Huntington Funds SAR

N-CSRS 1 d381942dncsrs.htm HUNTINGTON FUNDS SAR Huntington Funds SAR

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-05010

THE HUNTINGTON FUNDS

(Exact name of registrant as specified in charter)

2960 North Meridian Street, Suite 300

Attn: Huntington Funds Officer

Indianapolis, IN 46208

(Address of principal executive offices) (Zip code)

Michelle Forgach, Esq.

The Huntington National Bank

41 South High Street

Columbus, OH 43287

(Name and address of agent for service)

Copies to:

David C. Mahaffey, Esq.

Sullivan & Worcester

1666 K Street, N.W.

Washington, DC 20006

Registrant’s telephone number, including area code: 1-800-253-0412

Date of fiscal year end: December 31

Date of reporting period: June 30, 2012

Item 1. Reports to Stockholders.

LOGO

Semi-Annual

Shareholder

Report

Money Market Funds

Huntington Tax-Free Money Market Fund

Huntington Money Market Fund

Huntington Ohio Municipal Money Market Fund

Huntington U.S. Treasury Money Market Fund

Equity Funds

Huntington Disciplined Equity Fund

Huntington Dividend Capture Fund

Huntington Global Select Markets Fund

Huntington Growth Fund

Huntington Income Equity Fund

Huntington International Equity Fund

Huntington Macro 100 Fund

Huntington Mid Corp America Fund

Huntington Real Strategies Fund

Huntington Rotating Markets Fund

Huntington Situs Fund

Huntington Technical Opportunities Fund

Income Funds

Huntington Fixed Income Securities Fund

Huntington Intermediate Government Income Fund

Huntington Mortgage Securities Fund

Huntington Ohio Tax-Free Fund

Huntington Short/Intermediate Fixed Income Securities Fund

Asset Allocation Funds

Huntington Balanced Allocation Fund

Huntington Conservative Allocation Fund

Huntington Growth Allocation Fund

June 30, 2012

CLASS A SHARES

TRUST SHARES



*Huntington Tax-Free Money Market Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Medical		25.2%
General Obligation		22.0%
Higher Education		14.4%
Multifamily Housing		14.3%
Development		8.5%
Cash		8.1%
School District		5.8%
Water		1.5%
Airport		0.2%
*Total*		*100.0%*

Portfolio holdings and allocations are subject to change. As of June 30, 2012, percentages in the table above are based on total investments. Such total investments may differ from the percentages set forth below in the Portfolio of Investments which are computed using the Fund’s total net assets.

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	*Municipal Bonds — 91.8%*
	*Colorado — 0.6%*
$	500,000	Colorado Housing & Finance Authority Revenue, Series A, (Fannie Mae Ins.), 0.170%, 10/15/16 (a)	$	500,000
	*Florida — 14.6%*
	800,000	Broward County, FL, Education Facilities Authority Revenue, (LOC - Bank of America N.A.), 0.330%, 4/1/20 (a)		800,000
	1,365,000	Broward County, FL, Housing Finance Authority Revenue, (Freddie Mac Ins.), 0.180%, 12/1/29 (a)		1,365,000
	400,000	Jacksonville, FL, Health Facilities Authority Revenue, Baptist Medical Center Project, (LOC - Wells Fargo Bank N.A.), 0.170%, 8/15/21 (a)		400,000
	600,000	Jacksonville, FL, Health Facilities Authority Revenue, Baptist Medical Center Project, (LOC - Wells Fargo Bank N.A.), 0.170%, 8/15/27 (a)		600,000
	700,000	North Broward, FL, Hospital District Revenue, (MBIA Ins. LOC - Wachovia Bank N.A.), 0.150%, 1/15/27 (a)		700,000
	200,000	Palm Beach County, FL, Revenue, (LOC - Northern Trust Co.), 0.250%, 5/1/25 (a)		200,000
	1,050,000	Palm Beach County, FL, Revenue, (LOC - Northern Trust Co.), 0.250%, 3/1/30 (a)		1,050,000


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Florida — (Continued)*
$	700,000	Palm Beach County, FL, Revenue, (LOC - Northern Trust Co.), 0.190%, 11/1/36 (a)	$	700,000
	2,625,000	Pinellas County, FL, Health Facilities Authority Revenue, Series A-1, (AGM Ins.), 0.160%, 11/1/38 (a)		2,625,000
	2,100,000	Sarasota County, FL, Public Hospital District Hospital Revenue, Sarasota Memorial Hospital, Series A, (LOC - Northern Trust Co.), 0.160%, 7/1/37 (a)		2,100,000
	1,100,000	Volusia County, FL, Housing Finance Authority Refunding Revenue, (Fannie Mae Ins.), 0.180%, 1/15/32 (a)		1,100,000
				11,640,000
	*Georgia — 1.9%*
	1,500,000	Cobb County, GA, Housing Authority, Tamarron Apartments, (Fannie Mae Ins.), 0.200%, 3/1/24 (a)		1,500,000
	*Indiana — 1.5%*
	1,200,000	Indiana State Development Finance Authority Revenue, (LOC - JPMorgan Chase Bank), 0.170%, 11/1/35 (a)		1,200,000
	*Iowa — 1.9%*
	600,000	Iowa State Finance Authority, Health Facilities Authority Revenue, Series B, 0.170%, 2/15/35 (a)		600,000

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Tax-Free Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Iowa — (Continued)*
$	900,000	Iowa State Finance Authority, Health Facilities Authority Revenue, Series A, 0.170%, 2/15/35 (a)	$	900,000
				1,500,000
	*Minnesota — 6.3%*
	1,995,000	Minneapolis & St. Paul, MN, Housing & Redevelopment Authority, Health Care Revenue, Allina Health Systems, Series B-1, (LOC - JPMorgan Chase Bank), 0.170%, 11/15/35 (a)		1,995,000
	1,000,000	Minneapolis, MN, Housing Development Revenue, 0.180%, 9/1/26 (a)		1,000,000
	2,000,000	Richfield, MN, Housing Revenue, Woodlake Richfield Apartments Project, (LOC - Wells Fargo Bank N.A.), 0.170%, 10/1/53 (a)		2,000,000
				4,995,000
	*Missouri — 11.2%*
	3,075,000	Missouri State Health & Educational Facilities Authority Revenue, Washington University, Series B, (LOC - Wells Fargo Bank N.A.), 0.140%, 2/15/34 (a)		3,075,000
	200,000	Missouri State Health & Educational Facilities Authority Revenue, St. Louis University, Series A-1, (LOC - Wells Fargo Bank N.A.), 0.160%, 10/1/35 (a)		200,000
	2,000,000	Missouri State Health & Educational Facilities Authority Revenue, St. Louis University, Series A-2, (LOC - Wells Fargo Bank N.A.), 0.160%, 10/1/35 (a)		2,000,000
	2,750,000	Missouri State Health & Educational Facilities Authority Revenue, St. Louis University, Series B-2, (LOC - Bank of America N.A.), 0.160%, 10/1/35 (a)		2,750,000
	945,000	Missouri State Health & Educational Facilities Authority Revenue, BJC Health System, Series B, (SPA - U.S. Bank N.A.), 0.140%, 5/15/38 (a)		945,000
				8,970,000
	*Nebraska — 1.4%*
	1,100,000	Nebraska Educational Finance Authority Revenue, Creighton University, (LOC - JPMorgan Chase Bank), 0.170%, 7/1/35 (a)		1,100,000


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*New York — 2.9%*
$	1,000,000	New York City Municipal Water Finance Authority Revenue, 0.150%, 6/15/33 (a)	$	1,000,000
	1,300,000	New York State Housing Finance Agency Revenue, (Fannie Mae Ins.), 0.140%, 5/15/39 (a)		1,300,000
				2,300,000
	*North Carolina — 12.5%*
	1,990,000	Cary, NC, Various Public Improvements, G.O., (SPA - JPMorgan Chase Bank), 0.180%, 6/1/27 (a)		1,990,000
	3,700,000	Charlotte-Mecklenburg Hospital Authority, NC, Health Care System Revenue, Series B, (LOC - U.S. Bank N.A.), 0.130%, 1/15/26 (a)		3,700,000
	3,400,000	Charlotte-Mecklenburg Hospital Authority, NC, Health Care System Revenue, Series H, (LOC - Wells Fargo Bank N.A.), 0.130%, 1/15/45 (a)		3,400,000
	500,000	New Hanover County, NC, Hospital Revenue, Series A-1, (AGM Ins. SPA - Wachovia Bank N.A.), 0.550%, 10/1/23 (a)		500,000
	400,000	New Hanover County, NC, Hospital Revenue, Series B-1, (AGM Ins.), 0.550%, 10/1/26 (a)		400,000
				9,990,000
	*Ohio — 19.5%*
	2,000,000	Bath, OH, Local School District, G.O., 1.250%, 11/15/12		2,005,942
	425,000	Butler County, OH, Capital Funding Revenue Bond, Series A, (LOC - U.S. Bank N.A.), 0.180%, 6/1/35 (a)		425,000
	200,000	Butler County, OH, Port Authority Economic Development Facilities Lease Revenue, Great Miami Valley YMCA, (LOC - JPMorgan Chase Bank), 0.220%, 9/1/37 (a)		200,000
	160,000	Columbia, OH, Local School District, G.O., (AGM Ins.), 1.500%, 11/1/12		160,465
	150,000	Columbus, OH, Regional Airport Authority Revenue, Series A, (LOC - U.S. Bank N.A.), 0.180%, 3/1/34 (a)		150,000
	500,000	Deerfield Township, OH, Various Purposes, G.O., 1.250%, 11/1/12		500,833

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Tax-Free Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	875,000	Euclid, OH, Various Purposes, G.O., 1.250%, 6/13/13	$	879,126
	1,160,000	Franklin County, OH, Industrial Development Revenue, (SPA - JPMorgan Chase Bank), 0.230%, 11/1/14 (a)		1,160,000
	800,000	Franklin County, OH, Hospital Revenue, U.S. Health Corp., Series A, (LOC - Citibank N.A.), 0.170%, 12/1/21 (a)		800,000
	220,000	Harrison, OH, G.O., 2.950%, 12/6/12		221,642
	430,000	Maple Heights, OH, City School District, G.O., 1.250%, 4/11/13		432,161
	1,000,000	Marion, OH, Various Purposes, G.O., 1.500%, 7/19/12		1,000,243
	345,000	Milford, OH, Exempt Village School District, G.O., 3.000%, 12/1/12		348,674
	800,000	Newark, OH, Various Purposes, G.O., 1.300%, 10/3/12		801,745
	165,000	Northwestern, OH, Water & Sewer District, Water Resource Revenue, (AGM Ins.), 2.000%, 12/1/12		166,014
	725,000	Norton, OH, G.O., 2.000%, 8/23/12		726,039
	2,000,000	Ohio State University, Infrastructure Improvements, G.O., Series B, 0.150%, 8/1/21 (a)		2,000,000
	1,000,000	Pataskala, OH, Various Purposes, G.O., 1.500%, 3/28/13		1,007,360
	355,000	Springfield, OH, Various Purposes, G.O., 2.000%, 6/1/13		358,387
	1,500,000	Union Township, OH, Various Purposes, G.O., 1.125%, 9/12/12		1,501,410
	750,000	Vermilion, OH, Various Purposes, G.O., 1.625%, 10/25/12		751,469
				15,596,510
	*Pennsylvania — 0.5%*
	400,000	Allegheny County, PA, Hospital Revenue, UPMC Senior Living Corp., (Fannie Mae Ins.), 0.180%, 7/15/28 (a)		400,000
	*Tennessee — 2.0%*
	1,625,000	Jackson, TN, Health Educational & Housing Facility Board Multifamily Revenue, (Fannie Mae Ins.), 0.180%, 5/15/31 (a)		1,625,000


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Texas — 6.7%*
$	200,000	Austin, TX, Housing Finance Corp., Multifamily Housing Revenue, Stassney Woods Apartments, Series A, (Fannie Mae Ins., LOC - JPMorgan Chase Bank), 0.180%, 10/15/32 (a)	$	200,000
	1,000,000	Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Series B-1, (LOC - JPMorgan Chase & Co.,), 0.170%, 9/1/31 (a)		1,000,000
	2,100,000	Harris County, TX, Cultural Education Facilities Finance Corp. Revenue, Series B-2, (LOC - JPMorgan Chase & Co.), 0.170%, 9/1/31 (a)		2,100,000
	900,000	Katy, TX, Independent School District, G.O., 0.330%, 8/15/33 (a)		900,000
	1,110,000	Travis County, TX, Housing Finance Corp., Multifamily Housing Revenue, Series A, (Fannie Mae Ins.), 0.180%, 2/15/34 (a)		1,110,000
				5,310,000
	*Virginia — 6.6%*
	850,000	Arlington County, VA, Industrial Development Authority Revenue, Series A, (Fannie Mae Ins.), 0.180%, 3/1/35 (a)		850,000
	825,000	Hampton, VA, Redevelopment & Housing Authority Multifamily Housing Revenue, Township Apartments Project, (Fannie Mae Ins.), 0.180%, 10/15/32 (a)		825,000
	1,275,000	Roanoke, VA , Economic Development Authority, Hospital Revenue, Series A-2, 0.170%, 7/1/36 (a)		1,275,000
	2,000,000	Roanoke, VA, Economic Development Authority, Hospital Revenue, Series A-1, 0.170%, 7/1/36 (a)		2,000,000
	350,000	Virginia Commonwealth University Revenue, Series A, (LOC - Wells Fargo Bank N.A.), 0.170%, 11/1/30 (a)		350,000
				5,300,000
	*Washington — 1.7%*
	1,330,000	Washington Economic Development Finance Authority Revenue, Pioneer Human Services, 0.170%, 9/1/18 (a)		1,330,000
	*Total Municipal Bonds (Cost $73,256,510)*			*73,256,510*

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Tax-Free Money Market Fund*		(Continued)


*Shares*			*Value*

	*Cash Equivalents — 8.1%*
	3,250,000	FFI Institutional Tax-Exempt Fund 0.010% (b)	$	3,250,000
	3,184,298	Fidelity Institutional Tax-Exempt Money Market Portfolio, Class I 0.010% (b)		3,184,298
	*Total Cash Equivalents (Cost $6,434,298)*			*6,434,298*
	Total Investments (Cost $79,690,808) — 99.9%			*79,690,808*
	*Other Assets in Excess of Liabilities — 0.1%*			*84,168*
	*Net Assets — 100.0%*		$	*79,774,976*

(a)

Variable or Floating Rate Security. Rate disclosed is as of June 30, 2012. Date shown represents final maturity date.

(b)

Rate disclosed is the seven day yield as of June 30, 2012.

AMBAC — American Municipal Bond Assurance Corp.

BAN — Bond Anticipation Note

FNMA — Federal National Mortgage Association

G.O. — General Obligation

LOC — Letter of Credit

MBIA — Municipal Bond Insurance Association

SPA — Standby Purchase Agreement

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Money Market Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Commercial Paper		25.0%
U.S. Government Agencies		19.1%
Cash		15.8%
Municipal Bonds		15.7%
Yankee Certificates of Deposit		10.5%
Corporate Bonds		8.9%
Repurchase Agreements		5.0%
*Total*		*100.0%*

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	*Commercial Paper — 25.0%*
$	10,000,000	Australia & New Zealand Banking Group Ltd., 0.661%, 10/24/12 (a) (b)	$	10,000,000
	5,000,000	Australia & New Zealand Banking Group Ltd., 0.295%, 11/26/12 (a) (b)		4,999,619
	15,000,000	Bank of Nova Scotia, 0.220%, 7/2/12		14,999,819
	5,000,000	Coca Cola Co., 0.129%, 8/10/12		4,999,278
	5,000,000	Dell, Inc., 0.180%, 7/9/12		4,999,778
	5,000,000	Du Pont (E.I.) de Nemours & Co., 0.200%, 8/21/12		4,998,583
	5,000,000	Emerson Electric Co., 0.110%, 7/6/12		4,999,910
	5,000,000	HSBC Bank PLC, 0.626%, 10/1/12		4,992,078
	5,000,000	Medtronic, Inc., 0.118%, 7/27/12		4,999,567
	5,000,000	PepsiCo, Inc., 0.120%, 8/23/12		4,999,117
	5,000,000	Standard Chartered PLC, 0.549%, 1/18/13		4,984,925
	10,000,000	Standard Chartered PLC, 0.669%, 4/12/13 (c)		10,000,000
	5,000,000	Toronto Dominion Bank, 0.201%, 9/13/12		4,997,944
	5,000,000	WalMart Stores, Inc., 0.129%, 8/6/12		4,999,350
	5,000,000	Walt Disney Co./The, 0.119%, 7/10/12		4,999,837
	*Total Commercial Paper (Cost $94,969,805)*			*94,969,805*
	*U.S. Government Agencies — 19.1%*
	*Federal Farm Credit Bank — 15.1%*
	10,000,000	0.200%, 7/6/12 (c)		10,000,000
	7,500,000	0.196%, 7/27/12 (c)		7,500,000
	10,000,000	0.200%, 9/28/12 (c)		10,000,984
	10,000,000	0.236%, 3/6/13 (c)		10,002,028
	10,000,000	0.176%, 4/16/13 (c)		10,000,785


Principal Amount or Shares			*Value*

	*U.S. Government Agencies — (Continued)*
	*Federal Farm Credit Bank — (Continued)*
$	10,000,000	0.190%, 6/20/13 (c)	$	9,999,020
				57,502,817
	*Federal Home Loan Bank — 4.0%*
	15,000,000	0.200%, 7/18/12 (c)		14,999,929
	Total U.S. Government Agencies (Cost $72,502,746)			*72,502,746*
	*Cash Equivalents — 15.8%*
	25,000,000	Barclays PLC Euro Deposit, 0.020% (c)		25,000,000
	30,000,000	Fidelity Institutional Money Market Portfolio, 0.220% (c)		30,000,000
	5,000,000	Flex-Funds - The Money Market Fund - Institutional Class, 0.170% (c)		5,000,000
	*Total Cash Equivalents (Cost $60,000,000)*			*60,000,000*
	*Municipal Bonds — 15.7%*
	*Kentucky — 2.5%*
	9,600,000	Carroll County, KY, Solid Waste Disposal Revenue, BPB Acquisition Project, (LOC - Bank of America N.A.), AMT, 0.250%, 5/1/31 (c)		9,600,000
	*New York — 1.6%*
	6,000,000	New York State Local Government Assistance Corp. Revenue, Series B, (SPA - JPMorgan Chase Bank), 0.150%, 4/1/21 (c)		6,000,000
	*North Carolina — 3.7%*
	4,500,000	Charlotte, NC, Special Obligation Revenue, Uptown Project, (SPA - Wachovia Bank N.A.), 0.210%, 6/1/21 (c)		4,500,000

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*North Carolina — (Continued)*
$	4,700,000	North Carolina Capital Facilities Finance Agency Education Facilities Revenue, (LOC - Branch Banking & Trust), 0.190%, 10/1/34 (c)	$	4,700,000
	5,000,000	Winston-Salem, NC, Water & Sewer Systems Revenue, Series B, (SPA - Branch Banking & Trust), 0.180%, 6/1/30 (c)		5,000,000
				14,200,000
	*Ohio — 6.6%*
	5,000,000	Franklin County, OH, Hospital Revenue, OhioHealth Facilities, Series B, (SPA - Barclays Bank PLC), 0.150%, 11/15/41 (c)		5,000,000
	5,000,000	Hamilton County, OH, Hospital Facilities Revenue, 0.160%, 5/15/37 (c)		5,000,000
	15,000,000	Ohio State Housing Finance Agency Residential Mortgage Revenue, Series I, (SPA - Citibank N.A.), AMT, 0.280%, 9/1/36 (c)		15,000,000
				25,000,000
	*Texas — 1.3%*
	5,000,000	Texas State Department of Housing & Community Affairs Multifamily Housing Revenue, (LOC - Citibank N.A.), AMT, 0.210%, 5/1/40 (c)		5,000,000
	*Total Municipal Bonds (Cost $59,800,000)*			*59,800,000*
	*Yankee Certificates of Deposit — 10.5%*
	15,000,000	Bank of Montreal, 0.170%, 8/21/12		15,000,000
	15,000,000	Canadian Imperial Bank of Commerce of New York, 0.666%, 7/17/12 (c)		15,001,111
	10,000,000	Toronto Dominion Bank, 0.466%, 2/4/13 (c)		10,000,000
	Total Yankee Certificates of Deposit (Cost $40,001,111)			*40,001,111*
	*Corporate Bonds — 8.9%*
	*Financials — 7.6%*
	5,666,000	General Electric Capital Corp., Series A, GMTN, 5.250%, 10/19/12		5,747,751


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Financials — (Continued)*
$	5,000,000	Golden West Financial Corp., 4.750%, 10/1/12	$	5,054,584
	5,000,000	John Deere Capital Corp., MTN, 5.250%, 10/1/12		5,059,848
	7,700,000	JPMorgan Chase & Co, Series 3, 0.712%, 12/26/12 (FDIC Guaranteed) (c)		7,720,358
	5,095,000	JPMorgan Chase & Co., MTN, 1.117%, 2/26/13 (c)		5,116,355
				28,698,896
	*Industrials — 1.3%*
	5,000,000	Caterpillar, Inc., Series B, 0.567%, 11/21/12 (c)		5,005,150
	*Total Corporate Bonds (Cost $33,704,046)*			*33,704,046*
	*Repurchase Agreements — 5.0%*
	19,192,500	Morgan Stanley, 0.170%, dated 6/29/12, due 7/2/12, repurchase price $19,192,772 (collateralized by Federal Home Loan Bank, 0.190%, 3/25/13, market value $19,584,289)		19,192,500
	*Total Repurchase Agreements (Cost $19,192,500)*			*19,192,500*
	Total Investments (Cost $380,170,208) — 100.0%			*380,170,208*
	*Other Assets in Excess of Liabilities — 0.0%*			*185,368*
	*Net Assets — 100.0%*		$	*380,355,576*

(a)

Illiquid security

(b)

Security exempt from registration under Rule 144A or Section 4(2) of the Securities Act of 1933. The security may be resold in transactions exempt from registration, normally to qualified institutional buyers.

(c)

Variable or Floating Rate Security. Rate disclosed is as of June 30, 2012. Date shown represents final maturity date.

AMT — Subject to alternative minimum tax

FDIC — Federal Deposit Insurance Corp.

GMTN — Global Medium Term Note

LOC — Letter of Credit

MTN — Medium Term Note

SPA — Standby Purchase Agreement

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Ohio Municipal Money Market Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Higher Education		45.4%
Medical		29.5%
General Obligation		15.0%
School District		4.7%
Development		3.0%
Pollution		1.0%
Cash		1.0%
Water		0.2%
Multifamily Housing		0.1%
Airport		0.1%
*Total*		*100.0%*

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	*Municipal Bonds — 97.6%*
	*Ohio — 97.6%*
$	150,000	Ada, OH, Exempted School District, G.O., 1.000%, 12/1/12	$	150,312
	500,000	Akron, OH, Health Benefit Claims, BAN, 1.375%, 3/14/13		502,525
	3,615,000	Allen County, OH, Hospital Facilities Revenue, Catholic Healthcare, Series B, (LOC - JPMorgan Chase Bank), 0.170%, 10/1/31 (a)		3,615,000
	630,000	Allen County, OH, Hospital Facilities Revenue, Catholic Healthcare, Series A, (LOC - Bank of America N.A.), 0.210%, 10/1/31 (a)		630,000
	270,000	Alliance, OH, Refunding Various Purpose Improvements, G.O., 1.000%, 12/1/12		270,560
	1,500,000	Bath, OH, Local School District, G.O., 1.250%, 11/15/12		1,504,456
	1,135,000	Butler County, OH, Capital Funding Revenue Bond, Series A, (LOC - U.S. Bank N.A.), 0.180%, 6/1/35 (a)		1,135,000
	245,000	Cleveland, OH, Municipal School District, G.O., (SPA - student credit program), 2.000%, 12/1/12		246,068
	2,715,000	Cleveland, OH, Cuyahoga County Port Authority Revenue, (LOC - JPMorgan Chase Bank), 0.160%, 1/1/37 (a)		2,715,000


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	3,040,000	Cleveland, OH, Cuyahoga County Port Authority Revenue, Carnegie/96th Research Building Project, (LOC - JPMorgan Chase Bank), 0.180%, 1/1/37 (a)	$	3,040,000
	550,000	Cleveland, OH, Cuyahoga County Port Authority Educational Facilities Revenue, (LOC - JPMorgan Chase Bank), 0.170%, 4/1/38 (a)		550,000
	3,610,000	Columbus, OH, Regional Airport Authority Capital Funding Revenue, (LOC - U.S. Bank N.A.), 0.180%, 7/1/35 (a)		3,610,000
	4,675,000	Columbus, OH, G.O., Series 1, 0.160%, 12/1/26 (a)		4,675,000
	945,000	Columbus, OH, Regional Airport Authority Revenue, Series A, (LOC - U.S. Bank N.A.), 0.180%, 3/1/34 (a)		945,000
	370,000	Columbus, OH, Regional Airport Authority Capital Funding Revenue, (LOC - U.S. Bank N.A.), 0.180%, 12/1/36 (a)		370,000
	5,030,000	Cuyahoga County, OH, Revenue, Cleveland Clinic - Subseries B3, (SPA - Bank of America N.A.), 0.160%, 1/1/39 (a)		5,030,000

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Ohio Municipal Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	6,100,000	Cuyahoga County, OH, Revenue, Cleveland Clinic - Subseries B1, (SPA - JPMorgan Chase Bank), 0.160%, 1/1/39 (a)	$	6,100,000
	1,000,000	Deerfield Township, OH, Various Purposes, G.O., 1.250%, 11/1/12		1,001,666
	400,000	East Knox, OH, Local School District, G.O., 1.750%, 2/7/13		403,003
	1,100,000	Elyria, OH, G.O., 1.000%, 6/6/13		1,104,068
	1,000,000	Euclid, OH, Various Purposes, G.O., 1.250%, 6/13/13		1,004,715
	200,000	Fairless, OH, Local School District, G.O., 2.000%, 12/1/12		201,294
	1,135,000	Franklin County, OH, Industrial Development Revenue, (SPA - JPMorgan Chase Bank), 0.230%, 11/1/14 (a)		1,135,000
	700,000	Franklin County, OH, Hospital Revenue, U.S. Health Corp., Series A, (LOC - Citibank N.A.), 0.170%, 12/1/21 (a)		700,000
	150,000	Franklin County, OH, Nationwide Hospital Revenue, Series G, (SPA - JPMorgan Chase Bank), 0.160%, 5/1/29 (a)		150,000
	5,000,000	Franklin County, OH, OhioHealth Facilities Revenue, Series A, (SPA - Barclays Bank PLC), 0.150%, 11/15/41 (a)		5,000,000
	2,055,000	Hamilton County, OH, Economic Development Revenue, Samuel W. Bell Home for Sightless, Inc. Project, (LOC - U.S. Bank N.A.), 0.190%, 4/1/22 (a)		2,055,000
	4,990,000	Hamilton County, OH, Parking Facility Improvements Revenue, (LOC - U.S. Bank N.A.), 0.190%, 12/1/26 (a)		4,990,000
	1,210,000	Hamilton County, OH, Hospital Facilities Revenue, Children’s Hospital Medical Center, (LOC - JPMorgan Chase Bank), 0.180%, 5/15/28 (a)		1,210,000
	200,000	Hebron, OH, Waterworks Revenue, 1.500%, 12/1/12		200,833
	110,000	Independence, OH, Local School District, G.O., 1.000%, 12/1/12		110,229


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	5,600,000	Kent State University, OH, General Receipts Revenue, Series B, (LOC - Bank of America N.A.), 0.300%, 5/1/32 (a)	$	5,600,000
	205,000	Licking Heights, OH, Local School District, G.O., 2.000%, 12/1/12		206,193
	750,000	Maple Heights, OH, City School District, G.O., 1.250%, 4/11/13		753,770
	255,000	Martins Ferry, OH, City School District, G.O., 1.000%, 12/1/12		255,423
	1,150,000	Marysville, OH, Firestation Construction Notes, G.O., 1.250%, 10/25/12		1,152,171
	100,000	Maumee, OH, Fallen Timbers Capital Improvements, G.O., 2.000%, 12/1/12		100,624
	150,000	Medina County, OH, Library District, G.O., 2.000%, 12/1/12		150,936
	1,200,000	Montgomery County, OH, Revenue, Various Catholic Health, Series B-1, (SPA - Bank of NY Mellon), 0.170%, 3/1/27 (a)		1,200,000
	6,450,000	Montgomery County, OH, Revenue, Miami Valley Hospital, Series B, (SPA - JPMorgan Chase Bank), 0.170%, 11/15/45 (a)		6,450,000
	5,400,000	Montgomery County, OH, Revenue, Miami Valley Hospital, Series C, (SPA - JPMorgan Chase Bank), 0.150%, 11/15/45 (a)		5,400,000
	500,000	Morrow County, OH, G.O., 1.500%, 1/17/13		502,718
	525,000	Newark, OH, Various Purposes, G.O., 1.300%, 10/3/12		526,145
	1,060,000	Ohio Air Quality Development Authority Refunding Revenue, Series B, (LOC - UBS AG), 0.190%, 3/1/23 (a)		1,060,000
	5,100,000	Ohio Air Quality Development Authority Refunding Revenue, Series B, (LOC - Bank of Nova Scotia), 0.160%, 2/1/26 (a)		5,100,000
	400,000	Ohio Housing Finance Agency Multifamily Revenue, (Housing Chambrel at Montrose), Series F, (Fannie Mae Ins.), 0.180%, 11/15/32 (a)		400,000

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Ohio Municipal Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	4,150,000	Ohio State, Infrastructure Improvements, G.O., Series B, 0.160%, 8/1/17 (a)	$	4,150,000
	8,740,000	Ohio State, Infrastructure Improvements, G.O., Series D, 0.160%, 2/1/19 (a)		8,740,000
	2,000,000	Ohio State, Infrastructure Improvements, G.O., Series A, 0.160%, 2/1/23 (a)		2,000,000
	2,820,000	Ohio State, G.O., Series B, 0.150%, 3/15/25 (a)		2,820,000
	420,000	Ohio State, School Improvements, G.O., Series A, 0.150%, 3/15/25 (a)		420,000
	7,570,000	Ohio State, G.O., Series C, 0.160%, 6/15/26 (a)		7,570,000
	925,000	Ohio State Higher Educational Facilities Revenue, Xavier University Project, (LOC - U.S. Bank N.A.), 0.160%, 5/1/15 (a)		925,000
	1,335,000	Ohio State Higher Educational Facilities Revenue, Marietta College Project, (LOC - JPMorgan Chase Bank), 0.190%, 12/1/24 (a)		1,335,000
	480,000	Ohio State Higher Educational Facilities Revenue, Marietta College Project, (LOC - JPMorgan Chase Bank), 0.190%, 12/1/32 (a)		480,000
	650,000	Ohio State Higher Educational Facilities Revenue, Dominican University Project, (LOC - JPMorgan Chase Bank), 0.190%, 12/1/37 (a)		650,000
	500,000	Ohio State Higher Educational Facilities Revenue, Case Western Reserve, Series B-1, (LOC - Bank of America N.A.), 0.170%, 12/1/44 (a)		500,000
	5,000,000	Ohio State Higher Educational Facilities Revenue, Case Western Reserve, Series B-2, (LOC - Bank of America N.A.), 0.150%, 12/1/44 (a)		5,000,000
	4,665,000	Ohio State University, Infrastructure Improvements, G.O., Series B, 0.150%, 8/1/21 (a)		4,665,000


Principal Amount or Shares			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	3,560,000	Ohio State University, General Receipts Revenue, (SPA - Huntington National Bank), 0.140%, 12/1/27 (a)	$	3,560,000
	110,000	Ohio State University, Revenue, Series B, 0.160%, 12/1/28 (a)		110,000
	2,200,000	Ohio State University, Revenue, Series B, 0.150%, 6/1/35 (a)		2,200,000
	425,000	Olmsted Falls, OH, City School District, G.O., 1.800%, 12/6/12		426,452
	240,000	Paulding County, OH, G.O., 2.750%, 9/6/12		240,872
	100,000	Perry County, OH, Various Purposes, G.O., 2.000%, 12/1/12		100,519
	265,000	Springfield, OH, Various Purposes, G.O., 2.000%, 12/1/12		266,428
	1,815,000	Vermilion, OH, Various Purposes, G.O., 1.625%, 10/25/12		1,818,555
	250,000	Wapakoneta, OH, City School District, G.O., 1.500%, 5/1/13		251,758
	*Total Municipal Bonds (Cost $131,442,293)*			*131,442,293*
	*Cash Equivalents — 2.3%*
	1,000,000	FFI Institutional Tax-Exempt Fund 0.010% (b)		1,000,000
	2,162,882	Fidelity Institutional Tax-Exempt Money Market Portfolio, Class I 0.010% (b)		2,162,882
	*Total Cash Equivalents (Cost $3,162,882)*			*3,162,882*
	Total Investments (Cost $134,605,175) — 99.9%			*134,605,175*
	*Other Assets in Excess of Liabilities — 0.1%*			*77,131*
	*Net Assets — 100.0%*		$	*134,682,306*

(a)

Variable or Floating Rate Security. Rate disclosed is as of June 30, 2012. Date shown represents final maturity date.

(b)

Rate disclosed is the seven day yield as of June 30, 2012.

AMBAC — American Municipal Bond Assurance Corp.

FGIC — Financial Guaranty Insurance Co.

G.O. — General Obligation

LOC — Letter of Credit

MBIA — Municipal Bond Insurance Association

SPA — Standby Purchase Agreement

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington U.S. Treasury Money Market Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
U.S. Treasury Obligations		65.5%
Repurchase Agreements		34.5%
*Total*		*100.0%*

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	*U.S. Treasury Obligations — 65.5%*
	*U.S. Treasury Bills — 65.5%*
$	20,000,000	0.070%, 7/5/12	$	19,999,839
	19,198,000	0.150%, 7/12/12		19,197,569
	25,000,000	0.140%, 7/19/12		24,999,200
	20,000,000	0.080%, 7/26/12		19,998,976
	25,000,000	0.060%, 8/2/12		24,998,067
	5,000,000	0.070%, 8/9/12		4,999,458
	10,000,000	0.060%, 8/16/12		9,998,754
	15,000,000	0.090%, 9/6/12		14,997,753
	30,000,000	0.100%, 9/13/12		29,992,772
	5,000,000	0.100%, 10/4/12		4,998,111
	5,000,000	0.080%, 10/11/12		4,997,946
	5,000,000	0.120%, 10/25/12		4,997,986
	10,000,000	0.140%, 11/1/12		9,995,046
	5,000,000	0.100%, 11/15/12		4,997,193
	10,000,000	0.160%, 12/13/12		9,993,583
	Total U.S. Treasury Obligations (Cost $209,162,253)			*209,162,253*
	*Repurchase Agreements — 34.5%*
	30,000,000	Barclays Capital, 0.08%, dated 6/25/12, due 7/2/12, repurchase price $30,000,467 (collateralized by U.S. Treasury Note, 2.375%, 9/30/14, market value $30,474,092)		30,000,000


Principal Amount			*Value*

	*Repurchase Agreements — (Continued)*
$	30,000,000	Goldman Sachs, 0.10%, dated 6/25/12, due 7/3/12, repurchase price $30,000,667 (collateralized by U.S. Treasury Bonds, 3.500%, 2/15/39, market value $30,391,963)	$	30,000,000
	50,222,500	Morgan Stanley, 0.16%, dated 6/29/12, due 7/2/12, repurchase price $50,223,170 (collateralized by U.S. Treasury Note, 0.875%, 12/31/16, market value $51,682,654)		50,222,500
	Total Repurchase Agreements (Cost $110,222,500)			*110,222,500*
	Total Investments (Cost $319,384,753) — 100.0%			*319,384,753*
	*Liabilities in Excess of Other Assets — (0.0)%*			*(16,916)*
	*Net Assets — 100.0%*		$	*319,367,837*

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Disciplined Equity Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Information Technology		21.4%
Consumer Staples		12.0%
Energy		11.5%
Financials		10.6%
Health Care		10.2%
Cash¹		9.0%
Industrials		8.8%
Consumer Discretionary		7.9%
Telecommunication Services		3.7%
Materials		1.9%
Options Purchased		1.5%
Utilities		0.8%
Exchange-Traded Funds		0.4%
Real Estate Investment Trusts		0.3%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

The Portfolio of Investments Summary Table and the Portfolio of Investments are broken down by sectors, and these sectors do not represent industry categories for purposes of identifying “industry concentration” as described in the Investment Company Act of 1940, as amended.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 89.7%*
	*Consumer Discretionary — 7.9%*
	4,000	Amazon.com, Inc. (a)*	$	913,400
	33,000	Comcast Corp., Class A (a)		1,055,010
	35,000	Ford Motor Co. (a)		335,650
	21,000	Home Depot, Inc./The (a)		1,112,790
	11,000	McDonald’s Corp. (a)		973,830
	20,000	News Corp.		450,400
	5,000	NIKE, Inc., Class B (a)		438,900
	5,000	Starbucks Corp.		266,600
	6,000	Target Corp. (a)		349,140
	9,000	Time Warner, Inc. (a)		346,500
	21,700	Walt Disney Co./The (a)		1,052,450
				7,294,670
	*Consumer Staples — 12.1%*
	22,000	Altria Group, Inc.		760,100
	22,500	Coca-Cola Co./The (a)		1,759,275
	5,000	Colgate-Palmolive Co. (a)		520,500
	5,700	Costco Wholesale Corp. (a)		541,500
	10,500	CVS Caremark Corp. (a)		490,665
	10,000	H.J. Heinz Co.		543,800
	19,300	Kraft Foods, Inc., Class A		745,366
	1,000	Kroger Co./The		23,190
	15,000	PepsiCo, Inc. (a)		1,059,900
	17,000	Philip Morris International, Inc. (a)		1,483,420
	27,000	Procter & Gamble Co. (a)		1,653,750


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Consumer Staples — (Continued)*
	10,000	Walgreen Co.	$	295,800
	18,000	Wal-Mart Stores, Inc.		1,254,960
				11,132,226
	*Energy — 11.6%*
	4,800	Apache Corp. (a)		421,872
	12,800	Baker Hughes, Inc. (a)		526,080
	19,000	Chevron Corp. (a)		2,004,500
	13,700	ConocoPhillips (a)		765,556
	4,500	Devon Energy Corp.		260,955
	50,100	Exxon Mobil Corp. (a)		4,287,057
	12,000	Halliburton Co.		340,680
	10,000	Occidental Petroleum Corp. (a)		857,700
	6,850	Phillips 66		227,694
	14,500	Schlumberger Ltd.		941,195
				10,633,289
	*Financials — 10.6%*
	11,300	American Express Co. (a)		657,773
	97,000	Bank of America Corp. (a)		793,460
	17,000	Bank of New York Mellon Corp./The (a)		373,150
	15,500	Berkshire Hathaway, Inc., Class B (a)*		1,291,615
	6,700	Chubb Corp./The (a)		487,894
	28,000	Citigroup, Inc. (a)		767,480
	2,200	Goldman Sachs Group, Inc./The		210,892

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Disciplined Equity Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Financials — (Continued)*
	37,500	JPMorgan Chase & Co.	$	1,339,875
	10,000	MetLife, Inc. (a)		308,500
	30,000	Morgan Stanley (a)		437,700
	1,500	Travelers Cos., Inc./The		95,760
	40,500	U.S. Bancorp (a)		1,302,480
	51,000	Wells Fargo & Co. (a)		1,705,440
				9,772,019
	*Health Care — 10.3%*
	16,200	Abbott Laboratories (a)		1,044,414
	11,000	Amgen, Inc. (a)		803,440
	4,900	Baxter International, Inc.		260,435
	15,200	Bristol-Myers Squibb Co.		546,440
	10,000	Eli Lilly & Co. (a)		429,100
	6,000	Gilead Sciences, Inc.*		307,680
	29,500	Johnson & Johnson (a)		1,993,020
	9,000	Medtronic, Inc.		348,570
	32,000	Merck & Co., Inc. (a)		1,336,000
	85,000	Pfizer, Inc.		1,955,000
	7,000	UnitedHealth Group, Inc.		409,500
				9,433,599
	*Industrials — 8.8%*
	8,300	3M Co.		743,680
	6,500	Boeing Co./The		482,950
	7,500	Caterpillar, Inc. (a)		636,825
	7,000	Emerson Electric Co.		326,060
	2,500	FedEx Corp. (a)		229,025
	800	Fluor Corp.		39,472
	5,500	General Dynamics Corp.		362,780
	105,000	General Electric Co. (a)		2,188,200
	8,500	Honeywell International, Inc. (a)		474,640
	3,000	Norfolk Southern Corp.		215,310
	5,000	Union Pacific Corp. (a)		596,550
	13,500	United Parcel Service, Inc., Class B (a)		1,063,260
	10,000	United Technologies Corp. (a)		755,300
				8,114,052
	*Information Technology — 21.6%*
	10,100	Apple, Inc. (a)*		5,898,400
	60,000	Cisco Systems, Inc. (a)		1,030,200
	15,000	Dell, Inc.*		187,800
	10,000	eBay, Inc. (a)*		420,100
	21,700	EMC Corp. (a)*		556,171
	2,500	Google, Inc., Class A (a)*		1,450,175
	18,000	Hewlett-Packard Co.		361,980
	50,000	Intel Corp. (a)		1,332,500
	12,200	International Business Machines Corp. (a)		2,386,076
	1,000	MasterCard, Inc., Class A (a)		430,110
	85,000	Microsoft Corp. (a)		2,600,150
	38,000	Oracle Corp.		1,128,600
	16,000	QUALCOMM, Inc. (a)		890,880
	10,000	Texas Instruments, Inc.		286,900
	7,000	Visa, Inc., Class A (a)		865,410
				19,825,452


Shares or Contracts			*Value*

	*Common Stocks — (Continued)*
	*Materials — 1.9%*
	10,000	Alcoa, Inc.	$	87,500
	10,000	Dow Chemical Co./The (a)		315,000
	10,500	Du Pont (E.I.) de Nemours & Co. (a)		530,985
	8,500	Freeport-McMoRan Copper & Gold, Inc.		289,595
	5,000	Monsanto Co. (a)		413,900
	2,100	Newmont Mining Corp.		101,871
				1,738,851
	*Real Estate Investment Trusts — 0.4%*
	2,000	Simon Property Group, Inc.		311,320
	*Telecommunication Services — 3.7%*
	59,000	AT&T, Inc.		2,103,940
	30,000	Verizon Communications, Inc. (a)		1,333,200
				3,437,140
	*Utilities — 0.8%*
	7,000	Exelon Corp.		263,340
	1,000	NextEra Energy, Inc.		68,810
	9,000	Southern Co.		416,700
				748,850
	*Total Common Stocks (Cost $70,936,788)*			*82,441,468*
	*Exchange-Traded Funds — 0.4%*
	4,700	Technology Select Sector SPDR Fund		135,125
	6,400	Utilities Select Sector SPDR Fund		236,736
	*Total Exchange-Traded Funds (Cost $298,485)*			*371,861*
	*Options Purchased — 1.5%*
	100	S&P 100 Index, Put @ $560, Expiring December 2012		145,000
	400	S&P 100 Index, Put @ $605, Expiring August 2012		328,000
	450	S&P 100 Index, Put @ $610, Expiring July 2012		202,500
	400	S&P 100 Index, Put @ $620, Expiring September 2012		746,000
	*Total Options Purchased (Cost $3,684,553)*			*1,421,500*
	*Cash Equivalents — 9.1%*
	6,042,737	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		6,042,737
	2,324,440	Huntington Money Market Fund, Trust Shares, 0.010% (b) (c)		2,324,440
	*Total Cash Equivalents (Cost $8,367,177)*			*8,367,177*
	Total Investments (Cost $83,287,003) — 100.7%			*92,602,006*
	*Liabilities in Excess of Other Assets — (0.7)%*			*(660,925)*
	*Net Assets — 100.0%*		$	*91,941,081*

(a)

All or a portion of the security is held as collateral for written call options.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Dividend Capture Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Common Stocks		71.5%
Preferred Stocks		18.6%
Short-Term Securities Held as Collateral for Securities Lending		5.5%
Exchange Traded Funds		3.2%
Cash¹		1.2%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

The Portfolio of Investments are broken down by sectors, and these sectors do not represent industry categories for purposes of identifying “industry concentration” as described in the Investment Company Act of 1940, as amended.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 75.1%*
	*Consumer Discretionary — 6.0%*
	28,500	Buckle, Inc./The (a)	$	1,127,745
	83,000	D.R. Horton, Inc.		1,525,540
	3,000	Gap, Inc./The		82,080
	45,500	Genuine Parts Co.		2,741,375
	134,000	Hillenbrand, Inc.		2,462,920
	41,500	Tupperware Brands Corp.		2,272,540
				10,212,200
	*Consumer Staples — 5.3%*
	17,000	Colgate-Palmolive Co.		1,769,700
	97,000	ConAgra Foods, Inc.		2,515,210
	110,250	Kroger Co./The		2,556,697
	25,250	Philip Morris International, Inc.		2,203,315
				9,044,922
	*Energy — 12.0%*
	29,250	Chevron Corp.		3,085,875
	14,500	ConocoPhillips		810,260
	48,000	Crosstex Energy LP		787,200
	18,000	Enbridge Energy Partners LP (a)		553,860
	35,000	Exxon Mobil Corp.		2,994,950
	37,000	Linn Energy LLC		1,409,700
	15,000	Magellan Midstream Partners LP		1,059,600
	7,250	Phillips 66		240,990
	10,000	Plains All American Pipeline LP		808,100
	25,000	Royal Dutch Shell PLC ADR		1,685,750
	37,000	Sunoco Logistics Partners LP		1,341,990
	72,500	Total SA ADR		3,258,875
	67,000	Valero Energy Corp.		1,618,050
	16,000	Williams Partners LP (a)		835,840
				20,491,040
	*Financials — 17.3%*
	40,500	American Financial Group, Inc.		1,588,815
	67,500	Bank of Hawaii Corp.		3,101,625
	56,500	Bank of Montreal (a)		3,122,190


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Financials — (Continued)*
	49,000	Cullen/Frost Bankers, Inc.	$	2,817,010
	78,500	Federated Investors, Inc., Class B (a)		1,715,225
	34,000	JPMorgan Chase & Co.		1,214,820
	54,000	MetLife, Inc.		1,665,900
	110,500	NYSE Euronext		2,826,590
	44,000	Royal Bank of Canada (a)		2,253,680
	26,750	Toronto-Dominion Bank/The		2,092,652
	63,000	U.S. Bancorp		2,026,080
	91,250	Waddell & Reed Financial, Inc., Class A		2,763,050
	75,000	Wells Fargo & Co.		2,508,000
				29,695,637
	*Health Care — 5.0%*
	23,000	Abbott Laboratories		1,482,810
	29,000	AstraZeneca PLC ADR		1,297,750
	42,500	Baxter International, Inc.		2,258,875
	41,000	Cardinal Health, Inc., Class A		1,722,000
	42,750	Merck & Co., Inc.		1,784,812
				8,546,247
	*Industrials — 6.6%*
	30,750	3M Co.		2,755,200
	52,500	Brady Corp., Class A		1,444,275
	74,000	CSX Corp.		1,654,640
	56,500	General Electric Co.		1,177,460
	42,500	Rockwell Collins, Inc.		2,097,375
	63,000	Waste Management, Inc.		2,104,200
				11,233,150
	*Information Technology — 6.3%*
	64,250	Cisco Systems, Inc.		1,103,173
	44,500	Harris Corp.		1,862,325
	70,500	Intel Corp.		1,878,825
	61,500	Microsoft Corp.		1,881,285
	27,500	Paychex, Inc.		863,775
	146,299	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		2,042,334

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Dividend Capture Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Information Technology — (Continued)*
	49,000	Total System Services, Inc.	$	1,172,570
				10,804,287
	*Materials — 2.0%*
	37,750	Freeport-McMoRan Copper & Gold, Inc.		1,286,143
	71,000	Sonoco Products Co.		2,140,650
				3,426,793
	*Real Estate Investment Trusts — 8.0%*
	6,500	Boston Properties, Inc.		704,405
	10,000	EastGroup Properties, Inc.		533,000
	12,000	Entertainment Properties Trust		493,320
	20,000	HCP, Inc.		883,000
	27,000	Highwoods Properties, Inc.		908,550
	16,000	Home Properties, Inc.		981,760
	98,000	Kimco Realty Corp.		1,864,940
	46,000	Liberty Property Trust		1,694,640
	14,250	Mid-America Apartment Communities, Inc.		972,420
	10,500	National Health Investors, Inc.		534,660
	72,000	Omega Healthcare Investors, Inc.		1,620,000
	22,000	ProLogis, Inc.		731,060
	4,000	Simon Property Group, Inc.		622,640
	19,000	Ventas, Inc.		1,199,280
				13,743,675
	*Telecommunication Services — 3.0%*
	32,000	AT&T, Inc.		1,141,120
	36,000	Verizon Communications, Inc.		1,599,840
	87,500	Vodafone Group PLC ADR		2,465,750
				5,206,710
	*Utilities — 3.6%*
	48,000	Duke Energy Corp.		1,106,880
	42,500	Exelon Corp.		1,598,850
	94,000	Hawaiian Electric Industries, Inc.		2,680,880
	26,500	PPL Corp.		736,965
				6,123,575
	*Total Common Stocks (Cost $124,905,836)*			*128,528,236*
	*Preferred Stocks — 19.6%*
	*Financials — 12.0%*
	45,000	Allianz SE, 8.375%		1,174,500
	35,000	American Financial Group, Inc., 7.000%		945,000
	45,000	Ameriprise Financial, Inc., 7.750%		1,272,150
	15,000	Axis Capital Holdings Ltd., Series C, 6.875%		401,850
	105,000	BB&T Capital Trust V, 8.950%		2,644,950
	10,000	Charles Schwab Corp./The, Series B, 6.000%		260,600
	50,000	Credit Suisse Guernsey, 7.900%		1,301,500
	50,000	JPMorgan Chase Capital XXIX, 6.700%		1,281,500
	44,000	KKR Financial Holdings LLC, 8.375%		1,188,440
	75,000	M&T Capital Trust IV, 8.500%		1,931,250
	40,000	Morgan Stanley Capital Trust, 6.600%		962,000
	20,000	PartnerRe Ltd., Series D, 6.500%		509,400


*Shares*			*Value*

	*Preferred Stocks — (Continued)*
	*Financials — (Continued)*
	15,000	PartnerRe Ltd., Series E, 7.250%	$	402,000
	65,000	PNC Capital Trust E, 7.750%		1,642,550
	55,000	Prudential Financial, Inc., 9.000%		1,493,800
	20,000	Raymond James Financial, Inc., 6.900%		542,800
	13,000	RenaissanceRe Holdings Ltd., Series C, 6.080%		330,200
	85,000	Wells Fargo Capital Trust XII, 7.875%		2,200,650
				20,485,140
	*Real Estate Investment Trusts — 2.8%*
	95,000	Kimco Realty Corp., Series G, 7.750%		2,436,750
	15,000	Realty Income Corp., Series F, 6.625%		405,000
	72,000	Vornado Realty LP, 7.875%		2,016,000
				4,857,750
	*Telecommunication Services — 0.8%*
	50,000	Qwest Corp., 7.500%		1,322,500
	*Utilities — 4.0%*
	90,000	Dominion Resources, Inc., Class A, 8.375%		2,583,000
	10,000	Interstate Power & Light Co., Series B, 8.375%		280,100
	80,000	NextEra Energy Capital Holdings, Inc., Series F, 8.750%		2,296,800
	60,000	Xcel Energy, Inc., 7.600%		1,605,000
				6,764,900
	*Total Preferred Stocks (Cost $32,571,515)*			*33,430,290*
	*Exchange-Traded Funds — 3.4%*
	41,250	iShares S&P 500 Value Index Fund		2,569,050
	113,000	Technology Select Sector SPDR Fund (a)		3,248,750
	*Total Exchange-Traded Funds (Cost $4,627,936)*			*5,817,800*
	*Cash Equivalents — 1.2%*
	2,137,897	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		2,137,897
	*Total Cash Equivalents (Cost $2,137,897)*			*2,137,897*
	Short-Term Securities Held as Collateral for Securities Lending — 5.8%
	9,846,942	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		9,846,942
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $9,846,942)			*9,846,942*
	Total Investments (Cost $174,090,126) — 105.1%			*179,761,165*
	*Liabilities in Excess of Other Assets — (5.1)%*			*(8,649,042)*
	*Net Assets — 100.0%*		$	*171,112,123*

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Dividend Capture Fund*		(Continued)

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $9,653,865.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

ADR — American Depositary Receipt

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Global Select Markets Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Common Stocks		74.0%
Short-Term Securities Held as Collateral for Securities Lending		10.5%
Exchange-Traded Funds		7.2%
Cash¹		3.3%
Foreign Government Bonds		2.7%
Corporate Bonds		2.3%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 83.5%*
	*Argentina — 2.1%*
	*Information Technology — 2.1%*
	11,000	MercadoLibre, Inc.	$	833,800
	*Brazil — 14.9%*
	*Consumer Discretionary — 3.4%*
	115,546	Lojas Americanas SA		757,237
	120,000	Restoque Comercio e Confeccoes de Roupas SA		610,271
				1,367,508
	*Consumer Staples — 1.4%*
	15,000	Companhia De Bebidas Das Americas ADR		574,950
	*Energy — 1.7%*
	35,000	Petroleo Brasileiro SA ADR		656,950
	*Financials — 4.8%*
	55,000	Banco Bradesco SA ADR (a)		817,850
	170,000	BM&FBOVESPA SA		856,937
	18,000	Itau Unibanco Holding SA		251,423
				1,926,210
	*Health Care — 1.4%*
	108,000	OdontoPrev SA		544,407
	*Telecommunication Services — 2.2%*
	35,000	Telefonica Brasil SA ADR		865,900
				5,935,925
	*Canada — 3.7%*
	*Materials — 3.7%*
	34,000	Potash Corporation of Saskatchewan, Inc.		1,485,460


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Cayman Islands — 2.6%*
	*Consumer Discretionary — 2.6%*
	440,000	Wynn Macau Ltd.*	$	1,022,019
	*China — 12.4%*
	*Energy — 4.4%*
	500,000	China Oilfield Services Ltd.		714,103
	8,000	PetroChina Co. Ltd. ADR (a)		1,033,120
				1,747,223
	*Financials — 2.9%*
	900,000	Bank of China Ltd.		341,068
	1,200,000	China Construction Bank Corp.		818,254
				1,159,322
	*Health Care — 1.4%*
	18,000	Mindray Medical International Ltd. ADR (a)		545,220
	*Information Technology — 3.7%*
	8,000	Baidu, Inc. ADR*		919,840
	11,000	SINA Corp.*		569,910
				1,489,750
				4,941,515
	*Hong Kong — 1.7%*
	*Information Technology — 1.7%*
	390,000	Digital China Holdings Ltd.		679,662
	*India — 8.6%*
	*Consumer Discretionary — 1.6%*
	50,000	Mahindra & Mahindra Ltd.		635,559
	*Energy — 0.9%*
	150,000	Petronet LNG Ltd.		385,784

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Global Select Markets Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*India — (Continued)*
	*Financials — 4.2%*
	13,000	Axis Bank Ltd.	$	237,325
	27,000	ICICI Bank Ltd. ADR (a)		875,070
	160,000	Rural Electrification Corp. Ltd.		551,546
				1,663,941
	*Health Care — 1.3%*
	55,000	Lupin Ltd.		530,971
	*Materials — 0.6%*
	105,000	Hindalco Industries Ltd.		226,267
				3,442,522
	*Indonesia — 6.9%*
	*Industrials — 2.0%*
	360,151	United Tractors Tbk PT		818,874
	*Materials — 2.6%*
	4,040,000	Holcim Indonesia Tbk PT		1,043,344
	*Telecommunication Services — 1.7%*
	19,000	Telekomunikasi Indonesia Tbk PT ADR		661,770
	*Utilities — 0.6%*
	600,000	Perusahaan Gas Negara PT		225,240
				2,749,228
	*Poland — 3.8%*
	*Financials — 2.4%*
	3,200	Bank Pekao SA (a)		145,529
	9,000	Bre Bank SA*		802,119
				947,648
	*Utilities — 1.4%*
	100,000	Polska Grupa Energetyczna SA		583,556
				1,531,204
	*Republic Of South Korea — 12.6%*
	*Consumer Discretionary — 5.1%*
	83,000	Dong Ah Tire & Rubber Co. Ltd.		843,178
	5,800	Hyundai Motor Co.		1,180,958
				2,024,136
	*Consumer Staples — 2.9%*
	2,150	LG Household & Health Care Ltd.		1,161,735
	*Financials — 1.8%*
	75,480	Korean Reinsurance Co.		737,038
	*Industrials — 1.6%*
	2,750	Hyundai Heavy Industries Co. Ltd.		620,145
	*Materials — 1.2%*
	1,400	Korea Zinc Co. Ltd.		472,033
				5,015,087


Principal Amount or Shares			*Value*

	*Common Stocks — (Continued)*
	*Republic Of South Korea — (Continued)*
	*Taiwan — 7.9%*
	*Financials — 1.8%*
	745,461	Fubon Financial Holding Co. Ltd.	$	744,961
	*Materials — 6.1%*
	902,863	Asia Cement Corp.		1,133,877
	275,000	Formosa Plastics Corp.		735,916
	243,000	Taiwan Fertilizer Co. Ltd.		556,569
				2,426,362
				3,171,323
	*United Kingdom — 1.8%*
	*Materials — 1.8%*
	15,000	Rio Tinto PLC ADR (a)		717,150
	*United States — 4.5%*
	*Energy — 1.1%*
	5,000	EOG Resources, Inc.		450,550
	*Information Technology — 1.5%*
	1,000	Apple, Inc.*		584,000
	*Materials — 1.9%*
	22,000	Freeport-McMoRan Copper & Gold, Inc.		749,540
				1,784,090
	*Total Common Stocks (Cost $37,494,555)*			*33,308,985*
	*Exchange-Traded Funds — 8.1%*
	30,000	Global X Brazil Consumer ETF		490,500
	65,000	Global X China Consumer ETF		859,300
	26,000	iShares FTSE China 25 Index Fund (a)		875,420
	15,000	ProShares Ultra MSCI Emerging Markets*		1,007,400
	*Total Exchange-Traded Funds (Cost $3,469,928)*			*3,232,620*
	*Foreign Government Bonds — 3.1%*
	*Indonesia — 3.1%*
	4,200,000,000	Indonesian Government, Series FR23, 11.000%, 12/15/12 (b)		459,412
	1,700,000,000	Indonesian Government, Series FR55, 7.375%, 9/15/16 (b)		193,740
	4,700,000,000	Indonesian Government, Series FR53, 8.250%, 7/15/21 (b)		571,482
				1,224,634
	*Total Foreign Government Bonds (Cost $1,199,004)*			*1,224,634*

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Global Select Markets Fund*		(Continued)


Principal Amount or Shares			*Value*

	*Corporate Bonds — 2.5%*
	*Australia — 1.6%*
	*Financials — 1.6%*
	600,000	Goldman Sachs Group, Inc./The, 7.750%, 11/23/16 (b)	$	654,449
	*Indonesia — 0.4%*
	*Financials — 0.4%*
	1,700,000,000	KFW, Series E, 7.500%, 7/17/12 (b)		181,007
	*Multi-Nationals — 0.5%*
	*Financials — 0.5%*
	350,000	European Bank for Reconstruction & Development, Series E, MTN, 9.500%, 11/6/13 (c)		182,489
	*Total Corporate Bonds (Cost $1,001,748)*			*1,017,945*
	*Cash Equivalents — 3.7%*
	1,490,751	Huntington Money Market Fund, Interfund Shares, 0.010% (d) (e)		1,490,751
	50	Fidelity Institutional Money Market Portfolio, 0.220% (d)		50
	*Total Cash Equivalents (Cost $1,490,801)*			*1,490,801*


*Shares*			*Value*

	Short-Term Securities Held as Collateral for Securities Lending — 11.9%
	4,737,640	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (d)	$	4,737,640
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $4,737,640)			*4,737,640*
	Total Investments (Cost $49,393,676) — 112.8%			*45,012,625*
	*Liabilities in Excess of Other Assets — (12.8)%*			*(5,115,041)*
	*Net Assets — 100.0%*		$	*39,897,584*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $4,644,231.

(b)

Foreign-denominated security. Principal amount is reported in applicable country’s currency.

(c)

Foreign-denominated security. Principal amount is reported in Indonesian Rupiah.

(d)

Rate disclosed is the seven day yield as of June 30, 2012.

(e)

Investment in affiliate.

*	Non-income producing security.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

MTN — Medium Term Note

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Growth Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Information Technology		33.5%
Health Care		13.7%
Consumer Staples		13.2%
Energy		11.0%
Consumer Discretionary		8.7%
Industrials		7.4%
Financials		3.5%
Materials		3.3%
Short-Term Securities Held as Collateral for Securities Lending		2.2%
Real Estate Investment Trusts		1.5%
Cash¹		0.9%
Telecommunication Services		0.6%
Utilities		0.5%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 97.4%*
	*Consumer Discretionary — 8.7%*
	17,110	Advance Auto Parts, Inc.	$	1,167,244
	2,930	Chipotle Mexican Grill, Inc.*		1,113,254
	19,770	Home Depot, Inc./The		1,047,612
	12,570	NIKE, Inc., Class B		1,103,395
	7,350	Panera Bread Co., Class A*		1,024,884
	30,770	Ross Stores, Inc.		1,922,202
	26,900	Starbucks Corp.		1,434,308
	11,860	VF Corp.		1,582,717
	20,900	Yum! Brands, Inc.		1,346,378
				11,741,994
	*Consumer Staples — 13.2%*
	90,890	Altria Group, Inc.		3,140,250
	27,630	Church & Dwight Co., Inc.		1,532,636
	38,170	Coca-Cola Co./The		2,984,512
	25,320	Costco Wholesale Corp.		2,405,400
	62,520	Hain Celestial Group, Inc./The*		3,441,101
	45,020	Whole Foods Market, Inc.		4,291,307
				17,795,206
	*Energy — 11.1%*
	15,170	CARBO Ceramics, Inc. (a)		1,163,994
	12,330	Chevron Corp.		1,300,815
	40,870	Energy Transfer Partners LP (a)		1,806,045
	45,680	Enterprise Products Partners LP		2,340,643
	25,130	EOG Resources, Inc.		2,264,464


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — (Continued)*
	16,340	Exxon Mobil Corp.	$	1,398,214
	21,910	Lufkin Industries, Inc.		1,190,151
	36,850	Schlumberger Ltd.		2,391,934
	23,730	Transocean Ltd.		1,061,443
				14,917,703
	*Financials — 3.5%*
	12,050	Franklin Resources, Inc.		1,337,430
	5,550	Goldman Sachs Group, Inc./The		532,023
	30,680	JPMorgan Chase & Co.		1,096,196
	9,820	PNC Financial Services Group, Inc.		600,100
	32,930	Wells Fargo & Co.		1,101,179
				4,666,928
	*Health Care — 13.8%*
	37,890	Abbott Laboratories		2,442,768
	58,030	Bristol-Myers Squibb Co.		2,086,179
	15,390	Cardinal Health, Inc., Class A		646,380
	29,280	Edwards LifeSciences Corp.*		3,024,624
	29,216	Express Scripts Holding Co.*		1,631,129
	57,640	Merck & Co., Inc.		2,406,470
	21,650	Novo-Nordisk A/S ADR		3,146,611
	46,100	Pfizer, Inc.		1,060,300
	36,780	Stryker Corp.		2,026,578
				18,471,039

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Growth Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Industrials — 7.5%*
	21,560	Caterpillar, Inc.	$	1,830,660
	25,990	Cummins, Inc.		2,518,691
	30,840	Deere & Co.		2,494,031
	25,270	Illinois Tool Works, Inc.		1,336,530
	9,850	W.W. Grainger, Inc.		1,883,714
				10,063,626
	*Information Technology — 33.6%*
	24,020	Apple, Inc.*		14,027,680
	14,130	Baidu, Inc. ADR*		1,624,667
	53,350	Broadcom Corp., Class A		1,803,230
	102,620	Cisco Systems, Inc.		1,761,985
	38,500	eBay, Inc.*		1,617,385
	57,580	EMC Corp.*		1,475,775
	3,320	Google, Inc., Class A*		1,925,832
	121,500	Intel Corp.		3,237,975
	30,620	International Business Machines Corp.		5,988,660
	110,490	Microsoft Corp.		3,379,889
	47,010	QUALCOMM, Inc.		2,617,517
	42,660	Rackspace Hosting, Inc.*		1,874,480
	41,570	Red Hat, Inc.*		2,347,874
	12,210	Visa, Inc., Class A		1,509,522
				45,192,471
	*Materials — 3.4%*
	26,570	Du Pont (E.I.) de Nemours & Co.		1,343,645
	45,340	International Paper Co.		1,310,779
	13,010	Nucor Corp.		493,079
	12,550	Praxair, Inc.		1,364,562
				4,512,065
	*Real Estate Investment Trusts — 1.5%*
	18,970	Mid-America Apartment Communities, Inc.		1,294,513
	4,930	Simon Property Group, Inc.		767,404
				2,061,917


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Telecommunication Services — 0.6%*
	17,890	Verizon Communications, Inc.	$	795,032
	*Utilities — 0.5%*
	10,190	Sempra Energy		701,887
	*Total Common Stocks (Cost $111,659,173)*			*130,919,868*
	*Cash Equivalents — 0.9%*
	1,184,775	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		1,184,775
	*Total Cash Equivalents (Cost $1,184,775)*			*1,184,775*
	Short-Term Securities Held as Collateral for Securities Lending — 2.2%
	2,958,877	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		2,958,877
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $2,958,877)			*2,958,877*
	Total Investments (Cost $115,802,825) — 100.5%			*135,063,520*
	*Liabilities in Excess of Other Assets — (0.5)%*			*(678,353)*
	*Net Assets — 100.0%*		$	*134,385,167*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $2,900,860.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

ADR — American Depositary Receipt

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Income Equity Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Financials		14.9%
Information Technology		11.4%
Energy		11.0%
Real Estate Investment Trusts		9.4%
Industrials		9.3%
Consumer Discretionary		9.2%
Short-Term Securities Held as Collateral for Securities Lending		7.6%
Consumer Staples		7.3%
Health Care		7.0%
Utilities		5.0%
Telecommunication Services		4.2%
Materials		2.8%
Cash¹		0.9%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 98.8%*
	*Consumer Discretionary — 9.9%*
	91,700	Best Buy Co., Inc. (a)	$	1,922,032
	69,400	Comcast Corp., Class A		2,218,718
	156,300	Gannett Co., Inc.		2,302,299
	99,600	Shaw Communications, Inc., Class B (a)		1,883,436
	140,600	Staples, Inc.		1,834,830
	27,200	Time Warner Cable, Inc., Class A		2,233,120
				12,394,435
	*Consumer Staples — 7.9%*
	64,600	Altria Group, Inc.		2,231,930
	27,200	Kimberly-Clark Corp.		2,278,544
	21,700	Philip Morris International, Inc.		1,893,542
	60,400	Sysco Corp.		1,800,524
	55,600	Walgreen Co.		1,644,648
				9,849,188
	*Energy — 11.8%*
	48,900	BP PLC ADR		1,982,406
	18,500	Chevron Corp.		1,951,750
	30,800	ConocoPhillips		1,721,104
	37,900	Enterprise Products Partners LP		1,941,996
	22,500	Exxon Mobil Corp.		1,925,325
	44,700	Marathon Petroleum Corp.		2,007,924
	27,200	Royal Dutch Shell PLC ADR		1,834,096


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — (Continued)*
	50,200	Spectra Energy Corp.	$	1,458,812
				14,823,413
	*Financials — 16.1%*
	35,000	Bank of Montreal		1,934,100
	36,200	Bank of Nova Scotia		1,874,798
	138,000	Barclays PLC ADR (a)		1,421,400
	67,600	BB&T Corp.		2,085,460
	25,400	Canadian Imperial Bank of Commerce		1,786,636
	44,100	HSBC Holdings PLC ADR		1,946,133
	32,000	Royal Bank of Canada (a)		1,639,040
	63,400	Sun Life Financial, Inc.		1,379,584
	31,400	Travelers Cos., Inc./The		2,004,576
	62,800	U.S. Bancorp		2,019,648
	61,000	Wells Fargo & Co.		2,039,840
				20,131,215
	*Health Care — 7.6%*
	26,900	Abbott Laboratories		1,734,243
	34,800	AstraZeneca PLC ADR		1,557,300
	50,400	Eli Lilly & Co.		2,162,664
	52,200	Merck & Co., Inc.		2,179,350
	80,000	Pfizer, Inc.		1,840,000
				9,473,557

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Income Equity Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Industrials — 10.0%*
	38,600	Eaton Corp.	$	1,529,718
	93,500	General Electric Co.		1,948,540
	30,200	Illinois Tool Works, Inc.		1,597,278
	98,400	Koninklijke (Royal) Philips Electronics NV		1,935,528
	21,100	Lockheed Martin Corp.		1,837,388
	161,000	R.R. Donnelley & Sons Co. (a)		1,894,970
	53,100	Waste Management, Inc.		1,773,540
				12,516,962
	*Information Technology — 12.3%*
	130,500	Applied Materials, Inc.		1,495,530
	73,100	CA, Inc.		1,980,279
	95,400	Cisco Systems, Inc.		1,638,018
	83,400	Hewlett-Packard Co.		1,677,174
	74,300	Intel Corp.		1,980,095
	60,400	Microsoft Corp.		1,847,636
	56,000	Paychex, Inc.		1,758,960
	47,700	Seagate Technology PLC		1,179,621
	236,800	Xerox Corp.		1,863,616
				15,420,929
	*Materials — 3.0%*
	21,700	Air Products & Chemicals, Inc.		1,751,841
	50,700	Lyondellbasell Industries N.V.		2,041,689
				3,793,530
	*Real Estate Investment Trusts — 10.2%*
	24,200	Health Care REIT, Inc.		1,410,860
	73,700	Hospitality Properties Trust		1,825,549
	107,500	Kimco Realty Corp.		2,045,725
	70,700	Mack-Cali Realty Corp.		2,055,249
	47,700	ProLogis, Inc.		1,585,071
	10,300	Simon Property Group, Inc.		1,603,298
	35,000	Ventas, Inc.		2,209,200
				12,734,952


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Telecommunication Services — 4.6%*
	53,000	AT&T, Inc.	$	1,889,980
	43,400	Verizon Communications, Inc.		1,928,696
	200,000	Windstream Corp. (a)		1,932,000
				5,750,676
	*Utilities — 5.4%*
	25,200	Entergy Corp.		1,710,828
	44,800	Exelon Corp.		1,685,376
	37,100	PG&E Corp.		1,679,517
	59,000	PPL Corp.		1,640,790
				6,716,511
	*Total Common Stocks (Cost $113,445,597)*			*123,605,368*
	*Cash Equivalents — 0.9%*
	1,206,530	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		1,206,530
	*Total Cash Equivalents (Cost $1,206,530)*			*1,206,530*
	Short-Term Securities Held as Collateral for Securities Lending — 8.2%
	10,238,010	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		10,238,010
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $10,238,010)			*10,238,010*
	Total Investments (Cost $124,890,137) — 107.9%			*135,049,908*
	*Liabilities in Excess of Other Assets — (7.9)%*			*(9,888,058)*
	*Net Assets — 100.0%*		$	*125,161,850*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $10,037,265.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

