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MetLife Investment Funds, Inc. – ‘N-CSR’ for 12/31/04

On:  Monday, 3/14/05, at 9:54am ET   ·   Effective:  3/14/05   ·   For:  12/31/04   ·   Accession #:  950123-5-3054   ·   File #:  811-07450

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  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 3/14/05  MetLife Investment Funds, Inc.    N-CSR      12/31/04    4:485K                                   RR Donnelley/FA

Certified Annual Shareholder Report of a Management Investment Company   —   Form N-CSR
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-CSR       Certified Annual Shareholder Report of a             250±   838K 
                          Management Investment Company                          
 4: EX-99.906CERT  Certifications                                      1      7K 
 3: EX-99.CERT  Certifications                                         6     20K 
 2: EX-99.CODE ETH  Code of Ethics                                     7     21K 


N-CSR   —   Certified Annual Shareholder Report of a Management Investment Company
Document Table of Contents

Page (sequential) | (alphabetic) Top
 
11st Page   -   Filing Submission
143International Stock Fund
144Small Company Stock Fund
"Large Company Stock Fund
"Diversified Bond Fund
159Item 2. Code of Ethics
"Item 3. Audit Committee Financial Expert
"Item 4. Principal Accountant Fees and Services
160Item 5. Audit Committee of Listed Registrants
"Item 6. Schedule of Investments
"Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
"Item 8. Portfolio Managers of Closed-End Management Investment Companies
"Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
"Item 10. Submission of Matters to a Vote of Security Holders
"Item 11. Controls and Procedures
161Item 12. Exhibits
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-CSR CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES Investment Company Act file number 811-7450 -------- CITISTREET FUNDS, INC. ---------------------- (Exact name of registrant as specified in charter) 400 Atrium Drive, Somerset, NJ 08873-4172 ----------------------------------------- (Address of principal executive offices) (Zip code) Paul S. Feinberg, Esq. President CitiStreet Funds, Inc. 400 Atrium Drive Somerset, New Jersey 08873-4172 ------------------------------- (Name and address of agent for service) Copy To: Christopher E. Palmer Goodwin Procter LLP 901 New York Avenue, N.W. Washington, D.C. 20001 ---------------------- (Name and address of agent for service) Registrant's telephone number, including area code: 732-514-2000 ------------ Date of fiscal year end: December 31, 2004 ----------- Date of reporting period: December 31, 2004 -----------
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[THE CITISTREET(SM) FUNDS LOGO] [GLOBE GRAPHIC] ANNUAL REPORT DECEMBER 31, 2004 CITISTREET INTERNATIONAL STOCK FUND CITISTREET SMALL COMPANY STOCK FUND CITISTREET LARGE COMPANY STOCK FUND CITISTREET DIVERSIFIED BOND FUND
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Dear CitiStreet Funds Shareholders: The global economic recovery that began during 2002 accelerated during 2004. Real GDP growth in the U.S. exceeded 4% during the year, a level similar to the go-go years of the late 1990s and far different from the U.S.'s economic experience earlier in the new millennium. World real GDP growth also exceeded 4% during 2004. This level of global economic growth has not been observed since the late 1980s. Virtually all economies grew--although China and India are becoming increasingly recognized as a critical component of the global economic engine. Trade imbalances between the U.S. and the rest of the world and budget deficits in the U.S. widened significantly during the year. This led to a significant decline in the value of the U.S. dollar against most major currencies. Reflecting its desire to contain potential inflationary trends resulting from this economic growth, the Federal Reserve Board began a process of steadily raising the target Fed Funds rate during 2004. Short-term yields rose from approximately 1% over the summer to over 2% by the end of the year. Unexpectedly, the rise in short term rates did not impact long term yields. Longer maturity interest rates remained mostly constant during the year. Global economic growth thrived in spite of uncertainties during the year. The war in Iraq and violence across the Middle East, rapidly rising energy prices, and a U.S. Presidential election that frequently appeared quite close all fueled uncertainty, typically a negative influence on global markets. But uncertainty did not translate into lower market prices during 2004. Equity markets across the globe finished the year quite strong. Investments in the CitiStreet Funds did well during this period. The International Stock Fund and the Small Company Stock Fund both gained approximately 15% during the year. Investments in the Large Company Stock Fund rose approximately 10% during the year. The Diversified Bond Fund also performed well. It returned approximately 4.5%, outperforming its target benchmark during the year. We also have some exciting changes to share with you. The Board of Directors recently approved a proposal to retain Oechsle International Advisors LLC and Alliance Capital Management L.P. as subadvisers to the International Stock Fund to replace Bank of Ireland Asset Management (U.S.) Limited and Citigroup Asset Management Limited. The Board of Directors also approved a proposal to retain Babson Capital Management LLC as a subadviser to the Small Company Stock Fund to replace Travelers Investment Management Company. You will receive additional information regarding this transition in an upcoming mailing. Unlike many fund families, assets under management at the CitiStreet Funds increased steadily during 2004, closing the year at $2.58 billion. This figure was up almost 18% during the year and almost 60% over the past 3 years. Growth at our Fund family has come from both significant market appreciation and continuing contributions from our loyal shareholders. Today over 190,000 people invest in CitiStreet Funds. We at CitiStreet Funds remain committed to offering funds that seek competitive long term returns. We have a clear objective of delivering value to our shareholders. We thank you for your continuing confidence. Very Truly Yours, /s/ ROBERT C. DUGHI ROBERT C. DUGHI Chairman of the Board CitiStreet Funds, Inc.
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CITISTREET INTERNATIONAL STOCK FUND The CitiStreet International Stock Fund (I Shares) returned 14.84% for the year ended December 31, 2004. The MSCI EAFE Index returned 20.70% for the same period. The following commentary was provided by BANK OF IRELAND ASSET MANAGEMENT (U.S.) LTD. ("BIAM"), co-investment subadviser to the CitiStreet International Stock Fund. BIAM managed 33% of the Fund as of December 31, 2004. The final quarter of 2004 yielded healthy local currency returns in nearly all regions, with European markets leading the way. The inverse relationship between the oil price and equity performance was reinforced as most markets rallied in line with the retreating price of oil (from $55 per barrel early in the quarter to about $43 by year-end). The quarter was characterized by a combination of euro strength and dollar weakness. Ongoing concern regarding the dollar has been a major impetus behind euro appreciation. With little evidence to support U.S. authorities' "strong dollar policy," and skepticism over the possibility of a revaluation of the Chinese renminbi in the near term, the euro has garnered the status of a relatively attractive alternative currency. Notwithstanding the topsy-turvy nature of the past year, the global economy and the corporate world goes into 2005 in better condition than at the beginning of 2004. At the start of 2004, the world was still concerned about geopolitical conditions and upbeat economic forecasts had failed to feed through to more jobs. In the United States that concern was soon soothed by a strong, if intermittent, pattern of new job creation and as consumer demand accelerated amid renewed confidence. This was evident in the housing market, a phenomenon not restricted to the U.S. with instances of house price strength across the globe. Japan and Hong Kong--two economies that had witnessed hefty declines in property valuation in recent years--have recorded rebounds as confidence in the sustainability of economic recovery increased. The pattern in equity market activity has evolved during the year although not in the manner that we anticipated. Earlier in the year, we expected that the preference for high-beta, low-quality and small-cap stocks would begin to reverse and for a while that appeared to be the case. As it turned out though, the lure of riskier assets hadn't been exhausted and many such stocks outperformed following the re-election of President George Bush in early November. Emerging and Pacific markets produced some of the best returns for the period under review. Australia's All Ordinaries Index hit an all-time high, while Hong Kong was back up to levels last seen in 2001. The continued strength of China's economy and the demand emanating from that region for commodities, goods and services remained a positive driver for growth. In the Eurozone region, the continued slide in the U.S. dollar raised concerns for the struggling Eurozone economy, curtailing interest rate expectations amid worries about the impact on the export-oriented nature of growth in countries such as Germany. The lion's share of the absolute performance for the portfolio for the year ending December 31, 2004 came from a strong fourth quarter. The portfolio benefited in the fourth quarter from the performance of some of its key financial-services holdings. Banks and related finance companies had struggled to make headway earlier in the year as interest rate increases had already started in the U.K. and appeared likely in the Eurozone. By the final quarter, however, British monetary policy 1
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tightening appeared to have ended and the likelihood of increases in Europe had diminished. Our telecommunication services holdings and a return to favor of consumer staples stocks also made strong positive contributions. The relative underperformance for the year was in part attributed to the large cap bias of the portfolio holdings. We again saw the markets small and mid cap names outperform the larger cap names for the year, as we did in 2003. Although this trend reversed itself in the month of December which is positive news for the large cap sector. For the year ending December 31, 2004, E.ON increased almost 45%. The company revealed plans to invest nearly $20 billion in the next three years to maintain its existing infrastructure of power stations and to add new capacity. Europe's second biggest utility said it would focus on power generation and supply in central and eastern Europe to meet rising demand for energy as these regions' economies expanded faster than its more traditional markets. ING rose almost 37% in the calendar year. The Dutch financial services company continued to focus on expanding its insurance activities and online banking services. ING raised more than $700 million by selling shares in its Canadian unit, which is the country's largest property and casualty insurer. The Netherlands based financial services company is also selling shares in certain of its units in Asia, Australia and Europe, as well as planning to sell its U.S. based ING Capital Advisors division to finance its expansion. Telecom Italia climbed nearly 44% over the year. The company sought to buy the shares it does not already own in its wireless unit, Telecom Italia Mobile, for about $23 billion in a cash share transaction. The deal would enable Telecom Italia to cut its debt as well as bolster business as wireless services are expected to grow at a faster pace than traditional fixed line phones. Compass, the U.K. food service group, dropped 25% over the year as the company disclosed a litney of problems ranging from having to take an exceptional charge on one of its major UK distributors that ran into financial difficulties to higher pension costs. After a careful study of the company's fundamentals, we sold the position in October. A stock that was down slightly for the year, yet we continue to hold in the portfolio, is BMW. The company hit new all time sales numbers and has plans to introduce a number of new models to the market. Sales in the US were up 31%, and business is thriving in Asia. The weak US Dollar is a slight concern, but we feel confident that the vulnerability is more than compensated for by the solid top-line growth that will flow from the company's young product portfolio. The global economy is in relatively good shape, although the pace of growth will likely slow in 2005. Consensus estimates suggest that the predominant U.S. economy should expand by about 3.5%. Given that the Federal Reserve has implemented a series of five interest rate hikes in six months, it is hardly surprising that growth is expected to moderate, although this still represents above-trend growth. Expectations of higher interest rates in the Eurozone region have diminished, with the weakness of the U.S. dollar putting pressure on economic prospects. The European Central Bank reduced its own estimate for GDP growth in the euro area to 1.9% for 2005. Further afield, consensus estimates for Japanese growth have been scaled back to 1.6%. Growth in both regions has been export-led, so the relative strength in their currencies poses a competitive question. The U.S. dollar will continue to be a focal point for markets; trading is likely to be volatile, with potential for the USD/EUR rate to test $1.40. The dollar is cheap on a purchasing power parity. 2
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The following commentary was provided by CITIGROUP ASSET MANAGEMENT LIMITED ("CAML"), co-investment subadviser to the CitiStreet International Stock Fund. CAML managed 34% of the Fund as of December 31, 2004. International markets posted their second strong year in succession, as the MSCI EAFE rose 20% in US$ terms. International equity markets drifted for much of the year due to increased tensions in the Middle East, higher oil prices, and the perception that the accommodative U.S. interest rate cycle would soon end, with possible adverse consequences for investment conditions worldwide. Europe, in particular, was adversely affected by the Madrid train bombings that occurred in March, leading to increased focus on the geopolitical situation. But toward the end of the year, markets performed better (particularly in Europe) on signs that oil prices had peaked for the time being, and following a clear outcome in the U.S. election. Returns for U.S.-based investors were further boosted by a fall in the value of the U.S. dollar, compared with major overseas currencies. Among markets in which the portfolio invested, the largest rises were noted in Norway, which rose in excess of 50% in US$ terms, while the worst performing market was Finland, which rose 6% in US$ terms. From a sector perspective, energy stocks performed strongly during the year, on the back of rising oil prices, while the technology sector performed poorly due to concerns over earnings prospects and company valuations. Against this background, our investment strategy continued to focus on selecting companies that our analysis suggested were most attractive within their international sectors. Our disciplined process is centered on a long-term valuation framework that seeks to project cash flows and dividends several years into the future. Shorter-term factors are also considered through an examination of trends in corporate earnings forecasts. When constructing the Fund's portfolio, we emphasize stock selection rather than geographic or sector allocations. During the year, our investment strategy led to solid stock selection in Germany, Japan, the Netherlands and Switzerland. Conversely, stock selection in Italy, Finland, Sweden and Singapore was less successful. In Germany, the portfolio's holding in Schering AG enhanced results as the shares increasingly reflected the potential of new drugs the company is developing. Japanese stocks Toyota Motor and Takeda Pharmaceutical generated strong returns, while in the Netherlands, holdings in Fortis and TPG were positive for performance. In Switzerland, the portfolio was rewarded for not holding a number of poor performing companies, such as Nestle, Novartis and Adecco. Our strategy was less successful in a number of other countries. In Italy,Unicredito performed poorly due to difficult operating conditions in the Italian financial sector. In Finland, paper company Stora Enso and communication equipment provider Nokia proved detrimental to returns. Not owning Sweden-based Ericsson hurt results, as it performed well as demand for mobile telephony infrastructure improved. In Singapore, United Overseas Bank lagged the local market. The following commentary was provided by SSGA FUNDS MANAGEMENT, INC. ("SSGA"), co-investment subadviser to the CitiStreet International Stock Fund. SSgA managed 33% of the Fund as of December 31, 2004. 3
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International equity markets had a strong rally to finish off the year, and this strength was magnified by the weakness in the U.S. dollar (which helps returns when translated back into dollar terms). The fundamentally improved tone was long overdue given that nervous trading and skittish investor sentiment had characterized market behavior in the earlier part of the year. Just as markets had retreated earlier in the face of rising energy prices and geopolitical instability, so in the fourth quarter a continued easing in energy prices allayed lingering concerns that expensive oil might crimp economic growth. A definitive result in the U.S. election removed another cloud of concern from markets. Our strategy for our portion of the International Stock Fund is to invest in large, high quality companies with a growth bias. It is unsurprising that the portfolio's performance lagged during 2004 in the face of these stylistic headwinds. It was also hurt by the outperformance of the smaller peripheral markets within EAFE, where stocks fitting its style criteria are comparatively few. At a sector level, most of the relative damage was caused in two areas: our overweight to Information Technology and stock selection within the consumer area. In terms of our technology overweight, the impact on the portfolio was considerably diminished when we took advantage of a long-awaited bounce in many of these stocks towards year-end, selling Flextronics and much of our semi-conductor exposure including ASML and SMIC. On the consumer side, the media group BSkyB, bought as a late recovery play, lagged its peers, as did such companies as Compass and Volkswagen (all three of which were sold). The best returns in absolute terms were made among financials companies. Thus our top contributor, the Dutch insurer/asset gatherer ING, appreciated over the course of the year by almost 30%, while our move into Japanese banks was even more rewarding (Mitsui Trust was up nearly 80% over 2004). We also benefited from our overweight to energy, where the leading integrated oil companies such as Total and BP fully reflected the move up in the oil price. Traditionally defensive areas such as utilities, materials and industrials performed well, with our core positions--E.On, CRH and the fertilizer company Yara--all ending among the top contributors. Over the course of 2004, we remained convinced that growth in the Asia Pacific region would continue to outstrip that of other areas. We have added to our position in companies oriented, not to export growth, but rather to a resumption of domestic consumer demand at the expense of the more "growthy" sectors such as consumer discretionary and IT. Consequently, many of the more recently-established positions include such stocks as Coca-Cola Amatil, the Australian Coke bottler; Johnson Electric, a Hong Kong-based micro-motor supplier; and Singapore Telecom. Sun Hung Kai, the Hong Kong real estate developer has been a core holding throughout most of 2004 and one of the Fund's best performers. Although our strategy struggled over 2004, it is worth repeating that the extent of conviction in our growth philosophy remains strong. Growth stocks were punished disproportionately in comparison with value stocks for most of 2004, with those high quality companies with sustainable earnings power being shunned by markets in favor of their smaller cap, lower quality counterparts. While this phenomenon had been expected to diminish over the course of the year, it did not do so. The team retains their view that, in a period of rising interest rates and an increasing cost of credit, 2005 will be the time when these high quality, well-capitalized companies will at last be rewarded. Indeed, the strength of this case seems even more compelling now than before, especially in the light of our expectations of moderate global growth this year. 4
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CITISTREET INTERNATIONAL STOCK FUND (I SHARES) AND MSCI EAFE INDEX (GRAPH) [Download Table] INTERNATIONAL STOCK FUND (I SHARES)* MSCI EAFE --------------------------- --------- 12/94 10000.00 10000.00 9581.78 9618.00 9776.95 9592.99 10083.60 10194.50 10474.00 10580.80 10864.30 10457.00 10882.90 10276.10 11561.30 10918.40 11394.00 10504.60 09/95 11719.30 10712.60 11412.60 10427.60 11626.40 10720.70 11862.30 11154.80 12294.00 11202.80 12397.30 11243.10 12575.60 11484.80 12866.50 11821.40 12894.70 11606.20 06/96 12875.90 11674.70 12350.40 11336.10 12913.40 11363.30 13204.40 11667.90 13363.90 11551.20 14208.50 12013.20 14504.80 11861.90 14447.10 11449.10 14639.50 11639.10 03/97 14601.00 11684.50 14639.50 11748.80 15322.40 12516.00 15803.30 13209.40 16380.50 13426.00 14937.70 12425.80 15999.50 13124.10 14720.30 12118.80 14778.50 11997.60 12/97 15231.10 12105.60 15565.70 12662.40 16539.80 13477.90 17189.10 13895.70 17287.50 14008.30 17405.60 13943.80 17605.70 14052.60 17854.90 14198.70 15580.20 12442.30 09/98 14676.60 12064.10 15788.00 13324.80 16992.80 14011.00 17501.80 14567.30 17688.80 14527.90 17584.90 14185.10 18041.90 14780.80 18914.40 15382.40 18083.40 14593.30 06/99 18748.20 15165.40 19132.50 15620.30 19091.00 15681.30 19174.10 15842.80 19932.30 16440.00 21012.50 17015.40 23193.80 18545.10 21843.50 17369.40 22695.20 17840.10 03/00 23619.60 18534.90 22477.10 17563.00 22321.30 17137.60 23160.80 17811.80 22485.70 17068.70 22670.80 17220.30 21462.10 16385.30 21037.40 16001.70 20482.10 15405.10 12/00 21331.40 15956.20 21407.70 15948.20 19730.80 14753.70 18413.20 13777.00 19534.80 14742.70 18718.10 14234.10 17945.00 13657.60 17389.70 13410.40 16664.40 13073.60 09/01 15143.40 11752.30 15668.30 12052.90 16489.40 12498.00 16758.70 12572.50 15722.20 11905.40 15520.30 11989.40 16341.40 12643.90 16233.70 12735.50 16099.10 12908.30 06/02 15304.90 12399.30 13824.20 11176.20 13722.20 11153.50 12177.20 9958.45 13048.00 10494.40 13652.00 10972.00 13020.00 10603.90 12303.70 10162.00 11966.60 9929.73 03/03 11713.80 9742.06 12907.60 10708.10 13638.00 11366.80 13890.80 11648.20 14115.50 11931.90 14340.90 12222.10 14553.20 12601.40 15275.20 13387.60 15813.20 13687.20 12/03 16931.60 14757.10 17243.00 14966.80 17526.20 15314.80 17356.30 15407.00 17059.00 15071.50 17129.80 15136.80 17313.80 15474.60 16761.70 14974.50 16816.30 15044.00 09/04 17103.50 15439.40 17634.80 15966.80 18640.10 17062.00 12/04 19444.20 17811.30 Past performance is not predictive of future performance. Persons who invest in the Fund through a variable annuity contract should note this graph does not reflect separate account expenses deducted by the insurance company. -------------------- * The graph shows the change in value of an investment in the I Shares class of the Fund. The dollar value of an investment in the R Shares would have been lower due to the higher operating expenses of the R Shares. See your prospectus for more information. ** Returns shown in the table for R Shares prior to their commencement date (10/1/02) are derived from the historical performance of the I Shares, adjusted to reflect the higher operating expenses of the R Shares. MORGAN STANLEY CAPITAL INTERNATIONAL -- EUROPE, AUSTRALIA, FAR EAST INDEX The Morgan Stanley Capital International EAFE Index is a market capitalization weighted index composed of companies representative of the market structure of 21 developed markets in Europe, Australasia and the Far East. The Index does not have expenses and is not an actual investment. 5
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CITISTREET SMALL COMPANY STOCK FUND The CitiStreet Small Company Stock Fund (I Shares) returned 14.94% for the year ended December 31, 2004. The Russell 2500 Index returned 18.30% for the same period. The following commentary was provided by TCW INVESTMENT MANAGEMENT COMPANY ("TCW"), co-investment subadviser to the CitiStreet Small Company Stock Fund. TCW managed 33% of the Fund as of December 31, 2004. Much to everyone's surprise this year, small cap stocks significantly outperformed large cap. With small cap total returns trouncing large caps by over 60%, 2004 was the fifth year in a row it was better to think small rather than big. While we were pleased with the portfolio's performance, we were disappointed not to have captured more of the gains, particularly in the explosive fourth quarter. What was right with the strategy was our value orientation, focus on higher quality, and strong fundamentals for the first three quarters. However, four major forces slowed relative returns versus the our style benchmark (the Russell 2000 Value Index) in the fourth quarter: 1) early tax loss selling in mutual funds, where the fiscal year ends are generally either October or November, led to sharp upward reversals in down trodden stocks once the selling pressure was off; 2) dismal returns for most of the year led investors to pile on into higher beta stocks hoping for a year end rally; 3) the increased popularity of "exchange traded funds" known as ETFs over the last few years as short term trading vehicles, virtually mini index funds, causing most active small cap managers to underperform the indexes; 4) Investment banking activity, especially initial public offerings, have seeped temporarily away traditional small cap fund flows. So, while our portfolio has outperformed the Russell 2000 Value Index over the last three, five and seven years because of our concentration in strong and improving cash flow, higher quality companies, we would expect to lag when more speculative companies do better in markets that trend up sharply. We believe we are in an extended value cycle, similar to the period of the mid to late 1970s when value was in favor for 10 of 12 calendar years. The reason is the markets in 1973 and 1974 collapsed 45% after an unsustainable build up in valuations of the "nifty fifty" consumer growth stocks, the Vietnam war and the first Arab oil embargo in 1973. It took investors quite a long time for the bitterness of that down market to pass, which laid the groundwork for the new bull market in 1982. Even early in the bull market, from 1982 through 1984, value stocks led the way before growth came back into favor in 1985. While small cap value-oriented strategies have done even better than large cap growth over the last five years, they should have; due to faster growth rates and more attractive valuations. Today, small cap valuations are closer to historical average and often the pendulum swings to extremes. Lower interest rates and the investors' positive reaction to smaller cap stories could still provide the backdrop for continuing small cap gains. No matter what phase of the cycle we are in, experience has clearly demonstrated the benefits of diversification. Innovative, attractively valued, small cap companies should continue to outperform over our investment time horizon. All in all, we are sticking with our time-tested discipline: "The Search For Value Poised For Growth." 6
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The following commentary was provided by TRAVELERS INVESTMENT MANAGEMENT COMPANY ("TIMCO"), co-investment subadviser to the CitiStreet Small Company Stock Fund. TIMCO managed 33% of the Fund as of December 31, 2004. The economic expansion entered its fourth year at the close of 2004. Led by strong consumer and business investment demand, the balance of growth was quite healthy. Job growth accelerated last year, as continued profit growth increased corporate willingness to hire. Strong consumer and business fundamentals look to continue into 2005 and consumer spending looks to strengthen further relative to last year. Energy prices remain a primary focus of many economists. Oil prices hit $55 a barrel late in October and were at $50 by the end of November. Nevertheless, inflation remains modest despite the rise in oil prices. Inflation began to rise modestly in 2004 as shortages in certain goods and commodities developed around the world. Ongoing economic recovery and rising price pressures caused the Fed to begin a series of 25 basis point tightening in mid-2004 which look to continue well into 2005. The Consumer Price Index rose slightly during the second half of the year. In 2005, inflation pressures look to rise as healthy growth continues to improve corporate pricing power. After-tax corporate profits, adjusted for inventory and depreciation, fell in the last quarter of 2004. The data were actually better than they appeared. The Bureau of Economic Analysis indicated that insurance-related costs of the hurricane season were higher than in the same period last year. Without the impact on insurance payments and uninsured losses, corporate profits would have been much higher. Encouraged by the economy's performance, the Federal Reserve raised rates five times in the last year. With inflation and interest rates no longer falling, returns on financial assets and housing likely will be much lower. Consequently, we believe that the current savings rate must rise and consumption must fall in order for investors to save for retirement. With improving earnings fundamentals, the equity market performed well, particularly during the fourth quarter of the year. Energy stocks were among the biggest contributors because of historically high oil prices and solid earnings. As investors began to focus their attention on higher quality stocks with solid dividends and strong cash flow, less-cyclical industries such as foods, chemicals, and building materials also realized substantial gains. The outcome of the presidential election removed some uncertainties surrounding the health care and defense industries. However, technology stocks were generally weak despite an impressive start in January. Concerns over terrorism, oil prices and weak profits also led to a significant decline in the Auto & Transportation sector, especially within airlines. In the next several weeks, as retail sales data from the holiday season trickle out, the equity market could potentially experience more volatility as investors reposition their portfolios for the coming year. In our disciplined approach to stock selection we use a stock selection model to screen our research universe of over 1,300 small cap securities for companies that offer improving earnings fundamentals at discounted stock valuations. We continue to focus on this dual theme of low valuations and improving earnings outlook as the basis of our stock selection. Our stock selection model generated mixed results last year. Among the earnings factors, estimates revisions and diffusions continued to be anemic, while the earnings surprise showed signs of improvement. The disappointing performance of our earnings factors could be attributed to the proliferation of short-term trading and hedged funds, which react rapidly to earnings news. The 7
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recent change in corporate communications to ensure fair information disclosure (Regulation Fair Disclosure) might also have played a role in diminishing the effectiveness of our earnings factors. However, our valuation factors produced slightly positive returns. The earnings multiple also performed well, particularly in the Consumer Staples and Finance sectors. The price-to-cash flow ratio and the price-to-book ratio generally posted moderate gains, and contributed to the overall performance of the quantitative model. Stock selection, primarily in the Finance and Consumer Discretionary sectors, contributed positively to performance during the period. However, in general, our holdings in the Technology and Producer Durables sectors did not perform. Some of the biggest individual contributors to performance were Atherogenics, American Medical Systems, and Landstar System. Atherogenics received favorable clinical data on a preliminary study of its new drug during the third quarter. The stock surged after the news was released. American Medical Systems announced government approval for its new treatment of urological disorders. Investors expected the new treatment to generate substantial revenue for the company in the next several years. As a result, the stock traded higher. Landstar System traded higher due to strong demand for commercial delivery drivers and increased its revenue substantially in the trucking business. Conversely, America West Holdings, Transmeta, and Sharper Image negatively impacted our performance. America West suffered from worries that its domestic revenue might be weaker than expected in the second quarter. While its international business operations continued to realize healthy growth, the lack of growth from its domestic operation added pressure to the stock. Transmeta also fell on concerns that the company might not meet its earnings expectation during the second quarter. Analysts worried that the lack of recent announcements on new design contracts could lead to a profit disappointment. Sharper Image suffered from slower revenue growth due to soft demand for its new products. The consensus earnings estimate for the second quarter was reduced to adjust for the difficult market environment. The following commentary was provided by SSGA FUNDS MANAGEMENT, INC. ("SSGA"), co-investment subadviser to the CitiStreet Small Company Stock Fund. SSgA managed 34% of the Fund as of December 31, 2004. The portion of the Small Company managed by SSgA uses a passive approach, designed to keep the overall risk exposures tight to the benchmark index, the Russell 2500. Tracking was within expectations for the year. The strong equity markets of November and December helped turn a lackluster year into a fairly impressive one. This was more than welcome news after experiencing small positive returns in the first half of the year and a difficult market during most of the third quarter. Equity markets worldwide began 2004 with a continuation of their uptrend, spurred by solid profit reports and positive guidance from a broad range of companies. In late January, however, the U.S. Federal Reserve Board removed the phrase "considerable period" from its policy statement, forcing investors to confront anew the prospect of higher short-term interest rates later in the year. A host of factors conspired to upset financial markets in April, a month that began with an impressively robust U.S. employment report. Unfortunately, the otherwise welcome rebound in job creation reawakened investor fears of rising interest rates. After a nice rebound in June, the equity market sank in July and August fueled by second-quarter earnings releases that failed to offer enough exuberance 8
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regarding the second half of the year, a stunningly weak July jobs report and a sharp rise in crude oil prices. In the fourth quarter, with the US presidential election decided, and relief from surging energy prices, there was a renewed sense of investor optimism. The Russell 2500 Index finished strong for the year by getting a boost from its small cap stock constituents, which dominated for a fourth consecutive year. Across Russell 2500 sectors, Energy (+41.1%), Materials (+29.1), and Industrials (+21.5%) were top performers for the year. All other sectors with the exception of Information Technology (-1.3%) produced positive returns for the year. The top contributors to the Russell 2500 Index's return for the year included Sirius Satellite Radio (+141.14%), Sepracor Inc. (+148.10%) and ImClone Systems Inc. (+16.19%). The bottom contributors included Ciena Corp. (-49.09%), Sanmina-SCI Corp. (-32.78%) and Foundry Networks Inc. (-51.85 %). 9
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CITISTREET SMALL COMPANY STOCK FUND (I SHARES) AND RUSSELL 2500 INDEX (GRAPH) [Download Table] SMALL COMPANY STOCK FUND (I SHARES)* RUSSELL 2500 --------------------------- ------------ 12/94 10000.00 10000.00 9788.85 9980.00 10261.80 10482.00 10405.40 10738.80 10591.20 10930.00 10895.30 11160.60 12128.40 11696.30 12998.30 12386.40 13133.50 12584.50 09/95 13522.00 12819.90 12964.50 12418.60 13547.30 12948.90 13188.80 13170.30 12642.90 13263.80 13347.20 13663.10 13629.00 13941.80 14659.10 14585.90 15196.10 14981.20 06/96 14078.00 14521.30 12819.00 13458.30 13998.70 14232.20 14491.80 14848.40 13400.00 14750.40 13153.50 15462.80 12808.00 15674.70 12703.00 16107.30 11939.50 15867.30 03/97 11090.10 15148.50 10985.10 15340.90 12464.40 16753.80 12913.00 17439.00 13380.70 18461.00 13896.00 18717.60 14545.00 19941.70 13838.80 19046.30 13609.70 19132.00 12/97 13676.50 19493.60 13304.30 19195.40 14344.60 20589.00 15318.10 21492.80 15375.40 21574.50 14211.00 20573.40 14191.90 20598.10 12617.20 19183.00 9734.86 15565.10 09/98 10908.80 16670.20 11624.60 17582.10 11777.30 18452.40 12493.10 19570.60 12283.10 19537.30 11433.70 18253.80 12101.80 18644.40 13266.10 20313.10 13390.20 20627.90 06/99 14219.00 21700.60 13927.70 21275.20 13646.90 20609.30 13667.70 20302.20 13563.70 20746.80 14583.00 21919.10 17079.40 24297.30 17329.10 23738.40 19815.00 27166.30 03/00 19908.70 26750.60 17921.90 25311.40 17037.80 24096.50 19085.20 25679.60 18124.90 25024.80 20263.70 27179.40 19729.00 26296.10 19139.70 25575.60 17033.70 23324.90 12/00 18801.40 25333.20 19336.10 26166.70 17939.40 24481.50 16739.10 23137.50 18310.40 25180.50 18812.30 25938.50 19074.20 26306.80 18539.50 25365.00 18013.60 24533.00 09/01 15829.60 21358.50 16913.10 22462.70 17945.80 24279.90 19097.10 25642.00 18758.50 25324.10 18403.00 24880.90 19943.60 26600.20 19537.30 26533.70 19114.00 25756.20 06/02 17844.30 24303.60 15389.40 21404.20 15321.00 21468.40 14020.00 19768.10 14328.20 20412.50 15526.50 22078.20 14567.80 21080.30 14157.00 20519.50 13797.50 20027.10 03/03 13900.20 20217.30 15115.60 22018.70 16622.00 24183.10 16844.60 24645.00 17683.40 25970.90 18595.30 27173.30 18235.40 26803.80 19657.90 28921.30 20292.00 30008.70 12/03 20840.40 30671.90 21714.50 31791.50 21937.30 32284.20 22040.20 32477.90 20874.70 30919.00 21268.90 31549.70 22057.30 32587.70 20480.50 30691.10 20247.40 30611.30 09/04 21294.10 31765.40 21517.10 32489.60 23198.70 34916.60 12/04 23953.70 36285.30 Past performance is not predictive of future performance. Persons who invest in the Fund through a variable annuity contract should note this graph does not reflect separate account expenses deducted by the insurance company. -------------------- * The graph shows the change in value of an investment in the I Shares class of the Fund. The dollar value of an investment in the R Shares would have been lower due to the higher operating expenses of the R Shares. See your prospectus for more information. ** Returns shown in the table for R Shares prior to their commencement date (10/1/02) are derived from the historical performance of the I Shares, adjusted to reflect the higher operating expenses of the R Shares. RUSSELL 2500 INDEX The Russell 2500 Index is a market capitalization weighted index of the 2,500 smallest companies in the Russell 3000 Index. (The Russell 3000 Index includes the 3000 largest U.S. companies based on total market capitalization.) The Russell 2500 is a measure of small to medium-small company stock performance. The Index does not have expenses and is not an actual investment. 10
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CITISTREET LARGE COMPANY STOCK FUND The CitiStreet Large Company Stock Fund (I Shares) returned 10.04% for the year ended December 31, 2004. The S&P 500 Index returned 10.87% for the same period. The following commentary was provided by WELLINGTON MANAGEMENT COMPANY, LLP ("WELLINGTON"), co-investment subadviser to the CitiStreet Large Company Stock Fund. Wellington managed 34% of the Fund as of December 31, 2004. Moderate economic strength and continued growth in corporate profits overshadowed investors' concern regarding rising inflation, increased oil prices, acts of terrorism, and turmoil in Iraq during the twelve-month period ended December 31, 2004. All major indexes posted positive returns during period. Small caps remained strong, as the Russell 2000 Index gained 18% versus 11% for the Russell 1000 Index, capping the sixth-consecutive year of small cap outperformance relative to large cap. Value significantly outperformed growth, as the Russell 1000 Value Index returned 16% versus 6% for the Russell 1000 Growth. Within the Russell 1000 Value Index, all ten broad industry sectors posted positive returns. Energy and Utilities were the best performing sectors. For the full year, the portfolio's bottom-up investment approach produced positive benchmark-relative results in four of the ten broad market sectors. Strong stock selection within Financials, Utilities and Health Care contributed most to relative performance. However, these favorable decisions were slightly offset by weaker security selections in Materials, Industrials and Information Technology. On an absolute basis, TXU (Utilities) was a stand out performer in the portfolio as the new CEO made rapid progress towards achieving some of his objectives in turning around the company. A few bank stocks also positively contributed to performance. Bank of America continued to benefit from the acquisition of FleetBoston Financial. Despite the challenging operating environment, Freddie Mac appreciated as the new management made steady progress of rebuilding the company. Shares of Hibernia increased due to strong fundamentals and successful merger with the Coastal Bancshares. Positive results were partially offset by the decline of American Power Conversion (Industrials), a holding that the portfolio held in the first half of 2004. American Power Conversion fell sharply after the company announced lower-than-expected earnings caused by increased sales and marketing costs as it sought to boost market share. Maxtor and Hewlett-Packard (both in Information Technology) also detracted from this period's performance. Hard-disk drive manufacturer Maxtor declined amid concerns regarding industry pricing and profitability. The security had been eliminated from the portfolio by the end of the period. Shares of Hewlett-Packard declined as investors were concerned about the weakness in the service area. The following commentary was provided by SMITH BARNEY FUND MANAGEMENT LLC ("SMITH BARNEY"), co-investment subadviser to the CitiStreet Large Company Stock Fund. Smith Barney managed 33% of the Fund as of December 31, 2004. From terrorism to the presidential election, macro risks dominated the investment landscape in 2004. With the certainty created by electing the incumbent and the likely continuance of his 11
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policies, from taxes to healthcare insurance, the market rallied. With strong earnings in the first three quarters of the year, valuations were reasonable and the markets had room to expand. Most of the indices approached or closed above their 3 1/2 year highs. Even the continuation of higher interest rates could not offset investor enthusiasm for equities. Several dominant trends remained in place in 2004, with the continuation of the dominance of small stocks relative to large stocks having the biggest relative impact to the portfolio. Our strategy remains focused on investing in stocks with growth prospects greater than the overall market. We look for quality companies with superior business models and dominant market share, often skewing our portfolio towards mega-capitalization companies. While this bias towards larger companies created some headwinds in 2004, stock selection had the largest impact on the portfolio. One hundred percent of the shortfall versus the Russell 1000 Growth Index, our style benchmark, in 2004 was due to stock selection. The primary culprit, representing approximately 80% of the shortfall, was in the consumer discretionary sector. Two decisions negatively impacted the portfolio: We owned Interactive Corporation and were underweight Ebay. Interactive Corporation, a leading Internet travel company with diverse businesses ranging from the Home Shopping Network to Expedia, suffered from slowing revenue growth and poor management execution. Despite being 2003's best performing stock, Interactive proved to be more counter-cyclical than we were expecting. As the economy continued to improve, it was hurt by lack of inventory due to increased competition from hotel operators like Hilton and Marriott, thus negatively impacting its growth rate. In addition, the management team did not progress toward its goal of integrating diverse businesses into a cohesive operating strategy, highlighted by the recent decision to separate the company. Several names we did not own or were underweight, like Ebay and Yahoo, advanced significantly, detracting from relative results. Despite spending time with each management team we could not get comfortable with their reinvestment opportunities and their respective valuations. This was a mistake. In a year in which large cap growth stocks, as measured by the Russell 1000 Growth Index, had low volatility and relatively weak results, mistakes were magnified. Despite a frustrating year from a relative performance perspective, there were some areas to highlight. In two challenging growth sectors, healthcare and consumer staples, both of which underperformed the broad market average, stock selection contributed positively. Several new stocks, like United Healthcare, Biogen and Gilead were added to the portfolio. Within the consumer staple sector, Wrigley and Hershey contributed to results. Seventy percent of our new buy ideas outperformed the benchmark as of December 31, 2004, with highlights like Network Appliance and Veritas up 60% and 40%, respectively. However, despite rigorous effort and the introduction of several new names we were unwilling to take excessive risk to try to maximize short-term results. This led us into taking too little active risk on new positions. In a market dominated by macro economic factors, we did not believe it was prudent to make a large tracking error bet. We believe our low volatility approach and proven investment process can lead to long-term success. We are optimistic about 2005. We believe several factors could lead to investors migrating towards large capitalization growth stocks. As earnings growth decelerates for the broad market, we expect investors to pay a premium for companies that can truly grow. We believe that, after five years 12
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of underperformance, growth stocks are not expensive relative to value stocks. We anticipate the depreciating dollar to favorably impact large capitalization stocks relative to small stocks and expect their strong balance sheets to support reinvestment opportunity and dividend growth. We thank you for your continued support and will continue to work diligently to achieve success on behalf of our investors. The following commentary was provided by SSGA FUNDS MANAGEMENT, INC. ("SSGA"), co-investment subadviser to the CitiStreet Large Company Stock Fund. SSgA managed 33% of the Fund as of December 31, 2004. The portion of the Large Company Stock managed by SSgA uses a passive approach, designed to keep the overall risk exposures tight to the benchmark index, the S&P 500 Index. Tracking was within expectations for the fourth quarter and the year. The strong equity markets of November and December helped turn a lackluster year into a fairly impressive one. This was more than welcome news after experiencing small positive returns in the first half of the year and a difficult market during most of the third quarter. Equity markets worldwide began 2004 with a continuation of their uptrend, spurred by solid profit reports and positive guidance from a broad range of companies. In late January, however, the US Federal Reserve Board removed the phrase "considerable period" from its policy statement, forcing investors to confront anew the prospect of higher short-term interest rates later in the year. A host of factors conspired to upset financial markets in April, a month that began with an impressively robust US employment report. Unfortunately, the otherwise welcome rebound in job creation reawakened investor fears of rising interest rates. After a nice rebound in June, the equity market sank in July and August fueled by second-quarter earnings releases that failed to offer enough exuberance regarding the second half of the year, a stunningly weak July jobs report and a sharp rise in crude oil prices. In the fourth quarter, with the US presidential election decided, and relief from surging energy prices, there was a renewed sense of investor optimism. The S&P 500 Index finished strong for the year, hitting a 3 1/2 year high and ending 2004 with a solid gain. Having shown their dominance for a fourth consecutive year, small-capitalization stocks as represented by the Russell 2000 Index coasted to the finish line in 2004, with an 18.3% gain for the year. Across S&P 500 sectors, Energy (+30.9%), Utilities (+25.5%), and Telecommunications (+19.9%) were the top performers for the year. All other sectors produced positive returns for the year, with the lowest sector returns in Health Care (+1.5%), Information Technology (+2.7%) and Consumer Staples (+2.8%). The top contributors to the S&P 500 Index's return for the year included Exxon Mobil Corp. (+25.02%), General Electric Co. (+17.82%) and Johnson & Johnson (+22.76%). The bottom contributors were Pfizer Inc. (-23.89%), Intel Corp. (-27.02%) and Cisco Systems Inc. (-20.26%). There were nineteen stocks added and deleted from the Index during the year, 7 additions and 12 deletions. Overall, turnover in the S&P 500 Index remained low in 2004 at 3.1%. 13
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CITISTREET LARGE COMPANY STOCK FUND (I SHARES) AND S&P 500 INDEX (GRAPH) [Download Table] LARGE COMPANY STOCK FUND (I SHARES)* S&P 500 --------------------------- ------- 12/94 10000.00 10000.00 10129.20 10259.00 10546.70 10659.10 10825.00 10973.50 11202.80 11296.20 11660.00 11748.00 11928.40 12020.60 12385.70 12419.70 12465.20 12450.70 09/95 12992.00 12976.10 12922.50 12929.40 13509.00 13497.00 13816.00 13757.50 14346.60 14225.30 14565.10 14357.50 14710.80 14495.40 14835.60 14708.50 15126.90 15087.90 06/96 15054.10 15145.30 14398.70 14475.80 14783.60 14781.30 15480.60 15613.50 16167.30 16044.40 17426.10 17257.40 17066.90 16915.70 17794.10 17972.90 17981.40 18113.10 03/97 17265.20 17368.60 18058.50 18405.60 19215.40 19526.40 19909.50 20401.20 21749.50 22025.20 20868.10 20791.80 22220.10 21931.20 21295.70 21198.70 22008.50 22180.20 12/97 22463.70 22561.70 22576.40 22812.10 23951.50 24456.80 25529.50 25709.00 25766.20 25968.70 25326.60 25522.00 25980.50 26558.20 25602.70 26274.10 21887.60 22474.80 09/98 22706.20 23915.40 24507.00 25859.80 25350.80 27426.90 25955.30 29006.70 26131.60 30219.20 25300.40 29279.30 26093.80 30450.50 28209.60 31628.90 27378.40 30882.50 06/99 28057.70 32596.50 27175.80 31579.50 26455.70 31421.60 25074.10 30560.30 26132.30 32494.20 25632.60 33153.80 25882.50 35106.60 24265.70 33344.20 22516.70 32713.00 03/00 24765.40 35913.30 24206.90 34832.70 23898.30 34117.90 23977.30 34958.90 23568.00 34412.50 25394.20 36549.90 24402.40 34620.40 24024.60 34474.00 21537.10 31756.00 12/00 22009.40 31911.30 22528.90 33043.50 20261.90 30030.00 18907.90 28127.60 20387.80 30313.40 20498.00 30516.50 20025.70 29773.70 19679.40 29480.70 18410.30 27635.20 09/01 16665.80 25403.70 17072.30 25888.10 18393.40 27874.00 18545.80 28118.20 18241.00 27707.90 17732.90 27173.70 18444.20 28195.70 17292.50 26486.20 17140.10 26291.00 06/02 15971.40 24418.10 14768.90 22514.70 14787.10 22662.60 13235.10 20199.60 14343.70 21977.60 15196.50 23271.20 14309.60 21902.80 13951.40 21329.00 13746.70 21009.10 03/03 13883.20 21212.80 15025.90 22960.80 15861.60 24170.80 16032.20 24480.20 16288.00 24911.00 16568.40 25396.80 16345.20 25127.60 17289.50 26549.80 17409.70 26783.50 12/03 18336.80 28186.90 18628.70 28705.60 18903.40 29104.60 18577.20 28665.10 18251.00 28215.00 18491.40 28601.60 18748.90 29156.50 18079.30 28191.40 18098.90 28304.20 09/04 18341.40 28609.80 18653.20 29047.60 19501.80 30224.00 12/04 20177.30 31251.60 Past performance is not predictive of future performance. Persons who invest in the Fund through a variable annuity contract should note this graph does not reflect separate account expenses deducted by the insurance company. -------------------- * The graph shows the change in value of an investment in the I Shares class of the Fund. The dollar value of an investment in the R Shares would have been lower due to the higher operating expenses of the R Shares. See your prospectus for more information. ** Returns shown in the table for R Shares prior to their commencement date (10/1/02) are derived from the historical performance of the I Shares, adjusted to reflect the higher operating expenses of the R Shares. S&P 500 INDEX The S&P 500 Index is a market capitalization weighted index of 500 stocks chosen for market size, liquidity, and industry group representation. The Index does not have expenses and is not an actual investment. 14
