Page
|
|
Review of Period
|
|
Ultra Series Fund Performance
|
2
|
Economic Overview
|
6
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Conservative Allocation Fund
|
7
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Moderate Allocation Fund
|
8
|
Aggressive Allocation Fund
|
9
|
Money Market Fund
|
11
|
Bond Fund
|
11
|
High Income Fund
|
12
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Diversified Income Fund
|
14
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Equity Income Fund
|
15
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Large Cap Value Fund
|
17
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Large Cap Growth Fund
|
18
|
Mid Cap Fund
|
19
|
Small Cap Fund
|
21
|
International Stock Fund
|
22
|
Madison Target Retirement 2020 Fund
|
24
|
Madison Target Retirement 2030 Fund
|
25
|
Madison Target Retirement 2040 Fund
|
26
|
Madison Target Retirement 2050 Fund
|
28
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Benchmark Descriptions
|
29
|
Portfolios of Investments
|
|
Conservative Allocation Fund
|
31
|
Moderate Allocation Fund
|
32
|
Aggressive Allocation Fund
|
33
|
Money Market Fund
|
34
|
Bond Fund
|
35
|
High Income Fund
|
38
|
Diversified Income Fund
|
41
|
Equity Income Fund
|
44
|
Large Cap Value Fund
|
46
|
Large Cap Growth Fund
|
47
|
Mid Cap Fund
|
49
|
Small Cap Fund
|
50
|
International Stock Fund
|
52
|
Madison Target Retirement 2020 Fund
|
54
|
Madison Target Retirement 2030 Fund
|
55
|
Madison Target Retirement 2040 Fund
|
56
|
Madison Target Retirement 2050 Fund
|
57
|
Financial Statements
|
|
Statements of Assets and Liabilities
|
58
|
Statements of Operations
|
61
|
Statements of Changes in Net Assets
|
64
|
Financial Highlights
|
70
|
Notes to Financial Statements
|
87
|
Other Information
|
104
|
ULTRA SERIES FUND PERFORMANCE
|
|||||||||||||||||
Average Annual Total Returns
|
|||||||||||||||||
Monthly as of June 30, 2011
|
Quarterly as of June 30, 2011
|
||||||||||||||||
One
Month
|
Three Months
|
Year-to-Date
|
One
Year
|
Three Years
|
Five
Years
|
Ten
Years
|
Since
Class I Inception
|
Since
Class II Inception
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Class I
Inception
|
Since
Class II
Inception
|
Expense
Ratio
|
|
FIXED INCOME FUNDS
|
|||||||||||||||||
Money Market Fund -Class I Inception Date 1/3/1985, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
0.22%
|
1.76%
|
1.84%
|
4.15%
|
N/A
|
0.00%
|
0.00%
|
0.22%
|
1.76%
|
1.84%
|
4.15%
|
N/A
|
0.47%
|
Class II
|
0.00%
|
0.00%
|
0.00%
|
0.00%
|
N/A
|
N/A
|
N/A
|
N/A
|
0.00%
|
0.00%
|
0.00%
|
N/A
|
N/A
|
N/A
|
N/A
|
0.00%
|
0.72%
|
90-day U.S. T-Bill (Citigroup/Salomon)
|
0.01%
|
0.02%
|
0.06%
|
0.14%
|
0.35%
|
1.87%
|
2.01%
|
4.30%
|
0.13%
|
0.06%
|
0.14%
|
0.35%
|
1.87%
|
2.01%
|
4.30%
|
0.13%
|
|
Bond Fund - Class I Inception Date 1/3/1985, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-0.36%
|
1.94%
|
2.28%
|
3.32%
|
5.54%
|
5.50%
|
4.85%
|
6.76%
|
N/A
|
2.28%
|
3.32%
|
5.54%
|
5.50%
|
4.85%
|
6.76%
|
N/A
|
0.56%
|
Class II
|
-0.38%
|
1.88%
|
2.15%
|
3.06%
|
N/A
|
N/A
|
N/A
|
N/A
|
6.20%
|
2.15%
|
3.06%
|
N/A
|
N/A
|
N/A
|
N/A
|
6.20%
|
0.81%
|
Bank of America Merrill Lynch US Corp. Govt. &
Mtg. Index
|
-0.29%
|
2.34%
|
2.74%
|
3.84%
|
6.45%
|
6.61%
|
5.82%
|
7.98%
|
6.56%
|
2.74%
|
3.84%
|
6.45%
|
6.61%
|
5.82%
|
7.98%
|
6.56%
|
|
High Income Fund - Class I Inception Date 10/31/2000, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-0.95%
|
0.48%
|
3.76%
|
12.78%
|
10.19%
|
7.76%
|
7.43%
|
7.14%
|
N/A
|
3.76%
|
12.78%
|
10.19%
|
7.76%
|
7.43%
|
7.14%
|
N/A
|
0.77%
|
Class II
|
-0.97%
|
0.42%
|
3.63%
|
12.50%
|
N/A
|
N/A
|
N/A
|
N/A
|
15.12%
|
3.63%
|
12.50%
|
N/A
|
N/A
|
N/A
|
N/A
|
15.12%
|
1.02%
|
Bank of America Merrill Lynch US High Yield
Master II Constrained
|
-1.00%
|
0.99%
|
4.93%
|
15.31%
|
12.55%
|
9.34%
|
8.91%
|
8.46%
|
25.12%
|
4.93%
|
15.31%
|
12.55%
|
9.34%
|
8.91%
|
8.46%
|
25.12%
|
|
Class I and II shares of the fund are offered to separate accounts of CUNA Mutual Insurance Society ("CUNA Mutual Accounts"), while Class I shares are also offered to certain of its pension plans. Investments in the fund by CUNA Mutual Accounts are made through variable annuity or variable life insurance contracts.
|
|||||||||||||||||
Performance data quoted represents past performance. Past performance does not guarantee future results. Fund returns are calculated after fund level expenses have been subtracted. Class II returns also include Rule12b-1 fees. However, fund returns shown do not include any separate account fees, charges, or expenses imposed by the variable annuity and variable life insurance contracts that invest in the fund. If these fees, charges or expenses were included, fund returns would have been lower. For specific charges and expenses associated with your contract, please refer to the prospectus. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Please call 1-800-670-3600 for performance current to the most recent month-end.
This piece must be accompanied or preceded by a current prospectus. Mosaic Funds Distributor, LLC. July 6, 2011
|
Ultra Series Fund Performance (continued)
|
Average Annual Total Returns
|
||||||||||||||||
Monthly as of June 30, 2011
|
Quarterly as of June 30, 2011
|
||||||||||||||||
One
Month
|
Three Months
|
Year-to-Date
|
One
Year
|
Three Years
|
Five
Years
|
Ten
Years
|
Since
Class I Inception
|
Since
Class II Inception
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Class I
Inception
|
Since
Class II
Inception
|
Expense
Ratio
|
|
HYBRID FUNDS
|
|||||||||||||||||
Diversified Income Fund -Class I Inception Date 1/3/1985, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-0.74%
|
2.15%
|
5.35%
|
16.68%
|
6.67%
|
5.00%
|
4.16%
|
8.36%
|
N/A
|
5.35%
|
16.68%
|
6.67%
|
5.00%
|
4.16%
|
8.36%
|
N/A
|
0.72%
|
Class II
|
-0.76%
|
2.09%
|
5.22%
|
16.39%
|
N/A
|
N/A
|
N/A
|
N/A
|
14.68%
|
5.22%
|
16.39%
|
N/A
|
N/A
|
N/A
|
N/A
|
14.68%
|
0.97%
|
Bank of America Merrill Lynch US Corp. Govt. &
Mtg. Index
|
-0.29%
|
2.34%
|
2.74%
|
3.84%
|
6.45%
|
6.61%
|
5.82%
|
7.98%
|
6.56%
|
2.74%
|
3.84%
|
6.45%
|
6.61%
|
5.82%
|
7.98%
|
6.56%
|
|
Russell 1000¨ Index
|
-1.75%
|
0.12%
|
6.37%
|
31.93%
|
3.68%
|
3.30%
|
3.21%
|
10.87%
|
24.52%
|
6.37%
|
31.93%
|
3.68%
|
3.30%
|
3.21%
|
10.87%
|
24.52%
|
|
Custom Blended Index1
|
-0.23%
|
-1.08%
|
4.17%
|
12.07%
|
5.55%
|
4.94%
|
4.54%
|
N/A
|
N/A
|
4.17%
|
12.07%
|
5.55%
|
4.94%
|
4.54%
|
N/A
|
N/A
|
|
Conservative Allocation Fund - Class I Inception Date 6/30/2006, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-0.69%
|
1.32%
|
3.60%
|
12.03%
|
3.39%
|
3.73%
|
N/A
|
3.72%
|
N/A
|
3.60%
|
12.03%
|
3.39%
|
3.73%
|
N/A
|
3.72%
|
N/A
|
1.00%
|
Class II
|
-0.71%
|
1.26%
|
3.47%
|
11.75%
|
N/A
|
N/A
|
N/A
|
N/A
|
12.28%
|
3.47%
|
11.75%
|
N/A
|
N/A
|
N/A
|
N/A
|
12.28%
|
1.25%
|
Bank of America Merrill Lynch US Corp. Govt. &
Mtg. Index
|
-0.29%
|
2.34%
|
2.74%
|
3.84%
|
6.45%
|
6.61%
|
N/A
|
6.61%
|
6.56%
|
2.74%
|
3.84%
|
6.45%
|
6.61%
|
N/A
|
6.61%
|
6.56%
|
|
Conservative Allocation Custom2
|
-0.79%
|
1.62%
|
3.98%
|
13.33%
|
6.00%
|
5.88%
|
N/A
|
5.88%
|
13.04%
|
3.98%
|
13.33%
|
6.00%
|
5.88%
|
N/A
|
5.88%
|
13.04%
|
|
Moderate Allocation Fund - Class I Inception Date 6/30/2006, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-0.93%
|
1.11%
|
4.48%
|
18.20%
|
0.75%
|
2.36%
|
N/A
|
2.36%
|
N/A
|
4.48%
|
18.20%
|
0.75%
|
2.36%
|
N/A
|
2.36%
|
N/A
|
1.13%
|
Class II
|
-0.95%
|
1.04%
|
4.35%
|
17.90%
|
N/A
|
N/A
|
N/A
|
N/A
|
15.36%
|
4.35%
|
17.90%
|
N/A
|
N/A
|
N/A
|
N/A
|
15.36%
|
1.38%
|
S&P 500 Index
|
-1.67%
|
0.10%
|
6.02%
|
30.69%
|
3.34%
|
2.94%
|
N/A
|
2.94%
|
23.58%
|
6.02%
|
30.69%
|
3.34%
|
2.94%
|
N/A
|
2.94%
|
23.58%
|
|
Moderate Allocation Custom3
|
-1.11%
|
1.22%
|
4.79%
|
20.34%
|
5.11%
|
5.10%
|
N/A
|
5.10%
|
17.73%
|
4.79%
|
20.34%
|
5.11%
|
5.10%
|
N/A
|
5.10%
|
17.73%
|
|
Aggressive Allocation Fund - Class I Inception Date 6/30/2006, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-1.17%
|
0.62%
|
5.06%
|
23.39%
|
-1.47%
|
1.29%
|
N/A
|
1.28%
|
N/A
|
5.06%
|
23.39%
|
-1.47%
|
1.29%
|
N/A
|
1.28%
|
N/A
|
1.27%
|
Class II
|
-1.19%
|
0.55%
|
4.93%
|
23.09%
|
N/A
|
N/A
|
N/A
|
N/A
|
18.90%
|
4.93%
|
23.09%
|
N/A
|
N/A
|
N/A
|
N/A
|
18.90%
|
1.52%
|
S&P 500 Index
|
-1.67%
|
0.10%
|
6.02%
|
30.69%
|
3.34%
|
2.94%
|
N/A
|
2.94%
|
23.58%
|
6.02%
|
30.69%
|
3.34%
|
2.94%
|
N/A
|
2.94%
|
23.58%
|
|
Aggressive Allocation Custom4
|
-1.40%
|
0.90%
|
5.54%
|
27.51%
|
3.72%
|
4.06%
|
N/A
|
4.06%
|
22.44%
|
5.54%
|
27.51%
|
3.72%
|
4.06%
|
N/A
|
4.06%
|
22.44%
|
|
1Effective June 30, 2011 the primary benchmark is changing from the Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index and the Russell 1000¨ Indexes to the Custom Blended Index, which consists of 50% S&P 500 Index and 50% Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index.
|
|||||||||||||||||
1Conservative Allocation Custom Index consists of 65% Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index, 30% Russell 1000 Index and 5% MSCI EAFE Index.
|
|||||||||||||||||
2Moderate Allocation Custom Index consists of 45% Russell 3000 Index, 40% Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index and 15% MSCI EAFE Index.
|
|||||||||||||||||
3Aggressive Allocation Custom Index consists of 55% Russell 3000 Index, 15% Bank of America Merrill Lynch U.S. Corp. Govt. & Mtg. Index and 30% MSCI EAFE Index.
|
Ultra Series Fund Performance (continued)
|
Average Annual Total Returns
|
||||||||||||||
Monthly as of June 30, 2011
|
Quarterly as of June 30, 2011
|
||||||||||||||
One
Month
|
Three Months
|
Year-to-Date
|
One
Year
|
Three Years
|
Five
Years
|
Ten
Years
|
Since
Class I Inception
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Class I
Inception
|
Expense
Ratio
|
|
HYBRID FUNDS (continued)
|
|||||||||||||||
Madison Target Retirement 2020 Fund4 - Inception Date 10/1/2007
|
|||||||||||||||
Class I
|
-0.82%
|
1.11%
|
4.09%
|
16.59%
|
0.23%
|
N/A
|
N/A
|
-1.98%
|
4.09%
|
16.59%
|
0.23%
|
N/A
|
N/A
|
-1.98%
|
0.98%
|
Dow Jones Global Target 2020 Index
|
-0.79%
|
1.45%
|
4.13%
|
17.59%
|
4.99%
|
N/A
|
N/A
|
2.48%
|
4.13%
|
17.59%
|
4.99%
|
N/A
|
N/A
|
2.48%
|
|
Madison Target Retirement 2030 Fund5 - Inception Date 10/1/2007
|
|||||||||||||||
Class I
|
-0.96%
|
0.87%
|
4.19%
|
18.68%
|
-0.25%
|
N/A
|
N/A
|
-2.82%
|
4.19%
|
18.68%
|
-0.25%
|
N/A
|
N/A
|
-2.82%
|
1.01%
|
Dow Jones Global Target 2030 Index
|
-1.17%
|
0.78%
|
4.77%
|
24.64%
|
4.93%
|
N/A
|
N/A
|
1.29%
|
4.77%
|
24.64%
|
4.93%
|
N/A
|
N/A
|
1.29%
|
|
Madison Target Retirement 2040 Fund6 - Inception Date 10/1/2007
|
|||||||||||||||
Class I
|
-1.02%
|
0.73%
|
4.42%
|
20.92%
|
-1.44%
|
N/A
|
N/A
|
-4.04%
|
4.42%
|
20.92%
|
-1.44%
|
N/A
|
N/A
|
-4.04%
|
1.03%
|
Dow Jones Global Target 2040 Index
|
-1.43%
|
0.33%
|
5.14%
|
29.22%
|
4.98%
|
N/A
|
N/A
|
0.76%
|
5.14%
|
29.22%
|
4.98%
|
N/A
|
N/A
|
0.76%
|
|
Madison Target Retirement 2050 Fund7 - Inception Date 1/3/2011
|
|||||||||||||||
Class I
|
-0.88%
|
0.76%
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
4.08%
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
4.08%
|
1.01%
|
Dow Jones Global Target 2050 Index
|
-1.47%
|
0.25%
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
4.28%
|
N/A
|
N/A
|
N/A
|
N/A
|
N/A
|
4.28%
|
|
4Madison Asset Management waived 0.20% of its 0.40% management fee for the Madison Target Retirement 2020 Fund from October 1, 2009 through February 17, 2011, at which time the fee was permanently reduced to 0.20%. If the Adviser had not waived these expenses, fund returns would have been lower.
|
|||||||||||||||
5Madison Asset Management waived 0.20% of its 0.40% management fee for the Madison Target Retirement 2030 Fund from October 1, 2009 through February 17, 2011, at which time the fee was permanently reduced to 0.20%. If the Adviser had not waived these expenses, fund returns would have been lower.
|
|||||||||||||||
6Madison Asset Management waived 0.20% of its 0.40% management fee for the Madison Target Retirement 2040 Fund from October 1, 2009 through February 17, 2011, at which time the fee was permanently reduced to 0.20%. If the Adviser had not waived these expenses, fund returns would have been lower.
|
|||||||||||||||
7Madison Asset Management waived 0.20% of its 0.40% management fee for the Madison Target Retirement 2050 Fund since the Fund’s inception date of January 3, 2011 through February 17, 2011, at which time the fee was permanently reduced to 0.20%. If the Adviser had not waived these expenses, fund returns would have been lower.
|
Ultra Series Fund Performance (continued)
|
Average Annual Total Returns
|
||||||||||||||||
Monthly as of June 30, 2011
|
Quarterly as of June 30, 2011
|
||||||||||||||||
One
Month
|
Three Months
|
Year-to-Date
|
One
Year
|
Three Years
|
Five
Years
|
Ten
Years
|
Since
Class I Inception
|
Since
Class II Inception
|
Year-to-
Date
|
One
Year
|
Three
Years
|
Five
Years
|
Ten
Years
|
Since
Class I
Inception
|
Since
Class II
Inception
|
Expense
Ratio
|
|
EQUITY FUNDS - maximum sales charge 5.75%
|
|||||||||||||||||
Equity Income Fund - Class I and Class II Inception Date 4/30/10
|
|||||||||||||||||
Class I
|
-0.72%
|
-1.25%
|
1.10%
|
16.02%
|
N/A
|
N/A
|
N/A
|
6.32%
|
N/A
|
1.10%
|
16.02%
|
N/A
|
N/A
|
N/A
|
6.32%
|
N/A
|
0.92%
|
Class II
|
-0.75%
|
-1.31%
|
0.98%
|
15.74%
|
N/A
|
N/A
|
N/A
|
N/A
|
6.06%
|
0.98%
|
15.74%
|
N/A
|
N/A
|
N/A
|
N/A
|
6.06%
|
1.17%
|
S&P 500 Index
|
-1.67%
|
0.10%
|
6.02%
|
30.69%
|
N/A
|
N/A
|
N/A
|
11.85%
|
11.85%
|
6.02%
|
30.69%
|
N/A
|
N/A
|
N/A
|
11.85%
|
11.85%
|
|
CBOE BuyWrite Monthly Index
|
-1.80%
|
0.92%
|
2.42%
|
19.52%
|
N/A
|
N/A
|
N/A
|
6.40%
|
6.40%
|
2.42%
|
19.52%
|
N/A
|
N/A
|
N/A
|
6.40%
|
6.40%
|
|
Large Cap Value Fund - Class I Inception Date 1/3/1985, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-1.60%
|
1.23%
|
7.80%
|
28.16%
|
0.18%
|
0.19%
|
1.99%
|
9.22%
|
N/A
|
7.80%
|
28.16%
|
0.18%
|
0.19%
|
1.99%
|
9.22%
|
N/A
|
0.62%
|
Class II
|
-1.62%
|
1.16%
|
7.67%
|
27.84%
|
N/A
|
N/A
|
N/A
|
N/A
|
19.32%
|
7.67%
|
27.84%
|
N/A
|
N/A
|
N/A
|
N/A
|
19.32%
|
0.87%
|
Russell 1000¨ Value Index
|
-2.05%
|
-0.50%
|
5.92%
|
28.94%
|
2.28%
|
1.15%
|
3.99%
|
11.09%
|
23.82%
|
5.92%
|
28.94%
|
2.28%
|
1.15%
|
3.99%
|
11.09%
|
23.82%
|
|
Large Cap Growth Fund - Class I Inception Date 1/3/1994, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-0.93%
|
0.51%
|
5.07%
|
29.00%
|
3.52%
|
4.62%
|
1.29%
|
8.03%
|
N/A
|
5.07%
|
29.00%
|
3.52%
|
4.62%
|
1.29%
|
8.03%
|
N/A
|
0.82%
|
Class II
|
-0.96%
|
0.45%
|
4.94%
|
28.67%
|
N/A
|
N/A
|
N/A
|
N/A
|
19.88%
|
4.94%
|
28.67%
|
N/A
|
N/A
|
N/A
|
N/A
|
19.88%
|
1.07%
|
Russell 1000¨ Growth Index
|
-1.43%
|
0.76%
|
6.83%
|
35.01%
|
5.01%
|
5.33%
|
2.24%
|
7.39%
|
25.22%
|
6.83%
|
35.01%
|
5.01%
|
5.33%
|
2.24%
|
7.39%
|
25.22%
|
|
Mid Cap Fund - Class I Inception Date 10/31/2000, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-0.79%
|
1.15%
|
9.60%
|
35.31%
|
3.53%
|
4.47%
|
3.06%
|
-0.41%
|
N/A
|
9.60%
|
35.31%
|
3.53%
|
4.47%
|
3.06%
|
-0.41%
|
N/A
|
0.91%
|
Class II
|
-0.80%
|
1.09%
|
9.47%
|
34.98%
|
N/A
|
N/A
|
N/A
|
N/A
|
26.15%
|
9.47%
|
34.98%
|
N/A
|
N/A
|
N/A
|
N/A
|
26.15%
|
1.16%
|
Russell Midcap¨ Index
|
-2.09%
|
0.42%
|
8.08%
|
38.47%
|
6.46%
|
5.30%
|
7.59%
|
6.98%
|
31.63%
|
8.08%
|
38.47%
|
6.46%
|
5.30%
|
7.59%
|
6.98%
|
31.63%
|
|
Small Cap Fund - Class I Inception Date 5/1/2007, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-1.43%
|
0.43%
|
6.01%
|
33.73%
|
11.35%
|
N/A
|
N/A
|
4.26%
|
N/A
|
6.01%
|
33.73%
|
11.35%
|
N/A
|
N/A
|
4.26%
|
N/A
|
1.11%
|
Class II
|
-1.45%
|
0.37%
|
5.88%
|
33.40%
|
N/A
|
N/A
|
N/A
|
N/A
|
29.87%
|
5.88%
|
33.40%
|
N/A
|
N/A
|
N/A
|
N/A
|
29.87%
|
1.36%
|
Russell 2000¨ Index
|
-2.31%
|
-1.61%
|
6.21%
|
37.41%
|
7.77%
|
N/A
|
N/A
|
1.77%
|
29.29%
|
6.21%
|
37.41%
|
7.77%
|
N/A
|
N/A
|
1.77%
|
29.29%
|
|
International Stock Fund - Class I Inception Date 10/31/2000, Class II Inception Date 5/1/2009
|
|||||||||||||||||
Class I
|
-0.89%
|
3.83%
|
6.71%
|
30.55%
|
0.60%
|
2.75%
|
6.87%
|
5.12%
|
N/A
|
6.71%
|
30.55%
|
0.60%
|
2.75%
|
6.87%
|
5.12%
|
N/A
|
1.22%
|
Class II
|
-0.90%
|
3.78%
|
6.59%
|
30.25%
|
N/A
|
N/A
|
N/A
|
N/A
|
20.81%
|
6.59%
|
30.25%
|
N/A
|
N/A
|
N/A
|
N/A
|
20.81%
|
1.47%
|
MSCI EAFE Index
|
-1.23%
|
1.83%
|
5.35%
|
30.93%
|
-1.30%
|
1.96%
|
6.12%
|
4.22%
|
22.47%
|
5.35%
|
30.93%
|
-1.30%
|
1.96%
|
6.12%
|
4.22%
|
22.47%
|
|
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
|
|
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions.
|
|
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Bond Funds
|
60%
|
Stock Funds
|
23%
|
Foreign Stock Funds
|
8%
|
Foreign Bond Funds
|
8%
|
Money Market Funds and Other Net Assets
|
1%
|
|
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
|
|
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations of asset classes would affect the fund under different economic and market conditions.
|
|
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Bond Funds
|
36%
|
Foreign Bond Funds
|
5%
|
Stock Funds
|
46%
|
Foreign Stock Funds
|
12%
|
Money Market Funds and Other Net Assets
|
1%
|
|
•Asset allocation optimization analysis – considers the degree to which returns in different asset classes do or do not move together, and the fund’s aim to achieve a favorable overall risk profile for any targeted portfolio return.
|
|
•Scenario analysis – historical and expected return data is analyzed to model how individual asset classes and combinations
|
|
9
|
|
of asset classes would affect the fund under different economic and market conditions.
|
|
•Fundamental analysis – draws upon Madison’s investment teams to judge each asset class against current and forecasted market conditions. Economic, industry and security analysis is used to develop return and risk expectations that may influence asset class selection.
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Bond Funds
|
8%
|
Foreign Bond Funds
|
2%
|
Stock Funds
|
67%
|
Foreign Stock Funds
|
21%
|
Money Market Funds and Other Net Assets
|
2%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Fannie Mae
|
28%
|
Federal Home Loan Bank
|
21%
|
Freddie Mac
|
25%
|
U.S. Treasury Bills
|
8%
|
Commercial Paper
|
14%
|
Cash and Other Net Assets
|
4%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Asset Backed
|
2%
|
Corporate Notes and Bonds
|
27%
|
Mortgage Backed
|
21%
|
U.S. Government and Agency Obligations
|
47%
|
Cash and Other Net Assets
|
3%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Consumer Discretionary
|
30%
|
Consumer Staples
|
8%
|
Energy
|
7%
|
Financials
|
3%
|
Health Care
|
8%
|
Industrials
|
16%
|
Information Technology
|
5%
|
Materials
|
7%
|
Telecommunication Services
|
7%
|
Utilities
|
3%
|
Cash and Other Net Assets
|
6%
|
Consumer Discretionary includes securities in the following industries: Auto Components; Consumer Finance; Hotels, Restaurants & Leisure; Household Durables; Media; Multiline Retail; Specialty Retail; and Textiles, Apparel & Luxury Goods.
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
AS OF 6/30/11
|
|
Common Stocks
|
52%
|
Corporate Notes and Bonds
|
17%
|
U.S. Government and Agency Obligations
|
14%
|
Mortgage Backed
|
10%
|
Asset Backed
|
1%
|
Cash and Other Net Assets
|
6%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 6/30/11
|
||
Fund
|
S&P 500 Index
|
|
Consumer Discretionary
|
15%
|
11%
|
Consumer Staples
|
–
|
10%
|
Energy
|
14%
|
13%
|
Financials
|
11%
|
15%
|
Health Care
|
15%
|
12%
|
Industrials
|
2%
|
11%
|
Information Technology
|
25%
|
18%
|
Materials
|
–
|
4%
|
Telecommunication Services
|
–
|
3%
|
Utilities
|
–
|
3%
|
Exchange-Traded Fund
|
4%
|
–
|
Cash and Other Net Assets
|
14%
|
–
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 6/30/11
|
||
Fund
|
Russell 1000¨ Value Index
|
|
Consumer Discretionary
|
6%
|
9%
|
Consumer Staples
|
11%
|
7%
|
Energy
|
14%
|
13%
|
Financials
|
20%
|
27%
|
Health Care
|
15%
|
12%
|
Industrials
|
13%
|
9%
|
Information Technology
|
12%
|
8%
|
Materials
|
2%
|
3%
|
Telecommunication Services
|
3%
|
5%
|
Utilities
|
2%
|
7%
|
Cash and Other Net Assets
|
2%
|
–
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 6/30/11
|
||
Fund
|
Russell 1000¨ Growth Index
|
|
Consumer Discretionary
|
11%
|
14%
|
Consumer Staples
|
7%
|
12%
|
Energy
|
13%
|
12%
|
Financials
|
4%
|
4%
|
Health Care
|
8%
|
11%
|
Industrials
|
10%
|
13%
|
Information Technology
|
40%
|
27%
|
Materials
|
3%
|
6%
|
Telecommunication Services
|
–
|
1%
|
Utilities
|
–
|
–*
|
Cash and Other Net Assets
|
4%
|
–
|
Information Technology includes securities in the following industries: Communications Equipment; Computers and Peripherals; Electronic Equipment, Instruments & Components; Internet Software & Services; IT Services; Semiconductors & Semiconductor Equipment; and Software.
