Management’s Discussion of Fund Performance
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Economic Overview
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1
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Outlook
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2
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Portfolio of Investments
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Virginia Tax-Free Fund
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4
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Tax-Free National Fund
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6
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Statements of Assets and Liabilities
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8
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Statements of Operations
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9
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Statements of Changes in Net Assets
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10
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Financial Highlights
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11
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Notes to Financial Statements
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12
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Report of Independent Registered Public Accounting Firm
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16
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Other Information
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17
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Trustees and Officers
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21
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INDUSTRY ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 9/30/10
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Development
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3.1%
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Education
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10.4%
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Facilities
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14.2%
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General
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7.8%
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General Obligation
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13.2%
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Medical
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9.2%
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Multifamily Housing
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10.4%
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Pollution
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4.3%
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Power
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3.7%
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Transportation
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2.7%
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Utilities
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3.8%
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Water
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15.5%
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Cash & Other
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1.7%
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STATE ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 9/30/10
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Alabama
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1.5%
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Arkansas
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0.7%
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Arizona
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6.4%
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District of Columbia
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0.7%
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Florida
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8.0%
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Georgia
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6.3%
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Illinois
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4.9%
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Indiana
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5.9%
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Kentucky
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0.4%
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Massachusetts
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2.4%
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Maryland
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0.3%
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Michigan
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5.4%
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Missouri
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4.6%
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Mississippi
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4.0%
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North Carolina
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13.3%
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New Jersey
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4.5%
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New York
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2.9%
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Pennsylvania
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5.3%
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Texas
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10.4%
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Virginia
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4.3%
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Washington
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2.2%
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Wisconsin
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2.6%
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Cash & Other
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3.0%
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Par Value
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Value (Note 1)
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LONG TERM MUNICIPAL BONDS - 98.3%
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Development - 3.1%
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Prince William County Industrial Development Authority, 5.25%, 2/1/18
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$ 675,000
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$ 807,961
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Education - 10.4%
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Prince William County Industrial Development Authority, 5%, 10/1/18
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150,000
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158,517
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University of Virginia, 5%, 6/1/40
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255,000
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277,267
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Virginia College Building Authority, 5%, 4/1/16
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100,000
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111,768
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Virginia College Building Authority, 5%, 2/1/23
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500,000
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604,080
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Virginia College Building Authority, 5%, 9/1/26
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140,000
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158,414
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Virginia College Building Authority, 5%, 2/1/29
