Mutual Fund & Variable Insurance Trust NCSR Certified annual shareholder report (management investment company)

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)

Ronald J. Corn, 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: December 31, 2010

Item 1. Reports to Stockholders.

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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 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 New Economy 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

DECEMBER 31, 2010

CLASS A SHARES

TRUST SHARES


Dividend Capture Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager:

Kirk Mentzer, MBA, Director of Research

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Dividend Capture Fund’s Trust Shares and Class A Shares produced total returns (not including the deduction of applicable sales charges) of 13.99% and 13.72%, respectively, based on net asset value. This performance was less than the total return of 15.06% for the Fund’s benchmark, the Standard & Poor’s 500 Index (S&P 500),¹ and less than the 17.12% total return for the Dividend Capture Indices Blend (DCIB).² The Huntington Dividend Capture A class shares underperformed the benchmark by -1.34%.

The Fund is managed using our top-down style and portfolio construction techniques, which are aimed at producing a high level of stable income and low volatility. In general terms, income-producing stocks and value-oriented investments lagged overall market performance during the fiscal year. Improving market sentiment, policy clarity and increased merger activity all converged late in the year to provide a strong finish for equity markets in 2010. However, the market had to wade through considerable uncertainty to get to its final destination. Sovereign debt issues in Europe at the beginning of summer threatened the durability of the financial system recovery. As a result, the Federal Reserve initiated further bond purchases in late summer to enhance market liquidity. Despite the US mid-term elections and China raising interest rates in the fall, the US equity market was able to power through all these barriers thanks to plentiful liquidity. For all of 2010, the S&P 500 posted a total return of 15.06%. Fourth quarter results were likewise strong at 10.76%. The Fund’s asset allocation efforts were successful in capturing much of the fourth quarter equity market move by selling REITs ( Real Estate Investment Trusts) and Preferred shares in favor of common stocks which were the best performing of the three classes.

Trading activity was responsible for -1.74% of the performance relative to the benchmark while portfolio structure had a positive impact of 0.62%. Portfolio structure can be explained by adding Security Characteristics: -0.01%, Sector Allocation: -1.09% and Security Selection: 1.72%. The three holdings that had the largest positive contribution to the Fund’s performance were Polaris Industries Inc. , Chevron Corp. and A.O. Smith Corp. These three holdings added 1.62% to the fund’s return. The three holdings that had the largest negative contribution to the Funds performance were Avon Products Inc., Pfizer Inc., and Archer Daniels Midland Co. These three holdings subtracted -0.86% from the Fund’s return.

The composition of the Fund’s holdings is subject to change.

(1)

The S&P 500 is a capitalization-weighted index comprised of 500 stocks and is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)

The DCIB is a custom, blended index comprised of the following three indices with their noted respective weightings: S&P 500 Value Index (40%), Merrill Lynch Fixed Rate Preferred Index (40%) and NAREIT Index (20%). This custom, blended index and its respective weightings are reflective of the Fund’s sector diversification. Indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an Index.

Annual Shareholder Report

Dividend Capture Fund (Continued)

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Performance data quoted represents past performance which is no guarantee of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Mutual fund performance changes over time and current performance may be lower or higher than what is stated. For current to the most recent month end performance, visit www.huntingtonfunds.com or call 1-800-253-0412. For after-tax returns call 1-800-253-0412. Returns shown do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the redemption of Fund Shares. Mutual funds are not obligations of or guaranteed by any bank and are not federally insured. Total returns, at load, include the maximum 4.75% sales charge for the Class A Shares.


*Class*	*Expense Ratios*
A		1.66%
Trust		1.41%

The above expense ratios are from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights.

The Fund’s performance assumes the reinvestment of all dividends and distributions on securities. The S&P 500 and DCIB have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all Share classes on March 1, 2001.

†

The S&P 500 and DCIB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Global Select Markets Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Paul W. Attwood, CFA

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Global Select Markets Fund produced total returns (not including the deduction of applicable sales charges) of 15.85% and 15.38% for its Trust and Class A Shares respectively, based on net asset value. This underperformed the total return of 18.88% for the Morgan Stanley Capital International (MSCI) Emerging Market Index (MSCI-EM),¹ the Fund’s benchmark index.

From a country perspective, Brazil and China were laggards which negatively affected the performance of the Fund. Some of the smaller emerging markets, such as the Indonesian Jakarta Composite, which appreciated 48.94%, bolstered overall total return. This turned out to be the major theme within the emerging markets for most of the year. A significant outperformance in 2009 along with concerns over overheating economies and inflation kept most of the larger markets in a trading range. The fund has a significant overweight in India which had a weak fourth quarter and played a major role in affecting relative performance.

The developing market currencies once again had positive performances versus the U.S dollar. Concerns over European sovereign debt negatively affected most Eastern European nations even though they are not European Community members. Another theme which is permeated these markets was concern over increasing capital flows and hence rising currencies. After Japan relented to global pressure in the 1990’s allowing the Yen to appreciate too rapidly, their competitiveness suffered dramatically and led to increases in unemployment and what is commonly referred to as the lost decade. Leaders within emerging market countries are committed to avoiding the same mistake. Brazil, for example, has imposed a “tariff” on international investors wanting to purchase Brazilian Real in order to gain exposure to equities or bonds. Other countries are expected to follow suit.

Consumer Discretionary and Staples were the top performing sectors for the year which was beneficial to the Fund’s performance. A major theme of the Fund is focused on the emergence of a middle-class consumer in select Asia and Latin America regions. Energy and Utilities were the weakest areas. Sector performance was highly differentiated on a regional basis. As an example, Brazil’s energy stocks were down over 16% as a group while China’s were up over 19%. Consumer names owned by the Fund produced some significant gains throughout the year, such as Taiwan-based President Chain Store which was up almost 100% and Brazil’s Ambev which was up over 50%. One of the weaker names was Petrobras which was down over 18% due to a large secondary offering during the year.

The composition of the Fund’s holdings is subject to change.

International investing involves special risks including currency risk, political risk, increased volatility of foreign securities, and differences in auditing and other financial statements.

(1)

The MSCI-EM is a market-capitalization weighted equity index comprising 21 of the 48 countries in the MSCI universe. Each MSCI country index is created separately, then aggregated, without change, into MSCI indices. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

Annual Shareholder Report

Global Select Markets Fund (Continued)

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*Class*	*Expense Ratios*
A		2.16%
Trust		1.91%

The Fund’s performance assumes the reinvestment of all dividends and distributions on securities. The MSCI-EM has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all Share classes on December 30, 2009.

†	The MSCI-EM is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Growth Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager:

Herb Chen, MBA

Senior Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Growth Fund produced total returns (not including the deduction of applicable sales charges) of 10.23% and 9.92% for Trust Shares and Class A Shares, respectively, based on net asset value. This underperformed the total return of 15.05% for the Standard & Poor’s 500 Growth Index (S&P 500 GI), ¹ the Fund’s benchmark and a total return of 15.06% for the Standard & Poor’s 500 Index (S&P 500)² for the reporting period.

Under the management of the previous fund managers, the Growth Fund began the year with a relatively defensively structured portfolio. With the S& P 500 GI being up 3.71%, the Fund lagged by 1.74% at the end of the first quarter.

In April 2010, Herb Chen assumed management responsibility and three major changes were implemented to turn around Fund performance: the Fund was aligned with our forecast of an economic recovery, the number of positions was reduced from greater than 100 to 40, and the Beta of the Fund was increased above 1 to reflect a more aggressive growth portfolio.

In May 2010, the first month after the full rebalancing of the Fund, we began seeing positive relative returns. The Fund’s Trust Shares beat the benchmark by 1.83% in May 2010, and another 0.3% in June 2010. During these months, we were overweight in Consumer Discretionary, Energy, Industrials, and Materials, which typically outperform in an economic recovery.

In third quarter, profits were realized from Consumer Discretionary and re-invested into an overweight in Technology. The Fund delivered a 16.06% return, exceeding the benchmark by 3.43%. Security selection was the largest contributor at 4.57%, followed by security characteristics (-1.10%) and sector allocation (-1.07%). Baidu (2.40%),VMware (1.73%) and Salesforce.com (1.6%) were top stock contributors, representing 5.4%, 5.4% and 5.74% of the portfolio, respectively, at the end of the third quarter.

In the final quarter, Technology was returned to an underweight, with Consumer Discretionary moving back to an overweight. Security characteristics and sector allocation contributed 1.71%, to the Fund’s return, while stock selection reversed course with a -5.17% return. We believe this was more of an anomaly and will be carefully watched going forward. Companies that had appreciated significantly during the year disappointed during earnings release and sold off sharply. Several of these positions were sold to establish a fresh start in 2011.

The composition of the Fund’s holdings is subject to change.

(1)

The S&P 500 GI is a capitalization-weighted index comprised of stocks in the S&P 500 having the highest price to book ratios. The index consists of approximately half of the S&P 500 on a market capitalization basis. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)

The S&P 500 is a capitalization-weighted index comprised of 500 stocks and designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

Annual Shareholder Report

Growth Fund (Continued)

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*Class*	*Expense Ratios*
A		1.47%
Trust		1.22%

The Fund’s performance assumes the reinvestment of all dividends and distributions on securities. The S&P 500 and S&P 500 GI have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

†

The S&P 500 and S&P 500 GI are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Income Equity Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Craig J. Hardy, CFA, MBA

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the total returns (not including the deduction of applicable sales charges) for the Huntington Income Equity Fund were 11.59% and 11.31% for Trust Shares and Class A Shares, respectively, based on net asset value. These returns compare with a total return of 15.10% for the Standard & Poor’s 500 Value Index (S&P 500 VI),¹ the Fund’s benchmark. The Standard & Poor’s 500 Index (S&P 500)² returned 15.06% for the same period.

During the fiscal year, the Fund was positioned relatively conservatively, with an emphasis on stocks with above average dividend yields, reasonable dividend growth prospects and value orientation. Constructing the Fund with those characteristics meant that the Fund’s largest sector exposure during the fiscal year was in the Financial sector. This combination of characteristics produced returns for the Fund that were somewhat lower than the return of the S&P 500 VI and the S&P 500 for the reporting period.

The sectors that contributed most positively to the performance of the Fund during the year were Materials, Consumer Discretionary and Telecommunications. These sectors were positively affected by a growing economic environment and economic cyclicality. The sectors that most negatively impacted the Fund’s performance during the reporting period were Information Technology, Health Care and Energy. During a year of general stock market strength, these three sectors provided a degree of earnings stability and lesser economic sensitivity, but showed generally lower returns than some of the more cyclical sectors. The stocks that contributed most positively to the performance of the Fund during the year were Caterpillar Inc., Sara Lee Corp. and Limited Inc. The stocks that most negatively impacted Fund performance during the year were Banco Santander, BP and Sanofi-Aventis. In general, the sale of covered calls as a hedging technique added to the performance of the Fund.

The composition of the Fund’s holdings is subject to change.

(1)

The S&P 500 VI is a capitalization-weighted index comprised of the stocks in the S&P 500 having the lowest price to book ratios and consists of approximately half of the S&P 500 on a market capitalization basis. The S&P multifactor methodology is used to score constituents, which are weighted according to market cap and classified as value. The index has a relatively low turnover. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)

Annual Shareholder Report

Income Equity Fund (Continued)

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*Class*	*Expense Ratios*
A		1.47%
Trust		1.22%

The Fund’s performance assumes the reinvestment of all dividends and distributions on securities. The S&P 500 and the S&P 500 CVI have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

†

The S&P 500 and the S&P 500 VI are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


International Equity Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Madelynn M. Matlock, CFA, MBA

Director of International Investments

Senior Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington International Equity Fund produced total returns (not including the deduction of applicable sales charges) of 7.72%, and 7.54% for its Trust Shares and Class A Shares, respectively, based on net asset value. This slightly underperformed the total return of 7.75% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East Index (MSCI-EAFE),¹ the Fund’s benchmark index.

The Fund’s small shortfall to the MSCI-EAFE was influenced by three main factors: its allocation to sectors, currency and regions, along with trading activity, which offset the beneficial impact from the selection of particular securities. Overall, sector weightings did not contribute to positive relative performance for the year. The portfolio had a less-than-benchmark weighting in materials and consumer discretionary stocks, which were strong contributors to index performance. This was partially offset by an above-index weighting in industrial and technology stocks, which did add value.

The best contributors to overall return were stocks in the industrial sector, including Fanuc and Komatsu in Japan, GEA Group in Germany, and Rolls Royce in the UK. Energy stocks also contributed to relative performance, including the Italian oil service stock Saipem and Canadian-based Cenovus. The currency exposure of the portfolio was slightly negative for performance, with a positive contribution due to an underweight in the euro offset by a lower than index exposure to the Australian dollar and the Swedish krona, which added to the MSCI-EAFE return. The Fund benefitted from a lighter weighting in financial stocks than the index, but one the weakest stocks in the portfolio was Banco Bilbao Vizcaya, which offset some of that positive effect.

The generally negative impact of trading in the portfolio was related to the positive impact of security selection. To control the risk of large position sizes, stock positions are trimmed when they become larger proportions of the portfolio, but in a year when good relative performance for particular stocks tended to persist, this meant reducing exposure to positions that were doing relatively well.

The composition of the Fund’s holdings is subject to change.

International investing involves special risks including currency risk, political risk, increased volatility of foreign securities, and differences in auditing and other financial statements.

(1)

The MSCI-EAFE is a market-capitalization weighted equity index comprising 20 of the 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into MSCI indices. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

Annual Shareholder Report

International Equity Fund (Continued)

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*Class*	*Expense Ratios*
A		1.89%
Trust		1.64%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The MSCI-EAFE has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all share classes on March 1, 2001.

†

The MSCI-EAFE is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Macro 100 Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Chadd Oviatt, Vice President and Senior Portfolio Manager

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Macro 100 Fund produced total returns (not including the deduction of applicable sales charges) for the Fund’s Trust Shares and Class A Shares of 15.60% and 15.30%, respectively, based on net asset value. The Fund outperformed the total return of 15.06% for the Standard & Poor’s 500 Index (S&P 500),¹ the Fund’s benchmark index.

The Fund’s outperformance relative to the S&P 500 was, in large part, due to the types of securities owned rather than the overall industry allocations. The Fund benefited from a slightly lower average market capitalization relative to its benchmark and was also positively impacted by other fundamental factors such as average earnings per share, average revenue per share and favorable debt to equity ratios. The major detractor from performance for the year was the Fund’s limited participation in the performance of the Consumer Discretionary sector. The combination of an underweight position in the Consumer Discretionary sector and individual security selection in this sector resulted in the underperformance relative the benchmark’s sector performance. The Financial Sector was also a detractor from performance due to its underweight position.

Despite a change in portfolio managers, which occurred in April of 2010, the Fund continued the process of integrating the quantitative macro-economic research provided by the consulting firm, Laffer Associates, Inc. (where the S & P 500 stocks are ranked according to the output of Laffer’s statistical models) with Huntington Asset Advisors’ recommended sector bias’. It was the combination of these two disciplines that resulted in added value within the investment selection process.

The Macro-economic environment, both domestically and globally, had a significant impact on the portfolio once again this year. The beginning of 2010 seemed to indicate that economic stability was taking hold, and a positive macroeconomic outlook helped to fuel the S&P 500 return of 5.39% in the first quarter. Unfortunately, the second quarter saw a global economy that was shaken by developments in Europe. The S&P 500 was not immune to the global disruption and posted a -11.43% return for the quarter. Of course, the third quarter was a much different story for the S&P 500 as global sentiment improved due in large part to the actions of various governments from around the world, as well as generally better than expected economic numbers. The S&P 500 returned 11.29% for the quarter. This positive momentum continued into the fourth quarter and paved the way for the S&P 500’s 15.06% total return for 2010. The Macro 100 Fund had a similar pattern throughout 2010, but was able to finish the year with a total return of 15.60% for the Trust Shares and 15.30% for the Class A Shares.

The composition of the Fund’s holdings is subject to change.

(1)

Annual Shareholder Report

Macro 100 Fund (Continued)

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*Class*	*Expense Ratios*
A		1.82%
Trust		1.57%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all share classes on April 30, 2004.

†	The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Mid Corp America Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Christopher M. Rowane, CFA, MBA

Senior Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Mid Corp America Fund produced total returns (not including the deduction of applicable sales charges) of 22.94% and 22.61% for the Fund’s Trust Shares and Class A Shares, respectively, based on net asset value. In the same period the Fund’s benchmark, the Standard & Poor’s MidCap 400 Index (S&P 400),¹ produced a total return of 26.64% and the Russell Midcap Index (RMCI) ² produced a total return of 25.48%, while the Lipper Mid Cap Core Average (LMCC)³ returned 22.87%.

The Fund experienced volatility during 2010, subjected to the market lows in the summer months with a strong rebound toward year’s end. The highlight of the mid cap market was that it presented one of the greatest upsides in 2010 compared to other indices, outpacing large caps and slightly ahead of small caps, as represented by the Standard & Poor’s 500 Index (S&P 500)⁴ and the Standard & Poor’s Small Cap 600 Index (S&P 600)⁵ respectively.

The Fund underperformed the S&P 400 for 2010, mainly due to being defensive and maintaining higher quality securities. According to a Morningstar research report, only 22% of active mid cap managers have outpaced the S&P 400 index in the past decade, leading us to a strategy where managing risk might be as important as performance in these volatile markets.

The Fund was underweighted in the Consumer Discretionary and Financials sectors, while overweighted in the Energy and Technology sectors. The performance impact of being underweight in Consumer Discretionary lead to underperformance in the Fund, even with holdings like Royal Caribbean Cruises, which gained 85% for the year. The underweight in Financials proved to be a great benefit to performance, avoiding some of the weakest performers in the mid cap universe. Industrials proved to be another bright spot in sector weighting as well as security selection, but not without some volatile holdings, like Cummins Inc., which gained 142% and L-3 Communications Holdings, which fell 17% over the year. The greatest impact came with the under-exposure to Technology, with the index sector holdings registering a 32% return versus the portfolio’s return of 21% for this sector. The challenge was finding companies that met the quality earnings profile without the added incremental risk. The Fund focused on the long-term sector and stock selection attributes that have added to its performance over volatile cycles. The Fund maintained a higher number of holdings than some of its peers to provide greater diversification.⁶

The composition of the Fund’s holdings is subject to change.

(1)	The S&P 400 is a capitalization weighted index comprised of common stocks representing all major industries in the mid-cap range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)

The RMCI measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 26% of the total market capitalization of the Russell 1000 Index. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(3)	LMCC figures represent the average of the total returns reported by all of the mutual funds designated by the Lipper Inc. as falling in the category indicated. They do not reflect sales charges.

(4)

(5)	The S&P 600 is a capitalization-weighted index representing all major industries in the small-cap range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(6)	Diversification does not assure a profit nor protect against loss.

Annual Shareholder Report

Mid Corp America Fund (Continued)

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*Class*	*Expense Ratios*
A		1.64%
Trust		1.39%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 400, RMCI and LMCC have been adjusted to reflect reinvestment of dividends on securities in the indices and average.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all Share classes on March 1, 2001.

†

The S&P 400 and RMCI are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission (SEC) requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index. The LMCC represents the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling in the category indicated, and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the SEC requires to be reflected in a Fund’s performance.

Annual Shareholder Report


New Economy Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Randy Hare

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington New Economy Fund produced total returns (not including the deduction of applicable sales charges) for the Fund’s Trust Shares and Class A Shares of 15.42% and 15.15% respectively, based on net asset value. The Fund’s benchmark, the Standard & Poor’s MidCap 400 Growth Index (S&P 400 GI)¹ had a total return of 30.57%, and the Standard & Poor’s Mid Cap 400 Index (S&P 400)² had a total return of 26.64%, while the Lipper Mid Cap Core Average (LMCC)³ returned 22.78%.

During the year, the Fund’s holdings remained invested in companies producing or benefiting from increased productivity trends. Trading activity was responsible for -6.69% of the performance relative to the benchmark, while portfolio structure had a negative impact of -8.46%. Portfolio structure can be explained by adding Security Characteristics: -0.34%, Sector Allocation: -0.16% and Security Selection: -7.95%.

The Fund’s performance relative to the benchmark was affected by both sector selection and individual stock selection. The Consumer Discretionary and Information Technology sectors provided the largest sources of returns above the benchmark. Consumer Discretionary was a focus in the beginning of the year and the Fund reduced exposure throughout the year. Information Technology remained an overweight sector for the year ending December 31, 2010. The source for the largest underperformance relative to the benchmark was the stock selection in the Financial sector. The Fund’s overweight position in the Energy sector also provided negative relative performance for the Fund during the year. The remaining relative sector weights provided minimal contribution versus the Fund’s benchmark. The Fund’s sector selection process during 2010 continued to be driven by the sector strategy of Huntington Asset Advisors, Inc.

The three holdings that had the largest positive contribution to the Fund’s performance were F5 Networks Inc., CF Industries Holdings Inc. and lululemon athletica inc. These three holdings added 4.95% to the Fund’s return. The three holdings that had the largest negative contribution to the Fund’s performance were iPath S&P 500 Vix Call JAN11 48, Intuitive Surgical Inc. and iPath S&P 500 VIX SH TM FT CALL (0.02%). These three holdings subtracted -1.74% from the Fund’s return.

The composition of the Fund’s holdings is subject to change.

(1)

The S&P 400 GI is designed to provide a comprehensive measure of mid-cap U.S. equity “growth” performance. It is a float adjusted market capitalization weighted index comprised of stocks representing approximately half the market capitalization of the S&P MidCap 400 that have been identified as being on the growth end of the growth-value spectrum. Indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an Index.

(2)	The S&P 400 is a capitalization-weighted index comprised of common stocks representing all major industries in the mid-range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(3)	LMCC figures represent the average of the total returns reported by all of the mutual funds designated by the Lipper Inc. as falling in the category indicated. They do not reflect sales charges.

Annual Shareholder Report


New Economy Fund (Continued)

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*Class*	*Expense Ratios*
A		1.84%
Trust		1.59%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 400, S&P 400 CG and LMCC have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% a ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all classes on March 1, 2001.

†

The S&P 400 and S&P 400 CG are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index. The LMCC represents the average of the total returns reported by all of the mutual funds designated by Lipper, Inc. as falling in the category indicated, and is not adjusted to reflect any sales charges. However, these total returns are reported net of expenses or other fees that the SEC requires to be reflected in a Fund’s performance.

Annual Shareholder Report


Real Strategies Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Peter Sorrentino, CFA

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Real Strategies Fund produced total returns (not including the deduction of applicable sales charges) of 25.09% and 24.85% for Trust Shares and Class A Shares, respectively, based upon net asset value. The Fund outperformed its benchmark, the S&P GSCI^® Index¹, which had a total return of 9.03%. The Fund also outperformed the Standard & Poor’s 500 Index (S&P 500)², which returned 15.06% and the Real Strategies Indices Blend³, which returned 21.90% for the same period.

The Fund’s performance during the year was bifurcated with performance during the opening months of the year driven by agriculture related themes and the closing months of the year driven by energy related themes. Overall, prices for precious metals increased throughout the year, but performance was also bifurcated with gold moving rapidly higher in the opening months only to be supplanted by silver during the second half of the year.

In the realm of agriculture, the Fund’s most successful investments were those in a number of fertilizer producers and machinery manufacturers. This area experienced considerable merger and acquisition activity throughout the year that propelled prices higher for companies around the globe. The Fund’s shares of Sociedad Quimeca y Minera de Chile advanced over 60%, followed by the 58% contribution from Bucyrus International and 56% for AGCO Corp. Not all agriculture related holdings worked however, as witnessed by the 34% decline in Monsanto.

Returns for the Fund’s energy holdings were strongest for coal and uranium, and the unifying theme for both was demand from China. China lacks the infrastructure to fully utilize its domestic coal supply and is increasingly relying upon seaborne supplies to meet its needs. The Chinese began an aggressive reactor construction program some years ago and now many of those stations are reaching the fueling stage. This demand, combined with refueling needs for existing stations around the world, sent the prices for uranium mining companies higher. The Fund’s shares of Uranium Energy Corp. advanced Fund’s coal holdings, Arch Coal enjoyed the largest advance, picking up 63%, while shares of Peabody Energy added 41%. Again, as with agriculture, not all coal stocks were positive for the year, as shares of James River Coal slipped 8%.

The Fund did benefit from the resurgence of merger and acquisition activity during the year where. While the attempt by BHP to acquire Potash failed, it served to sustain the run-up in price that swept the group during the Agrium CF Industries transaction. This was also evident in the equipment sector, as Caterpillar’s bid for the shares of Bucyrus International served to boost the price for shares of Deer & Co. and AGCO Corp.

The composition of the Fund’s holdings is subject to change.

(1)

The S&P GSCI^® Index measures general price movements and inflation in the world economy. The Index is calculated primarily on a world production-weighted basis and is comprised of the principal physical commodities that are the subject of active, liquid futures markets. The Fund’s investment adviser elected to change the benchmark index from the S&P 500 to the S&P GSCI^® Index because the S&P GSCI^® Index is more reflective of the securities in which the Fund invests. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

(2)

The S&P 500 is a capitalization-weighted Index comprised of 500 stocks and is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(3)

The Real Strategies Indices Blend is a custom blended index comprised of the following two indices with their noted respective weightings; Reuters/Jefferies CRB Total Return Index (50%) and NAREIT Index (50%). The Reuters/Jefferies CRB Total Return Index is a commodity index, a basket of exchange-traded futures contracts representing long-only positions in underlying commodities. Indices typically include a variety of commodity sectors to provide investors broader exposure to commodities as an asset class and free the investor from the mechanics of future trading (e.g., contract rolling and physical delivery). The index return does not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The Index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees. Individuals cannot invest directly in the Index, however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of benchmark Index. The NAREIT represents returns for the National Association of Real Estate Investment Trust Equity Index. The indices are unmanaged and, unlike the Fund, are not affected by cashflows.

Annual Shareholder Report

Real Strategies Fund (Continued)

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*Class*	*Expense Ratios*
A		1.77%
Trust		1.52%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500, S&P GSCI and CRB/NAREIT have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all Share classes on May 1, 2007.

†

The S&P 500, S&P GSCI and CRB/NAREIT are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Rotating Markets Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Paul Koscik, JD

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Rotating Markets Fund produced total returns (not including the deduction of applicable sales charges 6.07% and 5.90% for Trust Shares and Class A Shares, respectively, based on net asset value. This underperformed the total return of 15.06% for the Fund’s benchmark, the Standard & Poor’s 500 Index (S&P 500).¹

The Rotating Markets Fund finished 2009 invested in the Global segment of the stock market having significantly outperformed its benchmark, the S&P 500, by more than 650 basis points. 2010 began with the Fund still invested in the global segment. As the year progressed, it became apparent that international stocks were becoming a drag on performance. Concerns about the fiscal stability of the European Union in general, and such countries as Greece and Ireland in particular, were causing investors to shift funds toward the US. In response to the shifting investment environment, the Fund elected to rotate to the Large Cap segment of the stock market. Because the equity markets had staged a massive rally from the March, 2009 bottom (the S&P 500 for example was up 60%) without any significant correction, it was decided to emulate the Dow Jones Industrial Average, which is a conservative equity index. This index is viewed as one of the best indices to own in the event of a sharp correction. Unfortunately, no correction occurred after the rotation on September 1, 2010. In fact, the rally continued the rest of the year with the more aggressive S&P 500 handily outperforming the more conservative Dow Jones Industrial Average. Although the Fund underperformed the S&P 500 Index because of its conservative stance regarding the equity market, it is well positioned in the event that a correction does occur.

The composition of the Fund’s holdings is subject to change.

(1)

Annual Shareholder Report

Rotating Markets Fund (Continued)

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*Class*	*Expense Ratios*
A		2.31%
Trust		2.06%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

Trust Shares and Class A Shares commenced operations on May 1, 2001.

†	The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Situs Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: B. Randolph Bateman, CFA

Chief Investment Officer

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Situs Fund produced total returns (not including the deduction of applicable sales charges) of 26.71% and 26.47% for Trust Shares and Class A shares, respectively, based on net asset value. The Fund experienced a strongly positive relative performance versus its benchmark, the Standard & Poor’s Small Cap 600 Index (S&P 600),¹ which had a total return of 26.31% for the same period. This represented a return for the Fund’s Trust Shares that was 40 basis points above the benchmark index. This was the second consecutive year that the fund exceeded the unmanaged benchmark.

The Fund also outperformed the Standard & Poor’s 500 Index (S&P 500),² the broader stock market index, which had a return of 15.06% for the reporting period. The Fund continued to focus on its approach of utilizing, among other things, strict quantitative analysis, industry sector emphasis or de-emphasis according to the policy guidelines established by Huntington Asset Advisors, Inc.’s Investment Policy Committee and selecting stocks of companies with geographical location advantages. These factors contributed to the Fund outperforming its benchmark and market peers over the longer term and were significant in the over performance achieved in 2010.

During the reporting period, the economy moved from a rebound phase to an expansion and most markets reflected this positive movement in the economy. The small and mid cap stocks, however, seemed to fair the best in this environment and their performance significantly outperformed their larger counterparts. The sectors that outperformed in the Situs Fund were Energy and Materials, of which the Fund held an overweight position during much of the year. It was difficult to develop investment strategies in the market environment of 2010. There was a lack of sector leadership on any consistent basis and there were considerable swings in daily performance in individual names as well as industries. The Situs Fund wrote few options during the year as market conditions were not favorable, but with two years of strong back to back performance (+25% each), it is likely that the manager will employ more coverage strategies in 2011. In addition, we anticipate that the Energy and Material sectors will be lightened during the year as capital gains situations are considered. The Fund had taken a large amount of gains during the 2010 tax period and the manager was hesitant to incur greater taxes in order to balance the sector weights.

The composition of the Fund’s holdings is subject to change.

(1)	The S&P 600 is a capitalization-weighted index representing all major industries in the small-cap range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)

Annual Shareholder Report

Situs Fund (Continued)

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*Class*	*Expense Ratios*
A		1.66%
Trust		1.41%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 600 and S&P 500 have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all classes on September 30, 2002.

†

The S&P 600 and S&P 500 are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Technical Opportunities Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Co-Portfolio Managers:

Martina Cheung, CFA, CMT, MBA

Vice President

Portfolio Manager: Paul Koscik, JD

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Technical Opportunities Fund produced total returns (not including the deduction of applicable sales charges) of 7.72% and 7.48% for Trust Shares and Class A Shares, respectively, based on net asset value. The Fund underperformed the total return of 15.06% for the Fund’s benchmark, the Standard & Poor’s 500 Index (S&P 500)¹, for the same time period.

The Fund commenced operations in 2010 with 36% of its portfolio invested in international equities. Although this exposure was very helpful to performance in 2009, the holdings in the Exchange Traded Funds with exposure to certain Emerging Markets (South Korea, Brazil and Singapore) had a very negative impact on performance in the first quarter of the year. In fact, the Fund’s underperformance for all of 2010 was largely due its first quarter results.

The rest of the year was characterized by restructuring the portfolio to add more international exposure, with an emphasis on emerging markets, and gaining exposure to various commodities. This strategy was pursued because these areas would most likely be beneficiaries of any global recovery. The added exposure was accomplished by purchasing individual equities that looked promising using technical analysis. Purchases were made all over the world including companies located in Mexico, Australia, Israel, Russia, South Africa, and China. These purchases were complemented by adding exposure to various commodities through the purchase of companies with exposure to oil, platinum, copper, and gold. As a result of the portfolio changes, the Fund had comparable performance to the S&P 500 Index for the remainder of the year. As we look forward to the year 2011, the Fund is well positioned to benefit from a global recovery.

The composition of the Fund’s holdings is subject to change.

(1)

Annual Shareholder Report

Technical Opportunities Fund (Continued)

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*Class*	*Expense Ratios*
A		3.18%
Trust		2.93%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations for all Share classes on May 1, 2008.