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CITISTREET DIVERSIFIED BOND FUND The CitiStreet Diversified Bond Fund (I Shares) returned 4.65% for the year ended December 31, 2004. The Lehman Brothers Aggregate Bond Index returned 4.34% for the same period. The following commentary was provided by WESTERN ASSET MANAGEMENT COMPANY ("WESTERN"), co-investment subadviser to the CitiStreet Diversified Bond Fund. Western managed 30% of the Fund as of December 31, 2004. We are pleased that our investment strategies helped produce positive results for the Fund for the past year. The biggest contribution to performance came from a moderate overweighting of the credit sector with an emphasis on longer-maturity BBB-rated bonds, as this benefited from an impressive tightening of spreads. An overweight exposure to longer maturity TIPS for most of the period also contributed to performance, thanks to lower real yields and higher-than-expected inflation. Modestly overweight exposure to the mortgage-backed sector for most of the period added to performance as spreads tightened. Duration exposure was neutral to somewhat short for the period, and this detracted from performance since most yields rose by less than forward rates had anticipated. A barbelled exposure to maturities had a positive impact on performance, since the yield curve flattened. Our outlook for the U.S. economy is unremarkable, with headwinds and tailwinds likely to keep growth in the range of 3-4%. On the plus side, we note that corporate coffers are stuffed with an abundance of profits, so capital spending is likely to continue to post strong gains. Bush's tax cuts continue to have ripple effects, increasing the marginal propensity to invest, and we are likely to see further stimulative tax policies implemented later this year. The burden of government spending, far from excessive by recent historical standards, seems unlikely to increase and might decline if Congress implements even minimal spending restraint. On the negative side, productivity growth is no longer what it used to be, thanks in part to the reemergence of pricing power, which in turn is a consequence of several years of very accommodative monetary policy. Easy money has imparted a mild, upward bias to inflation that could linger into next year, with CPI inflation of 3% or more. Labor costs are rising, and margins are under pressure. These developments, coupled with the fact that profits are at historically high levels relative to the economy, suggest it is very unlikely that profits will continue to grow at an above-average pace; the bloom is off the profits rose, so to speak. Housing activity, driven in large part by declining interest rates, appears to have peaked now that interest rates are no longer declining. Energy prices remain elevated. Markets have been obsessed with the current account deficit this past year, but it needn't be a harbinger of disaster. It is not necessarily a sign of over consumption on the part of the U.S. consumer, and it could well be a sign of under consumption on the part of global consumers. Whatever the cause of the deficit, the U.S. economy has been the net beneficiary of strong investment flows, which in turn have helped to restore household net worth to its 2000 glory and to generate two years of above-trend growth. The jobs market is healthy, equity prices are rising, and household debt service burdens are non-threatening. The prospect of tighter Fed policy should provide support for the dollar, and households are net beneficiaries of rising interest rates. 15
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We see little value in U.S. bond yields at current levels, given our view that inflation is likely to prove somewhat higher than the market expects, and yields are still priced to the assumption that inflation will remain relatively low and stable. Consequently, we continue to target an underweight duration exposure. Our yield curve exposure retains a modest flattening bias that should be rewarded as the Fed moves eventually to restore real short-term rates to a level that is consistent with stable inflation. Credit spreads are very tight, so we remain neutral to somewhat cautious on the credit sector, but continue to hold an overweight exposure to the lower quality areas at the expense of the higher quality areas, since leveraged borrowers should benefit disproportionately from the current moderate-growth, still-easy-money environment. Spreads on mortgage-backed securities have declined to historically low levels, leading us to adopt a substantially underweight exposure to the sector, with a bias to overweight GNMAs for their better convexity qualities. Volatility has fallen and complacency has risen by enough to leave the MBS sector seriously exposed to unexpected developments. We continue to hold a moderate exposure to TIPS since they should do well even if inflation rises only mildly, but have shifted our holdings to shorter maturities in order to minimize duration risk should the Fed tighten by more than expected. The following commentary was provided by SALOMON BROTHERS ASSET MANAGEMENT, INC. ("SALOMON"), co-investment subadviser to the CitiStreet Diversified Bond Fund. Salomon managed 34% of the Fund as of December 31, 2004. As widely anticipated, the Federal Reserve Bank (the "Fed") raised its federal funds target rate in 2004, bringing it to 2.25% at year end from 1.0%, which had been its lowest level in more than 40 years. Even though the market fully expected the 25-basis-point hike in the federal funds rate in late June and in each successive meeting thereafter, the wording of the statements following the meetings still generated some anxiety. The Fed continued to reiterate that it would increase rates "at a pace that is likely to be measured," but also added that "the Committee will respond to changes in economic prospects as needed to fulfill its obligation to maintain price stability." The 10-year U.S. Treasury note ended the year relatively unchanged, after reaching its low of 3.68% in March and then hitting its high of 4.87% in June. The 10-year U.S. Treasury market rallied after the Fed's initial 25 bp rate hike, and remained range bound for the remainder of the year. Most of the year was characterized by investors dissecting language from the Fed for clues on its assessment of the U.S. economy and on the pace of rate hikes. The U.S. economy's quarterly pace of growth continued to advance and the economy entered its fourth year of expansion since the 2001 recession. Although a series of one-off events--surging oil prices, hurricanes, the waning effects of 2002-2003 tax cuts, etc.--undoubtedly restrained growth in 2004, the economy proved resilient enough to grow 4% over the past four quarters. Even the U.S. labor market, which generated lackluster results throughout most of 2003, improved over the past year, but the pace of improvements was uneven from month to month. Given the combination of strong gross domestic product ("GDP") results, comments from the Fed about a more robust economy, improvement in job growth and a pick-up in inflation, the economy appeared to be firing on all cylinders. "Spoiled investors" settled for a "good" year in the corporate bond world. Credit fundamentals continued to improve. The sector saw tremendous demand from international investors, which 16
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provided a strong technical backdrop for the asset class. Investment grade debt spreads ended 2004 at their tightest levels for the year since 1998. The ABS market did not disappoint in 2004, putting in one of its stronger years on record. Spreads in most sectors generally tightened through 2004, particularly the credit card and auto sectors. Relatively light issuance in non-mortgage ABS and on the fixed rate side largely drove the trend along with improving credit fundamentals. The high yield market continued to rally during the fourth quarter, gaining 4.73%, as represented by the Citigroup High Yield Market Index. The Fed's commitment to measured policy tightening combined with lower oil prices kept market volatility in check. Fundamentals remained solid, supported by strong balance sheets and historically low default rates, which continued to decline as the improving economy and the low interest rate environment enabled companies to extend their debt maturities and improve their liquidity. Technicals also remained robust, with mutual fund inflows increasing to almost $1.5 billion for the quarter, continuing the positive momentum begun in the third quarter versus the first half's significant outflow activity. The following commentary was provided by SSGA FUNDS MANAGEMENT, INC. ("SSGA"), co-investment subadviser to the CitiStreet Diversified Bond Fund. SSgA managed 36% of the Fund as of December 31, 2004. The portion of the Diversified Bond Fund managed by SSgA uses a passive approach, designed to match, as closely as possible, the return of the Lehman Brothers Aggregate Bond Index benchmark utilizing a replication approach at the issuer level and a sampling approach at the issue (security) level. Toward the middle of 2004 the Federal Reserve began its "measured" tightening campaign. As a result, the Treasury curve flattened, spread product tightened and volatility for the second half of the year was much lower than in the first half. Ten year Treasuries ended the year where they began, at roughly 4.25%. Rates started moving up in April when it became clear from the economic data (non-farm payroll reports and various inflation indicators) that the economic recovery was indeed sustainable and that the Fed would continue to raise rates. Rates grinding lower and hovering around the 4.20% level for the latter part of the year was market testament to the faith it had in the Fed's ability to manage inflation without severely dampening economic growth. The yield curve flattened with two-year yields increasing 125 bps and ten-year hardly moving. The two-year increase was the same magnitude as the increase in the Federal Funds rate over the course of the year. The spread between the ten-year yield and the two-year yield went from 2.40% to 1.13%. Fed Funds ended the year at 2.25%. When the market started pricing in the Fed's expected measured interest rate hikes, LIBOR also moved up slowly and consistently with Fed Funds. As might be expected, swap spreads performed similarly to interest rates, grinding tighter during the second half of the year and ending the year a few basis points wider than where they stood at the beginning of the year. Volatility also peaked in the beginning of May and ground lower for the balance of the year, hitting lows at year end not seen since 2000. Spread product, including high yield, was tighter for the year, also hitting lows not seen since 1998. Demand for spread product by foreign buyers was very robust in 2004, helping to 17
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cause excess and total returns to be positive for all asset classes within the Lehman Brothers Aggregate Bond Index. Within the credit segment of the market in 2004, fundamentals all proved to be good for the market return. Companies have increased their cash holdings and have decreased their net debt outstanding. Bank lines have become more available, lessening the need for companies to issue debt. From a technical perspective, 2004's net corporate supply was the lowest it has been since 1997. Technical factors in the mortgage backed securities (MBS) market segment were robust in 2004 with fixed rate supply down for the year and foreign demand very strong. Hybrid adjustable rate mortgage issuance represented about 20% of total production in 2004. Demand from agencies began to wane while the aforementioned foreign investor demand was relatively robust during the year. Within the asset-backed securities (ABS) segment, issuance in 2004 was strong, outpacing corporate issuance for the first time in history. Subprime mortgage product accounted for almost half of total issuance. Spreads ended the year at all time tight levels, driven by collateralized debt obligation (CDO) creation, hedge fund purchases, foreign buying, and corporate investors. For collateralized mortgage backed securities (CMBS), the average spread tightening in 2004 was about 15 basis points, contributing to the sector's posting an excess return number for the year of 117 basis points. Lower quality securities tightened the most. 18
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COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT IN THE CITISTREET DIVERSIFIED BOND FUND (I SHARES) AND THE LEHMAN BROTHERS AGGREGATE BOND INDEX (GRAPH) [Download Table] DIVERSIFIED BOND FUND (I SHARES)* LB AGGREGATE INDEX ------------------------ ------------------ 12/94 10000.00 10000.00 10202.80 10198.00 10480.30 10440.70 10576.30 10504.40 10736.40 10651.50 11227.30 11063.70 11344.70 11144.40 11259.30 11119.90 11430.10 11254.50 09/95 11590.20 11363.60 11803.60 11511.40 12006.40 11684.00 12212.30 11847.60 12270.40 11925.80 11840.10 11718.30 11677.20 11636.30 11560.90 11571.10 11514.40 11548.00 06/96 11700.50 11702.70 11723.80 11734.30 11630.70 11714.40 11921.50 11918.20 12305.30 12182.80 12619.30 12391.10 12406.80 12275.90 12419.00 12313.90 12443.40 12344.70 03/97 12223.40 12207.70 12467.90 12390.80 12590.10 12508.50 12785.70 12657.30 13299.10 12999.10 13079.00 12888.60 13315.80 13079.40 13548.60 13269.00 13720.10 13330.00 12/97 13895.80 13464.70 14102.80 13637.00 14089.80 13626.10 14115.70 13672.50 14180.40 13743.50 14361.50 13874.10 14493.00 13992.00 14545.70 14021.40 14347.90 14250.00 09/98 14941.30 14583.40 14888.60 14506.10 15165.50 14588.80 15152.30 14632.60 15244.70 14736.50 14835.80 14478.60 14941.30 14558.20 15033.70 14604.80 14769.90 14476.30 06/99 14664.30 14430.00 14548.50 14369.30 14548.50 14362.20 14736.70 14528.80 14794.60 14582.50 14823.50 14581.10 14736.70 14511.10 14722.20 14463.20 14982.80 14638.20 03/00 15199.90 14831.40 15011.70 14788.40 14867.00 14781.00 15323.20 15088.50 15508.20 15225.80 15770.30 15446.50 15801.10 15543.80 15909.00 15646.40 16171.10 15903.00 12/00 16556.50 16198.80 16911.10 16462.90 17065.20 16606.10 17065.20 16689.10 16941.90 16619.90 16941.90 16720.30 16988.10 16783.30 17373.50 17158.60 17548.80 17355.20 09/01 17676.80 17556.50 18124.70 17924.00 17836.70 17676.80 17692.80 17563.70 17804.70 17705.90 18012.70 17877.70 17660.80 17580.90 18044.70 17922.00 18156.70 18074.30 06/02 18188.70 18231.60 18252.60 18452.20 18645.20 18764.00 18878.70 19068.00 18761.90 18980.30 18862.00 18974.60 19278.90 19367.40 19328.90 19384.80 19629.10 19652.30 03/03 19629.10 19636.60 19879.30 19799.60 20262.90 20167.80 20229.50 20127.50 19495.70 19451.20 19641.60 19579.60 20198.80 20098.50 20059.50 19911.50 20129.20 19959.30 12/03 20355.50 20162.90 20529.60 20324.20 20721.20 20543.70 20860.50 20697.80 20372.90 20159.70 20285.90 20079.00 20407.80 20193.50 20616.70 20393.40 21013.60 20782.90 09/04 21085.60 20839.00 21265.70 21014.10 21103.60 20845.90 12/04 21301.70 21037.70 Past performance is not predictive of future performance. Persons who invest in the Fund through a variable annuity contract should note this graph does not reflect separate account expenses deducted by the insurance company. -------------------- * The graph shows the change in value of an investment in the I Shares class of the Fund. The dollar value of an investment in the R Shares would have been lower due to the higher operating expenses of the R Shares. See your prospectus for more information. ** Returns shown in the table for R Shares prior to their commencement date (10/1/02) are derived from the historical performance of the I Shares, adjusted to reflect the higher operating expenses of the R Shares. LEHMAN BROTHERS AGGREGATE BOND INDEX The Lehman Brothers Aggregate Index is an index of U.S. investment-grade fixed-rate bonds with maturities greater than one year, including government and corporate bonds. The Index does not have expenses and is not an actual investment. 19
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INTERNATIONAL STOCK FUND As of December 31, 2004 PORTFOLIO COUNTRY INFORMATION Reflected as a percentage of total long-term investments [BAR CHART] [Download Table] United Kingdom 23.10 Japan 20.80 France 11.00 Switzerland 8.70 Germany 7.10 Netherlands 6.50 Italy 5.00 Hong Kong 3.10 Ireland 3.00 Spain 2.80 Australia 1.60 Singapore 1.40 Finland 1.20 Taiwan 0.90 United States 0.90 Norway 0.60 South Korea 0.60 Luxembourg 0.50 Sweden 0.40 Belgium 0.40 Canada 0.30 Denmark 0.10 SMALL COMPANY STOCK FUND As of December 31, 2004 PORTFOLIO SECTOR INFORMATION Reflected as a percentage of total long-term investments [BAR CHART] [Download Table] Consumer, Non-cyclical 20.20 Industrial 15.70 Financial 14.90 Consumer, Cyclical 14.50 Technology 13.00 Communications 8.40 Energy 5.50 Basic Materials 4.60 Utilities 2.40 Government 0.70 Diversified 0.10 20
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LARGE COMPANY STOCK FUND As of December 31, 2004 PORTFOLIO SECTOR INFORMATION Reflected as a percentage of total long-term investments [BAR CHART] [Download Table] Financial 21.80 Consumer, Non-cyclical 21.50 Communications 13.10 Technology 11.60 Industrial 9.70 Consumer, Cyclical 8.20 Energy 7.90 Utilities 3.20 Basic Materials 2.70 Mutual Fund 0.30 DIVERSIFIED BOND FUND As of December 31, 2004 PORTFOLIO SECTOR INFORMATION Reflected as a percentage of total long-term investments [BAR CHART] [Download Table] U.S. Government 36.30 U.S. Government Asset Backed 25.20 U.S. Corporate Bonds 24.50 Collateralized Mortgage Obligations 4.60 Other Asset Backed 3.20 Foreign Corporate Bonds 2.80 Foreign Government 1.50 Credit Card Receivable 0.90 Auto Credit Receivable 0.60 Common Stock 0.20 Other 0.10 Preferred Stock 0.10 21
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FUND EXPENSES As an investor in the CitiStreet Funds through a variable contract or a qualified plan, you incur ongoing costs, including management fees and other Fund expenses. Investors in the R Shares also incur ongoing distribution and service (12b-1) fees and administrative fees. This Example is intended to help you understand your ongoing costs (in dollars) of investing in I Shares and R Shares of the Funds and to compare these costs with the ongoing costs of investing in other funds. This example does not reflect fees and charges under your variable contract or qualified plan. If contract or plan charges were included, the costs shown below would be higher. For variable contract investors, please consult the prospectus for your contract for more information about contract fees and charges. For retirement plan investors, please contact your retirement plan sponsor or recordkeeper for more information about any plan fees and charges. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period as indicated below. ACTUAL EXPENSES The first line under each share class in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the Fund expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000=8.6), then multiply the result by the number in the first line under the heading entitled "Expenses Paid During Period" to estimate the Fund expenses you paid on your account for this period. HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES The second line under each share class in the table below provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any contract or plan fees and charges, such as sales charges (loads), insurance charges or administrative or recordkeeping charges. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if contract or plan fees or charges were included, your costs would have been higher. 22
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FUND EXPENSES (CONTINUED) CITISTREET INTERNATIONAL STOCK FUND [Enlarge/Download Table] BEGINNING ENDING ACCOUNT VALUE ACCOUNT VALUE EXPENSES PAID JULY 1, 2004 DECEMBER 31, 2004 DURING PERIOD* ---------------------------------------------------------------------------------------------- I SHARES Actual $1,000.00 $1,123.00 $4.82 Hypothetical (5% return before expenses) $1,000.00 $1,020.59 $4.59 ---------------------------------------------------------------------------------------------- R SHARES Actual $1,000.00 $1,121.20 $6.66 Hypothetical (5% return before expenses) $1,000.00 $1,018.85 $6.34 ---------------------------------------------------------------------------------------------- CITISTREET SMALL COMPANY STOCK FUND [Enlarge/Download Table] BEGINNING ENDING ACCOUNT VALUE ACCOUNT VALUE EXPENSES PAID JULY 1, 2004 DECEMBER 31, 2004 DURING PERIOD* ---------------------------------------------------------------------------------------------- I SHARES Actual $1,000.00 $1,086.00 $3.94 Hypothetical (5% return before expenses) $1,000.00 $1,021.36 $3.81 ---------------------------------------------------------------------------------------------- R SHARES Actual $1,000.00 $1,084.30 $5.77 Hypothetical (5% return before expenses) $1,000.00 $1,019.60 $5.59 ---------------------------------------------------------------------------------------------- CITISTREET LARGE COMPANY STOCK FUND [Enlarge/Download Table] BEGINNING ENDING ACCOUNT VALUE ACCOUNT VALUE EXPENSES PAID JULY 1, 2004 DECEMBER 31, 2004 DURING PERIOD* ---------------------------------------------------------------------------------------------- I SHARES Actual $1,000.00 $1,076.20 $3.30 Hypothetical (5% return before expenses) $1,000.00 $1,021.96 $3.22 ---------------------------------------------------------------------------------------------- R SHARES Actual $1,000.00 $1,074.20 $5.13 Hypothetical (5% return before expenses) $1,000.00 $1,020.19 $5.00 ---------------------------------------------------------------------------------------------- 23
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FUND EXPENSES (CONTINUED) CITISTREET DIVERSIFIED BOND FUND [Enlarge/Download Table] BEGINNING ENDING ACCOUNT VALUE ACCOUNT VALUE EXPENSES PAID JULY 1, 2004 DECEMBER 31, 2004 DURING PERIOD* ---------------------------------------------------------------------------------------------- I SHARES Actual $1,000.00 $1,043.80 $2.82 Hypothetical (5% return before expenses) $1,000.00 $1,022.37 $2.79 ---------------------------------------------------------------------------------------------- R SHARES Actual $1,000.00 $1,042.10 $4.63 Hypothetical (5% return before expenses) $1,000.00 $1,020.60 $4.58 ---------------------------------------------------------------------------------------------- * Expenses are equal to each Shares' annualized expense ratio, shown in the table below, multiplied by the number of days in the most recent fiscal half-years/366 (to reflect the one-half year period). [Enlarge/Download Table] ANNUALIZED EXPENSE RATIO ----------------------------------------------------------- CITISTREET CITISTREET CITISTREET CITISTREET INTERNATIONAL SMALL COMPANY LARGE COMPANY DIVERSIFIED STOCK FUND STOCK FUND STOCK FUND BOND FUND ---------------------------------------------------------------------------------------------- I SHARES 0.90% 0.75% 0.63% 0.55% R SHARES 1.25% 1.10% 0.98% 0.90% ---------------------------------------------------------------------------------------------- 24
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Statements of Assets and Liabilities CitiStreet Funds, Inc. / December 31, 2004 [Enlarge/Download Table] CitiStreet CitiStreet CitiStreet CitiStreet International Small Company Large Company Diversified Stock Fund Stock Fund Stock Fund Bond Fund ------------- ------------- ------------- -------------- ASSETS Investments in securities, at cost......................... $493,513,722 $444,498,208 $696,971,627 $1,075,825,475 ---------------------------------------------------------------------------------------------------------------------------- Investments in securities, at value (see accompanying Portfolio of Investments) (Note 2)......................... $586,503,936 $536,009,347 $778,917,001 $1,094,599,383 Cash, denominated in foreign currency (cost $1,334,149)..... 1,339,301 -- -- -- Receivables for: Investment securities sold................................. -- 50,756 3,844,238 1,646,652 Capital share subscriptions................................ 47,659 29,091 59,446 187,175 Interest................................................... 11,752 26,189 18,963 7,861,103 Dividends.................................................. 377,115 296,132 904,760 -- Foreign tax reclaims....................................... 158,747 -- 15,021 -- Variation margin on open futures contracts (Note 2)........ -- 2,530 -- 8,777 Prepaid expenses............................................ 28,365 28,398 28,374 29,678 ------------ ------------ ------------- -------------- Total assets............................................... 588,466,875 536,442,443 783,787,803 1,104,332,768 ------------ ------------ ------------- -------------- LIABILITIES Payables for: Investment securities purchased............................ 495,285 752,745 6,000,338 2,997,762 Delayed delivery transactions (Note 7)..................... -- -- -- 47,147,632 Payable upon return of securities loaned (Note 2).......... 92,572,948 95,248,719 -- 186,615,840 Capital share redemptions.................................. 2,701,690 2,211,142 4,671,835 5,175,567 Variation margin on open futures contracts (Note 2)........ -- -- 6,600 -- Options written (premiums received $170,425) (Note 6)...... -- -- -- 58,328 Payable to Adviser.......................................... 102,151 91,417 162,040 181,971 Payable to Administrator.................................... 1,006 784 1,742 2,313 Payable to Distributor...................................... 2,531 1,950 4,338 5,820 Payable to Directors........................................ 5,782 6,393 2,441 1,070 Accrued expenses............................................ 326,395 257,684 322,009 314,095 ------------ ------------ ------------- -------------- Total liabilities.......................................... 96,207,788 98,570,834 11,171,343 242,500,398 ------------ ------------ ------------- -------------- NET ASSETS.................................................. $492,259,087 $437,871,609 $772,616,460 $ 861,832,370 ============ ============ ============= ============== ---------------------------------------------------------------------------------------------------------------------------- COMPOSITION OF NET ASSETS Capital shares at par....................................... $ 363,484 $ 313,624 $ 663,349 $ 728,370 Additional paid-in capital.................................. 469,071,731 328,689,948 795,211,062 821,786,666 Undistributed net investment income......................... 6,137,069 905,078 9,088,740 30,433,346 Accumulated net realized gain (loss) on investments, futures contracts, option contracts and foreign currency transactions............................................... (76,345,665) 16,406,621 (114,363,010) (9,747,475) Net unrealized appreciation on investments, translation of assets and liabilities in foreign currencies, futures contracts and option contracts............................. 93,032,468 91,556,338 82,016,319 18,631,463 ------------ ------------ ------------- -------------- $492,259,087 $437,871,609 $772,616,460 $ 861,832,370 ============ ============ ============= ============== NET ASSETS ATTRIBUTABLE TO: I Shares................................................... $479,714,316 $428,278,657 $751,357,252 $ 833,489,026 ============ ============ ============= ============== R Shares................................................... $ 12,544,771 $ 9,592,952 $ 21,259,208 $ 28,343,344 ============ ============ ============= ============== CAPITAL SHARES OUTSTANDING I Shares................................................... 35,418,343 30,671,582 64,501,879 70,433,144 ============ ============ ============= ============== R Shares................................................... 930,079 690,867 1,832,982 2,403,890 ============ ============ ============= ============== NET ASSET VALUE PER SHARE I Shares................................................... $ 13.54 $ 13.96 $ 11.65 $ 11.83 ============ ============ ============= ============== R Shares................................................... $ 13.49 $ 13.89 $ 11.60 $ 11.79 ============ ============ ============= ============== The accompanying notes are an integral part of the financial statements. 25
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Statements of Operations CitiStreet Funds, Inc. / For the year ended December 31, 2004 [Enlarge/Download Table] CitiStreet CitiStreet CitiStreet CitiStreet International Small Company Large Company Diversified Stock Fund Stock Fund Stock Fund Bond Fund ------------- ------------- ------------- ----------- INVESTMENT INCOME Dividends................................................... $ 9,598,442(a) $ 3,597,097(b) $13,419,228(c) $ 160,594 Interest.................................................... 2,855 39,657 12,831 34,404,007 Income from securities lending.............................. 340,967 162,826 -- 194,110 ----------- ----------- ----------- ----------- Total income............................................... 9,942,264 3,799,580 13,432,059 34,758,711 ----------- ----------- ----------- ----------- EXPENSES Management fee (Note 3)..................................... 3,132,583 2,312,711 3,692,265 3,479,947 Distribution fee (Note 3)................................... 19,300 14,897 33,316 44,951 Administration fee (Note 3)................................. 7,720 5,959 13,326 17,980 Custodian fees.............................................. 444,422 274,104 318,698 354,531 Printing expense............................................ 124,088 131,281 159,258 171,298 Professional fees........................................... 77,906 75,734 103,845 112,253 Miscellaneous expenses...................................... 53,164 52,407 56,688 57,914 Directors' fees & expenses.................................. 47,489 46,941 52,017 53,266 Transfer Agent fees......................................... 23,499 22,972 30,450 31,842 ----------- ----------- ----------- ----------- Total expenses before directed brokerage arrangements...... 3,930,171 2,937,006 4,459,863 4,323,982 LESS: Expenses paid under directed brokerage arrangements (Note 4)................................................... (26,710) (7,386) (116,087) -- ----------- ----------- ----------- ----------- Net expenses............................................... 3,903,461 2,929,620 4,343,776 4,323,982 ----------- ----------- ----------- ----------- Net investment income...................................... 6,038,803 869,960 9,088,283 30,434,729 ----------- ----------- ----------- ----------- REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS Net realized gain on: Investments.............................................. 27,781,593 31,641,420 24,327,922 9,629,184 Futures contracts........................................ -- 524,087 750,985 2,848,868 Options written.......................................... -- -- -- 334,236 Foreign currency transactions............................ 278,827 6 94 -- ----------- ----------- ----------- ----------- Total realized gain........................................ 28,060,420 32,165,513 25,079,001 12,812,288 ----------- ----------- ----------- ----------- Net change in unrealized appreciation (depreciation) on: Investments.............................................. 29,745,123 24,019,021 35,848,018 (6,312,343) Futures contracts........................................ -- (20,601) (203,938) (500,068) Options written.......................................... -- -- -- 109,881 Foreign currency transactions............................ (78,688) (5) 86 -- ----------- ----------- ----------- ----------- Total unrealized appreciation (depreciation)............... 29,666,435 23,998,415 35,644,166 (6,702,530) ----------- ----------- ----------- ----------- Total realized and unrealized gain on investments.......... 57,726,855 56,163,928 60,723,167 6,109,758 ----------- ----------- ----------- ----------- Net increase in net assets from operations................. $63,765,658 $57,033,888 $69,811,450 $36,544,487 =========== =========== =========== =========== (a) Net of foreign taxes withheld........................... $ 1,286,614 (b) Net of foreign taxes withheld........................... $ 6,223 (c) Net of foreign taxes withheld........................... $ 39,136 The accompanying notes are an integral part of the financial statements. 26
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Statements of Changes in Net Assets CitiStreet Funds, Inc. [Enlarge/Download Table] CitiStreet International Stock Fund ----------------------------- Year ended Year ended December 31, December 31, 2004 2003 -------------- ------------ INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS Net investment income....................................... $ 6,038,803 $ 5,316,041 Net realized gain (loss) on security transactions, futures contracts, option contracts, and foreign currency transactions............................................... 28,060,420 (27,724,278) Net increase (decrease) in unrealized appreciation (depreciation) on investments, futures contracts, option contracts and foreign currency transactions................ 29,666,435 122,829,138 ------------ ------------ Net increase in net assets resulting from operations....... 63,765,658 100,420,901 ------------ ------------ DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS From net investment income I Shares................................................... (5,919,504) (2,817,046) R Shares................................................... (98,890) (8,820) ------------ ------------ Total distributions to shareholders........................ (6,018,394) (2,825,866) ------------ ------------ CAPITAL SHARE TRANSACTIONS Proceeds from sale of shares I Shares................................................... 47,627,615 83,030,151 R Shares................................................... 8,066,019 3,332,436 Distributions reinvested I Shares................................................... 5,919,504 2,817,046 R Shares................................................... 98,890 8,820 Cost of shares repurchased I Shares................................................... (50,332,084) (94,899,213) R Shares................................................... (721,827) (28,557) ------------ ------------ Net increase (decrease) from capital share transactions.... 10,658,117 (5,739,317) ------------ ------------ Net increase in net assets.................................. 68,405,381 91,855,718 ------------ ------------ NET ASSETS Beginning of year........................................... 423,853,706 331,997,988 ------------ ------------ End of year................................................. $492,259,087 $423,853,706 ============ ============ Undistributed net investment income......................... $ 6,137,069 $ 5,750,864 ============ ============ CAPITAL SHARES I SHARES Capital shares outstanding, beginning of year............... 35,110,391 35,798,060 Capital shares issued....................................... 3,889,749 8,703,119 Capital shares from distributions reinvested................ 505,508 278,089 Capital shares redeemed..................................... (4,087,305) (9,668,877) ------------ ------------ Capital shares outstanding, end of year..................... 35,418,343 35,110,391 ============ ============ CAPITAL SHARES R SHARES Capital shares outstanding, beginning of year............... 318,230 238 Capital shares issued....................................... 662,457 320,297 Capital shares from distributions reinvested................ 8,467 873 Capital shares redeemed..................................... (59,075) (3,178) ------------ ------------ Capital shares outstanding, end of year..................... 930,079 318,230 ============ ============ The accompanying notes are an integral part of the financial statements. 28
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Statements of Changes in Net Assets CitiStreet Funds, Inc. [Enlarge/Download Table] CitiStreet CitiStreet CitiStreet Small Company Stock Fund Large Company Stock Fund Diversified Bond Fund ------------------------------- ------------------------------- ------------------------------- Year ended Year ended Year ended Year ended Year ended Year ended December 31, December 31, December 31, December 31, December 31, December 31, 2004 2003 2004 2003 2004 2003 -------------- -------------- -------------- -------------- -------------- -------------- $ 869,960 $ 795,836 $ 9,088,283 $ 5,947,567 $ 30,434,729 $ 27,016,849 32,165,513 (3,687,645) 25,079,001 (2,007,724) 12,812,288 7,370,020 23,998,415 113,717,117 35,644,166 134,113,283 (6,702,530) 1,925,427 ------------ ------------ ------------ ------------ ------------ ------------ 57,033,888 110,825,308 69,811,450 138,053,126 36,544,487 36,312,296 ------------ ------------ ------------ ------------ ------------ ------------ (428,457) (394,209) (5,786,643) (3,827,581) (26,543,308) (27,566,547) -- (338) (85,414) (12,018) (641,616) (137,445) ------------ ------------ ------------ ------------ ------------ ------------ (428,457) (394,547) (5,872,057) (3,839,599) (27,184,924) (27,703,992) ------------ ------------ ------------ ------------ ------------ ------------ 33,282,441 66,302,083 72,667,644 102,425,521 131,851,705 106,264,799 5,919,051 2,635,111 13,413,772 6,022,528 20,239,743 7,786,855 428,457 394,209 5,786,643 3,827,581 26,543,308 27,566,547 -- 338 85,413 12,018 641,616 137,445 (36,823,623) (21,988,039) (37,492,505) (24,742,693) (33,430,399) (71,657,501) (303,085) (27,987) (373,086) (62,738) (663,211) (36,240) ------------ ------------ ------------ ------------ ------------ ------------ 2,503,241 47,315,715 54,087,881 87,482,217 145,182,762 70,061,905 ------------ ------------ ------------ ------------ ------------ ------------ 59,108,672 157,746,476 118,027,274 221,695,744 154,542,325 78,670,209 ------------ ------------ ------------ ------------ ------------ ------------ 378,762,937 221,016,461 654,589,186 432,893,442 707,290,045 628,619,836 ------------ ------------ ------------ ------------ ------------ ------------ $437,871,609 $378,762,937 $772,616,460 $654,589,186 $861,832,370 $707,290,045 ============ ============ ============ ============ ============ ============ $ 905,078 $ 858,159 $ 9,088,740 $ 5,953,465 $ 30,433,346 $ 27,007,281 ============ ============ ============ ============ ============ ============ 30,897,384 25,971,457 60,670,273 51,587,814 59,814,730 54,396,608 2,645,142 7,013,981 6,719,632 11,340,628 11,177,328 9,053,248 36,310 36,333 553,746 396,641 2,274,491 2,443,843 (2,907,254) (2,124,387) (3,441,772) (2,654,810) (2,833,405) (6,078,969) ------------ ------------ ------------ ------------ ------------ ------------ 30,671,582 30,897,384 64,501,879 60,670,273 70,433,144 59,814,730 ============ ============ ============ ============ ============ ============ 240,577 176 612,474 298 677,805 162 474,034 242,982 1,246,811 617,286 1,727,400 668,541 -- 31 8,197 1,248 55,122 12,217 (23,744) (2,612) (34,500) (6,358) (56,437) (3,115) ------------ ------------ ------------ ------------ ------------ ------------ 690,867 240,577 1,832,982 612,474 2,403,890 677,805 ============ ============ ============ ============ ============ ============ The accompanying notes are an integral part of the financial statements. 29
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Financial Highlights CitiStreet Funds, Inc. [Enlarge/Download Table] International Stock Fund -- I Shares ---------------------------------------------------- Year ended December 31, ---------------------------------------------------- 2004 2003 2002 2001 2000 -------- -------- -------- -------- -------- NET ASSET VALUE Beginning of year................................ $ 11.96 $ 9.27 $ 12.45 $ 19.58 $ 22.33 -------- -------- -------- -------- -------- OPERATIONS Net investment income(1)......................... 0.17+ 0.15+ 0.08 0.03 0.24 Net realized and unrealized gain (loss) on investments.................................... 1.58 2.62 (2.83) (4.22) (1.97) -------- -------- -------- -------- -------- Total from investment operations................. 1.75 2.77 (2.75) (4.19) (1.73) -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income............. (0.17) (0.08) (0.07) (0.21) (0.18) Distributions from net realized gains on investments.................................... -- -- (0.36) (2.73) (0.84) -------- -------- -------- -------- -------- Total distributions.............................. (0.17) (0.08) (0.43) (2.94) (1.02) -------- -------- -------- -------- -------- NET ASSET VALUE End of year...................................... $ 13.54 $ 11.96 $ 9.27 $ 12.45 $ 19.58 ======== ======== ======== ======== ======== TOTAL RETURN(2)................................... 14.84% 30.04% (22.31)% (21.44)% (8.03)% RATIOS/SUPPLEMENTAL DATA Net assets at end of year (000's omitted)........ $479,714 $420,060 $331,996 $368,195 $344,409 Ratios of expenses to average net assets: Before repayments/reimbursements and directed brokerage arrangements....................... 0.89% 0.90% 0.90% 0.86% 0.75% After repayments/reimbursements and before directed brokerage arrangements.............. 0.89% 0.90% 0.90% 0.86% 0.75% After repayments/reimbursements and directed brokerage arrangements....................... 0.88% 0.89% 0.89% 0.85% 0.74% Ratios of net investment income to average net assets: Before repayments/reimbursements and directed brokerage arrangements....................... 1.38% 1.50% 0.91% 0.70% 0.93% After repayment/reimbursements and directed brokerage arrangements....................... 1.39% 1.51% 0.92% 0.71% 0.94% Portfolio turnover rate.......................... 48.47% 48.31% 54.15% 68.20% 23.94% -------------------------------------------------------------------------------------------------------- (1) Net of expense reimbursements, repayments and directed brokerage arrangements. (2) Total return is calculated assuming an initial investment made at net asset value at the beginning of the year, all dividends and distributions are reinvested and redemption on the last day of the year. Total returns do not reflect charges attributable to separate account expenses deducted by the insurance company for variable annuity contract shareholders. Inclusion of these charges would reduce the total return shown. + Calculated using the average share method. The accompanying notes are an integral part of the financial statements. 30
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Financial Highlights CitiStreet Funds, Inc. [Enlarge/Download Table] International Stock Fund -- R Shares ------------------------------------------------------- Year ended For the period December 31, October 1, 2002 ------------------------ (commencement of operations) 2004 2003 to December 31, 2002 ----------- ---------- ---------------------------- NET ASSET VALUE Beginning of period........................................ $ 11.92 $ 9.27 $ 8.67 ------- ------ ------ OPERATIONS Net investment income (loss)(1)............................ 0.11+ 0.01+ (0.01) Net realized and unrealized gain on investments............ 1.59 2.71 0.61 ------- ------ ------ Total from investment operations........................... 1.70 2.72 0.60 ------- ------ ------ DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income....................... (0.13) (0.07) -- Distributions from net realized gains on investments....... -- -- -- ------- ------ ------ Total distributions........................................ (0.13) (0.07) -- ------- ------ ------ NET ASSET VALUE End of period.............................................. $ 13.49 $11.92 $ 9.27 ======= ====== ====== TOTAL RETURN(2)............................................. 14.47% 29.49% 6.92% RATIOS/SUPPLEMENTAL DATA Net assets at end of period (000's omitted)................ $12,545 $3,793 $ 2 Ratios of expenses to average net assets: Before repayments/reimbursements and directed brokerage arrangements).......................................... 1.24% 1.24% 1.25%(3) After repayments/reimbursements and before directed brokerage arrangements................................. 1.24% 1.24% 1.25%(3) After repayments/reimbursements and directed brokerage arrangements........................................... 1.23% 1.24% 1.25%(3) Ratios of net investment income (loss) to average net assets: Before repayments/reimbursements and directed brokerage arrangements........................................... 0.93% 0.20% (0.51)%(3) After repayments/reimbursements and directed brokerage arrangements........................................... 0.94% 0.20% (0.51)%(3) Portfolio turnover rate.................................... 48.47% 48.31% 54.15%(4) --------------------------------------------------------------------------------------------------------------------- (1) Net of expense reimbursements, repayments and directed brokerage arrangements. (2) Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, all dividends and distributions are reinvested and redemption on the last day of the period. Total return is not annualized for periods of less than one year. (3) Annualized. (4) Represents portfolio turnover for the fund for the entire year. + Calculated using the average share method. The accompanying notes are an integral part of the financial statements. 31
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Financial Highlights CitiStreet Funds, Inc. [Enlarge/Download Table] Small Company Stock Fund -- I Shares ---------------------------------------------------- Year ended December 31, ---------------------------------------------------- 2004 2003 2002 2001 2000 -------- -------- -------- -------- -------- NET ASSET VALUE Beginning of year................................ $ 12.16 $ 8.51 $ 11.28 $ 17.23 $ 16.42 -------- -------- -------- -------- -------- OPERATIONS Net investment income (1)........................ 0.03+ 0.03+ 0.01 0.06 0.01 Net realized and unrealized gain (loss) on investments.................................... 1.78 3.63 (2.68) (0.15) 1.66 -------- -------- -------- -------- -------- Total from investment operations................. 1.81 3.66 (2.67) (0.09) 1.67 -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income............. (0.01) (0.01) (0.05) (0.01) -- Distributions from net realized gains on investments.................................... -- -- (0.05) (5.85) (0.86) -------- -------- -------- -------- -------- Total distributions.............................. (0.01) (0.01) (0.10) (5.86) (0.86) -------- -------- -------- -------- -------- NET ASSET VALUE End of year...................................... $ 13.96 $ 12.16 $ 8.51 $ 11.28 $ 17.23 ======== ======== ======== ======== ======== TOTAL RETURN(2)................................... 14.94% 43.06% (23.72)% 1.57% 10.08% RATIOS/SUPPLEMENTAL DATA Net assets at end of year (000's omitted)........ $428,279 $375,847 $221,015 $276,788 $367,278 Ratios of expenses to average net assets: Before repayments/reimbursements and directed brokerage arrangements....................... 0.74% 0.79% 0.76% 0.77% 0.84% After repayments/reimbursements and before directed brokerage arrangements.............. 0.74% 0.79% 0.76% 0.77% 0.84% After repayments/reimbursements and directed brokerage arrangements....................... 0.74% 0.79% 0.76% 0.74% 0.81% Ratios of net investment income to average net assets: Before repayments/reimbursements and directed brokerage arrangements....................... 0.23% 0.27% 0.24% 0.41% 0.01% After repayment/reimbursements and directed brokerage arrangements....................... 0.23% 0.27% 0.24% 0.44% 0.04% Portfolio turnover rate.......................... 54.17% 83.46% 52.35% 94.86% 154.61% -------------------------------------------------------------------------------------------------------- (1) Net of expense reimbursements, repayments and directed brokerage arrangements. (2) Total return is calculated assuming an initial investment made at net asset value at the beginning of the year, all dividends and distributions are reinvested and redemption on the last day of the year. Total returns do not reflect charges attributable to separate account expenses deducted by the insurance company for variable annuity contract shareholders. Inclusion of these charges would reduce the total return shown. + Calculated using the average share method. The accompanying notes are an integral part of the financial statements. 32
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Financial Highlights CitiStreet Funds, Inc. [Enlarge/Download Table] Small Company Stock Fund -- R Shares ------------------------------------------------------ Year ended For the period December 31, October 1, 2002 ----------------------- (commencement of operations) 2004 2003 to December 31, 2002 ---------- ---------- ---------------------------- NET ASSET VALUE Beginning of period........................................ $12.12 $ 8.50 $ 8.19 ------ ------ ------ OPERATIONS Net investment income (loss)(1)............................ (0.01)+ (0.01)+ 0.01 Net realized and unrealized gain on investments............ 1.78 3.63 0.30 ------ ------ ------ Total from investment operations........................... 1.77 3.62 0.31 ------ ------ ------ DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income....................... -- (0.00)(5) -- Distributions from net realized gains on investments....... -- -- -- ------ ------ ------ Total distributions........................................ -- (0.00) -- ------ ------ ------ NET ASSET VALUE End of period.............................................. $13.89 $12.12 $ 8.50 ====== ====== ====== TOTAL RETURN(2)............................................. 14.60% 42.64% 3.79% RATIOS/SUPPLEMENTAL DATA Net assets at end of period (000's omitted)................ $9,593 $2,916 $ 1 Ratios of expenses to average net assets: Before repayments/reimbursements and directed brokerage arrangements........................................... 1.09% 1.14% 1.11%(3) After repayments/reimbursements and before directed brokerage arrangements................................. 1.09% 1.14% 1.11%(3) After repayments/reimbursements and directed brokerage arrangements........................................... 1.09% 1.14% 1.11%(3) Ratios of net investment income (loss) to average net assets: Before repayments/reimbursements and directed brokerage arrangements........................................... (0.10)% (0.10)% 0.20%(3) After repayments/reimbursements and directed brokerage arrangements........................................... (0.10)% (0.10)% 0.20%(3) Portfolio turnover rate.................................... 54.17% 83.46% 52.35%(4) -------------------------------------------------------------------------------------------------------------------- (1) Net of expense reimbursements, repayments and directed brokerage arrangements. (2) Total return is calculated assuming an initial investment made at net asset value at the beginning of period, all dividends and distributions are reinvested and redemptions on the last day of the period. Total return is not annualized for periods of less than one year. (3) Annualized. (4) Represents portfolio turnover for the fund for the entire year. (5) Amount is less than $.005 per share. + Calculated using the average share method. The accompanying notes are an integral part of the financial statements. 33
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Financial Highlights CitiStreet Funds, Inc. [Enlarge/Download Table] Large Company Stock Fund -- I Shares ---------------------------------------------------- Year ended December 31, ---------------------------------------------------- 2004 2003 2002 2001 2000 -------- -------- -------- -------- -------- NET ASSET VALUE Beginning of year................................ $ 10.68 $ 8.39 $ 10.95 $ 13.98 $ 17.61 -------- -------- -------- -------- -------- OPERATIONS Net investment income(1)......................... 0.14+ 0.10+ 0.07 0.05 0.11 Net realized and unrealized gain (loss) on investments.................................... 0.92 2.25 (2.57) (2.26) (2.66) -------- -------- -------- -------- -------- Total from investment operations................. 1.06 2.35 (2.50) (2.21) (2.55) -------- -------- -------- -------- -------- DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income............. (0.09) (0.06) (0.06) (0.10) (0.20) Distributions from net realized gains on investments.................................... -- -- -- (0.72) (0.88) -------- -------- -------- -------- -------- Total distributions.............................. (0.09) (0.06) (0.06) (0.82) (1.08) -------- -------- -------- -------- -------- NET ASSET VALUE End of year...................................... $ 11.65 $ 10.68 $ 8.39 $ 10.95 $ 13.98 ======== ======== ======== ======== ======== TOTAL RETURN(2)................................... 10.04% 28.14% (22.84)% (15.74)% (14.96)% RATIOS/SUPPLEMENTAL DATA Net assets at end of year (000's omitted)........ $751,357 $648,073 $432,891 $472,712 $442,439 Ratios of expenses to average net assets: Before repayments/reimbursements and directed brokerage arrangements....................... 0.64% 0.63% 0.70% 0.69% 0.68% After repayments/reimbursements and before directed brokerage arrangements.............. 0.64% 0.63% 0.70% 0.69% 0.68% After repayments/reimbursements and directed brokerage arrangements....................... 0.62% 0.62% 0.67% 0.68% 0.65% Ratios of net investment income to average net assets: Before repayments/reimbursements and directed brokerage arrangements....................... 1.30% 1.10% 0.85% 0.67% 0.83% After repayment/reimbursements and directed brokerage arrangements....................... 1.32% 1.12% 0.88% 0.68% 0.86% Portfolio turnover rate.......................... 37.75% 26.89% 60.04% 71.67% 157.89% -------------------------------------------------------------------------------------------------------- (1) Net of expense reimbursements, repayments and directed brokerage arrangements. (2) Total return is calculated assuming an initial investment made at net asset value at the beginning of the year, all dividends and distributions are reinvested and redemption on the last day of the year. Total returns do not reflect charges attributable to separate account expenses deducted by the insurance company for variable annuity contract shareholders. Inclusion of these charges would reduce the total return shown. + Calculated using the average share method. The accompanying notes are an integral part of the financial statements. 34
