Page
|
|
Review of Period
|
|
MEMBERS Mutual Funds Performance
|
2
|
Economic Overview
|
7
|
Outlook
|
8
|
Conservative Allocation Fund
|
9
|
Moderate Allocation Fund
|
10
|
Aggressive Allocation Fund
|
11
|
Cash Reserves Fund
|
13
|
Bond Fund
|
13
|
High Income Fund
|
14
|
Diversified Income Fund
|
15
|
Equity Income Fund
|
17
|
Large Cap Value Fund
|
19
|
Large Cap Growth Fund
|
20
|
Mid Cap Fund
|
21
|
Small Cap Fund
|
23
|
International Stock Fund
|
24
|
Benchmark Descriptions
|
26
|
Portfolios of Investments
|
|
Conservative Allocation Fund
|
27
|
Moderate Allocation Fund
|
28
|
Aggressive Allocation Fund
|
29
|
Cash Reserves Fund
|
30
|
Bond Fund
|
31
|
High Income Fund
|
34
|
Diversified Income Fund
|
38
|
Equity Income Fund
|
41
|
Large Cap Value Fund
|
44
|
Large Cap Growth Fund
|
45
|
Mid Cap Fund
|
47
|
Small Cap Fund
|
48
|
International Stock Fund
|
50
|
Financial Statements
|
|
Statements of Assets and Liabilities
|
52
|
Statements of Operations
|
56
|
Statements of Changes in Net Assets
|
58
|
Financial Highlights
|
64
|
Notes to Financial Statements
|
83
|
Other Information
|
98
|
MEMBERS MUTUAL FUNDS PERFORMANCE
|
|||||||||||||||||
Average Annual Total Returns
|
|||||||||||||||||
As of April 30, 2012
|
As of March 31, 2012
|
||||||||||||||||
Ticker
Symbol
|
One
Month
|
Three
Months
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Expense
Ratio2
|
||
FIXED INCOME FUNDS - maximum sales charge 4.5%
|
|||||||||||||||||
Cash Reserves Fund - No Sales Charge
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MFAXX
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.93%
|
1.57%
|
2.47%
|
0.00%
|
0.00%
|
0.00%
|
1.01%
|
1.58%
|
2.49%
|
0.55%
|
Class B
|
Without Sales Charge
|
MFBXX
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.69%
|
1.09%
|
1.90%
|
0.00%
|
0.00%
|
0.00%
|
0.75%
|
1.10%
|
1.91%
|
1.30%
|
With Sales Charge
|
-4.50%
|
-4.50%
|
-4.50%
|
-4.50%
|
-1.18%
|
0.30%
|
1.09%
|
1.90%
|
-4.50%
|
-4.50%
|
-1.18%
|
0.36%
|
1.10%
|
1.91%
|
|||
90-day U.S. T-Bill (Citigroup/Salomon)
|
0.01%
|
0.01%
|
0.01%
|
0.04%
|
0.11%
|
1.03%
|
1.80%
|
2.67%
|
0.01%
|
0.05%
|
0.11%
|
1.12%
|
1.81%
|
2.68%
|
|||
Bond Fund - Inception Date 6/30/2006 for Class Y
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MBOAX
|
1.06%
|
-0.07%
|
0.40%
|
6.25%
|
4.91%
|
4.77%
|
4.35%
|
4.75%
|
-0.65%
|
6.21%
|
4.56%
|
4.65%
|
4.42%
|
4.70%
|
0.90%
|
With Sales Charge
|
-3.52%
|
-4.53%
|
-4.09%
|
1.50%
|
3.31%
|
3.81%
|
3.87%
|
4.41%
|
-5.10%
|
1.42%
|
2.96%
|
3.69%
|
3.94%
|
4.36%
|
|||
Class B
|
Without Sales Charge
|
MBOBX
|
1.09%
|
-0.16%
|
0.25%
|
5.45%
|
4.17%
|
4.01%
|
3.58%
|
3.97%
|
-0.83%
|
5.31%
|
3.79%
|
3.87%
|
3.63%
|
3.91%
|
1.65%
|
With Sales Charge
|
-3.41%
|
-4.63%
|
-4.24%
|
0.95%
|
3.08%
|
3.66%
|
3.58%
|
3.97%
|
-5.28%
|
0.81%
|
2.69%
|
3.52%
|
3.63%
|
3.91%
|
|||
Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index 6
|
1.17%
|
0.59%
|
1.46%
|
7.69%
|
6.93%
|
6.46%
|
5.80%
|
6.10%
|
0.29%
|
7.77%
|
6.58%
|
6.33%
|
5.88%
|
6.05%
|
|||
Class Y
|
Without Sales Charge
|
MBOYX
|
1.08%
|
0.00%
|
0.49%
|
6.52%
|
5.20%
|
5.04%
|
N/A
|
5.33%
|
-0.59%
|
6.47%
|
4.81%
|
4.90%
|
N/A
|
5.21%
|
0.65%
|
Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index 6
|
1.17%
|
0.59%
|
1.46%
|
7.69%
|
6.93%
|
6.46%
|
N/A
|
6.79%
|
0.29%
|
7.77%
|
6.58%
|
6.33%
|
N/A
|
6.67%
|
|||
High Income Fund - Inception Date 6/30/2006 for Class Y
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MHNAX
|
0.84%
|
2.32%
|
4.47%
|
5.22%
|
12.83%
|
6.13%
|
7.43%
|
5.52%
|
3.61%
|
5.80%
|
14.19%
|
6.25%
|
7.49%
|
5.49%
|
1.00%
|
With Sales Charge
|
-3.66%
|
-2.26%
|
-0.28%
|
0.47%
|
11.10%
|
5.15%
|
6.93%
|
5.18%
|
-1.11%
|
0.98%
|
12.43%
|
5.28%
|
6.99%
|
5.15%
|
|||
Class B
|
Without Sales Charge
|
MHNBX
|
0.76%
|
2.10%
|
4.30%
|
4.54%
|
11.99%
|
5.33%
|
6.64%
|
4.74%
|
3.51%
|
4.97%
|
13.33%
|
5.45%
|
6.70%
|
4.72%
|
1.75%
|
With Sales Charge
|
-3.74%
|
-2.40%
|
-0.20%
|
0.09%
|
11.06%
|
5.02%
|
6.64%
|
4.74%
|
-0.99%
|
0.50%
|
12.41%
|
5.14%
|
6.70%
|
4.72%
|
|||
Bank of America Merrill Lynch U.S. High Yield Master II
Constrained Index
|
1.01%
|
3.22%
|
6.22%
|
5.13%
|
19.75%
|
7.95%
|
9.03%
|
6.79%
|
5.16%
|
5.63%
|
23.69%
|
8.02%
|
9.10%
|
6.76%
|
|||
Class Y
|
Without Sales Charge
|
MHNYX
|
0.86%
|
2.25%
|
4.59%
|
5.43%
|
13.09%
|
6.37%
|
N/A
|
7.45%
|
3.70%
|
6.01%
|
14.45%
|
6.51%
|
N/A
|
7.40%
|
0.75%
|
Bank of America Merrill Lynch U.S. High Yield Master II
Constrained Index
|
1.01%
|
3.22%
|
6.22%
|
5.13%
|
19.75%
|
7.95%
|
N/A
|
8.96%
|
5.16%
|
5.63%
|
23.69%
|
8.02%
|
N/A
|
8.91%
|
Average Annual Total Returns
|
|||||||||||||||||
As of April 30, 2012
|
As of March 31, 2012
|
||||||||||||||||
Ticker
Symbol
|
One
Month
|
Three
Months
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Expense
Ratio2
|
||
HYBRID FUNDS - maximum sales charge 5.75%
|
|||||||||||||||||
Diversified Income Fund
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MBLAX
|
0.53%
|
3.17%
|
4.34%
|
5.89%
|
13.08%
|
3.58%
|
4.77%
|
5.05%
|
3.79%
|
8.00%
|
13.91%
|
3.85%
|
4.42%
|
5.05%
|
1.10%
|
With Sales Charge
|
-5.27%
|
-2.74%
|
-1.62%
|
-0.23%
|
10.89%
|
2.36%
|
4.15%
|
4.62%
|
-2.14%
|
1.78%
|
11.69%
|
2.62%
|
3.80%
|
4.61%
|
|||
Class B
|
Without Sales Charge
|
MBLNX
|
0.46%
|
3.05%
|
4.06%
|
5.15%
|
12.23%
|
2.81%
|
3.99%
|
4.28%
|
3.58%
|
7.23%
|
13.09%
|
3.07%
|
3.65%
|
4.27%
|
1.85%
|
With Sales Charge
|
-4.04%
|
-1.45%
|
-0.44%
|
0.65%
|
11.29%
|
2.48%
|
3.99%
|
4.28%
|
-0.92%
|
2.73%
|
12.17%
|
2.74%
|
3.65%
|
4.27%
|
|||
Custom Blended Index (50% Fixed Income 50% Equity)7
|
0.27%
|
3.83%
|
6.61%
|
6.60%
|
13.42%
|
4.19%
|
5.62%
|
N/A
|
6.32%
|
8.55%
|
15.13%
|
4.64%
|
5.37%
|
N/A
|
|||
Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index 6
|
1.17%
|
0.59%
|
1.46%
|
7.69%
|
6.93%
|
6.46%
|
5.80%
|
6.10%
|
0.29%
|
7.77%
|
6.58%
|
6.33%
|
5.88%
|
6.05%
|
|||
Russell 1000(R) Index
|
-0.58%
|
7.03%
|
12.25%
|
4.11%
|
19.88%
|
1.23%
|
5.09%
|
4.97%
|
12.90%
|
7.86%
|
24.03%
|
2.19%
|
4.53%
|
5.04%
|
|||
Conservative Allocation Fund - Inception Date 6/30/2006 for Class A and B, 2/29/2008 for Class C
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MCNAX
|
0.39%
|
1.80%
|
4.18%
|
2.79%
|
9.87%
|
2.02%
|
N/A
|
3.35%
|
3.77%
|
4.33%
|
11.47%
|
2.22%
|
N/A
|
3.33%
|
1.40%
|
With Sales Charge
|
-5.38%
|
-4.02%
|
-1.81%
|
-3.10%
|
7.70%
|
0.82%
|
N/A
|
2.31%
|
-2.19%
|
-1.66%
|
9.30%
|
1.02%
|
N/A
|
2.27%
|
|||
Class B
|
Without Sales Charge
|
MCNBX
|
0.39%
|
1.71%
|
3.99%
|
2.07%
|
9.09%
|
1.28%
|
N/A
|
2.61%
|
3.58%
|
3.60%
|
10.63%
|
1.46%
|
N/A
|
2.57%
|
2.15%
|
With Sales Charge
|
-4.11%
|
-2.79%
|
-0.51%
|
-2.43%
|
8.10%
|
0.92%
|
N/A
|
2.46%
|
-0.92%
|
-0.90%
|
9.67%
|
1.10%
|
N/A
|
2.42%
|
|||
Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index 6
|
1.17%
|
0.59%
|
1.46%
|
7.69%
|
6.93%
|
6.46%
|
N/A
|
6.79%
|
0.29%
|
7.77%
|
6.58%
|
6.33%
|
N/A
|
6.67%
|
|||
Conservative Allocation Custom Index 3
|
0.47%
|
2.58%
|
4.99%
|
5.71%
|
12.88%
|
4.87%
|
N/A
|
6.09%
|
4.49%
|
7.33%
|
12.70%
|
5.15%
|
N/A
|
6.09%
|
|||
Class C
|
Without Sales Charge
|
MCOCX
|
0.39%
|
1.61%
|
3.88%
|
1.97%
|
9.05%
|
N/A
|
N/A
|
1.84%
|
3.47%
|
3.50%
|
10.63%
|
N/A
|
N/A
|
1.78%
|
2.15%
|
With Sales Charge
|
-0.61%
|
0.61%
|
2.88%
|
0.97%
|
9.05%
|
N/A
|
N/A
|
1.84%
|
2.47%
|
2.50%
|
10.63%
|
N/A
|
N/A
|
1.78%
|
|||
Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index 6
|
1.17%
|
0.59%
|
1.46%
|
7.69%
|
6.93%
|
N/A
|
N/A
|
6.14%
|
0.29%
|
7.77%
|
6.58%
|
N/A
|
N/A
|
5.97%
|
|||
Conservative Allocation Custom Index 3
|
0.47%
|
2.58%
|
4.99%
|
5.71%
|
12.88%
|
N/A
|
N/A
|
5.28%
|
4.49%
|
7.33%
|
12.70%
|
N/A
|
N/A
|
5.27%
|
|||
Moderate Allocation Fund - Inception Date 6/30/2006 for Class A and B, 2/29/2008 for Class C
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MMDAX
|
0.00%
|
2.75%
|
5.65%
|
1.56%
|
12.00%
|
-0.05%
|
N/A
|
2.22%
|
5.65%
|
4.11%
|
14.70%
|
0.41%
|
N/A
|
2.25%
|
1.52%
|
With Sales Charge
|
-5.79%
|
-3.17%
|
-0.39%
|
-4.28%
|
9.80%
|
-1.23%
|
N/A
|
1.19%
|
-0.39%
|
-1.92%
|
12.44%
|
-0.77%
|
N/A
|
1.21%
|
|||
Class B
|
Without Sales Charge
|
MMDRX
|
0.00%
|
2.55%
|
5.45%
|
0.89%
|
11.18%
|
-0.81%
|
N/A
|
1.47%
|
5.45%
|
3.23%
|
13.82%
|
-0.36%
|
N/A
|
1.49%
|
2.27%
|
With Sales Charge
|
-4.50%
|
-1.95%
|
0.95%
|
-3.58%
|
10.23%
|
-1.18%
|
N/A
|
1.30%
|
0.95%
|
-1.27%
|
12.91%
|
-0.73%
|
N/A
|
1.32%
|
|||
S&P 500 Index
|
-0.63%
|
7.08%
|
11.88%
|
4.76%
|
19.46%
|
1.01%
|
N/A
|
3.83%
|
12.59%
|
8.54%
|
23.42%
|
2.01%
|
N/A
|
4.00%
|
|||
Moderate Allocation Custom Index 4
|
-0.10%
|
3.79%
|
7.34%
|
2.98%
|
16.71%
|
3.17%
|
N/A
|
5.14%
|
7.45%
|
5.92%
|
16.75%
|
3.74%
|
N/A
|
5.24%
|
|||
Class C
|
Without Sales Charge
|
MMDCX
|
-0.10%
|
2.55%
|
5.33%
|
0.79%
|
11.18%
|
N/A
|
N/A
|
0.08%
|
5.44%
|
3.34%
|
13.80%
|
N/A
|
N/A
|
0.11%
|
2.27%
|
With Sales Charge
|
-1.10%
|
1.55%
|
4.33%
|
-0.20%
|
11.18%
|
N/A
|
N/A
|
0.08%
|
4.44%
|
2.34%
|
13.80%
|
N/A
|
N/A
|
0.11%
|
|||
S&P 500 Index
|
-0.63%
|
7.08%
|
11.88%
|
4.76%
|
19.46%
|
N/A
|
N/A
|
2.76%
|
12.59%
|
8.54%
|
23.42%
|
N/A
|
N/A
|
2.98%
|
|||
Moderate Allocation Custom Index 4
|
-0.10%
|
3.79%
|
7.34%
|
2.98%
|
16.71%
|
N/A
|
N/A
|
4.07%
|
7.45%
|
5.92%
|
16.75%
|
N/A
|
N/A
|
4.18%
|
Average Annual Total Returns
|
|||||||||||||||||
As of April 30, 2012
|
As of March 31, 2012
|
||||||||||||||||
Ticker
Symbol
|
One
Month
|
Three
Months
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Expense
Ratio2
|
||
Aggressive Allocation Fund - Inception Date 6/30/2006 for Class A and B, 2/29/2008 for Class C
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MAGSX
|
-0.41%
|
3.16%
|
6.41%
|
-0.67%
|
13.93%
|
-2.28%
|
N/A
|
0.90%
|
6.85%
|
2.62%
|
17.93%
|
-1.55%
|
N/A
|
0.98%
|
1.63%
|
With Sales Charge
|
-6.14%
|
-2.78%
|
0.31%
|
-6.38%
|
11.69%
|
-3.43%
|
N/A
|
-0.12%
|
0.72%
|
-3.26%
|
15.62%
|
-2.71%
|
N/A
|
-0.05%
|
|||
Class B
|
Without Sales Charge
|
MAGBX
|
-0.61%
|
2.97%
|
6.12%
|
-1.45%
|
13.05%
|
-3.02%
|
N/A
|
0.14%
|
6.78%
|
1.93%
|
17.12%
|
-2.27%
|
N/A
|
0.25%
|
2.38%
|
With Sales Charge
|
-5.09%
|
-1.53%
|
1.62%
|
-5.85%
|
12.13%
|
-3.40%
|
N/A
|
-0.03%
|
2.28%
|
-2.57%
|
16.27%
|
-2.65%
|
N/A
|
0.08%
|
|||
S&P 500 Index
|
-0.63%
|
7.08%
|
11.88%
|
4.76%
|
19.46%
|
1.01%
|
N/A
|
3.83%
|
12.59%
|
8.54%
|
23.42%
|
2.01%
|
N/A
|
4.00%
|
|||
Aggressive Allocation Custom Index 5
|
-0.74%
|
4.83%
|
9.56%
|
-0.73%
|
20.16%
|
0.99%
|
N/A
|
3.82%
|
10.37%
|
3.66%
|
20.46%
|
1.87%
|
N/A
|
4.01%
|
|||
Class C
|
Without Sales Charge
|
MAACX
|
-0.51%
|
2.97%
|
6.23%
|
-1.45%
|
13.03%
|
N/A
|
N/A
|
-1.90%
|
6.78%
|
1.93%
|
17.06%
|
N/A
|
N/A
|
-1.81%
|
2.38%
|
With Sales Charge
|
-1.51%
|
1.97%
|
5.23%
|
-2.43%
|
13.03%
|
N/A
|
N/A
|
-1.90%
|
5.78%
|
0.93%
|
17.06%
|
N/A
|
N/A
|
-1.81%
|
|||
S&P 500 Index
|
-0.63%
|
7.08%
|
11.88%
|
4.76%
|
19.46%
|
N/A
|
N/A
|
2.76%
|
12.59%
|
8.54%
|
23.42%
|
N/A
|
N/A
|
2.98%
|
|||
Aggressive Allocation Custom Index 5
|
-0.74%
|
4.83%
|
9.56%
|
-0.73%
|
20.16%
|
N/A
|
N/A
|
2.30%
|
10.37%
|
3.66%
|
20.46%
|
N/A
|
N/A
|
2.53%
|
|||
EQUITY FUNDS - maximum sales charge 5.75%
|
|||||||||||||||||
Equity Income Fund- Inception Date 10/31/09
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MENAX
|
-0.58%
|
2.75%
|
7.97%
|
8.38%
|
N/A
|
N/A
|
N/A
|
8.62%
|
8.60%
|
9.12%
|
N/A
|
N/A
|
N/A
|
9.19%
|
1.25%
|
With Sales Charge
|
-6.30%
|
-3.16%
|
1.76%
|
2.14%
|
N/A
|
N/A
|
N/A
|
6.07%
|
2.36%
|
2.84%
|
N/A
|
N/A
|
N/A
|
6.55%
|
|||
Class Y
|
Without Sales Charge
|
MENYX
|
-0.48%
|
2.94%
|
8.37%
|
8.60%
|
N/A
|
N/A
|
N/A
|
8.87%
|
8.89%
|
9.24%
|
N/A
|
N/A
|
N/A
|
9.40%
|
1.00%
|
S&P 500 Index
|
-0.63%
|
7.08%
|
11.88%
|
4.76%
|
N/A
|
N/A
|
N/A
|
15.08%
|
12.59%
|
8.54%
|
N/A
|
N/A
|
N/A
|
15.93%
|
|||
CBOE BuyWrite Monthly Index
|
0.51%
|
4.10%
|
5.53%
|
7.63%
|
N/A
|
N/A
|
N/A
|
10.51%
|
4.99%
|
9.38%
|
N/A
|
N/A
|
N/A
|
10.65%
|
|||
Large Cap Value Fund - Inception Date 6/30/2006 for Class Y
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MGWAX
|
0.22%
|
5.59%
|
8.10%
|
4.77%
|
16.32%
|
-2.29%
|
2.99%
|
3.37%
|
7.86%
|
8.32%
|
19.65%
|
-1.61%
|
2.41%
|
3.38%
|
1.16%
|
With Sales Charge
|
-5.55%
|
-0.51%
|
1.87%
|
-1.22%
|
14.04%
|
-3.44%
|
2.38%
|
2.95%
|
1.65%
|
2.06%
|
17.33%
|
-2.77%
|
1.81%
|
2.95%
|
|||
Class B
|
Without Sales Charge
|
MGWBX
|
0.15%
|
5.42%
|
7.79%
|
3.95%
|
15.42%
|
-3.03%
|
2.21%
|
2.60%
|
7.63%
|
7.52%
|
18.76%
|
-2.35%
|
1.65%
|
2.60%
|
1.91%
|
With Sales Charge
|
-4.35%
|
0.92%
|
3.29%
|
-0.55%
|
14.54%
|
-3.41%
|
2.21%
|
2.60%
|
3.13%
|
3.02%
|
17.93%
|
-2.72%
|
1.65%
|
2.60%
|
|||
Russell 1000(R) Value Index
|
-1.02%
|
5.98%
|
9.99%
|
1.03%
|
18.32%
|
-1.73%
|
4.83%
|
5.25%
|
11.12%
|
4.79%
|
22.82%
|
-0.81%
|
4.58%
|
5.36%
|
|||
Class Y
|
Without Sales Charge
|
MYLVX
|
0.29%
|
5.67%
|
8.19%
|
5.04%
|
16.61%
|
-2.05%
|
N/A
|
1.34%
|
7.87%
|
8.60%
|
19.92%
|
-1.37%
|
N/A
|
1.30%
|
0.91%
|
Russell 1000(R) Value Index
|
-1.02%
|
5.98%
|
9.99%
|
1.03%
|
18.32%
|
-1.73%
|
N/A
|
1.71%
|
11.12%
|
4.79%
|
22.82%
|
-0.81%
|
N/A
|
1.91%
|
Average Annual Total Returns
|
|||||||||||||||||
As of April 30, 2012
|
Aas of March 31, 2012
|
||||||||||||||||
Ticker
Symbol
|
One
Month
|
Three
Months
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Expense
Ratio2
|
||
Large Cap Growth Fund - Inception Date 6/30/2006 for Class Y
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MCAAX
|
-1.41%
|
5.96%
|
11.23%
|
1.93%
|
15.57%
|
2.33%
|
3.33%
|
4.09%
|
12.83%
|
6.38%
|
19.29%
|
3.49%
|
2.67%
|
4.21%
|
1.20%
|
With Sales Charge
|
-7.09%
|
-0.11%
|
4.81%
|
-3.91%
|
13.32%
|
1.13%
|
2.73%
|
3.66%
|
6.31%
|
0.28%
|
16.95%
|
2.28%
|
2.06%
|
3.78%
|
|||
Class B
|
Without Sales Charge
|
MCPBX
|
-1.49%
|
5.72%
|
10.96%
|
1.21%
|
14.74%
|
1.57%
|
2.57%
|
3.32%
|
12.64%
|
5.63%
|
18.43%
|
2.71%
|
1.91%
|
3.45%
|
1.95%
|
With Sales Charge
|
-5.92%
|
1.22%
|
6.46%
|
-3.29%
|
13.84%
|
1.19%
|
2.57%
|
3.32%
|
8.14%
|
1.13%
|
17.60%
|
2.35%
|
1.91%
|
3.45%
|
|||
Russell 1000(R) Growth Index
|
-0.15%
|
8.06%
|
14.51%
|
7.26%
|
21.44%
|
4.11%
|
5.16%
|
4.01%
|
14.69%
|
11.02%
|
25.28%
|
5.10%
|
4.28%
|
4.04%
|
|||
Class Y
|
Without Sales Charge
|
MYLGX
|
-1.40%
|
5.98%
|
11.29%
|
2.17%
|
15.88%
|
2.58%
|
N/A
|
4.57%
|
12.87%
|
6.66%
|
19.59%
|
3.74%
|
N/A
|
4.90%
|
0.95%
|
Russell 1000(R) Growth Index
|
-0.15%
|
8.06%
|
14.51%
|
7.26%
|
21.44%
|
4.11%
|
N/A
|
6.27%
|
14.69%
|
11.02%
|
25.28%
|
5.10%
|
N/A
|
6.39%
|
|||
Mid Cap Fund - Inception Date 2/29/2000 for Class A and B, 6/30/2006 for Class Y
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MERAX
|
0.40%
|
6.13%
|
11.19%
|
3.91%
|
20.86%
|
1.40%
|
6.00%
|
-2.33%
|
10.75%
|
7.38%
|
28.96%
|
2.24%
|
5.13%
|
-2.38%
|
1.40%
|
With Sales Charge
|
-5.34%
|
0.00%
|
4.78%
|
-2.10%
|
18.47%
|
0.20%
|
5.36%
|
-2.81%
|
4.36%
|
1.23%
|
26.45%
|
1.03%
|
4.50%
|
-2.86%
|
|||
Class B
|
Without Sales Charge
|
MERBX
|
0.44%
|
6.08%
|
11.11%
|
3.19%
|
19.95%
|
0.63%
|
5.19%
|
-3.06%
|
10.62%
|
6.45%
|
27.84%
|
1.44%
|
4.34%
|
-3.12%
|
2.15%
|
With Sales Charge
|
-4.06%
|
1.58%
|
6.61%
|
-1.31%
|
19.13%
|
0.24%
|
5.19%
|
-3.06%
|
6.12%
|
1.95%
|
27.13%
|
1.06%
|
4.34%
|
-3.12%
|
|||
Russell Midcap(R) Index
|
-0.33%
|
6.13%
|
12.56%
|
-0.03%
|
22.98%
|
2.19%
|
8.03%
|
6.79%
|
12.94%
|
3.31%
|
29.13%
|
3.03%
|
7.85%
|
6.87%
|
|||
Class Y
|
Without Sales Charge
|
MYMCX
|
0.40%
|
6.18%
|
11.34%
|
4.13%
|
21.17%
|
1.67%
|
N/A
|
4.65%
|
10.90%
|
7.57%
|
29.22%
|
2.51%
|
N/A
|
4.65%
|
1.15%
|
Russell Midcap(R) Index
|
-0.33%
|
6.13%
|
12.56%
|
-0.03%
|
22.98%
|
2.19%
|
N/A
|
4.97%
|
12.94%
|
3.31%
|
29.13%
|
3.03%
|
N/A
|
5.10%
|
|||
Small Cap Fund - Inception Date 12/27/2006 for Class A and B, 1/9/2007 for Class Y
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MASVX
|
-0.94%
|
2.92%
|
8.68%
|
-0.04%
|
20.95%
|
3.10%
|
N/A
|
4.10%
|
9.71%
|
4.20%
|
27.76%
|
3.70%
|
N/A
|
4.35%
|
1.50%
|
With Sales Charge
|
-6.66%
|
-3.00%
|
2.46%
|
-5.76%
|
18.57%
|
1.88%
|
N/A
|
2.95%
|
3.43%
|
-1.79%
|
25.24%
|
2.48%
|
N/A
|
3.18%
|
|||
Class B
|
Without Sales Charge
|
MBSVX
|
-0.96%
|
2.81%
|
8.52%
|
-0.81%
|
20.03%
|
2.44%
|
N/A
|
3.42%
|
9.57%
|
3.39%
|
26.76%
|
3.03%
|
N/A
|
3.67%
|
2.25%
|
With Sales Charge
|
-5.42%
|
-1.69%
|
4.02%
|
-5.13%
|
19.22%
|
2.08%
|
N/A
|
3.26%
|
5.07%
|
-1.11%
|
26.03%
|
2.68%
|
N/A
|
3.50%
|
|||
Russell 2000(R) Index
|
-1.54%
|
3.39%
|
10.70%
|
-4.25%
|
20.34%
|
1.45%
|
N/A
|
2.06%
|
12.44%
|
-0.18%
|
26.90%
|
2.13%
|
N/A
|
2.40%
|
|||
Russell 2000(R) Value Index
|
-1.45%
|
3.12%
|
9.98%
|
-4.06%
|
18.77%
|
-0.49%
|
N/A
|
0.00%
|
11.59%
|
-1.07%
|
25.36%
|
0.01%
|
N/A
|
0.28%
|
|||
Class Y
|
Without Sales Charge
|
MYSVX
|
-0.94%
|
3.01%
|
8.89%
|
0.22%
|
21.21%
|
3.35%
|
N/A
|
4.74%
|
9.92%
|
4.47%
|
28.06%
|
3.96%
|
N/A
|
5.01%
|
1.25%
|
Russell 2000(R) Index
|
-1.54%
|
3.39%
|
10.70%
|
-4.25%
|
20.34%
|
1.45%
|
N/A
|
2.34%
|
12.44%
|
-0.18%
|
26.90%
|
2.13%
|
N/A
|
2.68%
|
|||
Russell 2000(R) Value Index
|
-1.45%
|
3.12%
|
9.98%
|
-4.06%
|
18.77%
|
-0.49%
|
N/A
|
0.31%
|
11.59%
|
-1.07%
|
25.36%
|
0.01%
|
N/A
|
0.59%
|
Average Annual Total Returns
|
|||||||||||||||||
Monthly as of April 30, 2012
|
Quarterly as of March 31, 2012
|
||||||||||||||||
Ticker
Symbol
|
One
Month
|
Three
Months
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Inception1
|
Expense
Ratio2
|
||
International Stock Fund - Inception Date 6/30/2006 for Class Y
|
|||||||||||||||||
Class A
|
Without Sales Charge
|
MINAX
|
-1.22%
|
4.59%
|
10.07%
|
-7.29%
|
12.47%
|
-2.40%
|
6.91%
|
4.47%
|
11.44%
|
-0.10%
|
16.74%
|
-1.49%
|
7.20%
|
4.58%
|
1.60%
|
With Sales Charge
|
-6.92%
|
-1.41%
|
3.76%
|
-12.65%
|
10.27%
|
-3.55%
|
6.27%
|
4.04%
|
5.04%
|
-5.82%
|
14.47%
|
-2.65%
|
6.56%
|
4.15%
|
|||
Class B
|
Without Sales Charge
|
MINBX
|
-1.25%
|
4.35%
|
9.80%
|
-8.00%
|
11.64%
|
-3.14%
|
6.11%
|
3.69%
|
11.18%
|
-0.93%
|
15.82%
|
-2.23%
|
6.38%
|
3.80%
|
2.35%
|
With Sales Charge
|
-5.69%
|
-0.15%
|
5.30%
|
-12.08%
|
10.69%
|
-3.44%
|
6.11%
|
3.69%
|
6.68%
|
-5.32%
|
14.95%
|
-2.54%
|
6.38%
|
3.80%
|
|||
MSCI EAFE Index (net)
|
-1.96%
|
3.19%
|
8.69%
|
-12.82%
|
11.78%
|
-4.72%
|
5.42%
|
4.08%
|
10.86%
|
-5.77%
|
17.13%
|
-3.51%
|
5.70%
|
4.25%
|
|||
Class Y
|
Without Sales Charge
|
-1.13%
|
4.69%
|
10.19%
|
-6.97%
|
12.76%
|
-2.15%
|
N/A
|
1.40%
|
11.45%
|
0.06%
|
17.00%
|
-1.25%
|
N/A
|
1.62%
|
1.35%
|
|
MSCI EAFE Index (net)
|
-1.96%
|
3.19%
|
8.69%
|
-12.82%
|
11.78%
|
-4.72%
|
N/A
|
-0.37%
|
10.86%
|
-5.77%
|
17.13%
|
-3.51%
|
N/A
|
-0.03%
|
1
|
Fund Inception Date is 12/29/1997 unless noted.
|
2
|
See Fund prospectus for further details on annual fund operating expenses.
|
3
|
Conservative Allocation Custom Index consists of 65% Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index, 30% Russell 3000 Index and 5% MSCI EAFE Index.
|
4
|
Moderate Allocation Custom Index consists of 45% Russell 3000 Index, 40% Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index and 15% MSCI EAFE Index.
|
5
|
Aggressive Allocation Custom Index consists of 55% Russell 3000 Index, 15% Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index and 30% MSCI EAFE Index.
|
6
|
Bank of America Merrill Lynch U.S. Corp, Govt & Mortg Index is prior Merrill Lynch U.S. Domestic Master Index.
|
7
|
Custom Blended Index consists of 50% Bank of America Merrill Lynch U.S. Corporate, Government & Mortgage Index and 50% S&P 500 Index.
|
|
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
|
|
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions.
|
|
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
|
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 4/30/12
|
|
Bond Funds
|
65%
|
Foreign Bond Funds
|
4%
|
Foreign Stock Funds
|
5%
|
Money Market Funds and Other Net Assets
|
2%
|
Stock Funds
|
24%
|
|
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
|
|
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions.
|
|
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
|
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 4/30/12
|
|
Bond Funds
|
41%
|
Foreign Bond Funds
|
3%
|
Foreign Stock Funds
|
10%
|
Money Market Funds and Other Net Assets
|
1%
|
Stock Funds
|
45%
|
|
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
|
|
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions.
|
|
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market
|
|
Aggressive Allocation Fund (concluded)
|
|
conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
|
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 4/30/12
|
|
Bond Funds
|
15%
|
Foreign Bond Funds
|
1%
|
Foreign Stock Funds
|
15%
|
Money Market Funds and Other Net Assets
|
1%
|
Stock Funds
|
68%
|
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 4/30/12
|
|
Fannie Mae
|
30%
|
Federal Home Loan Bank
|
31%
|
Freddie Mac
|
31%
|
U.S. Treasury Bills
|
6%
|
Cash and Other Assets
|
2%
|
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 4/30/12
|
|
Asset Backed
|
1%
|
Corporate Notes and Bonds
|
18%
|
Mortgage Backed
|
13%
|
U.S. Government and Agency Obligations
|
66%
|
Cash and Other Net Assets
|
2%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 4/30/12
|
|
Consumer Discretionary
|
31%
|
Consumer Staples
|
5%
|
Energy
|
10%
|
Financials
|
4%
|
Health Care
|
11%
|
Industrials
|
13%
|
Information Technology
|
6%
|
Materials
|
8%
|
Telecommunication Services
|
7%
|
Utilities
|
2%
|
Cash and Other Net Assets
|
3%
|
Consumer Discretionary includes securities in the following industries:
Auto Components; Automobiles; Diversified Consumer Services; Household Durables; Media; Specialty Retail; and Textiles, Apparel & Luxury Goods.
|
PORTFOLIO ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 4/30/12
|
|
Common Stocks
|
54%
|
Asset Backed
|
1%
|
Corporate Notes and Bonds
|
14%
|
Mortgage Backed
|
8%
|
U.S. Government and Agency Obligations
|
16%
|
Cash and Other Net Assets
|
7%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 4/30/12
|
||
Fund
|
S&P 500 Index
|
|
Consumer Discretionary
|
9%
|
11%
|
Consumer Staples
|
–
|
11%
|
Energy
|
14%
|
11%
|
Financials
|
8%
|
15%
|
Health Care
|
14%
|
12%
|
Industrials
|
7%
|
11%
|
Information Technology
|
22%
|
20%
|
Materials
|
4%
|
2%
|
Telecommunication Services
|
–
|
3%
|
Utilities
|
–
|
4%
|
Exchange-Traded Note/Funds
|
2%
|
–
|
Cash Options and Other Net Assets
|
20%
|
–
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 4/30/12
|
||
Fund
|
Russell 1000(R) Value Index
|
|
Consumer Discretionary
|
6%
|
9%
|
Consumer Staples
|
11%
|
8%
|
Energy
|
13%
|
12%
|
Financials
|
24%
|
26%
|
Health Care
|
14%
|
12%
|
Industrials
|
11%
|
9%
|
Information Technology
|
10%
|
9%
|
Materials
|
2%
|
3%
|
Telecommunication Services
|
3%
|
5%
|
Utilities
|
3%
|
7%
|
Cash and Other Net Assets
|
3%
|
–
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 4/30/12
|
||
Fund
|
Russell 1000(R) Growth Index
|
|
Consumer Discretionary
|
16%
|
15%
|
Consumer Staples
|
7%
|
12%
|
Energy
|
13%
|
10%
|
Financials
|
7%
|
4%
|
Health Care
|
6%
|
10%
|
Industrials
|
9%
|
12%
|
Information Technology
|
34%
|
30%
|
Materials
|
4%
|
5%
|
Telecommunication Services
|
–
|
1%
|
Utilities
|
–
|
1%
|
Cash and Other Net Assets
|
4%
|
–
|
Information Technology includes securities in the following industries:
Communications Equipment; Computers & Peripherals; Electronic Equipment, Instruments & Components; Internet Software & Services; IT Services; Semiconductors & Semiconductor Equipment; and Software.