†	The S&P 500 is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Fixed Income Securities Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Kirk Mentzer, MBA

Senior Vice President and Director of Research

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Fixed Income Securities Fund’s Trust Shares and Class A Shares produced total returns (not including the deduction of applicable sales charges) of 5.75% and 5.50%, respectively, based on net asset value. These returns compared to the Fund’s benchmark, the Barclays Government/Credit Bond Index (BGCBI),¹ which had a total return of 6.59% for the same period. The Fund’s returns were below the 7.73% total return of the Lipper Intermediate Investment Grade Debt Funds Average,² the Fund’s peer group.

In 2010, corporate bonds posted another positive year with excess returns beating Treasury securities by 2.8%. Agency and mortgage securities experienced a similar effect during the year as well, with gains exceeding +0.8% and 2.7% respectively above Treasury markets. Treasury yields rose substantially in the fourth quarter on improving economic growth, erasing most of the decline that occurred earlier in 2010, leaving Treasuries as one of the worst performing segments for both the year and final quarter of 2010. For the year, broad fixed income market indices produced a total return of 6.59%, as measured by the BGCBI.

The Fund’s Trust Share’s gross returns for the fiscal year exceeded the benchmark index by 0.24% when measured on a gross of fee basis. Net of fees, the Fund trailed both the index and peer groups. Positive contributors to Fund performance included tactical purchases of corporate bonds when yield premiums were attractive. Overall for the year, the Fund’s exposure to corporate bonds had a positive impact on performance. Detractors from Fund relative performance were predominantly related to the Fund upgrading its holdings to higher quality issuers. Purchases of Treasury and agency securities did not produce the total returns expected and relative performance was negatively impacted

The composition of the Fund’s holdings is subject to change.

(1)

The BGCBI comprises bonds that are investment grade rated Baa or higher by Moody’s or BBB or higher by Standard & Poor’s, if unrated by Moody’s. Issues must have at least one year to maturity. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)	Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges.

Annual Shareholder Report

Fixed Income Securities Fund (Continued)

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*Class*	*Expense Ratios*
A		1.34%
Trust		1.09%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The BGCBI has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 3.75% ($10,000 investment minus $375 sales load = $9,625).

†	The BGCBI is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Intermediate Government Income Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: William G. Doughty; MBA

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Intermediate Government Income Fund produced total returns (not including the deduction of applicable sales charges) of 4.64%, and 4.38% for Trust and Class A Shares, respectively, based on net asset value. This compared with the return of the Barclays Intermediate Government/Credit Index (BIGC),¹ the Fund’s benchmark, return of 5.89%, the Merrill Lynch U.S. Treasuries/Agencies 1-10 Years Index’s (G5A0 1-10)² return of 4.93% and the Lipper Short-Intermediate Government Funds Average³ of 3.54% for the same period.

During 2010, the Barclays U.S. Aggregate Bond Index ⁴, which represents a broad bond market index, showed a return of 6.15%. Sector performance favored the corporate bond market by a wide margin. This was the second year in a row where corporate bonds outperformed other asset classes. The Fund’s underperformance against its benchmark index, the BIGC, was due to the asset mix of the portfolio. The Fund had a heavy weighting in Treasuries and Agencies, which were the fixed income asset classes with the two worst returns in 2010. The mortgage portion of portfolio did benefit the Fund, as mortgage securities had good relative performance in 2010, despite the Treasury purchase program of mortgage securities ending in the first quarter of 2010.

The composition of the Fund’s holdings is subject to change.

Bond prices are sensitive to changes in interest rates and a rise in interest rates can cause a decline in their prices.

(1)	The BIGC is a market value weighted performance benchmark for government and corporate fixed-rate debt issues with maturities between one and ten years. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)	The MLTA 1-10 tracks the current 10-year Treasury securities. This index is produced by Merrill Lynch, Pierce, Fenner & Smith, Inc. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(3)	Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges.

(4)

The Barclay’s U.S. Aggregate Bond Index is composed of securities from the Barclay’s Government/Corporate Bond Index, Mortgage Securities Index and the Asset Based Securities Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

Annual Shareholder Report

Intermediate Government Income Fund (Continued)

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*Class*	*Expense Ratios*
A		1.36%
Trust		1.11%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The BIGC and MLTA 1-10 have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 3.75% ($10,000 investment minus $375 sales load = $9,625).

†

The BIGC and MLTA 1-10 are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Mortgage Securities Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Co-Portfolio Managers:

William G. Doughty, MBA

Vice President

Gustave J. Seasongood

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Mortgage Securities Fund produced returns (not including the deduction of applicable sales charges) of 5.21% and 5.03% for the Fund’s Trust and Class A Shares, respectively, based on net asset value. This compared to the total return of 5.37% for the Fund’s benchmark, the Barclays Mortgage Backed Securities Index (BMBSI),¹ and the Lipper U.S. Mortgage Funds Average²return of 6.74% for the same reporting period.

During 2010, the mortgage market was generally even with Treasuries securities. Mortgages had a return of 5.37%, as measured by the BMBSI for the year, compared to a return of 5.88% for Treasuries. The Agency position also had a negative effect on the portfolio. The small underperformance of the Fund was due to its more defensive nature as it owned both 15 and 20 year mortgages. The 10% exposure to the REIT (Real Estate Investment Trust) market, which was up from 5% last year, helped the Fund’s return. As measured by the NAREIT Index (NAREIT),³ REITs produced a return of 27.95%.

The composition of the Fund’s holdings is subject to change.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

(1)

The BMBSI is composed of all fixed securities mortgage pools by the Government National Mortgage Association (GNMA), Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation, including GNMA Graduated Payment Mortgages. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)	Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges

(3)	The NAREIT Index represents returns for the National Association of Real Estate Investment Trust Equity Index. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

Annual Shareholder Report

Mortgage Securities Fund (Continued)

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*Class*	*Expense Ratios*
A		1.38%
Trust		1.13%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The BMBSI has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 3.75% ($10,000 investment minus $375 sales load = $9,625).

†	The BMBSI is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Ohio Tax-Free Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: Kathy Stylarek

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Ohio Tax-Free Fund’s Trust Share and Class A Shares produced total returns (not including the deduction of applicable sales charges) of 1.85% and 1.60%, respectively, based on net asset value. The Fund’s benchmark, the Barclays 7-YearMunicipal Bond Index (B7MB),¹ returned 4.25% for the same period. The Lipper Other States Intermediate Municipal Debt Funds Average,² the Fund’s peer group, had a total return of 0.95% for the reporting period.

The Fund was positioned more defensively than its benchmark with a shorter duration, which resulted in a lower but consistent relative performance for the year. The Fund outperformed its Lipper peer group and was positively impacted by the strong performance of municipals in the intermediate range of the curve. The higher quality, intermediate curve performed well the second half of the year. Municipal bonds began the year with the ratio of municipals to Treasuries paying 53-96% of what Treasury yields were paying.³ By the end of the year the yield ratio of municipals to Treasuries was back to the 86-170% levels. The number of new deals continued to increase but at a decreasing rate throughout the year. Also, it should be mentioned that approximately 40% of the new deals that came to market were of the Build America Bond (taxable) type that did not help us with the inventory shortage.

In general, the low quality bond sector began the year strong but then dipped in value by year end. The second half of 2010 recaptured the gains it had picked up in the high yield, long bond market in the first half of the year. Additionally, the bond sector exhibited a great deal of volatility with buy and sell spreads widening. However, the Fund’s steady performance in the municipal market came from its holdings in higher quality general obligation and essential service bonds. The yield spread between low quality and high quality bonds began to widen especially during the second half of the fiscal year. The best predictable value was from the highest quality municipals, which positively affected the Fund’s performance.

We were also able to capitalize on some sectors that we usually do not participate in because bonds are priced with not enough yield. We took positions in some Housing bonds and some Zero Coupon bonds that offered good value against the current yield curve. The Housing bonds gave us the ability to shorten the duration while maintaining the same yield. The Zero Coupon bonds also offered good yield and offset some of the NAV reduction from the Premium Bond amortization within the fund. Both sectors offered stability and yield. Our focus remained on the non-AMT bonds, which pay income that is tax-free.

The composition of the Fund’s holdings is subject to change.

(1)	The B7MB is comprised of intermediate term, investment grade, tax-exempt bonds with maturities between 6 and 8 years. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)	Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the respective category indicated. They do not reflect sales charges.

(3)	Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

Income generated by this Fund may be subject to the federal alternative minimum tax.

Annual Shareholder Report

Ohio Tax-Free Fund (Continued)

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*Class*	*Expense Ratios*
A		1.45%
Trust		1.20%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The B7MB has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 3.75% ($10,000 investment minus $375 sales load = $9,625).

†	The B7MB is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Short/Intermediate Fixed Income Securities Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Portfolio Manager: William G. Doughty, MBA

Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Short/Intermediate Fixed Income Securities Fund produced total returns (not including the deduction of applicable sales charges) of 2.99% and 2.78% for the Fund’s Trust and Class A Shares, respectively, based on net asset value. This compared with a return for the Merrill Lynch 1-5 Year Corporate/Government Credit Index (ML 1-5YGC),¹ the Fund’s benchmark index, of 4.17%, and the Lipper Short-Intermediate Investment Grade Debt Fund Average² of 5.49% for the same period.

Overall, performance of the Fund for 2010 was lower than similar funds and the benchmark index due to the Fund’s underweight in the Treasury market. During 2010, Treasuries had a return of 5.88% for the year.³ Agencies had a return of 4.61%, while corporate bonds had a return of 9.52%. At fiscal year end, the Fund held 60% of its portfolio in corporate debt, 36% in federal agencies, 3.0% in Treasuries and 2% in cash. Corporate bonds experienced another good year as spreads tightened to Treasuries, liquidity returned to the markets and accounts were willing to take on more risk. Also affecting the performance was the shorter nature of the Fund and its more defensive posture with the expectation of higher rates. The two-year Treasury had a return of 2.28%, while the 5-year Treasury had a return of 6.76%. The duration of the Fund was 2.4 years.

The composition of the Fund’s holdings is subject to change.

(1)	The ML 1-5YGC trades short-term U.S. government securities and short-term domestic investment-grade corporate bonds with maturities between 1 and 4.99 years. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.

(2)	Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges.

(3)	Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

Annual Shareholder Report

Short/Intermediate Fixed Income Securities Fund (Continued)

LOGO


*Class*	*Expense Ratios*
A		1.36%
Trust		1.11%

The Fund’s performance assumes the reinvestment of all dividends and distributions. The ML1-5YGC has been adjusted to reflect reinvestment of dividends on securities in the index.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 1.50% ($10,000 investment minus $150 sales load = $9,850).

(1)

Class A Shares commenced operations on May 9, 2003. Prior to May 9, 2003, performance is based on the performance of Trust Shares adjusted for the Class A Shares 12b-1 fees and sales charge.

†

The ML 1-5YGC is not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Balanced Allocation Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Manager: Paula Jurcenko

Senior Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Balanced Allocation Fund Class A Shares produced a total return (not including the deduction of applicable sales charges) of 9.14% based on net asset value. This performance compares to the 15.06% total return of its benchmark, the Standard and Poor’s 500 Index (S&P 500)¹ and the 11.87% total return for the Balanced Allocation Indices Blend (BAIB)² for the same period.

Huntington Asset Advisor’s Inc. utilizes optimization software and both internal and external research to analyze the economy and the capital markets to determine the optimal allocation of asset classes to capitalize on current market conditions. Based on these models, the manager constructs the portfolio of the underlying Huntington Funds that comprise the Balanced Allocation Fund. During 2010, this resulted in four tactical allocation changes that were implemented in the Fund.

The first tactical allocation change occurred in April when the Fund increased holdings in the International Equity class, bringing the Fund to an equal weight in this category. The fiscal train wreck in Greece led to a wave of concern about sovereign debt levels and their sustainability, even in the “core” of Europe (France and Germany). The poor sentiment spread to both the U.S. and Japanese markets as well. Due to these concerns, International Equity exposure was further reduced to an underweight position with another tactical change in May. This increased the Fund��s exposure to the Domestic Equity class. The Fund continued to maintain an underweight in Fixed Income, as compared to the Fund’s target allocations. In early July of the third quarter, the Fund reduced its Equity exposure to neutral and increased exposure to cash. Again in September, there was an opportunity to take advantage of a market rally and further reduce the Fund’s equity exposure and increase exposure to Fixed Income.

At the end of 2010, the Balanced Allocation Fund had a 60% allocation to equity funds. Of particular importance to the Fund’s performance were the two largest equity fund holdings in the portfolio, the Huntington International Equity Fund (12.8% of the portfolio) and the Huntington Macro 100 Fund (8.9% of the portfolio). For the year ended December 31, 2010, the Huntington International Equity Fund Trust shares returned 7.72%, which slightly underperformed the 7.75% return of its benchmark, the MSCI Europe, Australasia and Far East Index (EAFE) for the same period. The Huntington Macro 100 Fund Trust shares returned 15.60%, which outperformed the 15.06% return of its benchmark, the S&P 500 Index.

At the end of 2010, the Balanced Allocation Fund had an allocation of 37% to fixed-income funds. The two largest holdings in this category were represented by the Huntington Fixed Income Securities Fund (16.9% of the portfolio) and the Huntington Intermediate Government Income Fund (7.9% of the portfolio). The Fixed Income Securities Fund Trust Shares attained a total return of 5.75% compared to the 6.59% return of its benchmark, the Barclays Government/Credit Index, for the year ended December 31, 2010. The Intermediate Government Income Fund Trust Shares had a return of 4.64% for the same time period, which compared to the total return for the Barclays Capital Intermediate Govt./Credit Index return of 5.89%.

The composition of the Fund’s holdings is subject to change.

(1)

(2)

The Balanced Allocation Blended Benchmark is a custom blended index comprised of the following two indices with their noted respective weightings: Standard & Poor’s 500 Index (60%) and the Barclays U.S. Aggregate Bond Index (40%). The Barclays U.S. Aggregate Index is comprised of securities from the Barclays Government/Corporate Bond Index, Mortgage Securities Index and the Asset Based Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index. The S&P 500 Index is an unmanaged index generally representing the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

Annual Shareholder Report

Balanced Allocation Fund (Continued)

LOGO


*Class*	*Expense Ratio*
A		1.90%

The Fund’s performance assumes the reinvestment of all dividends and distributions on securities. The S&P 500 and BAIB have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations on July 31, 2009.

†

The S&P 500 and BAIB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Conservative Allocation Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Manager: Paula Jurcenko

Senior Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Conservative Allocation Fund Class A Shares produced a total return (not including the deduction of applicable sales charges) of 5.70% based on net asset value. This performance compares to the 6.54% total return of its benchmark, the Barclay’s U.S. Aggregate Bond Index (BUSAI)¹ and 8.40% total return for the Conservative Allocation Indices Blend (CAIB)² for the same period.

Huntington Asset Advisors, Inc. utilizes optimization software and both internal and external research to analyze the economy and the capital markets to determine the optimal allocation of asset classes to capitalize on current market conditions. Based on these models, the manager constructs the portfolio of the underlying Huntington Funds that comprise the Conservative Allocation Fund. During 2010, this resulted in four tactical allocation changes that were implemented in the Fund.

The first tactical allocation change occurred In April when the Fund increased holdings in the International Equity class, bringing the Fund to an equalweight in this category. The fiscal train wreck in Greece led to a wave of concern about sovereign debt levels and their sustainability, even in the “core” of Europe (France and Germany). The poor sentiment spread to both the U.S. and Japanese markets as well. Due to these concerns, International Equity exposure was further reduced to an underweight position with another tactical change in May. This increased the Fund’s exposure to the Domestic Equity class. The Fund continued to maintain an underweight in Fixed Income, as compared to the Fund’s target allocations. In early July of the third quarter, the Fund reduced its Equity exposure to neutral and increased exposure to Cash. Again in September, there was an opportunity to take advantage of a market rally and further reduce the Fund’s equity exposure and increase exposure to Fixed Income.

At the end of 2010, the Conservative Allocation Fund had an allocation of 76% to fixed income funds. The two largest holding in this category were represented by the Huntington Fixed Income Securities Fund (34.6% of the portfolio) and the Huntington Intermediate Government Income Fund (16.1% of the portfolio). The Fixed Income Securities Fund Trust Shares attained a total return of 5.75%, compared to the 6.59% return of its benchmark, the Barclays Government/Credit Index, for the year ended December 31, 2010. The Intermediate Government Income Fund’s Trust Shares had a return of 4.64% for the same time period, which compared to the total return for the Barclays Capital Intermediate Govt./Credit Index return of 5.89%.

At the end of 2010, the Conservative Allocation Fund had a 20% allocation to equity funds. Of particular importance to the Fund’s performance were the two largest equity fund holdings in the portfolio, the Huntington International Equity Fund (4.2% of the portfolio) and the Huntington Macro 100 Fund (2.9% of the portfolio). For the year ended December 31, 2010, the Huntington International Equity Fund Trust shares returned 7.72%, which slightly underperformed the 7.75% return of its benchmark, the MSCI Europe, Australasia and Far East Index (EAFE) for the same period, while the Huntington Macro 100 Fund Trust shares returned 15.60%, which outperformed the 15.06% return of its benchmark, the S&P 500 Index.

The composition of the Fund’s holdings is subject to change.

(1)

(2)

The Conservative Allocation Blended Benchmark is a custom blended index comprised of the following two indices with their Index (80%). The Barclays U.S. Aggregate Index is comprised of securities from the Barclays Government/Corporate Bond Index, Mortgage Securities Index and the Asset Based Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index. The S&P 500 Index is an unmanaged index generally representing the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

Annual Shareholder Report

Conservative Allocation Fund (Continued)

LOGO


*Class*	*Expense Ratio*
A		1.90%

The Fund’s performance assumes the reinvestment of all dividends and distributions on securities. The BUSAI and CAIB have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations on July 31, 2009.

†

The BUSAI and CAIB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report


Growth Allocation Fund		As of 12/31/10

Management’s Discussion of Fund Performance

Manager: Paula Jurcenko

Senior Vice President

Huntington Asset Advisors, Inc.

For the fiscal year ended December 31, 2010, the Huntington Balanced Allocation Fund Class A Shares produced a total return (not including the deduction of applicable sales charges) of 10.69% based on net asset value. This performance compares to the 15.06% total return of its benchmark, the Standard and Poor’s 500 Index (S&P 500)¹ and the 13.50% total return for the Growth Allocation Indices Blend (GAIB)² for the same period.

Huntington Asset Advisor’s Inc. utilizes optimization software and both internal and external research to analyze the economy and the capital markets to determine the optimal allocation of asset classes to capitalize on current market conditions. Based on these models, the manager constructs the portfolio of the underlying Huntington Funds that comprise the Conservative Allocation Fund. During 2010, this resulted in four tactical allocation changes that were implemented in the Fund.

The first tactical allocation change occurred In April when the Fund increased holdings in the International Equity class, bringing the Fund to an equal weight in this category. The fiscal train wreck in Greece led to a wave of concern about sovereign debt levels and their sustainability, even in the “core” of Europe (France and Germany). The poor sentiment spread to both the U.S. and Japanese markets as well. Due to these concerns, International Equity exposure was further reduced to an underweight position with another tactical change in May. This increased the Fund’s exposure to the Domestic Equity class. The Fund continued to maintain an underweight in Fixed Income, as compared to the Fund’s target allocations. In early July of the third quarter, the Fund reduced its Equity exposure to neutral and increased exposure to Cash. Again in September, there was an opportunity to take advantage of a market rally and further reduce the Fund’s equity exposure and increase exposure to Fixed Income.

At the end of 2010, the Growth Allocation Fund had an 80% allocation to equity funds. Of particular importance to the Fund’s performance were the three largest equity fund holdings in the portfolio, the Huntington International Equity Fund (17.0% of the portfolio), the Huntington Macro 100 Fund (11.9% of the portfolio) and Huntington Income Equity Fund (11.7% of the portfolio). For the year ended December 31, 2010, the Huntington International Equity Fund Trust Shares returned 7.72%, which slightly underperformed the 7.75% return of its benchmark, the MSCI Europe, Australasia and Far East Index (EAFE) for the same period, while the Huntington Macro 100 Fund Trust Shares returned 15.60%, which outperformed the 15.06% return of its benchmark, the S&P 500 Index. The Income Equity Fund Trust Shares returned 11.59%, which underperformed the 15.06% return of its benchmark, the S&P 500 Index.

At the end of 2010, the Growth Allocation Fund had an allocation of 17% to fixed income funds. The largest holding in this category was represented by the Huntington Fixed Income Securities Fund (7.8% of the portfolio). The Fixed Income Securities Fund Trust Shares attained a total return of 5.75%, compared to the 6.591% return of its benchmark, the Barclays Government/Credit Index, for the year ended December 31, 2010.

The composition of the Fund’s holdings is subject to change.

(1)

(2)

The Growth Allocation Blended Benchmark is a custom blended index comprised of the following two indices with their noted respective weightings: Standard & Poor’s 500 Index (80%) and the Barclays U.S. Aggregate Bond Index (20%). The Barclays U.S. Aggregate Index is comprised of securities from the Barclays Government/Corporate Bond Index, Mortgage Securities Index and the Asset Based Index. Total return comprises price appreciation/depreciation and income as a percentage of the original investment. Indices are rebalanced monthly by market capitalization. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index. The S&P 500 Index is an unmanaged index generally representing the performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Investments cannot be made in an index.

Annual Shareholder Report

Growth Allocation Fund (Continued)

LOGO


*Class*	*Expense Ratio*
A		1.90%

The Fund’s performance assumes the reinvestment of all dividends and distributions on securities. The S&P 500 and GAIB have been adjusted to reflect reinvestment of dividends on securities in the indices.

*	Represents a hypothetical investment of $10,000 in the Fund after deducting the maximum sales load of 4.75% ($10,000 investment minus $475 sales load = $9,525).

(1)

The Fund commenced operations on July 31, 2009.

†

The S&P 500 and GAIB are not adjusted to reflect sales charges, expenses, or other fees that the Securities and Exchange Commission requires to be reflected in the Fund’s performance. The indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

Annual Shareholder Report



*Huntington Tax Free Money Market Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Demand Notes		73.6%
General Market Notes		26.4%
*Total*		*100.0%*

Portfolio holdings and allocations are subject to change. As of December 31, 2010, 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.

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


Principal Amount			*Value*

	*Municipal Bonds — 92.3%*
	*Colorado — 5.3%*
$	1,000,000	Colorado Educational & Cultural Facilities Authority Revenue, National Jewish Federation , Series A-8, (LOC - Bank of America N.A.), 0.290%, 9/1/35 (a)	$	1,000,000
	1,500,000	Colorado Educational & Cultural Facilities Authority Revenue, National Jewish Federation, Series D-3, (AGM Ins. LOC - JPMorgan Chase Bank), 0.290%, 12/1/37 (a)		1,500,000
	350,000	Colorado Housing & Finance Authority, (Fannie Mae Ins.), 0.300%, 10/15/16 (a)		350,000
	350,000	Colorado Housing & Finance Authority, (Fannie Mae Ins.), 0.300%, 10/15/16 (a)		350,000
	500,000	Colorado Housing & Finance Authority, (Fannie Mae Ins.), 0.330%, 10/15/16 (a)		500,000
	700,000	Colorado Holland Creek Metropolitan District Revenue, (LOC - Bank of America N.A.), 0.330%, 6/1/41 (a)		700,000
				4,400,000
	*Connecticut — 0.1%*
	100,000	Farmington, CT, G.O., 3.250%, 2/15/11		100,295
	*Florida — 35.1%*
	800,000	Broward County, FL, Education Facilities Authority Revenue, (LOC - Bank of America N.A.), 0.330%, 4/1/20 (a)		800,000
	2,990,000	Broward County, FL, School Board, Certificate Participation, (AGM Ins.), 0.420%, 7/1/21 (a)		2,990,000
	1,365,000	Broward County, FL, Housing Finance Authority Revenue, (Freddie Mac Ins.), 0.320%, 12/1/29 (a)		1,365,000


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Florida — (Continued)*
$	5,000,000	Broward County, FL, School Board, Certificate Participation, Series B, (AGM Ins. SPA - Dexia Credit Local), 0.330%, 7/1/31 (a)	$	5,000,000
	100,000	Broward County, FL, Education Facilities Authority Revenue, (LOC - Citibank N.A.), 0.310%, 11/1/31 (a)		100,000
	85,000	Charlotte County, FL, Utility Revenue, Series B, (AGM Ins.), 0.369%, 10/1/21 (a)		85,000
	550,000	Duval County, FL, Housing Finance Authority Revenue, (LOC - U.S. Bank N.A.), 0.340%, 7/1/25 (a)		550,000
	1,580,000	Florida Housing Finance Agency Revenue, Series B, (Fannie Mae Ins. LOC - FNMA), 0.340%, 8/1/11 (a)		1,580,000
	1,800,000	Florida State Department Environmental Protection Preservation Revenue, Series A, (Assured Guaranty), 0.290%, 7/1/27 (a)		1,800,000
	425,000	Fort Pierce, FL, Capital Improvement Revenue, (FGIC), 4.750%, 9/1/21		434,796
	330,000	Hernando County, FL, Revenue, (Assured Guaranty), 2.000%, 2/1/11		330,276
	900,000	North Broward, FL, , Hospital District Revenue, (MBIA Ins. LOC - Wachovia Bank N.A.), 0.300%, 1/15/27 (a)		900,000
	2,790,000	Orlando & Orange County Authority, FL, Expressway Revenue, (FSA Ins.), 0.330%, 7/1/25 (a)		2,790,000
	2,000,000	Orlando & Orange County Authority, FL, Expressway Revenue, Series D, (AGM Ins. SPA - Dexia Credit Local), 0.490%, 7/1/32 (a)		2,000,000

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

Annual Shareholder Report


*Huntington Tax Free Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Florida — (Continued)*
$	200,000	Palm Beach County, FL, Revenue, (INS LOC - Northern Trust Co.), 0.350%, 5/1/25 (a)	$	200,000
	1,050,000	Palm Beach County, FL, Revenue, (LOC - Northern Trust Co.), 0.350%, 3/1/30 (a)		1,050,000
	700,000	Palm Beach County, FL, Revenue, (LOC - Northern Trust Co.), 0.390%, 11/1/36 (a)		700,000
	500,000	Pinellas County, FL, , Health Facilities Authority Revenue, Series B-2, (AGM Ins.), 0.390%, 11/15/33 (a)		500,000
	140,000	Reedy Creek, FL, Improvement Disctrict Florida Utility Revenue, (SPA - Ambac), 5.000%, 10/1/11		144,063
	3,500,000	Sarasota County, Fl, Public Hospital District Hospital Revenue, Sarasota Memorial Hospital, Series A, (LOC - Northern Trust Co.), 0.260%, 7/1/37 (a)		3,500,000
	1,000,000	University of South Florida Research Foundation, Inc., Revenue, (LOC - Bank of America N.A.), 0.380%, 8/1/34 (a)		1,000,000
	1,100,000	Volusia County, FL, Housing Finance Authority Refunding Revenue, (Fannie Mae Ins.), 0.320%, 1/15/32 (a)		1,100,000
				28,919,135
	*Illinois — 3.7%*
	665,000	Chicago, IL, Board of Education, Series D, (AMG Ins. SPA - Dexia Credit Local), 0.350%, 3/1/32 (a)		665,000
	1,990,000	Chicago, IL, Board of Education, G.O., Series B, (FSA Ins.), 0.450%, 3/1/32 (a)		1,990,000
	400,000	Kane Cook & DuPage Counties, IL, School District, G.O., 2.000%, 1/1/11		400,000
				3,055,000
	*Indiana — 0.9%*
	700,000	Indiana State Educational Facilities Authority Revenue, Series E, (LOC - U.S. Bank N.A.), 0.350%, 10/1/24 (a)		700,000
	*Kentucky — 0.6%*
	475,000	Russell, KY, Revenue, Series B, (FSA Ins.), 0.340%, 11/1/26 (a)		475,000
	*Massachusetts — 1.5%*
	1,250,000	Fitchburg Massachusettes Bond Anticipatory Notes, G.O., 1.500%, 6/30/11		1,254,278

Principal
Amount

Value

Municipal Bonds — (Continued)

Michigan — 0.5%

450,000

Milan, MI, Area Schools, G.O., (Q-SBLF Ins. LOC - Landesbank Hessen-Thuringen), 0.350%, 5/1/30 (a)

450,000

Minnesota — 2.4%

1,995,000

Minneapolis, MN, Housing and Redevelopment Health Care, Allina Health Systems, Series B-1,
0.290%, 11/15/35 (a)

1,995,000

Missouri — 2.5%

1,000,000

Missouri State Health & Educational Facilities Authority Facilities Revenue, Saint Louis Univerisity, Series B, (SPA - Bank of America N.A.), 0.290%, 10/1/24 (a)

1,000,000

1,100,000

Missouri State Health & Educational Facilities Authority Facilities Revenue, Washington University, Series B, (SPA - U.S. Bank N.A.),
0.260%, 2/15/33 (a)

1,100,000

2,100,000

New Jersey — 3.7%

3,000,000

Patterson, NJ, G.O., 1.500%, 6/16/11

3,009,465

New Mexico — 0.1%

100,000

New Mexico Finance Authority Revenue, Senior Lien Public Project Revolving, Series C, 3.250%, 6/1/11

101,028

New York — 4.1%

207,922

Alfred Almond Central School District, 3.000%, 6/15/11

209,927

1,000,000

Sag Harbor, NY, Union Free School District, G.O., 1.500%, 6/23/11

1,002,815

300,000

South County Central School District, NY, 2.125%, 6/30/11

302,023

900,000

Triborough Bridge & Tunnel Authority, NY, Revenue, Series AB, (AGM Ins. SPA - JPMorgan Chase Bank),
0.320%, 1/1/19 (a)

900,000

1,000,000

Wyandanch, NY, Union Free School District, 2.250%, 6/30/11

1,002,908

3,417,673

North Carolina — 1.7%

500,000

New Hanover County, NC, Hosipital Revenue, Series A-1, (AGM Ins. SPA - Wachovia Bank N.A.),
0.370%, 10/1/23 (a)

500,000

400,000

New Hanover County, NC, Hosipital Revenue, Series B-1, (AGM Ins.),
0.370%, 10/1/26 (a)

400,000

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

Annual Shareholder Report


*Huntington Tax Free Money Market Fund*		(Continued)

Principal
Amount

Value

Municipal Bonds — (Continued)

North Carolina — (Continued)

500,000

North Carolina Capital Facilities Finance Agency Revenue, (LOC - Wachovia Bank N.A.), 0.400%, 5/1/27 (a)

500,000

1,400,000

Ohio — 17.6%

2,000,000

Akron, OH, Health Benefit Claims, Revenue, (BAN), 1.750%, 3/17/11

2,001,011

610,000

Butler County, OH, Capital Funding Revenue Bond, Series A, (LOC - U.S. Bank N.A.), 0.360%, 6/1/35 (a)

610,000

2,385,000

Butler County, OH, Port Authority Economic Development Facilities Revenue, Refunding & Improvement, Great Miami Valley, (LOC - JPMorgan Chase Bank), 0.330%, 9/1/37 (a)

2,385,000

400,000

Clevaland, Ohio, Cleveland-Cuyahoga Ohio Port Authority Revenue, Carnegie/96th Research Building Project, (LOC - PNC Bank N.A.), 0.320%, 1/1/33 (a)

400,000

200,000

Columbus, OH, Regional Airport Authority Capital Funding Revenue,, Series A, (LOC - U.S. Bank N.A.),
0.340%, 3/1/34 (a)

200,000

1,000,000

Cuyahoga County, OH, Revenue Subseries B3, (Cleveland Clinic), (SPA - Bank of America N.A.),
0.280%, 1/1/39 (a)

1,000,000

200,000

Franklin County, OH, Hospital Revenue, U.S. Health Corp., Series A, (LOC - Citibank N.A.), 0.310%, 12/1/21 (a)

200,000

335,000

Geauga County, OH, Health Care Facilities Revenue, Heather Hill, Inc. Project, Series B, (LOC - Bank One Columbus N.A.), 0.330%, 7/1/23 (a)

335,000

520,000

Geauga County, OH, Health Care Facilities Revenue, Heather Hill, Inc. Project, Series A, (LOC - Bank One Columbus N.A.), 0.330%, 7/1/23 (a)

520,000

115,000

Hamilton County, OH, Hospital Facilities Revenue, Drake Center, Inc.,
Series A, (LOC - U.S. Bank N.A.),
0.360%, 6/1/19 (a)

115,000

3,500,000

Orange County, Fl, Health Facilities Authority Revenue, Orlando Regional Healthcare, Series A-1, (SPA - Dexia Credit Local), 0.380%, 10/1/41 (a)

3,500,000

1,200,000

Teays Valley, OH, Local School District, G.O., 1.625%, 2/25/11

1,201,479

Principal
Amount

Value

Municipal Bonds — (Continued)

Ohio — (Continued)

1,000,000

Union Township, OH, G.O., (BAN),
1.250%, 9/13/11

1,003,470

1,000,000

University of Toledo, OH, General Receipts Bonds, 1.500%, 6/1/11

1,003,199

14,474,159

Oregon — 0.6%

500,000

Clackamas County, OR, Hospital Facilities Revenue, Legacy Health System,
0.310%, 6/1/37 (a)

500,000

Pennsylvania — 4.7%

400,000

Allegheny County, PA, Hosipital Revenue, UPMC Senior Living Corp., (Fannie Mae Ins.),
0.320%, 7/15/28 (a)

400,000

500,000

Butler County, PA, Industrial Development Revenue,
0.330%, 12/1/14 (a)

500,000

1,000,000

Philadelphia, PA, 2.000%, 6/30/11

1,006,367

2,000,000

Pittsburgh, PA, Water & Sewer Authority Revenue, Series B-1, (AGM Ins. SPA - JPMorgan Chase Bank),
0.340%, 9/1/33 (a)

2,000,000

3,906,367

Rhode Island — 1.2%

1,000,000

Chariho, RI, Regional High School District, 1.500%, 6/23/11

1,004,002

Tennessee — 2.0%

1,625,000

Jackson, TN, Health Educational & Housing Facility Board Multifamily Revenue, (Fannie Mae Ins.),
0.340%, 5/15/31 (a)

1,625,000

Texas — 2.7%

200,000

Austin, Texas, Housing Finance Corporation Multi Family Housing Revenue, Stassney Woods Apartments, Series A, (Fannie Mae Ins. LOC - JPMorgan Chase Bank),
0.320%, 10/15/32 (a)

200,000

900,000

Katy, TX, Independent School District, G.O., 0.370%, 8/15/33 (a)

900,000

1,110,000

Travis County, TX, Housing Finance Corp, Multifamily Housing Revenue, Series A, (Fannie Mae Ins.),
0.340%, 2/15/34 (a)

1,110,000

2,210,000

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

Annual Shareholder Report


*Huntington Tax Free Money Market Fund*		(Continued)


Principal Amount *or Shares*			*Value*

	*Municipal Bonds — (Continued)*
	*Virginia — 0.9%*
$	725,000	Hampton, VA, Redevelopment & Housing Authority Multifamily Housing Revenue, Township Apartments Project, (Fannie Mae Ins.), 0.320%, 10/15/32 (a)	$	725,000
	*West Virginia — 0.4%*
	300,000	West Virginia Economic Development Authority Revenue, Series A, (SPA - PNC Bank N.A.), 0.400%, 7/1/17 (a)		300,000
	*Total Municipal Bonds (Cost $76,121,402)*			*76,121,402*
	*Cash Equivalents — 7.5%*
	3,455,220	Fidelity Institutional Tax-Exempt Portfolio, 0.180%, 01/03/11 (b)		3,455,220


Principal Amount or Shares			*Value*

	*Cash Equivalents — (Continued)*
	2,756,593	Fidelity Tax-Exempt Portfolio, 0.140%, 01/03/11 (b)	$	2,756,593
	*Total Cash Equivalents (Cost $6,211,813)*			*6,211,813*
	Total Investments (Cost $82,333,215) — 99.8%			*82,333,215*
	*Other Assets in Excess of Liabilities — 0.2%*			*124,369*
	*Net Assets — 100.0%*		$	*82,457,584*

(a)

Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

AGM

— Assured Guaranty Municipal Corp.