ADR — American Depositary Receipt

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington International Equity Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
United Kingdom		20.6%
Japan		16.5%
France		8.4%
Switzerland		6.0%
Singapore		5.8%
Cash¹		5.6%
Germany		5.2%
Short-Term Securities Held as Collateral for Securities Lending		5.2%
Sweden		5.1%
Exchange-Traded Funds		4.6%
Hong Kong		3.6%
Mexico		3.4%
Italy		3.1%
Australia		1.6%
Canada		1.6%
Israel		1.5%
United States		1.2%
Taiwan		1.0%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 88.8%*
	*Australia — 1.7%*
	*Materials — 1.7%*
	142,000	BHP Billiton Ltd.	$	4,570,800
	*Canada — 1.7%*
	*Energy — 1.7%*
	141,000	Cenovus Energy, Inc.		4,483,800
	*France — 8.8%*
	*Energy — 1.9%*
	115,541	Total SA (a)		5,191,047
	*Financials — 3.2%*
	371,900	AXA SA ADR		4,957,427
	99,011	BNP Paribas		3,801,175
				8,758,602
	*Health Care — 2.2%*
	79,100	Sanofi-Aventis		5,980,426


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*France — (Continued)*
	*Utilities — 1.5%*
	121,000	GDF Suez	$	2,872,056
	46,172	GDF Suez SA ADR		1,098,432
				3,970,488
				23,900,563
	*Germany — 5.4%*
	*Consumer Staples — 2.4%*
	99,500	Henkel AG & Co. KGaA		6,594,716
	*Industrials — 3.0%*
	179,000	GEA Group AG		4,750,528
	41,700	Siemens AG		3,490,525
				8,241,053
				14,835,769

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington International Equity Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Hong Kong — 3.7%*
	*Consumer Discretionary — 2.2%*
	3,170,000	Li & Fung Ltd.	$	6,055,623
	*Financials — 1.5%*
	754,000	Wharf (Holdings) Ltd./The		4,135,445
				10,191,068
	*Israel — 1.6%*
	*Health Care — 1.6%*
	111,000	Teva Pharmaceutical Industries Ltd. ADR		4,377,840
	*Italy — 3.3%*
	*Energy — 3.3%*
	210,000	Eni SpA		4,459,660
	102,000	Saipem SpA		4,516,839
				8,976,499
	*Japan — 17.3%*
	*Consumer Discretionary — 2.2%*
	174,000	Honda Motor Co. Ltd.		5,983,937
	*Consumer Staples — 1.4%*
	66,644	Unicharm Corp.		3,789,291
	*Industrials — 5.3%*
	31,900	FANUC Ltd.		5,168,011
	213,000	KOMATSU Ltd.		5,004,241
	128,000	Makita Corp.		4,440,408
				14,612,660
	*Information Technology — 6.5%*
	117,883	Canon, Inc.*		4,667,539
	203,000	Hoya Corp.		4,436,617
	22,880	KEYENCE Corp.		5,615,883
	57,000	Murata Manufacturing Co. Ltd.		2,962,845
				17,682,884
	*Materials — 1.9%*
	408,000	Kuraray Co. Ltd.		5,241,959
				47,310,731
	*Mexico — 3.6%*
	*Consumer Staples — 2.0%*
	61,000	Fomento Economico Mexicano SAB de CV ADR (a)		5,444,250
	*Telecommunication Services — 1.6%*
	167,000	America Movil SA de CV, Series L ADR (a)		4,352,020
				9,796,270
	*Singapore — 6.1%*
	*Financials — 2.2%*
	542,000	DBS Group Holdings Ltd.		5,934,510


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Singapore — (Continued)*
	*Industrials — 2.1%*
	717,877	Keppel Corp Ltd.	$	5,825,755
	*Telecommunication Services — 1.8%*
	1,883,930	Singapore Telecommunications Ltd.		4,907,811
				16,668,076
	*Sweden — 5.3%*
	*Consumer Discretionary — 2.3%*
	172,200	Hennes & Mauritz AB		6,158,383
	*Industrials — 1.4%*
	349,000	Volvo AB		3,972,920
	*Materials — 1.6%*
	295,000	Svenska Cellulosa AB (SCA)		4,413,633
				14,544,936
	*Switzerland — 6.3%*
	*Consumer Staples — 1.0%*
	46,000	Nestle SA		2,740,894
	*Financials — 1.6%*
	60,300	ACE Ltd.		4,470,039
	*Health Care — 1.9%*
	93,400	Novartis AG		5,206,002
	*Materials — 1.8%*
	71,100	Syngenta AG ADR		4,866,084
				17,283,019
	*Taiwan — 1.1%*
	*Information Technology — 1.1%*
	209,854	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		2,929,562
	*United Kingdom — 21.7%*
	*Consumer Discretionary — 3.1%*
	400,000	Greene King PLC		3,448,438
	249,000	Pearson PLC		4,936,716
				8,385,154
	*Consumer Staples — 3.5%*
	1,063,284	Tesco PLC		5,162,810
	134,000	Unilever PLC		4,499,193
				9,662,003
	*Energy — 1.9%*
	259,000	BG Group PLC		5,272,884
	*Financials — 3.8%*
	1,450,000	Barclays PLC		3,697,948
	304,337	Standard Chartered PLC		6,598,615
				10,296,563
	*Health Care — 1.7%*
	103,850	GlaxoSmithKline PLC ADR		4,732,444

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington International Equity Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*United Kingdom — (Continued)*
	*Industrials — 2.1%*
	419,000	Rolls-Royce Holdings PLC*	$	5,629,974
	*Telecommunication Services — 3.7%*
	1,339,000	BT Group PLC		4,432,928
	2,006,000	Vodafone Group PLC		5,631,125
				10,064,053
	*Utilities — 1.9%*
	231,100	SSE PLC		5,034,220
				59,077,295
	*United States — 1.2%*
	*Energy — 1.2%*
	51,352	Schlumberger Ltd.		3,333,258
	*Total Common Stocks (Cost $225,070,017)*			*242,279,486*
	*Exchange-Traded Funds — 4.8%*
	400,000	iShares MSCI Japan Index Fund		3,764,000
	212,000	iShares MSCI Malaysia Index Fund		3,025,240
	66,900	iShares MSCI South Korea Index Fund		3,666,789
	217,691	iShares MSCI Taiwan Index Fund		2,662,361
	*Total Exchange-Traded Funds (Cost $11,681,000)*			*13,118,390*


*Shares*			*Value*

	*Cash Equivalents — 5.9%*
	16,099,418	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)	$	16,099,418
	*Total Cash Equivalents (Cost $16,099,418)*			*16,099,418*
	Short-Term Securities Held as Collateral for Securities Lending — 5.4%
	14,795,801	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		14,795,801
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $14,795,801)			*14,795,801*
	Total Investments (Cost $267,646,236) — 104.9%			*286,293,095*
	*Liabilities in Excess of Other Assets — (4.9)%*			*(13,277,573)*
	*Net Assets — 100.0%*		$	*273,015,522*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $14,325,148.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

ADR — American Depositary Receipt

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Macro 100 Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Information Technology		18.2%
Financials		13.1%
Energy		11.4%
Health Care		11.1%
Industrials		10.2%
Consumer Staples		9.3%
Consumer Discretionary		8.4%
Cash¹		5.3%
Utilities		3.9%
Materials		3.4%
Short-Term Securities Held as Collateral for Securities Lending		2.9%
Telecommunication Services		2.8%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 94.5%*
	*Consumer Discretionary — 8.6%*
	26,500	D.R. Horton, Inc.	$	487,070
	37,200	International Game Technology		585,900
	15,400	Leggett & Platt, Inc. (a)		325,402
	9,300	Marriott International, Inc., Class A		364,560
	36,700	News Corp., Class A		818,043
	10,880	Target Corp.		633,107
	10,800	TJX Cos., Inc./The		463,644
	1,600	VF Corp.		213,520
	8,200	Viacom, Inc., Class B		385,564
	10,300	Walt Disney Co./The		499,550
				4,776,360
	*Consumer Staples — 9.6%*
	7,700	Clorox Co./The		557,942
	4,100	Colgate-Palmolive Co.		426,810
	13,400	ConAgra Foods, Inc.		347,462
	17,400	Kraft Foods, Inc., Class A		671,988
	24,100	Kroger Co./The		558,879
	8,700	PepsiCo, Inc.		614,742
	11,900	Procter & Gamble Co.		728,875
	18,600	Walgreen Co.		550,188
	12,500	Wal-Mart Stores, Inc.		871,500
				5,328,386
	*Energy — 11.8%*
	5,000	Anadarko Petroleum Corp.		331,000
	3,400	Apache Corp.		298,826


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — (Continued)*
	8,200	Chevron Corp.	$	865,100
	10,800	ConocoPhillips		603,504
	36,000	Denbury Resources, Inc.*		543,960
	8,700	Diamond Offshore Drilling, Inc. (a)		514,431
	18,200	Exxon Mobil Corp.		1,557,374
	13,350	Marathon Oil Corp.		341,360
	9,817	Marathon Petroleum Corp.		440,980
	7,000	Murphy Oil Corp.		352,030
	18,800	Peabody Energy Corp.		460,976
	9,000	Tesoro Corp.*		224,640
				6,534,181
	*Financials — 13.4%*
	22,500	Allstate Corp./The		789,525
	12,500	American Express Co.		727,625
	21,500	BB&T Corp.		663,275
	8,200	Berkshire Hathaway, Inc., Class B*		683,306
	15,700	Discover Financial Services		542,906
	21,000	Federated Investors, Inc., Class B (a)		458,850
	67,900	Hudson City Bancorp, Inc.		432,523
	12,500	PNC Financial Services Group, Inc.		763,875
	11,800	State Street Corp.		526,752
	9,000	Torchmark Corp.		454,950
	16,000	U.S. Bancorp		514,560
	18,000	Unum Group		344,340
	17,000	Wells Fargo & Co.		568,480
				7,470,967

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Macro 100 Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Health Care — 11.5%*
	5,100	Amgen, Inc.	$	372,504
	10,700	Baxter International, Inc.		568,705
	7,300	Becton, Dickinson & Co.		545,675
	14,000	Eli Lilly & Co.		600,740
	21,300	Forest Laboratories, Inc.*		745,287
	9,500	Johnson & Johnson		641,820
	5,000	McKesson Corp.		468,750
	17,000	Medtronic, Inc.		658,410
	17,600	Patterson Cos., Inc.		606,672
	32,450	Pfizer, Inc.		746,350
	79,300	Tenet Healthcare Corp.*		415,532
				6,370,445
	*Industrials — 10.5%*
	5,100	3M Co.		456,960
	3,100	Caterpillar, Inc.		263,221
	6,600	Deere & Co.		533,742
	8,200	Emerson Electric Co.		381,956
	9,500	Honeywell International, Inc.		530,480
	15,000	Iron Mountain, Inc.		494,400
	7,700	L-3 Communications Holdings, Inc.		569,877
	6,400	Northrop Grumman Corp.		408,256
	3,900	Pall Corp.		213,759
	3,100	Parker Hannifin Corp.		238,328
	17,900	Quanta Services, Inc.*		430,853
	4,400	Stericycle, Inc.*		403,348
	3,800	Union Pacific Corp.		453,378
	5,700	United Parcel Service, Inc., Class B		448,932
				5,827,490
	*Information Technology — 18.8%*
	50,200	Advanced Micro Devices, Inc.*		287,646
	18,500	Analog Devices, Inc.		696,895
	3,600	Apple, Inc.*		2,102,400
	43,200	Applied Materials, Inc.		495,072
	13,400	Autodesk, Inc.*		468,866
	34,100	Cisco Systems, Inc.		585,497
	4,100	Cognizant Technology Solutions Corp., Class A*		246,000
	14,400	Computer Sciences Corp.		357,408
	25,700	Corning, Inc.		332,301
	43,400	Dell, Inc.*		543,368
	800	Google, Inc., Class A*		464,056
	30,600	Intel Corp.		815,490
	5,000	International Business Machines Corp.		977,900
	12,600	Jabil Circuit, Inc.		256,158
	19,200	Lexmark International, Inc., Class A		510,336
	22,900	Microsoft Corp.		700,511
	49,400	SAIC, Inc.		598,728
				10,438,632


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Materials — 3.5%*
	12,300	Bemis Co., Inc.	$	385,482
	18,900	Dow Chemical Co./The		595,350
	18,770	Freeport-McMoRan Copper & Gold, Inc.		639,494
	8,700	Nucor Corp.		329,730
				1,950,056
	*Telecommunication Services — 2.8%*
	17,832	AT&T, Inc.		635,889
	4,000	CenturyLink, Inc.		157,960
	30,900	MetroPCS Communications, Inc.*		186,945
	13,600	Verizon Communications, Inc.		604,384
				1,585,178
	*Utilities — 4.0%*
	7,000	Consolidated Edison, Inc.		435,330
	7,000	Entergy Corp.		475,230
	8,200	Exelon Corp.		308,484
	17,000	Pepco Holdings, Inc. (a)		332,690
	8,000	Public Service Enterprise Group, Inc.		260,000
	24,400	TECO Energy, Inc.		440,664
				2,252,398
	*Total Common Stocks (Cost $46,307,026)*			*52,534,093*
	*Cash Equivalents — 5.5%*
	3,027,319	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		3,027,319
	*Total Cash Equivalents (Cost $3,027,319)*			*3,027,319*
	Short-Term Securities Held as Collateral for Securities Lending — 3.0%
	1,676,467	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		1,676,467
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $1,676,467)			*1,676,467*
	Total Investments (Cost $51,010,812) — 103.0%			*57,237,879*
	*Liabilities in Excess of Other Assets — (3.0)%*			*(1,676,096)*
	*Net Assets — 100.0%*		$	*55,561,783*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $1,643,595.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Mid Corp America Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Information Technology		18.6%
Industrials		15.9%
Health Care		10.5%
Financials		10.4%
Consumer Discretionary		8.4%
Real Estate Investment Trusts		8.1%
Energy		6.6%
Materials		6.0%
Consumer Staples		5.3%
Cash¹		4.8%
Short-Term Securities Held as Collateral for Securities Lending		2.8%
Utilities		2.1%
Telecommunication Services		0.5%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 94.0%*
	*Consumer Discretionary — 8.5%*
	7,120	Advance Auto Parts, Inc.	$	485,726
	8,300	American Public Education, Inc. (a)*		265,600
	25,340	Bob Evans Farms, Inc.		1,018,668
	36,500	D.R. Horton, Inc.		670,870
	20,670	Guess?, Inc.		627,748
	40,260	Iconix Brand Group, Inc.*		703,342
	25,870	Kohl’s Corp.		1,176,826
	43,640	Nordstrom, Inc.		2,168,472
	24,650	PetSmart, Inc.		1,680,637
	6,710	Ralph Lauren Corp.		939,803
	15,540	Ross Stores, Inc.		970,784
	18,000	Vitamin Shoppe, Inc.*		988,740
	19,410	Wolverine World Wide, Inc.		752,720
				12,449,936
	*Consumer Staples — 5.4%*
	64,000	Church & Dwight Co., Inc.		3,550,080
	25,950	Constellation Brands, Inc., Class A*		702,207
	9,880	Diamond Foods, Inc. (a)*		176,259
	45,900	Dr. Pepper Snapple Group, Inc.		2,008,125
	35,490	Harris Teeter Supermarkets, Inc.		1,454,735
				7,891,406
	*Energy — 6.7%*
	8,500	Baker Hughes, Inc.		349,350
	7,200	CARBO Ceramics, Inc. (a)		552,456


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — (Continued)*
	53,070	Chesapeake Energy Corp. (a)	$	987,102
	32,320	Helmerich & Payne, Inc.		1,405,274
	28,710	Murphy Oil Corp.		1,443,826
	31,200	Noble Energy, Inc.		2,646,384
	29,600	Oceaneering International, Inc.		1,416,656
	10,584	Superior Energy Services, Inc.*		214,114
	11,250	Unit Corp.*		415,013
	36,600	Weatherford International Ltd.*		462,258
				9,892,433
	*Financials — 10.6%*
	59,090	Brown & Brown, Inc.		1,611,384
	27,390	Community Bank System, Inc.		742,817
	27,170	Cullen/Frost Bankers, Inc.		1,562,003
	50,670	Discover Financial Services		1,752,169
	4,310	Everest Re Group Ltd.		446,042
	147,440	First Niagara Financial Group, Inc.		1,127,916
	21,800	Invesco Ltd.		492,680
	9,800	Jones Lang LaSalle, Inc.		689,626
	31,600	Montpelier Re Holdings Ltd.		672,764
	45,400	Principal Financial Group, Inc.		1,190,842
	21,800	Prosperity Bancshares, Inc.		916,254
	11,120	T. Rowe Price Group, Inc.		700,115
	45,885	Torchmark Corp.		2,319,487
	65,273	Unum Group		1,248,672
				15,472,771

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Mid Corp America Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Health Care — 10.7%*
	37,470	AmerisourceBergen Corp.	$	1,474,444
	24,340	Cepheid, Inc.*		1,089,215
	8,400	Computer Programs & Systems, Inc.		480,648
	22,443	Coventry Health Care, Inc.		713,463
	62,020	Life Technologies Corp.*		2,790,280
	120,170	Mylan, Inc.*		2,568,033
	16,000	Quest Diagnostics, Inc.		958,400
	32,490	St. Jude Medical, Inc.		1,296,676
	28,496	Thermo Fisher Scientific, Inc.		1,479,227
	38,830	Watson Pharmaceutical, Inc.*		2,873,032
				15,723,418
	*Industrials — 16.2%*
	35,300	AECOM Technology Corp.*		580,685
	10,200	Alliant Techsystems, Inc.		515,814
	22,400	BorgWarner, Inc. (a)*		1,469,216
	30,200	CNH Global NV*		1,173,572
	47,200	Cooper Industries PLC		3,218,096
	24,800	Corrections Corp. of America		730,360
	16,000	Elbit Systems Ltd.		553,600
	3,320	Flowserve Corp.		380,970
	20,000	GrafTech International Ltd.*		193,000
	42,300	Jacobs Engineering Group, Inc.*		1,601,478
	53,400	John Bean Technologies Corp.		724,638
	54,000	Kennametal, Inc.		1,790,100
	19,890	L-3 Communications Holdings, Inc.		1,472,059
	23,400	Parker Hannifin Corp.		1,798,992
	17,270	Rockwell International Corp.		1,140,856
	64,280	Rollins, Inc.		1,437,944
	21,000	Ryder System, Inc.		756,210
	11,490	Stericycle, Inc.*		1,053,288
	54,740	Timken Co.		2,506,545
	10,000	UniFirst Corp.		637,500
				23,734,923
	*Information Technology — 18.9%*
	11,000	Amdocs Ltd.*		326,920
	62,300	Autodesk, Inc.*		2,179,877
	19,170	BMC Software, Inc.*		818,176
	24,200	Broadcom Corp., Class A*		817,960
	40,580	Citrix Systems, Inc.*		3,406,285
	53,400	CTS Corp.		503,028
	32,866	Fidelity National Information Services, Inc.		1,120,073
	14,100	Fiserv, Inc.*		1,018,302
	10,250	FleetCor Technologies, Inc.*		359,160
	71,510	FLIR Systems, Inc.		1,394,445
	33,000	Harris Corp.		1,381,050
	27,560	j2 Global, Inc. (a)		728,135
	29,000	JDA Software Group, Inc.*		861,010
	25,700	Molex, Inc.		615,258
	30,800	NCR Corp.*		700,084
	17,900	NetApp, Inc.*		569,578
	49,600	NVIDIA Corp.*		685,472
	112,100	ON Semiconductor Corp.*		795,910
	43,700	Paychex, Inc.		1,372,617
	25,800	Progress Software Corp.*		538,446


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Information Technology — (Continued)*
	27,300	Riverbed Technology, Inc.*	$	440,895
	17,360	SanDisk Corp.*		633,293
	53,600	Synopsys, Inc.*		1,577,448
	20,600	Syntel, Inc.		1,250,420
	50,280	Teradata Corp.*		3,620,663
				27,714,505
	*Materials — 6.1%*
	26,800	Albemarle Corp.		1,598,352
	18,100	AptarGroup, Inc.		924,005
	12,000	Ball Corp.		492,600
	18,170	Cia de Minas Buenaventura SA		690,097
	54,000	FMC Corp.		2,887,920
	12,280	PPG Industries, Inc.		1,303,154
	6,000	Schnitzer Steel Industries, Inc.		168,120
	9,500	Silver Wheaton Corp.		254,980
	20,000	Sonoco Products Co.		603,000
				8,922,228
	*Real Estate Investment Trusts — 8.2%*
	14,450	Alexandria Real Estate Equities, Inc.		1,050,804
	26,810	Entertainment Properties Trust		1,102,159
	9,300	Federal Realty Investment Trust		968,037
	22,470	Highwoods Properties, Inc.		756,115
	12,200	Home Properties, Inc.		748,592
	12,210	Liberty Property Trust		449,816
	21,510	Mack-Cali Realty Corp.		625,296
	100,070	Medical Properties Trust, Inc.		962,673
	13,360	Mid-America Apartment Communities, Inc.		911,686
	16,690	PS Business Parks, Inc.		1,130,247
	22,800	Rayonier, Inc.		1,023,720
	18,260	Sovran Self Storage, Inc.		914,643
	21,700	Ventas, Inc.		1,369,704
				12,013,492
	*Telecommunication Services — 0.5%*
	28,150	MetroPCS Communications, Inc.*		170,308
	9,000	TELUS Corp.		526,320
				696,628
	*Utilities — 2.2%*
	10,300	Alliant Energy Corp.		469,371
	18,620	CMS Energy Corp.		437,570
	6,980	DTE Energy Co.		414,123
	14,250	New Jersey Resources Corp.		621,443
	33,700	Portland General Electric Co.		898,442
	12,640	Xcel Energy, Inc.		359,102
				3,200,051
	*Total Common Stocks (Cost $92,324,401)*			*137,711,791*
	*Cash Equivalents — 4.9%*
	7,184,841	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		7,184,841
	*Total Cash Equivalents (Cost $7,184,841)*			*7,184,841*

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Mid Corp America Fund*		(Continued)


*Shares*			*Value*

	Short-Term Securities Held as Collateral for Securities Lending — 2.8%
	4,128,969	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)	$	4,128,969
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $4,128,969)			*4,128,969*
	Total Investments (Cost $103,638,211) — 101.7%			*149,025,601*
	*Liabilities in Excess of Other Assets — (1.7)%*			*(2,561,642)*
	*Net Assets — 100.0%*		$	*146,463,959*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $4,048,009.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Real Strategies Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Energy		24.1%
Materials		20.0%
Short-Term Securities Held as Collateral for Securities Lending		15.8%
Industrials		12.5%
Real Estate Investment Trusts		7.2%
Consumer Staples		6.5%
Real Estate Investments		4.7%
Exchange-Traded Funds		4.2%
Closed-End Funds		2.6%
Cash¹		2.3%
Options Purchased		0.1%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 83.3%*
	*Consumer Staples — 7.7%*
	32,980	Bunge Ltd.	$	2,069,165
	187,650	Dean Foods Co.*		3,195,679
	87,890	Smithfield Foods, Inc.*		1,901,061
				7,165,905
	*Energy — 28.6%*
	193,500	Adaro Energy Tbk PT ADR		1,548,000
	61,900	Cameco Corp.		1,358,705
	60,500	Canadian Natural Resources Ltd.		1,624,425
	91,000	Canadian Oil Sands Ltd.		1,761,824
	101,110	Chesapeake Energy Corp. (a)		1,880,646
	45,100	Enterprise Products Partners LP		2,310,924
	36,636	Kinder Morgan, Inc.		1,180,412
	51,800	Linn Energy LLC (a)		1,973,580
	29,100	National Oilwell Varco, Inc.		1,875,204
	76,700	Natural Resource Partners LP (a)		1,700,439
	47,300	Petroleo Brasileiro SA ADR		887,821
	41,100	Sasol Ltd. ADR		1,744,695
	64,900	Spectra Energy Corp.		1,885,994
	40,646	Statoil ASA ADR (a)		969,814
	43,200	Tenaris SA ADR (a)		1,510,704
	28,600	Transocean Ltd.		1,279,278
	558,200	Uranium Energy Corp. (a)*		1,278,278
				26,770,743
	*Industrials — 14.8%*
	45,100	AGCO Corp.*		2,062,423
	58,000	Chicago Bridge & Iron Co. NV		2,201,680
	47,600	Deere & Co.		3,849,412


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Industrials — (Continued)*
	28,200	Lindsay Corp.	$	1,830,180
	36,200	Robbins & Myers, Inc.		1,513,884
	19,400	Valmont Industries, Inc.		2,346,818
				13,804,397
	*Materials — 23.6%*
	20,970	Agrium, Inc.		1,855,216
	21,400	AngloGold Ashanti Ltd. ADR		734,876
	46,700	Barrick Gold Corp.		1,754,519
	14,800	BHP Billiton Ltd. ADR		966,440
	64,910	Cia de Minas Buenaventura SA		2,465,282
	52,700	Molycorp, Inc. (a)*		1,135,685
	33,360	Potash Corporation of Saskatchewan, Inc.		1,457,498
	13,800	Praxair, Inc.		1,500,474
	33,450	Rio Tinto PLC ADR (a)		1,599,244
	35,400	Sociedad Quimica y Minera de Chile SA ADR (a)		1,970,718
	107,000	Stillwater Mining Co.*		913,780
	22,000	Syngenta AG ADR*		1,505,680
	8,200	Terra Nitrogen Co. LP		1,736,760
	57,200	Vale SA ADR (a)		1,135,420
	32,000	Yara International ASA ADR		1,392,320
				22,123,912
	*Real Estate Investment Trusts — 8.6%*
	13,381	AvalonBay Communities, Inc.		1,893,144
	126,800	Duke Realty Corp.		1,856,352
	59,820	Rayonier, Inc.		2,685,918

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Real Strategies Fund*		(Continued)


Shares or Contracts			*Value*

	*Common Stocks — (Continued)*
	*Real Estate Investment Trusts — (Continued)*
	18,806	Vornado Realty Trust	$	1,579,328
				8,014,742
	*Total Common Stocks (Cost $78,234,123)*			*77,879,699*
	*Exchange-Traded Funds — 5.0%*
	84,200	Market Vectors Junior Gold Miners Fund		1,614,114
	36,300	Market Vectors Oil Services ETF (a)*		1,293,732
	63,500	PowerShares DB Agriculture Fund (a)*		1,791,970
	*Total Exchange-Traded Funds (Cost $7,268,923)*			*4,699,816*
	*Real Estate Investments (b) (c) (d) — 5.5%*
		Discount Retail Portfolio II DST		956,092
		Grocery & Pharmacy DST		955,496
		New York Power DST		955,438
		Scotts Gahanna LLC		1,351,843
		Winston-Salem DST		954,626
	*Total Real Estate Investments (Cost $5,144,000)*			*5,173,495*
	*Closed-End Fund — 3.1%*
	145,891	Central Fund of Canada Ltd., Class A (a)		2,887,183
	*Total Closed-End Fund (Cost $2,159,636)*			*2,887,183*
	*Options Purchased — 0.1%*
	100	Market Vectors Gold Miners, Call @ $42, Expiring January 2013		61,750
	300	United States Oil Fund LP, Call @ $37, Expiring August 2012		6,000
	*Total Options Purchased (Cost $92,923)*			*67,750*
	*Warrants — 0.1%*
	*Energy — 0.1%*
	56,000	Kinder Morgan, Inc., Expires 5/25/2017		120,960
	*Total Warrants (Cost $70,868)*			*120,960*


*Shares*			*Value*

	*Cash Equivalents — 2.7%*
	2,512,628	Huntington Money Market Fund, Interfund Shares, 0.010% (e) (f) (g)	$	2,512,628
	*Total Cash Equivalents (Cost $2,512,628)*			*2,512,628*
	Short-Term Securities Held as Collateral for Securities Lending — 18.7%
	17,530,747	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (f)		17,530,747
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $17,530,747)			*17,530,747*
	Total Investments (Cost $113,013,848) — 118.5%			*110,872,278*
	*Liabilities in Excess of Other Assets — (18.5)%*			*(17,322,598)*
	*Net Assets — 100.0%*		$	*93,549,680*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $17,187,007.

(b)

Illiquid security.

(c)

Security is currently being valued according to the fair value procedures approved by the Board of Trustees.

(d)

Investments do not offer shares. Fair value represents direct ownership of Real Estate Investments.

(e)

Investment in affiliate.

(f)

Rate disclosed is the seven day yield as of June 30, 2012.

(g)

All or a portion of the security is held as collateral for written put options.

*	Non-income producing security.

ADR — American Depositary Receipt

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Rotating Markets Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Information Technology		61.9%
Consumer Discretionary		14.8%
Health Care		10.7%
Exchange-Traded Funds		4.6%
Consumer Staples		2.4%
Cash¹		1.9%
Industrials		1.6%
Telecommunication Services		0.9%
Short-Term Securities Held as Collateral for Securities Lending		0.7%
Materials		0.5%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 93.4%*
	*Consumer Discretionary — 14.9%*
	6,001	Amazon.com, Inc.*	$	1,370,328
	1,686	Apollo Group, Inc., Class A*		61,016
	3,174	Bed Bath & Beyond, Inc.*		196,153
	26,924	Comcast Corp., Class A		860,760
	9,004	DIRECTV, Class A*		439,575
	3,068	Dollar Tree, Inc.*		165,058
	1,595	Expedia, Inc. (a)		76,672
	791	Fossil, Inc.*		60,543
	2,513	Garmin Ltd.		96,223
	7,329	Liberty Interactive, Inc.*		130,383
	4,346	Mattel, Inc.		140,984
	711	Netflix, Inc.*		48,682
	22,063	News Corp., Class A		491,784
	1,655	O’Reilly Automotive, Inc.*		138,639
	652	Priceline.com, Inc.*		433,267
	2,964	Ross Stores, Inc.		185,161
	1,336	Sears Holdings Corp. (a)*		79,759
	47,477	Sirius XM Radio, Inc.*		87,833
	9,060	Staples, Inc.		118,233
	9,386	Starbucks Corp.		500,462
	3,891	Virgin Media, Inc.		94,902
	1,329	Wynn Resorts Ltd.		137,844
				5,914,261
	*Consumer Staples — 2.4%*
	5,552	Costco Wholesale Corp.		527,440
	2,378	Green Mountain Coffee Roasters, Inc.*		51,793
	2,187	Monster Beverage Corp.*		155,714
	2,326	Whole Foods Market, Inc.		221,714
				956,661


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Health Care — 10.8%*
	2,405	Alexion Pharmaceuticals, Inc.*	$	238,817
	11,327	Amgen, Inc.		827,324
	3,144	Biogen Idec, Inc.*		453,931
	5,682	Celgene Corp.*		364,557
	2,173	Cerner Corp.*		179,620
	1,826	DENTSPLY International, Inc.		69,041
	6,189	Express Scripts Holding Co.*		345,532
	9,829	Gilead Sciences, Inc.*		504,031
	1,161	Henry Schein, Inc.*		91,127
	499	Intuitive Surgical, Inc.*		276,341
	2,308	Life Technologies Corp.*		103,837
	5,435	Mylan, Inc.*		116,146
	1,213	Perrigo Co.		143,049
	9,059	Teva Pharmaceutical Industries Ltd. ADR		357,287
	2,695	Vertex Pharmaceuticals, Inc.*		150,704
	3,347	Warner Chilcott PLC*		59,978
				4,281,322
	*Industrials — 1.7%*
	2,109	CH Robinson Worldwide, Inc.		123,440
	2,717	Expeditors International of Washington, Inc.		105,284
	3,819	Fastenal Co.		153,944
	4,584	PACCAR, Inc.		179,647
	1,090	Stericycle, Inc.*		99,920
				662,235
	*Information Technology — 62.2%*
	14,969	Activision Blizzard, Inc.		179,478
	6,252	Adobe Systems, Inc.*		202,377
	2,280	Akamai Technologies, Inc.*		72,390

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Rotating Markets Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Information Technology — (Continued)*
	4,096	Altera Corp.	$	138,609
	11,977	Apple, Inc.*		6,994,568
	16,816	Applied Materials, Inc.		192,711
	2,914	Autodesk, Inc.*		101,961
	6,294	Automatic Data Processing, Inc.		350,324
	3,157	Avago Technologies Ltd.		113,336
	3,481	Baidu, Inc. ADR*		400,245
	2,182	BMC Software, Inc.*		93,128
	6,210	Broadcom Corp., Class A*		209,898
	6,337	CA, Inc.		171,669
	2,686	Check Point Software Technologies Ltd.*		133,199
	69,260	Cisco Systems, Inc.		1,189,194
	2,385	Citrix Systems, Inc.*		200,197
	3,925	Cognizant Technology Solutions Corp., Class A*		235,500
	23,672	Dell, Inc.*		296,374
	16,526	eBay, Inc.*		694,257
	1,019	F5 Networks, Inc.*		101,452
	1,066	First Solar, Inc.*		16,054
	1,823	Fiserv, Inc.*		131,657
	9,115	Flextronics International Ltd.*		56,513
	3,356	Google, Inc., Class A*		1,946,715
	65,467	Intel Corp.		1,744,696
	3,794	Intuit, Inc.		225,174
	2,094	KLA-Tencor Corp.		103,130
	1,518	Lam Research Corp.*		57,289
	2,946	Linear Technology Corp.		92,298
	7,899	Marvell Technology Group Ltd.*		89,101
	3,765	Maxim Integrated Products, Inc.		96,535
	2,459	Microchip Technology, Inc. (a)		81,344
	12,555	Micron Technology, Inc.*		79,222
	109,108	Microsoft Corp.		3,337,614
	4,655	NetApp, Inc.*		148,122
	3,932	Nuance Communications, Inc.*		93,660
	7,937	NVIDIA Corp.*		109,689
	65,280	Oracle Corp.		1,938,816
	4,669	Paychex, Inc.		146,653
	21,581	QUALCOMM, Inc.		1,201,630
	6,556	Research In Motion Ltd.*		48,449
	3,051	SanDisk Corp.*		111,301
	5,951	Seagate Technology PLC		147,168
	9,464	Symantec Corp.*		138,269
	2,036	VeriSign, Inc.*		88,709
	3,399	Xilinx, Inc.		114,105
	16,044	Yahoo!, Inc.*		253,977
				24,668,757
	*Materials — 0.5%*
	742	Randgold Resources Ltd. ADR (a)		66,787
	1,559	Sigma-Aldrich Corp.		115,257
				182,044
	*Telecommunication Services — 0.9%*
	12,099	Vodafone Group PLC ADR		340,950
	*Total Common Stocks (Cost $37,720,687)*			*37,006,230*


*Shares*			*Value*

	*Exchange-Traded Funds — 4.6%*
	28,800	Powershares QQQ Trust, Series 1	$	1,847,808
	*Total Exchange-Traded Funds (Cost $1,912,032)*			*1,847,808*
	*Cash Equivalents — 1.9%*
	748,350	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		748,350
	*Total Cash Equivalents (Cost $748,350)*			*748,350*
	Short-Term Securities Held as Collateral for Securities Lending — 0.7%
	264,849	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		264,849
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $264,849)			*264,849*
	Total Investments (Cost $40,645,918) — 100.6%			*39,867,237*
	*Liabilities in Excess of Other Assets — (0.6)%*			*(241,753)*
	*Net Assets — 100.0%*		$	*39,625,484*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $259,656.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

ADR — American Depositary Receipt

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Situs Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Industrials		13.4%
Information Technology		13.1%
Health Care		13.1%
Materials		11.0%
Consumer Discretionary		10.7%
Short-Term Securities Held as Collateral for Securities Lending		10.1%
Financials		8.9%
Energy		7.8%
Consumer Staples		4.4%
Real Estate Investment Trusts		2.3%
Utilities		1.9%
Cash¹		1.5%
Exchange-Traded Funds		1.4%
Closed-End Funds		0.3%
Telecommunication Services		0.1%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Common Stocks — 97.2%*
	*Bermuda — 1.8%*
	*Financials — 1.8%*
	90,000	Arch Capital Group Ltd.*	$	3,572,100
	*Brazil — 0.8%*
	*Consumer Staples — 0.8%*
	38,200	Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		1,527,618
	*Canada — 0.0%*
	*Energy — 0.0%*
	35,000	Denison Mines Corp. (a)*		46,900
	*Chile — 0.7%*
	*Materials — 0.7%*
	24,000	Sociedad Quimica y Minera de Chile SA ADR (a)		1,336,080
	*Denmark — 0.7%*
	*Health Care — 0.7%*
	52,500	Novozymes A/S, Class B		1,356,559
	*Germany — 0.5%*
	*Health Care — 0.5%*
	35,500	Stada Arzneimittel AG (a)		1,082,769


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Hong Kong — 0.6%*
	*Consumer Discretionary — 0.6%*
	162,500	Television Broadcasts Ltd.	$	1,125,857
	*Japan — 1.5%*
	*Consumer Discretionary — 0.6%*
	31,400	Honda Motor Co. Ltd. ADR		1,088,324
	*Consumer Staples — 0.3%*
	38,300	Shiseido Co. Ltd.		601,320
	*Financials — 0.2%*
	70	Japan Prime Realty Investment Corp.		196,334
	20	Japan Real Estate Investment Corp.		182,899
				379,233
	*Health Care — 0.4%*
	20,600	Terumo Corp.		840,133
				2,909,010
	*Mexico — 0.2%*
	*Consumer Discretionary — 0.2%*
	27,400	Desarrolladora Homex S.A.B. de C.V. ADR (a)*		421,960

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Situs Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Singapore — 1.5%*
	*Consumer Staples — 1.5%*
	111,000	Asia Pacific Breweries Ltd.	$	3,023,091
	*South Africa — 0.5%*
	*Materials — 0.5%*
	110,032	Harmony Gold Mining Co. Ltd. ADR (a)		1,034,301
	*Sweden — 0.2%*
	*Consumer Discretionary — 0.2%*
	116,800	Haldex AB		521,717
	*Switzerland — 1.0%*
	*Consumer Discretionary — 1.0%*
	50,000	Garmin Ltd. (a)		1,914,500
	*United Kingdom — 0.9%*
	*Consumer Staples — 0.4%*
	16,000	Reckitt Benckiser Group PLC		843,160
	*Industrials — 0.5%*
	116,800	Concentric AB*		869,529
				1,712,689
	*United States — 86.3%*
	*Consumer Discretionary — 9.4%*
	205,000	Cabela’s, Inc., Class A (b)*		7,751,050
	13,500	Columbia Sportswear Co. (a)		723,870
	7,050	Fossil, Inc.*		539,607
	50,000	Jakks Pacific, Inc. (a)		800,500
	40,000	Papa John’s International, Inc.*		1,902,800
	23,850	Rent-A-Center, Inc.		804,699
	70,000	Sturm Ruger & Co., Inc. (a)		2,810,500
	22,000	Tempur-Pedic International, Inc. (c)*		514,580
	97,000	Urban Outfitters, Inc.*		2,676,230
				18,523,836
	*Consumer Staples — 2.0%*
	22,000	Darling International, Inc.*		362,780
	90,000	Fresh Del Monte Produce, Inc.		2,112,300
	30,000	Sanderson Farms, Inc.		1,374,600
				3,849,680
	*Energy — 8.7%*
	20,000	Alliance Resource Partners LP (a)		1,122,400
	38,000	Amyris, Inc. (a)*		168,340
	10,000	Atwood Oceanics, Inc.*		378,400
	43,000	Carbo Ceramics, Inc. (a)		3,299,390
	100,000	Denbury Resources, Inc.*		1,511,000
	13,000	Dril-Quip, Inc.*		852,670
	19,000	GeoResources, Inc.*		695,590
	30,000	Lufkin Industries, Inc. (b)		1,629,600
	15,000	Oceaneering International, Inc.		717,900
	71,000	OYO Geospace Corp.*		6,389,290
	7,000	SM Energy Co.		343,770
	6,000	Swift Energy Co.*		111,660
				17,220,010


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*United States — (Continued)*
	*Financials — 7.9%*
	74,300	Cullen/Frost Bankers, Inc.	$	4,271,507
	15,000	Evercore Partners, Inc.		350,850
	30,000	EZCORP, Inc., Class A*		703,800
	110,000	International Bancshares Corp.		2,147,200
	150,000	Raymond James Financial, Inc.		5,136,000
	70,383	SCBT Financial Corp.		2,481,001
	13,800	WSFS Financial Corp.		557,658
				15,648,016
	*Health Care — 13.0%*
	29,000	AmSurg Corp.*		869,420
	10,000	Arena Pharmaceuticals, Inc. (a)*		99,800
	15,000	Bio-Rad Laboratories, Inc., Class A*		1,500,150
	73,000	Cerner Corp. (c)*		6,034,180
	20,000	Codexis, Inc. (a)*		74,800
	50,000	Edwards LifeSciences Corp. (b)*		5,165,000
	10,000	Healthways, Inc.*		79,800
	100,000	Lincare Holdings, Inc. (a)		3,402,000
	70,000	Myriad Genetics, Inc.*		1,663,900
	75,000	Osiris Therapeutics, Inc. (a)*		822,750
	21,000	PSS World Medical, Inc.*		440,790
	75,000	Watson Pharmaceutical, Inc.*		5,549,250
				25,701,840
	*Industrials — 14.6%*
	50,000	BE Aerospace, Inc.*		2,183,000
	100,000	EnPro Industries, Inc.*		3,737,000
	50,000	Flowserve Corp.		5,737,500
	100,000	Harsco Corp.		2,038,000
	10,000	Mine Safety Appliances Co.		402,400
	120,000	Quanta Services, Inc.*		2,888,400
	40,000	Ryder System, Inc.		1,440,400
	50,000	Taser International, Inc.*		262,000
	170,000	Trinity Industries, Inc.		4,246,600
	70,000	Universal Forest Products, Inc. (a)		2,728,600
	85,000	Watts Water Technologies, Inc., Class A		2,833,900
	12,750	Werner Enterprises, Inc.		304,597
				28,802,397
	*Information Technology — 14.7%*
	61,900	ACI Worldwide, Inc.*		2,736,599
	75,000	Anixter International, Inc.*		3,978,750
	30,000	Cardtronics, Inc.*		906,300
	80,000	Diodes, Inc.*		1,501,600
	50,000	Exlservice Holdings, Inc.*		1,232,000
	225,000	Jabil Circuit, Inc.		4,574,250
	80,600	Methode Electronics, Inc.		685,906
	104,000	Red Hat, Inc. (b)*		5,873,920
	45,000	ScanSource, Inc.*		1,378,800
	105,000	Trimble Navigation Ltd. (b)*		4,831,050
	20,000	TriQuint Semiconductor, Inc.*		110,000
	29,000	Tyler Technologies, Inc.*		1,170,150
				28,979,325

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Situs Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*United States — (Continued)*
	*Materials — 11.1%*
	5,000	Albemarle Corp.	$	298,200
	48,000	Buckeye Technologies, Inc.		1,367,520
	50,400	Eagle Materials, Inc. (c)		1,881,936
	29,200	Eastman Chemical Co.		1,470,804
	90,000	Owens-Illinois, Inc.*		1,725,300
	75,000	Quaker Chemical Corp.		3,465,750
	40,000	RTI International Metals, Inc.*		905,200
	40,000	Scotts Miracle-Gro Co., Class A (a)		1,644,800
	30,000	Sensient Technologies Corp.		1,101,900
	17,000	Terra Nitrogen Co. LP		3,600,600
	55,000	Texas Industries, Inc. (a)*		2,145,550
	50,000	United States Lime & Minerals, Inc.*		2,333,500
				21,941,060
	*Real Estate Investment Trusts — 2.6%*
	31,500	Camden Property Trust		2,131,605
	90,000	Equity One, Inc. (a)		1,908,000
	40,000	Weingarten Realty Investors		1,053,600
				5,093,205
	*Telecommunication Services — 0.2%*
	39,000	General Communication, Inc., Class A*		324,090
	*Utilities — 2.1%*
	15,000	AGL Resources, Inc.		581,250
	39,900	Hawaiian Electric Industries, Inc.		1,137,948
	13,100	Northwest Natural Gas Co.		623,560
	60,000	Portland General Electric Co.		1,599,600
	5,500	UGI Corp.		161,865
				4,104,223
				170,187,682
	*Total Common Stocks (Cost $131,161,148)*			*191,772,833*
	*Exchange-Traded Funds — 1.6%*
	25,000	iShares FTSE China 25 Index Fund (a)		841,750
	54,555	SPDR S&P Emerging Markets SmallCap ETF (a)		2,273,661
	*Total Exchange-Traded Funds (Cost $3,699,680)*			*3,115,411*


*Shares*			*Value*
	*Closed-End Fund — 0.3%*
	30,000	Central Fund of Canada Ltd., Class A (a)	$	593,700
	*Total Closed-End Fund (Cost $419,116)*			*593,700*
	*Cash Equivalents — 1.7%*
	3,294,436	Huntington Money Market Fund, Interfund Shares, 0.010% (d) (e)		3,294,436
	*Total Cash Equivalents (Cost $3,294,436)*			*3,294,436*

	Short-Term Securities Held as Collateral for Securities Lending — 11.4%
	22,469,932	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (d)		22,469,932
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $22,469,932)			*22,469,932*
	Total Investments (Cost $161,044,312) — 112.2%			*221,246,312*
	*Liabilities in Excess of Other Assets — (12.2)%*			*(23,991,989)*
	*Net Assets — 100.0%*		$	*197,254,323*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $21,998,177.

(b)

All or a portion of the security is held as collateral for written call options.

(c)

All or a portion of the security is held as collateral for written put options.

(d)

Rate disclosed is the seven day yield as of June 30, 2012.

(e)

Investment in affiliate.

*	Non-income producing security.

ADR — American Depositary Receipt

ETF — Exchange-Traded Fund

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Technical Opportunities Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Exchange-Traded Funds		75.1%
Short-Term Securities Held as Collateral for Securities Lending		13.9%
Cash¹		11.0%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Exchange-Traded Funds — 87.4%*
	7,125	Global X FTSE Colombia 20 ETF	$	143,497
	6,350	iShares MSCI All Peru Capped Index Fund		269,684
	12,700	iShares MSCI Malaysia Index Fund		181,229
	3,400	iShares Russell 1000 Value Index Fund		231,982
	5,040	iShares Russell 2000 Growth Index Fund (a)		461,009
	6,600	iShares Russell 2000 Value Index Fund (a)		464,574
	6,410	iShares Russell Midcap Growth Index Fund (a)		379,408
	8,500	iShares Russell Midcap Value Index Fund (a)		393,380
	22,050	Powershares QQQ Trust, Series 1		1,414,728
	43,189	Vanguard Short-Term Bond ETF		3,503,924
	*Total Exchange-Traded Funds (Cost $7,454,969)*			*7,443,415*
	*Cash Equivalents — 12.8%*
	1,092,452	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		1,092,452
	*Total Cash Equivalents (Cost $1,092,452)*			*1,092,452*


*Shares*			*Value*

	Short-Term Securities Held as Collateral for Securities Lending — 16.3%
	1,382,307	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)	$	1,382,307
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $1,382,307)			*1,382,307*
	Total Investments (Cost $9,929,728) — 116.5%			*9,918,174*
	*Liabilities in Excess of Other Assets — (16.5)%*			*(1,408,057)*
	*Net Assets — 100.0%*		$	*8,510,117*

(a)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $1,355,203.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

ETF — Exchange-Traded Fund

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Fixed Income Securities Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Corporate Bonds		73.3%
U.S. Government Agencies		11.6%
U.S. Treasury Obligations		10.4%
Preferred Stocks		2.0%
Cash¹		1.5%
U.S. Government Mortgage Backed Securities		1.2%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	*Corporate Bonds — 72.6%*
	*Consumer Discretionary — 5.1%*
$	5,000,000	AutoZone, Inc., 5.750%, 1/15/15	$	5,507,560
	2,000,000	Comcast Corp., 6.500%, 1/15/17		2,380,944
	2,000,000	Mattel, Inc., 6.200%, 10/1/40		2,358,420
	4,000,000	Time Warner, Inc., 3.150%, 7/15/15		4,218,508
	1,500,000	Walt Disney Co./The, Series B, MTN, 6.200%, 6/20/14		1,659,678
				16,125,110
	*Consumer Staples — 3.2%*
	3,000,000	Kellogg Co., 4.250%, 3/6/13		3,071,676
	2,000,000	Kraft Foods, Inc., 6.000%, 2/11/13		2,061,418
	2,000,000	Kroger Co./The, 7.500%, 1/15/14		2,192,548
	2,000,000	Wal-Mart Stores, Inc., 6.200%, 4/15/38		2,720,654
				10,046,296
	*Energy — 5.5%*
	1,290,000	Apache Corp., 6.900%, 9/15/18		1,620,450
	1,629,000	Enterprise Products Operating LP, 5.600%, 10/15/14		1,785,443
	2,000,000	Enterprise Products Operating LP, 3.700%, 6/1/15		2,133,812
	2,005,000	EQT Corp., 8.125%, 6/1/19		2,404,522
	2,000,000	Halliburton Co., 6.150%, 9/15/19		2,471,924
	2,335,000	Marathon Oil Corp., 6.000%, 10/1/17		2,750,056
	500,000	Rowan Cos., Inc., 5.000%, 9/1/17		538,229
	1,000,000	Transocean, Inc., 7.375%, 4/15/18		1,175,249
	2,000,000	Williams Partners LP, 5.250%, 3/15/20		2,247,112
				17,126,797
	*Financials — 24.3%*
	2,000,000	American Express Credit Co., Series C, 7.300%, 8/20/13		2,138,320


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Financials — (Continued)*
$	5,000,000	Bank of Montreal, MTN, 2.500%, 1/11/17 (a) (b)	$	5,168,555
	5,000,000	Bank of Nova Scotia, 1.950%, 1/30/17 (a) (b)		5,146,490
	2,000,000	Barrick International Bank Corp., 5.750%, 10/15/16 (a) (b)		2,319,234
	3,000,000	BlackRock, Inc., 6.250%, 9/15/17		3,632,406
	5,000,000	Canadian Imperial Bank of Commerce, 2.600%, 7/2/15 (a) (b)		5,258,695
	4,000,000	Citigroup, Inc., 5.625%, 8/27/12		4,023,964
	3,000,000	FIA Card Services NA, 7.125%, 11/15/12 (a) (b)		3,056,094
	3,000,000	Fifth Third Bancorp, 3.625%, 1/25/16		3,164,265
	1,000,000	General Electric Capital Corp., Series A, GMTN, 5.250%, 10/19/12		1,013,999
	3,700,000	General Electric Capital Corp., Series A, GMTN, 6.900%, 9/15/15		4,282,606
	1,000,000	Goldman Sachs Group, Inc., 5.250%, 10/15/13		1,039,916
	3,000,000	JPMorgan Chase & Co, 4.000%, 2/25/21 (c)		2,952,579
	3,000,000	KeyCorp, MTN, 5.100%, 3/24/21		3,345,927
	1,000,000	Lincoln National Corp., 4.750%, 2/15/14		1,045,011
	4,000,000	Manulife Financial Corp., 3.400%, 9/17/15		4,110,696
	1,000,000	MetLife, Inc., 5.000%, 11/24/13		1,059,691
	1,000,000	Morgan Stanley, 6.750%, 10/15/13		1,038,973
	2,000,000	Morgan Stanley, MTN, 5.000%, 5/17/23 (c)		1,760,000
	3,400,000	National City Bank, 5.250%, 12/15/16		3,783,217
	1,915,000	Northern Trust Co., 6.500%, 8/15/18		2,334,295
	2,050,000	RenaissanceRe Holdings Ltd., 5.875%, 2/15/13		2,103,259

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Fixed Income Securities Fund*		(Continued)


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Financials — (Continued)*
$	5,000,000	Royal Bank of Canada, 3.125%, 4/14/15 (a) (b)	$	5,295,215
	3,000,000	Toronto-Dominion Bank, 2.200%, 7/29/15 (a) (b)		3,121,914
	3,395,000	Wachovia Corp., 5.625%, 10/15/16		3,827,007
				76,022,328
	*Health Care — 7.0%*
	2,000,000	AstraZeneca PLC, 5.900%, 9/15/17		2,402,748
	2,054,000	Celgene Corp., 2.450%, 10/15/15		2,103,943
	2,500,000	Covidien International Finance SA, 1.875%, 6/15/13		2,524,687
	1,000,000	Covidien International Finance SA, 2.800%, 6/15/15		1,040,713
	2,000,000	Gilead Sciences, Inc., 4.500%, 4/1/21		2,222,534
	3,705,000	Laboratory Corp. of America Holdings, 4.625%, 11/15/20		4,072,380
	1,000,000	Pfizer, Inc., 5.350%, 3/15/15		1,118,070
	5,000,000	Thermo Fisher Scientific, Inc., 3.250%, 11/20/14		5,268,670
	1,000,000	Wyeth, 5.500%, 3/15/13		1,035,519
				21,789,264
	*Industrials — 3.4%*
	1,368,000	CSX Transportation, Inc., 9.750%, 6/15/20		1,921,608
	1,665,000	Emerson Electric Co., 5.125%, 12/1/16		1,909,780
	2,000,000	Plum Creek Timberlands PLC, 4.700%, 3/15/21		2,078,006
	2,000,000	Union Pacific Corp., 5.650%, 5/1/17		2,313,888
	2,000,000	United Technologies Corp., 6.125%, 2/1/19		2,476,494
				10,699,776
	*Information Technology — 5.5%*
	2,000,000	CA, Inc., 6.125%, 12/1/14		2,191,982
	2,000,000	Cisco Systems, Inc., 5.500%, 1/15/40		2,475,870
	2,000,000	Hewlett-Packard Co., 5.500%, 3/1/18		2,262,562
	3,000,000	International Business Machines Corp., 7.625%, 10/15/18		3,996,846
	3,000,000	Oracle Corp., 6.125%, 7/8/39		3,923,430
	2,000,000	Oracle Corp., 5.250%, 1/15/16		2,293,080
				17,143,770
	*Materials — 2.1%*
	3,000,000	Freeport-McMoRan Copper & Gold, Inc., 3.550%, 3/1/22		2,951,634
	3,300,000	Potash Corporation of Saskatchewan, Inc., 5.250%, 5/15/14		3,546,880
				6,498,514
	*Real Estate Investment Trusts — 4.9%*
	5,000,000	ERP Operating LP, 5.200%, 4/1/13		5,148,960
	2,640,000	Health Care REIT, Inc., 4.950%, 1/15/21		2,769,080


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Real Estate Investment Trusts — (Continued)*
$	2,000,000	Hospitality Properties Trust, 6.750%, 2/15/13	$	2,012,708
	1,000,000	Kimco Realty Corp., 4.820%, 6/1/14		1,041,273
	2,000,000	Senior Housing Properties Trust, 4.300%, 1/15/16		2,001,856
	2,000,000	Simon Property Group LP, 5.650%, 2/1/20		2,332,996
				15,306,873
	*Telecommunication Services — 2.1%*
	2,000,000	AT&T, Inc., 5.600%, 5/15/18		2,393,716
	2,000,000	Verizon Wireless, 7.375%, 11/15/13		2,171,446
	2,000,000	Vodafone Group PLC, 5.000%, 12/16/13		2,120,138
				6,685,300
	*Utilities — 9.5%*
	1,000,000	Consolidated Edison Co. of New York, Inc., Series 03-B, 3.850%, 6/15/13		1,030,829
	2,000,000	Constellation Energy Group, Inc., 4.550%, 6/15/15		2,147,838
	3,000,000	Dominion Resources, Inc., Series 07-A, Class A, 6.000%, 11/30/17		3,585,930
	4,000,000	Duke Energy Corp., 6.300%, 2/1/14		4,328,796
	2,600,000	Exelon Generation Co. LLC, 6.250%, 10/1/39		2,816,440
	1,000,000	Georgia Power Co., 5.400%, 6/1/40		1,194,796
	1,800,000	Gulf Power Co., Series K, 4.900%, 10/1/14		1,900,850
	2,310,000	Metropolitan Edison, 4.875%, 4/1/14		2,432,393
	3,000,000	Pacific Gas & Electric Co., 6.250%, 12/1/13		3,227,334
	3,000,000	PSEG Power LLC, 2.500%, 4/15/13		3,042,054
	4,000,000	Questar Corp., 2.750%, 2/1/16		4,156,100
				29,863,360
	*Total Corporate Bonds (Cost $215,500,380)*			*227,307,388*
	*U.S. Government Agencies — 11.5%*
	Federal Agricultural Mortgage Corporation — 1.3%
	4,000,000	3.250%, 6/25/14		4,213,340
	*Federal Farm Credit Bank — 0.7%*
	2,000,000	4.710%, 3/6/15		2,223,508
	*Federal Home Loan Bank — 6.7%*
	3,000,000	1.750%, 12/14/12		3,020,481
	3,000,000	5.375%, 6/14/13		3,145,350
	1,380,000	5.000%, 7/16/13 (d)		1,446,241
	2,000,000	2.000%, 5/14/15 (d)		2,010,170
	5,000,000	4.750%, 9/11/15		5,656,635
	5,000,000	3.500%, 12/9/16		5,558,845
				20,837,722

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Fixed Income Securities Fund*		(Continued)


Principal Amount			*Value*

	*U.S. Government Agencies — (Continued)*
	Federal Home Loan Mortgage Corporation — 1.7%
$	5,000,000	5.000%, 1/30/14	$	5,366,270
	*Federal National Mortgage Association — 1.1%*
	3,000,000	4.065%, 2/15/18		3,475,545
	Total U.S. Government Agencies (Cost $34,038,252)			*36,116,385*
	*U.S. Treasury Obligations — 10.2%*
	*U.S. Treasury Bonds — 9.5%*
	1,500,000	9.125%, 5/15/18		2,206,875
	2,000,000	8.750%, 8/15/20		3,154,376
	4,000,000	7.125%, 2/15/23		6,116,248
	4,000,000	7.625%, 2/15/25		6,547,500
	4,000,000	6.750%, 8/15/26		6,273,752
	4,000,000	5.250%, 11/15/28		5,629,376
				29,928,127
	*U.S. Treasury Notes — 0.7%*
	2,000,000	2.625%, 11/15/20		2,198,282
	Total U.S. Treasury Obligations (Cost $24,705,618)			*32,126,409*
	U.S. Government Mortgage Backed Agencies — 1.2%
	Federal Home Loan Mortgage Corporation — 0.5%
	642,254	Pool # J05518, 5.500%, 9/1/22		691,795
	723,666	Pool # J08160, 5.000%, 12/1/22		775,767
				1,467,562
	*Federal National Mortgage Association — 0.0%*
	50,939	Pool # 599630, 6.500%, 8/1/16		54,685
	117,484	Pool # 254403, 6.000%, 8/1/17		129,242
				183,927
	Government National Mortgage Association — 0.7%
	1,052,872	Pool # 683937, 6.000%, 2/15/23		1,160,555
	718,853	Pool # 689593, 6.000%, 7/15/23		792,374
	74,521	Pool # 345128, 6.500%, 1/15/24		85,748
	25,764	Pool # 372962, 7.000%, 3/15/24		30,287
	13,687	Pool # 373015, 8.000%, 6/15/24		13,926
				2,082,890
	Total U.S. Government Mortgage Backed Agencies (Cost $3,486,625)			*3,734,379*


*Shares*			*Value*

	*Preferred Stocks — 2.0%*
	*Financials — 1.1%*
	20,000	American Financial Group, Inc., 7.000%	$	540,000
	40,000	BB&T Capital Trust V, 8.950% (c)		1,007,600
	10,000	Credit Suisse Guernsey, 7.900%		260,300
	20,000	M&T Capital Trust IV, 8.500%		515,000
	20,000	Raymond James Financial, Inc., 6.900%		542,800
	20,000	Wells Fargo Capital Trust XII, 7.875%		517,800
				3,383,500
	*Real Estate Investment Trusts — 0.3%*
	20,000	Kimco Realty Corp., Series G, 7.750%		513,000
	20,000	Vornado Realty LP, 7.875%		560,000
				1,073,000
	*Utilities — 0.6%*
	30,000	Dominion Resources, Inc., Class A, 8.375%		861,000
	30,000	NextEra Energy Capital Holdings, Inc., Series F, 8.750%		861,300
				1,722,300
	*Total Preferred Stocks (Cost $6,229,996)*			*6,178,800*
	*Cash Equivalents — 1.5%*
	4,501,438	Huntington Money Market Fund, Interfund Shares, 0.010% (e) (f)		4,501,438
	*Total Cash Equivalents (Cost $4,501,438)*			*4,501,438*
	Total Investments (Cost $288,462,309) — 99.0%			*309,964,799*
	*Other Assets in Excess of Liabilities — 1.0%*			*3,213,456*
	*Net Assets — 100.0%*		$	*313,178,255*

(a)

Illiquid security.

(b)

(c)

Variable or Floating Rate Security. Rate disclosed is as of June 30, 2012.

(d)

Step Bond: Coupon rate is set for an initial period and then increased to a higher coupon rate at a specified date. The rate shown is the rate in effect at June 30, 2012.

(e)

Investment in affiliate.

(f)

Rate disclosed is the seven day yield as of June 30, 2012.

GMTN — Global Medium Term Note

MTN — Medium Term Note

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Intermediate Government Income Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
U.S. Government Agencies		46.9%
U.S. Government Mortgage Backed Securities		26.2%
U.S. Treasury Obligations		19.5%
Collateralized Mortgage Obligations		4.7%
Cash¹		2.7%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	*U.S. Government Agencies — 46.7%*
	*Federal Farm Credit Bank — 16.1%*
$	3,000,000	1.375%, 6/25/13	$	3,033,369
	1,000,000	4.500%, 12/15/15		1,131,159
	2,000,000	4.875%, 12/16/15		2,288,072
	1,000,000	3.750%, 1/29/16		1,108,239
	1,000,000	5.270%, 9/1/16		1,181,537
	2,000,000	5.050%, 3/8/17		2,355,674
	1,000,000	5.550%, 8/1/17		1,215,133
	1,000,000	2.500%, 9/21/17		1,004,246
	2,500,000	3.150%, 1/12/18		2,761,165
	1,000,000	4.250%, 4/16/18		1,174,629
	2,000,000	5.050%, 8/1/18		2,453,890
	2,000,000	2.800%, 10/28/20		2,118,020
	1,000,000	5.375%, 11/10/20		1,263,542
				23,088,675
	*Federal Home Loan Bank — 24.0%*
	3,000,000	5.375%, 6/14/13		3,145,350
	1,000,000	3.750%, 6/14/13		1,032,460
	1,000,000	4.375%, 9/13/13		1,048,671
	830,000	4.750%, 12/12/14		914,472
	2,500,000	2.875%, 6/12/15		2,670,047
	2,000,000	4.750%, 9/11/15		2,262,654
	2,000,000	1.900%, 12/29/15		2,086,184
	1,000,000	4.875%, 3/11/16		1,152,285
	3,000,000	1.000%, 6/21/17		3,002,202
	2,000,000	3.125%, 12/8/17		2,212,326
	1,500,000	4.250%, 3/9/18		1,752,865
	3,000,000	4.125%, 12/13/19		3,542,580
	1,000,000	4.125%, 3/13/20		1,181,008
	2,000,000	3.000%, 3/18/20		2,171,118
	3,500,000	3.375%, 6/12/20		3,899,640
	2,000,000	3.625%, 6/11/21		2,243,892
				34,317,754
	*Federal National Mortgage Association — 6.6%*
	5,000,000	4.125%, 4/15/14		5,334,895
	2,000,000	1.500%, 9/8/14		2,040,696


Principal Amount			*Value*

	*U.S. Government Agencies — (Continued)*
$	2,000,000	1.375%, 11/15/16	$	2,047,010
				9,422,601
	Total U.S. Government Agencies (Cost $61,685,061)			*66,829,030*
	U.S. Government Mortgage Backed Agencies — 26.1%
	Federal Home Loan Mortgage Corporation — 7.4%
	79,119	Pool # M81004, 5.000%, 1/1/13		80,347
	106,699	Pool # E01184, 6.000%, 8/1/17		115,392
	341,704	Pool # B10827, 4.500%, 11/1/18		365,432
	707,646	Pool # J02717, 5.500%, 11/1/20		774,614
	336,035	Pool # C90699, 5.000%, 8/1/23		367,421
	318,736	Pool # C91167, 5.000%, 4/1/28		342,580
	1,987,717	Pool # C91441, 3.000%, 4/1/32		2,062,203
	2,991,356	Pool # C91451, 3.000%, 5/1/32		3,103,451
	185,921	Pool # G08005, 5.500%, 8/1/34		203,527
	278,221	Pool # 1G0865, 4.186%, 7/1/35 (a)		294,234
	466,654	Pool # 972190, 5.201%, 11/1/35 (a)		498,113
	391,449	Pool # G03609, 5.500%, 10/1/37		425,947
	1,845,504	Pool # G06784, 3.500%, 10/1/41		1,938,237
				10,571,498
	*Federal National Mortgage Association — 12.5%*
	94,488	Pool # 647408, 5.000%, 10/1/17		102,306
	466,799	Pool # 357805, 5.000%, 6/1/20		504,400
	514,532	Pool # 889799, 5.500%, 2/1/23		562,670
	176,764	Pool # 254911, 5.000%, 10/1/23		192,252
	434,848	Pool # 255360, 5.000%, 8/1/24		478,080
	429,689	Pool # 255767, 5.500%, 6/1/25		472,929
	585,220	Pool # 255984, 4.500%, 11/1/25		635,972
	435,315	Pool # 256116, 6.000%, 2/1/26		479,989
	343,684	Pool # 256213, 6.000%, 4/1/26		378,954
	416,855	Pool # 257536, 5.000%, 1/1/29		452,305
	647,133	Pool # MA0115, 4.500%, 7/1/29		695,570
	721,046	Pool # MA0563, 4.000%, 11/1/30		776,511
	1,279,837	Pool # MA0667, 4.000%, 3/1/31		1,378,286
	2,071,533	Pool # MA0706, 4.500%, 4/1/31		2,246,006

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Intermediate Government Income Fund*		(Continued)


Principal Amount			*Value*

	U.S. Government Mortgage Backed Agencies — (Continued)
	Federal National Mortgage Association — (Continued)
$	812,807	Pool # MA0804, 4.000%, 7/1/31	$	875,331
	285,772	Pool # 254594, 5.500%, 1/1/33		314,351
	465,906	Pool # 783793, 6.000%, 7/1/34		524,639
	319,604	Pool # 806715, 5.500%, 1/1/35		351,167
	396,373	Pool # 807963, 5.000%, 1/1/35		437,389
	502,524	Pool # 735224, 5.500%, 2/1/35		552,465
	492,136	Pool # 868935, 5.500%, 5/1/36		537,661
	219,988	Pool # 907484, 6.000%, 1/1/37		242,426
	792,102	Pool # AD7906, 5.000%, 7/1/40		861,446
	879,919	Pool # AH6655, 4.000%, 2/1/41		937,982
	1,843,667	Pool # AJ5469, 3.500%, 11/1/41		1,939,833
	1,000,000	Pool # MA1044, 3.000%, 4/1/42		1,027,786
				17,958,706
	Government National Mortgage Association — 6.2%
	436,263	Pool # 683552, 5.500%, 2/15/23		475,307
	622,072	Pool # 666057, 5.000%, 3/15/23		677,623
	2,325,654	Pool # 741854, 4.000%, 5/15/25		2,508,223
	137,786	Pool # 2699, 6.000%, 1/20/29		155,439
	147,029	Pool # 576456, 6.000%, 3/15/32		167,394
	1,760,028	Pool # 4113, 5.000%, 4/20/38		1,945,097
	504,579	Pool # 676974, 5.500%, 5/15/38		560,238
	825,068	Pool # 733602, 5.000%, 4/15/40		915,274
	1,309,754	Pool # 4978, 4.500%, 3/20/41		1,442,703
				8,847,298
	Total U.S. Government Mortgage Backed Agencies (Cost $35,695,947)			*37,377,502*
	*U.S. Treasury Obligations — 19.5%*
	*U.S. Treasury Inflation Protection Notes — 1.4%*
	1,500,000	2.000%, 1/15/16		1,923,902
	*U.S. Treasury Notes — 18.1%*
	1,000,000	4.125%, 8/31/12		1,006,523
	2,000,000	4.250%, 11/15/14		2,182,812
	3,000,000	2.125%, 11/30/14		3,126,327
	1,500,000	0.250%, 2/15/15		1,494,726
	2,000,000	4.500%, 2/15/16		2,284,532
	2,000,000	5.125%, 5/15/16		2,347,656
	2,000,000	1.000%, 8/31/16		2,031,406
	3,000,000	1.375%, 11/30/18		3,068,436
	2,000,000	1.250%, 1/31/19		2,027,500
	2,000,000	2.625%, 11/15/20		2,198,282
	2,000,000	2.125%, 8/15/21		2,102,188
	2,000,000	2.000%, 11/15/21		2,073,594
				25,943,982
	Total U.S. Treasury Obligations (Cost $26,136,407)			*27,867,884*


Principal Amount or Shares			*Value*

	*Collateralized Mortgage Obligations — 4.7%*
	*Federal Home Loan Bank — 0.9%*
$	225,271	Series 00-0606, 5.270%, 12/28/12	$	229,354
	1,000,000	Series Z2-2013, 4.375%, 2/13/15		1,093,989
				1,323,343
	Federal Home Loan Mortgage Corporation — 2.1%
	179,826	Series 2555, 4.250%, 1/15/18		188,468
	1,113,868	Series 2571, 5.500%, 7/15/21		1,125,586
	1,433,539	Series 2802, 5.500%, 11/15/31		1,453,107
	255,194	Series 2976, 4.500%, 1/15/33		262,693
				3,029,854
	*Federal National Mortgage Association — 0.2%*
	154,057	Series 2003-11, 5.500%, 8/25/32		159,147
	89,502	Series 2003-16, 4.000%, 2/25/33		95,014
				254,161
	Government National Mortgage Association — 1.5%
	1,401,855	Series 2003-100, 5.500%, 1/20/23		1,451,704
	627,973	Series 2005-55, 5.000%, 5/20/32		642,146
				2,093,850
	Total Collateralized Mortgage Obligations (Cost $6,460,581)			*6,701,208*
	*Cash Equivalents — 2.7%*
	3,811,881	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		3,811,881
	*Total Cash Equivalents (Cost $3,811,881)*			*3,811,881*
	Total Investments (Cost $133,789,877) — 99.7%			*142,587,505*
	*Other Assets in Excess of Liabilities — 0.3%*			*395,018*
	*Net Assets — 100.0%*		$	*142,982,523*

(a)

Variable or Floating Rate Security. Rate disclosed is as of June 30, 2012.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of June 30, 2012.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Mortgage Securities Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
U.S. Government Mortgage Backed Securities		75.5%
Real Estate Investment Trusts		11.6%
Collateralized Mortgage Obligations		5.2%
U.S. Government Agencies		4.5%
Cash¹		2.4%
Short-Term Securities Held as Collateral for Securities Lending		0.8%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	U.S. Government Mortgage Backed Agencies — 76.0%
	Federal Home Loan Mortgage Corporation — 17.3%
$	79,119	Pool # M81004, 5.000%, 1/1/13	$	80,372
	156,822	Pool # J03237, 5.500%, 8/1/16		169,041
	86,656	Pool # E96459, 5.000%, 5/1/18		93,070
	41,317	Pool # C90237, 6.500%, 11/1/18		46,277
	341,704	Pool # B10827, 4.500%, 11/1/18		365,539
	347,254	Pool # J10396, 4.000%, 7/1/19		369,794
	163,901	Pool # G12297, 6.000%, 7/1/21		180,103
	533,412	Pool # G12867, 4.500%, 8/1/22		569,952
	267,918	Pool # C90779, 5.000%, 1/1/24		293,026
	275,306	Pool # C90859, 5.500%, 10/1/24		302,064
	303,828	Pool # C90999, 5.500%, 11/1/26		332,029
	318,736	Pool # C91167, 5.000%, 4/1/28		342,680
	442,983	Pool # C91175, 5.000%, 5/1/28		477,851
	118,123	Pool # C00730, 6.000%, 3/1/29		132,461
	2,416,904	Pool # C91251, 4.500%, 6/1/29		2,584,590
	1,837,911	Pool # C91296, 5.000%, 4/1/30		1,981,428
	1,987,717	Pool # C91441, 3.000%, 4/1/32		2,062,825
	1,994,237	Pool # C91451, 3.000%, 5/1/32		2,069,591
	309,243	Pool # A15284, 5.500%, 10/1/33		338,961
	371,843	Pool # G08005, 5.500%, 8/1/34		407,112
	278,221	Pool # 1G0865, 4.186%, 7/1/35 (a)		294,494
	308,610	Pool # A55565, 6.000%, 12/1/36		339,220
	222,903	Pool # G08168, 6.000%, 12/1/36		245,012
	339,558	Pool # G03498, 5.500%, 11/1/37		369,536
	1,732,508	Pool # G06023, 4.000%, 9/1/40		1,841,415
	1,129,608	Pool # A93936, 4.500%, 9/1/40		1,208,687
	839,227	Pool # A94008, 4.000%, 9/1/40		891,982
	1,384,128	Pool # G06784, 3.500%, 10/1/41		1,454,110
				19,843,222
	*Federal National Mortgage Association — 52.1%*
	126,119	Pool # 254486, 5.000%, 9/1/17		136,574
	128,963	Pool # 663808, 5.000%, 11/1/17		139,653
	199,343	Pool # 684488, 5.000%, 12/1/17		213,421
	318,789	Pool # 693256, 5.000%, 4/1/18		348,253