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 4/30/12
|
||
Fund
|
Russell Midcap(R) Index
|
|
Consumer Discretionary
|
19%
|
16%
|
Consumer Staples
|
4%
|
6%
|
Energy
|
8%
|
8%
|
Financials
|
24%
|
20%
|
Health Care
|
8%
|
10%
|
Industrials
|
15%
|
12%
|
Information Technology
|
9%
|
13%
|
Materials
|
5%
|
7%
|
Telecommunication Services
|
–
|
1%
|
Utilities
|
–
|
7%
|
Cash and Other Net Assets
|
8%
|
–
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 4/30/12
|
||
Fund
|
Russell 2000(R) Index
|
|
Consumer Discretionary
|
15%
|
14%
|
Consumer Staples
|
2%
|
3%
|
Energy
|
4%
|
7%
|
Financials
|
22%
|
23%
|
Health Care
|
11%
|
12%
|
Industrials
|
25%
|
16%
|
Information Technology
|
8%
|
16%
|
Materials
|
7%
|
5%
|
Telecommunication Services
|
–
|
1%
|
Utilities
|
5%
|
3%
|
Cash and Other Net Assets
|
1%
|
–
|
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 4/30/12
|
|
Africa
|
1%
|
Europe (excluding United Kingdom)
|
34%
|
Japan
|
14%
|
Latin America
|
2%
|
Pacific Basin
|
10%
|
United Kingdom
|
28%
|
Other Countries
|
4%
|
Cash and Other Net Assets
|
7%
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 99.6%
|
||
Bond Funds - 64.9%
|
||
Franklin Floating Rate Daily Access Fund Advisor Class
|
409,948
|
$ 3,726,429
|
Madison Investment Grade Corporate Bond Fund (A)
|
267,857
|
3,053,572
|
Madison Mosaic Institutional Bond Fund (A)
|
396,157
|
4,440,922
|
MEMBERS Bond Fund Class Y (A)
|
722,529
|
7,658,806
|
MEMBERS High Income Fund Class Y (A)
|
562,853
|
3,962,483
|
Metropolitan West Total Return Bond Fund Class I
|
400,959
|
4,254,179
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
406,161
|
4,366,233
|
PIMCO Total Return Fund Institutional Class
|
379,296
|
4,255,704
|
35,718,328
|
||
Foreign Bond Funds - 4.0%
|
||
TCW Emerging Markets Income Fund
|
125,142
|
1,105,006
|
Templeton Global Bond Fund Advisor Class
|
82,461
|
1,076,945
|
2,181,951
|
||
Foreign Stock Funds - 5.4%
|
||
IVA Worldwide Fund
|
109,384
|
1,757,800
|
MEMBERS International Stock Fund Class Y (A)
|
117,634
|
1,233,981
|
2,991,781
|
Shares
|
Value (Note 2)
|
|
Money Market Funds - 0.9%
|
||
State Street Institutional U.S. Government Money Market Fund
|
505,726
|
$ 505,726
|
Stock Funds - 24.4%
|
||
iShares S&P 100 Index Fund ETF
|
35,297
|
2,245,948
|
Madison Mosaic Disciplined Equity Fund (A)
|
185,025
|
2,557,051
|
MEMBERS Equity Income Fund Class Y (A)
|
347,585
|
3,573,175
|
MEMBERS Large Cap Growth Fund Class Y (A)
|
141,126
|
2,476,763
|
MEMBERS Large Cap Value Fund Class Y (A)
|
188,438
|
2,564,648
|
13,417,585
|
||
TOTAL INVESTMENTS - 99.6% ( Cost $51,696,941** )
|
54,815,371
|
|
NET OTHER ASSETS AND LIABILITIES - 0.4%
|
245,941
|
|
TOTAL NET ASSETS - 100.0%
|
$ 55,061,312
|
**
|
Aggregate cost for Federal tax purposes was $52,751,494.
|
(A)
|
Affiliated underlying fund (see Note 11).
|
ETF
|
Exchange Traded Fund.
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 99.9%
|
||
Bond Funds - 41.1%
|
||
Franklin Floating Rate Daily Access Fund Advisor Class
|
737,903
|
$ 6,707,542
|
Madison Mosaic Institutional Bond Fund (A)
|
511,896
|
5,738,353
|
MEMBERS Bond Fund Class Y (A)
|
1,101,721
|
11,678,238
|
MEMBERS High Income Fund Class Y (A)
|
1,216,241
|
8,562,335
|
Metropolitan West Total Return Bond Fund
|
948,309
|
10,061,563
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
677,696
|
7,285,228
|
50,033,259
|
||
Foreign Bond Funds - 2.9%
|
||
TCW Emerging Markets Income Fund
|
204,778
|
1,808,191
|
Templeton Global Bond Fund Advisor Class
|
135,827
|
1,773,902
|
3,582,093
|
||
Foreign Stock Funds - 10.2%
|
||
IVA Worldwide Fund
|
270,779
|
4,351,425
|
Matthews Asian Growth and Income Fund Institutional Shares
|
110,488
|
1,866,143
|
MEMBERS International Stock Fund Class Y (A)
|
195,599
|
2,051,835
|
Madison Mosaic NorthRoad International Fund Class Y (A)
|
421,590
|
4,114,720
|
12,384,123
|
||
Money Market Funds - 0.9%
|
||
State Street Institutional U.S. Government Money Market Fund
|
1,115,433
|
1,115,433
|
Shares
|
Value (Note 2)
|
|
Stock Funds - 44.8%
|
||
iShares S&P 100 Index Fund ETF
|
82,803
|
$ 5,268,755
|
iShares S&P Global Energy Sector Index Fund ETF
|
23,590
|
926,851
|
Madison Mosaic Disciplined Equity Fund (A)
|
687,072
|
9,495,338
|
MEMBERS Equity Income Fund Class Y (A)
|
463,654
|
4,766,365
|
MEMBERS Large Cap Growth Fund Class Y (A)
|
504,769
|
8,858,687
|
MEMBERS Large Cap Value Fund Class Y (A)
|
724,468
|
9,860,016
|
MEMBERS Mid Cap Fund Class Y (A) *
|
564,392
|
4,266,801
|
MEMBERS Small Cap Fund Class Y (A)
|
217,304
|
2,529,422
|
Yacktman Fund/The
|
464,105
|
8,646,280
|
54,618,515
|
||
TOTAL INVESTMENTS - 99.9% ( Cost $110,775,899** )
|
121,733,423
|
|
NET OTHER ASSETS AND LIABILITIES - 0.1%
|
111,657
|
|
TOTAL NET ASSETS - 100.0%
|
$121,845,080
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $113,196,875.
|
(A)
|
Affiliated underlying fund (see Note 11).
|
ETF
|
Exchange Traded Fund.
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 99.6%
|
||
Bond Funds - 15.4%
|
||
MEMBERS High Income Fund Class Y (A)
|
352,876
|
$ 2,484,245
|
Metropolitan West Total Return Bond Fund Class I
|
244,595
|
2,595,150
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
148,078
|
1,591,838
|
6,671,233
|
||
Foreign Bond Funds - 1.0%
|
||
TCW Emerging Markets Income Fund
|
25,452
|
224,746
|
Templeton Global Bond Fund Advisor Class
|
15,964
|
208,486
|
433,232
|
||
Foreign Stock Funds - 14.7%
|
||
IVA Worldwide Fund
|
148,530
|
2,386,878
|
Madison Mosaic NorthRoad International Fund Class Y (A)
|
171,278
|
1,671,675
|
Matthews Asian Growth and Income Fund Institutional Shares
|
84,295
|
1,423,749
|
MEMBERS International Stock Fund Class Y (A)
|
87,385
|
916,670
|
6,398,972
|
||
Money Market Funds - 1.1%
|
||
State Street Institutional U.S. Government Money Market Fund
|
470,843
|
470,843
|
Shares
|
Value (Note 2)
|
|
Stock Funds - 67.4%
|
||
iShares S&P 100 Index Fund ETF
|
53,182
|
$ 3,383,971
|
iShares S&P Global Energy Sector Index Fund ETF
|
13,869
|
544,913
|
Madison Mosaic Disciplined Equity Fund (A)
|
371,117
|
5,128,836
|
MEMBERS Equity Income Fund Class Y (A)
|
123,293
|
1,267,450
|
MEMBERS Large Cap Growth Fund Class Y (A)
|
271,954
|
4,772,801
|
MEMBERS Large Cap Value Fund Class Y (A)
|
354,473
|
4,824,375
|
MEMBERS Mid Cap Fund Class Y (A) *
|
367,498
|
2,778,285
|
MEMBERS Small Cap Fund Class Y (A)
|
112,880
|
1,313,923
|
Yacktman Fund/The
|
282,227
|
5,257,890
|
29,272,444
|
||
TOTAL INVESTMENTS - 99.6% ( Cost $38,221,012** )
|
43,246,724
|
|
NET OTHER ASSETS AND LIABILITIES - 0.4%
|
167,141
|
|
TOTAL NET ASSETS - 100.0%
|
$ 43,413,865
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $39,126,700.
|
(A)
|
Affiliated underlying fund (see Note 11).
|
ETF
|
Exchange Traded Fund.
|
Par Value
|
Value (Note 2)
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 98.6%
|
||
Fannie Mae (A) - 30.4%
|
||
0.108%, 5/9/12
|
$ 250,000
|
$ 249,995
|
0.101%, 5/21/12
|
200,000
|
199,989
|
0.090%, 5/23/12
|
900,000
|
899,951
|
0.101%, 5/30/12
|
110,000
|
109,991
|
0.071%, 6/1/12
|
1,000,000
|
999,940
|
0.110%, 6/6/12
|
250,000
|
249,975
|
0.112%, 6/20/12
|
200,000
|
199,969
|
0.112%, 6/25/12
|
300,000
|
299,950
|
0.107%, 6/27/12
|
250,000
|
249,958
|
0.098%, 7/5/12
|
400,000
|
399,931
|
0.113%, 7/16/12
|
200,000
|
199,949
|
4,059,598
|
||
Federal Home Loan Bank (A) - 30.9%
|
||
0.086%, 5/2/12
|
100,000
|
100,000
|
0.086%, 5/4/12
|
130,000
|
129,999
|
0.086%, 5/11/12
|
250,000
|
249,994
|
0.112%, 5/15/12
|
300,000
|
299,987
|
0.096%, 5/16/12
|
200,000
|
199,992
|
0.096%, 5/18/12
|
100,000
|
99,996
|
0.094%, 5/23/12
|
400,000
|
399,977
|
0.101%, 5/25/12
|
200,000
|
199,987
|
0.081%, 5/30/12
|
150,000
|
149,990
|
0.091%, 6/1/12
|
300,000
|
299,978
|
0.109%, 6/13/12
|
250,000
|
249,968
|
0.112%, 6/15/12
|
300,000
|
299,959
|
0.120%, 6/22/12
|
300,000
|
299,954
|
0.091%, 6/27/12
|
300,000
|
299,957
|
0.107%, 6/29/12
|
100,000
|
99,982
|
0.132%, 7/2/12
|
143,000
|
142,968
|
0.107%, 7/11/12
|
250,000
|
249,948
|
0.091%, 7/17/12
|
100,000
|
99,981
|
0.132%, 7/27/12
|
250,000
|
249,921
|
4,122,538
|
Par Value
|
Value (Note 2)
|
|
Freddie Mac (A) - 30.9%
|
||
0.087%, 5/7/12
|
$ 200,000
|
$ 199,997
|
0.103%, 5/18/12
|
330,000
|
329,984
|
0.112%, 5/29/12
|
200,000
|
199,983
|
0.109%, 5/30/12
|
100,000
|
99,992
|
0.099%, 6/4/12
|
300,000
|
299,974
|
0.097%, 6/5/12
|
250,000
|
249,979
|
0.096%, 6/6/12
|
250,000
|
249,976
|
0.101%, 6/11/12
|
250,000
|
249,972
|
0.101%, 6/12/12
|
300,000
|
299,965
|
0.051%, 6/13/12
|
300,000
|
299,982
|
0.112%, 6/18/12
|
500,000
|
499,927
|
0.096%, 6/19/12
|
400,000
|
399,948
|
0.099%, 7/9/12
|
350,000
|
349,940
|
0.086%, 7/23/12
|
400,000
|
399,922
|
4,129,541
|
||
U.S. Treasury Bill (A) - 6.4%
|
||
0.067%, 5/3/12
|
$850,000
|
849,997
|
Total U.S. Government and Agency Obligations ( Cost $13,161,674 )
|
13,161,674
|
|
Shares
|
||
INVESTMENT COMPANIES - 4.8%
|
||
State Street Institutional U.S. Government Money Market Fund
|
647,374
|
647,374
|
Total Investment Companies ( Cost $647,374 )
|
647,374
|
|
TOTAL INVESTMENTS - 103.4% ( Cost $13,809,048** )
|
13,809,048
|
|
NET OTHER ASSETS AND LIABILITIES - (3.4%)
|
(450,988)
|
|
TOTAL NET ASSETS - 100.0%
|
$ 13,358,060
|
**
|
Aggregate cost for Federal tax purposes was $13,809,048.
|
(A)
|
Rate noted represents annualized yield at time of purchase.
|
Par Value
|
Value (Note 2)
|
|
ASSET BACKED SECURITIES - 1.6%
|
||
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30
|
$ 64,040
|
$ 64,906
|
Chase Issuance Trust, Series 2007-A17, Class A, 5.12%, 10/15/14
|
670,000
|
684,601
|
New Century Home Equity Loan Trust, Series 2003-5, Class AI5 (B), 5.5%, 11/25/33
|
1,500,000
|
1,521,876
|
Total Asset Backed Securities
( Cost $2,229,131 )
|
2,271,383
|
|
CORPORATE NOTES AND BONDS - 17.6%
|
||
Consumer Discretionary - 2.1%
|
||
American Association of Retired Persons (C) (D), 7.5%, 5/1/31
|
750,000
|
1,030,666
|
DR Horton Inc., 5.25%, 2/15/15
|
215,000
|
225,213
|
ERAC USA Finance LLC (C) (D), 6.7%, 6/1/34
|
575,000
|
637,482
|
McDonald’s Corp., 5%, 2/1/19
|
1,000,000
|
1,181,796
|
3,075,157
|
||
Consumer Staples - 3.5%
|
||
Campbell Soup Co., 4.5%, 2/15/19
|
1,000,000
|
1,119,736
|
PepsiCo Inc., 4.65%, 2/15/13
|
215,000
|
222,221
|
PepsiCo Inc., 7.9%, 11/1/18
|
1,000,000
|
1,356,857
|
Walgreen Co., 5.25%, 1/15/19
|
1,000,000
|
1,167,633
|
WM Wrigley Jr. Co. (C) (D), 3.05%, 6/28/13
|
1,240,000
|
1,257,621
|
5,124,068
|
||
Energy - 0.9%
|
||
Hess Corp., 7.875%, 10/1/29
|
240,000
|
322,322
|
Transocean Inc. (E), 6%, 3/15/18
|
850,000
|
951,211
|
1,273,533
|
||
Financials - 1.6%
|
||
American Express Credit Corp., 2.375%, 3/24/17
|
380,000
|
387,479
|
HCP Inc., 6.7%, 1/30/18
|
490,000
|
573,359
|
Lehman Brothers Holdings Inc. (F) *, 5.75%, 1/3/17
|
520,000
|
52
|
Simon Property Group L.P., 5.875%, 3/1/17
|
270,000
|
311,707
|
Swiss Re Solutions Holding Corp., 7%, 2/15/26
|
290,000
|
341,982
|
UBS AG (E), 5.75%, 4/25/18
|
250,000
|
274,853
|
Wells Fargo & Co., 5.25%, 10/23/12
|
485,000
|
495,058
|
2,384,490
|
||
Health Care - 2.0%
|
||
Eli Lilly & Co., 6.57%, 1/1/16
|
500,000
|
590,730
|
Genentech Inc., 5.25%, 7/15/35
|
325,000
|
370,073
|
Johnson & Johnson, 2.95%, 9/1/20
|
1,000,000
|
1,065,009
|
Merck & Co. Inc., 5.75%, 11/15/36
|
500,000
|
636,964
|
Wyeth, 6.5%, 2/1/34
|
230,000
|
310,163
|
2,972,939
|
Par Value
|
Value (Note 2)
|
|
Industrials - 2.1%
|
||
Boeing Co./The, 8.625%, 11/15/31
|
$ 240,000
|
$ 361,607
|
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20
|
285,000
|
377,761
|
EI du Pont de Nemours & Co., 5%, 1/15/13
|
35,000
|
36,075
|
Honeywell International Inc., 3.875%, 2/15/14
|
1,000,000
|
1,058,698
|
Norfolk Southern Corp., 5.59%, 5/17/25
|
359,000
|
432,193
|
Norfolk Southern Corp., 7.05%, 5/1/37
|
390,000
|
540,613
|
Waste Management Inc., 7.125%, 12/15/17
|
235,000
|
284,605
|
3,091,552
|
||
Information Technology - 0.3%
|
||
Cisco Systems Inc., 5.5%, 2/22/16
|
400,000
|
466,326
|
Materials - 0.4%
|
||
Weyerhaeuser Co., 7.375%, 3/15/32
|
500,000
|
546,062
|
Telecommunication Services - 3.4%
|
||
AT&T Inc., 4.85%, 2/15/14
|
1,500,000
|
1,608,948
|
Cellco Partnership / Verizon Wireless Capital LLC, 8.5%, 11/15/18
|
1,500,000
|
2,065,424
|
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22
|
525,000
|
766,633
|
Rogers Communications Inc. (E), 6.25%, 6/15/13
|
455,000
|
482,233
|
4,923,238
|
||
Utilities - 1.3%
|
||
Sierra Pacific Power Co., Series M, 6%, 5/15/16
|
650,000
|
758,199
|
Virginia Electric and Power Co., Series C, 5.1%, 11/30/12
|
215,000
|
220,652
|
Wisconsin Electric Power Co., 6.5%, 6/1/28
|
750,000
|
934,182
|
1,913,033
|
||
Total Corporate Notes and Bonds
( Cost $22,759,116 )
|
25,770,398
|
|
MORTGAGE BACKED SECURITIES - 13.0%
|
||
Fannie Mae - 11.2%
|
||
4%, 4/1/15 Pool # 255719
|
179,600
|
191,120
|
5.5%, 4/1/16 Pool # 745444
|
152,339
|
166,486
|
6%, 5/1/16 Pool # 582558
|
11,103
|
12,160
|
5.5%, 2/1/18 Pool # 673194
|
167,369
|
183,104
|
5%, 5/1/20 Pool # 813965
|
275,842
|
301,601
|
4.5%, 9/1/20 Pool # 835465
|
281,632
|
303,482
|
6%, 5/1/21 Pool # 253847
|
25,829
|
28,574
|
4.5%, 4/1/23 Pool # 974401
|
677,911
|
736,014
|
4.5%, 6/1/23 Pool # 984075
|
360,124
|
387,163
|
7%, 12/1/29 Pool # 762813
|
22,747
|
26,407
|
7%, 11/1/31 Pool # 607515
|
25,156
|
29,806
|
6.5%, 3/1/32 Pool # 631377
|
193,686
|
222,549
|
7%, 4/1/32 Pool # 641518
|
2,121
|
2,500
|
7%, 5/1/32 Pool # 644591
|
10,700
|
12,678
|
Par Value
|
Value (Note 2)
|
|
MORTGAGE BACKED SECURITIES (continued)
|
||
Fannie Mae (continued)
|
||
6.5%, 6/1/32 Pool # 545691
|
$ 331,651
|
$ 379,967
|
6%, 12/1/32 Pool # 676552
|
104,153
|
116,753
|
5.5%, 4/1/33 Pool # 690206
|
711,663
|
784,525
|
5%, 10/1/33 Pool # 254903
|
376,933
|
409,937
|
5.5%, 11/1/33 Pool # 555880
|
471,203
|
519,446
|
5%, 5/1/34 Pool # 775604
|
54,827
|
59,628
|
5%, 5/1/34 Pool # 780890
|
184,040
|
200,154
|
5%, 6/1/34 Pool # 255230
|
86,820
|
94,422
|
5.5%, 6/1/34 Pool # 780384
|
657,355
|
723,835
|
7%, 7/1/34 Pool # 792636
|
16,736
|
19,286
|
5.5%, 8/1/34 Pool # 793647
|
133,851
|
147,932
|
5.5%, 3/1/35 Pool # 815976
|
648,572
|
714,164
|
5.5%, 7/1/35 Pool # 825283
|
315,906
|
347,888
|
5%, 8/1/35 Pool # 829670
|
378,661
|
411,697
|
5.5%, 8/1/35 Pool # 826872
|
152,517
|
167,774
|
5%, 9/1/35 Pool # 820347
|
376,252
|
421,189
|
5%, 9/1/35 Pool # 835699
|
337,700
|
378,033
|
5%, 10/1/35 Pool # 797669
|
373,687
|
414,884
|
5.5%, 10/1/35 Pool # 836912
|
343,765
|
377,887
|
5%, 11/1/35 Pool # 844504
|
418,048
|
465,233
|
5%, 11/1/35 Pool # 844809
|
269,360
|
292,860
|
5%, 12/1/35 Pool # 850561
|
290,369
|
315,703
|
6%, 7/1/36 Pool # 870749
|
307,461
|
342,398
|
6%, 11/1/36 Pool # 902510
|
393,348
|
441,794
|
5.5%, 2/1/37 Pool # 905140
|
334,082
|
368,861
|
5.5%, 5/1/37 Pool # 899323
|
249,649
|
274,351
|
5.5%, 5/1/37 Pool # 928292
|
525,723
|
581,026
|
6%, 10/1/37 Pool # 947563
|
436,690
|
490,475
|
6.5%, 12/1/37 Pool # 889072
|
651,367
|
736,083
|
5%, 4/1/38 Pool # 257160
|
647,357
|
703,432
|
5.5%, 7/1/38 Pool # 986805
|
219,389
|
240,068
|
5.5%, 7/1/38 Pool # 986973
|
480,896
|
530,883
|
5%, 8/1/38 Pool # 988934
|
625,211
|
687,769
|
6.5%, 8/1/38 Pool # 987711
|
616,448
|
695,274
|
16,459,255
|
||
Freddie Mac - 1.7%
|
||
5%, 5/1/18 Pool # E96322
|
146,170
|
158,169
|
8%, 6/1/30 Pool # C01005
|
3,007
|
3,714
|
7%, 3/1/31 Pool # C48133
|
7,795
|
9,266
|
6.5%, 1/1/32 Pool # C62333
|
54,037
|
61,849
|
5%, 7/1/33 Pool # A11325
|
867,642
|
959,175
|
6%, 10/1/34 Pool # A28439
|
96,243
|
107,329
|
6%, 10/1/34 Pool # A28598
|
39,451
|
43,996
|
Par Value
|
Value (Note 2)
|
|
5%, 4/1/35 Pool # A32315
|
$ 104,821
|
$ 116,849
|
5%, 4/1/35 Pool # A32316
|
98,451
|
109,748
|
5.5%, 11/1/37 Pool # A68787
|
797,941
|
885,247
|
2,455,342
|
||
Ginnie Mae - 0.1%
|
||
8%, 10/20/15 Pool # 2995
|
9,434
|
10,162
|
6.5%, 2/20/29 Pool # 2714
|
28,313
|
32,568
|
6.5%, 4/20/31 Pool # 3068
|
15,063
|
17,374
|
60,104
|
||
Total Mortgage Backed Securities
( Cost $17,121,145 )
|
18,974,701
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 66.3%
|
||
Fannie Mae - 0.8%
|
||
4.625%, 10/15/14
|
1,095,000
|
1,207,577
|
Federal Farm Credit Bank - 0.4%
|
||
5.875%, 10/3/16
|
500,000
|
605,261
|
Freddie Mac - 0.3%
|
||
4.500%, 1/15/14
|
400,000
|
429,608
|
U.S. Treasury Bonds - 7.8%
|
||
6.625%, 2/15/27
|
2,905,000
|
4,400,169
|
4.500%, 5/15/38
|
5,500,000
|
7,017,659
|
11,417,828
|
||
U.S. Treasury Notes - 57.0%
|
||
1.375%, 5/15/12
|
688,000
|
688,323
|
1.375%, 1/15/13
|
8,000,000
|
8,067,184
|
3.125%, 8/31/13
|
7,425,000
|
7,709,236
|
4.000%, 2/15/14
|
3,850,000
|
4,106,114
|
4.250%, 8/15/14
|
8,360,000
|
9,107,827
|
2.375%, 9/30/14
|
2,000,000
|
2,099,218
|
2.250%, 1/31/15
|
9,000,000
|
9,460,548
|
2.500%, 3/31/15
|
265,000
|
281,128
|
4.250%, 8/15/15
|
5,500,000
|
6,178,909
|
2.750%, 11/30/16
|
5,000,000
|
5,453,125
|
3.125%, 1/31/17
|
3,800,000
|
4,217,111
|
2.375%, 7/31/17
|
2,200,000
|
2,366,375
|
4.250%, 11/15/17
|
4,300,000
|
5,062,579
|
2.750%, 2/15/19
|
7,700,000
|
8,457,364
|
3.625%, 8/15/19
|
2,750,000
|
3,183,339
|
2.625%, 11/15/20
|
6,600,000
|
7,111,500
|
83,549,880
|
||
Total U.S. Government and Agency Obligations ( Cost $88,891,223 )
|
97,210,154
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 0.9%
|
||
State Street Institutional U.S. Government Money Market Fund
|
$1,358,533
|
$ 1,358,533
|
Total Investment Companies
( Cost $1,358,533 )
|
1,358,533
|
|
TOTAL INVESTMENTS - 99.4% ( Cost $132,359,148** )
|
145,585,169
|
|
NET OTHER ASSETS AND LIABILITIES - 0.6%
|
941,314
|
|
TOTAL NET ASSETS - 100.0%
|
$146,526,483
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $132,359,148.
|
(A)
|
Represents a security with a specified coupon until a predetermined date, at which time the stated rate is adjusted to a new contract rate.
|
(B)
|
Floating rate or variable rate note. Rate shown is as of April 30, 2012.
|
(C)
|
Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional investors."
|
(D)
|
Illiquid security. (See Note 2.)
|
(E)
|
Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 1.2% of total net assets.
|
(F)
|
In default. Issuer is bankrupt.
