Period of Review
|
|
Economic Overview
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1
|
Outlook
|
1
|
Government Fund
|
2
|
Core Bond Fund
|
2
|
Institutional Bond Fund
|
3
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Investment Grade Corporate Bond Fund
|
4
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Portfolio of Investments
|
|
Government Fund
|
6
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Core Bond Fund
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7
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Institutional Bond Fund
|
9
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Investment Grade Corporate Bond Fund
|
10
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Statements of Assets and Liabilities
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11
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Statements of Operations
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12
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Statements of Changes in Net Assets
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13
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Financial Highlights
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14
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Notes to Financial Statements
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16
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Other Information
|
22
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FUND-AT-A-GLANCE
|
Objective: Madison Mosaic Government Fund provides investors with monthly dividends by investing in bonds and other securities issued or guaranteed by the U.S. Government.
|
Net Assets: $5.3 million
|
Date of Inception: July 21, 1983
|
Ticker: MADTX
|
TOP TEN STOCK HOLDINGS AS OF 6/30/11
|
|
% of net assets
|
|
U.S. Treasury Note, 3.125%, 10/31/16
|
8.05%
|
U.S. Treasury Note, 1.875%, 6/15/12
|
6.05%
|
U.S. Treasury Note, 4.75%, 5/31/12
|
5.92%
|
Freddie Mac, 5.5%, 9/15/11
|
5.74%
|
U.S. Treasury Note, 2.625%, 4/30/16
|
5.44%
|
U.S. Treasury Note, 4%, 11/15/12
|
4.97%
|
U.S. Treasury Note, 3.75%, 11/15/18
|
4.62%
|
Fannie Mae, 4.625%, 10/15/13
|
4.13%
|
Fannie Mae, 2.375%, 7/28/15
|
3.90%
|
Fannie Mae, 1.625%, 10/26/15
|
3.77%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Mortgage Backed Securities
|
12.1%
|
U.S. Agency Notes
|
41.2%
|
U.S. Treasury Notes
|
42.0%
|
Cash and Other
|
4.7%
|
FUND-AT-A-GLANCE
|
Objective: Madison Mosaic Core Bond Fund provides regular, relatively higher income by investing in intermediate-term corporate, government and mortgage-backed bonds.
|
Net Assets: $8.2 million
|
Date of Inception: July 21, 1983
|
Ticker: MADBX
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TOP TEN STOCK HOLDINGS AS OF 6/30/11
|
|
% of net assets
|
|
U.S. Treasury Note, 3.125%, 5/15/19
|
12.02%
|
Ginnie Mae Pool #698089, 4%, 4/15/39
|
3.91%
|
Freddie Mac, 5%, 2/16/17
|
3.50%
|
U.S. Treasury Note, 2.625%, 11/15/20
|
2.95%
|
Fannie Mae Pool #889260, 5%, 4/1/38
|
2.59%
|
Fannie Mae Pool #745355, 5%, 3/1/36
|
2.18%
|
Kimberly-Clark Corp., 6.125%, 8/1/17
|
2.17%
|
U.S. Treasury Bond, 5.375%, 2/15/31
|
2.16%
|
ConocoPhillips, 4.6%, 1/15/15
|
2.03%
|
Freddie Mac Pool #J07302, 4.5%, 4/1/23
|
2.01%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Consumer Discretionary
|
3.1%
|
Consumer Staples
|
7.8%
|
Energy
|
5.7%
|
Financials
|
18.2%
|
Health Care
|
6.1%
|
Industrials
|
1.4%
|
Information Technology
|
5.5%
|
Materials
|
1.3%
|
Utilities
|
1.0%
|
Mortgage Backed Securities
|
26.3%
|
U.S. Government and Agency Obligations
|
21.1%
|
Cash and Other
|
2.5%
|
FUND-AT-A-GLANCE
|
Objective: The Madison Mosaic Institutional Bond Fund seeks total investment return through a combination of intermediate corporate and government bonds.
|
Net Assets: $53.6 million
|
Date of Inception: May 1, 2000
|
Ticker: MIIBX
|
TOP TEN HOLDINGS AS OF 6/30/11
|
|
% of net assets
|
|
Freddie Mac, 4.5%, 7/15/13
|
4.54%
|
Freddie Mac , 5.125%, 7/15/12
|
4.41%
|
Fannie Mae, 3.625%, 8/15/11
|
4.21%
|
U.S. Treasury Note, 4.25%, 8/15/14
|
4.13%
|
U.S. Treasury Note, 2.625%, 11/15/20
|
4.05%
|
Federal Home Loan Bank, 3.625%, 5/29/13
|
3.96%
|
U.S. Treasury Note, 4%, 11/15/12
|
3.92%
|
U.S. Treasury Note, 2%, 11/30/13
|
3.86%
|
U.S. Treasury Note, 1.375%, 1/15/13
|
3.79%
|
U.S. Treasury Note, 4.875%, 2/15/12
|
3.07%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Consumer Discretionary
|
4.1%
|
Consumer Staples
|
12.4%
|
Energy
|
2.6%
|
Financials
|
16.9%
|
Health Care
|
3.1%
|
Industrials
|
1.5%
|
Information Technology
|
5.8%
|
Materials
|
2.0%
|
U.S. Government & Agency Obligations
|
45.4%
|
Cash & Other
|
6.2%
|
FUND-AT-A-GLANCE
|
Objective: The Madison Mosaic Investment Grade Corporate Bond Fund provides investors with high total investment returns in the form of income and share price appreciation through investments in a broad range of corporate debt securities.