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Financial Highlights CitiStreet Funds, Inc. [Enlarge/Download Table] Large Company Stock Fund -- R Shares ----------------------------------------------- Year ended For the period December 31, October 1, 2002 ---------------- (commencement of operations) 2004 2003 to December 31, 2002 ------- ------ ---------------------------- NET ASSET VALUE Beginning of period........................................ $ 10.64 $ 8.38 $ 7.76 ------- ------ ------ OPERATIONS Net investment income(1)................................... 0.12+ 0.04+ 0.01 Net unrealized and unrealized gain on investments.......... 0.90 2.28 0.61 ------- ------ ------ 1.02 2.32 0.62 ------- ------ ------ DISTRIBUTIONS TO SHAREHOLDERS Dividends from net investment income....................... (0.06) (0.06) -- Distributions from net realized gains on investments....... -- -- -- ------- ------ ------ Total distributions........................................ (0.06) (0.06) -- ------- ------ ------ NET ASSET VALUE End of period.............................................. $ 11.60 $10.64 $ 8.38 ======= ====== ====== TOTAL RETURN(2)............................................. 9.64% 27.71% 7.99% RATIOS/SUPPLEMENTAL DATA Net assets, end of period (000 omitted).................... $21,259 $6,516 $ 2 Ratios of expenses to average net assets: Before repayments/reimbursements and directed brokerage arrangements........................................... 0.99% 0.98% 1.05%(3) After repayments/reimbursements and before directed brokerage arrangements................................. 0.99% 0.98% 1.05%(3) After repayments/reimbursements and directed brokerage arrangements........................................... 0.97% 0.96% 1.05%(3) Ratios of net investment income to average net assets: Before repayments/reimbursements and directed brokerage arrangements........................................... 1.08% 0.72% 0.59%(3) After repayments/reimbursements and directed brokerage arrangements........................................... 1.10% 0.74% 0.59%(3) Portfolio turnover rate.................................... 37.75% 26.89% 60.04%(4) ------------------------------------------------------------------------------------------------------------- (1) Net of expense reimbursements, repayments and directed brokerage arrangements. (2) Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, all dividends and distributions are reinvested and redemption on the last day of the period. Total return is not annualized for periods of less than one year. (3) Annualized. (4) Represents portfolio turnover for the fund for the entire year. + Calculated using the average share method. The accompanying notes are an integral part of the financial statements. 35
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Financial Highlights CitiStreet Funds, Inc. [Enlarge/Download Table] Diversified Bond Fund -- I Shares ------------------------------------------------------ Year Ended December 31, ------------------------------------------------------ 2004 2003 2002 2001(3)(4) 2000(4) -------- -------- -------- ---------- -------- NET ASSET VALUE Beginning of year................................ $ 11.69 $ 11.56 $ 11.06 $ 10.74 $ 10.18 -------- -------- -------- -------- -------- OPERATIONS Net investment income(1)......................... 0.45+ 0.47+ 0.52+ 0.57+ 0.71 Net realized and unrealized gain on investments.................................... 0.09 0.16 0.45 0.16 0.49 -------- -------- -------- -------- -------- Total from investment operations................. 0.54 0.63 0.97 0.73 1.20 -------- -------- -------- -------- -------- DISTRIBUTIONS Dividends from net investment income............. (0.40) (0.50) (0.47) (0.41) (0.64) Distributions from net realized gains on investments.................................... -- -- -- -- -- -------- -------- -------- -------- -------- Total distributions.............................. (0.40) (0.50) (0.47) (0.41) (0.64) -------- -------- -------- -------- -------- NET ASSET VALUE End of year...................................... $ 11.83 $ 11.69 $ 11.56 $ 11.06 $ 10.74 ======== ======== ======== ======== ======== TOTAL RETURN(2)................................... 4.65% 5.58% 8.97% 6.86% 12.35% RATIOS/SUPPLEMENTAL DATA Net assets at end of year (000's omitted)........ $833,489 $699,392 $628,639 $531,202 $284,479 Ratios of expenses to average net assets: Before repayments/reimbursements and directed brokerage arrangements....................... 0.54% 0.55% 0.56% 0.65% 0.62% After repayments/reimbursements and before directed brokerage arrangements.............. 0.54% 0.55% 0.56% 0.65% 0.62% After repayments/reimbursements and directed brokerage arrangements....................... 0.54% 0.55% 0.56% 0.65% 0.62% Ratios of net investment income to average net assets: Before repayments/reimbursements and directed brokerage arrangements....................... 3.85% 4.09% 4.61% 5.18% 7.14% After repayments/reimbursements and directed brokerage arrangements....................... 3.85% 4.09% 4.61% 5.18% 7.14% Portfolio turnover rate.......................... 125.02% 197.49% 211.37% 341.70% 163.11% ----------------------------------------------------------------------------------------------------------- (1) Net of expense reimbursements, repayments and directed brokerage arrangements. (2) Total return is calculated assuming an initial investment made at net asset value at the beginning of the year, all dividends and distributions are reinvested and redemption on the last day of the year. Total returns do not reflect changes attributable to separate account expenses deducted by the insurance company for variable annuity contract shareholders. Inclusion of these charges would reduce the total return shown. (3) The fund has adopted the provisions of the AICPA Audit Guide for Investment Companies and began amortizing premium and discount on debt securities. The effect of this change for the year ended December 31, 2001 was to decrease net investment income per share by $0.01, increase net realized and unrealized gains and losses per share by $0.01 and decrease the ratio of net investment income to average net assets from 5.25% to 5.18%. Per share data and ratios/supplemental data for periods prior to January 1, 2002 have not been restated to reflect this change in presentation. (4) Financial information prior to April 27, 2001 is that of Long-Term Bond Fund. + Calculated using the average share method. The accompanying notes are an integral part of the financial statements. 36
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Financial Highlights CitiStreet Funds, Inc. [Enlarge/Download Table] Diversified Bond Fund -- R Shares ------------------------------------------------ Year ended For the period December 31, October 1, 2002 ----------------- (commencement of operations) 2004 2003 to December 31, 2002 ------- ------- ---------------------------- NET ASSET VALUE Beginning of period........................................ $ 11.65 $ 11.55 $ 11.32 ------- ------- ------- OPERATIONS Net investment income(1)................................... 0.41+ 0.23+ 0.11+ Net realized and unrealized gain on investments............ 0.09 0.36 0.12 ------- ------- ------- Total from investment operations........................... 0.50 0.59 0.23 ------- ------- ------- DISTRIBUTIONS Dividends from net investment income....................... (0.36) (0.49) -- Distributions from net realized gains on investments....... -- -- -- ------- ------- ------- Total distributions........................................ (0.36) (0.49) -- ------- ------- ------- NET ASSET VALUE End of period.............................................. $ 11.79 $ 11.65 $ 11.55 ======= ======= ======= TOTAL RETURN(2)............................................. 4.30% 5.24% 2.03% RATIOS/SUPPLEMENTAL DATA Net assets at end of period (000's omitted)................ $28,343 $ 7,898 $ 2 Ratios of expenses to average net assets: Before repayments/reimbursements and directed brokerage arrangements........................................... 0.89% 0.90% 0.91%(3) After repayments/reimbursements and before directed brokerage arrangements................................. 0.89% 0.90% 0.91%(3) After repayments/reimbursements and directed brokerage arrangements........................................... 0.89% 0.90% 0.91%(3) Ratios of net investment income to average net assets: Before repayments/reimbursements and directed brokerage arrangements........................................... 3.50% 3.54% 3.94%(3) After repayments/reimbursements and directed brokerage arrangements........................................... 3.50% 3.54% 3.94%(3) Portfolio turnover rate.................................... 125.02% 197.49% 211.37%(4) -------------------------------------------------------------------------------------------------------------- (1) Net of expense reimbursements, repayment and directed brokerage arrangements. (2) Total return is calculated assuming an initial investment made at net asset value at the beginning of the period, all dividends and distributions are reinvested and redemption on the last day of the period. Total returns are not annualized for periods of less than one year. (3) Annualized. (4) Represents portfolio turnover for the fund for the entire year. + Calculated using the average share method. The accompanying notes are an integral part of the financial statements. 37
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Portfolio of Investments CitiStreet Funds, Inc. / International Stock Fund / December 31, 2004 [Download Table] Shares Value -------------------------------------------------------- COMMON STOCKS -- 97.2% ADVERTISING -- 0.3% 115,501 WPP Group PLC................ $ 1,267,948 ------------ APPAREL & TEXTILES -- 0.3% 22,118 LVMH Moet Hennessy Louis Vuitton SA#.................. 1,687,183 ------------ AUTOMOTIVE -- 4.0% 59,675 Bayerische Motoren Werke AG.. 2,681,964 32,000 Bridgestone Corp.#........... 635,452 52,348 DaimlerChrysler AG........... 2,498,647 90,000 Honda Motor Co. Ltd. ........ 4,652,001 34,179 Renault SA#.................. 2,847,803 171,600 TI Automotive Ltd.(a)........ 0 160,700 Toyota Motor Corp. .......... 6,523,109 ------------ 19,838,976 ------------ BANKING -- 19.5% 138,916 ABN AMRO Holding NV.......... 3,665,107 40,763 Allied Irish Banks PLC....... 847,027 303,827 Allied Irish Banks PLC....... 6,280,409 267,395 Australia & New Zealand Banking Group Ltd. .......... 4,295,242 284,993 Banco Santander Central Hispano SA#.................. 3,522,309 32,595 Bank of Ireland.............. 536,987 348,000 Bank of Yokohama Ltd......... 2,188,338 368,343 Barclays PLC................. 4,135,339 178,362 BNP Paribas#................. 12,869,214 60,027 Credit Agricole SA#.......... 1,803,940 148,494 Credit Suisse Group.......... 6,220,870 20,324 Deutsche Bank AG#............ 1,797,123 67,255 Fortis*...................... 1,854,548 81,200 Hang Seng Bank Ltd. ......... 1,128,242 115,749 HBOS PLC..................... 1,880,504 346 Mitsubishi Tokyo Financial Group, Inc. ................. 3,502,774 230,000 Mitsui Trust Holdings, Inc.#........................ 2,292,612 [Download Table] Shares Value -------------------------------------------------------- 48,254 National Australia Bank Ltd. ........................ $ 1,084,939 104,000 Oversea-Chinese Banking Corp. ....................... 860,083 14,723 Royal Bank of Canada#........ 786,263 407,218 Royal Bank of Scotland Group PLC.......................... 13,668,542 354,982 SanPaolo IMI SpA#............ 5,093,716 840 Sumitomo Mitsui Financial Group, Inc.#................. 6,091,697 57,628 UBS AG....................... 4,815,802 399,960 UniCredito Italiano SpA#..... 2,290,232 319,000 United Overseas Bank Ltd. ... 2,696,765 ------------ 96,208,624 ------------ BUILDING & CONSTRUCTION -- 3.2% 105,475 Arcelor#..................... 2,423,003 236,000 Asahi Glass Co. Ltd.#........ 2,595,931 26,018 Bouygues#.................... 1,197,499 252,143 CRH PLC...................... 6,724,123 25,520 Lafarge SA#.................. 2,452,797 17,239 Travis Perkins PLC........... 572,363 ------------ 15,965,716 ------------ BUSINESS SERVICES & SUPPLIES -- 2.3% 123,300 Canon, Inc.#................. 6,637,292 72,000 Konica Minolta Holdings, Inc. ........................ 953,178 181,000 Ricoh Co. Ltd. .............. 3,483,277 ------------ 11,073,747 ------------ CHEMICALS -- 1.9% 63,751 Bayer AG#.................... 2,152,316 57,090 Clariant AG.................. 918,143 22,709 DSM NV....................... 1,463,895 39,400 Shin-Etsu Chemical Co. Ltd. ........................ 1,610,825 220,000 Sumitomo Chemical Co. Ltd. .. 1,075,051 174,911 Yara International ASA*...... 2,293,212 ------------ 9,513,442 ------------ The accompanying notes are an integral part of the financial statements. 38
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Portfolio of Investments CitiStreet Funds, Inc. / International Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- COMMERCIAL SERVICES -- 0.8% 145,000 Dai Nippon Printing Co. Ltd. ........................ $ 2,320,452 16,001 European Aeronautic Defense and Space Co. ............... 463,319 29,438 Securitas AB Class B......... 503,101 65,000 Toppan Printing Co. Ltd.#.... 719,410 ------------ 4,006,282 ------------ COMPUTERS & INFORMATION -- 0.3% 232,000 Fujitsu Ltd.#................ 1,506,317 ------------ COSMETICS & PERSONAL CARE -- 1.1% 86,000 Kao Corp. ................... 2,193,322 44,161 L'Oreal SA#.................. 3,338,755 ------------ 5,532,077 ------------ DISTRIBUTION & WHOLESALE -- 1.0% 99,000 Esprit Holdings Ltd. ........ 598,626 366,000 Li & Fung Ltd. .............. 616,843 211,000 Sumitomo Corp. .............. 1,815,672 106,676 Wolseley PLC................. 1,989,591 ------------ 5,020,732 ------------ DIVERSIFIED FINANCIAL SERVICES -- 0.6% 215,500 Swire Pacific Ltd. .......... 1,802,117 240,945 Tomkins PLC.................. 1,173,654 ------------ 2,975,771 ------------ ELECTRICAL EQUIPMENT -- 0.9% 2,655,000 Johnson Electric Holdings Ltd. ........................ 2,578,897 149,000 Mitsubishi Electric Corp. ... 728,103 121,000 Sumitomo Electric Industries Ltd. ........................ 1,313,297 ------------ 4,620,297 ------------ [Download Table] Shares Value -------------------------------------------------------- ELECTRONICS -- 1.4% 58,000 Fanuc Ltd. .................. $ 3,782,731 99,979 Koninklijke Philips Electronics NV............... 2,640,515 12,000 Secom Co. Ltd. .............. 478,925 ------------ 6,902,171 ------------ ENTERTAINMENT & LEISURE -- 0.7% 32,393 Carnival PLC................. 1,972,269 13,300 Nintendo Co. Ltd. ........... 1,666,222 ------------ 3,638,491 ------------ FOOD, BEVERAGE & TOBACCO -- 7.6% 194,926 British American Tobacco PLC.......................... 3,351,701 163,480 Cadbury Schweppes PLC........ 1,519,034 386,907 Coca-Cola Amatil Ltd.#....... 2,454,003 272,982 Diageo PLC................... 3,885,831 22,314 Heineken NV.................. 740,964 228 Japan Tobacco, Inc. ......... 2,596,710 48,518 Metro AG#.................... 2,659,336 30,907 Nestle SA.................... 8,058,574 75,151 Royal Numico NV.............. 2,698,948 881,778 Tesco PLC.................... 5,435,493 17,905 Unilever NV.................. 1,195,661 289,523 Unilever PLC................. 2,837,199 ------------ 37,433,454 ------------ FOREST PRODUCTS & PAPER -- 0.9% 144,738 Stora Enso Oyj............... 2,208,152 95,996 UPM-Kymmene Oyj.............. 2,125,979 ------------ 4,334,131 ------------ HEALTHCARE -- 1.7% 15,300 Hoya Corp. .................. 1,723,167 51,345 Luxottica Group SpA#......... 1,041,196 533,542 Smith & Nephew PLC........... 5,448,249 ------------ 8,212,612 ------------ The accompanying notes are an integral part of the financial statements. 39
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Portfolio of Investments CitiStreet Funds, Inc. / International Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- HOTELS & RESTAURANTS -- 0.4% 88,451 Intercontinental Hotels Group PLC#......................... $ 1,097,245 54,103 Whitbread PLC................ 877,424 ------------ 1,974,669 ------------ HOUSEHOLD PRODUCTS -- 1.5% 25,288 Electrolux AB Class B........ 576,235 9,599 Henkel KGaA.................. 831,627 55,000 Matsushita Electric Industrial Co. Ltd. ......... 870,534 83,600 Sony Corp. .................. 3,222,583 174,000 Toto Ltd. ................... 1,656,498 ------------ 7,157,477 ------------ INDUSTRIAL MACHINERY -- 1.3% 21,459 Atlas Copco AB#.............. 965,100 422,000 Komatsu Ltd. ................ 2,945,332 12,900 Nidec Corp. ................. 1,568,393 6,693 Schneider Electric SA#....... 463,888 32,700 THK Co. Ltd.#................ 646,170 ------------ 6,588,883 ------------ INSURANCE -- 6.1% 210,979 Aviva PLC.................... 2,538,400 92,261 AXA#......................... 2,270,568 356,058 ING Groep NV................. 10,729,226 94 Millea Holdings, Inc. ....... 1,390,831 471,000 Mitsui Sumitomo Insurance Co. Ltd. ........................ 4,080,502 216,757 Prudential PLC............... 1,881,189 61,681 Swiss Reinsurance............ 4,384,162 15,191 Zurich Financial Services AG*.......................... 2,524,289 ------------ 29,799,167 ------------ [Download Table] Shares Value -------------------------------------------------------- MANUFACTURING -- 1.6% 44,600 Fuji Photo Film Co. Ltd. .... $ 1,623,713 41,027 Siemens AG#.................. 3,464,477 190,669 Smiths Group PLC............. 3,002,707 ------------ 8,090,897 ------------ METALS & MINING -- 0.9% 170,000 Nippon Steel Corp. .......... 415,361 134,690 Rio Tinto PLC................ 3,955,839 ------------ 4,371,200 ------------ MULTIMEDIA -- 1.6% 60,140 British Sky Broadcasting PLC.......................... 647,531 38,072 News Corp.#.................. 727,993 104,687 Reed Elsevier NV............. 1,421,400 398,105 Reed Elsevier PLC............ 3,664,816 52,505 VNU NV....................... 1,544,482 ------------ 8,006,222 ------------ OIL & GAS -- 8.5% 328,132 BG Group PLC................. 2,225,425 1,032,893 BP PLC....................... 10,052,641 519,961 ENI SpA#..................... 12,965,309 53,700 Schlumberger, Ltd. .......... 3,595,215 58,707 Total SA#.................... 12,771,099 ------------ 41,609,689 ------------ PHARMACEUTICALS -- 9.6% 22,171 Altana AG#................... 1,395,899 62,468 AstraZeneca PLC.............. 2,260,740 73,800 Eisai Co. Ltd. .............. 2,420,968 389,715 GlaxoSmithKline PLC.......... 9,123,877 171,910 Novartis AG.................. 8,633,167 59,713 Roche Holding AG............. 6,850,510 39,600 Sankyo Co. Ltd. ............. 892,378 86,358 Sanofi-Aventis#.............. 6,873,887 The accompanying notes are an integral part of the financial statements. 40
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Portfolio of Investments CitiStreet Funds, Inc. / International Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 34,595 Schering AG.................. $ 2,576,188 120,900 Takeda Pharmaceutical Co. Ltd. ........................ 6,072,656 ------------ 47,100,270 ------------ REAL ESTATE -- 1.7% 111,624 Cheung Kong Holdings Ltd. ... 1,116,556 264,000 Henderson Land Development Co. Ltd.#.................... 1,375,566 566,680 Sun Hung Kai Properties Ltd. ........................ 5,668,404 ------------ 8,160,526 ------------ RETAIL -- 2.1% 137,946 GUS PLC...................... 2,480,302 294,252 Kingfisher PLC............... 1,746,191 29,026 Next PLC..................... 917,555 12,572 Pinault-Printemps-Redoute#... 1,253,429 104,700 Seven-Eleven Japan Co. Ltd. ........................ 3,291,940 14,721 Shoppers Drug Mart Corp.*.... 456,032 ------------ 10,145,449 ------------ SEMICONDUCTORS -- 0.2% 9,000 Rohm Co. Ltd. ............... 928,648 ------------ SOFTWARE -- 1.0% 307,377 Sage Group PLC............... 1,191,025 21,400 SAP AG#...................... 3,806,551 ------------ 4,997,576 ------------ TELECOMMUNICATIONS -- 7.6% 108,982 France Telecom SA#........... 3,593,805 558 Nippon Telegraph & Telephone Corp. ....................... 2,498,589 101,102 Nokia OYJ.................... 1,590,334 1,000 NTT DoCoMo, Inc. ............ 1,839,774 202,795 Royal KPN NV................. 1,918,920 2,142,000 Singapore Telecommunications Ltd.......................... 3,122,985 11,600 TDC A/S...................... 489,200 [Download Table] Shares Value -------------------------------------------------------- 737,155 Telecom Italia SpA#.......... $ 3,003,640 414,040 Telefonica SA................ 7,768,336 93,400 Telenor ASA.................. 844,512 3,951,101 Vodafone Group PLC........... 10,692,215 ------------ 37,362,310 ------------ TRANSPORTATION -- 1.0% 128 East Japan Railway Co. ...... 710,211 111,480 TPG NV....................... 3,015,192 272 West Japan Railway Co. ...... 1,096,155 ------------ 4,821,558 ------------ UTILITIES-ELECTRIC -- 3.3% 107,346 E.ON AG...................... 9,744,777 102,270 Endesa SA#................... 2,393,678 412,955 International Power PLC*..... 1,222,341 65,364 National Grid Transco PLC.... 621,128 14,493 RWE AG....................... 798,501 84,994 Scottish & Southern Energy PLC.......................... 1,420,741 ------------ 16,201,166 ------------ UTILITIES-GAS -- 0.3% 371,782 Centrica PLC................. 1,682,757 ------------ TOTAL COMMON STOCKS (Cost $386,397,307)..................... 478,736,435 ------------ DEPOSITORY RECEIPTS -- 1.5% ELECTRICAL EQUIPMENT -- 0.6% 21,320 Samsung Electronics Co. Ltd. (GDR)(b)..................... 3,091,400 ------------ SEMICONDUCTORS -- 0.9% 512,527 Taiwan Semiconductor Manufacturing Co. Ltd. (ADR)........................ 4,351,354 ------------ TOTAL DEPOSITORY RECEIPTS (Cost $6,791,668)....................... 7,442,754 ------------ The accompanying notes are an integral part of the financial statements. 41
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Portfolio of Investments CitiStreet Funds, Inc. / International Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- SHORT-TERM INVESTMENTS -- 20.4% COLLATERAL FOR SECURITIES ON LOAN -- 18.8% 92,572,948 State Street Navigator Securities Lending Prime Portfolio 2.200%(c)(d)(e).... $ 92,572,948 ------------ MUTUAL FUND -- 1.6% 7,751,799 Goldman Sachs Prime Obligations Fund 2.050% (c).......................... 7,751,799 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $100,324,747)..................... 100,324,747 ------------ TOTAL INVESTMENTS -- 119.1% (Cost $493,513,722)..................... 586,503,936 ------------ Liabilities in excess of other assets -- (19.1)%....................... (94,244,849) ------------ TOTAL NET ASSETS -- 100.0%................ $492,259,087 ============ NOTES TO THE PORTFOLIO OF INVESTMENTS: * -- Non-income producing security. # -- Represents security, or portion thereof, on loan as of December 31, 2004. (a) -- Represents a security which is fair-valued. (b) -- 144A securities. Securities restricted for resale to Qualified Institutional Buyers. (c) -- Rate quoted represents the seven day yield of the Fund. (d) -- Indicates an affiliated issuer. (e) -- Represents security purchased with cash collateral received for securities on loan. SECURITY ABBREVIATIONS: ADR -- American Depository Receipt GDR -- Global Depository Receipt The accompanying notes are an integral part of the financial statements. 42
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Investments by Country CitiStreet Funds, Inc. / International Stock Fund / December 31, 2004 [Download Table] Percentage of COUNTRY Net Assets ----------------------------------------- United Kingdom 23.10% Japan 20.80 France 11.00 Switzerland 8.70 Germany 7.10 Netherlands 6.50 Italy 5.00 Hong Kong 3.10 Ireland 3.00 Spain 2.80 Australia 1.60 Singapore 1.40 [Download Table] Percentage of COUNTRY Net Assets ----------------------------------------- Finland 1.20 United States 0.90 Taiwan 0.90 Norway 0.60 South Korea 0.60 Luxembourg 0.50 Sweden 0.40 Belgium 0.40 Canada 0.30 Denmark 0.10 ----- Total 100.0% ===== INTERNATIONAL STOCK FUND As of December 31, 2004 PORTFOLIO COUNTRY INFORMATION Reflected as a percentage of total long-term investments (BAR CHART) [Download Table] United Kingdom 23.10 Japan 20.80 France 11.00 Switzerland 8.70 Germany 7.10 Netherlands 6.50 Italy 5.00 Hong Kong 3.10 Ireland 3.00 Spain 2.80 Australia 1.60 Singapore 1.40 Finland 1.20 Taiwan 0.90 United States 0.90 Norway 0.60 South Korea 0.60 Luxembourg 0.50 Sweden 0.40 Belgium 0.40 Canada 0.30 Denmark 0.10 The accompanying notes are an integral part of the financial statements. 43
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 [Download Table] Shares Value -------------------------------------------------------- COMMON STOCKS -- 98.3% ADVERTISING -- 0.3% 1,797 Advo, Inc. ................. $ 64,063 3,226 Catalina Marketing Corp. ... 95,586 2,633 Getty Images, Inc.*......... 181,282 56 Grey Global Group, Inc.#.... 61,600 3,414 Harte-Hanks, Inc. .......... 88,696 28 Marchex, Inc. Class B*#..... 588 1,347 RH Donnelley Corp.*......... 79,540 1,915 Sitel Corp.*................ 4,711 1,176 Valuevision Media, Inc.*#... 16,358 30,458 Ventiv Health, Inc.*........ 618,907 ------------ 1,211,331 ------------ AEROSPACE & DEFENSE -- 1.7% 2,105 AAR Corp.*.................. 28,670 26,963 Alliant Techsystems, Inc.*....................... 1,762,841 20,022 Armor Holdings, Inc.*....... 941,434 3,741 BE Aerospace, Inc.*......... 43,545 1,319 Curtiss-Wright Corp. ....... 75,724 1,550 DRS Technologies, Inc.*#.... 66,200 373 Ducommun, Inc.*#............ 7,777 885 EDO Corp. .................. 28,099 21,186 Engineered Support Systems, Inc.#....................... 1,254,635 1,380 Esterline Technologies Corp.*...................... 45,057 2,675 GenCorp, Inc.#.............. 49,675 7,309 Goodrich Corp. ............. 238,566 965 Heico Corp.#................ 21,799 57,080 Herley Industries, Inc.*.... 1,161,007 23,645 Innovative Solutions & Support, Inc.*#............. 788,797 1,292 Kaman Corp. ................ 16,344 1,660 Moog, Inc.*................. 75,281 400 MTC Technologies, Inc.*..... 13,428 45,025 Orbital Sciences Corp.*#.... 532,646 [Download Table] Shares Value -------------------------------------------------------- 254 Sequa Corp.*#............... $ 15,532 2,215 Teledyne Technologies, Inc.*....................... 65,187 5,712 Titan Corp.*................ 92,534 933 Triumph Group, Inc.*#....... 36,854 2,886 United Defense Industries, Inc.*....................... 136,364 639 United Industrial Corp.#.... 24,755 ------------ 7,522,751 ------------ AIRLINES -- 0.5% 5,335 Airtran Holdings, Inc.*#.... 57,085 1,663 Alaska Air Group, Inc.*#.... 55,694 2,199 America West Holdings Corp. Class B*#................... 14,469 9,835 AMR Corp.*#................. 107,693 92,291 Continental Airlines, Inc. Class B*#................... 1,249,620 7,507 Delta Air Lines, Inc.*#..... 56,152 2,039 ExpressJet Holdings, Inc.*....................... 26,262 2,801 FLYi, Inc.*#................ 4,958 2,269 Frontier Airlines, Inc.*#... 25,889 5,597 JetBlue Airways Corp.*...... 129,962 1,688 Mesa Air Group, Inc.*#...... 13,403 4,288 Northwest Airlines Corp.*#..................... 46,868 30,992 Pinnacle Airlines Corp.*#... 432,029 3,926 Skywest, Inc. .............. 78,756 ------------ 2,298,840 ------------ APPAREL & TEXTILES -- 1.6% 500 Angelica Corp. ............. 13,525 341 Carter's, Inc.*............. 11,591 198 Cherokee, Inc.#............. 6,985 955 Columbia Sportswear Co.*.... 56,928 19,257 Deckers Outdoor Corp.*#..... 904,886 1,478 DHB Industries, Inc.*#...... 28,141 1,121 G&K Services, Inc. ......... 48,674 1,107 Guess ?, Inc.*.............. 13,893 The accompanying notes are an integral part of the financial statements. 44
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 1,843 Gymboree Corp.*............. $ 23,627 1,189 Hartmarx Corp.*............. 9,239 1,624 K-Swiss, Inc.#.............. 47,291 1,721 Kellwood Co. ............... 59,374 6,830 Liz Claiborne, Inc. ........ 288,294 28,773 Oshkosh B'Gosh, Inc.#....... 615,742 857 Oxford Industries, Inc.#.... 35,394 141 Perry Ellis International, Inc.*#...................... 2,869 1,691 Phillips-Van Heusen......... 45,657 2,545 Polo Ralph Lauren Corp. .... 108,417 56,639 Quiksilver, Inc.*#.......... 1,687,276 3,126 Reebok International, Ltd......................... 137,544 1,578 Russell Corp. .............. 30,739 1,157 Skechers U.S.A., Inc.*...... 14,995 594 Steven Madden Ltd.*......... 11,203 2,329 Stride Rite Corp. .......... 26,015 1,250 Timberland Co.*............. 78,338 670 Unifirst Corp.#............. 18,948 122,853 Warnaco Group, Inc.*........ 2,653,625 22 Weyco Group, Inc. .......... 974 2,312 Wolverine World Wide, Inc. ....................... 72,643 ------------ 7,052,827 ------------ AUTOMOTIVE -- 0.6% 766 Aftermarket Technology Corp.*...................... 12,333 2,637 American Axle & Manufacturing Holdings, Inc. ....................... 80,850 4,273 ArvinMeritor, Inc. ......... 95,587 403 ASV, Inc.*#................. 19,304 5,809 Autoliv, Inc. .............. 280,575 797 Bandag, Inc.#............... 39,698 3,480 BorgWarner, Inc. ........... 188,512 1,677 Collins & Aikman Corp.*#.... 7,312 600 Commercial Vehicle Group, Inc.*#...................... 13,098 [Download Table] Shares Value -------------------------------------------------------- 3,868 Cooper Tire & Rubber Co. ... $ 83,355 10,099 Dana Corp. ................. 175,016 1,400 Exide Technologies*......... 19,292 9,000 Goodyear Tire & Rubber Co.*#....................... 131,940 2,328 Hayes Lemmerz International, Inc.*#...................... 20,556 763 Keystone Automotive Industries, Inc.*........... 17,740 27,000 McLeod U.S.A., Inc.*(a)..... 0 1,593 Modine Manufacturing Co. ... 53,796 3,776 Navistar International Corp.*#..................... 166,068 90 Noble International Ltd. ... 1,835 15,887 Oshkosh Truck Corp.#........ 1,086,353 423 Standard Motor Products, Inc. ....................... 6,683 163 Strattec Security Corp.*.... 10,207 1,450 Superior Industries International#.............. 42,122 2,691 Tenneco Automotive, Inc.*... 46,393 3,594 Tower Automotive, Inc.*#.... 8,590 1,477 TRW Automotive Holdings Corp.*...................... 30,574 7,699 Visteon Corp.#.............. 75,219 1,854 Wabash National Corp.*...... 49,928 ------------ 2,762,936 ------------ BANKING -- 4.4% 703 1st Source Corp. ........... 17,934 500 ABC Bancorp#................ 10,500 854 Alabama National Bancorporation.............. 55,083 1,756 Amcore Financial, Inc. ..... 56,508 660 AmericanWest Bancorp*....... 13,365 640 Arrow Financial Corp.#...... 19,840 7,913 Associated Banc-Corp........ 262,791 The accompanying notes are an integral part of the financial statements. 45
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 283 Bancfirst Corp. ............ $ 22,351 4,596 Bancorpsouth, Inc.#......... 112,005 400 BancTrust Financial Group, Inc.#....................... 9,844 797 Bank of Granite Corp. ...... 16,657 3,249 Bank of Hawaii Corp. ....... 164,854 16,495 Bank of the Ozarks, Inc.#... 561,325 549 Banner Corp. ............... 17,123 1,142 BOK Financial Corp.*........ 55,684 15,628 Boston Private Financial Holdings, Inc.#............. 440,241 400 Bryn Mawr Bank Corp.#....... 8,796 500 Camden National Corp.#...... 19,705 603 Capital City Bank Group, Inc.#....................... 25,205 300 Capital Corp. of the West... 14,100 40 Capital Crossing Bank*...... 1,228 600 Capitol Bancorp Ltd. ....... 21,132 20,741 Cascade Bancorp#............ 419,383 19,904 Cathay General Bancorp#..... 746,400 400 Center Financial Corp. ..... 8,008 581 Central Coast Bancorp*...... 13,415 1,576 Central Pacific Financial Corp. ...................... 57,004 208 Century Bancorp, Inc.#...... 6,136 1,613 Chemical Financial Corp.#... 69,230 2,941 Chittenden Corp. ........... 84,495 2,526 Citizens Banking Corp. ..... 86,768 525 City Bank#.................. 18,979 1,134 City Holding Co.#........... 41,096 2,505 City National Corp. ........ 176,978 677 Coastal Financial Corp.#.... 12,971 967 CoBiz, Inc.#................ 19,630 8,408 Colonial BancGroup, Inc. ... 178,502 300 Columbia Bancorp............ 10,257 [Download Table] Shares Value -------------------------------------------------------- 1,007 Columbia Banking System, Inc.#....................... $ 25,165 3,765 Commerce Bancshares, Inc. .. 189,003 1,624 Community Bank System, Inc. ....................... 45,878 739 Community Banks, Inc.#...... 20,810 971 Community Trust Bancorp, Inc. ....................... 31,422 992 Corus Bankshares, Inc. ..... 47,626 3,125 Cullen/Frost Bankers, Inc. ....................... 151,875 2,439 CVB Financial Corp.#........ 64,780 23,797 East-West Bancorp, Inc. .... 998,522 500 EuroBancshares, Inc.*#...... 10,500 413 Farmers Capital Bank Corp. ...................... 17,016 428 Financial Institutions, Inc. ....................... 9,951 727 First Bancorp (North Carolina)#.................. 19,753 1,981 First Bancorp (Puerto Rico)....................... 125,813 1,005 First Busey Corp.#.......... 20,974 2,088 First Charter Corp.#........ 54,643 383 First Citizens BancShares, Inc. ....................... 56,780 4,718 First Commonwealth Financial Corp.#...................... 72,610 788 First Community Bancorp, Inc. ....................... 33,648 659 First Community Bancshares, Inc.#....................... 23,777 2,037 First Financial Bancorp..... 35,647 900 First Financial Bankshares, Inc. ....................... 40,329 980 First Financial Corp.#...... 34,329 769 First Indiana Corp.#........ 17,310 1,219 First Merchants Corp.#...... 34,498 2,778 First Midwest Bancorp, Inc. ....................... 100,814 3,815 First National Bankshares of Florida, Inc.#.............. 91,178 The accompanying notes are an integral part of the financial statements. 46
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 450 First Oak Brook Bancshares, Inc. ....................... $ 14,584 150 First of Long Island Corp. ...................... 7,567 786 First Republic Bank......... 41,658 400 First State Bancorporation.............. 14,704 5,372 FirstMerit Corp. ........... 153,048 3,122 FNB Corp. (Pennsylvania)#... 63,564 443 FNB Corp. (Virginia)........ 12,563 4,012 Fremont General Corp.#...... 101,022 9,371 Frontier Financial Corp.#... 361,814 7,571 Fulton Financial Corp.#..... 176,480 375 GB&T Bancshares, Inc. ...... 9,045 577 German American Bancorp#.... 9,290 1,416 Glacier Bancorp, Inc. ...... 48,201 2,276 Gold Banc Corp., Inc. ...... 33,275 674 Great Southern Bancorp, Inc.#....................... 23,590 3,063 Greater Bay Bancorp#........ 85,396 1,862 Hancock Holding Co. ........ 62,303 11,046 Hanmi Financial Corp.#...... 396,993 1,691 Harleysville National Corp. ...................... 44,981 600 Heartland Financial USA, Inc.#....................... 12,066 9,615 Hibernia Corp. ............. 283,739 2,758 Hudson United Bancorp....... 108,610 485 IBERIABANK Corp.#........... 32,185 17,224 Independent Bank Corp. (Massachusetts)#............ 581,310 1,216 Independent Bank Corp. (Michigan).................. 36,273 980 Integra Bank Corp. ......... 22,648 813 Interchange Financial Services Corp. (New Jersey)..................... 21,073 2,106 International Bancshares Corp. ...................... 82,934 4,033 Investors Financial Services Corp.#...................... 201,569 [Download Table] Shares Value -------------------------------------------------------- 1,138 Irwin Financial Corp.#...... $ 32,308 693 Lakeland Bancorp, Inc.#..... 12,162 300 Lakeland Financial Corp. ... 11,910 540 Macatawa Bank Corp. ........ 17,437 964 Main Street Banks, Inc. .... 33,673 520 MainSource Financial Group, Inc.#....................... 12,412 1,057 MB Financial Corp. ......... 44,553 928 MBT Financial Corp.#........ 21,595 315 Mercantile Bank Corp. ...... 12,442 4,891 Mercantile Bankshares Corp. ...................... 255,310 1,706 Mid-State Bancshares#....... 48,877 577 Midwest Banc Holdings, Inc.#....................... 12,619 43,727 Nara Bancorp, Inc.#......... 930,073 2,198 National Penn Bancshares, Inc.#....................... 60,885 400 NBC Capital Corp. .......... 10,628 2,305 NBT Bancorp, Inc. .......... 59,285 4,380 Old National Bancorp........ 113,267 760 Old Second Bancorp, Inc. ... 24,229 582 Omega Financial Corp. ...... 19,951 1,066 Oriental Financial Group#... 30,176 14,814 Pacific Capital Bancorp#.... 503,528 849 Park National Corp. ........ 115,039 483 Peapack Gladstone Financial Corp.#...................... 15,239 484 Pennrock Financial Services Corp.#...................... 18,832 640 Peoples Bancorp, Inc. ...... 17,555 450 Peoples Holding Co.#........ 14,895 900 PrivateBancorp, Inc. ....... 29,007 926 Prosperity Bancshares, Inc.#....................... 27,048 2,116 Provident Bankshares Corp. ...................... 76,959 27,270 R-G Financial Corp. Class B........................... 1,060,258 544 Republic Bancorp, Inc. (Kentucky).................. 13,981 The accompanying notes are an integral part of the financial statements. 47
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 4,284 Republic Bancorp, Inc. (Michigan).................. $ 65,460 921 Riggs National Corp.#....... 19,580 262 Royal Bancshares of Pennsylvania#............... 7,083 1,376 S&T Bancorp, Inc. .......... 51,861 987 Sandy Spring Bancorp, Inc.#....................... 37,832 427 Santander BanCorp........... 12,878 462 SCBT Financial Corp. ....... 15,509 691 Seacoast Banking Corp. of Florida..................... 15,375 203 Security Bank Corp. ........ 8,120 173 Signature Bank*#............ 5,598 20,237 Silicon Valley Bancshares*................. 907,022 1,057 Simmons First National Corp. ...................... 30,600 6,286 Sky Financial Group, Inc. ....................... 180,220 179 Smithtown Bancorp, Inc.#.... 5,683 38,334 South Financial Group, Inc. ....................... 1,247,005 505 Southern Community Financial Corp. ...................... 5,227 551 Southside Bancshares, Inc. ....................... 12,590 4,376 Southwest Bancorp of Texas, Inc. ....................... 101,917 600 Southwest Bancorp, Inc. .... 14,688 446 State Bancorp, Inc. ........ 12,265 300 State Financial Services Corp. ...................... 9,030 1,146 Sterling Bancorp#........... 32,374 2,921 Sterling Bancshares, Inc.#....................... 41,683 1,482 Sterling Financial Corp.#... 42,489 670 Suffolk Bancorp#............ 23,336 551 Sun Bancorp, Inc.*.......... 13,764 2,941 Susquehanna Bancshares, Inc. ....................... 73,378 570 SY Bancorp, Inc. ........... 13,737 182 Taylor Capital Group, Inc. ....................... 6,097 [Download Table] Shares Value -------------------------------------------------------- 8,778 TCF Financial Corp. ........ $ 282,125 1,510 Texas Capital Bancshares, Inc.*....................... 32,646 2,434 Texas Regional Bancshares, Inc. ....................... 79,543 225 The Bancorp, Inc.*.......... 3,606 519 Tompkins Trustco, Inc. ..... 27,761 600 Trico Bancshares............ 14,040 5,098 Trustco Bank Corp.#......... 70,301 2,893 Trustmark Corp. ............ 89,886 2,811 UCBH Holdings, Inc. ........ 128,800 1,054 UMB Financial Corp. ........ 59,720 2,749 Umpqua Holdings Corp.#...... 69,302 400 Union Bankshares Corp. ..... 15,372 2,185 United Bankshares, Inc. .... 83,358 1,800 United Community Banks, Inc.#....................... 48,474 560 Univest Corp. of Pennsylvania#............... 25,771 1,330 Unizan Financial Corp.#..... 35,045 845 USB Holding Co., Inc.#...... 21,041 6,052 Valley National Bancorp..... 167,338 381 Virginia Commerce Bancorp, Inc.*#...................... 10,790 400 Virginia Financial Group, Inc. ....................... 14,664 4,624 W Holding Co., Inc. ........ 106,067 895 Washington Trust Bancorp, Inc.#....................... 26,232 3,180 Webster Financial Corp. .... 161,035 1,250 WesBanco, Inc. ............. 39,963 1,037 West Bancorporation, Inc.#....................... 18,262 1,113 West Coast Bancorp.......... 28,281 1,992 Westamerica Bancorporation.. 116,154 10,153 Western Sierra Bancorp*#.... 389,418 2,502 Whitney Holding Corp. ...... 112,565 4,099 Wilmington Trust Corp. ..... 148,179 The accompanying notes are an integral part of the financial statements. 48
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 38,778 Wilshire Bancorp, Inc.*#.... $ 641,388 1,209 Wintrust Financial Corp. ... 68,865 578 Yardville National Bancorp..................... 19,802 ------------ 19,116,987 ------------ BIOTECHNOLOGY -- 2.1% 3,701 Affymetrix, Inc.*#.......... 135,272 1,700 Aksys Ltd.*#................ 9,452 21,602 Alexion Pharmaceuticals, Inc.*#...................... 544,370 4,842 Applera Corp.-Celera Genomics Group*............. 66,577 188,200 Arena Pharmaceuticals, Inc.*#...................... 1,259,058 3,113 Ariad Pharmaceuticals, Inc.*#...................... 23,130 4,324 Avant Immunotherapeutics, Inc.*....................... 8,691 3,212 Axonyx, Inc.*............... 19,914 1,150 Bio-Rad Laboratories, Inc.*....................... 65,975 1,776 Cambrex Corp.#.............. 48,130 532 CancerVax Corp.*#........... 5,772 2,405 Cell Genesys, Inc.*#........ 19,480 3,716 Charles River Laboratories International, Inc.*#....... 170,973 1,516 Ciphergen Biosystems, Inc.*....................... 6,519 150 Corgentech, Inc.*#.......... 1,242 3,091 CuraGen Corp.*#............. 22,132 3,300 Curis, Inc.*................ 17,226 14,678 Cytogen Corp.*#............. 169,091 35,606 deCODE genetics, Inc.*#..... 278,083 834 Digene Corp.*#.............. 21,809 32,278 Diversa Corp.*#............. 282,110 3,361 Encysive Pharmaceuticals, Inc.*#...................... 33,375 1,604 Enzo Biochem, Inc.*#........ 31,230 [Download Table] Shares Value -------------------------------------------------------- 2,704 Enzon Pharmaceuticals, Inc.*#...................... $ 37,099 197,900 Exact Sciences Corp.*....... 755,978 48,247 Exelixis, Inc.*#............ 458,346 4,300 Genaera Corp.*.............. 14,706 6,665 Genelabs Technologies*#..... 7,998 506 Genencor International, Inc.*....................... 8,298 2,603 Geron Corp.*#............... 20,746 183 GTx, Inc.*#................. 2,469 118,800 Human Genome Sciences, Inc.*#...................... 1,427,976 3,556 ICOS Corp.*#................ 100,564 2,275 Illumina, Inc.*............. 21,567 2,488 Immunogen, Inc.*............ 21,994 2,838 Immunomedics, Inc.*#........ 8,628 3,363 Incyte Corp.*............... 33,596 1,385 Integra LifeSciences Holdings Corp.*............. 51,148 1,759 InterMune, Inc.*............ 23,324 3,220 Invitrogen Corp.*........... 216,159 35,669 Keryx Biopharmaceuticals, Inc.*#...................... 412,690 1,070 Kosan Biosciences, Inc.*.... 7,415 4,391 Lexicon Genetics, Inc.*#.... 34,052 1,584 Lifecell Corp.*............. 16,188 280 Marshall Edwards, Inc.*#.... 2,505 1,680 Martek Biosciences Corp.*#..................... 86,016 1,726 Maxim Pharmaceuticals, Inc.*#...................... 5,213 1,458 Maxygen, Inc.*.............. 18,648 3,087 Millipore Corp.*............ 153,763 192 Myogen, Inc.*#.............. 1,549 29,728 Myriad Genetics, Inc.*#..... 669,177 2,630 Nanogen, Inc.*#............. 19,357 5,134 Nektar Therapeutics*........ 103,912 1,700 Neose Technologies, Inc.*... 11,424 The accompanying notes are an integral part of the financial statements. 49
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 939 Northfield Laboratories, Inc.*#...................... $ 21,174 3,726 Oscient Pharmaceuticals Corp.*...................... 13,600 7,211 Peregrine Pharmaceuticals, Inc.*....................... 8,437 2,454 Praecis Pharmaceuticals, Inc.*....................... 4,663 5,616 Protein Design Labs, Inc.*#...................... 116,027 1,500 Regeneration Technologies, Inc.*#...................... 15,720 2,334 Regeneron Pharmaceuticals, Inc.*#...................... 21,496 1,584 Seattle Genetics, Inc.*..... 10,344 19,384 Serologicals Corp.*#........ 428,774 2,637 SuperGen, Inc.*#............ 18,591 17,494 Telik, Inc.*#............... 334,835 281 Tercica, Inc.*#............. 2,813 1,285 Third Wave Technologies, Inc.*#...................... 11,051 2,089 Transkaryotic Therapies, Inc.*#...................... 53,040 5,290 Vertex Pharmaceuticals, Inc.*#...................... 55,915 ------------ 9,108,596 ------------ BUILDING & CONSTRUCTION -- 2.3% 527 Aaon, Inc.*................. 8,469 1,204 Apogee Enterprises, Inc. ... 16,146 809 Beazer Homes USA, Inc.#..... 118,284 1,000 Brookfield Homes Corp. ..... 33,900 4,611 Champion Enterprises, Inc.*....................... 54,502 875 Coachmen Industries, Inc.#....................... 15,190 1,259 Comfort Systems USA, Inc.*.. 9,669 178 Dominion Homes, Inc.*....... 4,490 360 Drew Industries, Inc.*...... 13,021 27,289 Dycom Industries, Inc.*..... 832,860 9,578 Eagle Materials, Inc.#...... 827,060 [Download Table] Shares Value -------------------------------------------------------- 1,220 ElkCorp..................... $ 41,748 948 EMCOR Group, Inc.*.......... 42,831 3,478 Fleetwood Enterprises, Inc.*....................... 46,814 1,811 Florida Rock Industries, Inc. ....................... 107,809 5,150 Fluor Corp.#................ 280,727 767 Genlyte Group, Inc.*........ 65,717 2,212 Granite Construction, Inc. ....................... 58,839 1,962 Hovnanian Enterprises, Inc.*....................... 97,158 1,430 Insituform Technologies, Inc.*....................... 32,418 3,554 Jacobs Engineering Group, Inc.*....................... 169,846 2,170 KB Home..................... 226,548 2,159 Lafarge North America, Inc. ....................... 110,800 318 Layne Christensen Co.*...... 5,772 3,006 Lennox International, Inc. ....................... 61,172 957 Levitt Corp.*............... 29,255 1,194 LSI Industries, Inc. ....... 13,671 686 M/I Homes, Inc.#............ 37,805 2,972 Martin Marietta Materials, Inc. ....................... 159,478 1,413 MDC Holdings, Inc. ......... 122,140 586 Meritage Homes Corp.*#...... 66,042 1,757 Monaco Coach Corp. ......... 36,141 1,265 NCI Building Systems, Inc.*....................... 47,438 325 NVR, Inc.*.................. 250,055 980 Palm Harbor Homes, Inc.*#... 16,542 21,519 Perini Corp.*............... 359,152 3,046 Ryland Group, Inc. ......... 175,267 118,484 Shaw Group, Inc.*#.......... 2,114,939 16,316 Simpson Manufacturing Co., Inc. ....................... 569,428 354 Skyline Corp. .............. 14,443 2,063 Standard-Pacific Corp. ..... 132,321 714 Technical Olympic USA, Inc.#....................... 18,121 1,421 Texas Industries, Inc. ..... 88,642 26,163 Thor Industries, Inc.#...... 969,339 The accompanying notes are an integral part of the financial statements. 50
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 2,974 Toll Brothers, Inc.*#....... $ 204,046 5,075 Trex Co., Inc.*#............ 266,133 128 U.S. Concrete, Inc.*........ 982 1,009 Universal Forest Products, Inc. ....................... 43,791 1,967 URS Corp.*.................. 63,141 1,963 USG Corp.*#................. 79,050 1,600 Washington Group International, Inc.*#....... 66,000 2,100 WCI Communities, Inc.*...... 61,740 300 William Lyon Homes, Inc.*#.. 21,072 19,403 Winnebago Industries#....... 757,881 2,701 York International Corp. ... 93,293 ------------ 10,159,138 ------------ BUSINESS SERVICES & SUPPLIES -- 1.5% 1,356 Administaff, Inc.*.......... 17,099 838 CDI Corp. .................. 17,916 498 Compx International, Inc.#....................... 8,232 1,300 Cross Country Healthcare, Inc.*#...................... 23,504 200 General Binding Corp.*...... 2,628 1,476 Gevity HR, Inc. ............ 30,347 1,321 Global Imaging Systems, Inc.*....................... 52,180 3,969 Heidrick & Struggles International, Inc.*#....... 136,018 4,444 Herman Miller, Inc.#........ 122,788 2,359 Hewitt Associates, Inc.*.... 75,512 3,600 HNI Corp. .................. 154,980 631 Hudson Highland Group, Inc.*#...................... 18,173 135,096 IKON Office Solutions, Inc.#....................... 1,561,710 1,000 Imagistics International, Inc.*....................... 33,660 134,684 Interface, Inc.*............ 1,342,799 1,236 Kelly Services, Inc.#....... 37,302 [Download Table] Shares Value -------------------------------------------------------- 1,610 Kforce, Inc.*............... $ 17,871 64,583 Korn/Ferry International*#............. 1,340,097 2,929 Labor Ready, Inc.*#......... 49,559 400 Medical Staffing Network Holdings, Inc.*............. 3,276 6,366 MPS Group, Inc.*............ 78,047 27,303 Resources Connection, Inc.*#...................... 1,482,826 4,251 Spherion Corp.*............. 35,708 2,636 Steelcase, Inc. ............ 36,482 ------------ 6,678,714 ------------ CHEMICALS -- 2.0% 900 Aceto Corp. ................ 17,136 63,800 Agrium, Inc. ............... 1,075,030 3,690 Airgas, Inc. ............... 97,822 2,063 Albemarle Corp. ............ 79,859 83 American Vanguard Corp.#.... 3,053 1,280 Arch Chemicals, Inc.#....... 36,838 4,318 Ashland, Inc. .............. 252,085 3,866 Cabot Corp.*................ 149,537 17,362 Cabot Microelectronics Corp.#...................... 695,348 146,703 Crompton Corp. ............. 1,731,095 2,543 Cytec Industries, Inc. ..... 130,761 4,777 Eastman Chemical Co. ....... 275,776 7,654 Engelhard Corp. ............ 234,748 2,530 Ferro Corp. ................ 58,671 2,347 FMC Corp.*.................. 113,360 1,717 Georgia Gulf Corp. ......... 85,507 3,103 Great Lakes Chemical Corp. ...................... 88,405 1,980 HB Fuller Co. .............. 56,450 7,069 Hercules, Inc.*............. 104,975 5,258 International Flavors & Fragrances, Inc. ........... 225,253 370 Kronos Worldwide, Inc.#..... 15,090 3,866 Lubrizol Corp. ............. 142,501 11,750 Lyondell Chemical Co. ...... 339,810 The accompanying notes are an integral part of the financial statements. 51
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 1,761 MacDermid, Inc. ............ $ 63,572 1,321 Minerals Technologies, Inc.#....................... 88,111 900 NewMarket Corp.*............ 17,910 20,141 NL Industries............... 445,116 641 Octel Corp. ................ 13,339 4,298 Olin Corp. ................. 94,642 1,934 OM Group, Inc.*............. 62,700 2,341 Omnova Solutions, Inc.*..... 13,156 6,152 PolyOne Corp.*.............. 55,737 406 Quaker Chemical Corp. ...... 10,085 7,207 RPM International, Inc.#.... 141,690 1,988 Schulman A, Inc. ........... 42,563 3,007 Sensient Technologies Corp. ...................... 72,138 4,300 Sigma-Aldrich Corp. ........ 259,978 1,695 Spartech Corp. ............. 45,918 273 Stepan Co. ................. 6,650 1,578 Symyx Technologies*......... 47,466 2,863 Terra Industries, Inc.*#.... 25,423 51,865 The Mosaic Co.*#............ 846,437 1,700 UAP Holding Corp.*.......... 29,359 648 Valhi, Inc.#................ 10,426 3,130 Valspar Corp. .............. 156,531 1,873 Wellman, Inc.#.............. 20,022 700 Westlake Chemical Corp. .... 23,380 3,868 WR Grace & Co.*#............ 52,644 ------------ 8,654,103 ------------ COMMERCIAL SERVICES -- 2.4% 31,225 Aaron Rents, Inc.#.......... 780,625 2,137 ABM Industries, Inc. ....... 42,142 595 ACE Cash Express, Inc.*#.... 17,648 5,488 Adesa, Inc. ................ 116,455 1,000 Advisory Board Co.*......... 36,880 1,722 Albany Molecular Research, Inc.*....................... 19,183 2,379 Alderwoods Group, Inc.*..... 27,073 [Download Table] Shares Value -------------------------------------------------------- 2,758 Alliance Data Systems Corp.*...................... $ 130,950 10,386 Arbitron, Inc.*............. 406,923 1,671 Banta Corp. ................ 74,794 10,676 BearingPoint, Inc.*......... 85,728 2,343 Bowne & Co., Inc. .......... 38,097 1,367 Central Parking Corp.#...... 20,710 3,917 Century Business Services, Inc.*....................... 17,078 6,735 Charles River Associates, Inc.*#...................... 314,996 854 Chemed Corp. ............... 57,312 5,500 ChoicePoint, Inc.*.......... 252,945 900 Clark, Inc.*................ 13,968 1,512 Coinstar, Inc.*#............ 40,567 12,158 Consolidated Graphics, Inc.*#...................... 558,052 8,824 Convergys Corp.*............ 132,272 484 Cornell Cos, Inc.*#......... 7,347 2,463 Corporate Executive Board Co. ........................ 164,873 6,908 Corrections Corp. of America*.................... 279,429 7,050 CoStar Group, Inc.*#........ 325,569 3,103 Deluxe Corp. ............... 115,835 817 DiamondCluster International, Inc.*........ 11,708 1,628 Dollar Thrifty Automotive Group*...................... 49,166 1,323 Electro Rent Corp.*......... 18,826 800 Enersys..................... 12,200 8,016 Equifax, Inc. .............. 225,250 43,964 Euronet Worldwide, Inc.*.... 1,143,943 137 Exponent, Inc.*............. 3,766 70 First Advantage Corp.*#..... 1,428 796 Forrester Research, Inc.*... 14,280 32,722 FTI Consulting, Inc.*#...... 689,453 19,257 Gartner, Inc.*#............. 239,942 618 Geo Group, Inc.*............ 16,426 The accompanying notes are an integral part of the financial statements. 52
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 161 Greg Manning Auctions, Inc.*#...................... $ 1,993 25,796 Healthcare Services Group#.. 537,589 600 Insurance Auto Auctions, Inc.*....................... 13,452 2,041 Integrated Electrical Services, Inc.*#............ 9,878 2,442 Interactive Data Corp.*..... 53,089 600 iPayment, Inc.*#............ 29,712 6,804 Iron Mountain, Inc.*........ 207,454 2,300 Jackson Hewitt Tax Service, Inc. ....................... 58,075 522 Landauer, Inc. ............. 23,855 998 LECG Corp.*#................ 18,613 1,627 Magellan Health Services, Inc.*....................... 55,578 996 MAXIMUS, Inc.*.............. 30,996 511 Mcgrath Rentcorp............ 22,285 995 Midas, Inc.*................ 19,900 600 Monro Muffler, Inc.*........ 15,180 2,949 Navigant Consulting, Inc.*....................... 78,443 1,650 NCO Group, Inc.*............ 42,652 9,649 Parexel International Corp.*#..................... 195,875 413 PDI, Inc.*.................. 9,202 2,915 Pharmaceutical Product Development, Inc.*.......... 120,360 620 Pre-Paid Legal Services, Inc.#....................... 23,281 2,693 PRG-Schultz International, Inc.*#...................... 13,546 184 Proxymed, Inc.*#............ 1,807 4,617 Quanta Services, Inc.*#..... 36,936 4,228 Rent-A-Center, Inc.*........ 112,042 1,102 Rent-Way, Inc.*#............ 8,827 1,300 Rewards Network, Inc.*#..... 9,100 1,170 Rollins, Inc. .............. 30,794 20,251 Service Corp. International*.............. 150,870 17,910 ServiceMaster Co. .......... 246,979 [Download Table] Shares Value -------------------------------------------------------- 9,258 SFBC International, Inc.*#...................... $ 365,691 3,054 Sotheby's Holdings*......... 55,461 752 Source Interlink Companies, Inc.*....................... 9,987 1,029 Sourcecorp*................. 19,664 717 Startek, Inc. .............. 20,399 6,695 Stewart Enterprises, Inc.*....................... 46,798 2,430 TeleTech Holdings, Inc.*.... 23,547 81 TNS, Inc.*.................. 1,770 2,671 United Rentals, Inc.*....... 50,482 28,831 Valassis Communications, Inc.*#...................... 1,009,373 449 Vertrue, Inc.*#............. 16,959 1,378 Viad Corp. ................. 39,259 496 Volt Information Sciences, Inc.*....................... 14,577 2,168 Watson Wyatt & Co. Holdings.................... 58,428 2,475 Weight Watchers International, Inc.*#....... 101,648 ------------ 10,516,245 ------------ COMPUTERS & INFORMATION -- 2.9% 2,200 ActivCard Corp.*............ 19,580 4,268 Advanced Digital Information Corp.*...................... 42,765 1,944 Agilysys, Inc. ............. 33,320 349 Ansoft Corp.*#.............. 7,050 10,836 Anteon International Corp.*#..................... 453,595 7,821 BISYS Group, Inc.*.......... 128,655 242,934 Brocade Communications Systems, Inc.*#............. 1,856,016 9,144 CACI International, Inc.*#...................... 622,981 16,910 Cadence Design Systems, Inc.*....................... 233,527 1,553 Carreker Corp.*............. 13,356 374 Catapult Communications Corp.*...................... 9,036 The accompanying notes are an integral part of the financial statements. 53