|
Par Value
|
Value (Note 2)
|
|
CORPORATE NOTES AND BONDS - 96.3%
|
||
Consumer Discretionary - 31.5%
|
||
Auto Components - 2.4%
|
||
Allison Transmission Inc. (A), 11%, 11/1/15
|
$ 177,000
|
$ 186,735
|
Allison Transmission Inc. (A), 7.125%, 5/15/19
|
500,000
|
523,750
|
American Axle & Manufacturing Inc., 7.875%, 3/1/17
|
750,000
|
776,250
|
Goodyear Tire & Rubber Co., 7%, 5/15/22
|
350,000
|
347,375
|
Lear Corp., 8.125%, 3/15/20
|
500,000
|
557,500
|
2,391,610
|
||
Automobiles - 1.1%
|
||
Cooper Standard Automotive Inc., 8.5%, 5/1/18
|
1,000,000
|
1,080,000
|
Diversified Consumer Services - 0.2%
|
||
Education Management LLC / Education Management Finance Corp., 8.75%, 6/1/14
|
250,000
|
243,125
|
Hotels, Restaurants & Leisure - 4.1%
|
||
Boyd Gaming Corp., 7.125%, 2/1/16
|
150,000
|
146,250
|
Boyd Gaming Corp., 9.125%, 12/1/18
|
500,000
|
525,000
|
Felcor Lodging L.P., 6.75%, 6/1/19
|
1,000,000
|
1,010,000
|
Isle of Capri Casinos Inc., 7%, 3/1/14
|
500,000
|
498,750
|
Pinnacle Entertainment Inc., 8.625%, 8/1/17
|
800,000
|
876,000
|
Pinnacle Entertainment Inc., 8.75%, 5/15/20
|
200,000
|
220,500
|
Scientific Games International Inc. (A), 7.875%, 6/15/16
|
500,000
|
520,625
|
Scientific Games International Inc., 9.25%, 6/15/19
|
250,000
|
276,875
|
4,074,000
|
||
Household Durables - 2.4%
|
||
Griffon Corp., 7.125%, 4/1/18
|
1,000,000
|
1,043,750
|
Jarden Corp., 8%, 5/1/16
|
500,000
|
547,188
|
Jarden Corp., 7.5%, 5/1/17
|
250,000
|
278,125
|
Spectrum Brands Holdings Inc., 9.5%, 6/15/18
|
500,000
|
566,250
|
2,435,313
|
||
Media - 18.2%
|
||
Allbritton Communications Co., 8%, 5/15/18
|
500,000
|
532,500
|
AMC Networks Inc. (A), 7.75%, 7/15/21
|
300,000
|
335,250
|
Belo Corp., 8%, 11/15/16
|
500,000
|
555,000
|
Cablevision Systems Corp., 7.75%, 4/15/18
|
250,000
|
265,625
|
CCO Holdings LLC / CCO Holdings Capital Corp., 8.125%, 4/30/20
|
1,000,000
|
1,120,000
|
CCO Holdings LLC / CCO Holdings Capital Corp., 6.5%, 4/30/21
|
750,000
|
783,750
|
Cequel Communications Holdings I LLC and Cequel Capital Corp. (A), 8.625%, 11/15/17
|
1,150,000
|
1,242,000
|
Clear Channel Worldwide Holdings Inc. (A), 7.625%, 3/15/20
|
500,000
|
495,000
|
CSC Holdings LLC (A), 6.75%, 11/15/21
|
400,000
|
415,000
|
Cumulus Media Holdings Inc., 7.75%, 5/1/19
|
650,000
|
615,062
|
Par Value
|
Value (Note 2)
|
|
DISH DBS Corp., 6.75%, 6/1/21
|
$1,125,000
|
$ 1,231,875
|
Gannett Co. Inc., 7.125%, 9/1/18
|
1,000,000
|
1,062,500
|
Gray Television Inc., 10.5%, 6/29/15
|
700,000
|
735,000
|
Hughes Satellite Systems Corp., 6.5%, 6/15/19
|
250,000
|
267,500
|
Hughes Satellite Systems Corp., 7.625%, 6/15/21
|
750,000
|
812,812
|
Inmarsat Finance PLC (A) (B), 7.375%, 12/1/17
|
300,000
|
322,500
|
Intelsat Jackson Holdings S.A. (B), 11.25%, 6/15/16
|
500,000
|
525,625
|
Intelsat Luxembourg S.A. (B), 11.25%, 2/4/17
|
675,000
|
700,312
|
Intelsat Luxembourg S.A., PIK (A) (B), 11.5%, 2/4/17
|
375,000
|
387,188
|
Mediacom Broadband LLC / Mediacom Broadband Corp., 8.5%, 10/15/15
|
500,000
|
515,000
|
Mediacom LLC / Mediacom Capital Corp., 9.125%, 8/15/19
|
450,000
|
490,500
|
Mediacom LLC / Mediacom Capital Corp. (A), 7.25%, 2/15/22
|
100,000
|
101,500
|
Nielsen Finance LLC / Nielsen Finance Co., 11.625%, 2/1/14
|
130,000
|
150,475
|
Nielsen Finance LLC / Nielsen Finance Co., 7.75%, 10/15/18
|
1,000,000
|
1,105,000
|
Quebecor Media Inc. (B), 7.75%, 3/15/16
|
250,000
|
257,188
|
UPCB Finance V Ltd. (A), 7.25%, 11/15/21
|
350,000
|
368,375
|
UPCB Finance V Ltd. (A), 6.875%, 1/15/22
|
250,000
|
256,875
|
Viasat Inc., 8.875%, 9/15/16
|
500,000
|
541,250
|
Viasat Inc. (A), 6.875%, 6/15/20
|
370,000
|
374,625
|
Videotron Ltee (A) (B), 5%, 7/15/22
|
1,000,000
|
997,500
|
XM Satellite Radio Inc. (A), 7.625%, 11/1/18
|
500,000
|
545,000
|
18,107,787
|
||
Specialty Retail - 2.7%
|
||
Jo-Ann Stores Inc. (A), 8.125%, 3/15/19
|
750,000
|
750,000
|
Ltd. Brands Inc., 6.9%, 7/15/17
|
250,000
|
279,687
|
Pantry Inc./The, 7.75%, 2/15/14
|
500,000
|
500,000
|
Penske Automotive Group Inc., 7.75%, 12/15/16
|
1,080,000
|
1,124,561
|
Yankee Acquisition Corp., Series B, 8.5%, 2/15/15
|
15,000
|
15,375
|
2,669,623
|
||
Textiles, Apparel & Luxury Goods - 0.4%
|
||
Hanesbrands Inc., 6.375%, 12/15/20
|
250,000
|
258,125
|
Iconix Brand Group Inc. (A) (C), 2.5%, 6/1/16
|
150,000
|
140,250
|
398,375
|
||
Consumer Staples - 5.5%
|
||
ACCO Brands Corp., 10.625%, 3/15/15
|
250,000
|
272,613
|
ACCO Brands Corp., 7.625%, 8/15/15
|
500,000
|
512,710
|
Central Garden and Pet Co., 8.25%, 3/1/18
|
350,000
|
360,937
|
Del Monte Corp., 7.625%, 2/15/19
|
600,000
|
606,000
|
Dole Food Co. Inc. (A), 8%, 10/1/16
|
200,000
|
211,000
|
Par Value
|
Value (Note 2)
|
|
CORPORATE NOTES AND BONDS (continued)
|
||
Consumer Staples (continued)
|
||
Ingles Markets Inc., 8.875%, 5/15/17
|
$ 850,000
|
$ 920,125
|
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., 9.25%, 4/1/15
|
900,000
|
922,500
|
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp., 8.25%, 9/1/17
|
500,000
|
541,250
|
Stater Brothers Holdings, 7.75%, 4/15/15
|
250,000
|
255,625
|
SUPERVALU Inc., 8%, 5/1/16
|
350,000
|
367,500
|
Tops Markets LLC, 10.125%, 10/15/15
|
500,000
|
535,000
|
5,505,260
|
||
Energy - 10.1%
|
||
AmeriGas Finance LLC/AmeriGas Finance Corp., 7%, 5/20/22
|
400,000
|
408,000
|
AmeriGas Partners L.P. / AmeriGas Finance Corp., 6.25%, 8/20/19
|
500,000
|
505,000
|
Bill Barrett Corp., 7.625%, 10/1/19
|
500,000
|
505,000
|
Chaparral Energy Inc., 8.875%, 2/1/17
|
500,000
|
524,065
|
Chaparral Energy Inc., 8.25%, 9/1/21
|
500,000
|
532,500
|
Chesapeake Energy Corp., 6.775%, 3/15/19
|
1,100,000
|
1,069,750
|
Continental Resources Inc., 8.25%, 10/1/19
|
250,000
|
280,000
|
Ferrellgas L.P. / Ferrellgas Finance Corp., 9.125%, 10/1/17
|
500,000
|
526,250
|
Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp. (D), 8.625%, 6/15/20
|
325,000
|
293,312
|
Frac Tech Services LLC / Frac Tech Finance Inc. (A), 7.625%, 11/15/18
|
500,000
|
516,250
|
Helix Energy Solutions Group Inc. (A), 9.5%, 1/15/16
|
145,000
|
152,250
|
Inergy L.P. / Inergy Finance Corp., 7%, 10/1/18
|
250,000
|
256,250
|
Inergy L.P. / Inergy Finance Corp., 6.875%, 8/1/21
|
366,000
|
369,660
|
Linn Energy LLC / Linn Energy Finance Corp. (A), 6.5%, 5/15/19
|
750,000
|
753,750
|
MarkWest Energy Partners L.P. / MarkWest Energy Finance Corp., 6.75%, 11/1/20
|
500,000
|
548,750
|
PetroBakken Energy Ltd. (A) (B), 8.625%, 2/1/20
|
500,000
|
521,250
|
Precision Drilling Corp. (B), 6.5%, 12/15/21
|
750,000
|
780,000
|
Regency Energy Partners L.P. / Regency Energy Finance Corp., 6.875%, 12/1/18
|
500,000
|
530,000
|
Regency Energy Partners L.P. / Regency Energy Finance Corp., 6.5%, 7/15/21
|
750,000
|
795,000
|
Unit Corp., 6.625%, 5/15/21
|
250,000
|
253,750
|
10,120,787
|
||
Financials - 3.7%
|
||
CIT Group Inc. (A), 7%, 5/2/16
|
650,000
|
651,625
|
CIT Group Inc. (A), 7%, 5/2/17
|
750,000
|
751,875
|
CIT Group Inc., 5.25%, 3/15/18
|
200,000
|
206,000
|
Par Value
|
Value (Note 2)
|
|
MPT Operating Partnership L.P. / MPT Finance Corp., 6.875%, 5/1/21
|
$ 500,000
|
$ 522,500
|
Nuveen Investments Inc., 10.5%, 11/15/15
|
975,000
|
1,006,687
|
Trans Union LLC / TransUnion Financing Corp., 11.375%, 6/15/18
|
500,000
|
593,750
|
3,732,437
|
||
Health Care - 10.6%
|
||
AMGH Merger Sub Inc. (A), 9.25%, 11/1/18
|
500,000
|
515,000
|
Biomet Inc., 10%, 10/15/17
|
500,000
|
539,375
|
Biomet Inc., 11.625%, 10/15/17
|
1,000,000
|
1,085,000
|
DaVita Inc., 6.375%, 11/1/18
|
500,000
|
525,000
|
DaVita Inc., 6.625%, 11/1/20
|
250,000
|
261,563
|
Endo Pharmaceuticals Holdings Inc., 7%, 12/15/20
|
800,000
|
855,000
|
Endo Pharmaceuticals Holdings Inc., 7.25%, 1/15/22
|
200,000
|
214,500
|
Fresenius Medical Care US Finance II Inc. (A), 5.625%, 7/31/19
|
300,000
|
305,250
|
Fresenius Medical Care US Finance II Inc. (A), 5.875%, 1/31/22
|
550,000
|
558,937
|
HCA Inc., 6.5%, 2/15/20
|
500,000
|
535,000
|
HCA Inc., 7.5%, 2/15/22
|
650,000
|
699,562
|
HCA Inc., 5.875%, 3/15/22
|
250,000
|
254,063
|
Hologic Inc. (C) (E), 2%, 12/15/37
|
275,000
|
272,938
|
Multiplan Inc. (A), 9.875%, 9/1/18
|
250,000
|
271,250
|
Mylan Inc. (A), 6%, 11/15/18
|
250,000
|
262,500
|
Tenet Healthcare Corp., 9.25%, 2/1/15
|
150,000
|
167,625
|
Tenet Healthcare Corp. (A), 6.25%, 11/1/18
|
250,000
|
260,000
|
Tenet Healthcare Corp., 8%, 8/1/20
|
850,000
|
884,000
|
Valeant Pharmaceuticals International (A), 6.5%, 7/15/16
|
550,000
|
569,937
|
Valeant Pharmaceuticals International (A), 6.75%, 10/1/17
|
1,000,000
|
1,028,750
|
Vanguard Health Holding Co. II LLC/Vanguard Holding Co. II Inc. (A), 7.75%, 2/1/19
|
500,000
|
501,875
|
10,567,125
|
||
Industrials - 12.8%
|
||
Affinion Group Inc. (D), 11.5%, 10/15/15
|
450,000
|
398,250
|
Alliance Data Systems Corp. (A), 6.375%, 4/1/20
|
500,000
|
511,250
|
ARAMARK Corp., 8.5%, 2/1/15
|
1,550,000
|
1,588,765
|
Avis Budget Car Rental LLC / Avis Budget Finance Inc., 9.625%, 3/15/18
|
250,000
|
272,500
|
Avis Budget Car Rental LLC / Avis Budget Finance Inc., 8.25%, 1/15/19
|
750,000
|
785,625
|
Bristow Group Inc., 7.5%, 9/15/17
|
250,000
|
261,250
|
FTI Consulting Inc., 7.75%, 10/1/16
|
350,000
|
364,000
|
Geo Group Inc/The, 7.75%, 10/15/17
|
1,000,000
|
1,080,000
|
Hertz Corp./The, 6.75%, 4/15/19
|
250,000
|
260,938
|
Par Value
|
Value (Note 2)
|
|
CORPORATE NOTES AND BONDS (continued)
|
||
Industrials (continued)
|
||
Huntington Ingalls Industries Inc., 6.875%, 3/15/18
|
$ 500,000
|
$ 528,750
|
Huntington Ingalls Industries Inc., 7.125%, 3/15/21
|
100,000
|
105,875
|
Iron Mountain Inc., 6.625%, 1/1/16
|
500,000
|
500,625
|
Moog Inc., 7.25%, 6/15/18
|
500,000
|
532,500
|
RBS Global Inc. / Rexnord LLC, 8.5%, 5/1/18
|
300,000
|
326,250
|
RR Donnelley & Sons Co., 7.25%, 5/15/18
|
500,000
|
483,750
|
RSC Equipment Rental Inc. / RSC Holdings III LLC, 8.25%, 2/1/21
|
150,000
|
162,000
|
ServiceMaster Co./The, PIK (A), 10.75%, 7/15/15
|
464,048
|
484,355
|
ServiceMaster Co./The (A), 8%, 2/15/20
|
500,000
|
535,000
|
Terex Corp., 8%, 11/15/17
|
400,000
|
419,000
|
Tomkins LLC / Tomkins Inc., 9%, 10/1/18
|
450,000
|
500,625
|
Trinity Industries Inc. (C), 3.875%, 6/1/36
|
500,000
|
526,250
|
United Rentals North America Inc., 9.25%, 12/15/19
|
500,000
|
557,500
|
UR Financing Escrow Corp. (A), 7.625%, 4/15/22
|
500,000
|
528,750
|
West Corp./Old, 11%, 10/15/16
|
1,000,000
|
1,062,500
|
12,776,308
|
||
Information Technology - 4.9%
|
||
Advanced Micro Devices Inc. (C), 6%, 5/1/15
|
77,000
|
79,310
|
Advanced Micro Devices Inc., 8.125%, 12/15/17
|
550,000
|
605,000
|
General Cable Corp. (C), 0.875%, 11/15/13
|
325,000
|
316,875
|
Level 3 Financing Inc. (A), 8.125%, 7/1/19
|
200,000
|
205,500
|
Level 3 Financing Inc. (A), 8.625%, 7/15/20
|
850,000
|
890,375
|
Sensata Technologies BV (A) (B), 6.5%, 5/15/19
|
200,000
|
208,500
|
SunGard Data Systems Inc., 10.25%, 8/15/15
|
800,000
|
829,000
|
SunGard Data Systems Inc., 7.375%, 11/15/18
|
500,000
|
533,750
|
Syniverse Holdings Inc., 9.125%, 1/15/19
|
1,100,000
|
1,219,625
|
4,887,935
|
||
Materials - 7.7%
|
||
Arch Coal Inc., 7.25%, 10/1/20
|
1,000,000
|
895,000
|
Arch Western Finance LLC, 6.75%, 7/1/13
|
213,000
|
213,000
|
Ardagh Packaging Finance PLC (A) (B), 9.125%, 10/15/20
|
250,000
|
270,625
|
Ardagh Packaging Finance PLC / Ardagh MP Holdings USA Inc. (A) (B), 9.125%, 10/15/20
|
325,000
|
345,312
|
Ferro Corp., 7.875%, 8/15/18
|
500,000
|
512,500
|
FMG Resources August 2006 Pty Ltd. (A) (B), 7%, 11/1/15
|
100,000
|
103,500
|
Graphic Packaging International Inc., 9.5%, 6/15/17
|
500,000
|
555,000
|
Par Value
|
Value (Note 2)
|
|
Greif Inc., 6.75%, 2/1/17
|
$ 250,000
|
$ 270,000
|
Huntsman International LLC, 5.5%, 6/30/16
|
500,000
|
500,625
|
JMC Steel Group (A), 8.25%, 3/15/18
|
1,000,000
|
1,035,000
|
LyondellBasell Industries N.V. (A) (B), 5%, 4/15/19
|
1,000,000
|
1,032,500
|
Owens-Brockway Glass Container Inc. (A) (C), 3%, 6/1/15
|
150,000
|
146,438
|
Reynolds Group Holdings Ltd. (A), 8.25%, 2/15/21
|
750,000
|
723,750
|
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC (A), 9.25%, 5/15/18
|
250,000
|
252,500
|
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC (A), 9%, 4/15/19
|
250,000
|
251,250
|
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC (A), 9.875%, 8/15/19
|
500,000
|
521,250
|
7,628,250
|
||
Telecommunication Services - 7.1%
|
||
CenturyLink Inc., 5.8%, 3/15/22
|
500,000
|
495,702
|
CommScope Inc. (A), 8.25%, 1/15/19
|
500,000
|
533,750
|
Crown Castle International Corp., 7.125%, 11/1/19
|
150,000
|
164,250
|
Frontier Communications Corp., 8.25%, 5/1/14
|
375,000
|
407,812
|
Frontier Communications Corp., 7.875%, 4/15/15
|
650,000
|
705,250
|
Frontier Communications Corp., 8.5%, 4/15/20
|
350,000
|
364,000
|
Nextel Communications Inc., Series E, 6.875%, 10/31/13
|
500,000
|
500,000
|
Nextel Communications Inc., Series D, 7.375%, 8/1/15
|
500,000
|
485,000
|
Qwest Communications International Inc., 7.5%, 2/15/14
|
385,000
|
385,963
|
Qwest Communications International Inc., 7.125%, 4/1/18
|
500,000
|
533,750
|
Sprint Nextel Corp. (A), 7%, 3/1/20
|
200,000
|
204,000
|
tw telecom holdings, Inc., 8%, 3/1/18
|
500,000
|
547,500
|
Windstream Corp., 7.875%, 11/1/17
|
900,000
|
994,500
|
Windstream Corp., 7%, 3/15/19
|
250,000
|
255,000
|
Windstream Corp., 7.75%, 10/15/20
|
500,000
|
535,000
|
7,111,477
|
||
Utilities - 2.4%
|
||
AES Corp./The, 8%, 10/15/17
|
250,000
|
285,000
|
AES Corp./The, 8%, 6/1/20
|
250,000
|
287,500
|
Calpine Corp. (A), 7.25%, 10/15/17
|
500,000
|
533,750
|
Calpine Corp. (A), 7.5%, 2/15/21
|
500,000
|
535,000
|
NRG Energy Inc., 8.25%, 9/1/20
|
725,000
|
726,813
|
2,368,063
|
||
Total Corporate Notes and Bonds
( Cost $91,187,309 )
|
96,097,475
|
Shares
|
Value (Note 2)
|
|
PREFERRED STOCK - 0.6%
|
||
Information Technology - 0.6%
|
||
Lucent Technologies Capital Trust I (D)
|
800
|
$ 620,000
|
Total Preferred Stocks
( Cost $774,531 )
|
620,000
|
|
INVESTMENT COMPANIES - 2.3%
|
||
State Street Institutional U.S. Government Money Market Fund
|
2,261,382
|
2,261,382
|
Total Investment Companies
( Cost $2,261,382 )
|
2,261,382
|
|
TOTAL INVESTMENTS - 99.2% ( Cost $94,223,222** )
|
98,978,857
|
|
NET OTHER ASSETS AND LIABILITIES - 0.8%
|
814,133
|
|
TOTAL NET ASSETS - 100.0%
|
$ 99,792,990
|
**
|
Aggregate cost for Federal tax purposes was $94,240,368.
|
(A)
|
Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional investors."
|
(B)
|
Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 6.5% of total net assets.
|
(C)
|
Convertible.
|
(D)
|
Illiquid security. (See Note 2.)
|
(E)
|
Floating rate or variable rate note. Rate shown is as of April 30, 2012.
|
PIK
|
Payment in Kind.
|
PLC
|
Public Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 54.2%
|
||
Consumer Discretionary - 4.2%
|
||
McDonald’s Corp.
|
8,000
|
$ 779,600
|
Omnicom Group Inc.
|
16,000
|
820,960
|
Target Corp.
|
21,500
|
1,245,710
|
Time Warner Inc.
|
31,000
|
1,161,260
|
4,007,530
|
||
Consumer Staples - 7.2%
|
||
Coca-Cola Co./The
|
10,500
|
801,360
|
Diageo PLC, ADR
|
6,800
|
687,616
|
Nestle S.A., ADR
|
14,000
|
855,960
|
PepsiCo Inc.
|
25,500
|
1,683,000
|
Philip Morris International Inc.
|
7,000
|
626,570
|
Procter & Gamble Co./The
|
17,500
|
1,113,700
|
Sysco Corp.
|
18,500
|
534,650
|
Wal-Mart Stores Inc.
|
9,000
|
530,190
|
6,833,046
|
||
Energy - 6.0%
|
||
Chevron Corp.
|
22,700
|
2,418,912
|
ConocoPhillips
|
30,000
|
2,148,900
|
Ensco PLC, ADR
|
21,000
|
1,147,650
|
5,715,462
|
||
Financials - 9.3%
|
||
Axis Capital Holdings Ltd.
|
25,500
|
867,510
|
Bank of New York Mellon Corp./The
|
25,500
|
603,075
|
BlackRock Inc.
|
4,800
|
919,584
|
M&T Bank Corp.
|
8,000
|
690,160
|
Northern Trust Corp.
|
13,500
|
642,465
|
PartnerRe Ltd.
|
12,500
|
870,250
|
Travelers Cos. Inc./The
|
29,000
|
1,865,280
|
US Bancorp
|
33,500
|
1,077,695
|
Wells Fargo & Co.
|
38,000
|
1,270,340
|
8,806,359
|
||
Health Care - 8.5%
|
||
Becton, Dickinson and Co.
|
7,500
|
588,375
|
Johnson & Johnson
|
27,000
|
1,757,430
|
Medtronic Inc.
|
31,100
|
1,188,020
|
Merck & Co. Inc.
|
44,500
|
1,746,180
|
Novartis AG, ADR
|
9,300
|
513,081
|
Pfizer Inc.
|
102,062
|
2,340,282
|
8,133,368
|
||
Industrials - 6.6%
|
||
3M Co.
|
16,000
|
1,429,760
|
Boeing Co./The
|
9,500
|
729,600
|
Emerson Electric Co.
|
11,000
|
577,940
|
Illinois Tool Works Inc.
|
11,500
|
659,870
|
Lockheed Martin Corp.
|
6,300
|
570,402
|
Norfolk Southern Corp.
|
12,500
|
911,625
|
Shares
|
Value (Note 2)
|
|
United Parcel Service Inc., Class B
|
11,000
|
$ 859,540
|
Waste Management Inc.
|
17,000
|
581,400
|
6,320,137
|
||
Information Technology - 7.8%
|
||
Broadridge Financial Solutions Inc.
|
34,700
|
805,387
|
Intel Corp.
|
61,000
|
1,732,400
|
International Business Machines Corp.
|
3,000
|
621,240
|
Linear Technology Corp.
|
20,000
|
654,200
|
Microsoft Corp.
|
70,700
|
2,263,814
|
Paychex Inc.
|
26,500
|
820,970
|
Western Union Co./The
|
31,000
|
569,780
|
7,467,791
|
||
Materials - 0.9%
|
||
Air Products & Chemicals Inc.
|
9,500
|
812,155
|
Telecommunication Service - 2.0%
|
||
AT&T Inc.
|
58,992
|
1,941,427
|
Utilities - 1.7%
|
||
Exelon Corp.
|
25,500
|
994,755
|
FirstEnergy Corp.
|
13,600
|
636,752
|
1,631,507
|
||
Total Common Stocks
( Cost $43,397,854 )
|
51,668,782
|
Par Value
|
||
ASSET BACKED SECURITIES - 0.6%
|
||
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30
|
$ 98,971
|
100,310
|
Chase Issuance Trust, Series 2007-A17, Class A, 5.12%, 10/15/14
|
465,000
|
475,133
|
Total Asset Backed Securities
( Cost $566,611 )
|
575,443
|
|
CORPORATE NOTES AND BONDS - 14.6%
|
||
Consumer Discretionary - 2.1%
|
||
American Association of Retired Persons (B) (C), 7.5%, 5/1/31
|
750,000
|
1,030,666
|
DR Horton Inc., 5.25%, 2/15/15
|
130,000
|
136,175
|
ERAC USA Finance LLC (B) (C), 6.7%, 6/1/34
|
325,000
|
360,316
|
Royal Caribbean Cruises Ltd. (D), 7.25%, 6/15/16
|
400,000
|
429,000
|
1,956,157
|
||
Consumer Staples - 0.9%
|
||
Kraft Foods Inc., 6.5%, 11/1/31
|
475,000
|
582,744
|
WM Wrigley Jr. Co. (B) (C), 3.05%, 6/28/13
|
280,000
|
283,979
|
866,723
|
||
Energy - 0.7%
|
||
Hess Corp., 7.875%, 10/1/29
|
150,000
|
201,452
|
Transocean Inc. (D), 7.5%, 4/15/31
|
400,000
|
465,411
|
666,863
|
Par Value
|
Value (Note 2)
|
|
CORPORATE NOTES AND BONDS (continued)
|
||
Financials - 2.5%
|
||
American Express Credit Corp., 2.375%, 3/24/17
|
$ 90,000
|
$ 91,771
|
HCP Inc., 6.7%, 1/30/18
|
335,000
|
391,991
|
Lehman Brothers Holdings Inc. (E) *, 5.75%, 1/3/17
|
410,000
|
41
|
Nationwide Health Properties Inc., Series D, 8.25%, 7/1/12
|
600,000
|
605,583
|
Simon Property Group L.P., 5.875%, 3/1/17
|
140,000
|
161,626
|
Swiss Re Solutions Holding Corp., 7%, 2/15/26
|
210,000
|
247,642
|
US Bank NA, 6.3%, 2/4/14
|
500,000
|
545,259
|
Wells Fargo & Co., 5.25%, 10/23/12
|
330,000
|
336,843
|
2,380,756
|
||
Health Care - 2.4%
|
||
Amgen Inc., 5.85%, 6/1/17
|
1,050,000
|
1,244,194
|
Eli Lilly & Co., 6.57%, 1/1/16
|
300,000
|
354,438
|
Genentech Inc., 5.25%, 7/15/35
|
195,000
|
222,044
|
Merck & Co. Inc., 5.75%, 11/15/36
|
220,000
|
280,264
|
Wyeth, 6.5%, 2/1/34
|
150,000
|
202,280
|
2,303,220
|
||
Industrials - 1.3%
|
||
Boeing Co./The, 8.625%, 11/15/31
|
150,000
|
226,004
|
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20
|
175,000
|
231,958
|
Norfolk Southern Corp., 5.59%, 5/17/25
|
239,000
|
287,728
|
Norfolk Southern Corp., 7.05%, 5/1/37
|
260,000
|
360,409
|
Waste Management Inc., 7.125%, 12/15/17
|
150,000
|
181,663
|
1,287,762
|
||
Information Technology - 0.3%
|
||
Cisco Systems Inc., 5.5%, 2/22/16
|
240,000
|
279,795
|
Materials - 0.2%
|
||
Westvaco Corp., 8.2%, 1/15/30
|
175,000
|
200,777
|
Telecommunication Services - 1.0%
|
||
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22
|
415,000
|
606,005
|
Rogers Communications Inc. (D), 6.25%, 6/15/13
|
315,000
|
333,854
|
939,859
|
||
Utilities - 3.2%
|
||
Interstate Power & Light Co., 6.25%, 7/15/39
|
175,000
|
224,095
|
Nevada Power Co., Series R, 6.75%, 7/1/37
|
400,000
|
530,365
|
Sierra Pacific Power Co., Series M, 6%, 5/15/16
|
126,000
|
146,974
|
Southwestern Electric Power Co., Series E, 5.55%, 1/15/17
|
500,000
|
565,762
|
Westar Energy Inc., 6%, 7/1/14
|
600,000
|
657,701
|
Par Value
|
Value (Note 2)
|
|
Wisconsin Electric Power Co., 6.5%, 6/1/28
|
$ 750,000
|
$ 934,182
|
3,059,079
|
||
Total Corporate Notes and Bonds
( Cost $12,531,595 )
|
13,940,991
|
|
MORTGAGE BACKED SECURITIES - 8.0%
|
||
Fannie Mae - 6.8%
|
||
4%, 4/1/15 Pool # 255719
|
64,544
|
68,684
|
5.5%, 4/1/16 Pool # 745444
|
97,155
|
106,178
|
6%, 5/1/16 Pool # 582558
|
16,654
|
18,239
|
5%, 12/1/17 Pool # 672243
|
223,685
|
243,245
|
5%, 5/1/20 Pool # 813965
|
225,689
|
246,765
|
4.5%, 9/1/20 Pool # 835465
|
281,632
|
303,481
|
6%, 5/1/21 Pool # 253847
|
36,160
|
40,004
|
7%, 12/1/29 Pool # 762813
|
14,475
|
16,805
|
7%, 11/1/31 Pool # 607515
|
25,156
|
29,806
|
7%, 5/1/32 Pool # 644591
|
17,121
|
20,285
|
5.5%, 10/1/33 Pool # 254904
|
250,809
|
276,487
|
5%, 5/1/34 Pool # 782214
|
13,206
|
14,363
|
5%, 6/1/34 Pool # 255230
|
212,455
|
231,057
|
7%, 7/1/34 Pool # 792636
|
10,520
|
12,123
|
5.5%, 8/1/34 Pool # 793647
|
81,870
|
90,482
|
5.5%, 3/1/35 Pool # 810075
|
162,961
|
179,137
|
5.5%, 3/1/35 Pool # 815976
|
398,115
|
438,377
|
5%, 8/1/35 Pool # 829670
|
220,152
|
239,359
|
5%, 9/1/35 Pool # 820347
|
224,431
|
251,235
|
5%, 9/1/35 Pool # 835699
|
210,201
|
235,306
|
5%, 10/1/35 Pool # 797669
|
339,715
|
377,168
|
5%, 11/1/35 Pool # 844504
|
292,633
|
325,663
|
5%, 11/1/35 Pool # 844809
|
171,411
|
186,366
|
5%, 12/1/35 Pool # 850561
|
176,747
|
192,167
|
5.5%, 2/1/36 Pool # 851330
|
73,501
|
80,965
|
5.5%, 9/1/36 Pool # 831820
|
428,130
|
479,322
|
6%, 9/1/36 Pool # 831741
|
160,554
|
178,104
|
5.5%, 10/1/36 Pool # 896340
|
55,604
|
61,087
|
5.5%, 10/1/36 Pool # 901723
|
219,368
|
240,114
|
5.5%, 12/1/36 Pool # 902853
|
353,143
|
389,851
|
5.5%, 12/1/36 Pool # 903059
|
342,037
|
381,011
|
5.5%, 12/1/36 Pool # 907512
|
227,628
|
250,151
|
5.5%, 12/1/36 Pool # 907635
|
280,547
|
312,514
|
6,515,901
|
||
Freddie Mac - 1.1%
|
||
8%, 6/1/30 Pool # C01005
|
5,563
|
6,870
|
6.5%, 1/1/32 Pool # C62333
|
81,055
|
92,774
|
5%, 7/1/33 Pool # A11325
|
619,744
|
685,125
|
6%, 10/1/34 Pool # A28439
|
56,564
|
63,079
|
6%, 10/1/34 Pool # A28598
|
23,186
|
25,857
|
5%, 4/1/35 Pool # A32315
|
69,182
|
77,121
|
5%, 4/1/35 Pool # A32316
|
55,727
|
62,121
|
1,012,947
|
Par Value
|
Value (Note 2)
|
|
MORTGAGE BACKED SECURITIES (continued)
|
||
Ginnie Mae - 0.1%
|
||
8%, 10/20/15 Pool # 2995
|
$ 6,170
|
$ 6,647
|
6.5%, 2/20/29 Pool # 2714
|
39,638
|
45,595
|
6.5%, 4/20/31 Pool # 3068
|
25,104
|
28,956
|
81,198
|
||
Total Mortgage Backed Securities
( Cost $6,879,790 )
|
7,610,046
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 15.8%
|
||
U.S. Treasury Bond - 1.4%
|
||
6.625%, 2/15/27
|
860,000
|
1,302,632
|
U.S. Treasury Notes - 14.4%
|
||
1.375%, 5/15/12
|
375,000
|
375,176
|
0.375%, 10/31/12
|
1,000,000
|
1,001,055
|
1.375%, 1/15/13
|
1,000,000
|
1,008,398
|
3.125%, 8/31/13
|
290,000
|
301,102
|
4.000%, 2/15/14
|
1,150,000
|
1,226,501
|
4.250%, 8/15/14
|
1,575,000
|
1,715,889
|
4.250%, 11/15/14
|
2,000,000
|
2,196,562
|
2.500%, 3/31/15
|
190,000
|
201,563
|
4.250%, 8/15/15
|
60,000
|
67,406
|
3.125%, 1/31/17
|
1,400,000
|
1,553,672
|
2.375%, 7/31/17
|
200,000
|
215,125
|
4.250%, 11/15/17
|
2,100,000
|
2,472,422
|
3.375%, 11/15/19
|
500,000
|
569,844
|
2.625%, 11/15/20
|
800,000
|
862,000
|
13,766,715
|
||
Total U.S. Government and Agency Obligations ( Cost $14,309,738 )
|
15,069,347
|
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 6.2%
|
||
State Street Institutional U.S. Government Money Market Fund
|
5,875,238
|
$ 5,875,238
|
Total Investment Companies
( Cost $5,875,238 )
|
5,875,238
|
|
TOTAL INVESTMENTS - 99.4% ( Cost $83,560,826** )
|
94,739,847
|
|
NET OTHER ASSETS AND LIABILITIES - 0.6%
|
567,691
|
|
TOTAL NET ASSETS - 100.0%
|
$ 95,307,538
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $83,746,120.
|
(A)
|
Represents a security with a specified coupon until a predetermined date, at which time the stated rate is adjusted to a new contract rate.
|
(B)
|
Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional investors."
|
(C)
|
Illiquid security. (See Note 2.)
|
(D)
|
Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 1.3% of total net assets.
|
(E)
|
In default. Issuer is bankrupt.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCK - 78.0%***
|
||
Consumer Discretionary - 9.0%
|
||
Best Buy Co. Inc.
|
30,000
|
$ 662,100
|
CarMax Inc.*
|
70,729
|
2,183,404
|
Kohl’s Corp.
|
50,000
|
2,506,500
|
Staples Inc.
|
140,000
|
2,156,000
|
Target Corp.
|
35,000
|
2,027,900
|
9,535,904
|
||
Energy - 13.8%
|
||
Apache Corp.
|
30,000
|
2,878,200
|
Canadian Natural Resources Ltd.
|
85,000
|
2,953,750
|
Noble Corp.*
|
40,000
|
1,522,400
|
Petroleo Brasileiro S.A., ADR
|
85,000
|
2,000,900
|
Schlumberger Ltd.
|
50,000
|
3,707,000
|
Southwestern Energy Co.*
|
50,000
|
1,579,000
|
14,641,250
|
||
Financials - 8.5%
|
||
Bank of New York Mellon Corp./The
|
100,000
|
2,365,000
|
IntercontinentalExchange Inc.*
|
10,000
|
1,330,400
|
Morgan Stanley
|
90,100
|
1,556,928
|
State Street Corp.
|
45,000
|
2,079,900
|
T Rowe Price Group Inc.
|
14,400
|
908,856
|
US Bancorp
|
25,000
|
804,250
|
9,045,334
|
||
Health Care - 13.7%
|
||
Community Health Systems Inc.*
|
60,000
|
1,460,400
|
Gilead Sciences Inc.*
|
15,000
|
780,150
|
Laboratory Corp. of America Holdings*
|
24,000
|
2,109,360
|
Mylan Inc.*
|
120,000
|
2,605,200
|
St. Jude Medical Inc.
|
55,000
|
2,129,600
|
Stryker Corp.
|
45,000
|
2,455,650
|
Teva Pharmaceutical Industries Ltd., ADR
|
65,000
|
2,973,100
|
14,513,460
|
||
Industrials - 7.0%
|
||
Expeditors International of Washington Inc.
|
60,000
|
2,400,000
|
Jacobs Engineering Group Inc.*
|
50,000
|
2,191,500
|
Norfolk Southern Corp.
|
40,000
|
2,917,200
|
7,508,700
|
||
Information Technology - 22.0%
|
||
Adobe Systems Inc.*
|
60,000
|
2,013,600
|
Altera Corp.
