 1/12/09                                               979,828 
        1,000,000  4.720%, 5/19/09                                             1,001,976 
                                                                               --------- 
                                                                              24,860,010 
Federal National Mortgage Association  (8.6%):                                ---------- 
        3,000,000  2.620%, 4/6/05                                              2,998,875 
        2,000,000  2.650%, 2/23/07                                             1,950,472 
        2,000,000  3.050%, 4/20/07                                             1,961,272 
        2,000,000  3.750%, 5/17/07                                             1,985,422 
        2,000,000  3.750%, 9/15/08                                             1,960,618 
        2,000,000  3.625%, 3/16/09                                             1,945,336 
        1,000,000  3.850%, 4/14/09                                               980,034 
                                                                                 ------- 
                                                                              13,782,029 
                                                                              ---------- 
Total U.S. Government Agencies (Cost $63,510,024)                             62,861,918 
                                                                              ---------- 

Cash Equivalent  (1.2%):                                                                 
        1,928,614  Huntington Money Market Fund,                               1,928,614 
                   Interfund Shares *                                          --------- 
Total Cash Equivalent (Cost $1,928,614)                                        1,928,614 
                                                                               --------- 

Short-Term Securities Held as Collateral for Securities Lending (1.2%):                  
Mutual Funds (0.0%):                                                                     
            1,337  JP Morgan Institutional Prime Money Market Fund                 1,337 
                                                                                   ----- 
Repurchase Agreements (0.3%):                                                            
         $320,987  JP Morgan Securities, 2.870%, 4/1/05                          320,987 
          183,312  Morgan Stanley Dean Witter & Co., 2.910%, 4/1/05              183,312 
                                                                                 ------- 
                                                                                 504,299 
Variable Rate Obligations (0.9%):                                                        
           89,231  Bankone Class A 2004-4, 2.850%, 4/15/05                        89,231 
           53,524  Bankone ISS Trust 2003-1, 2.860%, 4/15/05                      53,524 
           44,549  Bayerische Landesbk NY, 2.900%, 4/19/05                        44,549 
           12,469  Capital One MT 2002-3, 2.871%, 4/15/05                         12,469 
           35,765  Capital One MT 2002-3, 2.879%, 4/15/05                         35,765 
           23,162  Capital One MT 2002-3, 2.890%, 4/15/05                         23,162 
           60,970  CCCIT Series 2000, CL 2002-A9, 3.031%, 6/15/05                 60,970 
           35,001  CCCIT Series 2000, CL 2002-A5, 3.047%, 6/15/05                 35,001 
           28,509  Chase CCC Trust 2004-2, C, 2.847%, 4/15/05                     28,509 
          89,231   Chase CCC Trust 2004-2, C, 2.850%, 4/15/05                     89,231 
           44,491  Chase CCMT 2001-2 Class A, 2.857%, 4/15/05                     44,491 
           76,762  Chase CCOT 2001-1 Class A, 2.853%, 4/15/05                     76,762 
           22,532  Chase CCOT 2003-1 Class A, 2.855%, 4/15/05                     22,532 
           18,522  Chase CCOT 2003-1 Class A, 2.860%, 4/15/05                     18,522 
           53,466  Chase CCOT 2003-1 Class A, 2.871%, 4/15/05                     53,466 
           49,265  Daimler Chrysler Master OT 2003-A, 2.860%, 4/15/05             49,265 
           44,491  Deutsche Bank, 3.005%, 4/1/05                                  44,491 
           89,174  Dexia Bank Belgium SA, 2.736%, 4/4/05                          89,174 
           44,491  Discover CMT I 2003-1, 2.870%, 4/15/05                         44,491 
           48,119  Discover CMT I 2001-2, 2.858%, 4/15/05                         48,119 
           17,758  Fleet CCMT II 2002-A Class A, 2.841%, 4/15/05                  17,758 
            8,975  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                   8,975 
           26,733  Fleet CCMT II 2002-A Class A, 2.860%, 4/15/05                  26,733 
           17,758  Fleet CCMT II 2002-A Class A, 2.879%, 4/15/05                  17,758 
            7,065  General Electric Capital Corp., 2.860%, 5/12/05                 7,065 
           26,733  General Electric Capital Corp., 2.870%, 5/12/05                26,733 
           89,174  HBOS Treasury Services PLC, 3.110%, 6/30/05                    89,174 
           89,174  JP Morgan & Co., Inc., 2.970%, 6/2/05                          89,174 
           32,080  MassMutual Global Funding II, 3.161%, 6/28/05                  32,080 
           17,758  MBNA MCCT II 1997-K Class A, 2.851%, 4/15/05                   17,758 
          106,932  MBNA MCCT II 2000-K Class A, 2.702%, 4/15/05                  106,932 
                                                                                 ------- 
                                                                               1,403,864 
Total Short-Term Securities Held as Collateral for                             --------- 
  Securities Lending (Cost $1,909,500)                                         1,909,500 
                                                                               --------- 