*Rounds to 0%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 6/30/11
|
||
Fund
|
Russell Midcap¨ Index
|
|
Consumer Discretionary
|
20%
|
15%
|
Consumer Staples
|
4%
|
6%
|
Energy
|
7%
|
9%
|
Financials
|
25%
|
19%
|
Health Care
|
12%
|
10%
|
Industrials
|
15%
|
12%
|
Information Technology
|
10%
|
13%
|
Materials
|
2%
|
7%
|
Telecommunication Services
|
–
|
2%
|
Utilities
|
–
|
7%
|
Cash and Other Net Assets
|
5%
|
–
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
||
AS OF 6/30/11
|
||
Fund
|
Russell 2000¨ Index
|
|
Consumer Discretionary
|
18%
|
14%
|
Consumer Staples
|
1%
|
3%
|
Energy
|
5%
|
6%
|
Financials
|
23%
|
20%
|
Health Care
|
8%
|
12%
|
Industrials
|
24%
|
16%
|
Information Technology
|
8%
|
19%
|
Materials
|
5%
|
6%
|
Telecommunication Services
|
–
|
1%
|
Utilities
|
5%
|
3%
|
Cash and Other Net Assets
|
3%
|
–
|
GEOGRAPHICAL ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 6/30/11
|
|
Europe (excluding United Kingdom)
|
35%
|
Japan
|
19%
|
Latin America
|
3%
|
Pacific Basin
|
7%
|
United Kingdom
|
27%
|
Other Countries
|
6%
|
Cash and Other Net Assets
|
3%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 6/30/11
|
|
Bond Funds
|
41%
|
Foreign Bond Funds
|
5%
|
Stock Funds
|
41%
|
Foreign Stock Funds
|
11%
|
Money Market Funds and Other Net Assets
|
2%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 6/30/11
|
|
Bond Funds
|
28%
|
Foreign Bond Funds
|
4%
|
Stock Funds
|
52%
|
Foreign Stock Funds
|
14%
|
Money Market Funds and Other Net Assets
|
2%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 6/30/11
|
|
Bond Funds
|
19%
|
Foreign Bond Funds
|
3%
|
Stock Funds
|
61%
|
Foreign Stock Funds
|
16%
|
Money Market Funds and Other Net Assets
|
1%
|
SECTOR ALLOCATION AS A PERCENTAGE OF NET ASSETS
|
|
AS OF 6/30/11
|
|
Bond Funds
|
8%
|
Foreign Bond Funds
|
3%
|
Stock Funds
|
66%
|
Foreign Stock Funds
|
15%
|
Money Market Funds and Other Net Assets
|
8%
|
Par Value
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 99.8%
|
||
Bond Funds - 60.3%
|
||
Franklin Floating Rate Daily Access Fund Advisor Class
|
$1,583,174
|
$ 14,501,870
|
Madison Mosaic Institutional Bond Fund (A)
|
1,699,579
|
18,695,365
|
MEMBERS Bond Fund Class Y (A)
|
3,563,305
|
36,666,409
|
MEMBERS High Income Fund Class Y (A)
|
2,752,771
|
19,296,925
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
2,692,537
|
28,675,521
|
PIMCO Total Return Fund Institutional Class
|
2,585,490
|
28,414,539
|
146,250,629
|
||
Foreign Bond Funds - 7.5%
|
||
Templeton Global Bond Fund Advisor Class
|
1,303,474
|
18,079,186
|
Foreign Stock Funds - 8.1%
|
||
IVA Worldwide Fund
|
696,047
|
12,187,788
|
MEMBERS International Stock Fund Class Y (A)
|
655,109
|
7,383,080
|
19,570,868
|
||
Par Value
|
Value (Note 2)
|
|
Money Market Funds - 1.1%
|
||
State Street Institutional U.S. Government Money Market Fund
|
$2,670,755
|
$ 2,670,755
|
Stock Funds - 22.8%
|
||
Calamos Growth and Income Fund Class I
|
248,134
|
7,992,388
|
Madison Mosaic Disciplined Equity Fund (A)
|
1,179,547
|
15,593,609
|
MEMBERS Equity Income Fund Class Y (A)
|
585,893
|
5,853,073
|
MEMBERS Large Cap Growth Fund Class Y (A)
|
713,293
|
11,983,330
|
MEMBERS Large Cap Value Fund Class Y (A)
|
1,083,319
|
13,942,321
|
55,364,721
|
||
TOTAL INVESTMENTS - 99.8% ( Cost $227,547,362** )
|
241,936,159
|
|
NET OTHER ASSETS AND LIABILITIES - 0.2%
|
576,207
|
|
TOTAL NET ASSETS - 100.0%
|
$242,512,366
|
**
|
Aggregate cost for Federal tax purposes was $230,247,408.
|
(A)
|
Affiliated Company (see Note 11).
|
Par Value
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 99.9%
|
||
Bond Funds - 35.8%
|
||
Franklin Floating Rate Daily Access Fund Advisor Class
|
$1,770,679
|
$ 16,219,417
|
Madison Mosaic Institutional Bond Fund (A)
|
1,491,757
|
16,409,323
|
MEMBERS Bond Fund Class Y (A)
|
3,647,154
|
37,529,219
|
MEMBERS High Income Fund Class Y (A)
|
4,319,368
|
30,278,768
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
2,199,015
|
23,419,510
|
PIMCO Total Return Fund Institutional Class
|
1,889,272
|
20,763,096
|
144,619,333
|
||
Foreign Bond Funds - 5.1%
|
||
Templeton Global Bond Fund Advisor Class
|
1,474,024
|
20,444,716
|
Foreign Stock Funds - 11.7%
|
||
IVA Worldwide Fund
|
982,851
|
17,209,725
|
Matthews Asian Growth and Income Fund Institutional Shares
|
227,814
|
4,114,322
|
MEMBERS International Stock Fund Class Y (A)
|
2,314,781
|
26,087,587
|
47,411,634
|
||
Par Value
|
Value (Note 2)
|
|
Money Market Funds - 1.3%
|
||
State Street Institutional U.S. Government Money Market Fund
|
$5,381,646
|
$ 5,381,646
|
Stock Funds - 46.0%
|
||
Calamos Growth and Income Fund Class I
|
280,625
|
9,038,945
|
Madison Mosaic Disciplined Equity Fund (A)
|
2,713,986
|
35,878,890
|
MEMBERS Equity Income Fund Class Y (A)
|
1,157,056
|
11,558,985
|
MEMBERS Large Cap Growth Fund Class Y (A)
|
2,137,342
|
35,907,349
|
MEMBERS Large Cap Value Fund Class Y (A)
|
2,796,858
|
35,995,560
|
MEMBERS Mid Cap Fund Class Y (A) *
|
1,851,642
|
13,091,111
|
MEMBERS Small Cap Fund Class Y (A)
|
1,056,079
|
12,292,760
|
T Rowe Price New Era Fund
|
126,762
|
6,760,235
|
Yacktman Fund/The
|
1,405,765
|
25,233,484
|
185,757,319
|
||
TOTAL INVESTMENTS - 99.9% ( Cost $366,660,951** )
|
403,614,648
|
|
NET OTHER ASSETS AND LIABILITIES - 0.1%
|
576,886
|
|
TOTAL NET ASSETS - 100.0%
|
$404,191,534
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $372,822,461.
|
(A)
|
Affiliated Company (see Note 11).
|
Par Value
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 100.0%
|
||
Bond Funds - 7.7%
|
||
MEMBERS High Income Fund Class Y (A)
|
$ 943,557
|
$ 6,614,334
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
391,878
|
4,173,500
|
10,787,834
|
||
Foreign Bond Funds - 2.4%
|
||
Templeton Global Bond Fund Advisor Class
|
244,919
|
3,397,028
|
Foreign Stock Funds - 21.1%
|
||
IVA Worldwide Fund
|
832,984
|
14,585,555
|
Matthews Asian Growth and Income Fund Institutional Shares
|
148,192
|
2,676,350
|
MEMBERS International Stock Fund Class Y (A)
|
1,075,300
|
12,118,633
|
29,380,538
|
||
Money Market Funds - 2.1%
|
||
State Street Institutional U.S. Government Money Market Fund
|
2,940,966
|
2,940,966
|
Par Value
|
Value (Note 2)
|
|
Stock Funds - 66.7%
|
||
Calamos Growth and Income Fund Class I
|
$ 109,113
|
$ 3,514,518
|
Hussman Strategic Growth Fund
|
294,192
|
3,612,673
|
Madison Mosaic Disciplined Equity Fund (A)
|
1,373,648
|
18,159,629
|
MEMBERS Equity Income Fund Class Y (A)
|
379,732
|
3,793,522
|
MEMBERS Large Cap Growth Fund Class Y (A)
|
806,145
|
13,543,238
|
MEMBERS Large Cap Value Fund Class Y (A)
|
1,143,559
|
14,717,609
|
MEMBERS Mid Cap Fund Class Y (A) *
|
1,191,922
|
8,426,887
|
MEMBERS Small Cap Fund Class Y (A)
|
475,713
|
5,537,298
|
T Rowe Price New Era Fund
|
118,338
|
6,310,979
|
Yacktman Fund/The
|
856,490
|
15,373,996
|
92,990,349
|
||
TOTAL INVESTMENTS - 100.0% ( Cost $121,061,781** )
|
139,496,715
|
|
NET OTHER ASSETS AND LIABILITIES – 0.0%
|
23,296
|
|
TOTAL NET ASSETS - 100.0%
|
$139,520,011
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $123,900,199.
|
(A)
|
Affiliated Company (see Note 11).
|
Par Value
|
Value (Note 2)
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 82.1%
|
||
Fannie Mae (A) - 27.5%
|
||
0.050%, 7/15/11
|
$ 800,000
|
$ 799,984
|
0.070%, 7/18/11
|
1,350,000
|
1,349,955
|
0.080%, 7/20/11
|
500,000
|
499,979
|
0.075%, 7/21/11
|
1,250,000
|
1,249,948
|
0.042%, 7/25/11
|
3,450,000
|
3,449,903
|
0.022%, 7/27/11
|
100,000
|
99,998
|
0.040%, 8/2/11
|
1,250,000
|
1,249,956
|
0.040%, 8/3/11
|
1,000,000
|
999,963
|
0.055%, 8/8/11
|
2,125,000
|
2,124,877
|
0.055%, 8/10/11
|
1,250,000
|
1,249,924
|
0.085%, 8/24/11
|
1,000,000
|
999,873
|
0.080%, 9/13/11
|
105,000
|
104,983
|
0.083%, 9/14/11
|
1,855,000
|
1,854,679
|
0.050%, 9/27/11
|
2,175,000
|
2,174,734
|
18,208,756
|
||
Federal Home Loan Bank (A) - 21.0%
|
||
0.030%, 7/6/11
|
1,750,000
|
1,749,993
|
0.067%, 7/13/11
|
1,781,000
|
1,780,960
|
0.055%, 7/27/11
|
1,125,000
|
1,124,955
|
0.035%, 8/3/11
|
165,000
|
164,995
|
0.030%, 8/4/11
|
2,000,000
|
1,999,943
|
0.030%, 8/9/11
|
1,375,000
|
1,374,955
|
0.050%, 8/10/11
|
1,375,000
|
1,374,924
|
0.030%, 8/12/11
|
200,000
|
199,993
|
0.055%, 8/17/11
|
1,500,000
|
1,499,892
|
0.075%, 8/26/11
|
1,000,000
|
999,884
|
0.050%, 9/1/11
|
1,500,000
|
1,499,871
|
0.050%, 9/23/11
|
100,000
|
99,988
|
13,870,353
|
||
Freddie Mac (A) - 25.4%
|
||
0.076%, 7/5/11
|
1,625,000
|
1,624,986
|
0.080%, 7/8/11
|
1,300,000
|
1,299,980
|
0.048%, 7/11/11
|
3,636,000
|
3,635,952
|
0.070%, 7/20/11
|
1,350,000
|
1,349,950
|
0.040%, 8/1/11
|
1,500,000
|
1,499,949
|
0.060%, 8/15/11
|
850,000
|
849,936
|
0.055%, 8/17/11
|
1,000,000
|
999,928
|
0.080%, 8/22/11
|
750,000
|
749,913
|
0.085%, 8/29/11
|
1,250,000
|
1,249,826
|
0.050%, 9/19/11
|
2,500,000
|
2,499,720
|
0.050%, 9/20/11
|
200,000
|
199,978
|
0.060%, 9/22/11
|
800,000
|
799,889
|
16,760,007
|
||
Par Value
|
Value (Note 2)
|
|
U.S. Treasury Bills (A) - 8.2%
|
||
0.002%, 7/21/11
|
$2,450,000
|
$ 2,449,997
|
0.000%, 8/25/11
|
2,950,000
|
2,950,002
|
5,399,999
|
||
Total U.S. Government and Agency Obligations ( Cost $54,239,115 )
|
54,239,115
|
|
SHORT-TERM INVESTMENTS - 13.6%
|
||
Consumer Staples - 4.5%
|
||
Proctor & Gamble International Funding SCA (A), 0.081%, 7/15/11
|
3,000,000
|
2,999,906
|
Industrials - 9.1%
|
||
General Electric Capital Corp. (A), 0.09%, 7/28/11
|
3,000,000
|
2,999,797
|
United Parcel Service Inc. (A), 0.041%, 8/16/11
|
3,000,000
|
2,999,847
|
5,999,644
|
||
Total Short-Term Investments
( Cost $8,999,550 )
|
8,999,550
|
|
Shares
|
||
INVESTMENT COMPANY - 4.3%
|
||
State Street Institutional U.S. Government Money Market Fund
|
2,872,268
|
2,872,268
|
Total Investment Company
( Cost $2,872,268 )
|
2,872,268
|
|
TOTAL INVESTMENTS - 100.0% ( Cost $66,110,933** )
|
66,110,933
|
|
NET OTHER ASSETS AND LIABILITIES - (0.0%)
|
(10,412)
|
|
TOTAL NET ASSETS - 100.0%
|
$66,100,521
|
**
|
Aggregate cost for Federal tax purposes was $66,110,933.
|
(A)
|
Rate noted represents annualized yield at time of purchase.
|
Par Value
|
Value (Note 2)
|
|
ASSET BACKED SECURITIES - 1.8%
|
||
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30
|
$ 652,045
|
$ 671,058
|
Chase Issuance Trust, Series 2007-A17, Class A, 5.12%, 10/15/14
|
3,820,000
|
4,044,325
|
New Century Home Equity Loan Trust, Series 2003-5, Class AI5 (B), 5.5%, 11/25/33
|
3,500,000
|
3,535,924
|
Total Asset Backed Securities
( Cost $7,990,119 )
|
8,251,307
|
|
CORPORATE NOTES AND BONDS - 26.7%
|
||
Consumer Discretionary - 2.0%
|
||
American Association of Retired Persons (C) (D), 7.5%, 5/1/31
|
2,500,000
|
3,128,528
|
DR Horton Inc., 5.25%, 2/15/15
|
1,140,000
|
1,154,250
|
ERAC USA Finance LLC (C) (D), 6.7%, 6/1/34
|
4,400,000
|
4,713,029
|
8,995,807
|
||
Consumer Staples - 1.0%
|
||
PepsiCo Inc., 4.65%, 2/15/13
|
1,165,000
|
1,237,984
|
WM Wrigley Jr. Co. (C) (D), 3.05%, 6/28/13
|
3,170,000
|
3,240,380
|
4,478,364
|
||
Energy - 2.2%
|
||
Hess Corp., 7.875%, 10/1/29
|
2,460,000
|
3,088,793
|
Transocean Inc., 6%, 3/15/18
|
1,400,000
|
1,550,055
|
Transocean Inc., 7.5%, 4/15/31
|
2,310,000
|
2,601,143
|
Valero Energy Corp., 7.5%, 4/15/32
|
2,275,000
|
2,540,643
|
9,780,634
|
||
Financials - 4.4%
|
||
American General Finance Corp., 5.85%, 6/1/13
|
2,885,000
|
2,848,937
|
Goldman Sachs Group Inc./The, 5.7%, 9/1/12
|
2,750,000
|
2,891,694
|
HCP Inc., 6.7%, 1/30/18
|
2,725,000
|
3,046,386
|
Lehman Brothers Holdings Inc. * (E), 5.75%, 1/3/17
|
3,135,000
|
1,568
|
Simon Property Group L.P., 5.875%, 3/1/17
|
1,060,000
|
1,200,413
|
Swiss Re Solutions Holding Corp., 7%, 2/15/26
|
1,250,000
|
1,367,697
|
UBS AG/Stamford CT, 5.75%, 4/25/18
|
750,000
|
813,134
|
US Bank NA/Cincinnati OH, 6.3%, 2/4/14
|
2,000,000
|
2,228,890
|
Wells Fargo & Co., 5.25%, 10/23/12
|
2,735,000
|
2,885,677
|
Western Union Co./The, 5.93%, 10/1/16
|
2,065,000
|
2,334,976
|
19,619,372
|
||
Health Care - 4.4%
|
||
Eli Lilly & Co., 6.57%, 1/1/16
|
2,600,000
|
3,066,573
|
Genentech Inc., 5.25%, 7/15/35
|
1,740,000
|
1,748,023
|
Medco Health Solutions Inc., 7.25%, 8/15/13
|
3,450,000
|
3,841,171
|
Merck & Co. Inc., 5.75%, 11/15/36
|
3,960,000
|
4,278,669
|
Par Value
|
Value (Note 2)
|
|
Quest Diagnostics Inc./DE, 5.45%, 11/1/15
|
$3,500,000
|
$ 3,900,694
|
Wyeth, 6.5%, 2/1/34
|
2,370,000
|
2,719,144
|
19,554,274
|
||
Industrials - 3.9%
|
||
Boeing Co./The, 8.625%, 11/15/31
|
760,000
|
1,023,894
|
Boeing Co./The, 6.875%, 10/15/43
|
1,380,000
|
1,629,727
|
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20
|
2,925,000
|
3,698,800
|
EI du Pont de Nemours & Co., 5%, 1/15/13
|
195,000
|
207,457
|
General Electric Co., 5%, 2/1/13
|
3,200,000
|
3,396,477
|
Lockheed Martin Corp., 7.65%, 5/1/16
|
1,450,000
|
1,778,186
|
Norfolk Southern Corp., 5.59%, 5/17/25
|
1,268,000
|
1,369,965
|
Norfolk Southern Corp., 7.05%, 5/1/37
|
1,400,000
|
1,699,624
|
Southwest Airlines Co. 1994-A Pass Through Trust, Series A3, 8.7%, 7/1/11
|
682
|
682
|
Waste Management Inc., 7.125%, 12/15/17
|
2,465,000
|
2,923,507
|
17,728,319
|
||
Information Technology - 1.2%
|
||
Cisco Systems Inc., 5.5%, 2/22/16
|
2,400,000
|
2,728,814
|
Xerox Corp., 6.875%, 8/15/11
|
2,640,000
|
2,657,725
|
5,386,539
|
||
Materials - 1.2%
|
||
Westvaco Corp., 8.2%, 1/15/30
|
2,250,000
|
2,437,252
|
Weyerhaeuser Co., 7.375%, 3/15/32
|
3,000,000
|
3,121,893
|
5,559,145
|
||
Telecommunication Services - 1.7%
|
||
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22
|
3,080,000
|
4,284,714
|
Rogers Communications Inc. (F), 6.25%, 6/15/13
|
3,000,000
|
3,290,178
|
7,574,892
|
||
Utilities - 4.7%
|
||
Indianapolis Power & Light Co. (C) (D), 6.05%, 10/1/36
|
3,445,000
|
3,667,788
|
Interstate Power & Light Co., 6.25%, 7/15/39
|
2,925,000
|
3,250,573
|
Sierra Pacific Power Co., Series M, 6%, 5/15/16
|
3,250,000
|
3,716,498
|
Southern Power Co., Series B, 6.25%, 7/15/12
|
3,500,000
|
3,681,549
|
Southwestern Electric Power Co., Series E, 5.55%, 1/15/17
|
2,165,000
|
2,344,682
|
Virginia Electric and Power Co., Series C, 5.1%, 11/30/12
|
1,165,000
|
1,233,840
|
Wisconsin Electric Power Co., 6.5%, 6/1/28
|
3,000,000
|
3,427,911
|
21,322,841
|
||
Total Corporate Notes and Bonds
( Cost $115,349,273 )
|
120,000,187
|
Par Value
|
Value (Note 2)
|
|
MORTGAGE BACKED SECURITIES - 21.4%
|
||
Fannie Mae - 18.0%
|
||
4%, 4/1/15 Pool # 255719
|
$ 964,881
|
$ 996,143
|
5.5%, 4/1/16 Pool # 745444
|
1,331,146
|
1,434,539
|
6%, 5/1/16 Pool # 582558
|
86,608
|
94,695
|
5.5%, 9/1/17 Pool # 657335
|
208,376
|
226,303
|
5.5%, 2/1/18 Pool # 673194
|
493,636
|
536,105
|
5%, 5/1/20 Pool # 813965
|
1,870,649
|
2,023,826
|
4.5%, 9/1/20 Pool # 835465
|
1,626,995
|
1,739,960
|
6%, 5/1/21 Pool # 253847
|
221,899
|
243,173
|
7%, 12/1/29 Pool # 762813
|
123,343
|
141,754
|
7%, 11/1/31 Pool # 607515
|
100,096
|
115,852
|
6.5%, 3/1/32 Pool # 631377
|
232,072
|
264,106
|
7%, 4/1/32 Pool # 641518
|
5,040
|
5,825
|
7%, 5/1/32 Pool # 644591
|
228,487
|
264,454
|
6.5%, 6/1/32 Pool # 545691
|
1,688,385
|
1,921,440
|
5.5%, 4/1/33 Pool # 690206
|
2,571,000
|
2,799,668
|
5%, 10/1/33 Pool # 254903
|
3,372,574
|
3,604,456
|
5.5%, 11/1/33 Pool # 555880
|
2,892,259
|
3,149,500
|
5%, 5/1/34 Pool # 782214
|
83,374
|
89,067
|
5%, 6/1/34 Pool # 778891
|
870,310
|
929,740
|
5.5%, 6/1/34 Pool # 780384
|
3,065,602
|
3,336,345
|
7%, 7/1/34 Pool # 792636
|
82,079
|
95,370
|
5.5%, 8/1/34 Pool # 793647
|
337,290
|
367,606
|
5.5%, 3/1/35 Pool # 810075
|
1,712,100
|
1,861,702
|
5.5%, 3/1/35 Pool # 815976
|
1,760,046
|
1,915,487
|
5.5%, 7/1/35 Pool # 825283
|
2,070,381
|
2,253,069
|
5%, 8/1/35 Pool # 829670
|
2,708,992
|
2,892,286
|
5.5%, 8/1/35 Pool # 826872
|
977,545
|
1,063,191
|
5%, 9/1/35 Pool # 820347
|
2,494,681
|
2,679,066
|
5%, 9/1/35 Pool # 835699
|
2,344,389
|
2,517,665
|
5%, 10/1/35 Pool # 797669
|
3,676,101
|
3,938,616
|
5.5%, 10/1/35 Pool # 836912
|
363,277
|
395,020
|
5%, 11/1/35 Pool # 844809
|
2,172,757
|
2,319,769
|
5%, 12/1/35 Pool # 850561
|
2,150,735
|
2,296,256
|
5.5%, 2/1/36 Pool # 851330
|
989,032
|
1,076,379
|
5.5%, 10/1/36 Pool # 896340
|
725,180
|
788,546
|
5.5%, 10/1/36 Pool # 901723
|
4,036,642
|
4,377,376
|
6.5%, 10/1/36 Pool # 894118
|
1,947,340
|
2,213,097
|
6%, 11/1/36 Pool # 902510
|
3,070,407
|
3,405,954
|
5.5%, 2/1/37 Pool # 905140
|
2,715,453
|
2,959,515
|
5.5%, 5/1/37 Pool # 899323
|
2,041,891
|
2,220,310
|
5.5%, 5/1/37 Pool # 928292
|
1,571,278
|
1,712,503
|
6%, 10/1/37 Pool # 947563
|
2,799,579
|
3,105,529
|
5.5%, 7/1/38 Pool # 986973
|
3,035,595
|
3,301,032
|
5%, 8/1/38 Pool # 988934
|
3,387,952
|
3,617,185
|
6.5%, 8/1/38 Pool # 987711
|
3,221,052
|
3,649,884
|
80,939,364
|
||
Par Value
|
Value (Note 2)
|
|
Freddie Mac - 3.3%
|
||
5%, 5/1/18 Pool # E96322
|
$1,408,555
|
$ 1,522,133
|
8%, 6/1/30 Pool # C01005
|
68,297
|
81,159
|
7%, 3/1/31 Pool # C48129
|
256,149
|
297,365
|
5%, 7/1/33 Pool # A11325
|
2,316,077
|
2,474,199
|
6%, 10/1/34 Pool # A28439
|
473,876
|
524,108
|
6%, 10/1/34 Pool # A28598
|
268,926
|
297,432
|
5.5%, 11/1/34 Pool # A28282
|
3,787,978
|
4,131,397
|
5%, 4/1/35 Pool # A32314
|
436,084
|
466,606
|
5%, 4/1/35 Pool # A32315
|
981,021
|
1,052,135
|
5%, 4/1/35 Pool # A32316
|
1,096,867
|
1,176,379
|
5%, 4/1/35 Pool # A32509
|
280,857
|
301,216
|
5%, 1/1/37 Pool # A56371
|
2,579,928
|
2,745,985
|
15,070,114
|
||
Ginnie Mae - 0.1%
|
||
8%, 10/20/15 Pool # 2995
|
47,467
|
51,959
|
6.5%, 2/20/29 Pool # 2714
|
169,157
|
191,632
|
6.5%, 4/20/31 Pool # 3068
|
130,754
|
148,106
|
391,697
|
||
Total Mortgage Backed Securities
( Cost $88,146,159 )
|
96,401,175
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 46.9%
|
||
Fannie Mae - 1.5%
|
||
5.250%, 8/1/12
|
2,400,000
|
2,524,749
|
4.625%, 10/15/14
|
3,905,000
|
4,345,328
|
6,870,077
|
||
Federal Farm Credit Bank - 1.1%
|
||
5.875%, 10/3/16
|
4,000,000
|
4,727,096
|
Freddie Mac - 2.0%
|
||
4.875%, 11/15/13
|
2,500,000
|
2,748,875
|
4.500%, 1/15/14
|
5,500,000
|
6,014,074
|
8,762,949
|
||
U.S. Treasury Bonds - 3.1%
|
||
6.625%, 2/15/27
|
7,350,000
|
9,723,822
|
4.500%, 5/15/38
|
4,000,000
|
4,106,248
|
13,830,070
|
||
U.S. Treasury Notes - 39.2%
|
||
4.625%, 12/31/11
|
18,100,000
|
18,504,426
|
1.375%, 2/15/12
|
11,400,000
|
11,487,723
|
4.625%, 2/29/12
|
6,425,000
|
6,615,745
|
1.375%, 5/15/12
|
2,625,000
|
2,651,455
|
4.875%, 6/30/12
|
6,000,000
|
6,276,798
|
3.625%, 5/15/13
|
4,000,000
|
4,237,188
|
3.125%, 8/31/13
|
2,710,000
|
2,862,649
|
4.000%, 2/15/14
|
9,500,000
|
10,319,375
|
Par Value
|
Value (Note 2)
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS (continued)
|
||
U.S. Treasury Notes (continued)
|
||
1.875%, 2/28/14
|
$10,000,000
|
$ 10,311,720
|
4.250%, 8/15/14
|
11,200,000
|
12,378,621
|
2.375%, 9/30/14
|
3,600,000
|
3,767,623
|
2.625%, 12/31/14
|
20,000,000
|
21,081,240
|
2.500%, 3/31/15
|
1,750,000
|
1,835,855
|
4.250%, 8/15/15
|
8,900,000
|
9,935,319
|
3.250%, 12/31/16
|
8,000,000
|
8,534,376
|
3.125%, 1/31/17
|
4,000,000
|
4,241,248
|
2.375%, 7/31/17
|
4,000,000
|
4,042,500
|
4.250%, 11/15/17
|
9,100,000
|
10,200,536
|
2.750%, 2/15/19
|
19,750,000
|
19,939,778
|
3.375%, 11/15/19
|
1,000,000
|
1,042,500
|
2.625%, 11/15/20
|
6,500,000
|
6,260,313
|
176,526,988
|
||
Total U.S. Government and Agency Obligations ( Cost $200,524,677 )
|
210,717,180
|
|
Shares
|
||
INVESTMENT COMPANY - 2.5%
|
||
State Street Institutional U.S. Government Money Market Fund
|
11,258,133
|
11,258,133
|
Total Investment Company
( Cost $11,258,133 )
|
11,258,133
|
|
TOTAL INVESTMENTS - 99.3% ( Cost $423,268,361** )
|
446,627,982
|
|
NET OTHER ASSETS AND LIABILITIES - 0.7%
|
3,166,435
|
|
TOTAL NET ASSETS - 100.0%
|
$449,794,417
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $423,268,361.
|
(A)
|
Stated interest rate is contingent upon sufficient collateral market value. If collateral market value falls below a stated level, the issuer will either initiate a clean-up call or increase the stated interest rate.
|
(B)
|
Floating rate or variable rate note. Rate shown is as of June 30, 2011.
|
(C)
|
Illiquid security (See Note 2).
|
(D)
|
Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional investors."
|
(E)
|
In default. Issuer is bankrupt.
|
(F)
|
Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 0.73% of total net assets.