|
60,000
|
2,134,200
|
Apple Inc.*
|
2,500
|
1,460,600
|
BMC Software Inc.*
|
60,000
|
2,475,600
|
Shares
|
Value (Note 2)
|
|
Broadcom Corp., Class A*
|
60,000
|
$ 2,196,000
|
Brocade Communications Systems Inc.*
|
130,003
|
720,217
|
Cisco Systems Inc.
|
110,000
|
2,216,500
|
eBay Inc.*
|
26,000
|
1,067,300
|
EMC Corp.*
|
40,000
|
1,128,400
|
FLIR Systems Inc.
|
100,000
|
2,246,000
|
Google Inc., Class A*
|
5,500
|
3,328,765
|
QUALCOMM Inc.
|
30,000
|
1,915,200
|
Yahoo! Inc.*
|
35,000
|
543,900
|
23,446,282
|
||
Materials - 4.0%
|
||
Freeport-McMoRan Copper & Gold Inc.
|
82,000
|
3,140,600
|
International Flavors & Fragrances Inc.
|
18,202
|
1,095,942
|
4,236,542
|
||
Total Common Stock (Cost $82,846,474)
|
82,927,472
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 4.7%
|
||
U.S. Treasury Bill
|
||
0.07%, 7/12/12
|
5,000,000
|
4,999,259
|
Total U.S. Government and Agency Obligations (Cost $4,999,259)
|
4,999,259
|
|
INVESTMENT COMPANIES - 2.0%
|
||
SPDR S&P 500 ETF Trust
|
15,000
|
2,096,550
|
Total Investment Companies
(Cost $2,100,742)
|
2,096,550
|
|
Repurchase Agreement - 17.1%
|
||
With U.S. Bank National Association issued 04/30/12 at 0.01%, due 05/1/2012, collateralized by $4,261,317 in Fannie Mae Pool #254725 due 05/1/2033 and collateralized by $14,278,777 in Fannie Mae Pool #695167 due 05/01/2033. Proceeds at maturity are $18,177,557 (Cost $18,177,552)
|
18,177,552
|
|
TOTAL INVESTMENTS - 101.8% (Cost $108,124,027**)
|
108,200,833
|
|
NET OTHER ASSETS AND LIABILITIES - 0.4%
|
480,200
|
|
TOTAL CALL & PUT OPTIONS WRITTEN- (2.2%)
|
(2,383,905)
|
|
TOTAL ASSETS - 100.0%
|
$106,297,128
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $108,133,770.
|
***
|
All or a portion of these securities’ positions represents covers (directly or through conversion rights) for outstanding options written.
|
ADR
|
American Depository Receipt
|
ETN
|
Exchange Traded Note
|
Call Options Written
|
Contracts (100 shares per contract)
|
Expiration
Date
|
Exercise
Price
|
Value
(Note 2)
|
Adobe Systems Inc.
|
300
|
July 2012
|
$ 33.00
|
$ 61,500
|
Adobe Systems Inc.
|
150
|
July 2012
|
34.00
|
22,875
|
Apache Corp.
|
200
|
July 2012
|
110.00
|
12,600
|
Apple Inc.
|
25
|
July 2012
|
610.00
|
60,250
|
Bank of New York Mellon Corp./The
|
400
|
September 2012
|
24.00
|
58,200
|
Bank of New York Mellon Corp./The
|
300
|
September 2012
|
25.00
|
30,450
|
BMC Software Inc.
|
250
|
May 2012
|
35.00
|
150,000
|
BMC Software Inc.
|
150
|
May 2012
|
36.00
|
81,750
|
BMC Software Inc.
|
200
|
August 2012
|
42.00
|
49,500
|
Broadcom Corp.
|
200
|
May 2012
|
41.00
|
5,200
|
Canadian Natural Resources Ltd.
|
200
|
June 2012
|
40.00
|
3,500
|
Canadian Natural Resources Ltd.
|
300
|
September 2012
|
36.00
|
68,250
|
CarMax Inc.
|
400
|
July 2012
|
32.00
|
48,000
|
CarMax Inc.
|
150
|
October 2012
|
32.00
|
30,375
|
Cisco Systems Inc.
|
400
|
May 2012
|
20.00
|
27,400
|
Cisco Systems Inc.
|
400
|
July 2012
|
21.00
|
21,800
|
Community Health Systems Inc.
|
300
|
May 2012
|
24.00
|
34,500
|
Community Health Systems Inc.
|
300
|
June 2012
|
25.00
|
36,000
|
eBay Inc.
|
260
|
July 2012
|
34.00
|
195,000
|
EMC Corp.
|
400
|
July 2012
|
28.00
|
54,000
|
Expeditors International of Washington Inc.
|
300
|
May 2012
|
45.00
|
2,250
|
Expeditors International of Washington Inc.
|
300
|
August 2012
|
47.50
|
8,250
|
Freeport-McMoRan Copper & Gold Inc.
|
270
|
May 2012
|
40.00
|
12,960
|
Freeport-McMoRan Copper & Gold Inc.
|
142
|
May 2012
|
45.00
|
781
|
Freeport-McMoRan Copper & Gold Inc.
|
200
|
August 2012
|
40.00
|
42,600
|
Gilead Sciences Inc.
|
150
|
May 2012
|
50.00
|
40,875
|
Google Inc.
|
30
|
June 2012
|
625.00
|
30,450
|
IntercontinentalExchange Inc.
|
100
|
June 2012
|
135.00
|
40,000
|
International Flavors & Fragrances Inc.
|
150
|
May 2012
|
55.00
|
81,000
|
Jacobs Engineering Group Inc.
|
230
|
July 2012
|
46.00
|
33,350
|
Jacobs Engineering Group Inc.
|
270
|
October 2012
|
47.00
|
64,125
|
Kohl’s Corp.
|
500
|
July 2012
|
52.50
|
60,000
|
Laboratory Corp. of America Holdings
|
240
|
August 2012
|
92.50
|
44,400
|
Morgan Stanley
|
400
|
May 2012
|
21.00
|
1,000
|
Noble Corp.
|
258
|
June 2012
|
39.00
|
26,574
|
Norfolk Southern Corp.
|
200
|
June 2012
|
70.00
|
76,000
|
Norfolk Southern Corp.
|
200
|
September 2012
|
72.50
|
80,000
|
Petroleo Brasileiro SA
|
350
|
July 2012
|
28.00
|
4,550
|
Schlumberger Ltd.
|
250
|
May 2012
|
80.00
|
2,875
|
Schlumberger Ltd.
|
250
|
August 2012
|
72.50
|
131,250
|
Southwestern Energy Co.
|
200
|
May 2012
|
32.00
|
28,100
|
Southwestern Energy Co.
|
160
|
June 2012
|
34.00
|
17,440
|
SPDR S&P 500 ETF Trust
|
50
|
June 2012
|
140.00
|
14,275
|
SPDR S&P 500 ETF Trust
|
50
|
July 2012
|
142.00
|
13,600
|
St. Jude Medical Inc.
|
250
|
July 2012
|
42.50
|
16,250
|
Staples Inc.
|
500
|
June 2012
|
16.00
|
18,750
|
Call Options Written
|
Contracts (100 shares per contract)
|
Expiration
Date
|
Exercise
Price
|
Value
(Note 2)
|
Staples Inc.
|
535
|
September 2012
|
$ 16.00
|
$ 41,463
|
State Street Corp.
|
150
|
May 2012
|
43.00
|
51,750
|
State Street Corp.
|
150
|
August 2012
|
47.00
|
30,300
|
Stryker Corp.
|
250
|
June 2012
|
55.00
|
30,000
|
Stryker Corp.
|
20
|
September 2012
|
55.00
|
5,100
|
T Rowe Price Group Inc.
|
50
|
May 2012
|
65.00
|
1,750
|
Teva Pharmaceutical Industries Ltd.
|
300
|
June 2012
|
45.00
|
53,400
|
Teva Pharmaceutical Industries Ltd.
|
350
|
September 2012
|
47.50
|
55,475
|
US Bancorp
|
250
|
June 2012
|
28.00
|
107,500
|
Total Call Options Written (Premiums received $2,666,042)
|
$2,319,593
|
|||
Put Options Written
|
||||
Apple Inc.
|
25
|
July 2012
|
540.00
|
41,813
|
IntercontinentalExchange Inc
|
100
|
June 2012
|
125.00
|
22,500
|
Total Put Options Written (Premiums received $104,519)
|
$ 64,312
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 97.1%
|
||
Consumer Discretionary - 6.1%
|
||
Omnicom Group Inc.
|
48,278
|
$ 2,477,144
|
Target Corp.
|
58,000
|
3,360,520
|
Time Warner Inc.
|
81,800
|
3,064,228
|
8,901,892
|
||
Consumer Staples - 10.7%
|
||
Diageo PLC, ADR
|
18,199
|
1,840,283
|
Nestle S.A., ADR
|
28,000
|
1,711,920
|
PepsiCo Inc.
|
64,515
|
4,257,990
|
Philip Morris International Inc.
|
19,064
|
1,706,419
|
Procter & Gamble Co./The
|
49,685
|
3,161,953
|
Sysco Corp.
|
48,994
|
1,415,927
|
Wal-Mart Stores Inc.
|
26,000
|
1,531,660
|
15,626,152
|
||
Energy - 12.9%
|
||
Apache Corp.
|
16,000
|
1,535,040
|
Canadian Natural Resources Ltd.
|
68,000
|
2,363,000
|
Chevron Corp.
|
41,042
|
4,373,436
|
ConocoPhillips
|
45,968
|
3,292,688
|
Ensco PLC, ADR
|
32,000
|
1,748,800
|
Occidental Petroleum Corp.
|
44,529
|
4,061,935
|
Schlumberger Ltd.
|
21,000
|
1,556,940
|
18,931,839
|
||
Financials - 23.7%
|
||
Arch Capital Group Ltd. *
|
60,037
|
2,358,253
|
Bank of New York Mellon Corp./The
|
142,052
|
3,359,530
|
Berkshire Hathaway Inc., Class B *
|
46,533
|
3,743,580
|
BlackRock Inc.
|
7,500
|
1,436,850
|
Brookfield Asset Management Inc., Class A
|
73,052
|
2,409,255
|
Franklin Resources Inc.
|
14,600
|
1,832,446
|
M&T Bank Corp.
|
21,000
|
1,811,670
|
Markel Corp. *
|
5,300
|
2,333,484
|
Travelers Cos. Inc./The
|
62,539
|
4,022,509
|
US Bancorp
|
140,042
|
4,505,151
|
Wells Fargo & Co.
|
153,058
|
5,116,729
|
WR Berkley Corp.
|
46,084
|
1,735,523
|
34,664,980
|
||
Health Care - 14.3%
|
||
Johnson & Johnson
|
81,800
|
5,324,362
|
Medtronic Inc.
|
63,026
|
2,407,593
|
Merck & Co. Inc.
|
132,782
|
5,210,366
|
Novartis AG, ADR
|
36,500
|
2,013,705
|
Pfizer Inc.
|
260,723
|
5,978,378
|
20,934,404
|
Shares
|
Value (Note 2)
|
|
Industrials - 10.6%
|
||
3M Co.
|
42,143
|
$ 3,765,898
|
Boeing Co./The
|
20,900
|
1,605,120
|
Emerson Electric Co.
|
45,100
|
2,369,554
|
Illinois Tool Works Inc.
|
29,004
|
1,664,250
|
Lockheed Martin Corp.
|
18,543
|
1,678,883
|
Norfolk Southern Corp.
|
32,500
|
2,370,225
|
United Parcel Service Inc., Class B
|
27,009
|
2,110,483
|
15,564,413
|
||
Information Technology - 10.1%
|
||
Cisco Systems Inc. *
|
89,010
|
1,793,552
|
Intel Corp.
|
141,000
|
4,004,400
|
International Business Machines Corp.
|
8,557
|
1,771,984
|
Microsoft Corp.
|
135,520
|
4,339,350
|
Western Union Co./The
|
156,032
|
2,867,868
|
14,777,154
|
||
Materials - 2.4%
|
||
Air Products & Chemicals Inc.
|
24,304
|
2,077,749
|
Newmont Mining Corp.
|
29,000
|
1,381,850
|
3,459,599
|
||
Telecommunication Service - 2.9%
|
||
AT&T Inc.
|
129,078
|
4,247,957
|
Utilities - 3.4%
|
||
Exelon Corp.
|
70,004
|
2,730,856
|
NextEra Energy Inc.
|
36,000
|
2,316,600
|
5,047,456
|
||
Total Common Stocks
( Cost $119,331,456 )
|
142,155,846
|
|
INVESTMENT COMPANIES - 2.5%
|
||
State Street Institutional U.S. Government Money Market Fund
|
3,693,719
|
3,693,719
|
Total Investment Companies
( Cost $3,693,719 )
|
3,693,719
|
|
TOTAL INVESTMENTS - 99.6% ( Cost $123,025,175** )
|
145,849,565
|
|
NET OTHER ASSETS AND LIABILITIES - 0.4%
|
650,484
|
|
TOTAL NET ASSETS - 100.0%
|
$146,500,049
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $123,376,863.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 95.2%
|
||
Consumer Discretionary – 15.7%
|
||
Amazon.com Inc. *
|
6,586
|
$ 1,527,293
|
CarMax Inc. *
|
44,837
|
1,384,118
|
Comcast Corp., Class A
|
72,870
|
2,210,147
|
Ctrip.com International Ltd., ADR *
|
60,311
|
1,306,939
|
J.C. Penney Company Inc.
|
32,846
|
1,184,427
|
Netflix Inc. *
|
2,713
|
217,420
|
Nielsen Holdings N.V. *
|
61,390
|
1,793,816
|
Omnicom Group Inc.
|
38,847
|
1,993,240
|
Panera Bread Co., Class A *
|
14,476
|
2,286,050
|
priceline.com Inc. *
|
1,308
|
995,152
|
Starbucks Corp.
|
39,370
|
2,259,051
|
Walt Disney Co./The
|
38,256
|
1,649,216
|
Yum! Brands Inc.
|
28,882
|
2,100,588
|
20,907,457
|
||
Consumer Staples - 6.6%
|
||
Costco Wholesale Corp.
|
26,502
|
2,336,681
|
Diageo PLC, ADR
|
19,588
|
1,980,739
|
Hershey Co./The
|
21,402
|
1,434,148
|
Mead Johnson Nutrition Co.
|
3,980
|
340,529
|
PepsiCo Inc.
|
41,705
|
2,752,530
|
8,844,627
|
||
Energy - 12.5%
|
||
Apache Corp.
|
8,824
|
846,575
|
Ensco PLC, ADR
|
23,767
|
1,298,866
|
Exxon Mobil Corp.
|
84,380
|
7,285,369
|
Occidental Petroleum Corp.
|
11,249
|
1,026,134
|
Schlumberger Ltd.
|
70,106
|
5,197,659
|
World Fuel Services Corp.
|
23,921
|
1,053,959
|
16,708,562
|
||
Financials - 6.8%
|
||
Brookfield Asset Management Inc., Class A
|
84,720
|
2,794,066
|
CME Group Inc.
|
2,390
|
635,310
|
IntercontinentalExchange Inc. *
|
20,331
|
2,704,836
|
T Rowe Price Group Inc.
|
47,564
|
3,002,002
|
9,136,214
|
||
Health Care - 6.3%
|
||
Allergan Inc.
|
14,145
|
1,357,920
|
Allscripts Healthcare Solutions Inc. *
|
36,650
|
406,082
|
Becton, Dickinson and Co.
|
21,188
|
1,662,199
|
CareFusion Corp. *
|
25,608
|
663,503
|
Celgene Corp. *
|
17,674
|
1,288,788
|
Cerner Corp. *
|
12,960
|
1,050,927
|
Johnson & Johnson
|
30,192
|
1,965,197
|
8,394,616
|
Shares
|
Value (Note 2)
|
|
Industrials – 9.1%
|
||
Boeing Co./The
|
38,243
|
$ 2,937,063
|
C.H. Robinson Worldwide Inc.
|
15,720
|
939,113
|
Emerson Electric Co.
|
25,876
|
1,359,525
|
Expeditors International of Washington Inc.
|
18,031
|
721,240
|
Hexcel Corp. *
|
23,780
|
651,096
|
Roper Industries Inc.
|
29,998
|
3,056,796
|
United Parcel Service Inc., Class B
|
31,377
|
2,451,799
|
12,116,632
|
||
Information Technology – 33.7%
|
||
Communications Equipment - 4.3%
|
||
Acme Packet Inc. *
|
41,419
|
1,162,631
|
QUALCOMM Inc.
|
67,990
|
4,340,482
|
Riverbed Technology Inc. *
|
12,523
|
247,079
|
5,750,192
|
||
Computers & Peripherals - 9.5%
|
||
Apple Inc. *
|
18,042
|
10,540,858
|
EMC Corp. *
|
40,007
|
1,128,598
|
SanDisk Corp. *
|
27,041
|
1,000,787
|
12,670,243
|
||
Electronic Equipment, Instruments & Components - 1.4%
|
||
FLIR Systems Inc. *
|
24,595
|
552,404
|
Sensata Technologies Holding N.V. *
|
39,610
|
1,258,013
|
1,810,417
|
||
Internet Software & Services - 4.8%
|
||
Baidu Inc., ADR *
|
4,920
|
652,884
|
Google Inc., Class A *
|
9,336
|
5,650,427
|
OpenTable Inc. *
|
2,706
|
121,040
|
6,424,351
|
||
IT Services - 5.6%
|
||
Accenture PLC, Class A
|
58,659
|
3,809,902
|
Paychex Inc.
|
25,937
|
803,528
|
Sapient Corp. *
|
53,767
|
643,591
|
Visa Inc., Class A
|
18,334
|
2,254,715
|
7,511,736
|
||
Semiconductors & Semiconductor Equipment - 1.8%
|
||
Cavium Inc. *
|
56,888
|
1,664,543
|
Cree Inc. *
|
22,873
|
706,775
|
2,371,318
|
||
Software - 6.3%
|
||
Ariba Inc. *
|
9,579
|
365,918
|
MICROS Systems Inc. *
|
14,384
|
817,443
|
Microsoft Corp.
|
177,872
|
5,695,461
|
Nuance Communications Inc. *
|
36,692
|
896,752
|
SAP AG, ADR
|
9,537
|
632,208
|
8,407,782
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS (continued)
|
||
Materials - 4.5%
|
||
Ecolab Inc.
|
15,508
|
$ 987,704
|
International Flavors & Fragrances Inc.
|
47,813
|
2,878,821
|
Molycorp Inc. *
|
76,882
|
2,080,427
|
5,946,952
|
||
Total Common Stocks
( Cost $106,696,364 )
|
127,001,099
|
|
INVESTMENT COMPANIES - 3.4%
|
||
State Street Institutional U.S. Government Money Market Fund
|
4,533,448
|
4,533,448
|
Total Investment Companies
( Cost $4,533,448 )
|
4,533,448
|
|
Value (Note 2)
|
||
TOTAL INVESTMENTS - 98.6% ( Cost $111,229,812** )
|
$131,534,547
|
|
NET OTHER ASSETS AND LIABILITIES - 1.4%
|
1,863,334
|
|
TOTAL NET ASSETS - 100.0%
|
$133,397,881
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $111,946,460.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 91.4%
|
||
Consumer Discretionary - 19.1%
|
||
Bed Bath & Beyond Inc. *
|
46,578
|
$ 3,278,626
|
CarMax Inc. *
|
125,885
|
3,886,070
|
Discovery Communications Inc., Class C *
|
64,981
|
3,228,906
|
Liberty Global Inc., Series C *
|
59,268
|
2,840,715
|
Omnicom Group Inc.
|
82,027
|
4,208,805
|
Staples Inc.
|
175,946
|
2,709,568
|
TJX Cos. Inc.
|
119,833
|
4,998,235
|
25,150,925
|
||
Consumer Staples - 3.8%
|
||
Brown-Forman Corp., Class B
|
28,173
|
2,432,739
|
McCormick & Co. Inc.
|
46,250
|
2,585,837
|
5,018,576
|
||
Energy - 7.9%
|
||
Ensco PLC, ADR
|
48,139
|
2,630,796
|
EOG Resources Inc.
|
21,755
|
2,388,917
|
Noble Corp. *
|
62,287
|
2,370,643
|
World Fuel Services Corp.
|
69,027
|
3,041,330
|
10,431,686
|
||
Financials - 24.4%
|
||
Arch Capital Group Ltd. *
|
80,277
|
3,153,280
|
Brookfield Asset Management Inc., Class A
|
183,032
|
6,036,395
|
Brown & Brown Inc.
|
102,144
|
2,754,824
|
Glacier Bancorp Inc.
|
132,592
|
1,975,621
|
Leucadia National Corp.
|
108,244
|
2,690,946
|
M&T Bank Corp.
|
35,648
|
3,075,353
|
Markel Corp. *
|
12,683
|
5,584,071
|
T Rowe Price Group Inc.
|
36,416
|
2,298,396
|
WR Berkley Corp.
|
121,373
|
4,570,907
|
32,139,793
|
||
Health Care - 7.5%
|
||
DENTSPLY International Inc.
|
78,411
|
3,219,555
|
Laboratory Corp. of America Holdings *
|
40,792
|
3,585,209
|
Techne Corp.
|
45,322
|
3,033,855
|
9,838,619
|
||
Industrials - 15.1%
|
||
CH Robinson Worldwide Inc.
|
51,175
|
3,057,195
|
Copart Inc. *
|
160,682
|
4,243,612
|
IDEX Corp.
|
88,140
|
3,817,343
|
Jacobs Engineering Group Inc. *
|
65,617
|
2,875,993
|
Ritchie Bros Auctioneers Inc.
|
119,483
|
2,524,676
|
Wabtec Corp.
|
43,895
|
3,414,153
|
19,932,972
|
Shares
|
Value (Note 2)
|
|
Information Technology - 9.1%
|
||
Amphenol Corp., Class A
|
38,586
|
$ 2,243,390
|
Broadridge Financial Solutions Inc.
|
145,875
|
3,385,759
|
FLIR Systems Inc. *
|
137,433
|
3,086,745
|
Western Union Co./The
|
173,785
|
3,194,168
|
11,910,062
|
||
Materials - 4.5%
|
||
Ecolab Inc.
|
55,429
|
3,530,273
|
Valspar Corp.
|
47,048
|
2,406,505
|
5,936,778
|
||
Total Common Stocks
( Cost $98,389,138 )
|
120,359,411
|
|
INVESTMENT COMPANIES - 7.3%
|
||
State Street Institutional U.S. Government Money Market Fund
|
9,648,101
|
9,648,101
|
Total Investment Companies
( Cost $9,648,101 )
|
9,648,101
|
|
TOTAL INVESTMENTS - 98.7% ( Cost $108,037,239** )
|
130,007,512
|
|
NET OTHER ASSETS AND LIABILITIES - 1.3%
|
1,758,512
|
|
TOTAL NET ASSETS - 100.0%
|
$131,766,024
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $108,140,332.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 98.6%
|
||
Consumer Discretionary - 14.8%
|
||
Arbitron Inc.
|
11,100
|
$ 422,355
|
Ascena Retail Group Inc. *
|
14,800
|
303,104
|
Cato Corp./The, Class A
|
15,700
|
436,931
|
CEC Entertainment Inc.
|
6,300
|
240,786
|
Choice Hotels International Inc.
|
5,700
|
214,434
|
Fred’s Inc., Class A
|
18,900
|
270,648
|
Helen of Troy Ltd. *
|
10,800
|
373,680
|
Matthews International Corp., Class A
|
8,300
|
249,000
|
Sonic Corp. *
|
15,300
|
110,466
|
Stage Stores Inc.
|
25,800
|
393,966
|
3,015,370
|
||
Consumer Staples - 2.0%
|
||
Casey’s General Stores Inc.
|
5,500
|
309,925
|
Post Holdings Inc. *
|
3,200
|
95,200
|
405,125
|
||
Energy - 4.4%
|
||
Bristow Group Inc.
|
4,200
|
205,170
|
Georesources Inc. *
|
6,100
|
230,031
|
Penn Virginia Corp.
|
12,200
|
62,464
|
Scorpio Tankers Inc. *
|
21,200
|
143,524
|
SEACOR Holdings Inc. *
|
2,700
|
250,911
|
892,100
|
||
Financials - 21.8%
|
||
Alleghany Corp. *
|
974
|
333,985
|
AMERISAFE Inc. *
|
8,500
|
227,120
|
Ares Capital Corp.
|
21,000
|
336,840
|
Assured Guaranty Ltd.
|
11,300
|
160,234
|
Campus Crest Communities Inc., REIT
|
16,100
|
187,565
|
DiamondRock Hospitality Co., REIT
|
20,084
|
213,493
|
First Busey Corp.
|
29,930
|
138,875
|
First Midwest Bancorp Inc.
|
23,400
|
249,210
|
First Niagara Financial Group Inc.
|
17,280
|
154,483
|
Flushing Financial Corp.
|
12,300
|
160,269
|
Hancock Holding Co.
|
5,000
|
160,900
|
International Bancshares Corp.
|
17,720
|
349,616
|
Mack-Cali Realty Corp., REIT
|
5,700
|
163,704
|
MB Financial Inc.
|
10,700
|
221,169
|
Northwest Bancshares Inc.
|
26,100
|
321,552
|
Platinum Underwriters Holdings Ltd.
|
6,900
|
252,678
|
Primerica Inc.
|
12,000
|
314,760
|
Webster Financial Corp.
|
16,600
|
377,318
|
Westamerica Bancorporation
|
2,300
|
105,501
|
4,429,272
|
||
Shares
|
Value (Note 2)
|
|
Health Care - 11.1%
|
||
Amsurg Corp. *
|
11,700
|
$ 336,492
|
Charles River Laboratories International Inc. *
|
12,900
|
458,337
|
Corvel Corp. *
|
3,900
|
169,611
|
Haemonetics Corp. *
|
1,900
|
135,983
|
ICON PLC, ADR *
|
21,500
|
476,870
|
ICU Medical Inc. *
|
6,300
|
330,687
|
PSS World Medical Inc. *
|
7,100
|
169,903
|
STERIS Corp.
|
5,500
|
172,755
|
2,250,638
|
||
Industrials - 24.7%
|
||
ACCO Brands Corp. *
|
26,400
|
278,520
|
Acuity Brands Inc.
|
3,200
|
177,824
|
Albany International Corp., Class A
|
13,800
|
332,580
|
Alexander & Baldwin Inc.
|
1,500
|
76,740
|
Atlas Air Worldwide Holdings Inc. *
|
2,700
|
124,335
|
Belden Inc.
|
15,022
|
522,465
|
Carlisle Cos. Inc.
|
13,700
|
754,322
|
ESCO Technologies Inc.
|
9,300
|
319,920
|
G&K Services Inc., Class A
|
8,300
|
272,738
|
GATX Corp.
|
8,300
|
355,821
|
Genesee & Wyoming Inc., Class A *
|
6,300
|
339,633
|
Kirby Corp. *
|
4,400
|
292,028
|
Mueller Industries Inc.
|
10,300
|
470,813
|
Standard Parking Corp. *
|
8,900
|
169,634
|
Sterling Construction Co. Inc. *
|
4,600
|
45,034
|
Unifirst Corp.
|
1,700
|
103,292
|
United Stationers Inc.
|
13,700
|
388,532
|
5,024,231
|
||
Information Technology - 8.6%
|
||
Coherent Inc. *
|
3,500
|
184,100
|
Diebold Inc.
|
8,700
|
343,215
|
MAXIMUS Inc.
|
9,900
|
438,075
|
MTS Systems Corp.
|
6,100
|
292,617
|
Websense Inc. *
|
11,400
|
236,436
|
Zebra Technologies Corp., Class A *
|
6,300
|
244,377
|
1,738,820
|
||
Materials - 6.6%
|
||
Aptargroup Inc.
|
5,600
|
305,256
|
Deltic Timber Corp.
|
4,300
|
262,644
|
Greif Inc., Class A
|
2,300
|
123,372
|
Innospec Inc. *
|
6,400
|
193,472
|
Koppers Holdings Inc.
|
5,200
|
202,176
|
Zep Inc.
|
18,100
|
257,925
|
1,344,845
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS (continued)
|
||
Utilities - 4.6%
|
||
Atmos Energy Corp.
|
6,900
|
$ 224,802
|
New Jersey Resources Corp.
|
2,350
|
101,614
|
Unisource Energy Corp.
|
6,400
|
232,960
|
Westar Energy Inc.
|
7,400
|
212,306
|
WGL Holdings Inc.
|
4,000
|
160,440
|
932,122
|
||
Total Common Stocks
( Cost $13,563,832 )
|
20,032,523
|
|
INVESTMENT COMPANIES - 1.5%
|
||
State Street Institutional U.S. Government Money Market Fund
|
297,049
|
297,049
|
Total Investment Companies
( Cost $297,049 )
|
297,049
|
|
TOTAL INVESTMENTS - 100.1% ( Cost $13,860,881** )
|
20,329,572
|
|
NET OTHER ASSETS AND LIABILITIES - (0.1%)
|
(14,264)
|
|
TOTAL NET ASSETS - 100.0%
|
$ 20,315,308
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $14,138,674.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
REIT
|
Real Estate Investment Trust.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 93.0%
|
||
Australia - 5.2%
|
||
James Hardie Industries SE
|
77,015
|
$ 601,041
|
Orica Ltd.
|
9,970
|
279,132
|
QBE Insurance Group Ltd.
|
26,365
|
380,199
|
Telstra Corp. Ltd.
|
285,276
|
1,052,241
|
2,312,613
|
||
Belgium - 3.0%
|
||
Anheuser-Busch InBev N.V.
|
18,662
|
1,345,073
|
Brazil - 1.9%
|
||
Banco do Brasil S.A.
|
34,959
|
432,460
|
Cielo S.A.
|
13,921
|
417,743
|
850,203
|
||
Canada - 2.1%
|
||
Potash Corp. of Saskatchewan Inc.
|
13,700
|
582,477
|
Rogers Communications Inc.
|
9,600
|
358,306
|
940,783
|
||
China - 0.7%
|
||
Weichai Power Co. Ltd. *
|
66,200
|
311,006
|
Denmark - 1.2%
|
||
AP Moeller - Maersk AS
|
68
|
531,881
|
Finland - 1.1%
|
||
Sampo OYJ
|
18,875
|
502,195
|
France - 10.5%
|
||
AXA S.A. *
|
18,174
|
257,409
|
BNP Paribas
|
15,769
|
633,509
|
Compagnie Generale de Geophysique - Veritas *
|
14,252
|
405,794
|
Danone
|
5,401
|
379,986
|
Sanofi S.A.
|
15,770
|
1,203,638
|
Technip S.A.
|
4,028
|
455,501
|
Total S.A.
|
15,197
|
725,594
|
Valeo S.A.
|
13,232
|
649,814
|
4,711,245
|
||
Germany - 5.0%
|
||
Bayerische Motoren Werke AG
|
7,152
|
679,833
|
GEA Group AG
|
5,993
|
197,768
|
Merck KGaA
|
5,886
|
646,678
|
SAP AG
|
10,748
|
712,637
|
2,236,916
|
||
Indonesia - 0.8%
|
||
Bank Mandiri Persero Tbk PT, ADR
|
43,600
|
350,980
|
Ireland - 0.8%
|
||
Ryanair Holdings PLC, ADR *
|
10,900
|
367,003
|
Italy - 0.7%
|
||
Atlantia SpA
|
18,935
|
286,986
|
Shares
|
Value (Note 2)
|
|
Japan - 14.1%
|
||
Asics Corp.
|
33,990
|
$ 369,105
|
Canon Inc.
|
13,800
|
634,344
|
Daito Trust Construction Co. Ltd.
|
7,950
|
717,930
|
Don Quijote Co. Ltd.
|
19,200
|
706,292
|
FANUC Corp.
|
2,200
|
374,474
|
JS Group Corp.
|
29,600
|
583,176
|
Komatsu Ltd.
|
23,600
|
684,294
|
Mitsubishi Corp.
|
21,000
|
458,454
|
Sumitomo Mitsui Financial Group Inc.
|
25,800
|
835,010
|
Yahoo! Japan Corp.
|
1,242
|
373,502
|
Yamada Denki Co. Ltd.
|
8,690
|
565,982
|
6,302,563
|
||
Netherlands - 1.2%
|
||
ING Groep N.V. *
|
77,456
|
546,169
|
New Zealand - 0.8%
|
||
Telecom Corp. of New Zealand Ltd.
|
173,201
|
372,500
|
Russia - 1.1%
|
||
Sberbank of Russia
|
225,171
|
506,635
|
South Africa - 0.9%
|
||
Mr Price Group Ltd., ADR *
|
14,900
|
396,340
|
South Korea - 2.5%
|
||
Hyundai Mobis *
|
2,108
|
573,574
|
Samsung Electronics Co. Ltd., GDR
|
885
|
540,735
|
1,114,309
|
||
Spain - 2.0%
|
||
Amadeus IT Holding S.A.
|
28,214
|
576,636
|
Mediaset Espana Comunicacion S.A.
|
73,099
|
331,794
|
908,430
|
||
Sweden - 4.1%
|
||
Assa Abloy AB
|
19,987
|
582,544
|
Sandvik AB
|
43,810
|
694,176
|
Swedbank AB
|
34,269
|
567,471
|
1,844,191
|
||
Switzerland - 4.1%
|
||
Credit Suisse Group AG *
|
15,242
|
364,572
|
Novartis AG
|
26,190
|
1,444,180
|
1,808,752
|
||
Thailand - 0.6%
|
||
Kasikornbank PCL
|
53,400
|
283,063
|
Turkey - 0.5%
|
||
KOC Holding AS
|
54,669
|
202,956
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS (continued)
|
||
United Kingdom - 28.1%
|
||
BG Group PLC
|
23,998
|
$ 564,917
|
BHP Billiton PLC
|
26,886
|
861,539
|
British American Tobacco PLC
|
18,468
|
946,806
|
British Sky Broadcasting Group PLC
|
45,240
|
497,787
|
GlaxoSmithKline PLC
|
53,978
|
1,248,312
|
Informa PLC
|
110,529
|
743,699
|
International Power PLC
|
75,083
|
508,124
|
Petrofac Ltd.