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375,000
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422,209
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Virginia Polytechnic Institute & State University, (AMBAC) 5%, 6/1/14
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775,000
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879,114
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Virginia Public School Authority, 5%, 12/1/18
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100,000
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113,982
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2,725,351
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Facilities - 14.2%
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Gloucester County Industrial Development Authority, (NATL-RE) 4.375%, 11/1/25
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500,000
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521,340
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Henrico County Economic Development Authority, 5%, 10/1/18
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170,000
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204,422
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Newport News Industrial Development Authority, 5%, 7/1/25
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745,000
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821,742
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Northwestern Regional Jail Authority, (NATL-RE) 5%, 7/1/19
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50,000
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54,246
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Prince William County Park Authority, 4%, 4/15/24
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320,000
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332,906
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Roanoke County Economic Development Authority, (ASSURED GTY) 5%, 10/15/16
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400,000
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471,804
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Stafford County & Staunton Industrial Development Authority, (XLCA) 5%, 8/1/21
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315,000
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344,238
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Stafford County & Staunton Industrial Development Authority, (NATL-RE) 4.5%, 8/1/25
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700,000
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724,493
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Virginia Public Building Authority, 5.25%, 8/1/23
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200,000
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235,892
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3,711,083
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General - 7.8%
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Fairfax County Economic Development Authority, (NATL-RE) 5.25%, 9/1/19
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1,000,000
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1,002,040
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County of Prince William VA, Certificate Participation (AMBAC) 5%, 6/1/22
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750,000
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808,943
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Puerto Rico Public Finance Corp., (Escrowed To Maturity) (AMBAC) 5.5%, 8/1/27
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100,000
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127,027
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Virgin Islands Public Finance Authority, (NATL-RE FGIC) 5%, 10/1/23
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100,000
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105,768
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2,043,778
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Par Value
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Value (Note 1)
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General Obligation - 13.2%
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City of Alexandria VA, General Obligation 5%, 1/1/16
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$ 200,000
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$ 237,132
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County of Henrico VA, General Obligation (Prerefunded 12/01/18 @ 100) 5%, 12/1/24
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200,000
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245,954
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City of Hopewell VA, General Obligation 5.875%, 7/15/34
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500,000
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557,035
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County of Loudoun VA, General Obligation 5%, 10/1/13
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500,000
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524,390
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County of Loudoun VA, General Obligation (Prerefunded 12/01/17 @ 100) 5%, 12/1/18
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165,000
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199,558
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County of Prince George VA, General Obligation (ASSURED GTY ) 5%, 2/1/20
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200,000
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231,232
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City of Richmond VA, General Obligation (AGM) 5%, 7/15/23
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750,000
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831,743
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County of Spotsylvania VA, General Obligation (NATL-RE) 4.25%, 1/15/13
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250,000
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270,077
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Commonwealth of Virginia, General Obligation 5%, 6/1/26
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300,000
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347,424
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3,444,545
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Medical - 9.2%
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Augusta County Industrial Development Authority, 5.25%, 9/1/20
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1,000,000
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1,124,000
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Charlotte County Industrial Development Authority/VA, 5%, 9/1/16
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335,000
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360,480
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Henrico County Economic Development Authority, (NATL-RE) 6%, 8/15/16
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300,000
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331,002
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Roanoke Economic Development Authority, (Escrowed To Maturity) (NATL-RE) 6.125%, 7/1/17
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500,000
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594,805
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2,410,287
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Multifamily Housing - 10.4%
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Fairfax County Redevelopment & Housing Authority, (FHA 542 (C)) (AMT) 5.5%, 4/1/28
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405,000
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405,186
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Fairfax County Redevelopment & Housing Authority, 4.75%, 10/1/36
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450,000
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470,772