|
Par Value
|
Value (Note 2)
|
|
CORPORATE NOTES AND BONDS - 92.4%
|
||
Consumer Discretionary - 29.7%
|
||
Auto Components - 2.4%
|
||
American Axle & Manufacturing Holdings Inc. (A), 9.25%, 1/15/17
|
$ 450,000
|
$ 490,500
|
American Axle & Manufacturing Inc., 7.875%, 3/1/17
|
1,000,000
|
1,000,000
|
Tenneco Inc., 8.125%, 11/15/15
|
350,000
|
368,375
|
Visteon Corp. (A), 6.75%, 4/15/19
|
500,000
|
480,000
|
2,338,875
|
||
Consumer Finance - 0.5%
|
||
Ally Financial Inc. (A), 7.5%, 9/15/20
|
500,000
|
522,500
|
Hotels, Restaurants & Leisure - 3.7%
|
||
Ameristar Casinos Inc. (A), 7.5%, 4/15/21
|
500,000
|
515,625
|
Boyd Gaming Corp., 7.125%, 2/1/16
|
50,000
|
46,125
|
Felcor Lodging L.P. (A), 6.75%, 6/1/19
|
750,000
|
720,000
|
Isle of Capri Casinos Inc., 7%, 3/1/14
|
500,000
|
495,625
|
Penn National Gaming Inc., 6.75%, 3/1/15
|
300,000
|
306,750
|
Pinnacle Entertainment Inc., 8.625%, 8/1/17
|
500,000
|
536,875
|
Pinnacle Entertainment Inc., 8.75%, 5/15/20
|
300,000
|
314,250
|
Scientific Games International Inc. (A), 7.875%, 6/15/16
|
750,000
|
783,750
|
3,719,000
|
||
Household Durables - 1.6%
|
||
Griffon Corp. (A), 7.125%, 4/1/18
|
500,000
|
501,875
|
Jarden Corp., 7.5%, 5/1/17
|
500,000
|
519,375
|
Spectrum Brands Holdings Inc. (A), 9.5%, 6/15/18
|
500,000
|
547,500
|
1,568,750
|
||
Media - 17.2%
|
||
Allbritton Communications Co., 8%, 5/15/18
|
950,000
|
966,625
|
Belo Corp., 8%, 11/15/16
|
500,000
|
547,500
|
Cablevision Systems Corp., 7.75%, 4/15/18
|
250,000
|
266,563
|
Cablevision Systems Corp., 8%, 4/15/20
|
250,000
|
268,125
|
CCO Holdings LLC / CCO Holdings Capital Corp. (A), 8.125%, 4/30/20
|
1,000,000
|
1,080,000
|
CCO Holdings LLC / CCO Holdings Capital Corp., 6.5%, 4/30/21
|
750,000
|
739,687
|
Cengage Learning Acquisitions Inc. (A), 10.5%, 1/15/15
|
750,000
|
678,750
|
Cenveo Corp., 8.875%, 2/1/18
|
500,000
|
485,000
|
Cumulus Media Inc. (A), 7.75%, 5/1/19
|
500,000
|
482,500
|
DISH DBS Corp. (A), 6.75%, 6/1/21
|
925,000
|
948,125
|
EH Holding Corp. (A), 7.625%, 6/15/21
|
400,000
|
408,000
|
Gray Television Inc., 10.5%, 6/29/15
|
700,000
|
728,000
|
Hughes Network Systems LLC/HNS Finance Corp., 9.5%, 4/15/14
|
1,000,000
|
1,025,000
|
Intelsat Luxembourg S.A. (B), 11.25%, 2/4/17
|
1,250,000
|
1,342,187
|
Par Value
|
Value (Note 2)
|
|
Intelsat Luxembourg S.A., PIK (A) (B), 11.5%, 2/4/17
|
$ 375,000
|
$ 403,125
|
Interpublic Group of Cos. Inc./The (C), 4.25%, 3/15/23
|
125,000
|
142,969
|
Lamar Media Corp., 6.625%, 8/15/15
|
250,000
|
253,750
|
Lamar Media Corp., Series C, 6.625%, 8/15/15
|
500,000
|
505,625
|
Liberty Media LLC (C) (D), 3.125%, 3/30/23
|
250,000
|
298,438
|
LIN Television Corp., 6.5%, 5/15/13
|
950,000
|
951,187
|
Mediacom Broadband LLC / Mediacom Broadband Corp., 8.5%, 10/15/15
|
500,000
|
512,500
|
Nielsen Finance LLC / Nielsen Finance Co. (A), 7.75%, 10/15/18
|
500,000
|
525,000
|
Quebecor Media Inc. (B), 7.75%, 3/15/16
|
500,000
|
516,875
|
Unitymedia Hessen GmbH & Co. KG / Unitymedia NRW GmbH (A) (B), 8.125%, 12/1/17
|
1,000,000
|
1,062,500
|
Viasat Inc., 8.875%, 9/15/16
|
500,000
|
530,000
|
Virgin Media Finance PLC (B), 9.125%, 8/15/16
|
850,000
|
894,625
|
XM Satellite Radio Inc. (A), 7.625%, 11/1/18
|
500,000
|
522,500
|
17,085,156
|
||
Multiline Retail - 0.4%
|
||
Sears Holding Corp. (A), 6.625%, 10/15/18
|
450,000
|
417,375
|
Specialty Retail - 1.8%
|
||
Ltd. Brands Inc., 6.9%, 7/15/17
|
250,000
|
267,813
|
Penske Automotive Group Inc., 7.75%, 12/15/16
|
750,000
|
765,000
|
Yankee Acquisition Corp./MA, Series B, 8.5%, 2/15/15
|
750,000
|
772,500
|
1,805,313
|
||
Textiles, Apparel & Luxury Goods - 2.1%
|
||
Hanesbrands Inc., 6.375%, 12/15/20
|
250,000
|
242,500
|
Iconix Brand Group Inc. (C), 1.875%, 6/30/12
|
725,000
|
759,437
|
Levi Strauss & Co., 7.625%, 5/15/20
|
500,000
|
500,000
|
Phillips-Van Heusen Corp., 7.375%, 5/15/20
|
500,000
|
535,000
|
2,036,937
|
||
Consumer Staples - 8.3%
|
||
ACCO Brands Corp., 10.625%, 3/15/15
|
250,000
|
279,062
|
ACCO Brands Corp., 7.625%, 8/15/15
|
500,000
|
497,500
|
Blue Merger Sub Inc. (A), 7.625%, 2/15/19
|
1,000,000
|
1,010,000
|
Central Garden and Pet Co., 8.25%, 3/1/18
|
500,000
|
516,250
|
Dole Food Co. Inc. (A), 8%, 10/1/16
|
200,000
|
209,500
|
Ingles Markets Inc., 8.875%, 5/15/17
|
750,000
|
802,500
|
NBTY Inc. (A), 9%, 10/1/18
|
1,000,000
|
1,055,000
|
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. (A), 9.25%, 4/1/15
|
1,000,000
|
1,037,500
|
Pinnacle Foods Finance LLC / Pinnacle Foods Finance Corp. (A), 8.25%, 9/1/17
|
500,000
|
518,750
|
Par Value
|
Value (Note 2)
|
|
CORPORATE NOTES AND BONDS (continued)
|
||
Consumer Staples (continued)
|
||
Sealy Mattress Co., 8.25%, 6/15/14
|
$ 250,000
|
$ 250,625
|
Stater Brothers Holdings, 7.75%, 4/15/15
|
500,000
|
517,500
|
SUPERVALU Inc., 7.5%, 11/15/14
|
500,000
|
500,000
|
SUPERVALU Inc., 8%, 5/1/16
|
500,000
|
510,000
|
Tops Markets LLC (A), 10.125%, 10/15/15
|
500,000
|
530,625
|
8,234,812
|
||
Energy - 6.6%
|
||
Chaparral Energy Inc., 8.875%, 2/1/17
|
500,000
|
517,500
|
Chaparral Energy Inc. (A), 8.25%, 9/1/21
|
500,000
|
503,750
|
Complete Production Services Inc., 8%, 12/15/16
|
750,000
|
783,750
|
Continental Resources Inc./OK, 8.25%, 10/1/19
|
250,000
|
273,125
|
Copano Energy LLC / Copano Energy Finance Corp., 7.125%, 4/1/21
|
550,000
|
543,125
|
Exterran Holdings Inc. (A), 7.25%, 12/1/18
|
500,000
|
505,000
|
Ferrellgas Partners L.P. / Ferrellgas Partners Finance Corp., 8.625%, 6/15/20
|
488,000
|
514,840
|
Helix Energy Solutions Group Inc. (A), 9.5%, 1/15/16
|
150,000
|
154,500
|
Helix Energy Solutions Group Inc. (C), 3.25%, 12/15/25
|
750,000
|
745,313
|
Inergy L.P./Inergy Finance Corp. (A), 6.875%, 8/1/21
|
500,000
|
500,000
|
Regency Energy Partners L.P. / Regency Energy Finance Corp., 6.875%, 12/1/18
|
500,000
|
517,500
|
Regency Energy Partners L.P. / Regency Energy Finance Corp., 6.5%, 7/15/21
|
750,000
|
759,375
|
Unit Corp., 6.625%, 5/15/21
|
250,000
|
248,672
|
6,566,450
|
||
Financials - 3.4%
|
||
CIT Group Inc. (A), 7%, 5/2/16
|
600,000
|
597,750
|
CIT Group Inc. (A), 7%, 5/2/17
|
750,000
|
748,125
|
MPT Operating Partnership L.P./MPT Finance Corp. (A), 6.875%, 5/1/21
|
500,000
|
491,250
|
Nuveen Investments Inc., 10.5%, 11/15/15
|
1,000,000
|
1,022,500
|
Trans Union LLC/TransUnion Financing Corp. (A), 11.375%, 6/15/18
|
500,000
|
565,000
|
3,424,625
|
||
Health Care - 7.5%
|
||
AMGH Merger Sub Inc. (A), 9.25%, 11/1/18
|
500,000
|
527,500
|
Biomet Inc., 10%, 10/15/17
|
250,000
|
272,500
|
Biomet Inc., 11.625%, 10/15/17
|
750,000
|
830,625
|
Capella Healthcare Inc. (A), 9.25%, 7/1/17
|
150,000
|
158,250
|
DaVita Inc., 6.375%, 11/1/18
|
500,000
|
506,250
|
Par Value
|
Value (Note 2)
|
|
Endo Pharmaceuticals Holdings Inc. (A), 7%, 12/15/20
|
$ 500,000
|
$ 513,750
|
Endo Pharmaceuticals Holdings Inc. (A), 7.25%, 1/15/22
|
500,000
|
507,500
|
Hologic Inc. (C) (D), 2%, 12/15/37
|
850,000
|
824,500
|
LifePoint Hospitals Inc. (C), 3.5%, 5/15/14
|
750,000
|
802,500
|
Tenet Healthcare Corp., 8%, 8/1/20
|
1,000,000
|
1,016,250
|
Valeant Pharmaceuticals International (A), 7%, 10/1/20
|
1,000,000
|
967,500
|
Vanguard Health Holding Co. II LLC / Vanguard Holding Co. II Inc. (A), 7.75%, 2/1/19
|
500,000
|
506,250
|
7,433,375
|
||
Industrials - 16.0%
|
||
Affinion Group Inc., 11.5%, 10/15/15
|
750,000
|
774,375
|
ARAMARK Corp., 8.5%, 2/1/15
|
1,000,000
|
1,038,750
|
ARAMARK Holdings Corp., PIK (A), 8.625%, 5/1/16
|
500,000
|
508,750
|
Avis Budget Car Rental LLC / Avis Budget Finance Inc. (D), 7.625%, 5/15/14
|
267,000
|
271,005
|
Avis Budget Car Rental LLC / Avis Budget Finance Inc., 8.25%, 1/15/19
|
500,000
|
506,250
|
Bristow Group Inc., 7.5%, 9/15/17
|
750,000
|
785,625
|
FTI Consulting Inc., 7.75%, 10/1/16
|
750,000
|
783,750
|
Gulfmark Offshore Inc. (E) (D), 7.75%, 7/15/14
|
255,000
|
257,550
|
Hertz Corp./The, 8.875%, 1/1/14
|
46,000
|
47,150
|
Hertz Corp./The (A), 6.75%, 4/15/19
|
500,000
|
495,000
|
Hornbeck Offshore Services Inc., Series B, 6.125%, 12/1/14
|
695,000
|
688,050
|
Mac-Gray Corp., 7.625%, 8/15/15
|
500,000
|
510,000
|
Moog Inc., 7.25%, 6/15/18
|
500,000
|
530,625
|
Pinafore LLC/Pinafore Inc. (A), 9%, 10/1/18
|
1,000,000
|
1,077,500
|
RBS Global Inc./Rexnord LLC, 8.5%, 5/1/18
|
500,000
|
528,125
|
RR Donnelley & Sons Co., 7.25%, 5/15/18
|
1,000,000
|
1,000,000
|
RSC Equipment Rental Inc./RSC Holdings III LLC, 9.5%, 12/1/14
|
730,000
|
748,250
|
RSC Equipment Rental Inc./RSC Holdings III LLC (A), 8.25%, 2/1/21
|
500,000
|
497,500
|
ServiceMaster Co./The, PIK (A), 10.75%, 7/15/15
|
1,000,000
|
1,055,000
|
Terex Corp., 8%, 11/15/17
|
550,000
|
563,750
|
Texas Industries Inc., 9.25%, 8/15/20
|
400,000
|
387,000
|
Trinity Industries Inc. (C), 3.875%, 6/1/36
|
1,000,000
|
1,043,750
|
United Rentals North America Inc., 10.875%, 6/15/16
|
250,000
|
279,687
|
United Rentals North America Inc., 8.375%, 9/15/20
|
500,000
|
506,250
|
USG Corp. (D), 9.75%, 1/15/18
|
500,000
|
492,500
|
West Corp./Old, 11%, 10/15/16
|
450,000
|
477,000
|
15,853,192
|
Par Value
|
Value (Note 2)
|
|
CORPORATE NOTES AND BONDS (continued)
|
||
Information Technology - 4.3%
|
||
Advanced Micro Devices Inc. (C), 6%, 5/1/15
|
$ 77,000
|
$ 78,059
|
Advanced Micro Devices Inc., 8.125%, 12/15/17
|
550,000
|
574,750
|
Advanced Micro Devices Inc., 7.75%, 8/1/20
|
500,000
|
515,000
|
Buccaneer Merger Sub Inc. (A), 9.125%, 1/15/19
|
500,000
|
520,000
|
General Cable Corp. (C), 0.875%, 11/15/13
|
450,000
|
486,000
|
Linear Technology Corp., Series A (C), 3%, 5/1/27
|
450,000
|
476,438
|
MetroPCS Wireless Inc., 6.625%, 11/15/20
|
250,000
|
247,500
|
SanDisk Corp. (C), 1%, 5/15/13
|
850,000
|
821,312
|
SunGard Data Systems Inc. (A), 7.375%, 11/15/18
|
500,000
|
500,000
|
4,219,059
|
||
Materials - 6.8%
|
||
Alpha Natural Resources Inc., 6.25%, 6/1/21
|
1,250,000
|
1,256,250
|
Calcipar S.A. (A), 6.875%, 5/1/18
|
500,000
|
501,250
|
Cascades Inc. (B), 7.875%, 1/15/20
|
250,000
|
260,313
|
Ferro Corp., 7.875%, 8/15/18
|
500,000
|
518,750
|
FMG Resources August 2006 Pty Ltd. (A) (B), 7%, 11/1/15
|
1,000,000
|
1,020,000
|
Graham Packaging Co. L.P./GPC Capital Corp. I (A), 8.25%, 1/1/17
|
100,000
|
111,500
|
Graphic Packaging International Inc., 9.5%, 6/15/17
|
350,000
|
383,250
|
Hexion US Finance Corp. / Hexion Nova Scotia Finance ULC, 8.875%, 2/1/18
|
250,000
|
260,000
|
Huntsman International LLC, 5.5%, 6/30/16
|
500,000
|
491,875
|
JMC Steel Group (A), 8.25%, 3/15/18
|
1,000,000
|
1,015,000
|
Reynolds Group Holdings Ltd. (A), 8.25%, 2/15/21
|
500,000
|
467,500
|
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC (A), 8.75%, 5/15/18
|
250,000
|
245,625
|
Reynolds Group Issuer Inc. / Reynolds Group Issuer LLC (A), 9%, 4/15/19
|
250,000
|
246,875
|
6,778,188
|
||
Telecommunication Services - 6.8%
|
||
Avaya Inc., 9.75%, 11/1/15
|
1,000,000
|
1,020,000
|
CommScope Inc. (A), 8.25%, 1/15/19
|
500,000
|
515,000
|
PAETEC Holding Corp., 8.875%, 6/30/17
|
900,000
|
945,000
|
Qwest Communications International Inc. (D), 7.5%, 2/15/14
|
500,000
|
507,500
|
Qwest Communications International Inc., Series B, 7.5%, 2/15/14
|
500,000
|
507,500
|
tw telecom holdings, Inc., 8%, 3/1/18
|
500,000
|
533,125
|
Par Value
|
Value (Note 2)
|
|
Wind Acquisition Finance S.A. (A) (B), 11.75%, 7/15/17
|
$1,000,000
|
$ 1,132,500
|
Windstream Corp., 7.875%, 11/1/17
|
250,000
|
265,313
|
Windstream Corp., 7%, 3/15/19
|
250,000
|
252,500
|
Windstream Corp., 7.75%, 10/15/20
|
1,000,000
|
1,047,500
|
6,725,938
|
||
Utilities - 3.0%
|
||
AES Corp./The, 8%, 6/1/20
|
500,000
|
532,500
|
Calpine Corp. (A), 7.25%, 10/15/17
|
910,000
|
923,650
|
GenOn Energy Inc., 7.875%, 6/15/17
|
500,000
|
502,500
|
Mirant Americas Generation LLC, 8.5%, 10/1/21
|
500,000
|
512,500
|
NRG Energy Inc. (A), 8.25%, 9/1/20
|
475,000
|
484,500
|
2,955,650
|
||
Total Corporate Notes and Bonds
( Cost $87,839,998 )
|
91,685,195
|
|
Shares
|
||
PREFERRED STOCK - 1.1%
|
||
Information Technology - 1.1%
|
||
Lucent Technologies Capital Trust I
|
1,100
|
1,082,125
|
Total Preferred Stocks ( Cost $1,081,031 )
|
1,082,125
|
|
INVESTMENT COMPANY - 5.1%
|
||
State Street Institutional U.S. Government Money Market Fund
|
5,018,202
|
5,018,202
|
Total Investment Company
( Cost $5,018,202 )
|
5,018,202
|
|
TOTAL INVESTMENTS - 98.6% ( Cost $93,939,231** )
|
97,785,522
|
|
NET OTHER ASSETS AND LIABILITIES - 1.4%
|
1,382,259
|
|
TOTAL NET ASSETS - 100.0%
|
$ 99,167,781
|
**
|
Aggregate cost for Federal tax purposes was $93,939,231.
|
(A)
|
Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional investors."
|
(B)
|
Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 6.69% of total net assets.
|
(C)
|
Convertible.
|
(D)
|
Floating rate or variable rate note. Rate shown is as of June 30, 2011.
|
(E)
|
Illiquid security (Note 2).
|
PIK
|
Payment in Kind.
|
PLC
|
Public Limited Company.
|
ULC
|
Unlimited Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 52.4%
|
||
Consumer Discretionary - 3.8%
|
||
McDonald’s Corp.
|
48,000
|
$ 4,047,360
|
Omnicom Group Inc.
|
71,500
|
3,443,440
|
Target Corp.
|
67,000
|
3,142,970
|
Time Warner Inc.
|
68,000
|
2,473,160
|
VF Corp.
|
23,000
|
2,496,880
|
15,603,810
|
||
Consumer Staples - 8.1%
|
||
Altria Group Inc.
|
91,000
|
2,403,310
|
Coca-Cola Co./The
|
68,500
|
4,609,365
|
Diageo PLC, ADR
|
30,000
|
2,456,100
|
Kraft Foods Inc., Class A
|
169,018
|
5,954,504
|
PepsiCo Inc./NC
|
91,000
|
6,409,130
|
Philip Morris International Inc.
|
66,000
|
4,406,820
|
Procter & Gamble Co./The
|
74,000
|
4,704,180
|
Sysco Corp.
|
82,000
|
2,556,760
|
33,500,169
|
||
Energy - 6.5%
|
||
Chevron Corp.
|
95,000
|
9,769,800
|
ConocoPhillips
|
116,000
|
8,722,040
|
Ensco PLC, ADR
|
53,000
|
2,824,900
|
Marathon Oil Corp.
|
50,500
|
2,660,340
|
Spectra Energy Corp.
|
114,500
|
3,138,445
|
27,115,525
|
||
Financials - 6.9%
|
||
Axis Capital Holdings Ltd.
|
97,000
|
3,003,120
|
Bank of New York Mellon Corp./The
|
109,100
|
2,795,142
|
Northern Trust Corp.
|
45,000
|
2,068,200
|
PartnerRe Ltd.
|
35,000
|
2,409,750
|
Travelers Cos. Inc./The
|
98,000
|
5,721,240
|
US Bancorp
|
230,000
|
5,867,300
|
Wells Fargo & Co.
|
149,000
|
4,180,940
|
Willis Group Holdings PLC
|
63,000
|
2,589,930
|
28,635,622
|
||
Health Care - 8.4%
|
||
Johnson & Johnson
|
135,000
|
8,980,200
|
Medtronic Inc.
|
107,000
|
4,122,710
|
Merck & Co. Inc.
|
222,000
|
7,834,380
|
Novartis AG, ADR
|
80,000
|
4,888,800
|
Pfizer Inc.
|
452,019
|
9,311,592
|
35,137,682
|
||
Industrials - 7.5%
|
||
3M Co.
|
56,000
|
5,311,600
|
Boeing Co./The
|
33,000
|
2,439,690
|
Emerson Electric Co.
|
45,000
|
2,531,250
|
Illinois Tool Works Inc.
|
87,000
|
4,914,630
|
Shares
|
Value (Note 2)
|
|
Lockheed Martin Corp.
|
45,000
|
$ 3,643,650
|
Norfolk Southern Corp.
|
37,000
|
2,772,410
|
United Parcel Service Inc., Class B
|
33,000
|
2,406,690
|
United Technologies Corp.
|
26,800
|
2,372,068
|
Waste Management Inc.
|
127,000
|
4,733,290
|
31,125,278
|
||
Information Technology - 6.6%
|
||
Broadridge Financial Solutions Inc.
|
146,000
|
3,514,220
|
Intel Corp.
|
346,000
|
7,667,360
|
International Business Machines Corp.
|
22,200
|
3,808,410
|
Linear Technology Corp.
|
90,000
|
2,971,800
|
Microsoft Corp.
|
242,000
|
6,292,000
|
Paychex Inc.
|
105,000
|
3,225,600
|
27,479,390
|
||
Materials - 1.4%
|
||
Air Products & Chemicals Inc.
|
40,000
|
3,823,200
|
Nucor Corp.
|
50,000
|
2,061,000
|
5,884,200
|
||
Telecommunication Service - 1.9%
|
||
AT&T Inc.
|
255,015
|
8,010,021
|
Utilities - 1.3%
|
||
Exelon Corp.
|
60,000
|
2,570,400
|
FirstEnergy Corp.
|
67,000
|
2,958,050
|
5,528,450
|
||
Total Common Stocks
( Cost $181,521,200 )
|
218,020,147
|
|
Par Value
|
||
ASSET BACKED SECURITIES - 1.1%
|
||
ABSC Long Beach Home Equity Loan Trust, Series 2000-LB1, Class AF5 (A), 8.55%, 9/21/30
|
$ 599,648
|
617,134
|
CarMax Auto Owner Trust, Series 2007-2, Class B, 5.37%, 3/15/13
|
1,975,000
|
1,985,914
|
Chase Issuance Trust, Series 2007-A17, Class A, 5.12%, 10/15/14
|
2,045,000
|
2,165,090
|
Total Asset Backed Securities
( Cost $4,636,247 )
|
4,768,138
|
|
CORPORATE NOTES AND BONDS - 17.5%
|
||
Consumer Discretionary - 1.6%
|
||
American Association of Retired Persons (B) (C), 7.5%, 5/1/31
|
2,000,000
|
2,502,822
|
DR Horton Inc., 5.25%, 2/15/15
|
515,000
|
521,437
|
ERAC USA Finance LLC (B) (C), 6.7%, 6/1/34
|
1,850,000
|
1,981,615
|
Royal Caribbean Cruises Ltd. (D), 7.25%, 6/15/16
|
1,600,000
|
1,720,000
|
6,725,874
|
Par Value
|
Value (Note 2)
|
|
CORPORATE NOTES AND BONDS (continued)
|
||
Consumer Staples - 1.0%
|
||
Kraft Foods Inc., 6.5%, 11/1/31
|
$2,025,000
|
$ 2,306,011
|
PepsiCo Inc., 4.65%, 2/15/13
|
620,000
|
658,841
|
WM Wrigley Jr. Co. (B) (C), 3.05%, 6/28/13
|
1,310,000
|
1,339,085
|
4,303,937
|
||
Energy - 1.3%
|
||
ConocoPhillips, 6.65%, 7/15/18
|
$1,500,000
|
1,796,508
|
Hess Corp., 7.875%, 10/1/29
|
1,150,000
|
1,443,948
|
Transocean Inc., 6%, 3/15/18
|
750,000
|
830,387
|
Transocean Inc., 7.5%, 4/15/31
|
1,030,000
|
1,159,817
|
5,230,660
|
||
Financials - 3.4%
|
||
American General Finance Corp., 5.85%, 6/1/13
|
1,115,000
|
1,101,063
|
HCP Inc., 6.7%, 1/30/18
|
1,450,000
|
1,621,013
|
Lehman Brothers Holdings Inc. * (E), 5.75%, 1/3/17
|
1,735,000
|
868
|
National Rural Utilities Cooperative Finance Corp., Series C, 7.25%, 3/1/12
|
2,400,000
|
2,505,487
|
Nationwide Health Properties Inc., Series D, 8.25%, 7/1/12
|
2,400,000
|
2,514,005
|
Simon Property Group L.P., 5.875%, 3/1/17
|
530,000
|
600,206
|
Swiss Re Solutions Holding Corp., 7%, 2/15/26
|
1,000,000
|
1,094,158
|
US Bank NA/Cincinnati OH, 6.3%, 2/4/14
|
2,000,000
|
2,228,890
|
Wells Fargo & Co., 5.25%, 10/23/12
|
1,450,000
|
1,529,883
|
Western Union Co./The, 5.93%, 10/1/16
|
935,000
|
1,057,241
|
14,252,814
|
||
Health Care - 3.1%
|
||
Amgen Inc., 5.85%, 6/1/17
|
3,950,000
|
4,573,930
|
Eli Lilly & Co., 6.57%, 1/1/16
|
1,200,000
|
1,415,341
|
Genentech Inc., 5.25%, 7/15/35
|
740,000
|
743,412
|
Medco Health Solutions Inc., 7.25%, 8/15/13
|
1,550,000
|
1,725,744
|
Merck & Co. Inc., 5.75%, 11/15/36
|
1,320,000
|
1,426,223
|
Quest Diagnostics Inc./DE, 5.45%, 11/1/15
|
1,500,000
|
1,671,726
|
Wyeth, 6.5%, 2/1/34
|
1,100,000
|
1,262,050
|
12,818,426
|
||
Industrials - 1.8%
|
||
Boeing Co./The, 8.625%, 11/15/31
|
350,000
|
471,530
|
Boeing Co./The, 6.875%, 10/15/43
|
620,000
|
732,196
|
Burlington Northern Santa Fe LLC, 8.125%, 4/15/20
|
1,365,000
|
1,726,107
|
EI du Pont de Nemours & Co., 5%, 1/15/13
|
103,000
|
109,580
|
Lockheed Martin Corp., 7.65%, 5/1/16
|
780,000
|
956,541
|
Norfolk Southern Corp., 5.59%, 5/17/25
|
957,000
|
1,033,956
|
Norfolk Southern Corp., 7.05%, 5/1/37
|
1,050,000
|
1,274,718
|
Waste Management Inc., 7.125%, 12/15/17
|
1,150,000
|
1,363,908
|
7,668,536
|
||
Par Value
|
Value (Note 2)
|
|
Information Technology - 0.3%
|
||
Cisco Systems Inc., 5.5%, 2/22/16
|
$ 960,000
|
$ 1,091,526
|
Materials - 0.3%
|
||
Westvaco Corp., 8.2%, 1/15/30
|
1,025,000
|
1,110,303
|
Telecommunication Services - 0.9%
|
||
Comcast Cable Communications Holdings Inc., 9.455%, 11/15/22
|
1,780,000
|
2,476,231
|
Rogers Communications Inc. (D), 6.25%, 6/15/13
|
1,315,000
|
1,442,195
|
3,918,426
|
||
Utilities - 3.8%
|
||
Indianapolis Power & Light Co. (B) (C), 6.05%, 10/1/36
|
1,555,000
|
1,655,562
|
Interstate Power & Light Co., 6.25%, 7/15/39
|
1,365,000
|
1,516,934
|
MidAmerican Energy Co., 5.65%, 7/15/12
|
4,000,000
|
4,204,192
|
Nevada Power Co., Series R, 6.75%, 7/1/37
|
1,600,000
|
1,875,078
|
Sierra Pacific Power Co., Series M, 6%, 5/15/16
|
474,000
|
542,037
|
Southern Power Co., Series B, 6.25%, 7/15/12
|
1,500,000
|
1,577,807
|
Southwestern Electric Power Co., Series E, 5.55%, 1/15/17
|
835,000
|
904,300
|
Virginia Electric and Power Co., Series C, 5.1%, 11/30/12
|
620,000
|
656,636
|
Westar Energy Inc., 6%, 7/1/14
|
2,400,000
|
2,651,911
|
15,584,457
|
||
Total Corporate Notes and Bonds
( Cost $69,016,386 )
|
72,704,959
|
|
MORTGAGE BACKED SECURITIES - 9.7%
|
||
Fannie Mae - 8.3%
|
||
4%, 4/1/15 Pool # 255719
|
452,996
|
467,673
|
5.5%, 4/1/16 Pool # 745444
|
514,431
|
554,388
|
6%, 5/1/16 Pool # 582558
|
158,780
|
173,607
|
5%, 12/1/17 Pool # 672243
|
1,059,679
|
1,145,457
|
4.5%, 9/1/20 Pool # 835465
|
1,000,202
|
1,069,648
|
6%, 5/1/21 Pool # 253847
|
188,780
|
206,879
|
7%, 12/1/29 Pool # 762813
|
57,763
|
66,384
|
7%, 11/1/31 Pool # 607515
|
100,096
|
115,852
|
7%, 4/1/32 Pool # 641518
|
2,699
|
3,120
|
7%, 5/1/32 Pool # 644591
|
125,614
|
145,388
|
5.5%, 10/1/33 Pool # 254904
|
892,636
|
972,028
|
5.5%, 11/1/33 Pool # 555880
|
2,892,259
|
3,149,500
|
5%, 5/1/34 Pool # 780890
|
3,071,506
|
3,281,248
|
7%, 7/1/34 Pool # 792636
|
39,286
|
45,648
|
5.5%, 8/1/34 Pool # 793647
|
325,857
|
355,144
|
5.5%, 3/1/35 Pool # 815976
|
1,707,635
|
1,858,447
|
5.5%, 7/1/35 Pool # 825283
|
860,743
|
936,694
|
5.5%, 8/1/35 Pool # 826872
|
428,962
|
466,545
|
5%, 9/1/35 Pool # 820347
|
1,019,588
|
1,094,948
|
Par Value
|
Value (Note 2)
|
|
MORTGAGE BACKED SECURITIES (continued)
|
||
Fannie Mae (continued)
|
||
5%, 9/1/35 Pool # 835699
|
$ 981,333
|
$ 1,053,864
|
5%, 10/1/35 Pool # 797669
|
1,151,550
|
1,233,783
|
5.5%, 10/1/35 Pool # 836912
|
793,843
|
863,208
|
5%, 12/1/35 Pool # 850561
|
899,710
|
960,585
|
5.5%, 12/1/35 Pool # 844583
|
2,330,042
|
2,534,549
|
5.5%, 2/1/36 Pool # 851330
|
444,213
|
483,444
|
5.5%, 9/1/36 Pool # 831820
|
1,851,482
|
2,029,463
|
6%, 9/1/36 Pool # 831741
|
650,430
|
717,041
|
5.5%, 10/1/36 Pool # 896340
|
326,281
|
354,791
|
5.5%, 10/1/36 Pool # 901723
|
1,513,741
|
1,641,516
|
5.5%, 12/1/36 Pool # 902853
|
1,692,584
|
1,841,538
|
5.5%, 12/1/36 Pool # 903059
|
1,462,838
|
1,597,060
|
5.5%, 12/1/36 Pool # 907512
|
1,195,178
|
1,299,612
|
5.5%, 12/1/36 Pool # 907635
|
1,777,361
|
1,940,442
|
34,659,494
|
||
Freddie Mac - 1.4%
|
||
8%, 6/1/30 Pool # C01005
|
54,638
|
64,927
|
6.5%, 1/1/32 Pool # C62333
|
194,988
|
220,967
|
5%, 7/1/33 Pool # A11325
|
2,316,077
|
2,474,198
|
6%, 10/1/34 Pool # A28439
|
219,768
|
243,065
|
6%, 10/1/34 Pool # A28598
|
124,719
|
137,940
|
5%, 4/1/35 Pool # A32314
|
235,819
|
252,324
|
5%, 4/1/35 Pool # A32315
|
438,069
|
469,825
|
5%, 4/1/35 Pool # A32316
|
377,047
|
404,378
|
5%, 4/1/35 Pool # A32509
|
186,530
|
200,051
|
5%, 1/1/37 Pool # A56371
|
1,289,964
|
1,372,992
|
5,840,667
|
||
Ginnie Mae – 0.0%
|
||
6.5%, 4/20/31 Pool # 3068
|
107,679
|
121,969
|
Total Mortgage Backed Securities
( Cost $37,311,625 )
|
40,622,130
|
|
U.S. GOVERNMENT AND AGENCY OBLIGATIONS - 13.5%
|
||
U.S. Treasury Bond - 1.0%
|
||
6.625%, 2/15/27
|
3,270,000
|
4,326,109
|
U.S. Treasury Notes - 12.5%
|
||
1.000%, 7/31/11
|
3,000,000
|
3,002,343
|
4.625%, 12/31/11
|
3,150,000
|
3,220,384
|
1.375%, 2/15/12
|
1,125,000
|
1,133,657
|
4.625%, 2/29/12
|
3,400,000
|
3,500,939
|
1.375%, 5/15/12
|
1,312,000
|
1,325,222
|
4.000%, 11/15/12
|
2,500,000
|
2,625,585
|
3.625%, 5/15/13
|
1,980,000
|
2,097,408
|
Par Value
|
Value (Note 2)
|
|
3.125%, 8/31/13
|
$1,175,000
|
$ 1,241,185
|
4.000%, 2/15/14
|
4,810,000
|
5,224,862
|
4.250%, 8/15/14
|
4,965,000
|
5,487,487
|
2.375%, 9/30/14
|
1,400,000
|
1,465,187
|
2.500%, 3/31/15
|
795,000
|
834,003
|
4.500%, 2/15/16
|
3,550,000
|
4,015,107
|
3.250%, 12/31/16
|
2,500,000
|
2,666,992
|
3.125%, 1/31/17
|
2,000,000
|
2,120,624
|
2.375%, 7/31/17
|
2,000,000
|
2,021,250
|
4.250%, 11/15/17
|
5,100,000
|
5,716,784
|
2.750%, 2/15/19
|
1,300,000
|
1,312,492
|
3.375%, 11/15/19
|
1,000,000
|
1,042,500
|
2.625%, 11/15/20
|
1,900,000
|
1,829,937
|
51,883,948
|
||
Total U.S. Government and Agency Obligations ( Cost $53,452,533 )
|
56,210,057
|
|
Shares
|
||
INVESTMENT COMPANY - 5.3%
|
||
State Street Institutional U.S. Government Money Market Fund
|
22,035,769
|
22,035,769
|
Total Investment Company
( Cost $22,035,769 )
|
22,035,769
|
|
TOTAL INVESTMENTS - 99.5% ( Cost $367,973,760** )
|
414,361,200
|
|
NET OTHER ASSETS AND LIABILITIES - 0.5%
|
2,011,090
|
|
TOTAL NET ASSETS - 100.0%
|
$416,372,290
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $368,558,907.
|
(A)
|
Stated interest rate is contingent upon sufficient collateral market value. If collateral market value falls below a stated level, the issuer will either initiate a clean-up call or increase the stated interest rate.
|
(B)
|
Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional investors."
|
(C)
|
Illiquid security (See Note 2).
|
(D)
|
Notes and bonds, issued by foreign entities, denominated in U.S. dollars. The aggregate of these securities is 0.8% of total net assets.
|
(E)
|
In default. Issuer is bankrupt.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCK - 81.9%
|
||
Consumer Discretionary - 14.9%
|
||
American Eagle Outfitters Inc.
|
4,200
|
$ 53,550
|
Bed Bath & Beyond Inc.*
|
1,300
|
75,881
|
Best Buy Co. Inc.
|
1,500
|
47,115
|
CarMax Inc.*
|
1,500
|
49,605
|
Kohl’s Corp.
|
1,500
|
75,015
|
Staples Inc.
|
3,500
|
55,300
|
Target Corp.
|
1,600
|
75,056
|
431,522
|
||
Energy - 14.2%
|
||
Apache Corp.
|
1,000
|
123,390
|
Noble Corp.*
|
2,000
|
78,820
|
Petroleo Brasileiro SAA., ADR
|
2,100
|
71,106
|
Schlumberger Ltd.
|
1,000
|
86,400
|
Southwestern Energy Co.*
|
1,200
|
51,456
|
411,172
|
||
Financials - 11.1%
|
||
Bank of New York Mellon Corp./The
|
3,500
|
89,670
|
Goldman Sachs Group Inc./The
|
300
|
39,927
|
Morgan Stanley
|
2,500
|
57,525
|
State Street Corp.
|
1,500
|
67,635
|
Wells Fargo & Co.
|
2,400
|
67,344
|
322,101
|
||
Health Care - 15.0%
|
||
Celgene Corp.*
|
1,500
|
90,480
|
Gilead Sciences Inc.*
|
1,500
|
62,115
|
Merck & Co. Inc.c.
|
1,500
|
52,935
|
Mylan Inc./PA*
|
4,000
|
98,680
|
Stryker Corp.
|
1,000
|
58,690
|
Teva Pharmaceutical Industries Ltd., ADR
|
1,500
|
72,330
|
435,230
|
||
Industrials - 2.1%
|
||
Jacobs Engineering Group Inc.*
|
1,400
|
60,550
|
Shares
|
Value (Note 2)
|
|
Information Technology - 24.6%
|
||
Adobe Systems Inc.*
|
2,000
|
$ 62,900
|
Cisco Systems Inc.