|
Net Assets: $1.0 million
|
Date of Inception: July 1, 2007
|
Ticker: COINX
|
TOP TEN HOLDINGS AS OF 6/30/11
|
|
% of net assets
|
|
Abbott Laboratories, 5.875%, 5/15/16
|
2.84%
|
Coca-Cola Co./The, 5.35%, 11/15/17
|
2.82%
|
Cisco Systems Inc., 5.5%, 2/22/16
|
2.77%
|
Pfizer Inc., 5.35%, 3/15/15
|
2.75%
|
General Electric Capital Corp., 6.75%, 3/15/32
|
2.71%
|
Sysco Corp., 5.25%, 2/12/18
|
2.69%
|
National Rural Utilities Cooperative Finance Corp.,
4.75%, 3/1/14
|
2.65%
|
Bank of New York Mellon Corp./The, 4.3%, 5/15/14
|
2.63%
|
US Bancorp, 4.2%, 5/15/14
|
2.62%
|
American Express Co., 4.875%, 7/15/13
|
2.59%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Consumer Discretionary
|
8.6%
|
Consumer Staples
|
23.1%
|
Energy
|
7.1%
|
Financials
|
25.1%
|
Health Care
|
7.1%
|
Industrials
|
4.7%
|
Information Technology
|
14.7%
|
Materials
|
2.6%
|
Telecommunication Services
|
1.5%
|
Utilities
|
1.0%
|
Cash & Other
|
4.5%
|
Par Value
|
Value (Note 1)
|
|
MORTGAGE BACKED SECURITIES - 12.1%
|
||
Fannie Mae - 5.3%
|
||
5.5%, 2/1/18 Pool # 555345
|
$ 19,824
|
$ 21,520
|
5%, 6/1/18 Pool # 555545
|
40,452
|
43,732
|
6.5%, 5/1/32 Pool # 636758
|
8,439
|
9,605
|
6.5%, 6/1/32 Pool # 254346
|
10,490
|
11,940
|
6%, 8/1/32 Pool # 254405
|
17,934
|
19,897
|
4.5%, 12/1/35 Pool # 745147
|
128,877
|
134,312
|
5.5%, 1/1/38 Pool # 953589
|
37,959
|
41,128
|
282,134
|
||
Freddie Mac - 4.2%
|
||
5.5%, 8/1/17 Pool # E90778
|
16,369
|
17,736
|
4.5%, 11/1/23 Pool # G13342
|
40,076
|
42,546
|
6.5%, 6/1/32 Pool # C01364
|
10,414
|
11,803
|
4%, 10/1/40 Pool # A94362
|
151,666
|
151,807
|
223,892
|
||
Ginnie Mae - 2.6%
|
||
7%, 9/20/27 Pool # 2483
|
6,681
|
7,773
|
6%, 2/15/38 Pool # 676516
|
33,189
|
37,007
|
4%, 4/15/39 Pool # 698089
|
83,283
|
85,031
|
129,811
|
||
Total Mortgage Backed Securities
(Cost $611,148)
|
635,837
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 83.2%
|
||
Fannie Mae - 24.8%
|
||
6.125%, 3/15/12
|
100,000
|
104,095
|
4.875%, 5/18/12
|
100,000
|
103,756
|
3.625%, 2/12/13
|
150,000
|
157,594
|
4.75%, 2/21/13
|
150,000
|
160,526
|
4.375%, 7/17/13
|
150,000
|
161,657
|
4.625%, 10/15/13
|
200,000
|
218,221
|
2.375%, 7/28/15
|
200,000
|
206,106
|
1.625%, 10/26/15
|
200,000
|
199,344
|
1,311,299
|
||
Par Value
|
Value (Note 1)
|
|
Federal Home Loan Bank - 5.1%
|
||
4%, 9/6/13
|
$ 150,000
|
$ 160,950
|
3.125%, 12/13/13
|
100,000
|
105,914
|
266,864
|
||
Freddie Mac - 11.3%
|
||
5.5%, 9/15/11
|
300,000
|
303,344
|
4.5%, 7/15/13
|
150,000
|
162,264
|
2.875%, 2/9/15
|
125,000
|
131,740
|
597,348
|
||
U.S. Treasury Notes - 42.0%
|
||
1%, 7/31/11
|
150,000
|
150,086
|
4.75%, 5/31/12
|
300,000
|
312,457
|
1.875%, 6/15/12
|
250,000
|
253,955
|
4%, 11/15/12
|
250,000
|
262,598
|
4.25%, 8/15/14
|
100,000
|
110,539
|
2.625%, 4/30/16
|
275,000
|
287,396
|
3.125%, 10/31/16
|
400,000
|
425,250
|
4.5%, 5/15/17
|
90,000
|
102,136
|
3.75%, 11/15/18
|
225,000
|
243,774
|
2.625%, 11/15/20
|
75,000
|
72,246
|
2,220,437
|
||
Total U.S. Government and Agency
Obligations (Cost $4,271,030)
|
4,395,948
|
|
Repurchase Agreement - 3.5%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $187,897 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $184,212 (Cost $184,212)
|
184,212
|
|
TOTAL INVESTMENTS - 98.8% (Cost $5,066,390)
|
5,215,997
|
|
NET OTHER ASSETS AND LIABILITIES - 1.2%
|
65,818
|
|
TOTAL ASSETS - 100.0%
|
$ 5,281,815
|
Par Value
|
Value (Note 1)
|
|
CORPORATE NOTES AND BONDS - 50.1%
|
||
Consumer Discretionary - 3.1%
|
||
Comcast Cable Communications Holdings Inc., 8.375%, 3/15/13
|
$ 27,000
|
$ 30,253
|
Comcast Corp., 5.3%, 1/15/14
|
100,000
|
109,734
|
McDonald’s Corp., 5.35%, 3/1/18
|
100,000
|
113,537
|
253,524
|
||
Consumer Staples - 7.8%
|
||
Costco Wholesale Corp., 5.5%, 3/15/17
|
100,000
|
116,311
|
Kellogg Co., 4.45%, 5/30/16
|
100,000
|
109,219
|
Kimberly-Clark Corp., 6.125%, 8/1/17
|
150,000
|
177,272
|
Kraft Foods Inc., 5.625%, 11/1/11
|
13,000
|
13,209
|
Sysco Corp., 5.25%, 2/12/18
|
100,000
|
110,503
|
Walgreen Co., 4.875%, 8/1/13
|
100,000
|
108,299
|
634,813
|
||
Energy - 5.7%
|
||
BP Capital Markets PLC, 3.875%, 3/10/15
|
52,000
|
54,811
|
ConocoPhillips, 4.6%, 1/15/15
|
150,000
|
165,818
|
Devon Energy Corp., 6.3%, 1/15/19
|
125,000
|
147,227
|
Valero Energy Corp., 6.875%, 4/15/12
|
100,000
|
104,593
|
472,449
|
||
Financials - 18.2%
|
||
Allstate Corp./The, 6.2%, 5/16/14
|
100,000
|
113,248
|