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Fairfax County Redevelopment & Housing Authority, 5%, 10/1/39
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300,000
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320,826
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Suffolk Redevelopment & Housing Authority, (AMT) 5.6%, 2/1/33
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1,250,000
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1,276,700
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Virginia Housing Development Authority, 4.8%, 10/1/39
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250,000
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253,830
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2,727,314
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Pollution - 4.3%
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Southeastern Public Service Authority, (Escrowed To Maturity) (AMBAC) 5%, 7/1/15
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635,000
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726,726
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Southeastern Public Service Authority, (AMBAC) 5%, 7/1/15
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365,000
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406,391
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1,133,117
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Par Value
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Value (Note 1)
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LONG TERM MUNICIPAL BONDS (continued)
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Power - 3.7%
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Chesterfield County Economic Development Authority, 5%, 5/1/23
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$ 565,000
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$ 621,263
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Puerto Rico Electric Power Authority, (BHAC-CR MBIA-RE FGIC) 5.25%, 7/1/24
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290,000
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346,013
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967,276
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Transportation - 2.7%
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Puerto Rico Highway & Transportation Authority, (ASSURED GTY) 5.25%, 7/1/34
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100,000
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111,961
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Richmond Metropolitan Authority, (NATL-RE FGIC) 5.25%, 7/15/12
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350,000
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375,431
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Richmond Metropolitan Authority, (NATL-RE FGIC) 5.25%, 7/15/22
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200,000
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232,420
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719,812
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Utilities - 3.8%
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City of Richmond VA, (AGM) 4.5%, 1/15/33
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940,000
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981,736
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Par Value
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Value (Note 1)
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Water - 15.5%
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Fairfax County Water Authority, 5.25%, 4/1/23
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$ 180,000
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$ 226,424
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Frederick-Winchester Service Authority, (AMBAC) 5%, 10/1/15
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570,000
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659,017
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Hampton Roads Sanitation District, 5%, 4/1/33
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250,000
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271,600
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Henry County Public Service Authority, (AGM) 5.25%, 11/15/13
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700,000
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772,289
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Henry County Public Service Authority, (AGM) 5.25%, 11/15/15
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150,000
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170,830
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City of Norfolk VA, (NATL-RE) 5.9%, 11/1/25
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210,000
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210,584
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Upper Occoquan Sewage Authority, (NATL-RE) 5.15%, 7/1/20
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1,000,000
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1,217,150
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Virginia Resources Authority, 5%, 10/1/27
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300,000
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345,435
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Virginia Resources Authority, 5%, 11/1/31
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160,000
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174,026
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4,047,355
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Total Investments - 98.3% (Cost $24,203,978)
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25,719,615
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Net Other Assets and Liabilities - 1.7%
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450,638
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Total Net Assets - 100.0%
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$26,170,253
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Par Value
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Value (Note 1)
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LONG TERM MUNICIPAL BONDS - 97.0%
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Alabama - 1.5%
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Troy University, (ASSURED GTY) 4.125%, 11/1/23
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$ 420,000
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$ 435,611
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Arkansas - 0.7%
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City of Fort Smith AR, (AGM) 5%, 10/1/21
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175,000
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203,068
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Arizona - 6.4%
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Arizona Health Facilities Authority, (Escrowed To Maturity) (NATL-RE) 6.25%, 9/1/11
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15,000
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15,420
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Arizona Sports & Tourism Authority, 5%, 7/1/16
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100,000
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101,371
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Arizona Transportation Board, 5%, 7/1/13
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135,000
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149,862
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City of Tempe AZ, 5%, 7/1/20
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225,000
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251,048
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Glendale Western Loop 101 Public Facilities Corp., 6%, 7/1/24
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525,000
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573,751