|
5,000
|
78,050
|
eBay Inc.*
|
3,000
|
96,810
|
Google Inc., Class A*
|
200
|
101,276
|
Hewlett-Packard Co.
|
1,500
|
54,600
|
Intel Corp.
|
1,900
|
42,104
|
Microsoft Corp.
|
4,500
|
117,000
|
Visa Inc., Class A
|
1,000
|
84,260
|
Yahoo! Inc.*
|
5,000
|
75,200
|
712,200
|
||
Total Common Stock
(Cost $2,415,657)
|
2,372,775
|
|
INVESTMENT COMPANIES - 4.4%
|
||
iPATH S&P 500 VIX Short-Term Futures ETN*
|
3,000
|
63,420
|
Powershares QQQ Trust Series 1
|
1,100
|
62,755
|
Total Investment Companies
(Cost $157,840)
|
126,175
|
|
Repurchase Agreement - 17.0%
|
||
With U.S. Bank National Association issued 6/30/11 at 0.01%, due 7/1/1, collateralized by $503,646 in Freddie Mac Pool # G11440 due 8/1/18. Proceeds at maturity are $493,501 (Cost $493,501)
|
493,501
|
|
TOTAL INVESTMENTS - 103.3% (Cost $3,066,998)
|
2,992,451
|
|
NET OTHER ASSETS AND LIABILITIES - 0.0%
|
945
|
|
Total Call Options Written - (3.3%)
|
(95,021)
|
|
TOTAL ASSETS - 100.0%
|
$ 2,898,375
|
*
|
Non-income producing.
|
ADR
|
American Depository Receipt
|
ETN
|
Exchange Traded Note
|
Call Options Written
|
Contracts
(100 shares
per contract)
|
Expiration Date
|
Exercise Price
|
Market Value
|
Adobe Systems Inc.
|
12
|
October 2011
|
$33.00
|
$ 1,650
|
Adobe Systems Inc.
|
8
|
October 2011
|
34.00
|
812
|
Apache Corp.
|
10
|
October 2011
|
125.00
|
6,550
|
Bank of New York Mellon Corp./The
|
25
|
September 2011
|
31.00
|
88
|
Bed Bath & Beyond Inc.
|
13
|
August 2011
|
50.00
|
11,180
|
CarMax Inc.
|
15
|
October 2011
|
28.00
|
8,850
|
Celgene Corp.
|
15
|
July 2011
|
57.50
|
4,650
|
eBay Inc.
|
30
|
October 2011
|
31.00
|
9,300
|
Gilead Sciences Inc.
|
15
|
August 2011
|
41.00
|
2,752
|
Google Inc.
|
2
|
September 2011
|
560.00
|
1,040
|
Hewlett-Packard Co.
|
15
|
August 2011
|
42.00
|
90
|
Intel Corp.
|
19
|
October 2011
|
22.00
|
2,223
|
Jacobs Engineering Group Inc.
|
14
|
October 2011
|
46.00
|
2,380
|
Kohl’s Corp.
|
15
|
October 2011
|
55.00
|
1,162
|
Merck & Co. Inc.
|
15
|
October 2011
|
37.00
|
847
|
Microsoft Corp.
|
45
|
October 2011
|
26.00
|
5,153
|
Morgan Stanley
|
16
|
October 2011
|
27.00
|
512
|
Mylan Inc./PA
|
40
|
October 2011
|
23.00
|
10,200
|
Noble Corp.
|
4
|
September 2011
|
40.00
|
732
|
Noble Corp.
|
16
|
September 2011
|
41.00
|
2,248
|
Petroleo Brasileiro SAA, ADR
|
21
|
October 2011
|
38.00
|
851
|
Schlumberger Ltd.
|
10
|
August 2011
|
87.50
|
3,015
|
Southwestern Energy Co.
|
12
|
September 2011
|
45.00
|
1,662
|
State Street Corp.
|
15
|
August 2011
|
47.00
|
1,260
|
Stryker Corp.
|
10
|
September 2011
|
60.00
|
1,700
|
Teva Pharmaceutical Industries Ltd., ADR
|
15
|
September 2011
|
52.50
|
713
|
Visa Inc.
|
10
|
September 2011
|
77.50
|
8,375
|
Wells Fargo & Co.
|
24
|
October 2011
|
30.00
|
2,076
|
Yahoo! Inc.
|
50
|
October 2011
|
17.00
|
2,950
|
Total Call Options Written (Premiums received $97,979)
|
$95,021
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 97.9%
|
||
Consumer Discretionary - 6.5%
|
||
Omnicom Group Inc.
|
174,000
|
$ 8,379,840
|
Target Corp.
|
160,000
|
7,505,600
|
Time Warner Inc.
|
165,000
|
6,001,050
|
TJX Cos. Inc.
|
120,000
|
6,303,600
|
Viacom Inc.
|
124,000
|
6,324,000
|
34,514,090
|
||
Consumer Staples - 11.0%
|
||
Diageo PLC, ADR
|
71,000
|
5,812,770
|
Kraft Foods Inc., Class A
|
388,000
|
13,669,240
|
PepsiCo Inc.
|
230,000
|
16,198,900
|
Philip Morris International Inc.
|
77,000
|
5,141,290
|
Procter & Gamble Co./The
|
187,000
|
11,887,590
|
Sysco Corp.
|
191,000
|
5,955,380
|
58,665,170
|
||
Energy - 13.7%
|
||
Canadian Natural Resources Ltd.
|
134,000
|
5,609,240
|
Chevron Corp.
|
169,546
|
17,436,110
|
ConocoPhillips
|
170,000
|
12,782,300
|
Noble Corp.
|
276,000
|
10,877,160
|
Occidental Petroleum Corp.
|
169,500
|
17,634,780
|
Southwestern Energy Co. *
|
200,000
|
8,576,000
|
72,915,590
|
||
Financials - 20.1%
|
||
American Express Co.
|
117,000
|
6,048,900
|
Arch Capital Group Ltd. *
|
300,000
|
9,576,000
|
Bank of New York Mellon Corp./The
|
530,000
|
13,578,600
|
Berkshire Hathaway Inc., Class B *
|
105,000
|
8,125,950
|
Brookfield Asset Management Inc., Class A
|
255,000
|
8,458,350
|
Travelers Cos. Inc./The
|
173,500
|
10,128,930
|
US Bancorp
|
770,000
|
19,642,700
|
Wells Fargo & Co.
|
685,000
|
19,221,100
|
Willis Group Holdings PLC
|
135,000
|
5,549,850
|
WR Berkley Corp.
|
198,532
|
6,440,378
|
106,770,758
|
||
Health Care - 14.8%
|
||
Johnson & Johnson
|
320,000
|
21,286,400
|
Medtronic Inc.
|
265,000
|
10,210,450
|
Merck & Co. Inc.
|
471,000
|
16,621,590
|
Novartis AG, ADR
|
98,000
|
5,988,780
|
Pfizer Inc.
|
1,210,000
|
24,926,000
|
79,033,220
|
||
Shares
|
Value (Note 2)
|
|
Industrials - 13.4%
|
||
3M Co.
|
124,500
|
$ 11,808,825
|
Boeing Co./The
|
84,000
|
6,210,120
|
Emerson Electric Co.
|
105,000
|
5,906,250
|
Illinois Tool Works Inc.
|
172,000
|
9,716,280
|
Lockheed Martin Corp.
|
109,000
|
8,825,730
|
Norfolk Southern Corp.
|
88,000
|
6,593,840
|
United Parcel Service Inc., Class B
|
75,000
|
5,469,750
|
United Technologies Corp.
|
68,000
|
6,018,680
|
Waste Management Inc.
|
284,000
|
10,584,680
|
71,134,155
|
||
Information Technology - 11.6%
|
||
Broadridge Financial Solutions Inc.
|
270,000
|
6,498,900
|
Cisco Systems Inc. *
|
350,000
|
5,463,500
|
Intel Corp.
|
850,000
|
18,836,000
|
International Business Machines Corp.
|
53,000
|
9,092,150
|
Microsoft Corp.
|
527,000
|
13,702,000
|
Western Union Co./The
|
420,000
|
8,412,600
|
62,005,150
|
||
Materials - 2.6%
|
||
Air Products & Chemicals Inc.
|
93,000
|
8,888,940
|
Nucor Corp.
|
115,000
|
4,740,300
|
13,629,240
|
||
Telecommunication Service - 2.6%
|
||
AT&T Inc.
|
439,987
|
13,819,992
|
Utilities - 1.6%
|
||
Exelon Corp.
|
195,000
|
8,353,800
|
Total Common Stocks
( Cost $438,508,811 )
|
520,841,165
|
|
INVESTMENT COMPANY - 2.2%
|
||
State Street Institutional U.S. Government Money Market Fund
|
11,702,407
|
11,702,407
|
Total Investment Company
( Cost $11,702,407 )
|
11,702,407
|
|
TOTAL INVESTMENTS - 100.1% ( Cost $450,211,218** )
|
532,543,572
|
|
NET OTHER ASSETS AND LIABILITIES - (0.1%)
|
(329,046)
|
|
TOTAL NET ASSETS - 100.0%
|
$532,214,526
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $450,647,719.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 95.3%
|
||
Consumer Discretionary - 11.0%
|
||
Amazon.com Inc. *
|
25,315
|
$ 5,176,664
|
CarMax Inc. *
|
193,155
|
6,387,636
|
Comcast Corp., Class A
|
248,420
|
6,294,963
|
Ctrip.com International Ltd., ADR *
|
54,600
|
2,352,168
|
Omnicom Group Inc.
|
109,512
|
5,274,098
|
Panera Bread Co., Class A *
|
33,700
|
4,234,742
|
Starbucks Corp.
|
110,985
|
4,382,798
|
Vitamin Shoppe Inc. *
|
72,285
|
3,307,761
|
Yum! Brands Inc.
|
123,324
|
6,812,418
|
44,223,248
|
||
Consumer Staples - 6.6%
|
||
Costco Wholesale Corp.
|
74,710
|
6,069,441
|
Diageo PLC, ADR
|
55,220
|
4,520,861
|
PepsiCo Inc.
|
228,375
|
16,084,451
|
26,674,753
|
||
Energy - 13.5%
|
||
Apache Corp.
|
35,495
|
4,379,728
|
Ensco PLC, ADR
|
107,505
|
5,730,017
|
Occidental Petroleum Corp.
|
147,275
|
15,322,491
|
Petrohawk Energy Corp. *
|
185,900
|
4,586,153
|
Petroleo Brasileiro S.A., ADR
|
278,600
|
9,433,396
|
Schlumberger Ltd.
|
115,090
|
9,943,776
|
Southwestern Energy Co. *
|
118,015
|
5,060,483
|
54,456,044
|
||
Financials - 3.9%
|
||
Brookfield Asset Management Inc., Class A
|
122,800
|
4,073,276
|
IntercontinentalExchange Inc. *
|
55,385
|
6,907,063
|
T Rowe Price Group Inc.
|
75,896
|
4,579,565
|
15,559,904
|
||
Health Care - 7.6%
|
||
Allergan Inc./United States
|
63,365
|
5,275,136
|
CareFusion Corp. *
|
281,835
|
7,657,457
|
Celgene Corp. *
|
196,730
|
11,866,754
|
Cerner Corp. *
|
32,790
|
2,003,797
|
UnitedHealth Group Inc.
|
73,975
|
3,815,630
|
30,618,774
|
||
Industrials - 10.2%
|
||
3M Co.
|
47,840
|
4,537,624
|
Boeing Co./The
|
143,715
|
10,624,850
|
Emerson Electric Co.
|
181,070
|
10,185,187
|
Illinois Tool Works Inc.
|
105,625
|
5,966,756
|
Roper Industries Inc.
|
58,465
|
4,870,135
|
Sensata Technologies Holding N.V. *
|
123,975
|
4,667,659
|
40,852,211
|
||
Shares
|
Value (Note 2)
|
|
Information Technology - 39.9%
|
||
Communications Equipment - 8.2%
|
||
Acme Packet Inc. *
|
91,291
|
$ 6,402,238
|
Aruba Networks Inc. *
|
148,175
|
4,378,571
|
Cisco Systems Inc. *
|
251,580
|
3,927,164
|
Juniper Networks Inc. *
|
85,980
|
2,708,370
|
QUALCOMM Inc.
|
191,665
|
10,884,655
|
Riverbed Technology Inc. *
|
113,892
|
4,508,984
|
32,809,982
|
||
Computers & Peripherals - 6.5%
|
||
Apple Inc. *
|
59,505
|
19,974,043
|
SanDisk Corp. *
|
145,925
|
6,055,888
|
26,029,931
|
||
Electronic Equipment, Instruments & Components - 1.1%
|
||
FLIR Systems Inc. *
|
129,050
|
4,350,275
|
Internet Software & Services - 5.8%
|
||
Google Inc., Class A *
|
34,970
|
17,708,108
|
OpenTable Inc. *
|
24,005
|
1,995,296
|
Renren Inc., ADR *
|
425,435
|
3,765,100
|
23,468,504
|
||
IT Services - 9.2%
|
||
Accenture PLC, Class A
|
143,895
|
8,694,136
|
Global Payments Inc.
|
43,030
|
2,194,530
|
Sapient Corp. *
|
138,000
|
2,074,140
|
Visa Inc., Class A
|
284,455
|
23,968,178
|
36,930,984
|
||
Semiconductors & Semiconductor Equipment - 5.0%
|
||
Cavium Inc. *
|
99,508
|
4,337,554
|
Cree Inc. *
|
83,595
|
2,807,956
|
First Solar Inc. *
|
31,175
|
4,123,517
|
Intel Corp.
|
183,690
|
4,070,571
|
NXP Semiconductor N.V. *
|
180,907
|
4,835,644
|
20,175,242
|
||
Software - 4.1%
|
||
Ariba Inc. *
|
64,285
|
2,215,904
|
Microsoft Corp.
|
159,290
|
4,141,540
|
Oracle Corp.
|
245,865
|
8,091,417
|
Salesforce.com Inc. *
|
13,765
|
2,050,710
|
16,499,571
|
||
Materials - 2.6%
|
||
Ecolab Inc.
|
184,380
|
10,395,345
|
Total Common Stocks
( Cost $317,502,175 )
|
383,044,768
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANY - 4.5%
|
||
State Street Institutional U.S. Government Money Market Fund
|
17,896,391
|
$ 17,896,391
|
Total Investment Company
( Cost $17,896,391 )
|
17,896,391
|
|
TOTAL INVESTMENTS - 99.8% ( Cost $335,398,566** )
|
400,941,159
|
|
NET OTHER ASSETS AND LIABILITIES - 0.2%
|
616,992
|
|
TOTAL NET ASSETS - 100.0%
|
$401,558,151
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $337,226,442.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 95.0%
|
||
Consumer Discretionary - 19.5%
|
||
Bed Bath & Beyond Inc. *
|
248,598
|
$ 14,510,665
|
CarMax Inc. *
|
381,498
|
12,616,139
|
Liberty Global Inc., Series C *
|
210,988
|
9,009,188
|
Omnicom Group Inc.
|
238,790
|
11,500,126
|
Staples Inc.
|
626,897
|
9,904,972
|
TJX Cos. Inc.
|
296,830
|
15,592,480
|
Yum! Brands Inc.
|
147,057
|
8,123,429
|
81,256,999
|
||
Consumer Staples - 3.8%
|
||
Brown-Forman Corp., Class B
|
100,656
|
7,517,997
|
McCormick & Co. Inc.
|
164,728
|
8,165,567
|
15,683,564
|
||
Energy - 6.7%
|
||
EOG Resources Inc.
|
79,539
|
8,315,802
|
Noble Corp.
|
267,075
|
10,525,426
|
Southwestern Energy Co. *
|
212,377
|
9,106,726
|
27,947,954
|
||
Financials - 25.5%
|
||
Capital Markets - 3.7%
|
||
Northern Trust Corp.
|
174,358
|
8,013,494
|
T Rowe Price Group Inc.
|
125,950
|
7,599,823
|
15,613,317
|
||
Commercial Banks - 2.5%
|
||
Glacier Bancorp Inc.
|
287,381
|
3,873,896
|
M&T Bank Corp.
|
73,864
|
6,496,339
|
10,370,235
|
||
Diversified Financial Services - 2.6%
|
||
Leucadia National Corp.
|
312,194
|
10,645,815
|
Insurance - 12.0%
|
||
Arch Capital Group Ltd. *
|
368,745
|
11,770,340
|
Brown & Brown Inc.
|
363,366
|
9,323,972
|
Markel Corp. *
|
37,255
|
14,783,157
|
WR Berkley Corp.
|
432,417
|
14,027,607
|
49,905,076
|
||
Real Estate Management &
Development - 4.7%
|
||
Brookfield Asset Management Inc., Class A
|
584,455
|
19,386,372
|
Shares
|
Value (Note 2)
|
|
Health Care - 12.1%
|
||
CR Bard Inc.
|
81,430
|
$ 8,945,900
|
DENTSPLY International Inc.
|
378,927
|
14,429,540
|
Laboratory Corp. of America Holdings *
|
142,747
|
13,816,482
|
Techne Corp.
|
159,539
|
13,300,766
|
50,492,688
|
||
Industrials - 14.6%
|
||
Copart Inc. *
|
289,517
|
13,491,492
|
IDEX Corp.
|
258,635
|
11,858,415
|
Jacobs Engineering Group Inc. *
|
241,115
|
10,428,224
|
Ritchie Bros Auctioneers Inc.
|
146,739
|
4,033,855
|
Wabtec Corp.
|
156,349
|
10,275,256
|
Waste Management Inc.
|
287,559
|
10,717,324
|
60,804,566
|
||
Information Technology - 10.3%
|
||
Amphenol Corp., Class A
|
137,915
|
7,446,031
|
Broadridge Financial Solutions Inc.
|
518,851
|
12,488,744
|
FLIR Systems Inc. *
|
312,021
|
10,518,228
|
Western Union Co./The
|
616,445
|
12,347,393
|
42,800,396
|
||
Materials - 2.5%
|
||
Ecolab Inc.
|
184,695
|
10,413,104
|
Total Common Stocks
( Cost $327,939,549 )
|
395,320,086
|
|
INVESTMENT COMPANY - 5.1%
|
||
State Street Institutional U.S. Government Money Market Fund
|
21,285,125
|
21,285,125
|
Total Investment Company
( Cost $21,285,125 )
|
21,285,125
|
|
TOTAL INVESTMENTS - 100.1% ( Cost $349,224,674** )
|
416,605,211
|
|
NET OTHER ASSETS AND LIABILITIES - (0.1%)
|
(369,952)
|
|
TOTAL NET ASSETS - 100.0%
|
$416,235,259
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $349,343,809.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 97.0%
|
||
Consumer Discretionary - 17.6%
|
||
Arbitron Inc.
|
8,140
|
$ 336,426
|
Bally Technologies Inc. *
|
2,870
|
116,752
|
Cato Corp./The, Class A
|
11,440
|
329,472
|
CEC Entertainment Inc. *
|
4,120
|
165,253
|
Choice Hotels International Inc.
|
4,120
|
137,443
|
Dress Barn Inc./The *
|
6,560
|
223,368
|
Fred’s Inc., Class A
|
9,500
|
137,085
|
Helen of Troy Ltd. *
|
7,910
|
273,133
|
Matthews International Corp., Class A
|
4,940
|
198,341
|
Skechers U.S.A. Inc., Class A *
|
6,400
|
92,672
|
Sonic Corp. *
|
15,540
|
165,190
|
Stage Stores Inc.
|
18,610
|
312,648
|
Tempur-Pedic International Inc. *
|
760
|
51,543
|
2,539,326
|
||
Consumer Staples - 1.3%
|
||
Casey’s General Stores Inc.
|
4,280
|
188,320
|
Energy - 4.7%
|
||
Bristow Group Inc. *
|
2,800
|
142,856
|
Georesources Inc. *
|
5,800
|
130,442
|
Penn Virginia Corp.
|
8,770
|
115,852
|
Scorpio Tankers Inc. *
|
10,600
|
105,894
|
SEACOR Holdings Inc. *
|
1,800
|
179,928
|
674,972
|
||
Financials - 23.0%
|
||
Alleghany Corp. *
|
311
|
103,597
|
American Campus Communities Inc., REIT
|
4,120
|
146,342
|
AMERISAFE Inc. *
|
6,170
|
139,565
|
Ares Capital Corp.
|
16,163
|
259,740
|
Assured Guaranty Ltd.
|
7,400
|
120,694
|
Campus Crest Communities Inc., REIT
|
8,800
|
113,872
|
Delphi Financial Group Inc., Class A
|
9,970
|
291,224
|
DiamondRock Hospitality Co., REIT *
|
8,329
|
89,370
|
Education Realty Trust Inc., REIT
|
16,710
|
143,205
|
First Busey Corp.
|
20,907
|
110,598
|
First Midwest Bancorp Inc./IL
|
16,930
|
208,070
|
First Niagara Financial Group Inc.
|
9,207
|
121,532
|
Flushing Financial Corp.
|
7,200
|
93,600
|
Hancock Holding Co.
|
3,600
|
111,528
|
International Bancshares Corp.
|
10,850
|
181,521
|
Mack-Cali Realty Corp., REIT
|
2,300
|
75,762
|
MB Financial Inc.
|
7,230
|
139,105
|
Northwest Bancshares Inc.
|
18,780
|
236,252
|
Shares
|
Value (Note 2)
|
|
Platinum Underwriters Holdings Ltd.
|
5,060
|
$ 168,194
|
Primerica Inc.
|
6,700
|
147,199
|
Webster Financial Corp.
|
12,680
|
266,534
|
Westamerica Bancorporation
|
1,270
|
62,548
|
3,330,052
|
||
Health Care - 8.3%
|
||
Amsurg Corp. *
|
8,290
|
216,617
|
Charles River Laboratories International Inc. *
|
6,300
|
256,095
|
Corvel Corp. *
|
3,130
|
146,797
|
Haemonetics Corp. *
|
900
|
57,933
|
ICON PLC, ADR *
|
13,130
|
309,343
|
ICU Medical Inc. *
|
4,970
|
217,189
|
1,203,974
|
||
Industrials - 23.5%
|
||
ACCO Brands Corp. *
|
22,640
|
177,724
|
Acuity Brands Inc.
|
2,110
|
117,696
|
Albany International Corp., Class A
|
10,650
|
281,054
|
Belden Inc.
|
10,830
|
377,534
|
Carlisle Cos. Inc.
|
9,950
|
489,839
|
ESCO Technologies Inc.
|
4,890
|
179,952
|
G&K Services Inc., Class A
|
3,600
|
121,896
|
GATX Corp.
|
6,170
|
229,030
|
Genesee & Wyoming Inc., Class A *
|
4,600
|
269,744
|
Kirby Corp. *
|
5,130
|
290,717
|
Mueller Industries Inc.
|
7,200
|
272,952
|
Standard Parking Corp. *
|
6,390
|
102,048
|
Sterling Construction Co. Inc. *
|
3,790
|
52,188
|
Unifirst Corp.
|
1,270
|
71,361
|
United Stationers Inc. *
|
10,260
|
363,512
|
3,397,247
|
||
Information Technology - 8.2%
|
||
Coherent Inc. *
|
1,870
|
103,355
|
Diebold Inc.
|
6,170
|
191,332
|
Electronics for Imaging Inc. *
|
2,365
|
40,725
|
MAXIMUS Inc.
|
3,540
|
292,864
|
MTS Systems Corp.
|
3,330
|
139,294
|
NAM TAI Electronics Inc. *
|
5,510
|
30,415
|
Websense Inc. *
|
7,400
|
192,178
|
Zebra Technologies Corp., Class A *
|
4,600
|
193,982
|
1,184,145
|
||
Materials - 5.2%
|
||
Aptargroup Inc.
|
4,320
|
226,109
|
Deltic Timber Corp.
|
2,880
|
154,627
|
Kraton Performance Polymers Inc. *
|
2,900
|
113,593
|
Zep Inc.
|
13,440
|
254,016
|
748,345
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS (continued)
|
||
Utilities - 5.2%
|
||
Atmos Energy Corp.
|
4,550
|
$ 151,287
|
New Jersey Resources Corp.
|
2,470
|
110,187
|
Unisource Energy Corp.
|
5,940
|
221,740
|
Westar Energy Inc.
|
5,890
|
158,500
|
WGL Holdings Inc.
|
2,760
|
106,232
|
747,946
|
||
Total Common Stocks
( Cost $11,165,000 )
|
14,014,327
|
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANY - 3.4%
|
||
State Street Institutional U.S. Government Money Market Fund
|
500,581
|
$ 500,581
|
Total Investment Company
( Cost $500,581 )
|
500,581
|
|
TOTAL INVESTMENTS - 100.4% ( Cost $11,665,581** )
|
14,514,908
|
|
NET OTHER ASSETS AND LIABILITIES - (0.4%)
|
(62,459)
|
|
TOTAL NET ASSETS - 100.0%
|
$ 14,452,449
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $11,749,146.
|
ADR
|
American Depositary Receipt.
|
PLC
|
Public Limited Company.
|
REIT
|
Real Estate Investment Trust.
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS - 97.1%
|
||
Australia - 3.7%
|
||
James Hardie Industries SE (A) *
|
158,580
|
$ 1,003,554
|
QBE Insurance Group Ltd. (A)
|
46,900
|
870,700
|
Telstra Corp. Ltd. (A)
|
679,900
|
2,111,240
|
3,985,494
|
||
Belgium - 2.5%
|
||
Anheuser-Busch InBev N.V.
|
46,900
|
2,720,481
|
Brazil - 3.5%
|
||
Banco do Brasil S.A.
|
84,070
|
1,508,320
|
Cielo S.A.
|
63,440
|
1,585,340
|
MRV Engenharia e Participacoes S.A.
|
86,100
|
714,994
|
3,808,654
|
||
Canada - 1.8%
|
||
Potash Corp. of Saskatchewan Inc.
|
17,800
|
1,016,563
|
Rogers Communications Inc.
|
24,300
|
962,224
|
1,978,787
|
||
China - 0.9%
|
||
Weichai Power Co. Ltd. (A)
|
166,000
|
978,029
|
Finland - 1.0%
|
||
Sampo OYJ
|
35,000
|
1,130,319
|
France - 11.7%
|
||
BNP Paribas
|
26,045
|
2,010,452
|
Danone
|
25,000
|
1,865,255
|
Sanofi-Aventis S.A.
|
38,612
|
3,104,262
|
Technip S.A.
|
13,530
|
1,450,545
|
Total S.A.
|
36,587
|
2,115,898
|
Valeo S.A. *
|
31,900
|
2,177,910
|
12,724,322
|
||
Germany - 6.6%
|
||
Bayerische Motoren Werke AG (A)
|
23,390
|
2,330,729
|
Merck KGaA
|
10,200
|
1,108,477
|
SAP AG
|
19,700
|
1,192,712
|
Siemens AG
|
18,519
|
2,543,199
|
7,175,117
|
||
Hong Kong - 1.1%
|
||
AIA Group Ltd. (A) *
|
344,000
|
1,199,473
|
Ireland - 0.2%
|
||
Ryanair Holdings PLC, ADR
|
7,900
|
231,786
|
Italy - 1.3%
|
||
Atlantia SpA
|
69,048
|
1,469,908
|
Shares
|
Value (Note 2)
|
|
Japan - 19.3%
|
||
Asics Corp. (A)
|
45,990
|
$ 686,795
|
Canon Inc. (A)
|
43,500
|
2,074,377
|
Daito Trust Construction Co. Ltd. (A)
|
31,510
|
2,676,074
|
Don Quijote Co. Ltd. (A)
|
45,400
|
1,580,267
|
eAccess Ltd. (A)
|
1,168
|
524,477
|
Honda Motor Co. Ltd. (A)
|
46,400
|
1,788,422
|
JS Group Corp. (A)
|
74,300
|
1,914,619
|
JX Holdings Inc. (A)
|
149,900
|
1,012,252
|
Keyence Corp. (A)
|
3,355
|
951,513
|
Mitsubishi Corp. (A)
|
38,800
|
972,132
|
Mitsubishi Estate Co. Ltd. (A)
|
68,000
|
1,193,729
|
Sumitomo Mitsui Financial Group Inc. (A)
|
40,900
|
1,258,736
|
Yahoo! Japan Corp. (A)
|
4,834
|
1,664,138
|
Yamada Denki Co. Ltd. (A)
|
32,710
|
2,668,403
|
20,965,934
|
||
Netherlands - 2.0%
|
||
ING Groep N.V. (A) *
|
176,470
|
2,176,810
|
New Zealand - 1.3%
|
||
Telecom Corp. of New Zealand Ltd. (A)
|
688,600
|
1,397,007
|
Norway - 0.8%
|
||
Aker Solutions ASA
|
42,900
|
858,771
|
Russia - 1.5%
|
||
Sberbank of Russia (A)
|
454,400
|
1,676,227
|
South Korea - 1.0%
|
||
Samsung Electronics Co. Ltd., GDR (B)
|
2,745
|
1,063,962
|
Spain - 1.3%
|
||
Amadeus IT Holding S.A. (A) *
|
67,500
|
1,404,169
|
Sweden - 2.1%
|
||
Assa Abloy AB
|
34,200
|
919,180
|
Swedbank AB
|
81,800
|
1,374,714
|
2,293,894
|
||
Switzerland - 5.6%
|
||
Julius Baer Group Ltd. *
|
22,600
|
933,569
|
Novartis AG
|
56,397
|
3,454,589
|
UBS AG *
|
96,310
|
1,756,089
|
6,144,247
|
||
Turkey - 0.7%
|
||
Turkiye Garanti Bankasi AS, ADR
|
171,700
|
789,820
|
Shares
|
Value (Note 2)
|
|
COMMON STOCKS (continued)
|
||
United Kingdom - 27.2%
|
||
BG Group PLC
|
32,000
|
$ 726,208
|
BHP Billiton PLC (A)
|
64,800
|
2,539,867
|
British American Tobacco PLC
|
44,131
|
1,934,315
|
Diageo PLC
|
56,970
|
1,163,955
|
GlaxoSmithKline PLC
|
128,200
|
2,744,768
|
Informa PLC
|
262,543
|
1,820,734
|
International Power PLC
|
187,100
|
966,021
|
Prudential PLC
|
221,900
|
2,564,198
|
Rexam PLC
|
245,219
|
1,506,565
|
Royal Dutch Shell PLC (A)
|
66,400
|
2,365,983
|
Standard Chartered PLC
|
77,257
|
2,031,017
|
Tullow Oil PLC
|
41,150
|
818,942
|
Unilever PLC (A)
|
69,500
|
2,242,819
|
Vodafone Group PLC (A)
|
405,099
|
1,076,604
|
WM Morrison Supermarkets PLC
|
299,700
|
1,431,948
|
WPP PLC
|
107,900
|
1,350,759
|
Xstrata PLC (A)
|
102,400
|
2,258,308
|
29,543,011
|
||
Total Common Stocks
( Cost $86,551,272 )
|
105,716,222
|
|
INVESTMENT COMPANY - 2.8%
|
||
United States - 2.8%
|
||
State Street Institutional U.S. Government Money Market Fund
|
3,005,221
|
3,005,221
|
Total Investment Company
( Cost $3,005,221 )
|
3,005,221
|
|
TOTAL INVESTMENTS - 99.9% ( Cost $89,556,493** )
|
108,721,443
|
|
NET OTHER ASSETS AND LIABILITIES - 0.1%
|
83,954
|
|
TOTAL NET ASSETS - 100.0%
|
$108,805,397
|
|
*
|
Non-income producing.
|
**
|
Aggregate cost for Federal tax purposes was $90,754,440.
|
(A)
|
Security valued at fair value using methods determined in good faith by or at the discretion of the Board of Trustees (see Note 2).
|
(B)
|
Security sold within terms of a private placement memorandum exempt from registration under section 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional investors."
|
ADR
|
American Depositary Receipt.
|
GDR
|
Global Depositary Receipt.
|
PLC
|
Public Limited Company.
|
OTHER INFORMATION:
|
|
Industry Concentration
|
|
% of Net Assets
|
|
Commercial Banks
|
12.7%
|
Pharmaceuticals
|
9.3%
|
Oil, Gas & Consumable Fuels
|
6.6%
|
Net Other Assets & Liabilities
|
4.8%
|
Real Estate Management & Development
|
4.2%
|
Automobiles
|
4.1%
|
Food Products
|
3.9%
|
Insurance
|
3.6%
|
Commercial Services & Supplies
|
3.5%
|
Diversified Telecommunication Services
|
3.3%
|
Distributors
|
3.3%
|
Media
|
3.2%
|
Electronic Equipment & Instruments
|
3.2%
|
Metals & Mining
|
3.1%
|
Beverages
|
3.0%
|
Capital Markets
|
2.5%
|
Electrical Equipment
|
2.5%
|
Wireless Telecommunication Services
|
2.4%
|
IT Services
|
2.3%
|
Office Electronics
|
1.9%
|
Software
|
1.8%
|
Electric Utilities
|
1.8%
|
Diversified Financial Services
|
1.4%
|
Construction Materials
|
1.4%
|
Aerospace & Defense
|
1.3%
|
Food & Staples Retailing
|
1.3%
|
Specialty Retail
|
1.3%
|
Tobacco
|
1.0%
|
Chemicals
|
1.0%
|
Air Freight & Logistics
|
0.9%
|
Machinery
|
0.9%
|
Leisure Equipment & Products
|
0.8%
|
Construction & Engineering
|
0.8%
|
Industrial Conglomerates
|
0.5%
|
Internet Software & Services
|
0.4%
|
100.0%
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 122.2%
|
||
Bond Funds - 40.8%
|
||
Franklin Floating Rate Daily Access Fund Advisor Class
|
339,589
|
$ 3,110,637
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
303,656
|
3,233,935
|
PIMCO Total Return Fund Institutional Class
|
260,635
|
2,864,383
|
Vanguard Total Bond Market ETF
|
68,555
|
5,563,924
|
14,772,879
|
||
Foreign Bond Funds - 4.9%
|
||
Templeton Global Bond Fund Advisor Class
|
129,197
|
1,791,969
|
Foreign Stock Funds - 11.3%
|
||
IVA Worldwide Fund
|
97,446
|
1,706,287
|
Vanguard FTSE All-World ex-U.S. ETF
|
47,968
|
2,389,286
|
4,095,573
|
||
Money Market Funds - 24.0%
|
||
State Street Institutional U.S. Government Money Market Fund
|
8,699,937
|
8,699,937
|
Shares
|
Value (Note 2)
|
|
Stock Funds - 41.2%
|
||
Hussman Strategic Growth Fund
|
75,481
|
$ 926,903
|
iShares S&P MidCap 400 Index Fund
|
3,703
|
361,783
|
iShares S&P North American Natural Resources Sector Index Fund
|
8,422
|
367,704
|
Rydex S&P Equal Weight ETF
|
14,846
|
752,227
|
Schwab Fundamental U.S. Large Company Index Fund
|
178,723
|
1,819,405
|
SPDR S&P 500 ETF Trust
|
50,908
|
6,718,329
|
Vanguard Dividend Appreciation ETF
|
48,818
|
2,733,320
|
Vanguard Health Care ETF
|
8,378
|
537,449
|
Vanguard Information Technology ETF
|
11,504
|
728,778
|
14,945,898
|
||
TOTAL INVESTMENTS - 122.2% ( Cost $43,885,276** )
|
44,306,256
|
|
NET OTHER ASSETS AND LIABILITIES - (22.2%)
|
(8,062,747)
|
|
TOTAL NET ASSETS - 100.0%
|
$ 36,243,509
|
**
|
Aggregate cost for Federal tax purposes was $43,899,305.
|
ETF
|
Exchange Traded Fund.