American Express Credit Corp., 5.875%, 5/2/13
|
150,000
|
161,552
|
Bank of America Corp., 4.875%, 9/15/12
|
100,000
|
104,248
|
Bank of New York Mellon Corp./The, 4.3%, 5/15/14
|
150,000
|
162,254
|
Berkshire Hathaway Finance Corp., 4.85%, 1/15/15
|
100,000
|
110,493
|
General Electric Capital Corp., 4.8%, 5/1/13
|
100,000
|
106,234
|
Goldman Sachs Group Inc./The, 5.75%, 10/1/16
|
100,000
|
108,965
|
Markel Corp., 6.8%, 2/15/13
|
75,000
|
80,408
|
Morgan Stanley, 5.375%, 10/15/15
|
150,000
|
160,503
|
National Rural Utilities Cooperative Finance Corp., 4.75%, 3/1/14
|
100,000
|
108,788
|
US Bancorp, 4.2%, 5/15/14
|
100,000
|
107,776
|
Wells Fargo & Co., 4.375%, 1/31/13
|
150,000
|
157,489
|
1,481,958
|
||
Health Care - 6.1%
|
||
Abbott Laboratories, 5.6%, 11/30/17
|
100,000
|
116,049
|
Eli Lilly & Co., 4.2%, 3/6/14
|
100,000
|
108,032
|
Merck & Co. Inc., 4%, 6/30/15
|
150,000
|
162,497
|
Pfizer Inc., 5.35%, 3/15/15
|
100,000
|
112,843
|
499,421
|
||
Par Value
|
Value (Note 1)
|
|
Industrials - 1.4%
|
||
United Parcel Service Inc., 5.5%, 1/15/18
|
$100,000
|
$ 113,554
|
Information Technology - 5.5%
|
||
Cisco Systems Inc., 5.5%, 2/22/16
|
100,000
|
113,818
|
Hewlett-Packard Co., 5.5%, 3/1/18
|
100,000
|
111,989
|
Oracle Corp., 4.95%, 4/15/13
|
100,000
|
107,331
|
Western Union Co./The, 5.93%, 10/1/16
|
100,000
|
113,203
|
446,341
|
||
Materials - 1.3%
|
||
EI du Pont de Nemours & Co., 4.75%, 11/15/12
|
100,000
|
105,331
|
Utilities - 1.0%
|
||
Dominion Resources Inc./VA, 5.7%, 9/17/12
|
75,000
|
79,304
|
Total Corporate Notes and Bonds
(Cost $3,873,283)
|
4,086,695
|
|
MORTGAGE BACKED SECURITIES - 26.3%
|
||
Fannie Mae - 15.6%
|
||
5%, 2/1/19 Pool # 725341
|
31,488
|
34,042
|
6%, 3/1/21 Pool # 745406
|
46,719
|
51,147
|
5.5%, 3/1/21 Pool # 837199
|
56,431
|
61,260
|
6.5%, 5/1/32 Pool # 636758
|
11,251
|
12,806
|
4.5%, 12/1/35 Pool # 745147
|
128,877
|
134,312
|
5%, 2/1/36 Pool # 745275
|
125,731
|
134,258
|
5%, 3/1/36 Pool # 745355
|
166,533
|
177,827
|
5.5%, 5/1/36 Pool # 745516
|
54,349
|
59,107
|
6%, 12/1/36 Pool # 256514
|
66,127
|
72,889
|
6%, 12/1/36 Pool # 902070
|
61,495
|
67,783
|
6%, 12/1/36 Pool # 903002
|
54,680
|
60,271
|
5.5%, 1/1/37 Pool # 905805
|
106,764
|
115,793
|
5.5%, 1/1/38 Pool # 953589
|
37,959
|
41,128
|
6%, 1/1/38 Pool # 965649
|
40,459
|
44,520
|
5%, 4/1/38 Pool # 889260
|
198,402
|
211,237
|
1,278,380
|
||
Freddie Mac - 6.8%
|
||
5%, 2/1/21 Pool # G11911
|
65,187
|
70,454
|
4.5%, 4/1/23 Pool # J07302
|
154,565
|
164,089
|
4.5%, 11/1/23 Pool # G13342
|
80,152
|
85,091
|
6%, 8/1/36 Pool # A51727
|
55,943
|
61,681
|
6.5%, 11/1/36 Pool # C02660
|
61,029
|
68,893
|
5%, 9/1/38 Pool # G04815
|
96,566
|
102,675
|
552,883
|
||
Ginnie Mae - 3.9%
|
||
4%, 4/15/39 Pool # 698089
|
312,309
|
318,865
|
Total Mortgage Backed Securities
(Cost $2,033,075)
|
2,150,128
|
Par Value
|
Value (Note 1)
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 21.1%
|
||
Freddie Mac - 3.5%
|
||
5%, 2/16/17
|
$250,000
|
$ 285,757
|
U.S. Treasury Bond - 2.2%
|
||
5.375%, 2/15/31
|
150,000
|
175,828
|
U.S. Treasury Note - 15.4%
|
||
3.125%, 10/31/16
|
35,000
|
37,209
|
3.125%, 5/15/19
|
950,000
|
981,023
|
2.625%, 11/15/20
|
250,000
|
240,821
|
1,259,053
|
||
Total U.S. Government and Agency Obligations (Cost $1,708,613)
|
1,720,638
|
|
Par Value
|
Value (Note 1)
|
|
Repurchase Agreement - 3.0%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $248,041 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $243,177 (Cost $243,177)
|
$ 243,177
|
|
TOTAL INVESTMENTS - 100.5% (Cost $7,858,148)
|
8,200,638
|
|
NET OTHER ASSETS AND LIABILITIES - (0.5%)
|
(41,777)
|
|
TOTAL ASSETS - 100.0%
|
$ 8,158,861
|
Par Value
|
Value (Note 1)
|
|
CORPORATE NOTES AND BONDS - 48.4%
|
||
Consumer Discretionary - 4.1%
|
||
McDonald’s Corp., 5.35%, 3/1/18
|
$1,000,000
|
$ 1,135,376
|
Target Corp., 5.875%, 3/1/12
|
1,000,000
|
1,036,833
|
2,172,209
|
||
Consumer Staples - 12.4%
|
||
Coca-Cola Co./The, 4.875%, 3/15/19
|
1,000,000
|
1,108,828
|
Costco Wholesale Corp., 5.3%, 3/15/12
|
1,000,000
|
1,035,748
|
PepsiCo Inc./NC, 4.65%, 2/15/13
|
1,000,000
|
1,063,063
|
Procter & Gamble Co./The, 4.7%, 2/15/19
|
1,000,000
|
1,105,318
|
Sysco Corp., 5.25%, 2/12/18
|
1,000,000
|
1,105,032
|
Walgreen Co., 4.875%, 8/1/13
|
125,000
|
135,374
|
Walgreen Co., 5.25%, 1/15/19
|
875,000
|
976,820
|
Wal-Mart Stores Inc., 4.55%, 5/1/13
|
125,000
|
133,794