Total Investments (Cost $164,393,754) (a)   -   100.5%                       161,502,167 
Liabilities in Excess of Other Assets   -   (0.5)%                             (787,214) 
                                                                             ----------- 
NET ASSETS   -   100.0%                                                $     160,714,953 
                                                                             =========== 
------------                                                                             

See Notes to Portfolio of Investments.                                                   


NOTES TO PORTFOLIO OF INVESTMENTS                                               

                                                        [Enlarge/Download Table]


                                                                                                                           

                                                                                         Unrealized    Net Unrealized      
(a)  Fund                                        Tax Cost of       Unrealized            Depreciation  Appreciation        
                                                 Securities        Appreciation                        (Depreciation)*     
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Florida Tax-Free Money Fund      $27,048,148       $ -                   $ -           $ -                 
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Money Market Fund                658,838,932       -                     -             -                   
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Ohio Municipal Money Market Fund 168,794,759       -                     -             -                   
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington U.S. Treasury Money Market Fund  562,443,164       -                     -             -                   
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Dividend Capture Fund            108,022,447       5,819,220             (2,317,660)   3,501,560           
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Growth Fund                      152,902,081       117,111,080           (5,567,952)   111,543,128         
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Income Equity Fund               162,094,103       58,920,467            (3,047,559)   55,872,908          
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington International Equity Fund        112,745,531       31,700,224            (922,090)     30,778,134          
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Macro 100 Fund                   20,799,242        1,360,934             (892,724)     468,210             
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Mid Corp America Fund            105,853,362       44,904,052            (957,391)     43,946,661          
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington New Economy Fund                 54,321,843        17,191,300            (1,529,310)   15,661,990          
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Rotating Markets Fund            21,293,090        3,790,934             (21,452)      3,769,482           
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Situs Small Cap Fund             51,338,766        17,419,638            (764,970)     16,654,668          
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Fixed Income Fund                163,730,951       3,669,057             (1,958,002)   1,711,055           
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Intermediate Government Income   93,212,441        1,001,395             (1,262,117)   (260,722)           
     Fund                                                                                                                  
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Michigan Tax-Free Fund           31,604,662        566,707               (217,424)     349,283             
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Mortgage Securities Fund         63,609,396        2,060,674             (836,503)     1,224,171           
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Ohio Tax-Free Fund               57,529,253        1,444,194             (231,572)     1,212,622           
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------
     Huntington Short/Intermediate Fixed Income  164,393,754       124,126               (3,015,713)   (2,891,587)         
     Securities Fund                                                                                                       
---------------------------------------------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------

* The  difference  between the  book-basis  and tax-basis  cost of securities is                                           
attributable primarily to tax deferral of losses on wash sales.                                                            

(b)  Non-income producing security                                                                                         

(c)  Rule  144 A,  Section  4(2) or  other  security,  which  is  restricted  to                                           
     institutional investors.                                                                                              

(d)  All or part of the security was on loan as of March 31, 2005.                                                         

 *  Affiliated                                                                                                             
**  Variable Rate Demand Notes - rates disclosed in effect at March 31, 2005.                                              