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 119.4%
|
||
Bond Funds - 28.3%
|
||
Franklin Floating Rate Daily Access Fund Advisor Class
|
266,702
|
$ 2,442,994
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
255,987
|
2,726,262
|
PIMCO Total Return Fund Institutional Class
|
173,397
|
1,905,636
|
Vanguard Total Bond Market ETF
|
50,504
|
4,098,905
|
11,173,797
|
||
Foreign Bond Funds - 3.9%
|
||
Templeton Global Bond Fund Advisor Class
|
112,027
|
1,553,820
|
Foreign Stock Funds - 13.8%
|
||
iShares MSCI Canada Index Fund
|
12,627
|
399,897
|
IVA Worldwide Fund
|
127,830
|
2,238,298
|
Vanguard FTSE All-World ex-U.S. ETF
|
55,975
|
2,788,115
|
5,426,310
|
||
Money Market Funds - 21.2%
|
||
State Street Institutional U.S. Government Money Market Fund
|
8,359,716
|
8,359,716
|
Shares
|
Value (Note 2)
|
|
Stock Funds - 52.2%
|
||
Hussman Strategic Growth Fund
|
83,476
|
$ 1,025,085
|
iShares S&P MidCap 400 Index Fund
|
8,053
|
786,778
|
iShares S&P North American Natural Resources Sector Index Fund
|
13,704
|
598,317
|
Rydex S&P Equal Weight ETF
|
15,826
|
801,864
|
Schwab Fundamental U.S. Large Company Index Fund
|
270,113
|
2,749,748
|
SPDR S&P 500 ETF Trust
|
68,829
|
9,083,363
|
Vanguard Dividend Appreciation ETF
|
67,858
|
3,799,369
|
Vanguard Health Care ETF
|
12,118
|
777,370
|
Vanguard Information Technology ETF
|
15,598
|
988,133
|
20,610,027
|
||
TOTAL INVESTMENTS - 119.4% ( Cost $46,484,014** )
|
47,123,670
|
|
NET OTHER ASSETS AND LIABILITIES - (19.4%)
|
(7,653,905)
|
|
TOTAL NET ASSETS - 100.0%
|
$ 39,469,765
|
**
|
Aggregate cost for Federal tax purposes was $46,495,742.
|
ETF
|
Exchange Traded Fund.
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 116.6%
|
||
Bond Funds - 18.8%
|
||
Franklin Floating Rate Daily Access Fund Advisor Class
|
150,710
|
$ 1,380,501
|
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
136,688
|
1,455,731
|
PIMCO Total Return Fund Institutional Class
|
70,037
|
769,704
|
Vanguard Total Bond Market ETF
|
27,814
|
2,257,384
|
5,863,320
|
||
Foreign Bond Funds - 2.9%
|
||
Templeton Global Bond Fund Advisor Class
|
66,806
|
926,596
|
Foreign Stock Funds - 15.5%
|
||
iShares MSCI Canada Index Fund
|
15,047
|
476,538
|
IVA Worldwide Fund
|
113,616
|
1,989,420
|
Vanguard FTSE All-World ex-U.S. ETF
|
47,645
|
2,373,197
|
4,839,155
|
||
Money Market Funds - 18.1%
|
||
State Street Institutional U.S. Government Money Market Fund
|
5,651,602
|
5,651,602
|
Shares
|
Value (Note 2)
|
|
Stock Funds - 61.3%
|
||
Hussman Strategic Growth Fund
|
67,951
|
$ 834,444
|
iShares S&P MidCap 400 Index Fund
|
7,974
|
779,060
|
iShares S&P North American Natural Resources Sector Index Fund
|
14,514
|
633,681
|
iShares S&P SmallCap 600 Index Fund
|
4,262
|
312,490
|
Rydex S&P Equal Weight ETF
|
18,391
|
931,824
|
Schwab Fundamental U.S. Large Company Index Fund
|
260,002
|
2,646,815
|
SPDR S&P 500 ETF Trust
|
57,486
|
7,586,427
|
Vanguard Dividend Appreciation ETF
|
64,390
|
3,605,196
|
Vanguard Health Care ETF
|
12,032
|
771,853
|
Vanguard Information Technology ETF
|
16,107
|
1,020,379
|
19,122,169
|
||
TOTAL INVESTMENTS - 116.6% ( Cost $35,761,891** )
|
36,402,842
|
|
NET OTHER ASSETS AND LIABILITIES - (16.6%)
|
(5,194,063)
|
|
TOTAL NET ASSETS - 100.0%
|
$ 31,208,779
|
**
|
Aggregate cost for Federal tax purposes was $35,772,160.
|
ETF
|
Exchange Traded Fund.
|
Shares
|
Value (Note 2)
|
|
INVESTMENT COMPANIES - 101.0%
|
||
Bond Funds - 8.0%
|
||
PIMCO Investment Grade Corporate Bond Fund Institutional Class
|
2,892
|
$ 30,798
|
Vanguard Total Bond Market ETF
|
753
|
61,113
|
91,911
|
||
Foreign Bond Funds - 2.7%
|
||
Templeton Global Bond Fund Advisor Class
|
2,247
|
31,161
|
Foreign Stock Funds - 15.6%
|
||
iShares MSCI Canada Index Fund
|
688
|
21,789
|
IVA Worldwide Fund
|
3,990
|
69,859
|
Vanguard FTSE All-World ex-U.S. ETF
|
1,743
|
86,819
|
178,467
|
||
Money Market Funds - 8.7%
|
||
State Street Institutional U.S. Government Money Market Fund
|
100,339
|
100,339
|
Shares
|
Value (Note 2)
|
|
Stock Funds - 66.0%
|
||
Hussman Strategic Growth Fund
|
1,666
|
$ 20,455
|
iShares S&P MidCap 400 Index Fund
|
384
|
37,517
|
iShares S&P North American Natural Resources Sector Index Fund
|
731
|
31,915
|
iShares S&P SmallCap 600 Index Fund
|
219
|
16,057
|
Rydex S&P Equal Weight ETF
|
632
|
32,017
|
Schwab Fundamental U.S. Large Company Index Fund
|
9,949
|
101,277
|
SPDR S&P 500 ETF Trust
|
2,199
|
290,202
|
Vanguard Dividend Appreciation ETF
|
2,717
|
152,125
|
Vanguard Health Care ETF
|
489
|
31,369
|
Vanguard Information Technology ETF
|
679
|
43,015
|
755,949
|
||
TOTAL INVESTMENTS - 101.0% ( Cost $1,134,005** )
|
1,157,827
|
|
NET OTHER ASSETS AND LIABILITIES - (1.0%)
|
(11,739)
|
|
TOTAL NET ASSETS - 100.0%
|
$ 1,146,088
|
**
|
Aggregate cost for Federal tax purposes was $1,134,642.
|
ETF
|
Exchange Traded Fund.
|
Conservative Allocation
Fund
|
Moderate Allocation
Fund
|
Aggressive Allocation
Fund
|
Money
Market
Fund
|
|
Assets:
|
||||
Investments in securities, at cost
|
||||
Unaffiliated issuers
|
$111,961,900
|
$143,251,044
|
$ 53,116,580
|
$ 66,110,933
|
Affiliated issuers1
|
115,585,462
|
223,409,907
|
67,945,201
|
–
|
Repurchase Agreement
|
–
|
–
|
–
|
–
|
Net unrealized appreciation (depreciation)
|
||||
Unaffiliated issuers
|
560,147
|
5,334,052
|
3,468,985
|
–
|
Affiliated issuers1
|
13,828,650
|
31,619,645
|
14,965,949
|
–
|
Total investments at value
|
241,936,159
|
403,614,648
|
139,496,715
|
66,110,933
|
Cash
|
–
|
–
|
–
|
–
|
Foreign currency (cost of $194,140)(Note 2)
|
–
|
–
|
–
|
–
|
Receivables:
|
||||
Investments sold
|
–
|
–
|
–
|
–
|
Fund shares sold
|
44,081
|
44,080
|
548
|
–
|
Dividends and interest
|
675,860
|
811,697
|
134,529
|
1
|
Due from Adviser, net
|
–
|
–
|
–
|
22,829
|
Other assets
|
–
|
–
|
–
|
–
|
Total assets
|
242,656,100
|
404,470,425
|
139,631,792
|
66,133,763
|
Liabilities:
|
||||
Payables:
|
||||
Investments purchased
|
–
|
–
|
–
|
–
|
Fund shares redeemed
|
71,317
|
160,401
|
73,330
|
1,204
|
Auditor fees
|
3,273
|
8,083
|
3,273
|
4,463
|
Management fees
|
59,623
|
98,534
|
33,633
|
24,394
|
Distribution fees – Class II
|
8,449
|
7,787
|
388
|
80
|
Compliance expense
|
1,072
|
4,086
|
1,157
|
3,101
|
Accrued expenses and other payables
|
–
|
–
|
–
|
–
|
Options written, at value (premium received $97,979)
|
–
|
–
|
–
|
–
|
Total liabilities
|
143,734
|
278,891
|
111,781
|
33,242
|
Net assets applicable to outstanding capital stock
|
$242,512,366
|
$404,191,534
|
$139,520,011
|
$ 66,100,521
|
Net assets consist of:
|
||||
Paid-in capital
|
$234,039,039
|
$418,175,138
|
$141,681,557
|
$ 66,100,521
|
Accumulated undistributed net investment income
|
3,094,084
|
3,299,878
|
377,391
|
–
|
Accumulated net realized loss on investments sold and options and foreign currency related transactions
|
(9,009,554)
|
(54,237,179)
|
(20,973,871)
|
–
|
Net unrealized appreciation (depreciation) of investments (including appreciation (depreciation) of options and foreign currency related transactions)
|
14,388,797
|
36,953,697
|
18,434,934
|
–
|
Net Assets
|
$242,512,366
|
$404,191,534
|
$139,520,011
|
$ 66,100,521
|
Class I Shares:
|
||||
Net Assets
|
$200,757,048
|
$365,699,033
|
$137,589,389
|
$ 65,732,300
|
Shares of beneficial interest outstanding
|
19,385,052
|
36,923,826
|
14,431,237
|
65,732,300
|
Net Asset Value and redemption price per share
|
$10.36
|
$9.90
|
$9.53
|
$1.00
|
Class II Shares:
|
||||
Net Assets
|
$ 41,755,318
|
$ 38,492,501
|
$ 1,930,622
|
$ 368,221
|
Shares of beneficial interest outstanding
|
4,035,490
|
3,891,753
|
202,896
|
368,221
|
Net Asset Value and redemption price per share
|
$10.35
|
$9.89
|
$9.52
|
$1.00
|
1
|
See Note 11 for information on affiliated issuers.
|
Bond
Fund
|
High
Income
Fund
|
Diversified
Income
Fund
|
Equity
Income
Fund
|
Large Cap
Value
Fund
|
Large Cap
Growth
Fund
|
Mid Cap
Fund
|
Small Cap
Fund
|
International
Stock Fund
|
$423,268,361
|
$ 93,939,231
|
$367,973,760
|
$ 2,573,497
|
$450,211,218
|
$335,398,566
|
$349,224,674
|
$ 11,665,581
|
$ 89,556,493
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
493,501
|
–
|
–
|
–
|
–
|
–
|
23,359,621
|
3,846,291
|
46,387,440
|
(74,547)
|
82,332,354
|
65,542,593
|
67,380,537
|
2,849,327
|
19,164,950
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
446,627,982
|
97,785,522
|
414,361,200
|
2,992,451
|
532,543,572
|
400,941,159
|
416,605,211
|
14,514,908
|
108,721,443
|
–
|
97
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
194,704
|
–
|
318,641
|
–
|
–
|
–
|
2,929,181
|
–
|
11,652
|
71
|
83,955
|
51,427
|
90,247
|
–
|
–
|
3,504
|
–
|
3,522
|
15,363
|
3,809,954
|
1,611,244
|
2,357,392
|
2,157
|
905,814
|
233,882
|
369,188
|
11,000
|
220,167
|
–
|
–
|
–
|
–
|
|||||
–
|
–
|
–
|
–
|
–
|
269,931
|
–
|
–
|
201,113
|
450,521,891
|
99,766,931
|
416,808,839
|
2,994,608
|
533,449,386
|
404,377,657
|
416,974,399
|
14,541,082
|
109,352,861
|
–
|
529,576
|
–
|
–
|
–
|
2,199,333
|
–
|
3,009
|
305,890
|
487,164
|
1,698
|
167,477
|
863
|
932,100
|
331,383
|
419,180
|
72,235
|
123,933
|
14,480
|
2,975
|
14,232
|
162
|
20,579
|
14,926
|
10,314
|
317
|
6,781
|
205,283
|
61,347
|
238,692
|
–
|
259,239
|
256,184
|
301,918
|
12,668
|
104,769
|
9,670
|
1,217
|
6,016
|
–
|
1,199
|
5,623
|
2,841
|
309
|
3,414
|
10,877
|
2,337
|
10,132
|
–
|
21,743
|
12,057
|
4,887
|
95
|
2,677
|
–
|
–
|
–
|
100
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
95,108
|
–
|
–
|
–
|
–
|
–
|
727,474
|
599,150
|
436,549
|
96,233
|
1,234,860
|
2,819,506
|
739,140
|
88,633
|
547,464
|
$449,794,417
|
$ 99,167,781
|
$416,372,290
|
$ 2,898,375
|
$532,214,526
|
$401,558,151
|
$416,235,259
|
$ 14,452,449
|
$108,805,397
|
$432,018,025
|
$102,918,721
|
$404,593,098
|
$ 2,808,207
|
$556,505,048
|
$356,134,679
|
$430,197,281
|
$ 13,104,938
|
$125,685,586
|
8,332,414
|
3,233,566
|
6,112,746
|
(4,410)
|
5,217,685
|
473,800
|
52,836
|
19,499
|
1,212,167
|
(13,915,643)
|
(10,830,797)
|
(40,720,994)
|
166,254
|
(111,840,561)
|
(20,592,921)
|
(81,395,395)
|
(1,521,315)
|
(37,286,952)
|
23,359,621
|
3,846,291
|
46,387,440
|
(71,676)
|
82,332,354
|
65,542,593
|
67,380,537
|
2,849,327
|
19,194,596
|
$449,794,417
|
$ 99,167,781
|
$416,372,290
|
$ 2,898,375
|
$532,214,526
|
$401,558,151
|
$416,235,259
|
$ 14,452,449
|
$108,805,397
|
$402,622,698
|
$ 93,153,541
|
$386,565,044
|
$ 483,330
|
$526,320,639
|
$372,834,689
|
$402,071,937
|
$ 12,905,296
|
$ 91,627,949
|
38,289,067
|
9,557,974
|
22,097,426
|
46,260
|
20,727,356
|
16,015,290
|
25,945,440
|
1,132,185
|
8,599,708
|
$10.52
|
$9.75
|
$17.49
|
$10.45
|
$25.39
|
$23.28
|
$15.50
|
$11.40
|
$10.65
|
$ 47,171,719
|
$ 6,014,240
|
$ 29,807,246
|
$ 2,415,045
|
$ 5,893,887
|
$ 28,723,462
|
$ 14,163,322
|
$ 1,547,153
|
$ 17,177,448
|
4,489,812
|
616,753
|
1,705,755
|
231,801
|
232,556
|
1,236,416
|
915,430
|
136,021
|
1,613,566
|
$10.51
|
$9.75
|
$17.47
|
$10.42
|
$25.34
|
$23.23
|
$15.47
|
$11.37
|
$10.65
|
Madison Target
Retirement
2020 Fund
|
Madison Target
Retirement
2030 Fund
|
Madison Target
Retirement
2040 Fund
|
Madison Target
Retirement
2050 Fund
|
|
Assets:
|
||||
Investments in securities, at cost
|
||||
Unaffiliated issuers
|
$ 43,885,276
|
$ 46,484,014
|
$ 35,761,891
|
$ 1,134,005
|
Net unrealized appreciation
|
||||
Unaffiliated issuers
|
420,980
|
639,656
|
640,951
|
23,822
|
Total investments at value
|
44,306,256
|
47,123,670
|
36,402,842
|
1,157,827
|
Receivables:
|
||||
Investments sold
|
774,671
|
797,049
|
975,103
|
31,604
|
Fund shares sold
|
32,956
|
42,827
|
–
|
71,171
|
Dividends and interest
|
64,359
|
66,221
|
49,113
|
1,392
|
Total assets
|
45,178,242
|
48,029,767
|
37,427,058
|
1,261,994
|
Liabilities:
|
||||
Payables:
|
||||
Investments purchased
|
8,928,818
|
8,553,697
|
6,159,795
|
115,737
|
Fund shares redeemed
|
–
|
–
|
53,435
|
–
|
Auditor fees
|
82
|
62
|
44
|
22
|
Management fees
|
5,798
|
6,234
|
4,994
|
146
|
Compliance expense
|
35
|
9
|
11
|
1
|
Total liabilities
|
8,934,733
|
8,560,002
|
6,218,279
|
115,906
|
Net assets applicable to outstanding capital stock
|
$ 36,243,509
|
$ 39,469,765
|
$ 31,208,779
|
$ 1,146,088
|
Net assets consist of:
|
||||
Paid-in capital
|
$ 34,202,633
|
$ 36,417,099
|
$ 28,229,299
|
$ 1,127,982
|
Accumulated undistributed net investment income
|
340,042
|
305,878
|
197,488
|
3,385
|
Accumulated net realized gain (loss) on investments sold and foreign currency related transactions
|
1,279,854
|
2,107,132
|
2,141,041
|
(9,101)
|
Net unrealized depreciation of investments (including appreciation of foreign currency related transactions)
|
420,980
|
639,656
|
640,951
|
23,822
|
Net Assets
|
$ 36,243,509
|
$ 39,469,765
|
$ 31,208,779
|
$ 1,146,088
|
Class I Shares:
|
||||
Net Assets
|
$ 36,243,509
|
$ 39,469,765
|
$ 31,208,779
|
$ 1,146,088
|
Shares of beneficial interest outstanding
|
4,321,597
|
4,797,326
|
3,935,601
|
110,111
|
Net Asset Value and redemption price per share
|
$8.39
|
$8.23
|
$7.93
|
$10.41
|
Conservative Allocation
Fund
|
Moderate Allocation
Fund
|
Aggressive Allocation
Fund
|
Money
Market Fund
|
|
Investment Income:
|
||||
Interest
|
$ 599
|
$ 849
|
$ 404
|
$ 37,069
|
Dividends
|
||||
Unaffiliated issuers
|
1,788,013
|
1,777,943
|
208,340
|
–
|
Affiliated issuers1
|
1,712,419
|
2,172,509
|
377,260
|
–
|
Less: Foreign taxes withheld
|
–
|
–
|
–
|
–
|
Total investment income
|
3,501,031
|
3,951,301
|
586,004
|
37,069
|
Expenses:
|
||||
Management fees
|
353,862
|
591,590
|
200,822
|
148,474
|
Audit fees
|
3,273
|
8,083
|
3,273
|
4,463
|
Trustees’ fees
|
1,250
|
3,500
|
1,250
|
1,750
|
Distribution fees – Class II
|
47,490
|
44,164
|
2,111
|
563
|
Compliance expense
|
1,072
|
4,086
|
1,157
|
3,101
|
Total expenses before reimbursement/waiver
|
406,947
|
651,423
|
208,613
|
158,351
|
Less reimbursement/waiver2
|
–
|
–
|
–
|
(121,282)
|
Total expenses net of reimbursement/waiver
|
406,947
|
651,423
|
208,613
|
37,069
|
Net Investment Income (Loss)
|
3,094,084
|
3,299,878
|
377,391
|
–
|
Net Realized and Unrealized Gain (Loss) on Investments
|
||||
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions)
|
||||
Unaffiliated issuers
|
64,129
|
1,038,097
|
858,746
|
–
|
Affiliated issuers1
|
(181,105)
|
391,156
|
423,873
|
–
|
Net change in unrealized appreciation (depreciation)on investments (including net unrealized appreciation (depreciation) on options and foreign currency related transactions)
|
||||
Options
|
–
|
–
|
–
|
–
|
Unaffiliated issuers
|
1,607,074
|
3,044,574
|
956,759
|
–
|
Affiliated issuers1
|
3,710,283
|
9,426,999
|
3,942,146
|
–
|
Net Realized and Unrealized Gain (Loss) on Investments
and Options Transactions
|
5,200,381
|
13,900,826
|
6,181,524
|
–
|
Net Increase in Net Assets from Operations
|
$ 8,294,465
|
$ 17,200,704
|
$ 6,558,915
|
$ –
|
1
|
See Note 11 for information on affiliated issuers.
|
2
|
Waiver includes management fees of $120,719 and distribution fees of $563 for the Money Market Fund.
|
Bond Fund
|
High
Income Fund
|
Diversified Income Fund
|
Equity
Income Fund
|
|
Investment Income:
|
||||
Interest
|
$ 9,708,265
|
$ 3,743,088
|
$ 4,163,491
|
$ 71
|
Dividends
|
||||
Unaffiliated issuers
|
–
|
21,312
|
3,486,967
|
10,253
|
Affiliated issuers1
|
–
|
–
|
–
|
–
|
Less: Foreign taxes withheld
|
–
|
–
|
(28,311)
|
–
|
Total investment income
|
9,708,265
|
3,764,400
|
7,622,147
|
10,324
|
Expenses:
|
||||
Management fees
|
1,250,935
|
375,647
|
1,440,730
|
11,796
|
Audit fees
|
14,480
|
2,975
|
14,232
|
162
|
Trustees’ fees
|
11,000
|
2,000
|
11,000
|
100
|
Distribution fees – Class II
|
51,504
|
6,525
|
33,307
|
2,676
|
Compliance expense
|
10,878
|
2,337
|
10,132
|
–
|
Total expenses before reimbursement/waiver
|
1,338,797
|
389,484
|
1,509,401
|
14,734
|
Less reimbursement/waiver2
|
–
|
–
|
–
|
–
|
Total expenses net of reimbursement/waiver
|
1,338,797
|
389,484
|
1,509,401
|
14,734
|
Net Investment Income (Loss)
|
8,369,468
|
3,374,916
|
6,112,746
|
(4,410)
|
Net Realized and Unrealized Gain (Loss) on Investments
|
||||
Net realized gain (loss) on investments (including net realized gain (loss) on foreign currency related transactions)
|
||||
Unaffiliated issuers
|
170,941
|
–
|
–
|
47,173
|
Affiliated issuers1
|
–
|
2,247,509
|
8,206,046
|
119,398
|
Net change in unrealized appreciation (depreciation)on investments (including net unrealized appreciation (depreciation) on foreign currency related transactions)
|
||||
Options
|
–
|
–
|
–
|
37,909
|
Unaffiliated issuers
|
1,640,010
|
(1,899,297)
|
7,241,592
|
(181,336)
|
Net Realized and Unrealized Gain (Loss) on Investments
and Options Transactions
|
1,810,951
|
348,212
|
15,447,638
|
23,144
|
Net Increase (Decrease) in Net Assets from Operations
|
$ 10,180,419
|
$ 3,723,128
|
$ 21,560,384
|
$ 18,734
|
1
|
See Note 11 for information on affiliated issuers.
|
2
|
See Note 3 regarding management fee waivers for the Target Date Funds.