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Maricopa County Stadium District/AZ, (AMBAC) 5.25%, 6/1/12
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250,000
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265,225
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Maricopa County Unified School District No. 41 Gilbert, General Obligation (AGM) 5.8%, 7/1/14
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250,000
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291,620
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Maricopa County Unified School District No. 090 Saddle Mountain, General Obligation 5%, 7/1/14
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75,000
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77,714
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Northern Arizona University, Certificate Participation (AMBAC) 5%, 9/1/23
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150,000
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155,669
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1,881,680
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District of Columbia - 0.7%
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District of Columbia, General Obligation (NATL-RE) 5.5%, 6/1/12
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185,000
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195,388
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Florida - 8.0%
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Emerald Coast Utilities Authority, (NATL-RE FGIC) 5%, 1/1/25
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1,010,000
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1,044,683
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Florida State Board of Education, General Obligation (ST GTD) 4.75%, 6/1/35
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500,000
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515,975
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Peace River/Manasota Regional Water Supply Authority, (AGM) 5%, 10/1/23
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750,000
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793,695
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2,354,353
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Georgia - 6.3%
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Augusta-Richmond County Coliseum Authority, (CNTY GTD) 5%, 10/1/23
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670,000
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779,264
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City of Atlanta GA, (AGM) 5.75%, 11/1/30
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300,000
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369,135
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Emanuel County Hospital Authority, (AMBAC CNTY GTD) 4.3%, 7/1/17
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250,000
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279,567
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Gwinnett County Development Authority, Certificate Participation (NATL-RE) 5.25%, 1/1/18
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225,000
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270,351
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Private Colleges & Universities Authority, 5%, 9/1/38
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130,000
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140,470
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1,838,787
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Par Value
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Value (Note 1)
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Illinois - 4.9%
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County of Winnebago IL, General Obligation (NATL-RE) 5%, 12/30/24
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$1,000,000
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$ 1,072,110
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Regional Transportation Authority, (AMBAC GO OF AUTH) 7.2%, 11/1/20
|
300,000
|
368,328
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1,440,438
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Indiana - 5.9%
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Indianapolis Local Public Improvement Bond Bank, (ASSURED GTY) 5.5%, 1/1/38
|
475,000
|
529,502
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Western Boone Multi-School Building Corp., General Obligation (AGM ) 5%, 1/10/20
|
1,015,000
|
1,206,997
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1,736,499
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Kentucky - 0.4%
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Laurel County School District Finance Corp., (AGM SEEK) 4%, 6/1/16
|
110,000
|
123,270
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Massachusetts - 2.4%
|
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Massachusetts School Building Authority, (AGM) 5%, 8/15/23
|
635,000
|
707,225
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Maryland - 0.3%
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Maryland State Transportation Authority, (Escrowed To Maturity) 6.8%, 7/1/16
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65,000
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75,685
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Michigan - 5.4%
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Charles Stewart Mott Community College, General Obligation (NATL-RE) 5%, 5/1/18
|
720,000
|
792,720
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Detroit City School District, General Obligation (FGIC Q-SBLF) 6%, 5/1/20
|
300,000
|
353,595
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Redford Unified School District No. 1, General Obligation (AMBAC Q-SBLF) 5%, 5/1/22
|
410,000
|
452,878
|
1,599,193
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Missouri - 4.6%
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City of O’Fallon MO, Certificate Participation (NATL-RE) 5.25%, 11/1/16
|
100,000
|
112,699
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County of St Louis MO, (Escrowed To Maturity) (AMT) 5.65%, 2/1/20
|
500,000
|
591,405
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Jefferson City School District/MO, General Obligation (Escrowed To Maturity) 6.7%, 3/1/11
|
55,000
|
56,432
|
Missouri State Board of Public Buildings, 5.5%, 10/15/13
|
300,000
|
340,740
|
St. Louis Industrial Development Authority, 6.65%, 5/1/16
|
200,000
|
240,840
|
1,342,116
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Mississippi - 4.0%
|
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Harrison County Wastewater Management District, (Escrowed To Maturity) (FGIC) 8.5%, 2/1/13
|
500,000
|
566,540
|
Harrison County Wastewater Management District, (Escrowed To Maturity) (FGIC) 7.75%, 2/1/14
|
500,000
|
613,325
|
1,179,865
|
Par Value
|
Value (Note 1)
|
|
LONG TERM MUNICIPAL BONDS (continued)
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North Carolina - 13.3%
|
||
Board of Governors of the University of North Carolina, (NATL-RE) 5%, 10/1/15
|
$ 215,000
|
$ 247,577
|
Board of Governors of the University of North Carolina, (AMBAC) 5.25%, 4/1/21
|
890,000
|
921,871
|
City of Raleigh NC, Certificate Participation 4.75%, 6/1/25
|
590,000
|
633,306
|
County of Dare NC, Certificate Participation (AMBAC) 5%, 6/1/23
|
600,000
|
635,814
|
County of Forsyth NC, 4.5%, 4/1/21
|
650,000
|
739,199
|
North Carolina Medical Care Commission, (HUD SECT 8) 5.5%, 10/1/24
|
500,000
|
516,930
|
State of North Carolina, 4.5%, 5/1/27
|
200,000
|
217,322
|
3,912,019
|
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New Jersey - 4.5%
|
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New Jersey State Turnpike Authority, (Escrowed To Maturity) (NATL-RE-IBC) 6.5%, 1/1/16
|
850,000
|
993,446
|
New Jersey State Turnpike Authority, (BHAC-CR FSA) 5.25%, 1/1/28
|
250,000
|
312,935
|
1,306,381
|
||
New York - 2.9%
|
||
New York State Dormitory Authority, (BHAC-CR AMBAC) 5.5%, 7/1/31
|
250,000
|
309,360
|
Port Authority of New York & New Jersey, (GO OF AUTH) 5.375%, 3/1/28