The  categories  of  investments  are shown as a percentage  of net assets.  The                                           
following abbreviations are used in the Portfolio of Investments:                                                          

ADR - American Depositary Receipt                               GO - General Obligation                                    
AMBAC - American Municipal Bond Assurance Corporation           LOC - Letter of Credit                                     
AMEX - American Stock Exchange                                  MBIA - Municipal Bond Insurance Association                
BAN - Bank Anticipation Notes                                   MSCI - Morgan Stanley Capital International                
EAFE - Europe Australasia Far East                              REMIC - Real Estate Mortgage Investment Conduit            
EMU - European Monetary Union                                   S&P - Standard & Poor's                                    
FGIC - Financial Guaranty Insurance Corporation                 SPDR - Standard & Poor's Depository Receipt                
FHLMC - Federal Home Loan Mortgage Corporation                                                                             
FNMA - Federal National Mortgage Association                                                                               
FSA - Financial Security Assurance                                                                                         


This report  contains the Portfolio of Investments of the Huntington  Funds (the
"Trust") listed below (individually  referred to as a "Fund," or collectively as
the "Funds"):                                                                   

                                                                [Download Table]


                                                                               

                             Funds                             Investment Share
                                                               Classes Offered 
Huntington Florida Tax-Free Money Fund ("Florida Tax-Free      Trust & A       
Money")                                                                        
Huntington Money Market Fund ("Money Market")                  Trust, A, B &   
                                                               Interfund       
Huntington Ohio Municipal Money Market Fund ("Ohio Municipal   Trust & A       
Money Market")                                                                 
Huntington U.S. Treasury Money Market Fund ("U.S. Treasury     Trust & A       
Money Market")                                                                 
Huntington Dividend Capture Fund ("Dividend Capture")          Trust, A & B    
Huntington Growth Fund ("Growth")                              Trust, A & B    
Huntington Income Equity Fund ("Income Equity")                Trust, A & B    
Huntington International Equity Fund ("International Equity")  Trust, A & B    
Huntington Macro 100 Fund ("Macro 100")                        Trust, A & B    
Huntington Mid Corp America Fund ("Mid Corp America")          Trust, A & B    
Huntington New Economy Fund ("New Economy")                    Trust, A & B    
Huntington Rotating Markets Fund ("Rotating Markets")          Trust & A       
Huntington Situs Small Cap Fund ("Situs Small Cap")            Trust, A & B    
Huntington Fixed Income Securities Fund ("Fixed Income")       Trust, A & B    
Huntington Intermediate Government Income Fund ("Intermediate  Trust, A & B    
Government Income")                                                            
Huntington Michigan Tax-Free Fund ("Michigan Tax-Free")        Trust, A & B    
Huntington Mortgage Securities Fund ("Mortgage Securities")    Trust, A & B    
Huntington Ohio Tax-Free Fund ("Ohio Tax-Free")                Trust, A & B    
Huntington Short/Intermediate Fixed Income Securities Fund     Trust & A       
("Short/Intermediate Fixed Income")                                            


Each class of shares has  exclusive  voting  rights with respect to matters that
affect just that class.                                                         

A.    Investment Valuations                                                     

The price at which the Funds will offer or redeem  Shares is the net asset value
("NAV")  per Share  next  determined  after the  order is  considered  received,
subject to any applicable front end or contingent deferred sales charges.       

The Trust  calculates  NAV for each of the Funds  (other  than the Money  Market
Funds) by valuing  securities held based on market value.  The Trust attempts to
stabilize  the NAV per  share for each of the  Money  Market  Funds at $1.00 per
share by valuing its portfolio securities using the amortized cost method, which
approximates market value. Under the amortized cost method, premium or discount,
if any, is amortized or accreted,  respectively,  on a constant  (straight line)
basis to the maturity of the security.                                          