|
Large Cap
Value
Fund
|
Large Cap
Growth
Fund
|
Mid Cap
Fund
|
Small Cap
Fund
|
International
Stock Fund
|
Madison Target
Retirement
2020 Fund
|
Madison Target
Retirement
2030 Fund
|
Madison Target
Retirement
2040 Fund
|
Madison Target
Retirement
2050 Fund
|
$ 1,334
|
$ 3,967
|
$ 3,697
|
$ 73
|
$ 5,508
|
$ 202
|
$ 12
|
$ 10
|
$ 3
|
6,920,338
|
2,140,968
|
1,954,123
|
97,572
|
2,361,400
|
283,319
|
252,693
|
163,248
|
3,113
|
–
|
–
|
–
|
–
|
–
|
88,807
|
88,334
|
62,870
|
752
|
(36,678)
|
(14,788)
|
(30,362)
|
–
|
(177,728)
|
–
|
–
|
–
|
–
|
6,884,994
|
2,130,147
|
1,927,458
|
97,645
|
2,189,180
|
372,328
|
341,199
|
226,218
|
3,868
|
1,600,444
|
1,587,282
|
1,837,820
|
75,759
|
638,973
|
39,599
|
43,526
|
35,510
|
497
|
20,579
|
14,926
|
10,315
|
317
|
6,781
|
82
|
62
|
44
|
22
|
17,400
|
11,000
|
5,000
|
100
|
2,500
|
50
|
50
|
50
|
–
|
7,142
|
31,082
|
16,600
|
1,875
|
19,108
|
–
|
–
|
–
|
–
|
21,744
|
12,057
|
4,887
|
95
|
2,677
|
35
|
9
|
11
|
1
|
1,667,309
|
1,656,347
|
1,874,622
|
78,146
|
670,039
|
39,766
|
43,647
|
35,615
|
520
|
–
|
–
|
–
|
–
|
–
|
(7,480)
|
(8,326)
|
(6,885)
|
(37)
|
1,667,309
|
1,656,347
|
1,874,622
|
78,146
|
670,039
|
32,286
|
35,321
|
28,730
|
483
|
5,217,685
|
473,800
|
52,836
|
19,499
|
1,519,141
|
340,042
|
305,878
|
197,488
|
3,385
|
–
|
–
|
–
|
–
|
–
|
332,252
|
535,624
|
662,421
|
(5,135)
|
15,754,471
|
37,656,337
|
29,307,972
|
460,345
|
3,758,338
|
2,036,368
|
2,247,664
|
1,924,936
|
(3,966)
|
–
|
–
|
–
|
–
|
–
|
||||
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
19,371,157
|
(18,375,025)
|
7,903,694
|
310,211
|
1,697,556
|
(1,467,649)
|
(1,655,938)
|
(1,570,973)
|
23,822
|
35,125,628
|
19,281,312
|
37,211,666
|
770,556
|
5,455,894
|
900,971
|
1,127,350
|
1,016,384
|
14,721
|
$ 40,343,313
|
$ 19,755,112
|
$ 37,264,502
|
$ 790,055
|
$ 6,975,035
|
$ 1,241,013
|
$ 1,433,228
|
$ 1,213,872
|
$ 18,106
|
Conservative Allocation Fund
|
Moderate Allocation Fund
|
|||
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
|
Net Assets at beginning of period
|
$231,082,035
|
$189,151,289
|
$384,260,026
|
$344,590,404
|
Increase (decrease) in net assets from operations:
|
||||
Net investment income
|
3,094,084
|
6,243,595
|
3,299,878
|
8,219,996
|
Net realized gain (loss) on investment
|
(116,976)
|
7,769,440
|
1,429,253
|
7,425,476
|
Net change in unrealized appreciation (depreciation) on investments
|
5,317,357
|
3,215,628
|
12,471,573
|
19,967,506
|
Net increase (decrease) in net assets from operations
|
8,294,465
|
17,228,663
|
17,200,704
|
35,612,978
|
Distributions to shareholders from:
|
||||
Net investment income
|
||||
Class I
|
(200,401)
|
(7,654,294)
|
(242,947)
|
(10,317,104)
|
Class II
|
–
|
(1,328,070)
|
–
|
(878,996)
|
Total distributions
|
(200,401)
|
(8,982,364)
|
(242,947)
|
(11,196,100)
|
Capital Stock transactions:
|
||||
Class I Shares
|
||||
Shares sold
|
11,156,715
|
30,294,841
|
13,607,410
|
37,578,345
|
Issued to shareholders in reinvestment of distributions
|
200,401
|
7,654,294
|
242,947
|
10,317,104
|
Shares redeemed
|
(13,074,045)
|
(26,027,299)
|
(16,204,333)
|
(50,784,583)
|
Net increase (decrease) in net assets from capital share transactions
|
(1,716,929)
|
11,921,836
|
(2,353,976)
|
(2,889,134)
|
Class II Shares
|
||||
Shares sold
|
6,536,706
|
21,941,860
|
6,254,600
|
18,891,332
|
Issued to shareholders in reinvestment of distributions
|
–
|
1,328,070
|
–
|
878,996
|
Shares redeemed
|
(1,483,510)
|
(1,507,319)
|
(926,873)
|
(1,628,450)
|
Net increase (decrease) in net assets from capital share transactions
|
5,053,196
|
21,762,611
|
5,327,727
|
18,141,878
|
Total net increase (decrease) from capital share transactions
|
3,336,267
|
33,684,447
|
2,973,751
|
15,252,744
|
Total increase (decrease) in net assets
|
11,430,331
|
41,930,746
|
19,931,508
|
39,669,622
|
Net Assets at end of period
|
$242,512,366
|
$231,082,035
|
$404,191,534
|
$384,260,026
|
Undistributed net investment income included in net assets
|
$ 3,094,084
|
$ 200,401
|
$ 3,299,878
|
$ 242,947
|
Capital Share transactions:
|
||||
Class I Shares
|
||||
Shares sold
|
1,089,147
|
3,053,915
|
1,395,520
|
4,111,214
|
Issued to shareholders in reinvestment of distributions
|
19,536
|
765,160
|
25,061
|
1,088,307
|
Shares redeemed
|
(1,275,328)
|
(2,615,695)
|
(1,659,690)
|
(5,528,211)
|
Net increase in shares outstanding
|
(166,645)
|
1,203,380
|
(239,109)
|
(328,690)
|
Class II Shares
|
||||
Shares sold
|
639,095
|
2,225,231
|
641,116
|
2,059,232
|
Issued to shareholders in reinvestment of distributions
|
–
|
132,811
|
–
|
92,735
|
Shares redeemed
|
(145,950)
|
(150,625)
|
(95,214)
|
(177,705)
|
Net increase (decrease) from capital stock transactions
|
493,145
|
2,207,417
|
545,902
|
1,974,262
|
Aggressive Allocation Fund
|
Money Market Fund
|
Bond Fund
|
High Income Fund
|
||||
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
$127,694,004
|
$115,006,315
|
$ 70,211,054
|
$ 92,647,633
|
$465,248,826
|
$551,508,094
|
$ 99,838,101
|
$108,870,121
|
377,391
|
1,557,353
|
–
|
–
|
8,369,468
|
19,886,343
|
3,374,916
|
7,431,726
|
1,282,619
|
981,371
|
–
|
–
|
170,941
|
(776,528)
|
2,247,509
|
2,864,620
|
4,898,905
|
10,718,082
|
–
|
–
|
1,640,010
|
12,715,837
|
(1,899,297)
|
650,950
|
6,558,915
|
13,256,806
|
–
|
–
|
10,180,419
|
31,825,652
|
3,723,128
|
10,947,296
|
(45,988)
|
(1,957,002)
|
–
|
–
|
(379,626)
|
(17,920,685)
|
(228,607)
|
(7,114,840)
|
–
|
(20,174)
|
–
|
–
|
–
|
(1,415,679)
|
(6,413)
|
(303,771)
|
(45,988)
|
(1,977,176)
|
–
|
–
|
(379,626)
|
(19,336,364)
|
(235,020)
|
(7,418,611)
|
9,105,097
|
21,387,476
|
13,265,466
|
24,976,798
|
23,314,192
|
24,922,679
|
2,364,413
|
9,178,883
|
45,988
|
1,957,002
|
–
|
–
|
379,626
|
17,920,685
|
228,607
|
7,114,840
|
(4,267,209)
|
(22,757,613)
|
(17,166,807)
|
(47,805,484)
|
(59,449,847)
|
(168,220,819)
|
(8,321,642)
|
(32,008,596)
|
4,883,876
|
586,865
|
(3,901,341)
|
(22,828,686)
|
(35,756,029)
|
(125,377,455)
|
(5,728,622)
|
(15,714,873)
|
459,453
|
815,901
|
652,686
|
1,623,479
|
10,875,704
|
25,338,964
|
1,592,968
|
2,870,986
|
–
|
20,174
|
–
|
–
|
–
|
1,415,679
|
6,413
|
303,771
|
(30,249)
|
(14,881)
|
(861,878)
|
(1,231,372)
|
(374,877)
|
(125,744)
|
(29,187)
|
(20,589)
|
429,204
|
821,194
|
(209,192)
|
392,107
|
10,500,827
|
26,628,899
|
1,570,194
|
3,154,168
|
5,313,080
|
1,408,059
|
(4,110,533)
|
(22,436,579)
|
(25,255,202)
|
(98,748,556)
|
(4,158,428)
|
(12,560,705)
|
11,826,007
|
12,687,689
|
(4,110,533)
|
(22,436,579)
|
(15,454,409)
|
(86,259,268)
|
(670,320)
|
(9,032,020)
|
$139,520,011
|
$127,694,004
|
$ 66,100,521
|
$ 70,211,054
|
$449,794,417
|
$465,248,826
|
$ 99,167,781
|
$ 99,838,101
|
$ 377,391
|
$ 45,988
|
$ –
|
$ –
|
$ 8,332,414
|
$ 342,572
|
$ 3,233,566
|
$ 93,670
|
971,949
|
2,513,771
|
13,265,466
|
24,976,798
|
2,260,027
|
2,367,180
|
243,544
|
944,926
|
4,981
|
215,569
|
–
|
–
|
35,884
|
1,746,484
|
23,542
|
756,070
|
(454,591)
|
(2,620,741)
|
(17,166,807)
|
(47,805,484)
|
(5,744,426)
|
(15,817,029)
|
(856,476)
|
(3,382,330)
|
522,339
|
108,599
|
(3,901,341)
|
(22,828,686)
|
(3,448,515)
|
(11,703,365)
|
(589,390)
|
(1,681,334)
|
49,055
|
94,595
|
652,686
|
1,623,479
|
1,050,261
|
2,391,169
|
164,133
|
298,803
|
–
|
2,225
|
–
|
–
|
–
|
138,090
|
660
|
32,256
|
(3,228)
|
(1,754)
|
(861,878)
|
(1,231,372)
|
(36,394)
|
(11,932)
|
(2,997)
|
(2,136)
|
45,827
|
95,066
|
(209,192)
|
392,107
|
1,013,867
|
2,517,327
|
161,796
|
328,923
|
Diversified Income Fund
|
Equity Income Fund
|
|||
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/101
|
|
Net Assets at beginning of period
|
$407,017,583
|
$424,642,342
|
$ 2,221,337
|
$ –
|
Increase in net assets from operations:
|
||||
Net investment income
|
6,112,746
|
14,547,308
|
(4,410)
|
(3,605)
|
Net realized gain on investment
|
8,206,046
|
13,803,156
|
166,571
|
65,821
|
Net change in unrealized appreciation (depreciation) on investments
|
7,241,592
|
18,841,915
|
(143,427)
|
71,751
|
Net increase in net assets from operations
|
21,560,384
|
47,192,379
|
18,734
|
133,967
|
Distributions to shareholders from:
|
||||
Net investment income
|
||||
Class I
|
(282,108)
|
(13,512,500)
|
–
|
–
|
Class II
|
–
|
(740,470)
|
–
|
–
|
Net realized gains
|
||||
Class I
|
–
|
–
|
(1,586)
|
(11,456)
|
Class II
|
–
|
–
|
(7,871)
|
(41,620)
|
Total distributions
|
(282,108)
|
(14,252,970)
|
(9,457)
|
(53,076)
|
Capital Stock transactions:
|
||||
Class I Shares
|
||||
Shares sold
|
4,273,794
|
6,186,073
|
–
|
450,000
|
Issued to shareholders in reinvestment of distributions
|
282,108
|
13,512,500
|
1,586
|
11,456
|
Shares redeemed
|
(22,642,928)
|
(85,409,980)
|
–
|
–
|
Net increase (decrease) in net assets from capital share transactions
|
(18,087,026)
|
(65,711,407)
|
1,586
|
461,456
|
Class II Shares
|
||||
Shares sold
|
7,022,098
|
16,060,982
|
687,322
|
1,639,463
|
Issued to shareholders in reinvestment of distributions
|
–
|
740,470
|
7,871
|
41,620
|
Shares redeemed
|
(858,641)
|
(1,654,213)
|
(29,018)
|
(2,093)
|
Net increase in net assets from capital share transactions
|
6,163,457
|
15,147,239
|
666,175
|
1,678,990
|
Total net increase (decrease) from capital share transactions
|
(11,923,569)
|
(50,564,168)
|
667,761
|
2,140,446
|
Total increase (decrease) in net assets
|
9,354,707
|
(17,624,759)
|
677,038
|
2,221,337
|
Net Assets at end of period
|
$416,372,290
|
$407,017,583
|
2,898,375
|
2,221,337
|
Undistributed net investment income included in net assets
|
$ 6,112,746
|
$ 282,108
|
(4,410)
|
–
|
Capital Share transactions:
|
||||
Class I Shares
|
||||
Shares sold2
|
249,871
|
382,789
|
–
|
45,000
|
Issued to shareholders in reinvestment of distributions
|
16,362
|
815,184
|
155
|
1,105
|
Shares redeemed3
|
(1,320,644)
|
(5,266,514)
|
–
|
–
|
Net increase in shares outstanding
|
(1,054,411)
|
(4,068,541)
|
155
|
46,105
|
Class II Shares
|
||||
Shares sold2
|
412,760
|
995,293
|
65,385
|
164,579
|
Issued to shareholders in reinvestment of distributions
|
–
|
44,665
|
780
|
4,021
|
Shares redeemed3
|
(50,363)
|
(103,911)
|
(2,758)
|
(206)
|
Net increase (decrease) from capital stock transactions
|
362,397
|
936,047
|
63,407
|
168,394
|
1
|
The Equity Income Fund commenced investment operations on April 30, 2010.
|
2
|
A portion of the shares sold for the Mid Cap and Small Cap Funds are merger related. See Note 13.
|
3
|
Included in Mid Cap Fund’s amounts are 55,587,696 shares of Class I and 975,111 shares of Class II, redeemed as part of a reverse stock split resulting from the Mid Cap merger effective May 1, 2010. See Note 12.
|
Large Cap Value Fund
|
Large Cap Growth Fund
|
Mid Cap Fund
|
Small Cap Fund
|
||||
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
$530,247,917
|
$633,315,527
|
$395,446,443
|
$439,485,846
|
$397,169,596
|
$231,140,313
|
$ 13,097,057
|
$ 8,605,016
|
5,217,685
|
10,041,801
|
473,800
|
2,098,277
|
52,836
|
1,426,201
|
19,499
|
90,074
|
15,754,471
|
12,524,176
|
37,656,337
|
45,547,695
|
29,307,972
|
38,533,473
|
460,345
|
1,388,131
|
19,371,157
|
20,216,492
|
(18,375,025)
|
(1,480,283)
|
7,903,694
|
22,164,950
|
310,211
|
2,037,319
|
40,343,313
|
42,782,469
|
19,755,112
|
46,165,689
|
37,264,502
|
62,124,624
|
790,055
|
3,515,524
|
(99,876)
|
(9,874,790)
|
(43,934)
|
(2,008,954)
|
(105,029)
|
(1,297,752)
|
(884)
|
(77,264)
|
–
|
(92,316)
|
–
|
(80,740)
|
–
|
(23,971)
|
–
|
(7,146)
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
–
|
(99,876)
|
(9,967,106)
|
(43,934)
|
(2,089,694)
|
(105,029)
|
(1,321,723)
|
(884)
|
(84,410)
|
9,440,892
|
10,390,330
|
7,840,471
|
12,483,565
|
10,680,281
|
193,863,822
|
1,277,451
|
10,030,126
|
99,876
|
9,874,790
|
43,934
|
2,008,954
|
105,029
|
1,297,752
|
884
|
77,264
|
(47,942,576)
|
(158,639,460)
|
(28,268,055)
|
(115,438,988)
|
(29,920,891)
|
(98,896,293)
|
(786,981)
|
(9,565,271)
|
(38,401,808)
|
(138,374,340)
|
(20,383,650)
|
(100,946,469)
|
(19,135,581)
|
96,265,281
|
491,354
|
542,119
|
381,677
|
2,505,643
|
6,888,390
|
12,822,773
|
1,339,952
|
9,080,395
|
220,765
|
579,122
|
–
|
92,316
|
–
|
80,740
|
–
|
23,971
|
–
|
7,146
|
(256,697)
|
(106,592)
|
(104,210)
|
(72,442)
|
(298,181)
|
(143,265)
|
(145,898)
|
(67,460)
|
124,980
|
2,491,367
|
6,784,180
|
12,831,071
|
1,041,771
|
8,961,101
|
74,867
|
518,808
|
(38,276,828)
|
(135,882,973)
|
(13,599,470)
|
(88,115,398)
|
(18,093,810)
|
105,226,382
|
566,221
|
1,060,927
|
1,966,609
|
(103,067,610)
|
6,111,708
|
(44,039,403)
|
19,065,663
|
166,029,283
|
1,355,392
|
4,492,041
|
$532,214,526
|
$530,247,917
|
$401,558,151
|
$395,446,443
|
$416,235,259
|
$397,169,596
|
$ 14,452,449
|
$ 13,097,057
|
$ 5,217,685
|
$ 99,876
|
$ 473,800
|
$ 43,934
|
$ 52,836
|
$ 105,029
|
$ 19,499
|
$ 884
|
376,651
|
452,699
|
340,538
|
617,902
|
697,513
|
40,430,546
|
114,477
|
1,150,799
|
4,066
|
420,253
|
1,992
|
90,753
|
7,073
|
91,523
|
82
|
7,118
|
(1,932,465)
|
(7,041,043)
|
(1,233,404)
|
(5,618,929)
|
(1,996,558)
|
(64,978,007)
|
(71,394)
|
(1,004,690)
|
(1,551,748)
|
(6,168,091)
|
(890,874)
|
(4,910,274)
|
(1,291,972)
|
(24,455,938)
|
43,165
|
153,227
|
15,414
|
113,216
|
301,328
|
637,399
|
89,436
|
1,438,260
|
20,095
|
63,338
|
–
|
3,928
|
–
|
3,643
|
–
|
1,692
|
–
|
658
|
(10,299)
|
(4,782)
|
(4,532)
|
(3,505)
|
(19,614)
|
(988,143)
|
(13,180)
|
(7,085)
|
5,115
|
112,362
|
296,796
|
637,537
|
69,822
|
451,809
|
6,915
|
56,911
|
International Stock Fund
|
Madison Target Retirement 2020 Fund
|
|||
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
|
Net Assets at beginning of period
|
$105,304,241
|
$ 81,959,251
|
$ 27,647,785
|
$ 19,299,907
|
Increase (decrease) in net assets from operations:
|
||||
Net investment income
|
1,519,141
|
1,364,848
|
340,042
|
592,475
|
Net realized gain (loss) on investment
|
3,758,338
|
(12,611,702)
|
2,368,620
|
433,236
|
Net change in unrealized appreciation (depreciation) on investments
|
1,697,556
|
9,722,689
|
(1,467,649)
|
1,041,991
|
Net increase (decrease) in net assets from operations
|
6,975,035
|
(1,524,165)
|
1,241,013
|
2,067,702
|
Distributions to shareholders from:
|
||||
Net investment income
|
||||
Class I
|
(38,929)
|
(1,747,310)
|
(21,164)
|
(890,022)
|
Class II
|
–
|
(164,100)
|
–
|
–
|
Total distributions
|
(38,929)
|
(1,911,410)
|
(21,164)
|
(890,022)
|
Capital Stock transactions:
|
||||
Class I Shares
|
||||
Shares sold
|
2,304,549
|
44,238,040
|
8,508,477
|
10,542,189
|
Issued to shareholders in reinvestment of distributions
|
38,929
|
1,747,310
|
21,164
|
890,022
|
Shares redeemed
|
(8,744,074)
|
(27,530,444)
|
(1,153,766)
|
(4,262,013)
|
Net increase in net assets from capital share transactions
|
(6,400,596)
|
18,454,906
|
7,375,875
|
7,170,198
|
Class II Shares2
|
||||
Shares sold
|
3,105,690
|
8,220,151
|
||
Issued to shareholders in reinvestment of distributions
|
–
|
164,100
|
||
Shares redeemed
|
(140,044)
|
(58,592)
|
||
Net increase in net assets from capital share transactions
|
2,965,646
|
8,325,659
|
||
Total net increase (decrease) from capital share transactions
|
(3,434,950)
|
26,780,565
|
7,375,875
|
7,170,198
|
Total increase in net assets
|
3,501,156
|
23,344,990
|
8,595,724
|
8,347,878
|
Net Assets at end of period
|
$108,805,397
|
$105,304,241
|
$ 36,243,509
|
$ 27,647,785
|
Undistributed net investment income included in net assets
|
$ 1,212,167
|
$ (268,045)
|
$ 340,042
|
$ 21,164
|
Capital Share transactions:
|
||||
Class I Shares
|
||||
Shares sold
|
222,526
|
3,857,990
|
1,028,547
|
1,339,863
|
Issued to shareholders in reinvestment of distributions
|
3,811
|
178,541
|
2,566
|
110,405
|
Shares redeemed
|
(842,496)
|
(3,008,029)
|
(138,879)
|
(546,472)
|
Net increase in shares outstanding
|
(616,159)
|
1,028,502
|
892,234
|
903,796
|
Class II Shares2
|
||||
Shares sold
|
301,059
|
899,702
|
||
Issued to shareholders in reinvestment of distributions
|
–
|
16,689
|
||
Shares redeemed
|
(13,316)
|
(6,468)
|
||
Net increase (decrease) from capital stock transactions
|
287,743
|
909,923
|
1
|
The Madison Target Retirement 2050 Fund commenced operations on January 3, 2011.
|
2
|
Class II shares are not available for the Madison Target Retirement Funds.
|
Madison Target Retirement 2030 Fund
|
Madison Target Retirement 2040 Fund
|
Madison Target Retirement 2050 Fund
|
||
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited) Six-Months Ended 6/30/11
|
Year Ended 12/31/10
|
(unaudited)
Inception to 6/30/111
|
$ 31,278,843
|
$ 19,330,304
|
$ 26,146,753
|
$ 16,656,174
|
$ –
|
305,878
|
583,349
|
197,488
|
437,089
|
3,385
|
2,783,288
|
461,104
|
2,587,357
|
369,829
|
(9,101)
|
(1,655,938)
|
1,448,454
|
(1,570,973)
|
1,407,256
|
23,822
|
1,433,228
|
2,492,907
|
1,213,872
|
2,214,174
|
18,106
|
(28,384)
|
(823,904)
|
(26,328)
|
(574,774)
|
–
|
–
|
–
|
–
|
–
|
–
|
(28,384)
|
(823,904)
|
(26,328)
|
(574,774)
|
–
|
7,359,556
|
11,552,787
|
4,992,478
|
9,124,273
|
1,132,898
|
28,384
|
823,904
|
26,328
|
574,774
|
–
|
(601,862)
|
(2,097,155)
|
(1,144,324)
|
(1,847,868)
|
(4,916)
|
6,786,078
|
10,279,536
|
3,874,482
|
7,851,179
|
1,127,982
|
6,786,078
|
10,279,536
|
3,874,482
|
7,851,179
|
1,127,982
|
8,190,922
|
11,948,539
|
5,062,026
|
9,490,579
|
1,146,088
|
$ 39,469,765
|
$ 31,278,843
|
$ 31,208,779
|
$ 26,146,753
|
$ 1,146,088
|
$ 305,878
|
$ 28,384
|
$ 197,488
|
$ 26,328
|
$ 3,385
|
908,792
|
1,523,733
|
638,405
|
1,264,901
|
110,594
|
3,528
|
104,333
|
3,412
|
75,725
|
–
|
(73,116)
|
(279,057)
|
(146,159)
|
(257,045)
|
(483)
|
839,204
|
1,349,009
|
495,658
|
1,083,581
|
110,111
|
CONSERVATIVE ALLOCATION FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
Inception
to
12/31/061
|
||||
2010
|
2009
|
2008
|
2007
|
|||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$10.01
|
$ 9.61
|
$ 8.48
|
$10.77
|
$10.60
|
$10.00
|
Income from Investment Operations:
|
||||||
Net investment income3
|
0.13
|
0.29
|
0.29
|
0.35
|
0.45
|
0.23
|
Net realized and unrealized gain (loss) on investments
|
0.23
|
0.52
|
1.12
|
(2.27)
|
(0.03)
|
0.51
|
Total from investment operations
|
0.36
|
0.81
|
1.41
|
(1.92)
|
0.42
|
0.74
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.01)
|
(0.41)
|
(0.28)
|
(0.27)
|
(0.23)
|
(0.14)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.10)
|
(0.02)
|
–
|
Total distributions
|
(0.01)
|
(0.41)
|
(0.28)
|
(0.37)
|
(0.25)
|
(0.14)
|
Net increase (decrease) in net asset value
|
0.35
|
0.40
|
1.13
|
(2.29)
|
0.17
|
0.60
|
Net Asset Value at end of period
|
$10.36
|
$10.01
|
$ 9.61
|
$ 8.48
|
$10.77
|
$10.60
|
Total Return (%)4
|
3.605
|
8.37
|
16.76
|
(17.89)
|
3.92
|
7.345
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$200,757
|
$195,657
|
$176,322
|
$116,678
|
$66,747
|
$9,113
|
Ratios of expenses to average net assets:
|
||||||
Before management fee reduction (%)
|
0.306
|
0.31
|
0.31
|
0.31
|
0.31
|
0.346
|
After management fee reduction (%)
|
0.306
|
0.31
|
0.31
|
0.28
|
0.21
|
0.246
|
Ratio of net investment income to average net assets (%)
|
2.666
|
2.90
|
3.23
|
3.53
|
4.12
|
4.256
|
Portfolio Turnover (%)7
|
105
|
36
|
47
|
71
|
28
|
245
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception to
12/31/092
|
|||
Net Asset Value at beginning of period
|
$10.00
|
$ 9.61
|
$ 8.51
|
|||
Income from Investment Operations:
|
||||||
Net investment income3
|
0.12
|
0.35
|
0.28
|
|||
Net realized and unrealized gain (loss) on investments
|
0.23
|
0.43
|
0.99
|
|||
Total from investment operations
|
0.35
|
0.78
|
1.27
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.39)
|
(0.17)
|
|||
Net increase in net asset value
|
0.35
|
0.39
|
1.10
|
|||
Net Asset Value at end of period
|
$10.35
|
$10.00
|
$ 9.61
|
|||
Total Return (%)4
|
3.475
|
8.10
|
14.915
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$41,755
|
$35,425
|
$12,829
|
|||
Ratios of expenses to average net assets (%)
|
0.556
|
0.55
|
0.566
|
|||
Ratio of net investment income to average net assets (%)
|
2.446
|
3.47
|
4.386
|
|||
Portfolio Turnover (%)7
|
105
|
36
|
475
|
1
|
Commenced investment operations June 30, 2006.
|
2
|
Commenced investment operations May 1, 2009.
|
3
|
Based on average shares outstanding during the year.
|
4
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
5
|
Not annualized.
|
6
|
Annualized.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MODERATE ALLOCATION FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
Inception
to
12/31/061
|
||||
2010
|
2009
|
2008
|
2007
|
|||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$ 9.49
|
$ 8.87
|
$ 7.51
|
$11.21
|
$10.86
|
$10.00
|
Income from Investment Operations:
|
||||||
Net investment income3
|
0.08
|
0.20
|
0.18
|
0.21
|
0.28
|
0.20
|
Net realized and unrealized gain (loss) on investments
|
0.34
|
0.71
|
1.37
|
(3.55)
|
0.32
|
0.79
|
Total from investment operations
|
0.42
|
0.91
|
1.55
|
(3.34)
|
0.60
|
0.99
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.01)
|
(0.29)
|
(0.19)
|
(0.17)
|
(0.19)
|
(0.13)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.19)
|
(0.06)
|
(0.00)5
|
Total distributions
|
(0.01)
|
(0.29)
|
(0.19)
|
(0.36)
|
(0.25)
|
(0.13)
|
Net increase (decrease) in net asset value
|
0.41
|
0.62
|
1.36
|
(3.70)
|
0.35
|
0.86
|
Net Asset Value at end of period
|
$ 9.90
|
$ 9.49
|
$ 8.87
|
$ 7.51
|
$11.21
|
$10.86
|
Total Return (%)4
|
4.486
|
10.22
|
20.61
|
(30.23)
|
5.56
|
9.876
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$365,699
|
$352,545
|
$332,428
|
$243,761
|
$218,281
|
$36,994
|
Ratios of expenses to average net assets:
|
||||||
Before management fee reduction (%)
|
0.317
|
0.31
|
0.31
|
0.31
|
0.31
|
0.347
|
After management fee reduction (%)
|
0.317
|
0.31
|
0.31
|
0.28
|
0.21
|
0.247
|
Ratio of net investment income to average net assets (%)
|
1.697
|
2.24
|
2.29
|
2.20
|
2.45
|
3.747
|
Portfolio Turnover (%)8
|
76
|
34
|
52
|
69
|
29
|
236
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/092
|
|||
Net Asset Value at beginning of period
|
$ 9.48
|
$8.87
|
$ 7.56
|
|||
Income from Investment Operations:
|
||||||
Net investment income3
|
0.07
|
0.25
|
0.19
|
|||
Net realized and unrealized gain (loss) on investments
|
0.34
|
0.63
|
1.24
|
|||
Total from investment operations
|
0.41
|
0.88
|
1.43
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.27)
|
(0.12)
|
|||
Net increase in net asset value
|
0.41
|
0.61
|
1.31
|
|||
Net Asset Value at end of period
|
$ 9.89
|
$ 9.48
|
$ 8.87
|
|||
Total Return (%)4
|
4.356
|
9.94
|
18.826
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$38,493
|
$31,715
|
$12,162
|
|||
Ratios of expenses to average net assets (%)
|
0.567
|
0.56
|
0.567
|
|||
Ratio of net investment income to average net assets (%)
|
1.477
|
2.76
|
3.337
|
|||
Portfolio Turnover (%)8
|
76
|
34
|
526
|
1
|
Commenced investment operations June 30, 2006.
|
2
|
Commenced investment operations May 1, 2009.
|
3
|
Based on average shares outstanding during the year.
|
4
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
5
|
Amount represents less than $0.005 per share.
|
6
|
Not annualized.
|
7
|
Annualized.
|
8
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
AGGRESSIVE ALLOCATION FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
Inception
to
12/31/061
|
||||
2010
|
2009
|
2008
|
2007
|
|||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$ 9.08
|
$ 8.30
|
$ 6.57
|
$11.61
|
$11.10
|
$10.00
|
Income from Investment Operations:
|
||||||
Net investment income3
|
0.03
|
0.11
|
0.10
|
0.09
|
0.09
|
0.15
|
Net realized and unrealized gain (loss) on investments
|
0.42
|
0.81
|
1.74
|
(4.74)
|
0.77
|
1.10
|
Total from investment operations
|
0.45
|
0.92
|
1.84
|
(4.65)
|
0.86
|
1.25
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.00)5
|
(0.14)
|
(0.11)
|
(0.06)
|
(0.14)
|
(0.15)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.33)
|
(0.21)
|
–
|
Total distributions
|
–
|
(0.14)
|
(0.11)
|
(0.39)
|
(0.35)
|
(0.15)
|
Net increase (decrease) in net asset value
|
0.45
|
0.78
|
1.73
|
(5.04)
|
0.51
|
1.10
|
Net Asset Value at end of period
|
$ 9.53
|
$ 9.08
|
$ 8.30
|
$ 6.57
|
$11.61
|
$11.10
|
Total Return (%)4
|
5.066
|
11.15
|
27.91
|
(41.09)
|
7.69
|
12.496
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$137,589
|
$126,270
|
$114,492
|
$69,616
|
$68,120
|
$21,547
|
Ratios of expenses to average net assets:
|
||||||
Before management fee reduction (%)
|
0.317
|
0.31
|
0.31
|
0.31
|
0.31
|
0.337
|
After management fee reduction (%)
|
0.317
|
0.31
|
0.31
|
0.28
|
0.21
|
0.237
|
Ratio of net investment income to average net assets (%)
|
0.577
|
1.27
|
1.44
|
0.94
|
0.79
|
2.717
|
Portfolio Turnover (%)8
|
146
|
33
|
58
|
67
|
46
|
216
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/092
|
|||
Net Asset Value at beginning of period
|
$ 9.07
|
$ 8.30
|
$ 6.69
|
|||
Income from Investment Operations:
|
||||||
Net investment income3
|
0.02
|
0.17
|
0.15
|
|||
Net realized and unrealized gain (loss) on investments
|
0.43
|
0.73
|
1.54
|
|||
Total from investment operations
|
0.45
|
0.90
|
1.69
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.13)
|
(0.08)
|
|||
Net increase in net asset value
|
0.45
|
0.77
|
1.61
|
|||
Net Asset Value at end of period
|
$ 9.52
|
$ 9.07
|
$ 8.30
|
|||
Total Return (%)4
|
4.936
|
10.87
|
25.096
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$1,931
|
$1,424
|
$514
|
|||
Ratios of expenses to average net assets (%)
|
0.567
|
0.56
|
0.567
|
|||
Ratio of net investment income to average net assets (%)
|
0.357
|
1.99
|
2.867
|
|||
Portfolio Turnover (%)8
|
146
|
33
|
586
|
1
|
Commenced investment operations June 30, 2006.
|
2
|
Commenced investment operations May 1, 2009.
|
3
|
Based on average shares outstanding during the year.
|
4
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
5
|
Amount represents less than $0.005 per share.
|
6
|
Not annualized.
|
7
|
Annualized.
|
8
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MONEY MARKET FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
Income from Investment Operations:
|
||||||
Net investment income2
|
–
|
–
|
0.004
|
0.02
|
0.05
|
0.04
|
Net realized and unrealized gain (loss) on investments
|
–
|
–
|
–
|
0.004
|
0.004
|
0.004
|
Total from investment operations
|
0.00
|
0.00
|
0.00
|
0.02
|
0.05
|
0.04
|
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
–
|
(0.00)4
|
(0.02)
|
(0.05)
|
(0.04)
|
Net increase in net asset value
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
0.00
|
Net Asset Value at end of period
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
$1.00
|
Total Return (%)3
|
0.005
|
0.00
|
0.00
|
1.75
|
4.71
|
4.54
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$65,732
|
$69,634
|
$92,463
|
$159,349
|
$111,333
|
$100,462
|
Ratios of expenses to average net assets:
|
||||||
Before waiver of expenses by Adviser (%)
|
0.486
|
0.47
|
0.47
|
0.47
|
0.46
|
0.46
|
After waiver of expenses by Adviser (%)
|
0.116,7
|
0.147
|
0.287
|
0.47
|
0.46
|
0.46
|
Ratio of net investment income to average net assets (%)
|
0.006,7
|
0.007
|
0.00
|
1.67
|
4.58
|
4.42
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/091
|
|||
Net Asset Value at beginning of period
|
$1.00
|
$1.00
|
$1.00
|
|||
Income from Investment Operations:
|
||||||
Net investment income2
|
–
|
–
|
–
|
|||
Net realized and unrealized gain (loss) on investments
|
–
|
–
|
–
|
|||
Total from investment operations
|
0.00
|
0.00
|
0.00
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
–
|
–
|
|||
Net increase in net asset value
|
0.00
|
0.00
|
0.00
|
|||
Net Asset Value at end of period
|
$1.00
|
$1.00
|
$1.00
|
|||
Total Return(%)3
|
0.005
|
0.00
|
0.005
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$368
|
$577
|
$185
|
|||
Ratios of expenses to average net assets:
|
||||||
Before waiver of expenses by Adviser (%)
|
0.736
|
0.73
|
0.736
|
|||
After waiver of expenses by Adviser (%)
|
0.116,7
|
0.167
|
0.206,7
|
|||
Ratio of net investment income to average net assets (%)
|
0.006,7
|
0.007
|
0.006
|
1
|
Commenced investment operations May 1, 2009.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Amount represents less than $0.005 per share.
|
5
|
Not annualized.
|
6
|
Annualized.
|
7
|
Amount includes fees waived by the adviser (see Note 3).