BAN

— Bond Anticipation Note

G.O.

— General Obligation

LOC

— Letter of Credit

MBIA

— Municipal Bond Insurance Association

Q-SBLF

— Qualified School Bond Loan Fund

SPA

— Standby Purchase Agreementt

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

Annual Shareholder Report



*Huntington Money Market Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
U.S. Government Agencies		23.4%
Corporate Bonds		21.3%
Municipal Bonds		19.9%
Commercial Paper		15.2%
Cash		8.8%
Certificates of Deposit		7.6%
U.S. Treasury Obligations		2.5%
Repurchase Agreements		1.3%
*Total*		*100.0%*

Portfolio of Investments

Principal
Amount

Value

U.S. Government Agencies — 23.4%

Federal Farm Credit Bank — 5.1%

5,000,000

0.210%, 1/4/11 (a)

5,000,005

10,000,000

0.400%, 6/1/11 (a)

10,000,000

5,000,000

0.322%, 7/1/11 (a)

5,000,997

20,001,002

Federal Home Loan Bank — 14.5%

10,000,000

0.700%, 4/18/11

10,005,053

10,000,000

0.290%, 5/27/11 (a)

10,000,000

0.310%, 7/22/11 (a)

10,000,000

12,495,000

0.287%, 7/29/11 (a)

12,495,000

5,000,000

0.266%, 10/21/11 (a)

5,002,055

10,000,000

0.500%, 12/30/11 (a)

10,000,000

57,502,108

Federal Home Loan Mortgage
Corporation — 3.8%

15,000,000

0.311%, 2/14/11

15,002,640

Total U.S. Government Agencies
(Cost $92,505,750)

92,505,750

Corporate Bonds — 21.3%

Financials — 21.3%

15,000,000

Bank of Nova Scotia,
0.450%, 12/9/11 (a)

15,000,000

5,450,000

BB&T Corp., 3.100%, 7/28/11

5,524,056

8,555,000

Citigroup Funding, Inc.,
0.206%, 5/5/11

8,554,558

5,000,000

Citigroup, Inc., 5.125%, 2/14/11

5,026,227

Principal
Amount

Value

Corporate Bonds — (Continued)

Financials — (Continued)

5,000,000

Countrywide Home, 4.000%, 3/22/11

5,038,189

15,000,000

Credit Suisse USA, Inc.,
0.490%, 3/2/11 (a)

15,004,935

5,000,000

General Electric Capital Corp.,
0.372%, 3/11/11

5,001,444

5,000,000

Goldman Sachs Group, Inc.,
Series B, MTN,
0.506%, 8/5/11 (a)

4,997,952

5,000,000

HSBC Finance Corp., 5.700%, 6/1/11

5,101,795

5,000,000

JPMorgan Chase & Co.,
0.459%, 1/17/11 (a)

5,000,131

5,000,000

Morgan Stanley, 0.539%, 1/18/11 (a)

4,998,285

5,000,000

Wells Fargo & Co., MTN,
0.738%, 1/24/11 (a)

5,001,301

Total Corporate Bonds (Cost $84,248,873)

84,248,873

Municipal Bonds — 19.9%

Kentucky — 2.4%

9,600,000

Carroll County, KY, Solid Waste Disposal Revenue, BPB Acquisition Project, (LOC - Bank of America N.A.), AMT,
0.350%, 5/1/31 (a)

9,600,000

Massachusetts — 1.3%

5,000,000

University of Massachusetts Building Authority Revenue, Series 4, (SPA - Bank of America N.A.),
0.320%, 11/1/34 (a)

5,000,000

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

Annual Shareholder Report


*Huntington Money Market Fund*		(Continued)

Principal
Amount

Value

Municipal Bonds — (Continued)

New York — 2.8%

5,000,000

New York Long Island Power Authority Electric Systems Revenue, Series D, (AGM Ins. SPA - Dexia Credit Local),
0.400%, 12/1/29 (a)

5,000,000

6,000,000

New York State Local Government Assistance Corporation, GO of Corp., Series B, (SPA - JPMorgan Chase Bank), 0.330%, 4/1/21 (a)

6,000,000

11,000,000

North Carolina — 3.7%

5,000,000

Charlotte, NC, Special Obligation Revenue, Uptown Project, (SPA - Wachovia Bank N.A.),
0.350%, 6/1/21 (a)

5,000,000

4,800,000

North Carolina Capital Facilities Finance Agency Education Facilities Revenue, (LOC - Branch Banking & Trust),
0.350%, 10/1/34 (a)

4,800,000

5,000,000

Winston-Salem, NC, Water & Sewer Systems Revenue, Series B, (SPA - Branch Banking & Trust),
0.320%, 6/1/30 (a)

5,000,000

14,800,000

Ohio — 6.3%

10,000,000

Franklin County, OH, Hospital Revenue, Series A, (SPA - JPMorgan Chase Bank),
0.330%, 11/15/33 (a)

10,000,000

15,000,000

Ohio State Housing Finance Agency Residential Mortgage Revenue, Series I, (SPA - Citibank N.A.), AMT, 0.320%, 9/1/36 (a)

15,000,000

25,000,000

Texas — 3.4%

5,360,000

Houston, TX, Independent School District, G.O., (SPA - Bank of America N.A.),
0.360%, 6/15/31 (a)

5,360,000

8,000,000

Texas State Department of Housing & Community Affairs Multifamily Housing Revenue, (LOC - Citibank N.A.), AMT, 0.360%, 5/1/40 (a)

8,000,000

13,360,000

Total Municipal Bonds (Cost $78,760,000)

78,760,000

Commercial Papers — 15.1%

15,000,000

ANZ National Int’l Ltd/London,
0.388%, 7/25/11 (a) (b) (c)

15,000,000

5,000,000

Caterpillar Finance, 0.190%, 2/23/11

4,998,601

Principal
Amount

or Shares

Value

Commercial Papers — (Continued)

5,000,000

John Deere, 0.210%, 1/13/11

4,999,617

5,000,000

Nestle Capital Corp., 0.170%, 2/9/11

4,999,079

5,000,000

Pepsico, Inc., 0.170%, 2/22/11

4,998,772

5,000,000

Shell International, 0.490%, 3/2/11 (b) (c)

4,995,833

15,000,000

UBS Financial, 0.520%, 7/22/11

14,956,233

5,000,000

Walt Disney, 0.160%, 2/7/11

4,999,178

Total Commercial Papers (Cost $59,947,313)

59,947,313

Certificates of Deposit — 7.6%

15,000,000

Standard Chartered Bank New York,
0.730%, 1/18/11

15,000,000

Toronto Dominion Bank,
0.300%, 2/28/11

14,994,442

Total Certificates of Deposit (Cost $29,994,442)

29,994,442

U.S. Treasury Obligations — 2.5%

U.S. Treasury Bills — 2.5%

10,000,000

0.190%, 6/23/11 (d)

9,991,062

Total U.S. Treasury Obligations
(Cost $9,991,062)

9,991,062

Repurchase Agreements — 1.3%

4,984,900

Morgan Stanley, 0.010%, dated 12/31/10, due 01/03/11, repurchase price $4,984,901 (Fully collateralized by Federal Home Loan Mortgage Corporation,
0.00%, 03/25/11)

4,984,900

Total Repurchase Agreements (Cost $4,984,900)

4,984,900

Cash Equivalents — 8.8%

10,000,000

FFI Institutional Fund,
0.250%, 01/03/11 (e)

10,000,000

25,000,000

Fidelity Money Market,
0.280%, 01/03/11 (e)

25,000,000

Total Cash Equivalents (Cost $35,000,000)

35,000,000

Total Investments
(Cost $395,432,340) — 99.9%

395,432,340

Other Assets in Excess of Liabilities — 0.1%

246,563

Net Assets — 100.0%

395,678,903

(a)

Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(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)

Illiquid security.

(d)

Rate represents the effective yield at purchase.

(e)

Rate disclosed is the seven day yield as of December 31, 2010.

AMT — Subject to alternative minimum tax

G.O. — General Obligation

LOC — Letter of Credit

MTN — Medium Term Note

SPA — Standby Purchase Agreement

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

Annual Shareholder Report



*Huntington Ohio Municipal Money Market Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Demand Notes		73.5%
General Market Notes		26.5%
*Total*		*100.0%*

Portfolio of Investments


Principal Amount			*Value*

	*Municipal Bonds — 90.6%*
	*Ohio — 90.6%*
$	1,000,000	Akron, OH, Health Benefit Claims, Revenue, BAN, 1.750%, 3/17/11	$	1,000,505
	600,000	Allen County, OH, Catholic Healthcare, Series C, (LOC - Bank of Nova Scotia), 0.270%, 6/1/34 (a)		600,000
	2,400,000	Allen County, OH, Hospital Facilities Revenue, Series B, (LOC - JPMorgan Chase Bank), 0.280%, 10/1/31 (a)		2,400,000
	1,100,000	Butler County, OH, Capital Funding Revenue Bond, Series A, (LOC - U.S. Bank N.A.), 0.360%, 6/1/35 (a)		1,100,000
	1,335,000	Canal Wincherster, OH, Local School District, BAN, 1.600%, 11/17/11		1,344,870
	1,850,000	Cleveland Heights, OH, 1.250%, 8/4/11		1,854,860
	150,000	Cleveland, OH, Waterworks Revenue, Series P, 4.000%, 1/1/11		150,000
	2,400,000	Cleveland, OH, Cuyahoga County Port Authority Revenue, (LOC - JPMorgan Chase Bank), 0.300%, 1/1/37 (a)		2,400,000
	1,220,000	Cleveland, OH, Cuyahoga County Port Authority Revenue, (LOC - JPMorgan Chase Bank), 0.320%, 1/1/37 (a)		1,220,000
	590,000	Columbus, OH, Regional Airport Authority Capital Funding Revenue,, (LOC - U.S. Bank N.A.), 0.360%, 12/1/36 (a)		590,000
	225,000	Columbus, OH, Regional Airport Authority Capital Funding Revenue,, Series A, (LOC - U.S. Bank N.A.), 0.340%, 1/1/30 (a)		225,000


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	6,450,000	Columbus, OH, Regional Airport Authority Capital Funding Revenue,, Series A, (LOC - U.S. Bank N.A.), 0.340%, 3/1/34 (a)	$	6,450,000
	2,100,000	Columbus, OH, G.O., Series 1, (SPA - JPMorgan Chase Bank), 0.300%, 6/1/16 (a)		2,100,000
	2,795,000	Columbus, OH, G.O., Series 1, 0.290%, 12/1/26 (a)		2,795,000
	3,605,000	Columbus, OH, Airport Authority Revenue,, (LOC - U.S. Bank N.A.), 0.340%, 7/1/35 (a)		3,605,000
	840,000	Coshocton County, OH, Hospital Facilities Revenue, (LOC - Bank One Chicago N.A.), 0.330%, 3/1/19 (a)		840,000
	6,520,000	Cuyahoga County, OH, Revenue Subseries B1, (SPA - JPMorgan Chase Bank), 0.280%, 1/1/39 (a)		6,520,000
	7,610,000	Cuyahoga County, OH, Revenue Subseries B3, (Cleveland Clinic), (SPA - Bank of America N.A.), 0.280%, 1/1/39 (a)		7,610,000
	400,000	Cuyahoga County, OH, Revenue Refunding, Series A, 5.500%, 1/1/11		400,000
	1,800,000	Cuyahoga County, OH, Health Care Facilities Revenue, (Visiting Nurse Association), (LOC - Bank One Chicago N.A.), 0.320%, 11/1/25 (a)		1,800,000
	2,100,000	Cuyahoga County, OH, Hospital Revenue, (LOC - Key Bank N.A.), 0.320%, 3/1/33 (a)		2,100,000
	500,000	Cuyahoga Falls, OH, Various Purposes, G.O., BAN, 1.250%, 12/8/11		502,177

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

Annual Shareholder Report


*Huntington Ohio Municipal Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	600,000	Deerfield Township, OH, Various Purposes, G.O., Series B, BAN, 1.500%, 11/8/11	$	604,316
	530,000	Delaware County, OH, Port Authority, Economic Development Revenue, (The Columbus Zoological Park Association, Inc.), (LOC - JPMorgan Chase Bank), 0.360%, 8/1/18 (a)		530,000
	2,000,000	East Knox, OH, Local School Facilities Construction, G.O., 1.625%, 2/24/11		2,002,420
	1,200,000	Elyria, OH, G.O., BAN, 1.250%, 6/9/11		1,202,073
	2,000,000	Elyria, OH, G.O., BAN, 1.125%, 6/9/11		2,002,370
	2,000,000	Euclid, OH, G.O., BAN, 1.875%, 5/18/11		2,006,583
	1,395,000	Forest Park, OH, Various Purposes, G.O., Series B, BAN, 1.350%, 10/27/11		1,401,795
	2,000,000	Franklin County, OH, Hospital Revenue, 0.300%, 6/1/16 (a)		2,000,000
	410,000	Franklin County, OH, Hospital Revenue, (LOC - Citibank N.A.), 0.310%, 12/1/11 (a)		410,000
	1,480,000	Franklin County, OH, Industrial Development Revenue, (LOC - Bank One Columbus N.A.), 0.290%, 11/1/14 (a)		1,480,000
	3,515,000	Franklin County, OH, Health Care Facilities Revenue, Ohio Presbyterian, Series C, (LOC - National City Bank), 0.330%, 7/1/20 (a)		3,515,000
	7,000,000	Franklin County, OH, Health Care Facilities Revenue, Ohio Presbyterian, Series A, (LOC - PNC Bank N.A.), 0.320%, 7/1/36 (a)		7,000,000
	1,000,000	Franklin County, OH, Hospital Revenue, 0.370%, 11/15/41 (a)		1,000,000
	590,000	Fulton Couny, OH, Health Care Revenue, (LOC - JPMorgan Chase Bank), 0.330%, 11/1/35 (a)		590,000
	1,935,000	Geauga County, OH, Health Care Facilities Revenue, Heather Hill, Inc. Project, Series A, (LOC - Bank One Columbus N.A.), 0.330%, 7/1/23 (a)		1,935,000
	2,500,000	Geauga County, OH, G.O., BAN, 1.500%, 8/18/11		2,513,238


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	270,000	Greene County, OH, Revenue, (LOC - Bank of America N.A.), 0.530%, 1/1/11 (a)	$	270,000
	1,100,000	Greene County, OH, Various Purposes, Series D, BAN, 1.500%, 11/2/11		1,108,217
	3,335,000	Hamilton County, OH, Hospital Facilities Revenue, (LOC - JPMorgan Chase Bank), 0.360%, 5/15/28 (a)		3,335,000
	2,000,000	Hamilton County, OH, Hospital Facilities Revenue, Series B, (LOC - PNC Bank N.A.), 0.320%, 6/1/27 (a)		2,000,000
	795,000	Hamilton County, OH, 2.000%, 6/1/11		799,089
	2,340,000	Hamilton County, OH, Economic Development Revenue, Samuel W. Bell Home for Sightless, Inc. Project, (LOC - U.S. Bank N.A.), 0.340%, 4/1/22 (a)		2,340,000
	555,000	Hamilton County, OH, Hospital Facilities Revenue, Drake Center, Inc., Series A, (LOC - U.S. Bank N.A.), 0.360%, 6/1/19 (a)		555,000
	2,420,000	Hamilton County, OH, Hospital Facilities Revenue, (LOC - U.S. Bank N.A.), 0.360%, 5/15/28 (a)		2,420,000
	500,000	Huron County, OH, Hospital Facilities Revenue, (Fisher Titus Medical Center), Series A, (LOC - National City Bank), 0.330%, 12/1/27 (a)		500,000
	200,000	Kent State University, OH, General Receipts Revenue, (Various), Series B, 2.000%, 5/1/11		200,729
	4,000,000	Kent State University, OH, General Receipts Revenue, (Various), Series B, (LOC - Bank of America N.A.), 0.330%, 5/1/32 (a)		4,000,000
	640,000	Lima, OH, Hospital Revenue, Lima Memorial Hospital Project, (LOC - JPMorgan Chase Bank), 0.330%, 6/1/33 (a)		640,000
	600,000	Lima, OH, G.O., 2.350%, 4/28/11		601,610
	455,000	Lockland, OH, G.O., BAN, 2.100%, 3/16/11		456,005
	2,250,000	Lorain County, OH, Highway Improvement, G.O., BAN, 1.500%, 3/21/11		2,254,454
	2,290,000	Loveland, OH, G.O., BAN, 1.750%, 2/23/11		2,293,798

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

Annual Shareholder Report


*Huntington Ohio Municipal Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	4,800,000	Lucas County, OH, 0.300%, 11/15/34 (a)	$	4,800,000
	1,000,000	Lucas County, OH, Hospital Rev, ProMedica Healthcare, Series A, (LOC - UBS AG), 1.125%, 9/15/11		1,002,971
	715,000	Mahoning County, OH, G,O., BAN, 2.000%, 11/23/11		719,726
	811,000	Maple Heights, OH, City School District, G.O., BAN, 1.125%, 4/13/11		811,616
	1,200,000	Mayfield, OH, City School District, G.O., 1.875%, 6/29/11		1,206,283
	500,000	Medina, OH, City School District, G.O., BAN, 1.750%, 5/19/11		501,403
	775,000	Middletown, OH, Develepment Revenue, Bishop Fenwick High School Project, (LOC - JPMorgan Chase Bank), 0.380%, 8/1/33 (a)		775,000
	4,000,000	Montgomery County, OH, Hospital Revenue, Series B, (AMG Ins.), 0.455%, 8/1/47 (a)		4,000,000
	1,300,000	Montgomery, OH, Hospital Revenue, Series B-2, 0.370%, 3/1/27 (a)		1,300,000
	712,000	Norton, OH, Various Purposes, G.O., BAN, 2.250%, 8/25/11		717,708
	755,000	Norton, OH, City School District, Refunding School Improvement, G.O., 1.875%, 8/25/11		758,740
	500,000	Ohio Air Quality Development Authority Refunding Revenue, Series B, (LOC - Wells Fargo Bank N.A.), 0.330%, 12/1/33 (a)		500,000
	400,000	Ohio Housing Finance Agency Multifamily Revenue, (Housing Chambrel at Montrose), Series F, (Fannie Mae Ins.), 0.279%, 11/15/32 (a)		400,000
	500,000	Ohio State, G.O., Series C, 0.310%, 6/15/26 (a)		500,000
	50,000	Ohio State Highway Capital Improvement, G.O., Series L, 3.000%, 5/1/11		50,376
	3,540,000	Ohio State, Economic Development Revenue, YMCA Greater Cincinnati Project, (LOC - Bank One N.A.), 0.330%, 11/1/21 (a)		3,540,000
	800,000	Ohio State Higher Educational , (LOC - Bank of America N.A.), 0.290%, 12/1/44 (a)		800,000


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	500,000	Ohio State Higher Educational Facilities, 0.330%, 12/1/37 (a)	$	500,000
	2,690,000	Ohio State Higher Educational Facilities Revenue, Xavier University, (LOC - U.S. Bank N.A.), 0.320%, 11/1/30 (a)		2,690,000
	1,045,000	Ohio State Higher Educational Facilities Revenue, Marietta College Project, (LOC - JPMorgan Chase Bank), 0.370%, 12/1/24 (a)		1,045,000
	345,000	Ohio State Higher Educational Facilities Revenue, (LOC - JPMorgan Chase Bank), 0.330%, 12/1/32 (a)		345,000
	5,000,000	Ohio State Higher Educational Facilities Revenue, (Case Western Reserve), Series B, (LOC - Bank of America N.A.), 0.288%, 12/1/44 (a)		5,000,000
	1,180,000	Ohio State Higher Educational Facilities Revenue, Xavier University Project, (Various), (LOC - U.S. Bank N.A.), 0.320%, 5/1/15 (a)		1,180,000
	500,000	Ohio State Hospital Facilities Revenue, Cleveland Clinic, Series B, 4.000%, 1/1/11		500,000
	5,350,000	Ohio State Parks & Recreation Revenue, G.O., Series D, 0.300%, 2/1/19 (a)		5,350,000
	425,000	Ohio State Parks & Recreation Revenue, School Improvements, G.O., Series A, 0.300%, 3/15/25 (a)		425,000
	7,045,000	Ohio State Parks & Recreation Revenue, Infrastructure Improvements Revenue, G.O., Series B, 0.300%, 8/1/17 (a)		7,045,000
	65,000	Ohio State University, Infrastructure Improvements Revenue, Series B, 0.300%, 8/1/21 (a)		65,000
	200,000	Ohio State University General Receipts Revenue, G.O., Series B, 0.300%, 6/1/35 (a)		200,000
	3,265,000	Ohio State University General Receipts Revenue, (Various), (AMG Ins.), 0.580%, 12/1/26 (a)		3,265,000
	1,160,000	Ohio State University General Receipts Revenue, (Various), 0.330%, 12/1/27 (a)		1,160,000

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

Annual Shareholder Report


*Huntington Ohio Municipal Money Market Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	6,850,000	Ohio State Water Development Authority Revenue, Series B, (LOC - Wachovia Bank N.A.), 0.280%, 12/1/33 (a)	$	6,850,000
	4,000,000	Orange County, Fl, Health Facilities Authority Revenue, Orlando Regional Healthcare, Series A-1, (SPA - Dexia Credit Local), 0.380%, 10/1/41 (a)		4,000,000
	700,000	Parma, OH, Hospital Improvements Revenue, Series C, (LOC - JPMorgan Chase Bank), 0.320%, 11/1/30 (a)		700,000
	625,000	Princeton, OH, County School District, G.O., 1.300%, 11/29/11		628,671
	1,145,000	Salem, OH, Hospital Revenue, (LOC - JPMorgan Chase Bank), 0.300%, 9/1/35 (a)		1,145,000
	4,000,000	Summit County, OH, Healthcare Facilities Revenue, (LOC - PNC Bank. N.A.), 0.360%, 12/1/25 (a)		4,000,000
	2,000,000	Union Township, OH, G.O., BAN, 1.250%, 9/13/11		2,006,941
	190,000	University of Akron, OH, General Receipts Revenue, Series C-2, (Assured Guaranty SPA - Dexia Credit Local), 0.410%, 1/1/29 (a)		190,000
	190,000	University of Akron, OH, General Receipts Revenue, Series C-1, (Assured Guaranty SPA - Dexia Credit Local), 0.410%, 1/1/29 (a)		190,000

Principal
Amount

or Shares

Value

Municipal Bonds — (Continued)

Ohio — (Continued)

2,000,000

University of Cincinnati, OH, General Receipts Revenue, Series A 1.500%, 5/12/11

2,002,731

3,100,000

University of Toledo, OH, General Receipts Revenue, (Various),
Series B, (LOC - JPMorgan Chase Bank), 0.350%, 6/1/32 (a)

3,100,000

1,850,000

Wauseon, OH, Industrial Development Revenue, 1.500%, 8/26/11

1,858,337

165,000

Xenia, OH, Community School District, 1.000%, 6/1/11

165,135

Total Municipal Bonds (Cost $179,564,747)

179,564,747

Cash Equivalents — 9.3%

9,400,000

Fidelity Institutional Tax-Exempt Portfolio, 0.140% (b)

9,400,000

8,958,714

Fidelity Tax-Exempt Portfolio,
0.180% (b)

8,958,714

Total Cash Equivalents (Cost $18,358,714)

18,358,714

Total Investments
(Cost $197,923,461) — 99.9%

197,923,461

Other Assets in Excess of Liabilities — 0.1%

208,530

Net Assets — 100.0%

198,131,991

(a)

Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

BAN — Bond Anticipation Note

G.O. — General Obligation

LOC — Letter of Credit

SPA — Standby Purchase Agreement

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

Annual Shareholder Report



*Huntington U.S. Treasury Money Market Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
U.S. Treasury Obligations		73.2%
Repurchase Agreements		26.8%
*Total*		*100.0%*

Portfolio of Investments

Principal
Amount

Value

U.S. Treasury Obligations — 73.2%

U.S. Treasury Bills — 73.2%

75,000,000

0.015%, 1/6/11

74,999,541

5,000,000

0.110%, 1/20/11

4,999,498

5,000,000

0.120%, 1/27/11

4,999,529

10,000,000

0.140%, 2/3/11

9,998,478

30,000,000

0.150%, 2/10/11

29,994,911

23,916,000

0.160%, 2/17/11

23,911,111

10,000,000

0.150%, 2/24/11

9,998,328

10,000,000

0.160%, 3/10/11

9,996,728

5,000,000

0.170%, 3/17/11

4,998,021

5,000,000

0.150%, 3/24/11

4,997,893

10,000,000

0.150%, 3/31/11

9,995,896

5,000,000

0.160%, 4/14/11

4,997,604

10,000,000

0.170%, 4/21/11

9,994,729

5,000,000

0.160%, 4/28/11

4,997,229

10,000,000

0.160%, 5/5/11

9,994,145

5,000,000

0.160%, 5/12/11

4,997,043

10,000,000

0.160%, 5/19/11

9,994,154

10,000,000

0.160%, 5/26/11

9,992,549

5,000,000

0.160%, 6/2/11

4,995,883

15,000,000

0.160%, 6/9/11

14,988,793

5,000,000

0.180%, 6/23/11

4,995,615

15,000,000

0.180%, 6/30/11

14,985,775

Total U.S. Treasury Obligations
(Cost $283,823,453)

283,823,453

Principal
Amount

Value

Repurchase Agreements — 26.8%

30,000,000

Barclays Capital Group, 0.060%, dated 12/29/10, due 1/5/11, repurchase price $30,300,350 (Fully collateralized by U.S. Treasury Bond,
1.000%, 10/31/11)

30,000,000

Credit Suisse, 0.080%, dated 12/31/10, due 1/4/11, repurchase price $30,000,267 (Fully collateralized by U.S. Treasury Bond, 2.375%, 1/15/17)

30,000,000

Goldman Sachs, 0.100%, dated 12/28/10, due 1/4/11, repurchase price $30,000,583 (Fully collaterized by U.S. Treasury Bond, 5.500%, 8/15/28)

30,000,000

13,898,000

Morgan Stanley, 0.010%, dated 12/31/10, due 1/3/11, repurchase price $13,898,000 (Fully collateralized by U.S. Treasury Bond, 3.125%, 8/31/13)

13,898,000

Total Repurchase Agreements
(Cost $103,898,000)

103,898,000

Total Investments
(Cost $387,721,453) — 100.0%

387,721,453

Liabilities in Excess of Other Assets — (0.0)%

(6,358)