|
455,000
|
550,200
|
859,560
|
||
Pennsylvania - 5.3%
|
||
Lehigh County General Purpose Authority, (NATL-RE GO OF HOSP) 7%, 7/1/16
|
880,000
|
987,448
|
Pennsylvania Higher Educational Facilities Authority, (NATL-RE) 5%, 4/1/20
|
500,000
|
555,335
|
1,542,783
|
||
Texas - 10.4%
|
||
City of San Antonio TX, 5.125%, 5/15/29
|
500,000
|
562,560
|
City of Sugar Land TX, General Obligation Ltd. 5%, 2/15/28
|
350,000
|
387,146
|
County of Harris TX, General Obligation Ltd. (Prerefunded 10/01/18 @ 100) 5.75%, 10/1/24
|
250,000
|
315,112
|
Lower Colorado River Authority, (Escrowed To Maturity) (AMBAC) 6%, 1/1/17
|
305,000
|
379,655
|
Mueller Local Government Corp., 5%, 9/1/25
|
1,280,000
|
1,398,733
|
3,043,206
|
||
Par Value
|
Value (Note 1)
|
|
Virginia - 4.3%
|
||
City of Hopewell VA, General Obligation 5.875%, 7/15/34
|
$ 500,000
|
$ 557,035
|
Fairfax County Redevelopment & Housing Authority, 5%, 10/1/39
|
265,000
|
283,396
|
Henry County Public Service Authority, (AGM) 5.25%, 11/15/15
|
150,000
|
170,831
|
Virginia Housing Development Authority, 4.8%, 10/1/39
|
250,000
|
253,830
|
1,265,092
|
||
Washington - 2.2%
|
||
Grays Harbor County Public Utility District No. 1, (AGM) 5.25%, 7/1/24
|
605,000
|
652,753
|
Wisconsin - 2.6%
|
||
State of Wisconsin, General Obligation 5%, 5/1/24
|
285,000
|
305,865
|
Wisconsin Health & Educational Facilities Authority, 5.25%, 10/1/21
|
200,000
|
208,436
|
Wisconsin Health & Educational Facilities Authority, (NATL-RE) 5.5%, 12/1/20
|
250,000
|
250,310
|
764,611
|
||
Total Investments - 97.0% (Cost $26,770,859)
|
28,459,583
|
|
Net Other Assets and Liabilities - 3.0%
|
$886,969
|
|
Total Net Assets - 100.0%
|
$29,346,552
|
AGM
|
Assured Guaranty Municipal Corp
|
AMBAC
|
AMBAC Indemnity Corporation
|
ASSURED GTY
|
Assured Guaranty
|
BHAC-CR
|
Berkshire Hathaway Assuranty Corp
|
CNTY GTD
|
County Guaranteed
|
FGIC
|
Financial Guaranty Insurance Company
|
FHA 542 C
|
FHA Insured Multifamily Loan Program
|
FSA
|
Financial Security Assurance
|
GO OF AUTH
|
General Obligation of Issuing Authority
|
HUD SECT 8
|
HUD Insured Multifamily Housing
|
MBIA-RE
|
MBIA Insurance Corp
|
NATL-RE
|
National Public Finance Guarantee Corp
|
Q-SBLF
|
Qualified School Board Loan Fund
|
SEEK
|
Obligation assumed by AGM
|
ST GTD
|
State Guaranteed
|
XLCA
|
XL Capital Assuranty
|
Virginia
Fund
|
National
Fund
|
|
ASSETS
|
||
Investment securities, at value* (Note 1)
|
$25,719,615
|
$28,459,583
|
Cash
|
134,118
|
486,245
|
Receivables
|
||
Interest
|
329,464
|
418,166
|
Capital shares sold
|
50
|
5,058
|
Total assets
|
26,183,247
|
29,369,052
|
LIABILITIES
|
||
Payables
|
||
Dividends
|
4,270
|
11,255
|
Capital shares redeemed
|
974
|
3,495
|
Independent trustee fees
|
750
|
750
|
Auditor fees
|
7,000
|
7,000
|
Total liabilities
|
12,994
|
22,500
|
NET ASSETS
|
$26,170,253
|
$29,346,552
|
Net assets consists of:
|
||
Paid in capital
|
24,527,808
|
27,434,968
|
Accumulated net realized gains
|
126,808
|
222,860
|
Net unrealized appreciation on investments
|
1,515,637
|
1,688,724
|
Net assets
|
$26,170,253
|
$29,346,552
|
CAPITAL SHARES OUTSTANDING
|
||
An unlimited number of capital shares, without par value, are authorized (Note 6)
|
2,184,504
|
2,628,787
|
NET ASSET VALUE PER SHARE
|
$ 11.98
|
$ 11.16
|
* INVESTMENT SECURITIES, AT COST
|
$24,203,978
|
$26,770,859
|
Virginia
Fund
|
National
Fund
|
|
INVESTMENT INCOME (Note 1)
|
||
Interest income
|
$ 1,054,671
|
$ 1,256,316
|
EXPENSES (Notes 2, 3 and 7)
|
||
Investment advisory fees
|
159,541
|
181,750
|
Service agreement fees
|
91,896
|
114,689
|
Independent trustee fees
|
3,000
|
3,000
|
Auditor fees
|
7,625
|
7,625
|
Total expenses
|
262,062
|
307,064
|
NET INVESTMENT INCOME
|
792,609
|
949,252
|
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
||
Net realized gain on investments
|
151,525
|
222,860
|
Change in net unrealized appreciation of investments
|
199,363
|
86,875
|
NET GAIN ON INVESTMENTS
|
350,888
|
309,735
|
TOTAL INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ 1,143,497
|
$ 1,258,987
|
Virginia Fund
|
National Fund
|
|||
Year Ended September 30,
|
Year Ended September 30,
|
|||
2010
|
2009
|
2010
|
2009
|
|
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
||||
Net investment income
|
$ 792,609
|
$ 761,231
|
$ 949,252
|
$ 947,529
|
Net realized gain on investments
|
151,525
|
125,518
|
222,860
|
156,065
|
Change in net unrealized appreciation on investments
|
199,363
|
1,713,182
|
86,875
|
1,949,307
|
Total increase in net assets resulting from operations
|
1,143,497
|
2,599,931
|
1,258,987
|
3,052,901
|
DISTRIBUTION TO SHAREHOLDERS
|
||||
From net investment income
|
(792,609)
|
(761,231)
|
(949,252)
|
(947,529)
|
From net realized gains
|
(105,424)
|
(101,666)
|
(128,001)
|
(175,272)
|
Total distributions
|
(898,033)
|
(862,897)
|
(1,077,253)
|
(1,122,801)
|
CAPITAL SHARE TRANSACTIONS (Note 6)
|
41,669
|
1,730,514
|
21,503
|
615,078
|
NET INCREASE IN NET ASSETS
|
287,133
|
3,467,548
|
203,237
|
2,545,178
|
NET ASSETS
|
||||
Beginning of period
|
$25,883,120
|
$22,415,572
|
$29,143,315
|
$26,598,137
|
End of period
|
$26,170,253
|
$25,883,120
|
$29,346,552
|
$29,143,315
|
VIRGINIA FUND
|
|||||
Year Ended September 30,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of year
|
$11.87
|
$11.01
|
$11.43
|
$11.63
|
$11.69
|
Investment operations:
|
|||||
Net investment income
|
0.37
|
0.37
|
0.38
|
0.39
|
0.39
|
Net realized and unrealized gain (loss) on investments
|
0.16
|
0.91
|
(0.39)
|
(0.15)
|
(0.05)
|
Total from investment operations
|
0.53
|
1.28
|
(0.01)
|
0.24
|
0.34
|
Less distribution from:
|
|||||
Net investment income
|
(0.37)
|
(0.37)
|
(0.38)
|
(0.39)
|
(0.39)
|
Net realized gains
|
(0.05)
|
(0.05)
|
(0.03)
|
(0.05)
|
(0.01)
|
Total distributions
|
(0.42)
|
(0.42)
|
(0.41)
|
(0.44)
|
(0.40)
|
Net asset value, end of year
|
$11.98
|
$11.87
|
$11.01
|
$11.43
|
$11.63
|
Total return (%)
|
4.54
|
11.87
|
(0.11)
|
2.13
|
2.98
|
Ratios and supplemental data
|
|||||
Net assets, end of year (in thousands)
|
$26,170
|
$25,883
|
$22,416
|
$23,240
|
$26,225
|
Ratio of expenses to average net assets (%)
|
1.03
|
1.03
|
1.03
|
1.03
|
1.02
|
Ratio of net investment income to average net assets (%)
|
3.10
|
3.26
|
3.31
|
3.37
|
3.33
|
Portfolio turnover (%)
|
19
|
18
|
7
|
12
|
21
|
NATIONAL FUND
|
|||||
Year Ended September 30,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of year
|
$11.09
|
$10.34
|
$10.75
|
$10.95
|
$11.11
|
Investment operations:
|
|||||
Net investment income
|
0.36
|
0.37
|
0.38
|
0.38
|
0.38
|
Net realized and unrealized gain (loss) on investments
|
0.12
|
0.82
|
(0.38)
|
(0.15)
|
(0.10)
|
Total from investment operations
|
0.48
|
1.19
|
0.00
|
0.23
|
0.28
|
Less distribution from:
|
|||||
Net investment income
|
(0.36)
|
(0.37)
|
(0.38)
|
(0.38)
|
(0.38)
|
Net realized gains
|
(0.05)
|
(0.07)
|
(0.03)
|
(0.05)
|
(0.06)
|
Total distributions
|
(0.41)
|
(0.44)
|
(0.41)
|
(0.43)
|
(0.44)
|
Net asset value, end of year
|
$11.16
|
$11.09
|
$10.34
|
$10.75
|
$10.95
|
Total return (%)
|
4.43
|
11.73
|
(0.13)
|
2.14
|
2.56
|
Ratios and supplemental data
|
|||||
Net assets, end of year (in thousands)
|
$29,347
|
$29,143
|
$26,598
|
$28,579
|
$30,721
|
Ratio of expenses to average net assets (%)
|
1.06
|
1.06
|
1.06
|
1.05
|
1.06
|
Ratio of net investment income to average net assets (%)
|
3.26
|
3.44
|
3.47
|
3.52
|
3.45
|
Portfolio turnover (%)
|
19
|
17
|
13
|
17
|
34
|
|
Level 1: Quoted prices in active markets for identical securities
|
|
Level 2: Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
|
|
Level 3: Significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments)
|
Fund
|
Level 1
|
Level 2
|
Level 3
|
Value at 9/30/2010
|
Virginia Fund
|
||||
Long Term Municipal Bonds
|
$ --
|
$25,719,615
|
$ --
|
$25,719,615
|
Total
|
$ --
|
$25,719,615
|
$ --
|
$25,719,615
|
National Fund
|
||||
Long Term Municipal Bonds
|
--
|
$28,459,583
|
--
|
$28,459,583
|
Total
|
$ --
|
$28,459,583
|
$ --
|
$28,459,583
|
At September 30, 2010 and for the year then ended, the Funds held no Level 3 securities. Please see the Portfolio of Investments for each respective Fund for a listing of all securities within the Long Term Municipal Bond category.