|
6,663,977
|
||
Energy - 2.6%
|
||
BP Capital Markets PLC, 3.875%, 3/10/15
|
518,000
|
546,001
|
ConocoPhillips, 4.6%, 1/15/15
|
750,000
|
829,091
|
1,375,092
|
||
Financials - 16.9%
|
||
Allstate Corp./The, 6.2%, 5/16/14
|
450,000
|
509,616
|
American Express Co., 4.875%, 7/15/13
|
1,000,000
|
1,063,757
|
Bank of America Corp., 4.875%, 9/15/12
|
1,000,000
|
1,042,484
|
Berkshire Hathaway Finance Corp., 4.85%, 1/15/15
|
450,000
|
497,218
|
General Electric Capital Corp., 4.25%, 6/15/12
|
170,000
|
176,027
|
General Electric Capital Corp., 4.8%, 5/1/13
|
830,000
|
881,743
|
Goldman Sachs Group Inc./The, 6.6%, 1/15/12
|
1,000,000
|
1,031,017
|
HSBC Finance Corp., 6.375%, 10/15/11
|
70,000
|
71,114
|
JPMorgan Chase & Co., 3.7%, 1/20/15
|
1,000,000
|
1,040,669
|
Merrill Lynch & Co. Inc., 5.77%, 7/25/11
|
125,000
|
124,871
|
Morgan Stanley, 5.375%, 10/15/15
|
1,000,000
|
1,070,020
|
National Rural Utilities Cooperative Finance Corp., 4.75%, 3/1/14
|
450,000
|
489,545
|
US Bancorp, 4.2%, 5/15/14
|
1,000,000
|
1,077,763
|
9,075,844
|
||
Health Care - 3.1%
|
||
Abbott Laboratories, 5.6%, 11/30/17
|
1,000,000
|
1,160,488
|
Eli Lilly & Co., 4.2%, 3/6/14
|
450,000
|
486,143
|
1,646,631
|
||
Industrials - 1.5%
|
||
United Parcel Service Inc., 5.5%, 1/15/18
|
705,000
|
800,555
|
Par Value
|
Value (Note 1)
|
|
Information Technology - 5.8%
|
||
Hewlett-Packard Co., 5.25%, 3/1/12
|
$1,000,000
|
$ 1,032,695
|
International Business Machines Corp., 4.75%, 11/29/12
|
1,000,000
|
1,057,308
|
Oracle Corp., 4.95%, 4/15/13
|
1,000,000
|
1,073,312
|
3,163,315
|
||
Materials - 2.0%
|
||
EI du Pont de Nemours & Co., 3.25%, 1/15/15
|
1,000,000
|
1,048,731
|
Total Corporate Notes and Bonds
(Cost $25,049,890)
|
25,946,354
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 45.4%
|
||
Fannie Mae - 6.8%
|
||
3.625%, 8/15/11
|
2,250,000
|
2,257,520
|
4.625%, 10/15/14
|
1,250,000
|
1,392,024
|
3,649,544
|
||
Federal Home Loan Bank - 4.0%
|
||
3.625%, 5/29/13
|
2,000,000
|
2,119,666
|
Freddie Mac - 9.0%
|
||
5.125%, 7/15/12
|
2,250,000
|
2,364,676
|
4.5%, 7/15/13
|
2,250,000
|
2,433,955
|
4,798,631
|
||
U.S. Treasury Note - 25.6%
|
||
4.875%, 2/15/12
|
1,600,000
|
1,647,314
|
4%, 11/15/12
|
2,000,000
|
2,100,782
|
1.375%, 1/15/13
|
2,000,000
|
2,031,250
|
2%, 11/30/13
|
2,000,000
|
2,066,876
|
4.25%, 8/15/14
|
2,000,000
|
2,210,782
|
3.125%, 5/15/19
|
1,500,000
|
1,548,984
|
2.625%, 11/15/20
|
2,250,000
|
2,167,382
|
13,773,370
|
||
Total U.S. Government and Agency
Obligations (Cost $23,715,405)
|
24,341,211
|
|
Repurchase Agreement - 5.3%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $2,885,976 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $2,829,377 (Cost $2,829,376)
|
2,829,376
|
|
TOTAL INVESTMENTS - 99.1% (Cost $51,594,671)
|
53,116,941
|
|
NET OTHER ASSETS AND LIABILITIES - 0.9%
|
457,383
|
|
TOTAL ASSETS - 100.0%
|
$53,574,324
|
Par Value
|
Value (Note 1)
|
|
CORPORATE NOTES AND BONDS - 95.5%
|
||
Consumer Discretionary - 8.6%
|
||
Comcast Corp., 6.45%, 3/15/37
|
$ 20,000
|
$ 21,460
|
McDonald’s Corp., 5.8%, 10/15/17
|
20,000
|
23,505
|
Target Corp., 5.875%, 7/15/16
|
20,000
|
23,407
|
Walt Disney Co./The, 5.7%, 7/15/11
|
20,000
|
20,003
|
88,375
|
||
Consumer Staples - 23.1%
|
||
Coca-Cola Co./The, 5.35%, 11/15/17
|
25,000
|
29,017
|
Coca-Cola Refreshments USA Inc., 7.375%, 3/3/14
|
10,000
|
11,623
|
Costco Wholesale Corp., 5.3%, 3/15/12
|
20,000
|
20,715
|
General Mills Inc., 5.65%, 2/15/19
|
20,000
|
22,617
|
Kimberly-Clark Corp., 6.125%, 8/1/17
|
10,000
|
11,818
|
Kraft Foods Inc., 6.5%, 8/11/17
|
20,000
|
23,542
|
PepsiCo Inc./NC, 5.5%, 1/15/40
|
25,000
|
26,517
|
Procter & Gamble Co./The, 4.95%, 8/15/14
|
20,000
|
22,406
|
Sysco Corp., 5.25%, 2/12/18
|
25,000
|
27,626
|
Walgreen Co., 5.25%, 1/15/19
|
20,000
|
22,327
|
Wal-Mart Stores Inc., 3.25%, 10/25/20
|
20,000
|
19,064
|
237,272
|
||
Energy - 7.1%
|
||
BP Capital Markets PLC, 3.875%, 3/10/15
|
13,000
|
13,703
|
ConocoPhillips, 4.6%, 1/15/15
|
20,000
|
22,109
|
Devon Energy Corp., 5.625%, 1/15/14
|
15,000
|
16,633
|
Valero Energy Corp., 6.625%, 6/15/37
|
10,000
|
10,459
|
Valero Energy Corp., 6.875%, 4/15/12
|
10,000
|
10,459
|
73,363
|
||
Financials - 25.1%
|
||
American Express Co., 4.875%, 7/15/13
|
25,000
|
26,594
|
Bank of America Corp., 4.875%, 9/15/12
|
20,000
|
20,850
|
Bank of New York Mellon Corp./The, 4.3%, 5/15/14
|
25,000
|
27,042
|