Principal Amount			*Value*

	U.S. Government Mortgage Backed Agencies — (Continued)
	Federal National Mortgage Association — (Continued)
$	188,903	Pool # 254720, 4.500%, 5/1/18	$	203,467
	215,716	Pool # 786729, 5.500%, 8/1/19		236,403
	1,792,887	Pool # MA0504, 3.500%, 8/1/20		1,896,403
	1,546,452	Pool # MA0654, 3.500%, 2/1/21		1,635,739
	3,033,947	Pool # MA0740, 3.500%, 5/1/21		3,215,277
	194,018	Pool # 896597, 5.000%, 8/1/21		209,979
	238,045	Pool # 254831, 5.000%, 8/1/23		258,239
	497,510	Pool # 254908, 5.000%, 9/1/23		539,715
	465,982	Pool # 254911, 5.000%, 10/1/23		506,956
	210,634	Pool # 255320, 5.000%, 7/1/24		231,641
	1,492,889	Pool # 932438, 4.000%, 1/1/25		1,589,090
	694,155	Pool # 255711, 5.500%, 4/1/25		764,225
	168,273	Pool # 357771, 5.000%, 5/1/25		184,739
	299,642	Pool # 255834, 4.500%, 6/1/25		326,284
	585,220	Pool # 255984, 4.500%, 11/1/25		636,155
	544,144	Pool # 256116, 6.000%, 2/1/26		600,156
	880,228	Pool # 257163, 5.000%, 4/1/28		960,862
	519,553	Pool # 257238, 5.000%, 6/1/28		563,900
	452,993	Pool # 257281, 5.000%, 7/1/28		491,659
	416,855	Pool # 257536, 5.000%, 1/1/29		452,435
	809,765	Pool # MA0096, 4.500%, 6/1/29		870,628
	1,035,413	Pool # MA0115, 4.500%, 7/1/29		1,113,236
	2,917,259	Pool # AC1219, 4.500%, 8/1/29		3,136,525
	1,153,546	Pool # MA0171, 4.500%, 9/1/29		1,240,248
	721,046	Pool # MA0563, 4.000%, 11/1/30		776,737
	1,701,853	Pool # MA0641, 4.000%, 2/1/31		1,833,297
	1,279,837	Pool # MA0667, 4.000%, 3/1/31		1,378,686
	2,071,533	Pool # MA0706, 4.500%, 4/1/31		2,246,653
	3,720,420	Pool # MA0776, 4.500%, 6/1/31		4,034,932
	812,807	Pool # MA0804, 4.000%, 7/1/31		875,585
	47,976	Pool # 602879, 6.000%, 11/1/31		54,031
	1,951,349	Pool # MA0976, 3.500%, 2/1/32		2,065,328
	2,491,983	Pool # MA1084, 3.500%, 6/1/32		2,637,541
	538,665	Pool # 729535, 5.500%, 7/1/33		592,282
	83,096	Pool # 748422, 6.000%, 8/1/33		93,584

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Mortgage Securities Fund*		(Continued)


Principal Amount or Shares			*Value*

	U.S. Government Mortgage Backed Agencies — (Continued)
	Federal National Mortgage Association — (Continued)
$	314,160	Pool # 786457, 5.353%, 7/1/34 (a)	$	339,551
	465,906	Pool # 783793, 6.000%, 7/1/34		524,712
	319,604	Pool # 806715, 5.500%, 1/1/35		351,217
	202,496	Pool # 814261, 6.000%, 1/1/35		226,030
	502,524	Pool # 735224, 5.500%, 2/1/35		552,544
	79,867	Pool # 836450, 6.000%, 10/1/35		88,375
	329,148	Pool # 845573, 5.362%, 2/1/36 (a)		352,976
	513,797	Pool # 745418, 5.500%, 4/1/36		563,654
	295,017	Pool # 745511, 5.000%, 4/1/36		319,691
	196,695	Pool # 888029, 6.000%, 12/1/36		216,788
	219,988	Pool # 907484, 6.000%, 1/1/37		242,460
	792,102	Pool # AD7906, 5.000%, 7/1/40		861,569
	1,499,916	Pool # AD7724, 5.000%, 7/1/40		1,631,458
	3,321,494	Pool # AE4310, 4.000%, 9/1/40		3,541,704
	1,433,802	Pool # AE0395, 4.500%, 10/1/40		1,538,852
	1,267,622	Pool # AE4628, 4.500%, 10/1/40		1,364,681
	1,319,879	Pool # AH6655, 4.000%, 2/1/41		1,407,385
	2,394,029	Pool # AB3417, 4.000%, 8/1/41		2,553,498
	1,843,667	Pool # AJ5469, 3.500%, 11/1/41		1,940,409
	1,936,633	Pool # AB4106, 3.500%, 12/1/41		2,038,255
				59,946,327
	Government National Mortgage Association — 6.6%
	290,569	Pool # 683915, 5.000%, 1/15/23		319,287
	403,389	Pool # 691761, 5.000%, 7/15/23		439,474
	1,993,418	Pool # 741854, 4.000%, 5/15/25		2,150,529
	760,270	Pool # 4886, 4.500%, 12/20/25		820,654
	1,252,320	Pool # 605653, 5.500%, 8/15/34		1,411,711
	851,959	Pool # 3637, 5.500%, 11/20/34		951,261
	504,579	Pool # 676974, 5.500%, 5/15/38		560,317
	825,068	Pool # 733602, 5.000%, 4/15/40		915,403
				7,568,636
	Total U.S. Government Mortgage Backed Agencies (Cost $83,944,207)			*87,358,185*
	*Common Stocks — 11.7%*
	*Real Estate Investment Trusts — 11.7%*
	10,074	Acadia Realty Trust		233,515
	6,500	Alexandria Real Estate Equities, Inc.		472,680
	13,000	American Campus Communities, Inc.		584,740
	1,000	Associated Estates Realty Corp.		14,950
	2,000	BioMed Realty Trust, Inc.		37,360
	5,500	Boston Properties, Inc.		596,035
	6,500	Brandywine Realty Trust		80,210
	2,000	Brookfield Office Properties, Inc.		34,840
	1,000	Camden Property Trust		67,670
	2,000	Colonial Properties Trust		44,280
	1,000	Coresite Realty Corp.		25,820
	1,000	CubeSmart		11,670
	1,000	DDR Corp.		14,640
	1,000	DiamondRock Hospitality Co.		10,200


Principal Amount or Shares			*Value*

	*Common Stocks — (Continued)*
	*Real Estate Investment Trusts — (Continued)*
	8,300	Digital Realty Trust, Inc. (b)	$	623,081
	15,000	Douglas Emmett, Inc.		346,500
	18,000	Duke Realty Corp.		263,520
	5,000	DuPont Fabros Technology, Inc.		142,800
	11,000	EastGroup Properties, Inc.		586,300
	8,500	Equity Lifestyle Properties, Inc.		586,245
	7,000	Equity Residential		436,520
	4,500	Essex Property Trust, Inc.		692,640
	1,000	Excel Trust, Inc.		11,960
	1,500	Federal Realty Investment Trust		156,135
	8,000	HCP, Inc.		353,200
	1,500	Health Care REIT, Inc.		87,450
	3,500	Healthcare Realty Trust, Inc.		83,440
	8,000	Home Properties, Inc.		490,880
	17,616	Host Hotels & Resorts, Inc.		278,685
	8,600	Kimco Realty Corp.		163,658
	10,000	Kite Realty Group Trust		49,900
	13,000	LaSalle Hotel Properties		378,820
	8,915	Macerich Co./The		526,431
	9,000	Mack-Cali Realty Corp.		261,630
	9,500	National Retail Properties, Inc. (b)		268,755
	3,500	Pennsylvania Real Estate Investment Trust		52,430
	2,000	Post Properties, Inc.		97,900
	5,743	ProLogis, Inc.		190,840
	4,000	Public Storage, Inc.		577,640
	2,000	Realty Income Corp. (b)		83,540
	3,500	Regency Centers Corp.		166,495
	1,000	Sabra Health Care REIT, Inc.		17,110
	8,000	Simon Property Group, Inc.		1,245,280
	403	SL Green Realty Corp.		32,337
	1,000	Sovran Self Storage, Inc.		50,090
	13,000	Tanger Factory Outlet Centers, Inc.		416,650
	1,000	Taubman Centers, Inc.		77,160
	6,376	UDR, Inc.		164,756
	9,000	Ventas, Inc.		568,080
	4,436	Vornado Realty Trust		372,535
	1,000	Washington Real Estate Investment Trust		28,450
	7,500	Weingarten Realty Investors		197,550
	2,000	Westfield Group		19,446
	2,000	Westfield Retail Trust		5,834
	*Total Common Stocks (Cost $8,734,143)*			*13,381,283*
	*Collateralized Mortgage Obligations — 5.2%*
	*Federal Home Loan Bank — 0.2%*
$	224,425	Series Z2-2013, 4.800%, 2/25/13		229,134
	Federal Home Loan Mortgage Corporation — 3.5%
	291,158	Series 3322, 5.250%, 4/15/17		305,014
	300,681	Series 2497, 5.000%, 9/15/17		322,514
	303,262	Series 2770, 4.000%, 1/15/18		308,435
	1,000,000	Series 2784, 4.000%, 4/15/19		1,060,960
	445,547	Series 2571, 5.500%, 7/15/21		450,349

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Mortgage Securities Fund*		(Continued)


Principal Amount			*Value*

	Collateralized Mortgage Obligations — (Continued)
	Federal Home Loan Mortgage Corporation — (Continued)
$	112,224	Series 2555, 5.500%, 4/15/22	$	114,302
	412,661	Series 2672, 5.500%, 8/15/31		421,167
	803,504	Series 2802, 5.500%, 11/15/31		814,754
	255,194	Series 2976, 4.500%, 1/15/33		262,942
				4,060,437
	*Federal National Mortgage Association — 1.2%*
	172,401	Series 2003-38, 5.000%, 3/25/23		183,567
	257,712	Series 1999-13, 6.000%, 4/25/29		288,988
	154,849	Series 2003-32, 5.000%, 12/25/31		156,613
	743,853	Series 2003-92, 5.000%, 3/25/32		768,136
				1,397,304
	*Residential Whole Loans — 0.3%*
	321,057	Citicorp Mortgage Securities, Inc., 5.500%, 10/25/35		321,880
	Total Collateralized Mortgage Obligations (Cost $5,788,409)			*6,008,755*
	*U.S. Government Agencies — 4.5%*
	*Federal Home Loan Bank — 3.1%*
	1,000,000	4.250%, 3/9/18		1,170,078
	2,000,000	4.125%, 12/13/19		2,365,580
				3,535,658
	Federal Home Loan Mortgage Corporation — 0.4%
	500,000	4.500%, 4/2/14		535,566
	*Federal National Mortgage Association — 1.0%*
	1,000,000	5.000%, 3/2/15		1,120,111
	Total U.S. Government Agencies (Cost $4,497,313)			*5,191,335*


*Shares*			*Value*

	*Cash Equivalents — 2.4%*
	2,765,150	Huntington Money Market Fund, Interfund Shares, 0.010% (c) (d)	$	2,765,150
	*Total Cash Equivalents (Cost $2,765,150)*			*2,765,150*
	Short-Term Securities Held as Collateral for Securities Lending — 0.8%
	957,205	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (d)		957,205
	Total Short-Term Securities Held as Collateral for Securities Lending (Cost $957,205)			*957,205*
	Total Investments (Cost $106,686,427) — 100.6%			*115,661,913*
	*Liabilities in Excess of Other Assets — (0.6)%*			*(670,521)*
	*Net Assets — 100.0%*		$	*114,991,392*

(a)

Variable or Floating Rate Security. Rate disclosed is as of June 30, 2012.

(b)

All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $938,436.

(c)

Investment in affiliate.

(d)

Rate disclosed is the seven day yield as of June 30, 2012.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Ohio Tax-Free Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
School Districts		36.0%
Various Purposes		31.3%
Higher Education		12.2%
Water		9.0%
Transportation		3.2%
Airport		2.3%
Single Family Housing		1.9%
Facilities		1.7%
General Fund		1.4%
Power		1.0%
*Total*		*100.0%*

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	*Municipal Bonds — 99.3%*
	*Ohio — 99.3%*
$	400,000	Akron, OH, Various Purposes, G.O., 2.250%, 12/1/19	$	406,020
	225,000	Akron, OH, G.O., (AMBAC Ins.), 5.000%, 12/1/24		244,015
	100,000	Ashland, OH, Various Purposes, G.O., (National Reinsurance), 4.500%, 12/1/22		102,883
	150,000	Barberton, OH, City School District, G.O., (Student Credit Program), 5.000%, 12/1/22		171,974
	335,000	Big Walnut, OH, Local School District, G.O., 0.000%, 12/1/18 (a)		298,294
	205,000	Bowling Green State University, OH, General Receipts Revenue, (AMBAC Ins.), 5.250%, 6/1/19		210,291
	300,000	Bowling Green, OH, City School District, School Facilities Construction and Improvement, G.O., (AGM Ins.), 5.000%, 12/1/23		332,661
	320,000	Bowling Green, OH, City School District, G.O., (AGM Ins.), 5.000%, 12/1/24		352,358
	215,000	Bridgeport, OH, Exempted Village School District, G.O., (Student Credit Program), 0.000%, 12/1/15 (a)		204,057
	560,000	Brookfield, OH, Local School District, School Facilities Improvement, G.O., (AGM Ins. ), 5.000%, 1/15/22		632,167


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	250,000	Bucyrus, OH, City School District, G.O., (AGM Ins.), 5.000%, 12/1/22	$	274,927
	300,000	Butler County, OH, Sewer Systems Revenue, (AGM Ins.), 5.000%, 12/1/19		351,960
	170,000	Butler County, OH, G.O., (AMBAC Ins.), 4.750%, 12/1/20		182,335
	400,000	Butler County, OH, G.O., (AMBAC Ins.), 4.750%, 12/1/24		423,956
	500,000	Centerville, OH, G.O., (National Reinsurance), 5.000%, 12/1/20		524,460
	200,000	Chagrin Falls, OH, Exempt Village School District, G.O., (MBIA Ins.), 5.250%, 12/1/19		216,810
	300,000	Cincinnati, OH, Technical & Community College, General Receipts Revenue, (Ohio CCD Program), 4.000%, 10/1/20		339,033
	500,000	Cincinnati, OH, Water System Revenue, Series A, 5.000%, 12/1/22		623,165
	200,000	Clark County, OH, Various Purposes, G.O., (XLCA Ins.), 5.000%, 12/1/18		232,822
	500,000	Cleveland, OH, Public Power System Revenue, Series A, (National Reinsurance, FGIC Ins.), 5.000%, 11/15/16		571,325

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Ohio Tax-Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	400,000	Cleveland, OH, G.O., 3.000%, 12/1/17	$	426,744
	500,000	Cleveland, OH, Airport System Revenue, Series C, (AGM Ins.), 5.000%, 1/1/18		558,850
	365,000	Cleveland, OH, Airport System Revenue, Series C, (Assured Guaranty), 5.000%, 1/1/23		400,084
	245,000	Cleveland, OH, Waterworks Revenue, Series P, 5.000%, 1/1/26		275,429
	335,000	Cleveland, OH, Greater Cleveland Regional Transit Authority, Capital Improvement, G.O., Series A, (MBIA-RE FGIC Ins.), 5.000%, 12/1/21		371,512
	250,000	Cleveland, OH, Greater Cleveland Regional Transit Authority, Capital Improvement, G.O., Series A, 5.000%, 12/1/21		289,822
	150,000	Clyde-Green Springs, OH, Exempted Village School District, School Facilities Construction and Improvement, G.O., (AGM Ins., Student Credit Program), 5.000%, 12/1/19		172,958
	100,000	Clyde-Green Springs, OH, Exempted Village School District, School Facilities Construction and Improvement, G.O., (AGM Ins., Student Credit Program), 4.375%, 12/1/25		106,719
	410,000	Coldwater, OH, Exempted Village School District, School Facilities Construction and Improvement, G.O., (Student Credit Program), 0.000%, 12/1/17 (a)		367,397
	250,000	Colerain Township, OH, G.O., 4.000%, 12/1/21		290,377
	250,000	Columbus, OH, Regional Airport Authority Revenue, (MBIA Ins.), 5.000%, 1/1/20		279,765
	100,000	Columbus, OH, Regional Airport Authority Revenue, (AGM National Reinsurance), 5.000%, 1/1/21		111,227
	505,000	Columbus, OH, Various Purposes, G.O., 5.000%, 7/1/23		627,594
	55,000	Columbus, OH , Sewer Revenue, Series A, 5.000%, 6/1/24		63,018
	100,000	Cuyahoga Community College District, General Receipts Revenue, Series A, 5.000%, 12/1/22		102,956


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	220,000	Cuyahoga Community College District, General Receipts Revenue, Series D, 5.000%, 8/1/26	$	255,715
	200,000	Cuyahoga County, OH, Various Purposes, G.O., Series A, 5.000%, 12/1/21		239,432
	220,000	Dalton Local School District, School Improvement, G.O., (Student Credit Program), 5.000%, 8/1/24		251,163
	490,000	Dalton Local School District, School Improvement, G.O., (Student Credit Program), 5.000%, 8/1/25		555,278
	445,000	Fairfield County, OH, G.O., (National Reinsurance), 5.000%, 12/1/25		502,414
	360,000	Fairfield Union, OH, Local School District, G.O., Series A, (AGM Ins.), 4.250%, 12/1/18		398,639
	250,000	Fairless, OH, Local School District, G.O., 0.000%, 12/1/16 (a)		228,417
	300,000	Fairless, OH, Local School District, G.O., 0.000%, 12/1/17 (a)		265,824
	155,000	Forest Hills, OH, Local School District, G.O., (AGM Ins.), 4.750%, 12/1/16		162,200
	190,000	Franklin County, OH, Municipal Facilities Improvements, G.O., (MBIA Ins.), 4.650%, 12/1/15		193,449
	35,000	Gallia, OH, Local School District, G.O., (AGM Ins.), 4.500%, 12/1/20		36,987
	500,000	Geneva, OH, City School District, School Improvement, G.O., (Student Credit Program), 4.500%, 12/1/25		546,680
	300,000	Grand Valley, OH, Local School District, School Improvement, G.O., (Student Credit Program), 0.000%, 12/1/16 (a)		273,504
	450,000	Greene County, OH, Sewer Systems Revenue, (AMBAC Ins.), 5.000%, 12/1/18		510,925
	100,000	Greene County, OH, Water System Revenue, Series A, (National Reinsurance), 5.250%, 12/1/20		123,201
	275,000	Greene County, OH, Water & Sewer Revenue, (AGM Ins.), 5.000%, 12/1/21		299,634
	170,000	Hamilton County, OH, Stratford Heights Project, (AGM Ins.), 5.000%, 6/1/18		194,601

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Ohio Tax-Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	200,000	Hamilton County, OH, Sewer Systems Revenue, Series A, (MBIA Ins.), 5.000%, 12/1/20	$	230,562
	280,000	Hamilton, OH, Various Purposes, G.O., (Assured Guaranty), 5.000%, 11/1/21		319,519
	100,000	Hilliard, OH, School Improvement, G.O., 5.000%, 12/1/19		120,782
	100,000	Hilliard, OH, School District, G.O., 5.000%, 12/1/23		111,506
	500,000	Hilliard, OH, Various Purposes, G.O., 5.000%, 12/1/24		599,685
	50,000	Huber Heights, OH, City School District, School Improvement, G.O., 5.000%, 12/1/20		60,238
	200,000	Huber Heights, OH, City School District, School Improvement, G.O., 4.750%, 12/1/24		228,358
	175,000	Independence, OH, Local School District, G.O., 0.000%, 12/1/14 (a)		168,177
	500,000	Independence, OH, Local School District, G.O., 0.000%, 12/1/18 (a)		431,870
	75,000	Independence, OH, Rockside Road Improvement, G.O., (AMBAC Ins.), 5.000%, 12/1/20		82,345
	160,000	Jackson, OH, Local School District, Stark and Summit Counties, G.O., (AGM Ins.), 5.000%, 12/1/18		171,978
	420,000	Joseph Badger, OH, Local School District, Various Purposes, G.O., (Student Credit Program), 0.000%, 12/1/18 (a)		363,691
	650,000	Kenston, OH, Local School District, G.O., 5.000%, 12/1/20		785,083
	335,000	Kent State University, OH, General Receipts Revenue, Series B, (Assured Guaranty), 5.000%, 5/1/19		398,080
	615,000	Kent State University, OH, General Receipts Revenue, Series B, (Assured Guaranty), 5.000%, 5/1/23		706,703
	50,000	Kettering, OH, City School District, School Improvement, G.O., (AGM Ins.), 4.750%, 12/1/19		55,848
	400,000	Kettering, OH, City School District, G.O., (AGM Ins.), 4.750%, 12/1/22		437,624
	250,000	Kings Mill, OH, Local School District, School Improvement, G.O., 5.000%, 12/1/19		291,447


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	100,000	Lake, OH, Local School District, Stark County School Improvement, G.O., (AGM Ins.), 5.000%, 12/1/18	$	110,033
	285,000	Lakewood, OH, City School District, G.O., (AGM Ins.), 5.000%, 12/1/18		299,965
	500,000	Lorain, OH, City School District, School Improvement, G.O., (Student Credit Program), 4.000%, 12/1/21		555,420
	250,000	Lorain, OH, City School District, G.O., (National Reinsurance), 4.750%, 12/1/25		254,445
	445,000	Martins Ferry, OH, City School District, G.O., (Student Credit Program), 0.000%, 12/1/17 (a)		395,151
	250,000	Marysville, OH, Exempted Village School District, G.O., (AGM Ins.), 5.000%, 12/1/23		269,427
	50,000	Marysville, OH, Exempted Village School District, G.O., (AGM Ins.), 5.000%, 12/1/24		53,632
	300,000	Mason, OH, Sewer Systems, G.O., 4.500%, 12/1/22		362,580
	125,000	Medina County, OH, Library District, G.O., 0.000%, 12/1/19 (a)		103,463
	50,000	Miami University, OH, General Receipts Revenue, (AMBAC Ins.), 5.000%, 9/1/23		56,527
	200,000	Middletown, OH, School Improvement, G.O., (AGM Ins.), 4.375%, 12/1/20		215,768
	500,000	Middletown, OH, G.O., (AGM Ins.), 5.000%, 12/1/21		572,355
	540,000	Montgomery County, OH, Refunding & Improvement, G.O., (National Reinsurance), 5.000%, 12/1/21		591,748
	200,000	Mount Healthy, OH, City School District, G.O., (AGM Ins.), 5.250%, 12/1/19		235,666
	250,000	Mount Healthy, OH, City School District, G.O., (AGM Ins.), 5.000%, 12/1/25		277,155
	50,000	Mount Vernon, OH, City School District, G.O., (AGM Ins.), 5.000%, 12/1/17		54,420
	300,000	New Albany, OH, Plain Local School District, Various Purposes, G.O., 0.000%, 12/1/20 (a)		246,921
	300,000	New Albany, OH, Plain Local School District, Various Purposes, G.O., 4.000%, 12/1/22		343,962

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Ohio Tax-Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	205,000	Northmont, OH, City School District, School Improvement, G.O., Series A, (Student Credit Program), 4.000%, 11/1/24	$	224,526
	300,000	Northwest, OH, Local School District, Stark, Summit & Wayne Counties, G.O., (Student Credit Program), 0.000%, 12/1/19 (a)		249,582
	100,000	Northwest, OH, Local School District, Stark, Summit & Wayne Counties, G.O., (Student Credit Program), 0.000%, 12/1/20 (a)		79,883
	200,000	Ohio Capital Asset Financing Program Fractionalized Interests, G.O., Series B, 5.000%, 12/1/22		227,644
	85,000	Ohio State Higher Educational Facility Commission Revenue, Denison University Project, 5.000%, 11/1/20		94,091
	165,000	Ohio State Higher Educational Facility Commission Revenue, Denison University Project, 5.000%, 11/1/20		177,538
	130,000	Ohio Housing Finance Agency, Single-Family Mortgage Revenue, Series 1, 2.650%, 5/1/17		130,761
	410,000	Ohio Housing Finance Agency, Single-Family Mortgage Revenue, Series 3, 2.550%, 11/1/17		419,446
	330,000	Ohio Housing Finance Agency, Single-Family Mortgage Revenue, Series 1, 3.250%, 5/1/20		330,944
	75,000	Ohio State, G.O., Series A, 5.000%, 9/15/17		83,593
	225,000	Ohio State, Conservation Projects, G.O., Series A, 5.000%, 3/1/19		242,293
	500,000	Ohio State, G.O., Series A, 5.000%, 9/15/19		556,145
	100,000	Ohio State, Infrastructure Improvement, G.O., Series A, 5.000%, 3/1/20		113,858
	75,000	Ohio State, G.O., Series C, 5.000%, 8/1/20		92,512
	175,000	Ohio State, G.O., Series A, 5.000%, 9/1/20		205,289
	350,000	Ohio State, G.O., Series D, 5.000%, 9/15/20		399,007
	725,000	Ohio State, Revitalization Project Revenue, Series A, (AMBAC Ins.), 5.000%, 4/1/21		801,574


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	150,000	Ohio State, Common Schools, G.O., Series A, 5.000%, 6/15/21	$	163,443
	250,000	Ohio State, G.O., Series D, 5.000%, 9/15/21		284,032
	150,000	Ohio State, Common Schools, G.O., Series A, 5.000%, 6/15/22		163,443
	525,000	Ohio State, Parks & Recreation Revenue, G.O., Series A, 5.250%, 9/1/22		643,492
	500,000	Ohio State, G.O., 4.250%, 9/15/22		589,635
	655,000	Ohio State, G.O., Series A, 5.375%, 9/1/23		778,808
	130,000	Ohio State, Infrastructure Improvement, G.O., Series A, 5.000%, 9/1/23		145,531
	750,000	Ohio State, G.O., Series A, 4.500%, 9/15/23		809,182
	670,000	Ohio State, Higher Education, G.O., Series A, 5.000%, 2/1/24		747,325
	150,000	Ohio State, Common Schools, G.O., Series A, 5.000%, 6/15/24		163,443
	1,100,000	Ohio State, G.O., Series A, 4.500%, 9/15/24		1,180,762
	600,000	Ohio State, School Improvement, G.O., Series B, 5.000%, 9/15/24		715,512
	100,000	Ohio State, School Improvement, G.O., Series A, 4.500%, 9/15/25		106,741
	150,000	Ohio State Building Authority, State Facilities Arts Building, Fund Project Revenue, Series A, 5.000%, 4/1/16		154,812
	100,000	Ohio State Building Authority, Administration Building Fund Revenue, Series A, 4.000%, 10/1/20		110,817
	135,000	Ohio State Building Authority, Administration Building Fund Revenue, Series A, 5.000%, 10/1/22		156,260
	400,000	Ohio State Building Authority, Administration Building Fund Revenue, Series A, 5.000%, 10/1/23		458,444
	100,000	Ohio State Cultural and Sports Capital Facilities Revenue, Series A, (AGM Ins.), 5.000%, 4/1/17		110,378
	300,000	Ohio State Major New Street Infrastructure Project Revenue, Series 2008-1, 5.500%, 6/15/20		360,246
	1,000,000	Ohio State Turnpike Commission Revenue, Series A, (FGIC Ins.), 5.500%, 2/15/20		1,241,960

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Ohio Tax-Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	240,000	Ohio State Turnpike Commission Revenue, Series A, 5.000%, 2/15/21	$	281,131
	170,000	Ohio State University Revenue, Series A, 5.000%, 6/1/25		185,482
	280,000	Ohio State University, Revenue, Series A, 5.000%, 12/1/26		329,157
	500,000	Ohio State Water Development Authority, Drinking Water Assistance Fund Revenue, 5.000%, 12/1/22		589,560
	500,000	Ohio State Water Development Authority, State of Ohio Pollution Control Revenue, 5.000%, 12/1/23		598,580
	200,000	Ohio University, General Receipts Revenue , 5.000%, 12/1/18		238,420
	100,000	Ohio University, General Receipts Revenue, Series B, 5.000%, 12/1/23		110,146
	500,000	Olentangy, OH, Local School District, G.O., Series A, (AGM Ins.), 5.000%, 12/1/18		574,340
	300,000	Olentangy, OH, Local School District, G.O., Series A, (AGM Ins.), 5.000%, 12/1/21		339,561
	700,000	Olentangy, OH, Local School District, G.O., Series A, (AGM Ins.), 5.000%, 12/1/22		797,643
	150,000	Oregon, OH, City School District, G.O., 0.000%, 12/1/15 (a)		142,413
	500,000	Plain City, OH , Local School District, G.O., (Student Credit Program), 5.000%, 11/1/18		588,330
	100,000	Reynoldsburg, OH, City School District, School Facilities Construction and Improvement, G.O., (Student Credit Program), 5.000%, 12/1/20		114,709
	470,000	River Valley, OH, Local School District, G.O., (AGM Ins., Student Credit Program), 5.250%, 11/1/23		580,022
	300,000	Sheffield Lake, OH, City School District, School Improvement, G.O., 5.000%, 12/1/25		337,872
	125,000	Sidney, OH, City School District, G.O., (National Reinsurance, FGIC Ins.), 4.750%, 12/1/20		141,500
	780,000	Southwest Licking, OH, Local School District, G.O., (AMBAC Ins.), 5.000%, 12/1/19		837,190


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	500,000	South-Western, OH, City School District, G.O., (AGM Ins.), 4.750%, 12/1/22	$	546,865
	150,000	Springboro, OH, Various Purposes, G.O., 5.000%, 12/1/18		180,930
	595,000	Springfield, OH, City School District, School Improvement, G.O., (AGM Ins., Student Credit Program), 5.000%, 12/1/19		677,449
	125,000	Springfield, OH, City School District, School Improvement, G.O., (AGM Ins., Student Credit Program), 5.000%, 12/1/21		139,840
	235,000	Swanton, OH, Local School District, School Improvement, G.O., (FGIC Ins.), 4.900%, 12/1/15		237,935
	235,000	Sylvania, OH, City School District, School Improvement, G.O., 5.000%, 12/1/18		270,751
	225,000	Toledo, OH, Sewer System Revenue, (AMBAC Ins.), 5.000%, 11/15/18		234,292
	700,000	Toledo, OH, Waterworks Revenue, (MBIA Ins.), 5.000%, 11/15/19		776,839
	300,000	Toledo, OH, Waterworks Revenue, (MBIA-RE FGIC Ins.), 5.000%, 11/15/22		328,185
	400,000	Trotwood, OH, Trotwood-Madison City School District, School Improvement, G.O., (AGM Ins.), 4.250%, 12/1/18		440,252
	400,000	Troy, OH, City School District, School Improvement, G.O., (AGM Ins.), 5.000%, 12/1/18		429,308
	75,000	Trumbull County, OH, Various Purposes, G.O., Series B, (AGM Ins.), 5.000%, 12/1/20		87,482
	235,000	Twinsburg, OH , Local School District Refunding, G.O., (FGIC Ins.), 5.000%, 12/1/18		254,416
	350,000	University of Akron, OH, General Receipts Revenue, Series A, (AGM Ins.), 5.000%, 1/1/21		397,502
	200,000	University of Akron, OH, General Receipts Revenue, Series B, (National Reinsurance, FGIC Ins.), 4.500%, 1/1/23		206,552
	500,000	University of Akron, OH, General Receipts Revenue, Series B, (AGM Ins.), 5.250%, 1/1/24		564,640

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Ohio Tax-Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	500,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (AMBAC Ins.), 5.000%, 6/1/17	$	557,130
	300,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (AMBAC Ins.), 5.000%, 6/1/19		345,180
	300,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (AMBAC Ins.), 5.000%, 6/1/19		332,181
	500,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (AGM Ins.), 5.000%, 6/1/20		557,070
	105,000	University of Cincinnati, OH, General Receipts Revenue, Series F, (AGM Ins.), 5.000%, 6/1/21		126,109
	500,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (MBIA Ins.), 5.000%, 6/1/22		560,060
	400,000	University of Toledo, OH, General Receipts Revenue, Series A, (AMBAC Ins.), 5.000%, 6/1/19		446,240
	50,000	Warren County, OH, Waterworks Refunding Revenue, (AGM Ins.), 5.000%, 12/1/15		51,224
	150,000	Warren County, OH, Waterworks Refunding Revenue, (AGM Ins.), 5.000%, 12/1/18		153,360
	650,000	Washington Court House, OH, School Improvements, G.O., (National Reinsurance, FGIC Ins.), 5.000%, 12/1/19		705,380
	200,000	Westerville, OH, City School District, G.O., (National Reinsurance), 5.000%, 12/1/17		220,528


Principal Amount *or Shares*			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	125,000	Westerville, OH, G.O., (AMBAC Ins.), 5.000%, 12/1/23	$	142,265
	300,000	Wyoming, OH, School District, Refunding School Improvement, G.O., (AGM Ins.), 5.000%, 12/1/20		330,420
	400,000	Zanesville, OH, City School District, School Improvement, G.O., (Student Credit Program), 4.500%, 12/1/19		466,412
	50,000	Zanesville, OH, City School District, School Improvement, G.O., (Student Credit Program), 3.750%, 12/1/21		53,641
	*Total Municipal Bonds (Cost $55,512,653)*			*57,859,608*
	*Cash Equivalents — 0.2%*
	133,311	Fidelity Institutional Tax-Exempt Money Market Portfolio, Class I 0.010% (b)		133,311
	*Total Cash Equivalents (Cost $133,311)*			*133,311*
	Total Investments (Cost $55,645,964) — 99.5%			*57,992,919*
	*Other Assets in Excess of Liabilities — 0.5%*			*265,737*
	*Net Assets — 100.0%*		$	*58,258,656*

(a)

Zero coupon capital appreciation bonds.

(b)

Rate disclosed is the seven day yield as of June 30, 2012.

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

FGIC — Financial Guaranty Insurance Co.

G.O. — General Obligation

MBIA — Municipal Bond Insurance Association

XLCA — XL Capital Assurance, Inc.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Short/Intermediate Fixed Income Securities Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Corporate Bonds		69.3%
U.S. Government Agencies		24.3%
U.S. Treasury Obligations		4.6%
Cash¹		1.8%
*Total*		*100.0%*

¹	Investments in an affiliated money market fund.

Portfolio of Investments (unaudited)


Principal Amount			*Value*

	*Corporate Bonds — 69.3%*
	*Consumer Discretionary — 4.5%*
$	1,000,000	Home Depot, Inc./The, 5.250%, 12/16/13	$	1,066,660
	1,000,000	Johnson Controls, Inc., 4.875%, 9/15/13		1,045,073
	1,000,000	McDonald’s Corp., MTN, 4.300%, 3/1/13		1,024,727
	2,000,000	TCM Sub LLC, 3.550%, 1/15/15 (a)		2,106,218
	2,000,000	Time Warner, Inc., 3.150%, 7/15/15		2,109,254
	1,000,000	Walt Disney Co./The, 4.500%, 12/15/13		1,058,751
	2,000,000	Wyndham Worldwide Corp., 2.950%, 3/1/17		1,989,532
				10,400,215
	*Consumer Staples — 5.6%*
	2,000,000	Coca-Cola Enterprises, Inc., 1.125%, 11/12/13		2,008,292
	1,000,000	CVS Caremark Corp., 4.875%, 9/15/14		1,081,702
	1,585,000	General Mills, Inc., 5.250%, 8/15/13		1,663,833
	1,000,000	H.J. Heinz Co., 5.350%, 7/15/13		1,048,050
	2,000,000	Kellogg Co., 1.750% 5/17/17		1,999,892
	2,000,000	Kroger Co./The, 2.200%, 1/15/17		2,022,344
	2,000,000	Safeway, Inc., 5.800%, 8/15/12		2,011,358
	1,000,000	Sysco Corp., 4.200%, 2/12/13		1,020,808
				12,856,279
	*Energy — 4.3%*
	1,000,000	Apache Corp., 6.000%, 9/15/13		1,063,342
	1,000,000	ConocoPhillips, 4.750%, 2/1/14		1,062,138
	2,000,000	Kinder Morgan Energy Partners LP, 5.125%, 11/15/14		2,162,384
	1,000,000	Noble Corp., 5.875%, 6/1/13		1,044,394
	2,000,000	Schlumberger Norge AS, 1.950%, 9/14/16 (a)		2,049,470
	2,250,000	Spectra Energy Capital LLC, 5.900%, 9/15/13		2,363,787
				9,745,515


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Financials — 18.1%*
$	2,000,000	American Express Credit Co., MTN, 2.750%, 9/15/15	$	2,086,978
	2,000,000	Bank of America Corp., MTN, 1.886%, 1/30/14 (b)		1,979,110
	2,000,000	Bank of Montreal, MTN, 2.500%, 1/11/17		2,067,422
	2,000,000	Bank of New York Mellon Corp./The, 2.950%, 6/18/15		2,108,158
	2,000,000	Bank of Nova Scotia, 2.375%, 12/17/13		2,047,480
	2,000,000	BB&T Corp., 5.200%, 12/23/15		2,201,024
	1,000,000	Boeing Capital Corp., 3.250%, 10/27/14		1,058,683
	2,000,000	Canadian Imperial Bank of Commerce, 1.450%, 9/13/13		2,019,722
	1,000,000	Charles Schwab Corp./The, 4.950%, 6/1/14		1,072,472
	1,500,000	Citigroup, Inc., 6.010%, 1/15/15		1,611,634
	2,000,000	Fifth Third Bancorp, 3.625%, 1/25/16		2,109,510
	2,500,000	General Electric Capital Corp., 2.250%, 11/9/15		2,550,720
	1,500,000	Goldman Sachs Group, Inc., 5.500%, 11/15/14		1,584,241
	2,000,000	HSBC Bank PLC, 3.500%, 6/28/15 (a)		2,091,466
	1,000,000	KeyBank NA, 5.091%, 3/26/15		1,089,227
	2,000,000	Manulife Financial Corp., 3.400%, 9/17/15		2,055,348
	2,000,000	MetLife Global Funding I, 3.125%, 1/11/16 (a)		2,095,418
	2,000,000	Morgan Stanley, MTN, 2.967%, 5/14/13 (b)		1,997,262
	2,000,000	Prudential Financial, Inc., MTN, 3.875%, 1/14/15		2,094,200
	2,000,000	Royal Bank of Canada, 1.450%, 10/30/14		2,025,370
	2,000,000	US Bancorp, MTN, 2.200%, 11/15/16		2,062,712

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Short/Intermediate Fixed Income Securities Fund*		(Continued)


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Financials — (Continued)*
$	1,500,000	Wells Fargo & Co., GMTN, 3.750%, 10/1/14	$	1,583,680
				41,591,837
	*Health Care — 10.7%*
	2,014,000	Cardinal Health, Inc., 4.000%, 6/15/15		2,161,258
	2,232,000	Celgene Corp., 2.450%, 10/15/15		2,286,271
	2,000,000	Covidien International Finance SA, 2.800%, 6/15/15		2,081,426
	2,000,000	Express Scripts Holding Co., 2.650%, 2/15/17 (a)		2,034,738
	2,000,000	Howard Hughes Medical Institute, 3.450%, 9/1/14		2,123,394
	2,000,000	McKesson Corp., 3.250%, 3/1/16		2,146,858
	1,000,000	Medco Health Solutions, Inc., 6.125%, 3/15/13		1,036,431
	2,000,000	Medtronic, Inc., 3.000%, 3/15/15		2,122,338
	1,000,000	Medtronic, Inc., 2.625%, 3/15/16		1,054,272
	1,200,000	St. Jude Medical, Inc., 3.750%, 7/15/14		1,263,197
	2,000,000	Thermo Fisher Scientific, Inc., 2.250%, 8/15/16		2,068,402
	2,000,000	WellPoint, Inc., 5.250%, 1/15/16		2,233,288
	1,000,000	Wyeth, 5.500%, 3/15/13		1,035,519
	1,000,000	Zimmer Holdings, Inc., 1.400%, 11/30/14		1,002,685
				24,650,077
	*Industrials — 7.6%*
	1,000,000	3M Co., MTN, 4.375%, 8/15/13		1,044,639
	2,000,000	Anheuser-Busch InBev Worldwide, Inc., 2.500%, 3/26/13		2,027,938
	2,000,000	Danaher Corp., 2.300%, 6/23/16		2,088,058
	2,000,000	Eaton Corp., 4.900%, 5/15/13		2,070,808
	1,000,000	Ecolab, Inc., 3.000%, 12/8/16		1,054,262
	1,000,000	Emerson Electric Co., 4.625%, 10/15/12		1,012,944
	2,000,000	Harsco Corp., 2.700%, 10/15/15		2,002,826
	1,500,000	JB Hunt Transport Services, Inc., 3.375%, 9/15/15		1,549,169
	1,000,000	Nabors Industries, Inc., 5.375%, 8/15/12		1,004,025
	1,500,000	Northrop Grumman Corp., 3.700%, 8/1/14		1,576,956
	1,000,000	Raytheon Co., 1.625%, 10/15/15		1,026,502
	1,000,000	Shell International Finance BV, 4.000%, 3/21/14		1,058,740
				17,516,867
	*Information Technology — 4.7%*
	1,000,000	Broadcom Corp., 2.375%, 11/1/15		1,036,357
	1,000,000	Dell, Inc., 4.700%, 4/15/13		1,030,676
	1,000,000	Dell, Inc., 2.300%, 9/10/15		1,030,923
	1,500,000	Hewlett-Packard Co., 3.300%, 12/9/16		1,567,878
	2,000,000	Oracle Corp., 4.950%, 4/15/13		2,070,970


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Information Technology — (Continued)*
$	2,000,000	Symantec Corp., 2.750%, 9/15/15	$	2,055,304
	2,000,000	Texas Instruments, Inc., 2.375%, 5/16/16		2,103,108
				10,895,216
	*Materials — 6.3%*
	2,000,000	Air Products & Chemicals, Inc., 2.000%, 8/2/16		2,061,744
	2,000,000	Barrick Gold Corp., 2.900%, 5/30/16		2,097,894
	2,000,000	Freeport-McMoRan Copper & Gold, Inc., 2.150%, 3/1/17		1,971,894
	1,000,000	Nucor Corp., 4.875%, 10/1/12		1,008,995
	1,000,000	Nucor Corp., 5.000%, 12/1/12		1,016,783
	2,000,000	Potash Corporation of Saskatchewan, Inc., 3.750%, 9/30/15		2,140,708
	2,000,000	PPG Industries, Inc., 5.750%, 3/15/13		2,069,826
	2,000,000	Sherwin-Williams Co./The, 3.125%, 12/15/14		2,099,094
				14,466,938
	*Real Estate Investment Trusts — 1.4%*
	1,000,000	HCP, Inc., 2.700%, 2/1/14		1,015,973
	2,060,000	Simon Property Group LP, 4.200%, 2/1/15		2,171,782
				3,187,755
	*Telecommunication Services — 1.8%*
	2,000,000	AT&T, Inc., 2.400%, 8/15/16		2,077,906
	1,000,000	Verizon Communications, Inc., 1.950%, 3/28/14		1,022,052
	1,000,000	Verizon Wireless, 7.375%, 11/15/13		1,085,723
				4,185,681
	*Utilities — 4.3%*
	1,500,000	FPL Group Capital, Inc., 5.350%, 6/15/13		1,562,306
	1,000,000	Indiana Michigan Power Co., 6.375%, 11/1/12		1,018,074
	2,000,000	PSEG Power LLC, 2.500%, 4/15/13		2,028,036
	1,800,000	Questar Corp., 2.750%, 2/1/16		1,870,245
	1,262,000	Southern Co., 4.150%, 5/15/14		1,333,519
	1,000,000	Southern Co., 2.375%, 9/15/15		1,030,219
	1,000,000	Wisconsin Public Service Corp., 4.875%, 12/1/12		1,017,892
				9,860,291
	*Total Corporate Bonds (Cost $155,747,236)*			*159,356,671*
	*U.S. Government Agencies — 24.3%*
	Federal Agricultural Mortgage Corporation — 1.4%
	3,000,000	3.250%, 6/25/14		3,160,005

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


*Huntington Short/Intermediate Fixed Income Securities Fund*		(Continued)


Principal Amount			*Value*

	*U.S. Government Agencies — (Continued)*
	*Federal Farm Credit Bank — 2.2%*
$	3,000,000	1.875%, 12/7/12	$	3,021,852
	2,000,000	3.400%, 2/7/13		2,037,288
				5,059,140
	*Federal Home Loan Bank — 10.7%*
	1,000,000	1.625%, 9/26/12		1,003,439
	3,000,000	1.625%, 6/14/13		3,038,685
	3,000,000	1.000%, 9/13/13		3,025,110
	1,000,000	4.375%, 9/13/13		1,048,671
	6,000,000	1.375%, 5/28/14		6,121,386
	2,000,000	1.375%, 9/12/14		2,041,116
	2,000,000	3.250%, 9/12/14		2,122,926
	2,000,000	4.750%, 11/14/14		2,201,706
	2,000,000	1.750%, 9/11/15		2,066,796
	2,000,000	1.900%, 12/29/15		2,086,184
				24,756,019
	Federal Home Loan Mortgage Corporation — 0.9%
	2,000,000	2.175%, 2/19/14		2,059,386
	*Federal National Mortgage Association — 9.1%*
	2,500,000	0.625%, 9/24/12		2,502,987
	5,000,000	1.125%, 9/17/13		5,045,090
	3,000,000	1.250%, 2/27/14		3,050,124
	4,000,000	1.500%, 9/8/14		4,081,392
	3,000,000	1.300%, 11/17/14		3,060,774
	3,000,000	1.625%, 10/26/15		3,107,433
				20,847,800
	Total U.S. Government Agencies (Cost $54,800,862)			*55,882,350*


Principal Amount or Shares			*Value*

	*U.S. Treasury Obligations — 4.6%*
	*U.S. Treasury Notes — 4.6%*
$	4,000,000	0.750%, 6/15/14	$	4,033,124
	1,500,000	2.125%, 12/31/15		1,583,438
	5,000,000	1.000%, 8/31/16		5,078,515
	Total U.S. Treasury Obligations (Cost $10,538,511)			*10,695,077*
	*Cash Equivalents — 1.8%*
	4,133,499	Huntington Money Market Fund, Interfund Shares, 0.010% (c) (d)		4,133,499
	*Total Cash Equivalents (Cost $4,133,499)*			*4,133,499*
	Total Investments (Cost $225,220,108) — 100.0%			*230,067,597*
	*Liabilities in Excess of Other Assets — (0.0)%*			*(38,068)*
	*Net Assets — 100.0%*		$	*230,029,529*

(a)

(b)

Variable or Floating Rate Security. Rate disclosed is as of June 30, 2012.

(c)

Investment in affiliate.

(d)

Rate disclosed is the seven day yield as of June 30, 2012.

GMTN — Global Medium Term Note

MTN — Medium Term Note

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Balanced Allocation Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Equity Mutual Funds¹		66.1%
Fixed Income Mutual Funds¹		33.0%
Cash¹		0.9%
*Total*		*100.0%*

¹	Investments in affiliated funds.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Mutual Funds — 98.9% (a)*
	107,094	Huntington Disciplined Equity Fund, Trust Shares	$	1,067,730
	60,607	Huntington Dividend Capture Fund, Trust Shares		563,036
	114,635	Huntington Fixed Income Securities Fund, Trust Shares		2,611,385
	42,422	Huntington Global Select Markets Fund, Trust Shares		396,225
	80,185	Huntington Growth Fund, Trust Shares		2,145,751
	91,111	Huntington Income Equity Fund, Trust Shares		1,987,131
	109,391	Huntington Intermediate Government Income Fund, Trust Shares		1,219,714
	160,910	Huntington International Equity Fund, Trust Shares		1,671,859
	172,186	Huntington Macro 100 Fund, Trust Shares		1,730,466
	65,644	Huntington Mid Corp America Fund, Trust Shares		974,819
	74,713	Huntington Mortgage Securities Fund, Trust Shares		700,060


*Shares*			*Value*

	*Mutual Funds — (Continued)*
	60,532	Huntington Short/Intermediate Fixed Income Securities Fund, Trust Shares	$	1,220,320
	45,712	Huntington Situs Fund, Trust Shares*		965,439
	*Total Mutual Funds (Cost $15,676,946)*			*17,253,935*
	*Cash Equivalents — 0.9%*
	152,904	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		152,904
	*Total Cash Equivalents (Cost $152,904)*			*152,904*
	Total Investments (Cost $15,829,850) — 99.8%			*17,406,839*
	*Other Assets in Excess of Liabilities — 0.2%*			*37,197*
	*Net Assets — 100.0%*		$	*17,444,036*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Conservative Allocation Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Fixed Income Mutual Funds¹		74.1%
Equity Mutual Funds¹		25.1%
Cash¹		0.8%
*Total*		*100.0%*

¹	Investments in affiliated funds.

Portfolio of Investments (unaudited)


*Shares*			*Value*


	*Mutual Funds — 98.9% (a)*
	11,801	Huntington Disciplined Equity Fund, Trust Shares	$	117,657
	6,679	Huntington Dividend Capture Fund, Trust Shares		62,045
	74,513	Huntington Fixed Income Securities Fund, Trust Shares		1,697,406
	4,675	Huntington Global Select Markets Fund, Trust Shares		43,661
	8,836	Huntington Growth Fund, Trust Shares		236,451
	10,040	Huntington Income Equity Fund, Trust Shares		218,979
	71,105	Huntington Intermediate Government Income Fund, Trust Shares		792,823
	17,732	Huntington International Equity Fund, Trust Shares		184,235
	18,975	Huntington Macro 100 Fund, Trust Shares		190,699
	7,234	Huntington Mid Corp America Fund, Trust Shares		107,427
	48,564	Huntington Mortgage Securities Fund, Trust Shares		455,044
	39,346	Huntington Short/Intermediate Fixed Income Securities Fund, Trust Shares		793,216


*Shares*			*Value*

	*Mutual Funds — (Continued)*
	5,038	Huntington Situs Fund, Trust Shares*	$	106,393
	*Total Mutual Funds (Cost $4,625,696)*			*5,006,036*
	*Cash Equivalents — 0.8%*
	42,489	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		42,489
	*Total Cash Equivalents (Cost $42,489)*			*42,489*
	Total Investments (Cost $4,668,185) — 99.7%			*5,048,525*
	*Other Assets in Excess of Liabilities — 0.3%*			*15,407*
	*Net Assets — 100.0%*		$	*5,063,932*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report



*Huntington Growth Allocation Fund*		June 30, 2012


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Equity Mutual Funds¹		85.6%
Fixed Income Mutual Funds¹		12.8%
Cash¹		1.6%
*Total*		*100.0%*

¹	Investments in affiliated funds.

Portfolio of Investments (unaudited)


*Shares*			*Value*

	*Mutual Funds — 97.8% (a)*
	95,129	Huntington Disciplined Equity Fund, Trust Shares	$	948,441
	53,836	Huntington Dividend Capture Fund, Trust Shares		500,134
	30,565	Huntington Fixed Income Securities Fund, Trust Shares		696,270
	37,684	Huntington Global Select Markets Fund, Trust Shares		351,970
	71,224	Huntington Growth Fund, Trust Shares		1,905,954
	80,935	Huntington Income Equity Fund, Trust Shares		1,765,189
	29,167	Huntington Intermediate Government Income Fund, Trust Shares		325,212
	142,936	Huntington International Equity Fund, Trust Shares		1,485,105
	152,948	Huntington Macro 100 Fund, Trust Shares		1,537,123
	58,305	Huntington Mid Corp America Fund, Trust Shares		865,836
	19,921	Huntington Mortgage Securities Fund, Trust Shares		186,657


*Shares*			*Value*

	*Mutual Funds — (Continued)*
	16,140	Huntington Short/Intermediate Fixed Income Securities Fund, Trust Shares	$	325,374
	40,598	Huntington Situs Fund, Trust Shares*		857,439
	*Total Mutual Funds (Cost $10,189,513)*			*11,750,704*
	*Cash Equivalents — 1.6%*
	193,269	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		193,269
	*Total Cash Equivalents (Cost $193,269)*			*193,269*
	Total Investments (Cost $10,382,782) — 99.4%			*11,943,973*
	*Other Assets in Excess of Liabilities — 0.6%*			*67,334*
	*Net Assets — 100.0%*		$	*12,011,307*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

[THIS PAGE INTENTIONALLY LEFT BLANK]

Statements of Assets and Liabilities

June 30, 2012 (Unaudited)


	Huntington Tax Free Money Market Fund			Huntington Money Market Fund			Huntington Ohio Municipal Money Market Fund			Huntington U.S. Treasury Money Market Fund
*Assets:*
Investments, at cost	$	79,690,808		$	380,170,208		$	134,605,175		$	319,384,753
Investments, at value	$	79,690,808		$	360,977,708		$	134,605,175		$	209,162,253
Investments in affiliated securities, at value		—			—			—			—
Investments in repurchase agreements, at cost		—			19,192,500			—			110,222,500
Total Investments		79,690,808			380,170,208			134,605,175			319,384,753
Cash		—			—			—			89
Foreign currencies, at value (Cost $-, $-, $-, $-, $-, $-, $19,149, $-, $- and $315,067)		—			—			—			—
Income receivable		80,572			292,080			96,827			1,347
Receivable for investments sold		—			—			—			—
Receivable for shares sold		—			37			—			—
Receivable from advisor		9,523			18,725			13,504			51,308
Tax reclaims receivable		—			—			—			—
Prepaid expenses and other assets		23,903			41,340			25,484			53,421
Total assets		79,804,806			380,522,390			134,740,990			319,490,918
*Liabilities:*
Payable for return of collateral on loaned securities		—			—			—			—
Payable to custodian		—			5,654			—			—
Options written, at value (premium received $-, $-, $-, $-, $1,048,856, $-, $-, $-, $- and $-)		—			—			—			—
Income distribution payable		585			2,441			845			167
Payable for investments purchased		—			—			—			—
Payable for shares redeemed		—			—			—			—
Accrued expenses and other payables:
Investment advisor fees		—			—			—			—
Administration fees		11,228			57,038			20,790			47,650
Custodian fees		3,024			20,050			7,058			16,538
Financial administration fees		1,294			—			1,688			384
Distribution service fee		—			—			—			—
Shareholder services fee		—			—			—			—
Transfer agent fees		2,824			8,075			5,133			6,608
Professional fees		6,805			35,607			14,914			34,181
Printing and postage		3,242			33,587			6,665			13,650
Compliance service fees		784			4,362			1,591			3,903
Other		44			—			—			—
Total liabilities		29,830			166,814			58,684			123,081
*Net Assets*	$	79,774,976		$	380,355,576		$	134,682,306		$	319,367,837

*Net Assets Consist of:*
Paid in capital	$	79,908,264		$	380,372,595		$	134,977,426		$	319,371,180
Net unrealized appreciation (depreciation) of investments, options and translations of assets and liabilities in foreign currency		—			—			—			—
Accumulated net realized gain (loss) on investments, options and foreign currency transactions		(133,288	)		(17,026	)		(295,120	)		(3,238	)
Accumulated net investment income (loss)		—			7			—			(105	)
*Net Assets*	$	79,774,976		$	380,355,576		$	134,682,306		$	319,367,837

*Net Assets:*
Trust Shares	$	58,392,634		$	216,442,943		$	57,308,410		$	233,551,432
Class A Shares	$	21,382,342		$	91,457,998		$	77,373,896		$	85,816,405
Interfund Shares		—		$	72,454,635			—			—
*Shares Outstanding: (unlimited number of shares authorized, no par value):*
Trust Shares		58,492,667			216,915,887			57,474,037			233,527,655
Class A Shares		21,414,871			91,430,024			77,495,903			85,845,959
Interfund Shares		—			72,470,695			—			—
*Net Asset Value, Redemption Price and Offering Price Per Share:*
Trust Shares	$	1.00		$	1.00		$	1.00		$	1.00
Class A Shares	$	1.00		$	1.00		$	1.00		$	1.00
Interfund Shares		—		$	1.00			—			—
*Offering Price Per Share* (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share:
Class A Shares		—			—			—			—
*Maximum Sales Charge:*
Class A Shares		—			—			—			—

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Huntington Disciplined Equity Fund			Huntington Dividend Capture Fund			Huntington Global Select Markets Fund			Huntington Growth Fund			Huntington Income Equity Fund			Huntington International Equity Fund

$	83,287,003		$	174,090,126		$	49,393,676		$	115,802,825		$	124,890,137		$	267,646,236
$	84,234,829		$	177,623,268		$	43,521,874		$	133,878,745		$	133,843,378		$	270,193,677
	8,367,177			2,137,897			1,490,751			1,184,775			1,206,530			16,099,418
	—			—			—			—			—			—
	92,602,006			179,761,165			45,012,625			135,063,520			135,049,908			286,293,095
	—			—			—			—			—			—
	—			—			19,150			—			—			317,139
	116,941			529,835			208,930			154,658			427,375			619,588
	—			—			—			2,229,473			—			90,305
	190,638			928,538			30,551			132,733			135,322			522,015
	—			—			—			—			—			—
	—			—			16,419			—			—			432,296
	36,205			33,910			16,201			27,829			28,256			40,695
	92,945,790			181,253,448			45,303,876			137,608,213			135,640,861			288,315,133

	—			9,846,942			4,737,640			2,958,877			10,238,010			14,795,801
	—			—			—			—			—			—
	877,192			—			—			—			—			—
	—			—			—			—			—			—
	—			—			569,624			—			—			—
	38,838			89,947			27,088			114,018			107,986			106,195

	41,249			101,771			32,331			64,819			59,615			216,988
	13,511			24,723			5,794			19,683			18,103			39,535
	477			3,849			10,592			5,653			4,032			21,110
	2,627			1,457			5,308			865			929			2,194
	1,465			7,134			74			1,598			1,133			1,658
	18,539			33,924			7,950			27,008			24,840			54,247
	3,028			9,809			2,630			9,175			6,934			13,075
	6,935			13,165			4,839			12,439			10,439			31,796
	—			7,146			1,992			7,578			5,807			14,350
	848			1,458			430			1,333			1,183			2,662
	—			—			—			—			—			—
	1,004,709			10,141,325			5,406,292			3,223,046			10,479,011			15,299,611
$	91,941,081		$	171,112,123		$	39,897,584		$	134,385,167		$	125,161,850		$	273,015,522


$	87,367,147		$	183,735,061		$	44,039,392		$	111,266,304		$	126,911,975		$	265,860,281
	9,486,667			5,671,039			(4,383,612	)		19,260,695			10,160,272			18,631,075
	(5,295,381	)		(18,395,616	)		133,121			3,566,963			(12,025,162	)		(16,030,166	)
	382,648			101,639			108,683			291,205			114,765			4,554,332
$	91,941,081		$	171,112,123		$	39,897,584		$	134,385,167		$	125,161,850		$	273,015,522


$	84,541,906		$	133,908,414		$	39,527,365		$	126,467,222		$	119,429,304		$	264,631,195
$	7,399,175		$	37,203,709		$	370,219		$	7,917,945		$	5,732,546		$	8,384,327
	—			—			—			—			—			—

	8,481,200			14,408,480			4,233,347			4,726,986			5,477,133			25,464,068
	744,568			4,005,663			39,729			305,250			262,787			813,491
	—			—			—			—			—			—

$	9.97		$	9.29		$	9.34		$	26.75		$	21.81		$	10.39
$	9.94		$	9.29		$	9.32		$	25.94		$	21.81		$	10.31
	—			—			—			—			—			—

$	10.44		$	9.75		$	9.78		$	27.23		$	22.90		$	10.82

	4.75	%		4.75	%		4.75	%		4.75	%		4.75	%		4.75	%

Semi-Annual Shareholder Report

Statements of Assets and Liabilities (Continued)

June 30, 2012 (Unaudited)

Huntington
Macro 100
Fund

Huntington
Mid Corp
America
Fund

Huntington
Real
Strategies
Fund

Huntington
Rotating
Markets
Fund

Assets:

Investments, at cost

51,010,812

103,638,211

113,013,848

40,645,918

Investments, at value

54,210,560

141,840,760

103,186,155

39,118,887

Investments in affiliated securities, at value

3,027,319

7,184,841

6,334,280

748,350

Investments in controlled affiliated securities, at value

—

1,351,843

—

Total Investments

57,237,879

149,025,601

110,872,278

39,867,237

Cash

—

Foreign currencies, at value (Cost $-, $-, $-, $-, $1, $-, $-, $-, $- and $-)

—

Income receivable

55,870

200,156

158,966

26,498

Receivable for investments sold

112,019

1,394,166

—

Receivable for shares sold

36,064

175,707

290,618

55,458

Tax reclaims receivable

—

Prepaid expenses and other assets

23,730

61,149

25,586

20,255

Total assets

57,465,562

150,856,779

111,347,448

39,969,448

Liabilities:

Payable for return of collateral on loaned securities

1,676,467

4,128,969

17,530,747

264,849

Options written, at value (premium received $-, $-, $110,587, $-, $1,323,622, $-, $-, $-, $- and $-)

—

108,450

—

Income distribution payable

—

Payable for investments purchased

155,133

—

Payable for shares redeemed

4,739

80,452

51,083

37,017

Accrued expenses and other payables

Investment advisor fees

33,110

87,490

55,717

15,851

Administration fees

8,043

21,254

13,536

5,776

Custodian fees

2,003

9,929

5,404

1,593

Financial administration fees

1,205

3,294

1,179

423

Distribution service fee

287

1,905

360

489

Shareholder services fee

11,037

29,164

18,572

7,926

Transfer agent fees

3,971

10,679

4,148

4,229

Professional fees

4,761

7,419

2,764

3,590

Printing and postage

2,471

10,527

4,766

1,852

Compliance service fees

552

1,738

1,042

369

Total liabilities

1,903,779

4,392,820

17,797,768

343,964

Net Assets

55,561,783

146,463,959

93,549,680

39,625,484

Net Assets Consist of:

Paid in capital

53,934,269

88,038,113

115,423,971

34,582,847

Net unrealized appreciation (depreciation) of investments, options and translations of assets and liabilities in foreign currency

6,227,067

45,387,390

(2,139,433

)

(778,681

)

Accumulated net realized gain (loss) on investments, options and foreign currency transactions

(4,850,002

)

12,830,219

(19,564,529

)

5,154,128

Accumulated net investment income (loss)

250,449

208,237

(170,329

)

667,190

Net Assets

55,561,783

146,463,959

93,549,680

39,625,484

Net Assets:

Trust Shares

54,115,011

136,905,048

91,698,059

37,147,217

Class A Shares

1,446,772

9,558,911

1,851,621

2,478,267

Shares Outstanding: (unlimited number of shares authorized, no par value):

Trust Shares

5,384,721

9,217,424

12,786,106

3,081,844

Class A Shares

145,864

665,694

258,216

207,301

Net Asset Value, Redemption Price and Offering Price Per Share:

Trust Shares

10.05

14.85

7.17

12.05

Class A Shares

9.92

14.36

7.17

11.95

Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share:

Class A Shares

10.41

15.08

7.53

12.55

Maximum Sales Charge:

Class A Shares

4.75

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

Huntington
Situs
Fund

Huntington
Technical
Opportunities
Fund

Huntington
Fixed Income
Securities
Fund

Huntington
Intermediate
Government
Income Fund

Huntington
Mortgage
Securities
Fund

Huntington
Ohio
Tax-Free
Fund

161,044,312

9,929,728

288,462,309

133,789,877

106,686,427

55,645,964

217,951,876

8,825,722

305,463,361

138,775,624

112,896,763

57,992,919

3,294,436

1,092,452

4,501,438

3,811,881

2,765,150

—

221,246,312

9,918,174

309,964,799

142,587,505

115,661,913

57,992,919

—

238

—

153,146

12,092

3,532,252

710,706

385,919

406,831

—

26,093

24,695

—

375,295

—

480,565

155,477

70,575

11,084

24,558

—

27,398

20,449

39,883

29,429

28,613

22,247

221,826,714

9,950,715

314,017,499

143,509,210

116,171,953

58,433,081

22,469,932

1,382,307

—

957,205

—

1,332,677

—

341,617

110,365

—

101,248

382,113

—

138,756

44,828

193,192

271,697

102,812

7,442

117,108

5,156

127,831

58,619

47,046

23,429

28,449

1,253

46,581

21,361

17,144

8,537

8,042

1,177

10,838

5,016

3,960

1,821

1,778

861

4,006

4,634

7,795

9,284

4,912

1,679

1,072

930

629

39,036

1,719

63,915

29,309

23,523

11,714

14,127

2,087

7,283

4,974

4,471

3,152

22,317

869

25,406

12,000

9,594

4,370

11,342

198

13,981

6,205

4,955

2,309

1,802

2,915

1,435

1,126

490

24,572,391

1,440,598

839,244

526,687

1,180,561

174,425

197,254,323

8,510,117

313,178,255

142,982,523

114,991,392

58,258,656

134,166,331

11,222,336

290,747,856

134,175,538

107,219,895

55,433,577

60,192,751

(11,554

)

21,502,490

8,797,628

8,975,486

2,346,955

2,612,808

(2,672,286

)

944,683

(45,658

)

(1,217,812

)

478,268

282,433

(28,379

)

(16,774

)

55,015

13,823

(144

)

197,254,323

8,510,117

313,178,255

142,982,523

114,991,392

58,258,656

172,257,821

8,186,384

304,890,933

137,690,219

110,417,371

55,188,788

24,996,502

323,733

8,287,322

5,292,304

4,574,021

3,069,868

8,155,197

1,212,571

13,380,939

12,352,570

11,780,093

2,501,528

1,214,090

48,390

363,739

474,830

484,945

139,236

21.12

6.75

22.79

11.15

9.37

22.06

20.59

6.69

22.78

11.15

9.43

22.05

21.62

7.02

23.67

11.58

9.80

22.91

4.75

3.75

Semi-Annual Shareholder Report

Statements of Assets and Liabilities (Continued)

June 30, 2012 (Unaudited)

Huntington
Short/Intermediate
Fixed Income
Securities Fund

Huntington
Balanced
Allocation
Fund

Huntington
Conservative
Allocation
Fund

Huntington
Growth
Allocation
Fund

Assets:

Investments, at cost

225,220,108

15,829,850

4,668,185

10,382,782

Investments, at value

225,934,098

—

Investments in affiliated securities, at value

4,133,499

17,406,839

5,048,525

11,943,973

Total Investments

230,067,597

17,406,839

5,048,525

11,943,973

Cash

15,937

—

Income receivable

1,537,405

8,960

5,944

2,359

Receivable for shares sold

185,461

49,204

24,179

64,902

Receivable from advisor

—

2,185

1,079

2,814

Prepaid expenses and other assets

33,422

6,370

6,114

6,907

Total assets

231,839,822

17,473,558

5,085,841

12,020,955

Liabilities:

Income distribution payable

156,291

1,202

377

—

Payable for investments purchased

1,057,300

—

Payable for shares redeemed

362,387

15,426

16,375

—

Accrued expenses and other payables:

Investment advisor fees

94,743

—

Administration fees

34,524

2,550

761

1,717

Custodian fees

10,395

654

454

556

Financial administration fees

4,610

223

222

223

Distribution service fee

2,449

3,500

1,044

2,356

Shareholder services fee

47,372

—

Transfer agent fees

5,722

3,736

1,636

3,111

Professional fees

21,662

1,952

881

1,463

Printing and postage

10,330

—

Compliance service fees

2,508

279

159

222

Total liabilities

1,810,293

29,522

21,909

9,648

Net Assets

230,029,529

17,444,036

5,063,932

12,011,307

Net Assets Consist of:

Paid in capital

226,183,278

14,416,085

3,893,462

8,860,923

Net unrealized appreciation of investments, options and translations of assets and liabilities in foreign currency

4,847,489

1,576,989

380,340

1,561,191

Accumulated net realized gain (loss) on investments, options and foreign currency transactions

(971,939

)

1,454,058

791,738

1,563,890

Accumulated net investment income (loss)

(29,299

)

(3,096

)

(1,608

)

25,303

Net Assets

230,029,529

17,444,036

5,063,932

12,011,307

Net Assets:

Trust Shares

218,321,128

—

Class A Shares

11,708,401

17,444,036

5,063,932

12,011,307

Shares Outstanding: (unlimited number of shares authorized, no par value):

Trust Shares

10,828,030

—

Class A Shares

580,597

1,483,920

463,416

994,808

Net Asset Value, Redemption Price and Offering Price Per Share:

Trust Shares

20.16

—

Class A Shares

20.17

11.76

10.93

12.07

Offering Price Per Share (100%/(100%-maximum sales charge) of net asset value adjusted to the nearest cent) per share:

Class A Shares

20.48

12.35

11.48

12.67

Maximum Sales Charge:

Class A Shares

1.50

4.75

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

[THIS PAGE INTENTIONALLY LEFT BLANK]

Statements of Operations

Six Months Ended June 30, 2012 (Unaudited)

Huntington
Tax Free
Money Market
Fund

Huntington
Money Market
Fund

Huntington
Ohio Municipal
Money Market
Fund

Huntington
U.S. Treasury
Money Market
Fund

Investment Income:

Dividend income

347

40,617

628

—

Dividend income from affiliated securities

—

Interest income

99,822

467,377

148,051

116,424

Income from securities lending, net

—

Foreign dividend taxes withheld

—

Total investment income

100,169

507,994

148,679

116,424

Expenses:

Investment advisor fees

119,146

581,729

208,452

329,722

Administration fees

72,361

353,301

126,599

300,373

Custodian fees

11,131

57,773

20,333

48,632

Transfer and dividend disbursing agent fees and expenses

15,737

37,258

18,985

28,012

Trustees’ fees

2,651

13,218

5,164

10,993

Professional fees

9,970

49,064

17,714

39,846

Financial administration fees

2,177

1,657

2,453

653

Distribution services fee—Class A Shares

21,094

121,488

96,187

103,242

Shareholder services fee—Trust Shares

78,195

272,384

77,523

308,909

Shareholder services fee—Class A Shares

21,094

121,488

96,187

103,242

State registration costs

11,760

11,696

12,521

14,329

Offering costs

—

Printing and postage

2,309

37,428

4,225

10,066

Insurance premiums

2,166

6,357

3,076

6,259

Compliance service fees

1,538

7,706

2,913

6,366

Interest expense

834

4,119

1,481

3,444

Other

12,826

19,266

14,320

31,240

Recoupment of prior expenses waived/reimbursed by investment advisor

—

Total expenses

384,989

1,695,932

708,133

1,345,328

Investment advisory fees waived

(119,146

)

(581,729

)

(208,452

)

(329,722

)

Distribution fees waived

(21,094

)

(121,488

)

(96,187

)

(103,242

)