In computing  NAV,  current market value is used to value  portfolio  securities
with  respect to which  market  quotations  are readily  available.  Pursuant to
policies  approved by the Board of  Trustees  ("Trustees"), the Trust  relies on
certain security pricing services to provide current market value of securities.
Those security  pricing  services value equity  securities  traded on a national
securities exchange or reported on the NASDAQ National Market System at the last
reported sales price on the principal exchange.  Portfolio  securities quoted by
NASDAQ are valued at the NASDAQ Official  Closing Price. If there is no reported
sale on the principal exchange,  and in the case of over-the-counter  securities
not included in the NASDAQ  National  Market System,  securities are valued at a
bid price estimated by the security pricing service. U.S. government obligations
held by Mortgage Securities are valued at the mean between the  over-the-counter
bid and asked prices furnished by the security  pricing service.  Foreign equity
securities are valued at the last sales price,  or if no sales price is given at
a bid price  estimated  by the  security  pricing  service,  and are  subject to
modification  based on significant  events, as described below.  Except as noted
above,  debt  securities  traded on a  national  securities  exchange  or in the
over-the-counter  market  are  valued at the last  reported  sales  price on the
principal exchange. If there is no reported sale on the principal exchange,  and
for all other debt securities, including foreign debt securities and zero-coupon
securities,  securities  are  valued at a bid price  estimated  by the  security
pricing service.  Foreign securities quoted in foreign currencies are translated
in U.S.  dollars at the foreign  exchange  rate in effect at 4:00 p.m.,  Eastern
Time,  on the day the  value  of the  foreign  security  is  determined.  Option
contracts  are valued at the last  quoted bid price as  reported  on the primary
exchange  of the board of trade on which such  options  are  traded.  Short-term
investments with remaining maturities of 60 days or less at the time of purchase
are valued at amortized cost. Investments in other open-end investment companies
are valued at NAV.                                                              

Under certain  circumstances,  a good faith determination of the fair value of a
security may be used instead of its current market value, even if the security's
market price is readily available. In such situations, the Trust's sub-financial
administrator  may request  that the Trust's  Pricing  Committee,  as  described
herein, to make its own fair value determination.                               

Securities for which market  quotations are not readily  available are valued at
their  "fair  value."  In these  cases,  a  Pricing  Committee  established  and
appointed by the Trustees determines in good faith, subject to Trust procedures,
the  fair  value  of  portfolio  securities  held by a Fund  ("good  faith  fair
valuation").  When a good  faith  fair  valuation  of a  security  is  required,
consideration  is  generally  given to a number of factors,  including,  but not
limited  to the  following:  dealer  quotes,  published  analyses  by dealers or
analysts of the situation at issue, transactions implicitly valuing the security
(such as a  merger,  tender  offer,  etc.),  the  value of other  securities  or
contracts  which  derive  their  value  from  the  security  at  issue,  and the
implications  (whether  negative or  positive) of the  circumstances  which have
caused trading in the security to halt. The final good faith fair valuation of a
security  is based  on an  analysis  of those  factors  deemed  relevant  to the
security  valuation  at issue.  With  respect to certain  narrow  categories  of
securities,   the  Pricing  Committee's  procedures  detail  specific  valuation
methodologies  to be  used in lieu of  considering  the  aforementioned  list of
factors.                                                                        

The Funds  may use the fair  value of a  security  to  calculate  its NAV when a
market price is not readily available, such as when: (1) a portfolio security is
not  traded in a public  market or the  principal  market in which the  security
trades is closed,  (2) trading in a  portfolio  security  is  suspended  and not
resumed prior to the normal market close, (3) a portfolio security is not traded
in  significant  volume for a  substantial  period,  or (4) the  Funds'  advisor
determines  that the quotation or price for a portfolio  security  provided by a
dealer or independent pricing service is inaccurate.                            