Net Assets — 100.0%

387,715,095

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

Annual Shareholder Report



*Huntington Dividend Capture Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Common Stocks (includes 4.8% Real Estate Investment Trusts)		76.3%
Preferred Stocks (includes 2.9% Real Estate Investment Trusts)		21.6%
Exchange Traded Funds		1.2%
Cash¹		0.9%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 76.8%*
	*Consumer Discretionary — 4.5%*
	35,500	Genuine Parts Co.	$	1,822,570
	22,000	The TJX Cos., Inc.		976,580
	14,000	V.F. Corp.		1,206,520
	28,000	Yum! Brands, Inc.		1,373,400
				5,379,070
	*Consumer Staples — 6.9%*
	35,500	Archer-Daniels-Midland Co.		1,067,840
	50,000	Ruddick Corp.		1,842,000
	16,000	Sanderson Farms, Inc.		626,400
	25,500	The Clorox Co.		1,613,640
	28,500	The Hershey Co.		1,343,775
	35,000	Universal Corp.		1,424,500
	4,500	Wal-Mart Stores, Inc.		242,685
				8,160,840
	*Energy — 14.9%*
	31,000	Cenovus Energy, Inc.		1,030,440
	33,500	Chevron Texaco Corp.		3,056,875
	25,000	ConocoPhillips		1,702,500
	17,500	Eni SpA ADR		765,450
	54,000	Exxon Mobil Corp.		3,948,480
	30,000	Marathon Oil Corp.		1,110,900
	58,500	Royal Dutch Shell PLC ADR		3,906,630
	39,000	Total SA ADR		2,085,720
				17,606,995
	*Financials — 15.8%*
	59,500	American Financial Group, Inc.		1,921,255
	31,500	Assurant, Inc.		1,213,380
	49,500	BB&T Corp.		1,301,355
	61,500	Federated Investors, Inc., Class B		1,609,455
	124,000	Fidelity National Title Group, Inc.		1,696,320
	38,500	JPMorgan Chase & Co.		1,633,170
	21,500	Prudential Financial, Inc.		1,262,265
	24,000	Royal Bank of Canada		1,256,640
	38,000	The Toronto-Dominion Bank		2,823,780
	26,500	The Travelers Cos., Inc.		1,476,315


*Shares*			*Value*


	*Common Stocks — (Continued)*
	*Financials — (Continued)*
	28,000	U.S. Bancorp	$	755,160
	61,000	Unitrin, Inc.		1,496,940
	10,000	Wells Fargo & Co.		309,900
				18,755,935
	*Health Care — 6.7%*
	42,500	Abbott Laboratories		2,036,175
	44,500	AstraZeneca PLC ADR		2,055,455
	8,000	Baxter International, Inc.		404,960
	48,000	Eli Lilly & Co.		1,681,920
	45,500	GlaxoSmithKline PLC ADR		1,784,510
				7,963,020
	*Industrials — 8.5%*
	14,500	3M Co.		1,251,350
	25,000	Applied Industrial Technologies, Inc.		812,000
	99,000	General Electric Co.		1,810,710
	18,500	Lockheed Martin Corp.		1,293,335
	28,500	Norfolk Southern Corp.		1,790,370
	51,000	Waste Management, Inc.		1,880,370
	19,000	Watsco, Inc.		1,198,520
				10,036,655
	*Information Technology — 3.7%*
	52,000	Corning, Inc.		1,004,640
	73,000	Intel Corp.		1,535,190
	49,500	Microsoft Corp.		1,382,040
	12,299	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		154,229
	8,000	Texas Instruments, Inc.		260,000
				4,336,099
	*Materials — 2.3%*
	34,500	AMCOL International Corp.		1,069,500
	42,500	MeadWestvaco Corp.		1,111,800
	10,500	Southern Copper Corp.		511,770
				2,693,070

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

Annual Shareholder Report


*Huntington Dividend Capture Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Real Estate Investment Trusts — 4.8%*
	23,000	Acadia Realty Trust	$	419,520
	60,000	Duke Realty Corp.		747,600
	3,000	EastGroup Properties, Inc.		126,960
	5,000	Equity Residential		259,750
	10,000	HCP, Inc.		367,900
	9,500	Home Properties, Inc.		527,155
	20,500	National Health Investors, Inc.		922,910
	7,000	National Retail Properties, Inc.		185,500
	8,500	PS Business Parks, Inc.		473,620
	10,500	Rayonier, Inc.		551,460
	5,000	Simon Property Group, Inc.		497,450
	17,000	Sovran Self Storage, Inc.		625,770
				5,705,595
	*Telecommunication Services — 2.0%*
	21,500	Verizon Communications, Inc.		769,270
	59,500	Vodafone Group PLC ADR		1,572,585
				2,341,855
	*Utilities — 6.7%*
	73,250	Entergy Corp.		5,188,298
	44,500	Nicor, Inc.		2,221,440
	32,000	TECO Energy, Inc.		569,600
				7,979,338
	*Total Common Stocks (Cost $84,326,890)*			*90,958,472*
	*Preferred Stocks — 21.7%*
	*Consumer Discretionary — 0.8%*
	15,000	Comcast Corp., 7.000%		380,250
	25,000	Viacom, Inc., 6.850%		634,500
				1,014,750
	*Financials — 15.2%*
	45,000	Allianz SE, 8.375%		1,182,659
	10,000	Ameriprise Financial, Inc., 7.750%		266,500
	40,000	Barclays Bank PLC, 6.625%		933,200
	44,998	BB&T Capital Trust V, 8.950% (a)		1,235,195
	35,000	Credit Suisse Guernsey, 7.900%		937,300
	8,568	Everest Re Cap Trust II, 6.200%		190,724
	24,179	Goldman Sachs Group, Inc., 6.200%		583,923
	15,000	HSBC Holdings PLC, 6.200%		343,500
	40,000	JPMorgan Chase Capital XXVI, 8.000% (a)		1,076,400
	12,000	KeyCorp Capital VIII, 7.000%		293,280
	20,000	M&T Capital Trust IV, 8.500%		532,400
	40,000	Merrill Lynch & Co. Capital Trust V, 7.280%		980,000
	18,000	MetLife, Inc., 6.500%		446,400
	60,000	Morgan Stanley Capital Trust, 6.600%		1,425,000
	55,000	National City Capital Trust II, 6.625%		1,373,900
	34,000	Partnerre Ltd., 6.500%		818,720
	42,386	PLC Capital Trust IV, 7.250%		1,055,411


*Shares*			*Value*

	*Preferred Stocks — (Continued)*
	*Financials — (Continued)*
	40,000	Prudential Financial, Inc., 9.000%	$	1,099,600
	30,000	Prudential PLC, 6.500%		739,800
	10,000	RenaissanceRe Holdings Ltd., 6.500%		227,400
	23,000	SunTrust Capital IX, 7.875%		593,630
	10,000	USB Capital XI, 6.600%		251,000
	40,000	Wachovia Capital Trust X, 7.850%		1,054,000
	15,000	Wells Fargo Capital IV, 7.000%		379,950
				18,019,892
	*Real Estate Investment Trusts — 2.9%*
	55,000	Kimco Realty Corp., 7.750%		1,452,000
	30,000	Public Storage, Inc., 6.450%		727,500
	46,424	Vornado Realty LP, 7.875%		1,238,128
				3,417,628
	*Telecommunication Services — 1.2%*
	25,422	AT&T, Inc., 6.375%		676,479
	28,255	Telephone & Data Systems, Inc., 7.600%		712,309
				1,388,788
	*Utilities — 1.6%*
	38,000	Dominion Resources, Inc., Class A, 8.375%		1,076,920
	30,000	Xcel Energy, Inc., 7.600%		822,900
				1,899,820
	*Total Preferred Stocks (Cost $23,789,629)*			*25,740,878*
	*Mutual Funds — 1.2%*
	*Exchange Traded Funds — 1.2%*
	55,000	The Technology Select Sector SPDR Fund		1,384,900
	*Total Mutual Funds (Cost $914,244)*			*1,384,900*
	*Cash Equivalents — 1.0%*
	1,122,914	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		1,122,914
	*Total Cash Equivalents (Cost $1,122,914)*			*1,122,914*
	Total Investments (Cost $110,134,031) — 100.7%			*119,207,164*
	*Liabilities in Excess of Other Assets — (0.7)%*			*(801,500)*
	*Net Assets — 100.0%*		$	*118,405,664*

(a)

Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of December 31, 2010.

ADR — American Depositary Receipt.

LP — Limited Partnership

PLC — Public Liability Co.

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

Annual Shareholder Report



*Huntington Global Select Markets Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Common Stocks		92.1%
Foreign Bonds		2.9%
Mutual Funds		3.3%
Cash¹		1.7%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments

Shares

Value

Common Stocks — 92.2%

Brazil — 16.6%

Consumer Discretionary — 5.8%

23,600

Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR

990,728

22,500

Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR

698,175

20,000

Lojas Americanas SA

184,458

90,000

PDG Realty SA Empreendimentos e Participacoes

550,843

2,424,204

Consumer Staples — 0.9%

13,000

Natura Cosmeticos SA

373,476

Energy — 2.5%

28,000

Petroleo Brasileiro SA ADR

1,059,520

Financials — 2.2%

25,000

Banco Bradesco SA ADR

507,250

18,000

Itau Unibanco Holding SA

431,458

938,708

Information Technology — 1.2%

5,000

Totvs SA

509,036

Materials — 2.9%

35,000

Vale SA ADR

1,209,950

Utilities — 1.1%

26,500

Companhia Energetica de Minas Gerais - CEMIG ADR

439,635

6,954,529

Canada — 4.2%

Energy — 0.9%

7,500

EnCana Corp.

218,400

4,200

TransCanada Corp.

159,768

378,168

Shares

Value

Common Stocks — (Continued)

Canada — (Continued)

Financials — 1.4%

10,000

Bank of Montreal

575,700

Materials — 1.9%

35,000

NovaGold Resources, Inc.*

499,450

1,900

Potash Corp. of Saskatchewan, Inc.

294,177

793,627

1,747,495

China — 11.2%

Consumer Discretionary — 1.4%

230,000

Anta Sports Products Ltd.

365,150

135,000

Parkson Retail Group Ltd.

208,074

573,224

Consumer Staples — 2.1%

120,000

China Yurun Food Group Ltd.

394,458

95,000

Tsingtao Brewery Co. Ltd.

497,446

891,904

Energy — 2.0%

500,000

China Petroleum and Chemical Corp. (Sinopec)

478,598

2,700

PetroChina Co. Ltd. ADR

355,023

833,621

Financials — 2.3%

1,800,000

Bank of China Ltd.

949,477

Health Care — 1.2%

180,000

Shandong Weigao Group Medical Polymer Co. Ltd.

510,633

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

Annual Shareholder Report


*Huntington Global Select Markets Fund*		(Continued)

Shares

Value

Common Stocks — (Continued)

China — (Continued)

Industrials — 1.1%

97,000

Dongfang Electric Corp. Ltd.

480,464

Information Technology — 1.1%

21,000

Tencent Holdings Ltd.

456,328

4,695,651

Hong Kong — 8.1%

Consumer Discretionary — 2.4%

440,000

Wynn Macau, Ltd.

984,986

Energy — 1.1%

2,000

CNOOC Ltd. ADR

476,740

Financials — 1.7%

152,000

China Resources Land Ltd.

277,690

27,000

Swire Pacific Ltd.

443,938

721,628

Information Technology — 1.7%

390,000

Digital China Holdings Ltd.

729,553

Telecommunication Services — 1.2%

10,000

China Mobile Ltd. ADR

496,200

3,409,107

India — 13.1%

Financials — 3.3%

13,000

Axis Bank Ltd.

392,515

10,000

ICICI Bank Ltd. ADR

506,400

70,000

Rural Electrification Corp. Ltd.

468,232

1,367,147

Health Care — 3.4%

13,000

Dr. Reddy’s Laboratories Ltd. ADR

480,480

70,000

Opto Circuits India Ltd.

420,172

50,000

Sun Pharmaceutical Industries Ltd.

542,268

1,442,920

Industrials — 2.3%

22,000

Larsen & Touboro Ltd.

973,801

Information Technology — 2.7%

15,000

Infosys Technologies Ltd. ADR

1,141,200

Materials — 1.4%

105,000

Hindalco Industries Ltd.

580,007

5,505,075

Indonesia — 6.4%

Consumer Discretionary — 0.7%

50,000

Astra International Tbk PT

303,089

Consumer Staples — 1.0%

800,000

Indofood Sukses Makmur Tbk PT

433,381


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Indonesia — (Continued)*
	*Energy — 1.4%*
	1,200,000	Perusahaan Gas Negara Tbk PT	$	590,066
	*Financials — 0.5%*
	280,000	Bank Mandiri Tbk PT		202,245
	*Industrials — 0.8%*
	125,000	United Tractors Tbk PT		330,592
	*Materials — 2.0%*
	1,540,000	Holcim Indonesia Tbk PT*		385,043
	430,000	Semen Gresik Persero Tbk PT		451,550
				836,593
				2,695,966
	*Mexico — 1.4%*
	*Telecommunication Services — 1.4%*
	10,000	America Movil SA de CV,, Series 1 ADR		573,400
	*Poland — 4.1%*
	*Consumer Discretionary — 1.1%*
	75,000	TVN SA		432,503
	*Financials — 1.9%*
	3,200	Bank Pekoe SA		193,168
	6,000	Bre Bank*		615,115
				808,283
	*Utilities — 1.1%*
	60,000	Polska Grupa Energetyczna SA		469,227
				1,710,013
	*Republic Of South Korea — 11.4%*
	*Consumer Staples — 1.2%*
	1,450	LG Household & Health Care Ltd.		504,550
	*Financials — 1.3%*
	21,420	Korean Reinsurance Co.		225,514
	7,000	Shinhan Financial Group Co. Ltd.*		330,389
				555,903
	*Industrials — 3.9%*
	63,000	Dong Ah Tire & Rubber Co. Ltd.		528,373
	2,750	Hyundai Heavy Industries Co. Ltd.*		1,086,947
				1,615,320
	*Information Technology — 2.8%*
	1,410	Samsung Electronics Co. Ltd.*		1,193,870
	*Materials — 2.2%*
	1,400	Korea Zinc Co. Ltd.		345,378
	5,500	POSCO ADR		592,295
				937,673
				4,807,316

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

Annual Shareholder Report


*Huntington Global Select Markets Fund*		(Continued)

Shares

Value

Common Stocks — (Continued)

Russian Federation — 1.7%

Materials — 1.7%

30,000

Mining and Metallurgical Co. Norilsk Nickel ADR

721,200

South Africa — 1.5%

Energy — 1.5%

12,000

Sasol Ltd. ADR

624,600

Taiwan — 11.5%

Consumer Staples — 0.8%

70,000

President Chain Store Corp.

322,962

Financials — 2.3%

710,000

Fubon Financial Holding Co. Ltd.

974,204

Industrials — 1.5%

190,000

Formosa Plastics Corp.

635,462

Information Technology — 2.4%

510,000

Unimicron Technology Corp.

993,688

Materials — 3.3%

435,160

Asia Cement Corp.

481,405

243,000

Taiwan Fertilizer Co. Ltd.

908,583

1,389,988

Telecommunication Services — 1.2%

19,636

Chunghwa Telecom Co., Ltd. ADR

496,202

4,812,506

United Kingdom — 1.0%

Materials — 1.0%

5,800

Rio Tinto PLC ADR

415,628

Total Common Stocks (Cost $34,026,338)

38,672,486

Mutual Funds — 3.3%

Exchange Traded Funds — 2.9%

10,000

Guggenheim China Small Cap Index ETF

300,600

6,200

iPath MCSI India Index ETN

481,492

10,200

iShares FTSE China 25 Index Fund

439,518

1,221,610

Principal
Amount
or Shares

Value

Mutual Funds — (Continued)

Closed-End Funds — 0.4%

10,000

Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.

161,500

Total Mutual Funds (Cost $1,210,515)

1,383,110

Foreign Bonds — 2.9%

200,000

Australian Government,
6.000%, 2/15/17 (a)

210,370

200,000

Australian Government,
6.250%, 4/15/15 (a)

211,450

250,000

Brazilian Government International Bond, 12.500%, 1/5/16 (b)

174,398

200,000

Canadian Government,
4.000%, 6/1/17 (c)

215,660

350,000

European Bank for Reconstruction & Development, Series E, MTN,
9.500%, 11/6/13 (b)

218,065

1,700,000,000

KFW, Series E,
7.500%, 7/17/12 (d)

195,163

Total Foreign Bonds (Cost $1,104,682)

1,225,106

Cash Equivalents — 1.7%

250

Fidelity Institutional Money Market Portfolio, 0.250% (e)

250

716,504

Huntington Money Market Fund, Interfund Shares, 0.010% (e) (f)

716,504

Total Cash Equivalents (Cost $716,754)

716,754

Total Investments
(Cost $37,058,289) — 100.1%

41,997,456

Liabilities in Excess of Other Assets — (0.1)%

(21,887)

Net Assets — 100.0%

41,975,569

(a)

Foreign-denominated security. Principal amount is reported in Australian Dollars.

(b)

Foreign-denominated security. Principal amount is reported in Brazilian Real.

(c)

Foreign-denominated security. Principal amount is reported in Canadian Dollars.

(d)

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

(e)

Rate disclosed is the seven day yield as of December 31, 2010.

(f)

Investment in affiliate.

*	Non-income producing security.

ADR

— American Depositary Receipt

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

Annual Shareholder Report



*Huntington Growth Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Information Technology		34.1%
Industrials		13.0%
Energy		12.3%
Health Care		8.5%
Consumer Staples		7.5%
Consumer Discretionary		6.8%
Materials		6.7%
Cash¹		5.0%
Real Estate Investment Trusts		2.8%
Financials		2.0%
Telecommunication Services		1.3%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 95.9%*
	*Consumer Discretionary — 6.8%*
	46,550	Coach, Inc.	$	2,574,681
	51,430	Family Dollar Stores, Inc.		2,556,585
	18,930	Lululemon Athletica, Inc.*		1,295,191
	7,330	Netflix, Inc.*		1,287,881
	15,270	Nike, Inc., Class B		1,304,363
				9,018,701
	*Consumer Staples — 7.6%*
	51,760	Altria Group, Inc.		1,274,331
	86,350	Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR		2,679,441
	52,380	McCormick & Co., Inc.		2,437,241
	21,610	Philip Morris International, Inc.		1,264,833
	36,720	The Coca-Cola Co.		2,415,074
				10,070,920
	*Energy — 12.5%*
	41,290	Anadarko Petroleum Corp.		3,144,647
	16,750	CNOOC Ltd. ADR		3,992,698
	30,280	Core Laboratories NV		2,696,434
	58,870	Peabody Energy Corp.		3,766,503
	41,670	Transocean Ltd.*		2,896,482
				16,496,764
	*Financials — 2.0%*
	15,520	Goldman Sachs Group, Inc.		2,609,843
	*Health Care — 8.6%*
	36,510	Merck & Co., Inc.		1,315,820


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Health Care — (Continued)*
	30,610	Novo-Nordisk A/S ADR	$	3,445,768
	77,200	Pfizer, Inc.		1,351,772
	36,560	Stryker Corp.		1,963,272
	48,140	Varian Medical Systems, Inc.*		3,335,139
				11,411,771
	*Industrials — 13.2%*
	53,800	Caterpillar, Inc.		5,038,908
	42,200	CSX Corp.		2,726,542
	31,630	Deere & Co.		2,626,872
	50,620	Joy Global, Inc.		4,391,285
	28,540	Union Pacific Corp.		2,644,516
				17,428,123
	*Information Technology — 34.4%*
	25,020	Apple, Inc.*		8,070,451
	46,300	Baidu, Inc. SP ADR*		4,469,339
	221,310	Cisco Systems, Inc.*		4,477,101
	37,640	Cognizant Technology Solutions Corp., Class A*		2,758,636
	170,380	EMC Corp.*		3,901,702
	22,620	F5 Networks, Inc.*		2,944,219
	5,660	Google, Inc., Class A*		3,361,870
	141,140	Microsoft Corp.		3,940,629
	49,320	NetApp, Inc.*		2,710,627
	91,430	Oracle Corp.		2,861,759
	84,750	Rackspace Hosting, Inc.*		2,661,998

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

Annual Shareholder Report


*Huntington Growth Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Information Technology — (Continued)*
	68,000	SanDisk Corp.*	$	3,390,480
				45,548,811
	*Materials — 6.7%*
	23,500	Agrium, Inc.		2,156,125
	38,300	Du Pont (E.I.) de Nemours & Co.		1,910,404
	21,510	Freeport-McMoran Copper & Gold, Inc., Series B, Class B		2,583,136
	32,050	Rio Tinto PLC ADR		2,296,703
				8,946,368
	*Real Estate Investment Trusts — 2.8%*
	24,380	Health Care, Inc.		1,161,463
	19,670	Mid-America Apartment Communities, Inc.		1,248,848
	48,310	National Retail Properties, Inc.		1,280,215
				3,690,526
	*Telecommunication Services — 1.3%*
	90,580	Frontier Communications Corp.		881,343
	63,240	Windstream Corp.		881,566
				1,762,909
	*Total Common Stocks (Cost $109,490,542)*			*126,984,736*


*Shares*			*Value*

	*Cash Equivalents — 5.1%*
	6,700,122	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	6,700,122
	*Total Cash Equivalents (Cost $6,700,122)*			*6,700,122*
	*Total Investments (Cost $116,190,664) — 101.0%*			*133,684,858*
	*Liabilities in Excess of Other Assets — (1.0)%*			*(1,344,535)*
	*Net Assets — 100.0%*		$	*132,340,323*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

ADR —American Depositary Receipt.

PLC — Public Liability Co.

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

Annual Shareholder Report



*Huntington Income Equity Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Energy		19.1%
Financials		11.7%
Industrials		11.7%
Real Estate Investment Trusts		10.5%
Consumer Staples		9.6%
Health Care		9.3%
Information Technology		6.6%
Utilities		6.4%
Consumer Discretionary		6.2%
Materials		3.2%
Cash¹		3.0%
Telecommunication Services		2.7%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 97.0%*
	*Consumer Discretionary — 6.2%*
	157,000	H & R Block, Inc.	$	1,869,870
	31,100	McDonald’s Corp.		2,387,236
	35,900	Time Warner, Inc.		2,370,477
				6,627,583
	*Consumer Staples — 9.6%*
	72,000	Altria Group, Inc.		1,772,640
	38,400	HJ Heinz Co.		1,899,264
	22,300	Kimberly-Clark Corp.		1,405,792
	27,200	PepsiCo, Inc.		1,776,976
	34,100	Philip Morris International, Inc.		1,995,873
	21,300	The Coca-Cola Co.		1,400,901
				10,251,446
	*Energy — 19.2%*
	22,600	Chevron Texaco Corp.		2,062,250
	22,600	ConocoPhillips		1,539,060
	71,700	Enerplus Resources Fund		2,211,228
	33,900	Eni SpA ADR		1,482,786
	27,500	Exxon Mobil Corp.		2,010,800
	36,100	Marathon Oil Corp.		1,336,783
	76,000	Penn West Energy Trust		1,817,920
	12,000	PetroChina Co. Ltd. ADR		1,577,880
	47,900	Repsol YPF SA ADR		1,338,326
	23,300	Royal Dutch Shell PLC ADR		1,555,974
	80,000	Spectra Energy Corp.		1,999,200


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — (Continued)*
	29,400	Total SA ADR	$	1,572,312
				20,504,519
	*Financials — 11.7%*
	36,700	Bank of Montreal		2,112,819
	30,200	Canadian Imperial Bank of Commerce		2,367,680
	32,600	Chubb Corp.		1,944,264
	22,900	M & T Bank Corp.		1,993,445
	71,000	Sun Life Financial, Inc.		2,137,100
	35,200	The Travelers Cos., Inc.		1,960,992
				12,516,300
	*Health Care — 9.3%*
	44,100	Abbott Laboratories		2,112,831
	40,700	AstraZeneca PLC ADR		1,879,933
	46,800	Eli Lilly & Co.		1,639,872
	114,000	Pfizer, Inc.		1,996,140
	73,000	Sanofi-Aventis ADR		2,352,790
				9,981,566
	*Industrials — 11.7%*
	19,000	Caterpillar, Inc.		1,779,540
	16,500	Eaton Corp.		1,674,915
	25,700	Lockheed Martin Corp.		1,796,687
	134,000	R.R. Donnelley & Sons Co.		2,340,980
	25,400	The Boeing Co.		1,657,604

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

Annual Shareholder Report


*Huntington Income Equity Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Industrials — (Continued)*
	22,900	United Parcel Service, Inc., Class B	$	1,662,082
	43,300	Waste Management, Inc.		1,596,471
				12,508,279
	*Information Technology — 6.6%*
	110,000	Intel Corp.		2,313,300
	16,200	International Business Machines Corp.		2,377,512
	87,000	Microsoft Corp.		2,429,040
				7,119,852
	*Materials — 3.2%*
	32,700	Du Pont (E.I.) de Nemours & Co.		1,631,076
	20,900	PPG Industries, Inc.		1,757,063
				3,388,139
	*Real Estate Investment Trusts — 10.5%*
	30,100	Equity Residential		1,563,695
	69,700	HCP, Inc.		2,564,263
	50,900	Health Care, Inc.		2,424,876
	74,200	Mack-Cali Realty Corp.		2,453,052
	22,100	Simon Property Group, Inc.		2,198,729
				11,204,615
	*Telecommunication Services — 2.7%*
	49,600	AT&T, Inc.		1,457,248
	41,100	Verizon Communications, Inc.		1,470,558
				2,927,806


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Utilities — 6.3%*
	44,800	Ameren Corp.	$	1,262,912
	27,600	DTE Energy Co.		1,250,832
	68,000	Duke Energy Corp.		1,211,080
	28,600	Exelon Corp.		1,190,904
	107,000	NiSource, Inc.		1,885,340
				6,801,068
	*Total Common Stocks (Cost $95,243,066)*			*103,831,173*
	*Cash Equivalents — 3.0%*
	3,214,284	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		3,214,284
	*Total Cash Equivalents (Cost $3,214,284)*			*3,214,284*
	*Total Investments (Cost $98,435,640) — 100.0%*			*107,045,457*
	*Liabilities in Excess of Other Assets — (0.0)%*			*(33,757)*
	*Net Assets — 100.0%*		$	*107,011,700*

(a) Investment in affiliate.

(b) Rate disclosed is the seven day yield as of December 31, 2010.

ADR — American Depositary Receipt.

PLC — Public Liability Co.

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

Annual Shareholder Report



*Huntington International Equity Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Japan		19.5%
United Kingdom		17.3%
France		8.7%
Germany		6.9%
Switzerland		6.8%
Singapore		5.6%
Mutual Funds		5.4%
Australia		4.5%
Sweden		4.5%
Canada		3.9%
Netherlands		3.7%
Cash¹		2.9%
Taiwan		2.2%
Italy		1.7%
Spain		1.7%
United States		1.4%
Mexico		1.2%
Hong Kong		1.1%
Israel		1.0%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 90.5%*
	*Australia — 4.5%*
	*Consumer Staples — 1.8%*
	934,000	Foster’s Group Ltd.	$	5,421,409
	*Materials — 2.7%*
	180,000	BHP Billiton Ltd.		8,323,540
				13,744,949
	*Canada — 3.9%*
	*Energy — 2.2%*
	108,000	Cenovus Energy, Inc.		3,589,920
	108,000	EnCana Corp.		3,144,960
				6,734,880
	*Telecommunication Services — 1.7%*
	146,000	BCE, Inc.		5,177,160
				11,912,040
	*France — 8.6%*
	*Energy — 2.2%*
	126,840	Total SA		6,723,987


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*France — (Continued)*
	*Financials — 3.1%*
	243,900	AXA SA ADR	$	4,060,935
	84,011	BNP Paribas		5,347,635
				9,408,570
	*Health Care — 1.8%*
	88,000	Sanofi-Aventis		5,629,788
	*Utilities — 1.5%*
	46,172	GDF Suez ADR		1,664,039
	81,000	GDF Suez		2,907,748
				4,571,787
				26,334,132
	*Germany — 6.8%*
	*Consumer Staples — 1.8%*
	86,000	Henkel AG & Co. KGaA		5,378,809

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

Annual Shareholder Report


*Huntington International Equity Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Germany — (Continued)*
	*Industrials — 3.4%*
	222,000	GEA Group AG	$	6,412,608
	32,500	Siemens AG		4,048,432
				10,461,040
	*Materials — 1.6%*
	67,000	K+S AG		5,071,021
				20,910,870
	*Hong Kong — 1.1%*
	*Financials — 1.1%*
	434,000	The Wharf (Holdings) Ltd.		3,339,020
	*Israel — 1.0%*
	*Health Care — 1.0%*
	60,000	Teva Pharmaceutical Industries Ltd., ADR		3,127,800
	*Italy — 1.6%*
	*Energy — 1.6%*
	102,000	Saipem SpA		5,023,972
	*Japan — 19.2%*
	*Consumer Discretionary — 3.9%*
	149,000	Honda Motor Co. Ltd		5,897,630
	438,000	Panasonic Corp.		6,217,470
				12,115,100
	*Consumer Staples — 3.5%*
	230,000	Shiseido Co. Ltd.		5,023,330
	145,800	Unicharm Corp.		5,797,895
				10,821,225
	*Financials — 2.5%*
	1,500	Japan Prime Realty Investment Corp.		4,616,805
	300	Japan Real Estate Investment Corp.		3,109,880
				7,726,685
	*Industrials — 4.3%*
	36,900	FANUC Ltd.		5,665,042
	244,000	KOMATSU Ltd.		7,380,831
				13,045,873
	*Information Technology — 5.0%*
	168,500	Canon, Inc.		8,733,580
	22,900	KEYENCE Corp.		6,631,062
				15,364,642
				59,073,525
	*Mexico — 1.1%*
	*Telecommunication Services — 1.1%*
	62,500	America Movil SA de CV., Series L ADR		3,583,750

Shares

Value

Common Stocks — (Continued)

Netherlands — 3.7%

Consumer Discretionary — 1.3%

133,000

Koninklijke (Royal) Philips
Electronics NV NYS

4,083,100

Energy — 2.4%

217,000

Royal Dutch Shell PLC, Class A

7,236,717

11,319,817

Singapore — 5.6%

Financials — 1.5%

390,000

DBS Group Holdings Ltd.

4,353,601

118,400

K-Green Trust*

98,759

4,452,360

Industrials — 2.1%

742,000

Keppel Corp Ltd.

6,547,739

Telecommunication Services — 2.0%

2,575,930

Singapore Telecommunications Ltd

6,124,561

17,124,660

Spain — 1.7%

Financials — 1.7%

519,066

Banco Bilbao Vizcaya
Argentaria SA ADR

5,278,901

Sweden — 4.4%

Consumer Discretionary — 1.5%

142,000

Hennes & Mauritz AB

4,735,447

Consumer Staples — 1.3%

245,000

Svenska Cellulosa AB (SCA)

3,873,604

Industrials — 1.6%

282,000

Volvo AB*

4,974,989

13,584,040

Switzerland — 6.7%

Financials — 2.1%

104,300

ACE Ltd.

6,492,675

Health Care — 2.1%

111,400

Novartis AG

6,552,590

Materials — 2.5%

128,100

Syngenta AG ADR

7,529,718

20,574,983

Taiwan — 2.1%

Information Technology — 2.1%

522,854

Taiwan Semiconductor Manufacturing Co. Ltd. ADR

6,556,589

United Kingdom — 17.1%

Consumer Discretionary — 1.9%

364,000

Pearson, Inc.