|
16,686
|
469,833
|
Prudential PLC
|
66,434
|
813,470
|
Rexam PLC
|
147,663
|
1,030,462
|
Royal Dutch Shell PLC
|
31,864
|
1,134,046
|
Standard Chartered PLC
|
32,425
|
792,495
|
Tullow Oil PLC
|
21,136
|
526,187
|
Unilever PLC
|
38,024
|
1,297,743
|
WM Morrison Supermarkets PLC
|
89,880
|
409,301
|
Xstrata PLC
|
36,631
|
700,005
|
12,544,726
|
||
Total Common Stocks
( Cost $35,233,314 )
|
41,577,518
|
|
INVESTMENT COMPANIES - 6.0%
|
||
United States - 6.0%
|
||
State Street Institutional U.S. Government Money Market Fund
|
2,686,488
|
2,686,488
|
Total Investment Companies
( Cost $2,686,488 )
|
2,686,488
|
|
TOTAL INVESTMENTS - 99.0% ( Cost $37,919,802** )
|
44,264,006
|
|
NET OTHER ASSETS AND LIABILITIES - 1.0%
|
426,421
|
|
TOTAL NET ASSETS - 100.0%
|
$ 44,690,427
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $38,401,376.
|
ADR
|
American Depositary Receipt.
|
GDR
|
Global Depositary Receipt.
|
PLC
|
Public Limited Company.
|
OTHER INFORMATION:
|
|
Sector Concentration
|
|
% of Net Assets
|
|
Consumer Discretionary
|
12%
|
Consumer Staples
|
10%
|
Energy
|
10%
|
Financials
|
18%
|
Health Care
|
10%
|
Industrials
|
12%
|
Information Technology
|
7%
|
Materials
|
9%
|
Money Market Funds
|
6%
|
Telecommunication Services
|
4%
|
Utilities
|
1%
|
Net Other Assets & Liabilities
|
1%
|
100%
|
Conservative Allocation
Fund
|
Moderate Allocation
Fund
|
Aggressive Allocation
Fund
|
|
Assets:
|
|||
Investments:
|
|||
Investments at cost
|
|||
Unaffiliated issuers
|
$ 23,274,722
|
$ 48,708,237
|
$ 17,480,671
|
Affiliated issuers3
|
28,422,219
|
62,067,662
|
20,740,341
|
Net unrealized appreciation
|
|||
Unaffiliated issuers
|
19,248
|
1,103,076
|
607,793
|
Affiliated issuers3
|
3,099,182
|
9,854,448
|
4,417,919
|
Total investments at value
|
54,815,371
|
121,733,423
|
43,246,724
|
Receivables:
|
|||
Investments sold
|
–
|
–
|
115,265
|
Fund shares sold
|
315,615
|
175,897
|
119,176
|
Dividends and interest
|
109,285
|
175,113
|
29,816
|
Total assets
|
55,240,271
|
122,084,433
|
43,510,981
|
Liabilities:
|
|||
Payables:
|
|||
Fund shares repurchased
|
138,198
|
149,653
|
65,516
|
Advisory agreement fees
|
8,881
|
19,775
|
7,049
|
Service agreement fees
|
11,101
|
24,719
|
8,812
|
Distribution fees – Class B
|
5,367
|
17,476
|
6,285
|
Distribution fees – Class C
|
4,311
|
3,011
|
643
|
Shareholder servicing fees
|
11,101
|
24,719
|
8,811
|
Total liabilities
|
178,959
|
239,353
|
97,116
|
Net Assets
|
$ 55,061,312
|
$121,845,080
|
$ 43,413,865
|
Net Assets consist of:
|
|||
Paid-in capital
|
$ 54,966,559
|
$126,415,206
|
$ 44,880,869
|
Accumulated undistributed net investment income (loss)
|
(64,029)
|
(8,515)
|
996
|
Accumulated net realized loss on investments sold and foreign currency related transactions
|
(2,959,648)
|
(15,519,135)
|
(6,493,712)
|
Net unrealized appreciation of investments (including appreciation (depreciation) of foreign currency related transactions)
|
3,118,430
|
10,957,524
|
5,025,712
|
Net Assets
|
$ 55,061,312
|
$121,845,080
|
$ 43,413,865
|
Class A Shares:
|
|||
Net Assets
|
$ 38,882,368
|
$ 88,100,770
|
$ 32,053,239
|
Shares of beneficial interest outstanding
|
3,806,544
|
8,732,583
|
3,274,673
|
Net Asset Value and redemption price per share1
|
10.21
|
10.09
|
9.79
|
Sales charge of offering price2
|
0.62
|
0.62
|
0.60
|
Maximum offering price per share
|
$ 10.83
|
$ 10.71
|
$ 10.39
|
Class B Shares:
|
|||
Net Assets
|
$ 8,769,665
|
$ 28,615,581
|
$ 10,364,387
|
Shares of beneficial interest outstanding
|
859,157
|
2,842,513
|
1,067,008
|
Net Asset Value and redemption price per share1
|
$ 10.21
|
$ 10.07
|
$ 9.71
|
Class C Shares:
|
|||
Net Assets
|
$ 7,409,279
|
$ 5,128,729
|
$ 996,239
|
Shares of beneficial interest outstanding
|
725,458
|
509,139
|
102,488
|
Net Asset Value and redemption price per share1
|
$ 10.21
|
$ 10.07
|
$ 9.72
|
1
|
If applicable, redemption price per share may be reduced by a contingent deferred sales charge and/or redemption fee.
|
2
|
Sales charge of offering price is 5.75% for the Conservative Allocation, Moderate Allocation, and Aggressive Allocation Funds.
|
3
|
See Note 11 for information on affiliated underlying funds.
|
Cash Reserves
Fund
|
Bond
Fund
|
High Income
Fund
|
|
Assets:
|
|||
Investments:
|
|||
Investments at cost
|
|||
Unaffiliated issuers
|
$ 13,809,048
|
$132,359,148
|
$ 94,223,222
|
Net unrealized appreciation
|
|||
Unaffiliated issuers
|
–
|
13,226,021
|
4,755,635
|
Total investments at value
|
13,809,048
|
145,585,169
|
98,978,857
|
Receivables:
|
|||
Investments sold
|
–
|
–
|
399,900
|
Fund shares sold
|
25,661
|
64,299
|
42,517
|
Dividends and interest
|
5
|
1,274,812
|
1,830,158
|
Due from Adviser
|
5,846
|
–
|
–
|
Total assets
|
13,840,560
|
146,924,280
|
101,251,432
|
Liabilities:
|
|||
Payables:
|
|||
Investments purchased
|
–
|
–
|
501,362
|
Fund shares repurchased
|
475,708
|
94,651
|
450,281
|
Advisory agreement fees
|
4,446
|
60,590
|
46,963
|
Service agreement fees
|
1,667
|
18,177
|
17,077
|
Distribution fees – Class B
|
679
|
3,383
|
1,595
|
Shareholder servicing fees
|
–
|
10,091
|
6,016
|
Accrued expenses and other payables
|
–
|
210,905
|
435,148
|
Total liabilities
|
482,500
|
397,797
|
1,458,442
|
Net Assets
|
$ 13,358,060
|
$146,526,483
|
$ 99,792,990
|
Net Assets consist of:
|
|||
Paid-in capital
|
$ 13,358,065
|
$131,937,219
|
$ 96,153,093
|
Accumulated undistributed net investment income
|
–
|
28,694
|
29,194
|
Accumulated net realized gain (loss) on investments sold, options and foreign currency related transactions
|
(5)
|
1,334,549
|
(1,144,932)
|
Net unrealized appreciation of investments (including appreciation (depreciation) of options and foreign currency related transactions)
|
–
|
13,226,021
|
4,755,635
|
Net Assets
|
$ 13,358,060
|
$146,526,483
|
$ 99,792,990
|
Class A Shares:
|
|||
Net Assets
|
$ 12,292,933
|
$ 43,832,712
|
$ 26,896,111
|
Shares of beneficial interest outstanding
|
12,295,235
|
4,125,719
|
3,795,049
|
Net Asset Value and redemption price per share1
|
1.00
|
10.62
|
7.09
|
Sales charge of offering price2
|
–
|
0.50
|
0.33
|
Maximum offering price per share
|
$ 1.00
|
$ 11.12
|
$ 7.42
|
Class B Shares:
|
|||
Net Assets
|
$ 1,065,127
|
$ 5,528,843
|
$ 2,599,736
|
Shares of beneficial interest outstanding
|
1,067,939
|
520,235
|
361,152
|
Net Asset Value and redemption price per share1
|
$ 1.00
|
$ 10.63
|
$ 7.20
|
Class Y Shares3:
|
|||
Net Assets
|
$ 97,164,928
|
$ 70,297,143
|
|
Shares of beneficial interest outstanding
|
9,164,033
|
9,982,412
|
|
Net Asset Value and redemption price per share1
|
$ 10.60
|
$ 7.04
|
1
|
If applicable, redemption price per share may be reduced by a contingent deferred sales charge and/or redemption fee.
|
2
|
Sales charge of offering price is: 4.50% for the Bond and High Income Funds.
|
3
|
The Cash Reserves Fund does not have Class Y shares.
|
Diversified
Income Fund
|
Equity
Income Fund
|
Large Cap
Value Fund
|
|
Assets:
|
|||
Investments:
|
|||
Investments at cost
|
|||
Unaffiliated issuers
|
$ 83,560,826
|
$ 84,945,189
|
$123,025,175
|
Repurchase Agreement
|
–
|
23,176,810
|
–
|
Net unrealized appreciation (depreciation)
|
|||
Unaffiliated issuers
|
11,179,021
|
78,833
|
22,824,390
|
Total investments at value
|
94,739,847
|
108,200,832
|
145,849,565
|
Cash
|
–
|
228,543
|
–
|
Foreign currency (cost of $3,066)(Note 2)
|
–
|
–
|
–
|
Receivables:
|
|||
Investments sold
|
–
|
177,675
|
552,375
|
Fund shares sold
|
211,895
|
135,504
|
65,107
|
Dividends and interest
|
513,233
|
61,245
|
168,496
|
Due from Adviser
|
–
|
–
|
–
|
Other assets
|
19,195
|
–
|
24,079
|
Total assets
|
95,484,170
|
108,803,799
|
146,659,622
|
Liabilities:
|
|||
Payables:
|
|||
Investments purchased
|
–
|
–
|
–
|
Fund shares repurchased
|
76,688
|
35,702
|
33,803
|
Advisory agreement fees
|
50,329
|
73,096
|
65,559
|
Service agreement fees
|
15,486
|
13,968
|
42,911
|
Distribution fees – Class B
|
9,252
|
–
|
4,018
|
Shareholder servicing fees
|
22,817
|
–
|
13,282
|
Accrued expenses and other payables
|
2,060
|
–
|
–
|
Options written, at value (premium received $2,770,561)
|
–
|
2,383,905
|
–
|
Total liabilities
|
176,632
|
2,506,671
|
159,573
|
Net Assets
|
$ 95,307,538
|
$106,297,128
|
$146,500,049
|
Net Assets consist of:
|
|||
Paid-in capital
|
$ 94,218,151
|
$102,349,909
|
$141,223,593
|
Accumulated net investment income (loss)
|
5,438
|
(2,057,749)
|
773,401
|
Accumulated net realized gain (loss) on investments sold, options and foreign currency related transactions
|
(10,095,072)
|
5,539,479
|
(18,321,335)
|
Net unrealized appreciation of investments (including appreciation (depreciation) of options and foreign currency related transactions)
|
11,179,021
|
465,489
|
22,824,390
|
Net Assets
|
$ 95,307,538
|
$106,297,128
|
$146,500,049
|
Class A Shares:
|
|||
Net Assets
|
$ 80,146,891
|
$ 5,424,792
|
$ 58,835,867
|
Shares of beneficial interest outstanding
|
6,509,336
|
530,569
|
4,322,333
|
Net Asset Value and redemption price per share1
|
12.31
|
10.22
|
13.61
|
Sales charge of offering price2
|
0.75
|
0.62
|
0.83
|
Maximum offering price per share
|
$ 13.06
|
$ 10.84
|
$ 14.44
|
Class B Shares3:
|
|||
Net Assets
|
$ 15,160,647
|
$ 6,529,059
|
|
Shares of beneficial interest outstanding
|
1,224,353
|
486,395
|
|
Net Asset Value and redemption price per share1
|
$ 12.38
|
$ 13.42
|
|
Class Y Shares4:
|
|||
Net Assets
|
$100,872,336
|
$ 81,135,123
|
|
Shares of beneficial interest outstanding
|
9,815,458
|
5,960,886
|
|
Net Asset Value and redemption price per share1
|
$ 10.28
|
$ 13.61
|
1
|
If applicable, redemption price per share may be reduced by a contingent deferred sales charge and/or redemption fee.
|
2
|
Sales charge of offering price is 5.75% for the Diversified Income, Equity Income, Large Cap Value, Large Cap Growth, Mid Cap, Small Cap and International Stock Funds.
|
3
|
The Equity Income Fund does not have Class B shares.
|
4
|
The Diversified Income Fund does not have Class Y shares.
|
Large Cap
Growth Fund
|
Mid Cap
Fund
|
Small Cap
Fund
|
International
Stock Fund
|
$111,229,812
|
$108,037,239
|
$ 13,860,881
|
$ 37,919,802
|
–
|
–
|
–
|
–
|
20,304,735
|
21,970,273
|
6,468,691
|
6,344,204
|
131,534,547
|
130,007,512
|
20,329,572
|
44,264,006
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
3,079
|
1,963,668
|
223,147
|
–
|
349,006
|
22,604
|
1,750,308
|
2,063
|
21,868
|
63,057
|
21,855
|
5,347
|
238,133
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
165,822
|
133,583,876
|
132,002,822
|
20,336,982
|
45,041,914
|
–
|
–
|
–
|
250,145
|
67,629
|
100,663
|
–
|
38,945
|
80,557
|
78,357
|
16,526
|
37,583
|
21,482
|
41,791
|
4,131
|
10,738
|
4,188
|
4,535
|
187
|
2,136
|
12,139
|
11,452
|
830
|
4,974
|
–
|
–
|
–
|
6,966
|
–
|
–
|
–
|
–
|
185,995
|
236,798
|
21,674
|
351,487
|
$133,397,881
|
$131,766,024
|
$ 20,315,308
|
$ 44,690,427
|
$116,803,691
|
$122,108,624
|
$ 16,752,761
|
$ 53,337,608
|
(7,965)
|
(102,985)
|
77,244
|
360,194
|
(3,702,580)
|
(12,209,888)
|
(2,983,388)
|
(15,361,859)
|
20,304,735
|
21,970,273
|
6,468,691
|
6,354,484
|
$133,397,881
|
$131,766,024
|
$ 20,315,308
|
$ 44,690,427
|
$ 52,348,910
|
$ 48,928,883
|
$ 3,812,305
|
$ 20,936,160
|
3,003,421
|
6,566,254
|
327,403
|
1,995,535
|
17.43
|
7.45
|
11.64
|
10.49
|
1.06
|
0.45
|
0.71
|
0.64
|
$ 18.49
|
$ 7.90
|
$ 12.35
|
$ 11.13
|
$ 6,695,646
|
$ 7,346,739
|
$ 306,232
|
$ 3,451,364
|
421,367
|
1,080,701
|
27,008
|
334,693
|
$ 15.89
|
$ 6.80
|
$ 11.34
|
$ 10.31
|
$ 74,353,325
|
$ 75,490,402
|
$ 16,196,771
|
$ 20,302,903
|
4,235,670
|
9,979,786
|
1,391,567
|
1,935,927
|
$ 17.55
|
$ 7.56
|
$ 11.64
|
$ 10.49
|
Conservative Allocation
Fund
|
Moderate Allocation
Fund
|
Aggressive Allocation
Fund
|
Cash
Reserves
Fund
|
Bond
Fund
|
|
Investment Income:
|
|||||
Interest
|
$ 13
|
$ 29
|
$ 13
|
$ 2,873
|
$ 2,608,939
|
Dividends
|
|||||
Unaffiliated issuers
|
443,702
|
805,254
|
204,998
|
–
|
–
|
Affiliated issuers1
|
473,292
|
1,040,733
|
332,003
|
–
|
–
|
Less: Foreign taxes withheld
|
–
|
–
|
–
|
–
|
–
|
Total investment income
|
917,007
|
1,846,016
|
537,014
|
2,873
|
2,608,939
|
Expenses:
|
|||||
Advisory agreement fees
|
51,138
|
115,895
|
41,428
|
27,556
|
402,953
|
Service agreement fees 2
|
63,923
|
144,869
|
51,785
|
10,334
|
120,886
|
Distribution fees – Class A
|
–
|
–
|
–
|
–
|
–
|
Distribution fees – Class B
|
31,681
|
102,060
|
37,490
|
5,010
|
20,821
|
Distribution fees – Class Y
|
23,607
|
16,423
|
3,513
|
–
|
–
|
Shareholder servicing fees – Class A
|
45,493
|
105,374
|
38,117
|
–
|
54,449
|
Shareholder servicing fees – Class B
|
10,560
|
34,020
|
12,497
|
–
|
6,941
|
Shareholder servicing fees – Class Y
|
7,869
|
5,474
|
1,171
|
–
|
–
|
Other expenses
|
–
|
–
|
–
|
–
|
9
|
Total expenses before reimbursement/waiver
|
234,271
|
524,115
|
186,001
|
42,900
|
606,059
|
Less reimbursement/waiver 3
|
–
|
–
|
–
|
(40,027)
|
–
|
Total expenses net of reimbursement/waiver
|
234,271
|
524,115
|
186,001
|
2,873
|
606,059
|
Net Investment Income (Loss)
|
682,736
|
1,321,901
|
351,013
|
–
|
2,002,880
|
Net Realized and Unrealized Gain (Loss) on Investments
|
|||||
Net realized gain (loss) on investments (including net realized gain (loss) on options and foreign currency related transactions)4
|
|||||
Options
|
–
|
–
|
–
|
–
|
–
|
Unaffiliated issuers
|
(202,479)
|
(180,888)
|
(328,653)
|
–
|
2,336,887
|
Affiliated issuers1
|
168,448
|
(106,016)
|
131,105
|
–
|
–
|
Capital gain distributions received from underlying funds
|
|||||
Unaffiliated issuers
|
288,721
|
644,308
|
333,672
|
–
|
–
|
Affiliated issuers1
|
90,778
|
248,465
|
96,457
|
–
|
–
|
Net change in unrealized appreciation (depreciation) on investments (including a net unrealized appreciation(depreciation) on options and foreign currency related transactions)
|
|||||
Options
|
–
|
–
|
–
|
–
|
–
|
Unaffiliated issuers
|
313,155
|
883,034
|
364,627
|
–
|
(1,738,556)
|
Affiliated issuers1
|
806,249
|
3,634,225
|
1,593,584
|
–
|
–
|
Net Realized and Unrealized Gain on Investments and Options Transactions
|
1,464,872
|
5,123,128
|
2,190,792
|
–
|
598,331
|
Net Increase in Net Assets from Operations
|
$ 2,147,608
|
$ 6,445,029
|
$ 2,541,805
|
–
|
$ 2,601,211
|
1
|
See Note 11 for information on affiliated underlying funds.
|
2
|
See Note 3 for information on service agreement fees.
|
3
|
Waiver includes advisory fees of $27,556, service agreement fees of $7,461, and distribution fees of $5,010 for the Cash Reserves Fund. See Note 3 for more information on these waivers.
|
4
|
Includes foreign capital gains taxes paid of $2,112 for the International Stock Fund.
|
High
Income
Fund
|
Diversified
Income
Fund
|
Equity
Income
Fund
|
Large Cap
Value
Fund
|
Large Cap
Growth
Fund
|
Mid Cap
Fund
|
Small Cap
Fund
|
International
Stock
Fund
|
$ 3,934,434
|
$ 744,491
|
$ 1,376
|
$ 58
|
$ 175
|
$ 125
|
$ 6
|
$ 28
|
32,938
|
801,806
|
507,282
|
2,006,243
|
672,334
|
699,554
|
209,330
|
886,941
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(7,878)
|
–
|
(23,580)
|
(9,024)
|
(11,613)
|
–
|
(70,717)
|
3,967,372
|
1,538,419
|
508,658
|
1,982,721
|
663,485
|
688,066
|
209,336
|
816,252
|
295,126
|
297,098
|
398,814
|
392,696
|
453,018
|
453,575
|
101,056
|
300,475
|
107,318
|
91,415
|
70,379
|
257,038
|
120,805
|
241,907
|
25,264
|
85,850
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
10,335
|
57,618
|
–
|
25,612
|
26,516
|
28,768
|
1,069
|
13,571
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
32,447
|
95,063
|
5,080
|
70,187
|
61,592
|
57,211
|
4,338
|
25,293
|
3,445
|
19,206
|
–
|
8,537
|
8,838
|
9,589
|
356
|
4,524
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
37
|
1
|
–
|
–
|
672
|
1
|
–
|
46
|
448,708
|
560,401
|
474,273
|
754,070
|
671,441
|
791,051
|
132,083
|
429,759
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
448,708
|
560,401
|
474,273
|
754,070
|
671,441
|
791,051
|
132,083
|
429,759
|
3,518,664
|
978,018
|
34,385
|
1,228,651
|
(7,956)
|
(102,985)
|
77,253
|
386,493
|
–
|
–
|
2,138,103
|
–
|
–
|
–
|
–
|
–
|
1,215,735
|
761,119
|
3,426,362
|
2,911,150
|
3,063,803
|
1,798,195
|
817,485
|
3,550,018
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
630,959
|
–
|
–
|
–
|
–
|
–
|
826,907
|
4,074,226
|
2,126,835
|
11,324,843
|
7,500,123
|
13,259,667
|
1,364,011
|
(626,545)
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
2,042,642
|
4,835,345
|
8,322,259
|
14,235,993
|
10,563,926
|
15,057,862
|
2,181,496
|
2,923,473
|
$ 5,561,306
|
$ 5,813,363
|
$ 8,356,644
|
$ 15,464,644
|
$ 10,555,970
|
$ 14,954,877
|
$ 2,258,749
|
$ 3,309,966
|
Conservative Allocation Fund
|
||
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
|
Net Assets at beginning of period
|
$ 49,342,098
|
$ 47,054,462
|
Increase in net assets from operations:
|
||
Net investment income
|
682,736
|
1,061,933
|
Net realized gain
|
345,468
|
836,348
|
Net change in unrealized appreciation (depreciation)
|
1,119,404
|
(613,175)
|
Net increase in net assets from operations
|
2,147,608
|
1,285,106
|
Distributions to shareholders from:
|
||
Net investment income
|
||
Class A
|
(568,760)
|
(1,259,740)
|
Class B
|
(104,932)
|
(257,797)
|
Class C
|
(77,230)
|
(162,110)
|
Total distributions
|
(750,922)
|
(1,679,647)
|
Capital Stock transactions:
|
||
Class A Shares
|
||
Shares sold
|
4,710,981
|
7,563,695
|
Issued to shareholders in reinvestment of distributions
|
564,913
|
1,240,819
|
Shares redeemed
|
(2,683,566)
|
(6,509,204)
|
Net increase from capital stock transactions
|
2,592,328
|
2,295,310
|
Class B Shares
|
||
Shares sold
|
1,074,407
|
1,540,631
|
Issued to shareholders in reinvestment of distributions
|
104,123
|
256,799
|
Shares redeemed
|
(838,955)
|
(1,879,105)
|
Net increase (decrease) from capital stock transactions
|
339,575
|
(81,675)
|
Class C Shares
|
||
Shares sold
|
2,393,151
|
1,896,830
|
Issued to shareholders in reinvestment of distributions
|
77,103
|
161,831
|
Shares redeemed
|
(1,079,629)
|
(1,590,119)
|
Net increase from capital stock transactions
|
1,390,625
|
468,542
|
Total net increase from capital stock transactions
|
4,322,528
|
2,682,177
|
Total increase in net assets
|
5,719,214
|
2,287,636
|
Net Assets at end of period
|
$ 55,061,312
|
$ 49,342,098
|
Undistributed net investment income (loss)
|
$ (64,029)
|
$ 4,157
|
Capital Share transactions:
|
||
Class A Shares
|
||
Shares sold
|
467,929
|
756,857
|
Issued to shareholders in reinvestment of distributions
|
56,906
|
125,495
|
Shares redeemed
|
(267,493)
|
(652,368)
|
Net increase from capital stock transactions
|
257,342
|
229,984
|
Class B Shares
|
||
Shares sold
|
107,071
|
154,492
|
Issued to shareholders in reinvestment of distributions
|
10,519
|
25,961
|
Shares redeemed
|
(83,453)
|
(189,249)
|
Net increase (decrease) from capital stock transactions
|
34,137
|
(8,796)
|
Class C Shares
|
||
Shares sold
|
237,559
|
190,935
|
Issued to shareholders in reinvestment of distributions
|
7,781
|
16,350
|
Shares redeemed
|
(107,574)
|
(159,360)
|
Net increase from capital stock transactions
|
137,766
|
47,925
|
Moderate Allocation Fund
|
Aggressive Allocation Fund
|
||
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
$115,188,206
|
$108,622,501
|
$ 40,992,945
|
$ 37,440,131
|
1,321,901
|
1,656,771
|
351,013
|
221,941
|
605,869
|
1,614,445
|
232,581
|
576,549
|
4,517,259
|
757,185
|
1,958,211
|
715,366
|
6,445,029
|
4,028,401
|
2,541,805
|
1,513,856
|
(1,916,288)
|
(2,088,289)
|
(403,523)
|
(335,232)
|
(418,284)
|
(458,645)
|
(76,406)
|
(49,813)
|
(65,044)
|
(70,769)
|
(6,635)
|
(2,731)
|
(2,399,616)
|
(2,617,703)
|
(486,564)
|
(387,776)
|
7,738,165
|
16,065,908
|
2,771,007
|
6,119,303
|
1,901,340
|
2,072,501
|
402,976
|
334,810
|
(8,710,109)
|
(14,635,384)
|
(2,803,060)
|
(4,930,241)
|
929,396
|
3,503,025
|
370,923
|
1,523,872
|
2,906,362
|
4,862,924
|
887,838
|
2,178,299
|
417,419
|
457,445
|
76,278
|
49,745
|
(2,660,313)
|
(3,710,836)
|
(1,088,394)
|
(1,644,341)
|
663,468
|
1,609,533
|
(124,278)
|
583,703
|
1,115,181
|
1,221,876
|
196,799
|
465,203
|
60,111
|
64,104
|
6,493
|
2,731
|
(156,695)
|
(1,243,531)
|
(84,258)
|
(148,775)
|
1,018,597
|
42,449
|
119,034
|
319,159
|
2,611,461
|
5,155,007
|
365,679
|
2,426,734
|
6,656,874
|
6,565,705
|
2,420,920
|
3,552,814
|
$121,845,080
|
$115,188,206
|
$ 43,413,865
|
$ 40,992,945
|
$ (8,515)
|
$ 1,069,200
|
$ 996
|
$ 136,547
|
782,080
|
1,641,969
|
289,612
|
646,773
|
199,093
|
215,661
|
43,802
|
35,962
|
(888,504)
|
(1,498,087)
|
(296,803)
|
(522,497)
|
92,669
|
359,543
|
36,611
|
160,238
|
293,903
|
497,503
|
93,229
|
232,831
|
43,709
|
47,552
|
8,337
|
5,361
|
(270,740)
|
(380,530)
|
(114,859)
|
(174,259)
|
66,872
|
164,525
|
(13,293)
|
63,933
|
112,869
|
124,096
|
20,850
|
48,946
|
6,288
|
6,664
|
709
|
294
|
(15,828)
|
(127,339)
|
(8,723)
|
(16,265)
|
103,329
|
3,421
|
12,836
|
32,975
|
Cash Reserves Fund
|
Bond Fund
|
|||
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
|
Net Assets at beginning of period
|
$ 13,898,862
|
$ 13,743,471
|
$194,577,898
|
$216,815,810
|
Increase in net assets from operations:
|
||||
Net investment income (loss)
|
–
|
–
|
2,002,880
|
5,202,419
|
Net realized gain on investments and options transactions
|
–
|
5
|
2,336,887
|
363,239
|
Net change in unrealized appreciation (depreciation)
|
–
|
–
|
(1,738,556)
|
1,161,020
|
Net increase in net assets resulting from operations
|
–
|
5
|
2,601,211
|
6,726,678
|
Distributions to shareholders from:
|
||||
Net investment income
|
||||
Class A
|
–
|
–
|
(504,014)
|
(1,050,389)
|
Class B1
|
–
|
–
|
(43,472)
|
(122,389)
|
Class Y1
|
–
|
–
|
(1,510,085)
|
(4,001,052)
|
Net realized gains
|
||||
Class A
|
–
|
–
|
–
|
–
|
Class Y1
|
–
|
–
|
–
|
–
|
Total distributions
|
–
|
–
|
(2,057,571)
|
(5,173,830)
|
Capital Stock transactions:
|
||||
Class A Shares
|
||||
Shares sold
|
4,443,665
|
9,289,159
|
3,516,176
|
7,090,415
|
Issued to shareholders in reinvestment of distributions
|
–
|
–
|
472,583
|
981,197
|
Shares redeemed
|
(4,448,217)
|
(8,679,197)
|
(4,080,263)
|
(8,998,457)
|
Net increase (decrease) from capital stock transactions
|
(4,552)
|
609,962
|
(91,504)
|
(926,845)
|
Class B Shares1
|
||||
Shares sold
|
94,194
|
639,104
|
920,319
|
685,539
|
Issued to shareholders in reinvestment of distributions
|
–
|
–
|
43,103
|
119,275
|
Shares redeemed
|
(630,444)
|
(1,093,680)
|
(1,131,107)
|
(3,541,575)
|
Net decrease from capital stock transactions
|
(536,250)
|
(454,576)
|
(167,685)
|
(2,736,761)
|
Class Y Shares1
|
||||
Shares sold
|
4,698,284
|
15,145,259
|
||
Issued to shareholders in reinvestment of distributions
|
171,179
|
1,292,205
|
||
Shares redeemed
|
(53,205,329)
|
(36,564,618)
|
||
Net increase (decrease) from capital stock transactions
|
(48,335,866)
|
(20,127,154)
|
||
Total net increase (decrease) from capital stock transactions
|
(540,802)
|
155,386
|
(48,595,055)
|
(23,790,760)
|
Total increase (decrease) in net assets
|
(540,802)
|
155,391
|
(48,051,415)
|
(22,237,912)
|
Net Assets at end of period
|
$ 13,358,060
|
$ 13,898,862
|
$146,526,483
|
$194,577,898
|
Undistributed net investment income (loss)
|
$ –
|
$ –
|
$ 28,694
|
$ 83,385
|
Capital Share transactions:
|
||||
Class A Shares
|
||||
Shares sold
|
4,443,665
|
9,289,159
|
331,143
|
682,691
|
Issued to shareholders in reinvestment of distributions
|
–
|
–
|
44,522
|
94,715
|
Shares redeemed
|
(4,448,217)
|
(8,679,197)
|
(384,132)
|
(871,910)
|
Net increase (decrease) from capital stock transactions
|
(4,552)
|
609,962
|
(8,467)
|
(94,504)
|
Class B Shares1
|
||||
Shares sold
|
94,194
|
639,104
|
86,599
|
65,667
|
Issued to shareholders in reinvestment of distributions
|
–
|
–
|
4,059
|
11,533
|
Shares redeemed
|
(630,444)
|
(1,093,680)
|
(106,507)
|
(342,627)
|
Net decrease from capital stock transactions
|
(536,250)
|
(454,576)
|
(15,849)
|
(265,427)
|
Class Y Shares1
|
||||
Shares sold
|
443,419
|
1,437,823
|
||
Issued to shareholders in reinvestment of distributions
|
16,168
|
125,007
|
||
Shares redeemed
|
(5,015,802)
|
(3,544,853)
|
||
Net increase (decrease) from capital stock transactions
|
(4,556,215)
|
(1,982,023)
|
1
|
Class Y shares are not available for the Cash Reserves and Diversified Income Funds. Class B shares are not available for the Equity Income Fund.