Fair valuation  procedures are also used when a significant  event affecting the
value of a portfolio  security is determined  to have occurred  between the time
when the price of the portfolio  security is determined and the close of trading
on the New York  Stock  Exchange  ("NYSE"),  which is when  each  Fund's  NAV is
computed.  An event is considered  significant  if there is both an  affirmative
expectation that the security's value will change in response to the event and a
reasonable  basis for  quantifying  the resulting  change in value.  Significant
events include significant general securities market movements occurring between
the time when the price of the portfolio security is determined and the close of
trading on the NYSE. For domestic fixed income securities, such events may occur
where  the  cut-off  time for the  market  information  used by the  independent
pricing  service is earlier  than the end of  regular  trading on the NYSE.  For
securities  normally priced at their last sale price in a foreign  market,  such
events can occur  between  the close of trading  in the  foreign  market and the
close of trading on the NYSE. In such cases, use of fair valuation can reduce an
investor's  ability to seek to profit by  estimating  a Fund's NAV in advance of
the time when the NAV is calculated.                                            

In some  cases,  events  affecting  the issuer of a  portfolio  security  may be
considered  significant  events.  Examples  of  potentially  significant  events
include   announcements   concerning  earnings,   acquisitions,   new  products,
management  changes,  litigation  developments,  a strike  or  natural  disaster
affecting the company's  operations or regulatory changes or market developments
affecting the issuer's industry occurring between the time when the price of the
portfolio  security  is  determined  and the close of trading  on the NYSE.  For
securities of foreign issuers, such events could also include political or other
developments  affecting the economy or markets in which the issuer  conducts its
operations or its securities are traded.                                        

The Funds'  Trustees have  authorized the use of an  independent  fair valuation
service to monitor  changes in a  designated  U.S.  market  index after  foreign
markets  close,  and to  implement a fair  valuation  methodology  to adjust the
closing  prices  of  foreign   securities  if  the  movement  in  the  index  is
significant. Since International Equity invests primarily in foreign securities,
it is most likely to be affected by this fair valuation methodology. Since Situs
Small Cap invests some of its assets in foreign securities,  it may be affected,
although to a lesser extent.                                                    

There  can be no  assurance  that a Fund  could  purchase  or  sell a  portfolio
security  at the price used to  calculate  the Fund's  NAV.  In the case of fair
valued  portfolio  securities,  lack of  information  and  uncertainty as to the
significance  of information  may lead to a conclusion that a prior valuation is
the best  indication of a portfolio  security's  present value.  Fair valuations
generally   remain   unchanged   until  new   information   becomes   available.
Consequently,  changes in the fair valuation of portfolio securities may be less
frequent  and of  greater  magnitude  than  changes  in the  price of  portfolio
securities  valued at their last sale price, by an independent  pricing service,
or based on market quotations.  Fair valuation  determinations often involve the
consideration of a number of subjective factors, and the fair value price may be
higher or lower than a readily available market quotation.                      

B.    Repurchase Agreements                                                     

The Funds may enter into repurchase  agreements with banks and other  recognized
financial institutions,  such as broker/dealers,  which are deemed by the Funds'
investment  adviser,   Huntington  Assets  Advisors,   Inc.  ("Advisor")  to  be
creditworthy pursuant to the guidelines and/or standards reviewed or established
by the Trustees.  It is the policy of the Funds to require the custodian bank to
take possession of, to have legally segregated in the Federal Reserve Book Entry
System,  or to have segregated within the custodian bank's vault, all securities
held  as  collateral  under  repurchase  agreement  transactions.  Additionally,
procedures have been established by the Funds to monitor,  on a daily basis, the
market value of each repurchase  agreement's collateral to ensure that the value
of  collateral  at  least  equals  the  repurchase  price to be paid  under  the
repurchase  agreement  transaction.  If the  counterparty  defaults and the fair
value of the collateral declines, realization of the collateral by the Funds may
be delayed or limited.                                                          

C.  When-Issued and Delayed Transactions                                        

The Funds may engage in when-issued or delayed delivery transactions.  The Funds
record when-issued  securities on the trade date and maintain security positions
such that  sufficient  liquid  assets will be  available to make payment for the
securities purchased.  Securities purchased on a when-issued or delayed delivery
basis are marked to market daily and begin  earning  interest on the  settlement
date. Losses may occur on these transactions due to changes in market conditions
or the failure of counterparties to perform under the contract.                 