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 8,857 Ceridian Corp.*............. $ 161,906 3,140 Ciber, Inc.*#............... 30,270 8,070 Cognizant Technology Solutions Corp.*............ 341,603 33,623 Covansys Corp.*............. 514,432 4,800 Cray, Inc.*#................ 22,368 770 Cyberguard Corp.*........... 4,851 4,433 Diebold, Inc. .............. 247,051 425 Digimarc Corp.*#............ 3,961 2,400 Dot Hill Systems Corp.*..... 18,816 549 Drexler Technology Corp.*#..................... 5,759 86,650 Echelon Corp.*#............. 731,326 2,968 Electronics for Imaging*.... 51,673 1,273 Factset Research Systems, Inc.#....................... 74,394 13,728 Gateway, Inc.*#............. 82,505 1,623 Hutchinson Technology, Inc.*#...................... 56,107 1,200 iGate Corp.*................ 4,860 2,430 Imation Corp. .............. 77,347 2,486 InFocus Corp.*.............. 22,772 25,493 Intergraph Corp.*........... 686,527 2,279 InterVoice, Inc.*........... 30,425 3,323 Iomega Corp.*#.............. 18,409 4,506 Jack Henry & Associates, Inc. ....................... 89,715 400 Kanbay International, Inc.*....................... 12,520 1,748 Komag, Inc.*................ 32,827 17,754 Kronos, Inc.*............... 907,762 4,150 Lexar Media, Inc.*#......... 32,536 1,500 Magma Design Automation, Inc.*#...................... 18,840 1,552 Manhattan Associates, Inc.*....................... 37,062 130,548 Maxtor Corp.*............... 691,904 285 Maxwell Technologies, Inc.*#...................... 2,890 7,031 McData Corp.*#.............. 41,905 [Download Table] Shares Value -------------------------------------------------------- 4,425 Mentor Graphics Corp.*#..... $ 67,658 1,471 Mercury Computer Systems, Inc.*#...................... 43,659 15,838 Micros Systems, Inc.*....... 1,236,314 1,922 Mobility Electronics, Inc.*#...................... 16,491 1,453 MTS Systems Corp. .......... 49,126 3,157 National Instruments Corp.*...................... 86,028 800 Ness Technologies, Inc.*#... 11,920 1,196 Netscout Systems, Inc.*..... 8,348 600 Overland Storage, Inc.*..... 10,014 2,584 PalmOne, Inc.*#............. 81,525 442 Pec Solutions, Inc.*........ 6,263 33,294 Perot Systems Corp.*........ 533,703 9,562 Quantum Corp.*#............. 25,052 1,321 Radisys Corp.*#............. 25,826 3,699 Reynolds & Reynolds Co. .... 98,061 98 SI International, Inc.*..... 3,015 17,528 Silicon Graphics, Inc.*#.... 30,323 5,492 Silicon Storage Technology, Inc.*#...................... 32,677 54,115 SimpleTech, Inc.*........... 248,929 6,895 SRA International, Inc.*#... 442,659 6,407 Storage Technology Corp.*... 202,525 13,178 Stratasys, Inc.*#........... 442,254 1,417 SYKES Enterprises, Inc.*.... 9,848 1,080 Synaptics, Inc.*............ 33,026 413 Syntel, Inc.#............... 7,244 8,280 Talx Corp.#................. 213,541 800 Tier Technologies, Inc. Class B*.................... 7,400 573 Transact Technologies, Inc.*#...................... 12,239 2,792 Tyler Technologies, Inc.*... 23,341 12,377 Western Digital Corp.*...... 134,167 10,907 Xybernaut Corp.*#........... 13,416 ------------ 12,631,796 ------------ The accompanying notes are an integral part of the financial statements. 54
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- CONTAINERS & PACKAGING -- 0.6% 321 Anchor Glass Container Corp.#...................... $ 2,157 6,954 Ball Corp. ................. 305,837 6,394 Bemis Co. .................. 186,002 1,088 Chesapeake Corp. ........... 29,550 9,769 Crown Holdings, Inc.*....... 134,226 3,649 Graphic Packaging Corp.*#... 26,273 796 Greif, Inc. ................ 44,576 9,367 Mobile Mini, Inc.*#......... 309,486 6,531 Owens-Illinois, Inc.*....... 147,927 3,931 Packaging Corp. of America..................... 92,575 9,453 Pactiv Corp.*............... 239,066 664 Silgan Holdings, Inc. ...... 40,477 39,500 Smurfit-Stone Container Corp.*...................... 737,860 6,155 Sonoco Products Co. ........ 182,496 ------------ 2,478,508 ------------ COSMETICS & PERSONAL CARE -- 0.0% 903 Chattem, Inc.*.............. 29,889 320 DEL Laboratories, Inc.*#.... 11,120 1,035 Elizabeth Arden, Inc.*...... 24,571 247 Inter Parfums, Inc.#........ 3,927 9,006 Revlon, Inc.*............... 20,714 133 Water Pik Technologies, Inc.*....................... 2,358 ------------ 92,579 ------------ DISTRIBUTION & WHOLESALE -- 1.0% 957 Advanced Marketing Services#................... 9,627 1,507 Aviall, Inc.*............... 34,616 800 Beacon Roofing Supply, Inc.*....................... 15,888 1,162 Brightpoint, Inc.*#......... 22,706 625 Building Material Holding Corp.#...................... 23,931 [Download Table] Shares Value -------------------------------------------------------- 780 Central European Distribution Corp.*#........ $ 23,041 3,783 Fastenal Co. ............... 232,881 1,385 Handleman Co.#.............. 29,750 3,984 Hughes Supply, Inc. ........ 128,882 7,362 Ingram Micro, Inc.*......... 153,130 459 LKQ Corp.*.................. 9,212 27,893 Navarre Corp.*#............. 490,917 265 Nuco2, Inc.*................ 5,880 19,170 Owens & Minor, Inc.#........ 540,019 11,174 Scansource, Inc.*#.......... 694,576 17,013 SCP Pool Corp.#............. 542,715 32,265 Tech Data Corp.*............ 1,464,831 2,017 United Stationers, Inc.*.... 93,185 1,337 Watsco, Inc................. 47,089 968 WESCO International, Inc.* ...................... 28,692 ------------ 4,591,568 ------------ DIVERSIFIED FINANCIAL SERVICES -- 1.9% 18,441 Accredited Home Lenders Holding Co.*#............... 916,149 1,257 Advanta Corp. Class B....... 30,507 1,502 Affiliated Managers Group*#..................... 101,745 4,800 AG Edwards, Inc. ........... 207,408 7,930 Allied Capital Corp.#....... 204,911 5,391 American Capital Strategies Ltd.#....................... 179,790 9,898 AmeriCredit Corp.*.......... 242,006 3,800 Apollo Investment Corp.*.... 57,380 800 Archipelago Holdings, Inc.*....................... 16,784 700 Ares Capital Corp.#......... 13,601 389 Asset Acceptance Capital Corp.*...................... 8,286 384 Asta Funding, Inc. ......... 10,307 214 BKF Capital Group, Inc. .... 8,111 1,000 Calamos Asset Management, Inc. Class A................ 27,000 The accompanying notes are an integral part of the financial statements. 55
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 124 Capital Southwest Corp. .... $ 9,736 3,922 CapitalSource, Inc.*#....... 100,678 2,863 CharterMac.................. 69,972 1,267 CompuCredit Corp.*.......... 34,640 359 Credit Acceptance Corp.*#... 9,137 5,307 Doral Financial Corp. ...... 261,370 4,213 Eaton Vance Corp. .......... 219,708 884 Encore Capital Group, Inc.*....................... 21,021 1,654 eSpeed, Inc.*#.............. 20,460 406 Federal Agricultural Mortgage Corp. Class C#..... 9,460 5,081 Federated Investors, Inc. Class B..................... 154,462 927 Financial Federal Corp. .... 36,338 1,045 First Marblehead Corp.*#.... 58,781 62,419 Friedman Billings Ramsey Group, Inc.#................ 1,210,304 513 Gabelli Asset Management, Inc.#....................... 24,891 17,061 Gladstone Capital Corp.#.... 404,346 975 Harris & Harris Group, Inc.*#...................... 15,970 3,722 IndyMac Bancorp, Inc. ...... 128,223 137,576 Instinet Group, Inc.*....... 829,583 2,957 Investment Technology Group, Inc.*....................... 59,140 14,784 Janus Capital Group, Inc. ....................... 248,519 2,926 Jefferies Group, Inc. ...... 117,859 7,198 Knight Trading Group, Inc.*....................... 78,818 3,584 LaBranche & Co., Inc.*#..... 32,113 3,224 Leucadia National Corp.#.... 224,003 209 Marlin Business Services, Inc.*#...................... 3,971 1,869 MCG Capital Corp. .......... 32,016 2,024 Metris Cos, Inc.*#.......... 25,806 5,512 MoneyGram International, Inc. ....................... 116,524 [Download Table] Shares Value -------------------------------------------------------- 12,563 National Financial Partners Corp. ...................... $ 487,444 537 Nelnet, Inc.*............... 14,461 1,000 NGP Capital Resources Co.*#....................... 15,370 1,148 Nuveen Investments, Inc. ... 45,312 1,228 Piper Jaffray Companies*.... 58,883 10,102 Portfolio Recovery Associates, Inc.*#.......... 416,404 3,656 Raymond James Financial, Inc. ....................... 113,263 484 Sanders Morris Harris Group, Inc.#....................... 8,620 190 Stifel Financial Corp.*..... 3,980 213 Student Loan Corp. ......... 39,192 826 SWS Group, Inc.#............ 18,106 10,988 United PanAm Financial Corp.*#..................... 209,431 5,056 Waddell & Reed Financial, Inc. ....................... 120,788 1,408 Walter Industries, Inc.#.... 47,492 1,360 Westcorp.................... 62,465 411 WFS Financial, Inc.*........ 20,871 952 World Acceptance Corp.*..... 26,190 ------------ 8,290,106 ------------ EDUCATION -- 0.5% 15,662 Bright Horizons Family Solutions, Inc.*............ 1,014,271 5,534 Corinthian Colleges, Inc.*#...................... 104,288 3,893 DeVry, Inc.*................ 67,583 1,100 Educate, Inc.*.............. 14,564 4,358 Education Management Corp.*...................... 143,858 2,913 ITT Educational Services, Inc.*#...................... 138,513 11,719 Laureate Education, Inc.*... 516,691 596 Learning Tree International, Inc.*....................... 7,986 The accompanying notes are an integral part of the financial statements. 56
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 900 Princeton Review, Inc.*..... $ 5,535 851 Strayer Education, Inc. .... 93,431 905 Universal Technical Institute, Inc.*#........... 34,499 ------------ 2,141,219 ------------ ELECTRICAL EQUIPMENT -- 0.9% 996 Advanced Energy Industries, Inc.*#...................... 9,093 1,829 Allete, Inc. ............... 67,216 10,424 American Power Conversion Corp. ...................... 223,074 1,541 American Superconductor Corp.*#..................... 22,945 4,026 Ametek, Inc. ............... 143,607 2,227 Artesyn Technologies, Inc.*#...................... 25,165 2,620 Belden CDT, Inc. ........... 60,784 1,382 C&D Technologies, Inc. ..... 23,549 2,192 Capstone Turbine Corp.*..... 4,011 435 Cherokee International Corp.*...................... 4,180 973 Encore Wire Corp.*#......... 12,970 5,052 Energizer Holdings, Inc.*... 251,034 1,109 Energy Conversion Devices, Inc.*#...................... 21,426 2,395 General Cable Corp.*#....... 33,171 144,458 GrafTech International Ltd.*....................... 1,366,573 3,723 Hubbell, Inc. Class B....... 194,713 1,705 Intermagnetics General Corp.*...................... 43,324 15,123 Littelfuse, Inc.*#.......... 516,602 872 Magnetek, Inc.*............. 6,017 785 Medis Technologies Ltd.*#... 14,405 285 Powell Industries, Inc.*.... 5,270 4,436 Power-One, Inc.*#........... 39,569 20,933 Rayovac Corp.*.............. 639,712 836 Ultralife Batteries, Inc.*#...................... 16,260 [Download Table] Shares Value -------------------------------------------------------- 1,073 Universal Display Corp.*.... $ 9,657 3,118 Valence Technology, Inc.*#...................... 9,697 1,150 Vicor Corp.#................ 15,077 1,364 Wilson Greatbatch Technologies, Inc.*#........ 30,581 ------------ 3,809,682 ------------ ELECTRONICS -- 2.9% 4,175 Amphenol Corp.*............. 153,390 11,457 Analogic Corp.#............. 513,159 12,500 Applera Corp.-Applied Biosystems Group............ 261,375 7,194 Arrow Electronics, Inc.*.... 174,814 7,439 Avnet, Inc.*................ 135,687 3,800 AVX Corp.#.................. 47,880 749 BEI Technologies, Inc. ..... 23,129 10,532 Bel Fuse, Inc. Class B#..... 355,876 2,520 Benchmark Electronics, Inc.*....................... 85,932 11,907 Brady Corp. ................ 745,021 45,417 California Micro Devices Corp.*#..................... 322,007 2,392 Checkpoint Systems, Inc.*... 43,176 1,300 Cogent, Inc.*............... 42,900 1,905 Coherent, Inc.*............. 57,988 2,178 CTS Corp. .................. 28,946 1,040 Cubic Corp.#................ 26,177 76 Cyberoptics Corp.*#......... 1,130 2,405 Cymer, Inc.*................ 71,044 912 Daktronics, Inc.*#.......... 22,700 235 DDi Corp.*#................. 747 15,632 Dionex Corp.*#.............. 885,866 1,840 Electro Scientific Industries, Inc.*#.......... 36,358 554 Excel Technology, Inc.*..... 14,404 36,786 Faro Technologies, Inc.*#... 1,146,988 1,638 FEI Co.*#................... 34,398 The accompanying notes are an integral part of the financial statements. 57
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 6,690 Fisher Scientific International*.............. $ 417,322 2,082 Flir Systems, Inc.*......... 132,811 4,817 Gentex Corp.#............... 178,325 5,758 Identix, Inc.*#............. 42,494 625 II-VI, Inc.*................ 26,556 9,863 Itron, Inc.*#............... 235,824 12,692 Keithley Instruments, Inc. ....................... 250,032 5,740 Kemet Corp.*#............... 51,373 246 LeCroy Corp.*............... 5,742 15,856 Measurement Specialties, Inc.*#...................... 403,694 1,400 Merix Corp.*................ 16,128 2,280 Methode Electronics, Inc. ....................... 29,298 600 Metrologic Instruments, Inc.*#...................... 12,750 2,768 Mettler Toledo International, Inc.*........ 142,026 16,572 Molecular Devices Corp.*#... 333,097 979 OSI Systems, Inc.*#......... 22,233 1,102 Park Electrochemical Corp.#...................... 23,891 20,996 Paxar Corp.*................ 465,481 7,650 PerkinElmer, Inc............ 172,049 1,096 Photon Dynamics, Inc.*...... 26,611 928 Planar Systems, Inc.*#...... 10,421 2,772 Plexus Corp.*............... 36,064 2,607 RAE Systems, Inc.*#......... 19,031 1,037 Rofin-Sinar Technologies, Inc.*....................... 44,021 1,129 Rogers Corp.*............... 48,660 967 SBS Technologies, Inc.*..... 13,499 386,200 Solectron Corp.*............ 2,058,446 971 Sonic Solutions, Inc.*#..... 21,789 2,000 Spatialight, Inc.*#......... 17,900 780 Stoneridge, Inc.*........... 11,801 87 Suntron Corp.*.............. 273 [Download Table] Shares Value -------------------------------------------------------- 14,517 Symbol Technologies, Inc. ....................... $ 251,144 400 Sypris Solutions, Inc. ..... 6,124 3,010 Taser International, Inc.*#...................... 95,086 2,663 Technitrol, Inc.*........... 48,467 17,504 Tektronix, Inc.............. 528,796 3,622 Thomas & Betts Corp.*....... 111,377 3,044 Trimble Navigation Ltd.*.... 100,574 2,525 TTM Technologies, Inc.*..... 29,795 2,217 Varian, Inc.*............... 90,919 32,605 Viisage Technology, Inc.*#...................... 293,771 9,004 Vishay Intertechnology, Inc.*....................... 135,240 1,431 Watts Water Technologies, Inc......................... 46,135 496 Woodhead Industries, Inc. ....................... 7,951 641 Woodward Governor Co. ...... 45,902 27,894 X-Rite, Inc. ............... 446,583 1,076 Zygo Corp.*................. 12,686 ------------ 12,751,284 ------------ ENTERTAINMENT & LEISURE -- 1.5% 1,010 Action Performance Cos, Inc.#....................... 11,100 3,432 Alliance Gaming Corp.*#..... 47,396 316 Ambassadors Group, Inc. .... 11,253 1,018 Arctic Cat, Inc............. 26,997 22,580 Argosy Gaming Co.*.......... 1,054,486 1,241 Bluegreen Corp.*............ 24,609 5,799 Brunswick Corp. ............ 287,051 4,502 Callaway Golf Co. .......... 60,777 586 Carmike Cinemas, Inc. ...... 21,389 367 Churchill Downs, Inc. ...... 16,405 600 Department 56*.............. 9,990 348 Dover Downs Gaming & Entertainment, Inc. ........ 4,559 981 Dover Motorsports, Inc. .... 5,621 1,900 DreamWorks Animation SKG, Inc.*....................... 71,269 322 Empire Resorts, Inc.*#...... 3,590 The accompanying notes are an integral part of the financial statements. 58
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 132 Escalade, Inc.*#............ $ 1,764 1,880 Gaylord Entertainment Co.*.. 78,076 7,362 GTECH Holdings Corp. ....... 191,044 9,457 Hasbro, Inc. ............... 183,277 2,104 International Speedway Corp. ...................... 111,091 992 Isle of Capri Casinos, Inc.*#...................... 25,445 1,753 Jakks Pacific, Inc.*#....... 38,759 2,134 K2, Inc.*#.................. 33,888 383 Lakes Entertainment, Inc.*#...................... 6,239 1,299 Leapfrog Enterprises, Inc.*#...................... 17,666 600 Life Time Fitness, Inc.*#... 15,528 2,730 Macrovision Corp.*.......... 70,216 2,500 Magna Entertainment Corp.*#..................... 15,050 683 Marine Products Corp. ...... 17,833 4,346 Marvel Enterprises, Inc.*#...................... 89,006 3,129 Metro-Goldwyn-Mayer, Inc.*#...................... 37,173 22,582 Multimedia Games, Inc.*#.... 355,892 1,872 Nautilus Group, Inc.#....... 45,246 878 Navigant International, Inc.*....................... 10,685 1,626 Pegasus Solutions, Inc.*#... 20,488 11,542 Penn National Gaming, Inc.*#...................... 698,868 2,101 Pinnacle Entertainment, Inc.*....................... 41,558 2,619 Polaris Industries, Inc. ... 178,144 14,335 RC2 Corp.*.................. 467,321 2,700 Regal Entertainment Group#.. 56,025 8,564 Sabre Holdings Corp. ....... 189,778 43,916 Scientific Games Corp.*..... 1,046,958 1,300 Shuffle Master, Inc.*#...... 61,230 95,611 Six Flags, Inc.*............ 513,431 938 Speedway Motorsports, Inc. ....................... 36,751 164 Steinway Musical Instruments*................ 4,746 [Download Table] Shares Value -------------------------------------------------------- 1,128 Sunterra Corp.*#............ $ 15,837 1,768 Topps Co., Inc.#............ 17,238 1,189 Vail Resorts, Inc.*......... 26,657 1,202 WMS Industries, Inc.*#...... 40,315 ------------ 6,415,715 ------------ ENVIRONMENTAL SERVICES -- 1.3% 1,100 Aleris International, Inc.*#...................... 18,612 231,376 Calgon Carbon Corp.#........ 2,100,894 843 Casella Waste Systems, Inc.*....................... 12,342 2,776 Danielson Holdings Corp.*#..................... 23,457 3,500 Darling International, Inc.*....................... 15,260 23,231 Duratek, Inc.*#............. 578,684 184,738 FuelCell Energy, Inc.*#..... 1,828,906 13,429 Headwaters, Inc.*#.......... 382,726 986 Ionics, Inc.*#.............. 42,733 2,096 KFX, Inc.*#................. 30,434 1,048 Metal Management, Inc. ..... 28,160 1,275 Mine Safety Appliances Co.#........................ 64,643 2,700 Nalco Holding Co.*.......... 52,704 2,017 Plug Power, Inc.*#.......... 12,324 2,558 Stericycle, Inc.*........... 117,540 774 Syntroleum Corp.*........... 6,215 25,662 Tetra Tech, Inc.*........... 429,582 928 TRC Cos, Inc.*.............. 15,776 3,067 Waste Connections, Inc.*.... 105,045 ------------ 5,866,037 ------------ FOOD, BEVERAGE & TOBACCO -- 1.7% 1,639 Adolph Coors Co. Class B#... 124,023 200 Alico, Inc.*#............... 11,704 980 American Italian Pasta Co.#........................ 22,785 100 Arden Group, Inc. .......... 10,047 12,827 Boston Beer Co., Inc.*...... 272,830 267 Cal-Maine Foods, Inc.#...... 3,228 2,479 Chiquita Brands International, Inc. ........ 54,687 The accompanying notes are an integral part of the financial statements. 59
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 210 Coca-Cola Bottling Co. Consolidated................ $ 11,983 5,647 Constellation Brands, Inc.*....................... 262,642 2,159 Corn Products International, Inc. ....................... 115,636 11,265 Del Monte Foods Co.*........ 124,140 2,401 Delta & Pine Land Co. ...... 65,499 3,439 DIMON, Inc.#................ 23,110 500 Farmer Bros Co.#............ 12,120 2,008 Flowers Foods, Inc. ........ 63,413 1,080 Great Atlantic & Pacific Tea Co.*#....................... 11,070 44,122 Hain Celestial Group, Inc.*....................... 912,002 176 Hansen Natural Corp.*#...... 6,408 600 Ingles Markets, Inc.#....... 7,434 385 J&J Snack Foods Corp. ...... 18,877 3,646 JM Smucker Co. ............. 171,617 382 John B. Sanfilippo & Son*#....................... 9,848 24,876 Lance, Inc. ................ 473,390 3,616 Loews Corp.- Carolina Group....................... 104,683 500 M&F Worldwide Corp.*........ 6,810 185 Maui Land & Pineapple Co., Inc.*#...................... 7,261 288 MGP Ingredients, Inc.#...... 2,488 770 Nash Finch Co.#............. 29,075 128 National Beverage Corp.*.... 1,065 1,547 Pathmark Stores, Inc.*...... 8,988 604 Peet's Coffee & Tea, Inc.*....................... 15,988 4,053 PepsiAmericas, Inc. ........ 86,086 3,059 Performance Food Group Co.*........................ 82,318 894 Pilgrim's Pride Corp. ...... 27,428 18,759 Provide Commerce, Inc.*#.... 696,897 1,968 Ralcorp Holdings, Inc....... 82,518 2,359 Ruddick Corp. .............. 51,167 621 Sanderson Farms, Inc. ...... 26,877 19 Seaboard Corp.#............. 18,962 [Download Table] Shares Value -------------------------------------------------------- 5,190 Smithfield Foods, Inc. ..... $ 153,572 770 Standard Commercial Corp.#.. 14,984 83,850 Tasty Baking Co.#........... 678,346 415 Tejon Ranch Co.*#........... 16,932 1,760 Tootsie Roll Industries, Inc. ....................... 60,949 18,880 United Natural Foods, Inc. ....................... 587,168 1,553 Universal Corp.#............ 74,296 20,335 Vector Group Ltd.#.......... 338,171 709 Weis Markets, Inc.#......... 27,346 161,459 Wild Oats Markets, Inc.*#... 1,422,454 5,561 Winn-Dixie Stores, Inc.#.... 25,303 ------------ 7,436,625 ------------ FOREST PRODUCTS & PAPER -- 0.9% 3,556 Bowater, Inc. .............. 156,357 101,029 Buckeye Technologies, Inc.*....................... 1,314,387 1,734 Caraustar Industries, Inc.*....................... 29,166 597 Deltic Timber Corp. ........ 25,343 64,217 Glatfelter.................. 981,236 3,397 Longview Fibre Co. ......... 61,622 6,512 Louisiana-Pacific Corp. .... 174,131 23,500 MeadWestvaco Corp. ......... 796,415 996 Pope & Talbot, Inc. ........ 17,041 1,676 Potlatch Corp. ............. 84,772 3,024 Rayonier, Inc. ............. 147,904 1,509 Rock-Tenn Co. .............. 22,876 896 Schweitzer-Mauduit International, Inc. ........ 30,419 3,384 Temple-Inland, Inc. ........ 231,466 2,524 Wausau-Mosinee Paper Corp. ...................... 45,079 ------------ 4,118,214 ------------ HEALTH CARE -- 8.5% 1,104 Abaxis, Inc.*#.............. 15,997 888 Abiomed, Inc.*#............. 13,711 14,849 Advanced Medical Optics, Inc.*#...................... 610,888 The accompanying notes are an integral part of the financial statements. 60
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 1,189 Advanced Neuromodulation Systems, Inc.*#............. $ 46,918 2,951 Align Technology, Inc.*..... 31,723 241 Alliance Imaging, Inc.*#.... 2,711 677 Amedisys, Inc.*#............ 21,928 744 America Service Group, Inc.*....................... 19,917 37,752 American Healthways, Inc.*#...................... 1,247,326 53,044 American Medical Systems Holdings, Inc.*#............ 2,217,770 1,457 AMERIGROUP Corp.*........... 110,237 693 AMN Healthcare Services, Inc.*#...................... 11,026 1,659 Amsurg Corp.*#.............. 49,007 3,120 Apria Healthcare Group, Inc.*....................... 102,804 1,026 Arrow International, Inc.#....................... 31,796 32,631 Arthrocare Corp.*#.......... 1,046,150 529 Aspect Medical Systems, Inc.*....................... 12,939 3,239 Bausch & Lomb, Inc. ........ 208,786 3,780 Beckman Coulter, Inc. ...... 253,222 87,022 Beverly Enterprises, Inc.*#...................... 796,251 1,381 Biolase Technology, Inc.#... 15,011 12,872 Biosite, Inc.*#............. 792,143 1,334 BioVeris Corp.*............. 9,752 1,295 Bruker BioSciences Corp.*... 5,219 1,011 Candela Corp.*#............. 11,485 3,100 Cardiac Science, Inc.*#..... 6,634 2,298 Cardiodynamics International Corp.*...................... 11,881 37,026 Centene Corp.*.............. 1,049,687 38,918 Cepheid, Inc.*#............. 386,845 354 Closure Medical Corp.*...... 6,903 3,825 Community Health Systems, Inc.*....................... 106,641 1,502 Conceptus, Inc.*#........... 12,189 1,990 Conmed Corp.*............... 56,556 2,035 Cooper Cos, Inc.#........... 143,651 [Download Table] Shares Value -------------------------------------------------------- 302 Corvel Corp.*............... $ 8,088 3,818 Covance, Inc.*.............. 147,947 1,500 CTI Molecular Imaging, Inc.*....................... 21,285 1,269 Cyberonics, Inc.*........... 26,294 22,153 Cytyc Corp.*#............... 610,758 2,554 Dade Behring Holdings, Inc.*....................... 143,024 696 Datascope Corp. ............ 27,624 6,132 DaVita, Inc.*............... 242,398 1,378 Diagnostic Products Corp. ...................... 75,859 1,200 DJ Orthopedics, Inc.*....... 25,704 3,687 Edwards Lifesciences Corp.*...................... 152,126 1,079 Encore Medical Corp.*....... 7,326 1,630 Endocardial Solutions, Inc.*#...................... 19,071 1,166 Epix Medical, Inc.*......... 20,883 377 Exactech, Inc.*............. 6,895 5,666 First Health Group Corp.*... 106,011 20,486 Gen-Probe, Inc.*............ 926,172 1,300 Genesis HealthCare Corp.*... 45,539 1,709 Gentiva Health Services, Inc.*....................... 28,574 1,071 Haemonetics Corp.*.......... 38,781 1,463 Hanger Orthopedic Group, Inc.*#...................... 11,850 6,976 Health Net, Inc.*........... 201,397 2,785 Henry Schein, Inc.*......... 193,947 3,442 Hillenbrand Industries, Inc.*....................... 191,169 1,416 Hologic, Inc.*.............. 38,898 3,735 Hooper Holmes, Inc. ........ 22,111 9,971 Humana, Inc.*............... 296,039 696 ICU Medical, Inc.*#......... 19,029 2,097 Idexx Laboratories, Inc.*... 114,475 3,003 Immucor, Inc.*.............. 70,601 2,194 Inamed Corp.*............... 138,770 2,200 Intuitive Surgical, Inc.*#...................... 88,044 1,734 Invacare Corp. ............. 80,215 700 Inverness Medical Innovations, Inc.*#......... 17,570 The accompanying notes are an integral part of the financial statements. 61
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 10,706 Kensey Nash Corp.*#......... $ 369,678 54,402 Kindred Healthcare, Inc.*#...................... 1,629,340 1,477 Kinetic Concepts, Inc.*..... 112,695 22,965 Kyphon, Inc.*............... 591,578 795 LabOne, Inc.*............... 25,472 28,418 Laserscope*#................ 1,020,490 29,938 LCA-Vision, Inc.#........... 700,250 600 Lifeline Systems, Inc.*..... 15,456 24,326 LifePoint Hospitals, Inc.*#...................... 847,031 6,114 Lincare Holdings, Inc.*..... 260,762 1,318 Luminex Corp.*#............. 11,704 44,142 Manor Care, Inc. ........... 1,563,951 33,947 Matria Healthcare, Inc.*#... 1,326,309 166 Medcath Corp.*#............. 4,090 500 Medical Action Industries, Inc.*....................... 9,850 15,826 Mentor Corp.#............... 533,969 27,077 Merge Technologies, Inc.*#...................... 602,463 1,568 Merit Medical Systems, Inc.*....................... 23,959 55 Micro Therapeutics, Inc.*#...................... 206 1,465 Microtek Medical Holdings, Inc.*#...................... 5,948 668 Molina Healthcare, Inc.*.... 30,982 441 National Healthcare Corp.#...................... 15,567 1,792 Oakley, Inc.#............... 22,848 3,543 OCA, Inc.*#................. 22,498 1,180 Ocular Sciences, Inc.*...... 57,832 2,225 Odyssey HealthCare, Inc.*#...................... 30,438 878 Option Care, Inc.#.......... 15,093 32,068 OraSure Technologies, Inc.*#...................... 215,497 1,983 Orthologic Corp.*#.......... 12,394 3,672 Orthovita, Inc.*#........... 15,386 5,233 Pacificare Health Systems*.................... 295,769 3,500 Palatin Technologies, Inc.*....................... 9,310 25,918 Palomar Medical Technologies, Inc.*#........ 675,682 [Download Table] Shares Value -------------------------------------------------------- 1,299 Pediatrix Medical Group, Inc.*....................... $ 83,201 1,669 PolyMedica Corp.#........... 62,237 1,000 Possis Medical, Inc.*....... 13,480 3,275 Province Healthcare Co.*.... 73,196 4,778 PSS World Medical, Inc.*#... 59,797 619 Psychiatric Solutions, Inc.*....................... 22,631 1,800 Quidel Corp.*#.............. 9,144 1,197 RehabCare Group, Inc.*...... 33,504 4,097 Renal Care Group, Inc.*..... 147,451 1,262 Res-Care, Inc.*............. 19,208 1,985 Resmed, Inc.*............... 101,433 2,044 Respironics, Inc.*.......... 111,112 20,027 Select Medical Corp. ....... 352,475 14,835 Sierra Health Services*#.... 817,557 1,840 Sola International, Inc.*... 50,674 129 Sonic Innovations, Inc.*#... 538 8,229 SonoSite, Inc.*#............ 279,375 349 Specialty Laboratories, Inc.*#...................... 3,853 4,131 Steris Corp.*............... 97,987 1,009 Sunrise Senior Living, Inc.*#...................... 46,777 967 SurModics, Inc.*#........... 31,437 24,626 Sybron Dental Specialties, Inc.*#...................... 871,268 417 Symbion, Inc.*#............. 9,207 91,000 Synovis Life Technologies, Inc.*#...................... 983,710 28,492 Techne Corp.*............... 1,108,339 3,328 ThermoGenesis Corp.*........ 21,100 168,178 Thoratec Corp.*#............ 1,752,415 4,665 Triad Hospitals, Inc.*...... 173,585 51,072 TriPath Imaging, Inc.*#..... 458,116 65,200 United Surgical Partners International, Inc.*#....... 2,718,840 2,978 Universal Health Services, Inc. Class B................ 132,521 The accompanying notes are an integral part of the financial statements. 62
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 900 Urologix, Inc.*#............ $ 5,823 865 Ventana Medical Systems*#... 55,351 2,058 Viasys Healthcare, Inc.*.... 39,102 700 VistaCare, Inc.*#........... 11,641 3,149 Visx, Inc.*................. 81,465 354 Vital Signs, Inc. .......... 13,778 600 WellCare Health Plans, Inc.*#...................... 19,500 26,100 WellChoice, Inc.*........... 1,393,740 1,570 West Pharmaceutical Services, Inc.#............. 39,297 1,645 Wright Medical Group, Inc.*....................... 46,882 276 Young Innovations, Inc.#.... 9,309 3,473 Zila, Inc.*#................ 14,864 616 Zoll Medical Corp.*......... 21,190 ------------ 37,102,785 ------------ HOTELS & RESTAURANTS -- 2.1% 697 Ameristar Casinos, Inc. .... 30,048 5,042 Applebees International, Inc. ....................... 133,361 2,058 Aztar Corp.*................ 71,865 2,264 Bob Evans Farms, Inc. ...... 59,181 26,374 Boyd Gaming Corp.#.......... 1,098,477 5,447 Brinker International, Inc.*....................... 191,026 441 Buffalo Wild Wings, Inc.*#...................... 15,351 49,365 California Pizza Kitchen, Inc.*....................... 1,135,395 3,222 CBRL Group, Inc.#........... 134,841 18,299 CEC Entertainment, Inc.*.... 731,411 4,740 Cheesecake Factory*......... 153,908 1,110 Choice Hotels International, Inc. ....................... 64,380 2,900 CKE Restaurants, Inc.*#..... 42,079 76,585 Darden Restaurants, Inc. ... 2,124,468 719 Dave & Buster's, Inc.*#..... 14,524 1,328 IHOP Corp. ................. 55,630 2,301 Jack in the Box, Inc.*...... 84,838 [Download Table] Shares Value -------------------------------------------------------- 3,397 Krispy Kreme Doughnuts, Inc.*#...................... $ 42,802 10,900 La Quinta Corp.*............ 99,081 1,510 Landry's Restaurants, Inc.#....................... 43,881 996 Lone Star Steakhouse & Saloon...................... 27,888 4,212 Mandalay Resort Group....... 296,651 1,392 Marcus Corp. ............... 34,995 1,476 MTR Gaming Group, Inc.*..... 15,587 1,271 O'Charleys, Inc.*........... 24,848 3,894 Outback Steakhouse, Inc. ... 178,267 1,812 Panera Bread Co.*#.......... 73,060 772 Papa John's International, Inc.*#...................... 26,588 1,561 PF Chang's China Bistro, Inc.*....................... 87,962 1,875 Rare Hospitality International, Inc.*........ 59,737 584 Red Robin Gourmet Burgers, Inc.*#...................... 31,226 4,000 Ruby Tuesday, Inc. ......... 104,320 2,657 Ryan's Restaurant Group, Inc.*....................... 40,971 44,375 Sonic Corp.*................ 1,353,438 2,563 Station Casinos, Inc. ...... 140,145 1,339 Steak N Shake Co.*.......... 26,887 600 Texas Roadhouse, Inc.*...... 17,730 2,274 Triarc Cos. Class B#........ 27,879 1,996 Wynn Resorts Ltd.*#......... 133,572 ------------ 9,028,298 ------------ HOUSEHOLD PRODUCTS -- 0.9% 313 American Banknote Corp.*.... 49 3,787 American Greetings.......... 96,000 668 American Woodmark Corp. .... 29,178 1,410 Applica, Inc.*.............. 8,531 The accompanying notes are an integral part of the financial statements. 63
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 662 Bassett Furniture Industries, Inc. ........... $ 12,992 1,880 Blyth, Inc. ................ 55,573 1,100 Central Garden and Pet Co.*........................ 45,914 3,633 Church & Dwight, Inc. ...... 122,141 263 CSS Industries, Inc. ....... 8,353 999 Digital Theater Systems, Inc.*....................... 20,110 900 Ennis Business Forms........ 17,325 2,230 Ethan Allen Interiors, Inc.#....................... 89,245 2,575 Fossil, Inc.*............... 66,023 3,226 Furniture Brands International, Inc. ........ 80,811 300 Hooker Furniture Corp.#..... 6,810 11,972 Jarden Corp.*#.............. 520,064 1,917 John H Harland Co. ......... 69,204 1,358 Kimball International, Inc. Class B..................... 20,112 3,420 La-Z-Boy, Inc.#............. 52,565 809 Libbey, Inc. ............... 17,968 219 Lifetime Hoan Corp. ........ 3,482 4,693 Maytag Corp.#............... 99,022 298 National Presto Industries, Inc. ....................... 13,559 1,776 Playtex Products, Inc.*#.... 14,190 625 Russ Berrie & Co., Inc.#.... 14,275 1,269 Scotts Co.*................. 93,297 980 Standard Register Co. ...... 13,838 5,847 Stanley Furniture Co., Inc. ....................... 262,823 1,052 Tempur-Pedic International, Inc.*....................... 22,302 2,812 Tivo, Inc.*#................ 16,506 10,154 Toro Co.#................... 826,028 2,953 Tupperware Corp. ........... 61,186 13,315 Universal Electronics, Inc.*....................... 234,344 [Download Table] Shares Value -------------------------------------------------------- 1,196 WD-40 Co. .................. $ 33,978 33,962 Yankee Candle Co., Inc.*#... 1,126,859 ------------ 4,174,657 ------------ INDUSTRIAL MACHINERY -- 3.6% 130,044 AGCO Corp.*#................ 2,846,663 1,692 Albany International Corp. ...................... 59,491 1,793 Applied Industrial Technologies, Inc. ......... 49,115 1,025 Astec Industries, Inc.*..... 17,640 26,878 Baldor Electric Co.#........ 739,951 3,010 Briggs & Stratton Corp. .... 125,156 800 Bucyrus International, Inc. ....................... 32,512 687 Cascade Corp.#.............. 27,446 2,230 Cognex Corp. ............... 62,217 2,458 Cummins, Inc. .............. 205,956 3,030 Flowserve Corp.*............ 83,446 852 Franklin Electric Co., Inc. ....................... 36,006 1,327 Gardner Denver, Inc.*....... 48,157 1,300 Global Power Equipment Group, Inc.#................ 12,792 481 Gorman-Rupp Co. ............ 11,063 4,173 Graco, Inc. ................ 155,862 24,154 IDEX Corp. ................. 978,237 570 Intevac, Inc.*#............. 4,309 3,056 JLG Industries, Inc.#....... 59,989 24,500 Joy Global, Inc. ........... 1,064,035 794 Kadant, Inc.*............... 16,277 2,247 Kennametal, Inc. ........... 111,833 13,831 Lincoln Electric Holdings, Inc. ....................... 477,723 144,084 Lindsay Manufacturing Co. .. 3,728,894 1,763 Manitowoc Co. .............. 66,377 9,058 Middleby Corp.#............. 459,422 3,134 Milacron, Inc.*#............ 10,624 283 NACCO Industries, Inc. ..... 29,828 1,647 Nordson Corp. .............. 65,995 The accompanying notes are an integral part of the financial statements. 64
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 19,130 Presstek, Inc.*#............ $ 185,178 1,617 Regal-Beloit Corp.#......... 46,246 699 Robbins & Myers, Inc. ...... 16,657 699 Sauer-Danfoss, Inc. ........ 15,245 3,629 Snap-On, Inc. .............. 124,692 4,306 Stanley Works............... 210,951 1,747 Stewart & Stevenson Services.................... 35,342 1,080 Tecumseh Products Co. ...... 51,624 525 Tennant Co. ................ 20,816 15,466 Terex Corp.*................ 736,955 997 Thomas Industries, Inc. .... 39,800 3,143 UNOVA, Inc.*#............... 79,487 108,417 Wabtec Corp. ............... 2,311,450 3,477 Zebra Technologies Corp.*... 195,686 ------------ 15,657,145 ------------ INSURANCE -- 2.5% 1,417 21st Century Insurance Group....................... 19,271 600 Affirmative Insurance Holdings, Inc. ............. 10,104 2,002 Alfa Corp. ................. 30,400 301 Alleghany Corp.*............ 85,860 3,297 Allmerica Financial Corp.*...................... 108,241 992 American Equity Investment Life Holding Co.#........... 10,684 2,530 American Financial Group, Inc. ....................... 79,214 528 American National Insurance................... 54,996 600 American Physicians Capital, Inc.*#...................... 21,612 2,442 AmerUs Group Co.#........... 110,623 1,609 Argonaut Group, Inc.*....... 33,998 5,581 Arthur J Gallagher & Co. ... 181,383 4,930 Assurant, Inc. ............. 150,612 370 Baldwin & Lyons, Inc. Class B........................... 9,912 [Download Table] Shares Value -------------------------------------------------------- 571 Bristol West Holdings, Inc. ....................... $ 11,420 3,384 Brown & Brown, Inc.#........ 147,373 1,155 Ceres Group, Inc.*.......... 5,960 2,052 Citizens, Inc.*#............ 13,073 709 CNA Surety Corp.*........... 9,465 1,434 Commerce Group, Inc. ....... 87,531 9,616 Conseco, Inc.*.............. 191,839 31 Crawford & Co. Class B...... 233 1,567 Delphi Financial Group...... 72,317 1,003 Direct General Corp. ....... 32,196 16,816 Donegal Group, Inc. ........ 385,591 107 EMC INS Group, Inc.#........ 2,315 130 Enstar Group, Inc.*......... 8,125 1,706 Erie Indemnity Co. ......... 89,684 696 FBL Financial Group, Inc. ....................... 19,871 1,730 First Acceptance Corp.*#.... 15,501 17,581 First American Corp. ....... 617,796 290 FPIC Insurance Group, Inc.*....................... 10,260 283 Great American Financial Resources, Inc. ............ 4,916 767 Harleysville Group, Inc. ... 18,308 3,958 HCC Insurance Holdings, Inc. ....................... 131,089 1,825 Hilb Rogal & Hobbs Co.#..... 66,138 2,414 Horace Mann Educators Corp. ...................... 46,059 360 Independence Holding Co. ... 6,642 1,300 Infinity Property & Casualty Corp. ...................... 45,760 222 Kansas City Life Ins Co.#... 10,501 1,238 LandAmerica Financial Group, Inc. ....................... 66,765 511 Markel Corp.*............... 186,004 69,100 Max Re Capital Ltd. ........ 1,473,903 1,487 Mercury General Corp. ...... 89,101 466 Midland Co. ................ 14,572 The accompanying notes are an integral part of the financial statements. 65
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 162 National Western Life Insurance Co.*.............. $ 26,991 398 Navigators Group, Inc.*..... 11,984 43 NYMAGIC, Inc.#.............. 1,088 700 Odyssey Re Holdings Corp.#.. 17,647 3,746 Ohio Casualty Corp.*........ 86,945 522 Penn-America Group, Inc. ... 7,882 983 Philadelphia Consolidated Holding Co.*................ 65,016 134,700 Phoenix Cos, Inc.#.......... 1,683,750 1,480 PMA Capital Corp.*#......... 15,318 26,400 PMI Group, Inc. ............ 1,102,200 1,541 Presidential Life Corp. .... 26,135 1,594 ProAssurance Corp.*......... 62,341 4,368 Protective Life Corp. ...... 186,470 1,692 Reinsurance Group Of America..................... 81,977 1,293 RLI Corp. .................. 53,750 600 Safety Insurance Group, Inc.#....................... 18,690 20,834 Selective Insurance Group#...................... 921,696 1,741 Stancorp Financial Group, Inc. ....................... 143,633 796 State Auto Financial Corp. ...................... 20,577 1,125 Stewart Information Services Corp. ...................... 46,856 15,139 Triad Guaranty, Inc.*....... 915,607 2,159 UICI........................ 73,190 360 United Fire & Casualty Co. ........................ 12,136 2,845 Unitrin, Inc. .............. 129,305 1,306 Universal American Financial Corp.*...................... 20,204 2,400 USI Holdings Corp.*#........ 27,768 1,139 Vesta Insurance Group, Inc. ....................... 4,192 89 Wesco Financial Corp.#...... 34,977 [Download Table] Shares Value -------------------------------------------------------- 4,459 WR Berkley Corp. ........... $ 210,331 625 Zenith National Insurance Corp.#...................... 31,150 ------------ 10,827,024 ------------ INTERNET SERVICES & APPLICATIONS -- 2.2% 299 1-800 Contacts, Inc.*#...... 6,578 1,266 1-800-FLOWERS.COM, Inc.*#... 10,647 3,134 Agile Software Corp.*....... 25,605 6,926 Akamai Technologies, Inc.*#...................... 90,246 1,983 Alloy, Inc.*#............... 16,003 3,324 answerthink, Inc.*.......... 15,490 2,500 aQuantive, Inc.*#........... 22,350 34,594 Ariba, Inc.*#............... 574,260 2,098 Asiainfo Holdings, Inc.*.... 12,504 3,410 Ask Jeeves*#................ 91,217 2,033 At Road, Inc.*.............. 14,048 2,342 Autobytel, Inc.*............ 14,146 2,958 Avocent Corp.*.............. 119,858 565 Blue Coat Systems, Inc.*#... 10,515 5,003 Checkfree Corp.*............ 190,514 4,440 Chordiant Software, Inc.*... 10,123 25,527 CMGI, Inc.*................. 65,094 8,219 CNET Networks, Inc.*#....... 92,299 61,176 Corillian Corp.*............ 300,986 1,724 Cybersource Corp.*.......... 12,327 2,169 Digital Insight Corp.*#..... 39,910 1,891 Digital River, Inc.*#....... 78,685 69,119 Digitas, Inc.*.............. 660,086 7,000 DoubleClick, Inc.*#......... 54,460 2,300 Drugstore.Com*.............. 7,820 3,866 E.piphany, Inc.*............ 18,673 44,570 Earthlink, Inc.*#........... 513,446 1,000 eCollege.com, Inc.*#........ 11,360 2,872 Entrust, Inc.*#............. 10,885 The accompanying notes are an integral part of the financial statements. 66
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 629 Equinix, Inc.*.............. $ 26,883 2,821 eResearch Technology, Inc.*#...................... 44,713 17,974 F5 Networks, Inc.*#......... 875,693 1,800 FindWhat.com*#.............. 31,914 1,243 GSI Commerce, Inc.*#........ 22,101 2,875 Harris Interactive, Inc.*... 22,712 5,806 Homestore, Inc.*............ 17,592 10,946 Infospace, Inc.*#........... 520,482 329 INTAC International*#....... 4,277 9,675 Internap Network Services Corp.*#..................... 8,998 2,300 Internet Capital Group, Inc.*#...................... 20,700 2,605 Internet Security Systems*.................... 60,566 2,814 Interwoven, Inc.*........... 30,616 2,712 Ipass, Inc.*................ 20,069 2,525 iVillage, Inc.*............. 15,604 1,200 j2 Global Communications, Inc.*#...................... 41,400 1,203 Jupitermedia Corp.*#........ 28,607 28,323 Keynote Systems, Inc.*#..... 394,256 362 Kintera, Inc.*#............. 3,262 2,256 Lionbridge Technologies*#... 15,160 5,127 Looksmart*.................. 11,228 4,273 Macromedia, Inc.*........... 132,976 547 MarketWatch, Inc.*.......... 9,846 2,630 Matrixone, Inc.*............ 17,226 9,443 McAfee, Inc.*............... 273,186 6,052 Monster Worldwide, Inc.*.... 203,589 591 Neoforma, Inc.*#............ 4,545 2,054 Net2Phone, Inc.*#........... 6,984 3,206 Netbank, Inc.*.............. 33,374 2,189 NetFlix, Inc.*#............. 26,990 642 Netratings, Inc.*#.......... 12,307 2,032 NIC, Inc.*#................. 10,323 4,272 Openwave Systems, Inc.*#.... 66,045 [Download Table] Shares Value -------------------------------------------------------- 3,255 Opsware, Inc.*#............. $ 23,892 634 Overstock.com, Inc.*#....... 43,746 1,367 PC-Tel, Inc.*............... 10,840 1,984 Portal Software, Inc.*...... 5,258 14,440 Priceline.com, Inc.*#....... 340,640 1,610 ProQuest Co.*............... 47,817 7,400 RealNetworks, Inc.*#........ 48,988 2,932 Redback Networks, Inc.*#.... 15,716 3,984 RSA Security, Inc.*......... 79,919 5,043 S1 Corp.*................... 45,690 8,116 Safeguard Scientifics, Inc.*#...................... 17,206 5,431 Sapient Corp.*.............. 42,959 2,363 Secure Computing Corp.*#.... 23,583 3,285 Seebeyond Technology Corp.*...................... 11,760 1,154 Sohu.com, Inc.*#............ 20,437 3,465 SonicWALL, Inc.*............ 21,899 1,317 Stamps.com, Inc.*#.......... 20,861 49,658 Stellent, Inc.*#............ 437,984 39,215 SupportSoft, Inc.*#......... 261,172 12,270 TIBCO Software, Inc.*....... 163,682 125 Travelzoo, Inc.*#........... 11,929 1,963 Trizetto Group*............. 18,649 2,900 Tumbleweed Communications Corp.*#..................... 9,686 28,560 United Online, Inc.*#....... 329,297 4,700 Valueclick, Inc.*........... 62,651 1,376 Verity, Inc.*............... 18,053 8,600 Verso Technologies, Inc.*#...................... 6,192 15,500 Vignette Corp.*............. 21,545 1,966 WatchGuard Technologies*.... 8,709 21,203 WebEx Communications, Inc.*#...................... 504,207 18,813 WebMD Corp.*#............... 153,514 3,170 webMethods, Inc.*........... 22,856 The accompanying notes are an integral part of the financial statements. 67
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 16,579 Websense, Inc.*............. $ 840,887 301 Zix Corp.*#................. 1,550 ------------ 9,798,133 ------------ MANUFACTURING -- 1.3% 17,158 Actuant Corp.*#............. 894,790 2,743 Acuity Brands, Inc. ........ 87,227 400 Ameron International Corp. ...................... 15,160 1,134 AO Smith Corp. ............. 33,952 1,032 Applied Films Corp.*#....... 22,250 2,330 Aptargroup, Inc. ........... 122,977 838 Barnes Group, Inc.#......... 22,215 3,539 Brink's Co. ................ 139,861 1,847 Carlisle Cos, Inc. ......... 119,907 13,024 Ceradyne, Inc.*#............ 745,103 13,799 Clarcor, Inc. .............. 755,771 3,391 Crane Co. .................. 97,796 909 CUNO, Inc.*................. 53,995 4,758 Donaldson Co., Inc. ........ 155,016 1,300 EnPro Industries, Inc.*..... 38,441 861 ESCO Technologies, Inc.*.... 65,996 3,084 Federal Signal Corp.#....... 54,463 45,937 Flanders Corp.*............. 440,995 1,647 Griffon Corp.*.............. 44,469 2,462 Harsco Corp. ............... 137,232 1,050 Hexcel Corp.*............... 15,225 5,031 Jacuzzi Brands, Inc.*....... 43,770 1,847 Lancaster Colony Corp. ..... 79,181 7,247 Matthews International Corp.#...................... 266,690 1,425 Myers Industries, Inc. ..... 18,240 7,682 Pall Corp. ................. 222,394 6,204 Pentair, Inc. .............. 270,246 343 Quixote Corp.#.............. 6,973 800 Raven Industries, Inc.#..... 17,048 2,329 Roper Industries, Inc. ..... 141,533 [Download Table] Shares Value -------------------------------------------------------- 4,725 SPX Corp.#.................. $ 189,284 696 Standex International Corp. ...................... 19,829 1,558 Sturm Ruger & Co., Inc. .... 14,069 2,072 Teleflex, Inc. ............. 107,620 1,969 Tredegar Corp. ............. 39,793 2,372 Trinity Industries, Inc.#... 80,838 ------------ 5,580,349 ------------ METALS & MINING -- 2.1% 6,585 AK Steel Holding Corp.*..... 95,285 92,984 Allegheny Technologies, Inc. ....................... 2,014,963 1,121 Amcol International Corp. ...................... 22,521 3,729 Arch Coal, Inc.#............ 132,529 1,309 Brush Engineered Materials, Inc.*#...................... 24,217 1,551 Carpenter Technology........ 90,671 25,081 Century Aluminum Co.*....... 658,627 728 CIRCOR International, Inc. ....................... 16,860 601 Cleveland-Cliffs, Inc. ..... 62,420 14,022 Coeur d'Alene Mines Corp.*#..................... 55,106 1,685 Commercial Metals Co. ...... 85,194 950 Compass Minerals International, Inc. ........ 23,019 5,544 Consol Energy, Inc. ........ 227,581 1,653 Gibraltar Industries, Inc. ....................... 39,044 8,076 Hecla Mining Co.*#.......... 47,083 1,093 International Steel Group, Inc.*#...................... 44,332 1,805 Kaydon Corp.#............... 59,601 275 Lawson Products............. 13,868 4,672 Massey Energy Co.#.......... 163,286 1,269 Metals USA, Inc.*........... 23,540 2,292 Mueller Industries, Inc. ... 73,802 67,706 NN, Inc. ................... 894,396 709 NS Group, Inc.*#............ 19,710 1,616 Oregon Steel Mills, Inc.*#...................... 32,789 3,928 Peabody Energy Corp. ....... 317,814 The accompanying notes are an integral part of the financial statements. 68
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 567 Penn Engineering & Manufacturing Corp. ........ $ 10,263 3,870 Precision Castparts Corp.#...................... 254,182 1,096 Quanex Corp. ............... 75,153 10,258 Reliance Steel & Aluminum Co. ........................ 399,652 25,857 Royal Gold, Inc.#........... 471,632 1,272 RTI International Metals, Inc.*....................... 26,127 1,350 Ryerson Tull, Inc. ......... 21,263 977 Schnitzer Steel Industries, Inc.#....................... 33,150 934 Southern Peru Copper Corp.#...................... 44,094 22,378 Steel Dynamics, Inc.#....... 847,679 656 Steel Technologies, Inc. ... 18,047 3,077 Stillwater Mining Co.*...... 34,647 4,210 Timken Co. ................. 109,544 110 Titanium Metals Corp.*#..... 2,655 7,035 United States Steel Corp. ...................... 360,544 107,915 USEC, Inc. ................. 1,045,696 857 Valmont Industries, Inc.#... 21,519 500 Wheeling-Pittsburgh Corp.*#..................... 19,270 3,830 Worthington Industries...... 74,991 ------------ 9,108,366 ------------ MULTIMEDIA -- 2.1% 85,684 4Kids Entertainment, Inc.*#...................... 1,801,078 300 Beasley Broadcasting Group, Inc.*....................... 5,259 6,073 Belo Corp. ................. 159,355 18,294 Charter Communications, Inc.*#...................... 40,979 3,332 Citadel Broadcasting Corp.*...................... 53,912 300 Courier Corp. .............. 15,576 2,431 Cox Radio, Inc.*............ 40,063 1,083 Crown Media Holdings, Inc.*#...................... 9,314 [Download Table] Shares Value -------------------------------------------------------- 3,022 Cumulus Media, Inc.*#....... $ 45,572 3,300 Dex Media, Inc. ............ 82,368 3,600 Dow Jones & Co., Inc. ...... 155,016 3,130 Emmis Communications Corp.*...................... 60,065 2,366 Entercom Communications Corp.*...................... 84,916 3,019 Entravision Communications Corp.*...................... 25,209 300 Fisher Communications, Inc.*....................... 14,664 14,474 Gemstar-TV Guide International, Inc.*........ 85,686 2,761 Gray Television, Inc. ...... 42,795 2,135 Hearst-Argyle Television, Inc. ....................... 56,321 3,701 Hollinger International, Inc. ....................... 58,032 3,026 Insight Communications Co., Inc.*#...................... 28,051 2,850 John Wiley & Sons, Inc. .... 99,294 1,291 Journal Communications, Inc. ....................... 23,328 2,724 Journal Register Co.*....... 52,655 2,807 Lee Enterprises, Inc.#...... 129,347 1,110 Liberty Corp. .............. 48,796 1,862 Lin TV Corp.*#.............. 35,564 725 Lodgenet Entertainment Corp.*...................... 12,825 905 Martha Stewart Living Omnimedia*#................. 26,263 1,150 McClatchy Co. .............. 82,581 1,493 Media General, Inc. ........ 96,761 56,721 Mediacom Communications Corp.*#..................... 354,506 2,348 Meredith Corp. ............. 127,262 403 Nexstar Broadcasting Group, Inc.*....................... 3,716 2,003 Paxson Communications Corp.*...................... 2,764 The accompanying notes are an integral part of the financial statements. 69
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 804 Playboy Enterprises, Inc. Class B*.................... $ 9,881 9,323 Primedia, Inc.*#............ 35,427 554 Pulitzer, Inc. ............. 35,927 5,500 Radio One, Inc. Class D*.... 88,660 167,923 Reader's Digest Association, Inc. ....................... 2,335,809 2,183 Regent Communications, Inc.*....................... 11,570 820 Saga Communications, Inc.*.. 13,817 571 Salem Communications Corp.*...................... 14,246 1,976 Scholastic Corp.*........... 73,033 2,521 Sinclair Broadcast Group, Inc. ....................... 23,218 76,325 Sirius Satellite Radio, Inc.*#...................... 583,886 189,494 Spanish Broadcasting System*..................... 2,001,057 646 Thomas Nelson, Inc. ........ 14,600 71 Value Line, Inc. ........... 2,786 4,675 Westwood One, Inc.*......... 125,898 661 World Wrestling Entertainment, Inc. ........ 8,018 867 Young Broadcasting, Inc.*#...................... 9,155 ------------ 9,346,881 ------------ OIL & GAS -- 4.7% 577 Atwood Oceanics, Inc.*...... 30,062 1,009 Berry Petroleum Co. ........ 48,129 1,050 Brigham Exploration Co.*#... 9,450 2,034 Cabot Oil & Gas Corp. ...... 90,004 25,385 Cal Dive International, Inc.*#...................... 1,034,439 336 Callon Petroleum Co.*#...... 4,859 724 CARBO Ceramics, Inc. ....... 49,956 1,200 Cheniere Energy, Inc.*...... 76,440 16,230 Chesapeake Energy Corp. .... 267,795 2,462 Cimarex Energy Co.*......... 93,310 [Download Table] Shares Value -------------------------------------------------------- 244 Clayton Williams Energy, Inc.*#...................... $ 5,588 2,050 Comstock Resources, Inc.*... 45,202 3,286 Cooper Cameron Corp.*....... 176,820 88 Crosstex Energy, Inc. ...... 3,687 1,196 Delta Petroleum Corp.*#..... 18,753 3,400 Denbury Resources, Inc. .... 93,330 3,571 Diamond Offshore Drilling... 143,019 333 Dril-Quip, Inc.*............ 8,079 16,567 Dynegy, Inc.*#.............. 76,540 1,039 Edge Petroleum Corp.*#...... 15,149 1,334 Encore Acquisition Co. ..... 46,570 1,497 Energy Partners Ltd.#....... 30,344 3,892 Equitable Resources, Inc. ....................... 236,089 4,286 FMC Technologies, Inc.*..... 138,009 2,899 Forest Oil Corp.*........... 91,956 25,261 Frontier Oil Corp.#......... 673,458 1,661 FX Energy, Inc.*#........... 19,400 800 Giant Industries, Inc.*..... 21,208 5,310 Global Industries Ltd.*..... 44,020 29,153 Grant Prideco, Inc.*........ 584,518 66,256 Grey Wolf, Inc.*#........... 349,169 354 Gulf Island Fabrication, Inc. ....................... 7,728 4,686 Hanover Compressor Co.*..... 66,213 2,400 Harvest Natural Resources, Inc.*....................... 41,448 13,485 Helmerich & Payne, Inc. .... 459,029 1,386 Holly Corp.#................ 38,628 87 Hornbeck Offshore Services, Inc.*#...................... 1,679 754 Houston Exploration Co.*.... 42,458 869 Hydril Co.*................. 39,548 113,501 Input/Output, Inc.*#........ 1,003,349 43,298 KCS Energy, Inc.*........... 639,944 105,925 Key Energy Services, Inc.*#...................... 1,249,915 1,733 Lone Star Technologies*..... 57,986 The accompanying notes are an integral part of the financial statements. 70