5,721,825

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

Annual Shareholder Report


*Huntington International Equity Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*United Kingdom — (Continued)*
	*Consumer Staples — 3.6%*
	109,000	Reckitt Benckiser Group PLC	$	5,991,813
	778,284	TESCO PLC		5,158,217
				11,150,030
	*Energy — 2.0%*
	302,000	BG Group PLC		6,103,579
	*Financials — 3.2%*
	950,000	Barclays PLC		3,876,296
	216,337	Standard Chartered PLC		5,821,279
				9,697,575
	*Health Care — 1.3%*
	103,850	GlaxoSmithKline PLC ADR		4,072,997
	*Industrials — 1.7%*
	528,000	Rolls-Royce Group PLC		5,129,731
	*Telecommunication Services — 2.0%*
	2,430,000	Vodafone Group PLC		6,282,947
	*Utilities — 1.4%*
	231,100	Scottish & Southern Energy PLC		4,414,776
				52,573,460
	*United States — 1.4%*
	*Energy — 1.4%*
	51,352	Schlumberger Ltd.		4,287,892
	*Total Common Stocks (Cost $221,898,811)*			*278,350,400*


*Shares*			*Value*

	*Mutual Funds — 5.3%*
	*Exchange Traded Funds — 1.2%*
	212,000	iShares MSCI Hong Kong Index Fund	$	4,008,920
	69,500	iShares MSCI South Korea Index Fund		4,252,705
	222,000	iShares MSCI Taiwan Index Fund		3,467,640
	60,000	ProShares UltraShort Yen*		943,200
				12,672,465
	*Closed-End Funds — 1.2%*
	139,000	Morgan Stanley India Investment Fund, Inc.*		3,570,910
	*Total Mutual Funds (Cost $11,531,172)*			*16,243,375*
	*Cash Equivalents — 2.9%*
	8,803,071	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		8,803,071
	*Total Cash Equivalents (Cost $8,803,071)*			*8,803,071*
	Total Investments (Cost $242,233,054) — 98.7%			*303,396,846*
	*Other Assets in Excess of Liabilities — 1.3%*			*4,031,841*
	*Net Assets — 100.0%*		$	*307,428,687*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

ADR — American Depositary Receipt.

NYS — New York Shares.

PLC — Public Liability Co.

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

Annual Shareholder Report



*Huntington Macro 100 Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Information Technology		18.1%
Energy		12.3%
Industrials		12.0%
Financials		11.4%
Health Care		10.6%
Consumer Staples		9.4%
Consumer Discretionary		9.0%
Materials		5.3%
Cash¹		4.6%
Telecommunication Services		3.2%
Utilities		2.4%
Real Estate Investment Trusts		1.7%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 95.2%*
	*Consumer Discretionary — 9.0%*
	1,150	AutoZone, Inc.*	$	313,478
	12,800	GameStop Corp., Class A*		292,864
	6,400	Hasbro, Inc.		301,952
	8,600	Johnson Controls, Inc.		328,520
	4,075	McDonald’s Corp.		312,797
	23,900	Newell Rubbermaid, Inc.		434,502
	4,585	Omnicom Group, Inc.		209,993
	3,000	Polo Ralph Lauren Corp.		332,760
	6,000	Scripps Networks Interactive, Class A		310,500
	6,100	Starwood Hotels & Resorts Worldwide, Inc.		370,758
	5,600	The TJX Cos., Inc.		248,584
	7,400	The Walt Disney Co.		277,574
	4,000	V.F. Corp.		344,720
				4,079,002
	*Consumer Staples — 9.4%*
	11,100	Avon Products, Inc.		322,566
	4,500	Colgate-Palmolive Co.		361,665
	20,600	Constellation Brands, Inc.*		456,290
	9,800	Dr. Pepper Snapple Group, Inc.		344,568
	13,700	Kellogg Co.		699,796
	9,700	Kraft Foods, Inc.		305,647
	9,000	McCormick & Co., Inc.		418,770
	7,600	Procter & Gamble Co.		488,908
	17,200	Sysco Corp.		505,680
	5,900	The Clorox Co.		373,352
				4,277,242


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — 12.2%*
	6,800	Apache Corp.	$	810,764
	6,269	Baker Hughes, Inc.		358,399
	10,600	ConocoPhillips		721,860
	15,300	Denbury Resources, Inc.*		292,077
	5,600	Devon Energy Corp.		439,656
	1,500	EOG Resources, Inc.		137,115
	8,157	Exxon Mobil Corp.		596,440
	12,000	Marathon Oil Corp.		444,360
	4,550	Occidental Petroleum Corp.		446,355
	7,600	Peabody Energy Corp.		486,248
	23,700	Rowan Cos., Inc.*		827,367
				5,560,641
	*Financials — 11.4%*
	10,000	Aflac, Inc.		564,300
	27,000	Discover Financial Services		500,310
	19,200	JPMorgan Chase & Co.		814,464
	12,900	Lincoln National Corp.		358,749
	70,000	Regions Financial Corp.		490,000
	10,000	State Street Corp.		463,400
	8,400	The Allstate Corp.		267,792
	6,000	Torchmark Corp.		358,440
	22,500	U.S. Bancorp		606,825
	23,864	Wells Fargo & Co.		739,545
				5,163,825

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

Annual Shareholder Report


*Huntington Macro 100 Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Health Care — 10.6%*
	8,400	Becton, Dickinson & Co.	$	709,968
	3,900	C.R. Bard, Inc.		357,903
	3,300	Genzyme Corp.*		234,960
	6,800	Johnson & Johnson		420,580
	8,600	McKesson Corp.		605,268
	7,900	Medtronic, Inc.		293,011
	22,500	Mylan Laboratories, Inc.*		475,425
	10,700	Patterson Cos., Inc.		327,741
	21,450	Pfizer, Inc.		375,589
	5,500	Stryker Corp.		295,350
	6,700	Thermo Fisher Scientific, Inc.*		370,912
	6,300	Zimmer Holdings, Inc.*		338,184
				4,804,891
	*Industrials — 11.9%*
	4,500	Cummins, Inc.		495,045
	3,300	Flowserve Corp.		393,426
	6,300	General Dynamics Corp.		447,048
	7,800	Illinois Tool Works, Inc.		416,520
	7,500	Jacobs Engineering Group, Inc.*		343,875
	3,800	Pall Corp.		188,404
	3,000	Parker Hannifin Corp.		258,900
	10,125	Republic Services, Inc., Class A		302,333
	5,000	Stericycle, Inc.*		404,600
	10,400	Union Pacific Corp.		963,664
	4,300	United Parcel Service, Inc., Class B		312,094
	6,900	United Technologies Corp.		543,168
	2,600	W.W. Grainger, Inc.		359,086
				5,428,163
	*Information Technology — 18.1%*
	6,700	Akamai Technologies, Inc.*		315,235
	2,700	Apple, Inc.*		870,912
	9,900	BMC Software, Inc.*		466,686
	50,800	Cisco Systems, Inc.*		1,027,684
	6,500	Cognizant Technology Solutions Corp., Class A*		476,385
	21,700	EMC Corp.*		496,930
	6,175	Fiserv, Inc.*		361,608
	1,075	Google, Inc., Class A*		638,518
	4,200	International Business Machines Corp.		616,392
	8,800	Intuit, Inc.*		433,840
	54,200	Jabil Circuit, Inc.		1,088,878
	22,250	Microsoft Corp.		621,220
	11,000	VeriSign, Inc.*		359,370
	39,092	Xerox Corp.		450,340
				8,223,998


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Materials — 5.3%*
	14,400	Ball Corp.	$	979,920
	4,500	Cliffs Natural Resources, Inc.		351,045
	5,000	Ecolab, Inc.		252,100
	16,000	The Dow Chemical Co.		546,240
	16,000	Titanium Metals Corp.*		274,880
				2,404,185

	*Real Estate Investment Trusts — 1.7%*
	9,800	HCP, Inc.		360,542
	22,500	Host Hotels & Resorts, Inc.		402,075
				762,617
	*Telecommunication Services — 3.2%*
	11,000	AT&T, Inc.		323,180
	11,900	CenturyLink, Inc.		549,423
	16,050	Verizon Communications, Inc.		574,269
				1,446,872
	*Utilities — 2.4%*
	3,800	Consolidated Edison, Inc.		188,366
	4,900	Dominion Resources, Inc., Class A		209,328
	1,800	Entergy Corp.		127,494
	2,100	Integrys Energy Group, Inc.		101,871
	3,300	Pinnacle West Capital Corp.		136,785
	3,600	Progress Energy, Inc.		156,528
	2,900	Wisconsin Energy Corp.		170,694
				1,091,066
	*Total Common Stocks (Cost $35,012,675)*			*43,242,502*
	*Cash Equivalents — 4.6%*
	2,108,417	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		2,108,417
	*Total Cash Equivalents (Cost $2,108,417)*			*2,108,417*
	*Total Investments (Cost $37,121,092) — 99.8%*			*45,350,919*
	*Other Assets in Excess of Liabilities — 0.2%*			*95,320*
	*Net Assets — 100.0%*		$	*45,446,239*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

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

Annual Shareholder Report



*Huntington Mid Corp America*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Industrials		19.1%
Information Technology		17.9%
Consumer Discretionary		12.5%
Health Care		12.5%
Financials		9.6%
Materials		7.1%
Energy		6.5%
Real Estate Investment Trusts		4.9%
Utilities		4.0%
Consumer Staples		3.5%
Cash¹		1.3%
Telecommunication Services		1.1%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*


	*Common Stocks — 98.7%*
	*Consumer Discretionary — 12.5%*
	7,120	Advance Auto Parts, Inc.	$	470,988
	15,900	Best Buy Co., Inc.		545,211
	25,340	Bob Evans Farms, Inc.		835,206
	22,400	BorgWarner, Inc.*		1,620,864
	12,100	Coinstar, Inc.*		682,924
	20,670	Guess?, Inc.		978,104
	12,365	ITT Educational Services, Inc.*		787,527
	30,300	J Crew Group, Inc.*		1,307,142
	20,800	Kohl’s Corp.*		1,130,272
	19,500	Mohawk Industries, Inc.*		1,106,820
	40,000	Nordstrom, Inc.		1,695,200
	24,650	PetSmart, Inc.		981,563
	6,710	Polo Ralph Lauren Corp.		744,273
	15,540	Ross Stores, Inc.		982,905
	37,200	Royal Caribbean Cruises Ltd.*		1,748,400
	16,070	Stanley Black & Decker, Inc.		1,074,601
	15,760	V.F. Corp.		1,358,197
	4,100	Whirlpool Corp.		364,203
	8,000	Wolverine World Wide, Inc.		255,040
				18,669,440
	*Consumer Staples — 3.5%*
	32,000	Church & Dwight Co., Inc.		2,208,640
	25,950	Constellation Brands, Inc.*		574,793
	28,900	Dr. Pepper Snapple Group, Inc.		1,016,124
	20,700	Ralcorp Holding, Inc.*		1,345,707
				5,145,264


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — 6.5%*
	46,700	Chesapeake Energy Corp.	$	1,209,997
	11,300	Forest Oil Corp.*		429,061
	29,200	Helmerich & Payne, Inc.		1,415,616
	28,160	Murphy Oil Corp.		2,099,328
	35,500	Noble Energy, Inc.		3,055,840
	13,170	Oceaneering International, Inc.*		969,707
	11,250	Unit Corp.*		522,900
				9,702,449
	*Financials — 9.6%*
	10,000	Allied World Assurance Co. Holdings, Ltd.		594,400
	28,100	Cincinnati Financial Corp.		890,489
	26,900	City National Corp.		1,650,584
	4,310	Everest Re Group Ltd.		365,574
	34,430	First American Financial Corp.		514,384
	59,900	First Niagara Financial Group, Inc.		837,402
	10,000	Hanover Insurance Group, Inc.		467,200
	9,730	HCC Insurance Holdings, Inc.		281,586
	21,800	Invesco Ltd.		524,508
	9,800	Jones Lang LaSalle, Inc.		822,416
	20,000	Legg Mason, Inc.		725,400
	45,400	Principal Financial Group		1,478,224
	21,800	Prosperity Bancshares, Inc.		856,304
	22,240	T. Rowe Price Group, Inc.		1,435,370
	30,590	Torchmark Corp.		1,827,447
	27,390	Trustmark Corp.		680,368
	16,070	Unum Group		389,215
				14,340,871

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

Annual Shareholder Report


*Huntington Mid Corp America*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Health Care — 12.5%*
	60,000	AmerisourceBergen Corp.	$	2,047,200
	12,430	Biogen Idec, Inc.*		833,431
	13,840	Cephalon, Inc.*		854,205
	18,775	Coventry Health Care, Inc.*		495,660
	49,600	Life Technologies Corp.*		2,752,800
	44,700	Lincare Holdings, Inc.		1,199,301
	33,300	Owens & Minor, Inc.		980,019
	38,300	PDL BioPharma, Inc.		238,609
	16,000	Quest Diagnostics, Inc.		863,520
	32,490	St Jude Medical, Inc.*		1,388,947
	21,500	Teleflex, Inc.		1,156,915
	68,156	Thermo Fisher Scientific, Inc.*		3,773,116
	38,830	Watson Pharmaceutical, Inc.*		2,005,569
				18,589,292
	*Industrials — 19.1%*
	10,200	Alliant Techsystems, Inc.*		759,186
	30,200	CNH Global NV NYS*		1,441,748
	47,200	Cooper Industries PLC		2,751,288
	14,400	Cummins, Inc.		1,584,144
	16,000	Elbit Systems Ltd.		846,720
	22,900	EMCOR Group, Inc.*		663,642
	3,320	Flowserve Corp.		395,810
	28,700	General Cable Corp.*		1,007,083
	53,400	John Bean Technologies Corp.		1,074,942
	54,000	Kennametal, Inc.		2,130,840
	39,000	L-3 Communications Holdings, Inc.		2,749,110
	15,700	Ladish Co., Inc.*		763,177
	25,800	Pall Corp.		1,279,164
	23,400	Parker Hannifin Corp.		2,019,420
	10,100	Precision Castparts Corp.		1,406,021
	20,000	Quanex Building Products Corp.		379,400
	7,000	R.R. Donnelley & Sons Co.		122,290
	3,000	Rockwell International Corp.		215,130
	21,000	Ryder System, Inc.		1,105,440
	20,000	Sonoco Products Co.		673,400
	30,500	Thomas & Betts Corp.*		1,473,150
	10,000	UniFirst Corp.		550,500
	59,270	Vishay Intertechnology, Inc.*		870,084
	25,150	Watsco, Inc.		1,586,462
	25,200	Weatherford International Ltd.*		574,560
				28,422,711
	*Information Technology — 17.9%*
	225,066	Activision Blizzard, Inc.		2,799,821
	11,000	Amdocs Ltd.*		302,170
	111,660	Amkor Technology, Inc.*		825,167
	53,697	Aviat Networks, Inc.*		272,244
	22,135	Benchmark Electronics, Inc.*		401,972
	19,170	BMC Software, Inc.*		903,674
	24,200	Broadcom Corp., Class A		1,053,910
	33,730	Broadridge Financial Solutions, Inc.		739,699
	34,900	Citrix Systems, Inc.*		2,387,509
	34,430	CoreLogic, Inc.		637,644
	53,400	CTS Corp.		590,604
	8,000	Cymer, Inc.*		360,560


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Information Technology — (Continued)*
	32,866	Fidelity National Information Services, Inc.	$	900,200
	14,100	Fiserv, Inc.*		825,696
	28,430	FLIR Systems, Inc.*		845,792
	40,000	Forrester Research, Inc.		1,411,600
	33,000	Harris Corp.		1,494,900
	29,000	JDA Software Group, Inc.*		812,000
	25,700	Molex, Inc.		583,904
	15,300	Multi-Fineline Electronix, Inc.*		405,297
	30,800	NCR Corp.*		473,396
	49,600	NVIDIA Corp.*		763,840
	112,100	ON Semiconductor Corp.*		1,107,548
	17,200	Progress Software Corp.*		727,904
	31,600	Synopsys, Inc.*		850,356
	20,600	Syntel, Inc.		984,474
	50,280	Teradata Corp.*		2,069,525
	29,250	Varian Semiconductor Equipment Associates, Inc.*		1,081,372
				26,612,778
	*Materials — 7.1%*
	16,800	Albemarle Corp.		937,104
	18,100	AptarGroup, Inc.		861,017
	6,000	Ball Corp.		408,300
	29,300	Cytec Industries, Inc.		1,554,658
	27,000	FMC Corp.		2,157,030
	14,000	Innophos Holdings, Inc.		505,120
	18,800	Lubrizol Corp.		2,009,344
	3,000	Minerals Technologies, Inc.		196,230
	12,280	PPG Industries, Inc.		1,032,380
	20,900	RPM International, Inc.		461,890
	6,000	Schnitzer Steel Industries, Inc.		398,340
				10,521,413
	*Real Estate Investment Trusts — 4.9%*
	14,450	Alexandria Real Estate Equities, Inc.		1,058,607
	9,300	Federal Realty Investment Trust		724,749
	12,200	Home Properties, Inc.		676,978
	28,334	Host Hotels & Resorts, Inc.		506,329
	12,210	Liberty Property Trust		389,743
	21,510	Mack-Cali Realty Corp.		711,121
	13,360	Mid-America Apartment Communities, Inc.		848,226
	16,690	PS Business Parks, Inc.		929,967
	15,200	Rayonier, Inc.		798,304
	18,260	Sovran Self Storage, Inc.		672,151
				7,316,175
	*Telecommunication Services — 1.1%*
	26,570	CenturyLink, Inc.		1,226,737
	9,000	TELUS Corp.		392,040
				1,618,777
	*Utilities — 4.0%*
	12,000	AGL Resources, Inc.		430,200
	18,620	CMS Energy Corp.		346,332

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

Annual Shareholder Report


*Huntington Mid Corp America*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Utilities — (Continued)*
	6,980	DTE Energy Co.	$	316,334
	60,750	MDU Resources Group, Inc.		1,231,402
	13,950	National Fuel Gas Co.		915,399
	14,250	New Jersey Resources Corp.		614,317
	33,700	Portland General Electric Co.		731,290
	63,000	Questar Corp.		1,096,830
	12,640	Xcel Energy, Inc.		297,672
				5,979,776
	*Total Common Stocks (Cost $81,560,871)*			*146,918,946*


*Shares*			*Value*

	*Cash Equivalents — 1.3%*
	1,913,483	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	1,913,483
	*Total Cash Equivalents (Cost $1,913,483)*			*1,913,483*
	*Total Investments (Cost $83,429,803) — 100.0%*			*148,832,429*
	*Liabilities in Excess of Other Assets — (0.0)%*			*(36,808)*
	*Net Assets — 100.0%*		$	*148,795,621*

(a)

Rate disclosed is the seven day yield as of December 31, 2010.

(b)

Investment in affiliate.

*	Non-income producing security.

NYS — New York Shares

PLC — Public Liability Co.

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

Annual Shareholder Report



*Huntington New Economy Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Information Technology		22.0%
Energy		14.6%
Industrials		14.1%
Consumer Discretionary		12.3%
Financials		10.5%
Materials		9.7%
Health Care		7.1%
Consumer Staples		3.2%
Cash¹		2.8%
Utilities		1.7%
Real Estate Investment Trusts		1.1%
Options Purchased		0.9%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 97.8%*
	*Consumer Discretionary — 12.5%*
	6,900	Advance Auto Parts, Inc.	$	456,435
	16,300	Columbia Sportswear Co.		982,890
	20,800	Crocs, Inc.*		356,096
	14,900	Iconix Brand Group, Inc.*		287,719
	27,300	Limited Brands, Inc.		838,929
	18,820	Lululemon Athletica, Inc.*		1,287,664
	1,200	Priceline.com, Inc.*		479,460
	16,300	Tractor Supply Co.		790,387
	44,580	True Religion Apparel, Inc.*		992,351
	9,300	Under Armour, Inc., Series A, Class A*		510,012
				6,981,943
	*Consumer Staples — 3.3%*
	25,800	Green Mountain Coffee Roasters, Inc.*		847,788
	15,700	Mead Johnson Nutrition Co.		977,325
				1,825,113
	*Energy — 14.8%*
	28,000	Alpha Natural Resources, Inc.*		1,680,840
	17,200	AMCOL International Corp.		533,200
	15,700	Atwood Oceanics, Inc.*		586,709
	18,600	Holly Corp.		758,322
	25,900	Nabors Industries Ltd.*		607,614
	12,000	National Oilwell Varco, Inc.		807,000
	54,900	Patriot Coal Corp.*		1,063,413
	68,500	Quicksilver Resources, Inc.*		1,009,690


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — (Continued)*
	10,300	Tenaris SA ADR	$	504,494
	39,600	Tesoro Corp.*		734,184
				8,285,466
	*Financials — 10.7%*
	6,000	Ameriprise Financial, Inc.		345,300
	11,000	Bank of Hawaii Corp.		519,310
	22,700	BB&T Corp.		596,783
	21,600	Jefferies Group, Inc.		575,208
	110,300	Marshall & Ilsley Corp.		763,276
	26,000	MSCI, Inc., Class A*		1,012,960
	28,400	SVB Financial Group*		1,506,620
	24,400	U.S. Bancorp		658,068
				5,977,525
	*Health Care — 7.3%*
	11,450	Abbott Laboratories		548,570
	16,800	CareFusion Corp.*		431,760
	16,500	Integra LifeSciences Holdings Corp.*		780,450
	9,800	Life Technologies Corp. (a)*		543,900
	10,100	Perrigo Co.		639,633
	39,700	Thoratec Corp.*		1,124,304
				4,068,617
	*Industrials — 14.3%*
	10,000	AGCO Corp.*		506,600
	18,700	CNH Global NV NYS*		892,738

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

Annual Shareholder Report


*Huntington New Economy Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Industrials — (Continued)*
	9,000	FMC Technologies, Inc.*	$	800,190
	6,900	Haynes International, Inc.		288,627
	34,300	Hexcel Corp.*		620,487
	12,600	Joy Global, Inc.		1,093,050
	15,700	Lindsay Corp.		933,051
	5,600	Precision Castparts Corp.		779,576
	3,800	SPX Corp.		271,662
	14,100	The Boeing Co.		920,166
	10,000	Valmont Industries, Inc.		887,300
				7,993,447
	*Information Technology — 22.3%*
	12,200	3D Systems Corp.*		384,178
	14,300	Acme Packet, Inc.*		760,188
	3,180	Apple, Inc.*		1,025,741
	79,200	Compellent Technologies, Inc.*		2,185,128
	16,060	Cree, Inc. (a)*		1,058,193
	22,000	Mellanox Technologies Ltd.*		575,740
	6,600	NetApp, Inc. (a)*		362,736
	29,500	Netlogic Microsystems, Inc.*		926,595
	30,500	NVIDIA Corp.*		469,700
	17,200	Riverbed Technology, Inc. (a)*		604,924
	22,100	Rovi Corp.*		1,370,421
	15,100	Solera Holdings, Inc.		774,932
	16,300	STEC, Inc.*		287,695
	80,300	Take-Two Interactive Software, Inc.*		982,872
	8,000	VMware, Inc., Class A*		711,280
				12,480,323
	*Materials — 9.8%*
	11,900	Agrium, Inc. (a)		1,091,825
	7,000	Barrick Gold Corp.		372,260
	12,400	CF Industries Holdings, Inc. (a)		1,675,860
	10,700	FMC Corp.		854,823
	35,800	Stillwater Mining Co.*		764,330
	43,600	Titanium Metals Corp.*		749,048
				5,508,146


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Real Estate Investment Trusts — 1.1%*
	16,400	HCP, Inc.	$	603,356
	*Utilities — 1.7%*
	25,700	FirstEnergy Corp.		951,414
	*Total Common Stocks (Cost $47,070,547)*			*54,675,350*
	*Options Purchased — 0.9%*
	1,000	iPath S&P 500 VIX Mid-Term Futures ETN, Call @ $75, Expiring January 2011		20,000
	2,000	iPath S&P 500 VIX Short-Term Futures ETN, Call @ $40, Expiring February 2011		490,000
	*Total Options Purchased (Cost $833,363)*			*510,000*
	*Cash Equivalents — 2.9%*
	1,609,241	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		1,609,241
	*Total Cash Equivalents (Cost $1,609,241)*			*1,609,241*
	*Total Investments (Cost $49,513,151) — 101.6%*			*56,794,591*
	*Liabilities in Excess of Other Assets — (1.6)%*			*(912,733)*
	*Net Assets — 100.0%*		$	*55,881,858*

(a)

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

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

ADR — American Depositary Receipt.

NYS — New York Shares.

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

Annual Shareholder Report



*Huntington Real Strategies Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Energy		44.3%
Materials		23.3%
Industrials		13.4%
Real Estate Investment Trusts		8.7%
Mutual Funds		7.8%
Utilities		1.5%
Financials		0.9%
Cash¹		0.1%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 92.6%*
	*Energy — 45.0%*
	44,300	Arch Coal, Inc. (a)	$	1,553,158
	48,100	Cameco Corp.		1,942,278
	32,000	Canadian Natural Resources Ltd.		1,421,440
	49,800	Chesapeake Energy Corp.		1,290,318
	20,000	Consol Energy, Inc.		974,800
	78,200	El Paso Corp.		1,076,032
	33,400	EnCana Corp.		972,608
	28,700	Enterprise Products Partners LP		1,194,207
	52,800	Hugoton Royalty Trust		1,083,456
	43,500	Linn Energy LLC		1,630,815
	36,600	Marathon Oil Corp. (a)		1,355,298
	25,800	National Oilwell Varco, Inc.		1,735,050
	61,000	Natural Resource Partners LP		2,025,200
	27,600	Newfield Exploration Co.*		1,990,236
	28,000	Noble Corp.		1,001,560
	22,700	Peabody Energy Corp. (a)		1,452,346
	58,600	Penn Virginia Resource Partners, LP		1,659,552
	47,300	Petroleo Brasileiro SA ADR		1,789,832
	41,100	Sasol Ltd. ADR		2,139,255
	13,932	Schlumberger Ltd.		1,163,322
	64,900	Spectra Energy Corp.		1,621,851
	40,646	StatoilHydro ASA ADR		966,155
	20,200	Tenaris SA ADR		989,396
	60,000	Tesoro Corp. (a)*		1,112,400
	19,198	Transocean Ltd.*		1,334,453
	350,000	Uranium Energy Corp.*		2,114,000
	255,400	USEC, Inc.*		1,537,508
	41,000	Valero Energy Corp. (a)		947,920
	13,700	Walter Energy, Inc.		1,751,408
				41,825,854


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Industrials — 13.6%*
	45,100	AGCO Corp.*	$	2,284,766
	10,000	Bucyrus International, Inc.		894,000
	27,000	Deere & Co.		2,242,350
	12,000	Fluor Corp.		795,120
	44,500	Foster Wheeler AG*		1,536,140
	39,000	Harsco Corp.		1,104,480
	40,000	KOMATSU Ltd. ADR		1,218,800
	97,900	Manitowoc Co., Inc.		1,283,469
	35,000	Robbins & Myers, Inc.		1,252,300
				12,611,425
	*Materials — 23.7%*
	12,770	Agrium, Inc. (a)		1,171,648
	20,000	Allegheny Technologies, Inc. (a)		1,103,600
	14,800	BHP Billiton Ltd. ADR		1,375,216
	13,000	FMC Corp.		1,038,570
	98,000	Olin Corp.		2,010,960
	7,500	POSCO ADR		807,675
	12,320	Potash Corp. of Saskatchewan, Inc.		1,907,506
	13,800	Praxair, Inc.		1,317,486
	47,000	Rio Tinto PLC ADR		3,368,020
	33,400	Sociedad Quimica y Minera de Chile SA ADR		1,951,228
	10,700	Terra Nitrogen Co., LP		1,156,777
	19,500	The Mosaic Co.		1,489,020
	41,300	Vale SA ADR		1,427,741
	32,000	Yara International ASA ADR		1,856,000
				21,981,447
	*Real Estate Investment Trusts — 8.8%*
	9,081	Avalonbay Communities, Inc.		1,022,067
	17,900	Boston Properties, Inc. (a)		1,541,190

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

Annual Shareholder Report


*Huntington Real Strategies Fund*		(Continued)

Shares

Value

Common Stocks — (Continued)

Real Estate Investment Trusts — (Continued)

80,000

Duke Realty Corp.

996,800

39,300

Plum Creek Timber Co., Inc.

1,471,785

32,800

Rayonier, Inc.

1,722,656

16,806

Vornado Realty Trust

1,400,444

8,154,942

Utilities — 1.5%

78,600

Questar Corp.

1,368,426

Total Common Stocks (Cost $76,563,887)

85,942,094

Corporate Bonds — 0.9%

Financials — 0.9%

750,000

Credit Suisse Securities USA LLC,
0.000%, 3/26/13

859,425

Total Corporate Bonds (Cost $750,000)

859,425

Mutual Funds — 7.9%

Exchange Traded Funds — 5.2%

12,000

Oil Services HOLDRs Trust

1,686,360

50,000

PowerShares DB Agriculture Fund*

1,617,500

36,000

ProShares Short S&P 500 Treasury*

1,333,800

32,200

US Natural Gas Fund LP* (a)

192,556

4,830,216

Shares

Value

Mutual Funds — (Continued)

Investment Companies — 2.7%

119,800

Central Fund of Canada Ltd., Class A

2,483,454

Total Mutual Funds (Cost $7,161,894)

7,313,670

Cash Equivalents — 0.1%

101,452

Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)

101,452

Total Cash Equivalents (Cost $101,452)

101,452

Total Investments (Cost $84,529,118) — 101.5%

94,216,641

Liabilities in Excess of Other Assets — (1.5)%

(1,351,263)

Net Assets — 100.0%

92,865,378

(a)

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

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

ADR — American Depositary Receipt.

LP — Limited Partnership.

PLC — Public Liability Co.