D.    Foreign Exchange Contracts                                                

International  Equity,  Rotating  Markets  and Situs  Small  Cap may enter  into
foreign  currency  commitments for the delayed delivery of securities or foreign
currency exchange transactions. International Equity, Rotating Markets and Situs
Small Cap may enter  into  foreign  currency  contract  transactions  to protect
assets against  adverse changes in foreign  currency  exchange rates or exchange
control regulations.  Purchase contracts are used to acquire exposure to foreign
currencies,  while  contracts to sell are used to hedge the  securities  against
currency  fluctuations.  Risks may arise upon entering into these contracts from
the potential inability of counterparties to meet the terms of their commitments
and from  unanticipated  movements in security prices or foreign exchange rates.
The foreign currency translations are adjusted by the daily exchange rate of the
underlying currency and any gains or losses are recorded for financial statement
purposes  as  unrealized   until  the   settlement   date.  At  March  31,  2005
International  Equity,  Rotating  Markets and Situs Small Cap had no outstanding
foreign currency commitments.                                                   

E.    Foreign Currency Translation                                              

Investment  valuations,  other  assets and  liabilities  initially  expressed in
foreign  currencies are converted each business day into U.S. dollars based upon
current  exchange rates.  Purchases and sales of foreign  investments and income
expenses are converted into U.S. dollars based upon exchange rates prevailing on
the respective dates of such transactions. International Equity does not isolate
that  portion of the results of  operations  resulting  from  changes in foreign
exchange  rates on  investments  from the  fluctuations  arising from changes in
market prices of securities  held. Such  fluctuations  are included with the net
realized and unrealized gain or loss from investments.                          

F.    Written Options Contracts                                                 

Certain of the Funds may write options contracts for which premiums received are
recorded as liabilities  and are  subsequently  adjusted to the current value of
the options  written.  Premiums  received from writing  options which expire are
treated as realized  gains.  Premiums  received  from writing  options which are
either  exercised or closed are offset  against the proceeds  received or amount
paid on the transaction to determine realized gains or losses.                  

The following is a summary of Dividend Capture's written option activity for the
quarter ended March 31, 2005:                                                   

Contracts                               Number of Contracts     Premium         
Outstanding at 12/31/2004               150                     $ 26,775        
Options written                         50                      5,599           
Options expired                         (50)                    (6,500)         
Options closed                          -                       -               
Options exercised                       -                       -               
Outstanding at 03/31/2005               150                     $ 25,874        

At March 31, 2005, Dividend Capture had the following outstanding options:      

WRITTEN OPTION CONTRACTS                                                        

                                                        [Enlarge/Download Table]


Contracts                       Type    Expiration    Exercise   Number                                       
                                        Date          Price      of Contracts   Fair Value     Unrealized     
                                                                                                Appreciation  
                                                                                                (Depreciation)
--------------------------------------------------------------------------------------------------------------
                                                                                                              
ConocoPhillips                  Call   April 2005       115      50             1,000           4,599         
Harrah's Entertainment, Inc.    Call   May 2005         60       30             15,900          (5,490)       
Monsanto Co.                    Call   April 2005       45       70             135,100         (125,235)     

NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS                                         $ (126,126)   


The following is a summary of Income Equity's written option activity           
for the quarter ended March 31, 2005:                                           

Contracts                                  Number of                 Premium    
               Contracts
------------------------------------------------------------------------------  
------------------------------------------------------------------------------  
Outstanding at 12/31/2004                  5,964                  $ 1,004,037   
------------------------------------------------------------------------------  
------------------------------------------------------------------------------  
Options written                            10,475                 3,126,052     
------------------------------------------------------------------------------  
------------------------------------------------------------------------------  
Options expired                            (1,110)                (161,274)     
------------------------------------------------------------------------------  
------------------------------------------------------------------------------  
Options closed                             (7,655)                (1,050,168)   
------------------------------------------------------------------------------  
------------------------------------------------------------------------------  
Options exercised                          (552)                  (205,379)     
------------------------------------------------------------------------------  
------------------------------------------------------------------------------  
Outstanding at 03/31/2005                  7,122                  $ 2,713,268   
------------------------------------------------------------------------------  
------------------------------------------------------------------------------  