Berkshire Hathaway Finance Corp., 4.85%, 1/15/15
|
20,000
|
22,099
|
General Electric Capital Corp., 6.75%, 3/15/32
|
25,000
|
27,857
|
Goldman Sachs Group Inc./The, 5.125%, 1/15/15
|
20,000
|
21,479
|
JPMorgan Chase & Co., 4.75%, 3/1/15
|
20,000
|
21,401
|
Morgan Stanley, 5.375%, 10/15/15
|
10,000
|
10,700
|
National Rural Utilities Cooperative Finance Corp., 4.75%, 3/1/14
|
25,000
|
27,197
|
Par Value
|
Value (Note 1)
|
|
US Bancorp, 4.2%, 5/15/14
|
$ 25,000
|
$ 26,944
|
Wells Fargo & Co., 4.6%, 4/1/21
|
15,000
|
15,113
|
Wells Fargo & Co., 5.625%, 12/11/17
|
10,000
|
11,061
|
258,337
|
||
Health Care - 7.1%
|
||
Abbott Laboratories, 5.875%, 5/15/16
|
25,000
|
29,144
|
Eli Lilly & Co., 6%, 3/15/12
|
15,000
|
15,601
|
Pfizer Inc., 5.35%, 3/15/15
|
25,000
|
28,211
|
72,956
|
||
Industrials - 4.7%
|
||
3M Co., 4.5%, 11/1/11
|
25,000
|
25,362
|
United Parcel Service Inc., 5.5%, 1/15/18
|
20,000
|
22,711
|
48,073
|
||
Information Technology - 14.7%
|
||
Cisco Systems Inc., 5.5%, 2/22/16
|
25,000
|
28,455
|
Hewlett-Packard Co., 5.25%, 3/1/12
|
20,000
|
20,654
|
International Business Machines Corp., 4.75%, 11/29/12
|
20,000
|
21,146
|
Intuit Inc., 5.4%, 3/15/12
|
10,000
|
10,315
|
Microsoft Corp., 3%, 10/1/20
|
25,000
|
23,767
|
Oracle Corp., 5.75%, 4/15/18
|
20,000
|
22,922
|
Western Union Co./The, 5.93%, 10/1/16
|
20,000
|
22,640
|
149,899
|
||
Materials - 2.6%
|
||
EI du Pont de Nemours & Co., 4.75%, 11/15/12
|
25,000
|
26,333
|
Telecommunication Services - 1.5%
|
||
BellSouth Corp., 6%, 10/15/11
|
15,000
|
15,229
|
Utilities - 1.0%
|
||
Dominion Resources Inc./VA, 5.7%, 9/17/12
|
10,000
|
10,574
|
Total Corporate Notes and Bonds
(Cost $920,947)
|
980,411
|
|
Repurchase Agreement - 3.2%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/11, collateralized by $33,772 in Freddie Mac Pool #A87842 due 8/1/39. Proceeds at maturity are $33,110 (Cost $33,109)
|
33,109
|
|
TOTAL INVESTMENTS - 98.7% (Cost $954,056)
|
1,013,520
|
|
NET OTHER ASSETS AND LIABILITIES - 1.3%
|
13,801
|
|
TOTAL ASSETS - 100.0%
|
$ 1,027,321
|
Government
Fund
|
Core Bond
Fund
|
Institutional Bond Fund
|
Investment Grade Corporate Bond Fund
|
|
ASSETS
|
||||
Investments, at value (Notes 1 and 2)
|
||||
Investment securities
|
$ 5,031,785
|
$ 7,957,461
|
$50,287,565
|
$ 980,411
|
Repurchase agreements
|
184,212
|
243,177
|
2,829,376
|
33,109
|
Total investments*
|
5,215,997
|
8,200,638
|
53,116,941
|
1,013,520
|
Receivables
|
||||
Interest
|
38,542
|
76,298
|
627,952
|
14,301
|
Capital shares sold
|
29,008
|
5,701
|
62,617
|
–
|
Total assets
|
5,283,547
|
8,282,637
|
53,807,510
|
1,027,821
|
LIABILITIES
|
||||
Payables
|
||||
Investment securities purchased
|
–
|
110,171
|
–
|
–
|
Dividends
|
256
|
1,107
|
205,757
|
–
|
Capital shares redeemed
|
226
|
10,248
|
21,179
|
–
|
Auditor fees
|
1,000
|
2,000
|
6,000
|
500
|
Independent trustee fees
|
250
|
250
|
250
|
–
|
Total liabilities
|
1,732
|
123,776
|
233,186
|
500
|
NET ASSETS
|
$ 5,281,815
|
$ 8,158,861
|
$53,574,324
|
$ 1,027,321
|
Net assets consists of:
|
||||
Paid in capital
|
$ 5,122,027
|
$ 7,859,724
|
$51,981,050
|
$ 954,240
|
Accumulated net realized gain
|
10,181
|
(43,353)
|
71,004
|
13,617
|
Net unrealized appreciation on investments
|
149,607
|
342,490
|
1,522,270
|
59,464
|
Net Assets
|
$ 5,281,815
|
$ 8,158,861
|
$53,574,324
|
$ 1,027,321
|
CAPITAL SHARES OUTSTANDING
|
||||
An unlimited number of capital shares, without par value, are authorized. (Note 7)
|
490,968
|
1,174,640
|
4,870,938
|
94,687
|
NET ASSET VALUE PER SHARE
|
$10.76
|
$6.95
|
$11.00
|
$10.85
|
*INVESTMENT SECURITIES, AT COST
|
$ 5,066,390
|
$ 7,858,148
|
$51,594,671
|
$ 954,056
|
Government
Fund
|
Core Bond
Fund
|
Institutional Bond Fund
|
Investment Grade Corporate Bond Fund
|
|
INVESTMENT INCOME (Note 1)
|
||||
Interest income
|
$ 66,389
|
$157,829
|
$638,016
|
$22,630
|
EXPENSES (Notes 3 and 5)
|
||||
Investment advisory fees
|
9,714
|
16,765
|
78,229
|
2,082
|
Other expenses:
|
||||
Service agreement fees
|
5,300
|
10,074
|
43,045
|
1,062
|
Auditor fees
|
1,000
|
2,000
|
6,000
|
500
|
Independent trustee fees
|
500
|
500
|
500
|
–
|
Total other expenses
|
6,800
|
12,574
|
49,545
|
1,562
|
Total expenses
|
16,514
|
29,339
|
127,774
|
3,644
|
NET INVESTMENT INCOME
|
49,875
|
128,490
|
510,242
|
18,986
|
REALIZED AND UNREALIZED GAIN ON INVESTMENTS
|
||||
Net realized gain (loss) on investments
|
10,627
|
(2,674)