|
High Income Fund
|
Diversified Income Fund
|
Equity Income Fund
|
Large Cap Value Fund
|
||||
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
$109,894,185
|
$124,464,299
|
$ 88,819,418
|
$ 91,550,650
|
$ 67,466,736
|
$ 35,520,264
|
$139,813,547
|
$152,616,104
|
3,518,664
|
7,763,690
|
978,018
|
2,120,021
|
34,385
|
(72,344)
|
1,228,651
|
2,277,582
|
1,215,735
|
4,106,214
|
761,119
|
3,845,446
|
5,564,465
|
4,751,173
|
2,911,150
|
7,698,135
|
826,907
|
(6,211,188)
|
4,074,226
|
220,319
|
2,757,794
|
(1,818,380)
|
11,324,843
|
5,024,639
|
5,561,306
|
5,658,716
|
5,813,363
|
6,185,786
|
8,356,644
|
2,860,449
|
15,464,644
|
15,000,356
|
(825,877)
|
(1,652,085)
|
(863,220)
|
(1,804,981)
|
(95,633)
|
–
|
(834,914)
|
(668,428)
|
(72,410)
|
(225,296)
|
(113,005)
|
(306,884)
|
–
|
–
|
(54,356)
|
(42,622)
|
(2,741,248)
|
(5,944,123)
|
–
|
–
|
(1,996,501)
|
–
|
(1,426,893)
|
(1,265,448)
|
–
|
–
|
–
|
–
|
(94,263)
|
(364,554)
|
–
|
–
|
–
|
–
|
–
|
–
|
(1,948,375)
|
(3,619,585)
|
–
|
–
|
(3,639,535)
|
(7,821,504)
|
(976,225)
|
(2,111,865)
|
(4,134,772)
|
(3,984,139)
|
(2,316,163)
|
(1,976,498)
|
2,035,473
|
3,839,404
|
7,910,318
|
8,593,838
|
1,226,200
|
1,705,545
|
2,838,752
|
4,933,316
|
676,334
|
1,356,721
|
845,609
|
1,765,457
|
181,595
|
351,254
|
819,618
|
655,541
|
(1,636,618)
|
(4,359,911)
|
(5,536,256)
|
(13,722,943)
|
(260,317)
|
(675,671)
|
(4,275,313)
|
(9,577,922)
|
1,075,189
|
836,214
|
3,219,671
|
(3,363,648)
|
1,147,478
|
1,381,128
|
(616,943)
|
(3,989,065)
|
183,673
|
193,454
|
1,520,229
|
1,855,392
|
165,272
|
665,658
|
||
66,761
|
198,809
|
111,868
|
302,436
|
53,910
|
42,129
|
||
(730,873)
|
(1,870,845)
|
(3,200,786)
|
(5,599,333)
|
(1,548,794)
|
(3,154,649)
|
||
(480,439)
|
(1,478,582)
|
(1,568,689)
|
(3,441,505)
|
(1,329,612)
|
(2,446,862)
|
||
2,655,000
|
11,647,172
|
41,383,331
|
40,372,210
|
3,826,911
|
5,796,947
|
||
20,888
|
274,445
|
205,186
|
43,676
|
14,923
|
–
|
||
(15,293,604)
|
(23,686,575)
|
(8,127,475)
|
(8,726,852)
|
(8,357,258)
|
(25,187,435)
|
||
(12,617,716)
|
(11,764,958)
|
33,461,042
|
31,689,034
|
(4,515,424)
|
(19,390,488)
|
||
(12,022,966)
|
(12,407,326)
|
1,650,982
|
(6,805,153)
|
34,608,520
|
33,070,162
|
(6,461,979)
|
(25,826,415)
|
(10,101,195)
|
(14,570,114)
|
6,488,120
|
(2,731,232)
|
38,830,392
|
31,946,472
|
6,686,502
|
(12,802,557)
|
$ 99,792,990
|
$109,894,185
|
$ 95,307,538
|
$ 88,819,418
|
$106,297,128
|
$ 67,466,736
|
$146,500,049
|
$139,813,547
|
$ 29,194
|
$ 150,065
|
$ 5,438
|
$ 3,645
|
$ 34,385
|
$ –
|
$ 773,401
|
$ 1,860,913
|
290,901
|
544,373
|
659,337
|
741,735
|
120,973
|
168,040
|
218,939
|
399,608
|
96,665
|
193,424
|
70,326
|
153,220
|
18,243
|
35,966
|
65,517
|
54,765
|
(232,911)
|
(616,870)
|
(460,780)
|
(1,197,436)
|
(25,767)
|
(68,002)
|
(330,247)
|
(779,278)
|
154,655
|
120,927
|
268,883
|
(302,481)
|
113,449
|
136,004
|
(45,791)
|
(324,905)
|
25,681
|
26,987
|
125,448
|
160,437
|
12,961
|
54,739
|
||
9,400
|
27,913
|
9,256
|
26,138
|
4,358
|
3,558
|
||
(102,872)
|
(261,662)
|
(264,782)
|
(482,146)
|
(120,767)
|
(259,584)
|
||
(67,791)
|
(206,762)
|
(130,078)
|
(295,571)
|
(103,448)
|
(201,287)
|
||
385,953
|
1,708,180
|
4,131,399
|
4,164,918
|
300,350
|
478,071
|
||
3,090
|
39,333
|
20,448
|
4,957
|
1,194
|
–
|
||
(2,192,508)
|
(3,354,517)
|
(796,648)
|
(880,662)
|
(638,600)
|
(2,082,826)
|
||
(1,803,465)
|
(1,607,004)
|
3,355,199
|
3,289,213
|
(337,056)
|
(1,604,755)
|
Large Cap Growth Fund
|
Mid Cap Fund
|
|||
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
|
Net Assets at beginning of period
|
$116,770,538
|
$152,562,429
|
$111,303,061
|
$ 78,606,852
|
Increase in net assets from operations:
|
||||
Net investment income (loss)
|
(7,956)
|
80,676
|
(102,985)
|
(33,474)
|
Net realized gain
|
3,063,803
|
16,382,050
|
1,798,195
|
10,632,924
|
Net change in unrealized appreciation (depreciation)
|
7,500,123
|
(8,658,903)
|
13,259,667
|
(1,507,500)
|
Net increase (decrease) in net assets from operations
|
10,555,970
|
7,803,823
|
14,954,877
|
9,091,950
|
Distributions to shareholders from:
|
||||
Net investment income
|
||||
Class A
|
(9)
|
(58,148)
|
–
|
–
|
Class B
|
–
|
–
|
–
|
–
|
Class Y
|
(79,708)
|
(301,378)
|
–
|
–
|
Net realized gains
|
||||
Class A
|
–
|
–
|
–
|
–
|
Class B
|
–
|
–
|
–
|
–
|
Class Y
|
–
|
–
|
–
|
–
|
Total distributions
|
(79,717)
|
(359,526)
|
–
|
–
|
Capital Stock transactions:
|
||||
Class A Shares
|
||||
Shares sold
|
3,433,109
|
4,948,607
|
2,943,782
|
5,189,491
|
Issued to shareholders in reinvestment of distributions
|
9
|
57,439
|
–
|
–
|
Shares redeemed
|
(3,403,317)
|
(7,853,822)
|
(3,451,418)
|
(8,625,351)
|
Redemption fees
|
–
|
–
|
–
|
–
|
Net increase (decrease) from capital stock transactions
|
29,801
|
(2,847,776)
|
(507,636)
|
(3,435,860)
|
Class B Shares
|
||||
Shares sold
|
212,996
|
708,800
|
154,090
|
520,038
|
Issued to shareholders in reinvestment of distributions
|
–
|
–
|
–
|
–
|
Shares redeemed
|
(1,681,435)
|
(3,269,113)
|
(1,902,688)
|
(3,229,600)
|
Net increase (decrease) from capital stock transactions
|
(1,468,439)
|
(2,560,313)
|
(1,748,598)
|
(2,709,562)
|
Class Y Shares
|
||||
Shares sold
|
10,487,329
|
958,486
|
17,898,858
|
41,483,407
|
Issued to shareholders in reinvestment of distributions
|
739
|
119
|
–
|
–
|
Shares redeemed
|
(2,898,340)
|
(38,786,704)
|
(10,134,538)
|
(11,733,726)
|
Net increase (decrease) from capital stock transactions
|
7,589,728
|
(37,828,099)
|
7,764,320
|
29,749,681
|
Total net increase (decrease) from capital stock transactions
|
6,151,090
|
(43,236,188)
|
5,508,086
|
23,604,259
|
Total increase (decrease) in net assets
|
16,627,343
|
(35,791,891)
|
20,462,963
|
32,696,209
|
Net Assets at end of period
|
$133,397,881
|
$116,770,538
|
$131,766,024
|
$111,303,061
|
Undistributed net investment income (loss)
|
$ (7,965)
|
$ 79,708
|
$ (102,985)
|
$ –
|
Capital Share transactions:
|
||||
Class A Shares
|
||||
Shares sold
|
204,207
|
308,234
|
417,264
|
790,275
|
Issued to shareholders in reinvestment of distributions
|
1
|
3,597
|
–
|
–
|
Shares redeemed
|
(205,948)
|
(490,786)
|
(497,232)
|
(1,310,630)
|
Net increase (decrease) from capital stock transactions
|
(1,740)
|
(178,955)
|
(79,968)
|
(520,355)
|
Class B Shares
|
||||
Shares sold
|
13,924
|
48,179
|
23,884
|
85,309
|
Issued to shareholders in reinvestment of distributions
|
–
|
–
|
–
|
–
|
Shares redeemed
|
(110,565)
|
(223,275)
|
(296,838)
|
(531,886)
|
Net increase (decrease) from capital stock transactions
|
(96,641)
|
(175,096)
|
(272,954)
|
(446,577)
|
Class Y Shares
|
||||
Shares sold
|
619,994
|
60,055
|
2,526,954
|
6,347,479
|
Issued to shareholders in reinvestment of distributions
|
47
|
7
|
–
|
–
|
Shares redeemed
|
(178,353)
|
(2,441,064)
|
(1,402,160)
|
(1,832,006)
|
Net increase (decrease) from capital stock transactions
|
441,688
|
(2,381,002)
|
1,124,794
|
4,515,473
|
Small Cap Fund
|
International Stock Fund
|
||
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
Six-Months Ended
April 30, 2012
(unaudited)
|
Year
Ended
October 31, 2011
|
$ 20,505,842
|
$ 32,042,388
|
$ 68,992,523
|
$102,780,265
|
77,253
|
182,774
|
386,493
|
1,390,323
|
817,485
|
3,296,100
|
3,550,018
|
7,545,592
|
1,364,011
|
(209,651)
|
(626,545)
|
(10,559,684)
|
2,258,749
|
3,269,223
|
3,309,966
|
(1,623,769)
|
(1)
|
(12,733)
|
(424,281)
|
(333,583)
|
–
|
(903)
|
(56,775)
|
(38,465)
|
(506)
|
(176,780)
|
(973,905)
|
(1,149,092)
|
(106,289)
|
–
|
–
|
–
|
(9,033)
|
–
|
–
|
–
|
(533,628)
|
–
|
–
|
–
|
(649,459)
|
(190,416)
|
(1,454,961)
|
(1,521,140)
|
378,424
|
990,222
|
1,092,184
|
2,871,288
|
106,290
|
12,733
|
418,874
|
327,020
|
(143,066)
|
(536,474)
|
(2,094,867)
|
(4,977,102)
|
–
|
2,319
|
–
|
315
|
341,648
|
468,800
|
(583,809)
|
(1,778,479)
|
29,688
|
114,582
|
71,572
|
296,343
|
8,926
|
873
|
56,439
|
38,117
|
(18,869)
|
(128,820)
|
(689,793)
|
(1,142,294)
|
19,745
|
(13,365)
|
(561,782)
|
(807,834)
|
4,924
|
17,707
|
2,244,973
|
492,127
|
–
|
–
|
7,305
|
–
|
(2,166,143)
|
(15,088,495)
|
(27,263,788)
|
(28,548,647)
|
(2,161,219)
|
(15,070,788)
|
(25,011,510)
|
(28,056,520)
|
(1,799,826)
|
(14,615,353)
|
(26,157,101)
|
(30,642,833)
|
(190,534)
|
(11,536,546)
|
(24,302,096)
|
(33,787,742)
|
$ 20,315,308
|
$ 20,505,842
|
$ 44,690,427
|
$ 68,992,523
|
$ 77,244
|
$ 498
|
$ 360,194
|
$ 1,428,662
|
33,389
|
89,570
|
107,372
|
268,949
|
9,971
|
1,139
|
44,656
|
30,764
|
(12,659)
|
(49,774)
|
(208,372)
|
(469,641)
|
30,701
|
40,935
|
(56,344)
|
(169,928)
|
2,684
|
10,434
|
7,183
|
28,118
|
858
|
79
|
6,108
|
3,630
|
(1,707)
|
(12,137)
|
(68,834)
|
(108,680)
|
1,835
|
(1,624)
|
(55,543)
|
(76,932)
|
430
|
1,565
|
218,812
|
47,000
|
–
|
–
|
780
|
–
|
(190,952)
|
(1,369,753)
|
(2,663,338)
|
(2,693,985)
|
(190,522)
|
(1,368,188)
|
(2,443,746)
|
(2,646,985)
|
CONSERVATIVE ALLOCATION FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$ 9.94
|
$10.02
|
$ 9.34
|
$ 8.53
|
$11.13
|
$10.53
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.15
|
0.25
|
0.27
|
0.24
|
0.28
|
0.24
|
Net realized and unrealized gain (loss) on investments
|
0.28
|
0.04
|
0.70
|
0.98
|
(2.58)
|
0.49
|
Total from investment operations
|
0.43
|
0.29
|
0.97
|
1.22
|
(2.30)
|
0.73
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.16)
|
(0.37)
|
(0.29)
|
(0.41)
|
(0.27)
|
(0.12)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.03)
|
(0.01)
|
Total distributions
|
(0.16)
|
(0.37)
|
(0.29)
|
(0.41)
|
(0.30)
|
(0.13)
|
Net increase (decrease) in net asset value
|
0.27
|
(0.08)
|
0.68
|
0.81
|
(2.60)
|
0.60
|
Net Asset Value at end of period
|
$10.21
|
$ 9.94
|
$10.02
|
$ 9.34
|
$ 8.53
|
$11.13
|
Total Return (%)2
|
4.343
|
3.00
|
10.58
|
14.91
|
(21.19)
|
6.94
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$38,882
|
$35,293
|
$33,274
|
$27,225
|
$19,753
|
$16,003
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
0.704
|
0.70
|
0.70
|
0.92
|
1.14
|
1.79
|
After reimbursement of expenses by adviser (%)
|
0.704
|
0.70
|
0.70
|
0.70
|
0.70
|
0.70
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
2.884
|
2.40
|
2.79
|
2.80
|
2.75
|
3.00
|
Portfolio Turnover (%)5
|
233
|
26
|
50
|
38
|
90
|
39
|
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$ 9.94
|
$10.03
|
$ 9.34
|
$ 8.48
|
$11.07
|
$10.51
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.10
|
0.17
|
0.20
|
0.18
|
0.18
|
0.17
|
Net realized and unrealized gain (loss) on investments
|
0.29
|
0.05
|
0.71
|
0.98
|
(2.55)
|
0.48
|
Total from investment operations
|
0.39
|
0.22
|
0.91
|
1.16
|
(2.37)
|
0.65
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.12)
|
(0.31)
|
(0.22)
|
(0.30)
|
(0.19)
|
(0.08)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.03)
|
(0.01)
|
Total distributions
|
(0.12)
|
(0.31)
|
(0.22)
|
(0.30)
|
(0.22)
|
(0.09)
|
Net increase (decrease) in net asset value
|
0.27
|
(0.09)
|
0.69
|
0.86
|
(2.59)
|
0.56
|
Net Asset Value at end of period
|
$10.21
|
$ 9.94
|
$10.03
|
$ 9.34
|
$ 8.48
|
$11.07
|
Total Return (%)2
|
4.013
|
2.19
|
9.87
|
14.09
|
(21.82)
|
6.16
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$8,770
|
$ 8,203
|
$8,363
|
$6,287
|
$5,506
|
$4,173
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.454
|
1.45
|
1.45
|
1.68
|
1.89
|
2.53
|
After reimbursement of expenses by adviser (%)
|
1.454
|
1.45
|
1.45
|
1.45
|
1.45
|
1.45
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
2.154
|
1.67
|
2.04
|
2.16
|
2.01
|
2.01
|
Portfolio Turnover (%)5
|
233
|
26
|
50
|
38
|
90
|
39
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
CONSERVATIVE ALLOCATION FUND (continued)
|
|||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
Inception
to 10/31/081
|
|||
2011
|
2010
|
2009
|
|||
CLASS C
|
|||||
Net Asset Value at beginning of period
|
$ 9.95
|
$10.04
|
$ 9.35
|
$ 8.48
|
$10.47
|
Income from Investment Operations:
|
|||||
Net investment income2
|
0.11
|
0.19
|
0.20
|
0.16
|
0.03
|
Net realized and unrealized gain (loss) on investments
|
0.27
|
0.03
|
0.71
|
1.01
|
(2.02)
|
Total from investment operations
|
0.38
|
0.22
|
0.91
|
1.17
|
(1.99)
|
Less Distributions:
|
|||||
Distributions from net investment income
|
(0.12)
|
(0.31)
|
(0.22)
|
(0.30)
|
–
|
Total distributions
|
(0.12)
|
(0.31)
|
(0.22)
|
(0.30)
|
–
|
Net increase (decrease) in net asset value
|
0.26
|
(0.09)
|
0.69
|
0.87
|
(1.99)
|
Net Asset Value at end of period
|
$10.21
|
$ 9.95
|
$10.04
|
$ 9.35
|
$ 8.48
|
Total Return (%)3
|
3.904
|
2.19
|
9.86
|
14.21
|
(19.01)4
|
Ratios/Supplemental Data:
|
|||||
Net Assets at end of period (in 000’s)
|
$7,409
|
$5,846
|
$5,417
|
$3,412
|
$2,198
|
Ratios of expenses to average net assets:
|
|||||
Before reimbursement of expenses by adviser (%)
|
1.455
|
1.45
|
1.45
|
1.87
|
2.675
|
After reimbursement of expenses by adviser (%)
|
1.455
|
1.45
|
1.45
|
1.45
|
1.455
|
Ratio of net investment income to average net assets
|
|||||
After reimbursement of expenses by adviser (%)
|
2.135
|
1.76
|
2.03
|
2.03
|
0.605
|
Portfolio Turnover (%)7
|
234
|
26
|
50
|
38
|
904
|
MODERATE ALLOCATION FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$ 9.76
|
$ 9.63
|
$ 8.77
|
$ 7.84
|
$11.82
|
$10.65
|
Income from Investment Operations:
|
||||||
Net investment income2
|
0.13
|
0.16
|
0.18
|
0.15
|
0.16
|
0.17
|
Net realized and unrealized gain (loss) on investments
|
0.43
|
0.22
|
0.83
|
0.93
|
(3.88)
|
1.12
|
Total from investment operations
|
0.56
|
0.38
|
1.01
|
1.08
|
(3.72)
|
1.29
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.23)
|
(0.25)
|
(0.15)
|
(0.15)
|
(0.18)
|
(0.12)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.08)
|
(0.00)6
|
Total distributions
|
(0.23)
|
(0.25)
|
(0.15)
|
(0.15)
|
(0.26)
|
(0.12)
|
Net increase (decrease) in net asset value
|
0.33
|
0.13
|
0.86
|
0.93
|
(3.98)
|
1.17
|
Net Asset Value at end of period
|
$10.09
|
$ 9.76
|
$ 9.63
|
$ 8.77
|
$ 7.84
|
$11.82
|
Total Return (%)3
|
5.824
|
3.97
|
11.68
|
14.12
|
(32.18)
|
12.26
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$88,101
|
$ 84,321
|
$79,765
|
$64,631
|
$50,326
|
$56,312
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
0.705
|
0.70
|
0.70
|
0.78
|
0.79
|
0.89
|
After reimbursement of expenses by adviser (%)
|
0.705
|
0.70
|
0.70
|
0.70
|
0.70
|
0.70
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
2.495
|
1.64
|
1.98
|
1.93
|
1.41
|
1.45
|
Portfolio Turnover (%)7
|
234
|
20
|
54
|
30
|
83
|
21
|
1
|
Commenced investment operations February 29, 2008.
|
4
|
Not annualized.
|
2
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
5
|
Annualized.
|
6
|
Amounts represent less than $0.005 per share.
|
||
3
|
Total return without applicable sales charge.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MODERATE ALLOCATION FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$ 9.70
|
$ 9.58
|
$ 8.72
|
$ 7.80
|
$11.75
|
$10.63
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.08
|
0.08
|
0.10
|
0.10
|
0.06
|
0.09
|
Net realized and unrealized gain (loss) on investments
|
0.44
|
0.21
|
0.84
|
0.92
|
(3.84)
|
1.11
|
Total from investment operations
|
0.52
|
0.29
|
0.94
|
1.02
|
(3.78)
|
1.20
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.15)
|
(0.17)
|
(0.08)
|
(0.10)
|
(0.09)
|
(0.08)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.08)
|
–
|
Total distributions
|
(0.15)
|
(0.17)
|
(0.08)
|
(0.10)
|
(0.17)
|
(0.08)
|
Net increase (decrease) in net asset value
|
0.37
|
0.12
|
0.86
|
0.92
|
(3.95)
|
1.12
|
Net Asset Value at end of period
|
$10.07
|
$ 9.70
|
$ 9.58
|
$ 8.72
|
$ 7.80
|
$11.75
|
Total Return (%)3
|
5.474
|
3.19
|
10.78
|
13.20
|
(32.64)
|
11.38
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$28,616
|
$ 26,928
|
$25,002
|
$20,221
|
$17,728
|
$19,825
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.455
|
1.45
|
1.45
|
1.53
|
1.54
|
1.64
|
After reimbursement of expenses by adviser (%)
|
1.455
|
1.45
|
1.45
|
1.45
|
1.45
|
1.45
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.725
|
0.88
|
1.24
|
1.26
|
0.66
|
0.63
|
Portfolio Turnover (%)6
|
234
|
20
|
54
|
30
|
83
|
21
|
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
Inception
to 10/31/082
|
|||
2011
|
2010
|
2009
|
|||
CLASS C
|
|||||
Net Asset Value at beginning of period
|
$ 9.71
|
$ 9.58
|
$ 8.72
|
$ 7.80
|
$10.61
|
Income from Investment Operations:
|
|||||
Net investment income1
|
0.08
|
0.08
|
0.10
|
0.09
|
0.02
|
Net realized and unrealized gain (loss) on investments
|
0.43
|
0.22
|
0.84
|
0.93
|
(2.83)
|
Total from investment operations
|
0.51
|
0.30
|
0.94
|
1.02
|
(2.81)
|
Less Distributions:
|
|||||
Distributions from net investment income
|
(0.15)
|
(0.17)
|
(0.08)
|
(0.10)
|
–
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
–
|
Total distributions
|
(0.15)
|
(0.17)
|
(0.08)
|
(0.10)
|
–
|
Net increase (decrease) in net asset value
|
0.36
|
0.13
|
0.86
|
0.92
|
(2.81)
|
Net Asset Value at end of period
|
$10.07
|
$ 9.71
|
$ 9.58
|
$ 8.72
|
$ 7.80
|
Total Return (%)3
|
5.364
|
3.19
|
10.89
|
13.20
|
(26.48)4
|
Ratios/Supplemental Data:
|
|||||
Net Assets at end of period (in 000’s)
|
$5,129
|
$ 3,939
|
$3,856
|
$3,094
|
$2,149
|
Ratios of expenses to average net assets:
|
|||||
Before reimbursement of expenses by adviser (%)
|
1.455
|
1.45
|
1.45
|
1.74
|
2.385
|
After reimbursement of expenses by adviser (%)
|
1.455
|
1.45
|
1.45
|
1.45
|
1.455
|
Ratio of net investment income to average net assets
|
|||||
After reimbursement of expenses by adviser (%)
|
1.655
|
0.90
|
1.23
|
0.98
|
0.395
|
Portfolio Turnover (%)6
|
234
|
20
|
54
|
30
|
834
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
4
|
Not annualized.
|
5
|
Annualized.
|
||
2
|
Commenced investment operations February 29, 2008.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
3
|
Total return without applicable sales charge.
|
AGGRESSIVE ALLOCATION FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$ 9.32
|
$ 9.04
|
$ 8.12
|
$ 7.16
|
$12.53
|
$10.76
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.09
|
0.07
|
0.09
|
0.08
|
0.04
|
0.09
|
Net realized and unrealized gain (loss) on investments
|
0.51
|
0.32
|
0.92
|
0.92
|
(5.18)
|
1.83
|
Total from investment operations
|
0.60
|
0.39
|
1.01
|
1.00
|
(5.14)
|
1.92
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.13)
|
(0.11)
|
(0.09)
|
(0.04)
|
(0.13)
|
(0.15)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.10)
|
–
|
Total distributions
|
(0.13)
|
(0.11)
|
(0.09)
|
(0.04)
|
(0.23)
|
(0.15)
|
Net increase (decrease) in net asset value
|
0.47
|
0.28
|
0.92
|
0.96
|
(5.37)
|
1.77
|
Net Asset Value at end of period
|
$ 9.79
|
$ 9.32
|
$ 9.04
|
$ 8.12
|
$ 7.16
|
$12.53
|
Total Return (%)2
|
6.483
|
4.29
|
12.50
|
14.00
|
(41.73)
|
18.00
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$32,053
|
$30,190
|
$27,823
|
$21,855
|
$14,975
|
$18,824
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
0.704
|
0.70
|
0.70
|
1.11
|
1.25
|
1.62
|
After reimbursement of expenses by adviser (%)
|
0.704
|
0.70
|
0.70
|
0.70
|
0.70
|
0.70
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.904
|
0.74
|
1.03
|
1.06
|
0.09
|
(0.33)
|
Portfolio Turnover (%)6
|
313
|
29
|
62
|
17
|
91
|
24
|
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$ 9.23
|
$ 8.96
|
$ 8.05
|
$ 7.12
|
$12.46
|
$10.74
|
Income from Investment Operations:
|
||||||
Net investment income (loss)1
|
0.05
|
0.005
|
0.03
|
0.03
|
(0.06)
|
0.005
|
Net realized and unrealized gain (loss) on investments
|
0.50
|
0.32
|
0.91
|
0.90
|
(5.14)
|
1.82
|
Total from investment operations
|
0.55
|
0.32
|
0.94
|
0.93
|
(5.20)
|
1.82
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.07)
|
(0.05)
|
(0.03)
|
–
|
(0.04)
|
(0.10)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.10)
|
–
|
Total distributions
|
(0.07)
|
(0.05)
|
(0.03)
|
–
|
(0.14)
|
(0.10)
|
Net increase (decrease) in net asset value
|
0.48
|
0.27
|
0.91
|
0.93
|
(5.34)
|
1.72
|
Net Asset Value at end of period
|
$ 9.71
|
$ 9.23
|
$ 8.96
|
$ 8.05
|
$ 7.12
|
$12.46
|
Total Return (%)2
|
6.023
|
3.54
|
11.67
|
13.06
|
(42.17)
|
17.11
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$10,364
|
$ 9,975
|
$9,109
|
$7,518
|
$6,050
|
$7,234
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.454
|
1.45
|
1.45
|
1.88
|
2.00
|
2.38
|
After reimbursement of expenses by adviser (%)
|
1.454
|
1.45
|
1.45
|
1.45
|
1.45
|
1.45
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.154
|
(0.00)5
|
0.30
|
0.44
|
(0.73)
|
(1.06)
|
Portfolio Turnover (%)6
|
313
|
29
|
62
|
17
|
90
|
24
|
1
|
Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Amounts represent less than $0.005 per share.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
AGGRESSIVE ALLOCATION FUND (continued)
|
|||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
Inception
to 10/31/081
|
|||
2011
|
2010
|
2009
|
|||
CLASS C
|
|||||
Net Asset Value at beginning of period
|
$ 9.24
|
$ 8.97
|
$ 8.06
|
$ 7.12
|
$10.70
|
Income from Investment Operations:
|
|||||
Net investment income (loss)2
|
0.04
|
(0.02)
|
0.03
|
0.01
|
(0.06)
|
Net realized and unrealized gain (loss) on investments
|
0.51
|
0.34
|
0.91
|
0.93
|
(3.52)
|
Total from investment operations
|
0.55
|
0.32
|
0.94
|
0.94
|
(3.58)
|
Less Distributions:
|
|||||
Distributions from net investment income
|
(0.07)
|
(0.05)
|
(0.03)
|
–
|
–
|
Total distributions
|
(0.07)
|
(0.05)
|
(0.03)
|
–
|
–
|
Net increase (decrease) in net asset value
|
0.48
|
0.27
|
0.91
|
0.94
|
(3.58)
|
Net Asset Value at end of period
|
$ 9.72
|
$ 9.24
|
$ 8.97
|
$ 8.06
|
$ 7.12
|
Total Return (%)3
|
6.024
|
3.54
|
11.66
|
13.20
|
(33.46)4
|
Ratios/Supplemental Data:
|
|||||
Net Assets at end of period (in 000’s)
|
$ 996
|
$ 828
|
$ 508
|
$ 470
|
$ 229
|
Ratios of expenses to average net assets:
|
|||||
Before reimbursement of expenses by adviser (%)
|
1.455
|
1.45
|
1.45
|
3.72
|
7.845
|
After reimbursement of expenses by adviser (%)
|
1.455
|
1.45
|
1.45
|
1.45
|
1.455
|
Ratio of net investment income to average net assets
|
|||||
After reimbursement of expenses by adviser (%)
|
0.895
|
(0.32)
|
0.34
|
0.28
|
(1.23)5
|
Portfolio Turnover (%)7
|
314
|
29
|
62
|
17
|
914
|
CASH RESERVES FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Income from Investment Operations:
|
||||||
Net investment income (loss)2
|
0.00
|
0.00
|
(0.00)6
|
0.006
|
0.02
|
0.05
|
Total from investment operations
|
0.00
|
0.00
|
(0.00)6
|
0.006
|
0.02
|
0.05
|
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
–
|
–
|
(0.00)6
|
(0.02)
|
(0.05)
|
Total distributions
|
–
|
–
|
–
|
(0.00)6
|
(0.02)
|
(0.05)
|
Net increase (decrease) in net asset value
|
0.00
|
0.00
|
(0.00)6
|
(0.00)6
|
–
|
–
|
Net Asset Value at end of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Total Return (%)3
|
0.004
|
0.00
|
0.00
|
0.07
|
2.26
|
4.73
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$12,293
|
$12,298
|
$11,687
|
$13,690
|
$15,339
|
$12,494
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement and waiver of expenses by adviser (%)
|
0.555
|
0.55
|
0.55
|
0.80
|
1.02
|
1.09
|
After reimbursement and waiver of expenses by adviser (%)
|
0.045
|
0.108
|
0.148
|
0.338
|
0.55
|
0.55
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement and waiver of expenses by adviser (%)
|
0.005,8
|
0.008
|
0.008
|
0.078
|
2.16
|
4.64
|
1
|
Commenced investment operations February 29, 2008.
|
2
|
Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
|
3
|
Total return without applicable sales charge.