|
Accumulated net realized gains
|
$ 126,808
|
Net unrealized appreciation on investments
|
1,515,637
|
$1,642,445
|
Accumulated net realized gains
|
$ 222,860
|
Net unrealized appreciation on investments
|
1,688,724
|
$1,911,584
|
Virginia
Fund
|
National
Fund
|
|
Aggregate Cost
|
$24,203,978
|
$26,770,859
|
Gross unrealized appreciation
|
1,515,637
|
1,692,118
|
Gross unrealized depreciation
|
-
|
(3,394)
|
Net unrealized appreciation
|
$ 1,515,637
|
$ 1,688,724
|
Purchases
|
Sales
|
|
Virginia Fund
|
$4,770,303
|
$4,685,088
|
National Fund
|
$5,337,090
|
$5,515,125
|
Year Ended September 30,
|
||
Virginia Fund
|
2010
|
2009
|
In Dollars
|
||
Shares sold
|
$1,733,799
|
$ 3,457,345
|
Shares issued in reinvestment of dividends
|
832,431
|
792,426
|
Total shares issued
|
2,566,230
|
4,249,771
|
Shares redeemed
|
(2,524,561)
|
(2,519,257)
|
Net increase
|
$ 41,669
|
$ 1,730,514
|
In Shares
|
||
Shares sold
|
147,655
|
300,038
|
Shares issued in reinvestment of dividends
|
70,881
|
69,235
|
Total shares issued
|
218,536
|
369,273
|
Shares redeemed
|
(215,463)
|
(223,951)
|
Net increase
|
3,073
|
145,322
|
Year Ended September 30,
|
||
National Fund
|
2010
|
2009
|
In Dollars
|
||
Shares sold
|
$2,066,561
|
$ 2,057,060
|
Shares issued in reinvestment of dividends
|
935,423
|
979,189
|
Total shares issued
|
3,001,984
|
3,036,249
|
Shares redeemed
|
(2,980,481)
|
(2,421,171)
|
Net increase
|
$ 21,503
|
$ 615,078
|
In Shares
|
||
Shares sold
|
187,974
|
191,634
|
Shares issued in reinvestment of dividends
|
85,435
|
91,606
|
Total shares issued
|
273,409
|
283,240
|
Shares redeemed
|
(271,738)
|
(228,008)
|
Net increase
|
1,671
|
55,232
|
Based on Actual Total Return1
|
|||||
Actual
Total Return2
|
Beginning
Account Value
|
Ending
Account Value
|
Annualized
Expense Ratio3
|
Expenses Paid
During the Period3
|
|
Virginia Fund
|
4.79%
|
$1,000.00
|
$1,047.88
|
1.03%
|
$5.27
|
National Fund
|
4.73%
|
$1,000.00
|
$1,047.33
|
1.06%
|
$5.42
|
1For the six-months ended September 30, 2010.
|
|||||
2Assumes reinvestment of all dividends and capital gains distributions, if any, at net asset value.
|
|||||
3Expenses are equal to the respective Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.
|
Based on Hypothetical Total Return1
|
|||||
Hypothetical Annualized
Total Return
|
Beginning
Account Value
|
Ending
Account Value
|
Annualized
Expense Ratio2
|
Expenses Paid
During the Period2
|
|
Virginia Fund
|
5.00%
|
$1,000.00
|
$1,025.33
|
1.03%
|
$5.21
|
National Fund
|
5.00%
|
$1,000.00
|
$1,025.33
|
1.06%
|
$5.36
|
1For the six-months ended September 30, 2010.
|
|||||
2Expenses are equal to the respective Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365.
|
Name and
Year of Birth
|
Position(s)
and Length of Time Served
|
Principal Occupation(s)
During Past Five Years
|
Other Directorships/Trusteeships
|
Katherine L. Frank1
1960
|
President, 1996 -
Present, and Trustee, 2001- Present
|
Madison Investment Advisors, Inc. ("MIA"), Managing Director and Vice President, 1986 - Present; Madison Asset Management, LLC ("MAM"), Director and Vice President,
2004 - Present; Madison Mosaic, LLC, President, 1996 - Present; Madison Mosaic Funds (13 funds, including the Trust) and Madison Strategic Sector Premium Fund (closed end fund), President, 1996 - Present ; Madison/Claymore Covered Call
and Equity Strategy Fund (closed end fund), Vice President, 2005 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16) (mutual funds), President, 2009 - Present
|
Madison Mosaic Funds (all but Equity Trust) and Madison Strategic Sector Premium Fund, 1996 - Present;
MEMBERS Mutual Funds (13) and Ultra Series Fund (16), 2009 - Present
|
Frank E. Burgess
1942
|
Trustee and Vice President, 1996 - Present
|
MIA, Founder, President and Director, 1973 - Present;
MAM, President and Director, 2004 - Present; Madison Mosaic Funds (13 funds, including the Trust) and Madison Strategic Sector Premium Fund, Vice President, 1996 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), Vice President, 2009 - Present
|
Madison Mosaic Funds (13), Madison
Strategic Sector Premium Fund, and Madison/Claymore Covered Call & Equity Strategy Fund, 1996 - Present; Capitol Bank of Madison, WI, 1995 -
Present; American Riviera Bank of Santa Barbara, CA, 2006 - Present
|
Jay R. Sekelsky
1959
|
Vice President,
1996 - Present
|
MIA, Managing Director and Vice President, 1990 - Present; MAM, Director, 2009 - Present; Madison Mosaic, LLC, Vice President, 1996 - Present; Madison Mosaic Funds (13 funds, including the Trust) and Madison Strategic Sector Premium Fund, Vice President, 1996 - Present; Madison/Claymore Covered Call & Equity Strategy Fund, Vice President, 2004 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), Vice President, 2009 - Present
|
N/A
|
Paul Lefurgey
1964
|
Vice President,
2009 - Present
|
MIA, Managing Director, Head of Fixed Income, 2005 - Present; Madison Mosaic Funds (13 funds, including the Fund) and Madison Strategic Sector Premium Fund, Vice President,
