Notes to Financial Statements (Unaudited)
2. Significant Accounting Policies
The following is a summary of significant accounting policies followed by the International Equity, Small Cap
Growth, Small Cap Value, Equity Growth, Tax Managed Equity, Core Equity, Equity Index, Equity Income,
Balanced Allocation, Total Return Advantage, Bond, Intermediate Bond, GNMA, Enhanced Income, Ohio Tax
Exempt, Pennsylvania Municipal, National Tax Exempt, Money Market, Government Money Market, Treasury
Money Market, Ohio Municipal Money Market, Pennsylvania Tax Exempt Money Market and Tax Exempt
Money Market Funds, (the "Funds").
The preparation of financial statements in accordance with generally accepted accounting principles requires
management to make estimates and assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates.
The Ohio Tax Exempt, Pennsylvania Municipal, Ohio Municipal Money Market and the Pennsylvania Tax
Exempt Money Market Funds follow an investment policy of investing primarily in municipal obligations of one
state. The National Tax Exempt and the Tax Exempt Money Market Funds follow an investment policy of
investing in municipal obligations of various states which may, at times, comprise concentrations in one or several
states. Economic changes affecting each state and related public bodies and municipalities may affect the ability of
issuers within the state to pay interest on, or repay principal of, municipal obligations held by the Ohio Tax
Exempt, Pennsylvania Municipal, National Tax Exempt, Ohio Municipal Money Market, Pennsylvania Tax
Exempt Money Market, and the Tax Exempt Money Market Funds.
Many municipalities insure repayment for their obligations. Although bond insurance reduces the risk of loss due
to default by an issuer, such bonds remain subject to risk that the market may fluctuate for other reasons and
there is no assurance that the insurance company will meet its obligations. Insured