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 285 Lufkin Industries, Inc. .... $ 11,374 34,601 Magnum Hunter Resources, Inc.*#...................... 446,353 1,000 Matrix Service Co.*#........ 8,060 31,367 Maverick Tube Corp.*#....... 950,420 700 McMoRan Exploration Co.*#... 13,090 3,039 Meridian Resource Corp.*#... 18,386 87,786 Mission Resources Corp.*#... 512,670 4,460 National Fuel Gas Co. ...... 126,396 5,468 National-Oilwell, Inc.*#.... 192,966 3,774 Newfield Exploration Co.*... 222,855 5,290 Newpark Resources*.......... 27,243 3,539 Noble Energy, Inc.#......... 218,215 29,163 Oceaneering International, Inc.*....................... 1,088,363 1,561 Oil States International, Inc.*....................... 30,112 5,173 Parker Drilling Co.*........ 20,330 4,132 Patina Oil & Gas Corp. ..... 154,950 9,988 Patterson-UTI Energy, Inc. ....................... 194,267 966 Penn Virginia Corp. ........ 39,191 600 PetroCorp, Inc.*#(a)........ 0 1,004 Petroleum Development Corp.*...................... 38,724 8,901 Pioneer Natural Resources Co. ........................ 312,425 8,353 Plains Exploration & Production Co.*............. 217,178 3,937 Pogo Producing Co. ......... 190,905 2,430 Premcor, Inc. .............. 102,473 57,070 Pride International, Inc.*....................... 1,172,218 5,148 Questar Corp. .............. 262,342 1,812 Quicksilver Resources, Inc.*#...................... 66,645 37,599 Range Resources Corp.#...... 769,276 25,862 Remington Oil & Gas Corp.*.. 704,739 1,015 Resource America, Inc.#..... 32,988 41,756 Rowan Cos., Inc.*........... 1,081,480 [Download Table] Shares Value -------------------------------------------------------- 488 RPC, Inc. .................. $ 12,259 1,135 SEACOR Holdings, Inc.*...... 60,609 9,847 Southwestern Energy Co.*.... 499,144 1,696 Spinnaker Exploration Co.*........................ 59,479 1,668 St. Mary Land & Exploration Co.#........................ 69,622 1,533 Stone Energy Corp.*......... 69,123 17,840 Superior Energy Services*... 274,914 1,863 Swift Energy Co.*#.......... 53,915 3,957 Tesoro Petroleum Corp.*..... 126,070 1,273 Tetra Technologies, Inc.*... 36,026 3,935 Tidewater, Inc. ............ 140,125 330 Todco*...................... 6,079 992 Transmontaigne, Inc.*....... 6,081 20,069 Unit Corp.*................. 766,836 1,177 Universal Compression Holdings, Inc.*............. 41,089 5,868 Varco International, Inc.*....................... 171,052 2,147 Veritas DGC, Inc.*.......... 48,114 34,755 Vintage Petroleum, Inc. .... 788,591 1,435 W-H Energy Services, Inc.*....................... 32,087 3,300 Western Gas Resources, Inc. ....................... 96,525 1,506 Whiting Petroleum Corp.*.... 45,557 ------------ 20,803,208 ------------ PHARMACEUTICALS -- 3.7% 5,038 Abgenix, Inc.*#............. 52,093 1,153 Able Laboratories, Inc.*#... 26,231 1,663 Accelrys, Inc.*............. 12,971 3,237 Accredo Health, Inc.*....... 89,730 2,355 Adolor Corp.*#.............. 23,362 300 Advancis Pharmaceutical Corp.*#..................... 1,146 5,562 Alkermes, Inc.*#............ 78,369 2,476 Alpharma, Inc. ............. 41,968 1,279 American Pharmaceutical Partners, Inc.*#............ 47,847 The accompanying notes are an integral part of the financial statements. 71
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 5,558 Amylin Pharmaceuticals, Inc.*#...................... $ 129,835 80,854 Andrx Corp.*................ 1,765,043 1,563 Antigenics, Inc.*#.......... 15,818 1,913 Array Biopharma, Inc.*...... 18,212 13,515 Atherogenics, Inc.*#........ 318,413 972 Bentley Pharmaceuticals, Inc.*#...................... 10,449 1,700 Bioenvision, Inc.*#......... 15,232 45,251 BioMarin Pharmaceuticals, Inc.*#...................... 289,154 20,250 Bone Care International, Inc.*....................... 563,962 8,644 Bradley Pharmaceuticals, Inc.*#...................... 167,694 71 Caraco Pharmaceutical Laboratories, Ltd.*......... 678 3,359 Cell Therapeutics, Inc.*#... 27,342 3,441 Cephalon, Inc.*#............ 175,078 32,065 Connetics Corp.*#........... 778,859 26 Corcept Therapeutics, Inc.*#...................... 162 53,440 Corixa Corp.*#.............. 194,522 2,753 Cubist Pharmaceuticals, Inc.*....................... 32,568 2,109 CV Therapeutics, Inc.*...... 48,507 1,845 Cypress Bioscience, Inc.*#...................... 25,941 3,584 Dendreon Corp.*#............ 38,635 879 Depomed, Inc.*#............. 4,747 2,790 Discovery Laboratories, Inc.*#...................... 22,125 13,139 Dov Pharmaceutical, Inc.*#...................... 237,159 1,802 Durect Corp.*#.............. 5,911 1,200 Dusa Pharmaceuticals, Inc.*#...................... 17,160 1,661 Dyax Corp.*#................ 11,992 2,883 Endo Pharmaceuticals Holdings, Inc.*............. 60,601 1,600 Eon Labs, Inc.*............. 43,200 [Download Table] Shares Value -------------------------------------------------------- 516 Eyetech Pharmaceuticals, Inc.*#...................... $ 23,478 28,762 First Horizon Pharmaceutical Corp.*#..................... 658,362 3,171 Genta, Inc.*................ 5,581 1,476 Guilford Pharmaceuticals, Inc.*#...................... 7,306 31,885 HealthExtras, Inc.*#........ 519,725 43,684 Hollis-Eden Pharmaceuticals*#........... 411,503 1,377 I-Flow Corp.*#.............. 25,103 2,991 Impax Laboratories, Inc.*#...................... 47,497 2,676 Indevus Pharmaceuticals, Inc.*#...................... 15,949 3,653 Inkine Pharmaceutical Co., Inc.*#...................... 19,836 2,543 Inspire Pharmaceuticals, Inc.*....................... 42,646 3,092 Isis Pharmaceuticals, Inc.*#...................... 18,243 1,679 Isolagen, Inc.*#............ 13,214 217 Ista Pharmaceuticals, Inc.*#...................... 2,196 14,876 King Pharmaceuticals, Inc.*....................... 184,462 18,483 Kos Pharmaceuticals, Inc.*#...................... 695,700 2,100 KV Pharmaceutical Co.*#..... 46,305 338 Lannett Co., Inc.*#......... 3,329 4,139 Ligand Pharmaceuticals, Inc. Class B*#................... 48,178 440 Mannatech, Inc.#............ 8,378 800 Mannkind Corp.*#............ 12,600 4,993 Medarex, Inc.*#............. 53,825 16,200 Medco Health Solutions, Inc.*....................... 673,920 2,749 Medicines Co.*.............. 79,171 3,518 Medicis Pharmaceutical Corp.#...................... 123,517 4,318 MGI Pharma, Inc.*........... 120,947 3,634 Nabi Biopharmaceuticals*.... 53,238 The accompanying notes are an integral part of the financial statements. 72
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 549 Natures Sunshine Products, Inc.*....................... $ 11,178 31,266 NBTY, Inc.*................. 750,697 2,329 NeighborCare, Inc.*......... 71,547 1,093 Neopharm, Inc.*#............ 13,673 2,164 Neurocrine Biosciences, Inc.*....................... 106,685 588 Neurogen Corp.*............. 5,504 367 NitroMed, Inc.*#............ 9,781 1,401 Noven Pharmaceuticals, Inc.*....................... 23,901 2,229 NPS Pharmaceuticals, Inc.*#...................... 40,746 61 Nutraceutical International Corp.*...................... 940 1,505 Nuvelo, Inc.*#.............. 14,824 44 Omega Protein Corp.*........ 378 2,349 Onyx Pharmaceuticals, Inc.*#...................... 76,084 2,947 OSI Pharmaceuticals, Inc.*....................... 220,583 39,587 Pain Therapeutics, Inc.*.... 285,422 2,048 Par Pharmaceutical Cos, Inc.*....................... 84,746 949 Penwest Pharmaceuticals Co.*#....................... 11,350 30,377 Perrigo Co.#................ 524,611 32,798 Pharmacyclics, Inc.*#....... 343,395 9,775 Pharmion Corp.*#............ 412,603 5,444 Pharmos Corp.*#............. 7,730 1,540 Pozen, Inc.*#............... 11,196 1,592 Priority Healthcare Corp. Class B*.................... 34,658 26,828 Progenics Pharmaceuticals, Inc.*....................... 460,368 69,200 QLT, Inc.*#................. 1,112,736 445 Renovis, Inc.*#............. 6,399 795 Rigel Pharmaceuticals, Inc.*#...................... 19,414 2,400 Salix Pharmaceuticals Ltd.*#...................... 42,216 56 Santarus, Inc.*#............ 507 69,957 Sciclone Pharmaceuticals, Inc.*#...................... 258,841 6,361 Sepracor, Inc.*#............ 377,653 [Download Table] Shares Value -------------------------------------------------------- 2,314 Star Scientific, Inc.*...... $ 11,767 1,521 Tanox, Inc.*#............... 23,119 921 Trimeris, Inc.*#............ 13,051 14,442 United Therapeutics Corp.*#..................... 652,056 600 USANA Health Sciences, Inc.*#...................... 20,520 5,280 Valeant Pharmaceuticals International............... 139,128 4,074 VCA Antech, Inc.*........... 79,850 3,176 Vicuron Pharmaceuticals, Inc.*....................... 55,294 3,418 Vion Pharmaceuticals, Inc.*#...................... 16,030 18,495 Zymogenetics, Inc.*#........ 425,385 ------------ 16,083,491 ------------ REAL ESTATE -- 4.9% 2,200 Aames Investment Corp. REIT........................ 23,540 1,679 Acadia Realty Trust REIT.... 27,368 65,782 Affordable Residential Communities REIT#........... 943,972 2,706 Alexander's, Inc. REIT*#.... 581,790 6,349 Alexandria Real Estate Equities, Inc. REIT#........ 472,493 5,118 AMB Property Corp. REIT..... 206,716 600 American Campus Communities, Inc. REIT................... 13,494 64,398 American Financial Realty Trust REIT.................. 1,041,960 1,937 American Home Mortgage Investment Corp. REIT....... 66,342 1,667 AMLI Residential Properties Trust REIT.................. 53,344 7,071 Annaly Mortgage Management, Inc. REIT#.................. 138,733 3,225 Anthracite Capital, Inc. REIT........................ 39,861 2,623 Anworth Mortgage Asset Corp. REIT#....................... 28,092 The accompanying notes are an integral part of the financial statements. 73
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 5,818 Apartment Investment & Management Co. REIT......... $ 224,226 496 Arbor Realty Trust, Inc. REIT........................ 12,172 3,893 Arden Realty, Inc. REIT..... 146,844 653 Ashford Hospitality Trust, Inc. REIT................... 7,098 4,407 AvalonBay Communities, Inc. REIT........................ 331,847 284 Avatar Holdings, Inc. REIT*#...................... 13,660 725 Bedford Property Investors REIT........................ 20,597 1,000 Bimini Mortgage Management, Inc. REIT#.................. 16,060 1,700 BioMed Realty Trust, Inc. REIT........................ 37,757 2,859 Brandywine Realty Trust REIT........................ 84,026 2,984 BRE Properties REIT......... 120,285 2,301 Camden Property Trust REIT.. 117,351 1,800 Capital Automotive REIT..... 63,945 1,425 Capital Lease Funding, Inc. REIT........................ 17,812 484 Capital Trust, Inc. REIT#... 14,864 539 Capstead Mortgage Corp. REIT#....................... 5,681 3,177 CarrAmerica Realty Corp. REIT........................ 104,841 6,381 Catellus Development Corp. REIT........................ 195,259 1,400 CB Richard Ellis Group, Inc. REIT*....................... 46,970 1,365 CBL & Associates Properties, Inc. REIT................... 104,218 562 Cedar Shopping Centers, Inc. REIT........................ 8,037 2,795 Centerpoint Properties Trust REIT........................ 133,852 [Download Table] Shares Value -------------------------------------------------------- 1,191 Colonial Properties Trust REIT#....................... $ 46,771 2,951 Commercial Net Lease Realty REIT........................ 60,791 283 Consolidated-Tomoka Land Co. REIT........................ 12,169 3,500 Cornerstone Realty Income Trust, Inc. REIT............ 34,930 2,039 Corporate Office Properties Trust SBI MD REIT#.......... 59,845 578 Correctional Properties Trust REIT.................. 16,693 2,319 Cousins Properties, Inc. REIT........................ 70,196 79,169 Crescent Real Estate Equity Co. REIT.................... 1,445,626 53,748 CRT Properties, Inc. REIT... 1,282,427 6,330 Developers Diversified Realty Corp. REIT........... 280,862 1,200 Digital Realty Trust, Inc. REIT........................ 16,164 1,167 Eastgroup Properties REIT... 44,719 1,438 Entertainment Properties Trust REIT.................. 64,063 118,354 Equity Inns, Inc. REIT...... 1,389,476 1,212 Equity Lifestyle Properties, Inc. REIT................... 43,329 1,804 Equity One, Inc. REIT#...... 42,809 1,380 Essex Property Trust, Inc. REIT........................ 115,644 900 Extra Space Storage, Inc. REIT........................ 11,997 3,301 Federal Realty Invs Trust REIT........................ 170,497 3,428 FelCor Lodging Trust, Inc. REIT*#...................... 50,220 2,601 First Industrial Realty Trust, Inc. REIT#........... 105,939 The accompanying notes are an integral part of the financial statements. 74
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 1,929 Forest City Enterprises, Inc. REIT................... $ 111,014 1,834 Gables Residential Trust REIT#....................... 65,639 994 Getty Realty Corp. REIT..... 28,558 1,874 Glenborough Realty Trust, Inc. REIT................... 39,879 1,976 Glimcher Realty Trust REIT#....................... 54,755 400 Global Signal, Inc. REIT#... 11,016 1,500 GMH Communities Trust REIT........................ 21,150 1,460 Government Properties Trust, Inc. REIT#.................. 14,396 600 Gramercy Capital Corp. REIT........................ 12,360 8,110 Health Care Property Investors, Inc. REIT........ 224,566 2,996 Health Care, Inc. REIT#..... 114,297 2,848 Healthcare Realty Trust, Inc. REIT................... 115,914 1,800 Heritage Property Investment Trust REIT.................. 57,762 2,419 Highland Hospitality Corp. REIT........................ 27,189 3,123 Highwoods Properties, Inc. REIT........................ 86,507 2,128 Home Properties, Inc. REIT........................ 91,504 2,100 HomeBanc Corp. REIT#........ 20,328 4,168 Hospitality Properties Trust REIT........................ 191,728 21,572 Host Marriott Corp. REIT.... 373,196 11,367 HRPT Properties Trust REIT.. 145,839 37,706 IMPAC Mortgage Holdings, Inc. REIT................... 854,795 2,298 Innkeepers USA Trust REIT... 32,632 1,766 Investors Real Estate Trust REIT#....................... 18,525 2,101 Jones Lang LaSalle, Inc. REIT*....................... 78,598 [Download Table] Shares Value -------------------------------------------------------- 1,634 Kilroy Realty Corp. REIT.... $ 69,853 1,100 Kite Realty Group Trust REIT........................ 16,808 1,073 Kramont Realty Trust REIT#.. 25,108 1,464 LaSalle Hotel Properties REIT........................ 46,599 2,924 Lexington Corporate Properties Trust REIT....... 66,024 5,277 Liberty Property Trust REIT#....................... 227,966 1,002 LNR Property Corp. REIT..... 63,036 795 LTC Properties, Inc. REIT... 15,828 2,259 Luminent Mortgage Capital, Inc. REIT................... 26,882 3,617 Macerich Co. REIT........... 227,148 3,826 Mack-Cali Realty Corp. REIT........................ 176,111 2,108 Maguire Properties, Inc. REIT........................ 57,886 4,059 Meristar Hospitality Corp. REIT*....................... 33,893 4,700 MFA Mortgage Investments, Inc. REIT................... 41,454 1,138 Mid-America Apartment Communities, Inc. REIT#..... 46,908 3,301 Mills Corp. REIT............ 210,472 693 Mission West Properties REIT#....................... 7,373 900 MortgageIT Holdings, Inc. REIT#....................... 16,155 1,376 National Health Investors, Inc. REIT................... 40,152 4,429 Nationwide Health Properties, Inc. REIT....... 105,189 23,646 New Century Financial Corp. REIT#....................... 1,511,216 6,398 New Plan Excel Realty Trust REIT........................ 173,258 2,000 Newcastle Investment Corp. REIT........................ 63,560 The accompanying notes are an integral part of the financial statements. 75
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 1,753 Novastar Financial, Inc. REIT#....................... $ 86,773 2,818 Omega Healthcare Investors, Inc. REIT................... 33,252 2,409 Pan Pacific Retail Properties, Inc. REIT#...... 151,044 534 Parkway Properties, Inc. REIT........................ 27,100 2,044 Pennsylvania Real Estate Investment Trust REIT....... 87,483 2,572 Post Properties, Inc. REIT........................ 89,763 2,730 Prentiss Properties Trust REIT........................ 104,286 768 PS Business Parks, Inc. REIT........................ 34,637 1,486 RAIT Investment Trust REIT.. 41,563 692 Ramco-Gershenson Properties REIT........................ 22,317 537 Reading International, Inc. REIT*....................... 4,489 2,306 Realty Income Corp. REIT#... 116,637 4,510 Reckson Associates Realty Corp. REIT.................. 147,973 1,085 Redwood Trust, Inc. REIT.... 67,368 3,616 Regency Centers Corp. REIT.. 200,326 743 Saul Centers, Inc. REIT..... 28,420 2,900 Saxon Capital, Inc. REIT.... 69,571 3,150 Senior Housing Properties Trust REIT.................. 59,661 2,978 Shurgard Storage Centers, Inc. REIT................... 131,062 2,355 SL Green Realty Corp. REIT.. 142,595 925 Sovran Self Storage, Inc. REIT........................ 38,979 28,700 Spirit Finance Corp. REIT*#...................... 363,055 3,416 St Joe Co. REIT............. 219,307 1,100 Strategic Hotel Capital, Inc. REIT................... 18,150 1,683 Summit Properties, Inc. REIT........................ 54,798 [Download Table] Shares Value -------------------------------------------------------- 880 Sun Communities, Inc. REIT.. $ 35,420 36,400 Sunset Financial Resources, Inc. REIT#.................. 378,924 1,300 Sunstone Hotel Investors, Inc. REIT................... 27,014 1,626 Tanger Factory Outlet Centers, Inc. REIT.......... 43,024 96 Tarragon Corp. REIT*#....... 1,714 3,043 Taubman Centers, Inc. REIT.. 91,138 5,313 Thornburg Mortgage, Inc. REIT#....................... 153,864 18,704 Town & Country Trust REIT#.. 516,791 1,824 Trammell Crow Co. REIT*..... 33,033 5,300 Trizec Properties, Inc. REIT........................ 100,276 1,600 U-Store-It Trust REIT....... 27,760 7,863 United Dominion Realty Trust, Inc. REIT............ 195,002 505 Universal Health Realty Trust Income REIT........... 16,226 858 Urstadt Biddle Properties, Inc. REIT#.................. 14,629 1,227 US Restaurant Properties, Inc. REIT#.................. 22,160 5,348 Ventas, Inc. REIT........... 146,589 2,449 Washington Real Estate Investment Trust REIT#...... 82,948 4,712 Weingarten Realty Investors REIT........................ 188,951 994 Winston Hotels, Inc. REIT... 11,739 ------------ 21,319,111 ------------ RETAIL -- 5.4% 1,847 7-Eleven, Inc.*............. 44,236 2,633 99 Cents Only Stores*#...... 42,549 5,863 Abercrombie & Fitch Co. .... 275,268 900 AC Moore Arts & Crafts, Inc.*....................... 25,929 4,536 Advance Auto Parts*......... 198,132 31,769 Aeropostale, Inc.*#......... 934,962 The accompanying notes are an integral part of the financial statements. 76
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 13,550 America's Car Mart, Inc.*#...................... $ 514,900 3,203 American Eagle Outfitters... 150,861 4,236 AnnTaylor Stores Corp.*..... 91,201 700 Asbury Automotive Group, Inc.*....................... 9,646 3,210 Barnes & Noble, Inc.*....... 103,587 497 Bebe Stores, Inc. .......... 13,396 1,400 Big 5 Sporting Goods Corp.#...................... 40,796 6,908 Big Lots, Inc.*............. 83,794 600 BJ's Restaurants, Inc.*#.... 8,400 38,407 BJ's Wholesale Club, Inc.*....................... 1,118,796 445 Blair Corp. ................ 15,869 79,610 Blockbuster, Inc.#.......... 759,479 2,400 Bombay Co., Inc.*#.......... 13,272 37,700 Bon-Ton Stores, Inc.#....... 593,775 54,770 Borders Group, Inc. ........ 1,391,158 1,125 Brookstone, Inc.*........... 21,994 1,259 Brown Shoe Co., Inc. ....... 37,556 545 Buckle, Inc. ............... 16,077 500 Build-A-Bear Workshop, Inc.*#...................... 17,575 1,316 Burlington Coat Factory Warehouse Corp. ............ 29,873 600 Cabela's, Inc.*#............ 13,644 145 Cache, Inc.*................ 2,613 6,393 Carmax, Inc.*#.............. 198,503 3,172 Casey's General Stores, Inc. ....................... 57,572 1,721 Cash America International, Inc. ....................... 51,165 1,900 Casual Male Retail Group, Inc.*#...................... 10,355 965 Cato Corp. ................. 27,811 687 Charlotte Russe Holding, Inc.*....................... 6,939 6,558 Charming Shoppes*........... 61,448 5,481 Chico's FAS, Inc.*#......... 249,550 950 Childrens Place*#........... 35,179 [Download Table] Shares Value -------------------------------------------------------- 2,356 Christopher & Banks Corp.#.. $ 43,468 12,242 Circuit City Stores, Inc. ....................... 191,465 51,102 Claire's Stores, Inc. ...... 1,085,918 1,308 Coldwater Creek, Inc.*...... 40,378 484 Conn's, Inc.*#.............. 8,141 3,936 Copart, Inc.*............... 103,596 1,436 Cost Plus, Inc.*............ 46,139 2,824 CSK Auto Corp.*............. 47,274 164 DEB Shops, Inc. ............ 4,107 10,810 Dick's Sporting Goods, Inc.*#...................... 379,972 3,727 Dillard's, Inc. ............ 100,144 6,974 Dollar Tree Stores, Inc.*... 200,014 1,500 Domino's Pizza, Inc. ....... 26,700 1,340 Dress Barn, Inc.*#.......... 23,584 52,392 Electronics Boutique Holdings Corp.*#............ 2,249,712 2,334 Finish Line, Inc.#.......... 42,712 743 First Cash Financial Services, Inc.*............. 19,846 9,414 Foot Locker, Inc. .......... 253,519 2,603 Fred's, Inc.#............... 45,292 700 GameStop Corp.*#............ 15,652 1,363 GameStop Corp. Class B*..... 30,545 1,521 Genesco, Inc.*.............. 47,364 1,379 Goody's Family Clothing, Inc. ....................... 12,604 1,109 Group 1 Automotive, Inc.*... 34,934 10,843 Guitar Center, Inc.*#....... 571,318 1,048 Hancock Fabrics, Inc.#...... 10,868 1,101 Haverty Furniture Cos, Inc. ....................... 20,369 1,397 Hibbett Sporting Goods, Inc.*....................... 37,174 3,500 Hollywood Entertainment Corp.*...................... 45,815 3,197 HOT Topic, Inc.*............ 54,956 3,243 Insight Enterprises, Inc.*....................... 66,546 1,083 J Jill Group, Inc.*......... 16,126 981 Jo-Ann Stores, Inc.*........ 27,017 The accompanying notes are an integral part of the financial statements. 77
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 36,399 JOS A Bank Clothiers, Inc.*#...................... $ 1,030,092 407 Kenneth Cole Productions, Inc. ....................... 12,560 683 Kirkland's, Inc.*........... 8,394 2,978 Linens 'N Things, Inc.*..... 73,854 906 Lithia Motors, Inc.#........ 24,299 45,576 Longs Drug Stores Corp.#.... 1,256,530 600 MarineMax, Inc.*............ 17,856 1,835 Men's Wearhouse, Inc.*...... 58,647 8,522 Michaels Stores, Inc. ...... 255,404 982 Movado Group, Inc. ......... 18,314 1,550 Movie Gallery, Inc. ........ 29,559 1,959 MSC Industrial Direct Co. ........................ 70,485 2,730 Neiman-Marcus Group, Inc. .. 195,304 600 New York & Co., Inc.*#...... 9,912 3,224 Nu Skin Enterprises, Inc. ....................... 81,825 2,798 O'Reilly Automotive, Inc.*#...................... 126,050 5,408 OfficeMax, Inc. ............ 169,703 4,905 Pacific Sunwear of California*................. 109,185 502 Pantry, Inc.*#.............. 15,105 781 Party City Corp.*........... 10,098 4,460 Payless Shoesource, Inc.*... 54,858 177 PC Connection, Inc.*........ 1,685 700 PC Mall, Inc.*#............. 15,666 3,471 PEP Boys-Manny Moe & Jack... 59,250 2,482 Petco Animal Supplies, Inc.*....................... 97,989 5,449 Pier 1 Imports, Inc. ....... 107,345 2,708 Regis Corp. ................ 124,974 32,120 Restoration Hardware, Inc.*#...................... 184,369 29,947 Retail Ventures, Inc.*#..... 212,624 26,618 Rite Aid Corp.*............. 97,422 9,300 Ross Stores, Inc.#.......... 268,491 7,802 Saks, Inc.*................. 113,207 1,421 School Specialty, Inc.*..... 54,794 2,200 Select Comfort Corp.*#...... 39,468 700 Sharper Image Corp.*#....... 13,195 [Download Table] Shares Value -------------------------------------------------------- 400 Shoe Carnival, Inc.*........ $ 5,200 2,047 ShopKo Stores, Inc.*#....... 38,238 759 Smart & Final, Inc.*........ 10,922 1,763 Sonic Automotive, Inc.#..... 43,722 1,419 Sports Authority, Inc.*#.... 36,539 946 Stage Stores, Inc.*......... 39,278 1,464 Stein Mart, Inc.*........... 24,976 610 Systemax, Inc.*............. 4,477 1,192 Talbots, Inc. .............. 32,458 1,173 TBC Corp.*.................. 32,609 89,968 Too, Inc.*.................. 2,200,617 76,699 Toys "R" Us, Inc.*.......... 1,570,029 2,000 Tractor Supply Co.*......... 74,420 1,792 Trans World Entertainment*#............. 22,346 22,883 Tuesday Morning Corp.*#..... 700,906 1,031 United Auto Group, Inc.#.... 30,507 2,746 Urban Outfitters, Inc.*#.... 121,922 770 West Marine, Inc.*#......... 19,058 5,768 Williams-Sonoma, Inc.*...... 202,111 700 World Fuel Services Corp. ...................... 34,860 3,452 Zale Corp.*#................ 103,111 ------------ 23,537,948 ------------ SAVINGS & LOAN -- 1.3% 1,292 Anchor Bancorp Wisconsin, Inc.#....................... 37,662 4,797 Astoria Financial Corp. .... 191,736 162,034 Bank Mutual Corp. .......... 1,971,954 2,792 BankAtlantic Bancorp, Inc. ....................... 55,561 1,484 BankUnited Financial Corp.*...................... 47,414 300 Berkshirehill Bancorp, Inc.#....................... 11,145 312 Beverly Hills Bancorp, Inc. ....................... 3,151 287 BFC Financial Corp.*........ 3,631 3,850 Brookline Bancorp, Inc. .... 62,832 1,494 Capitol Federal Financial#.................. 53,784 The accompanying notes are an integral part of the financial statements. 78
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 300 Charter Financial Corp.#.... $ 13,161 417 Citizens First Bancorp, Inc. ....................... 10,083 1,100 Clifton Savings Bancorp, Inc. ....................... 13,365 24,103 Commercial Capital Bancorp, Inc.#....................... 558,708 2,651 Commercial Federal Corp. ... 78,761 2,151 Dime Community Bancshares... 38,524 1,221 Downey Financial Corp. ..... 69,597 843 Fidelity Bankshares, Inc. ....................... 36,047 767 First Financial Holdings, Inc. ....................... 25,112 5,148 First Niagara Financial Group, Inc.#................ 71,815 694 First Place Financial Corp. ...................... 15,539 1,180 FirstFed Financial Corp.*... 61,207 2,088 Flagstar Bancorp, Inc.#..... 47,189 879 Flushing Financial Corp. ... 17,633 694 Franklin Bank Corp.*........ 12,665 1,386 Harbor Florida Bancshares, Inc. ....................... 47,969 569 Horizon Financial Corp. .... 11,710 2,082 Hudson River Bancorp........ 41,203 4,995 Independence Community Bank Corp. ...................... 212,687 299 Itla Capital Corp.*......... 17,578 1,908 KNBT Bancorp, Inc. ......... 32,245 1,812 MAF Bancorp, Inc. .......... 81,214 200 NASB Financial, Inc. ....... 7,992 5,496 NewAlliance Bancshares, Inc. ....................... 84,089 1,338 Northwest Bancorp, Inc. .... 33,570 306 OceanFirst Financial Corp. ...................... 7,543 2,668 Ocwen Financial Corp.*#..... 25,506 72,959 Partners Trust Financial Group, Inc.#................ 849,972 266 Pennfed Financial Services, Inc. ....................... 4,277 2,279 People's Bank............... 88,630 [Download Table] Shares Value -------------------------------------------------------- 773 PFF Bancorp, Inc. .......... $ 35,813 2,773 Provident Bancorp, Inc. .... 36,576 264 Provident Financial Hldgs... 7,616 4,764 Provident Financial Services, Inc. ............. 92,279 1,490 Sterling Financial Corp.*... 58,497 1,364 TierOne Corp. .............. 33,895 1,776 United Community Financial Corp.#...................... 19,891 4,705 Washington Federal, Inc. ... 124,871 1,672 Waypoint Financial Corp. ... 47,401 267 Westfield Financial, Inc.#....................... 6,894 358 WSFS Financial Corp. ....... 21,595 ------------ 5,539,789 ------------ SEMICONDUCTORS -- 3.4% 1,416 Actel Corp.*................ 24,837 27,233 ADE Corp.*#................. 509,802 1,412 Alliance Semiconductor Corp.*...................... 5,224 1,921 AMIS Holdings, Inc.*........ 31,735 6,300 Amkor Technology, Inc.*#.... 42,084 20,671 Applied Micro Circuits Corp.*...................... 87,025 1,164 Artisan Components, Inc.*(a).................... 43,685 3,146 Asyst Technologies, Inc.*... 16,013 25,576 Atmel Corp.*#............... 100,258 1,721 ATMI, Inc.*................. 38,774 1,441 August Technology Corp.*#... 15,174 15,769 Axcelis Technologies, Inc.*#...................... 128,202 128,684 Brooks Automation, Inc.*#... 2,215,938 4,842 Cirrus Logic, Inc.*#........ 26,679 1,260 Cohu, Inc. ................. 23,386 27,582 Conexant Systems, Inc.*..... 54,888 5,669 Credence Systems Corp.*..... 51,871 4,489 Cree, Inc.*#................ 179,919 8,100 Cypress Semiconductor Corp.*#..................... 95,013 The accompanying notes are an integral part of the financial statements. 79
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 18,092 Diodes, Inc.*#.............. $ 409,422 1,816 DSP Group, Inc.*............ 40,551 713 Dupont Photomasks, Inc.*.... 18,830 4,809 Emulex Corp.*............... 80,984 3,390 Entegris, Inc.*............. 33,730 2,067 ESS Technology*#............ 14,696 2,601 Exar Corp.*................. 36,908 46,837 Fairchild Semiconductor International, Inc.*........ 761,570 20,522 Formfactor, Inc.*........... 556,967 749 FSI International, Inc.*.... 3,498 2,221 Genesis Microchip, Inc.*#... 36,025 1,787 Helix Technology Corp.#..... 31,076 4,167 Integrated Circuit Systems, Inc.*....................... 87,174 7,128 Integrated Device Technology, Inc.*........... 82,400 2,278 Integrated Silicon Solutions, Inc.*#........... 18,680 4,068 International Rectifier Corp.*...................... 181,311 8,917 Intersil Corp. ............. 149,271 1,048 IXYS Corp.*................. 10,815 4,487 Kopin Corp.*#............... 17,365 3,440 Kulicke & Soffa Industries, Inc.*#...................... 29,653 8,277 Lam Research Corp.*#........ 239,288 6,745 Lattice Semiconductor Corp.*#..................... 38,446 24,010 LSI Logic Corp.*#........... 131,575 4,201 LTX Corp.*#................. 32,306 146,514 Mattson Technology, Inc.*#...................... 1,649,748 4,665 MEMC Electronic Materials, Inc.*....................... 61,811 3,600 Micrel, Inc.*............... 39,672 51,140 Microsemi Corp.*............ 887,790 67,972 Microtune, Inc.*#........... 415,309 [Download Table] Shares Value -------------------------------------------------------- 6,566 Mindspeed Technologies, Inc.*#...................... $ 18,253 2,565 MIPS Technologies, Inc.*.... 25,265 1,793 MKS Instruments, Inc.*...... 33,260 1,700 Monolithic System Technology, Inc.*#.......... 10,591 2,234 Mykrolis Corp.*............. 31,656 51,800 Nanometrics, Inc.*#......... 834,964 10,205 Nvidia Corp.*............... 240,430 3,200 Omnivision Technologies, Inc.*#...................... 58,720 7,408 ON Semiconductor Corp.*#.... 33,632 1,250 Pericom Semiconductor Corp.*#..................... 11,788 1,763 Photronics, Inc.*........... 29,090 2,397 Pixelworks, Inc.*#.......... 27,182 1,221 PLX Technology, Inc.*#...... 12,698 11,427 PMC -- Sierra, Inc.*#....... 128,554 1,705 Power Integrations, Inc.*... 33,725 5,853 QLogic Corp.*............... 214,981 5,325 Rambus, Inc.*#.............. 122,475 826 Rudolph Technologies, Inc.*....................... 14,182 921 Semitool, Inc.*............. 8,547 4,577 Semtech Corp.*.............. 100,099 1,565 Sigmatel, Inc.*#............ 55,604 44,809 Silicon Image, Inc.*#....... 737,556 2,055 Silicon Laboratories, Inc.*#...................... 72,562 354 Siliconix, Inc.*............ 12,917 1,321 Sipex Corp.*#............... 6,182 909 Sirf Technology Holdings, Inc.*#...................... 11,562 72,109 Skyworks Solutions, Inc.*#...................... 679,988 81 Staktek Holdings, Inc.*..... 376 806 Standard Microsystems Corp.*...................... 14,371 22,855 Supertex, Inc.*............. 495,954 1,509 Tessera Technologies, Inc.*#...................... 56,150 The accompanying notes are an integral part of the financial statements. 80
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 9,230 Transmeta Corp.*#........... $ 15,045 9,106 Triquint Semiconductor, Inc.*....................... 40,522 1,426 Ultratech, Inc.*#........... 26,880 20,784 Varian Semiconductor Equipment Associates, Inc.*#...................... 765,890 1,563 Veeco Instruments, Inc.*#... 32,932 14,087 Vitesse Semiconductor Corp.*#..................... 49,727 2,701 Zoran Corp.*................ 31,278 ------------ 14,882,966 ------------ SOFTWARE -- 6.2% 8,087 Activision, Inc.*........... 163,196 962 Actuate Corp.*.............. 2,453 4,348 Acxiom Corp. ............... 114,352 1,229 Advent Software, Inc.*...... 25,170 1,506 Allscripts Healthcare Solutions, Inc.*............ 16,069 1,300 Altiris, Inc.*.............. 46,059 22,464 Ansys, Inc.*#............... 720,196 3,968 Ascential Software Corp.*... 64,718 2,209 Aspen Technology, Inc.*#.... 13,718 428 Atari, Inc.*#............... 1,254 1,791 Authentidate Holding Corp.*...................... 11,086 11,867 Avid Technology, Inc.*...... 732,787 22,600 BEA Systems, Inc.*.......... 200,236 4,681 Borland Software Corp.*..... 54,674 952 Captaris, Inc.*............. 4,912 568 CCC Information Services Group*...................... 12,615 28,997 Cerner Corp.*#.............. 1,541,770 4,013 Certegy, Inc................ 142,582 10,515 Citrix Systems, Inc.*....... 257,933 314 Computer Programs & Systems, Inc.#....................... 7,269 23,704 Compuware Corp.*............ 153,365 [Download Table] Shares Value -------------------------------------------------------- 1,156 Concord Communications, Inc.*....................... $ 12,808 1,500 Concur Technologies, Inc.*#...................... 13,365 3,539 CSG Systems International*.. 66,179 44,194 Dendrite International, Inc.*....................... 857,364 14,953 Digi International, Inc.*... 257,042 4,434 Dun & Bradstreet Corp.*..... 264,488 250,984 Eclipsys Corp.*#............ 5,127,603 3,222 eFunds Corp.*............... 77,360 743 Embarcadero Technologies, Inc.*#...................... 6,992 2,480 Epicor Software Corp.*...... 34,943 801 EPIQ Systems, Inc.*#........ 11,727 4,464 Fair Isaac Corp.#........... 163,740 2,318 FalconStor Software, Inc.*#...................... 22,183 2,388 Filenet Corp.*.............. 61,515 1,617 Global Payments, Inc.#...... 94,659 27,557 Hyperion Solutions Corp.*... 1,284,707 1,212 IDX Systems Corp.*#......... 41,766 11,504 Infocrossing, Inc.*#........ 194,763 4,510 Informatica Corp.*.......... 36,621 1,648 infoUSA, Inc.*#............. 18,441 500 InPhonic, Inc.*............. 13,740 1,311 Inter-Tel, Inc. ............ 35,895 68 Intervideo, Inc.*........... 900 1,993 JDA Software Group, Inc.*... 27,145 3,510 Keane, Inc.*#............... 51,597 2,864 Lawson Software, Inc.*...... 19,676 800 Mantech International Corp.*#..................... 18,992 4,430 Manugistics Group, Inc.*.... 12,714 1,100 MAPICS, Inc.*............... 11,605 48,556 Mapinfo Corp.*.............. 581,701 3,489 Micromuse, Inc.*............ 19,364 10,780 MicroStrategy, Inc.*........ 649,495 2,667 Midway Games, Inc.*#........ 28,003 The accompanying notes are an integral part of the financial statements. 81
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 32,725 MRO Software, Inc.*......... $ 426,080 1,491 MSC.Software Corp.*#........ 15,611 2,400 NAVTEQ Corp.*............... 111,264 2,245 NDCHealth Corp. ............ 41,735 182,203 NetIQ Corp.*................ 2,224,699 23,667 Novell, Inc.*#.............. 159,752 1,036 Omnicell, Inc.*#............ 11,396 739 Open Solutions, Inc.*....... 19,184 733 Opnet Technologies, Inc.*... 6,172 1,609 Packeteer, Inc.*............ 23,250 1,016 PalmSource, Inc.*#.......... 12,944 90,570 Parametric Technology Corp.*#..................... 533,457 900 PDF Solutions, Inc.*#....... 14,499 573 Pegasystems, Inc.*#......... 4,888 39,649 Per-Se Technologies, Inc.*#...................... 627,644 3,800 Pinnacle Systems, Inc.*..... 23,180 1,400 Pixar*...................... 119,854 509 PLATO Learning, Inc.*....... 3,792 22,898 Progress Software Corp.*.... 534,668 736 QAD, Inc. .................. 6,565 230 Quality Systems, Inc.*#..... 13,754 2,699 Quest Software, Inc.*....... 43,049 506 Renaissance Learning, Inc.#....................... 9,391 3,707 Retek, Inc.*................ 22,798 700 Salesforce.com, Inc.*#...... 11,858 5,411 ScanSoft, Inc.*............. 22,672 504 Schawk, Inc. ............... 9,163 44,744 Seachange International, Inc.*#...................... 780,335 3,947 SEI Investments Co. ........ 165,498 1,419 Serena Software, Inc.*#..... 30,707 764 SPSS, Inc.*................. 11,949 672 SS&C Technologies, Inc. .... 13,877 5,950 Sybase, Inc.*............... 118,703 455 SYNNEX Corp.*............... 10,947 [Download Table] Shares Value -------------------------------------------------------- 35,875 Take-Two Interactive Software, Inc.*#............ $ 1,248,091 69,131 THQ, Inc.*#................. 1,585,865 1,072 TradeStation Group, Inc.*... 7,525 2,346 Transaction Systems Architects, Inc.*........... 46,568 1,144 Trident Microsystems, Inc.*#...................... 19,128 19,268 Ulticom, Inc.*#............. 308,866 1,203 Ultimate Software Group, Inc.*....................... 15,254 800 Verint Systems, Inc.*#...... 29,064 242,952 Wind River Systems, Inc.*#...................... $ 3,292,000 1,247 Witness Systems, Inc.*...... 21,773 ------------ 27,164,976 ------------ TELECOMMUNICATIONS -- 3.4% 24,131 3Com Corp.*................. 100,626 114,907 Adaptec, Inc.*.............. 872,144 48,400 ADC Telecommunications, Inc.*....................... 129,712 3,901 Adtran, Inc. ............... 74,665 4,312 Aeroflex, Inc.*............. 52,261 947 AirGate PCS, Inc.*#......... 33,713 49,708 Airspan Networks, Inc.*#.... 269,914 3,911 Alamosa Holdings, Inc.*#.... 48,770 239 Alaska Communications Systems Group, Inc.#........ 2,063 13,255 American Tower Corp.*#...... 243,892 1,469 Anaren, Inc.*............... 19,038 10,041 Andrew Corp.*............... 136,859 1,735 Anixter International, Inc.*#...................... 62,443 9,447 Applied Signal Technology, Inc.#....................... 333,007 67,488 Arris Group, Inc.*#......... 475,116 2,132 Aspect Communications Corp.*...................... 23,750 The accompanying notes are an integral part of the financial statements. 82
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 41 Atheros Communications, Inc.*#...................... $ 420 1,030 Audiovox Corp.*#............ 16,253 4,141 Avanex Corp.*#.............. 13,707 1,050 Black Box Corp. ............ 50,421 1,040 Boston Communications Group*...................... 9,610 2,384 Broadwing Corp.*#........... 21,718 39,450 C-COR.net Corp.*#........... 366,885 1,202 Carrier Access Corp.*#...... 12,837 354 Centennial Communications Corp.*#..................... 2,807 32,086 Ciena Corp.*................ 107,167 122,092 Cincinnati Bell, Inc.*#..... 506,682 20,335 Citizens Communications Co. ........................ 280,420 16,181 Commonwealth Telephone Enterprises, Inc.*#......... 803,548 3,597 CommScope, Inc.*#........... 67,983 1,030 Comtech Telecommunications*#........ 38,738 12,033 Comverse Technology, Inc.*....................... 294,207 11,824 Crown Castle International Corp.*...................... 196,751 938 CT Communications, Inc.*.... 11,537 797 D&E Communications, Inc. ... 9,604 1,824 Ditech Communications Corp.*...................... 27,269 6,830 Dobson Communications Corp.*...................... 11,748 9,000 Eagle Broadband, Inc.*#..... 5,940 600 EMS Technologies, Inc.*..... 9,972 14,400 Enterasys Networks, Inc.*... 25,920 6,634 Extreme Networks*........... 43,453 11,400 Finisar Corp.*#............. 25,992 7,284 Foundry Networks, Inc.*..... 95,857 3,101 General Communication*#..... 34,235 813 Golden Telecom, Inc.#....... 21,479 [Download Table] Shares Value -------------------------------------------------------- 4,685 Harmonic, Inc.*............. $ 39,073 4,125 Harris Corp. ............... 254,884 169,500 Hypercom Corp.*............. 1,003,440 2,739 IDT Corp.*.................. 40,209 800 IDT Corp. Class B*#......... 12,384 5,093 Infonet Services Corp. Class B*.......................... 10,288 3,639 Interdigital Communications Corp.*#..................... 80,422 1,100 Intrado, Inc.*.............. 13,310 1,200 Iowa Telecommunications Services, Inc. ............. 25,884 147 ITC Deltacom, Inc.*......... 251 1,343 Ixia*#...................... 22,576 724 KVH Industries, Inc.*#...... 7,095 41,967 Level 3 Communications, Inc.*#...................... 142,268 1,550 Mastec, Inc.*#.............. 15,671 6,913 MRV Communications, Inc.*... 25,371 1,291 Netgear, Inc.*.............. 23,483 1,400 Network Equipment Technologies, Inc.*#........ 13,748 44,288 Newport Corp.*#............. 624,461 61,000 Nextel Partners, Inc.*#..... 1,191,940 3,500 NII Holdings, Inc.*#........ 166,075 2,845 NMS Communications Corp.*#..................... 17,952 938 North Pittsburgh Systems, Inc.#....................... 23,197 1,143 Novatel Wireless, Inc.*#.... 22,151 6,206 Oplink Communications, Inc.*#...................... 12,226 1,024 Optical Communication Products, Inc.*............. 2,560 83,565 Paradyne Networks Corp.*#... 299,998 21,531 Plantronics, Inc. .......... 892,891 6,125 Polycom, Inc.*.............. 142,835 The accompanying notes are an integral part of the financial statements. 83
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 5,960 Powerwave Technologies, Inc.*....................... $ 50,541 2,233 Price Communications Corp.*...................... 41,511 4,654 Primus Telecommunications GP*#........................ 14,800 4,251 PTEK Holdings, Inc.*........ 45,528 3,976 Remec, Inc.*#............... 28,667 11,565 RF Micro Devices, Inc.*#.... 79,105 11,989 SafeNet, Inc.*#............. 440,476 2,949 SBA Communications Corp.*#..................... 27,367 321 Shenandoah Telecom Co. ..... 9,614 106,624 Sonus Networks, Inc.*#...... 610,956 1,138 Spectralink Corp. .......... 16,137 2,462 Spectrasite, Inc.*.......... 142,550 5,706 Stratex Networks, Inc.*..... 12,896 978 SureWest Communications..... 27,726 10,600 Sycamore Networks, Inc.*#... 43,036 2,430 Symmetricom, Inc.*.......... 23,595 1,820 Talk America Holdings, Inc.*#...................... 12,048 39,077 Tekelec*#................... 798,734 28,585 Tellabs, Inc.*#............. 245,545 4,776 Terayon Corp.*#............. 12,943 15,500 Terremark Worldwide, Inc.*.. 9,920 2,587 Time Warner Telecom, Inc.*#...................... 11,279 61 TippingPoint Technologies, Inc.*#...................... 2,849 1,736 Triton PCS Holdings, Inc.*#...................... 5,937 73,975 Ubiquitel, Inc.*#........... 526,702 1,000 US Cellular Corp.*.......... 44,760 1,523 USA Mobility, Inc.*......... 53,777 5,554 UTStarcom, Inc.*#........... 123,021 1,484 Viasat, Inc.*............... 36,017 1,165 West Corp.*................. 38,573 2,800 Westell Technologies, Inc.*....................... 19,040 [Download Table] Shares Value -------------------------------------------------------- 5,100 Western Wireless Corp.*#.... $ 149,430 2,140 Wireless Facilities, Inc.*#...................... 20,202 2,650 Zhone Technologies, Inc.*#...................... 6,864 ------------ 14,849,922 ------------ TRANSPORTATION -- 2.1% 2,766 Alexander & Baldwin, Inc. ....................... 117,334 670 Amerco, Inc.*#.............. 30,807 15,315 Arkansas Best Corp.#........ 687,490 74 Central Freight Lines, Inc.*#...................... 466 5,227 CH Robinson Worldwide, Inc. ....................... 290,203 3,101 CNF, Inc. .................. 155,360 241 Covenant Transport, Inc.*... 5,018 2,102 EGL, Inc.*.................. 62,829 1,367 Florida East Coast Industries#................. 61,652 1,281 Forward Air Corp.*.......... 57,261 2,747 GATX Corp.#................. 81,201 1,200 Genesee & Wyoming, Inc.*.... 33,756 500 Greenbrier Cos, Inc. ....... 16,925 728 Gulfmark Offshore, Inc.*#... 16,213 2,938 Heartland Express, Inc. .... 66,017 17,833 HUB Group, Inc.*............ 931,239 3,625 JB Hunt Transport Services, Inc. ....................... 162,581 4,155 Kansas City Southern*#...... 73,668 49,791 Kirby Corp.*................ 2,209,725 2,309 Knight Transportation, Inc. ....................... 57,263 6,395 Laidlaw International, Inc.*....................... 136,853 21,680 Landstar System, Inc.*...... 1,596,515 303 Marten Transport Ltd.*...... 6,887 1,121 Offshore Logistics, Inc.*... 36,399 1,050 Old Dominion Freight Line*.. 36,540 1,734 Overnite Corp. ............. 64,574 1,690 Overseas Shipholding Group.. 93,288 1,371 Pacer International, Inc.*....................... 29,147 The accompanying notes are an integral part of the financial statements. 84
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 84 PAM Transportation Services*................... $ 1,575 2,128 RailAmerica, Inc.*.......... 27,770 3,942 Ryder System, Inc. ......... 188,309 831 SCS Transportation, Inc.*... 19,421 497 Seabulk International, Inc.*#...................... 6,019 1,200 Sirva, Inc.*................ 23,064 2,582 Swift Transportation Co., Inc.*#...................... 55,461 20,830 US Xpress Enterprises, Inc.*#...................... 610,319 30,143 USF Corp. .................. 1,143,926 3,175 Werner Enterprises, Inc. ... 71,882 2,930 Yellow Roadway Corp.*....... 163,230 ------------ 9,428,187 ------------ UTILITIES-ELECTRIC -- 1.9% 8,629 Allegheny Energy, Inc.*#.... 170,077 6,644 Alliant Energy Corp. ....... 190,018 11,959 Aquila, Inc.*#.............. 44,129 98,820 Avista Corp. ............... 1,746,149 2,093 Black Hills Corp. .......... 64,213 411,385 Calpine Corp.*#............. 1,620,857 16,800 Centerpoint Energy, Inc.#... 189,840 419 Central Vermont Public Service Corp. .............. 9,746 872 CH Energy Group, Inc.#...... 41,900 2,884 Cleco Corp. ................ 58,430 11,600 CMS Energy Corp.*........... 121,220 7,812 DPL, Inc.#.................. 196,159 4,922 Duquesne Light Holdings, Inc.#....................... 92,780 2,938 El Paso Electric Co.*....... 55,646 1,394 Empire District Electric Co.#........................ 31,616 9,013 Energy East Corp. .......... 240,467 4,664 Great Plains Energy, Inc.#....................... 141,226 5,078 Hawaiian Electric Industries#................. 148,024 2,501 Idacorp, Inc. .............. 76,455 [Download Table] Shares Value -------------------------------------------------------- 6,965 MDU Resources Group, Inc. .. $ 185,826 1,024 MGE Energy, Inc.#........... 36,895 7,900 Northeast Utilities......... 148,915 12,500 NorthWestern Corp.*......... 350,000 4,884 NRG Energy, Inc.*........... 176,068 3,310 NSTAR....................... 179,667 5,273 OGE Energy Corp.#........... 139,787 1,511 Otter Tail Corp.#........... 38,576 11,349 Pepco Holdings, Inc. ....... 241,961 5,632 Pinnacle West Capital Corp. ...................... 250,117 3,838 PNM Resources, Inc. ........ 97,063 6,127 Puget Energy, Inc. ......... 151,337 18,444 Reliant Energy, Inc.*....... 251,761 6,817 SCANA Corp.#................ 268,590 6,760 Sierra Pacific Resources*#................. 70,980 11,665 TECO Energy, Inc.#.......... 178,941 784 UIL Holdings Corp.#......... 40,219 1,947 Unisource Energy Corp.#..... 46,942 5,246 Westar Energy, Inc. ........ 119,976 7,269 Wisconsin Energy Corp. ..... 245,038 2,208 WPS Resources Corp. ........ 110,312 ------------ 8,567,923 ------------ UTILITIES-GAS -- 0.4% 4,439 AGL Resources, Inc. ........ 147,552 4,601 Atmos Energy Corp. ......... 125,837 696 Cascade Natural Gas Corp. ...................... 14,755 2,176 Energen Corp. .............. 128,275 352 EnergySouth, Inc. .......... 9,870 1,250 Laclede Group, Inc. ........ 38,938 1,770 New Jersey Resources Corp. ...................... 76,712 2,755 Nicor, Inc.#................ 101,770 1,705 Northwest Natural Gas Co. ........................ 57,527 6,129 Oneok, Inc. ................ 174,186 2,453 Peoples Energy Corp.#....... 107,809 4,810 Piedmont Natural Gas Co. ... 111,785 The accompanying notes are an integral part of the financial statements. 85
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 896 South Jersey Industries, Inc. ....................... $ 47,094 3,736 Southern Union Co.*......... 89,589 1,947 Southwest Gas Corp. ........ 49,454 3,032 UGI Corp. .................. 124,039 4,677 Vectren Corp. .............. 125,344 3,155 WGL Holdings, Inc. ......... 97,300 ------------ 1,627,836 ------------ UTILITIES-WATER -- 0.1% 944 American States Water Co. ........................ 24,544 5,548 Aqua America, Inc. ......... 136,425 1,009 California Water Service Group#...................... 37,989 440 Connecticut Water Service, Inc. ....................... 11,656 527 Middlesex Water Co.#........ 9,981 316 Pico Holdings, Inc.*........ 6,563 439 SJW Corp. .................. 15,980 1,031 Southwest Water Co.#........ 13,868 ------------ 257,006 ------------ TOTAL COMMON STOCKS (Cost $338,873,959)..................... 430,391,802 ------------ PREFERRED STOCKS -- 0.0% DIVERSIFIED FINANCIAL SERVICES -- 0.0% 372 Education Lending Group, Inc.*#...................... 5,770 ------------ TOTAL PREFERRED STOCKS (Cost $5,948)........................... 5,770 ------------ WARRANTS -- 0.0% BUSINESS SERVICES & SUPPLIES -- 0.0% 216 American Banknote Corp. 0.0%, 10/01/07.............. 0 ------------ TOTAL WARRANTS (Cost $0)............................... 0 ------------ Principal Amount or Shares Value -------------------------------------------------------- CORPORATE BONDS & NOTES -- 0.0% $ 19,000 Mueller Industries, Inc. 6.000%, 11/01/14............ 18,620 ------------ TOTAL CORPORATE BONDS & NOTES (Cost $18,625).......................... 18,620 ------------ U.S. GOVERNMENT & AGENCY OBLIGATIONS -- 0.7% U.S. TREASURY BONDS -- 0.0% United States Treasury Bonds 3,838 5.250%, 02/15/29 (b)........ 4,098 8,573 5.500%, 08/15/28 (b)........ 9,452 279 6.375%, 08/15/27 (b)........ 341 6,392 8.125%, 08/15/19-05/15/21 (b)....... 8,908 710 12.000%, 08/15/13 (b)....... 949 ------------ 23,748 ------------ U.S. TREASURY NOTES -- 0.7% United States Treasury Notes 3,000,000 1.250%, 05/31/05 (c)........ 2,985,702 7,102 3.375%, 11/15/08 (b)........ 7,116 ------------ 2,992,818 ------------ TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $3,023,177)....................... 3,016,566 ------------ SHORT-TERM INVESTMENTS -- 23.4% COLLATERAL FOR SECURITIES ON LOAN -- 21.7% 95,217,855 State Street Navigator Securities Lending Prime Portfolio 2.200% (d)(e)(f)............ 95,217,855 ------------ GOVERNMENT & AGENCY SECURITIES -- 0.1% 115,000 United States Treasury Bills 0.0%, 03/10/05 (c).......... 114,562 200,000 United States Treasury Bills 0.0%, 03/17/05 (c).......... 199,151 ------------ 313,713 ------------ The accompanying notes are an integral part of the financial statements. 86
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Portfolio of Investments CitiStreet Funds, Inc. / Small Company Stock Fund / December 31, 2004 (continued) [Download Table] Principal Amount or Shares Value -------------------------------------------------------- MUTUAL FUND -- 1.6% $ 7,045,021 Goldman Sachs Prime Obligations Fund 2.050% (d).................. $ 7,045,021 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $102,576,499)..................... 102,576,589 ------------ TOTAL INVESTMENTS -- 122.4% (Cost $444,498,208)..................... 536,009,347 ------------ Liabilities in excess of other assets -- (22.4)%......................... (98,137,738) ------------ TOTAL NET ASSETS -- 100.0%................ $437,871,609 ============ NOTES TO THE PORTFOLIO OF INVESTMENTS: * -- Non-income producing security. # -- Represents security, or portion thereof, on loan as of December 31, 2004. (a) -- Represents a security which is fair-valued. (b) -- Represents security received, in lieu of cash, for securities on loan. (c) -- All or a portion of these securities have been pledged to cover collateral requirements for open futures. (d) -- Rate quoted represents the seven day yield of the Fund. (e) -- Represents security purchased with cash collateral received for securities on loan. (f) -- Represents an affiliated issuer. SECURITY ABBREVIATIONS: REIT -- Real Estate Investment Trust FUTURES CONTRACTS: [Enlarge/Download Table] Number of Underlying Expiration Notional Notional Unrealized Contracts Face Value Securities Date Cost Value Appreciation ------------- ---------- --------------------------------------------------- ---------- -------- -------- ------------ Long Position ------------- 11 1,100 S&P Midcap 400 E-Mini Mar-2005 $708,048 $731,885 $23,837 11 1,100 Russell 2000 E Mini Mar-2005 697,983 719,345 21,362 ------- $45,199 ======= The accompanying notes are an integral part of the financial statements. 87
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 [Download Table] Shares Value -------------------------------------------------------- COMMON STOCKS -- 98.4% ADVERTISING -- 0.1% 9,000 Interpublic Group of Cos, Inc.*....................... $ 120,600 4,175 Omnicom Group............... 352,036 ------------ 472,636 ------------ AEROSPACE & DEFENSE -- 1.2% 18,800 Boeing Co. ................. 973,276 26,395 General Dynamics Corp. ..... 2,760,917 2,700 Goodrich Corp. ............. 88,128 2,500 L-3 Communications Holdings, Inc. ....................... 183,100 17,842 Lockheed Martin Corp. ...... 991,123 8,056 Northrop Grumman Corp. ..... 437,924 10,100 Raytheon Co. ............... 392,183 3,900 Rockwell Collins, Inc. ..... 153,816 33,000 United Technologies Corp. ...................... 3,410,550 ------------ 9,391,017 ------------ AIRLINES -- 0.1% 51,800 Continental Airlines, Inc. Class B*.................... 701,372 2,500 Delta Air Lines, Inc.*...... 18,700 17,650 Southwest Airlines Co. ..... 287,343 ------------ 1,007,415 ------------ APPAREL & TEXTILES -- 0.2% 3,800 Cintas Corp. ............... 166,668 4,200 Coach, Inc.*................ 236,880 2,700 Jones Apparel Group, Inc. ....................... 98,739 2,300 Liz Claiborne, Inc. ........ 97,083 5,900 Nike, Inc. Class B.......... 535,071 1,300 Reebok International, Ltd. ....................... 57,200 2,600 VF Corp. ................... 143,988 ------------ 1,335,629 ------------ [Download Table] Shares Value -------------------------------------------------------- AUTOMOTIVE -- 0.8% 1,500 Cooper Tire & Rubber Co. ... $ 32,325 3,200 Dana Corp. ................. 55,456 13,200 Delphi Corp. ............... 119,064 40,953 Ford Motor Co. ............. 599,552 12,674 General Motors Corp. ....... 507,721 4,400 Goodyear Tire & Rubber Co.*........................ 64,504 20,500 Johnson Controls, Inc. ..... 1,300,520 46,900 Lear Corp. ................. 2,861,369 1,400 Navistar International Corp.*...................... 61,572 4,000 Paccar, Inc. ............... 321,920 27,700 TRW Automotive Holdings Corp.*...................... 573,390 3,286 Visteon Corp. .............. 32,104 ------------ 6,529,497 ------------ BANKING -- 7.3% 7,700 AmSouth Bancorp............. 199,430 370,484 Bank of America Corp. ...... 17,409,043 17,600 Bank of New York Co., Inc. ....................... 588,192 12,315 BB&T Corp. ................. 517,846 13,100 City National Corp. ........ 925,515 32,200 Comerica, Inc. ............. 1,964,844 2,700 Compass Bancshares, Inc. ... 131,409 12,691 Fifth Third Bancorp......... 600,030 2,900 First Horizon National Corp. ...................... 125,019 214,700 Hibernia Corp. ............. 6,335,797 4,960 Huntington Bancshares, Inc. ....................... 122,909 9,300 Keycorp..................... 315,270 2,600 M&T Bank Corp. ............. 280,384 5,000 Marshall & Ilsley Corp. .... 221,000 9,300 Mellon Financial Corp. ..... 289,323 15,001 National City Corp. ........ 563,288 10,700 North Fork Bancorporation, Inc. ....................... 308,695 95,400 Northern Trust Corp. ....... 4,634,532 The accompanying notes are an integral part of the financial statements. 88