2009 - Present; MEMBERS Capital Advisors, Inc. ("MCA") (investment advisory firm), Madison, WI, Vice President
2003 - 2005; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), Vice President, 2009 - Present
|
N/A
|
Greg D. Hoppe
1969
|
Treasurer,
2009 - Present
Chief Financial
Officer, 1999 -
2009
|
MIA, Vice President, 1999 - Present; MAM, Vice President,
2009 - Present; Madison Mosaic, LLC, Vice President,
1999 - Present; Madison Mosaic Funds (13 funds, including
the Fund), Treasurer, 2009 - Present; Chief Financial Officer,
1999 - 2009; Madison Strategic Sector Premium Fund, Treasurer, 2005 - Present; Chief Financial Officer, 2005 - 2009; Madison/Claymore Covered Call & Equity Strategy Fund, Vice President, 2008 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), Treasurer, 2009 - Present
|
N/A
|
Name and
Year of Birth
|
Position(s)
and Length of Time Served
|
Principal Occupation(s)
During Past Five Years
|
Other Directorships/Trusteeships
|
Holly S. Baggot
1960
|
Secretary and Assistant Treasurer, 2009 - Present
|
MAM, Vice President, 2009 - Present; MCA, Director-Mutual Funds, 2008 - 2009; Director-Mutual Fund Operations,
2006 - 2008; Operations Officer-Mutual Funds, 2005 - 2006; Senior Manager-Product & Fund Operations, 2001 - 2005; Madison Mosaic Funds (13 funds, including the Fund) and Madison Strategic Sector Premium Fund, Secretary and Assistant Treasurer, 2009 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), Assistant Treasurer, 2009 - Present; Secretary, 1999 - Present; Treasurer, 2008 - 2009; Assistant Treasurer, 1997 - 2007
|
N/A
|
W. Richard Mason
1960
|
Chief Compliance Officer, 1992 - Present
Corporate Counsel and Assistant Secretary, 2009 - Present
General Counsel and Secretary, 1992 - 2009
|
MIA, MAM, Madison Scottsdale, LC (an affiliated investment advisory firm of MIA) and Madison Mosaic, LLC, General Counsel and Chief Compliance Officer, 1996 - 2009; Chief Compliance Officer and Corporate Counsel, 2009 - Present; Mosaic Funds Distributor, LLC (an affiliated brokerage firm of MIA), Principal, 1998 - Present; Concord Asset Management ("Concord") (an affiliated investment advisory firm of MIA), LLC, General Counsel, 1996 - 2009; Madison Mosaic Funds (13 funds, including the Fund) and Madison Strategic Sector Premium Fund, General Counsel, Chief Compliance Officer,
1992 - 2009; Chief Compliance Officer, Corporate Counsel, Secretary and Assistant Secretary, 2009 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), Chief Compliance Officer, Corporate Counsel and Assistant Secretary, 2009 - Present
|
N/A
|
Pamela M. Krill
1966
|
General Counsel,
Chief Legal Officer
and Assistant Secretary,
2009 - Present
|
MIA, MAM, Madison Scottsdale, LC, Madison Mosaic, LLC, Mosaic Funds Distributor, and Concord, General Counsel and Chief Legal Officer, 2009 - Present; Madison Mosaic Funds (13 funds, including the Trust) and Madison Strategic Sector Premium Fund, General Counsel, Chief Legal Officer and Assistant Secretary, 2009 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), General Counsel, Chief Legal Officer and Assistant Secretary,
2009 - Present; CUNA Mutual Insurance Society (insurance company with affiliated investment advisory, brokerage and mutual fund operations), Madison, WI, Managing Associate General Counsel-Securities & Investments, 2007 - 2009; Godfrey & Kahn, S.C. (law firm), Madison and Milwaukee, WI, Shareholder, Securities Practice Group, 1994-2007
|
N/A
|
Name and
Year of Birth
|
Position(s)
and Length of Time Served1
|
Principal Occupation(s)
During Past Five Years
|
Portfolios
Overseen in
Fund Complex2
|
Other Directorships/Trusteeships
|
Lorence D. Wheeler
1938
|
Trustee, 1996 - Present
|
Retired investor; Credit Union Benefits Services, Inc. (a provider of retirement plans and related services for credit union employees nationwide), Madison, WI, President, 1997 - 2001
|
43
|
Grand Mountain Bank FSB and Grand Mountain Bancshares, Inc. 2003 - Present; Madison Mosaic Funds (13 funds, including the Trust) and Madison Strategic Sector Premium Fund, 1996 - Present; Madison/Claymore Covered Call and Equity Strategy Fund, 1996 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), 2009 - Present
|
Name and
Year of Birth
|
Position(s)
and Length of Time Served1
|
Principal Occupation(s)
During Past Five Years
|
Portfolios
Overseen in
Fund Complex2
|
Other Directorships/Trusteeships
|
Philip E. Blake
1944
|
Trustee, 2001 - Present
|
Retired investor; Lee Enterprises, Inc (news and advertising publisher), Madison, WI, Vice President, 1998 - 2001; Madison Newspapers, Inc., Madison, WI, President and Chief Executive Officer, 1993 - 2000
|
43
|
Madison Newspapers, Inc., 1993 - Present; Meriter Hospital & Health Services, 2000 - Present; Edgewood College, 2003 - Present; Madison Mosaic Funds (13 funds, including the Trust) and Madison Strategic Sector Premium Fund, 1996 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), 2009 - Present
|
James R Imhoff, Jr.