|
11,708
|
11,303
|
Change in net unrealized appreciation (depreciation) of investments
|
10,742
|
63,827
|
277,243
|
(7,663)
|
NET GAIN ON INVESTMENTS
|
21,369
|
61,153
|
288,951
|
3,640
|
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
$ 71,244
|
$189,643
|
$799,193
|
$22,626
|
Government Fund
|
Core Bond Fund
|
|||
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
|
2011
|
2010
|
2011
|
2010
|
|
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
||||
Net investment income
|
$ 49,875
|
$ 116,984
|
$ 128,490
|
$ 357,455
|
Net realized gain (loss) on investments
|
10,627
|
5,634
|
(2,674)
|
255,707
|
Net unrealized appreciation on investments
|
10,742
|
31,782
|
63,827
|
40,434
|
Net increase in net assets resulting from operations
|
71,244
|
154,400
|
189,643
|
653,596
|
DISTRIBUTION TO SHAREHOLDERS
|
||||
From net investment income
|
(49,875)
|
(116,984)
|
(128,490)
|
(357,455)
|
From net capital gains
|
–
|
(5,897)
|
–
|
–
|
Total distributions
|
(49,875)
|
(122,881)
|
(128,490)
|
(357,455)
|
CAPITAL SHARE TRANSACTIONS (Note 7)
|
212,897
|
716,384
|
(997,950)
|
(3,701,608)
|
NET INCREASE (DECREASE) IN NET ASSETS
|
234,266
|
747,903
|
(936,797)
|
(3,405,467)
|
NET ASSETS
|
||||
Beginning of period
|
$5,047,549
|
$4,299,646
|
$9,095,658
|
$12,501,125
|
End of period
|
$5,281,815
|
$5,047,549
|
$8,158,861
|
$ 9,095,658
|
Institutional Bond Fund
|
Investment Grade
Corporate Bond Fund
|
|||
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
|
2011
|
2010
|
2011
|
2010
|
|
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS
|
||||
Net investment income
|
$ 510,242
|
$ 994,219
|
$ 18,986
|
$ 46,400
|
Net realized gain on investments
|
11,708
|
102,500
|
11,303
|
3,769
|
Net unrealized appreciation (depreciation) on investments
|
277,243
|
1,208,983
|
(7,663)
|
8,240
|
Net increase in net assets resulting from operations
|
799,193
|
2,305,702
|
22,626
|
58,409
|
DISTRIBUTIONS TO SHAREHOLDERS
|
||||
From net investment income
|
(510,242)
|
(994,219)
|
(18,986)
|
(46,400)
|
From net capital gains
|
–
|
(38,218)
|
–
|
–
|
Total distributions
|
(510,242)
|
(1,032,437)
|
(18,986)
|
(46,400)
|
CAPITAL SHARE TRANSACTIONS (Note 7)
|
897,591
|
24,732,606
|
(45,423)
|
70,435
|
NET INCREASE (DECREASE) IN NET ASSETS
|
1,186,542
|
26,005,871
|
(41,783)
|
82,444
|
NET ASSETS
|
||||
Beginning of period
|
$52,387,782
|
$26,381,911
|
$1,069,104
|
$ 986,660
|
End of period
|
$53,574,324
|
$52,387,782
|
$1,027,321
|
$1,069,104
|
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of period
|
$10.72
|
$10.63
|
$10.81
|
$10.30
|
$9.94
|
$9.95
|
Investment operations:
|
||||||
Net investment income
|
0.11
|
0.26
|
0.27
|
0.32
|
0.33
|
0.31
|
Net realized and unrealized gain (loss) on investments
|
0.04
|
0.10
|
(0.15)
|
0.51
|
0.36
|
(0.01)
|
Total from investment operations
|
0.15
|
0.36
|
0.12
|
0.83
|
0.69
|
0.30
|
Less distributions:
|
||||||
From net investment income
|
(0.11)
|
(0.26)
|
(0.27)
|
(0.32)
|
(0.33)
|
(0.31)
|
From net capital gains
|
–
|
(0.01)
|
(0.03)
|
–
|
–
|
–
|
Total distribution
|
(0.11)
|
(0.27)
|
(0.30)
|
(0.32)
|
(0.33)
|
(0.31)
|
Net asset value, end of period
|
$10.76
|
$10.72
|
$10.63
|
$10.81
|
$10.30
|
$9.94
|
Total return (%)
|
1.40
|
3.40
|
1.19
|
8.17
|
7.10
|
3.07
|
Ratios and supplemental data
|
||||||
Net assets, end of period (in thousands)
|
$5,282
|
$5,048
|
$4,300
|
$5,071
|
$2,986
|
$3,055
|
Ratio of expenses to average net assets (%)
|
0.671
|
0.68
|
0.69
|
0.78
|
1.15
|
1.19
|
Ratio of net investment income to average net assets (%)
|
2.041
|
2.39
|
2.55
|
3.00
|
3.30
|
3.11
|
Portfolio turnover (%)
|
11
|
20
|
38
|
67
|
18
|
41
|
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of period
|
$6.89
|
$6.76
|
$6.74
|
$6.58
|
$6.44
|
$6.46
|
Investment operations:
|
||||||
Net investment income
|
0.11
|
0.21
|
0.21
|
0.27
|
0.26
|
0.24
|
Net realized and unrealized gain (loss) on investments
|
0.06
|
0.13
|
0.02
|
0.16
|
0.14
|
(0.02)
|
Total from investment operations
|
0.17
|
0.34
|
0.23
|
0.43
|
0.40
|
0.22
|
Less distributions from net investment income
|
(0.11)
|
(0.21)
|
(0.21)
|
(0.27)
|
(0.26)
|
(0.24)
|
Net asset value, end of period
|
$6.95
|
$6.89
|
$6.76
|
$6.74
|
$6.58
|
$6.44
|
Total return (%)
|
2.44
|
5.11
|
3.43
|
6.80
|
6.41
|
3.48
|
Ratios and supplemental data
|
||||||
Net assets, end of period (in thousands)
|
$8,159
|
$9,096
|
$12,501
|
$5,188