                                                        [Enlarge/Download Table]


At March 31, 2005, Income Equity had the following outstanding options:                                                      

WRITTEN OPTION CONTRACTS                                                                                                     
-----------------------------------------------------------------------------------------------------------------------------
Contract                                         Type    Expiration     Exercise    Number     Fair         Unrealized       
                                                           Date          Price      of         Value        Appreciation     
                                                                                    Contracts               (Depreciation)   
                                                                                                                             
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
ChevronTexaco Corp.                              Call    June           55          574        287,000    (119,398)          
                                                         2005                                                                
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
ChevronTexaco Corp.                              Call    September 2005 60          287        86,100     (6,604)            
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
ChevronTexaco Corp.                              Call    September 2005 55          287        169,330    (15,216)           
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
ConocoPhillips                                   Call    August 2005    105         294        244,020    (890)              
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
ConocoPhillips                                   Call    August 2005    100         295        336,300    (6,796)            
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Duke Energy Corp.                                Call    May 2005       27.5        830        95,450     (19,449)           
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Exelon Corp.                                     Call    May 2005       45          325        47,125     (21,090)           
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Kerr-Mcgee Corp.                                 Call    October 2005   75          730        584,000    16,040             
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
MBNA Corp.                                       Call    May 2005       25          2040       132,600    (12,244)           
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Occidental Petroleum Corp.                       Call    August 2005    65          940        799,000    (78,044)           
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
Royal Dutch Petroleum Co. ADR                    Call    January 2006   60          520        197,600    (1,566)            
-----------------------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------------------------------------------------------
NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS                                               $  (265,257)           


The following is a summary of Situs Small Cap's written option activity for the 
quarter ended March 31, 2005:                                                   

-----------------------------------------------------------------------------   
Contracts                           Number of Contracts   Premium               
Outstanding at 12/31/2004             300                 $ 78,648              
Options written                       -                     -                   
Options expired                       -                     -                   
Options closed                       (300)                 (78,648)             
Options exercised                     -                     -                   
Outstanding at 03/31/2005             -                   $ -                   

At March 31, 2005, Situs Small Cap had no outstanding options.                  

G.  Securities Lending                                                          

To generate  additional income, the Funds may lend a certain percentage of their
total assets (33 1/3% for Dividend  Capture,  International  Equity Fund,  Macro
100, Mid Corp America, New Economy, Rotating Markets and Situs Small Cap, 5% for
Michigan  Tax-Free,  and 20% for the remaining  Funds) on a short-term  basis to
certain brokers, dealers or other financial institutions. In determining whether
to lend to a particular  broker,  dealer or financial  institution,  the Advisor
will  consider  all  relevant  facts  and  circumstances,  including  the  size,
creditworthiness  and  reputation  of the  borrower.  Any  loans  made  will  be
continuously  secured by collateral in cash or U.S.  government  obligations  at
least equal to 100% of the value of the securities on loan for Dividend Capture,
International Equity, Macro 100, Mid Corp America, New Economy, Rotating Markets
and Situs  Small Cap and at least  equal to 102% of the value of  securities  on
loan for the remaining  Funds.  Information on the investment of cash collateral
is shown in the  Portfolio  of  Investments.  The Funds  receive  payments  from
borrowers  equivalent  to the dividends and interest that would have been earned
on  securities  on loan.  In addition,  the Funds retain all or a portion of the
interest  received  on  investment  of  collateral  or  receive  a fee  from the
borrower.  Collateral  is marked to market  daily.  One of the risks in  lending
portfolio securities,  as with other extensions of credit, is the possible delay
in  recovery of the  securities  or  possible  loss of rights in the  collateral
should the borrower fail financially.  There is also the risk that, when lending
portfolio securities,  the securities may not be available to a Fund on a timely
basis and a Fund may, therefore,  lose the opportunity to sell the securities at
a desirable price. In addition, in the event that a borrower of securities would
file for  bankruptcy or become  insolvent,  disposition of the securities may be
delayed  pending court action.  Loans are subject to termination by the Funds or
the  borrower at any time,  and  therefore,  are not  considered  to be illiquid
investments.  Boston Global  Advisers  ("BGA") serves as  sub-custodian  for the
securities lending program. BGA receives a sub-custody fee based on the value of
collateral received from borrowers.  In addition,  The Huntington National Bank,
("Huntington"),  as custodian of each of the Funds except International  Equity,
receives a monthly fee from BGA to offset certain  transaction costs incurred by
the custodian. As of March 31, 2005, the following Funds had securities with the
following market values on loan:                                                