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 6,300 PNC Financial Services Group, Inc. ................ $ 361,872 10,252 Regions Financial Corp. .... 364,869 7,500 State Street Corp. ......... 368,400 8,100 SunTrust Banks, Inc. ....... 598,428 6,800 Synovus Financial Corp. .... 194,344 36,700 UBS AG...................... 3,076,928 79,100 UnionBanCal Corp. .......... 5,100,368 41,645 US Bancorp.................. 1,304,321 36,075 Wachovia Corp. ............. 1,897,545 95,503 Wells Fargo & Co. .......... 5,935,511 26,400 Zions Bancorporation........ 1,795,992 ------------ 56,531,104 ------------ BIOTECHNOLOGY -- 2.7% 138,659 Amgen, Inc.*................ 8,894,975 87,058 Biogen Idec, Inc.*.......... 5,798,933 4,300 Chiron Corp.*............... 143,319 107,900 Genentech, Inc.*............ 5,874,076 5,200 Genzyme Corp.*.............. 301,964 5,600 Medimmune, Inc.*............ 151,816 1,100 Millipore Corp.*............ 54,791 ------------ 21,219,874 ------------ BUILDING & CONSTRUCTION -- 0.3% 4,800 American Standard Cos, Inc.*....................... 198,336 2,900 Centex Corp. ............... 172,782 1,900 Fluor Corp. ................ 103,569 1,000 KB Home..................... 104,400 20,400 Lennar Corp. ............... 1,156,272 9,800 Masco Corp. ................ 357,994 2,900 Pulte Homes, Inc. .......... 185,020 2,200 Vulcan Materials Co. ....... 120,142 ------------ 2,398,515 ------------ [Download Table] Shares Value -------------------------------------------------------- BUSINESS SERVICES & SUPPLIES -- 0.2% 5,100 Pitney Bowes, Inc. ......... $ 236,028 71,400 Xerox Corp.*................ 1,214,514 ------------ 1,450,542 ------------ CHEMICALS -- 1.5% 5,200 Air Products & Chemicals, Inc. ....................... 301,444 1,500 Ashland, Inc. .............. 87,570 66,749 Dow Chemical Co. ........... 3,304,743 1,900 Eastman Chemical Co. ....... 109,687 5,800 Ecolab, Inc. ............... 203,754 82,200 EI Du Pont de Nemours & Co. ........................ 4,031,910 2,900 Engelhard Corp. ............ 88,943 900 Great Lakes Chemical Corp. ...................... 25,641 2,000 Hercules, Inc.*............. 29,700 2,100 International Flavors & Fragrances, Inc. ........... 89,964 3,900 PPG Industries, Inc. ....... 265,824 7,400 Praxair, Inc. .............. 326,710 55,100 Rohm & Haas Co. ............ 2,437,073 3,100 Sherwin-Williams Co. ....... 138,353 1,600 Sigma-Aldrich Corp. ........ 96,736 ------------ 11,538,052 ------------ COMMERCIAL SERVICES -- 0.6% 4,300 Apollo Group, Inc.*......... 347,053 62,400 Cendant Corp. .............. 1,458,912 3,400 Convergys Corp.*............ 50,966 2,900 Equifax, Inc. .............. 81,490 3,800 H&R Block, Inc. ............ 186,200 61,000 McKesson Corp. ............. 1,919,060 3,300 Moody's Corp. .............. 286,605 The accompanying notes are an integral part of the financial statements. 89
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 8,600 Paychex, Inc. .............. $ 293,088 3,700 Robert Half International, Inc. ....................... 108,891 4,800 RR Donnelley & Sons Co. .... 169,392 ------------ 4,901,657 ------------ COMPUTERS & INFORMATION -- 5.1% 3,000 Affiliated Computer Services, Inc.*............. 180,570 8,900 Apple Computer, Inc.*....... 573,160 34,400 BISYS Group, Inc.*.......... 565,880 4,400 Computer Sciences Corp.*.... 248,028 248,687 Dell, Inc.*................. 10,479,670 11,500 Electronic Data Systems Corp. ...................... 265,650 330,648 EMC Corp.*.................. 4,916,736 7,600 Gateway, Inc.*.............. 45,676 132,945 Hewlett-Packard Co. ........ 2,787,857 142,473 International Business Machines Corp. ............. 14,044,988 3,000 Lexmark International, Inc.*....................... 255,000 2,200 NCR Corp.*.................. 152,306 120,300 Network Appliance, Inc.*.... 3,996,366 75,400 Sun Microsystems, Inc.*..... 405,652 6,600 Sungard Data Systems, Inc.*....................... 186,978 7,118 Unisys Corp.*............... 72,461 ------------ 39,176,978 ------------ CONTAINERS & PACKAGING -- 0.0% 2,400 Ball Corp. ................. 105,552 2,200 Bemis Co. .................. 63,998 3,400 Pactiv Corp.*............... 85,986 1,800 Sealed Air Corp.*........... 95,886 ------------ 351,422 ------------ COSMETICS & PERSONAL CARE -- 3.2% 22,350 Alberto-Culver Co. ......... 1,085,540 10,500 Avon Products, Inc. ........ 406,350 89,500 Colgate-Palmolive Co. ...... 4,578,820 [Download Table] Shares Value -------------------------------------------------------- 226,800 Gillette Co. ............... $ 10,156,104 11,100 Kimberly-Clark Corp. ....... 730,491 139,590 Procter & Gamble Co. ....... 7,688,617 ------------ 24,645,922 ------------ DISTRIBUTION & WHOLESALE -- 0.0% 3,900 Genuine Parts Co. .......... 171,834 2,100 WW Grainger, Inc. .......... 139,902 ------------ 311,736 ------------ DIVERSIFIED FINANCIAL SERVICES -- 8.6% 150,000 American Express Co. ....... 8,455,500 2,400 Bear Stearns Cos, Inc. ..... 245,544 21,473 Capital One Financial Corp. ...................... 1,808,241 30,500 Charles Schwab Corp. ....... 364,780 4,600 CIT Group, Inc. ............ 210,772 116,337 Citigroup, Inc. ............ 5,605,117 63,196 Countrywide Financial Corp. ...................... 2,338,884 8,800 E*Trade Financial Corp.*.... 131,560 1,400 Eaton Vance Corp. .......... 73,010 113,334 Federal Home Loan Mortgage Corp. ...................... 8,352,716 21,824 Federal National Mortgage Association................. 1,554,087 2,200 Federated Investors, Inc. Class B..................... 66,880 35,700 Franklin Resources, Inc. ... 2,486,505 115,623 Goldman Sachs Group, Inc. ....................... 12,029,417 5,000 Janus Capital Group, Inc. ....................... 84,050 169,320 JPMorgan Chase & Co. ....... 6,605,173 54,000 Legg Mason, Inc. ........... 3,956,040 6,100 Lehman Brothers Holdings, Inc. ....................... 533,628 28,767 MBNA Corp. ................. 810,942 137,190 Merrill Lynch & Co., Inc. ....................... 8,199,846 24,731 Morgan Stanley.............. 1,373,065 6,400 Providian Financial Corp.*...................... 105,408 The accompanying notes are an integral part of the financial statements. 90
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 9,800 SLM Corp. .................. $ 523,222 2,800 T Rowe Price Group, Inc. ... 174,160 ------------ 66,088,547 ------------ ELECTRICAL EQUIPMENT -- 0.1% 4,300 American Power Conversion Corp. ...................... 92,020 9,362 Emerson Electric Co. ....... 656,276 4,300 Molex, Inc. ................ 129,000 2,200 Power-One, Inc.*............ 19,624 ------------ 896,920 ------------ ELECTRONICS -- 0.3% 10,666 Agilent Technologies, Inc.*....................... 257,051 4,400 Applera Corp.-Applied Biosystems Group............ 92,004 2,600 Fisher Scientific International*.............. 162,188 4,300 Jabil Circuit, Inc.*........ 109,994 2,700 Parker Hannifin Corp. ...... 204,498 2,600 PerkinElmer, Inc. .......... 58,474 11,100 Sanmina-SCI Corp.*.......... 94,017 21,900 Solectron Corp.*............ 116,727 5,750 Symbol Technologies, Inc. ....................... 99,475 27,800 Tektronix, Inc. ............ 839,838 3,900 Thermo Electron Corp.*...... 117,741 2,600 Waters Corp.*............... 121,654 ------------ 2,273,661 ------------ ENTERTAINMENT & LEISURE -- 0.2% 2,100 Brunswick Corp. ............ 103,950 14,300 Carnival Corp. ............. 824,109 6,600 Harley-Davidson, Inc. ...... 400,950 3,800 Hasbro, Inc. ............... 73,644 7,568 International Game Technology.................. 260,188 [Download Table] Shares Value -------------------------------------------------------- 9,300 Mattel, Inc. ............... $ 181,257 3,200 Sabre Holdings Corp. ....... 70,912 ------------ 1,915,010 ------------ ENVIRONMENTAL SERVICES -- 0.1% 7,112 Allied Waste Industries, Inc.*....................... 65,999 12,898 Waste Management, Inc. ..... 386,166 ------------ 452,165 ------------ FOOD, BEVERAGE & TOBACCO -- 4.3% 800 Adolph Coors Co. Class B.... 60,536 8,453 Albertson's, Inc. .......... 201,858 152,191 Altria Group, Inc. ......... 9,298,870 17,611 Anheuser-Busch Cos., Inc. ....................... 893,406 14,545 Archer-Daniels-Midland Co. ........................ 324,499 2,600 Brown-Forman Corp. Class B.. 126,568 9,100 Campbell Soup Co. .......... 271,999 100,017 Coca-Cola Co. .............. 4,163,708 10,700 Coca-Cola Enterprises, Inc. ....................... 223,095 11,690 ConAgra Foods, Inc. ........ 344,270 38,200 Constellation Brands, Inc.*....................... 1,776,682 8,071 General Mills, Inc. ........ 401,209 5,600 Hershey Foods Corp. ........ 311,024 7,700 HJ Heinz Co. ............... 300,223 9,273 Kellogg Co. ................ 414,132 16,585 Kroger Co.*................. 290,901 2,900 McCormick & Co., Inc. ...... 111,940 5,911 Monsanto Co. ............... 328,356 5,500 Pepsi Bottling Group, Inc. ....................... 148,720 130,199 PepsiCo, Inc. .............. 6,796,388 3,400 Reynolds American, Inc. .... 267,240 9,700 Safeway, Inc.*.............. 191,478 17,970 Sara Lee Corp. ............. 433,796 3,200 Supervalu, Inc. ............ 110,464 14,400 Sysco Corp. ................ 549,648 The accompanying notes are an integral part of the financial statements. 91
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 3,700 UST, Inc. .................. $ 178,007 65,310 WM Wrigley Jr Co. .......... 4,518,799 ------------ 33,037,816 ------------ FOREST PRODUCTS & PAPER -- 0.7% 54,100 Bowater, Inc. .............. 2,378,777 5,961 Georgia-Pacific Corp. ...... 223,419 10,994 International Paper Co. .... 461,748 2,500 Louisiana-Pacific Corp. .... 66,850 4,552 MeadWestvaco Corp. ......... 154,267 4,100 Plum Creek Timber Co., Inc. ....................... 157,604 1,300 Temple-Inland, Inc. ........ 88,920 25,400 Weyerhaeuser Co. ........... 1,707,388 ------------ 5,238,973 ------------ HEALTH CARE -- 4.9% 3,400 Aetna, Inc. ................ 424,150 1,200 Bausch & Lomb, Inc. ........ 77,352 13,997 Baxter International, Inc. ....................... 483,456 5,527 Becton Dickinson & Co. ..... 313,934 5,600 Biomet, Inc. ............... 242,984 79,928 Boston Scientific Corp.*.... 2,841,441 2,400 CR Bard, Inc. .............. 153,552 7,000 Guidant Corp. .............. 504,700 9,600 HCA, Inc. .................. 383,616 5,400 Health Management Associates, Inc. ........... 122,688 3,400 Humana, Inc.*............... 100,946 236,684 Johnson & Johnson........... 15,010,499 3,100 Laboratory Corp. of America Holdings*................... 154,442 2,000 Manor Care, Inc. ........... 70,860 27,100 Medtronic, Inc. ............ 1,346,057 2,200 Quest Diagnostics........... 210,210 39,200 St Jude Medical, Inc.*...... 1,643,656 8,900 Stryker Corp. .............. 429,425 11,000 Tenet Healthcare Corp.*..... 120,780 89,708 UnitedHealth Group, Inc. ... 7,896,995 [Download Table] Shares Value -------------------------------------------------------- 40,900 WellPoint, Inc.*............ $ 4,703,500 5,451 Zimmer Holdings, Inc.*...... 436,734 ------------ 37,671,977 ------------ HOTELS & RESTAURANTS -- 0.8% 3,750 Darden Restaurants, Inc. ... 104,025 2,600 Harrah's Entertainment, Inc. ....................... 173,914 8,500 Hilton Hotels Corp. ........ 193,290 5,200 Marriott International, Inc. ....................... 327,496 122,400 McDonald's Corp. ........... 3,924,144 8,900 Starbucks Corp.*............ 555,004 4,700 Starwood Hotels & Resorts Worldwide, Inc. ............ 274,480 2,600 Wendy's International, Inc. ....................... 102,076 6,400 Yum! Brands, Inc. .......... 301,952 ------------ 5,956,381 ------------ HOUSEHOLD PRODUCTS -- 0.1% 2,500 Avery Dennison Corp. ....... 149,925 3,400 Clorox Co. ................. 200,362 3,200 Fortune Brands, Inc. ....... 246,976 4,200 Leggett & Platt, Inc. ...... 119,406 1,500 Maytag Corp. ............... 31,650 6,100 Newell Rubbermaid, Inc. .... 147,559 1,500 Whirlpool Corp. ............ 103,815 ------------ 999,693 ------------ INDUSTRIAL MACHINERY -- 0.7% 1,800 Black & Decker Corp. ....... 158,994 7,723 Caterpillar, Inc. .......... 753,070 1,100 Cummins, Inc. .............. 92,169 18,500 Deere & Co. ................ 1,376,400 63,200 Graco, Inc. ................ 2,360,520 4,200 Rockwell Automation, Inc. ....................... 208,110 1,400 Snap-On, Inc. .............. 48,104 1,700 Stanley Works............... 83,283 ------------ 5,080,650 ------------ The accompanying notes are an integral part of the financial statements. 92
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- INSURANCE -- 3.8% 6,473 ACE, Ltd. .................. $ 276,721 11,565 Aflac, Inc. ................ 460,750 15,600 Allstate Corp. ............. 806,832 2,500 AMBAC Financial Group, Inc. ....................... 205,325 178,990 American International Group, Inc. ................ 11,754,273 7,400 AON Corp. .................. 176,564 4,319 Chubb Corp. ................ 332,131 3,100 Cigna Corp. ................ 252,867 3,870 Cincinnati Financial Corp. ...................... 171,286 6,661 Hartford Financial Services Group, Inc. ................ 461,674 3,000 Jefferson-Pilot Corp. ...... 155,880 4,012 Lincoln National Corp. ..... 187,280 4,200 Loews Corp. ................ 295,260 11,500 Marsh & McLennan Cos, Inc. ....................... 378,350 86,568 MBIA, Inc. ................. 5,478,023 16,700 Metlife, Inc. .............. 676,517 2,300 MGIC Investment Corp. ...... 158,493 6,700 Principal Financial Group... 274,298 4,500 Progressive Corp. .......... 381,780 55,472 Prudential Financial, Inc. ....................... 3,048,741 2,700 Safeco Corp. ............... 141,048 78,977 St Paul Travelers Cos, Inc. ....................... 2,927,678 2,500 Torchmark Corp. ............ 142,850 19,000 UnumProvident Corp. ........ 340,860 3,200 XL Capital, Ltd. ........... 248,480 ------------ 29,733,961 ------------ INTERNET SERVICES & APPLICATIONS -- 2.3% 71,800 Amazon.Com, Inc.*........... 3,180,022 38,406 eBay, Inc.*................. 4,465,849 7,100 Google, Inc.*............... 1,371,010 2,900 Monster Worldwide, Inc.*.... 97,556 168,996 Symantec Corp.*............. 4,353,337 [Download Table] Shares Value -------------------------------------------------------- 22,400 VeriSign, Inc.*............. $ 750,848 93,351 Yahoo!, Inc.*............... 3,517,466 ------------ 17,736,088 ------------ MANUFACTURING -- 6.1% 83,884 3M Co. ..................... 6,884,360 2,200 Cooper Industries, Ltd. .... 149,358 7,000 Danaher Corp. .............. 401,870 4,500 Dover Corp. ................ 188,730 6,500 Eastman Kodak Co. .......... 209,625 3,400 Eaton Corp. ................ 246,024 722,393 General Electric Co. ....... 26,367,344 19,300 Honeywell International, Inc. ....................... 683,413 6,600 Illinois Tool Works, Inc. ....................... 611,688 25,000 Ingersoll-Rand Co. ......... 2,007,500 2,000 ITT Industries, Inc. ....... 168,900 3,000 Pall Corp. ................. 86,850 3,200 Textron, Inc. .............. 236,160 244,347 Tyco International, Ltd. ... 8,732,962 ------------ 46,974,784 ------------ METALS & MINING -- 0.6% 84,507 Alcoa, Inc. ................ 2,655,210 2,300 Allegheny Technologies, Inc. ....................... 49,841 3,900 Freeport-McMoRan Copper & Gold, Inc. Class B.......... 149,097 10,100 Newmont Mining Corp. ....... 448,541 3,600 Nucor Corp. ................ 188,424 2,100 Phelps Dodge Corp. ......... 207,732 7,000 Precision Castparts Corp. ...................... 459,760 2,500 United States Steel Corp. ...................... 128,125 ------------ 4,286,730 ------------ MULTIMEDIA -- 4.6% 12,700 Clear Channel Communications, Inc. ....... 425,323 62,223 Comcast Corp.*.............. 2,070,781 The accompanying notes are an integral part of the financial statements. 93
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 68,100 Comcast Corp. Special Class A*.......................... $ 2,236,404 1,700 Dow Jones & Co., Inc. ...... 73,202 22,100 EW Scripps Co. ............. 1,066,988 31,600 Fox Entertainment Group, Inc.*....................... 987,816 19,900 Gannett Co., Inc. .......... 1,625,830 1,700 Knight-Ridder, Inc. ........ 113,798 221,720 Liberty Media Corp.*........ 2,434,486 14,000 McGraw-Hill Cos, Inc. ...... 1,281,560 1,000 Meredith Corp. ............. 54,200 3,400 New York Times Co. ......... 138,720 57,800 News Corp. ................. 1,078,548 759,782 Time Warner, Inc.*.......... 14,770,162 7,320 Tribune Co. ................ 308,465 7,300 Univision Communications, Inc.*....................... 213,671 38,107 Viacom, Inc. Class B........ 1,386,714 196,000 Walt Disney Co. ............ 5,448,800 ------------ 35,715,468 ------------ OIL & GAS -- 7.8% 2,000 Amerada Hess Corp. ......... 164,760 5,637 Anadarko Petroleum Corp. ... 365,334 7,480 Apache Corp. ............... 378,264 7,464 Baker Hughes, Inc. ......... 318,489 3,500 BJ Services Co. ............ 162,890 8,800 Burlington Resources, Inc. ....................... 382,800 47,393 ChevronTexaco Corp. ........ 2,488,606 89,632 ConocoPhillips.............. 7,782,747 11,000 Devon Energy Corp. ......... 428,120 7,900 Dynegy, Inc.*............... 36,498 14,321 El Paso Corp. .............. 148,938 2,600 EOG Resources, Inc. ........ 185,536 318,727 Exxon Mobil Corp. .......... 16,337,946 93,200 Halliburton Co. ............ 3,657,168 3,400 Kerr-McGee Corp. ........... 196,486 [Download Table] Shares Value -------------------------------------------------------- 2,827 Kinder Morgan, Inc. ........ $ 206,739 7,700 Marathon Oil Corp. ......... 289,597 3,400 Nabors Industries, Ltd.*.... 174,386 3,100 Noble Corp.*................ 154,194 7,600 Noble Energy, Inc. ......... 468,616 76,956 Occidental Petroleum Corp. ...................... 4,491,152 86,200 Petro-Canada................ 4,397,924 65,100 Pride International, Inc.*....................... 1,337,154 2,600 Rowan Cos., Inc.*........... 67,340 73,100 Schlumberger, Ltd. ......... 4,894,045 1,700 Sunoco, Inc. ............... 138,907 7,300 Transocean, Inc.*........... 309,447 6,000 Unocal Corp. ............... 259,440 119,800 Valero Energy Corp. ........ 5,438,920 54,000 Weatherford International Ltd.*....................... 2,770,200 43,900 Western Gas Resources, Inc. ....................... 1,284,075 12,800 Williams Cos, Inc. ......... 208,512 5,800 XTO Energy, Inc. ........... 205,204 ------------ 60,130,434 ------------ PHARMACEUTICALS -- 5.5% 81,565 Abbott Laboratories......... 3,805,007 3,048 Allergan, Inc. ............. 247,101 2,466 AmerisourceBergen Corp. .... 144,705 43,487 Bristol-Myers Squibb Co. ... 1,114,137 9,672 Cardinal Health, Inc. ...... 562,427 10,054 Caremark Rx, Inc.*.......... 396,429 130,062 Eli Lilly & Co. ............ 7,381,019 1,700 Express Scripts, Inc.*...... 129,948 8,300 Forest Laboratories, Inc.*....................... 372,338 145,000 Gilead Sciences, Inc.*...... 5,073,550 3,335 Hospira, Inc.*.............. 111,723 70,366 King Pharmaceuticals, Inc.*....................... 872,538 27,698 Medco Health Solutions, Inc.*....................... 1,152,237 50,094 Merck & Co., Inc. .......... 1,610,021 6,000 Mylan Laboratories.......... 106,080 The accompanying notes are an integral part of the financial statements. 94
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 492,770 Pfizer, Inc. ............... $ 13,250,585 185,524 Schering-Plough Corp. ...... 3,873,741 31,100 Watson Pharmaceuticals, Inc.*....................... 1,020,391 30,064 Wyeth....................... 1,280,426 ------------ 42,504,403 ------------ REAL ESTATE -- 1.1% 2,000 Apartment Investment & Management Co. REIT......... 77,080 4,300 Archstone-Smith Trust REIT.. 164,690 9,100 Equity Office Properties Trust REIT.................. 264,992 6,198 Equity Residential REIT..... 224,244 104,230 General Growth Properties, Inc. REIT................... 3,768,957 58,350 Kimco Realty Corp. REIT..... 3,383,716 4,200 Prologis REIT............... 181,986 4,971 Simon Property Group, Inc. REIT........................ 321,474 ------------ 8,387,139 ------------ RETAIL -- 5.7% 15,500 Abercrombie & Fitch Co. .... 727,725 5,600 Autonation, Inc.*........... 107,576 1,900 Autozone, Inc.*............. 173,489 71,100 Bed Bath & Beyond, Inc.*.... 2,831,913 7,300 Best Buy Co., Inc. ......... 433,766 2,700 Big Lots, Inc.*............. 32,751 4,700 Circuit City Stores, Inc. ....................... 73,508 46,721 Costco Wholesale Corp. ..... 2,261,764 9,100 CVS Corp. .................. 410,137 2,000 Dillard's, Inc. ............ 53,740 7,050 Dollar General Corp. ....... 146,428 3,700 Family Dollar Stores, Inc. ....................... 115,551 3,700 Federated Department Stores...................... 213,823 20,200 Foot Locker, Inc. .......... 543,986 19,352 Gap, Inc. .................. 408,714 [Download Table] Shares Value -------------------------------------------------------- 154,412 Home Depot, Inc. ........... $ 6,599,569 6,300 JC Penney Co., Inc. ........ 260,820 7,700 Kohl's Corp.*............... 378,609 110,500 Lowe's Cos, Inc. ........... 6,363,695 9,272 Ltd Brands.................. 213,441 6,400 May Department Stores Co. .. 188,160 90,700 Michaels Stores, Inc. ...... 2,718,279 3,300 Nordstrom, Inc. ............ 154,209 7,300 Office Depot, Inc.*......... 126,728 2,000 OfficeMax, Inc. ............ 62,760 3,600 RadioShack Corp. ........... 118,368 4,857 Sears Roebuck and Co. ...... 247,853 11,000 Staples, Inc. .............. 370,810 96,800 Target Corp. ............... 5,026,824 3,082 Tiffany & Co. .............. 98,532 11,000 TJX Cos, Inc. .............. 276,430 5,000 Toys "R" Us, Inc.*.......... 102,350 208,568 Wal-Mart Stores, Inc. ...... 11,016,562 23,000 Walgreen Co. ............... 882,510 ------------ 43,741,380 ------------ SAVINGS & LOAN -- 0.8% 87,422 Golden West Financial Corp. ...................... 5,369,459 7,700 Sovereign Bancorp, Inc. .... 173,635 19,776 Washington Mutual, Inc. .... 836,129 ------------ 6,379,223 ------------ SEMICONDUCTORS -- 3.0% 8,200 Advanced Micro Devices, Inc.*....................... 180,564 8,400 Altera Corp.*............... 173,880 8,500 Analog Devices, Inc. ....... 313,820 105,961 Applied Materials, Inc.*.... 1,811,933 6,700 Applied Micro Circuits Corp.*...................... 28,207 7,400 Broadcom Corp.*............. 238,872 8,807 Freescale Semiconductor, Inc. Class B*............... 161,696 517,835 Intel Corp. ................ 12,112,161 The accompanying notes are an integral part of the financial statements. 95
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- 4,500 Kla-Tencor Corp.*........... $ 209,610 6,800 Linear Technology Corp. .... 263,568 8,100 LSI Logic Corp.*............ 44,388 7,300 Maxim Integrated Products, Inc. ....................... 309,447 13,200 Micron Technology, Inc.*.... 163,020 7,800 National Semiconductor Corp. ...................... 140,010 3,500 Novellus Systems, Inc.*..... 97,615 4,000 Nvidia Corp.*............... 94,240 3,800 PMC -- Sierra, Inc.*........ 42,750 2,000 QLogic Corp.*............... 73,460 4,118 Teradyne, Inc.*............. 70,294 244,408 Texas Instruments, Inc. .... 6,017,325 7,900 Xilinx, Inc. ............... 234,235 ------------ 22,781,095 ------------ SOFTWARE -- 3.4% 5,300 Adobe Systems, Inc. ........ 332,522 5,200 Autodesk, Inc. ............. 197,340 13,000 Automatic Data Processing, Inc. ....................... 576,550 4,800 BMC Software, Inc.*......... 89,280 4,000 Citrix Systems, Inc.*....... 98,120 13,000 Computer Associates International, Inc. ........ 403,780 8,000 Compuware Corp.*............ 51,760 17,400 Electronic Arts, Inc.*...... 1,073,232 53,458 First Data Corp. ........... 2,274,103 4,600 Fiserv, Inc.*............... 184,874 5,423 IMS Health, Inc. ........... 125,868 4,300 Intuit, Inc.*............... 189,243 1,800 Mercury Interactive Corp.*...................... 81,990 701,974 Microsoft Corp. ............ 18,749,726 7,700 Novell, Inc.*............... 51,975 114,559 Oracle Corp.*............... 1,571,749 [Download Table] Shares Value -------------------------------------------------------- 6,700 Parametric Technology Corp.*...................... $ 39,463 11,200 Siebel Systems, Inc.*....... 117,600 9,200 Veritas Software Corp.*..... 262,660 ------------ 26,471,835 ------------ TELECOMMUNICATIONS -- 5.6% 15,500 ADC Telecommunications, Inc.*....................... 41,540 7,000 Alltel Corp. ............... 411,320 3,500 Andrew Corp.*............... 47,705 92,852 AT&T Corp. ................. 1,769,759 113,041 Avaya, Inc.*................ 1,944,305 40,900 BellSouth Corp. ............ 1,136,611 3,000 CenturyTel, Inc. ........... 106,410 13,700 Ciena Corp.*................ 45,758 590,019 Cisco Systems, Inc.*........ 11,387,367 210,400 Citizens Communications Co. ........................ 2,901,416 4,300 Comverse Technology, Inc.*....................... 105,135 30,700 Corning, Inc.*.............. 361,339 30,600 JDS Uniphase Corp.*......... 97,002 55,800 Juniper Networks, Inc.*..... 1,517,202 95,268 Lucent Technologies, Inc.*....................... 358,208 173,800 Motorola, Inc. ............. 2,993,271 92,155 Nextel Communications, Inc.*....................... 2,764,650 94,392 Qualcomm, Inc. ............. 4,002,221 134,458 Qwest Communications International*.............. 596,993 74,554 SBC Communications, Inc. ... 1,921,257 11,900 Scientific-Atlanta, Inc. ... 392,819 61,050 Sprint Corp.-FON Group...... 1,517,092 11,100 Tellabs, Inc.*.............. 95,349 162,070 Verizon Communications, Inc. ....................... 6,565,456 ------------ 43,080,185 ------------ The accompanying notes are an integral part of the financial statements. 96
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Shares Value -------------------------------------------------------- TRANSPORTATION -- 0.9% 8,300 Burlington Northern Santa Fe Corp. ...................... $ 392,673 29,400 Canadian National Railway Co. ........................ 1,800,750 4,800 CSX Corp. .................. 192,384 6,700 FedEx Corp. ................ 659,883 44,100 Norfolk Southern Corp. ..... 1,595,979 1,600 Ryder System, Inc. ......... 76,432 5,800 Union Pacific Corp. ........ 390,050 25,087 United Parcel Service, Inc. Class B..................... 2,143,935 ------------ 7,252,086 ------------ UTILITIES-ELECTRIC -- 2.9% 14,400 AES Corp.*.................. 196,848 3,400 Allegheny Energy, Inc.*..... 67,014 4,300 Ameren Corp. ............... 215,602 9,000 American Electric Power Co., Inc. ....................... 309,060 11,400 Calpine Corp.*.............. 44,916 7,200 Centerpoint Energy, Inc. ... 81,360 4,100 Cinergy Corp. .............. 170,683 4,800 CMS Energy Corp.*........... 50,160 5,300 Consolidated Edison, Inc. ....................... 231,875 4,000 Constellation Energy Group, Inc. ....................... 174,840 7,400 Dominion Resources, Inc. ... 501,276 3,763 DTE Energy Co. ............. 162,298 20,910 Duke Energy Corp. .......... 529,650 7,300 Edison International........ 233,819 39,600 Entergy Corp. .............. 2,676,564 131,374 Exelon Corp. ............... 5,789,652 7,393 FirstEnergy Corp. .......... 292,098 4,200 FPL Group, Inc. ............ 313,950 44,300 MDU Resources Group, Inc. .. 1,181,924 [Download Table] Shares Value -------------------------------------------------------- 5,584 NiSource, Inc. ............. $ 127,204 90,000 PG&E Corp.*................. 2,995,200 2,000 Pinnacle West Capital Corp. ...................... 88,820 4,355 PPL Corp. .................. 232,034 5,419 Progress Energy, Inc. ...... 245,156 5,400 Public Service Enterprise Group, Inc. ................ 279,558 16,700 Southern Co. ............... 559,784 4,200 TECO Energy, Inc. .......... 64,428 72,866 TXU Corp. .................. 4,704,229 8,760 Xcel Energy, Inc. .......... 159,432 ------------ 22,679,434 ------------ UTILITIES-GAS -- 0.2% 3,500 KeySpan Corp. .............. 138,075 1,000 Nicor, Inc. ................ 36,940 900 Peoples Energy Corp. ....... 39,555 5,200 Sempra Energy............... 190,736 29,400 UGI Corp. .................. 1,202,754 ------------ 1,608,060 ------------ TOTAL COMMON STOCKS (Cost $678,818,121)..................... 760,336,094 ------------ DEPOSITORY RECEIPTS -- 0.4% TELECOMMUNICATIONS -- 0.4% 130,700 Deutsche Telekom AG (ADR)... 2,964,276 ------------ TOTAL DEPOSITORY RECEIPTS (Cost $2,580,779)....................... 2,964,276 ------------ MUTUAL FUND -- 0.3% EXCHANGE TRADED FUND -- 0.3% 43,400 iShares Russell 1000 Growth Index Fund.................. 2,133,110 ------------ TOTAL MUTUAL FUND (Cost $2,089,346)....................... 2,133,110 ------------ The accompanying notes are an integral part of the financial statements. 97
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Portfolio of Investments CitiStreet Funds, Inc. / Large Company Stock Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value -------------------------------------------------------- SHORT-TERM INVESTMENTS -- 1.7% U.S. GOVERNMENT AGENCY OBLIGATIONS -- 0.0% $ 225,000 United States Treasury Bills 0.0%, 02/03/05(a)........... $ 224,638 30,000 United States Treasury Bills 0.0%, 02/10/05(a)........... 29,939 15,000 United States Treasury Bills 0.0%, 03/03/05(a)........... 14,949 50,000 United States Treasury Bills 0.0%, 03/10/05(a)........... 49,809 218,000 United States Treasury Bills 0.0%, 03/10/05(a)........... 217,169 ------------ 536,504 ------------ [Download Table] Shares Value -------------------------------------------------------- -------------------------------------------------------- MUTUAL FUND -- 1.7% $12,947,017 Goldman Sachs Prime Obligations Fund 2.050%(b)................... $ 12,947,017 ------------ TOTAL SHORT-TERM INVESTMENTS (Cost $13,483,381)...................... 13,483,521 ------------ TOTAL INVESTMENTS -- 100.8% (Cost $696,971,627)..................... 778,917,001 ------------ Liabilities in excess of other (6,300,541) assets -- (0.8)%.......................... ------------ TOTAL NET ASSETS -- 100.0%................ $772,616,460 ============ NOTES TO THE PORTFOLIO OF INVESTMENTS: * -- Non-income producing security (a) -- All or a portion of these securities have been pledged to cover collateral requirements for open futures. (b) -- Rate quoted represents the seven day yield of the Fund. SECURITY ABBREVIATIONS: ADR -- American Depository Receipt REIT -- Real Estate Investment Trust FUTURES CONTRACTS: [Enlarge/Download Table] Number of Underlying Expiration Notional Notional Unrealized Contracts Face Value Securities Date Cost Value Appreciation ------------- ---------- ------------------------------------------------ ---------- ---------- ---------- ------------ Long Position ------------- 16 4,000 S&P 500 Index Mar-2005 $4,814,590 $4,854,800 $40,210 52 2,600 S&P Mini 500 Index Mar-2005 3,124,971 3,155,620 30,649 ------- $70,859 ======= The accompanying notes are an integral part of the financial statements. 98
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 [Download Table] Principal Amount Value ---------------------------------------------------------- FOREIGN OBLIGATIONS -- 5.4% CORPORATE DEBT -- 3.8% $ 125,000 Abitibi-Consolidated, Inc. Yankee-Dollar 8.850%, 08/01/30........... $ 125,625 50,000 ABN Amro Bank NV 4.650%, 06/04/18........... 47,070 40,000 ACE Ltd. Yankee-Dollar 6.000%, 04/01/07........... 41,727 50,000 Ainsworth Lumber Co., Ltd. 7.250%, 10/01/12(a)........ 50,875 30,000 Alberta Energy Co. Ltd. Yankee-Dollar 7.375%, 11/01/31........... 36,133 25,000 Alcan, Inc. 4.875%, 09/15/12........... 25,390 40,000 Alcan, Inc. Yankee-Dollar 4.500%, 05/15/13........... 39,288 America Movil SA de CV 10,000 4.125%, 03/01/09........... 9,851 20,000 5.500%, 03/01/14........... 19,758 25,000 Apache Finance Canada Corp. Yankee-Dollar 7.750%, 12/15/29........... 32,501 Asian Development Bank 250,000 2.375%, 03/15/06........... 248,450 100,000 4.250%, 10/20/14........... 98,444 100,000 Axa 8.600%, 12/15/30........... 131,333 25,000 Banco Bradesco SA 8.750%, 10/24/13........... 27,250 1,000,000 Banco Mercantil del Norte SA 5.875%, 02/17/14(a)(b)..... 1,025,000 70,000 Bank of Tokyo-Mitsubishi Ltd. 8.400%, 04/15/10........... 82,955 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 175,000 BCP Caylux Holdings Luxembourg SCA 9.625%, 06/15/14(a)........ $ 197,312 150,000 BHP Billiton Finance USA Ltd. 4.800%, 04/15/13........... 151,971 10,000 BP Canada Finance Co. 3.375%, 10/31/07........... 9,954 BP Capital Markets PLC 50,000 2.625%, 03/15/07........... 49,326 520,000 2.750%, 12/29/06........... 514,679 Brascan Corp. Yankee-Dollar 50,000 7.125%, 06/15/12........... 56,811 100,000 7.375%, 03/01/33........... 117,891 20,000 British Sky Broadcasting 7.300%, 10/15/06........... 21,246 100,000 Burlington Resources Finance Co. Yankee-Dollar 7.400%, 12/01/31#.......... 122,126 25,000 Canadian Pacific Ltd. Yankee-Dollar 9.450%, 08/01/21........... 35,324 131,473 Canwest Media, Inc. 8.000%, 09/15/12(a)........ 141,005 25,000 China Development Bank 4.750%, 10/08/14........... 24,432 25,000 Coca Cola HBC Finance BV 5.500%, 09/17/15........... 26,045 130,000 Codelco, Inc. 4.750%, 10/15/14(a)........ 127,432 300,000 ConocoPhillips 8.750%, 05/25/10........... 366,112 1,750,000 Corporacion Andina de Fomento CAF 6.875%, 03/15/12#.......... 1,966,631 1,073,774 Crusade Global Trust 2.270%, 01/17/05(b)........ 1,075,725 The accompanying notes are an integral part of the financial statements. 99
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- Deutsche Telekom International Finance BV $ 150,000 5.250%, 07/22/13#.......... $ 154,291 150,000 9.250%, 06/01/32........... 213,463 Diageo Capital PLC 50,000 3.375%, 03/20/08........... 49,526 60,000 3.500%, 11/19/07........... 59,800 Diageo Finance BV 50,000 3.000%, 12/15/06........... 49,576 15,000 3.875%, 04/01/11........... 14,675 Domtar, Inc. Yankee-Dollar 1,285,000 5.375%, 12/01/13#.......... 1,272,225 15,000 7.875%, 10/15/11#.......... 17,311 30,000 Eksportfinans A/S 4.375%, 07/15/09........... 30,506 EnCana Corp. Yankee Dollar 20,000 4.600%, 08/15/09........... 20,376 30,000 6.500%, 08/15/34........... 32,934 50,000 4.750%, 10/15/13........... 49,618 50,000 EnCana Holdings Finance Corp. Yankee-Dollar 5.800%, 05/01/14........... 53,304 European Investment Bank 100,000 2.350%, 04/14/06........... 99,063 50,000 2.700%, 04/20/07........... 49,183 90,000 3.000%, 08/15/06........... 89,796 500,000 4.625%, 03/01/07#.......... 513,333 250,000 4.875%, 09/06/06........... 256,970 Falconbridge Ltd. Yankee- Dollar 20,000 5.375%, 06/01/15........... 19,807 20,000 7.350%, 06/05/12........... 22,726 300,000 France Telecom SA 8.500%, 03/01/11........... 357,871 50,000 GlaxoSmithKline Capital, Inc. 2.375%, 04/16/07........... 48,947 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 250,000 HSBC Bank PLC Yankee- Dollar 6.950%, 03/15/11........... $ 287,760 200,000 HSBC Capital Funding LP 4.610%, 12/01/49........... 193,053 HSBC Holdings PLC 50,000 5.250%, 12/12/12........... 51,833 15,000 7.350%, 11/27/32(a)........ 18,034 500,000 Hydro Quebec 6.300%, 05/11/11........... 557,459 10,000 Inco Ltd. Yankee-Dollar 7.750%, 05/15/12........... 11,840 75,000 Instituto de Credito Oficial 4.625%, 11/29/06........... 77,487 Inter-American Development Bank 50,000 4.375%, 09/20/12........... 50,398 600,000 7.375%, 01/15/10........... 695,986 200,000 International Bank for Reconstruction & Development 4.375%, 09/28/06........... 204,270 150,000 Jafra Cosmetics, Inc. 10.750%, 05/15/11.......... 169,500 KfW -- Bankengruppe 110,000 3.250%, 07/16/07#.......... 109,585 200,000 4.125%, 10/15/14#.......... 195,343 Korea Development Bank 75,000 4.250%, 11/13/07........... 75,671 100,000 4.750%, 07/20/09........... 101,891 75,000 5.500%, 11/13/12........... 78,213 50,000 5.750%, 09/10/13........... 52,983 550,000 Korea Electric Power Corp. 4.250%, 09/12/07(a)........ 553,665 The accompanying notes are an integral part of the financial statements. 100
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 35,000 Kowloon Canton Railway Corp. 8.000%, 03/15/10........... $ 41,044 150,000 Landwirtschaftliche Rentenbank 3.625%, 10/20/09........... 147,839 75,000 Luscar Coal Ltd. 9.750%, 10/15/11........... 85,125 100,000 Methanex Corp. 8.750%, 08/15/12#.......... 116,750 50,000 MTR Corp. 7.500%, 02/04/09........... 56,412 1,225,000 Nexen, Inc. Yankee-Dollar 5.050%, 11/20/13........... 1,216,546 75,000 Norske Skog Canada Ltd. 8.625%, 06/15/11........... 80,438 50,000 Oesterreichische Kontrollbank AG 5.125%, 03/20/07........... 51,912 200,000 Oil Insurance Ltd. 5.150%, 08/15/33(a) (b).... 201,909 50,000 PC Financial Partnership 5.000%, 11/15/14........... 49,816 Petro-Canada Yankee-Dollar 25,000 4.000%, 07/15/13........... 23,418 50,000 5.350%, 07/15/33........... 46,721 Petrobras International Finance Co. -- PIFCO 25,000 9.125%, 02/01/07........... 27,563 25,000 9.750%, 07/06/11........... 30,000 230,000 Petronas Capital Ltd. 7.875%, 05/22/22(a)........ 286,927 390,000 Petrozuata Finance, Inc. 8.220%, 04/01/17(a)........ 389,513 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 20,000 Potash Corp. of Saskatchewan Yankee-Dollar 7.125%, 06/15/07........... $ 21,588 1,160,000 Precision Drilling Corp. Yankee-Dollar 5.625%, 06/01/14........... 1,207,893 1,825,000 Region of Lombardy 5.804%, 10/25/32........... 1,940,178 Rhodia SA 175,000 7.625%, 06/01/10........... 175,438 25,000 8.875%, 06/01/11#.......... 25,188 30,000 Royal Bank of Canada 3.875%, 05/04/09#.......... 29,749 Royal Bank of Scotland Group PLC 25,000 5.000%, 11/12/13#.......... 25,368 75,000 5.000%, 10/01/14........... 75,758 10,000 Royal Bank of Scotland Group PLC Yankee-Dollar 4.700%, 07/03/18........... 9,482 100,000 Santander Central Hispano Issuances 7.625%, 09/14/10........... 116,540 1,480,000 Standard Chartered Bank 8.000%, 05/30/31#(a)....... 1,883,677 20,000 Stora Enso Oyj 7.375%, 05/15/11#.......... 22,950 25,000 Suncor Energy, Inc. Yankee- Dollar 7.150%, 02/01/32........... 30,271 Telecom Italia Capital 1,300,000 4.000%, 01/15/10(a)........ 1,274,634 170,000 4.950%, 09/30/14(a)........ 166,556 285,000 5.250%, 11/15/13#.......... 288,059 The accompanying notes are an integral part of the financial statements. 101
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 50,000 6.000%, 09/30/34(a)........ $ 48,883 50,000 6.375%, 11/15/33........... 51,410 Telefonica Europe BV 1,850,000 7.350%, 09/15/05........... 1,904,742 200,000 7.750%, 09/15/10........... 234,538 Telus Corp. Yankee-Dollar 50,000 7.500%, 06/01/07........... 54,325 100,000 8.000%, 06/01/11........... 118,508 100,000 The Jean Coutu Group (PJC), Inc. 8.500%, 08/01/14#(a)....... 102,500 20,000 Trans-Canada Pipelines Ltd. Yankee-Dollar 5.600%, 03/31/34........... 19,844 150,000 TransCanada Pipelines Ltd. 4.875%, 01/15/15........... 149,739 Tyco International Group SA 230,000 6.000%, 11/15/13........... 250,576 Tyco International Group SA Yankee-Dollar 25,000 6.125%, 01/15/09#.......... 26,976 1,420,000 6.375%, 02/15/06-10/15/11.......... 1,515,415 70,000 6.750%, 02/15/11........... 78,455 1,200,000 6.875%, 01/15/29........... 1,374,613 360,000 7.000%, 06/15/28........... 418,549 30,000 UFJ Finance Aruba AEC 6.750%, 07/15/13........... 33,431 United Utilities PLC Yankee-Dollar 2,075,000 4.550%, 06/19/18........... 1,900,908 50,000 5.375%, 02/01/19........... 49,309 100,000 Vodafone Group PLC 7.875%, 02/15/30........... 128,941 100,000 Weatherford International, Inc. 4.950%, 10/15/13........... 100,063 [Download Table] Principal Amount Value ---------------------------------------------------------- XL Capital Europe PLC $ 50,000 5.250%, 09/15/14........... $ 50,107 50,000 6.375%, 11/15/24........... 52,631 200,000 Yell Finance BV 13.500%, 08/01/11(c)....... 196,500 -------------- 33,012,169 -------------- GOVERNMENT OBLIGATIONS -- 1.6% 25,000 Banque Centrale de Tunisie 7.375%, 04/25/12........... 28,562 50,000 Hellenic Republic Government Bond 6.950%, 03/04/08........... 54,922 300,000 Korea Deposit Insurance 2.500%, 12/11/05........... 330,328 250,000 Malaysia 7.500%, 07/15/11........... 292,058 Province of British Columbia 50,000 4.300%, 05/30/13........... 50,191 50,000 4.625%, 10/03/06#.......... 51,185 500,000 Province of Manitoba 4.250%, 11/20/06........... 509,886 1,230,000 Province of Manitoba Yankee-Dollar 9.500%, 09/15/18........... 1,780,589 20,000 Province of Nova Scotia 5.750%, 02/27/12........... 21,732 Province of Ontario 100,000 3.125%, 05/02/08........... 98,054 15,000 3.500%, 09/17/07#.......... 14,967 50,000 3.625%, 10/21/09#.......... 49,258 Province of Quebec 50,000 4.875%, 05/05/14........... 50,814 1,550,000 7.500%, 09/15/29#.......... 2,015,389 200,000 Province of Quebec Yankee- Dollar 7.125%, 02/09/24........... 246,132 The accompanying notes are an integral part of the financial statements. 102
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- Republic of Chile $ 50,000 5.500%, 01/15/13#.......... $ 52,535 20,000 7.125%, 01/11/12........... 22,960 Republic of Italy 100,000 3.250%, 05/15/09........... 97,073 50,000 3.750%, 12/14/07#.......... 50,115 100,000 4.375%, 10/25/06........... 101,735 250,000 4.375%, 06/15/13#.......... 248,391 200,000 6.875%, 09/27/23........... 238,321 Republic of Korea 30,000 4.250%, 06/01/13........... 28,754 50,000 4.875%, 09/22/14........... 49,456 100,000 8.875%, 04/15/08........... 116,105 Republic of Poland 50,000 5.250%, 01/15/14........... 51,562 25,000 6.250%, 07/03/12........... 27,563 2,090,000 Russian Federation 5.000%, 03/31/30........... 2,161,896 South African Republic 35,000 6.500%, 06/02/14........... 38,325 100,000 7.375%, 04/25/12........... 114,500 State of Israel 100,000 4.625%, 06/15/13#.......... 96,658 50,000 5.500%, 12/04/23........... 52,257 United Mexican States 600,000 4.625%, 10/08/08........... 607,500 200,000 6.375%, 01/16/13........... 213,000 30,000 6.625%, 03/03/15#.......... 32,220 75,000 6.750%, 09/27/34........... 74,063 2,616,000 7.500%, 04/08/33........... 2,825,280 50,000 8.000%, 09/24/22#.......... 57,675 75,000 8.125%, 12/30/19........... 88,013 100,000 8.300%, 08/15/31........... 117,200 405,000 8.375%, 01/14/11........... 475,673 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 75,000 11.375%, 09/15/16#......... $ 110,700 20,000 11.500%, 05/15/26#......... 30,600 -------------- 13,774,197 -------------- TOTAL FOREIGN OBLIGATIONS (Cost $44,053,389)...................... 46,786,366 -------------- U.S. CORPORATE OBLIGATIONS -- 30.2% ASSET BACKED & MORTGAGE BACKED -- 8.0% African Development Bank 100,000 3.250%, 08/01/08........... 98,318 25,000 3.750%, 01/15/10........... 24,924 AmeriCredit Automobile Receivables Trust 2,000,000 2.870%, 02/07/11........... 1,981,717 200,000 3.430%, 07/06/11........... 196,920 57,567 Amortizing Residential Collateral Trust 2.698%, 01/25/05(b)........ 57,513 500,000 Banc of America Commercial Mortgage, Inc. 5.061%, 03/11/41........... 512,080 1,600,000 Bay View Auto Trust 3.440%, 04/25/12........... 1,586,850 901,281 Bayview Financial Acquisition Trust 5.000%, 06/25/05(a)(d)..... 20,784 2,400,000 Bear Stearns Adjustable Rate Mortgage Trust 3.516%, 06/25/34(b)........ 2,344,789 1,004,078 Bear Stearns Asset Backed Securities, Inc. 2.868%, 01/25/05(b)........ 1,006,595 1,088,622 Bear Stearns Asset Backed Securities, Inc. 2003-SD2 1A 6.090%, 06/25/43(b)........ 1,113,763 The accompanying notes are an integral part of the financial statements. 103
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 500,000 Bear Stearns Commercial Mortgage Securities 6.460%, 10/15/36........... $ 556,807 500,000 Bear Stearns Commercial Mortgage Securities 2004-T14 A3 4.800%, 01/12/41........... 510,447 200,000 Capital Auto Receivables Asset Trust 2.920%, 04/15/08........... 199,640 3,500,000 Capital One Master Trust 5.300%, 06/15/09........... 3,606,352 100,000 Capital One Multi Asset Execution Trust 2.950%, 08/17/09........... 99,302 319,334 CDC Mortgage Capital Trust 2.748%, 01/25/05(b)........ 319,647 Centex Home Equity 116,467 2.718%, 01/25/05(b)........ 116,510 3,800,000 3.235%, 02/25/32........... 3,721,865 162,858 Chase Commercial Mortgage Securities Corp. 6.600%, 12/19/29........... 173,063 100,000 ChevronTexaco Capital Co. 3.375%, 02/15/08........... 99,539 1,228,055 CIGNA CBO 1996-1 Ltd. 6.460%, 11/15/08(a)(d)..... 1,258,756 1,900,000 CIT Home Equity Loan Trust 2003-1A4 3.930%, 03/20/32........... 1,887,159 Citibank Credit Card Issuance Trust 100,000 2.900%, 05/17/10........... 97,360 180,000 4.950%, 02/09/09........... 185,508 150,000 5.650%, 06/16/08........... 155,009 150,000 Comed Transitional Funding Trust 5.740%, 12/25/10........... 159,321 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 746,927 Commercial Mortgage Acceptance Corp. 6.735%, 12/15/30........... $ 795,977 880,039 Commercial Mortgage Lease Backed Certificates 6.746%, 06/20/31(a)........ 980,626 318,778 Conseco Finance 4.453%, 01/15/05(b)........ 319,009 26,468 Conseco Finance Securitizations Corp. 5.160%, 05/01/33........... 26,623 Countrywide Asset-Backed Certificates 117,383 2.668%, 01/25/05(b)........ 117,497 123,595 2.748%, 01/25/05(b)........ 123,779 417,610 3.108%, 01/25/05(a)(b)..... 417,602 2,066,233 Countrywide Home Loan Mortgage Pass Through Trust 4.986%, 02/25/34(b)........ 2,070,408 1,400,000 Crimmi Mae Commercial Mortgage Trust 7.000%, 06/02/33(a)........ 1,502,410 CS First Boston Mortgage Securities Corp. 129,463 3.318%, 01/25/05(a)(b)(d).......... 129,462 2,500,000 4.889%, 11/15/37(b)........ 2,512,500 1,550,000 E-Trade RV and Marine Trust 3.620%, 10/08/18(d)........ 1,549,739 151,850 EMC Mortgage Loan Trust 2.888%, 01/25/05(a)(b)..... 152,298 764,730 EQCC Trust 2.718%, 11/25/31(b)........ 766,181 350,000 GE Capital Commercial Mortgage Corp. 6.531%, 05/15/33........... 389,444 The accompanying notes are an integral part of the financial statements. 104
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- GMAC Commercial Mortgage Securities, Inc. $ 1,000,000 4.865%, 09/25/34........... $ 995,204(b) 70,000 5.389%, 10/15/38........... 73,474 1,750,000 6.700%, 05/15/30-04/15/34.......... 1,897,769 161,210 Green Tree Financial Corp. 8.100%, 07/15/27........... 27,519 200,000 Greenwich Capital Commercial Funding Corp. 4.948%, 01/11/35........... 204,665 139,793 HFC Home Equity Loan Asset Backed Certificates 2.860%, 01/20/05(b)........ 139,823 400,000 Honda Auto Receivables 2003-4 A4 2.790%, 03/16/09........... 395,033 135,973 Impac CMB Trust 2.738%, 01/25/05(b)........ 136,100 579,214 Indy Mac Home Equity Loan Asset-Backed Trust 2.678%, 01/25/05(b)........ 578,693 405,775 Irwin Home Equity 2.918%, 01/25/05(b)........ 406,826 2,500,000 LB-UBS Commercial Mortgage Trust 4.858%, 12/15/39(b)........ 2,500,667 2,000,000 Merit Securities Corp. 3.920%, 01/28/05(a)(b)..... 1,937,814 Merrill Lynch Mortgage Investors, Inc. 166,640 2.738%, 01/25/05(b)........ 166,698 467,206 2.778%, 01/25/05(b)........ 467,720 63,168 3.018%, 01/25/05(a)(b)(d).......... 63,168 400,000 Merrill Lynch Mortgage Trust 5.236%, 11/12/35........... 413,798 681,849 Mesa Trust Asset Backed Certificates 2.818%, 01/25/05(a)(b)(d).......... 681,849 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 1,000,000 Metris Master Trust 3.490%, 01/20/05(b)........ $ 992,787 2,311,655 Morgan Stanley Capital I, Inc. 4.030%, 06/15/38........... 2,318,446 Morgan Stanley Dean Witter Capital I 150,000 4.050%, 01/13/41........... 148,882 200,000 5.160%, 12/15/35........... 207,211 903,473 Nationslink Funding Corp. 6.867%, 01/22/26........... 987,130 Nomura Asset Securities Corp. 2,220,000 6.590%, 03/15/30........... 2,401,286 1,020,000 7.120%, 04/13/39........... 1,065,036 1,000,000 Nordstrom Private Label Credit Card Master Note Trust 4.820%, 04/15/10(a)........ 1,023,705 Oakwood Mortgage Investors, Inc. 4,355,000 6.000%, 05/15/08(d)........ 607,653 1,778,777 6.000%, 08/15/10........... 336,856 350,000 PNC Mortgage Acceptance Corp. 6.360%, 03/12/34........... 385,801 1,120,017 Provident Bank Home Equity Loan Trust 2.688%, 01/25/05(b)........ 1,119,213 1,126,573 Provident Funding Mortgage Loan Trust 3.799%, 08/25/33(b)........ 1,122,474 1,280,000 Providian Master Trust 7.490%, 08/17/09........... 1,281,917 Residential Asset Mortgage Products, Inc. 361,137 3.097%, 03/25/33(d)........ 361,494 320,540 3.097%, 10/25/32(d)........ 323,294 The accompanying notes are an integral part of the financial statements. 105
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- Residential Asset Securities Corp. $ 1,110,080 2.718%, 01/25/05(b)........ $ 1,110,769 127,634 6.320%, 04/25/30........... 129,378 86,381 Sail Net Interest Margin Notes 7.750%, 04/27/33(a)........ 86,677 420,000 UCFC Home Equity Loan 6.905%, 04/15/30........... 431,123 1,755,100 Wachovia Asset Securitization, Inc. 2.788%, 01/25/05(b)........ 1,755,102 150,000 Wachovia Bank Commercial Mortgage Trust 4.748%, 02/15/41........... 149,450 2,500,000 Washington Mutual 3.890%, 10/25/33(b)........ 2,492,507 2,500,000 Wells Fargo Mortgage Backed Securities Trust 3.599%, 08/25/34(b)........ 2,490,209 150,000 WFS Financial Owner Trust 2.740%, 09/20/10........... 148,890 -------------- 68,508,203 -------------- CORPORATE BONDS & NOTES -- 22.2% 125,000 aaiPharma, Inc. 12.000%, 04/01/10(c)....... 93,437 100,000 Abbey National Capital Trust I 8.963%, 12/29/49#(b)....... 139,374 Abbott Laboratories 10,000 3.500%, 02/17/09........... 9,898 100,000 3.750%, 03/15/11........... 98,001 100,000 ABN Amro Bank NV 7.550%, 06/28/06........... 106,270 25,000 Ace INA Holdings, Inc. 5.875%, 06/15/14........... 25,612 50,000 Aegon NV 4.750%, 06/01/13........... 49,551 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 275,000 Aes Corp. 9.375%, 09/15/10........... $ 319,687 20,000 AGL Capital Corp. 6.000%, 10/01/34........... 20,220 70,930 Ahold Lease USA, Inc. 7.820%, 01/02/20(c)........ 76,959 100,000 AK Steel Corp. 7.875%, 02/15/09#.......... 101,875 Alabama Power Co. 25,000 3.125%, 05/01/08........... 24,487 25,000 3.500%, 11/15/07........... 24,914 Alamosa Delaware, Inc. 38,000 11.000%, 07/31/10.......... 44,745 84,000 12.000%, 07/31/09(c)....... 91,140 Albertson's, Inc. 100,000 7.500%, 02/15/11........... 115,818 20,000 8.000%, 05/01/31........... 24,976 450,000 Alcoa, Inc. 7.375%, 08/01/10........... 520,623 125,000 Allegheny Energy Super Statutory Trust 2001 10.250%, 11/15/07(a)....... 141,875 125,000 Alliant Techsystems, Inc. 8.500%, 05/15/11........... 136,875 100,000 Allied Security Escrow Corp. 11.375%, 07/15/11(a)....... 104,500 Allied Waste NA, Inc. 75,000 7.375%, 04/15/14#.......... 71,812 75,000 8.875%, 04/01/08#.......... 80,250 125,000 9.250%, 09/01/12........... 135,312 Allstate Corp. 50,000 5.000%, 08/15/14........... 50,327 75,000 5.350%, 06/01/33........... 71,139 100,000 5.375%, 12/01/06#.......... 103,301 The accompanying notes are an integral part of the financial statements. 106
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 50,000 Allstate Life Global Funding 3.500%, 07/30/07........... $ 49,789 30,000 Allstate Life Global Funding Trust I 4.500%, 05/29/09........... 30,551 ALLTEL Corp. 35,000 7.000%, 07/01/12........... 40,302 50,000 7.875%, 07/01/32........... 62,916 Altria Group, Inc. 25,000 5.625%, 11/04/08#.......... 25,982 1,090,000 7.000%, 07/15/05........... 1,106,882 40,000 7.000%, 11/04/13#.......... 43,342 40,000 7.200%, 02/01/07........... 42,256 170,000 Amerada Hess Corp. 7.300%, 08/15/31........... 189,652 30,000 American Express Centurion Bank 4.375%, 07/30/09........... 30,478 American Express Co. 20,000 3.750%, 11/20/07#.......... 20,099 50,000 4.750%, 06/17/09........... 51,544 60,000 5.500%, 09/12/06........... 62,145 100,000 American Express Credit Corp. 3.000%, 05/16/08........... 97,660 American General Finance Corp. 125,000 2.750%, 06/15/08........... 120,179 100,000 3.875%, 10/01/09........... 98,401 50,000 American Re Corp. 7.450%, 12/15/26........... 55,484 52,000 American Tower Corp. 9.375%, 02/01/09........... 54,990 115,000 American Tower Escrow Corp. 0.0%, 08/01/08(e).......... 85,962 100,000 Ameripath, Inc. 10.500%, 04/01/13.......... 106,250 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 100,000 Amgen, Inc. 4.850%, 11/18/14(a)........ $ 99,994 Amkor Technology, Inc. 75,000 7.125%, 03/15/11#.......... 70,500 75,000 9.250%, 02/15/08#.......... 76,687 50,000 10.500%, 05/01/09#......... 50,000 50,000 AmSouth Bank NA 4.850%, 04/01/13........... 49,946 100,000 Anadarko Finance Co. 7.500%, 05/01/31........... 123,894 125,000 Anchor Glass Container Corp. 11.000%, 02/15/13.......... 133,750 100,000 Anheuser-Busch Cos., Inc. 9.000%, 12/01/09........... 121,260 25,000 Anthem, Inc. 6.800%, 08/01/12........... 28,302 AOL Time Warner, Inc. 200,000 6.750%, 04/15/11........... 224,972 1,770,000 7.625%, 04/15/31#.......... 2,141,277 1,030,000 7.700%, 05/01/32........... 1,259,812 25,000 Apache Corp. 6.250%, 04/15/12........... 27,970 50,000 Applica, Inc. 10.000%, 07/31/08#......... 49,750 100,000 Applied Extrusion Technologies, Inc. 10.750%, 07/01/11#(f)...... 59,500 100,000 Aramark Services, Inc. 7.000%, 05/01/07........... 106,690 20,000 Arch Capital Group Ltd. 7.350%, 05/01/34........... 21,323 50,000 Archstone-Smith Operating Trust REIT 3.000%, 06/15/08........... 48,257 The accompanying notes are an integral part of the financial statements. 107
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- Arizona Public Service $ 25,000 5.800%, 06/30/14........... $ 26,696 50,000 6.500%, 03/01/12........... 55,582 25,000 Aspen Insurance Holdings Ltd. 6.000%, 08/15/14(a)........ 25,158 100,000 Associated Materials, Inc. 1.000%, 03/01/14(c)........ 72,000 1,479,000 AT&T Broadband 8.375%, 03/15/13........... 1,823,749 AT&T Wireless Services, Inc. 100,000 7.350%, 03/01/06........... 104,614 200,000 7.875%, 03/01/11........... 235,723 950,000 8.750%, 03/01/31........... 1,280,897 100,000 Athena Neurosciences Finance LLC 7.250%, 02/21/08........... 104,500 30,000 Atmos Energy Corp. 5.125%, 01/15/13........... 30,569 Autozone, Inc. 50,000 5.500%, 11/15/15........... 48,022 20,000 5.875%, 10/15/12........... 20,356 50,000 AvalonBay Communities, Inc. REIT 6.125%, 11/01/12........... 53,800 20,000 Avon Products, Inc. 4.200%, 07/15/18........... 18,220 Bank of America Corp. 50,000 3.375%, 02/17/09........... 48,993 50,000 3.875%, 01/15/08........... 50,390 1,925,000 4.250%, 10/01/10#.......... 1,920,064 50,000 4.750%, 10/15/06#.......... 51,206 500,000 4.750%, 08/15/13........... 499,286 100,000 5.125%, 11/15/14........... 102,497 600,000 5.250%, 02/01/07........... 621,125 25,000 5.375%, 06/15/14........... 26,089 200,000 6.800%, 03/15/28........... 227,529 [Download Table] Principal Amount Value ---------------------------------------------------------- Bank of New York Co., Inc. $ 50,000 3.900%, 09/01/07#.......... $ 50,400 10,000 5.200%, 07/01/07........... 10,397 300,000 Bank One Corp. 7.875%, 08/01/10........... 349,929 25,000 Barrick Gold Finance Co. 4.875%, 11/15/14........... 24,909 BB&T Corp. 50,000 4.750%, 10/01/12........... 50,254 100,000 5.250%, 11/01/19........... 99,128 Bear Stearns Cos., Inc. 25,000 2.875%, 07/02/08........... 24,179 25,000 4.500%, 10/28/10........... 25,214 10,000 4.650%, 07/02/18#.......... 9,388 200,000 5.700%, 01/15/07#.......... 208,244 50,000 5.700%, 11/15/14........... 52,810 Bellsouth Corp. 50,000 4.200%, 09/15/09........... 50,131 BellSouth Corp. 390,000 4.750%, 11/15/12........... 392,395 200,000 5.000%, 10/15/06........... 205,632 50,000 5.200%, 09/15/14........... 50,961 150,000 6.000%, 11/15/34........... 151,997 25,000 6.550%, 06/15/34........... 27,241 200,000 Bellsouth Telecommunications 6.375%, 06/01/28........... 211,854 50,000 Berkshire Hathaway Finance Corp. 3.375%, 10/15/08........... 49,428 75,000 Berkshire Hathaway, Inc. 5.100%, 07/15/14(a)........ 76,872 200,000 Berry Plastics Corp. 10.750%, 07/15/12.......... 229,000 15,000 Black & Decker Corp. 4.750%, 11/01/14(a)........ 14,767 The accompanying notes are an integral part of the financial statements. 108