|
$4,523
|
$4,610
|
Ratio of expenses to average net assets (%)
|
0.701
|
0.70
|
0.70
|
0.80
|
1.12
|
1.10
|
Ratio of net investment income to average net assets (%)
|
3.041
|
3.04
|
3.13
|
4.18
|
4.05
|
3.70
|
Portfolio turnover (%)
|
4
|
32
|
16
|
36
|
41
|
60
|
INSTITUTIONAL BOND FUND
|
||||||
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
|||||
2011
|
2010
|
2009
|
2008
|
2007
|
2006
|
|
Net asset value, beginning of period
|
$10.94
|
$10.68
|
$10.47
|
$10.41
|
$10.08
|
$10.11
|
Investment operations:
|
||||||
Net investment income
|
0.11
|
0.19
|
0.20
|
0.48
|
0.44
|
0.41
|
Net realized and unrealized gain (loss) on investments
|
0.06
|
0.27
|
0.21
|
0.16
|
0.33
|
(0.03)
|
Total from investment operations
|
0.17
|
0.46
|
0.41
|
0.64
|
0.77
|
0.38
|
Less distributions:
|
||||||
From net investment income
|
(0.11)
|
(0.19)
|
(0.20)
|
(0.48)
|
(0.44)
|
(0.41)
|
From net capital gains
|
–
|
(0.01)
|
–
|
(0.10)
|
–
|
–
|
Total distributions
|
(0.11)
|
(0.20)
|
(0.20)
|
(0.58)
|
(0.44)
|
(0.41)
|
Net asset value, end of period
|
$11.00
|
$10.94
|
$10.68
|
$10.47
|
$10.41
|
$10.08
|
Total return (%)
|
1.52
|
4.35
|
3.99
|
6.30
|
7.77
|
3.93
|
Ratios and supplemental data
|
||||||
Net assets, end of period (in thousands)
|
$53,574
|
$52,388
|
$26,382
|
$2,155
|
$6,413
|
$6,511
|
Ratio of expenses to average net assets (%)
|
0.491
|
0.49
|
0.49
|
0.56
|
0.47
|
0.46
|
Ratio of net investment income to average net assets (%)
|
1.941
|
1.76
|
2.21
|
3.70
|
4.21
|
3.97
|
Portfolio turnover (%)
|
–
|
21
|
11
|
73
|
42
|
34
|
INVESTMENT GRADE CORPORATE BOND FUND
|
|||||
(unaudited) Six-Months Ended
June 30,
|
Year Ended December 31,
|
||||
2011
|
2010
|
2009
|
2008
|
2007*
|
|
Net asset value, beginning of period
|
$10.81
|
$10.68
|
$10.16
|
$10.26
|
$10.00
|
Investment operations:
|
|||||
Net investment income
|
0.20
|
0.48
|
0.53
|
0.52
|
0.27
|
Net realized and unrealized gain (loss) on investments
|
0.04
|
0.13
|
0.52
|
(0.09)
|
0.26
|
Total from investment operations
|
0.24
|
0.61
|
1.05
|
0.43
|
0.53
|
Less distributions:
|
|||||
From net investment income
|
(0.20)
|
(0.48)
|
(0.53)
|
(0.52)
|
(0.27)
|
From net capital gains
|
–
|
–
|
–
|
(0.01)
|
–
|
Total distributions
|
(0.20)
|
(0.48)
|
(0.53)
|
(0.53)
|
(0.27)
|
Net asset value, end of period
|
$10.85
|
$10.81
|
$10.68
|
$10.16
|
$10.26
|
Total return (%)
|
2.23
|
5.81
|
10.58
|
4.29
|
5.37
|
Ratios and supplemental data
|
|||||
Net assets, end of period (in thousands)
|
$1,027
|
$1,069
|
$987
|
$948
|
$637
|
Ratio of expenses to average net assets (%)
|
0.691
|
0.06
|
–
|
–
|
–
|
Ratio of net investment income to average net assets (%)
|
3.621
|
4.44
|
5.05
|
5.21
|
5.29
|
Portfolio turnover (%)
|
10
|
14
|
18
|
5
|
3
|
|
Level 1 –quoted prices in active markets for identical investments
|
|
Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rate volatilities, prepayment speeds, credit risk, benchmark yields, transactions, bids, offers, new issues, spreads and other relationships observed in the markets among comparable securities, underlying equity of the issuer; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data, etc.)
|
|
Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
|
Fund
|
Level 1
|
Level 2
|
Level 3
|
Value at 6/30/11
|
Government
|
||||
Mortgage Backed Securities
|
$ –
|
$ 635,837
|
$ –
|
$ 635,837
|
U.S. Government Agency Notes
|
–
|
4,395,948
|
–
|
4,395,948
|
Repurchase Agreement
|
–
|
184,212
|
–
|
184,212
|
Total
|
$ –
|
$5,215,997
|
$ –
|
$5,215,997
|
Core Bond
|
||||
Corporate Debt Securities
|
$ –
|
$ 4,086,695
|
$ –
|
$ 4,086,695
|
Mortgage Backed Securities
|
–
|
2,150,128
|
–
|
2,150,128
|
U.S. Government Agency Notes
|
–
|
1,720,638
|
–
|
1,720,638
|
Repurchase Agreement
|
–
|
243,177
|
–
|
243,177
|
Total
|
$ –
|
$ 8,200,638
|
$ –
|
$ 8,200,638
|
Institutional Bond
|
||||
Corporate Debt Securities
|
$ –
|
$25,946,354
|
$ –
|
$25,946,354
|
U.S. Government Agency Notes
|
–
|
24,341,211
|
–
|
24,341,211
|
Repurchase Agreement
|
–
|
2,829,376
|
–
|
2,829,376
|
Total
|
$ –
|
$53,116,941
|
$ –
|
$53,116,941
|
Investment Grade Corporate Bond Fund
|
||||
Corporate Debt Securities
|
$ –
|
$ 980,411
|
$ –
|
$ 980,411
|
Repurchase Agreement
|
–
|
33,109
|
–
|
33,109
|
Total
|
$ –
|
$ 1,013,520
|
$ –
|
$ 1,013,520
|
Please see the Portfolio of Investments for each Fund for a listing of all securities within each caption.