Shareholder servicing fees waived

(99,289

)

(393,872

)

(173,710

)

(412,151

)

Reimbursement from advisor

(49,270

)

(110,286

)

(88,069

)

(383,756

)

Net expenses

96,190

488,557

141,715

116,457

Net investment income (loss)

3,979

19,437

6,964

(33

)

Net Realized/Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions:

Net realized gain (loss) on investment transactions

143

(562

)

(1,213

)

(2,289

)

Net realized gain (loss) on option transactions

—

Net realized loss on foreign currency transactions

—

Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency transactions

143

(562

)

(1,213

)

(2,289

)

Net change in unrealized appreciation/depreciation of investments, options and translation of assets and liabilities in foreign currency

—

Net realized and unrealized gain (loss) on investments, options and foreign currency transactions

143

(562

)

(1,213

)

(2,289

)

Change in net assets resulting from operations

4,122

18,875

5,751

(2,322

)

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

Huntington
Disciplined
Equity
Fund

Huntington
Dividend
Capture
Fund

Huntington
Global Select
Markets
Fund

Huntington
Growth
Fund

Huntington
Income Equity
Fund

Huntington
International
Equity
Fund

901,939

3,673,979

431,383

1,175,850

3,135,443

5,510,602

364

184

139

671

—

115,710

—

15,359

10,083

9,105

6,900

67,025

—

(52,305

)

(28,536

)

(15,319

)

(58,585

)

(637,812

)

902,303

3,637,217

528,693

1,169,775

3,083,851

4,940,486

254,546

600,579

211,850

400,634

370,876

1,384,455

77,297

145,900

38,599

121,658

112,622

252,246

9,238

19,163

28,915

17,906

15,772

60,094

15,499

45,447

14,774

34,351

27,128

40,922

2,252

4,924

1,497

4,551

3,985

9,945

8,925

18,249

6,273

16,225

14,564

40,386

3,837

2,738

10,715

1,912

1,898

10,602

8,065

39,973

557

10,004

7,166

10,716

97,997

160,221

52,406

156,927

147,366

335,398

8,065

39,973

557

10,004

7,166

10,716

4,401

9,064

12,376

10,129

9,239

9,522

28,330

—

3,160

8,540

1,374

6,152

5,338

10,728

2,319

2,947

1,749

2,745

2,561

4,548

1,673

2,807

841

2,589

2,261

5,653

683

1,391

403

2,110

1,135

2,658

1,893

3,375

989

2,946

2,649

5,713

—

19,220

—

528,180

1,105,291

403,095

800,843

731,726

2,194,302

(8,525

)

—

519,655

1,105,291

403,095

800,003

731,726

2,194,302

382,648

2,531,926

125,598

368,932

2,352,125

2,746,184

276,318

5,030,144

322,908

1,907,425

2,969,104

(1,161,531

)

(4,513,075

)

109,620

148,036

—

208,107

—

(29,653

)

—

(12,318

)

(269,580

)

(4,236,757

)

5,139,764

441,291

1,907,425

3,164,893

(1,431,111

)

4,939,248

1,128,812

(676,149

)

8,138,208

1,743,740

6,579,972

702,491

6,268,576

(234,858

)

10,045,633

4,908,633

5,148,861

1,085,139

8,800,502

(109,260

)

10,414,565

7,260,758

7,895,045

Semi-Annual Shareholder Report

Statements of Operations (Continued)

Six Months Ended June 30, 2012 (Unaudited)

Huntington
Macro 100
Fund

Huntington
Mid Corp
America
Fund

Huntington
Real
Strategies
Fund

Huntington
Rotating
Markets
Fund

Investment Income:

Dividend income

631,397

1,102,755

1,058,257

358,794

Dividend income from affiliated securities

127

235

175,585

Interest income

—

Income from securities lending, net

2,904

31,179

231,578

2,926

Foreign dividend taxes withheld

—

(4,215

)

(62,478

)

(607

)

Total investment income

634,428

1,129,954

1,402,942

361,159

Expenses:

Investment advisor fees

207,536

514,943

366,394

99,141

Administration fees

50,417

125,096

89,009

36,127

Custodian fees

7,228

18,996

13,989

5,230

Transfer and dividend disbursing agent fees and expenses

18,338

31,500

19,611

16,860

Trustees’ fees

1,761

4,841

3,348

1,362

Professional fees

6,529

19,408

14,491

4,820

Financial administration fees

2,639

3,470

1,902

1,150

Distribution services fee—Class A Shares

1,888

9,325

2,484

3,068

Shareholder services fee—Trust Shares

67,291

162,322

119,648

46,503

Shareholder services fee—Class A Shares

1,888

9,325

2,484

3,068

State registration costs

12,023

8,916

12,969

10,178

Printing and postage

2,197

9,593

3,512

1,700

Insurance premiums

1,849

2,823

2,433

1,665

Compliance service fees

1,007

2,758

1,915

777

Interest expense

516

1,316

950

371

Other

1,520

2,961

2,341

1,042

Total expenses

384,627

927,593

657,480

233,062

Net investment income (loss)

249,801

202,361

745,462

128,097

Net Realized/Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions:

Net realized gain (loss) on investment transactions

1,816,393

7,174,544

(184,684

)

8,808,803

Net realized gain (loss) on option transactions

—

416,617

—

Net realized loss on foreign currency transactions

—

Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency transactions

1,816,393

7,174,544

231,933

8,808,803

Net change in unrealized appreciation/depreciation of investments, options and translation of assets and liabilities in foreign currency

1,012,502

3,872,195

(758,339

)

(7,221,478

)

Net realized and unrealized gain (loss) on investments, options and foreign currency transactions

2,828,895

11,046,739

(526,406

)

1,587,325

Change in net assets resulting from operations

3,078,696

11,249,100

219,056

1,715,422

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

Huntington
Situs
Fund

Huntington
Technical
Opportunities
Fund

Huntington
Fixed Income
Securities
Fund

Huntington
Intermediate
Government
Income Fund

Huntington
Mortgage
Securities
Fund

Huntington
Ohio
Tax-Free
Fund

1,746,885

60,050

262,191

—

217,711

114

338

179

226

—

121

5,213,310

2,258,334

1,905,850

863,696

77,431

2,818

—

926

—

(8,304

)

(4,262

)

—

(42

)

—

1,816,126

58,768

5,475,839

2,258,513

2,124,671

863,718

753,836

33,268

759,574

353,749

275,994

136,722

183,130

8,082

276,786

128,905

100,571

49,821

29,292

3,101

39,280

18,479

14,386

6,904

48,123

12,907

31,132

22,053

19,973

15,592

7,038

332

9,833

4,516

3,540

1,760

28,562

1,165

36,286

16,988

13,131

6,484

10,221

1,127

7,805

9,667

14,666

16,254

30,490

218

10,037

6,224

5,543

3,877

220,789

10,872

369,750

170,651

132,453

64,484

30,490

218

10,037

6,224

5,543

3,877

12,256

13,246

11,157

13,710

11,746

10,532

9,700

355

10,739

4,461

3,388

1,624

3,580

1,316

5,025

3,007

2,579

1,871

3,998

190

5,635

2,574

2,030

1,014

2,041

2,840

1,329

1,044

498

4,256

658

6,289

3,108

2,500

1,365

1,377,802

87,147

1,592,205

765,645

609,087

322,679

438,324

(28,379

)

3,883,634

1,492,868

1,515,584

541,039

2,735,839

(167,487

)

917,181

(86,080

)

33,738

398,497

(149,783

)

2,304

—

(8,657

)

(1,590

)

—

(21

)

—

2,577,399

(166,773

)

917,181

(86,080

)

33,717

398,497

12,712,521

(397,267

)

1,719,874

117,100

1,302,186

(100,083

)

15,289,920

(564,040

)

2,637,055

31,020

1,335,903

298,414

15,728,244

(592,419

)

6,520,689

1,523,888

2,851,487

839,453

Semi-Annual Shareholder Report

Statements of Operations (Continued)

Six Months Ended June 30, 2012 (Unaudited)

Huntington
Short/
Intermediate
Fixed Income
Securities
Fund

Huntington
Balanced
Allocation
Fund

Huntington
Conservative
Allocation
Fund

Huntington
Growth
Allocation
Fund

Investment Income:

Dividend income from affiliated securities

128

141,989

92,217

77,346

Interest income

2,634,292

—

Total investment income

2,634,420

141,989

92,217

77,346

Expenses:

Investment advisor fees

571,776

11,399

5,172

8,481

Administration fees

208,353

20,769

9,423

15,452

Custodian fees

31,051

1,541

853

1,205

Transfer and dividend disbursing agent fees and expenses

24,625

18,750

8,242

15,273

Trustees’ fees

7,591

724

324

529

Professional fees

27,792

2,787

1,313

2,055

Financial administration fees

8,175

448

Distribution services fee—Class A Shares

12,745

28,498

12,929

21,202

Shareholder services fee—Trust Shares

273,143

—

Shareholder services fee—Class A Shares

12,745

—

State registration costs

11,948

3,725

3,944

4,034

Printing and postage

6,731

2,879

846

2,809

Insurance premiums

4,459

1,551

1,400

1,465

Compliance service fees

4,354

421

196

306

Interest expense

2,230

250

135

194

Other

4,937

583

417

565

Total expenses

1,212,655

94,325

45,642

74,018

Investment advisory fees waived

—

(11,399

)

(3,904

)

(8,481

)

Reimbursement from advisor

—

(6,259

)

—

(11,957

)

Net expenses

1,212,655

76,667

41,738

53,580

Net investment income

1,421,765

65,322

50,479

23,766

Net Realized/Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions:

Net realized gain on investment transactions

242,166

—

Net realized gain on investment transactions of affiliates

—

1,332,341

728,645

1,470,658

Net realized gain on investments, options and translation of assets and liabilities in foreign currency transactions

242,166

1,332,341

728,645

1,470,658

Net change in unrealized appreciation/depreciation of investments, options and translation of assets and liabilities in foreign currency

538,895

40,525

(338,363

)

155,201

Net realized and unrealized gain on investments, options and foreign currency transactions

781,061

1,372,866

390,282

1,625,859

Change in net assets resulting from operations

2,202,826

1,438,188

440,761

1,649,625

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

[THIS PAGE INTENTIONALLY LEFT BLANK]

Statements of Changes in Net Assets

Huntington Tax Free
Money Market Fund

Huntington Money
Market Fund

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

(Unaudited)

Increase (Decrease) in Net Assets:

Operations—

Net investment income (loss)

3,979

8,164

19,437

42,252

Net realized loss on investments, options and foreign currency transactions

143

(2,595

)

(562

)

1,625

Net change in unrealized appreciation/depreciation of investments, options and foreign currency transactions

—

Net increase (decrease) in net assets resulting from operations

4,122

5,569

18,875

43,877

Distributions to Shareholders—

From and/or excess of net investment income:

Trust Shares

(3,132

)

(6,724

)

(10,925

)

(21,900

)

Class A Shares

(847

)

(1,440

)

(4,862

)

(12,137

)

Interfund Shares

—

(3,643

)

(8,215

)

From net realized gain on investments:

Trust Shares

—

Class A Shares

—

Change in net assets resulting from distributions to shareholders

(3,979

)

(8,164

)

(19,430

)

(42,252

)

Change in net assets resulting from capital transactions

(12,253,507

)

9,573,351

(53,567,925

)

38,243,528

Change in net assets

(12,253,364

)

9,570,756

(53,568,480

)

38,245,153

Net Assets

Beginning of period

92,028,340

82,457,584

433,924,056

395,678,903

End of period

79,774,976

92,028,340

380,355,576

433,924,056

Accumulated net investment income (loss) included in net assets at end of period

—

Capital Transactions:

Trust Shares

Shares sold

24,951,891

67,664,242

195,757,794

773,485,556

Shares issued in connection with the tax-free transfer of assets from Common Trust Fund

—

Dividends reinvested

—

234

354

Shares redeemed

(39,705,960

)

(61,434,072

)

(241,381,757

)

(726,400,546

)

Total Trust Shares

(14,754,069

)

6,230,170

(45,623,729

)

47,085,364

Class A Shares

Shares sold

28,442,675

58,167,655

92,688,562

261,065,458

Shares issued in connection with the tax-free transfer of assets from Common Trust Fund

—

Dividends reinvested

107

342

3,914

9,269

Shares redeemed

(25,942,220

)

(54,824,816

)

(99,170,435

)

(298,113,211

)

Total Class A Shares

2,500,562

3,343,181

(6,477,959

)

(37,038,484

)

Interfund Shares

Shares sold

—

169,180,532

417,315,494

Shares redeemed

—

(170,646,769

)

(389,118,846

)

Total Interfund Shares

—

(1,466,237

)

28,196,648

Net change resulting from capital transactions

(12,253,507

)

9,573,351

(53,567,925

)

38,243,528

Share Transactions:

Trust Shares

Shares sold

24,951,891

67,664,242

195,757,794

773,485,556

Shares issued in connection with the tax-free transfer of assets from Common Trust Fund

—

Dividends reinvested

—

234

354

Shares redeemed

(39,705,960

)

(61,434,072

)

(241,381,757

)

(726,400,546

)

Total Trust Shares

(14,754,069

)

6,230,170

(45,623,729

)

47,085,364

Class A Shares

Shares sold

28,442,675

58,167,655

92,688,562

261,065,458

Shares issued in connection with the tax-free transfer of assets from Common Trust Fund

—

Dividends reinvested

107

342

3,914

9,269

Shares redeemed

(25,942,220

)

(54,824,816

)

(99,170,435

)

(298,113,211

)

Total Class A Shares

2,500,562

3,343,181

(6,477,959

)

(37,038,484

)

Interfund Shares

Shares sold

—

169,180,532

417,315,494

Shares redeemed

—

(170,646,769

)

(389,118,846

)

Total Interfund Shares

—

(1,466,237

)

28,196,648

Net change resulting from share transactions

(12,253,507

)

9,573,351

(53,567,925

)

38,243,528

(a)

For the period August 1, 2011 (commencement of operations) to December 31, 2011.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Huntington Ohio Municipal Money Market Fund						Huntington U.S. Treasury Money Market Fund						Huntington Disciplined Equity Fund
Six Months Ended June 30, 2012			Year Ended December 31, 2011			Six Months Ended June 30, 2012			Year Ended December 31, 2011			Six Months Ended June 30, 2012			Fiscal Period Ended December 31, 2011(a)
*(Unaudited)*						*(Unaudited)*						*(Unaudited)*


$	6,964		$	16,680		$	(33	)	$	29,996		$	382,648		$	247,125
	(1,213	)		(40,071	)		(2,289	)		6,373			(4,236,757	)		(1,058,624	)
	—			—			—			—			4,939,248			(26,485	)
	5,751			(23,391	)		(2,322	)		36,369			1,085,139			(837,984	)


	(3,110	)		(5,621	)		—			(23,538	)		—			(266,766	)
	(3,854	)		(11,059	)		—			(6,145	)		—			(21,232	)
	—			—			—			—			—			—

	—			—			—			(8,142	)		—			—
	—			—			—			(3,375	)		—			—
	(6,964	)		(16,680	)		—			(41,200	)		—			(287,998	)
	(10,386,159	)		(53,022,242	)		(15,537,641	)		(52,802,464	)		19,900,943			72,080,981
	(10,387,372	)		(53,062,313	)		(15,539,963	)		(52,807,295	)		20,986,082			70,954,999

	145,069,678			198,131,991			334,907,800			387,715,095			70,954,999			—
$	134,682,306		$	145,069,678		$	319,367,837		$	334,907,800		$	91,941,081		$	70,954,999

$	—		$	—		$	(105	)	$	(72	)	$	382,648		$	—


$	48,676,050		$	126,996,635		$	211,220,584		$	648,652,822		$	28,141,441		$	21,204,767
	—			—			—			—			—			48,595,623
	8			13			—			8,142			—			24,187
	(52,578,983	)		(146,794,278	)		(229,371,124	)		(709,824,569	)		(9,904,993	)		(3,438,144	)
	(3,902,925	)		(19,797,630	)		(18,150,540	)		(61,163,605	)		18,236,448			66,386,433

	64,155,751			548,673,359			110,217,345			197,411,425			2,206,257			5,789,312
	—			—			—			—			—			10
	1,791			6,629			—			4,581			—			17,894
	(70,640,776	)		(581,904,600	)		(107,604,446	)		(189,054,865	)		(541,762	)		(112,668	)
	(6,483,234	)		(33,224,612	)		2,612,899			8,361,141			1,664,495			5,694,548

	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
$	(10,386,159	)	$	(53,022,242	)	$	(15,537,641	)	$	(52,802,464	)	$	19,900,943		$	72,080,981


	48,676,050			126,996,635			211,220,584			648,652,822			2,811,707			2,143,223
	—			—			—			—			—			4,859,562
	8			13			—			8,142			—			2,460
	(52,578,983	)		(146,794,278	)		(229,371,124	)		(709,824,569	)		(987,592	)		(348,160	)
	(3,902,925	)		(19,797,630	)		(18,150,540	)		(61,163,605	)		1,824,115			6,657,085

	64,155,751			548,673,359			110,217,345			197,411,425			220,718			587,829
	—			—			—			—			—			1
	1,791			6,629			—			4,581			—			1,822
	(70,640,776	)		(581,904,600	)		(107,605,046	)		(189,054,265	)		(54,359	)		(11,443	)
	(6,483,234	)		(33,224,612	)		2,612,299			8,361,741			166,359			578,209

	—			—			—			—			—			—
	—			—			—			—			—			—
	—			—			—			—			—			—
	(10,386,159	)		(53,022,242	)		(15,538,241	)		(52,801,864	)		1,990,474			7,235,294

Semi-Annual Shareholder Report

Statements of Changes in Net Assets (Continued)

Huntington Dividend
Capture Fund

Huntington Global Select
Markets Fund

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

(Unaudited)

Increase (Decrease) in Net Assets:

Operations—

Net investment income

2,531,926

4,501,614

125,598

315,881

Net realized gain (loss) on investments, options and foreign currency transactions

5,139,764

7,699,867

441,291

497,541

Net change in unrealized appreciation/depreciation of investments, options and foreign currency transactions

1,128,812

(4,530,906

)

(676,149

)

(8,647,406

)

Net increase (decrease) in net assets resulting from operations

8,800,502

7,670,575

(109,260

)

(7,833,984

)

Distributions to Shareholders—

From and/or excess of net investment income:

Trust Shares

(1,992,036

)

(3,761,305

)

—

(187,151

)

Class A Shares

(475,359

)

(724,300

)

—

(276

)

From net realized gain on investments:

Trust Shares

—

(593,451

)

Class A Shares

—

(8,008

)

Change in net assets resulting from distributions to shareholders

(2,467,395

)

(4,485,605

)

—

(788,886

)

Change in net assets resulting from capital transactions

20,138,514

23,049,868

594,924

6,059,221

Change in net assets

26,471,621

26,234,838

485,664

(2,563,649

)

Net Assets

Beginning of period

144,640,502

118,405,664

39,411,920

41,975,569

End of period

171,112,123

144,640,502

39,897,584

39,411,920

Accumulated net investment income (loss) included in net assets at end of period

101,639

37,108

108,683

(16,915

)

Capital Transactions:

Trust Shares

Shares sold

21,264,303

32,050,584

8,613,186

12,307,401

Dividends reinvested

1,137,921

2,070,087

—

411,825

Shares redeemed

(11,471,514

)

(19,607,001

)

(7,832,920

)

(6,510,892

)

Total Trust Shares

10,930,710

14,513,670

780,266

6,208,334

Class A Shares

Shares sold

11,113,029

11,825,724

36,928

340,116

Dividends reinvested

403,574

635,178

—

7,714

Shares redeemed

(2,308,799

)

(3,924,704

)

(222,270

)

(496,943

)

Total Class A Shares

9,207,804

8,536,198

(185,342

)

(149,113

)

Net change resulting from capital transactions

20,138,514

23,049,868

594,924

6,059,221

Share Transactions:

Trust Shares

Shares sold

2,293,615

3,598,324

855,533

1,145,551

Dividends reinvested

122,891

233,205

—

44,429

Shares redeemed

(1,229,700

)

(2,182,272

)

(773,851

)

(626,131

)

Total Trust Shares

1,186,806

1,649,257

81,682

563,849

Class A Shares

Shares sold

1,196,545

1,337,708

3,609

30,193

Dividends reinvested

43,644

71,696

—

838

Shares redeemed

(249,155

)

(440,854

)

(21,719

)

(48,403

)

Total Class A Shares

991,034

968,550

(18,110

)

(17,372

)

Net change resulting from share transactions

2,177,840

2,617,807

63,572

546,477

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

Huntington Growth
Fund

Huntington Income
Equity Fund

Huntington International
Equity Fund

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

(Unaudited)

368,932

254,102

2,352,125

3,740,028

2,746,184

3,803,378

1,907,425

2,647,005

3,164,893

3,950,748

(1,431,111

)

9,790,649

8,138,208

(6,371,707

)

1,743,740

(193,285

)

6,579,972

(49,158,771

)

10,414,565

(3,470,600

)

7,260,758

7,497,491

7,895,045

(35,564,744

)

(339,452

)

—

(2,140,501

)

(3,684,539

)

—

(3,152,983

)

(12,353

)

—

(96,859

)

(181,417

)

—

(75,222

)

—

(445,352

)

—

(29,303

)

—

(351,805

)

(474,655

)

(2,237,360

)

(3,865,956

)

—

(3,228,205

)

(3,348,595

)

(724,066

)

626,080

8,869,137

1,096,625

(4,611,886

)

6,714,165

(4,669,321

)

5,649,478

12,500,672

8,991,670

(43,404,835

)

127,671,002

132,340,323

119,512,372

107,011,700

264,023,852

307,428,687

134,385,167

127,671,002

125,161,850

119,512,372

273,015,522

264,023,852

291,205

274,078

114,765

—

4,554,332

1,808,148

13,879,547

19,681,244

13,028,526

21,812,192

27,844,000

45,417,973

206,258

267,140

1,140,480

1,916,821

—

1,022,412

(17,097,990

)

(20,052,189

)

(13,590,158

)

(14,202,169

)

(26,698,133

)

(49,868,098

)

(3,012,185

)

(103,805

)

578,848

9,526,844

1,145,867

(3,427,713

)

439,993

764,285

472,122

489,422

993,154

1,180,536

11,596

26,996

90,781

172,508

—

64,241

(787,999

)

(1,411,542

)

(515,671

)

(1,319,637

)

(1,042,396

)

(2,428,950

)

(336,410

)

(620,261

)

47,232

(657,707

)

(49,242

)

(1,184,173

)

(3,348,595

)

(724,066

)

626,080

8,869,137

1,096,625

(4,611,886

)

512,067

770,849

593,208

1,048,330

2,586,804

4,037,721

7,623

11,053

52,277

92,008

—

102,037

(635,679

)

(787,063

)

(613,223

)

(680,027

)

(2,489,074

)

(4,505,642

)

(115,989

)

(5,161

)

32,262

460,311

97,730

(365,884

)

16,887

30,660

21,576

23,485

94,731

103,553

441

1,152

4,158

8,264

—

6,456

(30,512

)

(56,960

)

(23,719

)

(63,577

)

(99,186

)

(220,778

)

(13,184

)

(25,148

)

2,015

(31,828

)

(4,455

)

(110,769

)

(129,173

)

(30,309

)

34,277

428,483

93,275

(476,653

)

Semi-Annual Shareholder Report

Statements of Changes in Net Assets (Continued)

Huntington
Macro 100 Fund

Huntington Mid Corp
America Fund

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

(Unaudited)

Increase (Decrease) in Net Assets:

Operations—

Net investment income (loss)

249,801

129,127

202,361

23,935

Net realized gain (loss) on investments, options and foreign currency transactions

1,816,393

1,935,117

7,174,544

18,097,557

Net change in unrealized appreciation/depreciation of investments, options and foreign currency transactions

1,012,502

(3,015,262

)

3,872,195

(21,804,829

)

Net increase (decrease) in net assets resulting from operations

3,078,696

(951,018

)

11,249,100

(3,683,337

)

Distributions to Shareholders—

From and/or excess of net investment income:

Trust Shares

—

(160,290

)

—

(97,655

)

Class A Shares

—

From net realized gain on investments:

Trust Shares

—

(12,319,260

)

Class A Shares

—

(639,236

)

Change in net assets resulting from distributions to shareholders

—

(160,290

)

—

(13,056,151

)

Change in net assets resulting from capital transactions

(1,494,160

)

9,642,316

6,481,477

(3,322,751

)

Change in net assets

1,584,536

8,531,008

17,730,577

(20,062,239

)

Net Assets

Beginning of period

53,977,247

45,446,239

128,733,382

148,795,621

End of period

55,561,783

53,977,247

146,463,959

128,733,382

Accumulated net investment income (loss) included in net assets at end of period

250,449

648

208,237

5,876

Capital Transactions:

Trust Shares

Shares sold

7,182,306

17,197,181

7,515,460

18,588,560

Shares issued in connection with merger

—

13,560,775

—

Dividends reinvested

—

68,441

—

4,371,336

Shares redeemed

(8,540,830

)

(7,323,701

)

(16,898,780

)

(26,171,585

)

Total Trust Shares

(1,358,524

)

9,941,921

4,177,455

(3,211,689

)

Class A Shares

Shares sold

70,215

177,286

298,288

664,160

Shares issued in connection with merger

—

2,975,148

—

Dividends reinvested

—

616,095

Shares redeemed

(205,851

)

(476,891

)

(969,414

)

(1,391,317

)

Total Class A Shares

(135,636

)

(299,605

)

2,304,022

(111,062

)

Net change resulting from capital transactions

(1,494,160

)

9,642,316

6,481,477

(3,322,751

)

Share Transactions:

Trust Shares

Shares sold

704,822

1,771,169

504,061

1,166,714

Shares issued in connection with merger

—

964,397

—

Dividends reinvested

—

7,174

—

328,570

Shares redeemed

(839,562

)

(762,037

)

(1,124,036

)

(1,661,809

)

Total Trust Shares

(134,740

)

1,016,306

344,422

(166,525

)

Class A Shares

Shares sold

7,194

18,266

19,337

43,592

Shares issued in connection with merger

—

218,019

—

Dividends reinvested

—

47,722

Shares redeemed

(20,549

)

(48,714

)

(66,040

)

(89,497

)

Total Class A Shares

(13,355

)

(30,448

)

171,316

1,817

Net change resulting from share transactions

(148,095

)

985,858

515,738

(164,708

)

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Huntington Real Strategies Fund						Huntington Rotating Markets Fund						Huntington Situs Fund
Six Months Ended June 30, 2012			Year Ended December 31, 2011			Six Months Ended June 30, 2012			Year Ended December 31, 2011			Six Months Ended June 30, 2012			Year Ended December 31, 2011
*(Unaudited)*						*(Unaudited)*						*(Unaudited)*


$	745,462		$	654,257		$	128,097		$	539,094		$	438,324		$	(581,219	)
	231,933			(709,068	)		8,808,803			629,341			2,577,399			8,676,937
	(758,339	)		(10,531,268	)		(7,221,478	)		1,308,609			12,712,521			(14,992,446	)
	219,056			(10,586,079	)		1,715,422			2,477,044			15,728,244			(6,896,728	)


	—			(899,313	)		—			(100,111	)		—			—
	—			(13,736	)		—			(954	)		—			—

	—			—			—			—			—			—
	—			—			—			—			—			—
	—			(913,049	)		—			(101,065	)		—			—
	(1,148,858	)		13,113,232			492,495			(4,287,636	)		(7,017,663	)		(11,860,698	)
	(929,802	)		1,614,104			2,207,917			(1,911,657	)		8,710,581			(18,757,426	)

	94,479,482			92,865,378			37,417,567			39,329,224			188,543,742			207,301,168
$	93,549,680		$	94,479,482		$	39,625,484		$	37,417,567		$	197,254,323		$	188,543,742

$	(170,329	)	$	(915,791	)	$	667,190		$	539,093		$	282,433		$	(155,891	)


$	9,005,915		$	37,420,468		$	1,936,251		$	3,900,442		$	18,452,897		$	34,971,497
	—			—			—			—			—			—
	—			258,126			—			67,159			—			—
	(9,996,634	)		(24,780,098	)		(1,443,058	)		(7,875,296	)		(26,246,682	)		(46,157,899	)
	(990,719	)		12,898,496			493,193			(3,907,695	)		(7,793,785	)		(11,186,402	)

	138,661			705,556			245,483			257,504			3,229,045			5,596,096
	—			—			—			—			—			—
	—			12,963			—			928			—			—
	(296,800	)		(503,783	)		(246,181	)		(638,373	)		(2,452,923	)		(6,270,392	)
	(158,139	)		214,736			(698	)		(379,941	)		776,122			(674,296	)
$	(1,148,858	)	$	13,113,232		$	492,495		$	(4,287,636	)	$	(7,017,663	)	$	(11,860,698	)


	1,208,518			4,740,773			161,112			353,974			860,722			1,699,623
	—			—			—			—			—			—
	—			36,254			—			5,790			—			—
	(1,349,488	)		(3,210,607	)		(118,436	)		(704,813	)		(1,213,142	)		(2,260,429	)
	(140,970	)		1,566,420			42,676			(345,049	)		(352,420	)		(560,806	)

	18,925			85,751			20,517			22,904			156,456			281,070
	—			—			—			—			—			—
	—			1,818			—			81			—			—
	(40,557	)		(64,265	)		(20,307	)		(57,171	)		(118,221	)		(318,174	)
	(21,632	)		23,304			210			(34,186	)		38,235			(37,104	)
	(162,602	)		1,589,724			42,886			(379,235	)		(314,185	)		(597,910	)

Semi-Annual Shareholder Report

Statements of Changes in Net Assets (Continued)

Huntington Technical
Opportunities Fund

Huntington Fixed Income
Securities Fund

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

(Unaudited)

Increase (Decrease) in Net Assets:

Operations—

Net investment income (loss)

(28,379

)

(53,003

)

3,883,634

7,762,353

Net realized gain (loss) on investments, options and foreign currency transactions

(166,773

)

(1,108,858

)

917,181

4,032,626

Net change in unrealized appreciation/depreciation of investments, options and foreign currency transactions

(397,267

)

(194,389

)

1,719,874

5,839,115

Net increase (decrease) in net assets resulting from operations

(592,419

)

(1,356,250

)

6,520,689

17,634,094

Distributions to Shareholders—

From and/or excess of net investment income:

Trust Shares

—

(3,790,454

)

(7,570,193

)

Class A Shares

—

(93,180

)

(192,160

)

From net realized gain on investments:

Trust Shares

—

(4,143,613

)

Class A Shares

—

(118,667

)

Change in net assets resulting from distributions to shareholders

—

(3,883,634

)

(12,024,633

)

Change in net assets resulting from capital transactions

(68,899

)

(152,013

)

11,217,636

1,347,901

Change in net assets

(661,318

)

(1,508,263

)

13,854,691

6,957,362

Net Assets

Beginning of period

9,171,435

10,679,698

299,323,564

292,366,202

End of period

8,510,117

9,171,435

313,178,255

299,323,564

Accumulated net investment income (loss) included in net assets at end of period

(28,379

)

—

(16,774

)

(16,774

)

Capital Transactions:

Trust Shares

Shares sold

1,014

434,651

47,539,568

68,344,071

Dividends reinvested

—

1,820,440

5,506,054

Shares redeemed

(209,070

)

(704,588

)

(38,237,153

)

(72,071,979

)

Total Trust Shares

(208,056

)

(269,937

)

11,122,855

1,778,146

Class A Shares

Shares sold

205,000

180,988

1,046,628

1,931,458

Dividends reinvested

—

78,516

251,171

Shares redeemed

(65,843

)

(63,064

)

(1,030,363

)

(2,612,874

)

Total Class A Shares

139,157

117,924

94,781

(430,245

)

Net change resulting from capital transactions

(68,899

)

(152,013

)

11,217,636

1,347,901

Share Transactions:

Trust Shares

Shares sold

143

53,852

2,096,409

3,043,221

Dividends reinvested

—

80,064

244,585

Shares redeemed

(29,596

)

(91,571

)

(1,685,573

)

(3,212,395

)

Total Trust Shares

(29,453

)

(37,719

)

490,900

75,411

Class A Shares

Shares sold

30,910

22,130

46,149

85,665

Dividends reinvested

—

3,454

11,160

Shares redeemed

(9,204

)

(8,304

)

(45,479

)

(116,908

)

Total Class A Shares

21,706

13,826

4,124

(20,083

)

Net change resulting from share transactions

(7,747

)

(23,893

)

495,024

55,328

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

Huntington Intermediate
Government Income Fund

Huntington Mortgage
Securities Fund

Huntington Ohio
Tax-Free Fund

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

(Unaudited)

1,492,868

3,112,888

1,515,584

2,669,878

541,039

1,073,310

(86,080

)

385,408

33,717

93,954

398,497

362,402

117,100

3,095,131

1,302,186

2,273,738

(100,083

)

2,185,575

1,523,888

6,593,427

2,851,487

5,037,570

839,453

3,621,287

(1,446,401

)

(3,130,811

)

(1,436,546

)

(3,164,131

)

(513,948

)

(1,018,866

)

(46,467

)

(100,933

)

(54,022

)

(119,222

)

(27,048

)

(54,444

)

—

(243,420

)

—

(343,755

)

—

(8,818

)

—

(21,841

)

(1,492,868

)

(3,483,982

)

(1,490,568

)

(3,283,353

)

(540,996

)

(1,438,906

)

3,970,875

15,726,741

5,097,973

6,036,305

4,190,909

(346,421

)

4,001,895

18,836,186

6,458,892

7,790,522

4,489,366

1,835,960

138,980,628

120,144,442

108,532,500

100,741,978

53,769,290

51,933,330

142,982,523

138,980,628

114,991,392

108,532,500

58,258,656

53,769,290

55,015

13,823

(11,193

)

(144

)

(187

)

15,835,787

31,715,627

14,385,326

18,868,700

9,252,748

10,430,577

748,700

1,774,826

637,360

1,349,960

38,388

136,228

(13,072,128

)

(17,822,795

)

(10,009,382

)

(14,633,514

)

(5,012,301

)

(10,741,564

)

3,512,359

15,667,658

5,013,304

5,585,146

4,278,835

(174,759

)

824,329

1,381,276

710,985

1,083,210

276,553

782,345

38,998

92,463

48,742

101,070

22,445

64,269

(404,811

)

(1,414,656

)

(675,058

)

(733,121

)

(386,924

)

(1,018,276

)

458,516

59,083

84,669

451,159

(87,926

)

(171,662

)

3,970,875

15,726,741

5,097,973

6,036,305

4,190,909

(346,421

)

1,423,246

2,898,201

1,543,167

2,118,175

420,685

485,519

67,346

161,097

68,321

146,729

1,741

6,330

(1,174,583

)

(1,617,949

)

(1,073,215

)

(1,658,877

)

(228,038

)

(503,886

)

316,009

1,441,349

538,273

606,027

194,388

(12,037

)

74,148

125,356

75,760

117,347

12,590

36,252

3,508

8,399

5,193

10,918

1,019

2,983

(36,384

)

(129,148

)

(71,886

)

(79,294

)

(17,608

)

(47,983

)

41,272

4,607

9,067

48,971

(3,999

)

(8,748

)

357,281

1,445,956

547,340

654,998

190,389

(20,785

)

Semi-Annual Shareholder Report

Statements of Changes in Net Assets (Continued)


	Huntington Short/Intermediate Fixed Income Securities Fund
	Six Months Ended June 30, 2012			Year Ended December 31, 2011
	*(Unaudited)*
*Increase (Decrease) in Net Assets:*
*Operations—*
Net investment income	$	1,421,765		$	3,081,317
Net realized gain on investments, options and foreign currency transactions		242,166			827,430
Net change in unrealized appreciation/depreciation of investments, options and foreign currency transactions		538,895			599,081
Net increase (decrease) in net assets resulting from operations		2,202,826			4,507,828
*Distributions to Shareholders—*
From and/or excess of net investment income:
Trust Shares		(1,398,896	)		(2,985,572	)
Class A Shares		(52,168	)		(95,745	)
From net realized gain on investments:
Class A Shares		—			—
Change in net assets resulting from distributions to shareholders		(1,451,064	)		(3,081,317	)
Change in net assets resulting from capital transactions		4,336,536			19,396,728
Change in net assets		5,088,298			20,823,239
*Net Assets*
Beginning of period		224,941,231			204,117,992
End of period	$	230,029,529		$	224,941,231

Accumulated net investment income (loss) included in net assets at end of period	$	(29,299	)	$	—
*Capital Transactions:*
Trust Shares
Shares sold	$	28,728,675		$	66,951,627
Dividends reinvested		434,610			878,814
Shares redeemed		(27,303,538	)		(49,955,588	)
Total Trust Shares		1,859,747			17,874,853
Class A shares
Shares sold		3,697,210			2,850,984
Dividends reinvested		50,616			93,552
Shares redeemed		(1,271,037	)		(1,422,661	)
Total Class A Shares		2,476,789			1,521,875
Net change resulting from capital transactions	$	4,336,536		$	19,396,728
*Share Transactions:*
Trust Shares
Shares sold		1,422,940			3,344,127
Dividends reinvested		21,520			43,770
Shares redeemed		(1,352,660	)		(2,487,971	)
Total Trust Shares		91,800			899,926
Class A Shares
Shares sold		182,932			141,855
Dividends reinvested		2,506			4,660
Shares redeemed		(62,960	)		(70,786	)
Total Class A Shares		122,478			75,729
Net change resulting from share transactions		214,278			975,655

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

Huntington Balanced
Allocation Fund

Huntington Conservative
Allocation Fund

Huntington Growth
Allocation Fund

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

Six Months Ended
June 30,
2012

Year Ended
December 31,
2011

(Unaudited)

65,322

245,948

50,479

219,151

23,766

133,794

1,332,341

374,595

728,645

162,459

1,470,658

353,889

40,525

(762,769

)

(338,363

)

(14,265

)

155,201

(1,007,581

)

1,438,188

(142,226

)

440,761

367,345

1,649,625

(519,898

)

—

(66,143

)

(248,774

)

(52,751

)

(219,159

)

—

(132,455

)

—

(269,854

)

—

(116,841

)

—

(272,255

)

(66,143

)

(518,628

)

(52,751

)

(336,000

)

—

(404,710

)

(11,569,926

)

3,646,786

(10,868,367

)

673,063

(11,256,617

)

3,410,873

(10,197,881

)

2,985,932

(10,480,357

)

704,408

(9,606,992

)

2,486,265

27,641,917

24,655,985

15,544,289

14,839,881

21,618,299

19,132,034

17,444,036

27,641,917

5,063,932

15,544,289

12,011,307

21,618,299

(3,096

)

(2,275

)

(1,608

)

664

25,303

1,537

—

2,545,941

7,107,781

1,260,255

2,181,503

2,261,362

4,824,443

63,525

506,384

50,959

331,192

—

396,051

(14,179,392

)

(3,967,379

)

(12,179,581

)

(1,839,632

)

(13,517,979

)

(1,809,621

)

(11,569,926

)

3,646,786

(10,868,367

)

673,063

(11,256,617

)

3,410,873

(11,569,926

)

3,646,786

(10,868,367

)

673,063

(11,256,617

)

3,410,873

—

215,927

605,947

115,222

202,069

187,392

398,784

5,332

44,859

4,656

30,758

—

35,088

(1,176,461

)

(343,104

)

(1,106,234

)

(171,085

)

(1,081,013

)

(155,795

)

(955,202

)

307,702

(986,356

)

61,742

(893,621

)

278,077

(955,202

)

307,702

(986,356

)

61,742

(893,621

)

278,077

Semi-Annual Shareholder Report

Financial Highlights

Money Market Funds

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON TAX FREE MONEY MARKET FUND

Trust Shares

2007

1.00

0.03

—

(2)

0.03

(0.03

)

—

(0.03

)

2008

1.00

0.02

—

(2)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

Class A Shares

2007

1.00

0.02

—

(2)

0.02

(0.02

)

—

(0.02

)

2008

1.00

0.02

—

(2)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

HUNTINGTON MONEY MARKET FUND

Trust Shares

2007

1.00

0.04

—

(2)

0.04

(0.04

)

—

(0.04

)

2008

1.00

0.02

—

(2)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

Class A Shares

2007

1.00

0.04

—

(2)

0.04

(0.04

)

—

(0.04

)

2008

1.00

0.01

—

(2)

0.01

(0.01

)

—

(0.01

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

InterFund Shares

2007

1.00

0.05

—

(2)

0.05

(0.05

)

—

(0.05

)

2008

1.00

0.02

—

(2)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

(1)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(2)

Amount is less than $0.005.

(3)

Six months ended June 30, 2012 (Unaudited).

(4)

Not Annualized.

(5)

Rounds to less than 0.005%.

(6)

Computed on an annualized basis.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

Net Asset
Value, end
of period

Total
return

Ratio of Net
Expenses to
Average Net
Assets

Ratio of Net
Investment
Income (Loss)
to Average
Net Assets

Ratio of Expenses
(Prior to
Reimbursements)
to Average
Net Assets(1)

Net Assets,
end of
period
(000 omitted)

1.00

2.76

0.88

2.69

0.88

48,585

1.00

1.86

0.88

1.75

0.88

144,861

1.00

0.10

0.78

0.12

0.89

76,805

1.00

0.01

0.44

0.01

0.89

66,919

1.00

0.01

0.30

0.01

0.92

73,147

1.00

—

%(4)(5)

0.24

%(6)

0.01

%(6)

0.92

%(6)

58,393

1.00

2.51

1.15

2.48

1.15

6,086

1.00

1.61

1.13

1.48

1.13

38,466

1.00

0.03

0.87

0.03

1.15

21,709

1.00

0.01

0.45

0.01

1.16

15,539

1.00

0.01

0.30

0.01

1.17

18,882

1.00

—

%(4)(5)

0.24

%(6)

0.01

%(6)

1.17

%(6)

21,382

1.00

4.37

0.79

4.27

0.79

632,776

1.00

1.59

0.80

1.53

0.80

779,158

1.00

0.01

0.45

0.02

0.87

260,720

1.00

0.01

0.31

0.01

0.88

214,981

1.00

0.01

0.24

0.01

0.84

262,067

1.00

—

%(4)(5)

0.25

%(6)

0.01

%(6)

0.86

%(6)

216,443

1.00

4.11

1.04

4.02

1.04

528,326

1.00

1.34

1.04

1.48

1.04

299,329

1.00

0.01

0.42

0.01

1.12

135,260

1.00

0.01

0.32

0.01

1.13

134,974

1.00

0.01

0.24

0.01

1.09

97,936

1.00

—

%(4)(5)

0.25

%(6)

0.01

%(6)

1.11

%(6)

91,458

1.00

4.63

0.54

4.51

0.54

60,548

1.00

1.85

0.55

1.91

0.55

36,102

1.00

0.03

0.37

0.03

0.63

62,376

1.00

0.01

0.31

0.01

0.63

45,724

1.00

0.01

0.24

0.01

0.59

73,921

1.00

—

%(4)(5)

0.25

%(6)

0.01

%(6)

0.61

%(6)

72,455

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Money Market Funds (Continued)

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND

Trust Shares

2007

1.00

0.03

—

(2)

0.03

(0.03

)

—

(0.03

)

2008

1.00

0.02

—

(2)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

Class A Shares

2007

1.00

0.03

—

(2)

0.03

(0.03

)

—

(0.03

)

2008

1.00

0.02

—

(2)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

HUNTINGTON U.S. TREASURY MONEY MARKET FUND

Trust Shares

2007

1.00

0.04

—

(2)

0.04

(0.04

)

—

(2)

—

(0.04

)

2008

1.00

0.01

—

(2)

0.01

(0.01

)

—

(0.01

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

Class A Shares

2007

1.00

0.04

—

(2)

0.04

(0.04

)

—

(2)

—

(0.04

)

2008

1.00

0.01

—

(2)

0.01

(0.01

)

—

(0.01

)

2009

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2010

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2011

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

2012(3)

1.00

—

(2)

—

(2)

—

(2)

—

(2)

—

(2)

(1)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(2)

Amount is less than $0.005.

(3)

Six months ended June 30, 2012 (Unaudited).

(4)

Not Annualized.

(5)

Rounds to less than 0.005%.

(6)

Computed on an annualized basis.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

Net Asset
Value, end
of period

Total
return

Ratio of Net
Expenses to
Average Net
Assets

Ratio of Net
Investment
Income (Loss)

to Average
Net Assets

Ratio of Expenses
(Prior to
Reimbursements)
to Average
Net Assets(1)

Net Assets,
end of
period
(000 omitted)

1.00

2.83

0.82

2.78

0.82

199,613

1.00

1.81

0.83

1.73

0.83

312,467

1.00

0.12

0.78

0.14

0.89

142,956

1.00

0.01

0.42

0.01

0.88

81,023

1.00

0.01

0.28

0.01

0.84

61,212

1.00

—

%(4)(5)

0.20

%(6)

0.01

%(6)

0.88

%(6)

57,308

1.00

2.57

1.07

2.54

1.07

122,147

1.00

1.56

1.08

1.54

1.08

106,617

1.00

0.02

0.82

0.02

1.14

112,048

1.00

0.01

0.41

0.01

1.12

117,109

1.00

0.01

0.28

0.01

1.09

83,858

1.00

—

%(4)(5)

0.20

%(6)

0.01

%(6)

1.13

%(6)

77,374

1.00

4.01

0.72

3.89

0.72

757,331

1.00

0.93

0.69

0.93

0.76

583,050

1.00

0.01

0.20

0.01

0.79

261,263

1.00

0.01

0.15

0.01

0.76

312,870

1.00

0.01

0.07

0.01

0.74

251,704

1.00

—

%(4)

0.07

%(6)

—

%(5)(6)

0.75

%(6)

233,551

1.00

3.75

0.97

3.61

0.97

103,041

1.00

0.74

0.83

0.67

0.98

126,485

1.00

0.01

0.20

0.01

1.03

54,935

1.00

0.01

0.15

0.01

1.01

74,845

1.00

0.01

0.07

0.01

0.99

83,204

1.00

—

%(4)

0.07

%(6)

—

%(5)(6)

1.00

%(6)

85,816

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Equity Funds

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON DISCIPLINED EQUITY FUND

Trust Shares

2011(4)

10.00

0.04

(0.19

)

(0.15

)

(0.04

)

—

(0.04

)

2012(7)

9.81

0.04

0.12

0.16

—

Class A Shares

2011(4)

10.00

0.02

(0.19

)

(0.17

)

(0.04

)

—

(0.04

)

2012(7)

9.79

0.03

0.12

0.15

—

HUNTINGTON DIVIDEND CAPTURE FUND

Trust Shares

2007

11.64

0.38

(1.15

)

(0.77

)

(0.39

)

(0.59

)

—

(0.98

)

2008

9.89

0.40

(3.18

)

(2.78

)

(0.39

)

(0.12

)

(0.03

)

(0.54

)

2009

6.57

0.29

1.31

1.60

(0.29

)

—

(0.02

)

(0.31

)

2010

7.86

0.25

0.83

1.08

(0.25

)

—

(0.25

)

2011

8.69

0.30

0.22

0.52

(0.30

)

—

(0.30

)

2012(7)

8.91

0.15

0.37

0.52

(0.14

)

—

(0.14

)

Class A Shares

2007

11.63

0.35

(1.14

)

(0.79

)

(0.36

)

(0.59

)

—

(0.95

)

2008

9.89

0.38

(3.18

)

(2.80

)

(0.37

)

(0.12

)

(0.03

)

(0.52

)

2009

6.57

0.27

1.31

1.58

(0.27

)

—

(0.02

)

(0.29

)

2010

7.86

0.23

0.83

1.06

(0.23

)

—

(0.23

)

2011

8.69

0.28

0.21

0.49

(0.28

)

—

(0.28

)

2012(7)

8.90

0.13

0.39

0.52

(0.13

)

—

(0.13

)

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Reflects operations for the period from August 1, 2011 (commencement of operations) to December 31, 2011.

(5)

Not Annualized.

(6)

Computed on an annualized basis.

(7)

Six months ended June 30, 2012 (Unaudited).

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	9.81		(1.50	)%(5)		1.20	%(6)		0.98	%(6)		1.33	%(6)	$	65,294		3	%(5)
$	9.97		1.63	%(5)		1.20	%(6)		0.92	%(6)		1.22	%(6)	$	84,542		4	%(5)

$	9.79		(1.73	)%(5)		1.45	%(6)		0.72	%(6)		1.58	%(6)	$	5,661		3	%(5)
$	9.94		1.53	%(5)		1.45	%(6)		0.66	%(6)		1.47	%(6)	$	7,399		4	%(5)


$	9.89		(6.91	)%		1.30	%		3.35	%		1.30	%	$	93,862		87	%
$	6.57		(29.26	)%		1.31	%		4.56	%		1.31	%	$	60,162		66	%
$	7.86		25.24	%		1.41	%		4.37	%		1.41	%	$	74,593		99	%
$	8.69		13.99	%		1.40	%		3.05	%		1.40	%	$	100,622		115	%
$	8.91		6.03	%		1.36	%		3.40	%		1.36	%	$	117,798		143	%
$	9.29		5.87	%(5)		1.33	%(6)		3.20	%(6)		1.33	%(6)	$	133,908		49	%(5)

$	9.89		(7.14	)%		1.55	%		3.11	%		1.55	%	$	10,366		87	%
$	6.57		(29.41	)%		1.56	%		4.18	%		1.56	%	$	5,094		66	%
$	7.86		24.93	%		1.66	%		4.10	%		1.66	%	$	5,473		99	%
$	8.69		13.72	%		1.64	%		2.82	%		1.64	%	$	17,784		115	%
$	8.90		5.65	%		1.61	%		3.19	%		1.61	%	$	26,843		143	%
$	9.29		5.87	%(5)		1.58	%(6)		3.00	%(6)		1.58	%(6)	$	37,204		49	%(5)

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Equity Funds (Continued)

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON GLOBAL SELECT MARKETS FUND

Trust Shares

2009(4)

10.00

—

(5)

—

(5)

—

(5)

—

2010

10.00

0.03

1.55

1.58

(0.11

)

—

(0.01

)

(0.12

)

2011

11.46

0.08

(1.99

)

(1.91

)

(0.05

)

(0.14

)

—

(0.19

)

2012(8)

9.36

0.03

(0.05

)

(0.02

)

—

Class A Shares

2009(4)

10.00

—

(5)

—

(5)

—

(5)

—

2010

10.00

0.01

1.53

1.54

(0.09

)

—

(0.02

)

(0.11

)

2011

11.43

0.04

(1.97

)

(1.93

)

—

(5)

(0.14

)

—

(0.14

)

2012(8)

9.36

0.01

(0.05

)

(0.04

)

—

HUNTINGTON GROWTH FUND

Trust Shares

2007

37.24

0.12

5.57

5.69

(0.11

)

(7.81

)

—

(7.92

)

2008

35.01

0.05

(12.12

)

(12.07

)

(0.04

)

(3.19

)

—

(3.23

)

2009

19.71

0.01

3.45

3.46

—

(5)

—

(5)

2010

23.17

0.01

2.36

2.37

—

(5)

—

(5)

2011

25.54

0.05

(0.72

)

(0.67

)

—

(0.09

)

—

(0.09

)

2012(8)

24.78

0.08

1.96

2.04

(0.07

)

—

(0.07

)

Class A Shares

2007

36.66

0.03

5.47

5.50

(0.04

)

(7.81

)

—

(7.85

)

2008

34.31

(0.03

)

(11.83

)

(11.86

)

—

(5)

(3.19

)

—

(3.19

)

2009

19.26

(0.04

)

3.37

3.33

—

2010

22.59

(0.03

)

2.27

2.24

—

(5)

—

(5)

2011

24.83

(0.01

)

(0.70

)

(0.71

)

—

(0.09

)

—

(0.09

)

2012(8)

24.03

0.04

1.91

1.95

(0.04

)

—

(0.04

)

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Reflects operations for the period from December 30, 2009 (commencement of operations) to December 31, 2009.

(5)

Amount is less than $0.005.

(6)

Not Annualized.

(7)

Computed on an annualized basis.

(8)

Six months ended June 30, 2012 (Unaudited).

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	10.00		—	%(6)		1.83	%(7)		(1.46	)%(7)		1.83	%(7)	$	1		—	%(6)
$	11.46		15.85	%		1.90	%		0.40	%		2.19	%	$	41,116		45	%
$	9.36		(16.67	)%		1.79	%		0.71	%		1.79	%	$	38,871		110	%
$	9.34		(0.21	)%(6)		1.90	%(7)		0.60	%(7)		1.90	%(7)	$	39,527		49	%(6)

$	10.00		—	%(6)		2.19	%(7)		(2.92	)%(7)		2.19	%(7)	$	1		—	%(6)
$	11.43		15.38	%		2.16	%		0.20	%		2.44	%	$	860		45	%
$	9.36		(16.80	)%		2.04	%		0.48	%		2.04	%	$	541		110	%
$	9.32		(0.43	)%(6)		2.15	%(7)		0.24	%(7)		2.15	%(7)	$	370		49	%(6)


$	35.01		15.93	%		1.13	%		0.32	%		1.13	%	$	227,972		86	%
$	19.71		(37.76	)%		1.15	%		0.15	%		1.15	%	$	129,745		83	%
$	23.17		17.58	%		1.20	%		0.03	%		1.20	%	$	140,206		120	%
$	25.54		10.23	%		1.23	%		0.04	%		1.23	%	$	123,809		292	%
$	24.78		(2.61	)%		1.19	%		0.21	%		1.19	%	$	120,019		137	%
$	26.75		8.24	%(6)		1.18	%(7)		0.57	%(7)		1.18	%(7)	$	126,467		43	%(6)

$	34.31		15.62	%		1.38	%		0.07	%		1.38	%	$	9,680		86	%
$	19.26		(37.92	)%		1.40	%		(0.11	)%		1.40	%	$	5,436		83	%
$	22.59		17.29	%		1.45	%		(0.22	)%		1.45	%	$	6,096		120	%
$	24.83		9.92	%		1.47	%		(0.15	)%		1.47	%	$	8,532		292	%
$	24.03		(2.84	)%		1.44	%		(0.03	)%		1.44	%	$	7,652		137	%
$	25.94		8.11	%(6)		1.43	%(7)		0.32	%(7)		1.43	%(7)	$	7,918		43	%(6)

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Equity Funds (Continued)

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON INCOME EQUITY FUND

Trust Shares

2007

31.11

0.55

—

(4)

0.55

(0.54

)

(4.66

)

—

(5.20

)

2008

26.46

0.55

(10.54

)

(9.99

)

(0.54

)

(0.11

)

(0.03

)

(0.68

)

2009

15.79

0.47

2.87

3.34

(0.47

)

—

(0.01

)

(0.48

)

2010

18.65

0.49

1.62

2.11

(0.48

)

—

(0.48

)

2011

20.28

0.70

0.69

1.39

(0.72

)

—

(0.72

)

2012(5)

20.95

0.41

0.84

1.25

(0.39

)

—

(0.39

)

Class A Shares

2007

31.11

0.46

0.01

0.47

(0.46

)

(4.66

)

—

(5.12

)

2008

26.46

0.51

(10.54

)

(10.03

)

(0.49

)

(0.11

)

(0.03

)

(0.63

)

2009

15.80

0.44

2.86

3.30

(0.43

)

—

(0.01

)

(0.44

)

2010

18.66

0.44

1.62

2.06

(0.43

)

—

(0.43

)

2011

20.29

0.65

0.68

1.33

(0.67

)

—

(0.67

)

2012(5)

20.95

0.39

0.84

1.23

(0.37

)

—

(0.37

)

HUNTINGTON INTERNATIONAL EQUITY FUND

Trust Shares

2007

13.93

0.13

2.20

2.33

(0.15

)

(1.10

)

—

(1.25

)

2008

15.01

0.17

(6.36

)

(6.19

)

(0.13

)

(0.47

)

—

(0.60

)

2009

8.22

0.17

2.52

2.69

(0.10

)

(0.02

)

—

(0.12

)

2010

10.79

0.13

0.70

0.83

(0.09

)

—

(0.09

)

2011

11.53

0.15

(1.47

)

(1.32

)

(0.12

)

—

(0.12

)

2012(5)

10.09

0.10

0.20

0.30

—

Class A Shares

2007

13.84

0.08

2.19

2.27

(0.11

)

(1.10

)

—

(1.21

)

2008

14.90

0.13

(6.29

)

(6.16

)

(0.11

)

(0.47

)

—

(0.58

)

2009

8.16

0.13

2.51

2.64

(0.06

)

(0.02

)

—

(0.08

)

2010

10.72

0.08

0.73

0.81

(0.08

)

—

(0.08

)

2011

11.45

0.13

(1.47

)

(1.34

)

(0.09

)

—

(0.09

)

2012(5)

10.02

0.09

0.20

0.29

—

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Amount is less than $0.005.

(5)

Six months ended June 30, 2012 (Unaudited).

(6)

Not Annualized.

(7)

Computed on an annualized basis.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	26.46		1.90	%		1.14	%		1.72	%		1.14	%	$	158,501		90	%
$	15.79		(38.35	)%		1.16	%		2.60	%		1.16	%	$	89,815		88	%
$	18.65		21.92	%		1.22	%		3.05	%		1.22	%	$	104,433		90	%
$	20.28		11.59	%		1.22	%		2.59	%		1.22	%	$	101,076		89	%
$	20.95		6.92	%		1.19	%		3.36	%		1.19	%	$	114,048		197	%
$	21.81		6.00	%(6)		1.17	%(7)		3.82	%(7)		1.17	%(7)	$	119,429		96	%(6)

$	26.46		1.65	%		1.39	%		1.48	%		1.39	%	$	6,330		90	%
$	15.80		(38.47	)%		1.41	%		2.34	%		1.41	%	$	3,214		88	%
$	18.66		21.60	%		1.47	%		2.83	%		1.47	%	$	3,271		90	%
$	20.29		11.31	%		1.47	%		2.39	%		1.47	%	$	5,935		89	%
$	20.95		6.60	%		1.44	%		3.08	%		1.44	%	$	5,464		197	%
$	21.81		5.87	%(6)		1.42	%(7)		3.57	%(7)		1.42	%(7)	$	5,733		96	%(6)


$	15.01		17.06	%		1.54	%		0.92	%		1.54	%	$	324,158		25	%
$	8.22		(41.73	)%		1.57	%		1.37	%		1.57	%	$	191,163		21	%
$	10.79		32.84	%		1.59	%		1.68	%		1.59	%	$	322,427		26	%
$	11.53		7.72	%		1.59	%		1.14	%		1.59	%	$	296,797		41	%
$	10.09		(11.40	)%		1.56	%		1.28	%		1.56	%	$	255,832		39	%
$	10.39		2.97	%(6)		1.58	%(7)		1.99	%(7)		1.58	%(7)	$	264,631		10	%(6)

$	14.90		16.76	%		1.79	%		0.71	%		1.79	%	$	11,151		25	%
$	8.16		(41.88	)%		1.82	%		1.13	%		1.82	%	$	6,929		21	%
$	10.72		32.45	%		1.84	%		1.28	%		1.84	%	$	7,547		26	%
$	11.45		7.54	%		1.84	%		0.86	%		1.84	%	$	10,631		41	%
$	10.02		(11.67	)%		1.81	%		1.03	%		1.81	%	$	8,192		39	%
$	10.31		2.89	%(6)		1.83	%(7)		1.73	%(7)		1.83	%(7)	$	8,384		10	%(6)

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Equity Funds (Continued)

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON MACRO 100 FUND

Trust Shares

2007

11.84

—

(4)

(0.33

)

(0.33

)

—

(1.46

)

—

(1.46

)

2008

10.05

0.09

(3.54

)

(3.45

)

(0.09

)

—

(0.09

)

2009

6.51

0.02

1.88

1.90

(0.02

)

—

(0.02

)

2010

8.39

0.01

1.30

1.31

(0.01

)

—

(0.01

)

2011

9.69

0.02

(0.17

)

(0.15

)

(0.03

)

—

(0.03

)

2012(5)

9.51

0.05

0.49

0.54

—

Class A Shares

2007

11.76

(0.03

)

(0.33

)

(0.36

)

—

(1.46

)

—

(1.46

)

2008

9.94

0.07

(3.49

)

(3.42

)

(0.07

)

—

(0.07

)

2009

6.45

—

(4)

1.85

—

2010

8.30

(0.01

)

1.28

1.27

—

2011

9.57

—

(4)

(0.17

)

(0.17

)

—

2012(5)

9.40

0.03

0.49

0.52

—

HUNTINGTON MID CORP AMERICA FUND

Trust Shares

2007

16.43

(0.01

)

1.26

1.25

—

(4)

(1.37

)

—

(1.37

)

2008

16.31

0.02

(5.98

)

(5.96

)

(0.01

)

(0.41

)

—

(0.42

)

2009

9.93

0.04

3.20

3.24

(0.04

)

—

(0.04

)

2010

13.13

0.01

3.00

3.01

(0.01

)

(0.50

)

—

(0.51

)

2011

15.63

0.01

(0.43

)

(0.42

)

(0.01

)

(1.44

)

—

(1.45

)

2012(5)

13.76

0.02

1.07

1.09

—

Class A Shares

2007

16.18

(0.05

)

1.24

1.19

—

(1.37

)

—

(1.37

)

2008

16.00

(0.02

)

(5.84

)

(5.86

)

—

(0.41

)

—

(0.41

)

2009

9.73

0.01

3.12

3.13

(0.01

)

—

(0.01

)

2010

12.85

(0.01

)

2.91

2.90

—

(0.50

)

—

(0.50

)

2011

15.25

(0.03

)

(0.41

)

(0.44

)

—

(1.44

)

—

(1.44

)

2012(5)

13.37

—

(4)

0.99

—

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Amount is less than $0.005.

(5)

Six months ended June 30, 2012 (Unaudited).

(6)

Not Annualized.

(7)

Computed on an annualized basis.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	10.05		(3.12	)%		1.36	%		0.02	%		1.36	%	$	32,284		153	%
$	6.51		(34.32	)%		1.56	%		0.88	%		1.56	%	$	13,521		318	%
$	8.39		29.15	%		1.55	%		0.28	%		1.55	%	$	28,278		10	%
$	9.69		15.60	%		1.45	%		0.13	%		1.45	%	$	43,631		27	%
$	9.51		(1.56	)%		1.46	%		0.27	%		1.46	%	$	52,481		89	%
$	10.05		5.68	%(6)		1.38	%(7)		0.91	%(7)		1.38	%(7)	$	54,115		42	%(6)

$	9.94		(3.40	)%		1.61	%		(0.23	)%		1.61	%	$	2,621		153	%
$	6.45		(34.45	)%		1.82	%		0.66	%		1.82	%	$	1,001		318	%
$	8.30		28.68	%		1.80	%		0.06	%		1.80	%	$	853		10	%
$	9.57		15.30	%		1.69	%		(0.09	)%		1.69	%	$	1,816		27	%
$	9.40		(1.78	)%		1.71	%		(0.01	)%		1.71	%	$	1,496		89	%
$	9.92		5.53	%(6)		1.63	%(7)		0.66	%(7)		1.63	%(7)	$	1,447		42	%(6)


$	16.31		7.79	%		1.30	%		(0.04	)%		1.30	%	$	149,245		11	%
$	9.93		(37.51	)%		1.31	%		0.10	%		1.31	%	$	87,843		18	%
$	13.13		32.59	%		1.36	%		0.30	%		1.36	%	$	131,638		12	%
$	15.63		22.94	%		1.36	%		0.08	%		1.36	%	$	141,282		19	%
$	13.76		(2.37	)%		1.32	%		0.03	%		1.32	%	$	122,124		25	%
$	14.85		7.92	%(6)		1.34	%(7)		0.31	%(7)		1.34	%(7)	$	136,905		18	%(6)

$	16.00		7.53	%		1.55	%		(0.29	)%		1.55	%	$	5,240		11	%
$	9.73		(37.62	)%		1.56	%		(0.16	)%		1.56	%	$	2,875		18	%
$	12.85		32.19	%		1.61	%		0.04	%		1.61	%	$	3,608		12	%
$	15.25		22.61	%		1.61	%		(0.13	)%		1.61	%	$	7,513		19	%
$	13.37		(2.56	)%		1.57	%		(0.23	)%		1.57	%	$	6,610		25	%
$	14.36		7.40	%(6)		1.59	%(7)		0.08	%(7)		1.59	%(7)	$	9,559		18	%(6)

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Equity Funds (Continued)

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON REAL STRATEGIES FUND

Trust Shares

2007(4)

10.00

0.11

0.92

1.03

(0.11

)

(0.13

)

—

(0.24

)

2008

10.79

0.05

(7)

(5.86

)

(5.81

)

(0.05

)

—

(0.03

)

(0.08

)

2009

4.90

0.04

1.54

1.58

(0.06

)

—

(0.06

)

2010

6.42

0.02

1.59

1.61

(0.04

)

—

(0.04

)

2011

7.99

0.05

(0.82

)

(0.77

)

(0.07

)

—

(0.07

)

2012(8)

7.15

0.06

(0.04

)

0.02

—

Class A Shares

2007(4)

10.00

0.09

0.92

1.01

(0.10

)

(0.13

)

—

(0.23

)

2008

10.78

0.03

(7)

(5.85

)

(5.82

)

(0.02

)

—

(0.02

)

(0.04

)

2009

4.92

0.03

1.54

1.57

(0.06

)

—

(0.06

)

2010

6.43

0.01

1.59

1.60

(0.03

)

—

(0.03

)

2011

8.00

0.03

(0.82

)

(0.79

)

(0.05

)

—

(0.05

)

2012(8)

7.16

0.04

(0.03

)

0.01

—

HUNTINGTON ROTATING MARKETS FUND

Trust Shares

2007

13.31

0.14

1.00

1.14

(0.14

)

(0.68

)

—

(0.82

)

2008

13.63

0.10

(5.71

)

(5.61

)

(0.10

)

(0.19

)

—

(0.29

)

2009

7.73

0.10

2.50

2.60

(0.10

)

—

(0.10

)

2010

10.23

0.03

0.59

0.62

—

(9)

—

(9)

2011

10.85

0.17

0.54

0.71

(0.03

)

—

(0.03

)

2012(8)

11.53

0.04

0.48

0.52

—

Class A Shares

2007

13.23

0.10

0.99

1.09

(0.10

)

(0.68

)

—

(0.78

)

2008

13.54

0.07

(5.66

)

(5.59

)

(0.07

)

(0.19

)

—

(0.26

)

2009

7.69

0.08

2.48

2.56

(0.07

)

—

(0.07

)

2010

10.18

0.01

0.59

0.60

—

(9)

—

(9)

2011

10.78

0.14

0.53

0.67

—

(9)

—

(9)

2012(8)

11.45

0.02

0.48

0.50

—

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Reflects operations for the period from May 1, 2007 (commencement of operations) to December 31, 2007.

(5)

Not Annualized.

(6)

Computed on an annualized basis.

(7)

Per share net investment income (loss) has been calculated using the average shares method.

(8)

Six months ended June 30, 2012 (Unaudited).

(9)

Amount is less than $0.005.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	10.79		10.41	%(5)		1.49	%(6)		2.54	%(6)		1.61	%(6)	$	44,523		39	%(5)
$	4.90		(53.87	)%		1.38	%		0.65	%		1.38	%	$	35,110		72	%
$	6.42		32.33	%		1.38	%		0.82	%		1.38	%	$	72,641		36	%
$	7.99		25.09	%		1.35	%		0.27	%		1.35	%	$	90,813		22	%
$	7.15		(9.64	)%		1.35	%		0.66	%		1.35	%	$	92,475		60	%
$	7.17		0.28	%(5)		1.34	%(6)		1.53	%(6)		1.34	%(6)	$	91,698		16	%(5)

$	10.78		10.22	%(5)		1.70	%(6)		2.30	%(6)		1.83	%(6)	$	706		39	%(5)
$	4.92		(53.95	)%		1.63	%		0.39	%		1.63	%	$	514		72	%
$	6.43		31.82	%		1.63	%		0.64	%		1.63	%	$	1,114		36	%
$	8.00		24.85	%		1.60	%		0.03	%		1.60	%	$	2,052		22	%
$	7.16		(9.88	)%		1.60	%		0.39	%		1.60	%	$	2,004		60	%
$	7.17		0.14	%(5)		1.59	%(6)		1.27	%(6)		1.59	%(6)	$	1,852		16	%(5)


$	13.63		8.67	%		1.08	%		1.08	%		1.08	%	$	53,375		54	%
$	7.73		(41.68	)%		1.18	%		0.85	%		1.18	%	$	28,390		218	%
$	10.23		33.64	%		1.19	%		1.16	%		1.19	%	$	41,786		230	%
$	10.85		6.07	%		1.19	%		0.27	%		1.19	%	$	36,729		250	%
$	11.53		6.57	%		1.21	%		1.39	%		1.21	%	$	35,046		2	%
$	12.05		4.51	%(5)		1.16	%(6)		0.66	%(6)		1.16	%(6)	$	37,147		102	%(5)

$	13.54		8.43	%		1.33	%		0.69	%		1.33	%	$	3,982		54	%
$	7.69		(41.81	)%		1.43	%		0.59	%		1.43	%	$	2,000		218	%
$	10.18		33.32	%		1.44	%		0.85	%		1.44	%	$	1,937		230	%
$	10.78		5.90	%		1.43	%		0.09	%		1.43	%	$	2,600		250	%
$	11.45		6.26	%		1.46	%		1.13	%		1.46	%	$	2,371		2	%
$	11.95		4.37	%(5)		1.41	%(6)		0.42	%(6)		1.41	%(6)	$	2,478		102	%(5)

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Equity Funds (Continued)

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON SITUS FUND

Trust Shares

2007

20.14

0.02

1.94

1.96

—

(2.10

)

—

(2.10

)

2008

20.00

0.01

(7.83

)

(7.82

)

—

(0.47

)

—

(0.47

)

2009

11.71

0.03

4.27

4.30

(0.01

)

(0.03

)

(0.02

)

(0.06

)

2010

15.95

(0.03

)

4.29

4.26

—

2011

20.21

(0.05

)

(0.63

)

(0.68

)

—

2012(4)

19.53

0.05

1.54

1.59

—

Class A Shares

2007

19.92

(0.03

)

1.91

1.88

—

(2.10

)

—

(2.10

)

2008

19.70

(0.03

)

(7.71

)

(7.74

)

—

(0.47

)

—

(0.47

)

2009

11.49

(0.01

)

4.19

4.18

—

(7)

(0.03

)

—

(7)

(0.03

)

2010

15.64

(0.06

)

4.20

4.14

—

2011

19.78

(0.10

)

(0.62

)

(0.72

)

—

2012(4)

19.06

0.02

1.51

1.53

—

HUNTINGTON TECHNICAL OPPORTUNITIES FUND

Trust Shares

2008(8)

10.00

(0.06

)(9)

(3.31

)

(3.37

)

—

(0.03

)

(0.03

)

2009

6.60

0.05

1.07

1.12

(0.05

)

—

(0.05

)

2010

7.67

(0.04

)

0.63

0.59

—

(7)

—

(7)

2011

8.26

(0.04

)

(0.99

)

(1.03

)

—

2012(4)

7.23

(0.02

)

(0.46

)

(0.48

)

—

Class A Shares

2008(8)

10.00

(0.08

)(9)

(3.30

)

(3.38

)

—

(0.03

)

(0.03

)

2009

6.59

0.03

1.06

1.09

(0.03

)

—

(0.03

)

2010

7.65

(0.05

)

0.62

0.57

—

(7)

—

(7)

2011

8.22

(0.05

)

(1.00

)

(1.05

)

—

2012(4)

7.17

(0.01

)

(0.47

)

(0.48

)

—

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Six months ended June 30, 2012 (Unaudited).

(5)

Not Annualized.

(6)

Computed on an annualized basis.

(7)

Amount is less than $0.005.