|
BOND FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$10.29
|
$10.14
|
$ 9.94
|
$10.19
|
$10.11
|
$10.17
|
Income from Investment Operations:
|
||||||
Net investment income2
|
0.19
|
0.40
|
0.43
|
0.50
|
0.49
|
0.47
|
Net realized and unrealized gain (loss) on investments
|
0.05
|
0.20
|
0.21
|
(0.21)
|
0.02
|
(0.06)
|
Total from investment operations
|
0.24
|
0.60
|
0.64
|
0.29
|
0.51
|
0.41
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.01)
|
(0.45)
|
(0.44)
|
(0.54)
|
(0.43)
|
(0.47)
|
Net increase (decrease) in net asset value
|
0.23
|
0.15
|
0.20
|
(0.25)
|
0.08
|
(0.06)
|
Net Asset Value at end of period
|
$10.52
|
$10.29
|
$10.14
|
$ 9.94
|
$10.19
|
$10.11
|
Total Return (%)3
|
2.284
|
5.92
|
6.50
|
2.86
|
5.05
|
4.01
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$402,623
|
$429,499
|
$541,789
|
$572,562
|
$646,233
|
$659,273
|
Ratios of expenses to average net assets
|
0.575
|
0.56
|
0.57
|
0.56
|
0.56
|
0.56
|
Ratio of net investment income to average net assets (%)
|
3.705
|
3.76
|
4.28
|
4.84
|
4.81
|
4.54
|
Portfolio Turnover (%)6
|
44
|
2
|
25
|
12
|
29
|
27
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/091
|
|||
Net Asset Value at beginning of period
|
$10.28
|
$10.14
|
$ 9.85
|
|||
Income from Investment Operations:
|
||||||
Net investment income2
|
0.18
|
0.37
|
0.27
|
|||
Net realized and unrealized gain (loss) on investments
|
0.05
|
0.20
|
0.28
|
|||
Total from investment operations
|
0.23
|
0.57
|
0.55
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.43)
|
(0.26)
|
|||
Net increase in net asset value
|
0.23
|
0.14
|
0.29
|
|||
Net Asset Value at end of period
|
$10.51
|
$10.28
|
$10.14
|
|||
Total Return(%)3
|
2.154
|
5.66
|
5.554
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$47,172
|
$35,750
|
$9,719
|
|||
Ratios of expenses to average net assets
|
0.825
|
0.81
|
0.825
|
|||
Ratio of net investment income to average net assets (%)
|
3.455
|
3.49
|
3.865
|
|||
Portfolio Turnover (%)6
|
44
|
2
|
254
|
1
|
Commenced investment operations May 1, 2009.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
HIGH INCOME FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$ 9.42
|
$ 9.11
|
$ 7.34
|
$ 9.54
|
$10.16
|
$10.01
|
Income from Investment Operations:
|
||||||
Net investment income2
|
0.33
|
0.72
|
0.68
|
0.67
|
0.76
|
0.74
|
Net realized and unrealized gain (loss) on investments
|
0.02
|
0.35
|
1.80
|
(2.07)
|
(0.53)
|
0.16
|
Total from investment operations
|
0.35
|
1.07
|
2.48
|
(1.40)
|
0.23
|
0.90
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.02)
|
(0.76)
|
(0.71)
|
(0.80)
|
(0.85)
|
(0.74)
|
Distributions from capital gains
|
–
|
–
|
–
|
–
|
(0.00)4
|
(0.01)
|
Total distributions
|
(0.02)
|
(0.76)
|
(0.71)
|
(0.80)
|
(0.85)
|
(0.75)
|
Net increase (decrease) in net asset value
|
0.33
|
0.31
|
1.77
|
(2.20)
|
(0.62)
|
0.15
|
Net Asset Value at end of period
|
$ 9.75
|
$ 9.42
|
$ 9.11
|
$ 7.34
|
$ 9.54
|
$10.16
|
Total Return (%)3
|
3.765
|
11.73
|
34.29
|
(14.74)
|
2.29
|
9.03
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$93,154
|
$95,552
|
$107,722
|
$90,728
|
$135,045
|
$153,528
|
Ratios of expenses to average net assets
|
0.766
|
0.77
|
0.77
|
0.76
|
0.76
|
0.77
|
Ratio of net investment income to average net assets (%)
|
6.756
|
7.54
|
7.94
|
7.42
|
7.27
|
7.12
|
Portfolio Turnover (%)7
|
335
|
53
|
73
|
45
|
73
|
64
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/091
|
|||
Net Asset Value at beginning of period
|
$ 9.42
|
$ 9.11
|
$ 8.14
|
|||
Income from Investment Operations:
|
||||||
Net investment income2
|
0.31
|
0.70
|
0.47
|
|||
Net realized and unrealized gain (loss) on investments
|
0.03
|
0.34
|
0.96
|
|||
Total from investment operations
|
0.34
|
1.04
|
1.43
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.01)
|
(0.73)
|
(0.46)
|
|||
Net increase in net asset value
|
0.33
|
0.31
|
0.97
|
|||
Net Asset Value at end of period
|
$ 9.75
|
$9.42
|
$ 9.11
|
|||
Total Return (%)3
|
3.635
|
11.45
|
17.495
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$6,014
|
$4,286
|
$1,148
|
|||
Ratios of expenses to average net assets
|
1.016
|
1.01
|
1.016
|
|||
Ratio of net investment income to average net assets (%)
|
6.516
|
7.20
|
7.656
|
|||
Portfolio Turnover (%)7
|
335
|
53
|
735
|
1
|
Commenced investment operations May 1, 2009.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Amount represents less than $0.005 per share.
|
5
|
Not annualized.
|
6
|
Annualized.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
DIVERSIFIED INCOME FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$16.62
|
$15.37
|
$14.46
|
$17.62
|
$18.46
|
$19.40
|
Income from Investment Operations:
|
||||||
Net investment income2
|
0.25
|
0.56
|
0.60
|
0.72
|
0.79
|
0.49
|
Net realized and unrealized gain (loss) on investments
|
0.63
|
1.29
|
0.92
|
(3.05)
|
(0.32)
|
1.45
|
Total from investment operations
|
0.88
|
1.85
|
1.52
|
(2.33)
|
0.47
|
1.94
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.01)
|
(0.60)
|
(0.61)
|
(0.81)
|
(0.80)
|
(0.55)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.02)
|
(0.51)
|
(2.33)
|
Total distributions
|
(0.01)
|
(0.60)
|
(0.61)
|
(0.83)
|
(1.31)
|
(2.88)
|
Net increase (decrease) in net asset value
|
0.87
|
1.25
|
0.91
|
(3.16)
|
(0.84)
|
(0.94)
|
Net Asset Value at end of period
|
$17.49
|
$16.62
|
$15.37
|
$14.46
|
$17.62
|
$18.46
|
Total Return (%)3
|
5.355
|
12.04
|
10.74
|
(13.25)
|
2.51
|
9.984
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$386,565
|
$384,709
|
$418,381
|
$438,047
|
$637,606
|
$735,881
|
Ratios of expenses to average net assets
|
0.726
|
0.72
|
0.72
|
0.71
|
0.71
|
0.71
|
Ratio of net investment income to average net assets (%)
|
2.996
|
3.50
|
4.12
|
4.37
|
4.21
|
2.52
|
Portfolio Turnover (%)7
|
85
|
23
|
26
|
14
|
41
|
62
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/091
|
|||
Net Asset Value at beginning of period
|
$16.61
|
$15.37
|
$13.74
|
|||
Income from Investment Operations:
|
||||||
Net investment income2
|
0.23
|
0.52
|
0.35
|
|||
Net realized and unrealized gain (loss) on investments
|
0.63
|
1.29
|
1.64
|
|||
Total from investment operations
|
0.86
|
1.81
|
1.99
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.57)
|
(0.36)
|
|||
Net increase in net asset value
|
0.86
|
1.24
|
1.63
|
|||
Net Asset Value at end of period
|
$17.47
|
$16.61
|
$15.37
|
|||
Total Return (%)3
|
5.225
|
11.77
|
14.435
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$29,807
|
$22,309
|
$6,261
|
|||
Ratios of expenses to average net assets
|
0.976
|
0.97
|
0.976
|
|||
Ratio of net investment income to average net assets (%)
|
2.746
|
3.20
|
3.446
|
|||
Portfolio Turnover (%)7
|
85
|
23
|
265
|
1
|
Commenced investment operations May 1, 2009.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
In 2006, 0.01% of the Fund’s total return consisted of a voluntary reimbursement by the Adviser for a realized investment loss. Excluding this reimbursement, the total return would have been 9.97%.
|
5
|
Not annualized.
|
6
|
Annualized.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
EQUITY INCOME FUND
|
||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31, 20101
|
|
CLASS I
|
||
Net Asset Value at beginning of period
|
$10.37
|
$10.00
|
Income from Investment Operations:
|
||
Net investment income2
|
0.01
|
(0.02)
|
Net realized and unrealized gain (loss) on investments
|
0.10
|
0.64
|
Total from investment operations
|
0.11
|
0.62
|
Less Distributions:
|
||
Distributions from net investment income
|
–
|
–
|
Distributions from capital gains
|
(0.03)
|
(0.25)
|
Total distributions
|
(0.03)
|
(0.25)
|
Net increase in net asset value
|
0.08
|
0.37
|
Net Asset Value at end of period
|
$10.45
|
$10.37
|
Total Return (%)3
|
1.10
|
6.24
|
Ratios/Supplemental Data:
|
||
Net Assets at end of period (in 000’s)
|
$483
|
$478
|
Ratios of expenses to average net assets
|
0.914
|
0.914
|
Ratio of net investment income to average net assets (%)
|
(0.14)4
|
(0.34)4
|
Portfolio Turnover (%)6
|
615
|
495
|
CLASS II
|
||
Net Asset Value at beginning of period
|
$10.35
|
$10.00
|
Income from Investment Operations:
|
||
Net investment income2
|
–
|
(0.02)
|
Net realized and unrealized gain (loss) on investments
|
0.10
|
0.62
|
Total from investment operations
|
0.10
|
0.60
|
Less Distributions:
|
||
Distributions from net investment income
|
–
|
–
|
Distributions from capital gains
|
(0.03)
|
(0.25)
|
Total distributions
|
(0.03)
|
(0.25)
|
Net increase in net asset value
|
0.07
|
0.35
|
Net Asset Value at end of period
|
$10.42
|
$10.35
|
Total Return (%)3
|
0.98
|
6.07
|
Ratios/Supplemental Data:
|
||
Net Assets at end of period (in 000’s)
|
$2,415
|
$1,743
|
Ratios of expenses to average net assets
|
1.164
|
1.174
|
Ratio of net investment income to average net assets (%)
|
(0.38)4
|
(0.46)4
|
Portfolio Turnover (%)6
|
615
|
495
|
1
|
Commenced investment operations April 30, 2010.
|
2
|
Based on average shares outstanding during the period.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Annualized.
|
5
|
Not annualized.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire period
|
LARGE CAP VALUE FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$23.56
|
$22.17
|
$19.42
|
$31.49
|
$35.14
|
$31.62
|
Income from Investment Operations:
|
||||||
Net investment income2
|
0.24
|
0.38
|
0.43
|
0.65
|
0.68
|
0.65
|
Net realized and unrealized gain (loss) on investments
|
1.59
|
1.46
|
2.76
|
(11.99)
|
(0.45)
|
5.87
|
Total from investment operations
|
1.83
|
1.84
|
3.19
|
(11.34)
|
0.23
|
6.52
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.00)6
|
(0.45)
|
(0.44)
|
(0.71)
|
(0.71)
|
(0.67)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.02)
|
(3.17)
|
(2.33)
|
Total distributions
|
0.00
|
(0.45)
|
(0.44)
|
(0.73)
|
(3.88)
|
(3.00)
|
Net increase (decrease) in net asset value
|
1.83
|
1.39
|
2.75
|
(12.07)
|
(3.65)
|
3.52
|
Net Asset Value at end of period
|
$25.39
|
$23.56
|
$22.17
|
$19.42
|
$31.49
|
$35.14
|
Total Return (%)3
|
7.804
|
8.29
|
16.79
|
(35.99)
|
0.60
|
20.55
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$526,321
|
$524,894
|
$630,764
|
$609,444
|
$1,229,433
|
$1,390,778
|
Ratios of expenses to average net assets
|
0.625
|
0.62
|
0.62
|
0.61
|
0.61
|
0.61
|
Ratio of net investment income to average net assets (%)
|
1.965
|
1.72
|
2.23
|
2.42
|
1.87
|
1.91
|
Portfolio Turnover (%)7
|
144
|
63
|
81
|
38
|
45
|
35
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/091
|
|||
Net Asset Value at beginning of period
|
$23.54
|
$22.17
|
$17.74
|
|||
Income from Investment Operations:
|
||||||
Net investment income2
|
0.21
|
0.34
|
0.18
|
|||
Net realized and unrealized gain (loss) on investments
|
1.59
|
1.44
|
4.45
|
|||
Total from investment operations
|
1.80
|
1.78
|
4.63
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.41)
|
(0.20)
|
|||
Net increase in net asset value
|
1.80
|
1.37
|
4.43
|
|||
Net Asset Value at end of period
|
$25.34
|
$23.54
|
$22.17
|
|||
Total Return (%)3
|
7.674
|
8.02
|
26.094
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$5,894
|
$5,354
|
$2,552
|
|||
Ratios of expenses to average net assets
|
0.875
|
0.87
|
0.875
|
|||
Ratio of net investment income to average net assets (%)
|
1.725
|
1.51
|
1.285
|
|||
Portfolio Turnover (%)7
|
144
|
63
|
814
|
1
|
Commenced investment operations May 1, 2009.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Amounts represent less than $0.005 per share.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
LARGE CAP GROWTH FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$22.16
|
$19.87
|
$14.50
|
$23.36
|
$21.47
|
$19.97
|
Income from Investment Operations:
|
||||||
Net investment income2
|
0.03
|
0.10
|
0.12
|
0.12
|
0.08
|
0.07
|
Net realized and unrealized gain (loss) on investments
|
1.09
|
2.31
|
5.37
|
(8.80)
|
2.59
|
1.51
|
Total from investment operations
|
1.12
|
2.41
|
5.49
|
(8.68)
|
2.67
|
1.58
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.00)6
|
(0.12)
|
(0.12)
|
(0.14)
|
(0.09)
|
(0.08)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.04)
|
(0.69)
|
–
|
Total distributions
|
(0.00)6
|
(0.12)
|
(0.12)
|
(0.18)
|
(0.78)
|
(0.08)
|
Net increase (decrease) in net asset value
|
1.12
|
2.29
|
5.37
|
(8.86)
|
1.89
|
1.50
|
Net Asset Value at end of period
|
$23.28
|
$22.16
|
$19.87
|
$14.50
|
$23.36
|
$21.47
|
Total Return (%)3
|
5.074
|
12.13
|
37.98
|
(37.20)
|
12.36
|
7.88
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$372,835
|
$374,644
|
$433,483
|
$352,473
|
$665,240
|
$669,761
|
Ratios of expenses to average net assets
|
0.825
|
0.82
|
0.82
|
0.82
|
0.81
|
0.81
|
Ratio of net investment income to average net assets (%)
|
0.255
|
0.51
|
0.72
|
0.62
|
0.34
|
0.35
|
Portfolio Turnover (%)7
|
514
|
78
|
89
|
123
|
76
|
87
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/091
|
|||
Net Asset Value at beginning of period
|
$22.14
|
$19.87
|
$15.78
|
|||
Income from Investment Operations:
|
||||||
Net investment income2
|
0.006
|
0.06
|
0.05
|
|||
Net realized and unrealized gain (loss) on investments
|
1.09
|
2.30
|
4.09
|
|||
Total from investment operations
|
1.09
|
2.36
|
4.14
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.09)
|
(0.05)
|
|||
Net increase in net asset value
|
1.09
|
2.27
|
4.09
|
|||
Net Asset Value at end of period
|
$23.23
|
$22.14
|
$19.87
|
|||
Total Return (%)3
|
4.944
|
11.85
|
26.214
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$28,723
|
$20,802
|
$6,003
|
|||
Ratios of expenses to average net assets
|
1.075
|
1.07
|
1.075
|
|||
Ratio of net investment income to average net assets (%)
|
0.025
|
0.29
|
0.365
|
|||
Portfolio Turnover (%)7
|
514
|
78
|
894
|
1
|
Commenced investment operations May 1, 2009.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Amounts represent less than $0.005 per share.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MID CAP FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
|||||
20103
|
20093
|
20083
|
20073
|
20063
|
||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$14.14
|
$11.82
|
$ 8.01
|
$15.31
|
$15.68
|
$17.94
|
Income from Investment Operations:
|
||||||
Net investment income2
|
–
|
0.04
|
–
|
0.005
|
(0.08)
|
(0.05)
|
Net realized and unrealized gain (loss) on investments
|
1.36
|
2.33
|
3.81
|
(7.14)
|
1.41
|
2.08
|
Total from investment operations
|
1.36
|
2.37
|
3.81
|
(7.14)
|
1.33
|
2.03
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.00)5
|
(0.05)
|
(0.00)5
|
(0.00)5
|
–
|
–
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.16)
|
(1.70)
|
(4.29)
|
Total distributions
|
0.00
|
(0.05)
|
(0.00)
|
(0.16)
|
(1.70)
|
(4.29)
|
Net increase (decrease) in net asset value
|
1.36
|
2.32
|
3.81
|
(7.30)
|
(0.37)
|
(2.26)
|
Net Asset Value at end of period
|
$15.50
|
$14.14
|
$11.82
|
$ 8.01
|
$15.31
|
$15.68
|
Total Return (%)4
|
9.606
|
20.12
|
47.28
|
(46.89)
|
8.44
|
11.38
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$402,072
|
$385,218
|
$229,395
|
$166,465
|
$367,318
|
$374,044
|
Ratios of expenses to average net assets
|
0.917
|
0.90
|
0.87
|
0.87
|
0.86
|
0.86
|
Ratio of net investment income to average net assets (%)
|
0.037
|
0.42
|
(0.05)
|
0.09
|
(0.41)
|
(0.22)
|
Portfolio Turnover (%)8
|
366
|
46
|
186
|
108
|
104
|
204
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
20103
|
Inception
to
12/31/091,3
|
|||
Net Asset Value at beginning of period
|
$14.13
|
$11.82
|
$ 9.36
|
|||
Income from Investment Operations:
|
||||||
Net investment income2
|
(0.02)
|
0.04
|
(0.00)
|
|||
Net realized and unrealized gain (loss) on investments
|
1.36
|
2.30
|
2.46
|
|||
Total from investment operations
|
1.34
|
2.34
|
2.46
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
0.00
|
(0.03)
|
–
|
|||
Net increase in net asset value
|
1.34
|
2.31
|
2.46
|
|||
Net Asset Value at end of period
|
$15.47
|
$14.13
|
$11.82
|
|||
Total Return (%)4
|
9.476
|
19.82
|
26.136
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$14,163
|
$11,951
|
$4,813
|
|||
Ratios of expenses to average net assets
|
1.177
|
1.16
|
1.227
|
|||
Ratio of net investment income to average net assets (%)
|
(0.21)7
|
0.38
|
0.537
|
|||
Portfolio Turnover (%)8
|
366
|
46
|
1866
|
1
|
Commenced investment operations May 1, 2009.
|
2
|
Based on average shares outstanding during the year.
|
3
|
The financial highlights prior to May 1, 2010 are those of the Mid Cap Growth Fund, the accounting survivor of the reorganization of the Mid Cap Value and Mid Cap Growth Funds. The net asset values and other per share information of the Mid Cap Growth Fund have been restated by the conversion ratio of 2.6623 for Class I shares and 2.6678 for Class II shares to reflect those of the legal survivor of the reorganization the Mid Cap Value Fund, which was renamed the Mid Cap Fund after the reorganization.
|
4
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
5
|
Amount represents less than $0.005 per share.
|
6
|
Not annualized.
|
7
|
Annualized.
|
8
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
SMALL CAP FUND
|
|||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
Inception to
12/31/071
|
|||
2010
|
2009
|
2008
|
|||
CLASS I
|
|||||
Net Asset Value at beginning of period
|
$10.75
|
$8.54
|
$ 6.53
|
$ 8.86
|
$10.00
|
Income from Investment Operations:
|
|||||
Net investment income3
|
0.02
|
0.08
|
0.05
|
0.08
|
0.09
|
Net realized and unrealized gain (loss) on investments
|
0.63
|
2.20
|
2.00
|
(2.34)
|
(1.05)
|
Total from investment operations
|
0.65
|
2.28
|
2.05
|
(2.26)
|
(0.96)
|
Less Distributions:
|
|||||
Distributions from net investment income
|
(0.00)5
|
(0.07)
|
(0.04)
|
(0.07)
|
(0.08)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.00)5
|
(0.10)
|
Total distributions
|
–
|
(0.07)
|
(0.04)
|
(0.07)
|
(0.18)
|
Net increase (decrease) in net asset value
|
0.65
|
2.21
|
2.01
|
(2.33)
|
(1.14)
|
Net Asset Value at end of period
|
$11.40
|
$10.75
|
$ 8.54
|
$ 6.53
|
$ 8.86
|
Total Return (%)4
|
6.016
|
26.80
|
31.56
|
(25.54)
|
(9.62)6
|
Ratios/Supplemental Data:
|
|||||
Net Assets at end of period (in 000’s)
|
$12,905
|
$11,710
|
$7,989
|
$5,986
|
$5,624
|
Ratios of expenses to average net assets
|
1.117
|
1.11
|
1.11
|
1.12
|
1.047
|
Ratio of net investment income to average net assets (%)
|
0.317
|
0.85
|
0.77
|
1.03
|
1.457
|
Portfolio Turnover (%)8
|
106
|
33
|
21
|
28
|
136
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception to
12/31/092
|
||
Net Asset Value at beginning of period
|
$10.74
|
$8.54
|
$ 6.50
|
||
Income from Investment Operations:
|
|||||
Net investment income3
|
0.005
|
0.06
|
0.02
|
||
Net realized and unrealized gain (loss) on investments
|
0.63
|
2.20
|
2.03
|
||
Total from investment operations
|
0.63
|
2.26
|
2.05
|
||
Less Distributions:
|
|||||
Distributions from net investment income
|
–
|
(0.06)
|
(0.01)
|
||
Net increase in net asset value
|
0.63
|
2.20
|
2.04
|
||
Net Asset Value at end of period
|
$11.37
|
$10.74
|
$ 8.54
|
||
Total Return (%)4
|
5.886
|
26.48
|
31.576
|
||
Ratios/Supplemental Data:
|
|||||
Net Assets at end of period (in 000’s)
|
$1,547
|
$1,387
|
$616
|
||
Ratios of expenses to average net assets
|
1.367
|
1.36
|
1.367
|
||
Ratio of net investment income to average net assets (%)
|
0.067
|
0.67
|
0.447
|
||
Portfolio Turnover (%)8
|
106
|
33
|
216
|
1
|
Commenced investment operations May 1, 2007.
|
2
|
Commenced investment operations May 1, 2009.
|
3
|
Based on average shares outstanding during the year.
|
4
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
5
|
Amount represents less than $0.005 per share.
|
6
|
Not annualized.
|
7
|
Annualized.
|
8
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
INTERNATIONAL STOCK FUND
|
||||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
|||||
2010
|
2009
|
2008
|
2007
|
2006
|
||
CLASS I
|
||||||
Net Asset Value at beginning of period
|
$ 9.99
|
$ 9.53
|
$ 7.59
|
$13.40
|
$13.78
|
$12.38
|
Income from Investment Operations:
|
||||||
Net investment income2
|
0.15
|
0.14
|
0.17
|
0.26
|
0.23
|
0.19
|
Net realized and unrealized gain (loss) on investments
|
0.51
|
0.53
|
1.95
|
(5.27)
|
1.36
|
2.78
|
Total from investment operations
|
0.66
|
0.67
|
2.12
|
(5.01)
|
1.59
|
2.97
|
Less Distributions:
|
||||||
Distributions from net investment income
|
(0.00)6
|
(0.21)
|
(0.18)
|
(0.26)
|
(0.32)
|
(0.20)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.54)
|
(1.65)
|
(1.37)
|
Total distributions
|
0.00
|
(0.21)
|
(0.18)
|
(0.80)
|
(1.97)
|
(1.57)
|
Net increase (decrease) in net asset value
|
0.66
|
0.46
|
1.94
|
(5.81)
|
(0.38)
|
1.40
|
Net Asset Value at end of period
|
$10.65
|
$ 9.99
|
$ 9.53
|
$ 7.59
|
$13.40
|
$13.78
|
Total Return (%)3
|
6.714
|
7.09
|
27.90
|
(38.62)
|
11.42
|
24.19
|
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$91,628
|
$92,063
|
$77,997
|
$72,768
|
$164,151
|
$165,704
|
Ratios of expenses to average net assets
|
1.225
|
1.22
|
1.22
|
1.22
|
1.21
|
1.22
|
Ratio of net investment income to average net assets (%)
|
2.885
|
1.48
|
2.08
|
2.45
|
1.60
|
1.48
|
Portfolio Turnover (%)7
|
214
|
79
|
87
|
43
|
62
|
62
|
CLASS II
|
(unaudited)
Six-Months Ended 6/30/11
|
2010
|
Inception
to
12/31/091
|
|||
Net Asset Value at beginning of period
|
$ 9.99
|
$ 9.53
|
$ 7.32
|
|||
Income from Investment Operations:
|
||||||
Net investment income2
|
0.14
|
0.09
|
0.04
|
|||
Net realized and unrealized gain (loss) on investments
|
0.52
|
0.56
|
2.33
|
|||
Total from investment operations
|
0.66
|
0.65
|
2.37
|
|||
Less Distributions:
|
||||||
Distributions from net investment income
|
–
|
(0.19)
|
(0.16)
|
|||
Net increase in net asset value
|
0.66
|
0.46
|
2.21
|
|||
Net Asset Value at end of period
|
$10.65
|
$ 9.99
|
$ 9.53
|
|||
Total Return (%)3
|
6.594
|
6.83
|
32.304
|
|||
Ratios/Supplemental Data:
|
||||||
Net Assets at end of period (in 000’s)
|
$17,177
|
$13,241
|
$3,962
|
|||
Ratios of expenses to average net assets
|
1.475
|
1.47
|
1.485
|
|||
Ratio of net investment income to average net assets (%)
|
2.675
|
1.00
|
0.575
|
|||
Portfolio Turnover (%)7
|
214
|
79
|
874
|
1
|
Commenced investment operations May 1, 2009.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Amounts represent less than $0.005 per share.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MADISON TARGET RETIREMENT 2020 FUND
|
|||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
Inception to
12/31/071
|
|||
2010
|
2009
|
2008
|
|||
CLASS I
|
|||||
Net Asset Value at beginning of period
|
$ 8.06
|
$ 7.64
|
$ 6.04
|
$ 9.63
|
$10.00
|
Income from Investment Operations:
|
|||||
Net investment income2
|
0.09
|
0.20
|
0.15
|
0.22
|
0.13
|
Net realized and unrealized gain (loss) on investments
|
0.24
|
0.49
|
1.59
|
(3.60)
|
(0.32)
|
Total from investment operations
|
0.33
|
0.69
|
1.74
|
(3.38)
|
(0.19)
|
Less Distributions:
|
|||||
Distributions from net investment income
|
(0.00)6
|
(0.27)
|
(0.14)
|
(0.16)
|
(0.18)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.05)
|
–
|
Total distributions
|
0.00
|
(0.27)
|
(0.14)
|
(0.21)
|
(0.18)
|
Net increase (decrease) in net asset value
|
0.33
|
0.42
|
1.60
|
(3.59)
|
(0.37)
|
Net Asset Value at end of period
|
$ 8.39
|
$ 8.06
|
$ 7.64
|
$ 6.04
|
$ 9.63
|
Total Return (%)3
|
4.094
|
9.01
|
28.93
|
(35.31)
|
(1.94)4
|
Ratios/Supplemental Data:
|
|||||
Net Assets at end of period (in 000’s)
|
$36,244
|
$27,648
|
$19,300
|
$8,719
|
$2,524
|
Ratios of expenses to average net assets
|
|||||
Before reimbursement of expenses by Adviser
|
0.255
|
0.40
|
0.41
|
0.40
|
0.435
|
After reimbursement of expenses by Adviser
|
0.205
|
0.20
|
0.34
|
0.40
|
0.435
|
Ratio of net investment income to average net assets (%)
|
2.115
|
2.61
|
2.24
|
2.80
|
5.175
|
Portfolio Turnover (%)7
|
774
|
51
|
78
|
74
|
34
|
1
|
Commenced investment operations May 1, 2007.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Amounts represent less than $0.005 per share.
|
7
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MADISON TARGET RETIREMENT 2030 FUND
|
|||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
Inception to
12/31/071
|
|||
2010
|
2009
|
2008
|
|||
CLASS I
|
|||||
Net Asset Value at beginning of period
|
$ 7.90
|
$ 7.41
|
$ 5.75
|
$ 9.54
|
$10.00
|
Income from Investment Operations:
|
|||||
Net investment income2
|
0.07
|
0.18
|
0.12
|
0.18
|
0.09
|
Net realized and unrealized gain (loss) on investments
|
0.27
|
0.52
|
1.65
|
(3.82)
|
(0.34)
|
Total from investment operations
|
0.34
|
0.70
|
1.77
|
(3.64)
|
(0.25)
|
Less Distributions:
|
|||||
Distributions from net investment income
|
(0.01)
|
(0.21)
|
(0.11)
|
(0.11)
|
(0.21)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.04)
|
–
|
Total distributions
|
(0.01)
|
(0.21)
|
(0.11)
|
(0.15)
|
(0.21)
|
Net increase (decrease) in net asset value
|
0.33
|
0.49
|
1.66
|
(3.79)
|
(0.46)
|
Net Asset Value at end of period
|
$ 8.23
|
$ 7.90
|
$ 7.41
|
$ 5.75
|
$ 9.54
|
Total Return (%)3
|
4.194
|
9.56
|
30.94
|
(38.35)
|
(2.51)4
|
Ratios/Supplemental Data:
|
|||||
Net Assets at end of period (in 000’s)
|
$39,470
|
$31,279
|
$19,330
|
$8,010
|
$1,521
|
Ratios of expenses to average net assets
|
|||||
Before reimbursement of expenses by Adviser
|
0.255
|
0.40
|
0.41
|
0.40
|
0.445
|
After reimbursement of expenses by Adviser
|
0.205
|
0.20
|
0.34
|
0.40
|
0.445
|
Ratio of net investment income to average net assets (%)
|
1.735
|
2.42
|
1.87
|
2.38
|
3.535
|
Portfolio Turnover (%)6
|
834
|
43
|
78
|
52
|
154
|
1
|
Commenced investment operations May 1, 2007.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MADISON TARGET RETIREMENT 2040 FUND
|
|||||
(unaudited)
Six-Months Ended 6/30/11
|
Year Ended December 31,
|
Inception to
12/31/071
|
|||
2010
|
2009
|
2008
|
|||
CLASS I
|
|||||
Net Asset Value at beginning of period
|
$ 7.60
|
$ 7.07
|
$ 5.43
|
$ 9.48
|
$10.00
|
Income from Investment Operations:
|
|||||
Net investment income2
|
0.05
|
0.15
|
0.08
|
0.14
|
0.07
|
Net realized and unrealized gain (loss) on investments
|
0.29
|
0.55
|
1.63
|
(4.06)
|
(0.36)
|
Total from investment operations
|
0.34
|
0.70
|
1.71
|
(3.92)
|
(0.29)
|
Less Distributions:
|
|||||
Distributions from net investment income
|
(0.01)
|
(0.17)
|
(0.07)
|
(0.08)
|
(0.23)
|
Distributions from capital gains
|
–
|
–
|
–
|
(0.05)
|
–
|
Total distributions
|
(0.01)
|
(0.17)
|
(0.07)
|
(0.13)
|
(0.23)
|
Net increase (decrease) in net asset value
|
0.33
|
0.53
|
1.64
|
(4.05)
|
(0.52)
|
Net Asset Value at end of period
|
$ 7.93
|
$ 7.60
|
$ 7.07
|
$ 5.43
|
$ 9.48
|
Total Return (%)3
|
4.424
|
9.97
|
31.64
|
(41.65)
|
(2.86)4
|
Ratios/Supplemental Data:
|
|||||
Net Assets at end of period (in 000’s)
|
$31,209
|
$26,147
|
$16,656
|
$6,385
|
$1,193
|
Ratios of expenses to average net assets
|
|||||
Before reimbursement of expenses by Adviser
|
0.255
|
0.40
|
0.41
|
0.40
|
0.445
|
After reimbursement of expenses by Adviser
|
0.205
|
0.20
|
0.34
|
0.40
|
0.445
|
Ratio of net investment income to average net assets (%)
|
1.385
|
2.14
|
1.22
|
1.99
|
2.765
|
Portfolio Turnover (%)6
|
924
|
40
|
86
|
62
|
14
|
1
|
Commenced investment operations May 1, 2007.
|
2
|
Based on average shares outstanding during the year.
|
3
|
These returns are after all charges at the mutual fund level have been subtracted. These returns are higher than the returns at the separate account level because charges made at the separate account level have not been subtracted. Total returns are not annualized for periods less than one year.