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

Annual Shareholder Report



*Huntington Rotating Markets Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Industrials		21.0%
Information Technology		15.9%
Consumer Staples		13.1%
Energy		10.1%
Financials		9.4%
Consumer Discretionary		9.0%
Health Care		7.0%
Mutual Funds		6.0%
Materials		4.0%
Telecommunication Services		4.0%
Cash¹		0.5%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 93.5%*
	*Consumer Discretionary — 9.0%*
	23,061	Home Depot, Inc.	$	808,519
	23,875	McDonald’s Corp.		1,832,645
	24,250	The Walt Disney Co.		909,618
				3,550,782
	*Consumer Staples — 13.1%*
	23,926	Kraft Foods, Inc.		753,908
	23,843	Procter & Gamble Co.		1,533,820
	24,076	The Coca-Cola Co.		1,583,479
	23,953	Wal-Mart Stores, Inc.		1,291,785
				5,162,992
	*Energy — 10.1%*
	24,024	Chevron Texaco Corp.		2,192,190
	24,140	Exxon Mobil Corp.		1,765,117
				3,957,307
	*Financials — 9.5%*
	24,145	American Express Co.		1,036,303
	23,947	Bank of America Corp.		319,453
	24,022	JPMorgan Chase & Co.		1,019,013
	24,017	The Travelers Cos., Inc.		1,337,987
				3,712,756
	*Health Care — 7.0%*
	23,844	Johnson & Johnson		1,474,751
	23,883	Merck & Co., Inc.		860,743
	24,096	Pfizer, Inc.		421,921
				2,757,415


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Industrials — 21.0%*
	23,997	3M Co.	$	2,070,941
	24,250	Caterpillar, Inc.		2,271,255
	24,149	General Electric Co.		441,685
	24,118	The Boeing Co.		1,573,941
	24,188	United Technologies Corp.		1,904,079
				8,261,901
	*Information Technology — 15.8%*
	24,414	Cisco Systems, Inc.*		493,895
	24,357	Hewlett-Packard Co.		1,025,430
	23,881	Intel Corp.		502,217
	24,148	International Business Machines Corp.		3,543,961
	23,792	Microsoft Corp.		664,273
				6,229,776
	*Materials — 4.0%*
	24,235	Alcoa, Inc.		372,977
	24,100	Du Pont (E.I.) de Nemours & Co.		1,202,108
				1,575,085
	*Telecommunication Services — 4.0%*
	23,800	AT&T, Inc.		699,244
	23,897	Verizon Communications, Inc.		855,035
				1,554,279
	*Total Common Stocks (Cost $31,929,213)*			*36,762,293*

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

Annual Shareholder Report


*Huntington Rotating Markets Fund*		(Continued)


*Shares*			*Value*

	*Mutual Funds — 5.9%*
	*Exchange Traded Funds — 5.9%*
	20,286	SPDR Dow Jones Industrial Average ETF Trust	$	2,345,062
	*Total Mutual Funds (Cost $2,043,954)*			*2,345,062*
	*Cash Equivalents — 0.5%*
	183,730	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		183,730
	*Total Cash Equivalents (Cost $183,730)*			*183,730*
	*Total Investments (Cost $34,156,897) — 99.9%*			*39,291,085*
	*Other Assets in Excess of Liabilities — 0.1%*			*38,139*
	*Net Assets — 100.0%*		$	*39,329,224*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

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

Annual Shareholder Report



*Huntington Situs Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Industrials		16.9%
Information Technology		16.0%
Energy		15.2%
Health Care		14.0%
Consumer Discretionary		11.4%
Materials		10.3%
Financials		8.3%
Consumer Staples		2.7%
Mutual Funds		2.4%
Utilities		1.7%
Real Estate Investment Trusts		0.9%
Telecommunication Services		0.2%
Cash¹		0.0%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 96.4%*
	*Bermuda — 1.3%*
	*Financials — 1.3%*
	30,000	Arch Capital Group Ltd.*	$	2,641,500
	*Brazil — 0.8%*
	*Consumer Discretionary — 0.8%*
	38,200	Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		1,603,636
	*Canada — 0.1%*
	*Energy — 0.1%*
	35,000	Denison Mines Corp.*		119,700
	*Cayman Islands — 0.4%*
	*Consumer Discretionary — 0.4%*
	30,000	Garmin Ltd.		929,700
	*Chile — 0.7%*
	*Materials — 0.7%*
	24,000	Sociedad Quimica y Minera de Chile SA ADR		1,402,080
	*China — 0.3%*
	*Consumer Discretionary — 0.3%*
	17,500	Shanda Interactive Entertainment Ltd ADR*		693,700


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Denmark — 1.0%*
	*Energy — 0.3%*
	18,900	Vestas Wind Systems A/S*	$	596,949
	*Health Care — 0.7%*
	10,500	Novozymes A/S , Class B		1,463,277
				2,060,226
	*Germany — 0.6%*
	*Health Care — 0.6%*
	35,500	Stada Arzneimittel AG		1,204,613
	*Hong Kong — 0.4%*
	*Consumer Discretionary — 0.4%*
	162,500	Television Broadcasts Ltd.		878,073
	*Japan — 1.8%*
	*Consumer Discretionary — 0.6%*
	31,400	Honda Motor Co., Ltd. ADR		1,240,300
	*Consumer Staples — 0.4%*
	38,300	Shiseido Co. Ltd.		836,494
	*Financials — 0.2%*
	70	Japan Prime Realty Investment Corp.		215,451
	20	Japan Real Estate Investment Corp.		207,325
				422,776

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

Annual Shareholder Report


*Huntington Situs Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Japan — (Continued)*
	*Health Care — 0.6%*
	20,600	Terumo Corp.	$	1,159,028
				3,658,598
	*Mexico — 0.4%*
	*Consumer Discretionary — 0.4%*
	27,400	Desarrolladora Homex S.A.B. de C.V. ADR*		926,394
	*Singapore — 0.5%*
	*Consumer Staples — 0.5%*
	74,000	Asia Pacific Breweries Ltd.		1,127,191
	*South Africa — 0.6%*
	*Materials — 0.6%*
	100,032	Harmony Gold Mining Co. Ltd. ADR		1,254,401
	*Sweden — 0.9%*
	*Consumer Discretionary — 0.9%*
	116,800	Haldex AB*		1,830,162
	*United Kingdom — 0.4%*
	*Consumer Staples — 0.4%*
	16,000	Reckitt Benckiser Group PLC		879,532
	*United States — 86.2%*
	*Consumer Discretionary — 7.3%*
	180,000	Cabela’s Inc., Class A*		3,915,000
	13,500	Columbia Sportswear Co.		814,050
	2,050	Fossil, Inc.*		144,484
	50,000	Jakks Pacific, Inc.*		911,000
	30,000	Papa John’s International, Inc.*		831,000
	8,000	Polo Ralph Lauren Corp.		887,360
	23,850	Rent-A-Center, Inc.		769,878
	310,000	Sonic Corp.*		3,137,200
	20,000	Sturm Ruger & Co., Inc.		305,800
	97,000	Urban Outfitters, Inc.*		3,473,570
				15,189,342
	*Consumer Staples — 1.3%*
	80,000	Fresh Del Monte Produce, Inc.		1,996,000
	15,000	Sanderson Farms, Inc.		587,250
				2,583,250
	*Energy — 14.6%*
	65,000	Alliance Resource Partners LP		4,274,400
	20,000	Amyris, Inc.*		533,600
	20,000	Atwood Oceanics, Inc.*		747,400
	40,000	Carbo Ceramics, Inc.		4,141,600
	140,400	Denbury Resources, Inc.*		2,680,236
	15,000	Dril-Quip, Inc.*		1,165,800
	70,000	Lufkin Industries, Inc.		4,367,300
	40,000	Newfield Exploration Co.*		2,884,400
	17,300	Oceaneering International, Inc.*		1,273,799
	15,000	Overseas Shipholding Group, Inc.		531,300
	52,000	OYO Geospace Corp.*		5,153,720


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*United States — (Continued)*
	*Energy — (Continued)*
	25,000	SM Energy Co.	$	1,473,250
	28,000	Swift Energy Co.*		1,096,200
				30,323,005
	*Financials — 6.7%*
	52,300	Cullen/Frost Bankers, Inc.		3,196,576
	90,000	Equity One, Inc.		1,636,200
	110,000	International Bancshares Corp.		2,203,300
	130,000	Raymond James Financial, Inc.		4,251,000
	61,383	SCBT Financial Corp.		2,010,293
	13,800	WSFS Financial Corp.		654,672
				13,952,041
	*Health Care — 12.0%*
	150,000	Albany Molecular Research*		843,000
	15,000	Bio-Rad Laboratories, Inc., Class A*		1,557,750
	50,000	Cerner Corp.*		4,737,000
	75,000	Edwards LifeSciences Corp.*		6,063,000
	40,000	Kindred Healthcare, Inc.*		734,800
	86,000	Kinetic Concepts, Inc.*		3,601,680
	100,000	Lincare Holdings, Inc.		2,683,000
	10,000	Myriad Genetics, Inc.*		228,400
	75,000	Osiris Therapeutics, Inc.*		584,250
	75,000	Watson Pharmaceutical, Inc.*		3,873,750
				24,906,630
	*Industrials — 16.7%*
	30,000	American Superconductor Corp.*		857,700
	20,000	American Woodmark Corp.		490,800
	50,000	BE Aerospace, Inc.*		1,851,500
	20,000	Codexis, Inc.*		212,000
	120,000	EnPro Industries, Inc.*		4,987,200
	30,000	Flowserve Corp.		3,576,600
	140,000	Harsco Corp.		3,964,800
	52,000	Jacobs Engineering Group, Inc.*		2,384,200
	120,000	Quanta Services, Inc.*		2,390,400
	40,000	Ryder System, Inc.		2,105,600
	140,000	Southwest Airlines Co.		1,817,200
	50,000	Taser International, Inc.*		235,000
	180,000	Trinity Industries, Inc.		4,789,800
	50,000	Universal Forest Products, Inc.		1,945,000
	80,000	Watts Water Technologies, Inc., Class A		2,927,200
	3,750	Werner Enterprises, Inc.		84,750
				34,619,750
	*Information Technology — 15.8%*
	52,900	ACI Worldwide, Inc.*		1,421,423
	75,000	Anixter International, Inc.		4,479,750
	75,900	CommScope, Inc.*		2,369,598
	40,000	Diodes, Inc.*		1,079,600
	50,000	Exlservice Holdings, Inc.*		1,074,000
	250,000	Jabil Circuit, Inc.		5,022,500
	80,600	Methode Electronics, Inc.		1,045,382
	110,000	Red Hat, Inc.*		5,021,500
	35,000	Scansource, Inc.*		1,116,500

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

Annual Shareholder Report


*Huntington Situs Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*United States — (Continued)*
	*Information Technology —(Continued)*
	200,000	Sigma Designs, Inc.*	$	2,834,000
	70,900	Standard Microsystems Corp.*		2,044,047
	130,000	Trimble Navigation Ltd.*		5,190,900
				32,699,200
	*Materials — 8.9%*
	50,400	Eagle Materials, Inc.		1,423,800
	35,000	Eastman Chemical Co.		2,942,800
	100,000	Owens-Illinois, Inc.*		3,070,000
	90,000	Quaker Chemical Corp.		3,750,300
	40,000	RTI International Metals, Inc.*		1,079,200
	65,000	Texas Industries, Inc.		2,975,700
	20,000	The Scotts Co.		1,015,400
	50,000	United States Lime & Minerals, Inc.*		2,106,500
				18,363,700
	*Real Estate Investment Trusts — 0.9%*
	31,500	Camden Property Trust		1,700,370
	10,000	Weingarten Realty Investors		237,600
				1,937,970
	*Telecommunication Services — 0.3%*
	39,000	General Communication, Inc., Class A*		493,740
	*Utilities — 1.7%*
	15,000	AGL Resources, Inc.		537,750
	39,900	Hawaiian Electric Industries, Inc.		909,321
	13,100	Northwest Natural Gas Co.		608,757
	60,000	Portland General Electric Co.		1,302,000
	5,500	UGI Corp.		173,690
				3,531,518
				178,600,146
	*Total Common Stocks (Cost $138,063,230)*			*199,809,652*


*Shares*			*Value*

	*Mutual Funds — 2.3%*
	*Closed-End Funds — 0.3%*
	30,000	Central Fund of Canada Ltd., Class A	$	621,900
	*Exchange Traded Funds — 2.0%*
	25,000	iShares FTSE/Xinhua China 25 Index Fund		1,077,250
	54,555	SPDR S&P Emerging Markets SmallCap ETF		3,110,181
				4,187,431
	*Total Mutual Funds (Cost $4,118,796)*			*4,809,331*
	*Cash Equivalents — 0.0%*
	28	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		28
	*Total Cash Equivalents (Cost $28)*			28
	*Total Investments (Cost $142,146,714) — 98.7%*			*204,619,011*
	*Other Assets in Excess of Liabilities — 1.3%*			*2,682,157*
	*Net Assets — 100.0%*		$	*207,301,168*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

ADR

— American Depositary Receipt

LP — Limited Partnership

PLC

— Public Liability Co.

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

Annual Shareholder Report



*Huntington Technical Opportunities Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Exchange Traded Funds		28.2%
Industrials		16.9%
Energy		16.8%
Consumer Discretionary		10.6%
Consumer Staples		8.2%
Cash¹		6.2%
Materials		6.1%
Information Technology		5.0%
Financials		1.0%
Telecommunication Services		1.0%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


*Shares*			*Value*

	*Common Stocks — 66.9%*
	*Consumer Discretionary — 10.8%*
	5,800	Brunswick Corp.	$	108,692
	7,415	Ford Motor Co.*		124,498
	3,900	Grupo Aeroportuario del Sureste S.A.B. de C.V. ADR		220,155
	1,815	Laboratory Corp. of America Holdings*		159,575
	3,000	Mitsubishi Corp. ADR		160,650
	2,580	Ross Stores, Inc.		163,185
	1,600	Sodexo ADR		111,440
	1,300	The Sherwin-Williams Co.		108,875
				1,157,070
	*Consumer Staples — 8.3%*
	13,000	BRF-Brasil Foods SA ADR		219,440
	2,650	Corn Products International, Inc.		121,900
	1,845	Nestle SA ADR		108,523
	6,050	SABMiller PLC ADR		215,743
	7,900	Wal-Mart de Mexico SAB de CV ADR		225,782
				891,388
	*Energy — 17.2%*
	1,900	Apache Corp.		226,537
	3,315	Arch Coal, Inc.		116,224
	1,200	Cimarex Energy Co.		106,236
	5,375	Denbury Resources, Inc.*		102,609
	3,065	Ensco PLC ADR		163,610
	3,000	Forest Oil Corp.*		113,910
	2,200	Helmerich & Payne, Inc.		106,656
	11,500	Impala Platinum Holdings Ltd. ADR		406,985
	1,700	Kumba Iron Ore Ltd. ADR		110,976


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Energy — (Continued)*
	4,150	Sinopec Shanghai Petrochemical Co. Ltd. ADR	$	214,015
	3,350	Tenaris SA ADR		164,083
				1,831,841
	*Financials — 1.0%*
	4,300	Australia and New Zealand Banking Group Ltd. ADR		103,372
	*Industrials — 17.2%*
	3,225	Astec Industries, Inc.*		104,522
	2,375	Badger Meter, Inc.		105,023
	4,130	Bridgestone Corp.		159,955
	4,900	CLARCOR, Inc.		210,161
	1,330	Clean Harbors, Inc.*		111,826
	9,215	DENSO Corp. ADR		158,037
	12,320	Israel Chemicals Ltd.		206,976
	2,255	Kubota Corp. ADR		107,113
	1,800	National Presto Industries, Inc.		234,018
	785	Novozymes A/S ADR		109,680
	19,900	Origin Agritech Ltd.*		211,935
	2,000	Syngenta AG ADR		117,560
				1,836,806
	*Information Technology — 5.1%*
	6,000	Aixtron SE ADR		223,200
	2,650	Cass Information Systems, Inc.		100,541
	6,500	CGI Group, Inc. - Class A*		112,190
	3,200	NICE Systems Ltd. ADR*		111,680
				547,611

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

Annual Shareholder Report


*Huntington Technical Opportunities Fund*		(Continued)


*Shares*			*Value*

	*Common Stocks — (Continued)*
	*Materials — 6.2%*
	7,020	Carpenter Technology Corp.	$	282,485
	3,800	Mechel ADR		111,074
	7,250	Stillwater Mining Co.*		154,787
	3,200	Vale SA ADR*		110,624
				658,970
	*Telecommunication Services — 1.1%*
	7,650	City Telecom (HK) Ltd. ADR		113,296
	*Total Common Stocks (Cost $6,746,798)*			*7,140,354*
	*Mutual Funds — 28.7%*
	*Exchange Traded Funds — 28.7%*
	10,320	iShares MSCI Canada Index Fund		319,920
	3,500	iShares MSCI Isreal Capped Investable Market Index Fund		211,820
	3,450	iShares MSCI Mexico Investable Market Index Fund		213,624
	12,800	iShares MSCI Sweden Index Fund		399,744
	12,085	iShares S&P MidCap 400 Value Index Fund		960,274
	15,810	Powershares QQQ		861,171
	2,250	ProShares Short S&P 500 Treasury*		98,640
	*Total Mutual Funds (Cost $2,878,647)*			*3,065,193*


*Shares*			*Value*

	*Cash Equivalents — 6.3%*
	675,043	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	675,043
	*Total Cash Equivalents (Cost $675,043)*			*675,043*
	Total Investments (Cost $10,300,488) — 101.9%			*10,880,590*
	*Liabilities in Excess of Other Assets — (1.9)%*			*(200,892)*
	*Net Assets — 100.0%*		$	*10,679,698*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

ADR — American Depositary Receipt.

PLC — Public Liability Co.

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

Annual Shareholder Report



*Huntington Fixed Income Securities Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Corporate Bonds		54.6%
U.S. Government Agencies		27.3%
U.S. Treasury Obligations		15.4%
U.S. Government Mortgage Backed Securities		1.9%
Cash¹		0.5%
Preferred Stocks		0.3%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


Principal Amount			*Value*

	*Corporate Bonds — 54.2%*
	*Consumer Discretionary — 2.8%*
$	2,000,000	Comcast Corp., Class A, 6.500%, 1/15/17	$	2,305,544
	1,500,000	The Walt Disney Co., Series MTNB, 6.200%, 6/20/14		1,713,467
	4,000,000	Time Warner, Inc., 3.150%, 7/15/15		4,064,072
				8,083,083
	*Consumer Staples — 3.9%*
	1,498,000	ConAgra Foods, Inc., 6.750%, 9/15/11		1,558,919
	3,000,000	Kellogg Co., 4.250%, 3/6/13		3,184,191
	2,000,000	Kraft Foods, Inc., 6.000%, 2/11/13		2,190,112
	2,000,000	The Kroger Co., 7.500%, 1/15/14		2,305,906
	2,000,000	Wal-Mart Stores, Inc., 6.200%, 4/15/38		2,276,830
				11,515,958
	*Energy — 1.7%*
	2,005,000	EQT Corp., 8.125%, 6/1/19		2,332,830
	2,000,000	Halliburton Co., 6.150%, 9/15/19		2,297,102
	500,000	Rowan Cos., Inc., 5.000%, 9/1/17		504,353
				5,134,285
	*Financials — 18.3%*
	2,000,000	American Express Credit Co., Series C, 7.300%, 8/20/13		2,253,716
	1,000,000	Bank of America Corp., 6.250%, 4/15/12		1,053,332
	2,000,000	Barrick International Bank Corp., Series 144A, 5.750%, 10/15/16 (a) (b)		2,198,122


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Financials — (Continued)*
$	3,000,000	BlackRock, Inc., 6.250%, 9/15/17	$	3,377,079
	4,000,000	Citigroup, Inc., 5.625%, 8/27/12		4,197,416
	3,000,000	FIA Card Services NA, Series BKNT, 7.125%, 11/15/12 (a) (b)		3,244,002
	2,000,000	General Electric Capital Corp., Series GMTN, 5.720%, 8/22/11		2,055,614
	1,000,000	General Electric Capital Corp., Series GMTN, 5.250%, 10/19/12		1,068,783
	1,000,000	Goldman Sachs Group, Inc., 6.600%, 1/15/12		1,057,463
	1,000,000	Goldman Sachs Group, Inc., 5.250%, 10/15/13		1,082,218
	2,000,000	Hospitality Properties Trust, 6.750%, 2/15/13		2,112,604
	2,000,000	HSBC Finance Corp., Series NOTZ, 5.625%, 6/15/20		1,984,116
	1,000,000	JPMorgan Chase & Co., 6.000%, 1/15/18		1,116,746
	1,000,000	Kimco Realty Corp., 4.820%, 6/1/14		1,054,686
	1,000,000	Lincoln National Corp., 4.750%, 2/15/14		1,048,596
	4,000,000	Manulife Financial Corp., 3.400%, 9/17/15		3,918,120
	1,000,000	MetLife, Inc., 5.000%, 11/24/13		1,083,559
	2,000,000	Morgan Stanley, Series G, MTN, 2.786%, 5/14/13 (c)		2,072,556
	1,000,000	Morgan Stanley, 6.750%, 10/15/13		1,090,216

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

Annual Shareholder Report


*Huntington Fixed Income Securities Fund*		(Continued)


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Financials — (Continued)*
$	2,000,000	Nationwide Financial Services, Inc., 6.250%, 11/15/11	$	2,083,794
	1,915,000	Northern Trust Co., 6.500%, 8/15/18		2,239,058
	2,000,000	PNC Funding Corp., 3.625%, 2/8/15		2,067,908
	2,050,000	RenaissanceRe Holdings Ltd., 5.875%, 2/15/13		2,169,837
	2,000,000	Royal Bank of Canada, Series MTN, 2.100%, 7/29/13		2,039,488
	2,000,000	Simon Property Group LP, 5.650%, 2/1/20		2,163,468
	3,395,000	Wachovia Corp., 5.625%, 10/15/16		3,693,227
				53,525,724
	*Health Care — 1.2%*
	2,000,000	AstraZeneca PLC, 5.900%, 9/15/17		2,316,062
	1,000,000	Pfizer, Inc., 5.350%, 3/15/15		1,124,159
				3,440,221
	*Industrials — 7.9%*
	2,500,000	Covidien International Finance SA, 1.875%, 6/15/13		2,529,938
	1,000,000	Covidien International Finance SA, 2.800%, 6/15/15		1,003,694
	1,665,000	Emerson Electric Co., 5.125%, 12/1/16		1,864,755
	1,629,000	Enterprise Products Operating LP, 5.600%, 10/15/14		1,798,914
	2,000,000	Enterprise Products Operating LP, 3.700%, 6/1/15		2,063,136
	1,000,000	Marathon Oil Canada Corp., 8.375%, 5/1/12		1,088,023
	2,000,000	Mattel, Inc., 6.200%, 10/1/40		1,967,740
	2,000,000	Plum Creek Timberlands PLC, 4.700%, 3/15/21		1,903,422
	1,000,000	Transocean, Inc., 7.375%, 4/15/18		1,105,855
	2,000,000	Union Pacific Corp., 5.650%, 5/1/17		2,208,406
	2,000,000	United Technologies Corp., 6.125%, 2/1/19		2,338,798
	2,000,000	Williams Partners LP, 5.250%, 3/15/20		2,073,200
	1,000,000	Wyeth, 5.500%, 3/15/13		1,093,377
				23,039,258
	*Information Technology — 5.5%*
	2,000,000	CA, Inc., 6.125%, 12/1/14		2,192,678
	2,000,000	Cisco Systems, Inc., 5.500%, 1/15/40		2,089,346
	2,000,000	Hewlett-Packard Co., 5.500%, 3/1/18		2,253,454


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Information Technology — (Continued)*
$	3,000,000	International Business Machines Corp., 7.625%, 10/15/18	$	3,818,877
	2,000,000	Oracle Corp., 5.250%, 1/15/16		2,248,564
	3,000,000	Oracle Corp., 6.125%, 7/8/39		3,366,624
				15,969,543
	*Materials — 1.5%*
	2,000,000	Nucor Corp., 5.000%, 6/1/13		2,159,372
	2,000,000	Potash Corp. of Saskatchewan, Inc., 5.250%, 5/15/14		2,186,942
				4,346,314
	*Telecommunication Services — 2.3%*
	2,000,000	AT&T, Inc., 5.600%, 5/15/18		2,231,488
	2,000,000	Verizon Wireless, 7.375%, 11/15/13 (a) (b)		2,317,118
	2,000,000	Vodafone Group PLC, 5.000%, 12/16/13		2,177,168
				6,725,774
	*Utilities — 9.1%*
	2,500,000	Bay State Gas Co., Series MTN, 9.200%, 6/6/11		2,583,920
	1,000,000	Consolidated Edison Co. of New York, Inc., Series 03-B, 3.850%, 6/15/13		1,057,552
	2,000,000	Constellation Energy Group, Inc., 4.550%, 6/15/15		2,074,774
	2,950,000	Dominion Resources, Inc., Class A, Series D, 5.000%, 3/15/13		3,169,017
	1,000,000	Duke Energy Corp., 6.300%, 2/1/14		1,113,845
	4,500,000	Duquesne Light Co., Series O, 6.700%, 4/15/12		4,784,949
	1,000,000	Georgia Power Co., 5.400%, 6/1/40		1,010,134
	1,800,000	Gulf Power Co., Series K, 4.900%, 10/1/14		1,917,992
	2,310,000	Metropolitan Edison, 4.875%, 4/1/14		2,422,157
	3,000,000	Pacific Gas & Electric Co., 6.250%, 12/1/13		3,363,063
	3,000,000	PSEG Power LLC, 2.500%, 4/15/13		3,060,459
				26,557,862
	*Total Corporate Bonds (Cost $151,525,318)*			*158,338,022*
	*U.S. Government Agencies — 27.1%*
	*Federal Farm Credit Bank — 1.8%*
	3,000,000	2.490%, 3/3/14		3,011,199
	2,000,000	4.710%, 3/6/15		2,241,404
				5,252,603
	*Federal Home Loan Bank — 12.0%*
	3,000,000	5.000%, 9/9/11		3,091,944

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

Annual Shareholder Report


*Huntington Fixed Income Securities Fund*		(Continued)


Principal Amount			*Value*

	*U.S. Government Agencies — (Continued)*
	*Federal Home Loan Bank — (Continued)*
$	3,000,000	4.375%, 6/8/12	$	3,147,327
	3,000,000	1.750%, 12/14/12		3,059,283
	3,000,000	1.750%, 3/8/13		3,056,007
	3,000,000	5.375%, 6/14/13		3,322,569
	1,380,000	5.000%, 7/16/13		1,515,960
	2,000,000	2.000%, 5/14/15 (d)		2,040,080
	3,000,000	2.170%, 8/10/15		2,986,893
	5,000,000	4.750%, 9/11/15		5,573,895
	6,500,000	4.750%, 12/16/16		7,269,028
				35,062,986
	Federal Home Loan Mortgage Corporation — 7.9%
	4,000,000	6.480%, 12/5/11		4,220,556
	2,000,000	1.750%, 1/15/13		2,007,558
	3,000,000	2.000%, 1/25/13		3,002,667
	3,000,000	1.500%, 7/12/13		3,010,818
	5,000,000	5.000%, 1/30/14		5,562,865
	3,000,000	5.500%, 3/28/16		3,033,960
	2,000,000	4.875%, 6/13/18		2,236,674
				23,075,098
	*Federal National Mortgage Association — 5.4%*
	2,000,000	2.020%, 8/20/13		2,009,446
	3,000,000	2.250%, 6/2/14		3,023,871
	4,000,000	1.200%, 7/21/14		3,946,468
	3,000,000	1.000%, 9/2/14		2,947,956
	4,000,000	1.250%, 10/28/14		3,952,164
				15,879,905
	Total U.S. Government Agencies (Cost $76,541,967)			*79,270,592*
	*U.S. Treasury Obligations — 15.3%*
	*U.S. Treasury Bonds — 12.7%*
	1,500,000	9.125%, 5/15/18		2,149,218
	2,000,000	8.750%, 8/15/20		2,921,562
	4,000,000	7.125%, 2/15/23		5,372,500
	4,000,000	7.625%, 2/15/25		5,672,500
	4,000,000	6.750%, 8/15/26		5,311,248
	4,000,000	5.250%, 11/15/28		4,584,376
	4,000,000	6.125%, 8/15/29		5,059,376
	4,000,000	4.250%, 5/15/39		3,940,624
	2,000,000	4.500%, 8/15/39		2,053,750
				37,065,154
	*U.S. Treasury Notes — 2.6%*
	8,000,000	U.S. Treasury Note, 2.625%, 11/15/20		7,546,248
	Total U.S. Treasury Obligations (Cost $40,659,698)			*44,611,402*
	U.S. Government Mortgage Backed Agencies — 1.9%
	Federal Home Loan Mortgage Corporation — 0.8%
	991,548	Pool # J05518, 5.500%, 9/1/22		1,063,280


Principal Amount			*Value*

	U.S. Government Mortgage Backed Agencies — (Continued)
	Federal Home Loan Mortgage Corporation — (Continued)
$	1,241,198	Pool # J08160, 5.000%, 12/1/22	$	1,311,209
				2,374,489
	*Federal National Mortgage Association — 0.1%*
	70,815	Pool # 599630, 6.500%, 8/1/16		77,266
	186,458	Pool # 254594, 6.000%, 8/1/17		203,384
				280,650
	Government National Mortgage Association — 1.0%
	1,616,654	Pool # 683937, 6.000%, 2/15/23		1,759,122
	964,528	Pool # 689593, 6.000%, 7/15/23		1,052,391
	100,823	Pool # 345128, 6.500%, 1/15/24		114,485
	27,800	Pool # 373015, 7.000%, 3/15/24		31,753
	24,386	Pool # 373015, 8.000%, 6/15/24		28,734
				2,986,485
	Total U.S. Government Mortgage Backed Agencies (Cost $5,332,847)			*5,641,624*
	*Preferred Stocks — 0.3%*
	*Financials — 0.1%*
	9,530	Prudential PLC, 6.500%		235,010
	*Real Estate Investment Trusts — 0.2%*
	25,000	Public Storage, Inc., Series F, 6.450%		606,250
	*Total Preferred Stocks (Cost $699,569)*			*841,260*
	*Cash Equivalents — 0.5%*
	1,571,742	Huntington Money Market Fund, Interfund Shares, 0.010% (e) (f)		1,571,742
	*Total Cash Equivalents (Cost $1,571,742)*			*1,571,742*
	*Total Investments (Cost $276,331,141) — 99.3%*			*290,274,642*
	*Other Assets in Excess of Liabilities — 0.7%*			*2,091,560*
	*Net Assets — 100.0%*		$	*292,366,202*

(a)

(b)

Illiquid Security

(c)

Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(d)

Step Bond: Coupon rate is set for an initial period and then increased to an higher coupon rate at a specified date. The rate shown is the rate in effect at December 31, 2010.

(e)

Investment in affiliate.

(f)

Rate disclosed is the seven day yield as of December 31, 2010.

LP—Limited Partnership

PLC—Public Liability Co.