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Amounts represent less than $0.005 per share.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
8
|
Ratio is net of fees waived by the adviser and distributor (See Note 3).
|
CASH RESERVES FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Income from Investment Operations:
|
||||||
Net investment income (loss)7
|
0.00
|
0.00
|
(0.00)5
|
0.005
|
0.01
|
0.04
|
Total from investment operations
|
0.00
|
0.00
|
(0.00)5
|
0.005
|
0.01
|
0.04
|
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
–
|
–
|
(0.00)5
|
(0.01)
|
(0.04)
|
Total distributions
|
0.00
|
0.00
|
0.00
|
(0.00)5
|
(0.01)
|
(0.04)
|
Net increase (decrease) in net asset value
|
0.00
|
0.00
|
(0.00)5
|
(0.00)5
|
–
|
–
|
Net Asset Value at end of period
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
$ 1.00
|
Total Return (%)2
|
0.003
|
0.00
|
0.00
|
0.01
|
1.50
|
3.94
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$1,065
|
$1,601
|
$2,056
|
$3,250
|
$4,655
|
$2,779
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement and waiver of expenses by adviser (%)
|
1.304
|
1.30
|
1.30
|
1.56
|
1.77
|
1.84
|
After reimbursement and waiver of expenses by adviser (%)
|
0.044,6
|
0.106
|
0.146
|
0.406
|
1.30
|
1.30
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement and waiver of expenses by adviser (%)
|
0.004,6
|
0.006
|
0.006
|
0.016
|
1.32
|
3.88
|
For the Period
Ended 6/14/071
|
|
CLASS Y
|
|
Net Asset Value at beginning of period
|
$ 1.00
|
Income from Investment Operations:
|
|
Net investment income7
|
0.03
|
Total from investment operations
|
0.03
|
Less Distributions:
|
|
Distributions from net investment income
|
(0.03)
|
Total distributions
|
(0.03)
|
Net increase in net asset value
|
0.00
|
Net Asset Value at end of period
|
$ 1.00
|
Total Return (%)2
|
N/A
|
Ratios/Supplemental Data:
|
|
Net Assets at end of period (in 000’s)
|
$ –
|
Ratios of expenses to average net assets:
|
|
Before reimbursement of expenses by adviser (%)
|
1.003
|
After reimbursement of expenses by adviser (%)
|
0.553
|
Ratio of net investment income to average net assets
|
|
After reimbursement of expenses by adviser (%)
|
4.623
|
1
|
Cash Reserves Fund Class Y shares were liquidated June 14, 2007.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Amounts represent less than $0.005 per share.
|
6
|
Ratio is net of fees waived by the adviser and distributor (see Note 3).
|
7
|
Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
|
BOND FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$10.59
|
$10.46
|
$10.11
|
$ 9.48
|
$ 9.78
|
$ 9.88
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.12
|
0.26
|
0.25
|
0.30
|
0.39
|
0.43
|
Net realized and unrealized gain (loss) on investments
|
0.03
|
0.13
|
0.35
|
0.63
|
(0.30)
|
(0.10)
|
Total from investment operations
|
0.15
|
0.39
|
0.60
|
0.93
|
0.09
|
0.33
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.12)
|
(0.26)
|
(0.25)
|
(0.30)
|
(0.39)
|
(0.36)
|
Return of capital
|
–
|
–
|
–
|
–
|
–
|
(0.07)
|
Total distributions
|
(0.12)
|
(0.26)
|
(0.25)
|
(0.30)
|
(0.39)
|
(0.43)
|
Net increase (decrease) in net asset value
|
0.03
|
0.13
|
0.35
|
0.63
|
(0.30)
|
(0.10)
|
Net Asset Value at end of period
|
$10.62
|
$10.59
|
$10.46
|
$10.11
|
$ 9.48
|
$ 9.78
|
Total Return (%)2
|
1.453
|
3.81
|
5.97
|
9.91
|
0.89
|
3.42
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$43,833
|
$43,775
|
$44,238
|
$44,099
|
$37,882
|
$55,271
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
0.904
|
0.90
|
0.90
|
0.94
|
1.02
|
1.08
|
After reimbursement of expenses by adviser (%)
|
0.904
|
0.90
|
0.90
|
0.90
|
0.90
|
0.90
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
2.354
|
2.54
|
2.42
|
3.04
|
4.05
|
4.40
|
Portfolio Turnover (%)5
|
53
|
12
|
7
|
37
|
22
|
40
|
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$10.59
|
$10.46
|
$10.12
|
$ 9.48
|
$ 9.78
|
$ 9.88
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.08
|
0.19
|
0.17
|
0.23
|
0.32
|
0.35
|
Net realized and unrealized gain (loss) on investments
|
0.04
|
0.12
|
0.34
|
0.64
|
(0.30)
|
(0.10)
|
Total from investment operations
|
0.12
|
0.31
|
0.51
|
0.87
|
0.02
|
0.25
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.08)
|
(0.18)
|
(0.17)
|
(0.23)
|
(0.32)
|
(0.29)
|
Return of capital
|
–
|
–
|
–
|
–
|
–
|
(0.06)
|
Total distributions
|
(0.08)
|
(0.18)
|
(0.17)
|
(0.23)
|
(0.32)
|
(0.35)
|
Net increase (decrease) in net asset value
|
0.04
|
0.13
|
0.34
|
0.64
|
(0.30)
|
(0.10)
|
Net Asset Value at end of period
|
$10.63
|
$10.59
|
$10.46
|
$10.12
|
$ 9.48
|
$ 9.78
|
Total Return (%)2
|
1.163
|
3.04
|
5.08
|
9.20
|
0.13
|
2.64
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$5,529
|
$5,678
|
$8,388
|
$9,363
|
$15,941
|
$26,507
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.654
|
1.65
|
1.65
|
1.69
|
1.77
|
1.83
|
After reimbursement of expenses by adviser (%)
|
1.654
|
1.65
|
1.65
|
1.65
|
1.65
|
1.65
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.604
|
1.78
|
1.68
|
2.37
|
3.29
|
3.65
|
Portfolio Turnover (%)5
|
53
|
12
|
7
|
37
|
22
|
40
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
BOND FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS Y
|
||||||
Net Asset Value at beginning of period
|
$10.58
|
$10.46
|
$10.11
|
$ 9.47
|
$ 9.77
|
$ 9.88
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.14
|
0.29
|
0.27
|
0.32
|
0.42
|
0.45
|
Net realized and unrealized gain (loss) on investments
|
0.02
|
0.12
|
0.35
|
0.64
|
(0.30)
|
(0.11)
|
Total from investment operations
|
0.16
|
0.41
|
0.62
|
0.96
|
0.12
|
0.34
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.14)
|
(0.29)
|
(0.27)
|
(0.32)
|
(0.42)
|
(0.38)
|
Return of capital
|
–
|
–
|
–
|
–
|
–
|
(0.07)
|
Total distributions
|
(0.14)
|
(0.29)
|
(0.27)
|
(0.32)
|
(0.42)
|
(0.45)
|
Net increase (decrease) in net asset value
|
0.02
|
0.12
|
0.35
|
0.64
|
(0.30)
|
(0.11)
|
Net Asset Value at end of period
|
$10.60
|
$10.58
|
$10.46
|
$10.11
|
$ 9.47
|
$ 9.77
|
Total Return (%)2
|
1.573
|
4.03
|
6.23
|
10.30
|
1.14
|
3.58
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$97,165
|
$145,125
|
$164,190
|
$147,145
|
$105,043
|
$34,542
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
0.654
|
0.65
|
0.65
|
0.69
|
0.76
|
0.82
|
After reimbursement of expenses by adviser (%)
|
0.654
|
0.65
|
0.65
|
0.65
|
0.65
|
0.65
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
2.594
|
2.79
|
2.67
|
3.28
|
4.23
|
4.69
|
Portfolio Turnover (%)5
|
53
|
12
|
7
|
37
|
223
|
40
|
HIGH INCOME FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$ 6.95
|
$ 7.10
|
$ 6.66
|
$ 5.57
|
$ 7.29
|
$ 7.36
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.22
|
0.48
|
0.51
|
0.46
|
0.47
|
0.53
|
Net realized and unrealized gain (loss) on investments
|
0.14
|
(0.16)
|
0.43
|
1.09
|
(1.65)
|
(0.08)
|
Total from investment operations
|
0.36
|
0.32
|
0.94
|
1.55
|
(1.18)
|
0.45
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.22)
|
(0.47)
|
(0.50)
|
(0.46)
|
(0.54)
|
(0.52)
|
Total distributions
|
(0.22)
|
(0.47)
|
(0.50)
|
(0.46)
|
(0.54)
|
(0.52)
|
Net increase (decrease) in net asset value
|
0.14
|
(0.15)
|
0.44
|
1.09
|
(1.72)
|
(0.07)
|
Net Asset Value at end of period
|
$ 7.09
|
$ 6.95
|
$ 7.10
|
$ 6.66
|
$ 5.57
|
$ 7.29
|
Total Return (%)2
|
5.293
|
4.61
|
14.73
|
28.98
|
(17.24)
|
6.31
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$26,896
|
$25,299
|
$24,986
|
$25,684
|
$17,818
|
$35,610
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.004
|
1.00
|
1.00
|
1.05
|
1.14
|
1.21
|
After reimbursement of expenses by adviser (%)
|
1.004
|
1.00
|
1.00
|
1.00
|
1.00
|
1.00
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
6.404
|
6.73
|
7.38
|
7.78
|
6.77
|
7.10
|
Portfolio Turnover (%)5
|
213
|
55
|
47
|
73
|
59
|
74
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
HIGH INCOME FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS B
|
||||||
Net Asset Value at beginning of period
|
||||||
Income from Investment Operations:
|
$ 7.05
|
$ 7.19
|
$ 6.74
|
$ 5.63
|
$ 7.32
|
$ 7.39
|
Net investment income1
|
||||||
Net realized and unrealized gain on investments
|
0.21
|
0.44
|
0.46
|
0.44
|
0.45
|
0.49
|
Total from investment operations
|
0.13
|
(0.17)
|
0.44
|
1.09
|
(1.70)
|
(0.09)
|
Less Distributions:
|
0.34
|
0.27
|
0.90
|
1.53
|
(1.25)
|
0.40
|
Distributions from net investment income
|
||||||
Return of capital
|
(0.19)
|
(0.41)
|
(0.45)
|
(0.42)
|
(0.44)
|
(0.47)
|
Total distributions
|
(0.19)
|
(0.41)
|
(0.45)
|
(0.42)
|
(0.44)
|
(0.47)
|
Net increase (decrease) in net asset value
|
0.15
|
(0.14)
|
0.45
|
1.11
|
(1.69)
|
(0.07)
|
Net Asset Value at end of period
|
$ 7.20
|
$ 7.05
|
$ 7.19
|
$ 6.74
|
$ 5.63
|
$ 7.32
|
Total Return (%)2
|
4.863
|
3.89
|
13.86
|
28.08
|
(17.93)
|
5.50
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$2,600
|
$3,023
|
$4,571
|
$4,711
|
$5,833
|
$12,255
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.754
|
1.75
|
1.75
|
1.81
|
1.90
|
1.96
|
After reimbursement of expenses by adviser (%)
|
1.754
|
1.75
|
1.75
|
1.75
|
1.75
|
1.75
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
5.654
|
6.01
|
6.62
|
7.01
|
6.04
|
6.37
|
Portfolio Turnover (%)5
|
213
|
55
|
47
|
73
|
59
|
74
|
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS Y
|
||||||
Net Asset Value at beginning of period
|
$ 6.92
|
$ 7.09
|
$ 6.65
|
$ 5.56
|
$ 7.30
|
$ 7.36
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.24
|
0.49
|
0.52
|
0.47
|
0.48
|
0.51
|
Net realized and unrealized gain (loss) on investments
|
0.13
|
(0.16)
|
0.44
|
1.10
|
(1.65)
|
(0.03)
|
Total from investment operations
|
0.37
|
0.33
|
0.96
|
1.57
|
(1.17)
|
0.48
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.25)
|
(0.50)
|
(0.52)
|
(0.48)
|
(0.57)
|
(0.54)
|
Total distributions
|
(0.25)
|
(0.50)
|
(0.52)
|
(0.48)
|
(0.57)
|
(0.54)
|
Net increase (decrease) in net asset value
|
0.12
|
(0.17)
|
0.44
|
1.09
|
(1.74)
|
(0.06)
|
Net Asset Value at end of period
|
$ 7.04
|
$ 6.92
|
$ 7.09
|
$ 6.65
|
$ 5.56
|
$ 7.30
|
Total Return (%)2
|
5.373
|
4.81
|
15.04
|
29.35
|
(17.09)
|
6.72
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$70,297
|
$81,572
|
$94,907
|
$80,394
|
$33,127
|
$21,115
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
0.754
|
0.75
|
0.75
|
0.80
|
0.89
|
0.94
|
After reimbursement of expenses by adviser (%)
|
0.754
|
0.75
|
0.75
|
0.75
|
0.75
|
0.75
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
6.654
|
7.00
|
7.61
|
8.04
|
7.03
|
7.43
|
Portfolio Turnover (%)5
|
213
|
55
|
47
|
73
|
59
|
74
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
DIVERSIFIED INCOME FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$11.68
|
$11.16
|
$10.17
|
$ 9.92
|
$13.24
|
$13.20
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.14
|
0.29
|
0.34
|
0.38
|
0.45
|
0.49
|
Net realized and unrealized gain (loss) on investments
|
0.63
|
0.52
|
0.98
|
0.28
|
(2.30)
|
0.27
|
Total from investment operations
|
0.77
|
0.81
|
1.32
|
0.66
|
(1.85)
|
0.76
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.14)
|
(0.29)
|
(0.33)
|
(0.41)
|
(0.47)
|
(0.49)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(1.00)
|
(0.23)
|
Total distributions
|
(0.14)
|
(0.29)
|
(0.33)
|
(0.41)
|
(1.47)
|
(0.72)
|
Net increase (decrease) in net asset value
|
0.63
|
0.52
|
0.99
|
0.25
|
(3.32)
|
0.04
|
Net Asset Value at end of period
|
$12.31
|
$11.68
|
$11.16
|
$10.17
|
$ 9.92
|
$13.24
|
Total Return (%)2
|
6.583
|
7.32
|
13.15
|
7.07
|
(15.39)
|
5.95
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$80,147
|
$72,913
|
$73,040
|
$71,014
|
$70,095
|
$90,254
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.104
|
1.10
|
1.10
|
1.27
|
1.29
|
1.25
|
After reimbursement of expenses by adviser (%)
|
1.104
|
1.10
|
1.10
|
1.10
|
1.10
|
1.10
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
2.264
|
2.51
|
3.10
|
3.98
|
3.94
|
3.73
|
Portfolio Turnover (%)5
|
73
|
17
|
24
|
28
|
15
|
62
|
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$11.74
|
$11.22
|
$10.22
|
$ 9.96
|
$13.25
|
$13.22
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.09
|
0.20
|
0.26
|
0.32
|
0.39
|
0.40
|
Net realized and unrealized gain (loss) on investments
|
0.64
|
0.52
|
0.99
|
0.28
|
(2.34)
|
0.26
|
Total from investment operations
|
0.73
|
0.72
|
1.25
|
0.60
|
(1.95)
|
0.66
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.09)
|
(0.20)
|
(0.25)
|
(0.34)
|
(0.34)
|
(0.40)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(1.00)
|
(0.23)
|
Total distributions
|
(0.09)
|
(0.20)
|
(0.25)
|
(0.34)
|
(1.34)
|
(0.63)
|
Net increase (decrease) in net asset value
|
0.64
|
0.52
|
1.00
|
0.26
|
(3.29)
|
0.03
|
Net Asset Value at end of period
|
$12.38
|
$11.74
|
$11.22
|
$10.22
|
$9.96
|
$13.25
|
Total Return (%)2
|
6.233
|
6.47
|
12.35
|
6.24
|
(16.01)
|
5.09
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$15,161
|
$15,906
|
$18,511
|
$18,322
|
$28,156
|
$57,581
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.854
|
1.85
|
1.85
|
2.04
|
2.04
|
2.00
|
After reimbursement of expenses by adviser (%)
|
1.854
|
1.85
|
1.85
|
1.85
|
1.85
|
1.85
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.534
|
1.77
|
2.35
|
3.33
|
3.18
|
2.99
|
Portfolio Turnover (%)5
|
73
|
17
|
24
|
28
|
15
|
62
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
EQUITY INCOME FUND
|
|||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended
10/31/11
|
Inception
to 10/31/101
|
|
CLASS A
|
|||
Net Asset Value at beginning of period
|
$ 9.76
|
$10.27
|
$10.00
|
Income from Investment Operations:
|
|||
Net investment loss2
|
0.01
|
0.007
|
(0.04)
|
Net realized and unrealized gain on investments
|
0.87
|
0.50
|
0.71
|
Total from investment operations
|
0.88
|
0.50
|
0.67
|
Less Distributions:
|
|||
Distributions from net investment income
|
(0.20)
|
–
|
–
|
Distributions from capital gains
|
(0.22)
|
(1.01)
|
(0.40)
|
Total distributions
|
(0.42)
|
(1.01)
|
(0.40)
|
Net increase (decrease) in net asset value
|
0.46
|
(0.51)
|
0.27
|
Net Asset Value at end of period
|
$10.22
|
$ 9.76
|
$10.27
|
Total Return (%)3
|
9.184
|
5.22
|
7.03
|
Ratios/Supplemental Data:
|
|||
Net Assets at end of period (in 000’s)
|
$5,425
|
$4,072
|
$2,886
|
Ratios of expenses to average net assets (%)
|
1.225
|
1.25
|
1.25
|
Ratio of net investment income to average net assets (%)
|
(0.15)5
|
(0.44)
|
(0.64)
|
Portfolio Turnover (%)6
|
494
|
107
|
58
|
CLASS Y
|
|||
Net Asset Value at beginning of period
|
$ 9.81
|
$10.29
|
$10.00
|
Income from Investment Operations:
|
|||
Net investment income (loss)2
|
0.01
|
0.03
|
(0.04)
|
Net realized and unrealized gain on investments
|
0.89
|
0.50
|
0.73
|
Total from investment operations
|
0.90
|
0.53
|
0.69
|
Less Distributions:
|
|||
Distributions from net investment income
|
(0.21)
|
–
|
–
|
Distributions from capital gains
|
(0.22)
|
(1.01)
|
(0.40)
|
Total distributions
|
(0.43)
|
(1.01)
|
(0.40)
|
Net increase (decrease) in net asset value
|
0.47
|
(0.48)
|
0.29
|
Net Asset Value at end of period
|
$10.28
|
$ 9.81
|
$10.29
|
Total Return (%)3
|
9.304
|
5.51
|
7.23
|
Ratios/Supplemental Data:
|
|||
Net Assets at end of period (in 000’s)
|
$100,872
|
$63,395
|
$32,634
|
Ratios of expenses to average net assets (%)
|
0.995
|
1.00
|
1.00
|
Ratio of net investment income to average net assets (%)
|
0.085
|
(0.15)
|
(0.46)
|
Portfolio Turnover (%)6
|
494
|
107
|
58
|
1
|
Fund was seeded on October 31, 2009
|
2
|
Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
|
3
|
Total return without applicable sales charge
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire period.
|
7
|
Amounts represent less than $0.005 per share.
|
LARGE CAP VALUE FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$12.42
|
$11.40
|
$10.57
|
$10.60
|
$16.91
|
$15.47
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.10
|
0.18
|
0.12
|
0.20
|
0.28
|
0.22
|
Net realized and unrealized gain (loss) on investments
|
1.28
|
0.98
|
0.85
|
(0.01)
|
(6.30)
|
1.45
|
Total from investment operations
|
1.38
|
1.16
|
0.97
|
0.19
|
(6.02)
|
1.67
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.19)
|
(0.14)
|
(0.14)
|
(0.22)
|
(0.19)
|
(0.23)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.10)
|
–
|
Total distributions
|
(0.19)
|
(0.14)
|
(0.14)
|
(0.22)
|
(0.29)
|
(0.23)
|
Net increase (decrease) in net asset value
|
1.19
|
1.02
|
0.83
|
(0.03)
|
(6.31)
|
1.44
|
Net Asset Value at end of period
|
$13.61
|
$12.42
|
$11.40
|
$10.57
|
$10.60
|
$16.91
|
Total Return (%)2
|
11.273
|
10.27
|
9.22
|
2.08
|
(36.17)
|
10.88
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$58,836
|
$54,271
|
$53,520
|
$54,242
|
$58,075
|
$116,358
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.164
|
1.16
|
1.16
|
1.19
|
1.16
|
1.13
|
After reimbursement of expenses by adviser (%)
|
1.164
|
1.16
|
1.16
|
1.18
|
1.16
|
1.13
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.614
|
1.44
|
1.07
|
2.00
|
1.87
|
1.32
|
Portfolio Turnover (%)5
|
103
|
39
|
70
|
86
|
55
|
47
|
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$12.21
|
$11.20
|
$10.38
|
$10.42
|
$16.61
|
$15.20
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.09
|
0.12
|
0.06
|
0.19
|
0.27
|
0.16
|
Net realized and unrealized gain (loss) on investments
|
1.22
|
0.94
|
0.82
|
(0.08)
|
(6.29)
|
1.36
|
Total from investment operations
|
1.31
|
1.06
|
0.88
|
0.11
|
(6.02)
|
1.52
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.10)
|
(0.05)
|
(0.06)
|
(0.15)
|
(0.07)
|
(0.11)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.10)
|
–
|
Total distributions
|
(0.10)
|
(0.05)
|
(0.06)
|
(0.15)
|
(0.17)
|
(0.11)
|
Net increase (decrease) in net asset value
|
1.21
|
1.01
|
0.82
|
(0.04)
|
(6.19)
|
1.41
|
Net Asset Value at end of period
|
$13.42
|
$12.21
|
$11.20
|
$10.38
|
$10.42
|
$16.61
|
Total Return (%)2
|
10.763
|
9.52
|
8.45
|
1.23
|
(36.59)
|
10.03
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$6,529
|
$7,199
|
$8,863
|
$9,637
|
$14,993
|
$43,146
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.914
|
1.91
|
1.91
|
1.95
|
1.91
|
1.89
|
After reimbursement of expenses by adviser (%)
|
1.914
|
1.91
|
1.91
|
1.94
|
1.91
|
1.88
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
0.894
|
0.70
|
0.31
|
1.36
|
1.11
|
0.61
|
Portfolio Turnover (%)5
|
103
|
39
|
70
|
86
|
55
|
47
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
LARGE CAP VALUE FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS Y
|
||||||
Net Asset Value at beginning of period
|
$12.44
|
$11.42
|
$10.58
|
$10.62
|
$16.93
|
$15.48
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.12
|
0.23
|
0.15
|
0.18
|
0.22
|
0.21
|
Net realized and unrealized gain (loss) on investments
|
1.27
|
0.97
|
0.86
|
0.03
|
(6.20)
|
1.51
|
Total from investment operations
|
1.39
|
1.20
|
1.01
|
0.21
|
(5.98)
|
1.72
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.22)
|
(0.18)
|
(0.17)
|
(0.25)
|
(0.23)
|
(0.27)
|
Return of capital
|
–
|
–
|
–
|
–
|
(0.10)
|
–
|
Total distributions
|
(0.22)
|
(0.18)
|
(0.17)
|
(0.25)
|
(0.33)
|
(0.27)
|
Net increase (decrease) in net asset value
|
1.17
|
1.02
|
0.84
|
(0.04)
|
(6.31)
|
1.45
|
Net Asset Value at end of period
|
$13.61
|
$12.44
|
$11.42
|
$10.58
|
$10.62
|
$16.93
|
Total Return (%)2
|
11.373
|
10.53
|
9.58
|
2.24
|
(35.97)
|
11.21
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$81,135
|
$78,344
|
$90,233
|
$80,167
|
$54,828
|
$47,949
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
0.914
|
0.91
|
0.91
|
0.93
|
0.91
|
0.87
|
After reimbursement of expenses by adviser (%)
|
0.914
|
0.91
|
0.91
|
0.93
|
0.91
|
0.88
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.874
|
1.69
|
1.31
|
2.12
|
2.07
|
1.47
|
Portfolio Turnover (%)6
|
103
|
39
|
70
|
86
|
55
|
47
|
LARGE CAP GROWTH FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$16.00
|
$15.20
|
$13.15
|
$11.07
|
$17.39
|
$14.70
|
Income from Investment Operations:
|
||||||
Net investment income (loss)1
|
(0.01)
|
(0.01)
|
0.02
|
0.05
|
0.03
|
(0.00)5
|
Net realized and unrealized gain (loss) on investments
|
1.44
|
0.83
|
2.08
|
2.05
|
(6.35)
|
2.69
|
Total from investment operations
|
1.43
|
0.82
|
2.10
|
2.10
|
(6.32)
|
2.69
|
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.02)
|
(0.05)
|
(0.02)
|
–
|
–
|
Total distributions
|
–
|
(0.02)
|
(0.05)
|
(0.02)
|
–
|
–
|
Net increase (decrease) in net asset value
|
1.43
|
0.80
|
2.05
|
2.08
|
(6.32)
|
2.69
|
Net Asset Value at end of period
|
$17.43
|
$16.00
|
$15.20
|
$13.15
|
$11.07
|
$17.39
|
Total Return (%)2
|
8.943
|
5.39
|
15.96
|
18.99
|
(36.34)
|
18.30
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$52,349
|
$48,068
|
$48,389
|
$45,398
|
$38,538
|
$68,253
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.204
|
1.20
|
1.20
|
1.31
|
1.34
|
1.43
|
After reimbursement of expenses by adviser (%)
|
1.204
|
1.20
|
1.20
|
1.20
|
1.20
|
1.20
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
(0.10)4
|
(0.05)
|
0.13
|
0.41
|
0.18
|
(0.02)
|
Portfolio Turnover (%)6
|
363
|
77
|
79
|
105
|
141
|
93
|
1
|
Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
|
4
|
Annualized.
|
5
|
Amounts represent less than $0.005 per share.
|
||
2
|
Total return without applicable sales charge.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
3
|
Not annualized.
|
LARGE CAP GROWTH FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$14.64
|
$13.99
|
$12.16
|
$10.30
|
$16.29
|
$13.88
|
Income from Investment Operations:
|
||||||
Net investment income (loss)1
|
(0.07)
|
(0.13)
|
(0.08)
|
(0.02)
|
(0.11)
|
(0.13)
|
Net realized and unrealized gain (loss) on investments
|
1.32
|
0.78
|
1.91
|
1.88
|
(5.88)
|
2.54
|
Total from investment operations
|
1.25
|
0.65
|
1.83
|
1.86
|
(5.99)
|
2.41
|
Net increase (decrease) in net asset value
|
1.25
|
0.65
|
1.83
|
1.86
|
(5.99)
|
2.41
|
Net Asset Value at end of period
|
$15.89
|
$14.64
|
$13.99
|
$12.16
|
$10.30
|
$16.29
|
Total Return (%)2
|
8.543
|
4.65
|
15.05
|
18.06
|
(36.77)
|
17.36
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$6,696
|
$7,581
|
$9,698
|
$9,665
|
$13,580
|
$36,147
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.954
|
1.95
|
1.95
|
2.07
|
2.10
|
2.18
|
After reimbursement of expenses by adviser (%)
|
1.954
|
1.95
|
1.95
|
1.95
|
1.95
|
1.95
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
(0.84)4
|
(0.79)
|
(0.62)
|
(0.30)
|
(0.56)
|
(0.76)
|
Portfolio Turnover (%)5
|
363
|
77
|
79
|
105
|
141
|
93
|
CLASS Y
|
||||||
Net Asset Value at beginning of period
|
$16.11
|
$15.30
|
$13.23
|
$11.14
|
$17.45
|
$14.72
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.01
|
0.04
|
0.07
|
0.06
|
0.06
|
0.02
|
Net realized and unrealized gain (loss) on investments
|
1.45
|
0.82
|
2.08
|
2.07
|
(6.37)
|
2.71
|
Total from investment operations
|
1.46
|
0.86
|
2.15
|
2.13
|
(6.31)
|
2.73
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.02)
|
(0.05)
|
(0.08)
|
(0.04)
|
–
|
–
|
Total distributions
|
(0.02)
|
(0.05)
|
(0.08)
|
(0.04)
|
–
|
–
|
Net increase (decrease) in net asset value
|
1.44
|
0.81
|
2.07
|
2.09
|
(6.31)
|
2.73
|
Net Asset Value at end of period
|
$17.55
|
$16.11
|
$15.30
|
$13.23
|
$11.14
|
$17.45
|
Total Return (%)2
|
9.083
|
5.63
|
16.26
|
19.26
|
(36.16)
|
18.55
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$74,353
|
$61,122
|
$94,475
|
$106,390
|
$70,203
|
$52,811
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
0.954
|
0.95
|
0.95
|
1.06
|
1.09
|
1.16
|
After reimbursement of expenses by adviser (%)
|
0.954
|
0.95
|
0.95
|
0.95
|
0.95
|
0.95
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
0.144
|
0.22
|
0.38
|
0.63
|
0.45
|
0.19
|
Portfolio Turnover (%)5
|
363
|
77
|
79
|
105
|
141
|
93
|
1
|
Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MID CAP FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$ 6.60
|
$ 5.95
|
$ 4.95
|
$ 4.08
|
$ 7.45
|
$ 6.27
|
Income from Investment Operations:
|
||||||
Net investment loss1
|
(0.01)
|
(0.00)5
|
(0.02)
|
(0.03)
|
(0.04)
|
(0.07)
|
Net realized and unrealized gain (loss) on investments
|
0.86
|
0.65
|
1.02
|
0.90
|
(3.28)
|
1.25
|
Total from investment operations
|
0.85
|
0.65
|
1.00
|
0.87
|
(3.32)
|
1.18
|
Less Distributions:
|
||||||
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.05)
|
–
|
Total distributions
|
–
|
–
|
0.00
|
–
|
(0.05)
|
–
|
Net increase (decrease) in net asset value
|
0.85
|
0.65
|
1.00
|
0.87
|
(3.37)
|
1.18
|
Net Asset Value at end of period
|
$ 7.45
|
$ 6.60
|
$ 5.95
|
$ 4.95
|
$ 4.08
|
$ 7.45
|
Total Return (%)2
|
12.883
|
10.92
|
20.20
|
21.03
|
(44.71)
|
18.82
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$48,929
|
$43,865
|
$42,627
|
$17,138
|
$14,241
|
$33,459
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.404
|
1.40
|
1.40
|
1.56
|
1.44
|
1.50
|
After reimbursement of expenses by adviser (%)
|
1.404
|
1.40
|
1.40
|
1.40
|
1.40
|
1.33
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
(0.26)4
|
(0.05)
|
(0.50)
|
(0.61)
|
(0.56)
|
(0.87)
|
Portfolio Turnover (%)6
|
113
|
70
|
68
|
198
|
127
|
109
|
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$ 6.04
|
$ 5.49
|
$ 4.60
|
$ 3.83
|
$ 7.04
|
$ 5.96
|
Income from Investment Operations:
|
||||||
Net investment loss1
|
(0.04)
|
(0.06)
|
(0.05)
|
(0.06)
|
(0.10)
|
(0.13)
|
Net realized and unrealized gain (loss) on investments
|
0.80
|
0.61
|
0.94
|
0.83
|
(3.06)
|
1.21
|
Total from investment operations
|
0.76
|
0.55
|
0.89
|
0.77
|
(3.16)
|
1.08
|
Less Distributions:
|
||||||
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.05)
|
–
|
Total distributions
|
–
|
–
|
0.00
|
–
|
(0.05)
|
–
|
Net increase (decrease) in net asset value
|
0.76
|
0.55
|
0.89
|
0.77
|
(3.21)
|
1.08
|
Net Asset Value at end of period
|
$ 6.80
|
$ 6.04
|
$ 5.49
|
$ 4.60
|
$ 3.83
|
$ 7.04
|
Total Return (%)2
|
12.583
|
10.02
|
19.35
|
20.10
|
(45.18)
|
17.92
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$7,347
|
$8,181
|
$9,879
|
$4,231
|
$ 4,891
|
$13,598
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
2.154
|
2.15
|
2.15
|
2.32
|
2.19
|
2.25
|
After reimbursement of expenses by adviser (%)
|
2.154
|
2.15
|
2.15
|
2.15
|
2.15
|
2.08
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
(1.01)4
|
(0.79)
|
(1.24)
|
(1.34)
|
(1.32)
|
(1.62)
|
Portfolio Turnover (%)6
|
113
|
70
|
68
|
198
|
127
|
109
|
1
|
Net investment loss calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Amounts represent less than $0.005 per share.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MID CAP FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS Y
|
||||||
Net Asset Value at beginning of period
|
$ 6.69
|
$ 6.01
|
$ 5.00
|
$ 4.11
|
$ 7.47
|
$ 6.27
|
Income from Investment Operations:
|
||||||
Net investment income (loss)7
|
0.005
|
0.01
|
(0.01)
|
(0.01)
|
(0.02)
|
(0.03)
|
Net realized and unrealized gain (loss) on investments
|
0.87
|
0.67
|
1.02
|
0.90
|
(3.29)
|
1.23
|
Total from investment operations
|
0.87
|
0.68
|
1.01
|
0.89
|
(3.31)
|
1.20
|
Less Distributions:
|
||||||
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.05)
|
–
|
Total distributions
|
–
|
–
|
0.00
|
–
|
(0.05)
|
–
|
Net increase (decrease) in net asset value
|
0.87
|
0.68
|
1.01
|
0.89
|
(3.36)
|
1.20
|
Net Asset Value at end of period
|
$ 7.56
|
$ 6.69
|
$ 6.01
|
$ 5.00
|
$ 4.11
|
$ 7.47
|
Total Return (%)2
|
13.003
|
11.31
|
20.20
|
21.65
|
(44.66)
|
19.11
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$75,490
|
$59,257
|
$26,101
|
$23,389
|
$17,649
|
$32,631
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.154
|
1.15
|
1.15
|
1.30
|
1.19
|
1.22
|
After reimbursement of expenses by adviser (%)
|
1.154
|
1.15
|
1.15
|
1.15
|
1.15
|
1.11
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
(0.01)4
|
0.18
|
(0.23)
|
(0.37)
|
(0.27)
|
(0.62)
|
Portfolio Turnover (%)6
|
113
|
70
|
68
|
198
|
127
|
109
|
SMALL CAP FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
Inception
to 10/31/071
|
||||
2011
|
2010
|
2009
|
2008
|
|||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$10.79
|
$ 9.93
|
$ 8.24
|
$ 7.29
|
$10.36
|
$10.00
|
Income from Investment Operations:
|
||||||
Net investment income7
|
0.38
|
0.04
|
0.005
|
0.03
|
0.22
|
0.06
|
Net realized and unrealized gain (loss) on investments
|
0.82
|
0.86
|
1.70
|
0.94
|
(3.07)
|
0.30
|
Total from investment operations
|
1.20
|
0.90
|
1.70
|
0.97
|
(2.85)
|
0.36
|
Redemption Fees (see Note 2)
|
–
|
0.01
|
–
|
–
|
–
|
–
|
Less Distributions:
|
||||||
Distributions from investment income
|
(0.35)
|
(0.05)
|
(0.01)
|
(0.02)
|
(0.05)
|
–
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.17)
|
–
|
Total distributions
|
(0.35)
|
(0.05)
|
(0.01)
|
(0.02)
|
(0.22)
|
–
|
Net increase (decrease) in net asset value
|
0.85
|
0.86
|
1.69
|
0.95
|
(3.07)
|
0.36
|
Net Asset Value at end of period
|
$11.64
|
$10.79
|
$ 9.93
|
$ 8.24
|
$ 7.29
|
$10.36
|
Total Return (%)2
|
11.453
|
9.12
|
20.60
|
13.30
|
(28.02)
|
3.604
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$3,812
|
$3,201
|
$2,540
|
$1,301
|
$ 883
|
$6,098
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.504
|
1.50
|
1.50
|
2.85
|
2.18
|
2.615
|
After reimbursement of expenses by adviser (%)
|
1.504
|
1.50
|
1.50
|
1.50
|
1.50
|
1.505
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
0.594
|
0.33
|
0.04
|
0.50
|
0.56
|
0.715
|
Portfolio Turnover (%)6
|
73
|
15
|
40
|
21
|
55
|
144
|
1
|
Commenced investment operations December 27, 2006.
|
5
|
Amounts represent less than $0.005 per share.
|
2
|
Total return without applicable sales charge.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
3
|
Not annualized.
|
7
|
Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
|
4
|
Annualized.