(8)

Reflects operations for the period from May 1, 2008 (commencement of operations) to December 31, 2008.

(9)

Per share net investment income (loss) has been calculated using the average shares method.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	20.00		9.95	%		1.32	%		0.09	%		1.32	%	$	108,350		22	%
$	11.71		(39.25	)%		1.34	%		0.06	%		1.34	%	$	77,947		19	%
$	15.95		36.86	%		1.38	%		0.25	%		1.38	%	$	141,342		25	%
$	20.21		26.71	%		1.36	%		(0.16	)%		1.36	%	$	183,311		32	%
$	19.53		(3.36	)%		1.32	%		(0.25	)%		1.32	%	$	166,134		18	%
$	21.12		8.14	%(5)		1.34	%(6)		0.47	%(6)		1.34	%(6)	$	172,258		3	%(5)

$	19.70		9.66	%		1.57	%		(0.15	)%		1.57	%	$	15,658		22	%
$	11.49		(39.44	)%		1.59	%		(0.21	)%		1.59	%	$	12,121		19	%
$	15.64		36.52	%		1.63	%		(0.01	)%		1.63	%	$	16,747		25	%
$	19.78		26.47	%		1.61	%		(0.38	)%		1.61	%	$	23,990		32	%
$	19.06		(3.64	)%		1.57	%		(0.50	)%		1.57	%	$	22,409		18	%
$	20.59		8.03	%(5)		1.59	%(6)		0.23	%(6)		1.59	%(6)	$	24,997		3	%(5)


$	6.60		(33.68	)%(5)		2.58	%(6)		(1.04	)%(6)		2.58	%(6)	$	6,148		152	%(5)
$	7.67		16.91	%		1.94	%		0.68	%		1.94	%	$	9,644		374	%
$	8.26		7.72	%		1.75	%		(0.49	)%		1.75	%	$	10,574		436	%
$	7.23		(12.47	)%		1.92	%		(0.50	)%		2.05	%	$	8,980		241	%
$	6.75		(6.64	)%(5)		1.96	%(6)		(0.64	)%(6)		1.96	%(6)	$	8,186		158	%(5)

$	6.59		(33.81	)%(5)		3.13	%(6)		(1.49	)%(6)		3.13	%(6)	$	67		152	%(5)
$	7.65		16.52	%		2.20	%		0.41	%		2.20	%	$	61		374	%
$	8.22		7.48	%		1.98	%		(0.69	)%		1.98	%	$	106		436	%
$	7.17		(12.77	)%		2.18	%		(0.67	)%		2.30	%	$	191		241	%
$	6.69		(6.69	)%(5)		2.21	%(6)		(0.69	)%(6)		2.21	%(6)	$	324		158	%(5)

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Income Funds

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON FIXED INCOME SECURITIES FUND

Trust Shares

2007

20.76

0.87

0.39

1.26

(0.87

)

—

(4)

—

(0.87

)

2008

21.15

0.85

0.24

1.09

(0.85

)

(0.05

)

—

(0.90

)

2009

21.34

0.78

0.34

1.12

(0.78

)

(0.06

)

—

(0.84

)

2010

21.62

0.67

0.57

1.24

(0.67

)

(0.03

)

—

(0.70

)

2011

22.16

0.60

0.76

1.36

(0.60

)

(0.33

)

—

(0.93

)

2012(5)

22.59

0.29

0.20

0.49

(0.29

)

—

(0.29

)

Class A Shares

2007

20.76

0.82

0.39

1.21

(0.82

)

—

(4)

—

(0.82

)

2008

21.15

0.80

0.24

1.04

(0.80

)

(0.05

)

—

(0.85

)

2009

21.34

0.73

0.34

1.07

(0.73

)

(0.06

)

—

(0.79

)

2010

21.62

0.61

0.57

1.18

(0.61

)

(0.03

)

—

(0.64

)

2011

22.16

0.55

0.76

1.31

(0.55

)

(0.33

)

—

(0.88

)

2012(5)

22.59

0.26

0.19

0.45

(0.26

)

—

(0.26

)

HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND

Trust Shares

2007

10.24

0.41

0.25

0.66

(0.41

)

—

(0.41

)

2008

10.49

0.41

0.40

0.81

(0.41

)

—

(0.41

)

2009

10.89

0.35

(0.15

)

0.20

(0.35

)

—

(0.35

)

2010

10.74

0.31

0.19

0.50

(0.31

)

(0.03

)

—

(0.34

)

2011

10.90

0.26

0.28

0.54

(0.27

)

(0.02

)

—

(0.29

)

2012(5)

11.15

0.12

—

(4)

0.12

(0.12

)

—

(0.12

)

Class A Shares

2007

10.24

0.38

0.25

0.63

(0.38

)

—

(0.38

)

2008

10.49

0.38

0.40

0.78

(0.38

)

—

(0.38

)

2009

10.89

0.32

(0.15

)

0.17

(0.32

)

—

(0.32

)

2010

10.74

0.28

0.19

0.47

(0.28

)

(0.03

)

—

(0.31

)

2011

10.90

0.24

0.26

0.50

(0.24

)

(0.02

)

—

(0.26

)

2012(5)

11.14

0.10

0.01

0.11

(0.10

)

—

(0.10

)

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Amount is less than $0.005.

(5)

Six months ended June 30, 2012 (Unaudited).

(6)

Not Annualized.

(7)

Computed on an annualized basis.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	21.15		6.23	%		1.04	%		4.18	%		1.04	%	$	183,283		42	%
$	21.34		5.32	%		1.06	%		4.05	%		1.06	%	$	183,011		31	%
$	21.62		5.36	%		1.08	%		3.62	%		1.08	%	$	229,570		30	%
$	22.16		5.75	%		1.06	%		2.99	%		1.06	%	$	283,953		19	%
$	22.59		6.26	%		1.04	%		2.70	%		1.04	%	$	291,200		35	%
$	22.79		2.18	%(6)		1.04	%(7)		2.56	%(7)		1.04	%(7)	$	304,891		8	%(6)

$	21.15		5.96	%		1.29	%		3.92	%		1.29	%	$	2,589		42	%
$	21.34		5.06	%		1.31	%		3.80	%		1.31	%	$	2,525		31	%
$	21.62		5.10	%		1.33	%		3.36	%		1.33	%	$	3,420		30	%
$	22.16		5.50	%		1.30	%		2.68	%		1.30	%	$	8,413		19	%
$	22.59		6.01	%		1.29	%		2.45	%		1.29	%	$	8,123		35	%
$	22.78		2.01	%(6)		1.29	%(7)		2.32	%(7)		1.29	%(7)	$	8,287		8	%(6)


$	10.49		6.58	%		1.08	%		3.96	%		1.08	%	$	115,155		30	%
$	10.89		7.88	%		1.07	%		3.84	%		1.07	%	$	115,159		27	%
$	10.74		1.86	%		1.10	%		3.21	%		1.10	%	$	110,761		26	%
$	10.90		4.64	%		1.10	%		2.80	%		1.10	%	$	115,470		6	%
$	11.15		5.05	%		1.08	%		2.38	%		1.08	%	$	134,149		21	%
$	11.15		1.06	%(6)		1.07	%(7)		2.12	%(7)		1.07	%(7)	$	137,690		11	%(6)

$	10.49		6.32	%		1.33	%		3.71	%		1.33	%	$	1,588		30	%
$	10.89		7.62	%		1.32	%		3.60	%		1.32	%	$	1,438		27	%
$	10.74		1.60	%		1.35	%		2.93	%		1.35	%	$	2,215		26	%
$	10.90		4.38	%		1.34	%		2.50	%		1.34	%	$	4,675		6	%
$	11.14		4.69	%		1.33	%		2.13	%		1.33	%	$	4,832		21	%
$	11.15		1.02	%(6)		1.32	%(7)		1.87	%(7)		1.32	%(7)	$	5,292		11	%(6)

Semi-Annual Shareholder Report

Financial Highlights (Continued)

Income Funds (Continued)

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON MORTGAGE SECURITIES FUND

Trust Shares

2007

9.01

0.34

(0.04

)

0.30

(0.36

)

(0.03

)

—

(0.39

)

2008

8.92

0.34

(0.12

)

0.22

(0.34

)

(0.01

)

—

(0.35

)

2009

8.79

0.29

0.15

0.44

(0.31

)

—

(0.31

)

2010

8.92

0.27

0.19

0.46

(0.28

)

—

(0.28

)

2011

9.10

0.24

0.21

0.45

(0.29

)

—

(0.29

)

2012(4)

9.26

0.13

0.11

0.24

(0.13

)

—

(0.13

)

Class A Shares

2007

9.06

0.29

(0.02

)

0.27

(0.33

)

(0.03

)

—

(0.36

)

2008

8.97

0.32

(0.13

)

0.19

(0.31

)

(0.01

)

—

(0.32

)

2009

8.84

0.27

0.15

0.42

(0.29

)

—

(0.29

)

2010

8.97

0.23

0.22

0.45

(0.26

)

—

(0.26

)

2011

9.16

0.21

0.22

0.43

(0.27

)

—

(0.27

)

2012(4)

9.32

0.12

0.10

0.22

(0.11

)

—

(0.11

)

HUNTINGTON OHIO TAX-FREE FUND

Trust Shares

2007

20.86

0.55

0.10

0.65

(0.55

)

(0.01

)

—

(0.56

)

2008

20.95

0.57

(0.17

)

0.40

(0.57

)

(0.03

)

—

(0.60

)

2009

20.75

0.59

0.45

1.04

(0.59

)

—

(0.59

)

2010

21.20

0.50

(0.11

)

0.39

(0.50

)

(0.07

)

—

(0.57

)

2011

21.02

0.46

1.08

1.54

(0.46

)

(0.16

)

—

(0.62

)

2012(4)

21.94

0.22

0.12

0.34

(0.22

)

—

(0.22

)

Class A Shares

2007

20.84

0.50

0.10

0.60

(0.50

)

(0.01

)

—

(0.51

)

2008

20.93

0.51

(0.16

)

0.35

(0.51

)

(0.03

)

—

(0.54

)

2009

20.74

0.54

0.44

0.98

(0.54

)

—

(0.54

)

2010

21.18

0.45

(0.11

)

0.34

(0.45

)

(0.07

)

—

(0.52

)

2011

21.00

0.40

1.09

1.49

(0.40

)

(0.16

)

—

(0.56

)

2012(4)

21.93

0.19

0.12

0.31

(0.19

)

—

(0.19

)

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Six months ended June 30, 2012 (Unaudited).

(5)

Not Annualized.

(6)

Computed on an annualized basis.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

100


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	8.92		3.33	%		1.09	%		3.72	%		1.09	%	$	83,728		17	%
$	8.79		2.45	%		1.10	%		3.82	%		1.10	%	$	82,729		13	%
$	8.92		5.17	%		1.11	%		3.32	%		1.11	%	$	100,114		24	%
$	9.10		5.21	%		1.11	%		2.87	%		1.11	%	$	96,832		6	%
$	9.26		5.01	%		1.11	%		2.57	%		1.11	%	$	104,098		22	%
$	9.37		2.55	%(5)		1.09	%(6)		2.75	%(6)		1.09	%(6)	$	110,417		13	%(5)

$	8.97		3.03	%		1.32	%		3.45	%		1.32	%	$	3,190		17	%
$	8.84		2.16	%		1.35	%		3.55	%		1.35	%	$	3,022		13	%
$	8.97		4.85	%		1.36	%		3.07	%		1.36	%	$	2,629		24	%
$	9.16		5.03	%		1.35	%		2.62	%		1.35	%	$	3,910		6	%
$	9.32		4.71	%		1.36	%		2.29	%		1.36	%	$	4,434		22	%
$	9.43		2.41	%(5)		1.34	%(6)		2.50	%(6)		1.34	%(6)	$	4,574		13	%(5)


$	20.95		3.18	%		1.18	%		2.67	%		1.18	%	$	34,098		15	%
$	20.75		1.95	%		1.22	%		2.73	%		1.22	%	$	32,946		19	%
$	21.20		5.05	%		1.20	%		2.80	%		1.20	%	$	42,568		21	%
$	21.02		1.85	%		1.20	%		2.36	%		1.20	%	$	48,741		18	%
$	21.94		7.37	%		1.22	%		2.13	%		1.22	%	$	50,628		28	%
$	22.06		1.55	%(5)		1.17	%(6)		1.99	%(6)		1.17	%(6)	$	55,189		18	%(5)

$	20.93		2.93	%		1.43	%		2.42	%		1.43	%	$	1,706		15	%
$	20.74		1.74	%		1.47	%		2.49	%		1.47	%	$	1,422		19	%
$	21.18		4.74	%		1.45	%		2.54	%		1.45	%	$	1,745		21	%
$	21.00		1.60	%		1.45	%		2.09	%		1.45	%	$	3,192		18	%
$	21.93		7.16	%		1.47	%		1.88	%		1.47	%	$	3,141		28	%
$	22.05		1.42	%(5)		1.42	%(6)		1.74	%(6)		1.42	%(6)	$	3,070		18	%(5)

Semi-Annual Shareholder Report

101

Financial Highlights (Continued)

Income Funds (Continued)

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME SECURITIES FUND

Trust Shares

2007

19.25

0.70

0.21

0.91

(0.70

)

—

(0.70

)

2008

19.46

0.67

(0.59

)

0.08

(0.67

)

—

(0.67

)

2009

18.87

0.53

0.91

1.44

(0.53

)

—

(0.53

)

2010

19.78

0.40

0.19

0.59

(0.40

)

—

(0.40

)

2011

19.97

0.27

0.12

0.39

(0.27

)

—

(0.27

)

2012(4)

20.09

0.13

0.07

0.20

(0.13

)

—

(0.13

)

Class A Shares

2007

19.26

0.65

0.20

0.85

(0.65

)

—

(0.65

)

2008

19.46

0.63

(0.59

)

0.04

(0.63

)

—

(0.63

)

2009

18.87

0.48

0.91

1.39

(0.48

)

—

(0.48

)

2010

19.78

0.35

0.20

0.55

(0.35

)

—

(0.35

)

2011

19.98

0.22

0.12

0.34

(0.22

)

—

(0.22

)

2012(4)

20.10

0.10

0.07

0.17

(0.10

)

—

(0.10

)

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)

Portfolio Turnover is calculated on the basis of the Fund as a whole without distinguishing among the classes of shares.

(4)

Six months ended June 30, 2012 (Unaudited).

(5)

Not Annualized.

(6)

Computed on an annualized basis.

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

102


Net Asset Value, end of period		Total return(1)			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets(2)			Net Assets, end of period (000 omitted)		Portfolio turnover rate(3)


$	19.46		4.79	%		1.06	%		3.60	%		1.06	%	$	82,730		29	%
$	18.87		0.43	%		1.08	%		3.51	%		1.08	%	$	79,130		51	%
$	19.78		7.70	%		1.09	%		2.67	%		1.09	%	$	149,384		50	%
$	19.97		2.99	%		1.06	%		1.97	%		1.06	%	$	196,479		24	%
$	20.09		1.98	%		1.05	%		1.35	%		1.05	%	$	215,735		31	%
$	20.16		0.98	%(5)		1.05	%(6)		1.25	%(6)		1.05	%(6)	$	218,321		9	%(5)

$	19.46		4.48	%		1.31	%		3.35	%		1.31	%	$	485		29	%
$	18.87		0.18	%		1.33	%		3.26	%		1.33	%	$	555		51	%
$	19.78		7.43	%		1.33	%		2.38	%		1.33	%	$	1,076		50	%
$	19.98		2.78	%		1.30	%		1.60	%		1.30	%	$	7,639		24	%
$	20.10		1.72	%		1.30	%		1.10	%		1.30	%	$	9,207		31	%
$	20.17		0.86	%(5)		1.30	%(6)		1.00	%(6)		1.30	%(6)	$	11,708		9	%(5)

Semi-Annual Shareholder Report

103

Financial Highlights (Continued)

Asset Allocation Funds

Net Asset
Value,
beginning
of period

Net
investment
income (loss)

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Distributions
from return
of capital

Total
distributions

HUNTINGTON BALANCED ALLOCATION FUND

2009(4)

10.00

0.05

0.75

0.80

(0.06

)

—

(5)

—

(0.06

)

2010

10.74

0.09

0.88

0.97

(0.09

)

(0.05

)

—

(0.14

)

2011

11.57

0.10

(0.13

)

(0.03

)

(0.10

)

(0.11

)

—

(0.21

)

2012(8)

11.33

0.03

0.43

0.46

(0.03

)

—

(0.03

)

HUNTINGTON CONSERVATIVE ALLOCATION FUND

2009(4)

10.00

0.08

0.34

0.42

(0.09

)

(0.01

)

—

(0.10

)

2010

10.32

0.17

0.41

0.58

(0.16

)

(0.05

)

—

(0.21

)

2011

10.69

0.15

0.11

0.26

(0.15

)

(0.08

)

—

(0.23

)

2012(8)

10.72

0.07

0.21

0.28

(0.07

)

—

(0.07

)

HUNTINGTON GROWTH ALLOCATION FUND

2009(4)

10.00

0.04

0.88

0.92

(0.05

)

—

(5)

—

(0.05

)

2010

10.87

0.06

1.09

1.15

(0.06

)

(0.08

)

—

(0.14

)

2011

11.88

0.07

(0.28

)

(0.21

)

(0.07

)

(0.15

)

—

(0.22

)

2012(8)

11.45

0.02

0.60

0.62

—

(1)

Based on net asset value, which does not reflect a sales charge or contingent deferred sales charge, if applicable.

(2)

Does not include the effect of expenses of underlying funds.

(3)

If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(4)

Reflects operations for the period from July 31, 2009 (commencement of operations) to December 31, 2009.

(5)

Amount is less than $0.005.

(6)

Not Annualized.

(7)

Computed on an annualized basis.

(8)

Six months ended June 30, 2012 (Unaudited).

(See notes which are an integral part of the Financial Statements)

Semi-Annual Shareholder Report

104

Net Asset
Value, end
of period

Total
return(1)

Ratio of Net
Expenses to
Average Net
Assets(2)

Ratio of Net
Investment
Income (Loss)
to Average
Net Assets

Ratio of Expenses
(Prior to
Reimbursements)
to Average
Net Assets(2)(3)

Net Assets,
end of
period
(000 omitted)

Portfolio
turnover
rate

10.74

8.03

%(6)

0.62

%(7)

1.30

%(7)

0.85

%(7)

13,336

%(6)

11.57

9.14

0.59

0.94

0.74

24,656

11.33

(0.18

0.67

0.90

0.80

27,642

11.76

4.19

%(6)

0.67

%(7)

0.57

%(7)

0.83

%(7)

17,444

%(6)

10.32

4.13

%(6)

0.72

%(7)

1.91

%(7)

0.86

%(7)

11,248

%(6)

10.69

5.70

0.70

1.60

0.79

14,840

10.72

2.50

0.73

1.43

0.83

15,544

10.93

2.64

%(6)

0.81

%(7)

0.98

%(7)

0.89

%(7)

5,064

%(6)

10.87

9.21

%(6)

0.52

%(7)

1.03

%(7)

0.85

%(7)

12,923

%(6)

11.88

10.69

0.51

0.61

0.77

19,132

11.45

(1.75

0.64

0.63

0.84

21,618

12.07

5.41

%(6)

0.63

%(7)

0.28

%(7)

0.88

%(7)

12,011

%(6)

Semi-Annual Shareholder Report

105

Notes to Financial Statements

June 30, 2012 (Unaudited)

(1)

Organization

The Huntington Funds (the “Trust”) was originally two separate Massachusetts business trusts: The Huntington Funds, established on February 10, 1987, and Huntington VA Funds, established on June 30, 1999 (together, the “Original Trusts”). On June 23, 2006, the Original Trusts were reorganized into a single Delaware statutory trust retaining the name of The Huntington Funds. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. At June 30, 2012, the Trust operated 36 separate series, or mutual funds, each with its own investment objective and strategy. The Funds’ prospectus provides a description of each Fund’s investment objectives, policies and strategies along with information on the classes of shares currently being offered. This report contains financial statements and financial highlights of the retail funds listed below (individually referred to as a “Fund,” or collectively as the “Funds”):


*Funds*		Investment Share Classes Offered*
Huntington Tax-Free Money Market Fund (“Tax-Free Money Market Fund”)		Trust & A
Huntington Money Market Fund (“Money Market Fund”)		Trust, A & Interfund
Huntington Ohio Municipal Money Market Fund (“Ohio Municipal Money Market Fund”)		Trust & A
Huntington U.S. Treasury Money Market Fund (“U.S. Treasury Money Market Fund”)		Trust & A
Huntington Disciplined Equity Fund (“Disciplined Equity Fund”)**		Trust & A
Huntington Dividend Capture Fund (“Dividend Capture Fund”)		Trust & A
Huntington Global Select Markets Fund (“Global Select Markets Fund”)		Trust & A
Huntington Growth Fund (“Growth Fund”)		Trust & A
Huntington Income Equity Fund (“Income Equity Fund”)		Trust & A
Huntington International Equity Fund (“International Equity Fund”)		Trust & A
Huntington Macro 100 Fund (“Macro 100 Fund”)		Trust & A
Huntington Mid Corp America Fund (“Mid Corp America Fund”)		Trust & A
Huntington Real Strategies Fund (“Real Strategies Fund”)		Trust & A
Huntington Rotating Markets Fund (“Rotating Markets Fund”)		Trust & A
Huntington Situs Fund (“Situs Fund”)		Trust & A
Huntington Technical Opportunities Fund (“Technical Opportunities Fund”)		Trust & A
Huntington Fixed Income Securities Fund (“Fixed Income Securities Fund”)		Trust & A
Huntington Intermediate Government Income Fund (“Intermediate Government Income Fund”)		Trust & A
Huntington Mortgage Securities Fund (“Mortgage Securities Fund”)		Trust & A


*Funds*		Investment Share Classes Offered*
Huntington Ohio Tax-Free Fund (“Ohio Tax-Free Fund”)		Trust & A
Huntington Short/Intermediate Fixed Income Securities Fund (“Short/Intermediate Fixed Income Securities Fund”)		Trust & A
Huntington Balanced Allocation Fund (“Balanced Allocation Fund”)		A
Huntington Conservative Allocation Fund (“Conservative Allocation Fund”)		A
Huntington Growth Allocation Fund (“Growth Allocation Fund”)		A

Each class of shares for each Fund has identical rights and privileges except with respect to distribution (12b-1) and service fees, voting rights on matters affecting a single class of shares, exchange privileges of each class of shares and sales charges. The price at which the Funds will offer or redeem shares is the net asset value (“NAV”) per share next determined after the order is considered received, subject to any applicable front end or contingent deferred sales charges. Class A has a maximum sales charge on purchases of 4.75% as a percentage of the original purchase price except for the Fixed Income Securities Fund, Intermediate Government Income Fund, Mortgage Securities Fund and Ohio Tax-Free Fund which are 3.75%, and the Short/Intermediate Fixed Income Securities Fund which is 1.50%. The Tax-Free Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund and the U.S. Treasury Money Market Fund (collectively the “Money Market Funds”) do not have sales charges on original purchases. Effective May 1, 2010, the Institutional Shares were renamed Trust Shares. Effective June 29, 2010, Class B shares were converted to Class A shares.

**	Disciplined Equity Fund commenced operations on August 1, 2011.

The Disciplined Equity Fund was originally organized as a Common Trust Fund. Effective as of the close of business on July 29, 2011, the Common Trust Fund was reorganized into a series of the Trust through a tax-free exchange of 4,859,563 shares of the Disciplined Equity Fund (valued at $10.00 per share) in exchange for the net assets of the Common Trust Fund. At the time of the exchange, the Common Trust Fund had net assets of $48,595,633 including net unrealized appreciation of $4,573,904.

On May 18, 2012 the Huntington Mid Corp America Fund (“Acquiring Fund”) acquired all of the assets and assumed all of the liabilities of the Huntington New Economy Fund (“Acquired Fund”) pursuant to an agreement and plan of reorganization approved by the Board of Trustees on January 17, 2012. The reorganization provides shareholders of the Acquired Fund access to a larger and more diversified portfolio with a similar investment strategy and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

Semi-Annual Shareholder Report

106

The acquisition was accomplished by a tax-free exchange of 964,397 Institutional Class shares of the Acquiring Fund (valued at $13,560,775) for 1,364,414 Institutional Class shares of the Acquired Fund, 218,019 Class A shares of the Acquiring Fund (valued at $2,975,148) for 308,667 Class A shares of the Acquired Fund, each outstanding on May 18, 2012. The investment portfolio of the Acquired Fund, with a fair value of $16,514,542 and identified cost of $18,597,144 was the principal asset acquired by the Acquiring Fund. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the identified cost of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Acquiring Fund immediately before the acquisition were $123,890,843. The aggregate net assets of the Acquired Fund at that date of $16,535,923, including $(2,082,602) of unrealized depreciation, were combined with those of the Acquiring Fund, resulting in combined aggregate net assets of $140,426,766.

Assuming the acquisition had been completed on January 1, 2012, the beginning of the annual reporting period of the Acquiring Fund, the Acquiring Fund’s pro forma results of operations for the six months ended June 30, 2012, are as follows:


Net Investment Income*	$	156,607
Net Realized and Unrealized Gain on Investments	$	10,501,454
Net Increase in Net Assets Resulting From Operations	$	12,447,653

*	Net Investment Income includes $17,000 of pro forma additional merger expenses.

Because the combined investment portfolios have been managed as a single portfolio since the acquisition was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the Acquiring Fund’s accompanying Statement of Operations since May 18, 2012.

Under the Trust’s organizational documents, its officers and Board of Trustees (“Trustees”) are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

(2)

Significant Accounting Policies

liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A.	*Investment Valuations*

The Trust calculates the NAV for each of the Funds (other than the Money Market Funds) by valuing securities held based on fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

For the Money Market Funds, the Trust attempts to stabilize the NAV per share at $1.00 per share by valuing portfolio securities using the amortized cost method, which approximates market value. Under the amortized cost method, premium or discount, if any, is amortized or accreted, respectively, on a constant (straight-line) basis to the maturity of the security.

The valuation techniques described below maximize the use of observable inputs and minimize the use of unobservable inputs in determining fair value. The inputs used for valuing the Funds’ investments are summarized in the three broad levels listed below:

•

Level 1—quoted prices in active markets for identical assets.

•

Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

•

Level 3—significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The Trust recognizes transfers between fair value hierarchy levels at the reporting period end. The inputs or methodology used for valuing investments is not necessarily an indication of the risk associated with investing in those investments.

In computing the NAV of the Funds, other than the Money Market Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Trustee-approved policies, the Trust relies on certain security pricing services to provide the current market value of securities. Those security pricing services value equity securities (including foreign equity securities, exchange-traded funds and closed-end funds) traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ official closing price. If there is no reported sale on the principal exchange, and in the case of over-the-counter securities, equity securities are valued at a bid price estimated by the security pricing service. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Semi-Annual Shareholder Report

107

Notes to Financial Statements (Continued)

Option contracts are generally valued using the closing price based on quote data from the six major U.S. options exchanges on which such options are traded, and are typically categorized as Level 1 in the fair value hierarchy.

Debt securities traded on a national securities exchange or in the over-the-counter market are valued at the last reported sales price on the principal exchange, except that U.S. government obligations held by Mortgage Securities Fund are valued at the mean between the over-the-counter bid and asked prices furnished by the security pricing service. If there is no reported sale on the principal exchange, and for all other debt securities, debt securities are valued at a bid price estimated by the security pricing service. Foreign securities quoted in foreign currencies are translated in U.S. dollars at the foreign exchange rate in effect as of the close of the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern Time), on the day the value of the foreign security is determined. Short-term investments with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Under certain circumstances, a good faith determination of the fair value of a security may be used instead of its current market value, even if the security’s market price is readily available. In such circumstances, the Trust’s Sub-Administrator may request that the Trust’s Pricing Committee make its own fair value determination.

Securities for which market quotations are not readily available are valued at fair value under Trust procedures approved by the Trustees. In these cases, a Pricing Committee established and appointed by the Trustees determines in good faith, subject to Trust procedures, the fair value of portfolio securities held by a Fund (“good faith fair valuation”). When a good faith fair valuation of a security is required, consideration is generally given to a number of factors including, but not limited to the following: dealer quotes, published analyses by dealers or analysts regarding the security, transactions which provide implicit valuation of the security (such as a merger or tender offer transaction), the value of other securities or contracts which derive their value from the security at issue, and the implications of any other circumstances which have caused trading in the security to halt. With respect to certain narrow categories of securities, the procedures utilized by the Pricing Committee detail specific valuation methodologies to be applied in lieu of considering the aforementioned list of factors. Depending on the source and relative significance of valuation inputs, these instruments may be classified as Level 2 or Level 3 in the fair value hierarchy.

expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Significant events include significant securities market movements occurring between the time the price of the portfolio security is determined and the close of trading on the NYSE. For domestic fixed income securities, such events may occur where the cut-off time for the market information used by the independent pricing service is earlier than the end of regular trading on the NYSE. For securities normally priced at their last sale price in a foreign market, such events can occur between the close of trading in the foreign market and the close of trading on the NYSE.

In some cases, events affecting the issuer of a portfolio security may be considered significant events. Examples of potentially significant events include announcements concerning earnings, acquisitions, new products, management changes, litigation developments, a strike or natural disaster affecting the company’s operations or regulatory changes or market developments affecting the issuer’s industry occurring between the time when the price of the portfolio security is determined and the close of trading on the NYSE. For securities of foreign issuers, such events could also include political or other developments affecting the economy or markets in which the issuer conducts its operations or its securities are traded.

There can be no assurance that a Fund could purchase or sell a portfolio security at the price used to calculate the Fund’s NAV. In the case of good faith fair valued portfolio securities, lack of information and uncertainty as to the significance of information may lead to a conclusion that a prior valuation is the best indication of a portfolio security’s present value. Good faith fair valuations generally remain unchanged until new information becomes available. Consequently, changes in good faith fair valuation of portfolio securities may be less frequent and of greater magnitude than changes in the price of portfolio securities valued at their last sale price, by an independent pricing service, or based on market quotations.

The Funds’ Trustees have authorized the use of an independent fair valuation service to monitor changes in a designated U.S. market index after foreign markets close, and to implement a fair valuation methodology to adjust the closing prices of foreign securities if the movement in the index is significant. In the event of an increase or decrease greater than predetermined levels, the Funds may use a systematic valuation model provided by an independent third party to fair value its international equity securities, which are then typically categorized as Level 2 in the fair value hierarchy.

In accordance with the valuation procedures adopted by the Trustees, real estate investments are fair valued using methods such as, discounted cash flow models, various real estate debt spreads and other market indicators, which the Trustees deem indicative of the estimated fair value of the real estate investments.

Semi-Annual Shareholder Report

108

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2012, based on the three levels defined above:

LEVEL 1

LEVEL 2

LEVEL 3

Total

Tax-Free Money Market Fund

Investment Securities:

Municipal Bonds

—

73,256,510

—

73,256,510

Cash Equivalents

6,434,298

—

6,434,298

Total Investment Securities

6,434,298

73,256,510

—

79,690,808

Money Market Fund

Investment Securities:

Commercial Papers

—

94,969,805

—

94,969,805

U.S. Government Agencies

Federal Farm Credit Bank

—

57,502,817

—

57,502,817

Federal Home Loan Bank

—

14,999,929

—

14,999,929

Cash Equivalents

60,000,000

—

60,000,000

Municipal Bonds

—

59,800,000

—

59,800,000

Yankee Certificates of Deposit

—

40,001,111

—

40,001,111

Corporate Bonds

Financials

—

28,698,896

—

28,698,896

Industrials

—

5,005,150

—

5,005,150

Repurchase Agreements

—

19,192,500

—

19,192,500

Total Investment Securities

60,000,000

320,170,208

—

380,170,208

Ohio Municipal Money Market Fund

Investment Securities:

Municipal Bonds

—

131,442,293

—

131,442,293

Cash Equivalents

3,162,882

—

3,162,882

Total Investment Securities

3,162,882

131,442,293

—

134,605,175

U.S. Treasury Money Market Fund

Investment Securities:

U.S. Treasury Obligations

—

209,162,253

—

209,162,253

Repurchase Agreements

—

110,222,500

—

110,222,500

Total Investment Securities

—

319,384,753

—

319,384,753

Disciplined Equity Fund

Investment Securities:

Common Stocks

Consumer Discretionary

7,294,670

—

7,294,670

Consumer Staples

11,132,226

—

11,132,226

Energy

10,633,289

—

10,633,289

Financials

9,772,019

—

9,772,019

Health Care

9,433,599

—

9,433,599

Industrials

8,114,052

—

8,114,052

Information Technology

19,825,452

—

19,825,452

Materials

1,738,851

—

1,738,851

Real Estate Investment Trusts

311,320

—

311,320

Telecommunication Services

3,437,140

—

3,437,140

Utilities

748,850

—

748,850

Exchange-Traded Funds

371,861

—

371,861

Options Purchased

1,421,500

—

1,421,500

Cash Equivalents

8,367,177

—

8,367,177

Total Investment Securities

92,602,006

—

92,602,006

Other Financial Instruments:*

Written Options

(877,192

)

—

(877,192

)

Total Investments

91,724,814

—

91,724,814

Semi-Annual Shareholder Report

109

Notes to Financial Statements (Continued)

LEVEL 1

LEVEL 2

LEVEL 3

Total

Dividend Capture Fund

Investment Securities:

Common Stocks

Consumer Discretionary

10,212,200

—

10,212,200

Consumer Staples

9,044,922

—

9,044,922

Energy

20,491,040

—

20,491,040

Financials

29,695,637

—

29,695,637

Health Care

8,546,247

—

8,546,247

Industrials

11,233,150

—

11,233,150

Information Technology

10,804,287

—

10,804,287

Materials

3,426,793

—

3,426,793

Real Estate Investment Trusts

13,743,675

—

13,743,675

Telecommunication Services

5,206,710

—

5,206,710

Utilities

6,123,575

—

6,123,575

Preferred Stocks

Financials

19,310,640

1,174,500

—

20,485,140

Real Estate Investment Trusts

4,857,750

—

4,857,750

Telecommunication Services

1,322,500

—

1,322,500

Utilities

6,764,900

—

6,764,900

Exchange-Traded Funds

5,817,800

—

5,817,800

Cash Equivalents

2,137,897

—

2,137,897

Short-Term Securities Held as Collateral for Securities Lending

9,846,942

—

9,846,942

Total Investment Securities

178,586,665

1,174,500

—

179,761,165

Global Select Markets Fund

Investment Securities:

Common Stocks

Consumer Discretionary

5,049,222

—

5,049,222

Consumer Staples

1,736,685

—

1,736,685

Energy

3,240,507

—

3,240,507

Financials

7,179,120

—

7,179,120

Health Care

1,620,598

—

1,620,598

Industrials

1,439,019

—

1,439,019

Information Technology

3,587,212

—

3,587,212

Materials

7,120,156

—

7,120,156

Telecommunication Services

1,527,670

—

1,527,670

Utilities

808,796

—

808,796

Exchange-Traded Funds

3,232,620

—

3,232,620

Foreign Government Bonds

—

1,224,634

—

1,224,634

Corporate Bonds

Financials

—

1,017,945

—

1,017,945

Cash Equivalents

1,490,801

—

1,490,801

Short-Term Securities Held as Collateral for Securities Lending

4,737,640

—

4,737,640

Total Investment Securities

42,770,046

2,242,579

—

45,012,625

Growth Fund

Investment Securities:

Common Stocks

Consumer Discretionary

11,741,994

—

11,741,994

Consumer Staples

17,795,206

—

17,795,206

Energy

14,917,703

—

14,917,703

Financials

4,666,928

—

4,666,928

Health Care

18,471,039

—

18,471,039

Industrials

10,063,626

—

10,063,626

Information Technology

45,192,471

—

45,192,471

Materials

4,512,065

—

4,512,065

Real Estate Investment Trusts

2,061,917

—

2,061,917

Telecommunication Services

795,032

—

795,032

Utilities

701,887

—

701,887

Cash Equivalents

1,184,775

—

1,184,775

Short-Term Securities Held as Collateral for Securities Lending

2,958,877

—

2,958,877

Total Investment Securities

135,063,520

—

135,063,520

Semi-Annual Shareholder Report

110

LEVEL 1

LEVEL 2

LEVEL 3

Total

Income Equity Fund

Investment Securities:

Common Stocks

Consumer Discretionary

12,394,435

—

12,394,435

Consumer Staples

9,849,188

—

9,849,188

Energy

14,823,413

—

14,823,413

Financials

20,131,215

—

20,131,215

Health Care

9,473,557

—

9,473,557

Industrials

12,516,962

—

12,516,962

Information Technology

15,420,929

—

15,420,929

Materials

3,793,530

—

3,793,530

Real Estate Investment Trusts

12,734,952

—

12,734,952

Telecommunication Services

5,750,676

—

5,750,676

Utilities

6,716,511

—

6,716,511

Cash Equivalents

1,206,530

—

1,206,530

Short-Term Securities Held as Collateral for Securities Lending

10,238,010

—

10,238,010

Total Investment Securities

135,049,908

—

135,049,908

International Equity Fund

Investment Securities:

Common Stocks

Consumer Discretionary

26,583,097

—

26,583,097

Consumer Staples

28,231,154

—

28,231,154

Energy

27,257,488

—

27,257,488

Financials

33,595,159

—

33,595,159

Health Care

20,296,712

—

20,296,712

Industrials

38,282,362

—

38,282,362

Information Technology

20,612,446

—

20,612,446

Materials

19,092,476

—

19,092,476

Telecommunication Services

19,323,884

—

19,323,884

Utilities

9,004,708

—

9,004,708

Exchange-Traded Funds

13,118,390

—

13,118,390

Cash Equivalents

16,099,418

—

16,099,418

Short-Term Securities Held as Collateral for Securities Lending

14,795,801

—

14,795,801

Total Investment Securities

286,293,095

—

286,293,095

Macro 100 Fund

Investment Securities:

Common Stocks

Consumer Discretionary

4,776,360

—

4,776,360

Consumer Staples

5,328,386

—

5,328,386

Energy

6,534,181

—

6,534,181

Financials

7,470,967

—

7,470,967

Health Care

6,370,445

—

6,370,445

Industrials

5,827,490

—

5,827,490

Information Technology

10,438,632

—

10,438,632

Materials

1,950,056

—

1,950,056

Telecommunication Services

1,585,178

—

1,585,178

Utilities

2,252,398

—

2,252,398

Cash Equivalents

3,027,319

—

3,027,319

Short-Term Securities Held as Collateral for Securities Lending

1,676,467

—

1,676,467

Total Investment Securities

57,237,879

—

57,237,879

Semi-Annual Shareholder Report

111

Notes to Financial Statements (Continued)

LEVEL 1

LEVEL 2

LEVEL 3

Total

Mid Corp America Fund

Investment Securities:

Common Stocks

Consumer Discretionary

12,449,936

—

12,449,936

Consumer Staples

7,891,406

—

7,891,406

Energy

9,892,433

—

9,892,433

Financials

15,472,771

—

15,472,771

Health Care

15,723,418

—

15,723,418

Industrials

23,734,923

—

23,734,923

Information Technology

27,714,505

—

27,714,505

Materials

8,922,228

—

8,922,228

Real Estate Investment Trusts

12,013,492

—

12,013,492

Telecommunication Services

696,628

—

696,628

Utilities

3,200,051

—

3,200,051

Cash Equivalents

7,184,841

—

7,184,841

Short-Term Securities Held as Collateral for Securities Lending

4,128,969

—

4,128,969

Total Investment Securities

149,025,601

—

149,025,601

Real Strategies Fund

Investment Securities:

Common Stocks

Consumer Staples

7,165,905

—

7,165,905

Energy

26,770,743

—

26,770,743

Industrials

13,804,397

—

13,804,397

Materials

22,123,912

—

22,123,912

Real Estate Investment Trusts

8,014,742

—

8,014,742

Exchange-Traded Funds

4,699,816

—

4,699,816

Real Estate Investments

—

5,173,495

Closed-End Fund

2,887,183

—

2,887,183

Options Purchased

67,750

—

67,750

Warrants

120,960

—

120,960

Cash Equivalents

2,512,628

—

2,512,628

Short-Term Securities Held as Collateral for Securities Lending

17,530,747

—

17,530,747

Total Investment Securities

105,698,783

—

5,173,495

110,872,278

Other Financial Instruments:*

Written Options

(108,450

)

—

(108,450

)

Total Investments

105,590,333

—

5,173,495

110,763,828

Rotating Markets Fund

Investment Securities:

Common Stocks

Consumer Discretionary

5,914,261

—

5,914,261

Consumer Staples

956,661

—

956,661

Health Care

4,281,322

—

4,281,322

Industrials

662,235

—

662,235

Information Technology

24,668,757

—

24,668,757

Materials

182,044

—

182,044

Telecommunication Services

340,950

—

340,950

Exchange-Traded Funds

1,847,808

—

1,847,808

Cash Equivalents

748,350

—

748,350

Short-Term Securities Held as Collateral for Securities Lending

264,849

—

264,849

Total Investment Securities

39,867,237

—

39,867,237

Semi-Annual Shareholder Report

112

LEVEL 1

LEVEL 2

LEVEL 3

Total

Situs Fund

Investment Securities:

Common Stocks

Consumer Discretionary

23,596,194

—

23,596,194

Consumer Staples

9,844,869

—

9,844,869

Energy

17,266,910

—

17,266,910

Financials

19,599,349

—

19,599,349

Health Care

29,981,301

—

29,981,301

Industrials

29,671,926

—

29,671,926

Information Technology

28,979,325

—

28,979,325

Materials

24,311,441

—

24,311,441

Real Estate Investment Trusts

5,093,205

—

5,093,205

Telecommunication Services

324,090

—

324,090

Utilities

4,104,223

—

4,104,223

Exchange-Traded Funds

3,115,411

—

3,115,411

Closed-End Fund

593,700

—

593,700

Cash Equivalents

3,294,436

—

3,294,436

Short-Term Securities Held as Collateral for Securities Lending

22,469,932

—

22,469,932

Total Investment Securities

222,246,312

—

222,246,312

Other Financial Instruments:*

Written Options

(1,332,677

)

—

(1,332,677

)

Total Investments

220,913,635

—

220,913,635

Technical Opportunities Fund

Investment Securities:

Exchange-Traded Funds

7,443,415

—

7,443,415

Cash Equivalents

1,092,452

—

1,092,452

Short-Term Securities Held as Collateral for Securities Lending

1,382,307

—

1,382,307

Total Investment Securities

9,918,174

—

9,918,174

Fixed Income Securities Fund

Investment Securities:

Corporate Bonds

Consumer Discretionary

—

16,125,110

—

16,125,110

Consumer Staples

—

10,046,296

—

10,046,296

Energy

—

17,126,797

—

17,126,797

Financials

—

76,022,328

—

76,022,328

Health Care

—

21,789,264

—

21,789,264

Industrials

—

10,699,776

—

10,699,776

Information Technology

—

17,143,770

—

17,143,770

Materials

—

6,498,514

—

6,498,514

Real Estate Investment Trusts

—

15,306,873

—

15,306,873

Telecommunication Services

—

6,685,300

—

6,685,300

Utilities

—

29,863,360

—

29,863,360

U.S. Government Agencies

Federal Agricultural Mortgage Corporation

—

4,213,340

—

4,213,340

Federal Farm Credit Bank

—

2,223,508

—

2,223,508

Federal Home Loan Bank

—

20,837,722

—

20,837,722

Federal Home Loan Mortgage Corporation

—

5,366,270

—

5,366,270

Federal National Mortgage Association

—

3,475,545

—

3,475,545

U.S. Treasury Obligations

U.S. Treasury Bonds

—

29,928,127

—

29,928,127

U.S. Treasury Notes

—

2,198,282

—

2,198,282

U.S. Government Mortgage Backed Agencies

Federal Home Loan Mortgage Corporation

—

1,467,562

—

1,467,562

Federal National Mortgage Association

—

183,927

—

183,927

Government National Mortgage Association

—

2,082,890

—

2,082,890

Preferred Stocks

Financials

3,383,500

—

3,383,500

Real Estate Investment Trusts

1,073,000

—

1,073,000

Utilities

1,722,300

—

1,722,300

Cash Equivalents

4,501,438

—

4,501,438

Total Investment Securities

10,680,238

299,284,561

—

309,964,799

Semi-Annual Shareholder Report

113

Notes to Financial Statements (Continued)

LEVEL 1

LEVEL 2

LEVEL 3

Total

Intermediate Government Income Fund

Investment Securities:

U.S. Government Agencies

Federal Farm Credit Bank

—

23,088,675

—

23,088,675

Federal Home Loan Bank

—

34,317,754

—

34,317,754

Federal National Mortgage Association

—

9,422,601

—

9,422,601

U.S. Government Mortgage Backed Agencies

Federal Home Loan Mortgage Corporation

—

10,571,498

—

10,571,498

Federal National Mortgage Association

—

17,958,706

—

17,958,706

Government National Mortgage Association

—

8,847,298

—

8,847,298

U.S. Treasury Obligations

U.S. Treasury Inflation Protection Notes

—

1,923,902

—

1,923,902

U.S. Treasury Notes

—

25,943,982

—

25,943,982

Collateralized Mortgage Obligations

Federal Home Loan Bank

—

1,323,343

—

1,323,343

Federal Home Loan Mortgage Corporation

—

3,029,854

—

3,029,854

Federal National Mortgage Association

—

254,161

—

254,161

Government National Mortgage Association

—

2,093,850

—

2,093,850

Cash Equivalents

3,811,881

—

3,811,881

Total Investment Securities

3,811,881

138,775,624

—

142,587,505

Mortgage Securities Fund

Investment Securities:

U.S. Government Mortgage Backed Agencies

Federal Home Loan Mortgage Corporation

—

19,843,222

—

19,843,222

Federal National Mortgage Association

—

59,946,327

—

59,946,327

Government National Mortgage Association

—

7,568,636

—

7,568,636

Common Stocks

Real Estate Investment Trusts

13,381,283

—

13,381,283

Collateralized Mortgage Obligations

Federal Home Loan Bank

—

229,134

—

229,134

Federal Home Loan Mortgage Corporation

—

4,060,437

—

4,060,437

Federal National Mortgage Association

—

1,397,304

—

1,397,304

Residential Home Loans

—

321,880

—

321,880

U.S. Government Agencies

Federal Home Loan Bank

—

3,535,658

—

3,535,658

Federal Home Loan Mortgage Corporation

—

535,566

—

535,566

Federal National Mortgage Association

—

1,120,111

—

1,120,111

Cash Equivalents

2,765,150

—

2,765,150

Short-Term Securities Held as Collateral for Securities Lending

957,205

—

957,205

Total Investment Securities

17,103,638

98,558,275

—

115,661,913

Ohio Tax-Free Fund

Investment Securities:

Municipal Bonds

—

57,859,608

—

57,859,608

Cash Equivalents

133,311

—

133,311

Total Investment Securities

133,311

57,859,608

—

57,992,919

Semi-Annual Shareholder Report

114

LEVEL 1

LEVEL 2

LEVEL 3

Total

Short/Intermediate Fixed Income Securities Fund

Investment Securities:

Corporate Bonds

Consumer Discretionary

—

10,400,215

—

10,400,215

Consumer Staples

—

12,856,279

—

12,856,279

Energy

—

9,745,515

—

9,745,515

Financials

—

41,591,837

—

41,591,837

Health Care

—

24,650,077

—

24,650,077

Industrials

—

17,516,867

—

17,516,867

Information Technology

—

10,895,216

—

10,895,216

Materials

—

14,466,938

—

14,466,938

Real Estate Investment Trusts

—

3,187,755

—

3,187,755

Telecommunication Services

—

4,185,681

—

4,185,681

Utilities

—

9,860,291

—

9,860,291

U.S. Government Agencies

Federal Agricultural Mortgage Corporation

—

3,160,005

—

3,160,005

Federal Farm Credit Bank

—

5,059,140

—

5,059,140

Federal Home Loan Bank

—

24,756,019

—

24,756,019

Federal Home Loan Mortgage Corporation

—

2,059,386

—

2,059,386

Federal National Mortgage Association

—

20,847,800

—

20,847,800

U.S. Treasury Obligations

U.S. Treasury Notes

—

10,695,077

—

10,695,077

Cash Equivalents

4,133,499

—

4,133,499

Total Investment Securities

4,133,499

225,934,098

—

230,067,597

Balanced Allocation Fund

Investment Securities:

Mutual Funds

17,253,935

—

17,253,935

Cash Equivalents

152,904

—

152,904

Total Investment Securities

17,406,839

—

17,406,839

Conservative Allocation Fund

Investment Securities:

Mutual Funds

5,006,036

—

5,006,036

Cash Equivalents

42,489

—

42,489

Total Investment Securities

5,048,525

—

5,048,525

Growth Allocation Fund

Investment Securities:

Mutual Funds

11,750,704

—

11,750,704

Cash Equivalents

193,269

—

193,269

Total Investment Securities

11,943,973

—

11,943,973

The following is a summary of the transfers between Level 1 and Level 2 of the fair value hierarchy for the six months ended June 30, 2012:


	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1
*Global Select Markets Fund*
Common Stocks
Consumer Discretionary	$	43,122,242	$	42,923,319
Consumer Staples		11,159,353		10,355,284
Energy		9,521,333		9,423,133
Financials		48,353,042		47,522,822
Health Care		9,143,469		9,095,176
Industrials		14,482,554		14,210,777
Information Technology		5,997,488		5,983,422
Materials		33,144,225		32,906,265
Utilities		7,005,802		6,923,658

Total		181,929,508		179,343,856

Semi-Annual Shareholder Report

115

Notes to Financial Statements (Continued)


	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1
*International Equity Fund*
Common Stocks
Consumer Discretionary	$	211,166,971	$	208,874,252
Consumer Staples		175,884,760		176,035,040
Energy		61,122,990		61,148,299
Financials		159,433,680		163,028,373
Health Care		222,275,592		221,278,859
Industrials		111,645,721		111,022,039
Information Technology		342,447,347		340,790,439
Materials		86,840,902		86,803,080
Telecommunication Services		85,668,071		84,851,943
Utilities		146,461,404		145,490,753

Total		1,602,947,438		1,599,323,077

*Situs Fund*
Common Stocks
Consumer Discretionary		13,754,909		13,672,590
Consumer Staples		27,541,569		27,315,580
Financials		2,893,114		2,907,626
Health Care		34,687,728		34,682,283
Industrials		7,384,393		7,355,462

Total		86,261,713		85,933,541

Quantitative Information about Level 3 Fair Value Measurements

Type of Assets

Fair Value
At June 30, 2012

Valuation Techniques

Unobservable Input(s)

Range (weighted
average)

Real Strategies Fund

Real Estate Investments

5,173,495

Discounted cash flow

Constant prepayment rate

2.1%-3.6%(2.7%)

Probability of default

5%-15%(8%)

Loss severity

10%-70%(40%)

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

Balance as of
December 31,
2011

Change in
unrealized
appreciation
(depreciation)

Purchases

Transfers from
Level 1 to
Level 3(a)

Transfers from
Level 3 to
Level 1(a)

Balance as of
June 30, 2012

Real Strategies Fund

Real Estate Investments

4,269,542

(46,047

)

950,000

—

5,173,495

(a)

The amount of transfers in and/or out are reflected at the securities’ fair value on the date of the transfer.

B.	*Repurchase Agreements*

The Funds may enter into repurchase agreements with banks and other recognized financial institutions, such as broker/dealers, which are deemed by Huntington Asset Advisors, Inc., a subsidiary of The Huntington National Bank, to be creditworthy pursuant to the guidelines and/or standards reviewed or established by the Trustees. It is the policy of the Funds to require the custodian bank to take possession of, to have legally segregated in the Federal Reserve Book Entry System, or to have segregated within the custodian bank’s vault, all securities held as collateral under repurchase agreement transactions. Additionally, procedures have been established by the Funds to monitor, on a daily basis, the market value of each repurchase agreement’s collateral to ensure that the value of collateral at least equals the repurchase price to be paid under the repurchase agreement transaction. If the counterparty defaults and the fair value of the collateral declines, realization of the collateral by the Funds may be delayed or limited.

C.	*When-Issued and Delayed Transactions*

The Funds may engage in when-issued or delayed delivery transactions. The Funds record when-issued securities on the trade date and maintain security positions such that sufficient liquid assets will be available to make payment for the securities purchased. Securities purchased on a when-issued or delayed delivery basis are marked to market daily and begin earning interest on the settlement date. Losses may occur on these transactions due to changes in market conditions or the failure of counterparties to perform under the contract.

D.	*Foreign Currency Translation*

Semi-Annual Shareholder Report

116

resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions.

E.	*Derivative Instruments*

Certain of the Funds may be subject to equity price risk and foreign currency exchange risk in the normal course of pursuing their investment objectives. Certain of the Funds may invest in various financial instruments including positions in foreign currency contracts and written option contracts to gain exposure to or hedge against changes in the value of equities or foreign currencies. The following is a description of the derivative instruments utilized by the Funds, including the primary underlying risk exposure related to each instrument type.

Foreign Exchange Contracts—Global Select Markets Fund, International Equity Fund, Real Strategies Fund, Situs Fund and Technical Opportunities Fund may enter into forward foreign exchange contracts. A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Such contracts are used to sell unwanted currency exposure that comes with holding securities in a market, or to

buy currency exposure where the exposure from holding securities is insufficient to provide the desired currency exposure. The contracts are marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When a forward foreign currency contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. At June 30, 2012, Global Select Markets Fund, International Equity Fund, Real Strategies Fund, Situs Fund and Technical Opportunities Fund did not have any forward foreign exchange contracts outstanding.

Written Options Contracts—Certain of the Funds may write options contracts for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds received or the amount paid on the transaction to determine realized gains or losses. Investing in written options contracts exposes a Fund to equity price risk.

The following is a summary of Disciplined Equity Fund’s written option activity for the six months ended June 30, 2012:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2011		6,152		$	1,280,648
Options written		9,914			1,562,576
Options expired		(5,241	)		(999,693	)
Options closed		(3,330	)		(756,411	)
Options exercised		(255	)		(38,264	)
Outstanding at 6/30/2012		7,240		$	1,048,856

At June 30, 2012, Disciplined Equity Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS

Contract

Type

Expiration
Date

Exercise
Price

Number of
Contracts

Fair
Value

Unrealized
Appreciation
(Depreciation)

Abbott Laboratories

Call

January 2013

62.5

19,980

(15,540

)

Amazon.com, Inc.

Call

October 2012

215

98,600

(64,521

)

Amgen, Inc.

Call

July 2012

72.5

110

15,070

(1,100

)

American Express Co.

Call

October 2012

62.5

7,700

5,600

American Express Co.

Call

July 2012

10,425

(4,875

)

Apache Corp.

Call

October 2012

125

8,600

Apple, Inc.

Call

January 2013

700

61,400

103,276

Baker Hughes, Inc.

Call

July 2012

100

450

14,300

Bank of America Corp.

Call

August 2012

400

800

22,799

Bank of New York Mellon Corp./The

Call

September 2012

100

300

5,046

Berkshire Hathaway, Inc., Class B

Call

December 2012

87.5

100

17,850

(4,951

)

Caterpillar, Inc.

Call

August 2012

125

105

10,290

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117

Notes to Financial Statements (Continued)

Contract

Type

Expiration
Date

Exercise
Price

Number of
Contracts

Fair
Value

Unrealized
Appreciation
(Depreciation)

Chevron Corp.

Call

September 2012

120

880

17,360

Chubb Corp./The

Call

January 2013

4,253

2,542

Cisco Systems, Inc.

Call

October 2012

300

600

12,900

Citigroup, Inc.

Call

July 2012

200

4,200

9,121

Coca-Cola Co./The

Call

January 2013

29,100

(23,520

)

Coca-Cola Co./The

Call

August 2012

18,500

(13,300

)

Colgate-Palmolive Co.

Call

August 2012

23,000

(17,325

)

Comcast Corp., Class A

Call

October 2012

200

20,000

(9,001

)

ConocoPhillips

Call

August 2012

100

2,500

4,200

Costco Wholesale Corp.

Call

July 2012

26,250

(20,700

)

CVS Caremark Corp.

Call

August 2012

100

3,500

7,830

Dow Chemical Co.

Call

September 2012

100

1,100

14,700

Du Pont (E.I.) de Nemours & Co.

Call

January 2013

6,500

8,850

eBay, Inc.

Call

October 2012

100

14,300

2,199

Eli Lilly & Co.

Call

January 2013

100

17,000

(3,581

)

EMC Corp.

Call

October 2012

150

1,500

13,050

Exxon Mobil Corp.

Call

October 2012

270

7,020

15,619

Exxon Mobil Corp.

Call

July 2012

100

350

8,057

FedEx Corp.

Call

October 2012

7,875

825

Ford Motor Co.

Call

July 2012

150

225

7,575

General Electric Co.

Call

January 2013

200

36,000

(12,989

)

Google, Inc., Class A

Call

September 2012

710

2,450

40,289

Home Depot, Inc.

Call

August 2012

100

36,500

(20,200

)

Honeywell International, Inc.

Call

September 2012

595

15,470

Intel Corp.

Call

October 2012

150

6,150

3,397

Intel Corp.

Call

January 2013

150

7,800

9,865

International Business Machines Corp.

Call

July 2012

210

110

2,090

26,419

Johnson & Johnson

Call

January 2013

72.5

100

4,600

4,100

MasterCard, Inc., Class A

Call

October 2012

465

6,337

6,237

McDonald’s Corp.

Call

January 2013

110

405

8,269

Merck & Co., Inc.

Call

January 2013

150

8,100

(750

)

Metlife, Inc.

Call

September 2012

100

1,100

14,600

Microsoft Corp.

Call

January 2013

150

7,350

1,500

Microsoft Corp.

Call

July 2012

250

12,500

(1,051

)

Monsanto Co.

Call

July 2012

3,350

11,100

Morgan Stanley

Call

July 2012

200

500

15,700

NIKE, Inc.

Call

October 2012

120

360

9,700

Occidental Petroleum Corp.

Call

July 2012

87.5

9,835

(1,898

)

PepsiCo., Inc.

Call

July 2012

67.5

24,187

(13,838

)

Philip Morris International, Inc.

Call

September 2012

100

14,600

(2,351

)

Procter & Gamble Co.

Call

October 2012

150

1,650

10,500

Procter & Gamble Co.

Call

January 2013

72.5

850

2,877

QUALCOMM, Inc.

Call

July 2012

100

500

17,300

QUALCOMM, Inc.

Call

October 2012

72.5

750

10,600

Semi-Annual Shareholder Report

118

Contract

Type

Expiration
Date

Exercise
Price

Number of
Contracts

Fair
Value

Unrealized
Appreciation
(Depreciation)

Target Corp.

Call

October 2012

62.5

3,480

1,320

Time Warner, Inc.

Call

January 2013

11,700

(2,701

)

Union Pacific Corp.

Call

August 2012

120

18,625

(7,276

)

United Parcel Service, Inc., Class B

Call

July 2012

3,320

7,000

United Technologies Corp.

Call

August 2012

92.5

100

400

11,795

U.S. Bancorp

Call

January 2013

150

35,400

(13,501

)

Verizon Communications, Inc.

Call

January 2013

200

93,200

(71,401

)

Visa, Inc., Class A

Call

September 2012

130

18,600

(2,341

)

Walt Disney Co./The

Call

October 2012

100

16,000

(4,101

)

Walt Disney Co./The

Call

January 2013

100

54,800

(37,001

)

Wells Fargo & Co.

Call

July 2012

150

7,200

6,300

Wells Fargo & Co.

Call

July 2012

250

4,500

12,400

NET UNREALIZED APPRECIATION ON WRITTEN OPTION CONTRACTS

171,664

The following is a summary of Dividend Capture Fund’s written option activity for the six months ended June 30, 2012:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2011		100		$	37,399
Options written		1,306			164,859
Options expired		—			—
Options closed		(1,106	)		(164,159	)
Options exercised		(300	)		(38,099	)
Outstanding at 6/30/2012		—		$	—

The following is a summary of Global Select Markets Fund written option activity for the six months ended June 30, 2012:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2011		10		$	31,019
Options written		350			260,134
Options expired		(120	)		(91,877	)
Options closed		(110	)		(87,668	)
Options exercised		(130	)		(111,608	)
Outstanding at 6/30/2012		—		$	—

The following is a summary of Growth Fund’s written option activity for the six months ended June 30, 2012:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2011		—		$	—
Options written		4,348			271,242
Options expired		(3,203	)		(225,967	)
Options closed		(795	)		(39,325	)
Options exercised		(350	)		(5,950	)
Outstanding at 6/30/2012		—		$	—

Semi-Annual Shareholder Report

119

Notes to Financial Statements (Continued)

The following is a summary of Income Equity Fund’s written option activity for the six months ended June 30, 2012:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2011		—		$	—
Options written		4,348			271,242
Options expired		(3,203	)		(225,967	)
Options closed		(795	)		(39,325	)
Options exercised		(350	)		(5,950	)
Outstanding at 6/30/2012		—		$	—

The following is a summary of Real Strategies Fund’s written option activity for the six months ended June 30, 2012:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2011		1,845		$	916,341
Options written		2,916			1,057,888
Options expired		(1,514	)		(575,271	)
Options closed		(2,816	)		(1,251,406	)
Options exercised		(61	)		(36,965	)
Outstanding at 6/30/2012		370		$	110,587

At June 30, 2012, Real Strategies Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS

Contract

Type

Expiration
Date

Exercise
Price

Number of
Contracts

Fair
Value

Unrealized
Appreciation
(Depreciation)

SPDR Gold Trust

Put

January 2013

148

43,050

26,738

United States Oil Fund LP

Put

August 2012

300

65,400

(24,601

)

NET UNREALIZED APPRECIATION ON WRITTEN OPTION CONTRACTS

2,137

The following is a summary of Situs Fund’s written option activity for the six months ended June 30, 2012:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2011		—		$	—
Options written		5,909			2,011,139
Options expired		—			—
Options closed		(2,250	)		(637,118	)
Options exercised		(200	)		(50,399	)
Outstanding at 6/30/2012		3,459		$	1,323,622

At June 30, 2012, Situs Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS

Contract

Type

Expiration
Date

Exercise
Price

Number of
Contracts

Fair
Value

Unrealized
Appreciation
(Depreciation)

Cabela’s, Inc.

Call

September 2012

389

67,102

9,527

Cerner Corp.

Call

September 2012

500

202,500

(13,504

)

Cerner Corp.

Put

September 2012

500

60,000

42,533

Eagle Materials, Inc.

Put

July 2012

500

6,250

78,480

Semi-Annual Shareholder Report

120

Contract

Type

Expiration
Date

Exercise
Price

Number of
Contracts

Fair
Value

Unrealized
Appreciation
(Depreciation)

Edwards LifeSciences Corp.

Call

November 2012

500

840,000

(246,515

)

Lufkin Industries, Inc.

Call

September 2012

150

6,000

45,349

Lufkin Industries, Inc.

Call

September 2012

150

2,250

27,219

Red Hat, Inc.

Call

September 2012

250

36,875

49,873

Tempur-Pedic International, Inc.

Put

September 2012

64,200

(56,060

)

Trimble Navigation Ltd.

Call

August 2012

500

47,500

54,043

NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS

(9,055

)

The following is a summary of Technical Opportunities Fund’s written option activity for the six months ended June 30, 2012:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2011		—		$	—
Options written		36			2,304
Options expired		(36	)		(2,304	)
Options closed		—			—
Options exercised		—			—
Outstanding at 6/30/2012		—		$	—

The following tables provide a summary of the fair value of derivative instruments, not accounted for as hedging instruments as of June 30, 2012, and the effect of derivative instruments on the Statement of Operations for the six months ended June 30, 2012.

The Fair Value of Derivative Instruments as of June 30, 2012:


	*Asset Derivatives*	*Liability Derivatives*
*Primary Risk Exposure*	Statements of Assets and Liabilities Location	Statements of Assets and Liabilities Location	*Fund*	*Fair Value*
Option Contracts		Options Written, at value	Disciplined Equity Fund	$	877,192
			Real Strategies Fund		108,450
			Situs Fund		1,332,677

	Investments, at value		Disciplined Equity Fund		1,421,500
			Real Strategies Fund		67,750

The effect of Derivative Instruments on the Statements of Operations for the six months ended June 30, 2012:

Primary Risk Exposure

Location of Gain (Loss)
on Derivatives
Recognized in Income

Fund

Realized Gain (Loss) on
Derivatives Recognized
in Income

Change in Unrealized
Appreciation/Depreciation
on Derivatives Recognized
in Income

Option Contracts

Net Realized gain (loss) on option transactions/net change in unrealized appreciation/depreciation of investments and options

Disciplined Equity Fund Dividend Capture Fund Global Select Markets Fund Income Equity Fund Real Strategies Fund Situs Fund Technical Opportunities Fund

(4,513,075

109,620

148,036

208,107

416,617

(149,783

2,304

)

(745,018

(25,199

(40,209

—

211,797

(9,055

—

)

The notional value of the written options contracts outstanding at June 30, 2012 and the month-end average notional amount for the six months ended June 30, 2012 are detailed in the table below:


*Portfolio*	Average Month-End Notional Amount		June 30, 2012 Notional Amount
Disciplined Equity Fund	$	40,749,721	$	43,187,750
Dividend Capture Fund		1,613,143		—
Global Select Markets Fund		563,571		—
Income Equity Fund		3,177,643		—

Semi-Annual Shareholder Report

121

Notes to Financial Statements (Continued)


*Portfolio*	Average Month-End Notional Amount		June 30, 2012 Notional Amount
Real Strategies Fund	$	3,441,821	$	2,026,000
Situs Fund		8,938,143		21,716,000
Technical Opportunities Fund		76,114		—

Derivative positions open during the period and at period end are reflected for each Fund in the tables above. The volume of these positions relative to each Fund’s net assets at the close of the reporting period is generally higher than the volume of such positions at the beginning of the reporting period. The Funds value derivative instruments at fair value and recognize changes in fair value currently in the results on operations.

F.	*Securities Lending*

securities on loan. In addition, the Funds lending securities receive an annual securities lending fee and retain a portion of the interest, dividends and other distributions received on investment of cash collateral. Collateral is marked-to-market daily. One of the risks in lending portfolio securities, as with other extensions of credit, is the possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. Although the loan is fully collateralized, if a borrower defaults, a Fund could lose money. There is also the risk that, when lending portfolio securities, the securities may not be available to a Fund on a timely basis and a Fund may, therefore, lose the opportunity to sell the securities at a desirable price. In addition, in the event that a borrower of securities would file for bankruptcy or become insolvent, disposition of the securities may be delayed pending court action. Loans are subject to termination by the Funds or the borrower at any time and, therefore, are not considered to be illiquid investments. Huntington National Bank (“Huntington”) serves as the custodian for the securities lending. Pursuant to the Master Securities Loan Agreement, Huntington receives an annual securities lending fee for collateral monitoring and recordkeeping services.

As of June 30, 2012, the following Funds had securities with the following market values on loan:

Fund

Value of Loaned
Securities

Value of
Collateral

Average Loan
Outstanding
During
the Period

Income Received by
Huntington from
Securities Lending

Dividend Capture Fund

9,653,865

9,846,942

11,449,178

3,000

Global Select Markets Fund

4,644,231

4,737,640

3,777,087

2,125

Growth Fund

2,900,860

2,958,877

3,067,809

1,875

Income Equity Fund

10,037,265

10,238,010

9,425,883

1,200

International Equity Fund

14,325,148

14,795,801

26,186,949

13,625

Macro 100 Fund

1,643,595

1,676,467

1,155,451

500

Mid Corp America Fund

4,048,009

4,128,969

4,198,437

10,375

Real Strategies Fund

17,187,007

17,530,747

16,561,901

49,750

Rotating Markets Fund

259,656

264,849

1,400,611

500

Situs Fund

21,998,177

22,469,932

16,618,118

16,375

Technical Opportunities Fund

1,355,203

1,382,307

1,054,814

500

Mortgage Securities Fund

938,436

957,205

794,609

188

As of June 30, 2012, aggregate cash collateral was invested as follows:

Fidelity Institutional
Money Market
Portfolio,
Institutional Class

90,987,746

G.	*Restricted Securities*

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from such registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale, at the issuer’s expense, either upon demand by the Funds or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid. The Funds will not incur any registration costs upon such resale. The Funds’ restricted securities

Semi-Annual Shareholder Report

122

are valued at the price provided by dealers in the secondary market or, if no market prices are available, at the fair value price as determined by the Trust’s Pricing Committee. At June 30, 2012, the Fixed Income Securities Fund held illiquid restricted securities representing 9.38% respectively, of net assets as listed below:

Issuer Description

Acquisition Date

Principal Amount ($)

Cost ($)

Value ($)

Fixed Income Securities Fund:

Bank of Nova Scotia, 1.950%, 1/30/17

2/6/12

5,000,000

5,093,431

5,146,490

Bank of Montreal, 2.500%, 1/11/17

6/22/12

5,000,000

5,166,080

5,168,555

Barrick International Bank Corp., 5.750%, 10/15/16

2/20/09

2,000,000

1,950,214

2,319,234

Canadian Imperial Bank of Commerce, 2.600%, 7/2/15

10/25/11

5,000,000

5,156,745

5,258,695

FIA Card Services NA, 7.125%, 11/15/12

6/20/06

3,000,000

3,014,144

3,056,094

Royal Bank of Canada, 3.125%, 4/14/15

5/3/11

5,000,000

5,135,018

5,295,215

Toronto-Dominion Bank/The, 2.200%, 7/29/15

6/29/11

3,000,000

3,046,230

3,121,914

H.	*Security Transactions and Related Income*

During the period, investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on the trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.

I.	*Dividends and Distributions to Shareholders*

Dividends from net investment income are declared daily and paid monthly for Tax-Free Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund, U.S. Treasury Money Market Fund, Fixed Income Securities Fund, Intermediate Government Income Fund, Ohio Tax-Free Fund and Short/Intermediate Fixed Income Securities Fund. Dividends from net investment income are declared and paid annually for Disciplined Equity Fund, Global Select Markets Fund, International Equity Fund, Macro 100 Fund, Mid Corp America Fund, Rotating Markets Fund, Situs Fund, Technical Opportunities Fund and Growth Allocation Fund. Dividends from net investment income are declared and paid quarterly for Growth Fund, Real Strategies Fund and Balanced Allocation Fund. Dividends from net investment income are declared and paid monthly for Dividend Capture Fund, Income Equity Fund, Mortgage Securities Fund and Conservative Allocation Fund.

Dividends are declared separately for each class. No class has preferential rights; differences in per share dividend rates are

generally due to differences in separate class expenses. Net realized capital gains, if any, are distributed at least annually.

Certain of the Funds may own shares of real estate investments trusts (“REITs”) which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the individual REIT.

J.	*Allocation of Expenses, Income, and Gains and Losses*

Expenses directly attributable to a Fund are charged to that Fund. Expenses specific to a class are charged to that class.

Except for the daily dividend Funds, expenses not directly attributable to a Fund are allocated proportionally among various Funds or all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis. For the daily dividend Funds, expenses not directly attributable to a Fund are allocated pursuant to the “settled shares method.” Income and realized and unrealized gains or losses on investments are allocated to each class of shares based on its relative net assets.

K.	*Federal Income Taxes*

Withholding taxes on foreign interest, dividends and capital gains with respect to the Funds have been provided for in accordance with each applicable country’s tax rules and rates.