|
4
|
Not annualized.
|
5
|
Annualized.
|
6
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
MADISON TARGET RETIREMENT 2050 FUND
|
|
(unaudited)
Inception to
6/30/111
|
|
CLASS I
|
|
Net Asset Value at beginning of period
|
$10.00
|
Income from Investment Operations:
|
|
Net investment income2
|
0.07
|
Net realized and unrealized gain (loss) on investments
|
0.34
|
Total from investment operations
|
0.41
|
Less Distributions:
|
|
Distributions from net investment income
|
–
|
Net increase in net asset value
|
0.41
|
Net Asset Value at end of period
|
$10.41
|
Total Return (%)
|
4.083
|
Ratios/Supplemental Data:
|
|
Net Assets at end of period (in 000’s)
|
$1,146
|
Ratios of expenses to average net assets
|
|
Before reimbursement of expenses by Adviser
|
0.224
|
After reimbursement of expenses by Adviser
|
0.214
|
Ratio of net investment income to average net assets (%)
|
1.444
|
Portfolio Turnover (%)5
|
923
|
1
|
Commenced investment operations January 3, 2011.
|
2
|
Based on average shares outstanding during the year.
|
3
|
Not annualized.
|
4
|
Annualized.
|
5
|
Portfolio Turnover is calculated at the fund level and represents the entire fiscal year or period.
|
Security
|
Acquisition Date
|
Acquisition Cost
|
Bond Fund
|
||
American Association of Retired Persons
|
5/16/02
|
$ 2,644,675
|
ERAC USA Finance LLC
|
12/16/04
|
4,815,932
|
Indianapolis Power & Light Co.
|
10/02/06
|
3,422,883
|
WM Wrigley Jr. Co.
|
6/21/10
|
3,167,464
|
$14,050,954
|
Security
|
Acquisition Date
|
Acquisition Cost
|
High Income Fund
|
||
Gulfmark Offshore, Inc.
|
Various
|
$ 253,021
|
$ 253,021
|
||
Diversified Income Fund
|
||
American Association of Retired Persons
|
5/16/02
|
$ 2,115,740
|
ERAC USA Finance LLC
|
12/16/04
|
2,024,881
|
Indianapolis Power & Light Co.
|
10/2/06
|
1,545,017
|
WM Wrigley Jr. Co.
|
6/21/10
|
1,308,952
|
$ 6,994,590
|
|
•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.)
|
|
91
|
|
•Level 3 – significant unobservable inputs (including the fund’s own assumptions in determining the fair value of investments)
|
Fund
|
Quoted Prices in
Active Markets for Identical Investments (Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
Value at
6/30/11
|
Conservative Allocation1
|
$241,936,159
|
$ –
|
$ –
|
$241,936,159
|
Moderate Allocation1
|
403,614,648
|
–
|
–
|
403,614,648
|
Aggressive Allocation1
|
139,496,715
|
–
|
–
|
139,496,715
|
Money Market2
|
2,872,268
|
63,238,665
|
–
|
66,110,933
|
Bond
|
||||
Asset Backed
|
–
|
8,251,307
|
–
|
8,251,307
|
Corporate Notes and Bonds
|
–
|
120,000,187
|
–
|
120,000,187
|
Mortgage Backed
|
–
|
96,401,175
|
–
|
96,401,175
|
U.S. Government and Agency Obligations
|
–
|
210,717,180
|
–
|
210,717,180
|
Investment Companies
|
11,258,133
|
–
|
–
|
11,258,133
|
11,258,133
|
435,369,849
|
–
|
446,627,982
|
|
High Income
|
||||
Corporate Notes and Bonds
|
–
|
91,685,195
|
–
|
91,685,195
|
Preferred Stock
|
1,082,125
|
–
|
–
|
1,082,125
|
Investment Companies
|
5,018,202
|
–
|
–
|
5,018,202
|
6,100,327
|
91,685,195
|
–
|
97,785,522
|
|
Diversified Income
|
||||
Common Stocks
|
218,020,147
|
–
|
–
|
218,020,147
|
Asset Backed
|
–
|
4,768,138
|
–
|
4,768,138
|
Corporate Notes and Bonds
|
–
|
72,704,959
|
–
|
72,704,959
|
Mortgage Backed
|
–
|
40,622,130
|
–
|
40,622,130
|
U.S. Government and Agency Obligations
|
–
|
56,210,057
|
–
|
56,210,057
|
Investment Companies
|
22,035,769
|
–
|
–
|
22,035,769
|
240,055,916
|
174,305,284
|
–
|
414,361,200
|
|
Equity Income
|
||||
Assets
|
||||
Common Stocks
|
2,372,775
|
–
|
–
|
2,372,775
|
Investment Companies
|
126,175
|
–
|
–
|
126,175
|
Repurchase Agreement
|
–
|
493,501
|
–
|
493,501
|
2,498,950
|
493,501
|
–
|
2,992,451
|
|
Liabilities:
|
||||
Options Written
|
95,021
|
–
|
–
|
95,021
|
1 At June 30, 2011, all investments are Level 1, see respective Portfolio of Investments.
|
2 At June 30, 2011, all Level 2 securities held are short term investments, see respective Portfolio of Investments.
|
Fund
|
Quoted Prices in
Active Markets for Identical Investments (Level 1)
|
Significant Other
Observable
Inputs
(Level 2)
|
Significant Unobservable
Inputs
(Level 3)
|
Value at
6/30/11
|
Large Cap Value
|
||||
Common Stocks
|
$520,841,165
|
$ –
|
$ –
|
$520,841,165
|
Investment Companies
|
11,702,407
|
–
|
–
|
11,702,407
|
532,543,572
|
–
|
–
|
532,543,572
|
|
Large Cap Growth
|
||||
Common Stocks
|
383,044,768
|
–
|
–
|
383,044,768
|
Investment Companies
|
17,896,391
|
–
|
–
|
17,896,391
|
400,941,159
|
–
|
–
|
400,941,159
|
|
Mid Cap
|
||||
Common Stocks
|
395,320,086
|
–
|
–
|
395,320,086
|
Investment Companies
|
21,285,125
|
–
|
–
|
21,285,125
|
416,605,211
|
–
|
–
|
416,605,211
|
|
Small Cap
|
||||
Common Stocks
|
14,014,327
|
–
|
–
|
14,014,327
|
Investment Companies
|
500,581
|
–
|
–
|
500,581
|
14,514,908
|
–
|
–
|
14,514,908
|
|
International Stock
|
||||
Common Stocks
|
||||
Australia
|
–
|
3,985,494
|
–
|
3,985,494
|
Belgium
|
–
|
2,720,481
|
–
|
2,720,481
|
Brazil
|
3,808,654
|
–
|
–
|
3,808,654
|
Canada
|
1,978,787
|
–
|
–
|
1,978,787
|
China
|
–
|
978,029
|
–
|
978,029
|
Finland
|
–
|
1,130,319
|
–
|
1,130,319
|
France
|
–
|
12,724,322
|
–
|
12,724,322
|
Germany
|
–
|
7,175,117
|
–
|
7,175,117
|
Hong Kong
|
–
|
1,199,473
|
–
|
1,199,473
|
Ireland
|
–
|
231,786
|
–
|
231,786
|
Italy
|
–
|
1,469,908
|
–
|
1,469,908
|
Japan
|
–
|
20,965,934
|
–
|
20,965,934
|
Netherlands
|
–
|
2,176,810
|
–
|
2,176,810
|
New Zealand
|
–
|
1,397,007
|
–
|
1,397,007
|
Norway
|
–
|
858,771
|
–
|
858,771
|
Russia
|
–
|
1,676,227
|
–
|
1,676,227
|
South Korea
|
–
|
1,063,962
|
–
|
1,063,962
|
Spain
|
–
|
1,404,169
|
–
|
1,404,169
|
Sweden
|
–
|
2,293,894
|
–
|
2,293,894
|
Switzerland
|
–
|
6,144,247
|
–
|
6,144,247
|
Turkey
|
–
|
789,820
|
–
|
789,820
|
United Kingdom
|
–
|
29,543,011
|
–
|
29,543,011
|
Investment Companies
|
3,005,221
|
–
|
–
|
3,005,221
|
8,792,662
|
99,928,781
|
–
|
108,721,443
|
|
Madison Target Retirement 20201
|
44,306,256
|
––
|
–
|
44,306,256
|
Madison Target Retirement 20301
|
47,123,670
|
–
|
–
|
47,123,670
|
Madison Target Retirement 20401
|
36,402,842
|
–
|
–
|
36,402,842
|
Madison Target Retirement 20501
|
$1,157,827
|
–
|
–
|
$1,157,827
|
1 At June 30, 2011, all investments are Level 1, see respective Portfolio of Investments.
|
Statement of Asset & Liability Presentation of Fair Values of Derivative Instruments
|
||||
Asset Derivatives
|
Liability Derivatives
|
|||
Derivatives not accounted
for as hedging instruments
|
Statement of Assets
and Liabilities Location
|
Fair Value
|
Statement of Assets
and Liabilities Location
|
Fair Value
|
Equity contracts
|
–
|
--
|
Options written
|
$95,021
|
Derivatives not accounted
for as hedging instruments
|
Realized Gain on Derivatives:
|
Change in Unrealized Appreciation on Derivatives
|
Equity contracts
|
$47,173
|
$37,909
|
Fund
|
Annual Fee
|
Fund
|
Annual Fee
|
|
Conservative Allocation
|
$11,284
|
Large Cap Value
|
$120,439
|
|
Moderate Allocation
|
31,600
|
Large Cap Growth
|
76,596
|
|
Aggressive Allocation
|
11,456
|
Mid Cap
|
40,739
|
|
Money Market
|
18,783
|
Small Cap
|
1,035
|
|
Bond
|
73,318
|
International Stock
|
24,119
|
|
High Income
|
14,749
|
Madison Target Retirement 2020
|
337
|
|
Diversified Income
|
71,315
|
Madison Target Retirement 2030
|
245
|
|
Madison Target Retirement 2040
|
213
|
U.S. Government Securities
|
Other Investment Securities
|
|||
Fund
|
Purchases
|
Sales
|
Purchases
|
Sales
|
Conservative Allocation
|
$ –
|
$ –
|
$30,729,225
|
$23,662,299
|
Moderate Allocation
|
–
|
–
|
33,172,032
|
25,828,633
|
Aggressive Allocation
|
–
|
–
|
23,706,073
|
18,112,235
|
Bond
|
16,319,283
|
18,701,936
|
–
|
–
|
High Income
|
–
|
–
|
31,455,949
|
34,032,090
|
Diversified Income
|
6,614,753
|
10,062,762
|
26,263,354
|
38,466,150
|
U.S. Government Securities
|
Other Investment Securities
|
|||
Fund
|
Purchases
|
Sales
|
Purchases
|
Sales
|
Equity Income
|
$ –
|
$ –
|
$ 1,843,994
|
$ 1,191,174
|
Large Cap Value
|
–
|
–
|
76,366,663
|
111,710,453
|
Large Cap Growth
|
–
|
–
|
191,563,213
|
205,906,936
|
Mid Cap
|
–
|
–
|
138,109,143
|
159,035,954
|
Small Cap
|
–
|
–
|
2,094,212
|
1,384,214
|
International Stock
|
–
|
–
|
22,448,757
|
25,702,653
|
Madison Target Retirement 2020
|
–
|
–
|
31,847,084
|
24,060,482
|
Madison Target Retirement 2030
|
–
|
–
|
36,058,833
|
28,873,355
|
Madison Target Retirement 2040
|
–
|
–
|
30,343,390
|
26,038,550
|
Madison Target Retirement 2050
|
–
|
–
|
1,538,081
|
495,314
|
Number of Contracts
|
Premiums Received
|
|
Options outstanding, beginning of period
|
476
|
$84,813
|
Options written during the period
|
602
|
123,559
|
Options expired during the period
|
(120)
|
(23,515)
|
Options closed during the period
|
(131)
|
(31,401)
|
Options assigned during the period
|
(316)
|
(55,477)
|
Options outstanding, end of period
|
511
|
$97,979
|
Fund
|
2011
|
2012
|
2013
|
2014
|
2015
|
2016
|
2017
|
2018
|
Conservative Allocation
|
$ –
|
$ –
|
$ –
|
$ –
|
$ –
|
$ 41,976
|
$ 6,053,243
|
$ –
|
Moderate Allocation
|
–
|
–
|
–
|
–
|
--
|
17,885,475
|
20,811,527
|
9,937,108
|
Aggressive Allocation
|
–
|
–
|
–
|
–
|
--
|
6,446,542
|
6,205,447
|
6,513,626
|
Bond
|
104,606
|
1,560,242
|
1,445,891
|
816,322
|
228,563
|
--
|
9,584,651
|
346,309
|
High Income
|
–
|
–
|
–
|
–
|
--
|
8,436,671
|
4,641,635
|
--
|
Diversified Income
|
–
|
–
|
–
|
–
|
--
|
2,487,530
|
45,589,823
|
--
|
Large Cap Value
|
–
|
–
|
–
|
–
|
--
|
85,305,978
|
41,852,552
|
--
|
Large Cap Growth
|
–
|
–
|
–
|
–
|
--
|
35,115,320
|
20,739,513
|
--
|
Mid Cap
|
–
|
–
|
–
|
–
|
7,828,526
|
30,807,814
|
71,947,894
|
--
|
Small Cap
|
–
|
–
|
–
|
–
|
--
|
1,269,222
|
635,547
|
--
|
International Stock
|
–
|
–
|
–
|
–
|
751,246
|
8,819,661
|
21,825,302
|
1,915,037
|
Madison Target Retirement 2020
|
–
|
–
|
–
|
–
|
--
|
--
|
225,054
|
504,165
|
Madison Target Retirement 2030
|
–
|
–
|
–
|
–
|
--
|
40,540
|
140,356
|
259,860
|
Madison Target Retirement 2040
|
–
|
–
|
–
|
–
|
--
|
28,331
|
13,390
|
229,437
|
Fund
|
Appreciation
|
Depreciation
|
Net
|
Conservative Allocation
|
$13,684,783
|
$1,996,032
|
$11,688,751
|
Moderate Allocation
|
32,185,196
|
1,393,009
|
30,792,187
|
Aggressive Allocation
|
15,768,665
|
172,149
|
15,596,516
|
Bond
|
27,272,517
|
3,912,896
|
23,359,621
|
High Income
|
4,278,146
|
431,855
|
3,846,291
|
Diversified Income
|
51,529,928
|
5,727,635
|
45,802,293
|
Equity Income
|
91,438
|
165,985
|
(74,547)
|
Large Cap Value
|
88,522,840
|
6,626,987
|
81,895,853
|
Large Cap Growth
|
70,721,794
|
7,007,077
|
63,714,717
|
Mid Cap
|
71,186,593
|
3,925,191
|
67,261,402
|
Small Cap
|
3,073,187
|
307,425
|
2,765,762
|
International Stock
|
18,848,366
|
881,363
|
17,967,003
|
Madison Target Retirement 2020
|
593,908
|
186,957
|
406,951
|
Madison Target Retirement 2030
|
787,259
|
159,331
|
627,928
|
Madison Target Retirement 2040
|
728,855
|
98,173
|
630,682
|
Madison Target Retirement 2050
|
23,514
|
329
|
23,185
|
Fund/Underlying Fund
|
Balance of
Shares
Held at
12/31/10
|
Gross
Additions
|
Gross
Sales
|
Balance of
Shares
Held at
6/30/11
|
Value at
6/30/11
|
Realized
Gain (Loss)
|
Distributions
Received1
|
Conservative Allocation Fund
|
|||||||
Madison Mosaic Institutional Bond Fund
|
1,699,579
|
–
|
-
|
1,699,579
|
$ 18,695,365
|
$ –
|
$ 180,200
|
Madison Mosaic Disciplined Equity Fund
|
1,133,295
|
46,252
|
-
|
1,179,547
|
15,593,609
|
–
|
–
|
MEMBERS Bond Fund Class Y
|
4,029,639
|
–
|
466,334
|
3,563,305
|
36,666,409
|
49,832
|
535,192
|
MEMBERS High Income Fund Class Y
|
3,521,269
|
–
|
768,498
|
2,752,771
|
19,296,925
|
112,133
|
762,671
|
MEMBERS International Stock Fund Class Y
|
1,065,676
|
–
|
410,567
|
655,109
|
7,383,080
|
(390,173)
|
–
|
MEMBERS Equity Income Fund Class Y
|
585,893
|
–
|
–
|
585,893
|
5,853,073
|
–
|
234,356
|
MEMBERS Large Cap Growth Fund Class Y
|
1,002,072
|
–
|
288,778
|
713,294
|
11,983,330
|
435,962
|
–
|
MEMBERS Large Cap Value Fund Class Y
|
1,274,218
|
–
|
190,899
|
1,083,319
|
13,942,321
|
(388,859)
|
–
|
Totals
|
$129,414,112
|
$ (181,105)
|
$ 1,712,419
|
1 Distributions received include distributions from net investment income and from capital gains from the underlying funds.
|
Fund/Underlying Fund
|
Balance of
Shares
Held at
12/31/10
|
Gross
Additions
|
Gross
Sales
|
Balance of
Shares
Held at
6/30/11
|
Value at
6/30/11
|
Realized
Gain (Loss)
|
Distributions
Received2
|
Moderate Allocation Fund
|
|||||||
Madison Mosaic Institutional Bond Fund
|
1,491,757
|
–
|
–
|
1,491,757
|
$ 16,409,323
|
$ –
|
$ 158,165
|
MEMBERS Bond Fund Class Y
|
3,647,154
|
–
|
–
|
3,647,154
|
37,529,219
|
–
|
525,752
|
MEMBERS High Income Fund Class Y
|
4,319,368
|
–
|
–
|
4,319,368
|
30,278,768
|
–
|
1,025,772
|
MEMBERS International Stock Fund Class Y
|
2,500,243
|
–
|
185,462
|
2,314,781
|
26,087,587
|
(258,552)
|
–
|
Madison Mosaic Disciplined Equity Fund
|
2,713,986
|
–
|
–
|
2,713,986
|
35,878,891
|
–
|
–
|
MEMBERS Equity Income Fund Class Y
|
1,157,056
|
–
|
–
|
1,157,056
|
11,558,986
|
–
|
462,820
|
MEMBERS Large Cap Growth Fund Class Y
|
2,354,535
|
–
|
217,193
|
2,137,342
|
35,907,349
|
327,870
|
–
|
MEMBERS Large Cap Value Fund Class Y
|
2,855,497
|
–
|
58,639
|
2,796,858
|
35,995,560
|
(161,466)
|
–
|
MEMBERS Mid Cap Fund Class Y1
|
1,925,389
|
-
|
73,747
|
1,851,642
|
13,091,111
|
(36,165)
|
–
|
MEMBERS Small Cap Fund Class Y
|
1,301,695
|
-
|
245,616
|
1,056,079
|
12,292,760
|
519,469
|
–
|
Totals
|
$255,029,552
|
$ 391,156
|
$ 2,172,509
|
||||
Aggressive Allocation Fund
|
|||||||
MEMBERS Bond Fund Class Y
|
59,161
|
–
|
371,385
|
59,161
|
$ –
|
$ (2,943)
|
$ 1,296
|
MEMBERS High Income Fund Class Y
|
943,557
|
–
|
154,278
|
–
|
6,614,334
|
–
|
224,072
|
MEMBERS International Stock Fund Class Y
|
1,178,483
|
–
|
313,245
|
103,183
|
12,118,633
|
(142,961)
|
–
|
Madison Mosaic Disciplined Equity Fund
|
1,350,320
|
23,328
|
88,212
|
–
|
18,159,629
|
–
|
–
|
MEMBERS Equity Income Fund Class Y
|
379,732
|
–
|
47,664
|
–
|
3,793,522
|
–
|
151,892
|
MEMBERS Large Cap Growth Fund Class Y
|
909,744
|
–
|
106,127
|
103,599
|
13,543,238
|
168,233
|
–
|
MEMBERS Large Cap Value Fund Class Y
|
1,143,737
|
19,984
|
138,267
|
20,162
|
14,717,609
|
(46,197)
|
–
|
MEMBERS Mid Cap Fund Class Y1
|
1,298,512
|
–
|
128,518
|
106,590
|
8,426,886
|
22,308
|
–
|
MEMBERS Small Cap Fund Class Y
|
606,010
|
–
|
185,307
|
130,297
|
5,537,298
|
425,433
|
–
|
Totals
|
$ 82,911,150
|
$ 423,873
|
$ 377,260
|
||||
Madison Target Retirement 2020 Fund
|
|||||||
MEMBERS Bond Fund Class Y
|
100,475
|
–
|
100,475
|
–
|
$ –
|
$ 60,748
|
$ 112,054
|
MEMBERS High Income Fund Class Y
|
311,509
|
31,322
|
342,831
|
–
|
–
|
181,861
|
63,050
|
MEMBERS International Fund Class Y
|
121,433
|
9,294
|
130,727
|
–
|
–
|
357,219
|
–
|
Madison Mosiac Disciplined Equity Fund
|
192,131
|
24,374
|
216,505
|
–
|
–
|
243,523
|
–
|
MEMBERS Equity Income Fund Class Y
|
68,516
|
–
|
68,516
|
–
|
–
|
(2,653)
|
13,703
|
MEMBERS Large Cap Growth Fund Class Y
|
123,349
|
–
|
123,349
|
–
|
–
|
471,552
|
–
|
MEMBERS Large Cap Value Fund Class Y
|
159,911
|
–
|
159,911
|
–
|
–
|
350,042
|
–
|
MEMBERS Small Cap Fund Class Y
|
98,390
|
–
|
98,390
|
–
|
–
|
374,076
|
–
|
Totals
|
$ –
|
$ 2,036,368
|
$ 88,807
|
1 Non-income producing over the last 12 months.
|
2 Distributions received include distributions from net investment income and from capital gains from the underlying funds.
|
Fund/Underlying Fund
|
Balance of
Shares
Held at
12/31/10
|
Gross
Additions
|
Gross
Sales
|
Balance of
Shares
Held at
6/30/11
|
Value at
6/30/11
|
Realized
Gain (Loss)
|
Distributions
Received1
|
Madison Target Retirement 2030 Fund
|
|||||||
MEMBERS Bond Fund Class Y
|
92,351
|
–
|
92,351
|
–
|
$ –
|
$ 39,176
|
$ 9,645
|
MEMBERS High Income Fund Class Y
|
324,161
|
17,385
|
341,546
|
–
|
–
|
177,061
|
64,785
|
MEMBERS International Fund Class Y
|
159,464
|
–
|
159,464
|
–
|
–
|
415,715
|
–
|
Madison Mosaic Disciplined Equity Fund
|
243,730
|
15,468
|
259,198
|
–
|
–
|
305,413
|
–
|
MEMBERS Equity Income Fund
|
69,522
|
–
|
69,522
|
–
|
–
|
(2,732)
|
13,904
|
MEMBERS Large Cap Growth Fund Class Y
|
150,735
|
–
|
150,735
|
–
|
–
|
460,558
|
–
|
MEMBERS Large Cap Value Fund Class Y
|
187,731
|
–
|
187,731
|
–
|
–
|
393,770
|
–
|
MEMBERS Small Cap Value Fund Class Y
|
127,640
|
–
|
127,640
|
–
|
–
|
458,703
|
–
|
Totals
|
$ –
|
$ 2,247,664
|
$ 88,334
|
Madison Target Retirement 2040 Fund
|
|||||||
MEMBERS Bond Fund Class Y
|
26,774
|
–
|
26,774
|
–
|
$ –
|
$ 15,477
|
$ 1,163
|
MEMBERS High Income Fund Class Y
|
243,274
|
10,431
|
253,705
|
–
|
–
|
65,206
|
48,402
|
MEMBERS International Fund Class Y
|
153,236
|
–
|
153,236
|
–
|
–
|
400,377
|
–
|
Madison Mosiac Disciplined Equity Fund
|
224,178
|
20,572
|
244,750
|
–
|
–
|
279,074
|
–
|
MEMBERS Equity Income Fund Class Y
|
66,526
|
–
|
66,526
|
–
|
–
|
(5,665)
|
13,305
|
MEMBERS Large Cap Growth Fund Class Y
|
115,944
|
–
|
115,944
|
–
|
–
|
424,676
|
–
|
MEMBERS Large Cap Value Fund Class Y
|
146,305
|
–
|
146,305
|
–
|
–
|
304,714
|
–
|
MEMBERS Small Cap Fund Class Y
|
120,340
|
–
|
120,340
|
–
|
–
|
441,078
|
–
|
Totals
|
$ –
|
$ 1,924,936
|
$ 62,870
|
Madison Target Retirement 2050 Fund
|
|||||||
MEMBERS Bond Fund Class Y
|
–
|
196
|
196
|
–
|
$ –
|
$ (6)
|
$ 9
|
MEMBERS High Income Fund Class Y
|
–
|
6,152
|
6,152
|
–
|
–
|
(573)
|
646
|
MEMBERS International Fund Class Y
|
–
|
1,880
|
1,880
|
–
|
–
|
(48)
|
–
|
Madison Mosiac Disciplined Equity Fund
|
–
|
6,702
|
6,702
|
–
|
–
|
(1,871)
|
–
|
MEMBERS Equity Income Fund Class Y
|
–
|
872
|
872
|
–
|
–
|
(301)
|
97
|
MEMBERS Large Cap Growth Fund Class Y
|
–
|
1,977
|
1,977
|
–
|
–
|
(1,109)
|
–
|
MEMBERS Large Cap Value Fund Class Y
|
–
|
2,576
|
2,576
|
–
|
–
|
166
|
–
|
MEMBERS Small Cap Fund Class Y
|
–
|
1,565
|
1,565
|
–
|
–
|
(224)
|
–
|
Totals
|
$ –
|
$ (3,966)
|
$ 752
|
||||
1 Distributions received includes distributions from net investment income and from capital gains from the underlying funds.
|
Exchanged from:
|
Shares
|
Exchanged for:
|
Shares
|
Per Share Conversion Ratio
|
Mid Cap Growth Class I
|
49,872,030.322
|
Mid Cap Value Class I
|
18,732,679.964
|
0.3756
|
Mid Cap Growth Class II
|
560,785.285
|
Mid Cap Value Class II
|
210,203.526
|
0.3748
|
Exchanged from:
|
Shares
|
Exchanged for:
|
Shares
|
Per Share Conversion Ratio
|
Small Cap Growth Class I
|
696,430.677
|
Small Cap Value Class I
|
508,434.004
|
0.7301
|
Small Cap Growth Class II
|
984.266
|
Small Cap Value Class II
|
717.312
|
0.7288
|
Exchanged from:
|
Shares
|
Exchanged for:
|
Shares
|
Per Share Conversion Ratio
|
Global Securities Class I
|
4,649,016.917
|
International Stock Class I
|
3,385,631.044
|
0.7282
|
Global Securities Class II
|
149,488.534
|
International Stock Class II
|
108,859.748
|
0.7282
|
CLASS I
|
CLASS II
|
|||||||
Fund
|
Beginning
Account
Value
|
Ending
Account
Value
|
Annual
Expense
Ratio
|
Expenses
Paid
During
Period
|
Ending
Account
Value
|
Annual
Expense
Ratio
|
Expenses
Paid
During
Period
|
|
Conservative Allocation
|
$1,000
|
$1,036.00
|
0.30%
|
$1.51
|
$1,034.70
|
.55%
|
$2.77
|
|
Moderate Allocation
|
1,000
|
1,144.80
|
0.31%
|
1.57
|
1,043.50
|
.56%
|
2.84
|
|
Aggressive Allocation
|
1,000
|
1,050.60
|
0.31%
|
1.58
|
1,049.30
|
.56%
|
2.85
|
|
Money Market
|
1,000
|
1,000.00
|
0.11%
|
0.55
|
1,000.00
|
.11%
|
.55
|
|
Bond
|
1,000
|
1,022.80
|
0.57%
|
2.86
|
1,021.50
|
.82%
|
4.11
|
|
High Income
|
1,000
|
1,037.60
|
0.76%
|
3.84
|
1,036.30
|
1.01%
|
5.10
|
|
Diversified Income
|
1,000
|
1,053.50
|
0.72%
|
3.67
|
1,052.20
|
.97%
|
4.94
|
|
Equity Income
|
1,000
|
1,011.03
|
0.91%
|
4.58
|
1,009.80
|
1.16%
|
5.83
|
|
Large Cap Value
|
1,000
|
1,078.00
|
0.62%
|
3.19
|
1,076.70
|
.87%
|
4.48
|
|
Large Cap Growth
|
1,000
|
1,050.70
|
0.82%
|
4.17
|
1,049.40
|
1.07%
|
5.44
|
|
Mid Cap
|
1,000
|
1,096.00
|
0.91%
|
4.73
|
1,094.70
|
1.16%
|
6.02
|
|
Small Cap
|
1,000
|
1,060.10
|
1.11%
|
5.67
|
1,058.80
|
1.36%
|
6.94
|
|
International Stock
|
1,000
|
1,067.10
|
1.22%
|
6.25
|
1,065.90
|
1.47%
|
7.53
|
|
Madison Target Retirement 2020
|
1,000
|
1,040.90
|
0.20%
|
1.01
|
||||
Madison Target Retirement 2030
|
1,000
|
1,041.90
|
0.20%
|
1.01
|
||||
Madison Target Retirement 2040
|
1,000
|
1,044.20
|
0.20%
|
1.01
|
||||
Madison Target Retirement 2050
|
1,040.80
|
0.21%
|
1.06
|
CLASS I
|
CLASS II
|
|||||||
Fund
|
Beginning
Account
Value
|
Ending
Account
Value
|
Annual
Expense
Ratio
|
Expenses
Paid
During
Period
|
Ending
Account
Value
|
Annual
Expense
Ratio
|
Expenses
Paid
During
Period
|
|
Conservative Allocation
|
$1,000
|
$1,023.31
|
0.30%
|
$1.51
|
$1,022.07
|
0.55%
|
$2.76
|
|
Moderate Allocation
|
1,000
|
1,023.26
|
0.31%
|
1.56
|
1,022.02
|
0.56%
|
2.81
|
|
Aggressive Allocation
|
1,000
|
1,023.26
|
0.31%
|
1.56
|
1,022.02
|
0.56%
|
2.81
|
|
Money Market
|
1,000
|
1,024.25
|
0.11%
|
0.55
|
1,024.25
|
0.11%
|
0.55
|
|
Bond
|
1,000
|
1,021.97
|
0.57%
|
2.86
|
1,020.73
|
0.82%
|
4.11
|
|
High Income
|
1,000
|
1,021.03
|
0.76%
|
3.81
|
1,019.79
|
1.01%
|
5.06
|
|
Diversified Income
|
1,000
|
1,021.22
|
0.72%
|
3.61
|
1,019.98
|
0.97%
|
4.86
|
|
Equity Income
|
1,000
|
1,025.05
|
0.91%
|
4.56
|
1,025.05
|
1.16%
|
5.82
|
|
Large Cap Value
|
1,000
|
1,021.72
|
0.62%
|
3.11
|
1,020.48
|
0.87%
|
4.36
|
|
Large Cap Growth
|
1,000
|
1,020.73
|
0.82%
|
4.11
|
1,019.49
|
1.07%
|
5.36
|
|
Mid Cap
|
1,000
|
1,020.28
|
0.91%
|
4.56
|
1,019.04
|
1.16%
|
5.81
|
|
Small Cap
|
1,000
|
1,019.29
|
1.11%
|
5.56
|
1,018.05
|
1.36%
|
6.81
|
|
International Stock
|
1,000
|
1,018.74
|
1.22%
|
6.11
|
1,017.50
|
1.47%
|
7.35
|
|
Madison Target Retirement 2020
|
1,000
|
1,023.80
|
0.20%
|
1.00
|
||||
Madison Target Retirement 2030
|
1,000
|
1,023.80
|
0.20%
|
1.00
|
||||
Madison Target Retirement 2040
|
1,000
|
1,023.80
|
0.20%
|
1.00
|
||||
Madison Target Retirement 2050
|
1,023.62
|
0.21%
|
1.05
|
(signature)
|
(signature)
|
Katherine L. Frank
|
Greg Hoppe
|
Chief Executive Officer
|
Chief Accounting Officer
|