1944
|
Trustee, 1996 - Present
|
First Weber Group (real estate brokers), Madison, WI, Chief Executive Officer, 1996 -
Present
|
43
|
Park Bank, 1978 - Present; Madison Mosaic Funds (13 funds, including the Trust) and Madison Strategic Sector Premium Fund, 1996 - Present; Madison/Claymore Covered Call and Equity Strategy Fund, 1996 - Present; MEMBERS Mutual Funds (13) and Ultra Series Fund (16), 2009 - Present
|
The following code of ethics is designed to address the disclosure requirements of Item 2 of Form N-CSR,1 which implements Section 406 of the Sarbanes-Oxley Act of 2002 concerning disclosure of a code of ethics for principal executive and senior financial officers.
|
·
|
honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;
|
·
|
full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with, or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Company;
|
·
|
compliance with applicable laws and governmental rules and regulations;
|
·
|
the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the Code; and
|
·
|
accountability for adherence to the Code.
|
1 - Item 2 of Form N-CSR requires a registered management investment company to disclose annually whether, as of the end of the period covered by the report, it has adopted a code of ethics that applies to the registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, regardless of whether these officers are employed by the registrant or a third party. If the registrant has not adopted such a code of ethics, it must explain why it has not done so. The registrant must also: (1) file with the SEC a copy of the code as an exhibit to its annual report; (2) post the text of the code on its Internet website and disclose, in its most recent report on Form N-CSR, its Internet address and the fact that it has posted the code on its Internet website; or (3) undertake in its most recent report on Form N-CSR to provide to any person without charge, upon request, a copy of the code and explain the manner in which such request may be made. Disclosure is also required of amendments to, or waivers (including implicit waivers) from, a provision of the code in the registrant’s annual report on Form N-CSR or on its website. If the registrant intends to satisfy the requirement to disclose amendments and waivers by posting such information on its website, it will be required to disclose its Internet address and this intention.
|
·
|
not use his personal influence or personal relationships improperly to influence investment decisions or financial reporting by the Company whereby the Covered Officer would benefit personally to the detriment of the Company;
|
·
|
not cause the Company to take action, or fail to take action, for the individual personal benefit of the Covered Officer rather than the benefit the Company;
|
·
|
not use material non-public knowledge of portfolio transactions made or contemplated for the Company to trade personally or cause others to trade personally in contemplation of the market effect of such transactions (recognizing that such matters are addressed in the Company’s and the Company’s investment manager’s general Code of Ethics and Rules to Prevent Insider Trading); and
|
·
|
not retaliate against any other Covered Officer or any employee of the Funds or their affiliated persons for reports of potential violations that are made in good faith.
|
·
|
service as a director on the board of any public or private company;
|
·
|
the receipt of any gifts provided the value of such gifts do not exceed $100 per person per year, but not including the occasional meal, ticket to a sporting event or theater, or comparable entertainment from any company with which the Company or its affiliates has current or prospective business dealings unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;
|
·
|
any ownership interest in, or any consulting or employment relationship with, any of the Company’s service providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof;
|
·
|
a direct or indirect financial interest in commissions, transaction charges or spreads paid by the Company for effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership.
|
·
|
Each Covered Officer should familiarize himself with the disclosure requirements generally applicable to the Company;
|
·
|
each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the Company to others, whether within or outside the Company, including to the Company’s directors and auditors, and to governmental regulators and self-regulatory organizations;
|
·
|
each Covered Officer should, to the extent appropriate within his area of responsibility, consult with other officers and employees of the Funds and the adviser with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Funds file with, or submit to, the SEC and in other public communications made by the Funds; and
|
·
|
it is the responsibility of each Covered Officer to promote compliance with the standards and restrictions imposed by applicable laws, rules and regulations.
|
·
|
upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to the Board, or orally confirm such receipt in person before the Board (as reflected in the Company’s minutes) that he has received, read, and understands the Code;
|
·
|
annually thereafter affirm to the Board that he has complied with the requirements of the Code; and
|
·
|
notify the General Counsel promptly if he knows of any violation of this Code. Failure to do so is itself a violation of this Code. The General Counsel shall report any such violations to the Audit Committee of the Company.
|
·
|
the General Counsel will take all appropriate action to investigate any potential violations reported to him;
|
·
|
if, after such investigation, the General Counsel believes that no violation has occurred, the General Counsel is not required to take any further action;
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·
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any matter that the General Counsel believes is a violation will be reported to the Committee;
|
·
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if the Committee concurs that a violation has occurred, it will inform and make a recommendation to the Board, which will consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of the investment adviser or its board; or a recommendation to end the Covered Officer’s association with the Funds;
|
·
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the Committee will be responsible for granting waivers, as appropriate; and
|
·
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any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.
|
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