As of June 30, 2012, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:

Fund

Tax Cost of
Securities

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation/
(Depreciation)*

Tax-Free Money Market Fund

79,690,808

—

Money Market Fund

380,170,208

—

Ohio Municipal Money Market Fund

134,605,175

—

U.S. Treasury Money Market Fund

319,384,753

—

Disciplined Equity Fund

83,287,003

13,010,640

(3,695,637

)

9,315,003

Dividend Capture Fund

174,455,801

10,563,970

(5,258,606

)

5,305,364

Semi-Annual Shareholder Report

123

Notes to Financial Statements (Continued)

Fund

Tax Cost of
Securities

Unrealized
Appreciation

Unrealized
Depreciation

Net Unrealized
Appreciation/
(Depreciation)*

Global Select Markets Fund

49,548,691

1,586,564

(6,122,630

)

(4,536,066

)

Growth Fund

115,756,430

23,081,380

(3,774,290

)

19,307,090

Income Equity Fund

125,340,328

12,564,100

(2,854,520

)

9,709,580

International Equity Fund

267,642,058

40,513,500

(21,862,463

)

18,651,037

Macro 100 Fund

51,484,545

8,234,292

(2,480,958

)

5,753,334

Mid Corp America Fund

103,533,111

49,355,453

(3,862,963

)

45,492,490

Real Strategies Fund

112,332,123

10,380,913

(11,840,758

)

(1,459,845

)

Rotating Markets Fund

40,655,457

1,358,142

(2,146,362

)

(788,220

)

Situs Fund

161,351,595

66,421,186

(6,526,469

)

59,894,717

Technical Opportunities Fund

9,933,306

49,560

(64,692

)

(15,132

)

Fixed Income Securities Fund

288,462,309

22,226,947

(724,457

)

21,502,490

Intermediate Government Income Fund

133,789,877

8,846,610

(48,982

)

8,797,628

Mortgage Securities Fund

106,574,610

9,129,200

(41,897

)

9,087,303

Ohio Tax-Free Fund

55,645,964

2,459,740

(112,785

)

2,346,955

Short/Intermediate Fixed Income Securities Fund

225,220,108

4,979,850

(132,361

)

4,847,489

Balanced Allocation Fund

15,871,658

1,607,259

(72,078

)

1,535,181

Conservative Allocation Fund

4,679,148

385,415

(16,038

)

369,377

Growth Allocation Fund

10,419,020

1,596,031

(71,078

)

1,524,953

The differences between the book-basis unrealized appreciation/(depreciation) are attributable primarily to: tax deferral of losses on wash sales, the tax treatment of Trust Preferred securities, hybrid securities and Grantor Trusts, differences related to partnership investments, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies and the return of capital adjustments from real estate investment trusts.

The tax character of distributions paid during the fiscal year ended December 31, 2011, was as follows:

Distributions Paid From*

Fund

Ordinary
Income

Net
Long Term
Capital Gains

Total
Taxable
Distributions

Tax Exempt
Distributions

Tax Return
of Capital

Total
Distributions
Paid

Tax-Free Money Market Fund

—

8,164

—

8,164

Money Market Fund

42,252

—

42,252

—

42,252

Ohio Municipal Money Market Fund

—

16,680

—

16,680

U.S. Treasury Money Market Fund

41,200

—

41,200

—

41,200

Disciplined Equity Fund

287,998

—

287,998

—

287,998

Dividend Capture Fund

4,485,605

—

4,485,605

—

4,485,605

Global Select Markets Fund

187,427

601,459

788,886

—

788,886

Growth Fund

—

474,655

—

474,655

Income Equity Fund

3,865,956

—

3,865,956

—

3,865,956

International Equity Fund

3,228,205

—

3,228,205

—

3,228,205

Macro 100 Fund

160,290

—

160,290

—

160,290

Mid Corp America Fund

139,573

12,916,579

13,056,152

—

13,056,152

Real Strategies Fund

913,049

—

913,049

—

913,049

Rotating Markets Fund

101,065

—

101,065

—

101,065

Fixed Income Securities Fund

8,258,591

3,766,042

12,024,633

—

12,024,633

Intermediate Government Income Fund

3,409,107

74,875

3,483,982

—

3,483,982

Mortgage Securities Fund

3,283,353

—

3,283,353

—

3,283,353

Ohio Tax-Free Fund

6,641

365,596

372,237

1,066,669

—

1,438,906

Short/Intermediate Fixed Income Securities Fund

3,081,317

—

3,081,317

—

3,081,317

Balanced Allocation Fund

344,465

174,163

518,628

—

518,628

Conservative Allocation Fund

237,291

98,709

336,000

—

336,000

Growth Allocation Fund

181,796

222,914

404,710

—

404,710

*	The tax character of distributions paid may differ from the character of distributions shown on the statements of changes in net assets due to short-term capital gains being treated as ordinary income for tax purposes.

Semi-Annual Shareholder Report

124

As of December 31, 2011, the components of accumulated earnings (deficit) were as follows:

Fund

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated
Earnings

Accumulated
Capital and
Other
Losses

Unrealized
Appreciation
(Depreciation)

Total
Accumulated
Earnings
(Deficit)

Tax-Free Money Market Fund

—

(133,431

)

—

(133,431

)

Money Market Fund

—

(16,464

)

—

(16,464

)

Ohio Municipal Money Market Fund

—

(293,907

)

—

(293,907

)

U.S. Treasury Money Market Fund

—

(479

)

(542

)

(1,021

)

Disciplined Equity Fund

—

(3,185,414

)

6,674,209

3,488,795

Dividend Capture Fund

—

(23,075,606

)

4,119,562

(18,956,044

)

Global Select Markets Fund

66,543

—

66,543

(308,170

)

(3,790,921

)

(4,032,548

)

Growth Fund

274,078

1,967,581

2,241,659

—

10,814,446

13,056,105

Income Equity Fund

—

(14,322,722

)

7,549,200

(6,773,522

)

International Equity Fund

1,875,731

—

1,875,731

(14,670,815

)

12,055,281

(739,803

)

Macro 100 Fund

648

—

648

(6,267,854

)

4,816,024

(1,451,182

)

Mid Corp America Fund

5,876

5,655,674

5,661,550

—

43,597,798

49,259,348

Real Strategies Fund

68,452

—

68,452

(20,761,214

)

(1,400,584

)

(22,093,346

)

Rotating Markets Fund

539,093

—

539,093

(3,654,675

)

6,442,797

3,327,215

Situs Fund

—

193,748

(92,698

)

47,258,698

47,359,748

Technical Opportunities Fund

—

(2,501,935

)

382,135

(2,119,800

)

Fixed Income Securities Fund

—

78,553

(27,327

)

19,742,117

19,793,343

Intermediate Government Income Fund

132,506

15,140

147,646

(52,209

)

8,680,528

8,775,965

Mortgage Securities Fund

—

(1,251,517

)

7,662,096

6,410,579

Ohio Tax-Free Fund

—

79,772

(187

)

2,447,038

2,526,623

Short/Intermediate Fixed Income Securities Fund

—

(1,214,105

)

4,308,594

3,094,489

Balanced Allocation Fund

—

182,354

(2,276

)

1,475,827

1,655,905

Conservative Allocation Fund

664

95,978

96,642

—

685,818

782,460

Growth Allocation Fund

1,537

147,781

149,318

—

1,351,441

1,500,759

The amount of dividends from net investment income and net realized gains are determined in accordance with the federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. foreign currency gain/loss, paydowns, distributions and income received from pass through investments, and net investment loss adjustments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to market discounts, capital loss carryforwards and losses deferred due to wash sales, straddles, and return of capital from investments.

Certain capital and qualified late year losses incurred after October 31 and within the current taxable year, are deemed to arise on the first business day of the Funds’ following taxable

year. For the tax year ended December 31, 2011 the Funds deferred post October capital and late year ordinary losses as follows:


*Fund*	Capital Losses		Late Year Ordinary Losses
Tax-Free Money Market Fund	$	1,636	$	—
Money Market Fund		1,304		—
Ohio Municipal Money Market Fund		8,906		—
U.S. Treasury Money Market Fund		407		—
Disciplined Equity Fund		2,160,038		—
Dividend Capture Fund		335,194		—
Global Select Markets Fund		308,170		—
Income Equity Fund		1,654,468		—
International Equity Fund		7,677,904		71,777
Macro 100 Fund		169,135		—
Real Strategies Fund		—		324,495
Situs Fund		—		92,698
Technical Opportunities Fund		101,299		—
Intermediate Government Income Fund		52,209		—
Mortgage Securities Fund		84,010		—

As of December 31, 2011, for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future gains, if any, to the extent provided by the Treasury regulations:

Expiration Year

2012

2013

2014

2015

2016

2017

2018

Tax-Free Money Market Fund

1,529

5,818

4,861

1,434

60,543

55,252

—

Money Market Fund

3,032

7,224

921

106

—

Ohio Municipal Money Market Fund

463

25,291

7,739

12,350

—

193,762

14,231

Dividend Capture Fund

—

22,740,412

—

Income Equity Fund

—

12,592,260

—

International Equity Fund

—

3,099,895

3,821,239

Semi-Annual Shareholder Report

125

Notes to Financial Statements (Continued)

Expiration Year

2012

2013

2014

2015

2016

2017

2018

Macro 100 Fund

—

4,408,602

826,640

859,291

Real Strategies Fund

—

1,193,027

15,813,875

2,136,294

Rotating Markets Fund

—

3,654,675

—

Technical Opportunities Fund

—

86,652

1,310,241

—

Mortgage Securities Fund

—

6,916

753,414

162,131

Short/Intermediate Fixed Income Securities Fund

—

85,680

850,465

277,960

—

During the year ended December 31, 2011, the Money Market Fund, Dividend Capture Fund, Global Select Markets Fund, Income Equity Fund, International Equity Fund, Macro 100 Fund, Rotating Markets Fund, Situs Fund and Short/Intermediate Fixed Income Securities Fund utilized $438,540, $8,269,247, $86,796, $5,728,971, $16,267,002, $2,384,685, $629,341, $8,630,383 and $827,430, respectively, in capital loss carryforwards.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. One of the more prominent changes addresses capital loss carryforwards. Under the Act, each Fund will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

Losses incurred that will be carried forward under the provisions of the Modernization Act are as follows:


	*Loss Carryforward Character*
*Fund*	*Short term*		*Long term*
Tax-Free Money Market Fund	$	2,358	$	—
Money Market Fund		3,877		—
Ohio Municipal Money Market Fund		31,165		—
Disciplined Equity Fund		266,589		758,787
Real Strategies Fund		—		1,269,300
Technical Opportunities Fund		1,003,743		—
Mortgage Securities Fund		49,109		195,937

Management of the Funds has reviewed tax positions taken in tax years that remain subject to examination by all major tax jurisdictions, including federal (i.e., the last four tax year ends and the interim tax period since then). Management believes there is no tax liability resulting from unrecognized tax benefits related to uncertain tax positions taken.

L.	*Subsequent Events*

On June 22, 2012, the Board of Trustees (the “Trustees”) of the Huntington Funds unanimously voted to close and liquidate the Technical Opportunities Fund on August 3, 2012. This decision was made after careful consideration of all relevant factors, including (but not limited to) the Fund’s asset size, prospects for future growth and alternatives to liquidation.

(3)

Investment Advisory Fee and Other Transactions with Affiliates

Investment Advisory Fee—Huntington Asset Advisors, Inc. (the “Advisor”), a subsidiary of The Huntington National Bank (“Huntington”), serves as the Funds’ investment advisor. The Advisor receives a fee for its services, computed daily and paid monthly, based on a percentage of each Fund’s average daily net assets on a tiered basis, according to the table below:

Tiered Annual Rate:

Fund

Up to $500 million

On the next $500 million

In Excess of $1 billion

Tax-Free Money Market Fund

0.30

0.25

0.20

Money Market Fund

0.30

0.25

0.20

Ohio Municipal Money Market Fund

0.30

0.25

0.20

Dividend Capture Fund

0.75

0.70

0.65

Global Select Markets Fund

1.00

0.95

0.90

Growth Fund

0.60

0.55

0.50

Income Equity Fund

0.60

0.55

0.50

International Equity Fund

1.00

0.95

0.90

Macro 100 Fund

0.75

0.70

0.65

Mid Corp America Fund

0.75

0.70

0.65

Real Strategies Fund

0.75

0.70

0.65

Rotating Markets Fund

0.50

0.45

0.40

Situs Fund

0.75

0.70

0.65

Technical Opportunities Fund

0.75

0.70

0.65

Fixed Income Securities Fund

0.50

0.45

0.40

Intermediate Government Income Fund

0.50

0.45

0.40

Mortgage Securities Fund

0.50

0.45

0.40

Ohio Tax-Free Fund

0.50

0.45

0.40

Short/Intermediate Fixed Income Securities Fund

0.50

0.45

0.40

Semi-Annual Shareholder Report

126

The U.S. Treasury Money Market Fund pays the Advisor a fee of 0.20% of its average daily net assets, computed daily and paid monthly. Disciplined Equity Fund pays the Advisor a fee of 0.60% of the Fund’s average daily net assets, computed daily and paid monthly. Additionally, each of Balanced Allocation Fund, Conservative Allocation Fund and Growth Allocation Fund pays the Advisor a fee of 0.10% of its average daily net assets, computed daily and paid monthly.

Huntington and the Advisor may also pay out of their reasonable profits and other resources (including those of their affiliates) advertising, marketing, and other expenses for the benefit of the Funds.

Tax-Free Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund and U.S. Treasury Money Market Fund were subject to a fee waiver and expense reimbursement agreement with the Advisor whereby the Advisor has agreed to waive fees or reimburse expenses in amounts necessary to maintain a minimum yield of 0.01% and in which the Money Market Funds have agreed to repay amounts that were waived or reimbursed by the Adviser for a period up to three years after such waiver or reimbursement was made to the extent that such repayments would not cause the yield of a class to decrease below 0.01%. Effective September 26, 2011, the Advisor has agreed to waive fees or reimburse expenses for the U.S. Treasury Money Market Fund in amounts necessary to maintain a minimum yield of 0.00%.

The Advisor has agreed to contractually waive all or a portion of its investment advisory fee for Disciplined Equity Fund (based on average daily net assets) to which it is otherwise entitled to receive and/or to reimburse certain operating expenses to not more than 1.20% and 1.45% of Trust Shares and Class A Shares, respectively, through April 30, 2013.

The Advisor has agreed to contractually waive all or a portion of its investment advisory fee for Global Select Markets Fund (based on average daily net assets) to which it is otherwise entitled to receive and/or to reimburse certain operating expenses to not more than 1.90% and 2.15% of Trust Shares and Class A Shares, respectively, through April 30, 2013.

The Advisor has agreed to contractually waive all or a portion of its investment advisory fee for Balanced Allocation Fund, Conservative Allocation Fund and Growth Allocation Fund (based on average daily net assets) to which it is otherwise entitled to receive and/or to reimburse certain operating expenses of Balanced Allocation Fund, Conservative Allocation Fund and Growth Allocation Fund in order to limit the total direct net annual operating expenses and acquired (underlying) fund operating expenses to not more than 1.90% of the average daily net assets of each of Balanced Allocation Fund, Conservative Allocation Fund and Growth Allocation Fund through April 30, 2013.

Amounts waived or reimbursed in the contractual period may be recouped by the Advisor within three years of the waiver and/or reimbursement. As of June 30, 2012, the following amounts have been waived or reimbursed by the Adviser and are subject to repayment by the respective Fund:


*Fund*	Amount Waived or Reimbursed		Expiring Beginning December 31,
Tax-Free Money Market Fund	$	158,548		2012
		474,740		2013
		538,831		2014
		288,799		2015
Money Market Fund		1,526,152		2012
		2,696,185		2013
		2,629,761		2014
		1,207,375		2015
Ohio Municipal Money Market Fund		506,451		2012
		1,357,243		2013
		1,218,010		2014
		566,418		2015
U.S. Treasury Money Market Fund		1,437,890		2012
		2,375,535		2013
		2,637,763		2014
		1,228,871		2015
Disciplined Equity Fund		32,303		2014
		8,525		2015
Global Select Markets Fund		30,438		2013
Balanced Allocation Fund		10,920		2012
		28,952		2013
		37,593		2014
		17,658		2015
Conservative Allocation Fund		6,278		2012
		11,431		2013
		15,227		2014
		3,904		2015
Growth Allocation Fund		15,562		2012
		40,912		2013
		41,180		2014
		20,438		2015

Investment Sub-Advisor Fee—Haberer Registered Investment Advisor, Inc. (“Haberer”) serves as the Disciplined Equity Fund’s sub-advisor. The Advisor pays Haberer a fee for its services. Neither the Trust nor the Disciplined Equity Fund is liable for payment of this fee.

Consulting Fee—Laffer Investments, Inc. acts as a consultant (“the Consultant”) to the Advisor for Macro 100 Fund. The Advisor pays the Consultant a fee for its services. Neither the Trust nor the Macro 100 Fund is liable for payment of this fee.

Administrative and Financial Administration Fees—Huntington is the Administrator to the Trust, and Huntington Asset Services, Inc. (“HASI”), an affiliate of Huntington, is the Sub-Administrator. As Administrator, Huntington provides the Funds with certain administrative services. As Sub-Administrator, HASI provides the Funds with certain

Semi-Annual Shareholder Report

127

Notes to Financial Statements (Continued)

administrative personnel, and generally assists with the provision of administrative services necessary to operate the Funds. The Administrator pays the Sub-Administrator a fee for the services it provides to the Trust. Huntington also provides portfolio accounting services to the Funds. Huntington has sub-contracted certain fund accounting services to HASI. HASI is paid directly by Huntington, not the Funds, for these services. The fees paid for administrative and sub-administrative services are based on the level of average net assets of each Fund for the period, subject to minimum fees in certain circumstances.


Maximum Administrative Fee		Average Daily Net Assets of the Trust
0.1822%		On the first $4 billion
0.1650%		On the next $2 billion
0.1575%		On the next $2 billion
0.1450%		On assets in excess of $8 billion

There is no minimum annual fee per fund or class of shares.

Distribution and Shareholder Services Fees—The Funds have adopted a Distribution Plan (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the terms of the Plan, the Funds will compensate qualified intermediaries for distribution services in connection with Class A Shares not to exceed 0.25% of the daily net assets of each Fund’s Class A Shares. Trust Shares are not subject to Rule 12b-1 fees. For the six months ended June 30, 2012, the Funds paid $184,422 to affiliated broker-dealers of the Funds.

Class A Shares (except for the Asset Allocation Funds) and Trust Shares are also subject to a shareholder services fee not to exceed 0.25% of the daily net assets of such shares. For the six months ended June 30, 2012, Huntington and its affiliates received $2,746,544 in shareholder service fees.

In addition, Unified Financial Securities, Inc., the Funds’ distributor, is entitled to receive commissions on sales of the Class A Shares of the Funds. For the six months ended June 30,

2012, Unified Financial Securities, Inc. received underwriter commissions of $63,885 earned on sales of Class A Shares.

Transfer and Dividend Disbursing Agent Fees and Expense—HASI is the transfer and dividend disbursing agent for the Funds. For its services, HASI receives a yearly fixed amount per shareholder account, subject to a yearly minimum fee of $12,000 for each of the Funds. HASI is also entitled to receive additional amounts that may be activity or time-based charges, plus reimbursement for out-of-pocket expenses.

Custodian Fees—Huntington serves as custodian for each of the Funds. Brown Brothers Harriman serves as sub-custodian for each Fund’s foreign assets. Huntington and Brown Brothers Harriman receive fees based on the level of each Fund’s average daily net assets for the period, plus out-of-pocket expenses.

Compliance Services—The Trust has contracted with Huntington to provide a Chief Compliance Officer to the Trust, for which it pays Huntington $135,188 annually.

General—Certain officers of the Trust are Officers, Directors and/or Trustees of the above companies.

Trustees and Officers affiliated with the Advisor are not compensated by the Trust for their services. Each Trustee who is not an “interested person” of the Trust, as such term is defined in the 1940 Act, receives a $25,000 annual retainer plus $2,500 per regular Board meeting. The Independent Chairman of the Board receives a $40,000 annual retainer plus $2,500 per Board meeting. The Board or a Committee may establish ad hoc committees or sub-committees. Any Committee or sub-committee member may be compensated by the Fund for incremental work outside of the regular meeting process based on the value added to the Fund. In addition, the Fund reimburses Trustees who are not employees of or affiliated with the Advisor for out-of-pocket expenses incurred in conjunction with attendance at meetings. For the six months ended June 30, 2012, actual Trustee compensation was $143,235 in aggregate from the Trust.

Pursuant to an exemptive order issued by the Securities and Exchange Commission, the Funds may invest in a certain affiliated money market fund which is managed by the Advisor. Income distributions earned from investments in this fund are recorded as income from affiliates in the accompanying financial statements. A summary of each Fund’s investment in such affiliated money market fund (Huntington Money Market Fund) is set forth below:

Fund

12/31/11
Market Value

Purchases

Sales

06/30/12
Market Value

Income

Disciplined Equity Fund

5,320,691

24,991,230

(21,944,744

)

8,367,177

364

Dividend Capture Fund

1,668,276

25,020,799

(24,551,178

)

2,137,897

184

Global Select Markets Fund

15,861

18,063,469

(16,588,579

)

1,490,751

Growth Fund

7,003,037

22,291,825

(28,110,087

)

1,184,775

139

Income Equity Fund

1,958,941

11,997,698

(12,750,109

)

1,206,530

International Equity Fund

8,602,735

36,366,931

(28,870,248

)

16,099,418

671

Macro 100 Fund

4,175,400

6,154,623

(7,302,704

)

3,027,319

127

Mid Corp America Fund

3,584,660

20,953,412

(17,353,231

)

7,184,841

235

Real Strategies Fund

1,616,330

13,109,319

(12,213,021

)

2,512,628

156

Rotating Markets Fund

494,529

10,428,854

(10,175,033

)

748,350

Situs Fund

2,858,167

17,604,818

(17,168,549

)

3,294,436

114

Technical Opportunities Fund

1,781,590

7,329,211

(8,018,349

)

1,092,452

Fixed Income Securities Fund

10,236,344

33,520,245

(39,255,151

)

4,501,438

338

Intermediate Government Income Fund

1,933,516

18,807,623

(16,929,258

)

3,811,881

179

Mortgage Securities Fund

4,172,889

21,502,585

(22,910,324

)

2,765,150

226

Short/Intermediate Fixed Income Securities Fund

791,255

28,786,041

(25,443,797

)

4,133,499

128

Semi-Annual Shareholder Report

128

Additionally, Balanced Allocation Fund, Conservative Allocation Fund and Growth Allocation Fund invest in other Funds within the Trust. A summary of these investments in affiliated funds is set forth below:

Balanced Allocation Fund

12/31/11
Market Value

Purchases

Sales

06/30/12
Market Value

Income

Money Market Fund

392,902

2,141,820

(2,381,818

)

152,904

Disciplined Equity Fund

—

1,862,814

(810,258

)

1,067,730

—

Dividend Capture Fund

1,180,570

45,805

(728,191

)

563,036

10,898

Global Select Markets Fund

579,943

1,223,893

(1,428,396

)

396,225

—

Growth Fund

3,469,274

2,957,001

(4,430,717

)

2,145,751

5,448

Income Equity Fund

3,231,359

329,825

(1,773,955

)

1,987,131

41,175

International Equity Fund

2,501,390

423,127

(1,417,000

)

1,671,859

—

Macro 100 Fund

3,085,349

262,209

(1,830,094

)

1,730,466

—

Mid Corp America Fund

1,127,411

1,663,734

(2,419,742

)

974,819

—

New Economy Fund

820,805

170,663

(722,820

)

—

Situs Fund

1,984,456

923,002

(2,111,734

)

965,439

—

Fixed Income Securities Fund

4,252,688

469,829

(2,134,239

)

2,611,385

44,939

Intermediate Government Income Fund

1,985,449

228,539

(991,327

)

1,219,714

17,356

Mortgage Securities Fund

1,137,097

110,542

(559,245

)

700,060

11,751

Short/Intermediate Fixed Income Securities Fund

1,967,727

215,198

(970,913

)

1,220,320

10,410

Conservative Allocation Fund

12/31/11
Market Value

Purchases

Sales

06/30/12
Market Value

Income

Money Market Fund

166,086

1,448,159

(1,571,756

)

42,489

Disciplined Equity Fund

—

374,195

(254,133

)

117,657

—

Dividend Capture Fund

248,290

17,375

(219,287

)

62,045

1,663

Global Select Markets Fund

122,014

14,127

(101,503

)

43,661

—

Growth Fund

730,551

77,572

(651,896

)

236,451

586

Income Equity Fund

679,101

79,110

(587,234

)

218,979

6,081

International Equity Fund

525,195

61,188

(449,709

)

184,235

—

Macro 100 Fund

648,927

48,800

(560,513

)

190,699

—

Mid Corp America Fund

237,016

21,667

(220,851

)

107,427

—

New Economy Fund

172,852

7,111

(165,619

)

—

Situs Fund

417,503

31,275

(395,108

)

106,393

—

Fixed Income Securities Fund

5,279,315

45,142

(4,047,045

)

1,697,406

45,176

Intermediate Government Income Fund

2,464,781

222,338

(1,886,797

)

792,823

17,450

Mortgage Securities Fund

1,411,773

101,555

(1,070,878

)

455,044

10,793

Short/Intermediate Fixed Income Securities Fund

2,442,796

201,984

(1,863,224

)

793,216

10,461

Growth Allocation Fund

12/31/11
Market Value

Purchases

Sales

06/30/12
Market Value

Income

Money Market Fund

242,736

1,641,803

(1,691,270

)

193,269

Disciplined Equity Fund

—

2,024,002

(1,094,930

)

948,441

—

Dividend Capture Fund

1,215,602

53,910

(839,597

)

500,134

10,291

Global Select Markets Fund

596,904

105,619

(380,351

)

351,970

—

Growth Fund

3,571,521

309,685

(2,337,088

)

1,905,954

4,772

Income Equity Fund

3,326,710

417,858

(2,189,649

)

1,765,189

37,882

International Equity Fund

2,573,980

331,349

(1,606,427

)

1,485,105

—

Macro 100 Fund

3,176,372

250,436

(2,126,147

)

1,537,123

—

Mid Corp America Fund

1,160,455

65,952

(851,180

)

865,836

—

New Economy Fund

845,332

16,419

(633,474

)

—

Situs Fund

2,042,634

102,566

(1,525,616

)

857,439

—

Fixed Income Securities Fund

1,315,105

205,482

(830,582

)

696,270

13,030

Intermediate Government Income Fund

613,972

98,382

(386,129

)

325,212

5,031

Mortgage Securities Fund

351,592

50,944

(219,407

)

186,657

3,312

Short/Intermediate Fixed Income Securities Fund

608,465

96,903

(382,731

)

325,374

3,018

Semi-Annual Shareholder Report

129

Notes to Financial Statements (Continued)

(4)

Affiliated Issuers

Affiliated issuers, as defined under the Investment Company Act of 1940, are those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. A summary of each of Real Strategies Fund’s holdings in the securities of such issuers is set forth below:

12/31/11
Market Value

Change in
unrealized
appreciation
(depreciation)

Purchases

Sales

6/30/12
Market Value

Income

Discount Retail Portfolio II DST

958,307

(2,215

)

—

956,092

39,261

New York Power DST

949,088

6,350

—

955,438

34,731

Scotts Gahanna LLC*

1,428,252

(76,409

)

—

1,351,843

50,256

*	Controlled affiliate in which the Real Strategies Fund owns 25% or more of the outstanding voting securities.

(5)

Balanced Allocation Fund, Conservative Allocation Fund and Growth Allocation Fund Structure

Balanced Allocation Fund, Conservative Allocation Fund and Growth Allocation Fund (“Investing Funds”), in accordance with their prospectus, seek to achieve their investment objectives by investing in other investment companies (“Underlying Funds”) with similar investment objectives. As a result, investors in the Investing Funds incur expenses of both the Investing Funds and Underlying Funds, including transaction costs related to the purchases and sales of Underlying Fund shares.

(6)

Investment Transactions

Purchases and sales of investments, excluding short-term securities, for the six months ended June 30, 2012, were as follows:


*Fund*	*Purchases*		*Sales*
Disciplined Equity	$	15,472,064	$	2,891,138
Dividend Capture Fund		96,606,545		77,595,096
Global Select Markets Fund		20,253,517		20,316,536
Growth Fund		60,271,327		56,151,912
Income Equity Fund		119,557,721		117,969,460
International Equity Fund		26,243,037		31,406,761
Macro 100 Fund		22,019,344		22,088,861
Mid Corp America Fund		27,315,312		23,844,791
Real Strategies Fund		15,148,093		16,714,789
Rotating Markets Fund		40,102,816		39,728,425
Situs Fund		6,450,577		12,399,982
Technical Opportunities Fund		15,484,056		10,303,046
Fixed Income Securities Fund		40,733,867		22,589,084
Intermediate Government Income Fund		17,508,537		15,237,782
Mortgage Securities Fund		20,476,964		14,100,717
Ohio Tax-Free Fund		15,822,958		9,792,853
Short/Intermediate Fixed Income Securities Fund		26,051,542		18,919,680
Balanced Allocation Fund		10,886,181		22,328,630
Conservative Allocation Fund		1,709,438		12,473,798
Growth Allocation Fund		4,129,508		15,403,306

Purchases and sales of long-term U.S. government securities, for the six months ended June 30, 2012, were as follows:


*Fund*	*Purchases*		*Sales*
Fixed Income Securities Fund	$	1,942,656	$	8,072,275
Intermediate Government Income Fund		11,330,821		13,237,974
Mortgage Securities Fund		17,479,680		13,472,707
Short/Intermediate Fixed Income Securities Fund		—		13,513,275

(7)

Concentration of Credit Risk

Since each of Ohio Municipal Money Market Fund and Ohio Tax-Free Fund invest a substantial portion of their assets in issuers located in the state of Ohio, they will be more susceptible to factors adversely affecting issuers of Ohio than would be a comparable tax-exempt mutual fund that invests nationally. In order to reduce the credit risk associated with such factors, at June 30, 2012, the securities in the portfolio of investments are backed by letters of credit or bond insurance from various financial institutions and financial guaranty assurance agencies, as indicated on each Fund’s Portfolio of Investments.

(8)

Foreign Investment Risk

Compared with investing in the United States, investing in foreign markets involves a greater degree and variety of risk. Investors in international or foreign markets may face delayed settlements, currency controls and adverse economic developments as well as higher overall transaction costs. In addition, fluctuations in the U.S. dollar’s value versus other currencies may erode or reverse gains from investments denominated in foreign currencies or widen losses. Foreign governments may expropriate assets, imposed capital or currency controls, impose punitive taxes, impose limits on ownership or nationalize a company or industry. Any of these actions could have severe effect on security prices and impair the Fund’s ability to bring its capital or income back to the U.S. Exchange rate fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing credit risk of such debt. Finally, the value of foreign securities may be affected by incomplete, less frequent or inaccurate financial information about their issuers, social upheavals or political actions ranging from tax code changes to government collapse. Foreign companies may also receive less coverage than U.S. companies by market analysts, and financial reporting standards or regulatory requirements may not be comparable to those applicable to U.S. companies.

Semi-Annual Shareholder Report

130

(9)

Line of Credit

The Trust participates in a short-term credit agreement (“Line of Credit”) with Citibank, N.A. (“Citi”). Under the terms of the agreement, the Trust may borrow up to $20 million. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Citi receives an annual facility fee of 0.10% on $20 million for providing the Line of Credit. Each fund in the Trust pays a pro-rata portion of this facility fee plus any interest on amounts borrowed. For the six months ended June 30, 2012, the following Funds had borrowings under this Line of Credit.

Fund

Average Daily
Loan Balance

Weighted
Average
Interest Rate

Number of
Days
Outstanding*

Interest
Expense
Incurred

Maximum
Loan
Outstanding

Growth Fund

4,000,000

1.51

840

4,000,000

Situs Fund

2,000,000

1.49

166

2,000,000

*	Number of Days Outstanding represents the total days during the six months ended June 30, 2012 that each Fund utilized the Line of Credit.

As of June 30, 2012, the Funds had no outstanding borrowings under this Line of Credit.

Semi-Annual Shareholder Report

131

Supplemental Information (Unaudited)

Shareholder Expense Examples

Fund Expenses—As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments, contingent deferred sales charges on redemptions; and (2) ongoing costs, including management fees, distribution and service fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire six-month period from January 1, 2012 to June 30, 2012.

Actual Expenses—The “Actual” lines of the table provide information about actual account values and actual expenses. You may use the information on this line for the class of shares you hold, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the “Actual” line under the heading

entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes—The “Hypothetical” lines of the table provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios for each class of shares and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the “Hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Beginning
Account
Value,
January 1, 2012

Ending
Account Value,
June 30, 2012

Expenses
Paid
During
Period(1)

Annualized
Expense
Ratio

Tax-Free Money Market Fund

Trust Shares

Actual

1,000.00

1.19

0.24

Hypothetical (2)

1,000.00

1,023.67

1.21

0.24

Class A Shares

Actual

1,000.00

1.19

0.24

Hypothetical (2)

1,000.00

1,023.67

1.21

0.24

Money Market Fund

Trust Shares

Actual

1,000.00

1.24

0.25

Hypothetical (2)

1,000.00

1,023.62

1.26

0.25

Class A Shares

Actual

1,000.00

1.24

0.25

Hypothetical (2)

1,000.00

1,023.62

1.26

0.25

Interfund

Actual

1,000.00

1.24

0.25

Hypothetical (2)

1,000.00

1,023.62

1.26

0.25

Ohio Municipal Money Market Fund

Trust Shares

Actual

1,000.00

0.99

0.20

Hypothetical (2)

1,000.00

1,023.87

1.01

0.20

Class A Shares

Actual

1,000.00

0.99

0.20

Hypothetical (2)

1,000.00

1,023.87

1.01

0.20

U.S. Treasury Money Market Fund

Trust Shares

Actual

1,000.00

0.35

0.07

Hypothetical (2)

1,000.00

1,024.52

0.35

0.07

Class A Shares

Actual

1,000.00

0.35

0.07

Hypothetical (2)

1,000.00

1,024.52

0.35

0.07

Semi-Annual Shareholder Report

132

Beginning
Account
Value,
January 1, 2012

Ending
Account Value,
June 30, 2012

Expenses
Paid
During
Period(1)

Annualized
Expense
Ratio

Disciplined Equity Fund

Trust Shares

Actual

1,000.00

1,016.30

6.02

1.20

Hypothetical (2)

1,000.00

1,018.90

6.02

1.20

Class A Shares

Actual

1,000.00

1,015.30

7.27

1.45

Hypothetical (2)

1,000.00

1,017.65

7.27

1.45

Dividend Capture Fund

Trust Shares

Actual

1,000.00

1,058.70

6.81

1.33

Hypothetical (2)

1,000.00

1,018.25

6.67

1.33

Class A Shares

Actual

1,000.00

1,058.70

8.10

1.58

Hypothetical (2)

1,000.00

1,017.00

7.93

1.58

Global Select Markets Fund

Trust Shares

Actual

1,000.00

997.90

9.44

1.90

Hypothetical (2)

1,000.00

1,015.41

9.52

1.90

Class A Shares

Actual

1,000.00

995.70

10.64

2.15

Hypothetical (2)

1,000.00

1,014.20

10.74

2.15

Growth Fund

Trust Shares

Actual

1,000.00

1,082.40

6.13

1.18

Hypothetical (2)

1,000.00

1,018.98

5.94

1.18

Class A Shares

Actual

1,000.00

1,081.10

7.41

1.43

Hypothetical (2)

1,000.00

1,017.74

7.19

1.43

Income Equity Fund

Trust Shares

Actual

1,000.00

1,060.00

6.00

1.17

Hypothetical (2)

1,000.00

1,019.03

5.88

1.17

Class A Shares

Actual

1,000.00

1,058.70

7.28

1.42

Hypothetical (2)

1,000.00

1,017.79

7.13

1.42

International Equity Fund

Trust Shares

Actual

1,000.00

1,029.70

7.96

1.58

Hypothetical (2)

1,000.00

1,017.02

7.91

1.58

Class A Shares

Actual

1,000.00

1,028.90

9.22

1.83

Hypothetical (2)

1,000.00

1,015.78

9.16

1.83

Macro 100 Fund

Trust Shares

Actual

1,000.00

1,056.80

7.06

1.38

Hypothetical (2)

1,000.00

1,018.00

6.92

1.38

Class A Shares

Actual

1,000.00

1,055.30

8.34

1.63

Hypothetical (2)

1,000.00

1,016.75

8.18

1.63

Mid Corp America Fund

Trust Shares

Actual

1,000.00

1,079.20

6.91

1.34

Hypothetical (2)

1,000.00

1,018.21

6.71

1.34

Class A Shares

Actual

1,000.00

1,074.00

8.20

1.59

Hypothetical (2)

1,000.00

1,016.96

7.97

1.59

Real Strategies Fund

Trust Shares

Actual

1,000.00

1,002.80

6.68

1.34

Hypothetical (2)

1,000.00

1,018.20

6.73

1.34

Class A Shares

Actual

1,000.00

1,001.40

7.91

1.59

Hypothetical (2)

1,000.00

1,016.96

7.97

1.59

Semi-Annual Shareholder Report

133

Supplemental Information (Unaudited) (Continued)

Beginning
Account
Value,
January 1, 2012

Ending
Account Value,
June 30, 2012

Expenses
Paid
During
Period(1)

Annualized
Expense
Ratio

Rotating Markets Fund

Trust Shares

Actual

1,000.00

1,045.10

5.90

1.16

Hypothetical (2)

1,000.00

1,019.10

5.82

1.16

Class A Shares

Actual

1,000.00

1,043.70

7.16

1.41

Hypothetical (2)

1,000.00

1,017.85

7.07

1.41

Situs Fund

Trust Shares

Actual

1,000.00

1,081.40

6.94

1.34

Hypothetical (2)

1,000.00

1,018.20

6.72

1.34

Class A Shares

Actual

1,000.00

1,080.30

8.23

1.59

Hypothetical (2)

1,000.00

1,016.95

7.98

1.59

Technical Opportunites Fund

Trust Shares

Actual

1,000.00

933.60

9.42

1.96

Hypothetical (2)

1,000.00

1,015.12

9.82

1.96

Class A Shares

Actual

1,000.00

933.10

10.62

2.21

Hypothetical (2)

1,000.00

1,013.87

11.07

2.21

Fixed Income Securities Fund

Trust Shares

Actual

1,000.00

1,021.80

5.24

1.04

Hypothetical (2)

1,000.00

1,019.68

5.23

1.04

Class A Shares

Actual

1,000.00

1,020.10

6.48

1.29

Hypothetical (2)

1,000.00

1,018.45

6.47

1.29

Intermediate Government Income Fund

Trust Shares

Actual

1,000.00

1,010.60

5.37

1.07

Hypothetical (2)

1,000.00

1,019.53

5.39

1.07

Class A Shares

Actual

1,000.00

1,010.20

6.61

1.32

Hypothetical (2)

1,000.00

1,018.28

6.64

1.32

Mortgage Securities Fund

Trust Shares

Actual

1,000.00

1,025.50

5.51

1.09

Hypothetical (2)

1,000.00

1,019.43

5.49

1.09

Class A Shares

Actual

1,000.00

1,024.10

6.76

1.34

Hypothetical (2)

1,000.00

1,018.18

6.74

1.34

Ohio Tax-Free Fund

Trust Shares

Actual

1,000.00

1,015.50

5.84

1.17

Hypothetical (2)

1,000.00

1,019.07

5.85

1.17

Class A Shares

Actual

1,000.00

1,014.20

7.09

1.42

Hypothetical (2)

1,000.00

1,017.82

7.10

1.42

Short/Intermediate Fixed Income Securities Fund

Trust Shares

Actual

1,000.00

1,009.80

5.24

1.05

Hypothetical (2)

1,000.00

1,019.65

5.27

1.05

Class A Shares

Actual

1,000.00

1,008.60

6.48

1.30

Hypothetical (2)

1,000.00

1,018.41

6.52

1.30

Balanced Allocation Fund

Class A Shares

Actual

1,000.00

1,041.90

3.41

0.67

Hypothetical (2)

1,000.00

1,021.52

3.38

0.67

Conservative Allocation Fund

Class A Shares

Actual

1,000.00

1,026.40

4.07

0.81

Hypothetical (2)

1,000.00

1,020.85

4.05

0.81

Semi-Annual Shareholder Report

134

Beginning
Account
Value,
January 1, 2012

Ending
Account Value,
June 30, 2012

Expenses
Paid
During
Period(1)

Annualized
Expense
Ratio

Growth Allocation Fund

Class A Shares

Actual

1,000.00

1,054.10

3.23

0.63

Hypothetical (2)

1,000.00

1,021.72

3.18

0.63

(1)

Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 182/366 (to reflect the one-half year period). The annualized expense ratios reflect reimbursement of expenses by the Funds’ Adviser for the period beginning January 1, 2012 through June 30, 2012. The “Financial Highlights” tables in the Funds’ financial statements, included in the report, also show the gross expense ratios, without such reimbursements.

(2)

Hypothetical assumes 5% annual return before expenses.

Semi-Annual Shareholder Report

135

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A copy of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios, as well as a record of how the Funds voted any such proxies during the most recent 12-month period ended June 30, is available without charge and upon request by calling 1-800-253-0412 or at www.huntingtonfunds.com. This information is also available from the EDGAR database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the close of the first and third quarters of their fiscal year, on “Form N-Q.” These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. (call 1-202-551-8090 for information on the operation of the Public Reference Room.) You may also access this information at www.huntingtonfunds.com by selecting “Form N-Q”.

The Huntington National Bank, a subsidiary of Huntington Bancshares, Inc., is the Administrator and Custodian of The Huntington Funds. Huntington Asset Services, Inc. serves as the Sub-Administrator and Sub-Fund Accountant and is affiliated with the Huntington National Bank. Additionally, Brown Brothers Harriman & Co. is the Sub-Custodian of certain of the Funds. Huntington Asset Advisors, Inc., a subsidiary of the Huntington National Bank, serves as Investment Advisor to the Funds. Unified Financial Securities, Inc. serves as the Distributor of The Huntington Funds and is affiliated with the Huntington National Bank.

Mutual funds, including money market funds, are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board, or any other government agency. Investment in mutual funds involves investment risk, including the possible loss of principal. Although money market funds seek to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Funds.

The Funds’ prospectus and summary prospectus contains important information about the Funds’ investment objectives, potential risks, management fees, charges and expenses, and other information and should be read and considered carefully before investing. You may obtain a current copy of the Funds’ prospectus or summary prospectus by calling 1-800-253-0412.


Cusip 446327298		Cusip 446327108
Cusip 446327272		Cusip 446327207
Cusip 446327520		Cusip 446327496
Cusip 446327538		Cusip 446327306
Cusip 446327488		Cusip 446327405
Cusip 446327462		Cusip 446327702
Cusip 446327199		Cusip 446327801
Cusip 446327173		Cusip 44632P306
Cusip 446327777		Cusip 44632P405
Cusip 446327769		Cusip 446327660
Cusip 446327736		Cusip 446327645
Cusip 446327728		Cusip 446327124
Cusip 446327843		Cusip 446327116
Cusip 446327835		Cusip 446327884
Cusip 446327827		Cusip 446327876
Cusip 446327819		Cusip 446327868
Cusip 446327413		Cusip 446327850
Cusip 446327744		Cusip 446327637
Cusip 446327157		Cusip 446327611
Cusip 446327140		Cusip 446327330
Cusip 446327132		Cusip 446327314
Cusip 446327504		Cusip 446327561
Cusip 446327603		Cusip 446327546

Huntington Funds Shareholder Services: 1-800-253-0412

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Semi-Annual Shareholder Report

Balanced Fund

Huntington VA Balanced Fund

Equity Funds

Huntington VA Dividend Capture Fund

Huntington VA Growth Fund

Huntington VA Income Equity Fund

Huntington VA International Equity Fund

Huntington VA Macro 100 Fund

Huntington VA Mid Corp America Fund

Huntington VA Real Strategies Fund

Huntington VA Rotating Markets Fund

Huntington VA Situs Fund

Income Funds

Huntington VA Mortgage Securities Fund

JUNE 30, 2012

Huntington VA Balanced Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Equity Mutual Funds¹		60.0%
Fixed Income Mutual Funds¹		37.6%
Cash¹		2.4%

Total		100.0%

¹	Investments in affiliated funds.

Portfolio holdings and allocations are subject to change. Percentages in the table above, as of June 30, 2012, are based on total investments, which may differ from the percentages set forth below in the Portfolio of Investments which are computed using the Fund’s total net assets.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value

		Mutual Funds — 97.6% (a)
	589,104	Huntington Fixed Income Securities Fund, Trust Shares	$	13,419,789
	162,459	Huntington VA Dividend Capture Fund		1,735,065
	947,122	Huntington VA Growth Fund		7,756,933
	546,832	Huntington VA Income Equity Fund		5,227,710
	334,094	Huntington VA International Equity Fund		4,346,565
	232,085	Huntington VA Macro 100 Fund		2,176,958
	190,986	Huntington VA Mid Corp America Fund		3,508,413
	228,470	Huntington VA Mortgage Securities Fund		2,782,767
	69,014	Huntington VA Situs Fund		1,098,705

		Total Mutual Funds (Cost $38,219,432)		42,052,905


Shares			Value

		Cash Equivalents — 2.4%
	1,036,304	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	1,036,304

		Total Cash Equivalents (Cost $1,036,304)		1,036,304

		Total Investments (Cost $39,255,736) — 100.0%		43,089,209

		Other Assets in Excess of Liabilities — 0.0%		18,820

		Net Assets — 100.0%	$	43,108,029

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of June 30, 2012.

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		1

Huntington VA Dividend Capture Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Common Stocks		74.1%
Preferred Stocks		18.3%
Exchange-Traded Funds		2.0%
Cash¹		1.2%
Short-Term Securities Held as Collateral for Securities Lending		4.4%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value

		Common Stocks — 77.4%
		Consumer Discretionary — 6.4%
	3,750	Buckle, Inc./The (a)	$	148,388
	16,000	D.R. Horton, Inc.		294,080
	8,750	Gap, Inc./The		239,400
	7,750	Genuine Parts Co.		466,937
	31,500	Hillenbrand, Inc.		578,970
	6,500	Tupperware Brands Corp.		355,940

				2,083,715

		Consumer Staples — 5.4%
	4,000	Colgate-Palmolive Co.		416,400
	14,500	ConAgra Foods, Inc.		375,985
	25,000	Kroger Co./The		579,750
	4,750	Philip Morris International, Inc.		414,485

				1,786,620

		Energy — 12.4%
	5,500	Chevron Corp.		580,250
	4,500	ConocoPhillips		251,460
	8,000	Crosstex Energy LP		131,200
	4,000	Enbridge Energy Partners LP (a)		123,080
	3,500	Exxon Mobil Corp.		299,495
	8,000	Linn Energy LLC		304,800
	3,000	Magellan Midstream Partners LP		211,920
	2,250	Phillips 66		74,790
	2,000	Plains All American Pipeline LP		161,620
	7,500	Royal Dutch Shell PLC ADR		505,725
	6,500	Sunoco Logistics Partners LP		235,755
	13,500	Total SA ADR		606,825
	17,250	Valero Energy Corp.		416,587
	3,000	Williams Partners LP (a)		156,720

				4,060,227

		Financials — 17.9%
	10,750	American Financial Group, Inc.		421,722
	10,750	Bank of Hawaii Corp.		493,962
	10,000	Bank of Montreal		552,600
	9,500	Cullen/Frost Bankers, Inc.		546,155
	16,000	Federated Investors, Inc., Class B (a)		349,600


Shares			Value

		Financials — (continued)
	8,000	JPMorgan Chase & Co.	$	285,840
	8,250	MetLife, Inc.		254,513
	21,500	NYSE Euronext		549,970
	11,500	Royal Bank of Canada (a)		589,030
	4,250	Toronto-Dominion Bank/The		332,477
	16,000	U.S. Bancorp		514,560
	16,750	Waddell & Reed Financial, Inc., Class A		507,190
	14,000	Wells Fargo & Co.		468,160

				5,865,779

		Health Care — 5.1%
	5,500	Abbott Laboratories		354,585
	6,750	AstraZeneca PLC ADR		302,063
	8,000	Baxter International, Inc.		425,200
	6,500	Cardinal Health, Inc., Class A		273,000
	8,000	Merck & Co., Inc.		334,000

				1,688,848

		Industrials — 6.6%
	6,750	3M Co.		604,800
	12,500	Brady Corp., Class A		343,875
	12,000	CSX Corp.		268,320
	1,000	General Electric Co.		20,840
	11,000	Rockwell Collins, Inc.		542,850
	11,500	Waste Management, Inc.		384,100

				2,164,785

		Information Technology — 6.6%
	13,000	Cisco Systems, Inc.		223,210
	7,750	Harris Corp.		324,337
	20,000	Intel Corp.		533,000
	13,000	Microsoft Corp.		397,670
	5,250	Paychex, Inc.		164,903
	18,624	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		259,991
	11,000	Total System Services, Inc.		263,230

				2,166,341

See Notes which are an integral part of the Financial Statements.


		2

Huntington VA Dividend Capture Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Common Stocks — (continued)
		Materials — 2.1%
	8,250	Freeport-McMoRan Copper & Gold, Inc.	$	281,078
	13,000	Sonoco Products Co.		391,950

				673,028

		Real Estate Investment Trusts — 8.1%
	1,000	Boston Properties, Inc.		108,370
	2,500	EastGroup Properties, Inc.		133,250
	3,000	Entertainment Properties Trust		123,330
	3,000	HCP, Inc.		132,450
	5,000	Highwoods Properties, Inc.		168,250
	3,500	Home Properties, Inc.		214,760
	19,000	Kimco Realty Corp.		361,570
	7,500	Liberty Property Trust		276,300
	3,250	Mid-America Apartment Communities, Inc.		221,780
	2,500	National Health Investors, Inc.		127,300
	8,500	Omega Healthcare Investors, Inc.		191,250
	5,000	ProLogis, Inc.		166,150
	874	Simon Property Group, Inc.		136,047
	4,500	Ventas, Inc.		284,040

				2,644,847

		Telecommunication Services — 3.1%
	7,250	AT&T, Inc.		258,535
	5,500	Verizon Communications, Inc.		244,420
	18,750	Vodafone Group PLC ADR		528,375

				1,031,330

		Utilities — 3.7%
	9,750	Duke Energy Corp.		224,835
	10,250	Exelon Corp.		385,605
	17,000	Hawaiian Electric Industries, Inc.		484,840
	4,000	PPL Corp.		111,240

				1,206,520

		Total Common Stocks (Cost $24,493,755)		25,372,040

		Preferred Stocks — 19.1%
		Financials — 13.0%
	15,000	Allianz SE, 8.375%		391,500
	5,000	American Financial Group, Inc., 7.000%		135,000
	2,500	Ameriprise Financial, Inc., 7.750%		70,675
	4,000	Axis Capital Holdings Ltd., Series C, 6.875%		107,160
	20,000	BB&T Capital Trust V, 8.950%		503,800
	1,000	Charles Schwab Corp./The, Series B, 6.000%		26,060
	14,000	Credit Suisse Guernsey, 7.900%		364,420


Shares			Value

		Financials — (continued)
	4,000	JPMorgan Chase Capital XXIX, 6.700%	$	102,520
	7,000	KKR Financial Holdings LLC, 8.375%		189,070
	16,000	M&T Capital Trust IV, 8.500%		412,000
	8,000	Morgan Stanley Capital Trust, 6.600%		192,400
	4,000	PartnerRe Ltd., Series E, 7.250%		107,200
	21,000	PNC Capital Trust E, 7.750%		530,670
	16,000	Prudential Financial, Inc., 9.000%		434,560
	4,000	Raymond James Financial, Inc., 6.900%		108,560
	1,000	RenaissanceRe Holdings Ltd., Series C, 6.080%		25,400
	21,000	Wells Fargo Capital Trust XII, 7.875%		543,690

				4,244,685

		Real Estate Investment Trusts — 2.5%
	10,500	Kimco Realty Corp., Series G, 7.750%		269,325
	4,000	Realty Income Corp., Series F, 6.625%		108,000
	16,000	Vornado Realty LP, 7.875%		448,000

				825,325

		Telecommunication Services — 0.7%
	9,000	Qwest Corp., 7.500%		238,050

		Utilities — 2.9%
	12,000	Dominion Resources, Inc., Class A, 8.375%		344,400
	17,000	NextEra Energy Capital Holdings, Inc., Series F, 8.750%		488,070
	4,000	Xcel Energy, Inc., 7.600%		107,000

				939,470

		Total Preferred Stocks (Cost $5,920,730)		6,247,530

		Exchange-Traded Funds — 2.1%
	2,000	iShares S&P 500 Value Index Fund		124,560
	20,000	Technology Select Sector SPDR Fund (a)		575,000

		Total Exchange-Traded Funds (Cost $485,930)		699,560

		Cash Equivalents — 1.2%
	406,833	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		406,833

		Total Cash Equivalents (Cost $406,833)		406,833

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		3

Huntington VA Dividend Capture Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Short-Term Securities Held as Collateral for Securities Lending — 4.6%
	1,498,313	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)	$	1,498,313

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $1,498,313)		1,498,313


	Value

Total Investments (Cost $32,805,561) — 104.4%	$	34,224,276

Liabilities in Excess of Other Assets — (4.4)%		(1,438,355	)

Net Assets — 100.0%	$	32,785,921

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $1,468,934.

(b)	Investment in affiliate.

(c)	Rate disclosed is the seven day yield as of June 30, 2012.


ADR		—American Depositary Receipt

See Notes which are an integral part of the Financial Statements.


		4

Huntington VA Growth Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Information Technology		33.4%
Health Care		13.7%
Consumer Staples		13.2%
Energy		11.1%
Consumer Discretionary		8.7%
Industrials		7.5%
Financials		3.5%
Materials		3.3%
Short-Term Securities Held as Collateral for Securities Lending		2.1%
Real Estate Investment Trusts		1.5%
Cash¹		0.9%
Telecommunication Services		0.6%
Utilities		0.5%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value


		Common Stocks — 97.8%
		Consumer Discretionary — 8.7%
	2,290	Advance Auto Parts, Inc.	$	156,224
	370	Chipotle Mexican Grill, Inc.*		140,582
	2,630	Home Depot, Inc./The		139,364
	1,690	NIKE, Inc., Class B		148,348
	1,000	Panera Bread Co., Class A*		139,440
	4,090	Ross Stores, Inc.		255,502
	3,580	Starbucks Corp.		190,886
	1,590	VF Corp.		212,185
	2,780	Yum! Brands, Inc.		179,088

				1,561,619

		Consumer Staples — 13.3%
	12,130	Altria Group, Inc.		419,091
	3,710	Church & Dwight Co., Inc.		205,794
	5,100	Coca-Cola Co./The		398,769
	3,360	Costco Wholesale Corp.		319,200
	8,370	Hain Celestial Group, Inc./The*		460,685
	6,010	Whole Foods Market, Inc.		572,873

				2,376,412

		Energy — 11.2%
	2,010	CARBO Ceramics, Inc. (a)		154,227
	1,660	Chevron Corp.		175,130
	5,470	Energy Transfer Partners LP (a)		241,719
	6,110	Enterprise Products Partners LP		313,076
	3,380	EOG Resources, Inc.		304,572
	2,180	Exxon Mobil Corp.		186,543
	2,920	Lufkin Industries, Inc.		158,614
	4,900	Schlumberger Ltd.		318,059


Shares			Value

		Energy — (continued)
	3,190	Transocean Ltd.	$	142,689

				1,994,629

		Financials — 3.5%
	1,620	Franklin Resources, Inc.		179,804
	740	Goldman Sachs Group, Inc./The		70,936
	4,090	JPMorgan Chase & Co.		146,136
	1,300	PNC Financial Services Group, Inc.		79,443
	4,390	Wells Fargo & Co.		146,802

				623,121

		Health Care — 13.8%
	5,050	Abbott Laboratories		325,573
	7,730	Bristol-Myers Squibb Co.		277,893
	2,040	Cardinal Health, Inc., Class A		85,680
	3,920	Edwards LifeSciences Corp.*		404,936
	3,917	Express Scripts Holding Co.*		218,686
	7,710	Merck & Co., Inc.		321,892
	2,882	Novo-Nordisk A/S ADR		418,870
	6,170	Pfizer, Inc.		141,910
	4,890	Stryker Corp.		269,439

				2,464,879

		Industrials — 7.5%
	2,870	Caterpillar, Inc.		243,692
	3,450	Cummins, Inc.		334,339
	4,140	Deere & Co.		334,802
	3,400	Illinois Tool Works, Inc.		179,826
	1,300	W.W. Grainger, Inc.		248,612

				1,341,271

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		5

Huntington VA Growth Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Common Stocks — (continued)
		Information Technology — 33.7%
	3,200	Apple, Inc.*	$	1,868,800
	1,870	Baidu, Inc. ADR*		215,013
	7,120	Broadcom Corp., Class A		240,656
	13,720	Cisco Systems, Inc.		235,572
	5,140	eBay, Inc.*		215,931
	7,700	EMC Corp.*		197,351
	420	Google, Inc., Class A*		243,629
	16,210	Intel Corp.		431,996
	4,110	International Business Machines Corp.		803,834
	14,740	Microsoft Corp.		450,897
	6,300	QUALCOMM, Inc.		350,784
	5,680	Rackspace Hosting, Inc.*		249,579
	5,570	Red Hat, Inc.*		314,594
	1,640	Visa, Inc., Class A		202,753

				6,021,389

		Materials — 3.4%
	3,540	Du Pont (E.I.) de Nemours & Co.		179,018
	6,050	International Paper Co.		174,906
	1,750	Nucor Corp.		66,325
	1,670	Praxair, Inc.		181,579

				601,828

		Real Estate Investment Trusts — 1.6%
	2,550	Mid-America Apartment Communities, Inc.		174,012
	660	Simon Property Group, Inc.		102,736

				276,748

		Telecommunication Services — 0.6%
	2,400	Verizon Communications, Inc.		106,656

		Utilities — 0.5%
	1,350	Sempra Energy		92,988

		Total Common Stocks (Cost $15,513,744)		17,461,540


Shares			Value

		Cash Equivalents — 0.9%
	157,202	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)	$	157,202

		Total Cash Equivalents (Cost $157,202)		157,202

		Short-Term Securities Held as Collateral for Securities Lending — 2.2%
	386,235	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		386,235

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $386,235)		386,235

		Total Investments (Cost $16,057,181) — 100.9%		18,004,977

		Liabilities in Excess of Other Assets — (0.9)%		(151,886	)

		Net Assets — 100.0%	$	17,853,091

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $378,662.

(b)	Investment in affiliate.

(c)	Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.


ADR		— American Depositary Receipt

See Notes which are an integral part of the Financial Statements.


		6

Huntington VA Income Equity Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Financials		15.4%
Information Technology		11.8%
Energy		11.3%
Real Estate Investment Trusts		9.7%
Industrials		9.6%
Consumer Discretionary		9.4%
Consumer Staples		7.5%
Health Care		7.2%
Utilities		5.2%
Short-Term Securities Held as Collateral for Securities Lending		4.7%
Telecommunication Services		4.4%
Materials		2.9%
Cash¹		0.9%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value

		Common Stocks — 98.8%
		Consumer Discretionary — 9.9%
	15,200	Best Buy Co., Inc. (a)	$	318,592
	11,500	Comcast Corp., Class A		367,655
	25,900	Gannett Co., Inc.		381,507
	16,500	Shaw Communications, Inc., Class B		312,015
	23,300	Staples, Inc.		304,065
	4,500	Time Warner Cable, Inc., Class A		369,450

				2,053,284

		Consumer Staples — 7.9%
	10,700	Altria Group, Inc.		369,685
	4,500	Kimberly-Clark Corp.		376,965
	3,700	Philip Morris International, Inc.		322,862
	10,000	Sysco Corp.		298,100
	9,200	Walgreen Co.		272,136

				1,639,748

		Energy — 11.9%
	8,100	BP PLC ADR		328,374
	3,100	Chevron Corp.		327,050
	5,100	ConocoPhillips		284,988
	6,300	Enterprise Products Partners LP		322,812
	3,800	Exxon Mobil Corp.		325,166
	7,400	Marathon Petroleum Corp.		332,408
	4,500	Royal Dutch Shell PLC ADR		303,435
	8,300	Spectra Energy Corp.		241,198

				2,465,431


Shares			Value

		Financials — 16.1%
	5,800	Bank of Montreal	$	320,508
	6,000	Bank of Nova Scotia		310,740
	24,800	Barclays PLC ADR (a)		255,440
	11,200	BB&T Corp.		345,520
	4,200	Canadian Imperial Bank of Commerce		295,428
	7,300	HSBC Holdings PLC ADR		322,149
	5,300	Royal Bank of Canada		271,466
	10,500	Sun Life Financial, Inc.		228,480
	5,200	Travelers Cos., Inc./The		331,968
	10,400	U.S. Bancorp		334,464
	10,100	Wells Fargo & Co.		337,744

				3,353,907

		Health Care — 7.6%
	4,500	Abbott Laboratories		290,115
	5,800	AstraZeneca PLC ADR		259,550
	8,400	Eli Lilly & Co.		360,444
	8,700	Merck & Co., Inc.		363,225
	13,200	Pfizer, Inc.		303,600

				1,576,934

		Industrials — 10.0%
	6,400	Eaton Corp.		253,632
	15,500	General Electric Co.		323,020
	5,000	Illinois Tool Works, Inc.		264,450
	16,300	Koninklijke (Royal) Philips Electronics NV		320,621

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		7

Huntington VA Income Equity Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Common Stocks — (continued)
		Industrials — (continued)
	3,500	Lockheed Martin Corp.	$	304,780
	27,300	R.R. Donnelley & Sons Co. (a)		321,321
	8,800	Waste Management, Inc.		293,920

				2,081,744

		Information Technology — 12.3%
	21,600	Applied Materials, Inc.		247,536
	12,100	CA, Inc.		327,789
	15,800	Cisco Systems, Inc.		271,286
	13,800	Hewlett-Packard Co.		277,518
	12,300	Intel Corp.		327,795
	10,000	Microsoft Corp.		305,900
	9,600	Paychex, Inc.		301,536
	7,900	Seagate Technology PLC		195,367
	39,200	Xerox Corp.		308,504

				2,563,231

		Materials — 3.0%
	3,600	Air Products & Chemicals, Inc.		290,628
	8,400	Lyondellbasell Industries N.V.		338,268

				628,896

		Real Estate Investment Trusts — 10.1%
	4,000	Health Care REIT, Inc.		233,200
	12,200	Hospitality Properties Trust		302,194
	17,800	Kimco Realty Corp.		338,734
	11,700	Mack-Cali Realty Corp.		340,119
	7,900	ProLogis, Inc.		262,517
	1,700	Simon Property Group, Inc.		264,622
	5,800	Ventas, Inc.		366,096

				2,107,482

		Telecommunication Services — 4.6%
	8,800	AT&T, Inc.		313,808
	7,200	Verizon Communications, Inc.		319,968
	33,200	Windstream Corp. (a)		320,712

				954,488


Shares			Value

		Utilities — 5.4%
	4,200	Entergy Corp.	$	285,138
	7,400	Exelon Corp.		278,388
	6,200	PG&E Corp.		280,674
	10,100	PPL Corp.		280,881

				1,125,081

		Total Common Stocks (Cost $18,898,375)		20,550,226

		Cash Equivalents — 1.0%
	207,982	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		207,982

		Total Cash Equivalents (Cost $207,982)		207,982

		Short-Term Securities Held as Collateral for Securities Lending — 4.9%
	1,025,354	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		1,025,354

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $1,025,354)		1,025,354

		Total Investments (Cost $20,131,711) — 104.7%		21,783,562

		Liabilities in Excess of Other Assets — (4.7)%		(978,149	)

		Net Assets — 100.0%	$	20,805,413

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $1,005,249.

(b)	Investment in affiliate.

(c)	Rate disclosed is the seven day yield as of June 30, 2012.


ADR		—American Depositary Receipt

See Notes which are an integral part of the Financial Statements.


		8

Huntington VA International Equity Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
United Kingdom		20.4%
Japan		14.0%
Cash¹		11.0%
France		7.5%
Switzerland		6.4%
Sweden		5.0%
Singapore		4.8%
Short-Term Securities Held as Collateral for Securities Lending		4.5%
Germany		4.5%
Exchanged-Traded Funds		4.1%
Mexico		3.2%
Hong Kong		3.2%
Italy		3.1%
Israel		1.7%
Australia		1.6%
Canada		1.5%
Taiwan		1.3%
Republic of South Korea		1.1%
United States		1.1%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value

		Common Stocks — 83.8%
		Australia — 1.7%
		Materials — 1.7%
	15,200	BHP Billiton Ltd.	$	489,269

		Canada — 1.6%
		Energy — 1.6%
	14,170	Cenovus Energy, Inc.		450,606

		France — 7.8%
		Energy — 1.7%
	2,400	Total SA (a)		107,828
	8,600	Total SA ADR		386,570

				494,398

		Financials — 3.2%
	33,909	AXA SA ADR		452,007
	12,347	BNP Paribas		474,019

				926,026

		Health Care — 1.3%
	5,000	Sanofi-Aventis		378,029

		Utilities — 1.6%
	10,600	GDF Suez		251,602


Shares			Value

		Utilities — (continued)
	9,323	GDF Suez ADR	$	221,794

				473,396

				2,271,849

		Germany — 4.6%
		Consumer Staples — 1.4%
	6,400	Henkel AG & Co. KGaA		424,183

		Industrials — 3.2%
	17,200	GEA Group AG		456,475
	2,636	Siemens AG ADR		221,609
	3,000	Siemens AG		251,117

				929,201

				1,353,384

		Hong Kong — 3.3%
		Consumer Discretionary — 1.8%
	279,000	Li & Fung Ltd.		532,971

		Financials — 1.5%
	79,800	Wharf (Holdings) Ltd./The		437,677

				970,648

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		9

Huntington VA International Equity Fund

Portfolio of Investments (continued)

June 30, 2011


Shares			Value

		Common Stocks — (continued)
		Israel — 1.8%
		Health Care — 1.8%
	12,900	Teva Pharmaceutical Industries Ltd. ADR	$	508,776

		Italy — 3.2%
		Energy — 3.2%
	29,200	Eni SpA		620,105
	7,300	Saipem SpA		323,264

				943,369

		Japan — 14.6%
		Consumer Discretionary — 2.0%
	16,610	Honda Motor Co. Ltd. ADR		575,703

		Consumer Staples — 1.2%
	6,000	Unicharm Corp.		341,152

		Industrials — 4.2%
	2,700	FANUC Ltd.		437,418
	15,000	KOMATSU Ltd.		352,411
	12,500	Makita Corp.		433,634

				1,223,463

		Information Technology — 5.5%
	10,051	Canon, Inc. ADR		401,437
	18,000	Hoya Corp.		393,395
	1,870	KEYENCE Corp.		458,990
	6,800	Murata Manufacturing Co. Ltd.		353,462

				1,607,284

		Materials — 1.7%
	39,000	Kuraray Co. Ltd.		501,070

				4,248,672

		Mexico — 3.4%
		Consumer Staples — 1.8%
	5,700	Fomento Economico Mexicano SAB de CV ADR (a)		508,725

		Telecommunication Services — 1.6%
	17,900	America Movil SA de CV, Series L ADR (a)		466,474

				975,199

		Republic of South Korea — 1.1%
		Materials — 1.1%
	4,100	POSCO ADR (a)		329,804

		Singapore — 5.0%
		Financials — 1.7%
	46,600	DBS Group Holdings Ltd.		510,236

		Industrials — 1.7%
	60,300	Keppel Corp Ltd.		489,350

		Telecommunication Services — 1.6%
	17,805	Singapore Telecommunications Ltd. ADR		466,313

				1,465,899


Shares			Value

		Sweden — 5.3%
		Consumer Discretionary — 2.1%
	16,600	Hennes & Mauritz AB	$	593,665

		Industrials — 1.8%
	46,300	Volvo AB		527,067

		Materials — 1.4%
	27,700	Svenska Cellulosa AB (SCA)		414,433

				1,535,165

		Switzerland — 6.6%
		Consumer Staples — 1.6%
	7,800	Nestle SA		464,760

		Financials — 1.4%
	5,600	ACE Ltd.		415,128

		Health Care — 2.0%
	10,590	Novartis AG ADR		591,981

		Materials — 1.6%
	6,730	Syngenta AG ADR		460,601

				1,932,470

		Taiwan — 1.4%
		Information Technology — 1.4%
	29,077	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		405,915

		United Kingdom — 21.3%
		Consumer Discretionary — 3.7%
	68,000	Greene King PLC		586,234
	24,750	Pearson PLC ADR		491,288

				1,077,522

		Consumer Staples — 3.2%
	100,400	Tesco PLC		487,495
	13,500	Unilever PLC		453,277

				940,772

		Energy — 1.6%
	22,250	BG Group PLC ADR		457,015

		Financials — 3.4%
	155,000	Barclays PLC		395,298
	26,875	Standard Chartered PLC		582,702

				978,000

		Health Care — 2.0%
	12,645	GlaxoSmithKline PLC ADR		576,233

		Industrials — 1.9%
	41,900	Rolls-Royce Holdings PLC *		562,997

		Telecommunication Services — 3.7%
	160,000	BT Group PLC		529,700
	194,000	Vodafone Group PLC		544,585

				1,074,285

		Utilities — 1.8%
	8,525	SSE PLC ADR		186,783
	16,100	SSE PLC		350,718

				537,501

				6,204,325

See Notes which are an integral part of the Financial Statements.


		10

Huntington VA International Equity Fund

Portfolio of Investments (continued)

June 30, 2011


Shares			Value

		Common Stocks — (continued)
		United States — 1.1%
		Energy — 1.1%
	5,080	Schlumberger Ltd.	$	329,743

		Total Common Stocks (Cost $23,813,151)		24,415,093

		Exchange-Traded Funds — 4.3%
	40,000	iShares MSCI Japan Index Fund		376,400
	20,000	iShares MSCI Malaysia Index Fund		285,400
	6,000	iShares MSCI South Korea Index Fund		328,860
	22,100	iShares MSCI Taiwan Index Fund		270,283

		Total Exchange-Traded Funds (Cost $1,190,615)		1,260,943

		Cash Equivalents — 11.5%
	3,357,570	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		3,357,570

		Total Cash Equivalents (Cost $3,357,570)		3,357,570


Shares			Value

		Short-Term Securities Held as Collateral for Securities Lending — 4.7%
	1,370,438	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)	$	1,370,438

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $1,370,438)		1,370,438

		Total Investments (Cost $29,731,774) — 104.3%		30,404,044

		Liabilities in Excess of Other Assets — (4.3)%		(1,256,620	)

		Net Assets — 100.0%	$	29,147,424

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $1,339,970.

(b)	Investment in affiliate.

(c)	Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.