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 50,000 Blount, Inc. 8.875%, 08/01/12........... $ 54,250 75,000 Blue Ridge Paper Products, Inc. 9.500%, 12/15/08........... 70,687 Boeing Capital Corp. 200,000 5.650%, 05/15/06........... 206,232 65,000 5.800%, 01/15/13#.......... 70,111 70,000 6.500%, 02/15/12#.......... 78,434 50,000 Borden US Finance Corp. 9.000%, 07/15/14(a)........ 55,500 1,200,000 Boston Properties, Inc. REIT 6.250%, 01/15/13...... 1,301,927 Boston Scientific Corp. 25,000 4.250%, 01/12/11........... 24,824 25,000 5.125%, 01/12/17........... 24,922 25,000 5.450%, 06/15/14........... 25,971 100,000 Bottling Group LLC 4.625%, 11/15/12........... 101,561 225,000 Bowater, Inc. 9.500%, 10/15/12........... 257,573 150,000 Boyd Gaming Corp. 6.750%, 04/15/14........... 157,125 100,000 Brand Services, Inc. 12.000%, 10/15/12.......... 112,000 Brandywine Operating Partnership LP REIT 15,000 4.500%, 11/01/09........... 14,904 15,000 5.400%, 11/01/14........... 15,006 Bristol-Myers Squibb Co. 170,000 4.750%, 10/01/06........... 173,829 610,000 5.750%, 10/01/11........... 653,296 150,000 BRL Universal Equipment 8.875%, 02/15/08........... 157,687 120,000 Brown-Forman Corp. 3.000%, 03/15/08........... 117,351 Buckeye Partners 25,000 4.625%, 07/15/13........... 24,355 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 15,000 5.300%, 10/15/14........... $ 15,193 100,000 Buckeye Technologies, Inc. 9.250%, 09/15/08#.......... 100,000 15,000 Bunge Ltd Finance Corp. 5.875%, 05/15/13........... 15,924 Burlington Northern Santa Fe Corp. 50,000 4.875%, 01/15/15........... 49,816 100,000 7.000%, 12/15/25........... 114,968 175,000 7.125%, 12/15/10........... 199,845 250,000 Cablevision Systems Corp. 6.669%, 04/01/05(a)(b)..... 265,000 125,000 Cadmus Communications Corp. 8.375%, 06/15/14........... 136,094 Calpine Corp. 125,000 7.875%, 04/01/08#.......... 101,875 175,000 8.500%, 07/15/10#(a)....... 150,062 40,000 8.750%, 07/15/13#(a)....... 33,000 75,000 Campbell Soup Co. 5.000%, 12/03/12........... 76,648 25,000 Canadian National Railway Co. 4.250%, 08/01/09........... 25,199 Canadian Natural Resources Ltd. 25,000 4.900%, 12/01/14........... 24,869 50,000 5.850%, 02/01/35........... 49,969 Capital One Bank 50,000 4.875%, 05/15/08........... 51,351 25,000 5.000%, 06/15/09#.......... 25,743 10,000 5.125%, 02/15/14........... 10,002 25,000 6.500%, 06/13/13........... 27,317 100,000 6.875%, 02/01/06........... 103,738 25,000 Capital One Financial Corp. 6.250%, 11/15/13........... 26,880 The accompanying notes are an integral part of the financial statements. 109
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- Cardinal Health, Inc. $ 10,000 4.000%, 06/15/15........... $ 8,908 50,000 6.750%, 02/15/11........... 55,002 75,000 Carrols Corp. 9.000%, 01/15/13(a)........ 77,625 25,000 Case New Holland, Inc. 9.250%, 08/01/11(a)........ 27,812 Caterpillar Financial Services Corp. 100,000 2.700%, 07/15/08#.......... 96,334 50,000 3.100%, 05/15/07........... 49,578 10,000 3.700%, 08/15/08........... 9,954 150,000 Caterpillar, Inc. 6.950%, 05/01/42........... 181,541 125,000 CBD Media Holdings LLC 9.250%, 07/15/12(a)........ 128,594 150,000 Cendant Corp. 7.375%, 01/15/13........... 173,525 50,000 Centerpoint Energy Houston 5.750%, 01/15/14........... 53,006 100,000 Centex Corp. 5.125%, 10/01/13#.......... 100,097 40,000 CenturyTel, Inc. 7.875%, 08/15/12........... 47,073 25,000 Cenveo Corp. 7.875%, 12/01/13#.......... 23,250 Charter Communications Holdings, LLC/ Charter Communications Holdings Cap Corp. 780,000 11.750%, 01/15/10- 01/15/12(c)................ 645,600 75,000 8.625%, 04/01/09........... 65,062 50,000 Charter One Bank FSB 6.375%, 05/15/12........... 55,215 225,000 Chesapeake Energy Corp. 6.375%, 06/15/15(a)........ 231,187 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 100,000 ChevronTexaco Capital Co. 3.500%, 09/17/07........... $ 100,444 30,000 Cincinnati Financial Corp. 6.125%, 11/01/34(a)........ 30,320 20,000 Cincinnati Gas & Electric 5.700%, 09/15/12........... 21,189 200,000 Cinemark, Inc. 9.750%, 03/15/14(c)........ 151,000 Cingular Wireless LLC 30,000 5.625%, 12/15/06#.......... 31,159 30,000 6.500%, 12/15/11........... 33,384 CIT Group, Inc. 50,000 2.875%, 09/29/06........... 49,479 150,000 3.650%, 11/23/07........... 149,420 50,000 3.875%, 11/03/08#.......... 49,599 20,000 4.125%, 11/03/09........... 19,911 75,000 5.125%, 09/30/14........... 75,109 650,000 6.500%, 02/07/06........... 672,846 75,000 7.375%, 04/02/07........... 80,981 1,600,000 7.750%, 04/02/12........... 1,893,926 Clear Channel Communications, Inc. 50,000 4.250%, 05/15/09#.......... 49,494 25,000 4.500%, 01/15/10#.......... 24,770 50,000 4.625%, 01/15/08........... 50,772 25,000 5.000%, 03/15/12........... 24,765 20,000 5.750%, 01/15/13#.......... 20,665 80,000 6.000%, 11/01/06........... 83,189 10,000 Cleveland Electric Illuminating Co. 5.650%, 12/15/13........... 10,371 45,000 Clorox Co. 5.000%, 01/15/15(a)........ 45,776 Coca-Cola Enterprises, Inc. 25,000 2.500%, 09/15/06........... 24,642 25,000 4.250%, 09/15/10........... 25,047 The accompanying notes are an integral part of the financial statements. 110
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 300,000 8.500%, 02/01/22........... $ 400,009 50,000 Collins & Aikman Floor Cover 9.750%, 02/15/10........... 53,750 50,000 Commerce Group, Inc. 5.950%, 12/09/13........... 51,143 75,000 Community Health Systems, Inc. 6.500%, 12/15/12(a)........ 75,562 100,000 Compass Minerals Group, Inc. 10.000%, 08/15/11.......... 112,500 50,000 Computer Sciences Corp. 6.750%, 06/15/06........... 52,353 ConAgra Foods, Inc. 25,000 6.000%, 09/15/06........... 26,030 275,000 6.750%, 09/15/11........... 309,395 Conoco Funding Co. 50,000 5.450%, 10/15/06........... 51,783 65,000 7.250%, 10/15/31........... 79,258 1,015,000 Conoco, Inc. 6.950%, 04/15/29........... 1,198,568 1,000,000 ConocoPhillips 4.750%, 10/15/12#.......... 1,019,582 Consolidated Edison Co. of New York 50,000 4.700%, 06/15/09#.......... 51,397 70,000 6.450%, 12/01/07........... 75,302 Constellation Energy Group, Inc. 75,000 6.350%, 04/01/07........... 79,267 15,000 7.600%, 04/01/32........... 18,143 Consumers Energy Co. 20,000 4.000%, 05/15/10........... 19,644 25,000 4.250%, 04/15/08#.......... 25,245 25,000 5.375%, 04/15/13........... 25,855 25,000 5.500%, 08/15/16(a)........ 25,741 [Download Table] Principal Amount Value ---------------------------------------------------------- Continental Airlines, Inc. $ 91,101 6.541%, 09/15/08........... $ 83,981 295,116 6.545%, 02/02/19........... 293,192 25,000 7.250%, 11/01/05........... 23,526 30,000 Coors Brewing Co. 6.375%, 05/15/12........... 32,984 25,000 Costco Wholesale Corp. 5.500%, 03/15/07........... 25,993 1,900,000 Countrywide Funding Corp. 4.000%, 03/22/11#.......... 1,847,294 Countrywide Home Loans, Inc. 100,000 4.125%, 09/15/09........... 99,552 25,000 4.250%, 12/19/07........... 25,279 250,000 5.500%, 08/01/06........... 257,804 555,000 COX Communications, Inc. 7.125%, 10/01/12........... 622,078 Credit Suisse First Boston USA, Inc. 100,000 4.700%, 06/01/09........... 102,321 400,000 5.750%, 04/15/07#.......... 419,262 150,000 6.125%, 11/15/11........... 163,571 175,000 Crown Castle International Corp. 9.375%, 08/01/11........... 196,000 100,000 CSX Corp. 7.950%, 05/01/27........... 126,119 CVS Corp. 25,000 3.875%, 11/01/07........... 25,113 40,000 4.000%, 09/15/09........... 39,812 150,000 4.875%, 09/15/14........... 150,047 DaimlerChrysler NA Holding Corp. 1,590,000 4.050%, 06/04/08#.......... 1,586,718 40,000 6.500%, 11/15/13........... 43,385 190,000 7.200%, 09/01/09........... 211,473 90,000 7.300%, 01/15/12#.......... 102,173 The accompanying notes are an integral part of the financial statements. 111
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 600,000 7.750%, 01/18/11........... $ 691,866 20,000 Dayton Power & Light Co. 5.125%, 10/01/13(a)........ 20,434 30,000 Deere & Co. 6.950%, 04/25/14#.......... 35,061 125,000 Del Monte Corp. 8.625%, 12/15/12........... 140,000 Delta Air Lines, Inc. 25,000 6.417%, 07/02/12........... 26,098 909,728 6.718%, 01/02/23........... 949,375 Deluxe Corp. 20,000 3.500%, 10/01/07(a)........ 19,742 20,000 5.000%, 12/15/12........... 19,457 20,000 5.125%, 10/01/14(a)........ 19,162 Deutsche Bank Financial, Inc. 50,000 6.700%, 12/13/06........... 53,033 50,000 7.500%, 04/25/09#.......... 56,782 Devon Energy Corp. 100,000 2.750%, 08/01/06........... 98,828 620,000 7.950%, 04/15/32........... 792,237 1,075,000 Devon Financing Corp. ULC 6.875%, 09/30/11........... 1,217,499 50,000 Dex Media East LLC/Dex Media East Finance Co. 9.875%, 11/15/09#.......... 56,937 250,000 Dex Media LLC 9.000%, 11/15/13#(c)....... 195,937 98,000 Dex Media West LLC 9.875%, 08/15/13........... 112,945 25,000 Diamond Offshore Drilling, Inc. 5.150%, 09/01/14(a)........ 25,283 150,000 Direct TV Holdings 8.375%, 03/15/13........... 168,187 175,000 Doane Pet Care Co. 10.750%, 03/01/10.......... 187,250 [Download Table] Principal Amount Value ---------------------------------------------------------- Dominion Resources, Inc. $ 50,000 4.125%, 02/15/08........... $ 50,344 220,000 5.125%, 12/15/09........... 227,635 65,000 5.250%, 08/01/33........... 65,118 240,000 5.700%, 09/17/12........... 254,113 15,000 6.750%, 12/15/32........... 16,528 100,000 7.195%, 09/15/14........... 115,550 200,000 Dow Chemical Co. 6.125%, 02/01/11#.......... 219,063 25,000 Dresser-Rand Group, Inc. 7.375%, 11/01/14(a)........ 25,500 125,000 DRS Technologies, Inc. 6.875%, 11/01/13........... 130,625 100,000 DTE Energy Co. 6.450%, 06/01/06........... 104,100 Duke Capital Corp. 100,000 6.250%, 02/15/13#.......... 108,078 50,000 6.750%, 02/15/32........... 54,410 Duke Energy Corp. 1,200,000 4.200%, 10/01/08........... 1,209,150 100,000 5.300%, 10/01/15........... 102,654 220,000 5.625%, 11/30/12#.......... 231,410 50,000 Duke Energy Field Services LLC 7.875%, 08/16/10........... 58,316 25,000 Duke Realty LP 5.400%, 08/15/14........... 25,630 Dynegy Holdings, Inc. 3,285,000 8.750%, 02/15/12#.......... 3,441,037 300,000 9.875%, 07/15/10(a)........ 335,250 E.I. Du Pont de Nemours 50,000 4.125%, 04/30/10........... 50,407 30,000 4.875%, 04/30/14........... 30,618 45,000 Eastman Chemical Co. 7.000%, 04/15/12........... 51,287 The accompanying notes are an integral part of the financial statements. 112
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 275,000 Echostar DBS Corp. 6.625%, 10/01/14(a)........ $ 278,437 250,000 Edison Mission Energy 9.875%, 04/15/11#.......... 296,250 El Paso Corp. 560,000 7.750%, 01/15/32#.......... 536,200 690,000 7.800%, 08/01/31#.......... 662,400 350,000 7.875%, 06/15/12#.......... 366,187 220,000 El Paso Natural Gas 8.375%, 06/15/32........... 245,025 505,000 Electronic Data Systems Corp. 7.125%, 10/15/09#.......... 556,200 125,000 Emerson Electric Co. 4.500%, 05/01/13........... 123,881 25,000 Endurance Specialty Holdings Ltd. 7.000%, 07/15/34........... 25,742 30,000 Energy East Corp. 6.750%, 06/15/12........... 33,631 1,875,000 Entergy Gulf States, Inc. 6.200%, 07/01/33........... 1,880,046 EOP Operating LP 50,000 4.650%, 10/01/10........... 50,228 200,000 7.750%, 11/15/07........... 220,733 50,000 7.875%, 07/15/31........... 60,607 20,000 Equifax, Inc. 4.950%, 11/01/07........... 20,686 125,000 Equinox Holdings, Inc. 9.000%, 12/15/09#.......... 133,125 ERP Operating LP 25,000 4.750%, 06/15/09........... 25,527 50,000 5.250%, 09/15/14........... 50,640 100,000 Ethyl Corp. 8.875%, 05/01/10........... 110,500 15,000 Everest Reinsurance Holdings, Inc. 5.400%, 10/15/14........... 15,041 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 200,000 Exelon Generation Co. LLC 6.950%, 06/15/11#.......... $ 225,747 125,000 Extendicare Health Services, Inc. 9.500%, 07/01/10........... 140,000 175,000 Eye Care Centers of America 9.125%, 05/01/08........... 175,000 85,000 Federated Department Stores 6.625%, 04/01/11........... 95,039 FedEx Corp. 25,000 2.650%, 04/01/07........... 24,486 25,000 3.500%, 04/01/09........... 24,478 50,000 7.250%, 02/15/11........... 57,076 100,000 Felcor Lodging LP REIT 9.000%, 06/01/11........... 113,250 25,000 Fifth Third Bancorp 4.500%, 06/01/18........... 23,331 Financing Corp. Fico 800,000 0.0%, 11/30/17 (e)......... 419,736 400,000 8.600%, 09/26/19........... 547,526 75,000 Finlay Fine Jewelry Corp. 8.375%, 06/01/12#.......... 81,000 First Data Corp. 150,000 3.375%, 08/01/08........... 147,993 60,000 3.900%, 10/01/09........... 59,772 200,000 First Union Institutional Capital I 8.040%, 12/01/26........... 217,796 1,500,000 First Union-Lehman Brothers-Bank of America 6.560%, 11/18/35........... 1,612,704 FirstEnergy Corp. 180,000 5.500%, 11/15/06........... 185,819 25,000 6.450%, 11/15/11........... 27,162 1,230,000 7.375%, 11/15/31........... 1,404,640 1,140,000 Florida Power & Light Co. 5.625%, 04/01/34........... 1,168,224 The accompanying notes are an integral part of the financial statements. 113
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 50,000 Florida Power Corp. 4.800%, 03/01/13#.......... $ 50,208 125,000 Flowserve Corp. 12.250%, 08/15/10.......... 138,125 125,000 FMC Corp. 7.750%, 07/01/11........... 132,187 600,000 Ford Motor Co. 7.450%, 07/16/31#.......... 603,443 Ford Motor Credit Co. 50,000 5.625%, 10/01/08#.......... 51,108 50,000 5.700%, 01/15/10........... 50,455 300,000 5.800%, 01/12/09........... 306,643 2,420,000 6.875%, 02/01/06........... 2,493,084 525,000 7.000%, 10/01/13#.......... 556,569 550,000 7.250%, 10/25/11#.......... 589,834 1,480,000 7.375%, 10/28/09#.......... 1,596,429 340,000 7.375%, 02/01/11........... 366,435 1,880,000 7.875%, 06/15/10........... 2,071,309 25,000 Fortune Brands, Inc. 4.875%, 12/01/13........... 25,369 50,000 FPL Group Capital, Inc. 7.625%, 09/15/06........... 53,409 20,000 Franklin Resources, Inc. 3.700%, 04/15/08........... 19,953 75,000 Friendly Ice Cream Corp. 8.375%, 06/15/12#.......... 73,594 15,000 Fund American Cos., Inc. 5.875%, 05/15/13........... 15,266 Gannett Co., Inc. 25,000 5.500%, 04/01/07#.......... 26,062 10,000 6.375%, 04/01/12........... 11,195 General Dynamics Corp. 50,000 2.125%, 05/15/06#.......... 49,285 50,000 3.000%, 05/15/08........... 48,878 50,000 4.250%, 05/15/13........... 48,964 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 25,000 4.500%, 08/15/10........... $ 25,545 25,000 5.375%, 08/15/15#.......... 26,246 General Electric Capital Corp. 50,000 3.125%, 04/01/09#.......... 48,437 250,000 3.500%, 12/05/0-05/01/08... 248,882 200,000 4.250%, 01/15/08........... 203,167 150,000 4.375%, 11/21/11........... 149,110 350,000 4.750%, 09/15/14#.......... 348,871 415,000 5.450%, 01/15/13#.......... 438,017 2,250,000 6.000%, 06/15/12........... 2,452,583 150,000 6.750%, 03/15/32........... 175,567 500,000 7.375%, 01/19/10........... 571,806 820,000 General Electric Co. 5.000%, 02/01/13........... 841,291 General Mills, Inc. 50,000 2.625%, 10/24/06........... 49,150 50,000 5.125%, 02/15/07........... 51,336 50,000 6.000%, 02/15/12........... 54,257 General Motors Acceptance Corp. 100,000 4.375%, 12/10/07#.......... 98,591 150,000 4.500%, 07/15/06........... 150,092 20,000 5.625%, 05/15/09#.......... 20,001 1,025,000 6.125%, 09/15/06#.......... 1,050,813 550,000 6.125%, 02/01/07........... 564,783 400,000 6.150%, 04/05/07........... 411,069 150,000 6.750%, 12/01/14........... 150,205 1,825,000 6.875%, 09/15/11........... 1,870,247 300,000 8.000%, 11/01/31........... 308,365 General Motors Corp. 200,000 7.125%, 07/15/13#.......... 204,666 250,000 8.375%, 07/15/33#.......... 259,021 125,000 General Nutrition Centers, Inc. 8.500%, 12/01/10........... 118,125 The accompanying notes are an integral part of the financial statements. 114
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 150,000 Genesis HealthCare Corp. 8.000%, 10/15/13........... $ 162,750 Genworth Financial, Inc. 20,000 5.750%, 06/15/14........... 21,158 10,000 6.500%, 06/15/34........... 10,955 25,000 Georgia Power Co. 4.875%, 07/15/07........... 25,717 Gillette Co. 50,000 2.500%, 06/01/08........... 48,609 10,000 3.800%, 09/15/09........... 9,944 20,000 GlaxoSmithKline Capital, Inc. 5.375%, 04/15/34#.......... 19,867 125,000 Global Cash Access LLC 8.750%, 03/15/12........... 134,688 80,000 Goldman Sachs Capital I 6.345%, 02/15/34........... 83,304 Goldman Sachs Group, Inc. 100,000 4.125%, 01/15/08........... 101,257 50,000 4.750%, 07/15/13........... 49,477 100,000 5.000%, 10/01/14........... 99,859 250,000 5.150%, 01/15/14#.......... 253,353 100,000 6.125%, 02/15/33........... 103,887 400,000 6.875%, 01/15/11........... 451,271 25,000 Goodrich Corp. 7.625%, 12/15/12........... 29,644 25,000 Greenpoint Financial Corp. 3.200%, 06/06/08........... 24,433 48,000 GTE Corp. 7.510%, 04/01/09........... 54,192 100,000 GTE North, Inc. 5.650%, 11/15/08#.......... 104,183 50,000 Halliburton Co. 5.500%, 10/15/10........... 52,664 Hanover Compressor Co. 125,000 0.0%, 03/31/07(e).......... 108,750 150,000 8.625%, 12/15/10........... 163,875 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 75,000 Harrah's Operating Co., Inc. 5.500%, 07/01/10........... $ 77,634 25,000 Harrahs Operating Co., Inc. 5.375%, 12/15/13........... 25,131 Hartford Financial Services Group, Inc. 20,000 2.375%, 06/01/06........... 19,634 15,000 4.625%, 07/15/13........... 14,526 40,000 4.700%, 09/01/07#.......... 40,797 20,000 Hartford Life, Inc. 7.375%, 03/01/31........... 23,875 HCA, Inc. 1,000,000 5.750%, 03/15/14#.......... 968,723 50,000 6.375%, 01/15/15........... 50,202 20,000 Health Care, Inc. REIT 6.000%, 11/15/13........... 20,699 15,000 Healthcare Realty Trust, Inc. 5.125%, 04/01/14........... 14,657 125,000 Herbst Gaming, Inc. 8.125%, 06/01/12........... 133,750 Hertz Corp. 20,000 4.700%, 10/02/06........... 20,218 50,000 6.350%, 06/15/10........... 51,244 50,000 6.900%, 08/15/14........... 51,551 25,000 7.625%, 06/01/12........... 27,379 30,000 Hewlett-Packard Co. 5.500%, 07/01/07........... 31,286 25,000 Hillenbrand Industries, Inc. 4.500%, 06/15/09........... 25,290 65,000 Hilton Hotels Corp. 7.625%, 12/01/12........... 76,013 80,000 Home Depot, Inc. 3.750%, 09/15/09(a)........ 79,284 275,000 Home Interiors & Gifts, Inc. 10.125%, 06/01/08#......... 226,875 100,000 Honeywell International, Inc. 7.500%, 03/01/10........... 115,534 The accompanying notes are an integral part of the financial statements. 115
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- Hospira, Inc. $ 10,000 4.950%, 06/15/09........... $ 10,215 10,000 5.900%, 06/15/14........... 10,509 38,000 Host Marriott Corp. REIT 7.875%, 08/01/08........... 39,045 50,000 Host Marriott LP REIT 7.125%, 11/01/13........... 53,438 50,000 Host Marriott LP REIT 8.375%, 02/15/06........... 52,250 100,000 Houghton Mifflin Co. 11.500%, 10/15/13#(c)...... 73,500 Household Finance Corp. 2,105,000 6.375%, 11/27/12........... 2,325,779 30,000 6.400%, 06/17/08........... 32,366 20,000 7.000%, 05/15/12........... 22,840 20,000 HRPT Properties Trust 6.250%, 08/15/16........... 21,096 HSBC Bank USA NA 275,000 3.875%, 09/15/09........... 272,603 50,000 5.875%, 11/01/34........... 50,630 1,250,000 Humana, Inc. 6.300%, 08/01/18........... 1,282,070 25,000 Huntington National Bank 4.375%, 01/15/10........... 25,084 225,000 Huntsman International LLC 9.875%, 03/01/09........... 246,938 175,000 Iasis Healthcare LLC 8.750%, 06/15/14........... 190,750 100,000 Icon Health & Fitness 11.250%, 04/01/12.......... 84,000 75,000 IMCO Recycling Escrow, Inc. 9.000%, 11/15/14(a)........ 78,000 75,000 IMCO Recycling, Inc. 10.375%, 10/15/10.......... 85,125 50,000 Indiana Michigan Power Co. 6.125%, 12/15/06........... 52,355 125,000 Innophos, Inc. 8.875%, 08/15/14(a)........ 135,000 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 75,000 InSight Health Services Corp. 9.875%, 11/01/11#.......... $ 75,750 150,000 Insight Midwest LP/Insight Capital, Inc. 10.500%, 11/01/10.......... 164,250 100,000 Inter-American Development Bank 4.500%, 09/15/14........... 100,615 20,000 InterActiveCorp 7.000%, 01/15/13........... 22,061 Interface, Inc. 75,000 7.300%, 04/01/08........... 76,688 50,000 9.500%, 02/01/14#.......... 54,500 International Business Machines Corp. 30,000 4.375%, 06/01/09#.......... 30,521 100,000 6.220%, 08/01/27........... 109,102 200,000 6.500%, 01/15/28........... 226,217 200,000 7.500%, 06/15/13........... 239,415 International Lease Finance Corp. 50,000 3.750%, 06/30/09........... 49,959 1,900,000 4.375%, 11/01/09........... 1,904,228 325,000 5.750%, 02/15/07........... 338,986 International Paper Co. 125,000 4.250%, 01/15/09........... 125,458 100,000 5.250%, 04/01/16........... 99,824 95,000 5.500%, 01/15/14........... 98,136 25,000 5.850%, 10/30/12........... 26,638 150,000 6.750%, 09/01/11........... 168,170 Iron Mountain, Inc. 125,000 6.625%, 01/01/16........... 116,563 75,000 7.750%, 01/15/15........... 76,125 The accompanying notes are an integral part of the financial statements. 116
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 75,000 8.250%, 07/01/11........... $ 77,344 175,000 Isle of Capri Casinos, Inc. 7.000%, 03/01/14........... 178,500 175,000 ISP Chemco, Inc. 10.250%, 07/01/11.......... 197,750 65,000 Ispat Inland ULC 9.750%, 04/01/14........... 80,275 iStar Financial, Inc. REIT 20,000 4.875%, 01/15/09#.......... 20,300 20,000 5.125%, 04/01/11........... 20,213 20,000 6.000%, 12/15/10........... 21,097 25,000 Jefferies Group, Inc. 5.500%, 03/15/16........... 24,853 20,000 Jersey Central Power & Light 5.625%, 05/01/16........... 20,898 John Deere Capital Corp. 20,000 3.900%, 01/15/08#.......... 20,142 15,000 4.500%, 08/22/07........... 15,346 470,000 5.100%, 01/15/13........... 483,313 75,000 5.125%, 10/19/06........... 77,236 100,000 7.000%, 03/15/12#.......... 115,296 175,000 John Q Hammons Hotels LP/John Q Hammons Hotels Finance Corp. III 8.875%, 05/15/12........... 197,750 Jones Apparel Group, Inc. 25,000 4.250%, 11/15/09(a)........ 24,912 25,000 5.125%, 11/15/14(a)........ 24,780 25,000 6.125%, 11/15/34(a)........ 24,846 JP Morgan Chase & Co. 20,000 3.625%, 05/01/08........... 19,858 20,000 3.800%, 10/02/09........... 19,728 100,000 4.000%, 02/01/08#.......... 100,663 400,000 5.125%, 09/15/14........... 402,624 30,000 5.250%, 05/01/15#.......... 30,340 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 1,635,000 6.625%, 03/15/12........... $ 1,830,083 300,000 6.750%, 02/01/11........... 337,022 JP Morgan Chase & Co., Inc. 500,000 0.0%, 04/15/27-07/01/27(e)....... 96,819 300,000 6.000%, 01/15/09........... 320,791 400,000 Kellogg Co. 6.600%, 04/01/11........... 448,090 Kerr-McGee Corp. 20,000 5.875%, 09/15/06........... 20,750 20,000 6.875%, 09/15/11........... 22,522 30,000 6.950%, 07/01/24#.......... 33,175 20,000 7.875%, 09/15/31........... 24,493 100,000 Kerzner International Ltd. 8.875%, 08/15/11........... 109,250 125,000 Key Energy Services, Inc. 8.375%, 03/01/08........... 130,938 KeyBank National Association 50,000 5.800%, 07/01/14........... 52,954 250,000 7.000%, 02/01/11........... 281,004 50,000 Keycorp 2.750%, 02/27/07........... 49,080 200,000 KeySpan Corp. 7.625%, 11/15/10#.......... 234,805 50,000 KFW -- Bankengruppe 3.250%, 09/21/07........... 49,689 225,000 KI Holdings, Inc. 1.000%, 11/15/14(a)(c)..... 144,000 45,000 Kimberly-Clark Corp. 5.625%, 02/15/12........... 48,411 Kinder Morgan Energy Partners 50,000 5.000%, 12/15/13#.......... 49,963 25,000 5.125%, 11/15/14........... 24,950 85,000 6.750%, 03/15/11........... 94,897 Kinder Morgan, Inc. 40,000 6.500%, 09/01/12........... 43,967 The accompanying notes are an integral part of the financial statements. 117
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 20,000 7.250%, 03/01/28#.......... $ 22,765 250,000 Kinetek, Inc. 10.750%, 11/15/06.......... 244,375 Kraft Foods, Inc. 25,000 4.000%, 10/01/08........... 25,020 100,000 4.625%, 11/01/06........... 102,062 25,000 5.250%, 10/01/13........... 25,721 150,000 5.625%, 11/01/11........... 158,841 1,550,000 6.500%, 11/01/31........... 1,710,076 Kroger Co. 200,000 6.750%, 04/15/12........... 225,813 100,000 6.800%, 12/15/18........... 113,482 200,000 L-3 Communications Corp. 7.625%, 06/15/12........... 219,500 300,000 Landesbank Baden- Wuerttemberg/New York 6.350%, 04/01/12........... 336,340 30,000 Lear Corp. 5.750%, 08/01/14(a)........ 30,284 Lehman Brothers Holdings, Inc. 150,000 3.500%, 08/07/08#.......... 148,224 600,000 4.000%, 01/22/08........... 604,141 300,000 7.000%, 02/01/08........... 327,776 25,000 Lennar Corp. 5.500%, 09/01/14(a)........ 25,340 200,000 Leslie's Poolmart, Inc. 10.375%, 07/15/08.......... 212,250 Levi Strauss & Co. 75,000 7.000%, 11/01/06........... 78,750 70,000 11.625%, 01/15/08.......... 73,500 Liberty Media Corp. 50,000 3.500%, 09/25/06........... 49,722 40,000 3.750%, 02/15/30........... 26,850 685,000 3.990%, 03/15/05(b)........ 693,398 100,000 8.250%, 02/01/30#.......... 113,706 [Download Table] Principal Amount Value ---------------------------------------------------------- Limited Brands $ 25,000 5.250%, 11/01/14#.......... $ 24,771 25,000 6.125%, 12/01/12........... 26,695 1,125,000 6.950%, 03/01/33........... 1,223,846 50,000 Lockheed Martin Corp. 7.200%, 05/01/36........... 60,706 25,000 Loews Cineplex Entertainment Corp. 9.000%, 08/01/14(a)........ 27,063 25,000 Loews Corp. 5.250%, 03/15/16........... 24,177 50,000 Lowe's Cos., Inc. 8.250%, 06/01/10#.......... 59,960 350,000 Lucent Technologies, Inc. 6.450%, 03/15/29........... 316,750 Lyondell Chemical Co. 75,000 9.500%, 12/15/08........... 81,375 100,000 11.125%, 07/15/12#......... 118,750 130,000 Magnum Hunter Resources, Inc. 9.600%, 03/15/12........... 147,550 100,000 Mail Well I Corp. 9.625%, 03/15/12#.......... 109,750 10,000 Marathon Oil Corp. 6.125%, 03/15/12........... 10,896 Marsh & McLennan Cos., Inc. 100,000 3.625%, 02/15/08........... 96,985 50,000 5.375%, 07/15/14#.......... 48,853 Marshall & Ilsley Bank 25,000 4.125%, 09/04/07........... 25,478 50,000 4.375%, 08/01/09........... 50,426 150,000 5.000%, 01/17/17........... 148,962 25,000 5.250%, 09/04/12........... 26,271 50,000 Masco Corp. 5.875%, 07/15/12#.......... 53,585 The accompanying notes are an integral part of the financial statements. 118
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- May Department Stores Co. $ 50,000 4.800%, 07/15/09........... $ 50,841 50,000 5.750%, 07/15/14#.......... 51,384 30,000 8.750%, 05/15/29........... 38,800 25,000 MBIA, Inc. 5.700%, 12/01/34........... 24,756 MBNA America Bank 30,000 4.625%, 08/03/09#.......... 30,545 30,000 7.125%, 11/15/12........... 34,125 MBNA Corp. 1,150,000 4.625%, 09/15/08........... 1,168,002 100,000 6.125%, 03/01/13........... 107,173 15,000 7.500%, 03/15/12........... 17,329 20,000 McDonald's Corp. 5.750%, 03/01/12........... 21,556 50,000 MDC Holdings, Inc. 5.375%, 12/15/14........... 49,751 MeadWestvaco Corp. 50,000 6.800%, 11/15/32#.......... 54,657 270,000 6.850%, 04/01/12#.......... 305,281 125,000 Mediacom Broadband LLC 11.000%, 07/15/13.......... 134,375 125,000 Medical Device Manufacturing, Inc. 10.000%, 07/15/12(a)....... 134,688 200,000 Mellon Bank NA 4.750%, 12/15/14#.......... 198,292 150,000 Mellon Funding Corp. 4.875%, 06/15/07........... 154,499 125,000 MeriStar Hospitality Corp. 9.125%, 01/15/11#.......... 135,000 Merrill Lynch & Co., Inc. 295,000 3.375%, 09/14/07........... 293,164 300,000 3.700%, 04/21/08........... 299,186 25,000 4.000%, 11/15/07#.......... 25,249 100,000 4.125%, 09/10/09........... 99,932 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 50,000 5.000%, 02/03/14........... $ 50,179 100,000 6.000%, 02/17/09........... 107,328 300,000 6.875%, 11/15/18........... 346,228 MetLife, Inc. 50,000 5.250%, 12/01/06........... 51,600 25,000 5.500%, 06/15/14#.......... 25,939 50,000 6.375%, 06/15/34........... 53,710 15,000 Metropolitan Edison Co. 4.875%, 04/01/14........... 14,799 275,000 MGM Mirage, Inc. 6.750%, 09/01/12........... 289,438 MidAmerican Energy Co. 15,000 4.650%, 10/01/14#.......... 14,818 50,000 6.750%, 12/30/31........... 58,156 MidAmerican Energy Holdings Co. 80,000 3.500%, 05/15/08........... 78,364 50,000 5.000%, 02/15/14........... 49,504 150,000 Millennium America, Inc. 9.250%, 06/15/08........... 170,625 Mirant Americas Generation LLC 100,000 7.625%, 05/01/06(f)........ 107,500 125,000 9.125%, 05/01/31(f)........ 130,313 Morgan Stanley 350,000 4.000%, 01/15/10........... 346,024 75,000 4.750%, 04/01/14........... 73,081 540,000 5.300%, 03/01/13........... 556,052 25,000 5.800%, 04/01/07........... 26,209 700,000 6.100%, 04/15/06........... 724,819 2,300,000 6.600%, 04/01/12........... 2,565,229 25,000 7.250%, 04/01/32........... 30,037 125,000 Mueller Group, Inc. 10.000%, 05/01/12.......... 136,250 25,000 Murphy Oil Corp. 6.375%, 05/01/12........... 27,416 The accompanying notes are an integral part of the financial statements. 119
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 50,000 Muzak LLC/Muzak Finance Corp. 10.000%, 02/15/09.......... $ 46,563 2,000,000 Nabisco, Inc. 6.850%, 06/15/05........... 2,033,048 10,000 Nabors Industries, Inc. 5.375%, 08/15/12........... 10,452 National City Bank 25,000 3.300%, 05/15/07........... 24,961 50,000 4.250%, 07/01/18........... 45,053 25,000 National Fuel Gas Co. 5.250%, 03/01/13........... 25,415 75,000 National Mentor, Inc. 9.625%, 12/01/12(a)........ 79,688 National Rural Utilities Cooperative Finance 10,000 4.375%, 10/01/10#.......... 10,068 10,000 4.750%, 03/01/14........... 10,046 200,000 6.000%, 05/15/06........... 207,164 205,000 6.500%, 03/01/07........... 217,545 30,000 7.250%, 03/01/12#.......... 34,626 70,000 8.000%, 03/01/32........... 91,343 1,550,000 New England Telephone 7.875%, 11/15/29........... 1,871,385 150,000 Newark Group, Inc. 9.750%, 03/15/14#.......... 159,750 Newell Rubbermaid, Inc. 25,000 6.000%, 03/15/07#.......... 26,237 25,000 6.750%, 03/15/12........... 28,486 25,000 News America Holdings 8.000%, 10/17/16........... 30,487 News America, Inc. 25,000 6.200%, 12/15/34(a)........ 25,338 320,000 6.625%, 01/09/08#.......... 345,362 [Download Table] Principal Amount Value ---------------------------------------------------------- Nextel Communications, Inc. $ 125,000 6.875%, 10/31/13........... $ 135,625 275,000 7.375%, 08/01/15........... 302,500 250,000 Nextmedia Operating, Inc. 10.750%, 07/01/11.......... 280,000 3,050,000 Niagara Mohawk Power Corp. 7.750%, 05/15/06/08........ 3,299,380 50,000 Nisource Finance Corp. 5.400%, 07/15/14........... 51,234 75,000 NMHG Holding Co. 10.000%, 05/15/09.......... 82,875 75,000 Nortek, Inc. 8.500%, 09/01/14#(a)....... 78,375 75,000 Nortel Networks Ltd. 6.125%, 02/15/06#.......... 76,313 Northrop Grumman Corp. 230,000 4.079%, 11/16/06........... 232,324 150,000 7.750%, 02/15/31........... 192,046 350,000 NRG Energy, Inc. 8.000%, 12/15/13(a)........ 381,500 30,000 Nucor Corp. 4.875%, 10/01/12#.......... 30,735 100,000 Occidental Petroleum Corp. 6.750%, 01/15/12........... 113,517 20,000 Ocean Energy, Inc. 4.375%, 10/01/07........... 20,292 125,000 OMI Corp. 7.625%, 12/01/13........... 133,750 Oncor Electric Delivery Co. 390,000 6.375%, 01/15/15........... 429,713 160,000 7.000%, 09/01/22-05/01/32.......... 183,798 125,000 Owens-Brockway Glass Container 7.750%, 05/15/11........... 135,313 The accompanying notes are an integral part of the financial statements. 120
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 125,000 Oxford Industries, Inc. 8.875%, 06/01/11........... $ 134,219 50,000 Pacific Bell 7.125%, 03/15/26........... 56,730 Pacific Gas & Electric Co. 158,000 2.720%, 04/04/05(b)........ 158,130 15,000 3.600%, 03/01/09........... 14,751 20,000 4.200%, 03/01/11........... 19,775 25,000 4.800%, 03/01/14........... 24,912 365,000 6.050%, 03/01/34........... 379,095 25,000 Pactiv Corp. 7.950%, 12/15/25#.......... 30,749 50,000 PanAmSat Corp. 9.000%, 08/15/14(a)........ 55,813 50,000 Park Place Entertainment Corp. 8.875%, 09/15/08........... 56,625 50,000 Peco Energy Co. 3.500%, 05/01/08........... 49,647 Pemex Project Funding Master Trust 100,000 7.375%, 12/15/14........... 111,150 200,000 8.500%, 02/15/08#.......... 225,500 250,000 8.625%, 02/01/22........... 290,875 10,000 PepsiAmericas, Inc. 3.875%, 09/12/07........... 9,991 100,000 Petco Animal Supplies, Inc. 10.750%, 11/01/11.......... 117,000 Pfizer, Inc. 25,000 2.500%, 03/15/07........... 24,489 25,000 4.500%, 02/15/14........... 24,723 25,000 PHH Corp. 7.125%, 03/01/13........... 27,957 125,000 Pinnacle Entertainment, Inc. 8.250%, 03/15/12...... 132,813 250,000 8.250%, 12/01/13(a)........ 238,126 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 1,120,000 Pinnacle West Capital Corp. 6.400%, 04/01/06........... $ 1,152,682 Pioneer Natural Resources Co. 20,000 5.875%, 07/15/16........... 20,894 25,000 7.200%, 01/15/28........... 28,649 Pitney Bowes, Inc. 50,000 4.625%, 10/01/12........... 50,547 25,000 4.750%, 05/15/18........... 24,253 25,000 4.875%, 08/15/14........... 25,257 25,000 Plains All American Pipeline LP/PAA Finance Corp. 5.625%, 12/15/13........... 25,715 150,000 Plains Exploration & Production Co. 7.125%, 06/15/14#.......... 163,500 245,000 Plastipak Holdings, Inc. 10.750%, 09/01/11.......... 275,625 75,000 Pliant Corp. 11.125%, 09/01/09.......... 81,750 25,000 PNC Bank NA 5.250%, 01/15/17........... 25,219 25,000 Popular North America Capital Trust I 6.564%, 09/15/34........... 26,317 Popular North America, Inc. 100,000 3.875%, 10/01/08........... 99,873 25,000 4.700%, 06/30/09........... 25,491 80,000 PPL Electric Utilities Corp. 6.250%, 08/15/09........... 86,956 PPL Energy Supply LLC 25,000 5.400%, 08/15/14........... 25,645 100,000 6.400%, 11/01/11........... 109,957 Praxair, Inc. 25,000 3.950%, 06/01/13#.......... 23,756 40,000 6.375%, 04/01/12#.......... 44,657 15,000 Principal Life Income Funding 3.200%, 04/01/09........... 14,503 The accompanying notes are an integral part of the financial statements. 121
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- Procter & Gamble Co. $ 25,000 4.750%, 06/15/07........... $ 25,724 30,000 4.950%, 08/15/14........... 30,675 25,000 5.800%, 08/15/34........... 26,429 200,000 6.875%, 09/15/09........... 225,056 Progress Energy, Inc. 20,000 6.050%, 04/15/07........... 20,973 150,000 6.750%, 03/01/06........... 155,648 25,000 Progressive Corp. 6.250%, 12/01/32........... 26,801 30,000 Prologis REIT 5.500%, 03/01/13........... 31,094 15,000 Protective Life Secured Trust 4.000%, 04/01/11........... 14,640 Prudential Financial, Inc. 20,000 3.750%, 05/01/08........... 19,886 25,000 4.500%, 07/15/13........... 24,163 50,000 5.100%, 09/20/14........... 50,240 10,000 5.750%, 07/15/33#.......... 9,944 PSE&G Power LLC 25,000 3.750%, 04/01/09........... 24,617 20,000 5.000%, 04/01/14........... 19,857 25,000 5.500%, 12/01/15........... 25,477 150,000 7.750%, 04/15/11........... 174,900 100,000 PSI Energy, Inc. 5.000%, 09/15/13#.......... 100,645 Public Service Co. of Colorado 50,000 4.375%, 10/01/08#.......... 50,700 35,000 7.875%, 10/01/12........... 42,397 Public Service Electric & Gas Co. 50,000 4.000%, 11/01/08........... 50,021 25,000 5.000%, 08/15/14........... 25,309 [Download Table] Principal Amount Value ---------------------------------------------------------- Pulte Homes, Inc. $ 30,000 4.875%, 07/15/09........... $ 30,404 25,000 6.375%, 05/15/33........... 24,772 20,000 7.875%, 06/15/32........... 23,590 300,000 Qwest Corp. 9.125%, 03/15/12(a)........ 346,500 175,000 Qwest Services Corp. 14.000%, 12/15/10(a)....... 210,438 R.J. Reynolds Tobacco Holdings, Inc. 680,000 7.750%, 05/15/06........... 710,600 1,170,000 7.875%, 05/15/09........... 1,254,825 200,000 Rabobank Capital Funding Trust 5.254%, 12/29/49(a)(b)..... 198,913 20,000 Radian Group, Inc. 5.625%, 02/15/13........... 20,726 125,000 Radio One, Inc. 8.875%, 07/01/11........... 136,094 150,000 Radnor Holdings, Inc. 11.000%, 03/15/10.......... 128,625 Raytheon Co. 100,000 4.850%, 01/15/11........... 102,460 80,000 5.375%, 04/01/13........... 83,341 10,000 5.500%, 11/15/12........... 10,558 4,000 6.000%, 12/15/10........... 4,328 50,000 6.400%, 12/15/18........... 55,172 400,000 6.750%, 08/15/07........... 430,923 RBS Capital Trust I 25,000 5.512%, 09/29/49#(b)....... 25,555 100,000 6.425%, 12/29/49(b)........ 105,607 10,000 Regency Centers LP 6.750%, 01/15/12........... 11,158 50,000 Regions Bank 2.900%, 12/15/06........... 49,528 The accompanying notes are an integral part of the financial statements. 122
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 30,000 Regions Financial Corp. 6.375%, 05/15/12........... $ 33,074 275,000 Reliant Resources, Inc. 9.500%, 07/15/13........... 312,469 25,000 Republic Services, Inc. 6.750%, 08/15/11........... 28,082 Resolution Performance Products LLC/RPP Capital Corp. 175,000 8.000%, 12/15/09........... 188,125 75,000 9.500%, 04/15/10........... 81,188 125,000 RH Donnelley Finance Corp. I 10.875%, 12/15/12(a)....... 148,438 25,000 Rio Tinto Finance USA Ltd. 2.625%, 09/30/08........... 23,971 100,000 Royal KPN NV 8.000%, 10/01/10........... 118,034 60,000 Safeco Corp. 4.875%, 02/01/10........... 61,434 Safeway, Inc. 50,000 4.950%, 08/16/10........... 50,898 1,325,000 7.250%, 02/01/31#.......... 1,518,742 100,000 Saks, Inc. 7.375%, 02/15/19........... 99,000 Sara Lee Corp. 25,000 6.125%, 11/01/32........... 27,248 50,000 6.250%, 09/15/11........... 55,402 1,000,000 SB Treasury Co. LLC 9.400%, 12/29/49(a)(b)..... 1,152,071 200,000 SBA Telecommunications, Inc. 9.750%, 12/15/11(c)........ 168,500 150,000 Sbarro, Inc. 11.000%, 09/15/09#......... 151,500 SBC Communications, Inc. 150,000 4.125%, 09/15/09........... 149,726 500,000 5.100%, 09/15/14........... 504,647 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 50,000 5.625%, 06/15/16........... $ 51,653 500,000 5.750%, 05/02/06........... 516,031 50,000 6.450%, 06/15/34........... 53,568 Schering-Plough Corp. 40,000 5.550%, 12/01/13........... 41,806 30,000 6.750%, 12/01/33........... 33,769 75,000 Scientific Games Corp. 6.250%, 12/15/12(a)........ 76,313 125,000 Seagate Technology Holdings 8.000%, 05/15/09#.......... 135,000 150,000 Sealy Mattress Co. 8.250%, 06/15/14#.......... 159,000 50,000 Sempra Energy 4.750%, 05/15/09........... 50,969 100,000 Sequa Corp. 9.000%, 08/01/09........... 112,750 250,000 Simmons Bedding Co. 10.000%, 12/15/14(a)(c).... 152,500 Simon Property Group LP REIT 50,000 4.875%, 03/18/10........... 50,940 25,000 4.875%, 08/15/10(a)........ 25,482 100,000 6.375%, 11/15/07........... 106,689 135,000 SITEL Corp. 9.250%, 03/15/06........... 136,350 75,000 Six Flags, Inc. 9.750%, 04/15/13#.......... 76,125 SLM Corp. 830,000 4.310%, 02/03/05(b)........ 828,041 200,000 5.375%, 05/15/14........... 206,546 50,000 5.625%, 04/10/07........... 52,143 60,000 Sonat, Inc. 7.625%, 07/15/11........... 62,100 50,000 South Carolina Electric & Gas 5.300%, 05/15/33........... 48,541 The accompanying notes are an integral part of the financial statements. 123
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 40,000 Southern California Edison Co. 6.000%, 01/15/34........... $ 42,496 50,000 Southern California Gas Co. 4.375%, 01/15/11........... 50,152 100,000 Southern Co. Capital Funding, Inc. 5.300%, 02/01/07........... 104,562 60,000 Southern Natural Gas Co. 8.000%, 03/01/32........... 65,475 20,000 Southern Union Co. 7.600%, 02/01/24........... 23,169 25,000 SouthTrust Corp. 5.800%, 06/15/14........... 26,474 30,000 Southwest Airlines Co. 5.496%, 11/01/06........... 30,892 25,000 SpectraSite, Inc. 8.250%, 05/15/10........... 26,688 Sprint Capital Corp. 1,880,000 6.000%, 01/15/07#.......... 1,967,600 100,000 6.875%, 11/15/28........... 109,479 1,150,000 6.900%, 05/01/19........... 1,286,494 100,000 7.125%, 01/30/06........... 104,012 270,000 8.375%, 03/15/12#.......... 328,898 50,000 8.750%, 03/15/32........... 66,615 50,000 St. Paul Cos. 8.125%, 04/15/10........... 58,399 175,000 Starwood Hotels & Resorts Worldwide 7.875%, 05/01/12........... 199,938 225,000 Stone Container Corp. 9.750%, 02/01/11........... 246,375 250,000 Stone Energy Corp. 8.250%, 12/15/11........... 270,000 50,000 Sumitomo Mitsui Banking Corp. 8.000%, 06/15/12........... 59,791 [Download Table] Principal Amount Value ---------------------------------------------------------- SunTrust Banks, Inc $ 50,000 5.450%, 12/01/17........... $ 51,292 135,000 7.250%, 09/15/06........... 143,559 SunTrust Banks, Inc. 50,000 3.625%, 10/15/07........... 49,883 25,000 4.000%, 10/15/08........... 25,230 30,000 SUPERVALU, Inc. 7.500%, 05/15/12........... 35,015 75,000 Swift & Co. 10.125%, 10/01/09.......... 83,625 150,000 Swift Energy Co. 9.375%, 05/01/12........... 168,000 400,000 Swiss Bank Corp. NY 7.500%, 07/15/25........... 495,670 125,000 Sybron Dental Specialties, Inc. 8.125%, 06/15/12........... 136,250 Target Corp. 520,000 4.000%, 06/15/13#.......... 500,800 30,000 5.400%, 10/01/08........... 31,703 200,000 5.500%, 04/01/07#.......... 208,719 50,000 7.000%, 07/15/31........... 60,922 1,560,000 TCI Communications Finance 9.650%, 03/31/27........... 1,804,212 Tekni-Plex, Inc. 150,000 8.750%, 11/15/13(a)........ 149,250 25,000 12.750%, 06/15/10#......... 23,750 800,000 Tele-Communications-TCI Group 7.875%, 08/01/13........... 959,194 25,000 Temple-Inland, Inc. 7.875%, 05/01/12........... 29,589 Tenet Healthcare Corp. 75,000 6.875%, 11/15/31........... 63,938 490,000 7.375%, 02/01/13#.......... 475,300 25,000 9.875%, 07/01/14(a)........ 27,250 The accompanying notes are an integral part of the financial statements. 124
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 10,000 Tennessee Gas Pipeline Co. 8.375%, 06/15/32........... $ 11,275 250,000 Terex Corp. 10.375%, 04/01/11#......... 280,000 25,000 Texaco Capital, Inc. 9.750%, 03/15/20........... 37,379 25,000 Texas Gas Transmission LLC 4.600%, 06/01/15........... 23,863 Textron Financial Corp. 1,800,000 2.750%, 06/01/06........... 1,778,378 80,000 6.000%, 11/20/09........... 87,007 25,000 Textron, Inc. 4.500%, 08/01/10........... 25,312 100,000 The Mony Group, Inc. 8.350%, 03/15/10........... 117,749 10,000 Time Warner Entertainment Co. LP 8.375%, 07/15/33........... 12,919 Time Warner, Inc. 80,000 6.875%, 05/01/12........... 91,108 100,000 9.125%, 01/15/13#.......... 128,554 150,000 9.150%, 02/01/23........... 200,994 75,000 Titan Corp. 8.000%, 05/15/11........... 79,875 25,000 Toyota Motor Credit Corp. 5.500%, 12/15/08........... 26,482 200,000 Transocean, Inc. 6.625%, 04/15/11........... 223,604 89,000 TRW Automotive, Inc. 9.375%, 02/15/13........... 103,240 50,000 TXU Corp. 6.375%, 06/15/06........... 51,910 TXU Energy Co. LLC 130,000 2.838%, 01/14/05(a)(b)..... 130,356 1,000,000 7.000%, 03/15/13........... 1,116,851 [Download Table] Principal Amount Value ---------------------------------------------------------- Tyson Foods, Inc. $ 20,000 7.250%, 10/01/06........... $ 21,204 70,000 8.250%, 10/01/11........... 83,122 Ubiquitel Operating Co. 100,000 9.875%, 03/01/11(a)........ 112,250 25,000 9.875%, 03/01/11........... 28,063 125,000 UFJ Bank Ltd. 7.400%, 06/15/11........... 143,317 50,000 Unilever Capital Corp. 5.900%, 11/15/32........... 52,875 15,000 Union Electric Co. 5.100%, 10/01/19........... 14,896 65,000 Union Oil Co. of California 5.050%, 10/01/12........... 66,529 Union Pacific Corp. 1,025,000 3.625%, 06/01/10........... 986,350 20,000 5.375%, 05/01/14#.......... 20,718 1,650,000 5.404%, 07/02/25........... 1,687,241 10,000 6.500%, 04/15/12........... 11,138 200,000 6.700%, 12/01/06........... 211,434 50,000 Union Planters Bank NA 5.125%, 06/15/07........... 52,070 25,000 Union Planters Corp. 4.375%, 12/01/10........... 24,955 25,000 UnionBancal Corp. 5.250%, 12/16/13........... 25,338 225,000 United Industries Corp. 9.875%, 04/01/09........... 235,406 United Technologies Corp. 50,000 4.875%, 11/01/06#.......... 51,392 50,000 7.500%, 09/15/29........... 63,735 UnitedHealth Group, Inc. 25,000 3.375%, 08/15/07........... 24,808 10,000 3.750%, 02/10/09........... 9,839 1,875,000 4.125%, 08/15/09#.......... 1,873,764 10,000 4.750%, 02/10/14........... 9,891 The accompanying notes are an integral part of the financial statements. 125
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 30,000 4.875%, 04/01/13........... $ 30,251 50,000 5.000%, 08/15/14........... 50,301 Univision Communications, Inc. 50,000 2.875%, 10/15/06........... 49,338 50,000 3.875%, 10/15/08........... 49,563 300,000 US Bancorp 3.125%, 03/15/08........... 294,741 US Bank National Association 10,000 3.750%, 02/06/09........... 9,901 100,000 4.950%, 10/30/14........... 100,365 50,000 6.300%, 02/04/14........... 55,446 125,000 US Unwired, Inc. 10.000%, 06/15/12.......... 140,938 Valero Energy Corp. 1,260,000 4.750%, 06/15/13........... 1,244,688 100,000 6.875%, 04/15/12........... 113,424 85,000 7.500%, 04/15/32........... 102,525 50,000 Valspar Corp. 6.000%, 05/01/07........... 52,395 100,000 Venetian Casino Resort LLC 11.000%, 06/15/10.......... 114,125 100,000 Verizon Florida, Inc. 6.125%, 01/15/13........... 106,431 Verizon Global Funding Corp. 50,000 4.000%, 01/15/08........... 50,415 555,000 6.875%, 06/15/12#.......... 633,550 200,000 7.250%, 12/01/10........... 229,137 200,000 7.750%, 12/01/30........... 248,665 100,000 Verizon Maryland, Inc. 6.125%, 03/01/12........... 107,705 30,000 Verizon New England, Inc. 6.500%, 09/15/11........... 33,001 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 245,000 Viacom, Inc. 5.625%, 08/15/12#.......... $ 262,065 125,000 Vicar Operating, Inc. 9.875%, 12/01/09........... 136,875 Virginia Electric & Power Co. 200,000 4.750%, 03/01/13........... 200,028 25,000 5.375%, 02/01/07........... 25,896 200,000 Vodafone Group PLC 7.750%, 02/15/10........... 232,091 50,000 Wachovia Bank National Association 5.000%, 08/15/15#.......... 50,161 Wachovia Corp. 350,000 3.500%, 08/15/08........... 346,499 40,000 3.625%, 02/17/09........... 39,539 30,000 4.875%, 02/15/14........... 29,900 50,000 5.250%, 08/01/14........... 51,245 50,000 7.500%, 04/15/35........... 62,869 Wal-Mart Stores, Inc. 350,000 4.125%, 02/15/11#.......... 351,256 100,000 4.550%, 05/01/13........... 100,938 500,000 6.875%, 08/10/09........... 561,446 Walt Disney Co. 275,000 6.375%, 03/01/12........... 306,259 15,000 7.000%, 03/01/32........... 17,583 200,000 Warner-Lambert Co. 6.000%, 01/15/08........... 213,738 250,000 Washington Mutual Bank 6.875%, 06/15/11........... 281,338 200,000 Washington Mutual Financial Corp. 6.250%, 05/15/06........... 206,968 Washington Mutual, Inc. 50,000 4.000%, 01/15/09#.......... 49,850 25,000 4.375%, 01/15/08........... 25,390 The accompanying notes are an integral part of the financial statements. 126
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- Waste Management, Inc. $ 10,000 5.000%, 03/15/14#.......... $ 10,073 100,000 6.500%, 11/15/08........... 108,880 1,480,000 7.000%, 07/15/28........... 1,669,288 950,000 7.375%, 08/01/10-05/15/29.......... 1,113,172 30,000 7.750%, 05/15/32........... 37,152 20,000 Weingarten Realty Investments 4.857%, 01/15/14........... 19,806 1,175,000 Wellpoint Health Networks, Inc. 6.375%, 01/15/12#.......... 1,294,291 WellPoint, Inc. 50,000 3.750%, 12/14/07(a)........ 49,974 100,000 4.250%, 12/15/09(a)........ 99,952 75,000 5.000%, 12/15/14(a)........ 74,764 50,000 5.950%, 12/15/34(a)........ 50,487 Wells Fargo & Co. 250,000 4.200%, 01/15/10........... 251,016 15,000 4.625%, 04/15/14........... 14,807 100,000 5.125%, 09/15/16........... 100,463 600,000 5.900%, 05/21/06........... 621,871 30,000 Wells Fargo Capital I 7.960%, 12/15/26#.......... 32,585 81,000 Westlake Chemical Corp. 8.750%, 07/15/11........... 91,530 Weyerhaeuser Co. 129,000 5.950%, 11/01/08........... 138,141 13,000 6.125%, 03/15/07........... 13,688 50,000 6.750%, 03/15/12........... 56,342 30,000 7.375%, 03/15/32........... 35,575 Williams Cos., Inc. 150,000 7.625%, 07/15/19........... 165,000 1,000,000 7.750%, 06/15/31#.......... 1,047,500 200,000 7.875%, 09/01/21........... 223,000 165,000 8.750%, 03/15/32........... 189,544 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 30,000 Wisconsin Electric Power 4.500%, 05/15/13........... $ 29,716 1,315,000 WMC Financial USA Ltd. 5.125%, 05/15/13........... 1,311,202 10,000 World Savings Bank FSB 4.500%, 06/15/09........... 10,136 1,425,000 Wyeth 5.500%, 03/15/13-02/01/14.......... 1,480,562 100,000 XL Capital Europe PLC 6.500%, 01/15/12........... 109,453 XTO Energy, Inc. 25,000 5.000%, 01/31/15(a)........ 24,844 100,000 6.250%, 04/15/13........... 109,440 225,000 7.500%, 04/15/12........... 263,296 Zions Bancorp. 25,000 5.650%, 05/15/14........... 25,913 25,000 6.000%, 09/15/15........... 26,650 -------------- 191,438,879 -------------- TOTAL U.S. CORPORATE OBLIGATIONS (Cost $251,099,741)..................... 259,947,082 -------------- U.S. GOVERNMENT & AGENCY OBLIGATIONS -- 57.0% FEDERAL HOME LOAN MORTGAGE CORP. -- 8.9% Federal Home Loan Mortgage Corp. 25,000 1.850%, 03/03/06........... 24,658 20,000 2.000%, 02/28/06-04/12/06.......... 19,746 100,000 2.010%, 01/27/06........... 98,940 50,000 2.150%, 02/17/06........... 49,511 20,000 2.300%, 01/20/06........... 19,852 1,000,000 2.375%, 02/15/07#.......... 981,597 30,000 2.400%, 03/29/07........... 29,419 60,000 2.530%, 05/03/06........... 59,548 200,000 2.625%, 07/21/06........... 198,417 The accompanying notes are an integral part of the financial statements. 127
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 50,000 2.700%, 03/16/07........... $ 49,371 1,500,000 2.750%, 10/15/06........... 1,488,133 1,000,000 2.750%, 03/15/08#.......... 977,803 2,500,000 2.810%, 02/02/06........... 2,494,090 100,000 2.850%, 02/23/07........... 98,899 15,000 2.875%, 09/18/07........... 14,801 100,000 3.000%, 03/28/07-/07/27/07......... 98,851 100,000 3.050%, 01/19/07........... 99,576 250,000 3.125%, 12/16/08........... 244,777 60,000 3.375%, 08/23/07........... 59,644 50,000 3.500%, 03/24/08........... 49,930 40,000 3.550%, 11/15/07........... 40,065 100,000 3.875%, 01/12/09........... 99,587 1,000,000 4.000%, TBA................ 977,188 140,000 4.125%, 11/18/09-02/24/11.......... 138,647 170,000 4.250%, 05/04/09-05/22/13.......... 168,452 845,000 4.500%, 11/15/11-04/02/14.......... 850,623 6,500,000 4.500%, TBA................ 6,475,625 150,000 4.750%, 10/11/12........... 149,813 1,000,000 4.875%, 11/15/13........... 1,028,322 1,555,852 5.000%, 01/30/14-05/01/34.......... 1,547,171 9,619,407 5.000%, 07/01/33-05/01/34.......... 9,563,617 1,625,000 5.125%, 10/15/08-03/10/14.......... 1,655,193 100,000 5.200%, 03/05/19........... 98,870 820,000 5.250%, 01/15/06-12/01/14.......... 837,302 4,288,539 5.500%, 07/15/06-09/01/34.......... 4,400,959 19,749,239 5.500%, 04/01/16-05/01/34.......... 20,121,778 3,544,800 6.000%, 06/15/11-09/01/28.......... 3,734,346 3,254,674 6.000%, 05/01/16-03/01/34.......... 3,374,991 400,000 6.250%, 07/15/32........... 458,874 335,785 6.500%, 06/14/24-06/01/32.......... 351,303 4,615,343 6.500%, 05/01/29-TBA....... 4,843,684 2,000,000 6.783%, 08/18/05........... 2,050,246 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 3,000,000 6.875%, 09/15/10........... $ 3,424,797 1,281,596 7.000%, 05/01/30-12/01/33.......... 1,357,792 754,933 7.000%, 04/01/31-07/01/32.......... 800,116 256,398 7.500%, 09/01/29-05/01/31.......... 274,862 226,163 7.500%, 01/01/30-04/01/31.......... 242,414 368,562 8.000%, 07/01/30-05/01/31.......... 399,400 418 8.000%, 07/01/30........... 453 -------------- 76,624,053 -------------- FEDERAL HOME LOAN PC -- 0.8% Federal Home Loan PC 2,881,988 4.500%, 12/01/18-06/01/19.......... 2,874,234 4,211,055 5.000%, 02/01/19-/07/01/19......... 4,278,611 -------------- 7,152,845 -------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION -- 15.9% Federal National Mortgage Association 2,500,000 2.000%, 01/15/06#.......... 2,474,292 230,000 2.710%, 01/30/07........... 227,401 50,000 2.810%, 09/28/06........... 49,597 1,500,000 3.000%, 08/15/07........... 1,485,126 375,000 3.125%, 07/15/06-03/16/09.......... 371,724 100,000 3.250%, 12/21/06........... 99,937 540,000 3.375%, 05/15/07-12/15/08.......... 533,558 950,616 3.460%, 06/25/43........... 947,375 100,000 3.660%, 02/25/09........... 99,475 2,056,276 3.750%, 05/17/07-05/25/30.......... 2,028,670 3,210,511 4.000%, 05/01/19-TBA....... 3,134,988 2,491,215 4.000%, 03/25/24........... 2,480,276 200,000 4.150%, 09/10/09........... 199,669 10,000 4.375%, 05/26/09........... 10,062 6,655,955 4.500%, 06/01/18-10/01/33.......... 6,572,885 8,340,929 4.500%, 10/01/18-TBA....... 8,326,897 The accompanying notes are an integral part of the financial statements. 128
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 10,000 4.650%, 06/24/09........... $ 10,086 3,225,000 4.710%, 09/25/43........... 3,241,669 14,454,415 5.000%, 01/01/19-TBA....... 14,410,689 6,101,732 5.000%, 05/01/19-/03/01/34......... 6,127,890 1,800,000 5.250%, 04/15/07........... 1,875,485 10,332,628 5.500%, 02/15/06-08/01/34.......... 10,569,811 29,287,522 5.500%, 01/01/18-TBA....... 29,970,072 13,013,801 6.000%, 04/01/17-TBA....... 13,465,259 5,005,177 6.000%, 04/30/19-11/01/34.......... 5,178,287 5,400,000 6.250%, 02/01/11........... 5,920,101 4,749,784 6.500%, 05/01/16-TBA....... 4,991,595 145,264 6.500%, 09/01/27-06/01/32.......... 152,604 3,000,000 6.625%, 09/15/09#.......... 3,349,722 100,000 6.625%, 11/15/30........... 119,166 16,300 7.000%(b).................. 922,987 1,151,710 7.000%, 01/01/28-11/01/32.......... 1,221,710 3,454,892 7.000%, 04/01/32........... 3,662,520 500,000 7.250%, 05/15/30#.......... 639,263 907,110 7.500%, 10/01/15-03/01/31.......... 970,151 418,488 8.000%, 07/01/25........... 456,208 30,311 8.500%, 12/01/26........... 33,329 63,831 8.500%, 07/01/27........... 69,856 -------------- 136,400,390 -------------- FEDERAL FARM CREDIT BANK -- 0.0% Federal Farm Credit Bank 100,000 3.000%, 04/15/08........... 98,567 100,000 3.250%, 06/15/07........... 99,743 -------------- 198,310 -------------- [Download Table] Principal Amount Value ---------------------------------------------------------- FEDERAL HOME LOAN BANK SYSTEM -- 0.5% Federal Home Loan Bank System $ 1,000,000 2.375%, 02/15/06........... $ 992,402 100,000 2.625%, 02/16/07........... 98,452 25,000 3.000%, 10/19/06........... 24,902 60,000 3.200%, 11/29/06........... 59,929 1,200,000 3.250%, 12/17/07........... 1,192,294 1,290,000 3.625%, 11/14/08........... 1,286,205 500,000 3.750%, 08/18/09........... 498,942 500,000 4.500%, 09/16/13........... 503,369 50,000 5.375%, 08/15/18........... 51,767 -------------- 4,708,262 -------------- GOVERNMENT NATIONAL MORTGAGE ASSOCIATION -- 3.1% Government National Mortgage Association 7,707,677 5.000%, 07/15/33-02/15/34.......... 7,723,193 6,792,136 5.000%, 08/15/33-11/15/33.......... 6,806,797 418,931 5.500%, 02/15/33........... 428,276 2,448,190 5.500%, 04/15/33-04/15/34.......... 2,502,593 700,778 6.000%, 12/15/31-03/15/33.......... 727,335 3,425,650 6.000%, 01/15/32-TBA....... 3,549,813 306,632 6.500%, 08/15/28-10/15/31.......... 323,390 2,774,955 6.500%, 06/15/31-11/15/32.......... 2,923,691 874,352 7.000%, 01/15/23-04/15/29.......... 932,981 134,456 7.000%, 04/15/23-07/15/23.......... 143,650 426,219 7.500%, 10/15/22-09/15/29.......... 460,037 146,604 7.500%, 04/15/23-03/15/29.......... 158,205 35,189 8.000%, 10/15/29........... 38,214 102,242 8.000%, 06/15/30-07/15/30.......... 111,001 -------------- 26,829,176 -------------- The accompanying notes are an integral part of the financial statements. 129