MTN—Median Term Note

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

Annual Shareholder Report



*Huntington Intermediate Government Income Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
U.S. Government Agencies		56.5%
U.S. Government Mortgage Backed Securities		20.9%
U.S. Treasury Obligations		13.1%
Collateralized Mortgage Obligations		6.3%
Corporate Bonds		1.7%
Cash¹		1.5%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


Principal Amount			*Value*


	*U.S. Government Agencies — 56.2%*
	*Federal Farm Credit Bank — 21.3%*
$	3,000,000	2.125%, 6/18/12	$	3,068,808
	3,000,000	1.375%, 6/25/13		3,039,087
	2,000,000	1.620%, 11/16/15		1,950,242
	1,000,000	4.500%, 12/15/15		1,108,114
	2,000,000	4.875%, 12/16/15		2,248,184
	1,000,000	3.750%, 1/29/16		1,071,935
	1,000,000	4.350%, 6/17/16		1,018,367
	1,000,000	5.270%, 9/1/16		1,146,905
	2,000,000	5.050%, 3/8/17		2,250,862
	1,000,000	5.550%, 8/1/17		1,168,363
	1,000,000	2.500%, 9/21/17		981,423
	1,000,000	4.250%, 4/16/18		1,067,684
	2,000,000	5.050%, 8/1/18		2,269,982
	2,000,000	3.950%, 11/25/19		2,059,104
	1,000,000	5.375%, 11/10/20		1,151,843
				25,600,903
	*Federal Home Loan Bank — 23.4%*
	373,142	5.270%, 12/28/12		394,821
	3,000,000	5.375%, 6/14/13		3,322,569
	1,000,000	3.750%, 6/14/13		1,066,827
	1,000,000	4.375%, 9/13/13		1,088,477
	830,000	4.750%, 12/12/14		925,680
	1,000,000	4.375%, 2/13/15		1,093,756
	2,500,000	2.875%, 6/12/15		2,592,313
	2,000,000	4.750%, 9/11/15		2,229,558
	2,000,000	1.900%, 12/29/15		1,955,522
	1,000,000	4.875%, 3/11/16		1,118,810
	1,500,000	4.250%, 3/9/18		1,619,463
	5,000,000	4.125%, 12/13/19		5,261,820
	2,000,000	3.000%, 3/18/20		1,933,062
	3,500,000	3.375%, 6/12/20		3,448,036
				28,050,714


Principal Amount			*Value*

	*U.S. Government Agencies — (Continued)*
	Federal Home Loan Mortgage Corporation — 1.7%
$	2,000,000	2.500%, 1/27/14	$	2,002,794
	*Federal National Mortgage Association — 7.6%*
	2,000,000	1.500%, 9/25/12		2,004,848
	2,000,000	1.500%, 9/8/14		1,998,548
	1,000,000	3.125%, 5/15/15		1,030,605
	1,000,000	4.125%, 2/24/20		1,011,477
	3,000,000	5.625%, 11/15/21		3,120,102
				9,165,580
	Government National Mortgage Association — 2.2%
	1,500,000	5.500%, 1/20/23		1,623,876
	1,000,000	5.000%, 5/20/32		1,061,841
				2,685,717
	Total U.S. Government Agencies (Cost $64,730,082)			*67,505,708*
	U.S. Government Mortgage Backed Agencies — 20.7%
	*Federal Home Loan Mortgage Corporation —5.4%*
	247,520	Pool # M81004, 5.000%, 1/1/13		255,988
	181,812	Pool # E01184, 6.000%, 8/1/17		198,014
	604,903	Pool # B10827, 4.500%, 11/1/18		638,551
	1,116,711	Pool # J03237, 5.500%, 11/1/20		1,208,665
	572,160	Pool # C90699, 5.000%, 8/1/23		608,153
	680,212	Pool # C91296, 5.000%, 4/1/28		713,825
	300,276	Pool # G08168, 5.500%, 8/1/34		322,152
	372,771	Pool # 1G0865, 4.837%, 7/1/35 (a)		391,274
	1,340,303	Pool # 972190, 5.415%, 11/1/35 (a)		1,433,445
	657,434	Pool # G03609, 5.500%, 10/1/37		701,427
				6,471,494

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

Annual Shareholder Report


*Huntington Intermediate Government Income Fund*		(Continued)


Principal Amount			*Value*

	U.S. Government Mortgage Backed Agencies — (Continued)
	*Federal National Mortgage Association — 12.3%*
$	133,317	Pool # 647408, 5.000%, 10/1/17	$	142,587
	825,521	Pool # 357805, 5.000%, 6/1/20		876,213
	886,008	Pool # 889799, 5.500%, 2/1/23		953,705
	304,534	Pool # 255360, 5.000%, 10/1/23		324,300
	721,310	Pool # 255360, 5.000%, 8/1/24		767,406
	682,817	Pool # 256213, 5.500%, 6/1/25		737,976
	946,563	Pool # 256213, 4.500%, 11/1/25		995,548
	673,222	Pool # 256213, 6.000%, 2/1/26		734,969
	542,118	Pool # 256213, 6.000%, 4/1/26		591,840
	913,650	Pool # 257536, 5.000%, 1/1/29		961,469
	1,041,064	Pool # MA0171, 4.500%, 7/1/29		1,080,108
	992,470	Pool # MA0563, 4.000%, 11/1/30		1,005,667
	485,352	Pool # 254594, 5.500%, 1/1/33		522,553
	796,925	Pool # 783793, 6.000%, 7/1/34		877,894
	424,282	Pool # 806715, 5.500%, 1/1/35		456,670
	622,293	Pool # 807963, 5.000%, 1/1/35		658,557
	799,402	Pool # 735224, 5.500%, 2/1/35		861,674
	757,946	Pool # 868935, 5.500%, 5/1/36		812,725
	362,907	Pool # 907484, 6.000%, 1/1/37		394,903
	963,290	Pool # AD7906, 5.000%, 7/1/40		1,013,407
	14,770,171
	*Government National Mortgage Association — 3.0%*
	635,957	Pool # 683937, 5.500%, 2/15/23		687,727
	756,436	Pool # 666057, 5.000%, 3/15/23		807,377
	183,333	Pool # 2699, 6.000%, 1/20/29		202,132
	234,562	Pool # 576456, 6.000%, 3/15/32		258,982
	646,558	Pool # 676974, 5.500%, 5/15/38		699,391
	962,331	Pool # 733602, 5.000%, 4/15/40		1,030,392
				3,686,001
	Total U.S. Government Mortgage Backed Agencies (Cost $23,688,835)			*24,927,666*
	*U.S. Treasury Obligations — 13.0%*
	*U.S. Treasury Inflation Protection Notes — 1.8%*
	2,000,000	4.250%, 11/15/14		2,211,094
	*U.S. Treasury Notes — 11.2%*
	2,000,000	2.625%, 11/15/20		1,886,562
	1,000,000	5.000%, 8/15/11		1,029,375
	1,000,000	4.125%, 8/31/12		1,059,922
	3,000,000	2.125%, 11/30/14		3,073,125
	1,500,000	2.000%, 1/15/16		1,799,864


Principal Amount or Shares			*Value*

	*U.S. Treasury Obligations — (Continued)*
	*U.S. Treasury Notes — (Continued)*
$	2,000,000	4.500%, 2/15/16	$	2,239,532
	2,000,000	5.125%, 5/15/16		2,304,218
				13,392,598
	Total U.S. Treasury Obligations (Cost $14,496,567)			*15,603,692*
	*Collateralized Mortgage Obligations — 6.3%*
	Federal Home Loan Mortgage Corporation — 5.6%
	355,664	Series 2543, 4.250%, 1/15/18		375,495
	2,500,000	Series 2571, 5.500%, 7/15/21		2,682,151
	84,964	Series 2676, 5.500%, 1/15/29		85,065
	1,784,110	Series 2802, 5.500%, 11/15/31		1,897,965
	1,000,000	Series 2974, 5.000%, 9/15/31		1,035,742
	542,180	Series 2976, 4.500%, 1/15/33		575,068
	65,181	Series R007, 5.875%, 5/15/16		65,784
				6,717,270
	*Federal National Mortgage Association — 0.7%*
	469,744	Series 2003-11, 5.500%, 8/25/32		503,969
	136,998	Series 2003-16, 4.000%, 2/25/33		144,162
	155,673	Series 2003-32, 5.000%, 3/25/17		158,500
				806,631
	Total Collateralized Mortgage Obligations (Cost $7,101,810)			*7,523,901*
	*Corporate Bonds — 1.7%*
	*Financials — 1.7%*
	2,000,000	Morgan Stanley, 1.950%, 6/20/12 (b)		2,041,356
	*Total Corporate Bonds(Cost $1,999,632)*			*2,041,356*
	*Cash Equivalents — 1.5%*
	1,783,867	Huntington Money Market Fund, Interfund Shares, 0.010% (c) (d)		1,783,867
	*Total Cash Equivalents (Cost $1,783,867)*			*1,783,867*
	*Total Investments (Cost $113,800,793) — 99.4%*			*119,386,190*
	*Other Assets in Excess of Liabilities — 0.6%*			*758,252*
	*Net Assets — 100.0%*		$	*120,144,442*

(a)

Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(b)

Security issued under terms of the Temporary Liquidity Guarantee Program and is guaranteed by the Federal Deposit Insurance Corporation.

(c)

Investment in affiliate.

(d)

Rate disclosed is the seven day yield as of December 31, 2010.

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

Annual Shareholder Report



*Huntington Mortgage Securities Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
U.S. Government Mortgage Backed Securities		66.7%
Real Estate Investment Trusts		11.2%
Collateralized Mortgage Obligations		10.4%
U.S. Government Agencies		9.0%
Cash¹		2.7%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


Principal Amount			*Value*

	U.S. Government Mortgage Backed Agencies — 66.6%
	*Federal Home Loan Mortgage Corporation — 19.8%*
$	140,302	Pool # M81004, 5.000%, 7/1/11	$	143,848
	1,586	Pool # E65142, 6.500%, 7/1/11		1,729
	247,520	Pool # M81004, 5.000%, 1/1/13		256,065
	270,583	Pool # J03237, 5.500%, 8/1/16		290,200
	163,095	Pool # E96459, 5.000%, 5/1/18		173,951
	63,814	Pool # C90699, 6.500%, 11/1/18		70,417
	604,903	Pool # B10827, 4.500%, 11/1/18		638,740
	748,590	Pool # J10396, 4.000%, 7/1/19		777,364
	275,532	Pool # G12425, 6.000%, 7/1/21		300,933
	979,492	Pool # G12867, 4.500%, 8/1/22		1,033,058
	430,477	Pool # C90699, 5.000%, 1/1/24		456,400
	450,674	Pool # C90699, 5.500%, 10/1/24		486,123
	541,131	Pool # C91296, 5.500%, 11/1/26		582,476
	680,212	Pool # C91296, 5.000%, 4/1/28		714,038
	939,918	Pool # C91296, 5.000%, 5/1/28		986,658
	174,461	Pool # C00730, 6.000%, 3/1/29		191,759
	3,913,741	Pool # C91296, 4.500%, 6/1/29		4,069,305
	2,539,521	Pool # C91296, 5.000%, 4/1/30		2,665,806
	511,383	Pool # A15284, 5.500%, 10/1/33		549,517
	600,553	Pool # G08168, 5.500%, 8/1/34		644,398
	372,771	Pool # 1G0865, 4.837%, 7/1/35 (a)		391,390
	354,811	Pool # G08168, 6.000%, 12/1/36		385,665
	529,758	Pool # A55565, 6.000%, 12/1/36		575,826
	572,345	Pool # G03609, 5.500%, 11/1/37		610,733
	1,989,751	Pool # G06023, 4.000%, 9/1/40		1,977,967
	995,012	Pool # A94008, 4.000%, 9/1/40		989,119
				19,963,485
	*Federal National Mortgage Association — 40.4%*
	217,134	Pool # 254594, 5.000%, 9/1/17		232,266
	255,080	Pool # 663808, 5.000%, 11/1/17		272,856
	357,385	Pool # 684488, 5.000%, 12/1/17		382,290
	483,114	Pool # 693256, 5.000%, 4/1/18		517,385
	324,022	Pool # 254594, 4.500%, 5/1/18		343,362
	324,414	Pool # 786729, 5.500%, 8/1/19		352,293


Principal Amount			*Value*

	U.S. Government Mortgage Backed Agencies — (Continued)
	Federal National Mortgage Association — (Continued)
$	403,550	Pool # 896597, 5.000%, 8/1/21	$	429,781
	400,277	Pool # 255360, 5.000%, 8/1/23		426,383
	852,505	Pool # 255360, 5.000%, 9/1/23		908,104
	802,807	Pool # 255360, 5.000%, 10/1/23		855,165
	347,305	Pool # 255360, 5.000%, 7/1/24		369,956
	2,582,913	Pool # 932438, 4.000%, 1/1/25		2,664,840
	1,074,039	Pool # 256213, 5.500%, 4/1/25		1,161,137
	317,469	Pool # 357805, 5.000%, 5/1/25		337,856
	648,202	Pool # 256213, 4.500%, 6/1/25		682,598
	946,563	Pool # 256213, 4.500%, 11/1/25		995,844
	841,528	Pool # 256213, 6.000%, 2/1/26		918,975
	1,841,070	Pool # 257281, 5.000%, 4/1/28		1,938,005
	1,091,585	Pool # 257281, 5.000%, 6/1/28		1,149,058
	1,011,952	Pool # 257281, 5.000%, 7/1/28		1,065,233
	913,650	Pool # 257536, 5.000%, 1/1/29		961,754
	1,665,702	Pool # MA0171, 4.500%, 7/1/29		1,728,693
	3,448,390	Pool # AC1219, 4.500%, 8/1/29		3,578,452
	1,740,138	Pool # MA0171, 4.500%, 9/1/29		1,805,771
	992,470	Pool # MA0563, 4.000%, 11/1/30		1,005,977
	49,808	Pool # 602879, 6.000%, 11/1/31		54,876
	918,107	Pool # 729535, 5.500%, 7/1/33		989,769
	90,985	Pool # 748422, 6.000%, 8/1/33		100,244
	493,418	Pool # 786457, 5.337%, 7/1/34 (a)		525,995
	796,924	Pool # 783793, 6.000%, 7/1/34		878,019
	254,519	Pool # 814261, 6.000%, 1/1/35		279,226
	424,282	Pool # 806715, 5.500%, 1/1/35		456,737
	799,402	Pool # 735224, 5.500%, 2/1/35		861,799
	239,555	Pool # 836450, 6.000%, 10/1/35		261,462
	509,015	Pool # 845573, 5.520%, 2/1/36 (a)		542,231
	484,569	Pool # 745511, 5.000%, 4/1/36		510,158
	834,998	Pool # 745511, 5.500%, 4/1/36		898,086
	324,100	Pool # 888029, 6.000%, 12/1/36		353,333
	362,907	Pool # 907484, 6.000%, 1/1/37		394,959
	963,290	Pool # AD7906, 5.000%, 7/1/40		1,013,557

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

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)
$	3,959,509	Pool # AE4310, 4.000%, 9/1/40	$	3,944,102
	1,477,088	Pool # AE4628, 4.500%, 10/1/40		1,518,028
	1,953,796	Pool # AE0395, 4.500%, 10/1/40		2,007,937
				40,674,552
	Government National Mortgage Association — 6.4%
	615,336	Pool # 683937, 5.000%, 1/15/23		660,717
	645,846	Pool # 691761, 5.000%, 7/15/23		689,340
	1,890,179	Pool # 605653, 5.500%, 8/15/34		2,053,197
	1,190,476	Pool # 3741, 5.500%, 11/20/34		1,287,893
	646,558	Pool # 676974, 5.500%, 5/15/38		699,391
	962,331	Pool # 733602, 5.000%, 4/15/40		1,030,543
				6,421,081
	Total U.S. Government Mortgage Backed Agencies (Cost $65,162,788)			*67,059,118*
	*Common Stocks — 11.2%*
	*Real Estate Investment Trusts — 11.2%*
	10,074	Acadia Realty Trust		183,750
	7,500	Alexandria Real Estate Equities, Inc.		549,450
	2,000	AMB Property Corp.		63,420
	11,000	American Campus Communities, Inc.		349,360
	1,000	Associated Estates Realty Corp.		15,290
	3,000	BioMed Realty Trust, Inc.		55,950
	5,500	Boston Properties, Inc.		473,550
	6,500	Brandywine Realty Trust		75,725
	1,000	Camden Property Trust		53,980
	6,000	Cogdell Spencer, Inc.		34,800
	1,000	Coresite Realty Corp.		13,640
	2,000	Corporate Office Properties Trust		69,900
	1,000	Developers Diversified Realty Corp.		14,090
	7,500	Digital Realty Trust, Inc.		386,550
	16,000	Douglas Emmett, Inc.		265,600
	15,000	Duke Realty Corp.		186,900
	5,000	DuPont Fabros Technology, Inc.		106,350
	9,000	EastGroup Properties, Inc.		380,880
	8,500	Equity Lifestyle Properties, Inc.		475,405
	8,000	Equity Residential		415,600
	4,500	Essex Property Trust, Inc.		513,990
	2,000	Excel Trust, Inc.		24,200
	1,500	Federal Realty Investment Trust		116,895
	7,000	HCP, Inc.		257,530
	3,500	Healthcare Realty Trust, Inc.		74,095


Principal Amount or Shares			*Value*

	*Common Stocks — (Continued)*
	*Real Estate Investment Trusts — (Continued)*
	8,000	Home Properties, Inc.	$	443,920
	12,616	Host Hotels & Resorts, Inc.		225,448
	9,600	Kimco Realty Corp.		173,184
	10,000	Kite Realty Group Trust		54,100
	13,000	LaSalle Hotel Properties		343,200
	12,000	Mack-Cali Realty Corp.		396,720
	7,500	National Retail Properties, Inc.		198,750
	3,500	Pennsylvania Real Estate Investment Trust		50,855
	1,000	Post Properties, Inc.		36,300
	9,386	ProLogis Trust		135,534
	5,000	Public Storage, Inc.		507,100
	2,000	Realty Income Corp.		68,400
	6,500	Regency Centers Corp.		274,560
	4,980	Simon Property Group, Inc.		495,460
	1,903	SL Green Realty Corp.		128,472
	1,000	Sovran Self Storage, Inc.		36,810
	9,000	Tanger Factory Outlet Centers, Inc.		460,710
	1,000	Terreno Realty Corp.*		17,930
	11,915	The Macerich Co.		564,414
	6,376	UDR, Inc.		149,963
	10,000	Ventas, Inc.		524,800
	5,936	Vornado Realty Trust		494,647
	5,000	Washington Real Estate Investment Trust		154,950
	7,500	Weingarten Realty Investors		178,200
	2,000	Westfield Group		19,580
	2,000	Westfield Retail Trust*		5,253
	*Total Common Stocks (Cost $8,900,253)*			*11,296,160*
	*Collateralized Mortgage Obligations — 10.4%*
	*Citigroup Mortgage Securities, Inc. — 0.9%*
$	957,146	5.500%, 10/25/35		958,551
	*Collateralized Mortgage Obligations — 0.4%*
	345,377	Series Z2-2013, 4.800%, 2/25/13		362,130
	*Federal Home Loan Mortgage Corporation — 8.5%*
	1,000,000	Series 2541, 5.500%, 11/15/20		1,044,863
	446,427	Series 2543, 5.500%, 4/15/22		473,703
	1,000,000	Series 2571, 5.500%, 7/15/21		1,072,860
	420,191	Series 2584, 4.000%, 12/15/13		426,515
	1,000,000	Series 2672, 5.500%, 8/15/31		1,065,494
	84,964	Series 2676, 5.500%, 1/15/29		85,065

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

Annual Shareholder Report


*Huntington Mortgage Securities Fund*		(Continued)


Principal Amount			*Value*
	Federal Home Loan Mortgage Corporation — (Continued)
$	628,791	Series 2770, 4.000%, 1/15/18	$	652,047
	1,000,000	Series 2784, 4.000%, 4/15/19		1,049,299
	1,000,000	Series 2802, 5.500%, 11/15/31		1,063,816
	1,000,000	Series 2974, 5.000%, 9/15/31		1,035,742
	542,180	Series 2976, 4.500%, 1/15/33		575,068
				8,544,472
	*Federal National Mortgage Association — 0.6%*
	429,206	Series 1999-13, 6.000%, 4/25/29		472,809
	107,591	Series 2002-62, 5.500%, 12/25/16		108,184
				580,993
	Total Collateralized Mortgage Obligations (Cost $9,959,722)			*10,446,146*
	*U.S. Government Agencies — 8.9%*
	*Federal Home Loan Bank — 3.2%*
	1,000,000	4.250%, 3/9/18		1,081,320
	2,000,000	4.125%, 12/13/19		2,108,668
				3,189,988
	*Federal Home Loan Mortgage Corporation — 2.3%*
	500,000	4.500%, 4/2/14		547,874
	382,906	4.500%, 3/15/17		386,303
	537,320	5.250%, 4/15/17		570,886
	534,004	5.000%, 9/15/17		569,596
	298,839	5.000%, 7/15/35		307,535
				2,382,194


Principal Amount or Shares			*Value*
	*U.S. Government Agencies — (Continued)*
	*Federal National Mortgage Association — 3.4%*
$	1,000,000	5.000%, 3/2/15	$	1,125,352
	98,164	6.000%, 11/25/22		99,732
	332,048	5.000%, 3/25/23		353,890
	43,497	5.500%, 11/25/28		43,479
	714,454	5.000%, 12/25/31		740,263
	1,000,000	5.000%, 3/25/32		1,065,206
				3,427,922
	Total U.S. Government Agencies (Cost $8,429,065)			*9,000,104*
	*Cash Equivalents — 2.6%*
	2,668,401	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		2,668,401
	*Total Cash Equivalents (Cost $2,668,401)*			*2,668,401*
	*Total Investments (Cost $95,070,367) — 99.7%*			*100,469,929*
	*Other Assets in Excess of Liabilities — 0.3%*			*272,049*
	*Net Assets — 100.0%*		$	*100,741,978*

(a)

Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(b)

Investment in affiliate.

(c)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

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

Annual Shareholder Report



*Huntington Ohio Tax Free Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
General Obligations		37.2%
School Districts		30.0%
Higher Education		10.6%
Water		8.3%
General Fund		3.6%
Facilities		3.3%
Airports		2.5%
Medical		1.8%
Power		1.4%
Other		0.8%
Cash		0.5%
Transportation		0.0%
*Total*		*100.0%*

Portfolio of Investments


Principal Amount			*Value*

	*Municipal Bonds — 99.3%*
	*Ohio — 99.3%*
$	225,000	Akron, OH, G.O., (AMBAC Ins.), 5.000%, 12/1/24	$	234,821
	500,000	Akron, OH, Series A, 5.000%, 12/1/16		560,635
	70,000	Akron, OH, Refunding & Improvement, G.O., (National Reinsurance), 5.250%, 12/1/18		70,819
	50,000	Akron, OH, Bath Copley Joint Township Hospital District, (AGM Ins.), 5.250%, 11/15/15		51,435
	100,000	Akron, OH, G.O., (MBIA-RE FGIC Ins.), 5.000%, 12/1/22		102,014
	120,000	Akron, OH, Pension Funding Refunding Revenue, (AMBAC Ins.), 5.250%, 12/1/18		126,976
	100,000	Ashland, OH, Various Purposes, 4.500%, 12/1/22		101,438
	205,000	Avon Lake, OH, G.O., 3.500%, 12/1/17		212,905
	150,000	Barberton, OH, City School District, 5.000%, 12/1/22		161,820
	115,000	Big Walnut, OH, Local School District, (AGM Ins.), 5.000%, 12/1/22		122,018
	205,000	Bowling Green State University, OH, General Receipts Revenue, (AMBAC Ins.), 5.250%, 6/1/19		212,817


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	320,000	Bowling Green, OH, City School District, (AGM Ins.), 5.000%, 12/1/24	$	337,542
	500,000	Brookfield Local School District, OH, School Facilities Improvement, G.O., (AGM Ins. Student Credit Program), 5.000%, 1/15/22		532,570
	250,000	Bucyrus, OH, City School District, (AGM Ins.), 5.000%, 12/1/22		264,237
	400,000	Butler County, OH, G.O., (AMBAC Ins.), 4.750%, 12/1/24		417,200
	300,000	Butler County, OH, Sewer Systems Revenue, (AGM Ins.), 5.000%, 12/1/19		331,026
	445,000	Butler County, OH, G.O., 4.000%, 12/1/21		451,177
	170,000	Butler County, OH, G.O., (AMBAC Ins.), 4.750%, 12/1/20		178,259
	500,000	Centerville, OH, G.O., (National Reinsurance), 5.000%, 12/1/20		531,775
	200,000	Chagrin Falls, OH, Exempt Village School District, G.O., (MBIA Ins.), 5.250%, 12/1/19		215,316

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

Annual Shareholder Report


*Huntington Ohio Tax Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	400,000	Cincinnati, OH, Recovery Zone Facility Revenue, Series A, (AMBAC Ins.), 4.000%, 11/1/19	$	407,136
	500,000	Cleveland, OH, Public Power System Revenue, Series A, (National Reinsurance, FGIC Ins.), 5.000%, 11/15/16		557,630
	600,000	Cleveland, OH, Municipal School District, G.O., (National Reinsurance, FGIC Ins., Student Credit Program), 5.000%, 12/1/21		622,272
	65,000	Cleveland, OH, Waterworks Refunding Revenue, Series G, (MBIA Ins.), 5.500%, 1/1/13		66,466
	335,000	Cleveland, OH, State University Revenue, (FGIC Ins.), 5.000%, 6/1/17		370,483
	400,000	Cleveland, OH, School District Refunding, G.O., (FGIC Ins.), 5.000%, 12/1/18		419,096
	365,000	Cleveland, OH, Airport System Revenue, Series C, (Assured Guaranty), 5.000%, 1/1/23		374,665
	500,000	Cleveland, OH, Airport System Revenue, Series C, (AGM Ins.), 5.000%, 1/1/18		540,205
	80,000	Cleveland, OH, School District Refunding, G.O., (FGIC Ins.), 5.250%, 12/1/14		85,755
	150,000	Cleveland, OH, Income Tax Revenue, 5.000%, 5/15/17		166,242
	150,000	Clyde-Green Springs Exempted Village School District, School Facilities Construction and Improvement, 5.000%, 12/1/19		165,591
	100,000	Columbus, OH, Regional Airport Authority Revenue, (AGM National Reinsurance), 5.000%, 1/1/21		105,551
	250,000	Columbus, OH, Regional Airport Authority Revenue, (MBIA Ins.), 5.000%, 1/1/20		266,347
	500,000	Columbus, OH, Refunding, G.O., Series C, 5.000%, 7/15/16		565,545
	250,000	Cuyahoga County, OH, Refunding Revenue, Series A, 5.750%, 1/1/24		259,125
	500,000	Cuyahoga County, OH, Revenue, Series A, 6.000%, 1/1/17		539,835


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	250,000	Delaware, OH, Parks & Recreational Income Tax Special Obligation Revenue, 4.000%, 12/1/19	$	256,595
	250,000	Dublin, OH, City School District, School Facilities Construction & Improvement, G.O., (AGM Ins.), 5.000%, 12/1/20		267,187
	360,000	Fairfield Union, OH, Local School District, G.O., (AGM Ins.), 4.250%, 12/1/18		381,578
	150,000	Fairless, OH, Local School District, G.O., (AGM Ins.), 5.000%, 12/1/21		155,754
	65,000	Field, OH, Local School District, G.O., 5.000%, 12/1/19		65,534
	115,000	Field, OH, Local School District, G.O., (AMBAC Ins.), 5.000%, 12/1/18		117,362
	220,000	Findlay, OH, City School District, Capital Appreciation School Facilities Construction & Improvement, G.O., Series A, 0.000%, 12/1/17 (a)		172,775
	155,000	Forest Hills, OH, Local School District, (AGM Ins.), 4.750%, 12/1/16		164,488
	190,000	Franklin County, OH, Municipal Facilities Improvements, G.O., (MBIA Ins.), 4.650%, 12/1/15		198,022
	350,000	Franklin County, OH, Hospital Revenue, 4.000%, 11/1/16		368,749
	35,000	Gallia, OH, County Local School District, Local School District, G.O., (AGM Ins.), 4.500%, 12/1/20		35,519
	215,000	Greater Cleveland Regional Transit Authority, OH, G.O., (FGIC Ins.), 5.000%, 12/1/15		242,099
	335,000	Greater Cleveland Regional Transit Authority, OH, Capital Improvement, G.O., (MBIA-RE FGIC Ins.), 5.000%, 12/1/21		354,313
	450,000	Greene County, OH, Sewer Systems Revenue, (AMBAC Ins.), 5.000%, 12/1/18		488,619
	275,000	Greene County, OH, Water & Sewer Revenue, (AGM Ins.), 5.000%, 12/1/21		288,799
	540,000	Greene County, OH, Refunding , G.O., Series A, (AMBAC Ins.), 5.000%, 12/1/19		608,099
	170,000	Hamilton County, OH, Stratford Heights Project, (AGM Ins.), 5.000%, 6/1/18		188,727

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

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	$	216,874
	135,000	Hamilton, OH, Electric Revenue, Series A, (AGM Ins.), 4.150%, 10/15/15		145,791
	280,000	Hamilton, OH, (Various Purposes), (Assured Guaranty), 5.000%, 11/1/21		302,140
	400,000	Harrison, OH, G.O., 2.600%, 12/8/11		405,144
	260,000	Hilliard, OH, School District, G.O., Series B, 0.000%, 12/1/18 (a)		196,555
	200,000	Huber Heights Ohio City School District, School Improvement, 4.750%, 12/1/24		205,698
	150,000	Hudson, OH, G.O., (AMBAC Ins.), 5.000%, 12/1/19		160,404
	75,000	Independence, OH, Rockside Road Improvement, G.O., (AMBAC Ins.), 5.000%, 12/1/20		80,483
	335,000	Kent State University, OH, General Receipts Revenue, G.O., Series B, (Assured Guaranty), 5.000%, 5/1/19		370,229
	75,000	Kent State University, OH, General Receipts Revenue, Series B, 5.000%, 5/1/15		83,382
	400,000	Kettering, OH, City School District, G.O., (AGM Ins.), 4.750%, 12/1/22		417,252
	95,000	Keystone, OH, Local School District, G.O., (AGM Ins.), 5.000%, 12/1/19		99,753
	285,000	Lakewood City, OH, School District, G.O., (AGM Ins.), 5.000%, 12/1/18		300,658
	300,000	Licking Heights, OH, Local School District, G.O., (National Reinsurance, FGIC Ins.), 4.750%, 12/1/20		310,857
	235,000	Madison, OH, Local School District, G.O., (AGM Ins.), 4.000%, 12/1/17		242,099
	600,000	Medina County, OH, Library District, G.O., (FGIC Ins.), 5.250%, 12/1/20		626,388
	500,000	Middletown, OH, G.O., (AGM Ins.), 5.000%, 12/1/21		540,745
	250,000	Montgomery County, OH, Water Refunding Revenue, (AMBAC Ins.), 5.375%, 11/15/16		257,680
	540,000	Montgomery County, OH, Refunding & Improvement, G.O., (National Reinsurance), 5.000%, 12/1/21		572,146


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	200,000	Mount Healthy, OH, City School District, G.O., (AGM Ins.), 5.250%, 12/1/19	$	224,316
	480,000	Mount Vernon, OH, Waterworks Refunding Revenue, (Assured Guaranty), 5.000%, 12/1/17		530,318
	50,000	Mount Vernon, OH, City School District, G.O., (AGM Ins.), 5.000%, 12/1/17		54,161
	400,000	North Canton, OH, City School District, G.O., (Assured Guaranty), 4.000%, 12/1/15		425,816
	275,000	Northwest, OH, Local School District, 0.000%, 12/1/20 (a)		175,818
	500,000	Norton, OH, City School District, Refunding School Improvement, G.O., 1.875%, 8/25/11		502,490
	175,000	Ohio State, G.O., 5.000%, 9/1/20		191,597
	200,000	Ohio Capital Asset Financing Program Fractionalized Interest, G.O., Series B, 5.000%, 12/1/22		209,018
	155,000	Ohio Housing Finance Agency, Single-family mortgage revenue, Series 1, 2.650%, 5/1/17		148,913
	400,000	Ohio Housing Finance Agency, Single-family mortgage revenue, Series 1, 3.250%, 5/1/20		374,072
	750,000	Ohio State, G.O., Series B, 4.500%, 9/15/23		765,472
	600,000	Ohio State, G.O., Series B, 4.500%, 9/15/24		608,208
	500,000	Ohio State, G.O., Series B, 5.000%, 9/15/19		541,165
	655,000	Ohio State, G.O., Series B, 5.375%, 9/1/23		714,782
	50,000	Ohio State, G.O., Series A, 4.000%, 9/15/18		53,875
	100,000	Ohio State, G.O., Series B, 5.000%, 3/1/20		107,945
	130,000	Ohio State, Infrastructure Improvement, G.O., Series A, 5.000%, 9/1/23		137,388
	150,000	Ohio State, G.O., Series B, 5.000%, 9/15/21		160,154
	250,000	Ohio State, G.O., Series B, 5.000%, 4/1/21		262,540
	350,000	Ohio State, G.O., Series B, 5.000%, 9/15/20		376,789
	100,000	Ohio State, G.O., Series B, 5.500%, 9/15/19		117,663

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

Annual Shareholder Report


*Huntington Ohio Tax Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	75,000	Ohio State, G.O., Series C, 5.000%, 8/1/20	$	84,537
	75,000	Ohio State, G.O., Series A, 5.000%, 9/15/17		82,987
	685,000	Ohio State, G.O., Series B, 5.000%, 3/1/18		745,890
	50,000	Ohio State Air Quality Development Authority Revenue, 3.000%, 12/1/13		51,091
	125,000	Ohio State Building Authority, Series A, (AGM Ins.), 5.500%, 10/1/14		128,695
	150,000	Ohio State Building Authority, Series A, 5.000%, 4/1/16		159,767
	400,000	Ohio State Building Authority, Series A, 5.000%, 10/1/23		425,792
	250,000	Ohio State Higher Educational Facilities Commission Revenue, Denison University Project Revenue, 5.000%, 11/1/20		263,845
	250,000	Ohio State Higher Educational Facilities Commission Revenue, Case Western Reserve University, Series PJ-A, 4.500%, 12/1/23		251,887
	115,000	Ohio State Housing Finance Agency Residential Mortgage Revenue, Series J, (GNMA/FNMA/FHLMC Ins.), 4.875%, 9/1/15		120,449
	175,000	Ohio State Housing Finance Agency Residential Mortgage Revenue, Series J, (GNMA/FNMA/FHLMC Ins.), 5.900%, 9/1/23		184,632
	180,000	Ohio State Housing Finance Agency Residential Mortgage Revenue, Series J, (GNMA/FNMA/FHLMC Ins.), 5.000%, 9/1/23		184,941
	150,000	Ohio State Parks & Recreation Revenue, Series II-A,, 5.000%, 12/1/17		160,660
	550,000	Ohio State Parks & Recreation Revenue, G.O., Series A, 5.000%, 6/15/21		582,406
	670,000	Ohio State Parks & Recreation Revenue, G.O., Series A, 5.000%, 2/1/24		697,229
	225,000	Ohio State Parks & Recreation Revenue, G.O., Series A, 5.000%, 3/1/19		241,391
	150,000	Ohio State Parks & Recreation Revenue, G.O., Series A, 5.000%, 6/15/24		156,150