ADR		—American Depositary Receipt

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		11

Huntington VA Macro 100 Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Information Technology		17.5%
Financials		12.4%
Energy		11.6%
Health Care		10.8%
Industrials		10.1%
Consumer Staples		9.4%
Consumer Discretionary		8.5%
Cash¹		7.6%
Utilities		3.8%
Materials		3.8%
Telecommunication Services		2.5%
Short-Term Securities Held as Collateral for Securities Lending		2.0%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value

		Common Stocks — 92.3%
		Consumer Discretionary — 8.7%
	4,340	D.R. Horton, Inc.	$	79,769
	3,700	International Game Technology		58,275
	2,330	Leggett & Platt, Inc. (a)		49,233
	2,000	Marriott International, Inc., Class A		78,400
	4,230	News Corp., Class A		94,287
	1,420	Target Corp.		82,630
	950	TJX Cos., Inc./The		40,784
	210	VF Corp.		28,025
	1,325	Viacom, Inc., Class A		62,301
	1,220	Walt Disney Co./The		59,170

				632,874

		Consumer Staples — 9.5%
	950	Clorox Co./The		68,837
	500	Colgate-Palmolive Co.		52,050
	1,590	ConAgra Foods, Inc.		41,229
	2,120	Kraft Foods, Inc., Class A		81,874
	3,820	Kroger Co./The		88,586
	1,160	PepsiCo, Inc.		81,966
	1,465	Procter & Gamble Co.		89,731
	2,440	Walgreen Co.		72,175
	1,690	Wal-Mart Stores, Inc.		117,827

				694,275

		Energy — 11.8%
	630	Anadarko Petroleum Corp.		41,706
	430	Apache Corp.		37,793
	1,060	Chevron Corp.		111,830
	1,300	ConocoPhillips		72,644


Shares			Value

		Energy — (continued)
	4,100	Denbury Resources, Inc. *	$	61,951
	1,220	Diamond Offshore Drilling, Inc.		72,139
	2,013	Exxon Mobil Corp.		172,252
	1,940	Marathon Oil Corp.		49,606
	1,600	Marathon Petroleum Corp.		71,872
	1,200	Murphy Oil Corp.		60,348
	3,050	Peabody Energy Corp.		74,786
	1,350	Tesoro Corp. *		33,696

				860,623

		Financials — 12.7%
	2,530	Allstate Corp./The		88,778
	1,430	American Express Co.		83,240
	2,650	BB&T Corp.		81,752
	1,080	Berkshire Hathaway, Inc., Class B *		89,996
	1,870	Discover Financial Services		64,665
	2,400	Federated Investors, Inc., Class B (a)		52,440
	8,780	Hudson City Bancorp, Inc.		55,929
	1,550	PNC Financial Services Group, Inc.		94,720
	1,470	State Street Corp.		65,621
	1,050	Torchmark Corp.		53,078
	2,010	U.S. Bancorp		64,642
	2,120	Unum Group		40,556
	2,530	Wells Fargo & Co.		84,603

				920,020

		Health Care — 11.0%
	530	Amgen, Inc.		38,711
	1,280	Baxter International, Inc.		68,032
	860	Becton, Dickinson & Co.		64,285

See Notes which are an integral part of the Financial Statements.


		12

Huntington VA Macro 100 Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Common Stocks — (continued)
		Health Care — (continued)
	1,740	Eli Lilly & Co.	$	74,663
	2,640	Forest Laboratories, Inc. *		92,374
	1,060	Johnson & Johnson		71,614
	790	McKesson Corp.		74,062
	2,430	Medtronic, Inc.		94,114
	2,180	Patterson Cos., Inc.		75,145
	3,970	Pfizer, Inc.		91,310
	10,580	Tenet Healthcare Corp. *		55,439

				799,749

		Industrials — 10.3%
	780	3M Co.		69,888
	310	Caterpillar, Inc.		26,322
	850	Deere & Co.		68,739
	1,060	Emerson Electric Co.		49,375
	1,160	Honeywell International, Inc.		64,774
	2,040	Iron Mountain, Inc.		67,238
	960	L-3 Communications Holdings, Inc.		71,050
	825	Northrop Grumman Corp.		52,627
	540	Pall Corp.		29,597
	390	Parker Hannifin Corp.		29,983
	2,120	Quanta Services, Inc. *		51,028
	580	Stericycle, Inc. *		53,169
	500	Union Pacific Corp.		59,655
	710	United Parcel Service, Inc., Class B		55,920

				749,365

		Information Technology — 17.9%
	6,500	Advanced Micro Devices, Inc. *		37,245
	2,120	Analog Devices, Inc.		79,860
	420	Apple, Inc.		245,280
	5,290	Applied Materials, Inc.		60,623
	1,950	Autodesk, Inc. *		68,230
	4,060	Cisco Systems, Inc.		69,710
	630	Cognizant Technology Solutions Corp., Class A *		37,800
	1,690	Computer Sciences Corp.		41,946
	3,390	Corning, Inc.		43,833
	4,800	Dell, Inc. *		60,096
	110	Google, Inc., Class A *		63,808
	3,700	Intel Corp.		98,605
	585	International Business Machines Corp.		114,414
	1,400	Jabil Circuit, Inc.		28,462
	2,330	Lexmark International, Inc., Class A		61,931
	3,910	Microsoft Corp.		119,607
	5,610	SAIC, Inc.		67,993

				1,299,443

		Materials — 3.9%
	1,590	Bemis Co., Inc.		49,831
	2,620	Dow Chemical Co./The		82,530


Shares			Value

		Materials — (continued)
	3,220	Freeport-McMoRan Copper & Gold, Inc.	$	109,705
	1,060	Nucor Corp.		40,174

				282,240

		Telecommunication Services — 2.6%
	2,120	AT&T, Inc.		75,599
	450	CenturyLink, Inc.		17,771
	3,700	MetroPCS Communications, Inc. *		22,385
	1,640	Verizon Communications, Inc.		72,882

				188,637

		Utilities — 3.9%
	810	Consolidated Edison, Inc.		50,374
	990	Entergy Corp.		67,211
	1,020	Exelon Corp.		38,372
	2,120	Pepco Holdings, Inc. (a)		41,488
	1,150	Public Service Enterprise Group, Inc.		37,375
	2,640	TECO Energy, Inc.		47,678

				282,498

		Total Common Stocks (Cost $6,218,030)		6,709,724

		Cash Equivalents — 7.7%
	561,697	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		561,697

		Total Cash Equivalents (Cost $561,697)		561,697

		Short-Term Securities Held as Collateral for Securities Lending — 2.1%
	149,781	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		149,781

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $149,781)		149,781

		Total Investments (Cost $6,929,508) — 102.1%		7,421,202

		Liabilities in Excess of Other Assets — (2.1)%		(155,499	)

		Net Assets — 100.0%	$	7,265,703

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $146,844.

(b)	Investment in affiliate.

(c)	Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		13

Huntington VA Mid Corp America Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Information Technology		19.0%
Industrials		16.3%
Health Care		10.8%
Financials		10.7%
Consumer Discretionary		8.6%
Real Estate Investment Trusts		8.3%
Energy		6.8%
Materials		6.2%
Consumer Staples		5.4%
Cash¹		4.3%
Utilities		2.2%
Short-Term Securities Held as Collateral for Securities Lending		0.9%
Telecommunication Services		0.5%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value

		Common Stocks — 94.7%
		Consumer Discretionary — 8.6%
	1,310	Advance Auto Parts, Inc.	$	89,368
	1,500	American Public Education, Inc. (a)*		48,000
	4,520	Bob Evans Farms, Inc.		181,704
	6,540	D.R. Horton, Inc.		120,205
	3,700	Guess?, Inc.		112,369
	7,260	Iconix Brand Group, Inc.*		126,832
	4,630	Kohl’s Corp.		210,619
	7,868	Nordstrom, Inc.		390,961
	4,420	PetSmart, Inc.		301,356
	1,250	Ralph Lauren Corp.		175,075
	2,840	Ross Stores, Inc.		177,415
	3,270	Vitamin Shoppe, Inc.*		179,621
	3,540	Wolverine World Wide, Inc.		137,281

				2,250,806

		Consumer Staples — 5.4%
	11,560	Church & Dwight Co., Inc.		641,233
	4,670	Constellation Brands, Inc., Class A*		126,370
	1,750	Diamond Foods, Inc. (a)		31,220
	8,300	Dr. Pepper Snapple Group, Inc.		363,125
	6,430	Harris Teeter Supermarkets, Inc.		263,566

				1,425,514

		Energy — 6.8%
	1,500	Baker Hughes, Inc.		61,650
	1,330	CARBO Ceramics, Inc. (a)		102,051
	9,528	Chesapeake Energy Corp.		177,221
	5,780	Helmerich & Payne, Inc.		251,314


Shares			Value

		Energy — (continued)
	5,200	Murphy Oil Corp.	$	261,508
	5,624	Noble Energy, Inc.		477,028
	5,320	Oceaneering International, Inc.		254,615
	1,931	Superior Energy Services, Inc.*		39,064
	1,993	Unit Corp.*		73,522
	6,638	Weatherford International Ltd.*		83,838

				1,781,811

		Financials — 10.7%
	10,610	Brown & Brown, Inc.		289,335
	4,940	Community Bank System, Inc.		133,973
	4,940	Cullen/Frost Bankers, Inc.		284,001
	9,150	Discover Financial Services		316,407
	780	Everest Re Group Ltd.		80,722
	26,520	First Niagara Financial Group, Inc.		202,878
	3,900	Invesco Ltd.		88,140
	1,800	Jones Lang LaSalle, Inc.		126,666
	5,700	Montpelier Re Holdings Ltd.		121,353
	8,140	Principal Financial Group, Inc.		213,512
	3,930	Prosperity Bancshares, Inc.		165,178
	2,050	T. Rowe Price Group, Inc.		129,068
	8,260	Torchmark Corp.		417,543
	11,768	Unum Group		225,122

				2,793,898

		Health Care — 10.8%
	6,780	AmerisourceBergen Corp.		266,793
	4,400	Cepheid, Inc.*		196,900
	1,500	Computer Programs & Systems, Inc.		85,830

See Notes which are an integral part of the Financial Statements.


		14

Huntington VA Mid Corp America Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Common Stocks — (continued)
		Health Care — (continued)
	4,057	Coventry Health Care, Inc.	$	128,972
	11,156	Life Technologies Corp.*		501,908
	21,600	Mylan, Inc.*		461,592
	2,900	Quest Diagnostics, Inc.		173,710
	5,840	St. Jude Medical, Inc.		233,074
	5,083	Thermo Fisher Scientific, Inc.		263,859
	7,020	Watson Pharmaceutical, Inc.*		519,410

				2,832,048

		Industrials — 16.3%
	6,400	AECOM Technology Corp.*		105,280
	1,875	Alliant Techsystems, Inc.		94,819
	4,000	BorgWarner, Inc.*		262,360
	5,400	CNH Global NV*		209,844
	8,512	Cooper Industries PLC		580,348
	4,500	Corrections Corp. of America		132,525
	2,900	Elbit Systems Ltd.		100,340
	550	Flowserve Corp.		63,112
	3,600	GrafTech International Ltd.*		34,740
	7,640	Jacobs Engineering Group, Inc.*		289,250
	9,600	John Bean Technologies Corp.		130,272
	9,738	Kennametal, Inc.		322,815
	3,549	L-3 Communications Holdings, Inc.		262,661
	4,234	Parker Hannifin Corp.		325,510
	3,120	Rockwell International Corp.		206,107
	11,570	Rollins, Inc.		258,821
	3,800	Ryder System, Inc.		136,838
	2,110	Stericycle, Inc.*		193,424
	9,840	Timken Co.		450,574
	1,800	UniFirst Corp.		114,750

				4,274,390

		Information Technology — 19.0%
	2,000	Amdocs Ltd.*		59,440
	11,220	Autodesk, Inc.*		392,588
	3,430	BMC Software, Inc.*		146,392
	4,400	Broadcom Corp., Class A		148,720
	7,310	Citrix Systems, Inc.*		613,601
	9,600	CTS Corp.		90,432
	5,905	Fidelity National Information Services, Inc.		201,242
	2,500	Fiserv, Inc.*		180,550
	1,810	FleetCor Technologies, Inc.*		63,422
	12,882	FLIR Systems, Inc.		251,199
	5,900	Harris Corp.		246,915
	4,930	j2 Global, Inc. (a)		130,251
	5,200	JDA Software Group, Inc.*		154,388
	4,650	Molex, Inc.		111,321
	5,548	NCR Corp.*		126,106
	3,200	NetApp, Inc.*		101,824
	8,900	NVIDIA Corp.*		122,998
	20,220	ON Semiconductor Corp.*		143,562
	7,890	Paychex, Inc.		247,825
	4,660	Progress Software Corp.*		97,254
	4,900	Riverbed Technology, Inc.*		79,135


Shares			Value

		Information Technology — (continued)
	3,120	SanDisk Corp.*	$	113,818
	9,700	Synopsys, Inc.*		285,471
	3,700	Syntel, Inc.		224,590
	9,068	Teradata Corp.*		652,987

				4,986,031

		Materials — 6.1%
	4,800	Albemarle Corp.		286,272
	3,300	AptarGroup, Inc.		168,465
	2,200	Ball Corp.		90,310
	3,260	Cia de Minas Buenaventura SA		123,815
	9,700	FMC Corp.		518,756
	2,250	PPG Industries, Inc.		238,770
	1,100	Schnitzer Steel Industries, Inc.		30,822
	1,700	Silver Wheaton Corp.		45,628
	3,600	Sonoco Products Co.		108,540

				1,611,378

		Real Estate Investment Trusts — 8.3%
	2,560	Alexandria Real Estate Equities, Inc.		186,163
	4,860	Entertainment Properties Trust		199,795
	1,700	Federal Realty Investment Trust		176,953
	4,070	Highwoods Properties, Inc.		136,955
	2,200	Home Properties, Inc.		134,992
	2,200	Liberty Property Trust		81,048
	3,920	Mack-Cali Realty Corp.		113,954
	18,050	Medical Properties Trust, Inc.		173,641
	2,400	Mid-America Apartment Communities, Inc.		163,776
	3,040	PS Business Parks, Inc.		205,869
	4,100	Rayonier, Inc.		184,090
	3,240	Sovran Self Storage, Inc.		162,292
	3,890	Ventas, Inc.		245,537

				2,165,065

		Telecommunication Services — 0.5%
	5,110	MetroPCS Communications, Inc. *		30,916
	1,600	TELUS Corp.		93,568

				124,484

		Utilities — 2.2%
	1,900	Alliant Energy Corp.		86,583
	3,310	CMS Energy Corp.		77,785
	1,240	DTE Energy Co.		73,569
	2,600	New Jersey Resources Corp.		113,386
	6,100	Portland General Electric Co.		162,626
	2,270	Xcel Energy, Inc.		64,491

				578,440

		Total Common Stocks (Cost $19,300,639)		24,823,865

		Cash Equivalents — 4.3%
	1,133,326	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		1,133,326

		Total Cash Equivalents (Cost $1,133,326)		1,133,326

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		15

Huntington VA Mid Corp America Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Short-Term Securities Held as Collateral for Securities Lending — 1.0%
	248,070	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)	$	248,070

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $248,070)		248,070

		Total Investments (Cost $20,682,035) — 100.0%		26,205,261


	Value

Other Assets in Excess of Liabilities — 0.0%	$	3,157

Net Assets — 100.0%	$	26,208,418

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $243,206.

(b)	Investment in affiliate.

(c)	Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.

See Notes which are an integral part of the Financial Statements.


		16

Huntington VA Real Strategies Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Energy		21.8%
Materials		17.5%
Cash¹		12.9%
Industrials		12.0%
Short-Term Securities Held as Collateral for Securities Lending		10.5%
Real Estate Investment Trusts		7.0%
Real Estate Investments		6.2%
Consurmer Staples		5.6%
Exchange-Traded Funds		3.7%
Closed-End Fund		2.6%
Warrants		0.1%
Options Purchased		0.1%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value

		Common Stocks — 71.4%
		Consumer Staples — 6.2%
	1,060	Bunge Ltd.	$	66,504
	6,040	Dean Foods Co. *		102,861
	2,920	Smithfield Foods, Inc. *		63,160

				232,525

		Energy — 24.4%
	7,300	Adaro Energy Tbk PT ADR		58,400
	1,900	Cameco Corp.		41,705
	2,000	Canadian Natural Resources Ltd.		53,700
	3,400	Canadian Oil Sands Ltd.		65,826
	3,470	Chesapeake Energy Corp.		64,542
	1,470	Enterprise Products Partners LP		75,323
	1,189	Kinder Morgan, Inc.		38,310
	1,700	Linn Energy LLC		64,770
	1,000	National Oilwell Varco, Inc.		64,440
	3,000	Natural Resource Partners LP (a)		66,510
	1,400	Petroleo Brasileiro SA ADR		26,278
	1,200	Sasol Ltd. ADR		50,940
	2,500	Spectra Energy Corp.		72,650
	886	Statoil ASA ADR (a)		21,140
	1,600	Tenaris SA ADR (a)		55,952
	1,100	Transocean Ltd.		49,203
	18,500	Uranium Energy Corp. (a) *		42,365

				912,054

		Industrials — 13.4%
	1,700	AGCO Corp. *		77,741
	1,900	Chicago Bridge & Iron Co. NV		72,124
	1,800	Deere & Co.		145,566
	1,100	Lindsay Corp.		71,390
	1,200	Robbins & Myers, Inc.		50,184


Shares			Value

		Industrials — (continued)
	700	Valmont Industries, Inc.	$	84,679

				501,684

		Materials — 19.5%
	650	Agrium, Inc.		57,505
	700	AngloGold Ashanti Ltd. ADR		24,038
	1,400	Barrick Gold Corp.		52,598
	400	BHP Billiton Ltd. ADR		26,120
	2,140	Cia de Minas Buenaventura SA		81,277
	2,000	Molycorp, Inc. (a) *		43,100
	1,110	Potash Corporation of Saskatchewan, Inc.		48,496
	400	Praxair, Inc.		43,492
	980	Rio Tinto PLC ADR (a)		46,854
	1,300	Sociedad Quimica y Minera de Chile SA ADR (a)		72,371
	4,000	Stillwater Mining Co. *		34,160
	800	Syngenta AG ADR		54,752
	300	Terra Nitrogen Co. LP		63,540
	1,900	Vale SA ADR		37,715
	1,000	Yara International ASA ADR		43,510

				729,528

		Real Estate Investment Trusts — 7.9%
	500	AvalonBay Communities, Inc.		70,740
	4,700	Duke Realty Corp.		68,808
	2,100	Rayonier, Inc.		94,290
	703	Vornado Realty Trust		59,038

				292,876

		Total Common Stocks (Cost $2,610,487)		2,668,667

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		17

Huntington VA Real Strategies Fund

Portfolio of Investments (continued)

June 30, 2012


Shares or Contracts			Value

		Real Estate Investments (b) (c) (d) — 6.9%
		Discount Retail Portfolio II DST	$	50,321
		Grocery & Pharmacy DST		50,289
		New York Power DST		50,286
		Scotts Gahanna LLC		56,327
		Winston-Salem DST		50,243

		Total Real Estate Investments (Cost $256,000)		257,466

		Exchange-Traded Funds — 4.1%
	2,700	Market Vectors Junior Gold Miners ETF		51,759
	1,200	Market Vectors Oil Services ETF (a)*		42,768
	2,100	PowerShares DB Agriculture Fund *		59,262

		Total Exchange-Traded Funds (Cost $208,530)		153,789

		Closed-End Fund — 3.0%
	5,600	Central Fund of Canada Ltd., Class A (a)		110,824

		Total Closed-End Fund (Cost $98,635)		110,824

		Options Purchased — 0.1%
	5	Market Vectors Gold Miners Fund, Call @ $42, Expiring January 2013		3,088
	15	United States Oil Fund LP, Call @ $37, Expiring August 2012		300

		Total Options Purchased (Cost $4,656)		3,388

		Warrants — 0.1%
		Energy — 0.1%
	1,818	Kinder Morgan, Inc., Expires 5/25/2017		3,926

		Total Warrants (Cost $2,869)		3,926


Shares			Value

		Cash Equivalents — 14.5%
	539,725	Huntington Money Market Fund, Interfund Shares, 0.010% (e) (f) (g)	$	539,725

		Total Cash Equivalents (Cost $539,725)		539,725

		Short-Term Securities Held as Collateral for Securities Lending — 11.7%
	437,625	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (f)		437,625

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $437,625)		437,625

		Total Investments (Cost $4,158,527) — 111.8%		4,175,410

		Liabilities in Excess of Other Assets — (11.8)%		(441,280	)

		Net Assets — 100.0%	$	3,734,130

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $429,044.

(b)	Illiquid security.

(c)	Security is currently being valued according to the fair value procedures approved by the Pricing Committee.

(d)	Investments do not offer shares. Fair value represents direct ownership of Real Estate Investments.

(e)	Investment in affiliate.

(f)

Rate disclosed is the seven day yield as of June 30, 2012.

(g)	All or a portion of the security is held as collateral for written put options.

*	Non-income producing security.


ADR		—American Depositary Receipt
DST		—Delaware Statutory Trust
ETF		—Exchange-Traded Fund

See Notes which are an integral part of the Financial Statements.


		18

Huntington VA Rotating Markets Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Information Technology		64.4%
Consumer Discretionary		16.2%
Health Care		11.7%
Consumer Staples		2.6%
Industrials		1.8%
Telecommunication Services		0.9%
Cash¹		0.9%
Exchange-Traded Funds		0.9%
Materials		0.5%
Short-Term Securities Held as Collateral for Securities Lending		0.1%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value


		Common Stocks — 98.2%
		Consumer Discretionary — 16.2%
	1,020	Amazon.com, Inc.*	$	232,917
	290	Apollo Group, Inc., Class A*		10,495
	540	Bed Bath & Beyond, Inc.*		33,372
	4,570	Comcast Corp., Class A		146,103
	1,530	DIRECTV, Class A*		74,695
	520	Dollar Tree, Inc.*		27,976
	270	Expedia, Inc.		12,979
	130	Fossil, Inc.*		9,950
	430	Garmin Ltd.		16,465
	1,250	Liberty Interactive, Inc.*		22,238
	740	Mattel, Inc.		24,006
	120	Netflix, Inc.*		8,216
	3,750	News Corp., Class A		83,587
	280	O’Reilly Automotive, Inc.*		23,456
	110	Priceline.com, Inc.*		73,097
	500	Ross Stores, Inc.		31,235
	230	Sears Holdings Corp. (a)*		13,731
	8,070	Sirius XM Radio, Inc.*		14,930
	1,540	Staples, Inc.		20,097
	1,590	Starbucks Corp.		84,779
	660	Virgin Media, Inc.		16,097
	230	Wynn Resorts Ltd.		23,856

				1,004,277

		Consumer Staples — 2.6%
	940	Costco Wholesale Corp.		89,300
	400	Green Mountain Coffee Roasters, Inc.*		8,712
	370	Monster Beverage Corp.*		26,344
	400	Whole Foods Market, Inc.		38,128

				162,484


Shares			Value

		Health Care — 11.7%
	410	Alexion Pharmaceuticals, Inc.*	$	40,713
	1,920	Amgen, Inc.		140,237
	530	Biogen Idec, Inc.*		76,521
	970	Celgene Corp.*		62,235
	370	Cerner Corp.*		30,584
	310	DENTSPLY International, Inc.		11,721
	1,050	Express Scripts Holding Co.*		58,621
	1,670	Gilead Sciences, Inc.*		85,638
	200	Henry Schein, Inc.*		15,698
	80	Intuitive Surgical, Inc.*		44,303
	390	Life Technologies Corp.*		17,546
	920	Mylan, Inc.*		19,660
	210	Perrigo Co.		24,765
	1,540	Teva Pharmaceutical Industries Ltd. ADR		60,738
	460	Vertex Pharmaceuticals, Inc.*		25,723
	570	Warner Chilcott PLC*		10,214

				724,917

		Industrials — 1.8%
	360	CH Robinson Worldwide, Inc.		21,071
	460	Expeditors International of Washington, Inc.		17,825
	650	Fastenal Co.		26,201
	780	PACCAR, Inc.		30,568
	190	Stericycle, Inc.*		17,417

				113,082

		Information Technology — 64.5%
	2,540	Activision Blizzard, Inc.		30,455
	1,060	Adobe Systems, Inc.*		34,312
	390	Akamai Technologies, Inc.*		12,383
	700	Altera Corp.		23,688

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		19

Huntington VA Rotating Markets Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Common Stocks — (continued)
		Information Technology — (continued)
	2,030	Apple, Inc.*	$	1,185,520
	2,860	Applied Materials, Inc.		32,776
	500	Autodesk, Inc.*		17,495
	1,070	Automatic Data Processing, Inc.		59,556
	540	Avago Technologies Ltd.		19,386
	590	Baidu, Inc. ADR*		67,838
	370	BMC Software, Inc.*		15,792
	1,060	Broadcom Corp., Class A*		35,828
	1,080	CA, Inc.		29,257
	460	Check Point Software Technologies Ltd.*		22,811
	11,770	Cisco Systems, Inc.		202,091
	410	Citrix Systems, Inc.*		34,415
	670	Cognizant Technology Solutions Corp., Class A*		40,200
	4,020	Dell, Inc.*		50,330
	2,810	eBay, Inc.*		118,048
	170	F5 Networks, Inc.*		16,925
	180	First Solar, Inc.*		2,711
	310	Fiserv, Inc.*		22,388
	1,550	Flextronics International Ltd.*		9,610
	500	Google, Inc., Class A*		290,035
	11,120	Intel Corp.		296,348
	640	Intuit, Inc.		37,984
	360	KLA-Tencor Corp.		17,730
	260	Lam Research Corp.*		9,812
	500	Linear Technology Corp.		15,665
	1,340	Marvell Technology Group Ltd.*		15,115
	640	Maxim Integrated Products, Inc.		16,410
	420	Microchip Technology, Inc.		13,894
	2,130	Micron Technology, Inc.*		13,440
	13,440	Microsoft Corp.		411,130
	790	NetApp, Inc.*		25,138
	670	Nuance Communications, Inc.*		15,959
	1,350	NVIDIA Corp.*		18,657
	11,090	Oracle Corp.		329,373
	790	Paychex, Inc.		24,814
	3,670	QUALCOMM, Inc.		204,346
	1,110	Research In Motion Ltd.*		8,203
	520	SanDisk Corp.*		18,970
	1,010	Seagate Technology PLC		24,977
	1,610	Symantec Corp.*		23,522
	350	VeriSign, Inc.*		15,250
	580	Xilinx, Inc.		19,471
	2,730	Yahoo!, Inc.*		43,216

				3,993,274


Shares			Value

		Materials — 0.5%
	130	Randgold Resources Ltd. ADR	$	11,701
	260	Sigma-Aldrich Corp.		19,222

				30,923

		Telecommunication Services — 0.9%
	2,060	Vodafone Group PLC ADR		58,051

		Total Common Stocks (Cost $6,275,953)		6,087,008

		Exchange-Traded Funds — 0.9%
	844	Powershares QQQ Trust, Series 1		54,151

		Total Exchange-Traded Funds (Cost $56,887)		54,151

		Cash Equivalents — 0.9%
	56,310	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		56,310

		Total Cash Equivalents (Cost $56,310)		56,310

		Short-Term Securities Held as Collateral for Securities Lending — 0.1%
	5,824	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (c)		5,824

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $5,824)		5,824

		Total Investments (Cost $6,394,974) — 100.1%		6,203,293

		Liabilities in Excess of Other Assets — (0.1)%		(8,889	)

		Net Assets — 100.0%	$	6,194,404

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $5,710.

(b)	Investment in affiliate.

(c)	Rate disclosed is the seven day yield as of June 30, 2012.

*	Non-income producing security.


ADR		— American Depositary Receipt

See Notes which are an integral part of the Financial Statements.


		20

Huntington VA Situs Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
Information Technology		16.2%
Health Care		15.3%
Industrials		13.2%
Financials		11.3%
Consumer Discretionary		10.2%
Energy		9.6%
Materials		7.8%
Cash¹		5.5%
Short-Term Securities Held as Collateral for Securities Lending		5.5%
Consumer Staples		2.1%
Real Estate Investment Trusts		1.4%
Utilities		1.4%
Exchange-Traded Funds		0.3%
Telecommunication Services		0.2%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Shares			Value


		Common Stocks — 94.7%
		Bermuda — 1.8%
		Financials — 1.8%
	17,750	Arch Capital Group Ltd. *	$	704,498

		Brazil — 0.1%
		Consumer Staples — 0.1%
	1,000	Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		39,990

		Chile — 0.1%
		Materials — 0.1%
	800	Sociedad Quimica y Minera de Chile SA ADR (a)		44,536

		Finland — 0.8%
		Industrials — 0.8%
	2,000	Cargotec Oyj		45,763
	4,200	Kone Oyj		253,175

				298,938

		Germany — 0.3%
		Consumer Discretionary — 0.2%
	1,500	Douglas Holding AG		59,020

		Health Care — 0.1%
	1,900	Stada Arzneimittel AG (a)		57,951

				116,971

		Hong Kong — 0.2%
		Consumer Discretionary — 0.2%
	13,000	Television Broadcasts Ltd.		90,069


Shares			Value

		Ireland — 0.4%
		Consumer Staples — 0.4%
	3,500	Kerry Group PLC	$	153,262

		Japan — 0.5%
		Consumer Discretionary — 0.2%
	2,000	Honda Motor Co. Ltd. ADR		69,320

		Industrials — 0.1%
	3,500	Sato Corp.		51,579

		Information Technology — 0.2%
	14,800	Furuno Electric Co. Ltd.		64,988

				185,887

		Sweden — 0.1%
		Consumer Discretionary — 0.1%
	4,800	Haldex AB		21,440

		Switzerland — 0.2%
		Consumer Discretionary — 0.2%
	2,000	Garmin Ltd.		76,580

		United Kingdom — 0.5%
		Industrials — 0.5%
	4,800	Concentric AB *		35,734
	26,424	HALMA PLC		172,808

				208,542

		United States — 89.7%
		Consumer Discretionary — 10.1%
	55,000	Cabela’s, Inc., Class A *		2,079,550
	3,000	Jakks Pacific, Inc. (a)		48,030

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		21

Huntington VA Situs Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Common Stocks — (continued)
		Consumer Discretionary — (continued)
	1,500	Papa John’s International, Inc. *	$	71,355
	2,000	Rent-A-Center, Inc.		67,480
	25,000	Sonic Corp. *		250,500
	17,000	Sturm Ruger & Co., Inc. (a)		682,550
	13,700	Tempur-Pedic International, Inc. *		320,443
	15,000	Urban Outfitters, Inc. *		413,850

				3,933,758

		Consumer Staples — 1.8%
	700	Darling International, Inc. *		11,543
	15,100	Fresh Del Monte Produce, Inc.		354,397
	7,000	Sanderson Farms, Inc.		320,740

				686,680

		Energy — 10.3%
	7,000	Alliance Resource Partners LP (a)		392,840
	4,000	Atwood Oceanics, Inc. *		151,360
	7,000	CARBO Ceramics, Inc. (a)		537,110
	8,000	Denbury Resources, Inc. *		120,880
	700	Dril-Quip, Inc. *		45,913
	5,000	GeoResources, Inc. *		183,050
	1,744	Helix Energy Solutions Group, Inc. *		28,619
	9,000	Lufkin Industries, Inc.		488,880
	20,000	OYO Geospace Corp. *		1,799,800
	5,000	SM Energy Co.		245,550

				3,994,002

		Financials — 10.3%
	30,000	Cullen/Frost Bankers, Inc.		1,724,700
	2,000	Evercore Partners, Inc.		46,780
	1,200	EZCORP, Inc., Class A *		28,152
	8,000	International Bancshares Corp.		156,160
	15,000	Protective Life Corp.		441,150
	40,000	Raymond James Financial, Inc.		1,369,600
	5,000	SCBT Financial Corp.		176,250
	1,500	WSFS Financial Corp.		60,615

				4,003,407

		Health Care — 16.1%
	4,500	AmSurg Corp. *		134,910
	10,000	Arena Pharmaceuticals, Inc. (a)*		99,800
	650	Bio-Rad Laboratories, Inc., Class A*		65,007
	17,000	Cerner Corp. *		1,405,220
	15,000	Edwards LifeSciences Corp. (b)*		1,549,500
	3,000	Healthways, Inc. *		23,940
	3,000	Kindred Healthcare, Inc. *		29,490
	21,000	Lincare Holdings, Inc.		714,420

	22,000	Myriad Genetics, Inc. *		522,940
	7,000	Osiris Therapeutics, Inc. (a) *		76,790
	1	PharMerica Corp. *		11
	1,500	PSS World Medical, Inc. *		31,485
	22,000	Watson Pharmaceutical, Inc. *		1,627,780

				6,281,293

		Industrials — 12.7%
	1,000	American Superconductor Corp. (a)*		4,700


Shares			Value

		Industrials — (continued)
	5,000	BE Aerospace, Inc. *	$	218,300
	20,000	EnPro Industries, Inc. *		747,400
	12,000	Flowserve Corp.		1,377,000
	20,000	Harsco Corp.		407,600
	2,000	Mine Safety Appliances Co.		80,480
	12,000	Quanta Services, Inc. *		288,840
	1,000	Ryder System, Inc.		36,010
	22,000	Southwest Airlines Co.		202,840
	45,000	Trinity Industries, Inc.		1,124,100
	10,000	Watts Water Technologies, Inc., Class A		333,400
	5,000	Werner Enterprises, Inc.		119,450

				4,940,120

		Information Technology — 17.1%
	10,000	ACI Worldwide, Inc. *		442,100
	17,000	Anixter International, Inc. *		901,850
	4,000	Black Box Corp.		114,800
	6,000	Cardtronics, Inc. *		181,260
	25,000	Diodes, Inc. *		469,250
	3,000	Exlservice Holdings, Inc. *		73,920
	3,000	Hutchinson Technology, Inc. (a)*		4,380
	50,000	Jabil Circuit, Inc.		1,016,500
	27,000	Red Hat, Inc. (b) *		1,524,960
	10,000	ScanSource, Inc. *		306,400
	10,000	Sigma Designs, Inc. (a) *		63,800
	28,000	Trimble Navigation Ltd. (b) *		1,288,280
	10,000	TriQuint Semiconductor, Inc. *		55,000
	5,500	Tyler Technologies, Inc. *		221,925

				6,664,425

		Materials — 8.2%
	5,000	Albemarle Corp.		298,200
	12,000	Buckeye Technologies, Inc.		341,880
	3,000	Commercial Metals Co.		37,920
	2,500	Eagle Materials, Inc.		93,350
	7,000	Eastman Chemical Co.		352,590
	9,000	Owens-Illinois, Inc. *		172,530
	11,000	Quaker Chemical Corp.		508,310
	4,000	RTI International Metals, Inc. *		90,520
	10,800	Scotts Miracle-Gro Co., Class A		444,096
	2,500	Terra Nitrogen Co. LP		529,500
	5,000	Texas Industries, Inc. (a) *		195,050
	2,500	United States Lime & Minerals, Inc.*		116,675

				3,180,621

		Real Estate Investment Trusts — 1.5%
	3,500	Camden Property Trust		236,845
	1,064	CBL & Associates Properties, Inc.		20,791
	8,500	Equity One, Inc.		180,200
	5,000	Weingarten Realty Investors		131,700

				569,536

		Telecommunication Services — 0.2%
	12,300	General Communication, Inc., Class A *		102,213

See Notes which are an integral part of the Financial Statements.


		22

Huntington VA Situs Fund

Portfolio of Investments (continued)

June 30, 2012


Shares			Value

		Common Stocks — (continued)
		Utilities — 1.4%
	1,000	AGL Resources, Inc.	$	38,750
	5,000	Hawaiian Electric Industries, Inc.		142,600
	6,000	Portland General Electric Co.		159,960
	7,500	UGI Corp.		220,725

				562,035

				34,918,090

		Total Common Stocks (Cost $30,447,707)		36,858,803

		Exchange-Traded Funds — 0.3%
	3,500	iShares FTSE China 25 Index Fund (a)		117,845

		Total Exchange-Traded Funds (Cost $89,145)		117,845

		Cash Equivalents — 5.9%
	2,286,153	Huntington Money Market Fund, Interfund Shares, 0.010% (c) (d) (e)		2,286,153

		Total Cash Equivalents (Cost $2,286,153)		2,286,153

		Short-Term Securities Held as Collateral for Securities Lending — 5.8%
	2,264,609	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (d)		2,264,609


	Value

Total Short-Term Securities Held as Collateral for Securities Lending (Cost $2,264,609)	$	2,264,609

Total Investments (Cost $35,087,614) — 106.7%		41,527,410

Liabilities in Excess of Other Assets — (6.7)%		(2,616,502	)

Net Assets — 100.0%	$	38,910,908

(a)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $2,218,430.

(b)	All or a portion of the security is held as collateral for written call options.

(c)	Investment in affiliate.

(d)	Rate disclosed is the seven day yield as of June 30, 2012.

(e)	All or a portion of the security is held as collateral for written put options.

*	Non-income producing security.


ADR		— American Depositary Receipt

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		23

Huntington VA Mortgage Securities Fund

Portfolio of Investments Summary Table (Unaudited)

June 30, 2012


Asset Allocation	Percentage of Market Value
U.S. Government Mortgage Backed Agencies		71.8%
Real Estate Investment Trusts		12.0%
U.S. Government Agencies		10.6%
Collateralized Mortgage Obligations		2.9%
Cash¹		2.2%
Short-Term Securities Held as Collateral for Securities Lending		0.5%

Total		100.0%

¹	Investments in an affiliated money market fund.

Portfolio of Investments (Unaudited)

June 30, 2012


Principal Amount			Value

		U.S. Government Mortgage Backed Agencies — 72.1%
		Federal Home Loan Mortgage Corporation — 17.1%
	$9,144	Pool # M80982, 5.000%, 7/1/12	$	9,289
	7,912	Pool # M81004, 5.000%, 1/1/13		8,037
	6,976	Pool # B18052, 4.500%, 3/1/15		7,169
	15,682	Pool # J03237, 5.500%, 8/1/16		16,904
	8,666	Pool # E96459, 5.000%, 5/1/18		9,307
	69,155	Pool # J10396, 4.000%, 7/1/19		73,644
	9,029	Pool # G18008, 4.500%, 9/1/19		9,653
	4,813	Pool # G18015, 4.500%, 10/1/19		5,146
	39,504	Pool # G12286, 5.000%, 7/1/21		42,447
	32,780	Pool # G12297, 6.000%, 7/1/21		36,021
	35,125	Pool # G12425, 5.500%, 10/1/21		38,333
	55,346	Pool # E02402, 6.000%, 10/1/22		60,817
	26,792	Pool # C90779, 5.000%, 1/1/24		29,303
	9,831	Pool # C90837, 5.500%, 6/1/24		10,793
	99,222	Pool # G13629, 4.500%, 8/1/24		105,539
	93,031	Pool # J11053, 4.500%, 10/1/24		98,953
	210,898	Pool # J11829, 4.000%, 3/1/25		226,103
	122,659	Pool # E02696, 4.000%, 5/1/25		129,739
	21,215	Pool # C91000, 6.000%, 11/1/26		23,303
	197,352	Pool # D97248, 5.500%, 4/1/27		215,669
	61,414	Pool # C91175, 5.000%, 5/1/28		66,248
	127,205	Pool # C91251, 4.500%, 6/1/29		136,031
	175,697	Pool # C91284, 4.500%, 1/1/30		187,887
	204,212	Pool # C91296, 5.000%, 4/1/30		220,159
	248,465	Pool # C91441, 3.000%, 4/1/32		257,853
	27,822	Pool # 1G0865, 4.186%, 7/1/35 (a)		29,449
	61,722	Pool # A55565, 6.000%, 12/1/36		67,844
	67,912	Pool # G03498, 5.500%, 11/1/37		73,907
	259,667	Pool # A93316, 4.500%, 8/1/40		277,845
	225,922	Pool # A93936, 4.500%, 9/1/40		241,737
	419,614	Pool # A94008, 4.000%, 9/1/40		445,991
	276,826	Pool # G06784, 3.500%, 10/1/41		290,822

				3,451,942


Principal Amount			Value

		Federal National Mortgage Association — 43.7%
	$96,808	Pool # 786729, 5.500%, 8/1/19	$	106,092
	401,331	Pool # MA0670, 3.500%, 3/1/21		424,502
	379,243	Pool # MA0740, 3.500%, 5/1/21		401,910
	53,103	Pool # 254501, 5.500%, 9/1/22		58,431
	208,026	Pool # 962070, 4.000%, 3/1/23		221,496
	87,365	Pool # 889255, 5.000%, 3/1/23		94,361
	8,418	Pool # 254908, 5.000%, 9/1/23		9,132
	5,436	Pool # 255360, 5.000%, 8/1/24		5,978
	149,443	Pool # 935763, 4.000%, 11/1/24		161,315
	298,578	Pool # 932438, 4.000%, 1/1/25		317,818
	23,139	Pool # 255711, 5.500%, 4/1/25		25,474
	22,555	Pool # 255745, 5.500%, 5/1/25		24,832
	16,827	Pool # 357771, 5.000%, 5/1/25		18,474
	21,484	Pool # 255767, 5.500%, 6/1/25		23,653
	63,561	Pool # 255834, 4.500%, 6/1/25		69,212
	16,213	Pool # 255808, 5.000%, 7/1/25		17,800
	58,522	Pool # 255984, 4.500%, 11/1/25		63,616
	21,766	Pool # 256116, 6.000%, 2/1/26		24,006
	367,117	Pool # AL0238, 3.500%, 3/1/26		388,428
	71,370	Pool # 257163, 5.000%, 4/1/28		77,908
	51,256	Pool # 257238, 5.000%, 6/1/28		55,631
	161,304	Pool # 257237, 4.500%, 6/1/28		174,638
	177,605	Pool # MA0022, 4.500%, 4/1/29		191,065
	129,427	Pool # MA0115, 4.500%, 7/1/29		139,155
	194,484	Pool # AC1219, 4.500%, 8/1/29		209,102
	115,355	Pool # MA0171, 4.500%, 9/1/29		124,025
	254,889	Pool # MA0443, 5.000%, 5/1/30		276,486
	180,262	Pool # MA0563, 4.000%, 11/1/30		194,184
	248,028	Pool # MA0776, 4.500%, 6/1/31		268,995
	203,202	Pool # MA0804, 4.000%, 7/1/31		218,896
	292,702	Pool # MA0976, 3.500%, 2/1/32		309,799
	226,087	Pool # MA1084, 3.500%, 6/1/32		239,293
	11,166	Pool # 721540, 5.000%, 7/1/33		12,152
	67,396	Pool # 746683, 5.500%, 10/1/33		75,390
	14,373	Pool # 786457, 5.353%, 7/1/34 (a)		15,535

See Notes which are an integral part of the Financial Statements.


		24

Huntington VA Mortgage Securities Fund

Portfolio of Investments (continued)

June 30, 2012


Shares or Principal Amount			Value

		U.S. Government Mortgage Backed Agencies — (continued)
		Federal National Mortgage Association — (continued)
	$13,166	Pool # 845573, 5.362%, 2/1/36 (a)	$	14,119
	74,755	Pool # 745511, 5.000%, 4/1/36		81,008
	51,508	Pool # 831487, 5.500%, 4/1/36		56,280
	73,820	Pool # 868935, 5.500%, 5/1/36		80,661
	41,905	Pool # 903812, 5.500%, 12/1/36		45,788
	21,999	Pool # 907484, 6.000%, 1/1/37		24,246
	374,979	Pool # AD7724, 5.000%, 7/1/40		407,864
	198,026	Pool # AD7906, 5.000%, 7/1/40		215,392
	415,187	Pool # AE4310, 4.000%, 9/1/40		442,713
	215,070	Pool # AE0395, 4.500%, 10/1/40		230,828
	211,270	Pool # AE4628, 4.500%, 10/1/40		227,447
	237,453	Pool # AE7535, 4.000%, 10/1/40		253,196
	220,347	Pool # AE8395, 4.000%, 11/1/40		234,955
	439,960	Pool # AH6655, 4.000%, 2/1/41		469,128
	460,917	Pool # AJ5469, 3.500%, 11/1/41		485,102
	484,158	Pool # AB4106, 3.500%, 12/1/41		509,564

				8,817,075

		Government National Mortgage Association — 11.3%
	8,707	Pool # 3590, 5.500%, 8/20/19		9,503
	24,689	Pool # 3708, 5.500%, 5/20/20		26,909
	35,574	Pool # 3741, 4.500%, 8/20/20		38,583
	24,634	Pool # 683937, 6.000%, 2/15/23		27,158
	122,128	Pool # 666057, 5.000%, 3/15/23		133,053
	372,105	Pool # 741854, 4.000%, 5/15/25		401,432
	159,538	Pool # 4886, 4.500%, 12/20/25		172,209
	373,464	Pool # 3457, 4.500%, 10/20/33		413,682
	7,165	Pool # 3571, 6.500%, 6/20/34		8,272
	93,786	Pool # 605653, 5.500%, 8/15/34		105,723
	6,085	Pool # 3637, 5.500%, 11/20/34		6,795
	148,504	Pool # 3689, 4.500%, 3/20/35		164,636
	22,291	Pool # 3710, 5.000%, 5/20/35		24,768
	22,380	Pool # 650348, 5.500%, 11/15/35		24,929
	126,145	Pool # 676974, 5.500%, 5/15/38		140,079
	206,267	Pool # 733602, 5.000%, 4/15/40		228,851
	327,438	Pool # 4978, 4.500%, 3/20/41		360,778

				2,287,360

		Total U.S. Government Mortgage Backed Agencies (Cost $14,011,222)		14,556,377

		Common Stocks — 12.0%
		Real Estate Investment Trusts — 12.0%
	1,553	Acadia Realty Trust		35,999
	1,200	Alexandria Real Estate Equities, Inc.		87,264
	2,500	American Campus Communities, Inc.		112,450
	500	Associated Estates Realty Corp.		7,475
	500	BioMed Realty Trust, Inc.		9,340
	1,000	Boston Properties, Inc.		108,370
	500	Brookfield Office Properties, Inc.		8,710


Shares or Principal Amount			Value

		Common Stocks — (continued)
		Real Estate Investment Trusts — (continued)
	500	Colonial Properties Trust	$	11,070
	1,700	Coresite Realty Corp.		43,894
	500	CubeSmart		5,835
	100	DDR Corp.		1,464
	300	DiamondRock Hospitality Co.		3,060
	1,700	Digital Realty Trust, Inc. (b)		127,619
	1,800	Douglas Emmett, Inc.		41,580
	4,300	Duke Realty Corp.		62,952
	700	DuPont Fabros Technology, Inc.		19,992
	1,800	EastGroup Properties, Inc.		95,940
	1,300	Equity Lifestyle Properties, Inc.		89,661
	1,000	Equity Residential		62,360
	800	Essex Property Trust, Inc.		123,136
	700	Excel Trust, Inc.		8,372
	300	Extra Space Storage, Inc.		9,180
	300	Federal Realty Investment Trust		31,227
	900	HCP, Inc.		39,735
	500	Health Care REIT, Inc.		29,150
	1,600	Home Properties, Inc.		98,176
	3,614	Host Hotels & Resorts, Inc.		57,173
	1,000	Kimco Realty Corp.		19,030
	1,500	Kite Realty Group Trust		7,485
	3,500	LaSalle Hotel Properties		101,990
	1,900	Macerich Co./The		112,195
	1,600	Mack-Cali Realty Corp.		46,512
	900	National Retail Properties, Inc.		25,461
	1,400	Pennsylvania Real Estate Investment Trust		20,972
	300	Post Properties, Inc.		14,685
	946	ProLogis, Inc.		31,436
	700	Public Storage, Inc.		101,087
	400	Regency Centers Corp.		19,028
	200	Sabra Health Care REIT, Inc.		3,422
	1,200	Simon Property Group, Inc.		186,792
	400	SL Green Realty Corp.		32,096
	200	Sovran Self Storage, Inc.		10,018
	1,400	Tanger Factory Outlet Centers, Inc.		44,870
	300	Taubman Centers, Inc.		23,148
	816	UDR, Inc.		21,085
	2,286	Ventas, Inc.		144,292
	616	Vornado Realty Trust		51,732
	2,800	Weingarten Realty Investors		73,752
	200	Westfield Group		1,945
	200	Westfield Retail Trust		583

		Total Common Stocks (Cost $1,800,054)		2,424,800

		U.S. Government Agencies — 10.7%
		Federal Farm Credit Bank — 5.2%
	$500,000	1.500%, 11/16/15		515,487
	500,000	2.580%, 6/8/18		536,282

				1,051,769

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		25

Huntington VA Mortgage Securities Fund

Portfolio of Investments (continued)

June 30, 2012


Principal Amount			Value

		U.S. Government Agencies — (continued)
		Federal Home Loan Bank — 4.2%
	$500,000	3.125%, 12/8/17	$	553,778
	250,000	4.125%, 12/13/19		295,698

				849,476

		Federal National Mortgage Association — 1.3%
	250,000	1.125%, 9/17/13		252,330

		Total U.S. Government Agencies (Cost $2,001,655)		2,153,575

		Collateralized Mortgage Obligations — 2.9%
		Federal Home Loan Bank — 0.6%
	67,581	Series 00-0606, 5.270%, 12/28/12		68,831
	16,030	Series Z2-2013, 4.800%, 2/25/13		16,367
	23,192	Series SK-2015, 5.140%, 8/18/15		24,894

				110,092

		Federal Home Loan Mortgage Corporation — 1.5%
	24,261	Series 2770, 4.000%, 1/15/18		24,675
	6,963	Series R005, 5.500%, 12/15/18		7,009
	200,000	Series 2784, 4.000%, 4/15/19		212,192
	32,712	Series R010, 5.500%, 12/15/19		33,236
	833	Series 2542, 5.500%, 2/15/22		833
	20,633	Series 2672, 5.500%, 8/15/31		21,058

				299,003

		Federal National Mortgage Association — 0.1%
	25,771	Series 1999-13, 6.000%, 4/25/29		28,899

		Government National Mortgage Association — 0.6%
	125,595	Series 2005-55, 5.000%, 5/20/32		128,466


Shares or Principal Amount			Value

		Residential Whole Loans — 0.1%
	$21,777	Citicorp Mortgage Securities, Inc., 5.500%, 10/25/35	$	21,832

		Total Collateralized Mortgage Obligations (Cost $564,441)		588,292

		Cash Equivalents — 2.2%
	437,760	Huntington Money Market Fund, Interfund Shares, 0.010% (c) (d)		437,760

		Total Cash Equivalents (Cost $437,760)		437,760

		Short-Term Securities Held as Collateral for Securities Lending — 0.5%
	112,623	Fidelity Institutional Money Market Portfolio, Institutional Class, 0.220% (d)		112,623

		Total Short-Term Securities Held as Collateral for Securities Lending (Cost $112,623)		112,623

		Total Investments (Cost $18,927,755) — 100.4%		20,273,427

		Liabilities in Excess of Other Assets — (0.4)%		(84,164	)

		Net Assets — 100.0%	$	20,189,263

(a)	Variable or Floating Rate Security. Rate disclosed is as of June 30, 2012.

(b)	All or a portion of the security was on loan as of June 30, 2012. The total value of securities on loan as of June 30, 2012 was $110,415.

(c)	Investment in affiliate.

(d)	Rate disclosed is the seven day yield as of June 30, 2012.

See Notes which are an integral part of the Financial Statements.


		26

Huntington Funds

Statements of Assets and Liabilities (Unaudited)

June 30, 2012


	Huntington VA Balanced Fund			Huntington VA Dividend Capture Fund			Huntington VA Growth Fund			Huntington VA Income Equity Fund
Assets:
Investments, at cost	$	39,255,736		$	32,805,561		$	16,057,181		$	20,131,711

Investments, at value		—			33,817,443			17,847,775			21,575,580
Investments in affiliated securities, at value		43,089,209			406,833			157,202			207,982

Total investments		43,089,209			34,224,276			18,004,977			21,783,562
Income receivable		29,749			95,956			21,026			71,299
Receivable for investments sold		—			—			298,135			—
Receivable for shares sold		830			1,154			—			—
Receivable from Advisor		7,147			—			—			—
Prepaid expenses and other assets		3,364			2,629			1,662			1,815

Total assets		43,130,299			34,324,015			18,325,800			21,856,676
Liabilities:
Payable for return of collateral on loaned securities		—			1,498,313			386,235			1,025,354
Payable for shares redeemed		2,509			5,833			67,332			4,341
Accrued expenses and other payables
Investment advisor fees		—			15,768			8,667			9,900
Administration fees		6,316			4,788			2,632			3,006
Custodian fees		400			1,280			770			846
Professional fees		3,658			3,041			1,715			1,906
Financial administration fees		223			1,471			769			941
Printing and postage		7,771			6,344			3,614			3,937
Transfer agent fees		956			960			802			851
Compliance service fees		437			296			173			181

Total Liabilities		22,270			1,538,094			472,709			1,051,263

Net Assets	$	43,108,029		$	32,785,921		$	17,853,091		$	20,805,413

Net Assets consist of:
Paid in capital	$	38,686,908		$	39,388,666		$	17,418,909		$	22,823,208
Net unrealized appreciation of investments, options and translations of assets and liabilities in foreign currency		3,833,473			1,418,715			1,947,796			1,651,933
Accumulated net realized loss on investments, options and foreign currency transactions		(258,340	)		(9,851,076	)		(1,661,957	)		(4,865,054	)
Accumulated net investment income		845,988			1,829,616			148,343			1,195,326

Net Assets	$	43,108,029		$	32,785,921		$	17,853,091		$	20,805,413

Shares Outstanding		3,066,561			3,069,874			2,179,344			2,175,351

Net Asset Value, Redemption Price and Offering Price Per Share:
(Net asset value, offering and redemption price per share)	$	14.06		$	10.68		$	8.19		$	9.56

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		27

Huntington Funds

Statements of Assets and Liabilities (Unaudited)

June 30, 2012


	Huntington VA International Equity Fund			Huntington VA Macro 100 Fund			Huntington VA Mid Corp America Fund		Huntington VA Real Strategies Fund
Assets:
Investments, at cost	$	29,731,774		$	6,929,508		$	20,682,035	$	4,158,527

Investments, at value		27,046,474			6,859,505			25,071,935		3,635,685
Investments in affiliated securities, at value		3,357,570			561,697			1,133,326		539,725

Total investments		30,404,044			7,421,202			26,205,261		4,175,410
Foreign currencies, at value (Cost $31,453, $-, $- and $-)		31,709			—			—		—
Income receivable		69,904			7,142			29,587		5,788
Receivable for investments sold		6,955			14,002			269,903		—
Receivable for shares sold		19,234			—			—		314
Tax reclaims receivable		19,597			—			—		—
Prepaid expenses and other assets		2,676			977			12,628		843

Total assets		30,554,119			7,443,323			26,517,379		4,182,355
Liabilities:
Payable for return of collateral on loaned securities		1,370,438			149,781			248,070		437,625
Options written, at value (premium received $-, $-, $- and $5,015)		—			—			—		5,115
Payable for investments purchased		—			17,452			—		—
Payable for shares redeemed		3,889			2,462			35,194		470
Accrued expenses and other payables
Investment advisor fees		13,702			3,450			12,539		1,737
Administration fees		4,161			1,048			3,808		528
Custodian fees		2,939			243			920		152
Professional fees		3,148			598			—		73
Financial administration fees		1,993			1,174			2,683		1,285
Printing and postage		5,277			686			4,719		627
Transfer agent fees		872			672			895		578
Compliance service fees		276			54			133		35

Total Liabilities		1,406,695			177,620			308,961		448,225

Net Assets	$	29,147,424		$	7,265,703		$	26,208,418	$	3,734,130

Net Assets consist of:
Paid in capital	$	31,185,098		$	8,953,954		$	18,147,963	$	3,629,757
Net unrealized appreciation of investments, options and translations of assets and liabilities in foreign currency		671,778			491,694			5,523,226		16,783
Accumulated net realized gain (loss) on investments, options and foreign currency transactions		(3,447,618	)		(2,264,637	)		2,416,732		70,113
Accumulated net investment income		738,166			84,692			120,497		17,477

Net Assets	$	29,147,424		$	7,265,703		$	26,208,418	$	3,734,130

Shares Outstanding		2,240,642			774,863			1,426,895		443,322

Net Asset Value, Redemption Price and Offering Price Per Share:
(Net asset value, offering and redemption price per share)	$	13.01		$	9.38		$	18.37	$	8.42

See Notes which are an integral part of the Financial Statements.


		28

Huntington Funds

Statements of Assets and Liabilities (Unaudited)

June 30, 2012


	Huntington VA Rotating Markets Fund			Huntington VA Situs Fund			Huntington VA Mortgage Securities Fund
Assets:
Investments, at cost	$	6,394,974		$	35,087,614		$	18,927,755

Investments, at value		6,146,983			39,241,257			19,835,667
Investments in affiliated securities, at value		56,310			2,286,153			437,760

Total investments		6,203,293			41,527,410			20,273,427
Cash		—			—			60
Income receivable		3,878			23,771			59,032
Receivable for investments sold		—			—			2,470
Receivable for shares sold		—			46,274			—
Tax reclaims receivable		—			1,835			—
Prepaid expenses and other assets		969			3,594			1,804

Total assets		6,208,140			41,602,884			20,336,793
Liabilities:
Payable for return of collateral on loaned securities		5,824			2,264,609			112,623
Options written, at value (premium received $-, $237,591 and $-)		—			315,030			—
Payable for investments purchased		—			33,036			—
Payable for shares redeemed		641			42,415			6,506
Accrued expenses and other payables
Investment advisor fees		2,983			18,233			10,009
Administration fees		906			5,537			3,039
Custodian fees		277			900			805
Professional fees		599			3,044			1,753
Financial administration fees		476			1,498			7,972
Printing and postage		1,285			6,509			3,785
Transfer agent fees		688			809			850
Compliance service fees		57			356			188

Total Liabilities		13,736			2,691,976			147,530

Net Assets	$	6,194,404		$	38,910,908		$	20,189,263

Net Assets consist of:
Paid in capital	$	5,669,684		$	34,028,208		$	18,442,081
Net unrealized appreciation (depreciation) of investments, options and translations of assets and liabilities in foreign currency		(191,681	)		6,362,326			1,345,672
Accumulated net realized gain (loss) on investments, options and foreign currency transactions		593,871			(1,640,505	)		(337,122	)
Accumulated net investment income		122,530			160,879			738,632

Net Assets	$	6,194,404		$	38,910,908		$	20,189,263

Shares Outstanding		500,614			2,444,834			1,657,290

Net Asset Value, Redemption Price and Offering Price Per Share:
(Net asset value, offering and redemption price per share)	$	12.37		$	15.92		$	12.18

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		29

Huntington Funds

Statements of Operations (Unaudited)

Six Months Ended June 30, 2012


	Huntington VA Balanced Fund			Huntington VA Dividend Capture Fund			Huntington VA Growth Fund			Huntington VA Income Equity Fund
Investment Income:
Dividend income	$	—		$	761,907		$	163,099		$	535,152
Dividend income from affiliated securities		210,285			27			12			19
Income from securities lending, net		—			10,889			1,282			970
Foreign dividend taxes withheld		—			(11,482	)		(2,177	)		(10,273	)

Total investment income		210,285			761,341			162,216			525,868

Expenses:
Investment advisor fees		21,108			100,453			55,263			63,236
Administration fees		38,458			30,504			16,781			19,202
Custodian fees		2,139			4,394			2,459			2,772
Transfer and dividend disbursing agent fees and expenses		5,330			4,978			4,312			4,375
Trustees’ fees		1,250			1,145			631			728
Professional fees		4,814			4,035			2,232			2,539
Financial administration fees		448			2,703			1,893			1,893
Printing and postage		6,633			5,455			2,974			3,446
Insurance premiums		1,684			1,578			1,405			1,429
Compliance service fees		727			672			367			427
Interest expense		380			310			175			194
Other		865			711			356			379

Total expenses		83,836			156,938			88,848			100,620

Investment advisory fees waived		(21,108	)		—			—			—
Reimbursement from advisor		(41,228	)		—			—			—

Net expenses		21,500			156,938			88,848			100,620

Net investment income		188,785			604,403			73,368			425,248

Net Realized/Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions:
Net realized gain on investment transactions		—			1,321,087			399,074			525,747
Net realized loss on transactions of affiliates		(15,241	)		—			—			—
Net realized gain on option transactions		—			—			—			34,670
Net realized loss on foreign currency transactions		—			—			—			(2,122	)

Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency transactions		(15,241	)		1,321,087			399,074			558,295

Net change in unrealized appreciation of investments, options and translation of assets and liabilities in foreign currency		1,873,769			2,747			1,007,973			188,462

Net realized and unrealized gain on investments, options and foreign currency transactions		1,858,528			1,323,834			1,407,047			746,757

Change in net assets resulting from operations	$	2,047,313		$	1,928,237		$	1,480,415		$	1,172,005

See Notes which are an integral part of the Financial Statements.


		30

Huntington Funds

Statements of Operations (Unaudited)

Six Months Ended June 30, 2012


	Huntington VA International Equity Fund			Huntington VA Macro 100 Fund		Huntington VA Mid Corp America Fund			Huntington VA Real Strategies Fund
Investment Income:
Dividend income	$	548,754		$	78,027	$	151,701		$	43,941
Dividend income from affiliated securities		138			25		30			23
Income from securities lending, net		4,026			293		7,649			7,448
Foreign dividend taxes withheld		(58,541	)		—		(332	)		(1,959	)

Total investment income		494,377			78,345		159,048			49,453

Expenses:
Investment advisor fees		85,714			20,980		61,273			11,121
Administration fees		26,028			6,371		18,606			3,377
Custodian fees		8,300			867		2,365			490
Transfer and dividend disbursing agent fees and expenses		4,710			3,731		4,167			3,661
Trustees’ fees		905			232		626			119
Professional fees		3,845			813		3,484			527
Financial administration fees		3,438			2,632		3,470			1,989
Printing and postage		4,619			1,076		3,065			638
Insurance premiums		1,507			1,267		1,385			1,238
Compliance service fees		522			135		365			69
Interest expense		256			61		165			34
Other		563			56		306			44

Total expenses		140,407			38,221		99,277			23,307

Net investment income		353,970			40,124		59,771			26,146

Net Realized/Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions:
Net realized gain (loss) on investment transactions		(470,860	)		143,644		1,111,245			25,753
Net realized gain on option transactions		—			—		—			24,528
Net realized loss on foreign currency transactions		(23,258	)		—		—			—

Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency transactions		(494,118	)		143,644		1,111,245			50,281

Net change in unrealized appreciation/depreciation of investments, options and translation of assets and liabilities in foreign currency		866,485			185,943		(418,103	)		(68,340	)

Net realized and unrealized gain (loss) on investments, options and foreign currency transactions		372,367			329,587		693,142			(18,059	)

Change in net assets resulting from operations	$	726,337		$	369,711	$	752,913		$	8,087

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		31

Huntington Funds

Statements of Operations (Unaudited)

Six Months Ended June 30, 2012


	Huntington VA Rotating Markets Fund			Huntington VA Situs Fund			Huntington VA Mortgage Securities Fund
Investment Income:
Dividend income	$	59,618		$	296,010		$	39,059
Dividend income from affiliated securities		7			121			41
Interest income		—			—			326,289
Income from securities lending, net		342			9,403			222
Foreign dividend taxes withheld		(103	)		(1,017	)		(10	)

Total investment income		59,864			304,517			365,601

Expenses:
Investment advisor fees		19,646			115,786			61,393
Administration fees		5,966			35,160			18,643
Custodian fees		883			5,555			2,677
Transfer and dividend disbursing agent fees and expenses		3,737			5,120			4,318
Trustees’ fees		232			1,136			660
Professional fees		816			4,972			2,470
Financial administration fees		1,145			3,122			15,081
Printing and postage		1,063			6,068			3,267
Insurance premiums		1,270			1,560			1,458
Compliance service fees		136			654			392
Interest expense		61			334			189
Other		76			766			348

Total expenses		35,031			180,233			110,896

Net investment income		24,833			124,284			254,705

Net Realized/Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions:
Net realized gain (loss) on investment transactions		1,474,012			(127,226	)		(34,904	)
Net realized loss on option transactions		—			(65,317	)		—
Net realized loss on foreign currency transactions		—			(242	)		(2	)

Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency transactions		1,474,012			(192,785	)		(34,906	)

Net change in unrealized appreciation/depreciation of investments, options and translation of assets and liabilities in foreign currency		(1,194,444	)		2,701,399			323,986

Net realized and unrealized gain on investments, options and foreign currency transactions		279,568			2,508,614			289,080

Change in net assets resulting from operations	$	304,401		$	2,632,898		$	543,785

See Notes which are an integral part of the Financial Statements.


		32

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Balanced Fund						Huntington VA Dividend Capture Fund
	Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011			Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011
	*(Unaudited)*						*(Unaudited)*
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	188,785		$	657,205		$	604,403		$	1,240,780
Net realized gain (loss) on investments		(15,241	)		(161,106	)		1,321,087			2,484,913
Net change in unrealized appreciation of investments		1,873,769			(91,120	)		2,747			(1,520,449	)

Change in net assets resulting from operations		2,047,313			404,979			1,928,237			2,205,244

Distributions to Shareholders:
From net investment income		—			(355,696	)		—			(1,161,458	)
From net realized gain on investments		—			(1,630	)		—			—

Change in net assets resulting from distributions to shareholders		—			(357,326	)		—			(1,161,458	)

Change in net assets resulting from capital transactions		1,736,563			12,407,778			(968,173	)		(2,842,867	)

Change in net assets		3,783,876			12,455,431			960,064			(1,799,081	)
Net Assets:
Beginning of period		39,324,153			26,868,722			31,825,857			33,624,938

End of period	$	43,108,029		$	39,324,153		$	32,785,921		$	31,825,857

Accumulated net investment income included in net assets at end of period	$	845,988		$	657,203		$	1,829,616		$	1,225,213

Capital Transactions:
Shares Sold		3,322,794			13,389,240			3,251,650			5,148,394
Dividends reinvested		—			357,326			—			1,161,458
Shares redeemed		(1,586,231	)		(1,338,788	)		(4,219,823	)		(9,152,719	)

Net change resulting from capital transactions	$	1,736,563		$	12,407,778		$	(968,173	)	$	(2,842,867	)

Share Transactions:
Shares Sold		238,086			990,533			307,733			509,850
Dividends reinvested		—			26,747			—			115,110
Shares redeemed		(112,871	)		(101,750	)		(401,050	)		(911,404	)

Net change resulting from share transactions		125,215			915,530			(93,317	)		(286,444	)

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		33

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Growth Fund						Huntington VA Income Equity Fund
	Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011			Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011
	*(Unaudited)*						*(Unaudited)*
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	73,368		$	73,659		$	425,248		$	756,346
Net realized gain on investments		399,074			442,382			558,295			980,260
Net change in unrealized appreciation/depreciation of investments		1,007,973			(966,798	)		188,462			(304,346	)

Change in net assets resulting from operations		1,480,415			(450,757	)		1,172,005			1,432,260

Distributions to Shareholders:
From net investment income		—			(27,515	)		—			(566,505	)

Change in net assets resulting from distributions to shareholders		—			(27,515	)		—			(566,505	)

Change in net assets resulting from capital transactions		(1,240,674	)		(419,828	)		(393,803	)		(2,636,859	)

Change in net assets		239,741			(898,100	)		778,202			(1,771,104	)
Net Assets:
Beginning of period		17,613,350			18,511,450			20,027,211			21,798,315

End of period	$	17,853,091		$	17,613,350		$	20,805,413		$	20,027,211

Accumulated net investment income included in net assets at end of period	$	148,343		$	74,975		$	1,195,326		$	770,078

Capital Transactions:
Shares Sold		924,175			4,530,067			1,996,390			2,966,234
Dividends reinvested		—			27,515			—			566,505
Shares redeemed		(2,164,849	)		(4,977,410	)		(2,390,193	)		(6,169,598	)

Net change resulting from capital transactions	$	(1,240,674	)	$	(419,828	)	$	(393,803	)	$	(2,636,859	)

Share Transactions:
Shares Sold		113,759			598,210			209,726			333,449
Dividends reinvested		—			3,620			—			62,666
Shares redeemed		(263,165	)		(647,003	)		(254,025	)		(689,519	)

Net change resulting from share transactions		(149,406	)		(45,173	)		(44,299	)		(293,404	)

See Notes which are an integral part of the Financial Statements.


		34

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA International Equity Fund						Huntington VA Macro 100 Fund
	Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011			Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011
	*(Unaudited)*						*(Unaudited)*
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	353,970		$	438,264		$	40,124		$	38,763
Net realized gain (loss) on investments		(494,118	)		(75,278	)		143,644			304,411
Net change in unrealized appreciation/depreciation of investments		866,485			(3,427,524	)		185,943			(459,421	)

Change in net assets resulting from operations		726,337			(3,064,538	)		369,711			(116,247	)

Distributions to Shareholders:
From net investment income		—			(323,030	)		—			(34,846	)

Change in net assets resulting from distributions to shareholders		—			(323,030	)		—			(34,846	)

Change in net assets resulting from capital transactions		2,336,130			6,824,594			735,304			(303,138	)

Change in net assets		3,062,467			3,437,026			1,105,015			(454,231	)
Net Assets:
Beginning of period		26,084,957			22,647,931			6,160,688			6,614,919

End of period	$	29,147,424		$	26,084,957		$	7,265,703		$	6,160,688

Accumulated net investment income included in net assets at end of period	$	738,166		$	384,196		$	84,692		$	44,568

Capital Transactions:
Shares Sold		4,455,517			11,517,948			1,496,657			1,399,148
Dividends reinvested		—			323,030			—			34,846
Shares redeemed		(2,119,387	)		(5,016,384	)		(761,353	)		(1,737,132	)

Net change resulting from capital transactions	$	2,336,130		$	6,824,594		$	735,304		$	(303,138	)

Share Transactions:
Shares Sold		336,484			835,329			159,410			157,913
Dividends reinvested		—			25,719			—			3,929
Shares redeemed		(161,355	)		(362,222	)		(81,548	)		(199,023	)

Net change resulting from share transactions		175,129			498,826			77,862			(37,181	)

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		35

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Mid Corp America Fund						Huntington VA Real Strategies Fund
	Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011			Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011
	*(Unaudited)*						*(Unaudited)*
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	59,771		$	61,991		$	26,146		$	10,726
Net realized gain on investments		1,111,245			2,383,834			50,281			81,142
Net change in unrealized appreciation/depreciation of investments		(418,103	)		(2,887,980	)		(68,340	)		(462,169	)

Change in net assets resulting from operations		752,913			(442,155	)		8,087			(370,301	)

Distributions to Shareholders:
From net investment income		—			(78,630	)		—			(5,592	)

Change in net assets resulting from distributions to shareholders		—			(78,630	)		—			(5,592	)

Change in net assets resulting from capital transactions		8,983,913			(3,323,703	)		185,257			896,349

Change in net assets		9,736,826			(3,844,488	)		193,344			520,456
Net Assets:
Beginning of period		16,471,592			20,316,080			3,540,786			3,020,330

End of period	$	26,208,418		$	16,471,592		$	3,734,130		$	3,540,786

Accumulated net investment income included in net assets at end of period	$	120,497		$	60,726		$	17,477		$	(8,669	)

Capital Transactions:
Shares Sold		1,360,343			1,816,414			482,508			1,237,780
Shares issued in connection with merger		11,114,709			—			—			—
Dividends reinvested		—			78,630			—			5,592
Shares redeemed		(3,491,139	)		(5,218,747	)		(297,251	)		(347,023	)

Net change resulting from capital transactions	$	8,983,913		$	(3,323,703	)	$	185,257		$	896,349

Share Transactions:
Shares Sold		72,904			104,174			56,333			134,954
Shares issued in connection with merger		577,960			—			—			—
Dividends reinvested		—			4,582			—			668
Shares redeemed		(189,138	)		(295,427	)		(34,491	)		(38,397	)

Net change resulting from share transactions		461,726			(186,671	)		21,842			97,225

See Notes which are an integral part of the Financial Statements.