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- TENNESSEE VALLEY AUTHORITY -- 0.00% Tennessee Valley Authority $ 100,000 6.150%, 01/15/38........... $ 111,932 50,000 6.250%, 12/15/17........... 56,376 100,000 6.750%, 11/01/25........... 119,220 -------------- 287,528 -------------- U.S. TREASURY BONDS -- 3.8% United States Treasury Bonds 2,790,000 5.250%, 11/15/28-02/15/29.......... 2,926,468 5,805,000 5.375%, 02/15/31........... 6,277,109 1,500,000 6.000%, 02/15/26........... 1,718,262 2,320,000 6.125%, 11/15/27........... 2,436,126 5,100,000 6.250%, 08/15/23-05/15/30.......... 6,034,136 1,000,000 7.125%, 02/15/23........... 1,274,180 3,900,000 7.250%, 05/15/16-08/15/22.......... 4,918,774 3,850,000 8.125%, 08/15/19-08/15/21.......... 5,269,715 150,000 10.375%, 11/15/12.......... 178,840 800,000 12.000%, 08/15/13.......... 1,031,062 400,000 13.250%, 05/15/14.......... 555,812 -------------- 32,620,484 -------------- U.S. TREASURY NOTES -- 20.6% United States Treasury Notes 700,000 1.500%, 07/31/05-03/31/06.......... 694,381 5,407,000 1.625%, 02/28/06........... 5,333,708 235,000 1.875%, 01/31/06........... 232,742 2,420,000 2.250%, 04/30/06-02/15/07.......... 2,380,084 975,000 2.375%, 08/15/06-08/31/06.......... 965,640 6,518,000 2.500%, 05/31/06-09/30/06.......... 6,462,852 13,270,000 2.625%, 11/15/06-03/15/09.......... 13,046,383 7,130,000 2.750%, 06/30/06-08/15/07.......... 7,106,537 [Download Table] Principal Amount Value ---------------------------------------------------------- $ 3,230,000 2.875%, 11/30/06........... $ 3,219,906 18,520,000 3.000%, 12/31/06-11/15/07.......... 18,421,534 500,000 3.125%, 09/15/08........... 495,019 3,000,000 3.250%, 08/15/07-08/15/08.......... 2,998,320 6,610,000 3.375%, 11/15/08-10/15/09.......... 6,569,483 23,960,000 3.500%, 11/15/06-12/15/09.......... 23,906,183 4,315,000 3.625%, 07/15/09........... 4,327,475 32,110,000 4.000%, 06/15/09-02/15/14.......... 32,128,002 10,430,000 4.250%, 08/15/13-11/15/14.......... 10,474,661 2,600,000 4.375%, 05/15/07-08/15/12.......... 2,664,788 530,000 4.625%, 05/15/06........... 542,215 1,710,000 4.750%, 11/15/08-05/15/14.......... 1,790,445 2,435,000 4.875%, 02/15/12........... 2,573,681 10,200,000 5.000%, 02/15/11-08/15/11.......... 10,858,223 1,000,000 5.500%, 02/15/08-05/15/09.......... 1,073,554 7,500,000 5.750%, 11/15/05-08/15/10.......... 7,729,864 4,600,000 6.500%, 02/15/10........... 5,207,881 1,000,000 6.875%, 05/15/06........... 1,052,930 5,000,000 7.000%, 07/15/06........... 5,301,170 -------------- 177,557,661 -------------- U.S. TREASURY PRINCIPAL STRIP -- 3.4% United States Treasury Inflation Indexed Bonds 4,070,340 0.875%, 04/15/10(g)........ 4,030,748 405,296 1.875%, 07/15/13#(g)....... 416,916 165,277 2.000%, 01/15/14(g)........ 171,061 658,177 2.000%, 07/15/14#(g)....... 679,054 2,015,034 2.375%, 01/15/25(g)........ 2,154,749 8,074,622 3.375%, 01/15/07-01/15/12#(g)...... 8,589,297 7,186,748 3.625%, 04/15/28#(g)....... 9,433,728 The accompanying notes are an integral part of the financial statements. 130
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- $ 1,350,043 3.875%, 01/15/09#(g)....... $ 1,513,155 1,690,345 4.250%, 01/15/10#(g)....... 1,960,735 -------------- 28,949,443 -------------- TOTAL U.S. GOVERNMENT & AGENCY OBLIGATIONS (Cost $484,896,085)..................... 491,328,154 -------------- Shares ------ COMMON STOCKS -- 0.2% COMPUTERS & INFORMATION -- 0.1% 880 Globix Corp.(d)*........... 0 5,784 NTL, Inc.*#................ 422,001 -------------- 422,001 -------------- MULTIMEDIA -- 0.0% 20,205 UnitedGlobalCom, Inc.*#.... 195,180 -------------- TELECOMMUNICATIONS -- 0.1% 13,803 Spectrasite, Inc.*#........ 799,194 10,002 Telewest Global, Inc.*..... 175,835 -------------- 975,029 -------------- TOTAL COMMON STOCKS (Cost $1,049,721)....................... 1,592,210 -------------- PREFERRED STOCKS -- 0.0% TELECOMMUNICATIONS -- 0.0% 226 Alamosa Holdings, Inc.*.... 211,762 -------------- 211,762 -------------- TOTAL PREFERRED STOCKS (Cost $64,410).......................... 211,762 -------------- [Download Table] Shares Value ---------------------------------------------------------- WARRANTS -- 0.0% 115 American Tower Escrow Corp. ..................... $ 26,507 -------------- TOTAL WARRANTS (Cost $7,954)........................... 26,507 -------------- Principal Amount --------- MUNICIPALS -- 0.0% ILLINOIS -- 0.0% State of Illinois G.O. $ 50,000 4.950%, 06/01/23........... 48,701 50,000 5.100%, 06/01/33........... 48,029 -------------- 96,730 -------------- OREGON -- 0.0% 50,000 Oregon School Boards Association, Rev. Bond (FSA) 5.528%, 06/30/28........... 51,181 State of Oregon G.O. 50,000 5.762%, 06/01/23........... 52,848 100,000 5.892%, 06/01/27........... 106,791 -------------- 210,820 -------------- WISCONSIN -- 0.0% 50,000 State of Wisconsin, Rev Bond, Ser. A (FSA) 5.700%, 05/01/26........... 52,111 -------------- TOTAL MUNICIPALS (Cost $334,499)......................... 359,661 -------------- The accompanying notes are an integral part of the financial statements. 131
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) [Download Table] Principal Amount Value ---------------------------------------------------------- PURCHASED OPTIONS -- 0.1% CALL OPTIONS -- 0.1% $ 25 Eurodollar Futures Strike 95.5 Expires 03/19/05........... $ 69,531 91 Eurodollar Futures Strike 96 Expires 03/19/05........... 149,581 32 Eurodollar Futures Strike 96 Expires 06/13/05........... 66,000 32 Eurodollar Futures Strike 96.75 Expires 03/14/05........... 27,800 -------------- 312,912 -------------- PUT OPTIONS -- 0.0% 20 Eurodollar Futures Strike 97.5 Expires 03/14/05........... 20,375 67 Eurodollar Futures Strike 97.75 Expires, 03/14/05.......... 109,713 -------------- 130,088 -------------- TOTAL PURCHASED OPTIONS (Cost $415,035)......................... 443,000 -------------- SHORT-TERM INVESTMENTS -- 34.1% CASH EQUIVALENTS -- 0.1% 505,000 Federal National Mortgage Association 1.35%, 04/01/05(e)(h)...... 502,513 -------------- GOVERNMENT & AGENCY SECURITIES -- 0.0% 390,000 United States Treasury Bills 1.89%, 02/03/05(i)......... 389,274 -------------- COMMERCIAL PAPER -- 5.5% 5,000,000 Barton Cap Corp. 2.37%, 01/13/05(i)......... 4,996,133 5,000,000 Cafco LLC 2.274%, 01/04/05(i)........ 4,999,054 [Download Table] Principal Amount or Shares Value ---------------------------------------------------------- $ 6,075,000 DaimlerChrysler NA Holding Corp. 2.460%, 01/13/05(i)........ $ 6,070,018 6,075,000 Four Winds Funding Corp. 2.460%, 01/13/05(i)........ 6,070,019 9,120,000 Galleon Capital Corp. 2.340%, 01/12/05(i)........ 9,113,479 7,995,000 Hannover Funding Co. 2.360%, 01/13/05(i)........ 7,988,711 3,000,000 Mica Funding LLC 2.350%, 01/12/05(i)........ 2,997,846 5,000,000 Yorktown Capital LLC 2.34%, 01/19/05(i)......... 4,994,150 -------------- 47,229,410 -------------- MUTUAL FUND -- 1.4% 11,967,604 Goldman Sachs Prime Obligations Fund 2.050%, 12/31/30(i)(j)..... 11,967,604 -------------- COLLATERAL FOR SECURITIES ON LOAN --21.6% 186,615,840 State Street Navigator Securities Lending Prime Portfolio 2.200%(j)(k)(l)............ 186,615,840 -------------- REPURCHASE AGREEMENTS -- 5.5% 47,200,000 Deutsche Bank Repurchase Agreement 2.200%, 01/03/05(i)(m)..... 47,200,000 -------------- TOTAL SHORT-TERM INVESTMENTS (Cost $293,904,641)..................... 293,904,641 -------------- TOTAL INVESTMENTS -- 127.0% (Cost $1,075,825,475)................... 1,094,599,383 Liabilities in excess of other assets -- (27.0)%................... (232,767,013) -------------- TOTAL NET ASSETS -- 100.0%................ $ 861,832,370 ============== The accompanying notes are an integral part of the financial statements. 132
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) SECURITY ABBREVIATIONS: FSA -- Financial Security Assurance Co. G.O. -- General Obligation REIT -- Real Estate Investment Trust TBA -- Delayed Delivery Transaction (Total Cost $47,047,141). Yankee-Dollar -- U.S. Dollar denominated bonds issued by non-U.S. companies or foreign governments and traded on an exchange in the U.S. NOTES TO THE PORTFOLIO OF INVESTMENTS: * -- Non-income producing security. # -- Represents security, or portion thereof, on loan as of December 31, 2004. (a) -- 144A securities. Securities restricted for resale to Qualified Institutional Buyers. (b) -- Indicates a variable rate security. The rate shown reflects the current interest rate in effect at December 31, 2004. (c) -- Indicates a security with a step coupon. The security is issued with a zero coupon and steps to the stated coupon at a predetermined date and remains in effect until final maturity. (d) -- Represents a security which is fair-valued. (e) -- Security is issued with a zero coupon. Income is recognized through the accretion of discount. (f) -- Security currently in default. (g) -- Represents a Treasury Inflation-Protected Security (TIPS). The interest and redemption payments for TIPS are tied to inflation as measured by the Consumer Price Index. (h) -- All or a portion of these securities have been pledged to cover collateral requirements for open futures. (i) -- All or a portion of these securities have been pledged to cover collateral requirements for delayed delivery transactions. (j) -- Rate quoted represents the seven day yield of the Fund. (k) -- Indicates an affiliated issuer. (l) -- Represents security purchased with cash collateral received for securities on loan. (m) -- Repurchase agreement dated 12/31/04, due 1/3/05 with a repurchase value of $47,208,653. Collateralized by $48,270,000 Federal Home Loan Bank 2.375% due 4/5/06. The aggregate market value, including accrued interest, of the collateral was $48,144,565. The accompanying notes are an integral part of the financial statements. 133
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Portfolio of Investments CitiStreet Funds, Inc. / Diversified Bond Fund / December 31, 2004 (continued) FUTURES CONTRACTS: [Enlarge/Download Table] Unrealized Number of Expiration Notional Notional Appreciation/ Contracts Face Value Underlying Securities Date Cost Value (Depreciation) --------- ----------- ------------------------------------------ ---------- ----------- ----------- -------------- Long Position -------------- 13 3,250,000 EuroDollar Futures Jun-2005 $ 3,145,478 $ 3,146,813 $ 1,335 335 83,750,000 EuroDollar Futures Sep-2005 81,153,963 80,910,875 (243,088) 7 1,750,000 EuroDollar Futures Dec-2005 1,688,785 1,687,700 (1,085) 154 38,500,000 EuroDollar Futures Mar-2005 37,516,083 37,381,575 (134,508) 235 23,500,000 U.S. Treasury Note 5 Year Futures Mar-2005 25,616,386 25,739,844 123,458 --------- (253,887) ========= Short Position -------------- 102 10,200,000 U.S. Treasury Note 10 Year Futures Mar-2005 11,442,490 11,417,625 24,865 40 4,000,000 U.S. Treasury Bond Futures Mar-2005 4,474,480 4,500,000 (25,520) --------- $ (655) ========= WRITTEN OPTIONS: [Download Table] Exercise Expiration Current Description Contracts Price Month Value ----------- --------- -------- ---------- -------- Call Options: U.S. Treasury Notes 10 year Futures 57 114 Feb.'05 $(13,359) U.S. Treasury Notes 10 year Futures 25 116 Feb.'05 (1,172) U.S. Treasury Notes 10 year Futures 6 113 Feb.'05 (3,000) U.S. Treasury Notes 10 year Futures 11 114 May '05 (6,188) U.S. Treasury Notes 10 year Futures 6 112 Jan.'05 (3,375) Put Options: U.S. Treasury Notes 10 year Futures 36 108 Feb.'05 (3,375) U.S. Treasury Notes 5 year Futures 62 109 Feb.'05 (25,188) U.S. Treasury Bonds Futures 9 108 Feb.'05 (2,672) -------- (premium received $170,425) $(58,328) ======== The accompanying notes are an integral part of the financial statements. 134
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 NOTE 1. ORGANIZATION CitiStreet Funds, Inc., (the "Company"), was organized as a Maryland corporation in December 1992. It is registered under the Investment Company Act of 1940 as an open-end diversified management investment company. It consists of four separate funds (each a "Fund", collectively the "Funds"): CitiStreet International Stock Fund ("International Stock Fund"), CitiStreet Small Company Stock Fund ("Small Company Stock Fund"), CitiStreet Large Company Stock Fund ("Large Company Stock Fund") and CitiStreet Diversified Bond Fund ("Diversified Bond Fund"). The Funds currently offer two classes of shares: I Shares and R Shares. Both the I Shares and R Shares are authorized to issue up to 100,000,000 shares at a par value of $.01 each. Expenses of the Funds are borne pro-rata by the holders of each class of shares, except for an administrative fee and a distribution fee of up to 0.10% and 0.25%, respectively, of the average daily net assets of the R Shares. Each class votes separately as a class only with respect to its own distribution plan (R Shares only) or other matters that relate only to that class. Shares of each class would receive their pro-rata share of the net assets of the Funds (after satisfaction of any class-specific expenses) if the Funds were liquidated. In addition, the Company declares separate dividends on each class of shares. The R Shares commenced operations on October 1, 2002. For each Fund, I Shares are offered only to life insurance company separate accounts to serve as the underlying investment vehicle for variable annuity and variable life insurance contracts; qualified retirement plans, including sec.403(b) arrangements, as permitted by Treasury regulations; and insurance companies and their affiliates. The R Shares are available only through qualified retirement plans (including sec.403(b) arrangements, as permitted by Treasury regulations), that require a fee from Fund assets to procure distribution and administrative services to plan participants. NOTE 2. SIGNIFICANT ACCOUNTING POLICIES The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. A) SECURITIES VALUATION Equity securities, options and futures contracts are valued based on market quotations. Equity securities traded on a national exchange, foreign exchange or over-the-counter markets are valued daily at the last sales price. Equity securities traded on the Nasdaq system are valued at their official closing price. If there was no sale on such day, the securities are valued at the mean between the most 135
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) A) SECURITIES VALUATION (CONTINUED) recently quoted bid and asked prices. Debt securities with remaining maturities of more than 60 days are valued using an independent pricing service. Debt securities which mature in 60 days or less are valued at amortized cost, which approximates market value. Investments in mutual funds are valued at their net asset value as of the close of the New York Stock Exchange on the date of valuation. The Funds value securities or assets without readily-available market quotations at fair value under their established procedures approved by the Board of Directors. A Fund may also use fair value pricing if it determines that the market quotation is not reliable. For example, a Fund may use fair value pricing for a foreign security if a significant event affecting its value occurs between the closing of the exchange and the time the Fund values its shares. B) FINANCIAL INSTRUMENTS The Funds may utilize futures contracts, options, and forward foreign currency contracts to manage their exposure to the equity and bond markets and to fluctuations in interest rates and currency values and for investment purposes. The primary risks associated with the use of these financial instruments are (a) an imperfect correlation between the change in market value of the other securities held by the Funds and the change in market value of these financial instruments, (b) the possibility of an illiquid market, and (c) the non-performance of the counterparties under the terms of the contract. As a result, the use of these financial instruments may involve, to a varying degree, risk of loss in excess of the amounts recognized in the statements of assets and liabilities. C) FUTURES CONTRACTS Initial margin deposits made upon entering into futures contracts, if applicable, are recognized as assets due from the broker. During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by "marking-to-market" on a daily basis to reflect the value of the contract at the end of each day's trading. Changes in values resulting in unrealized gains or losses are recorded as a variation margin and settled daily with the broker through cash receipts or cash payments, respectively. Gains and losses are realized upon the expiration or closing of the futures contract. At December 31, 2004, the Funds had segregated sufficient cash and/or securities to cover margin requirements on open future contracts. D) OPTIONS The premium paid by a Fund for the purchase of a call or put option is included in the Fund's statement of assets and liabilities as an investment and subsequently marked-to-market to reflect the current market value of the option purchased. If an option which the Fund has purchased expires on its stipulated expiration date, the Fund realizes a loss for the amount of the cost of the option. If the Fund enters into a closing transaction, it realizes a gain or loss, depending on whether the proceeds from the sale are greater or less than the cost of the option. If the Fund exercises a put option, it 136
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) D) OPTIONS (CONTINUED) realizes a gain or loss from the sale of the underlying security and the proceeds from such sale will be decreased by the premium originally paid. If the Fund exercises a call option, the cost of the security which the Fund purchases upon exercise will be increased by the premium originally paid. The premium received by a Fund for a written option is recorded as a liability. The liability is marked-to-market based on the option's quoted daily settlement price. When an option expires or the Fund enters into a closing purchase transaction, the Fund realizes a gain (or loss if the cost of the closing purchase transaction exceeds the premium received when the option was sold) without regard to any unrealized gain or loss on the underlying security and the liability related to such option is eliminated. When a written call option is exercised, the Fund realizes a gain or loss from the sale of the underlying security and the proceeds from such sale are increased by the premium originally received. If a written put option is exercised, the amount of the premium originally received will reduce the cost of the security which the Fund is obligated to purchase. E) FORWARD FOREIGN CURRENCY CONTRACTS The Funds may enter into forward foreign currency contracts to manage their exposure to fluctuations in certain foreign currencies. The Diversified Bond Fund may enter into forward foreign currency contracts for investment purposes as well. A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a set price. The forward currency contracts are valued at the forward rate and are marked-to-market daily. The change in market value is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. In addition to the risks of financial investments mentioned above, risks arise from unanticipated movements in currency values. F) REPURCHASE AGREEMENTS The Funds may enter into repurchase agreements with institutions that the Manager or the relevant subadvisor has determined are creditworthy wherein the seller and the buyer agree at the time of sale to a repurchase of the security at a mutually agreed upon time and price. The Funds will not enter into repurchase agreements unless the agreement is fully collateralized. Securities purchased subject to the repurchase agreement are deposited with the custodian and, pursuant to the terms of the repurchase agreement, must have an aggregate market value at least equal to the repurchase price plus accrued interest. If the value of the underlying securities falls below the value of the repurchase price plus accrued interest, the seller is required to deposit additional collateral by the next business day. If the request for additional collateral is not met, or the seller defaults on its repurchase obligation, the Funds maintain the right to sell the underlying securities at market value and may claim any resulting loss against the seller. Repurchase agreements could involve certain risks in 137
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) F) REPURCHASE AGREEMENTS (CONTINUED) the event of default or insolvency of the other party, including possible delays or restrictions upon the Fund's ability to dispose of the underlying securities. G) CURRENCY TRANSLATION Assets and liabilities denominated in foreign currencies are translated into U.S. dollars at the rate of exchange at the end of the period. Purchases and sales of securities are translated at the rates of exchange prevailing when such securities were acquired or sold. Income is translated at rates of exchange prevailing when accrued. The Funds do not isolate that portion of currency gains and losses resulting from changes in foreign exchange rates on investments denominated in foreign currencies from the fluctuations arising from changes in market prices of these investments held. Such fluctuations are included with the net realized and unrealized gain or loss from investments. Reported net realized foreign exchange gains or losses arise from sales and maturities of foreign short-term securities and foreign currencies, including forward contracts, currency gains or losses realized between the trade and settlement dates on securities transactions and the difference in the amounts of dividends, interest, and foreign withholding taxes recorded on the Fund's books, from the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes in the value of assets and liabilities denominated in foreign currencies other than investments in securities at fiscal year end, resulting from changes in the exchange rate and changes in the value of forward foreign currency exchange contracts held. H) DOLLAR ROLL TRANSACTIONS The Funds may enter into dollar roll transactions with financial institutions to take advantage of opportunities in the mortgage backed securities market. A dollar roll transaction involves a simultaneous sale by the Fund of securities that it holds with an agreement to repurchase substantially similar securities at an agreed upon price and date, but generally will be collateralized at time of delivery by different pools of mortgages with different prepayment histories than those securities sold. These transactions are accounted for as purchase and sales transactions. During the period between the sale and repurchase, the Fund will not be entitled to receive interest and principal payments on the securities sold. Dollar roll transactions involve risk that the market value of the security sold by the Fund may decline below the repurchase price of the security. These transactions also present a risk from the potential inability of counterparties to meet their contractual obligations. 138
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) I) TAXES It is the Company's policy to comply with the provisions of the Internal Revenue Code Subchapter M applicable to a regulated investment company. Under such provisions, the Company will not be subject to federal income tax as the Company intends to distribute as dividends substantially all of the net investment income, if any, of each Fund. The Company also intends to distribute annually all of its net realized capital gains of each Fund. Such dividends and distributions are automatically reinvested in additional shares of the Funds. J) DISTRIBUTIONS Dividends from net investment income and capital gains distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. generally accepted accounting principles. As a result, dividends and distributions differ from net investment income and net realized capital gains due to permanent and temporary differences, primarily the deferral of losses due to wash sales. Distributions which were the result of permanent differences between book and tax amounts, primarily due to the differing treatment of foreign currency transactions and the inability to carry net operating losses forward to future years, have been reclassified among additional paid-in capital, undistributed net investment income and accumulated net realized gains. K) SECURITIES TRANSACTIONS Investment transactions are recorded based on the trade date. Realized gains and losses are determined on the identified cost basis. Dividend income is recorded on the ex-dividend date. Interest income, including amortization of premium and accretion of discount on securities, is recorded daily. L) SECURITIES LENDING The Funds may lend their securities to qualified brokers. The Company and the Board of Directors closely monitor the credit quality of the qualified brokers. The loans are collateralized at all times with cash or securities with a market value at least equal to the market value of the securities on loan including accrued income. As with any extensions of credit, the Funds may bear the risk of delay in recovery or even loss of rights in the collateral if the borrowers of the securities fail financially. The Funds receive compensation for lending their securities which is included in net investment income on the Statements of Operations (see Note 3). M) ALLOCATION OF OPERATING ACTIVITY Investment income, common expenses and realized and unrealized gains and losses are allocated among the share classes of the Funds based on the relative net assets of each class. Administration Service fees and distribution fees, which are directly attributable to the R Shares, are charged to the R Shares operations. 139
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) N) RECLASSIFICATIONS Certain amounts in the prior period have been reclassified to conform to the current period presentation. NOTE 3. MANAGEMENT, SUBADVISORY AND TRANSACTIONS WITH AFFILIATES The Company has entered into a management agreement with CitiStreet Funds Management LLC ("CFM"), pursuant to which CFM manages the investment operations of the Company and administers the Company's affairs. Each Fund pays CFM a fee for its services that is computed daily and paid monthly at an annual rate of 0.25% of the Fund's average net assets. The Company and CFM have entered into subadvisory agreements for investment advisory services in connection with the management of each of the Funds. CFM supervises the subadvisors' performance of advisory services and will make recommendations to the Company's Board of Directors with respect to the retention or renewal of the subadvisory agreements. CFM pays for the cost of compensating officers of the Company, occupancy, and certain clerical and accounting costs of the Company. The Company bears all other costs and expenses. Each Fund pays its respective subadvisor(s) directly. CFM's management fees for the year ended December 31, 2004 were $5,792,753. During the year ended December 31, 2004, the Funds also paid $6,824,753 to the subadvisors. Each Fund pays its subadvisor a fee that is computed daily and paid monthly at the annual rates specified below based upon the value of the Fund's average daily net assets allocated to that subadvisor. [Enlarge/Download Table] FUND & SUBADVISOR SUBADVISOR'S FEE ----------------------------------------------------------- ----------------------------------------------------------- International Stock Fund - Bank of Ireland Asset Management (U.S.) Limited - 0.45% for first $50 million in assets, plus - 0.40% for next $50 million in assets, plus - 0.30% for assets over $100 million - Citigroup Asset Management Limited(#) - 0.55% for first $50 million in assets, plus - 0.50% for next $50 million in assets, plus - 0.45% for assets over $100 million - SSgA Funds Management, Inc.(#) - 0.55% for first $50 million in assets, plus - 0.50% for next $50 million in assets, plus - 0.45% for assets over $100 million 140
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) [Enlarge/Download Table] FUND & SUBADVISOR SUBADVISOR'S FEE ----------------------------------------------------------- ----------------------------------------------------------- Small Company Stock Fund - TCW Investment Management Company - 0.50% for first $50 million in assets, plus - 0.45% for next $50 million in assets, plus - 0.40% for assets over $100 million - Travelers Investment Management Company(#) - 0.50% of assets - SSgA Funds Management, Inc.(#) - 0.08% for first $50 million in assets, plus - 0.06% for next $50 million in assets, plus - 0.04% for assets over $100 million (minimum $50,000 on an annualized basis) Large Company Stock Fund - Smith Barney Fund Management LLC(#) - 0.45% for first $45 million in assets, plus - 0.35% for assets over $45 million - SSgA Funds Management, Inc.(#) - 0.05% for first $50 million in assets, plus - 0.04% for next $50 million in assets, plus - 0.02% for assets over $100 million (minimum $50,000 on an annualized basis) - Wellington Management Company LLP - 0.45% of assets Diversified Bond Fund - Salomon Brothers Asset Management Inc.(#) - 0.35% for first $50 million in assets, plus - 0.30% for next $50 million in assets, plus - 0.25% for assets over $100 million - SSgA Funds Management, Inc.(#) - 0.05% in assets - Western Asset Management Company - 0.25% for first $250 million in assets, plus - 0.15% for assets over $250 million # -- subadvisor is an affiliate of CFM. For the year ended December 31, 2004 CFM's affiliated subadvisors, Citigroup Asset Management, Salomon Brothers Asset Management, Inc., Smith Barney Fund Management LLC, SSgA Funds Management, Inc. and Travelers Investment Management Company earned $742,301, $741,901, $848,529, $1,018,226, $651,581, respectively, in subadvisory fees from the Funds. 141
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) The Company has entered into an administrative agreement with CFM pursuant to which CFM is responsible for recordkeeping, subaccounting and other administrative services for R Shares shareholders. CFM receives an administrative services fee at an annual rate of up to 0.10% of the average daily net assets of the R Shares for such services to investors in the R Shares. CFM does not currently charge an administrative service fee to investors in the I Shares. The Company has entered into a distribution and shareholder service agreement with CitiStreet Equities LLC, the Funds' distributor and an affiliate of CFM, pursuant to Rule 12b-1 under the Investment Company Act of 1940. Under the Plan of Distribution, the R shares of each Fund may pay CitiStreet Equities LLC an annual rate of up to 0.25% of the average daily net assets of the R Shares as compensation for distribution and shareholder services. State Street Bank & Trust Company ("State Street"), an affiliate of CFM, is the custodian of the assets and the accounting services agent for the Funds. In that capacity, State Street has agreed to provide custodial and accounting services to, and keep the accounts and records of, the Company. For the year ended December, 31, 2004 State Street has been compensated by the Funds $1,391,755 for these services. State Street also assists CFM in providing certain administrative services for the Company, for which CFM and not the Company, reimbursed State Street. Boston Financial Data Services ("BFDS"), an affiliate of CFM, serves as the Company's transfer agent and dividend disbursing agent. For the year ended December 31, 2004 the Company paid BFDS $108,763 for these services. State Street Global Securities Lending ("SSGL"), an affiliate of CFM, serves as the securities lending agent for the Company. SSGL receives compensation as the Company's lending agent and pays the Funds a fee in return for the lending of their securities to qualified counterparties. For the year ended December 31, 2004, SSGL received compensation and the Funds earned income as follows: [Enlarge/Download Table] Compensation Income Earned ------------ ------------- International Stock Fund.................................... $337,396 $340,967 Small Company Stock Fund.................................... 163,097 162,826 Large Company Stock Fund.................................... -- -- Diversified Bond Fund....................................... 204,937 194,110 142
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) At December 31, 2004, the Funds market value of securities on loan and value of collateral received for securities loaned was as follows: [Enlarge/Download Table] Market Value of Loaned Securities Collateral Value ----------------- ---------------- International Stock Fund.................................... $ 87,709,073 $ 92,572,948 Small Company Stock Fund.................................... 92,381,187 95,248,719 Large Company Stock Fund.................................... -- -- Diversified Bond Fund....................................... 183,236,661 186,615,840 The Large Company and International Stock Funds paid brokerage commissions to affiliated broker/ dealers for portfolio transactions executed on behalf of the Funds. For the year ended December 31, 2004, Large Company Stock Fund paid commissions to Citigroup Global Markets and State Street Brokerage Services of $11,507 and $249, respectively. International Stock Fund paid Citigroup Global Markets $741, for the year ended December 31, 2004. NOTE 4. BROKERAGE RECAPTURE ARRANGEMENTS The International Stock Fund, Small Company Stock Fund and Large Company Stock Fund have entered into brokerage recapture arrangement with certain broker-dealers. The broker-dealers have agreed to pay certain Fund expenses in exchange for the Fund directing a portion of the fund brokerage to these broker-dealers. In no event would a Fund pay increased commissions or receive inferior execution of transaction for executing transaction with these certain broker/dealers. Under these arrangements for the year ended December 31, 2004, broker-dealers paid custodian expenses for the International Stock Fund, the Small Company Stock Fund and the Large Company Stock Fund of $26,710, $7,386 and $116,087, respectively. 143
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) NOTE 5. SECURITIES TRANSACTIONS The cost of purchases and proceeds from sales of investment securities (excluding short-term investments and repurchase agreements), for the year ended December 31, 2004 were: [Enlarge/Download Table] International Small Company Large Company Diversified Stock Fund Stock Fund Stock Fund Bond Fund ------------- ------------- ------------- -------------- Purchases U.S. Government......................................... $ -- $ 2,986,055 $ -- $ 992,845,828 Non-U.S. Government..................................... 222,834,292 214,559,975 315,825,306 173,063,723 ------------ ------------ ------------ -------------- Total................................................... 222,834,292 217,546,030 315,825,306 1,165,909,551 ============ ============ ============ ============== Sales U.S. Government......................................... $ -- $ 2,500,000 $ -- $ 826,530,334 Non-U.S. Government..................................... 209,724,627 207,974,964 258,438,341 102,789,314 ------------ ------------ ------------ -------------- Total................................................... 209,724,627 210,474,964 258,438,341 929,319,648 ============ ============ ============ ============== At December 31, 2004, the cost of securities for federal income tax purposes and the unrealized appreciation of investments for federal income tax purposes for each Fund were as follows: [Enlarge/Download Table] International Small Company Large Company Diversified Stock Fund Stock Fund Stock Fund Bond Fund ------------- ------------- ------------- -------------- Federal Income Tax Cost.................................. $499,192,835 $446,967,658 $710,506,005 $1,076,137,883 ============ ============ ============ ============== Gross Unrealized Appreciation............................ $ 90,829,432 $106,793,937 $112,641,299 $ 22,034,642 Gross Unrealized Depreciation............................ $ (3,518,331) $(17,752,248) $(44,230,303) $ (3,573,142) ------------ ------------ ------------ -------------- Net Unrealized Appreciation.............................. $ 87,311,101 $ 89,041,689 $ 68,410,996 $ 18,461,500 ============ ============ ============ ============== NOTE 6. WRITTEN OPTIONS The Diversified Bond Fund's activity in written options during the year ended December 31, 2004 was as follows: [Download Table] Number of Options Premiums --------- ---------- Options Outstanding at December 31, 2003.................... 135 $ 105,669 Options Written............................................ 1,617 1,158,353 Options Canceled in Closing Transactions................... (755) (599,646) Options Expired............................................ (785) (493,951) ----- ---------- Options Outstanding at December 31, 2004.................... 212 $ 170,425 ===== ========== 144
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) NOTE 7. DELAYED DELIVERY TRANSACTIONS The Diversified Bond Fund may purchase and sell securities on a when-issued or forward commitment basis. Payment and delivery may take place a month or more after the date of the transactions. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. The Fund instructs its custodian to segregate securities having a value at least equal to the net amount of the purchase commitments. NOTE 8. RISKS ASSOCIATED WITH FOREIGN INVESTMENTS Investing in securities issued by companies whose principal business activities are outside the United States may involve significant risks not present in domestic investments. For example, there is generally less publicly available information about foreign companies, particularly those not subject to the disclosure and reporting requirements of the U.S. securities laws. Subsequently, securities of some foreign issuers may be less liquid and more volatile than domestic issuers due to political and economic instability and lenient governmental supervision and regulation. NOTE 9. FEDERAL INCOME TAXES For federal income tax purposes, the Funds indicated below have a capital loss carryforward as of December 31, 2004 which is available to offset future capital gains, if any. [Download Table] Capital Loss Carryforward Expiration Date ------------------------- --------------- International Stock Fund..... $ (34,710,100) 2010 (36,604,478) 2011 ------------- (71,314,578) -- ============= Large Company Stock Fund..... $ (38,187,584) 2009 (54,462,464) 2010 $ (8,067,838) 2011 ------------- $(100,717,886) ============= Diversified Bond Fund........ $ (9,549,547) 2009 ------------- $ (9,549,547) ============= 145
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) The tax character of distributions paid during 2004 was as follows: [Enlarge/Download Table] International Small Company Large Company Diversified Stock Fund Stock Fund Stock Fund Bond Fund ------------- ------------- ------------- ----------- Distributions paid from: Ordinary income............................. $6,018,394 $428,457 $5,872,057 $27,184,924 Long-term capital gain...................... -- -- -- -- ---------- -------- ---------- ----------- 6,018,394 428,457 5,872,057 27,184,924 The tax character of distributions paid during 2003 was as follows: [Enlarge/Download Table] International Small Company Large Company Diversified Stock Fund Stock Fund Stock Fund Bond Fund ------------- ------------- ------------- ----------- Distributions paid from: Ordinary income..................................... $2,825,866 $394,547 $3,839,599 $27,703,992 Long-term capital gain.............................. -- -- -- -- ---------- -------- ---------- ----------- 2,825,866 394,547 3,839,599 27,703,992 As of December 31, 2004, the components of distributable earnings on a tax basis were as follows: [Enlarge/Download Table] International Small Company Large Company Diversified Stock Fund Stock Fund Stock Fund Bond Fund ------------- ------------- ------------- ----------- Undistributed ordinary income....................... $ 6,781,373 $ 496,383 $ 9,048,853 $30,484,435 Undistributed long-term gains....................... 0 19,329,993 0 0 Unrealized appreciation (depreciation).............. 87,357,077 89,041,661 68,411,082 18,382,446 Capital Loss Carryforward........................... (71,314,578) -- (100,717,886) (9,549,547) ------------ ------------ ------------- ----------- 22,823,872 108,868,037 (23,257,951) 39,317,334 ============ ============ ============= =========== The differences between book and tax basis are attributable primarily to the tax deferral of losses on wash sales. NOTE 10. SUBSEQUENT EVENT At a February 11, 2005 meeting, the Board of Directors of the Company approved a proposal from CFM to retain Oechsle International Advisors LLC and Alliance Capital Management L.P. as subadvisers to the International Stock Fund to replace Bank of Ireland Asset Management (U.S.) Limited and Citigroup Asset Management Limited. At that same meeting, the Board of Directors approved a proposal from CFM to retain Babson Capital Management LLC as a subadviser to the Small Company Stock Fund to replace Travelers Investment Management Company. 146
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Notes to Financial Statements CitiStreet Funds, Inc. / December 31, 2004 (continued) Tax Information (Unaudited) For the year ended December 31, 2004, the International Stock Fund elected, pursuant to Section 853 of the Internal Revenue Code, to pass through foreign taxes to their shareholders. Gross foreign source Income and foreign taxes passed through with respect to this election are $9,518,999 ($0.27 per share) and $1,286,614 ($0.04 per share), respectively Of the distributions made by the Funds for the year ended December 31, 2004, the percentages which will qualify for the dividends received deduction available to corporate shareholders for the International Stock Fund, the Small Company Stock Fund, the Large Company Stock Fund, and the Diversified Bond Fund are 0%, 100%, 100% and 0%, respectively. 147
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Report of Independent Registered Public Accounting Firm CitiStreet Funds, Inc. The Board of Directors and Shareholders CitiStreet Funds, Inc.: We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of International Stock Fund, Small Company Stock Fund, Large Company Stock Fund and Diversified Bond Fund, Portfolios of CitiStreet Funds, Inc. (the Company), as of December 31, 2004, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended and the financial highlights for each of the years or periods in the five-year period then ended. These financial statements and financial highlights are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2004 by correspondence with the custodian and brokers, or by other appropriate auditing procedures where replies from brokers were not received. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of International Stock Fund, Small Company Stock Fund, Large Company Stock Fund and Diversified Bond Fund as of December 31, 2004, the results of their operations for the year then ended, the changes in their net assets for each of the years in the two-year period then ended, and their financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles. /s/ KPMG LLP Boston, Massachusetts February 16, 2005 148
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ADDITIONAL REPORTS AND PROXY VOTING (UNAUDITED) The CitiStreet Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year on Form N-Q. The Form N-Q reports for the CitiStreet Funds are available on the SEC's website at http://www.sec.gov or may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may obtained by calling 1-800-SEC-0330. The policies and procedures that the CitiStreet Funds use to determine how to vote proxies relating to portfolio securities, plus information regarding how the CitiStreet Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30, are both available without charge, upon request by calling toll free 1-800-242-7884 or on the SEC's website at http://www.sec.gov. 149
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DIRECTORS AND OFFICERS (UNAUDITED) The following table lists the Company's directors and officers; their address and age; their position with the Company; the length of time holding that position with the Company; their principal occupation(s) during the past five years; the number of portfolios in the fund complex they oversee; and other directorships they hold in companies subject to registration or reporting requirements of the Securities Exchange Act of 1934 (generally called "public companies") or in registered investment companies. The Company's Statement of Additional Information includes additional information about the Company's directors and is available, without charge, upon request by writing Citistreet Funds at Two Tower Center, East Brunswick, NJ 08816 or calling toll free 1-800-242-7884. Interested Directors [Enlarge/Download Table] NUMBER OF TERM OF PORTFOLIOS IN OFFICE AND FUND OTHER POSITION(S) LENGTH OF COMPLEX DIRECTORSHIPS HELD WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN BY HELD BY NAME, ADDRESS, AND AGE FUND SERVED** DURING PAST 5 YEARS DIRECTOR DIRECTOR -------------------------- ----------- ---------- -------------------------- ------------- ------------- Robert C. Dughi* Chairman of 11 years Through January 2005, Four None 400 Atrium Drive the Board Chairman of the Board and Somerset, NJ 08873 Chief Executive Officer, Age: 57 CitiStreet Retirement Services LLC and various affiliates. Also through January 2005, Chairman of the Board and President of CitiStreet Financial Services LLC and the Manager. 150
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Independent Directors [Enlarge/Download Table] NUMBER OF TERM OF PORTFOLIOS IN OFFICE AND FUND OTHER POSITION(S) LENGTH OF COMPLEX DIRECTORSHIPS HELD WITH TIME PRINCIPAL OCCUPATION(S) OVERSEEN BY HELD BY NAME, ADDRESS, AND AGE FUND SERVED** DURING PAST 5 YEARS DIRECTOR DIRECTOR -------------------------- ----------- ---------- -------------------------- ------------- -------------- Linda Walker Bynoe Director 11 years President and Chief Four Director, c/o CitiStreet Executive Officer, Angelo & 400 Atrium Drive Telemat, Ltd. Maxie's, Inc.; Somerset, NJ 08873 (consulting). Director, Age: 52 Dynegy Inc.; Director, Simon Property Group, Inc. Jane DiRenzo Pigott Director 11 years Managing Director, Four None c/o CitiStreet (consulting) R3 Group LLC 400 Atrium Drive and its predecessors; Somerset, NJ 08873 Prior to February 2002, Age: 47 Partner and Chairperson of the Environmental Law Department, Winston & Strawn (law firm). John G. Beam, Jr. Director 11 years Chairman of the Board, Four None c/o CitiStreet Acordia of Kentucky, Inc. 400 Atrium Drive (insurance). Somerset, NJ 08873 Age: 57 Nicholas D. Yatrakis Director 11 years Physician in private Four None c/o CitiStreet practice. 400 Atrium Drive Somerset, NJ 08873 Age: 57 Steven I. Weinstein Director 11 years From May 2001 to October Four None c/o CitiStreet 2004, Vice President and 400 Atrium Drive Deputy General Counsel, Somerset, NJ 08873 Foster Wheeler Ltd. From Age: 59 April 1999 to May 2001, Vice President and Deputy General Counsel, Foster Wheeler Corporation; prior to April 1999, Deputy General Counsel, Foster Wheeler Corporation. 151
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Principal Officers who are Not Directors [Enlarge/Download Table] TERM OF OFFICE AND NUMBER OF POSITION(S) LENGTH OF PORTFOLIOS IN HELD WITH TIME PRINCIPAL OCCUPATION(S) FUND OTHER NAME, ADDRESS, AND AGE FUND SERVED** DURING PAST 5 YEARS COMPLEX DIRECTORSHIPS -------------------------- ----------- ---------- -------------------------- ------------- ------------- Paul S. Feinberg President 11 years Executive Vice President Four None 400 Atrium Drive and General Counsel, Somerset, NJ 08873 CitiStreet Retirement Age: 62 Services LLC. Also, Senior Vice President and General Counsel of CFS, the Manager and various affiliates. Matthew Riordan Treasurer, 1 year Senior Vice President, Four None 400 Atrium Drive Chief Controller and Treasurer, Somerset, NJ 08873 Financial CitiStreet Retirement Age: 39 Officer and Services LLC. Also, Senior Chief Vice President, Controller Accounting and Treasurer of CFS, the Officer Manager and various affiliates. Prior to June 2004, Vice President, Finance, Merrill Lynch & Co. Lori M. Renzulli Secretary 7 years Vice President and Four None 400 Atrium Drive Counsel, CitiStreet Somerset, NJ 08873 Retirement Services LLC Age: 39 and various affiliates. --------------- * Mr. Dughi is an interested director because he is an employee of the Company's investment adviser and its affiliates. ** There is no set term of office for the Company's directors and officers. The table lists the number of years the person has served the Company in the listed capacity. 152
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[THE CITISTREET(SM) FUNDS LOGO] [GLOBE GRAPHIC] (C) Copyright 1993-2005 CitiStreet Funds Management LLC This annual report must be preceded or accompanied by the prospectus for the CitiStreet Funds for individuals that are not current shareholders of the Funds.
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ITEM 2. Code of Ethics As of the end of the period covered by this Form N-CSR, the registrant has adopted a code of ethics (as defined in Item 2(b) of Form N-CSR) that applies to the registrant's principal executive officers and principal financial and accounting officer (the "Code"). The Code was approved by the registrant's board of directors on November 14, 2003. During the period covered by the report, there was no amendment to the Code or any waivers granted from its provisions. A copy of the Code is filed with this report as an exhibit. ITEM 3. Audit Committee Financial Expert Linda Walker Bynoe, who was the registrant's "audit committee financial expert" as defined in Item 3 of Form N-CSR, resigned from the Board of Directors effective February 28, 2005. Because the registrant has not yet found a replacement for Ms. Bynoe, the registrant's board of directors currently has no "audit committee financial expert." However, the registrant's board of directors is considering adding a director with the requisite experience. ITEM 4. Principal Accountant Fees and Services (a)-(d) The following chart shows the aggregate fees billed in each of the last two fiscal years for services rendered by the registrant's principal accountant, KPMG, LLP ("KPMG"). [Download Table] 2003 2004 ---- ---- Audit Fees* $ 86,000 $115,000 Audit-Related Fees 0 0 Tax Fees** $ 16,000 $ 17,000 All Other Fees 0 0 *Audit fees include all services related to the audit of the financial statements, including review of the registration statement and the issuance of related consents. **Tax fees include review of the registrant's tax filings. (e)(1) The registrant's Audit Committee Charter provides that the Audit Committee has the duty and power to pre-approve audit and non-audit services provided by the independent accountant as required by law; provided, however, that the Chairperson of the Audit Committee shall have the authority to grant pre-approvals of audit and non-audit services subject to the requirement that any such pre-approval shall be presented to the full Audit Committee at its next scheduled meeting. (e)(2) No services in 2003 or 2004 were approved by the Audit Committee pursuant to Rule 2-01(c)(7)(i)(C) of Regulation S-X.
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(f) Not applicable. (g) The following chart shows the aggregate non-audit fees billed by KPMG for services rendered to the registrant and rendered to registrant's investment adviser, CitiStreet Funds Management LLC, and any entity controlling, controlled by, or under common control with CitiStreet Funds Management LLC that provides ongoing services to the registrant for each of the last two fiscal years of the registrant. [Download Table] 2003 2004 ---- ---- Non-Audit Fees 0 0 (h) Not applicable. ITEM 5. Audit Committee of Listed Registrants Not applicable. ITEM 6. Schedule of Investments Not applicable. ITEM 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies Not applicable. ITEM 8. Portfolio Managers of Closed-End Management Investment Companies. Not applicable. ITEM 9 Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers Not applicable. ITEM 10 Submission of Matters to a Vote of Security Holders Not applicable. ITEM 11. Controls and Procedures (a) Within the 90-day period prior to the filing date of this report, the registrant's chief executive and financial officers evaluated the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act
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of 1940). Based upon that evaluation, the registrant's chief executive and financial officers concluded that the registrant's disclosure controls and procedures are functioning effectively to provide reasonable assurance that the registrant can meet its obligations to disclose in a timely manner material information required to be included in the registrant's reports on Form N-CSR. (b) There have been no significant changes in the registrant's internal control over financial reporting or in other factors which could significantly affect internal control over financial reporting subsequent to the date the chief executive and financial officers carried out their evaluation. ITEM 12. Exhibits (a)(1) Code of ethics (a)(2) Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. (b) Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers.
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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. CitiStreet Funds, Inc. Date: March 8, 2005 By: /s/ Paul S. Feinberg --------------------- Paul S. Feinberg President 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. Date: March 8, 2005 By: /s/ Robert C. Dughi --------------------- Robert C. Dughi Chairman of the Board Date: March 8, 2005 By: /s/ Paul S. Feinberg --------------------- Paul S. Feinberg President Date: March 8, 2005 By: /s/ Matthew Riordan --------------------- Matthew Riordan Treasurer and Chief Financial Officer
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EXHIBIT LIST (a)(1) Code of ethics (a)(2) Certifications pursuant to Rule 30a-2(a) by the chief executive and financial officers. (b) Certification pursuant to Rule 30a-2(b) and Section 906 by the chief executive and financial officers.

Dates Referenced Herein   and   Documents Incorporated by Reference

Referenced-On Page
This ‘N-CSR’ Filing    Date First  Last      Other Filings
Filed on / Effective on:3/14/05
3/8/05162497
2/28/05159
2/16/05151
2/11/05149
For Period End:12/31/04115124F-2NT,  NSAR-B
7/1/042627
12/31/0314724F-2NT,  N-CSR,  NSAR-B
11/14/03159
12/31/02344024F-2NT,  N-30D,  NSAR-B
10/1/0234138
1/1/0239
12/31/013924F-2NT,  N-30D,  NSAR-B
4/27/0139
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