|
SMALL CAP FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
Inception
to 10/31/071
|
||||
2011
|
2010
|
2009
|
2008
|
|||
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$10.55
|
$ 9.78
|
$ 8.18
|
$ 7.24
|
$10.29
|
$10.00
|
Income from Investment Operations:
|
||||||
Net investment income (loss)7
|
0.34
|
(0.06)
|
(0.07)
|
(0.02)
|
0.03
|
(0.00)5
|
Net realized and unrealized gain (loss) on investments
|
0.80
|
0.86
|
1.67
|
0.94
|
(2.91)
|
0.29
|
Total from investment operations
|
1.14
|
0.80
|
1.60
|
0.92
|
(2.88)
|
0.29
|
Redemption Fees (see Note 2)
|
–
|
–
|
–
|
0.02
|
0.02
|
0.005
|
Less Distributions:
|
–
|
|||||
Distributions from net investment income
|
(0.35)
|
(0.03)
|
–
|
–
|
–
|
_
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.17)
|
–
|
Total distributions
|
(0.35)
|
(0.03)
|
0.00
|
–
|
(0.17)
|
–
|
Net increase (decrease) in net asset value
|
0.79
|
0.77
|
1.60
|
0.94
|
(3.05)
|
0.29
|
Net Asset Value at end of period
|
$11.34
|
$10.55
|
$ 9.78
|
$ 8.18
|
$ 7.24
|
$10.29
|
Total Return (%)2
|
11.133
|
8.20
|
19.56
|
12.98
|
(28.38)
|
2.903
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$306
|
$266
|
$262
|
$100
|
$ 67
|
$200
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
2.254
|
2.25
|
2.25
|
11.03
|
7.88
|
11.244
|
After reimbursement of expenses by adviser (%)
|
2.254
|
2.25
|
2.25
|
2.25
|
2.25
|
2.254
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
(0.16)4
|
(0.42)
|
(0.72)
|
(0.22)
|
(0.19)
|
(0.01)4
|
Portfolio Turnover (%)6
|
73
|
15
|
40
|
21
|
55
|
143
|
CLASS Y
|
||||||
Net Asset Value at beginning of period
|
$10.77
|
$ 9.91
|
$ 8.22
|
$ 7.31
|
$10.37
|
$ 9.82
|
Income from Investment Operations:
|
||||||
Net investment income7
|
0.40
|
0.07
|
0.03
|
0.05
|
0.06
|
0.05
|
Net realized and unrealized gain (loss) on investments
|
0.82
|
0.85
|
1.69
|
0.92
|
(2.88)
|
0.50
|
Total from investment operations
|
1.22
|
0.92
|
1.72
|
0.97
|
(2.82)
|
0.55
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.35)
|
(0.06)
|
(0.03)
|
(0.06)
|
(0.07)
|
–
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.17)
|
–
|
Total distributions
|
(0.35)
|
(0.06)
|
(0.03)
|
(0.06)
|
(0.24)
|
–
|
Net increase (decrease) in net asset value
|
0.87
|
0.86
|
1.69
|
0.91
|
(3.06)
|
0.55
|
Net Asset Value at end of period
|
$11.64
|
$10.77
|
$ 9.91
|
$ 8.22
|
$ 7.31
|
$10.37
|
Total Return (%)2
|
11.663
|
9.29
|
20.90
|
13.53
|
(27.71)
|
5.603
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$16,197
|
$17,039
|
$29,240
|
$20,389
|
$13,453
|
$14,949
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.254
|
1.25
|
1.25
|
1.52
|
1.61
|
1.914
|
After reimbursement of expenses by adviser (%)
|
1.254
|
1.25
|
1.25
|
1.25
|
1.25
|
1.254
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
0.824
|
0.69
|
0.29
|
0.77
|
0.81
|
0.994
|
Portfolio Turnover (%)6
|
73
|
15
|
40
|
21
|
55
|
143
|
1
|
CLass A & B shares commenced investment operations December 27, 2006. Class Y shares commenced investment operations January 9, 2007.
|
5
|
Amounts represent less than $0.005 per share.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
||
2
|
Total return without applicable sales charge.
|
7
|
Net investment income (loss) calculated excluding permanent tax adjustments to undistributed net investment income.
|
3
|
Not annualized.
|
||
4
|
Annualized.
|
INTERNATIONAL STOCK FUND
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS A
|
||||||
Net Asset Value at beginning of period
|
$10.12
|
$10.58
|
$ 9.94
|
$ 8.47
|
$17.05
|
$15.66
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.08
|
0.16
|
0.12
|
0.15
|
0.23
|
0.16
|
Net realized and unrealized gain (loss) on investments
|
0.50
|
(0.47)
|
0.77
|
1.69
|
(6.06)
|
2.92
|
Total from investment operations
|
0.58
|
(0.31)
|
0.89
|
1.84
|
(5.83)
|
3.08
|
Redemption Fees (see Note 2)
|
–
|
0.005
|
–
|
–
|
–
|
–
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.21)
|
(0.15)
|
(0.25)
|
(0.16)
|
(0.24)
|
(0.11)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.21)
|
(2.51)
|
(1.58)
|
Total distributions
|
(0.21)
|
(0.15)
|
(0.25)
|
(0.37)
|
(2.75)
|
(1.69)
|
Net increase (decrease) in net asset value
|
0.37
|
(0.46)
|
0.64
|
1.47
|
(8.58)
|
1.39
|
Net Asset Value at end of period
|
$10.49
|
$10.12
|
$10.58
|
$ 9.94
|
$ 8.47
|
$17.05
|
Total Return (%)2
|
5.993
|
(3.00)
|
9.01
|
22.82
|
(40.46)
|
21.24
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$20,936
|
$20,763
|
$23,505
|
$23,094
|
$19,040
|
$52,145
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.604
|
1.60
|
1.60
|
1.73
|
1.93
|
1.89
|
After reimbursement of expenses by adviser (%)
|
1.604
|
1.60
|
1.60
|
1.60
|
1.60
|
1.60
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.494
|
1.45
|
1.19
|
1.81
|
1.67
|
0.99
|
Portfolio Turnover (%)6
|
153
|
44
|
52
|
82
|
69
|
79
|
CLASS B
|
||||||
Net Asset Value at beginning of period
|
$ 9.92
|
$10.39
|
$ 9.76
|
$ 8.33
|
$16.79
|
$15.45
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.05
|
0.08
|
0.05
|
0.14
|
0.18
|
0.08
|
Net realized and unrealized gain (loss) on investments
|
0.49
|
(0.47)
|
0.75
|
1.60
|
(6.01)
|
2.84
|
Total from investment operations
|
0.54
|
(0.39)
|
0.80
|
1.74
|
(5.83)
|
2.92
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.15)
|
(0.08)
|
(0.17)
|
(0.10)
|
(0.12)
|
–
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.21)
|
(2.51)
|
(1.58)
|
Total distributions
|
(0.15)
|
(0.08)
|
(0.17)
|
(0.31)
|
(2.63)
|
(1.58)
|
Net increase (decrease) in net asset value
|
0.39
|
(0.47)
|
0.63
|
1.43
|
(8.46)
|
1.34
|
Net Asset Value at end of period
|
$10.31
|
$ 9.92
|
$10.39
|
$ 9.76
|
$ 8.33
|
$16.79
|
Total Return (%)2
|
5.633
|
(3.77)
|
8.26
|
21.91
|
(40.95)
|
20.31
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$3,451
|
$3,872
|
$ 4,854
|
$ 5,109
|
$ 6,237
|
$15,630
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
2.364
|
2.35
|
2.35
|
2.49
|
2.69
|
2.64
|
After reimbursement of expenses by adviser (%)
|
2.364
|
2.35
|
2.35
|
2.35
|
2.35
|
2.35
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
0.684
|
0.72
|
0.43
|
1.09
|
1.04
|
0.41
|
Portfolio Turnover (%)6
|
153
|
44
|
52
|
82
|
69
|
79
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Amounts represent less than $0.005 per share.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
INTERNATIONAL STOCK FUND (continued)
|
||||||
Six Months
Ended 4/30/12
(unaudited)
|
Year Ended October 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
||
CLASS Y
|
||||||
Net Asset Value at beginning of period
|
$10.13
|
$10.59
|
$ 9.95
|
$ 8.48
|
$17.08
|
$15.68
|
Income from Investment Operations:
|
||||||
Net investment income1
|
0.12
|
0.21
|
0.22
|
0.16
|
0.31
|
0.17
|
Net realized and unrealized gain (loss) on investments
|
0.48
|
(0.49)
|
0.69
|
1.70
|
(6.12)
|
2.96
|
Total from investment operations
|
0.60
|
(0.28)
|
0.91
|
1.86
|
(5.81)
|
3.13
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.24)
|
(0.18)
|
(0.27)
|
(0.18)
|
(0.28)
|
(0.15)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.21)
|
(2.51)
|
(1.58)
|
Total distributions
|
(0.24)
|
(0.18)
|
(0.27)
|
(0.39)
|
(2.79)
|
(1.73)
|
Net increase (decrease) in net asset value
|
0.36
|
(0.46)
|
0.64
|
1.47
|
(8.60)
|
1.40
|
Net Asset Value at end of period
|
$10.49
|
$10.13
|
$10.59
|
$ 9.95
|
$ 8.48
|
$17.08
|
Total Return (%)2
|
6.263
|
(2.85)
|
9.28
|
23.25
|
(40.41)
|
21.59
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$20,303
|
$44,358
|
$74,421
|
$120,187
|
$81,569
|
$60,525
|
Ratios of expenses to average net assets:
|
||||||
Before reimbursement of expenses by adviser (%)
|
1.354
|
1.35
|
1.35
|
1.47
|
1.68
|
1.66
|
After reimbursement of expenses by adviser (%)
|
1.354
|
1.35
|
1.35
|
1.35
|
1.35
|
1.35
|
Ratio of net investment income to average net assets
|
||||||
After reimbursement of expenses by adviser (%)
|
1.354
|
1.70
|
1.42
|
2.07
|
2.25
|
1.48
|
Portfolio Turnover (%)5
|
153
|
44
|
52
|
82
|
69
|
79
|
1
|
Net investment income calculated excluding permanent tax adjustments to undistributed net investment income.
|
2
|
Total return without applicable sales charge.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
Security
|
Acquisition
Date
|
Acquisition
Cost
|
Security
|
Acquisition
Date
|
Acquisition
Cost
|
|
Bond Fund
|
High Income Fund
|
|||||
American Association of Retired Persons
|
5/16/02
|
$ 786,689
|
Affinion Group Inc.
|
Various
|
$ 409,421
|
|
ERAC USA Finance LLC
|
12/16/04
|
623,061
|
Ferrellgas Partners L.P.
|
3/31/10
|
325,000
|
|
WM Wrigley Jr. Co.
|
6/21/10
|
1,239,606
|
Lucent Technologies Capital Trust I
|
Various
|
774,531
|
|
$2,649,356
|
$1,508,952
|
Diversified Income Fund
|
Acquisition Date
|
Acquisition Cost
|
American Association of Retired Persons
|
5/16/02
|
$ 786,689
|
ERAC USA Finance LLC
|
12/16/04
|
352,165
|
WM Wrigley Jr. Co.
|
6/21/10
|
279,911
|
$1,418,765
|
Fund
|
Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Value at
4/30/12
|
Conservative Allocation
|
$ 54,815,371
|
$ –
|
$ –
|
$ 54,815,371
|
Moderate Allocation
|
121,733,423
|
–
|
–
|
121,733,423
|
Aggressive Allocation
|
43,246,724
|
–
|
–
|
43,246,724
|
Cash Reserves1
|
647,374
|
13,161,674
|
–
|
13,809,048
|
Bond
|
||||
Asset Backed
|
–
|
2,271,383
|
–
|
2,271,383
|
Corporate Notes and Bonds
|
–
|
25,770,398
|
–
|
25,770,398
|
Mortgage Backed
|
–
|
18,974,701
|
–
|
18,974,701
|
U.S. Government and Agency Obligations
|
–
|
97,210,154
|
–
|
97,210,154
|
Investment Companies
|
1,358,533
|
–
|
–
|
1,358,533
|
1,358,533
|
144,226,636
|
–
|
145,585,169
|
|
High Income
|
||||
Preferred Stocks
|
620,000
|
–
|
–
|
620,000
|
Corporate Notes and Bonds
|
–
|
96,097,475
|
–
|
96,097,475
|
Investment Companies
|
2,261,382
|
–
|
–
|
2,261,382
|
2,881,382
|
96,097,475
|
–
|
98,978,857
|
|
Diversified Income
|
||||
Common Stocks
|
51,668,782
|
–
|
–
|
51,668,782
|
Asset Backed
|
–
|
575,443
|
–
|
575,443
|
Corporate Notes and Bonds
|
–
|
13,940,991
|
–
|
13,940,991
|
Mortgage Backed
|
–
|
7,610,046
|
–
|
7,610,046
|
U.S. Government and Agency Obligations
|
–
|
15,069,347
|
–
|
15,069,347
|
Investment Companies
|
5,875,238
|
–
|
–
|
5,875,238
|
57,544,020
|
37,195,827
|
–
|
94,739,847
|
|
Equity Income
|
||||
Assets:
|
||||
Common Stocks
|
82,927,472
|
–
|
–
|
82,927,472
|
U.S. Government and Agency Obligations
|
–
|
4,999,259
|
–
|
4,999,259
|
Repurchase Agreement
|
–
|
18,177,552
|
–
|
18,177,552
|
Investment Companies
|
2,096,550
|
–
|
–
|
2,096,550
|
85,024,022
|
23,176,811
|
–
|
108,200,833
|
|
Liabilities:
|
||||
Options Written
|
2,383,905
|
–
|
–
|
2,383,905
|
Large Cap Value
|
||||
Common Stocks
|
142,155,846
|
–
|
–
|
142,155,846
|
Investment Companies
|
3,693,719
|
–
|
–
|
3,693,719
|
145,849,565
|
–
|
–
|
145,849,565
|
|
Large Cap Growth
|
||||
Common Stocks
|
127,001,099
|
–
|
–
|
127,001,099
|
Investment Companies
|
4,533,448
|
–
|
–
|
4,533,448
|
131,534,547
|
–
|
–
|
131,534,547
|
Fund
|
Quoted Prices in
Active Markets for
Identical Investments
(Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Value at
4/30/12
|
Mid Cap
|
||||
Common Stocks
|
$120,359,411
|
$ –
|
$ –
|
$120,359,411
|
Investment Companies
|
9,648,101
|
–
|
–
|
9,648,101
|
130,007,512
|
–
|
–
|
130,007,512
|
|
Small Cap
|
||||
Common Stocks
|
20,032,523
|
–
|
–
|
20,032,523
|
Investment Companies
|
297,049
|
–
|
–
|
297,049
|
20,329,572
|
–
|
–
|
20,329,572
|
|
International Stock
|
||||
Common Stocks
|
||||
Australia
|
–
|
2,312,613
|
–
|
2,312,613
|
Belgium
|
–
|
1,345,073
|
–
|
1,345,073
|
Brazil
|
–
|
850,203
|
–
|
850,203
|
Canada
|
–
|
940,783
|
–
|
940,783
|
China
|
–
|
311,006
|
–
|
311,006
|
Denmark
|
–
|
531,881
|
–
|
531,881
|
Finland
|
–
|
502,195
|
–
|
502,195
|
France
|
–
|
4,711,245
|
–
|
4,711,245
|
Germany
|
–
|
2,236,916
|
–
|
2,236,916
|
Indonesia
|
350,980
|
–
|
–
|
350,980
|
Ireland
|
367,003
|
–
|
–
|
367,003
|
Italy
|
–
|
286,986
|
–
|
286,986
|
Japan
|
–
|
6,302,563
|
–
|
6,302,563
|
Netherlands
|
–
|
546,169
|
–
|
546,169
|
New Zealand
|
–
|
372,500
|
–
|
372,500
|
Russia
|
–
|
506,635
|
–
|
506,635
|
South Africa
|
396,340
|
–
|
–
|
396,340
|
South Korea
|
–
|
1,114,309
|
–
|
1,114,309
|
Spain
|
–
|
908,430
|
–
|
908,430
|
Sweden
|
–
|
1,844,191
|
–
|
1,844,191
|
Switzerland
|
–
|
1,808,752
|
–
|
1,808,752
|
Thailand
|
–
|
283,063
|
–
|
283,063
|
Turkey
|
–
|
202,956
|
–
|
202,956
|
United Kingdom
|
–
|
12,544,726
|
–
|
12,544,726
|
Investment Companies
|
2,686,488
|
–
|
–
|
2,686,488
|
3,800,811
|
40,463,195
|
–
|
44,264,006
|
Statement of Asset & Liability Presentation of Fair Values of Derivative Instruments
|
||||
Asset Derivatives
|
Liability Derivatives
|
|||
Derivatives not accounted
for as hedging instruments
|
Statement of Assets and Liabilities Location
|
Fair Value
|
Statement of Assets
and Liabilities Location
|
Fair Value
|
Equity contracts
|
–
|
--
|
Options written
|
$2,383,905
|
Derivatives not accounted
for as hedging instruments
|
Realized Gain on Derivatives:
|
Change in Unrealized Depreciation on Derivatives
|
Equity contracts
|
$2,138,103
|
$630,959
|
Amount Collected
|
Amount Retained
|
||||||
Fund
|
Class A
|
Class B
|
Class C
|
Class A
|
Class B
|
Class C
|
|
Conservative Allocation
|
$ 89,634
|
$ 9,869
|
$1,523
|
$11,280
|
$ 9,869
|
$1,523
|
|
Moderate Allocation
|
183,430
|
29,424
|
456
|
21,438
|
29,424
|
456
|
|
Aggressive Allocation
|
71,409
|
11,943
|
77
|
8,231
|
11,943
|
77
|
|
Cash Reserves
|
–
|
3,963
|
–
|
–
|
3,963
|
–
|
|
Bond
|
63,031
|
2,346
|
–
|
7,669
|
2,346
|
–
|
|
High Income
|
28,477
|
1,114
|
–
|
3,970
|
1,114
|
–
|
|
Diversified Income
|
151,549
|
4,818
|
–
|
19,998
|
4,818
|
–
|
|
Equity Income
|
26,111
|
-
|
–
|
3,272
|
-
|
–
|
|
Large Cap Value
|
28,859
|
2,143
|
–
|
3,148
|
2,143
|
–
|
|
Large Cap Growth
|
33,198
|
5,090
|
–
|
3,591
|
5,090
|
–
|
|
Mid Cap
|
20,221
|
1,658
|
–
|
2,095
|
1,658
|
–
|
|
Small Cap
|
2,133
|
52
|
–
|
150
|
52
|
–
|
|
International Stock
|
12,351
|
2,415
|
–
|
1,290
|
2,415
|
–
|
U.S. Government Securities
|
Other Investment Securities
|
|||
Fund
|
Purchases
|
Sales
|
Purchases
|
Sales
|
Conservative Allocation
|
$ –
|
$ –
|
$ 17,260,172
|
$ 11,671,615
|
Moderate Allocation
|
–
|
–
|
31,232,720
|
26,550,634
|
Aggressive Allocation
|
–
|
–
|
13,451,523
|
12,617,337
|
Bond
|
8,101,590
|
15,175,000
|
378,970
|
–
|
High Income
|
–
|
–
|
20,919,076
|
29,782,071
|
Diversified Income
|
3,758,235
|
1,100,000
|
4,413,825
|
5,141,885
|
Equity Income
|
–
|
–
|
69,787,953
|
39,597,403
|
Large Cap Value
|
–
|
–
|
13,458,694
|
21,869,801
|
Large Cap Growth
|
–
|
–
|
47,281,779
|
42,041,169
|
Mid Cap
|
–
|
–
|
12,802,570
|
13,093,385
|
Small Cap
|
–
|
–
|
1,384,933
|
3,393,710
|
International Stock
|
–
|
–
|
8,347,362
|
36,996,844
|
Number of Contracts
|
Premiums Received
|
|
Options outstanding, beginning of period
|
8,332
|
$1,745,499
|
Options written during the period
|
29,382
|
6,116,870
|
Options expired during the period
|
(5,609)
|
(1,225,775)
|
Options closed during the period
|
(11,107)
|
(2,168,613)
|
Options assigned during the period
|
(7,533)
|
(1,697,420)
|
Options outstanding, end of period
|
13,465
|
$2,770,561
|
Fund
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
Conservative Allocation
|
$ –
|
$ –
|
$ –
|
$ –
|
$ –
|
$ 610,919
|
$ 1,619,779
|
$ –
|
Moderate Allocation
|
–
|
–
|
–
|
–
|
–
|
3,419,585
|
6,462,247
|
3,257,526
|
Aggressive Allocation
|
–
|
–
|
–
|
–
|
–
|
1,133,165
|
2,049,055
|
2,346,155
|
Cash Reserves
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
5
|
Bond
|
–
|
–
|
–
|
107,855
|
57,909
|
–
|
836,574
|
–
|
High Income
|
–
|
–
|
–
|
–
|
–
|
140,426
|
2,183,308
|
–
|
Diversified Income
|
–
|
–
|
–
|
–
|
–
|
–
|
10,670,897
|
–
|
Large Cap Value
|
–
|
–
|
–
|
–
|
–
|
871,110
|
20,011,738
|
–
|
Large Cap Growth
|
–
|
–
|
–
|
–
|
–
|
–
|
5,990,051
|
–
|
Mid Cap
|
–
|
–
|
–
|
–
|
–
|
6,223,470
|
7,674,960
|
–
|
Small Cap
|
–
|
–
|
–
|
–
|
–
|
3,379,470
|
–
|
–
|
International Stock
|
–
|
–
|
–
|
–
|
–
|
–
|
16,644,358
|
1,381,274
|
Fund
|
Appreciation
|
Depreciation
|
Net
|
Conservative Allocation
|
$ 2,239,297
|
$ 175,420
|
$ 2,063,877
|
Moderate Allocation
|
8,884,802
|
348,254
|
8,536,548
|
Aggressive Allocation
|
4,273,286
|
153,262
|
4,120,024
|
Bond
|
13,752,621
|
526,600
|
13,226,021
|
High Income
|
5,153,687
|
415,198
|
4,738,489
|
Diversified Income
|
12,007,626
|
1,013,899
|
10,993,727
|
Equity Income
|
3,223,550
|
3,144,717
|
78,833
|
Large Cap Value
|
24,406,818
|
1,934,116
|
22,472,702
|
Large Cap Growth
|
23,309,249
|
3,721,162
|
19,588,087
|
Mid Cap
|
22,882,249
|
1,015,069
|
21,867,180
|
Fund
|
Appreciation
|
Depreciation
|
Net
|
Small Cap
|
$ 6,503,951
|
$ 313,053
|
$ 6,190,898
|
International Stock
|
6,793,321
|
930,691
|
5,862,630
|
Fund/Underlying Fund
|
Balance of
Shares Held at
10/31/11
|
Gross
Additions
|
Gross
Sales
|
Balance of
Shares Held at
4/30/12
|
Value at
4/30/12
|
Realized
Gain (Loss)
|
Distributions
Received1
|
Conservative Allocation Fund
|
|||||||
Madison Investment Grade Corporate Bond Fund
|
–
|
267,857
|
–
|
267,857
|
$ 3,053,572
|
$ –
|
$ 31,310
|
Madison Mosaic Disciplined Equity Fund
|
211,655
|
3,623
|
30,253
|
185,025
|
2,557,051
|
31,563
|
41,036
|
Madison Mosaic Institutional Bond Fund
|
379,553
|
16,604
|
–
|
396,157
|
4,440,922
|
–
|
26,525
|
MEMBERS Bond Fund Class Y
|
798,349
|
15,862
|
91,682
|
722,529
|
7,658,806
|
72,347
|
111,891
|
MEMBERS Equity Income Fund Class Y
|
182,281
|
165,304
|
–
|
347,585
|
3,573,175
|
–
|
134,671
|
MEMBERS High Income Fund Class Y
|
601,148
|
18,302
|
56,597
|
562,853
|
3,962,483
|
8,389
|
146,121
|
MEMBERS International Stock Fund Class Y
|
99,855
|
28,384
|
10,605
|
117,634
|
1,233,981
|
(11,983)
|
21,037
|
MEMBERS Large Cap Growth Fund Class Y
|
88,132
|
52,994
|
–
|
141,126
|
2,476,763
|
–
|
1,998
|
MEMBERS Large Cap Value Fund Class Y
|
206,138
|
14,208
|
31,908
|
188,438
|
2,564,648
|
68,132
|
49,481
|
Totals
|
$31,521,401
|
$168,448
|
$564,070
|
||||
1 Distributions received include distributions from net investment income and from capital gains from the underlying funds.
|
Fund/Underlying Fund
|
Balance of
Shares Held at
10/31/11
|
Gross
Additions
|
Gross
Sales
|
Balance of
Shares Held at
4/30/12
|
Value at
4/30/12
|
Realized
Gain (Loss)
|
Distributions
Received1
|
Moderate Allocation Fund
|
|||||||
Madison Mosaic Disciplined Equity Fund
|
770,509
|
–
|
83,437
|
687,072
|
$ 9,495,338
|
$ 72,923
|
$ 151,596
|
Madison Mosaic Institutional Bond Fund
|
511,896
|
–
|
–
|
511,896
|
5,738,353
|
–
|
35,053
|
Madison Mosaic NorthRoad International Fund Class Y
|
–
|
421,590
|
–
|
421,590
|
4,114,720
|
–
|
–
|
MEMBERS Bond Fund Class Y
|
1,163,114
|
21,307
|
82,700
|
1,101,721
|
11,678,238
|
61,823
|
166,980
|
MEMBERS Equity Income Fund Class Y
|
359,282
|
104,372
|
–
|
463,654
|
4,766,365
|
–
|
192,667
|
MEMBERS High Income Fund Class Y
|
1,390,001
|
–
|
173,760
|
1,216,241
|
8,562,335
|
(53,636)
|
330,546
|
MEMBERS International Stock Fund Class Y
|
595,442
|
–
|
399,843
|
195,599
|
2,051,835
|
(73,467)
|
137,886
|
MEMBERS Large Cap Growth Fund Class Y
|
529,369
|
23,703
|
48,303
|
504,769
|
8,858,687
|
46,319
|
10,230
|
MEMBERS Large Cap Value Fund Class Y
|
779,150
|
43,177
|
97,859
|
724,468
|
9,860,016
|
(202,985)
|
182,878
|
MEMBERS Mid Cap Fund Class Y2
|
410,200
|
154,192
|
–
|
564,392
|
4,266,801
|
–
|
–
|
MEMBERS Small Cap Fund Class Y
|
230,416
|
–
|
13,112
|
217,304
|
2,529,422
|
43,007
|
81,362
|
Totals
|
$71,922,110
|
$(106,016)
|
$1,289,198
|
Aggressive Allocation Fund
|
|||||||
Madison Mosaic Disciplined Equity Fund
|
421,199
|
–
|
50,082
|
371,117
|
$ 5,128,836
|
$ 50,836
|
$ 85,286
|
Madison Mosaic NorthRoad International Fund Class Y
|
–
|
171,278
|
–
|
171,278
|
1,671,675
|
–
|
–
|
MEMBERS Equity Income Fund Class Y
|
62,364
|
60,929
|
–
|
123,293
|
1,267,450
|
–
|
45,524
|
MEMBERS High Income Fund Class Y
|
422,809
|
54,610
|
124,543
|
352,876
|
2,484,245
|
111,898
|
109,980
|
MEMBERS International Stock Fund Class Y
|
244,736
|
–
|
157,351
|
87,385
|
916,670
|
5,993
|
57,687
|
MEMBERS Large Cap Growth Fund Class Y
|
234,112
|
50,389
|
12,547
|
271,954
|
4,772,801
|
11,846
|
5,128
|
MEMBERS Large Cap Value Fund Class Y
|
386,531
|
–
|
32,058
|
354,473
|
4,824,375
|
(57,905)
|
84,996
|
MEMBERS Mid Cap Fund Class Y2
|
256,739
|
125,596
|
14,837
|
367,498
|
2,778,285
|
8,437
|
–
|
MEMBERS Small Cap Fund Class Y
|
112,880
|
–
|
–
|
112,880
|
1,313,923
|
–
|
39,859
|
Totals
|
$25,158,260
|
$131,105
|
$428,460
|
||||
1 Distributions received include distributions from net investment income and from capital gains from the underlying funds.
2 Non-income producing.
|
CLASS A
|
CLASS B
|
|||||||
Fund
|
Beginning
Account
Value
|
Ending
Account
Value
|
Annual
Expense
Ratio
|
Expenses
Paid
During
Period
|
Ending
Account
Value
|
Annual
Expense
Ratio
|
Expenses
Paid
During
Period
|
|
Conservative Allocation
|
$1,000
|
$1,043.40
|
0.70%
|
$3.56
|
$1,040.10
|
1.45%
|
$ 7.35
|
|
Moderate Allocation
|
1,000
|
1,058.20
|
0.70%
|
3.58
|
1,054,70
|
1.45%
|
7.41
|
|
Aggressive Allocation
|
1,000
|
1,064.80
|
0.70%
|
3.59
|
1,060.20
|
1.45%
|
7.43
|
|
Cash Reserves
|
1,000
|
1,000.00
|
0.04%
|
0.20
|
1,000.00
|
0.04%
|
0.20
|
|
Bond
|
1,000
|
1,014.50
|
0.90%
|
4.51
|
1,011.60
|
1.65%
|
8.25
|
|
High Income
|
1,000
|
1,052.90
|
1.00%
|
5.10
|
1,048.60
|
1.75%
|
8.91
|
|
Diversified Income
|
1,000
|
1,065.80
|
1.10%
|
5.65
|
1,062.30
|
1.85%
|
9.49
|
|
Equity Income
|
1,000
|
1,053.17
|
1.22%
|
6.38
|
N/A
|
N/A
|
N/A
|
|
Large Cap Value
|
1,000
|
1,112.70
|
1.16%
|
6.09
|
1,107.60
|
1.91%
|
10.01
|
|
Large Cap Growth
|
1,000
|
1,089.40
|
1.20%
|
6.23
|
1,085.40
|
1.95%
|
10.11
|
|
Mid Cap
|
1,000
|
1,128.80
|
1.40%
|
7.41
|
1,125.80
|
2.15%
|
11.36
|
|
Small Cap
|
1,000
|
1,114.50
|
1.50%
|
7.89
|
1,111.30
|
2.25%
|
11.81
|
|
International Stock
|
1,000
|
1,059.90
|
1.60%
|
8.19
|
1,056.30
|
2.36%
|
12.07
|
CLASS C
|
||||
Fund
|
Beginning Account
Value
|
Ending Account
Value
|
Annual Expense
Ratio
|
Expenses Paid
During Period
|
Conservative Allocation
|
$1,000
|
$1,039.00
|
1.45%
|
$7.35
|
Moderate Allocation
|
1,000
|
1,053.60
|
1.45%
|
7.40
|
Aggressive Allocation
|
1,000
|
1,060.20
|
1.45%
|
7.43
|
CLASS Y
|
||||
Fund
|
Beginning Account
Value
|
Ending Account
Value
|
Annual Expense
Ratio
|
Expenses Paid
During Period
|
Bond
|
$1,000
|
$1,015.70
|
0.65%
|
$3.26
|
High Income
|
1,000
|
1,053.70
|
0.75%
|
3.83
|
Equity Income
|
1,000
|
1,053.02
|
0.99%
|
5.20
|
Large Cap Value
|
1,000
|
1,113.70
|
0.91%
|
4.78
|
Large Cap Growth
|
1,000
|
1,090.80
|
0.95%
|
4.94
|
Mid Cap
|
1,000
|
1,130.00
|
1.15%
|
6.09
|
Small Cap
|
1,000
|
1,116.60
|
1.25%
|
6.58
|
International Stock
|
1,000
|
1,062.60
|
1.35%
|
6.92
|
CLASS A
|
CLASS B
|
|||||||
Fund
|
Beginning
Account
Value
|
Ending
Account
Value
|
Annual
Expense
Ratio
|
Expenses
Paid During
Period
|
Ending
Account
Value
|
Annual
Expense
Ratio
|
Expenses
Paid During
Period
|
|
Conservative Allocation
|
$1,000
|
$1,021.38
|
0.70%
|
$3.52
|
$1,017.65
|
1.45%
|
$ 7.27
|
|
Moderate Allocation
|
1,000
|
1,021.38
|
0.70%
|
3.52
|
1,017.65
|
1.45%
|
7.27
|
|
Aggressive Allocation
|
1,000
|
1,021.38
|
0.70%
|
3.52
|
1,017.65
|
1.45%
|
7.27
|
|
Cash Reserves
|
1,000
|
1,024.66
|
0.04%
|
0.20
|
1,024.66
|
0.04%
|
0.20
|
|
Bond
|
1,000
|
1,020.39
|
0.90%
|
4.52
|
1,016.66
|
1.65%
|
8.27
|
|
High Income
|
1,000
|
1,019.89
|
1.00%
|
5.02
|
1,016.16
|
1.75%
|
8.77
|
|
Diversified Income
|
1,000
|
1,019.39
|
1.10%
|
5.52
|
1,015.66
|
1.85%
|
9.27
|
|
Equity Income
|
1,000
|
1,012.54
|
1.22%
|
6.13
|
N/A
|
N/A
|
N/A
|
|
Large Cap Value
|
1,000
|
1,019.10
|
1.16%
|
5.82
|
1,015.37
|
1.91%
|
9.57
|
|
Large Cap Growth
|
1,000
|
1,018.90
|
1.20%
|
6.02
|
1,015.17
|
1.95%
|
9.77
|
|
Mid Cap
|
1,000
|
1,017.90
|
1.40%
|
7.02
|
1,014.17
|
2.15%
|
10.77
|
|
Small Cap
|
1,000
|
1,017.40
|
1.50%
|
7.52
|
1,013.67
|
2.25%
|
11.27
|
|
International Stock
|
1,000
|
1,016.91
|
1.60%
|
8.02
|
1,013.13
|
2.36%
|
11.81
|
CLASS C
|
||||
Fund
|
Beginning Account
Value
|
Ending Account
Value
|
Annual Expense
Ratio
|
Expenses Paid
During Period
|
Conservative Allocation
|
$1,000
|
$1,017.65
|
1.45%
|
$7.27
|
Moderate Allocation
|
1,000
|
1,017.65
|
1.45%
|
7.27
|
Aggressive Allocation
|
1,000
|
1,017.65
|
1.45%
|
7.27
|
CLASS Y
|
||||
Fund
|
Beginning Account
Value
|
Ending Account
Value
|
Annual Expense
Ratio
|
Expenses Paid
During Period
|
Bond
|
$1,000
|
$1,021.63
|
0.65%
|
$3.27
|
High Income
|
1,000
|
1,021.13
|
0.75%
|
3.77
|
Equity Income
|
1,000
|
1,012.54
|
0.99%
|
5.00
|
Large Cap Value
|
1,000
|
1,020.34
|
0.91%
|
4.57
|
Large Cap Growth
|
1,000
|
1,020.14
|
0.95%
|
4.77
|
Mid Cap
|
1,000
|
1,019.14
|
1.15%
|
5.77
|
Small Cap
|
1,000
|
1,018.65
|
1.25%
|
6.27
|
International Stock
|
1,000
|
1,018.15
|
1.35%
|
6.77
|
MEMBERS Mutual Funds
|
Post Office Box 8390
|
Boston, MA 02266-8390
|
1 (800) 877-6089
|
www.membersfunds.com
|
SEC File Number: 811-08261
|