		36

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Rotating Markets Fund						Huntington VA Situs Fund
	Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011			Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011
	*(Unaudited)*						*(Unaudited)*
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	24,833		$	97,697		$	124,284		$	950
Net realized gain (loss) on investments		1,474,012			104,371			(192,785	)		801,403
Net change in unrealized appreciation/depreciation of investments		(1,194,444	)		241,094			2,701,399			(1,158,137	)

Change in net assets resulting from operations		304,401			443,162			2,632,898			(355,784	)

Distributions to Shareholders:
From net investment income		—			(21,470	)		—			(8,225	)

Change in net assets resulting from distributions to shareholders		—			(21,470	)		—			(8,225	)

Change in net assets resulting from capital transactions		(572,425	)		(916,614	)		1,007,336			11,951,894

Change in net assets		(268,024	)		(494,922	)		3,640,234			11,587,885
Net Assets:
Beginning of period		6,462,428			6,957,350			35,270,674			23,682,789

End of period	$	6,194,404		$	6,462,428		$	38,910,908		$	35,270,674

Accumulated net investment income included in net assets at end of period	$	122,530		$	97,697		$	160,879		$	36,595

Capital Transactions:
Shares Sold		386,708			655,665			6,875,615			18,928,040
Dividends reinvested		—			21,470			—			8,225
Shares redeemed		(959,133	)		(1,593,749	)		(5,868,279	)		(6,984,371	)

Net change resulting from capital transactions	$	(572,425	)	$	(916,614	)	$	1,007,336		$	11,951,894

Share Transactions:
Shares Sold		30,954			56,901			428,399			1,259,300
Dividends reinvested		—			1,807			—			550
Shares redeemed		(77,200	)		(138,399	)		(358,331	)		(465,166	)

Net change resulting from share transactions		(46,246	)		(79,691	)		70,068			794,684

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		37

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Mortgage Securities Fund
	Six Months Ended Jun. 30, 2012			Year Ended Dec. 31, 2011
	*(Unaudited)*
Increase (Decrease) in Net Assets
Operations:
Net investment income	$	254,705		$	402,901
Net realized gain (loss) on investments		(34,906	)		4,224
Net change in unrealized appreciation of investments		323,986			595,218

Change in net assets resulting from operations		543,785			1,002,343

Distributions to Shareholders:
From net investment income		—			(386,232	)

Change in net assets resulting from distributions to shareholders		—			(386,232	)

Change in net assets resulting from capital transactions		51,781			1,629,844

Change in net assets		595,566			2,245,955
Net Assets:
Beginning of period		19,593,697			17,347,742

End of period	$	20,189,263		$	19,593,697

Accumulated net investment income included in net assets at end of period	$	738,632		$	483,927

Capital Transactions:
Shares Sold		1,952,008			6,290,570
Dividends reinvested		—			386,232
Shares redeemed		(1,900,227	)		(5,046,958	)

Net change resulting from capital transactions	$	51,781		$	1,629,844

Share Transactions:
Shares Sold		163,090			536,119
Dividends reinvested		—			32,566
Shares redeemed		(157,657	)		(426,704	)

Net change resulting from share transactions		5,433			141,981

See Notes which are an integral part of the Financial Statements.


		38

Huntington Funds

Financial Highlights

(For a share outstanding throughout each period)


	Net Asset Value, Beginning of Period		Net Investment Income (loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investment Transactions			Distributions from Return of Capital			Total Distributions
Huntington VA Balanced Fund
2008⁽²⁾	$	10.00		0.18			0.09			0.27			(0.01	)		—			—			(0.01	)
2009	$	10.26		0.13	⁽⁶⁾		1.68			1.81			(0.05	)		—			—			(0.05	)
2010	$	12.02		0.16			1.09			1.25			(0.01	)		—			—			(0.01	)
2011	$	13.26		0.17			0.06			0.23			(0.12	)		—	⁽⁷⁾		—			(0.12	)
2012⁽⁸⁾	$	13.37		0.05			0.64			0.69			—			—			—			—
Huntington VA Dividend Capture Fund
2007	$	13.61		0.47			(1.20	)		(0.73	)		(0.46	)		(0.65	)		—			(1.11	)
2008	$	11.77		0.58			(3.57	)		(2.99	)		(1.05	)		(0.58	)		(0.06	)		(1.69	)
2009	$	7.09		0.37			1.41			1.78			—			—			—			—
2010	$	8.87		0.38			0.91			1.29			(0.41	)		—			—			(0.41	)
2011	$	9.75		0.44			0.25			0.69			(0.38	)		—			—			(0.38	)
2012⁽⁸⁾	$	10.06		0.21			0.41			0.62			—			—			—			—

(1)	If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(2)	Reflects operations for the period from November 10, 2008 (commencement of operations) to December 31, 2008.

(3)	Not Annualized.

(4)	Computed on an annualized basis.

(5)	Does not include the effect of expenses of underlying funds.

(6)	Per share net investment income (loss) has been calculated using the average shares method.

(7)	Amount is less than $0.005.

(8)	Six months ended June 30, 2012 (Unaudited).

*	Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these were included, the returns would be lower.

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		39


Net Asset Value, End of Period		Total Return*			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets⁽¹⁾			Net Assets, End of Period (000 Omitted)		Portfolio Turnover Rate

$	10.26		2.68	%⁽³⁾		0.10	%⁽⁴⁾⁽⁵⁾		14.05	%⁽⁴⁾		31.88	%⁽⁴⁾⁽⁵⁾	$	234		19	%⁽³⁾
$	12.02		17.70	%		0.10	%⁽⁵⁾		1.11	%		0.61	%⁽⁵⁾	$	6,810		20	%
$	13.26		10.43	%		0.10	%⁽⁵⁾		2.08	%		0.45	%⁽⁵⁾	$	26,869		17	%
$	13.37		1.75	%		0.10	%⁽⁵⁾		1.94	%		0.46	%⁽⁵⁾	$	39,324		27	%
$	14.06		5.16	%⁽³⁾		0.10	%⁽⁴⁾⁽⁵⁾		0.89	%⁽⁴⁾		0.40	%⁽⁴⁾⁽⁵⁾	$	43,108		6	%⁽³⁾

$	11.77		(6.13	)%		0.92	%		3.82	%		0.92	%	$	51,243		85	%
$	7.09		(28.08	)%		0.91	%		4.88	%		0.91	%	$	29,332		65	%
$	8.87		25.11	%		1.00	%		4.81	%		1.00	%	$	33,557		94	%
$	9.75		15.12	%		0.98	%		3.54	%		0.98	%	$	33,625		120	%
$	10.06		7.07	%		0.97	%		3.74	%		0.97	%	$	31,826		142	%
$	10.68		6.16	%⁽³⁾		0.94	%⁽⁴⁾		3.61	%⁽⁴⁾		0.94	%⁽⁴⁾	$	32,786		52	%⁽³⁾

See Notes which are an integral part of the Financial Statements.


		40

Huntington Funds

Financial Highlights

(For a share outstanding throughout each period)


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investment Transactions			Distributions from Return of Capital			Total Distributions
Huntington VA Growth Fund
2007	$	9.51		0.05		1.34			1.39			(0.04	)		—	⁽¹⁾		—			(0.04	)
2008	$	10.86		0.05		(3.84	)		(3.79	)		(0.10	)		(0.83	)		—			(0.93	)
2009	$	6.14		0.01		0.97			0.98			—			—			—			—
2010	$	7.12		0.01		0.68			0.69			(0.01	)		—			—			(0.01	)
2011	$	7.80		0.03		(0.26	)		(0.23	)		(0.01	)		—			—			(0.01	)
2012⁽³⁾	$	7.56		0.04		0.59			0.63			—			—			—			—
Huntington VA Income Equity Fund
2007	$	12.62		0.27		(0.10	)		0.17			(0.24	)		(0.44	)		—			(0.68	)
2008	$	12.11		0.31		(4.58	)		(4.27	)		(0.56	)		(0.70	)		(0.01	)		(1.27	)
2009	$	6.57		0.22		1.20			1.42			—			—			—			—
2010	$	7.99		0.24		0.67			0.91			(0.23	)		—			—			(0.23	)
2011	$	8.67		0.38		0.23			0.61			(0.26	)		—			—			(0.26	)
2012⁽³⁾	$	9.02		0.20		0.34			0.54			—			—			—			—

(1)	Amount is less than $0.005.

(2)	If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(3)	Six months ended June 30, 2012 (Unaudited).

(4)	Not Annualized.

(5)	Computed on an annualized basis.

*	Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these were included, the returns would be lower.

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		41


Net Asset Value, End of Period		Total Return*			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets			Net Assets, End of Period (000 Omitted)		Portfolio Turnover Rate

$	10.86		14.70	%		0.94	%		0.52	%		0.96	%⁽²⁾	$	23,172		111	%
$	6.14		(37.91	)%		0.87	%		0.46	%		0.87	%	$	12,661		84	%
$	7.12		15.96	%		0.99	%		0.19	%		0.99	%	$	15,272		118	%
$	7.80		9.72	%		1.02	%		0.19	%		1.02	%	$	18,511		331	%
$	7.56		(2.93	)%		1.00	%		0.40	%		1.00	%	$	17,613		137	%
$	8.19		8.33	%⁽⁴⁾		0.96	%⁽⁵⁾		0.80	%⁽⁵⁾		0.96	%⁽⁵⁾	$	17,853		46	%⁽⁴⁾

$	12.11		0.94	%		0.91	%		1.97	%		0.91	%	$	36,332		116	%
$	6.57		(37.83	)%		0.92	%		2.85	%		0.92	%	$	18,187		96	%
$	7.99		21.61	%		0.97	%		3.28	%		0.97	%	$	20,704		96	%
$	8.67		11.79	%		1.00	%		2.81	%		1.00	%	$	21,798		107	%
$	9.02		7.06	%		0.99	%		3.57	%		0.99	%	$	20,027		199	%
$	9.56		5.99	%⁽⁴⁾		0.95	%⁽⁵⁾		4.03	%⁽⁵⁾		0.95	%⁽⁵⁾	$	20,805		97	%⁽⁴⁾

See Notes which are an integral part of the Financial Statements.


		42

Huntington Funds

Financial Highlights

(For a share outstanding throughout each period)


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)		Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investment Transactions			Distributions from Return of Capital			Total Distributions
Huntington VA International Equity Fund
2007	$	15.75		0.16		1.99			2.15			—	⁽²⁾		(0.03	)		—			(0.03	)
2008	$	17.87		0.26		(7.31	)		(7.05	)		(0.40	)		(0.36	)		—			(0.76	)
2009	$	10.06		0.23		3.14			3.37			(0.01	)		—			—			(0.01	)
2010	$	13.42		0.14		1.06			1.20			(0.16	)		—			—			(0.16	)
2011	$	14.46		0.17		(1.84	)		(1.67	)		(0.16	)		—			—			(0.16	)
2012⁽³⁾	$	12.63		0.14		0.24			0.38			—			—			—			—
Huntington VA Macro 100 Fund
2007	$	12.36		0.05		(0.34	)		(0.29	)		(0.05	)		(1.70	)		(0.18	)		(1.93	)
2008	$	10.14		0.16		(3.60	)		(3.44	)		(0.16	)		—			—			(0.16	)
2009	$	6.54		0.07		1.36			1.43			—			—			—			—
2010	$	7.97		0.05		1.06			1.11			(0.07	)		—			—			(0.07	)
2011	$	9.01		0.06		(0.18	)		(0.12	)		(0.05	)		—			—			(0.05	)
2012⁽³⁾	$	8.84		0.05		0.49			0.54			—			—			—			—

(1)	If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(2)	Amount is less than $0.005.

(3)	Six months ended June 30, 2012 (Unaudited).

(4)	Not Annualized.

(5)	Computed on an annualized basis.

*	Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these were included, the returns would be lower.

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		43


Net Asset Value, End of Period		Total Return*			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets⁽¹⁾			Net Assets, End of Period (000 Omitted)		Portfolio Turnover Rate

$	17.87		13.70	%		0.98	%		1.12	%		1.13	%	$	14,377		21	%
$	10.06		(40.56	)%		0.99	%		2.02	%		1.03	%	$	9,983		16	%
$	13.42		33.47	%		1.01	%		2.17	%		1.05	%	$	16,362		29	%
$	14.46		9.18	%		1.10	%		1.42	%		1.10	%	$	22,648		35	%
$	12.63		(11.55	)%		1.03	%		1.77	%		1.03	%	$	26,085		36	%
$	13.01		3.01	%⁽⁴⁾		0.98	%⁽⁵⁾		2.48	%⁽⁵⁾		0.98	%⁽⁵⁾	$	29,147		11	%⁽⁴⁾

$	10.14		(2.79	)%		0.95	%		0.45	%		0.95	%	$	9,773		148	%
$	6.54		(33.91	)%		0.98	%		1.46	%		0.98	%	$	4,464		287	%
$	7.97		21.87	%		1.04	%		1.09	%		1.06	%	$	5,590		10	%
$	9.01		14.12	%		1.16	%		0.60	%		1.20	%	$	6,615		29	%
$	8.84		(1.33	)%		1.22	%		0.60	%		1.22	%	$	6,161		102	%
$	9.38		6.11	%⁽⁴⁾		1.09	%⁽⁵⁾		1.15	%⁽⁵⁾		1.09	%⁽⁵⁾	$	7,266		39	%⁽⁴⁾

See Notes which are an integral part of the Financial Statements.


		44

Huntington Funds

Financial Highlights

(For a share outstanding throughout each period)


	Net Asset Value, Beginning of period		Net Investment Income (loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investment Transactions			Distributions from Return of Capital			Total Distributions
Huntington VA Mid Corp America Fund
2007	$	17.40		0.11			1.42			1.53			(0.11	)		(0.21	)		—			(0.32	)
2008	$	18.61		0.08			(6.95	)		(6.87	)		(0.19	)		(0.77	)		—			(0.96	)
2009	$	10.78		0.10			3.59			3.69			—			—			—			—
2010	$	14.47		0.08			3.19			3.27			(0.10	)		—			—			(0.10	)
2011	$	17.64		0.08			(0.57	)		(0.49	)		(0.08	)		—			—			(0.08	)
2012⁽²⁾	$	17.07		0.02			1.28			1.30			—			—			—			—
Huntington VA Real Strategies Fund
2007⁽⁵⁾	$	10.00		0.16			1.34			1.50			—			—			—			—
2008	$	11.50		0.04	⁽⁶⁾		(5.50	)		(5.46	)		(0.13	)		(0.21	)		(0.03	)		(0.37	)
2009	$	5.67		0.03			1.94			1.97			—			—			—			—
2010	$	7.64		(0.03	)		1.72			1.69			(0.02	)		—			—			(0.02	)
2011	$	9.31		0.03			(0.93	)		(0.90	)		(0.01	)		—			—			(0.01	)
2012⁽²⁾	$	8.40		0.06			(0.04	)		0.02			—			—			—			—

(1)	If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(2)	Six months ended June 30, 2012 (Unaudited).

(3)	Not Annualized.

(4)	Computed on an annualized basis.

(5)	Reflects operations for the period from August 31, 2007 (commencement of operations) to December 31, 2007.

(6)	Per share net investment income (loss) has been calculated using the average shares method.

*	Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these were included, the returns would be lower.

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		45


Net Asset Value, End of Period		Total Return*			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets⁽¹⁾			Net Assets, End of Period (000 Omitted)		Portfolio Turnover Rate

$	18.61		8.75	%		0.92	%		0.56	%		0.92	%	$	30,392		16	%
$	10.78		(38.83	)%		0.93	%		0.43	%		0.93	%	$	15,413		19	%
$	14.47		34.23	%		0.97	%		0.76	%		0.97	%	$	18,673		23	%
$	17.64		22.80	%		1.02	%		0.41	%		1.02	%	$	20,316		21	%
$	17.07		(2.77	)%		1.02	%		0.33	%		1.02	%	$	16,472		24	%
$	18.37		7.62	%⁽³⁾		0.97	%⁽⁴⁾		0.58	%⁽⁴⁾		0.97	%⁽⁴⁾	$	26,208		53	%⁽³⁾

$	11.50		15.00	%⁽³⁾		1.00	%⁽⁴⁾		4.35	%⁽⁴⁾		7.01	%⁽⁴⁾	$	241		34	%⁽³⁾
$	5.67		(49.00	)%		1.00	%		0.41	%		3.59	%	$	270		44	%
$	7.64		34.74	%		1.42	%		0.75	%		1.79	%	$	1,166		33	%
$	9.31		22.15	%		1.68	%		(0.28	)%		1.68	%	$	3,020		23	%
$	8.40		(9.63	)%		1.54	%		0.32	%		1.54	%	$	3,541		65	%
$	8.42		0.24	%⁽³⁾		1.26	%⁽⁴⁾		1.41	%⁽⁴⁾		1.26	%⁽⁴⁾	$	3,734		19	%⁽³⁾

See Notes which are an integral part of the Financial Statements.


		46

Huntington Funds

Financial Highlights

(For a share outstanding throughout each period)


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations			Distributions from Net Investment Income			Distributions from Net Realized Gain on Investment Transactions			Total Distributions
Huntington VA Rotating Markets Fund
2007	$	14.57		0.15			1.16			1.31			(0.13	)		(0.71	)		(0.84	)
2008	$	15.04		0.15			(6.02	)		(5.87	)		(0.31	)		(1.01	)		(1.32	)
2009	$	7.85		0.12			2.50			2.62			—			—			—
2010	$	10.47		0.03			0.72			0.75			(0.12	)		—			(0.12	)
2011	$	11.10		0.18			0.58			0.76			(0.04	)		—			(0.04	)
2012⁽²⁾	$	11.82		0.07			0.48			0.55			—			—			—
Huntington VA Situs Fund
2007	$	14.44		0.02			1.60			1.62			(0.05	)		(0.86	)		(0.91	)
2008	$	15.15		0.02			(6.18	)		(6.16	)		(0.03	)		(0.22	)		(0.25	)
2009	$	8.74		0.07			2.81			2.88			—			—			—
2010	$	11.62		0.01			3.41			3.42			(0.05	)		—			(0.05	)
2011	$	14.99		(0.01	)		(0.13	)		(0.14	)		—	⁽⁵⁾		—			—	⁽⁵⁾
2012⁽²⁾	$	14.85		0.05			1.02			1.07			—			—			—

(1)	If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(2)	Six months ended June 30, 2012 (Unaudited).

(3)	Not Annualized.

(4)	Computed on an annualized basis.

(5)	Amount is less than $0.005.

(6)	Rounds to less than 0.005%.

*	Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these were included, the returns would be lower.

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		47


Net Asset Value, End of Period		Total Return*			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets⁽¹⁾			Net Assets, End of Period (000 Omitted)		Portfolio Turnover Rate

$	15.04		9.03	%		0.98	%		1.17	%		0.98	%	$	10,538		49	%
$	7.85		(42.03	)%		0.93	%		1.09	%		0.93	%	$	5,041		221	%
$	10.47		33.38	%		1.01	%		1.34	%		1.02	%	$	6,473		229	%
$	11.10		7.34	%		1.14	%		0.33	%		1.14	%	$	6,957		254	%
$	11.82		6.84	%		1.15	%		1.44	%		1.15	%	$	6,462		2	%
$	12.37		4.65	%⁽³⁾		1.07	%⁽⁴⁾		0.76	%⁽⁴⁾		1.07	%⁽⁴⁾	$	6,194		103	%⁽³⁾

$	15.15		11.37	%		0.94	%		0.19	%		0.94	%	$	19,246		29	%
$	8.74		(41.23	)%		0.95	%		0.18	%		0.95	%	$	11,510		21	%
$	11.62		32.95	%		1.01	%		0.73	%		1.01	%	$	17,035		10	%
$	14.99		29.61	%		1.02	%		0.13	%		1.02	%	$	23,683		19	%
$	14.85		(0.91	)%		0.99	%		—	%⁽⁶⁾		0.99	%	$	35,271		14	%
$	15.92		7.21	%⁽³⁾		0.93	%⁽⁴⁾		0.64	%⁽⁴⁾		0.93	%⁽⁴⁾	$	38,911		6	%⁽³⁾

See Notes which are an integral part of the Financial Statements.


		48

Huntington Funds

Financial Highlights

(For a share outstanding throughout each period)


	Net Asset Value, Beginning of Period		Net Investment Income (Loss)			Net Realized and Unrealized Gain (Loss) on Investments			Total From Investment Operations		Distributions from Net Investment Income			Distributions from Net Realized Gain on Investment Transactions			Total Distributions
Huntington VA Mortgage Securities Fund
2007	$	11.14		0.46	⁽²⁾		(0.04	)		0.42		(0.24	)		—	⁽³⁾		(0.24	)
2008	$	11.32		0.51			(0.27	)		0.24		(0.92	)		(0.02	)		(0.94	)
2009	$	10.62		0.32			0.26			0.58		—			—			—
2010	$	11.20		0.16			0.39			0.55		(0.26	)		—			(0.26	)
2011	$	11.49		0.23			0.38			0.61		(0.24	)		—			(0.24	)
2012⁽⁴⁾	$	11.86		0.15			0.17			0.32		—			—			—

(1)	If applicable, certain fees were waived and/or reimbursed. If such waivers/reimbursements had not occurred, the ratios would have been as indicated.

(2)	Per share net investment income (loss) has been calculated using the average shares method.

(3)	Amount is less than $0.005.

(4)	Six months ended June 30, 2012 (Unaudited).

(5)	Not Annualized.

(6)	Computed on an annualized basis.

*	Total returns do not include any insurance, sales or administrative charges of variable annuity or life insurance contracts. If these were included, the returns would be lower.

H U N T I N G T O N F U N D S

See Notes which are an integral part of the Financial Statements.


		49


Net Asset Value, End of Period		Total Return*			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income (Loss) to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets⁽¹⁾			Net Assets, End of Period (000 Omitted)		Portfolio Turnover Rate

$	11.32		3.93	%		1.00	%		4.09	%		1.07	%	$	10,249		17	%
$	10.62		2.15	%		1.00	%		3.98	%		1.04	%	$	8,990		23	%
$	11.20		5.46	%		1.05	%		3.40	%		1.07	%	$	10,958		29	%
$	11.49		4.89	%		1.11	%		2.44	%		1.11	%	$	17,348		3	%
$	11.86		5.30	%		1.15	%		2.09	%		1.15	%	$	19,594		27	%
$	12.18		2.70	%⁽⁵⁾		1.08	%⁽⁶⁾		2.49	%⁽⁶⁾		1.08	%⁽⁶⁾	$	20,189		13	%⁽⁵⁾

See Notes which are an integral part of the Financial Statements.


		50

Huntington Funds

Notes to Financial Statements (Unaudited)

June 30, 2012

(1)

Organization

The Huntington Funds (the “Trust”) was originally two separate Massachusetts business trusts: The Huntington Funds, established on February 10, 1987, and Huntington VA Funds, established on June 30, 1999 (together, the “Original Trusts”). On June 23, 2006, the Original Trusts were reorganized into a single Delaware statutory trust that retained the name of The Huntington Funds. The Trust is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. At June 30, 2012, the Trust operated 36 separate series, or mutual funds, each with its own investment objective and strategy. The Funds’ prospectus provides a description of each Fund’s investment objectives, policies and strategies along with information on the classes of shares currently being offered. The price at which the Funds will offer or redeem shares is the net asset value (“NAV”) per share next determined after the order is considered received. This report contains financial statements and financial highlights of the funds listed below (individually referred to as a “Fund”, or collectively as the “Funds”):

Huntington VA Balanced Fund (“VA Balanced Fund”)

Huntington VA Dividend Capture Fund (“VA Dividend Capture Fund”)

Huntington VA Growth Fund (“VA Growth Fund”)

Huntington VA Income Equity Fund (“VA Income Equity Fund”)

Huntington VA International Equity Fund (“VA International Equity Fund”)

Huntington VA Macro 100 Fund (“VA Macro 100 Fund”)

Huntington VA Mid Corp America Fund (“VA Mid Corp America Fund”)

Huntington VA Real Strategies Fund (“VA Real Strategies Fund”)

Huntington VA Rotating Markets Fund (“VA Rotating Markets Fund”)

Huntington VA Situs Fund (“VA Situs Fund”)

Huntington VA Mortgage Securities Fund (“VA Mortgage Securities Fund”)

The assets of each Fund are segregated and a shareholder’s interest is limited to the Fund in which shares are held.

The Trust accounts for the assets, liabilities and operations of each Fund separately. Shares of the Funds are not offered directly to the public but, pursuant to an exemptive order granted by the Securities and Exchange Commission and procedures adopted by the Trust’s Board of Trustees (the “Trustees”), the Funds were sold during the year only to separate accounts of Hartford Life Insurance Company, Hartford Life and Annuity Insurance Company, Lincoln Insurance Company, Nationwide Insurance Company, Sun Life Assurance Company of Canada (U.S.) and Transamerica Life Insurance Company for use with their respective variable insurance contracts and policies.

On April 27, 2012 the Huntington VA Mid Corp America Fund (“Acquiring Fund”) acquired all of the assets and assumed all of the liabilities of the Huntington VA New Economy Fund (“Acquired Fund”) pursuant to an agreement and plan of reorganization approved by the Board of Trustees on January 17, 2012. The reorganization provides shareholders of the Acquired Fund access to a larger and more diversified portfolio with a similar investment strategy and lower expenses. The reorganization qualified as a tax-free reorganization for federal income tax purposes with no gain or loss recognized to the funds or their shareholders.

The acquisition was accomplished by a tax-free exchange of 577,960 shares of the Acquiring Fund (valued at $11,114,709) for 842,598 shares of the Acquired Fund outstanding on April 27, 2012. The investment portfolio of the Acquired Fund, with a fair value of $11,117,120 and identified cost of $10,121,659 was the principal asset acquired by the Acquiring Fund. For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the identified cost of the investments received from the Acquired Fund was carried forward to align ongoing reporting of the Acquiring Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. The aggregate net assets of the Acquiring Fund immediately before the acquisition were $17,787,998. The net assets of the Acquired Fund at that date of $11,114,709, including $995,461 of unrealized appreciation, were combined with those of the Acquiring Fund, resulting in combined net assets of $28,902,707.


Net Investment Income*	$	39,016
Net Realized and Unrealized Gain on Investments	$	1,620,325
Net Increase in Net Assets Resulting From Operations	$	1,659,341

Net Investment Income includes $8,000 of pro forma additional merger expenses.

H U N T I N G T O N F U N D S


		51

Huntington Funds

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June 30, 2012

Under the Trust’s organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Funds. In addition, in the normal course of business, the Trust may enter into contracts with vendors and others that provide for general indemnifications. The Trust’s maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust. However, based on experience, the Trust expects that risk of loss to be remote.

(2)

Significant Accounting Policies

The following is a summary of significant accounting policies consistently followed by each Fund in the preparation of its financial statements. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts of assets, liabilities, and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses for the period. Actual results could differ from those estimates.

A.	Investment Valuations

The Trust calculates the NAV for each of the Funds by valuing securities held based on fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.



• Level 1		- quoted prices in active markets for identical assets.

• Level 2		- other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

• Level 3		- significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

In computing the NAV of the Funds, fair value is based on market valuations with respect to portfolio securities for which market quotations are readily available. Pursuant to Trustee-approved policies, the Trust relies on certain security pricing services to provide current market value of securities. Those security pricing services value equity securities (including foreign equity securities, exchange-traded funds and closed-end funds) traded on a securities exchange at the last reported sales price on the principal exchange. Equity securities quoted by NASDAQ are valued at the NASDAQ official closing price. If there is no reported sale on the principal exchange, and in the case of over-the-counter securities, equity securities are valued at a bid price estimated by the security pricing service. In each of these situations, valuations are typically categorized as Level 1 in the fair value hierarchy. Investments in open-end investment companies are valued at their respective net asset value as reported by such companies and are typically categorized as Level 1 in the fair value hierarchy.

Option contracts are generally valued using the closing price based on quote data from the six major U.S. options exchanges on which such options are traded, which are then typically categorized as Level 1 in the fair value hierarchy.

Debt securities traded on a national securities exchange or in the over-the-counter market are valued at the last reported sales price on the principal exchange, except the U.S. government obligations held by the VA Mortgage Securities Fund are valued at the mean between the over-the-counter bid and asked prices furnished by the security pricing service. If there is no reported sale on the principal exchange, and for all other debt securities, debt securities are valued at a bid price estimated by the security pricing service. In valuing debt securities, a security pricing service may use various pricing techniques which take into account appropriate factors such as market activity, yield, quality, coupon rate, maturity, type of issue, trading characteristics, call features, credit ratings and other data, as well as broker quotes. Foreign securities quoted in foreign currencies are translated in U.S.


		52

Huntington Funds

Notes to Financial Statements (continued)

June 30, 2012

dollars at the foreign exchange rate in effect as of the close of the New York Stock Exchange (NYSE) (generally 4:00 p.m. Eastern Time), on the day the value of the foreign security is determined. Short-term investments with remaining maturities of 60 days or less at the time of purchase are valued at amortized cost. In each of these situations, valuations are typically categorized as Level 2 in the fair value hierarchy.

Under certain circumstances, a good faith determination of the fair value of a security may be used instead of its current market value, even if the security’s market price is readily available. In such circumstances, the Trust’s Sub- Administrator may request that the Trust’s Pricing Committee make its own fair value determination.

Fair valuation procedures are also used when a significant event affecting the value of a portfolio security is determined to have occurred between the time when the price of the portfolio security is determined and the close of trading on the NYSE, which is when each Fund’s NAV is computed. An event is considered significant if there is both an affirmative expectation that the security’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Significant events include significant securities market movements occurring between the time the price of the portfolio security is determined and the close of trading on the NYSE. For domestic fixed income securities, such events may occur where the cut-off time for the market information used by the independent pricing service is earlier than the end of regular trading on the NYSE. For securities normally priced at their last sale price in a foreign market, such events can occur between the close of trading in the foreign market and the close of trading on the NYSE.

In accordance with the valuation procedures adopted by the Trustees, real estate investments are fair valued using methods such as, discounted cash flow models, various real estate debt spreads, and other market indicators, which the Trustees deem indicative of the estimated fair value of the real estate investments.

H U N T I N G T O N F U N D S


		53

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June 30, 2012

The following is a summary of the inputs used to value the Funds’ investments as of June 30, 2012 based on the three levels defined above:


	LEVEL 1		LEVEL 2		LEVEL 3		Total
VA Balanced Fund
Investment Securities:
Mutual Funds	$	42,052,905	$	—	$	—	$	42,052,905
Cash Equivalents		1,036,304		—		—		1,036,304

Total Investment Securities		43,089,209		—		—		43,089,209

VA Dividend Capture Fund
Investment Securities:
Common Stocks
Consumer Discretionary		2,083,715		—		—		2,083,715
Consumer Staples		1,786,620		—		—		1,786,620
Energy		4,060,227		—		—		4,060,227
Financials		5,865,779		—		—		5,865,779
Health Care		1,688,848		—		—		1,688,848
Industrials		2,164,785		—		—		2,164,785
Information Technology		2,166,341		—		—		2,166,341
Materials		673,028		—		—		673,028
Real Estate Investment Trusts		2,644,847		—		—		2,644,847
Telecommunication Services		1,031,330		—		—		1,031,330
Utilities		1,206,520		—		—		1,206,520
Preferred Stocks
Financials		3,853,185		391,500		—		4,244,685
Real Estate Investment Trusts		825,325		—		—		825,325
Telecommunication Services		238,050		—		—		238,050
Utilities		939,470		—		—		939,470
Exchange-Traded Funds		699,560		—		—		699,560
Cash Equivalents		406,833		—		—		406,833
Short-Term Securities Held as Collateral for Securities Lending		1,498,313		—		—		1,498,313

Total Investment Securities		33,832,776		391,500		—		34,224,276

VA Growth Fund
Investment Securities:
Common Stocks
Consumer Discretionary		1,561,619		—		—		1,561,619
Consumer Staples		2,376,412		—		—		2,376,412
Energy		1,994,629		—		—		1,994,629
Financials		623,121		—		—		623,121
Health Care		2,464,879		—		—		2,464,879
Industrials		1,341,271		—		—		1,341,271
Information Technology		6,021,389		—		—		6,021,389
Materials		601,828		—		—		601,828
Real Estate Investment Trusts		276,748		—		—		276,748
Telecommunication Services		106,656		—		—		106,656
Utilities		92,988		—		—		92,988
Cash Equivalents		157,202		—		—		157,202
Short-Term Securities Held as Collateral for Securities Lending		386,235		—		—		386,235

Total Investment Securities		18,004,977		—		—		18,004,977


		54

Huntington Funds

Notes to Financial Statements (continued)

June 30, 2012


	LEVEL 1		LEVEL 2		LEVEL 3		Total
VA Income Equity Fund
Investment Securities:
Common Stocks
Consumer Discretionary	$	2,053,284	$	—	$	—	$	2,053,284
Consumer Staples		1,639,748		—		—		1,639,748
Energy		2,465,431		—		—		2,465,431
Financials		3,353,907		—		—		3,353,907
Health Care		1,576,934		—		—		1,576,934
Industrials		2,081,744		—		—		2,081,744
Information Technology		2,563,231		—		—		2,563,231
Materials		628,896		—		—		628,896
Real Estate Investment Trusts		2,107,482		—		—		2,107,482
Telecommunication Services		954,488		—		—		954,488
Utilities		1,125,081		—		—		1,125,081
Cash Equivalents		207,982		—		—		207,982
Short-Term Securities Held as Collateral for Securities Lending		1,025,354		—		—		1,025,354

Total Investment Securities		21,783,562		—		—		21,783,562

VA International Equity Fund
Investment Securities:
Common Stocks
Consumer Discretionary		2,779,861		—		—		2,779,861
Consumer Staples		2,679,592		—		—		2,679,592
Energy		2,675,131		—		—		2,675,131
Financials		3,267,067		—		—		3,267,067
Health Care		2,055,019		—		—		2,055,019
Industrials		3,732,078		—		—		3,732,078
Information Technology		2,013,199		—		—		2,013,199
Materials		2,195,177		—		—		2,195,177
Telecommunication Services		2,007,072		—		—		2,007,072
Utilities		1,010,897		—		—		1,010,897
Exchange-Traded Funds		1,260,943		—		—		1,260,943
Cash Equivalents		3,357,570		—		—		3,357,570
Short-Term Securities Held as Collateral for Securities Lending		1,370,438		—		—		1,370,438

Total Investment Securities		30,404,044		—		—		30,404,044

VA Macro 100 Fund
Investment Securities:
Common Stocks
Consumer Discretionary		632,874		—		—		632,874
Consumer Staples		694,275		—		—		694,275
Energy		860,623		—		—		860,623
Financials		920,020		—		—		920,020
Health Care		799,749		—		—		799,749
Industrials		749,365		—		—		749,365
Information Technology		1,299,443		—		—		1,299,443
Materials		282,240		—		—		282,240
Telecommunication Services		188,637		—		—		188,637
Utilities		282,498		—		—		282,498
Cash Equivalents		561,697		—		—		561,697
Short-Term Securities Held as Collateral for Securities Lending		149,781		—		—		149,781

Total Investment Securities		7,421,202		—		—		7,421,202

H U N T I N G T O N F U N D S


		55

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June 30, 2012


	LEVEL 1			LEVEL 2		LEVEL 3		Total
VA Mid Corp America Fund
Investment Securities:
Common Stocks
Consumer Discretionary	$	2,250,806		$	—	$	—	$	2,250,806
Consumer Staples		1,425,514			—		—		1,425,514
Energy		1,781,811			—		—		1,781,811
Financials		2,793,898			—		—		2,793,898
Health Care		2,832,048			—		—		2,832,048
Industrials		4,274,390			—		—		4,274,390
Information Technology		4,986,031			—		—		4,986,031
Materials		1,611,378			—		—		1,611,378
Real Estate Investment Trusts		2,165,065			—		—		2,165,065
Telecommunication Services		124,484			—		—		124,484
Utilities		578,440			—		—		578,440
Cash Equivalents		1,133,326			—		—		1,133,326
Short-Term Securities Held as Collateral for Securities Lending		248,070			—		—		248,070

Total Investment Securities		26,205,261			—		—		26,205,261

VA Real Strategies Fund
Investment Securities:
Common Stocks
Consumer Staples		232,525			—		—		232,525
Energy		912,054			—		—		912,054
Industrials		501,684			—		—		501,684
Materials		729,528			—		—		729,528
Real Estate Investment Trusts		292,876			—		—		292,876
Real Estate Investments		—			—		257,466		257,466
Exchange-Traded Funds		153,789			—		—		153,789
Closed-End Fund		110,824			—		—		110,824
Options Purchased		3,388			—		—		3,388
Warrants
Energy		3,926			—		—		3,926
Cash Equivalents		539,725			—		—		539,725
Short-Term Securities Held as Collateral for Securities Lending		437,625			—		—		437,625

Total Investment Securities		3,917,944			—		257,466		4,175,410
Other Financial Instruments:*
Written Options		(5,115	)		—		—		(5,115	)

Total Investments		3,912,829			—		257,466		4,170,295

VA Rotating Markets Fund
Investment Securities:
Common Stocks
Consumer Discretionary		1,004,277			—		—		1,004,277
Consumer Staples		162,484			—		—		162,484
Health Care		724,917			—		—		724,917
Industrials		113,082			—		—		113,082
Information Technology		3,993,274			—		—		3,993,274
Materials		30,923			—		—		30,923
Telecommunication Services		58,051			—		—		58,051
Exchange-Traded Funds		54,151			—		—		54,151
Cash Equivalents		56,310			—		—		56,310
Short-Term Securities Held as Collateral for Securities Lending		5,824			—		—		5,824

Total Investment Securities		6,203,293			—		—		6,203,293


		56

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June 30, 2012


	LEVEL 1			LEVEL 2		LEVEL 3		Total
VA Situs Fund
Investment Securities:
Common Stocks
Consumer Discretionary	$	4,250,187		$	—	$	—	$	4,250,187
Consumer Staples		879,932			—		—		879,932
Energy		3,994,002			—		—		3,994,002
Financials		4,707,905			—		—		4,707,905
Health Care		6,339,244			—		—		6,339,244
Industrials		5,499,179			—		—		5,499,179
Information Technology		6,729,413			—		—		6,729,413
Materials		3,225,157			—		—		3,225,157
Real Estate Investment Trusts		569,536			—		—		569,536
Telecommunication Services		102,213			—		—		102,213
Utilities		562,035			—		—		562,035
Exchange-Traded Funds		117,845			—		—		117,845
Cash Equivalents		2,286,153			—		—		2,286,153
Short-Term Securities Held as Collateral for Securities Lending		2,264,609			—		—		2,264,609

Total Investment Securities		41,527,410			—		—		41,527,410

Other Financial Instruments:*
Written Options		(315,030	)		—		—		(315,030	)

Total Investments		41,212,380			—		—		41,212,380

VA Mortgage Securities Fund
Investment Securities:
U.S. Government Mortgage Backed Agencies
Federal Home Loan Mortgage Corporation		—			3,451,942		—		3,451,942
Federal National Mortgage Association		—			8,817,075		—		8,817,075
Government National Mortgage Association		—			2,287,360		—		2,287,360
Common Stocks
Real Estate Investment Trusts		2,424,800			—		—		2,424,800
U.S. Government Agencies
Federal Farm Credit Bank		—			1,051,769		—		1,051,769
Federal Home Loan Bank		—			849,476				849,476
Federal National Mortgage Association		—			252,330		—		252,330
Collateralized Mortgage Obligations
Federal Home Loan Bank		—			110,092		—		110,092
Federal Home Loan Mortgage Corporation		—			299,003				299,003
Federal National Mortgage Association		—			28,899		—		28,899
Government National Mortgage Association		—			128,466		—		128,466
Residential Whole Loans		—			21,832		—		21,832
Cash Equivalents		437,760			—		—		437,760
Short-Term Securities Held as Collateral for Securities Lending		112,623			—		—		112,623

Total Investment Securities		2,975,183			17,298,244		—		20,273,427

Other Financial Instruments are derivative instruments not reflected on the Portfolio of Investments, such as written options contracts.

The following is a summary of the transfers between Level 1 and Level 2 of the fair value hierarchy for the six months ended June 30, 2012:


	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1
VA International Equity Fund
Common Stocks
Consumer Discretionary	$	11,372,982	$	11,802,996
Consumer Staples		17,155,373		17,102,848
Energy		7,401,527		7,968,360
Financials		21,721,667		21,468,407
Health Care		2,900,362		2,908,413
Industrials		29,843,602		29,689,972
Information Technology		8,722,585		8,657,441
Materials		11,527,031		11,412,968
Telecommunication Services		7,985,169		8,479,204
Utilities		3,914,298		3,916,022

Total		122,544,596		123,406,631

H U N T I N G T O N F U N D S


		57

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Notes to Financial Statements (continued)

June 30, 2012


	Transfers from Level 1 to Level 2		Transfers from Level 2 to Level 1
VA Situs Fund
Common Stocks
Consumer Discretionary	$	1,417,997	$	1,408,273
Consumer Staples		1,184,757		1,169,471
Health Care		476,813		471,308
Industrials		4,439,056		4,429,248
Information Technology		569,094		568,007

Total		8,087,717		8,046,307

Quantitative Information about Level 3 Fair Value Measurements

Type of Assets

Fair Value
At June 30, 2012

Valuation Techniques

Unobservable Input(s)

Range
(weighted
average)

VA Real Strategies Fund

Real Estate Investments

257,466

Discounted cash flow

Constant prepayment rate

3.1%-4.2%(3.8%)

Probability of default

5%-15%(8%)

Loss severity

10%-70%(40%)

Following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:


Fund	Balance as of December 31, 2011		Change in unrealized appreciation (depreciation)			Purchases		Transfers in Level 3 (a)		Transfers out of Level 3 (a)		Balance as of June 30, 2012
VA Real Strategies Fund
Real Estate Investments	$	209,051	$	(1,585	)	$	50,000	$	—	$	—	$	257,466

(a)

The amount of transfers in and/or out is reflected at the securities’ fair value on the date of the transfer.

B.	Repurchase Agreements

C.	When-Issued and Delayed Transactions

D.	Foreign Currency Translation

The accounting records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars at the current rate of exchange each business day to determine the value of investments, and other assets and liabilities. Purchases and sales of foreign securities, and income and expenses, are translated at the prevailing rate of exchange on the respective date of these transactions. The Funds do not isolate that portion of the results of operations resulting from changes in foreign exchange rates on investments from fluctuation arising from changes in market prices of securities held. These fluctuations are included with the net realized and unrealized gain or loss from investments and foreign currency transactions.


		58

Huntington Funds

Notes to Financial Statements (continued)

June 30, 2012

E.	Derivative Instruments

Foreign Exchange Contracts—VA International Equity Fund, VA Real Strategies Fund and VA Situs Fund may enter into forward foreign exchange contracts. A forward foreign exchange contract involves an obligation to purchase or sell a specific currency at a future date at a price set at the time of the contract. Such contracts are used to sell unwanted currency exposure that comes with holding securities in a market, or to buy currency exposure where the exposure from holding securities is insufficient to provide the desired currency exposure. The contracts are marked-to-market daily and the change in market value is recorded as unrealized appreciation or depreciation. When a forward foreign currency contract is closed, a Fund records a realized gain or loss equal to the difference between the value at the time it was opened and the value at the time it was closed. These unrealized and realized gains and losses are reported on the Statement of Operations. The Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts and from unanticipated movements in exchange rates. At June 30, 2012, VA International Equity Fund, VA Real Strategies Fund and VA Situs Fund did not have any forward foreign exchange contracts outstanding.

Written Options Contracts—Certain of the Funds may write options contracts for which premiums received are recorded as liabilities and are subsequently adjusted to the current value of the options written. Premiums received from writing options which expire are treated as realized gains. Premiums received from writing options which are either exercised or closed are offset against the proceeds received or amount paid on the transaction to determine realized gains or losses. Investing in written options contracts exposes a Fund to equity price risk.

The following is a summary of VA Income Equity Fund’s written option activity for the six months ended June 30, 2012:


Contracts	Number of Contracts			Premium
Outstanding at 12/31/2011		—		$	—
Options written		722			44,970
Options expired		(532	)		(37,448	)
Options closed		(130	)		(6,502	)
Options exercised		(60	)		(1,020	)

Outstanding at 6/30/2012		—		$	—

The following is a summary of VA Real Strategies Fund’s written option activity for the six months ended June 30, 2012:


Contracts	Number of Contracts			Premium
Outstanding at 12/31/2011		66		$	32,207
Options written		110			42,785
Options expired		(57	)		(21,101	)
Options closed		(101	)		(48,876	)
Options exercised		—			—

Outstanding at 6/30/2012		18		$	5,015

At June 30, 2012, VA Real Strategies Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS


Contract	Type		Expiration Date		Exercise Price		Number of Contracts		Fair Value		Unrealized Appreciation (Depreciation)
United States Oil Fund LP		Put		August 2012	$	33		15	$	3,270	$	(1,230	)
SPDR Gold Trust		Put		January 2013		148		3		1,845		1,130
NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS											$	(100	)

H U N T I N G T O N F U N D S


		59

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Notes to Financial Statements (continued)

June 30, 2012

The following is a summary of VA Situs Fund’s written option activity for the six months ended June 30, 2012:


Contracts	Number of Contracts			Premium
Outstanding at 12/31/2011		—		$	—
Options written		1,060			417,405
Options closed		(570	)		(159,905	)
Options exercised		(87	)		(19,909	)

Outstanding at 6/30/2012		403		$	237,591

At June 30, 2012, VA Situs Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS


Contract	Type		Expiration Date		Exercise Price		Number of Contracts		Fair Value		Unrealized Appreciation (Depreciation)
Edwards LifeSciences Corp.		Call		November 2012	$	90		150	$	252,000	$	(73,955	)
Tempur-Pedic International, Inc.		Put		September 2012		55		13		41,730		(36,439	)
Trimble Navigation Ltd.		Call		August 2012		50		140		13,300		15,132
Red Hat, Inc.		Call		September 2012		65		50		7,375		9,975
Eagle Materials, Inc.		Put		July 2012		30		50		625		7,848
NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS											$	(77,439	)

The fair value of Derivative Instruments as of June 30, 2012 is as follows:


	Asset Derivatives	Liability Derivatives
Primary Risk Exposure	Statements of Assets and Liabilities Location	Statements of Assets and Liabilities Location	Fund	Fair Value
Option Contracts		Options Written, at value	VA Real Strategies Fund	$	5,115
			VA Situs Fund		315,030
	Investments (purchased options), at value		VA Real Strategies Fund		3,388

The effect of Derivative Instruments on the Statements of Operations for the six months ended June 30, 2012 is as follows:


Primary Risk Exposure	Location of Gain (Loss) on Derivatives Recognized in Income	Fund	Realized Gain (Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Option Contracts	Net Realized gain (loss) on option transactions/net change in unrealized appreciation (depreciation) of investments and options	VA Income Equity Fund	$	34,670		$	—
		VA Real Strategies Fund		24,528			5,738
		VA Situs Fund		(65,317	)		(77,439	)

The notional value of the written options contracts outstanding at June 30, 2012 and the month-end average notional amount for the period ended June 30, 2012 are detailed in the table below:


Fund	Average Month-End Notional Amount		June 30, 2012 Notional Amount
VA Income Equity Fund	$	528,071	$	—
VA Real Strategies Fund		126,057		93,900
VA Situs Fund		1,446,286		2,596,500


		60

Huntington Funds

Notes to Financial Statements (continued)

June 30, 2012

Derivative positions during the period and at period end are reflected for each Fund in the tables presented above. The volume of these positions relative to each Fund’s net assets at the close of the reporting period is generally higher than the volume of such positions at the beginning of the reporting period. The Funds value derivative instruments at fair value and recognize changes in fair value currently in the results on operations.

F.	Securities Lending

To generate additional income, the Funds may lend a certain percentage of their total assets, to the extent permitted by the 1940 Act or the rules or regulations thereunder, on a short-term basis to certain brokers, dealers or other financial institutions. In determining whether to lend to a particular broker, dealer or financial institution, the Advisor will consider all relevant facts and circumstances, including the size, creditworthiness and reputation of the borrower. Any loans made will be continuously secured by collateral in cash at least equal to 100% of the value of the securities on loan for the Funds, based on the prior day’s closing price. The Funds receive payments from the borrowers equivalent to the dividends and interest that would have been earned on securities on loan. In addition, the Funds lending securities receive an annual securities lending fee and retain a portion of the interest, dividends and other distributions received on investment of cash collateral. Collateral is marked-to-market daily. One of the risks in lending portfolio securities, as with other extensions of credit, is the possible delay in recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. Although the loan is fully collateralized, if a borrower defaults, a Fund could lose money. There is also the risk that, when lending portfolio securities, the securities may not be available to a Fund on a timely basis and a Fund may, therefore, lose the opportunity to sell the securities at a desirable price. In addition, in the event that a borrower of securities would file for bankruptcy or become insolvent, disposition of the securities may be delayed pending court action. Loans are subject to termination by the Funds or the borrower at any time and, therefore, are not considered to be illiquid investments. Huntington National Bank (“Huntington”) serves as the custodian for the securities lending. Pursuant to the Master Securities Loan Agreement, Huntington receives an annual securities lending fee for collateral monitoring and recordkeeping services.

As of June 30, 2012, the following Funds had securities with the following market values on loan:


Fund	Value of Loaned Securities		Value of Collateral		Average Loan Outstanding During the Period		Income Received by Huntington from Securities Lending
VA Dividend Capture Fund	$	1,468,934	$	1,498,313	$	1,766,113	$	2,375
VA Growth Fund		378,662		386,235		400,359		250
VA Income Equity Fund		1,005,249		1,025,354		958,068		188
VA International Equity Fund		1,339,970		1,370,438		2,045,668		750
VA Macro 100 Fund		146,844		149,781		102,798		62
VA Mid Corp America Fund		243,206		248,070		622,856		2,000
VA Real Strategies Fund		429,044		437,625		416,757		1,625
VA Rotating Markets Fund		5,710		5,824		201,857		62
VA Situs Fund		2,218,430		2,264,609		1,302,204		2,000
VA Mortgage Securities Fund		110,415		112,623		110,465		50

As of June 30, 2012, aggregate cash collateral was invested as follows:

Fidelity Institutional Money
Market Portfolio,
Institutional
Class

$7,498,872

G.	Security Transactions and Related Income

During the period, investment transactions are accounted for no later than the first calculation of the NAV on the business day following the trade date. For financial reporting purposes, however, security transactions are accounted for on trade date on the last business day of the reporting period. Discounts and premiums on securities purchased are amortized over the lives of the respective securities. Securities gains and losses are calculated on the identified cost basis. Interest income and expenses are accrued daily. Dividends, less foreign tax withholding (if any), are recorded on the ex-dividend date.

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H.	Dividends and Distributions to Shareholders

Dividends from net investment income, if any, are declared and paid annually for the Funds. Net realized capital gains, if any, are distributed at least annually. The amount of dividends from net investment income and net realized gains are determined in accordance with the federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either considered temporary or permanent in nature. To the extent these differences are permanent in nature (e.g. foreign currency gain/loss, paydowns, distributions and income received from pass through investments and net investment loss adjustments), such amounts are reclassified within the capital accounts based on their nature for federal income tax purposes; temporary differences do not require reclassification. Temporary differences are primarily due to market discounts, capital loss carryforwards and losses deferred due to wash sales, straddles and return of capital from investments.

Certain of the Funds may own shares of real estate investment trusts (“REITs”) which report information on the source of their distributions annually. Distributions received from investments in REITs in excess of income from underlying investments are recorded as realized gain and/or as a reduction to the cost of the individual REIT.

Certain of the Funds may invest in Master Limited Partnerships (“MLPs”), which generally are treated as partnerships for Federal income tax purposes. As a limited partner in the MLPs, the Fund includes its allocable share of the MLPs’ taxable income in computing its own taxable income.

I.	Expenses

Expenses directly attributable to a Fund are charged to that Fund. Expenses not directly attributable to a Fund are allocated proportionally among various Funds or all Funds within the Trust in relation to the net assets of each Fund or on another reasonable basis.

J.	Federal Income Taxes

It is the policy of each Fund to qualify or continue to qualify as a regulated investment company by complying with the provisions available to certain investment companies, as defined in applicable sections of the Internal Revenue Code, and to make distributions of net investment income and net realized capital gains sufficient to relieve it from all, or substantially all, federal income taxes. In addition to complying with the federal tax requirements applicable to regulated investment companies, the Funds also plan to comply with certain diversification standards applicable to underlying assets of variable annuity contracts in order to avoid taxation on the variable contract owners with respect to earnings allocable to the contract from investments in the Funds.

Withholding taxes on foreign interest, dividends and capital gains with respect to the Funds have been provided for in accordance with each applicable country’s tax rules and rates.

As of June 30, 2012, the tax cost of securities and the breakdown of unrealized appreciation (depreciation) for each Fund was as follows:


Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)*
VA Balanced Fund	$	39,744,380	$	3,350,722	$	—		$	3,350,722
VA Dividend Capture Fund		32,832,215		2,487,065		(1,095,004	)		1,392,061
VA Growth Fund		16,120,254		2,464,248		(579,525	)		1,884,723
VA Income Equity Fund		20,175,644		2,101,175		(493,257	)		1,607,918
VA International Equity Fund		29,731,823		2,772,723		(2,100,502	)		672,221
VA Macro 100 Fund		6,967,930		772,424		(319,152	)		453,272
VA Mid Corp America Fund		20,670,326		6,108,748		(573,813	)		5,534,935
VA Real Strategies Fund		4,155,358		311,644		(291,592	)		20,052
VA Rotating Markets Fund		6,394,974		188,070		(379,751	)		(191,681	)
VA Situs Fund		35,145,039		9,100,190		(2,717,819	)		6,382,371
VA Mortgage Securities Fund		18,907,969		1,378,759		(13,301	)		1,365,458

The differences between the book-basis unrealized appreciation/(depreciation) are attributable primarily to: tax deferral of losses on wash sales, the tax treatment of Trust Preferred securities, hybrid securities and Grantor trusts, differences related to partnership investments, the realization for tax purposes of unrealized gains/losses on investments in passive foreign investment companies and the return of capital adjustments from real estate investment trusts.


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June 30, 2012

The tax character of distributions paid during the fiscal year ended December 31, 2011, was as follows:


	Distributions Paid From*
Fund	Ordinary Income		Net Long Term Capital Gains		Total Taxable Distributions		Tax Return of Capital		Total Distributions Paid
VA Balanced Fund	$	355,696	$	1,631	$	357,327	$	—	$	357,327
VA Dividend Capture Fund		1,161,458		—		1,161,458		—		1,161,458
VA Growth Fund		27,515		—		27,515		—		27,515
VA Income Equity Fund		566,505		—		566,505		—		566,505
VA International Equity Fund		323,030		—		323,030		—		323,030
VA Macro 100 Fund		34,846		—		34,846		—		34,846
VA Mid Corp America Fund		78,630		—		78,630		—		78,630
VA Real Strategies Fund		5,592		—		5,592		—		5,592
VA Rotating Markets Fund		21,470		—		21,470		—		21,470
VA Situs Fund		8,225		—		8,225		—		8,225
VA Mortgage Securities Fund		386,232		—		386,232		—		386,232

The tax character of distributions paid may differ from the character of distributions shown on the statements of changes in net assets due to short-term capital gains being treated as ordinary income for tax purposes.

As of December 31, 2011, the components of accumulated earnings (deficit) on a tax basis were as follows:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Accumulated Earnings		Accumulated Capital and Other Losses			Unrealized Appreciation (Depreciation)			Total Accumulated Earnings (Deficit)
VA Balanced Fund	$	689,696	$	160,697	$	850,393	$	—		$	1,523,414		$	2,373,807
VA Dividend Capture Fund		1,244,027		—		1,244,027		(11,147,600	)		1,372,590			(8,530,983	)
VA Growth Fund		59,319		—		59,319		(1,950,800	)		845,248			(1,046,233	)
VA Income Equity Fund		770,078		—		770,078		(5,297,464	)		1,337,586			(3,189,800	)
VA International Equity Fund		390,110		—		390,110		(2,959,365	)		(194,756	)		(2,764,011	)
VA Macro 100 Fund		44,568		—		44,568		(2,379,246	)		276,716			(2,057,962	)
VA Mid Corp America Fund		60,726		1,306,762		1,367,488		—			4,944,593			6,312,081
VA Real Strategies Fund		15,411		29,947		45,358		(9,396	)		60,326			96,288
VA Rotating Markets Fund		97,697		—		97,697		(880,141	)		1,002,763			220,319
VA Situs Fund		2,609		—		2,609		(1,384,021	)		3,631,214			2,249,802
VA Mortgage Securities Fund		485,046		—		485,046		(300,830	)		1,019,180			1,203,396

Certain capital and qualified late year losses incurred after October 31 and within the taxable year are deemed to arise of the first business day of the Funds’ next taxable year. For the year ended December 31, 2011, the Fund deferred post-October capital and qualified late year losses as follows:


Fund	Capital Losses		Qualified Late Year Losses
VA Dividend Capture Fund	$	56,865	$	—
VA Income Equity Fund		300,489		—
VA International Equity Fund		554,436		9,396
VA Macro 100 Fund		38,806		—
VA Real Strategies Fund		—		101
VA Rotating Markets Fund		218		—
VA Situs Fund		—		9,396
VA Mortgage Securities Fund		17,070		—

As of December 31, 2011, for federal income tax purposes, the following Funds had capital loss carryforwards available to offset future gains if any, to the extent provided by the Treasury regulations:


Fund	Amount		Expires
VA Dividend Capture Fund	$	711,142		2016
VA Dividend Capture Fund	$	10,379,593		2017
VA Growth Fund	$	1,950,800		2017

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Fund	Amount		Expires
VA Income Equity Fund	$	112,871		2016
VA Income Equity Fund	$	4,884,104		2017
VA International Equity Fund	$	1,831,752		2017
VA International Equity Fund	$	567,263		2018
VA Macro 100 Fund	$	1,408,805		2016
VA Macro 100 Fund	$	436,650		2017
VA Macro 100 Fund	$	494,985		2018
VA Rotating Markets Fund	$	879,923		2017
VA Situs Fund	$	1,290,093		2017
VA Situs Fund	$	93,827		2018
VA Mortgage Securities Fund	$	100,360		2016
VA Mortgage Securities Fund	$	90,146		2017
VA Mortgage Securities Fund	$	21,805		2018

During the year ended December 31, 2011 VA Dividend Capture Fund, VA Growth Fund, VA Income Equity Fund, VA International Equity, VA Macro 100, VA Mid Corp America Fund, VA Real Strategies Fund, VA Rotating Markets Fund and VA Situs Fund utilized $2,486,336, $328,206, $1,148,889, $378,948, $351,171, $1,075,024, $58,182, $104,589 and $729,666, respectively, in capital loss carryforwards.

Losses incurred that will be carried forward under the provisions of the Modernization Act are as follows:


	Loss carryforward character
Fund	Short term		Long term
VA Mortgage Securities Fund	$	30,054	$	41,395

(3)

Investment Advisory Fee and Other Transactions with Affiliates

Investment Advisory Fee—Huntington Asset Advisors, Inc. (the “Advisor”), a subsidiary of The Huntington National Bank (“Huntington”), serves as the Funds’ investment advisor. The Advisor receives a fee for its services, computed daily and paid monthly, at an annual rate of 0.60% of the average daily net assets of each Fund, except for VA Balanced Fund, for which the Advisor receives a fee, computed daily and paid monthly, at an annual rate of 0.10% of the average daily net assets of the VA Balanced Fund.

The Advisor has agreed to contractually waive all or a portion of its investment advisory fee for VA Balanced Fund (based on average daily net assets) to which it is otherwise entitled and/or to reimburse certain operating expenses of VA Balanced Fund in order to limit the total direct net annual operating expenses to not more than 0.10% of the average daily net assets of VA Balanced Fund through April 30, 2013. Huntington and the Advisor may also pay out of their reasonable profits and other resources (including those of their affiliates) advertising, marketing, and other expenses for the benefit of the Funds.

Consulting Fee—Laffer Investments, Inc. acts as a consultant (the “Consultant”) to the Advisor for VA Macro 100 Fund. The Advisor pays the Consultant a fee for its services. Neither the Trust nor VA Macro 100 Fund is liable for payment of this fee.

Administrative and Financial Administration Fees— Huntington is the Administrator to the Trust, and Huntington Asset Services, Inc. (“HASI”), an affiliate of Huntington, is the Sub-Administrator. As Administrator, Huntington provides the Funds with


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certain administrative services. As Sub-Administrator, HASI provides the Funds with certain administrative personnel, and generally assists with the provision of administrative services necessary to operate the Funds. The Administrator pays the Sub-Administrator a fee for the services it provides to the Trust. Huntington also provides portfolio accounting services to the Funds. Huntington has sub-contracted certain fund accounting services to HASI. HASI is paid directly by Huntington, not the Funds, for these services. The fees paid for administrative and sub-administrative services are based on the level of average net assets of each Fund for the period, subject to minimum fees in certain circumstances.

Huntington provides administrative and accounting services at the following annual rate on a tiered basis:


Maximum Administrative Fee		Average Daily Net Assets of the Trust
0.1822%		On the first $4 billion
0.1650%		On the next $2 billion
0.1575%		On the next $2 billion
0.1450%		On assets in excess of $8 billion

There is no minimum annual fee per fund or class of shares.

Transfer and Dividend Disbursing Agent Fees and Expenses—HASI is the transfer and dividend disbursing agent for the Funds. For its services, HASI receives a yearly fixed amount per shareholder account, subject to a yearly minimum of $6,000 for each of the Funds. HASI is also entitled to receive additional amounts that may be activity or time-based charges, plus reimbursement for out-of-pocket expenses.

Custodian Fees—Huntington serves as custodian for each of the Funds. Brown Brothers Harriman serves as sub-custodian for VA International Equity Fund’s, VA Real Strategies Fund’s and VA Situs Fund’s foreign assets. Huntington and Brown Brothers Harriman receive fees based on the level of a Fund’s average daily net assets for the period, plus out-of-pocket expenses.

Compliance Services—The Trust has contracted with Huntington to provide a Chief Compliance Officer to the Trust, for which it pays Huntington $135,188 annually.

General—Certain officers of the Trust are Officers and/or Directors or Trustees of the above companies.


Fund	12/31/11 Market Value		Purchases		Sales			6/30/12 Market Value		Income
VA Dividend Capture Fund	$	586,341	$	4,585,634	$	(4,765,142	)	$	406,833	$	27
VA Growth Fund		1,057,957		3,803,981		(4,704,736	)		157,202		12
VA Income Equity Fund		208,178		2,897,208		(2,897,404	)		207,982		19
VA International Equity Fund		2,788,095		4,942,589		(4,373,114	)		3,357,570		138
VA Macro 100 Fund		277,908		1,431,212		(1,147,423	)		561,697		25
VA Mid Corp America Fund		1,329,367		4,302,893		(4,498,934	)		1,133,326		30
VA Real Strategies Fund		433,113		682,476		(575,864	)		539,725		23
VA Rotating Markets Fund		151,793		778,188		(873,671	)		56,310		7
VA Situs Fund		4,985,370		6,065,628		(8,764,845	)		2,286,153		121
VA Mortgage Securities Fund		724,088		3,912,968		(4,199,296	)		437,760		41

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Additionally, VA Balanced Fund invests in other funds within the Trust. A summary of the VA Balanced Fund’s investments in these affiliated funds is set forth below:


VA Balanced Fund	12/31/11 Market Value		Purchases		Sales			6/30/12 Market Value		Income
Huntington Money Market Fund	$	795,945	$	3,643,594	$	(3,403,236	)	$	1,036,304	$	47
Huntington Fixed Income Securities Fund		12,447,187		1,586,816		(737,643	)		13,419,789		210,195
VA Dividend Capture Fund		1,565,519		125,230		(53,875	)		1,735,065		(74	)
VA Growth Fund		7,039,619		544,898		(428,500	)		7,756,933		28
VA Income Equity Fund		4,709,579		393,262		(160,809	)		5,227,710		375
VA International Equity Fund		3,933,982		551,198		(256,368	)		4,346,565		(113	)
VA Macro 100 Fund		1,958,316		180,058		(82,802	)		2,176,958		24
VA Mid Corp America Fund		1,554,602		290,754		(460,572	)		3,508,413		(1	)
VA Situs Fund		975,502		132,382		(83,073	)		1,098,705		1
VA Mortgage Securities Fund		2,551,075		268,281		(109,719	)		2,782,767		(197	)

(4)

Affiliated Issuers

Affiliated issuers, as defined under the Investment Company Act of 1940, are those in which a Fund’s holdings of an issuer represent 5% or more of the outstanding voting securities of the issuer. The Huntington Real Strategies Fund owns a 96% interest in Scotts Gahanna LLC. The VA Real Strategies Fund is an affiliate of the Huntington Real Strategies Fund, and together they own 100% of Scotts Gahanna LLC.

(5)

VA Balanced Fund Structure

The VA Balanced Fund (“Investing Fund”), in accordance with its prospectus, seeks to achieve its investment objectives by investing in other investment companies (“Underlying Funds”) with similar investment objectives. As a result, investors in the Investing Fund incur expenses of both the Investing Fund and Underlying Funds, including transaction costs related to the purchases and sales of Underlying Fund shares.

(6)

Investment Transactions

Purchases and sales of investments, excluding short-term securities, for the six months ended June 30, 2012, were as follows:


Fund	Purchases		Sales
VA Balanced Fund	$	4,072,879	$	2,363,363
VA Dividend Capture Fund		17,268,207		17,473,577
VA Growth Fund		8,280,667		8,260,922
VA Income Equity Fund		20,106,012		20,027,919
VA International Equity Fund		4,873,905		2,811,942
VA Macro 100 Fund		3,034,828		2,510,382
VA Mid Corp America Fund		18,806,767		10,815,960
VA Real Strategies Fund		747,491		625,194
VA Rotating Markets Fund		6,601,229		7,049,263
VA Situs Fund		4,739,473		2,077,825
VA Mortgage Securities Fund		3,146,940		2,537,130

Purchases and sales of long-term U.S. government securities for the six months ended June 30, 2012 were as follows:


Fund	Purchases		Sales
VA Mortgage Securities Fund	$	2,818,443	$	2,480,360

(7)

Foreign Investment Risk


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June 30, 2012

these actions could have a sever effect on security prices and impair the Fund’s ability to bring its capital or income back to the U.S. Exchange rate. Fluctuations also may impair an issuer’s ability to repay U.S. dollar denominated debt, thereby increasing credit risk of such debt. Finally, the value of foreign securities may be affected by incomplete, less frequent or inaccurate financial information about their issuers, social upheavals or political actions ranging from tax code changes to government collapse. Foreign companies may also receive less coverage than U.S. companies by market analysts and financial reporting standards or regulatory requirements comparable to those applicable to U.S. companies.

(8)

Line of Credit

The Trust participates in a short-term credit agreement (“Line of Credit”) with Citibank, N.A. (“Citi”). Under the terms of the agreement, the Trust may borrow up to $20 million. The purpose of the agreement is to meet temporary or emergency cash needs, including redemption requests that might otherwise require the untimely disposition of securities. Citi receives an annual facility fee of 0.10% on $20 million for providing the Line of Credit. Each fund in the Trust pays a pro-rata portion of this facility fee plus any interest on amounts borrowed. For the six months ended June 30, 2012, Citi earned approximately $1,006 of interest for the Line of Credit fee from the Trust. The Funds did not utilize the Line of Credit during the six months ended June 30, 2012.

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Supplemental Information (Unaudited)

Shareholder Expense Examples

Fund Expenses. As a shareholder of a Fund, you incur ongoing costs, including management fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000.00 invested at the beginning of the period and held for the entire six-month period from January 1, 2012 to June 30, 2012.

Actual Expenses. The “Actual” lines of the table provide information about actual account values and actual expenses. You may use the information on this line together with the amount you invested to estimate the expense that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600.00 account value divided by $1,000.00 = 8.60), then multiply the result by the number in the “Actual” line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes. The “Hypothetical” lines of the table provide information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which are not the Funds’ actual returns. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare the 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as withdrawal charges, mortality and expense risk fees and other charges that may be assessed by participating insurance companies under the separate accounts, variable annuity contracts or variable life insurance policies. Therefore, the “Hypothetical” lines of the table are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.


	Beginning Account Value, January 1, 2012		Ending Account Value, June 30, 2012		Expenses Paid During Period⁽¹⁾		Annualized Expense Ratio
VA Balanced Fund
Actual	$	1,000.00	$	1,051.60	$	0.52		0.10	%
Hypothetical⁽²⁾	$	1,000.00	$	1,024.36	$	0.51		0.10	%
VA Dividend Capture Fund
Actual	$	1,000.00	$	1,061.60	$	4.80		0.94	%
Hypothetical⁽²⁾	$	1,000.00	$	1,020.20	$	4.71		0.94	%
VA Growth Fund
Actual	$	1,000.00	$	1,083.30	$	5.00		0.96	%
Hypothetical⁽²⁾	$	1,000.00	$	1,020.07	$	4.85		0.96	%
VA Income Equity Fund
Actual	$	1,000.00	$	1,059.90	$	4.89		0.95	%
Hypothetical⁽²⁾	$	1,000.00	$	1,020.12	$	4.79		0.95	%
VA International Equity Fund
Actual	$	1,000.00	$	1,030.10	$	4.96		0.98	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.98	$	4.94		0.98	%
VA Macro 100 Fund
Actual	$	1,000.00	$	1,061.10	$	5.60		1.09	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.43	$	5.49		1.09	%
VA Mid Corp America Fund
Actual	$	1,000.00	$	1,076.20	$	5.02		0.97	%
Hypothetical⁽²⁾	$	1,000.00	$	1,020.03	$	4.88		0.97	%
VA Real Strategies Fund
Actual	$	1,000.00	$	1,002.40	$	6.26		1.26	%
Hypothetical⁽²⁾	$	1,000.00	$	1,018.61	$	6.31		1.26	%
VA Rotating Markets Fund
Actual	$	1,000.00	$	1,046.50	$	5.44		1.07	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.54	$	5.37		1.07	%


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	Beginning Account Value, January 1, 2012		Ending Account Value, June 30, 2012		Expenses Paid During Period⁽¹⁾		Annualized Expense Ratio
VA Situs Fund
Actual	$	1,000.00	$	1,072.10	$	4.81		0.93	%
Hypothetical⁽²⁾	$	1,000.00	$	1,020.22	$	4.69		0.93	%
VA Mortgage Securities Fund
Actual	$	1,000.00	$	1,027.00	$	5.46		1.08	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.47	$	5.44		1.08	%

⁽¹⁾

⁽²⁾	Hypothetical assumes 5% annual return before expenses.

H U N T I N G T O N F U N D S


		69

Variable investment options are not bank deposits or obligations, are not guaranteed by any bank, and are not insured or guaranteed by the U.S. government, the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Investment in variable investment options involves investment risk, including the possible loss of principal.

VOTING PROXIES ON FUND PORTFOLIO SECURITIES

A copy of the policies and procedures that the Funds use to determine how to vote proxies relating to securities held in the Funds’ portfolios, as well as a record of how the Funds voted any such proxies during the most recent 12-month period ended June 30, is available without charge and upon request by calling 1-800-253-0412 or at www.huntingtonvafunds.com. This information is also available from the EDGAR database on the SEC’s website at www.sec.gov.

QUARTERLY PORTFOLIO SCHEDULE

The Funds file with the SEC a complete schedule of their portfolio holdings, as of the first and third quarters of their fiscal year, on “Form N-Q”. These filings are available on the SEC’s website at www.sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. (call 1-202-551-8090 for information on the operation of the Public Reference Room.) You may also access this information at www.huntingtonvafunds.com by selecting “Form N-Q.”

LOGO

Cusip 446327165

Cusip 446771206

Cusip 446771107

Cusip 446771701

Cusip 446771305

Cusip 446771503

Cusip 446771800

Cusip 446771875

Cusip 446771867

Cusip 446771883

Cusip 446327215

Item 2. Code of Ethics.

Not applicable.

Item 3. Audit Committee Financial Expert.

Not applicable.

Item 4. Principal Accountant Fees and Services.

Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

(a) Not applicable.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 11. Controls and Procedures.

(a) The registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-2 under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing of this report on Form N-CSR.

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d)) that occurred during the second fiscal quarter of the period covered by this report that have materially affected or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) The Not applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) are attached hereto.

(a)(3) Not applicable.

(b) Certifications pursuant to Rule 30a-2(b) are furnished herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


(Registrant)		The Huntington Funds


By (Signature and Title)*		/s/ R. Jeffrey Young
		R. Jeffrey Young, Chief Executive Officer and Principal Executive Officer


Date		8/29/12

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


By (Signature and Title)*		/s/ R. Jeffrey Young
		R. Jeffrey Young, Chief Executive Officer and Principal Executive Officer


Date		8/29/12


By (Signature and Title)*		/s/ Robert Silva
		Robert Silva, Treasurer and Principal Financial Officer


Date		8/29/12