Fund                          Market Value of         Market Value of           
                  Loaned Securities        Collateral*
Dividend Capture               $  2,101,149        $   2,155,275                
Growth                              742,560              766,500                
Mid Corp America                  4,893,770            5,016,000                
New Economy                       1,043,810            1,072,750                
Situs Small Cap                   2,313,950            2,368,750                
Short/Intermediate Fixed Income   1,871,838            1,909,500                

* Includes securities and cash collateral                                       

H. Restricted Securities                                                        

Restricted  securities are securities that may only be resold upon  registration
under federal securities laws or in transactions  exempt from such registration.
In some cases,  the issuer of restricted  securities has agreed to register such
securities for resale,  at the issuer's  expense either upon demand by the Funds
or in  connection  with  another  registered  offering of the  securities.  Many
restricted  securities  may be resold in the  secondary  market in  transactions
exempt from  registration.  Such  restricted  securities may be determined to be
liquid under criteria established by the Trustees.  The Funds will not incur any
registration  costs upon such  resales.  The Funds'  restricted  securities  are
valued at the price provided by dealers in the secondary market or, if no market
prices are  available,  at the fair value as determined  by the Trust's  Pricing
Committee.                                                                      

I.  Security Transactions and Related Income                                    

Investment transactions are accounted for no later than the first calculation of
NAV on the  business  day  following  the trade  date.  However,  for  financial
reporting purposes,  portfolio security transactions are reported on trade date.
Discounts and premiums on securities  purchased are amortized  over the lives of
the  respective  securities.  Securities  gains and losses are calculated on the
identified  cost  basis.   Interest  income  and  expenses  are  accrued  daily.
Dividends, less foreign tax withholding (if any) are recorded on the ex-dividend
date.                                                                           

Item 2. Controls and Procedures.                                                

(a)  The  registrant's  Principal  Executive  Officer  and  Principal  Financial
     Officer  have  concluded  that the  registrant's  disclosure  controls  and
     procedures  (as defined in Rule  30a-3(c)  under the Act) are  effective in
     design  and  operation  and  are  sufficient  to  form  the  basis  of  the
     certifications  required  by Rule  30a-2  under  the  Act,  based  on their
     evaluation of these  disclosure  controls and procedures  within 90 days of
the filing date of this report on Form N-Q.                           

(b)  There were no changes in the  registrant's  internal control over financial
     reporting that occurred during the registrant's  most recent fiscal quarter
     that have  materially  affected,  or are  reasonably  likely to  materially
affect, the registrant's internal control over financial reporting.   

Item 3. Exhibits.                                                               
SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.             

(Registrant) The Huntington Funds                                               

By (Signature and Title)  /s/ Charles L. Davis, Jr.                             
Charles L. Davis, Jr., Chief Executive  Officer and Principal  Executive Officer

Date:  5/27/05                                                                  

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment  Company  Act of  1940,  this  report  has been  signed  below by the
following  persons on behalf of the  registrant and in the capacities and on the
dates indicated.                                                                

By (Signature and Title)   /s/ Charles L. Davis, Jr.                            
Charles L. Davis, Jr., Chief Executive  Officer and Principal  Executive Officer

Date:  5/27/05                                                                  

By (Signature and Title)  /s/ Christopher E. Sabato                             
Christopher E. Sabato, Treasurer and Principal Financial Officer                

Date:  5/27/05                                                                  

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘N-Q’ Filing		Date		Other Filings
		2/28/06		NSAR-B
Filed on / Effective on:		5/27/05
For Period End:		3/31/05
				List all Filings