|
2010
|
2009
|
|
Government Fund:
|
||
Distributions paid from:
|
||
Ordinary income
|
$121,062
|
$114,194
|
Long-term capital gains
|
1,819
|
13,052
|
Core Bond Fund:
|
||
Distributions paid from ordinary income
|
$357,455
|
$323,880
|
Institutional Bond Fund:
|
||
Distributions paid from:
|
||
Ordinary income
|
$1,028,225
|
$173,320
|
Long-term capital gains
|
11,212
|
–
|
Investment Grade Corporate Bond Fund:
|
||
Distributions paid from ordinary income
|
$46,400
|
$47,935
|
Government Fund:
|
|
Accumulated net realized gains
|
$ 10,181
|
Net unrealized appreciation on investments
|
149,607
|
$159,788
|
|
Core Bond Fund:
|
|
Accumulated net realized losses
|
$ (41,596)
|
Net unrealized appreciation on investments
|
340,733
|
$299,137
|
|
Institutional Bond Fund:
|
|
Accumulated net realized gains
|
$ 71,004
|
Net unrealized appreciation on investments
|
1,522,270
|
$1,593,274
|
|
Investment Grade Corporate Bond Fund:
|
|
Accumulated net realized gains
|
$13,617
|
Net unrealized appreciation on investments
|
59,464
|
$73,081
|
Expiration Date
|
Core Bond Fund
|
December 31, 2013
|
$ 6,408
|
December 31, 2014
|
22,383
|
December 31, 2017
|
10,131
|
Purchases
|
Sales
|
|
Government Fund:
|
||
U.S. Gov’t securities
|
$562,827
|
$488,614
|
Core Bond Fund:
|
||
U.S. Gov’t securities
|
$244,874
|
$1,046,343
|
Other
|
109,788
|
619,843
|
Institutional Fund:
|
||
U.S. Gov’t securities
|
$ –
|
$ 486,258
|
Other
|
–
|
1,000,000
|
Investment Grade
Corporate Bond Fund:
|
||
U.S. Gov’t securities
|
$ –
|
$ –
|
Other
|
99,642
|
142,095
|
Government
Fund
|
Core Bond
Fund
|
|
Aggregate Cost
|
$5,066,390
|
$7,859,905
|
Gross unrealized appreciation
|
152,500
|
373,878
|
Gross unrealized depreciation
|
(2,893)
|
(33,145)
|
Net unrealized appreciation
|
$ 149,607
|
$ 340,733
|
Institutional
Bond Fund
|
Investment Grade Corporate Bond Fund
|
|
Aggregate Cost
|
$51,594,671
|
$954,056
|
Gross unrealized appreciation
|
1,536,110
|
61,001
|
Gross unrealized depreciation
|
(13,840)
|
(1,537)
|
Net unrealized appreciation
|
$ 1,522,270
|
$ 59,464
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
|
Government Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$1,091,240
|
$1,700,722
|
Shares issued in reinvestment of dividends
|
48,274
|
118,897
|
Total shares issued
|
1,139,514
|
1,819,619
|
Shares redeemed
|
(926,617)
|
(1,103,235)
|
Net increase
|
$ 212,897
|
$ 716,384
|
In Shares
|
||
Shares sold
|
102,006
|
157,293
|
Shares issued in reinvestment of dividends
|
4,503
|
11,009
|
Total shares issued
|
106,509
|
168,302
|
Shares redeemed
|
(86,536)
|
(101,855)
|
Net increase
|
19,973
|
66,447
|
(unaudited)
Six-Months Ended June 30,
|
Year Ended December 31,
|
|
Core Bond Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$ 602,158
|
$4,604,402
|
Shares issued in reinvestment of dividends
|
121,704
|
335,564
|
Total shares issued
|
723,862
|
4,939,966
|
Shares redeemed
|
(1,721,812)
|
(8,641,574)
|
Net decrease
|
$ (997,950)
|
$(3,701,608)
|
In Shares
|
||
Shares sold
|
86,615
|
658,207
|
Shares issued in reinvestment of dividends
|
17,613
|
48,369
|
Total shares issued
|
104,228
|
706,576
|
Shares redeemed
|
(249,696)
|
(1,236,378)
|
Net decrease
|
(145,468)
|
(529,802)
|
Institutional Bond Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$ 2,518,768
|
$35,940,448
|
Shares issued in reinvestment of dividends
|
87,527
|
395,053
|
Total shares issued
|
2,606,295
|
36,335,501
|
Shares redeemed
|
(1,708,704)
|
(11,602,895)
|
Net increase
|
$ 897,591
|
$24,732,606
|
In Shares
|
||
Shares sold
|
229,209
|
3,345,384
|
Shares issued in reinvestment of dividends
|
7,989
|
36,448
|
Total shares issued
|
237,198
|
3,381,832
|
Shares redeemed
|
(155,965)
|
(1,061,304)
|
Net increase
|
81,233
|
2,320,528
|
Investment Grade
Corporate Bond Fund
|
2011
|
2010
|
In Dollars
|
||
Shares sold
|
$456,935
|
$24,035
|
Shares issued in reinvestment of dividends
|
18,986
|
46,400
|
Total shares issued
|
475,921
|
70,435
|
Shares redeemed
|
(521,344)
|
–
|
Net increase (decrease)
|
$ (45,423)
|
$70,435
|
In Shares
|
||
Shares sold
|
42,294
|
2,229
|
Shares issued in reinvestment of dividends
|
1,753
|
4,254
|
Total shares issued
|
44,047
|
6,483
|
Shares redeemed
|
(48,236)
|
–
|
Net increase (decrease)
|
(4,189)
|
6,483
|
Based on Actual Total Return1
|
||||
Beginning
Account Value
|
Ending
Account Value
|
Annualized
Expense Ratio
|
Expenses Paid
During the Period2
|
|
Government Fund
|
$1,000.00
|
$1,014.02
|
0.67%
|
$3.36
|
Core Bond Fund
|
$1,000.00
|
$1,024.36
|
0.70%
|
$3.48
|
Institutional Bond Fund
|
$1,000.00
|
$1,015.24
|
0.49%
|
$2.43
|
Investment Grade Corporate Bond Fund
|
$1,000.00
|
$1,022.26
|
0.69%
|
$3.48
|
1For the six-months ended June 30, 2011.
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.
|
Based on Hypothetical Total Return1
|
||||
Beginning
Account Value
|
Ending
Account Value
|
Annualized
Expense Ratio
|
Expenses Paid
During the Period2
|
|
Government Fund
|
$1,000.00
|
$1,025.05
|
0.67%
|
$3.39
|
Core Bond Fund
|
$1,000.00
|
$1,025.05
|
0.70%
|
$3.49
|
Institutional Bond Fund
|
$1,000.00
|
$1,025.05
|
0.49%
|
$2.44
|
Investment Grade Corporate Bond Fund
|
$1,000.00
|
$1,025.05
|
0.69%
|
$3.49
|
1For the six-months ended June 30, 2011.
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.
|
(signature)
|
(signature)
|
Katherine L. Frank
|
Greg Hoppe
|
Chief Executive Officer
|
Chief Accounting Officer
|