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	300,000	Ohio State Parks & Recreation Revenue, G.O., Series A, 5.000%, 5/1/22	$	312,870
	150,000	Ohio State Parks & Recreation Revenue, G.O., Series A, 5.000%, 6/15/22		157,686
	1,000,000	Ohio State Turnpike Commission, (FGIC Ins.), 5.500%, 2/15/20		1,126,560
	170,000	Ohio State University, General Receipts Revenue, Series A, 5.000%, 6/1/25		176,519
	400,000	Ohio State Water Development Authority, 5.000%, 6/1/17		437,372
	395,000	Olentangy, OH, Local School District, G.O., Series A, 0.000%, 12/1/10 (a)		286,723
	300,000	Olentangy, OH, Local School District, G.O., (AGM Ins.), 5.000%, 12/1/21		321,519
	500,000	Olentangy, OH, Local School District, G.O., (AGM Ins.), 5.000%, 12/1/18		558,270
	170,000	Ottawa & Glandorf, OH, Local School District, Series A, 0.00%, 12/1/21 (a)		100,973
	175,000	Ottawa & Glandorf, OH, Local School District, Series A, 0.000%, 12/1/20 (a)		110,502
	235,000	Pandora Gilboa, OH, Local School District, Putnam County Capital Appreciation Refunding, G.O., (Student Credit Program), 0.000%, 12/1/15 (a)		204,144
	140,000	Pandora Gilboa, OH, Local School District, Putnam County Capital Appreciation Refunding, G.O., (Student Credit Program), 0.000%, 12/1/16 (a)		116,066
	200,000	Pickerington, OH, Local School District, School Facilities Construction & Improvement, G.O., 5.000%, 12/1/17		223,454
	500,000	Princeton, OH, Local School District, Series B, 0.000%, 12/1/20 (a)		333,120
	470,000	River Valley, OH, Local School District, G.O., (AGM Ins. Student Credit Program), 5.250%, 11/1/23		517,042
	100,000	Sebring, OH, Local School District, Capital Appreciation Refunding Class Room Facilities, G.O., (Student Credit Program), 0.000%, 12/1/17 (a)		76,900
	100,000	Sebring, OH, Local School District, Capital Appreciation Refunding Class Room Facilities, G.O., (Student Credit Program), 0.000%, 12/1/16 (a)		81,425

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

Annual Shareholder Report


*Huntington Ohio Tax Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	150,000	Seven Hills, OH, Capital Improvement, G.O., 5.250%, 12/1/18	$	171,099
	1,040,000	Shaker Heights, OH, Urban Renewal Refunding, G.O., (AMBAC Ins.), 5.000%, 12/1/17		1,097,138
	105,000	Southern Local School Disctict Ohio, Various Purposes Constructiona and Improvement, G.O., Series A, 12/1/17		82,966
	105,000	Southern Local School Disctict Ohio, Various Purposes Constructiona and Improvement, G.O., Series A, 12/1/15		91,878
	780,000	Southwest Licking Local School District, G.O., (AMBAC Ins.), 5.000%, 12/1/19		809,476
	500,000	South-Western City School District, (AGM Ins.), 4.750%, 12/1/22		522,745
	150,000	Springboro, OH, Various Purposes, G.O., 5.000%, 12/1/18		170,179
	125,000	Springfield City, OH, School District, (AGM Ins.), 5.000%, 12/1/21		132,321
	100,000	State of Ohio, Series A, (AGM Ins.), 5.000%, 4/1/17		108,773
	50,000	State of Ohio, Series 2008-1, 5.500%, 6/15/20		56,294
	325,000	Strongsville, OH, Library Improvements, G.O., (FGIC Ins.), 5.000%, 12/1/15		333,642
	235,000	Swanton, OH, Local School District, School Improvement, G.O., (FGIC Ins.), 4.900%, 12/1/15		242,269
	700,000	Toledo, OH, Waterworks Revenue, (MBIA Ins.), 5.000%, 11/15/19		753,669
	300,000	Toledo, OH, Waterworks Revenue, (MBIA-RE FGIC Ins.), 5.000%, 11/15/22		315,012
	225,000	Toledo, OH, Sewer System Revenue, (AMBAC Ins.), 5.000%, 11/15/18		235,165
	200,000	Toledo, OH, City School District, (FGIC Ins.), 5.000%, 12/1/21		210,304
	615,000	Toledo, OH, City School District, School Facilities Improvements, G.O., (Student Credit Program), 4.125%, 12/1/19		634,889
	400,000	Troy, OH, City School District, School Improvement, G.O., (AGM Ins.), 5.000%, 12/1/18		428,656


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	320,000	Troy, OH, G.O., 4.750%, 12/1/24	$	327,661
	1,050,000	Troy, OH, G.O., 4.750%, 12/1/22		1,083,579
	75,000	Trumbull County, OH, G.O., (AGM Ins.), 5.000%, 12/1/20		81,896
	655,000	Twinsburg, OH, Recreational Facilities Improvements, G.O., (FGIC Ins.), 5.500%, 12/1/17		671,277
	235,000	Twinsburg, OH , Local School District Refunding, G.O., (FGIC Ins.), 5.000%, 12/1/18		255,264
	500,000	University of Akron, OH, General Receipts Revenue, Series B, (AGM Ins.), 5.250%, 1/1/24		527,175
	350,000	University of Akron, OH, (AGM Ins.), 5.000%, 1/1/21		372,911
	300,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (AMBAC Ins.), 5.000%, 6/1/19		324,183
	500,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (MBIA Ins.), 5.000%, 6/1/22		525,970
	500,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (AGM Ins.), 5.000%, 6/1/20		533,080
	500,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (AMBAC Ins.), 5.000%, 6/1/17		542,905
	300,000	University of Cincinnati, OH, General Receipts Revenue, Series A, (AMBAC Ins.), 5.000%, 6/1/19		319,728
	400,000	University of Toledo, OH, General Receipts Revenue, Series A, (AMBAC Ins.), 5.000%, 6/1/19		427,784
	100,000	Van Buren, OH, School District, Capital Appreciation Advance Refunding, G.O., (AGM Ins.), 0.000%, 12/1/16 (a)		83,582
	150,000	Warren County, OH, Waterworks Refunding Revenue, (AGM Ins.), 5.000%, 12/1/18		156,759
	50,000	Warren County, OH, Waterworks Refunding Revenue, (AGM Ins.), 5.000%, 12/1/15		53,058
	650,000	Washington County, OH, School Improvements, G.O., (FGIC Ins.), 5.000%, 12/1/19		673,978

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

Annual Shareholder Report


*Huntington Ohio Tax Free Fund*		(Continued)


Principal Amount			*Value*

	*Municipal Bonds — (Continued)*
	*Ohio — (Continued)*
$	325,000	Western Reserve, OH, Local School District, Capital Appreciation Classroom Facilities, G.O., (Student Credit Program), 0.000%, 1/15/19 (a)	$	233,525
	65,000	Western Reserve, OH, Local School District, Capital Appreciation Classroom Facilities, G.O., (Student Credit Program), 0.000%, 1/15/18 (a)		49,412
	205,000	Western Reserve, OH, Local School District, Capital Appreciation Classroom Facilities, G.O., (Student Credit Program), 0.000%, 12/1/16 (a)		168,196
	200,000	Westerville, OH, City School District, G.O., (National Reinsurance), 5.000%, 12/1/17		215,782
	120,000	Westerville, OH, G.O., 2.750%, 12/1/17		122,273
	125,000	Westerville, OH, G.O., (AMBAC Ins.), 5.000%, 12/1/23		133,875
	300,000	Wyoming, OH, School District, Refunding School Improvement, G.O., (AGM Ins.), 5.000%, 12/1/20		318,723
	*Total Municipal Bonds (Cost $51,300,823)*			*51,562,286*


Principal Amount or Shares			*Value*

	*Cash Equivalents — 0.5%*
	257,778	Fidelity Tax-Exempt Portfolio, 0.140% (b)	$	257,778
	*Total Cash Equivalents (Cost $257,778)*			*257,778*
	*Total Investments (Cost $51,558,601) — 99.8%*			*51,820,064*
	*Other Assets in Excess of Liabilities — 0.2%*			*113,266*
	*Net Assets — 100.0%*		$	*51,933,330*

(a)

Zero coupon capital appreciation bonds.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

AGM — Assured Guaranty Municipal Corp.

AMBAC — American Municipal Bond Assurance Corp.

FGIC — Financial Guaranty Insurance Co.

FHLMC — Federal Home Loan Mortgage Corporation

FNMA — Federal National Mortgage Association

GNMA — Government National Mortgage Association

G.O. — General Obligation

MBIA — Municipal Bond Insurance Association

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

Annual Shareholder Report



*Huntington Short/Intermediate Fixed Income Securities Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Corporate Bonds		60.5%
U.S. Government Agencies		34.3%
U.S. Treasury Obligations		3.2%
Cash¹		2.0%
*Total*		*100.0%*

1	Investments in an affiliated money market fund.

Portfolio of Investments


Principal Amount			*Value*

	*Corporate Bonds — 60.8%*
	*Consumer Discretionary — 3.1%*
$	1,000,000	Comcast Corp., Class A, 5.500%, 3/15/11	$	1,009,760
	1,000,000	Home Depot, Inc., 5.250%, 12/16/13		1,097,546
	1,000,000	Johnson Controls, Inc., 4.875%, 9/15/13		1,074,522
	1,000,000	McDonald’s Corp., Series G, MTN, 4.300%, 3/1/13		1,066,051
	1,000,000	The Walt Disney Co., Series D, 4.500%, 12/15/13		1,092,129
	1,000,000	Time Warner, Inc., 3.150%, 7/15/15		1,016,018
				6,356,026
	*Consumer Staples — 5.1%*
	1,000,000	ConAgra Foods, Inc., 5.875%, 4/15/14		1,107,119
	1,000,000	CVS Caremark Corp., 4.875%, 9/15/14		1,085,841
	1,585,000	General Mills, Inc., 5.250%, 8/15/13		1,742,173
	1,000,000	HJ Heinz Co., 5.350%, 7/15/13		1,096,413
	2,000,000	Kellogg Co., 5.125%, 12/3/12		2,143,474
	2,000,000	Safeway, Inc., 5.800%, 8/15/12		2,152,442
	1,000,000	Sysco Corp., 4.200%, 2/12/13		1,063,996
				10,391,458
	*Energy — 3.7%*
	1,000,000	Apache Corp., 6.000%, 9/15/13		1,122,895
	1,000,000	Chevron Corp., 3.450%, 3/3/12		1,031,866
	1,000,000	ConocoPhillips, 4.750%, 2/1/14		1,086,262
	1,000,000	Kinder Morgan Energy Partners LP, 5.000%, 12/15/13		1,086,469
	1,000,000	Marathon Oil Corp., 6.500%, 2/15/14		1,125,721
	1,000,000	Noble Corp., 5.875%, 6/1/13		1,091,903


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Energy — (Continued)*
$	1,000,000	Spectra Energy Capital LLC, 5.900%, 9/15/13	$	1,100,048
				7,645,164
	*Financials — 18.4%*
	2,000,000	American Express Credit Co., 2.750%, 9/15/15		1,967,372
	2,000,000	Bank of New York Mellon Corp/The, 2.950%, 6/18/15		2,025,652
	2,000,000	Bank of Nova Scotia, 2.375%, 12/17/13		2,060,552
	1,000,000	BB&T Corp., 3.100%, 7/28/11		1,011,826
	1,000,000	Boeing Capital Corp., 3.250%, 10/27/14		1,042,061
	2,000,000	Caterpillar Financial Services Corp., Series F, MTN, 5.125%, 10/12/11		2,070,806
	1,000,000	Charles Schwab Corp/The, 4.950%, 6/1/14		1,087,433
	1,500,000	Citigroup, Inc., 6.010%, 1/15/15		1,645,539
	2,500,000	General Electric Capital Corp., 2.250%, 11/9/15		2,403,387
	1,500,000	Goldman Sachs Group, Inc., 5.500%, 11/15/14		1,622,182
	2,000,000	HSBC Financial Corp., 3.500%, 06/28/15 (a) (b)		2,050,210
	1,000,000	KeyBank NA, BKNT, 5.091%, 3/26/15		1,043,058
	433,000	M&I Marshall & Ilsley Bank, BKNT, 5.300%, 9/8/11		436,170
	2,000,000	Manulife Financial Corp., 3.400%, 9/17/15		1,959,060
	2,000,000	MetLife Global Funding I, 5.125%, 11/9/11 (a) (b)		2,071,436

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

Annual Shareholder Report


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


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Financials — (Continued)*
$	2,000,000	Morgan Stanley, Series G, MTN, 2.786%, 5/14/13 (c)	$	2,072,556
	1,500,000	PNC Funding Corp., 3.625%, 2/8/15		1,550,931
	1,500,000	Principal Life Income Funding Trusts, MTN, 5.150%, 9/30/11		1,536,318
	2,000,000	Prudential Financial, Inc., Series D, 3.875%, 1/14/15		2,063,356
	2,060,000	Simon Property Group LP, 4.200%, 2/1/15		2,153,998
	2,000,000	US Bank NA, 4.950%, 10/30/14		2,179,638
	1,500,000	Wells Fargo & Co., Series I, 3.750%, 10/1/14		1,565,828
				37,619,369
	*Health Care — 4.5%*
	1,500,000	McKesson Corp., 5.250%, 3/1/13		1,611,079
	1,000,000	Medco Health Solutions, Inc., 6.125%, 3/15/13		1,089,539
	2,000,000	Medtronic, Inc., 3.000%, 3/15/15		2,052,370
	1,000,000	Pfizer, Inc., 4.450%, 3/15/12		1,043,455
	1,200,000	St Jude Medical, Inc., 3.750%, 7/15/14		1,268,296
	2,000,000	Thermo Fisher Scientific, Inc., 3.200%, 5/1/15		2,046,160
				9,110,899
	*Industrials — 12.6%*
	1,000,000	3M Co., Series A, MTN, 4.375%, 8/15/13		1,087,922
	2,000,000	Anheuser-Busch InBev Worldwide, Inc., 2.500%, 3/26/13		2,046,612
	2,000,000	BJ Services Co., 5.750%, 6/1/11		2,042,764
	1,000,000	Broadcom Corp., 2.375%, 11/1/15		973,445
	2,000,000	Covidien International Finance SA, 2.800%, 6/15/15		2,007,388
	1,500,000	CSX Corp., 6.750%, 3/15/11		1,516,919
	1,000,000	Dell, Inc., 2.300%, 9/10/15		974,767
	2,000,000	Eaton Corp., 4.900%, 5/15/13		2,157,370
	1,000,000	Emerson Electric Co., 4.625%, 10/15/12		1,066,664
	2,000,000	Harsco Corp., 2.700%, 10/15/15		1,949,026
	1,000,000	ITT Corp., 4.900%, 5/1/14		1,073,561
	1,000,000	Nabors Industries, Inc., 5.375%, 8/15/12		1,055,756
	1,500,000	Northrop Grumman Corp., 3.700%, 8/1/14		1,575,195
	1,000,000	Premcor Refining Group Inc/The, 6.125%, 5/1/11		1,015,438
	1,000,000	Raytheon Co., 1.625%, 10/15/15		959,456


Principal Amount			*Value*

	*Corporate Bonds — (Continued)*
	*Industrials — (Continued)*
$	1,000,000	Shell International Finance BV, 4.000%, 3/21/14	$	1,064,097
	2,000,000	Symantec Corp., 2.750%, 9/15/15		1,951,646
	1,000,000	Wyeth, 5.500%, 3/15/13		1,093,377
				25,611,403
	*Information Technology — 2.9%*
	1,000,000	Cisco Systems, Inc., 5.250%, 2/22/11		1,006,266
	1,000,000	Dell, Inc., 4.700%, 4/15/13		1,073,463
	1,500,000	Hewlett-Packard Co., 4.250%, 2/24/12		1,558,794
	2,000,000	Oracle Corp., 4.950%, 4/15/13		2,178,808
				5,817,331
	*Materials — 5.2%*
	2,000,000	Air Products & Chemicals, Inc., 4.150%, 2/1/13		2,101,014
	1,000,000	Nucor Corp., 4.875%, 10/1/12		1,065,964
	1,000,000	Nucor Corp., 5.000%, 12/1/12		1,071,967
	2,000,000	Potash Corp. of Saskatchewan, Inc., 4.875%, 3/1/13		2,129,630
	2,000,000	PPG Industries, Inc., 5.750%, 3/15/13		2,170,716
	2,000,000	Sherwin-Williams Co/The, 3.125%, 12/15/14		2,057,854
				10,597,145
	*Telecommunication Services — 1.5%*
	2,000,000	AT&T, Inc., 2.500%, 8/15/15		1,992,972
	1,000,000	Verizon Wireless, 7.375%, 11/15/13		1,158,559
				3,151,531
	*Utilities — 3.8%*
	1,500,000	FPL Group Capital, Inc., 5.350%, 6/15/13		1,625,080
	1,000,000	Georgia Power Co., Series S, 4.000%, 1/15/11		1,000,792
	1,000,000	Indiana Michigan Power Co., 6.375%, 11/1/12		1,079,405
	2,000,000	PSEG Power LLC, 2.500%, 4/15/13		2,040,306
	1,000,000	Southern Co., 2.375%, 9/15/15		984,395
	1,000,000	Wisconsin Public Service Corp., 4.875%, 12/1/12		1,068,666
				7,798,644
	*Total Corporate Bonds (Cost $120,845,641)*			*124,098,970*
	*U.S. Government Agencies — 34.4%*
	*Federal Farm Credit Bank — 5.0%*
	3,000,000	2.125%, 6/18/12		3,068,808
	2,000,000	1.000%, 6/22/12		2,005,662
	3,000,000	1.875%, 12/7/12		3,069,054
	2,000,000	3.400%, 2/7/13		2,110,182
				10,253,706

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

Annual Shareholder Report


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


Principal Amount			*Value*

	*U.S. Government Agencies — (Continued)*
	*Federal Home Loan Bank — 18.9%*
$	2,000,000	3.125%, 6/10/11	$	2,022,952
	2,000,000	1.625%, 7/27/11		2,014,634
	2,000,000	1.000%, 12/28/11		2,011,806
	2,000,000	1.125%, 5/18/12		2,017,312
	2,000,000	1.875%, 6/20/12		2,039,604
	3,000,000	1.750%, 8/22/12		3,057,537
	1,000,000	1.625%, 9/26/12		1,017,570
	7,000,000	0.550%, 10/25/12		6,977,488
	3,000,000	1.625%, 6/14/13		3,051,252
	3,000,000	1.000%, 9/13/13		2,997,360
	1,000,000	4.375%, 9/13/13		1,088,477
	2,000,000	1.375%, 9/12/14		1,993,086
	2,000,000	3.250%, 9/12/14		2,125,760
	2,000,000	4.750%, 11/14/14		2,235,904
	2,000,000	1.750%, 9/11/15		1,959,160
	2,000,000	1.900%, 12/29/15		1,955,522
				38,565,424
	*Federal Home Loan Mortgage Corporation — 2.0%*
	2,000,000	4.750%, 1/18/11		2,003,552
	2,000,000	2.175%, 2/19/14		2,058,498
				4,062,050
	*Federal National Mortgage Association — 8.5%*
	1,435,000	2.000%, 1/30/12		1,457,633
	2,000,000	1.250%, 6/22/12		2,020,916
	5,000,000	0.625%, 9/24/12		5,005,165


Principal Amount or Shares			*Value*

	*U.S. Government Agencies — (Continued)*
	Federal National Mortgage Association — (Continued)
$	2,000,000	1.750%, 12/28/12	$	2,011,148
	4,000,000	1.500%, 9/8/14		3,997,096
	3,000,000	1.625%, 10/26/15		2,924,037
				17,415,995
	Total U.S. Government Agencies (Cost $69,869,405)			*70,297,175*
	*U.S. Treasury Obligations — 3.2%*
	*U.S. Treasury Notes — 3.2%*
	5,000,000	0.875%, 2/29/12		5,029,100
	1,500,000	0.750%, 12/15/13		1,489,337
	*Total U.S. Treasury Obligations (Cost $6,490,023)*			*6,518,437*
	*Cash Equivalents — 2.1%*
	4,188,774	Huntington Money Market Fund, Interfund Shares, 0.010% (d) (e)		4,188,774
	*Total Cash Equivalents (Cost $4,188,774)*			*4,188,774*
	*Total Investments* *(Cost $201,393,843) — 100.5%*			*205,103,356*
	*Liabilities in Excess of Other Assets — (0.5)%*			*(985,364)*
	*Net Assets — 100.0%*		$	*204,117,992*

(a)

(b)

Illiquid security.

(c)

Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(d)

Investment in affiliate.

(e)

Rate disclosed is the seven day yield as of December 31, 2010.

BKNT

— Bank Note

LLC

— Limited Liability Co.

LP	— Limited Partnership

MTN

— Medium Term Note

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

Annual Shareholder Report



*Huntington Balanced Allocation Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Equity Mutual Funds¹		59.9%
Fixed Income Mutual Funds¹		37.1%
Cash¹		3.0%
*Total*		*100.0%*

1	Investments in affiliated funds.

Portfolio of Investments


*Shares*			*Value*

	*Mutual Funds — 96.6% (a)*
	134,101	Huntington Dividend Capture Fund, Trust Shares	$	1,165,338
	187,147	Huntington Fixed Income Securities Fund, Trust Shares		4,147,173
	81,964	Huntington Growth Fund, Trust Shares		2,093,366
	106,518	Huntington Income Equity Fund, Trust Shares		2,160,184
	177,363	Huntington Intermediate Government Income Fund, Trust Shares		1,933,254
	271,754	Huntington International Equity Fund, Trust Shares		3,133,325
	225,126	Huntington Macro 100 Fund, Trust Shares		2,181,473
	72,099	Huntington Mid Corp America Fund, Trust Shares		1,126,908
	121,060	Huntington Mortgage Securities Fund, Trust Shares		1,101,642
	78,351	Huntington New Economy Fund, Trust Shares*		844,626
	96,454	Huntington Short/Intermediate Fixed Income Securities Fund, Trust Shares		1,926,180
	99,192	Huntington Situs Fund, Trust Shares*		2,004,678
	*Total Mutual Funds (Cost $21,518,914)*			*23,818,147*


*Shares*			*Value*
	*Cash Equivalents — 3.0%*
	749,149	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	749,149
	*Total Cash Equivalents (Cost $749,149)*			*749,149*
	Total Investments (Cost $22,268,063) — 99.6%			*24,567,296*
	*Other Assets in Excess of Liabilities — 0.4%*			*88,689*
	*Net Assets — 100.0%*		$	*24,655,985*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

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

Annual Shareholder Report



*Huntington Conservative Allocation Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Fixed Income Mutual Funds¹		76.0%
Equity Mutual Funds¹		19.7%
Cash¹		4.3%
*Total*		*100.0%*

1	Investments in affiliated funds.

Portfolio of Investments


*Shares*			*Value*
	*Mutual Funds — 95.5% (a)*
	26,600	Huntington Dividend Capture Fund, Trust Shares	$	231,157
	231,296	Huntington Fixed Income Securities Fund, Trust Shares		5,125,522
	16,245	Huntington Growth Fund, Trust Shares		414,890
	21,110	Huntington Income Equity Fund, Trust Shares		428,107
	219,138	Huntington Intermediate Government Income Fund, Trust Shares		2,388,604
	53,810	Huntington International Equity Fund, Trust Shares		620,425
	44,612	Huntington Macro 100 Fund, Trust Shares		432,293
	14,272	Huntington Mid Corp America Fund, Trust Shares		223,074
	149,735	Huntington Mortgage Securities Fund, Trust Shares		1,362,587
	15,511	Huntington New Economy Fund, Trust Shares *		167,208
	119,160	Huntington Short/Intermediate Fixed Income Securities Fund, Trust Shares		2,379,626
	19,662	Huntington Situs Fund, Trust Shares*		397,378
	Total Mutual Funds (Cost $13,437,903)			*14,170,871*


*Shares*			*Value*
	*Cash Equivalents — 4.3%*
	637,641	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	637,641
	Total Cash Equivalents (Cost $637,641)			*637,641*
	Total Investments (Cost $14,075,544) — 99.8%			*14,808,512*
	*Other Assets in Excess of Liabilities — 0.2%*			*31,369*
	*Net Assets — 100.0%*		$	*14,839,881*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

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

Annual Shareholder Report



*Huntington Growth Allocation Fund*		December 31, 2010


*Portfolio of Investments Summary Table*		(unaudited)


*Asset Allocation*	Percentage of Market Value
Equity Mutual Funds¹		79.9%
Fixed Income Mutual Funds¹		17.1%
Cash¹		3.0%
*Total*		*100.0%*

1	Investments in affiliated funds.

Portfolio of Investments


*Shares*			*Value*

	*Mutual Funds — 96.7% (a)*
	138,905	Huntington Dividend Capture Fund, Trust Shares	$	1,207,081
	66,879	Huntington Fixed Income Securities Fund, Trust Shares		1,482,045
	84,936	Huntington Growth Fund, Trust Shares		2,169,260
	110,383	Huntington Income Equity Fund, Trust Shares		2,238,576
	63,425	Huntington Intermediate Government Income Fund, Trust Shares		691,331
	281,901	Huntington International Equity Fund, Trust Shares		3,250,323
	233,501	Huntington Macro 100 Fund, Trust Shares		2,262,629
	74,637	Huntington Mid Corp America Fund, Trust Shares		1,166,583
	43,287	Huntington Mortgage Securities Fund, Trust Shares		393,913
	81,238	Huntington New Economy Fund, Trust Shares *		875,746
	34,494	Huntington Short/Intermediate Fixed Income Securities Fund, Trust Shares		688,840
	102,875	Huntington Situs Fund, Trust Shares*		2,079,110
	*Total Mutual Funds (Cost $16,091,866)*			*18,505,437*
	*Cash Equivalents — 3.0%*
	576,965	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		576,965
	*Total Cash Equivalents (Cost $576,965)*			*576,965*
	*Total Investments* *(Cost $16,668,831) — 99.7%*			*19,082,402*
	*Other Assets in Excess of Liabilities — 0.3%*			*49,632*
	*Net Assets — 100.0%*		$	*19,132,034*

(a)

Investment in affiliate.

(b)

Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

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

Annual Shareholder Report

[THIS PAGE INTENTIONALLY LEFT BLANK]

Statements of Assets and Liabilities

December 31, 2010


	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	$	82,333,215		$	395,432,340		$	197,923,461		$	387,721,453
Investments, at value	$	82,333,215		$	390,447,440		$	197,923,461		$	283,823,453
Investments in affiliated securities, at value		—			—			—			—
Investments in repurchase agreements, at cost		—			4,984,900			—			103,898,000
Total Investments		82,333,215			395,432,340			197,923,461			387,721,453
Cash		—			—			—			21
Foreign currencies, at value (Cost $-, $-, $-, $-, $-, $490, $-, $-, $345, $-)		—			—			—			—
Income receivable		162,105			444,144			318,036			550
Receivable for investments sold		—			—			—			—
Receivable for shares sold		—			7,588			—			—
Tax reclaims receivable		—			—			—			—
Receivable from Advisor		—			—			—			121,901
Prepaid expenses and other assets		10,208			23,209			16,415			19,155
Total assets		82,505,528			395,907,281			198,257,912			387,863,080
*Liabilities:*
Payable to custodian		—			6,276			—			—
Payable for investments purchased		—			—			—			—
Payable for shares redeemed		—			—			—			—
Income distribution payable		693			2,601			1,062			3,039
Accrued expenses and other payables
Investment advisor fees		14,670			23,316			18,911			—
Administration fees		14,199			57,053			26,058			52,603
Custodian fees		2,081			10,084			4,987			8,132
Financial administration fees		1,634			1,321			1,838			1,174
Distribution service fee		—			—			—			—
Shareholder services fee		—			—			—			—
Transfer agent fees		3,044			10,669			5,065			6,341
Compliance service fees		2,101			10,527			5,373			7,973
Other		9,522			106,531			62,627			68,723
Total liabilities		47,944			228,378			125,921			147,985
*Net Assets*	$	82,457,584		$	395,678,903		$	198,131,991		$	387,715,095

*Net Assets Consist of:*
Paid in capital	$	82,588,652		$	396,135,532		$	198,385,827		$	387,711,285
Net unrealized appreciation of investments, options and translations of assets and liabilities in foreign currency		—			—			—			—
Accumulated net realized gain (loss) on investments, options and foreign currency transactions		(131,068	)		(456,629	)		(253,836	)		(350	)
Accumulated net investment income (loss)		—			—			—			4,160
*Total Net Assets*	$	82,457,584		$	395,678,903		$	198,131,991		$	387,715,095

*Net Assets:*
Trust Shares	$	66,918,532		$	214,980,880		$	81,023,477		$	312,870,263
Class A Shares	$	15,539,052		$	134,974,155		$	117,108,514		$	74,844,832
Interfund Shares		—		$	45,723,868			—			—
*Shares Outstanding: (unlimited number of shares authorized, no par value):*
Trust Shares		67,016,566			215,454,252			81,174,592			312,841,800
Class A Shares		15,571,128			134,946,467			117,203,749			74,871,919
Interfund Shares		—			45,740,284			—			—
*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)

Annual Shareholder Report

101

Huntington
Dividend
Capture
Fund

Huntington
Global Select
Markets Fund

Huntington
Growth
Fund

Huntington
Income
Equity
Fund

Huntington
International
Equity
Fund

Huntington
Macro 100
Fund

110,134,031

37,058,289

116,190,664

98,435,640

242,233,054

37,121,092

118,084,250

41,280,952

126,984,736

103,831,173

294,593,775

43,242,502

1,122,914

716,504

6,700,122

3,214,284

8,803,071

2,108,417

—

119,207,164

41,997,456

133,684,858

107,045,457

303,396,846

45,350,919

—

1,598

—

490

—

372

—

248,877

84,824

108,744

197,083

1,029,733

36,345

161,330

—

1,262,763

—

3,152,524

—

81,681

37,837

106,866

29,365

130,238

96,243

—

2,702

—

336,958

—

8,966

361

15,970

14,596

13,907

21,092

119,708,018

42,123,670

135,180,799

107,286,501

308,060,578

45,504,599

—

21,592

—

952,945

—

2,622,313

—

192,558

36,772

50,164

144,303

151,275

1,750

—

73,762

77,630

66,782

53,848

256,629

28,530

23,368

7,886

19,152

15,767

39,225

7,666

2,074

3,292

2,815

2,245

9,912

798

1,801

11,084

1,613

1,466

10,647

1,749

4,831

212

2,265

1,650

2,518

485

24,601

8,622

27,827

22,435

64,170

9,510

10,830

2,219

10,623

8,338

12,240

5,013

2,000

384

2,970

2,356

6,860

783

13,584

—

33,952

22,393

56,823

2,076

1,302,354

148,101

2,840,476

274,801

631,891

58,360

118,405,664

41,975,569

132,340,323

107,011,700

307,428,687

45,446,239

140,603,287

37,385,247

115,338,641

117,512,585

269,375,543

45,786,115

9,073,133

4,939,943

17,494,194

8,609,817

61,209,874

8,229,827

(31,299,900

)

(105,318

)

(500,862

)

(19,157,178

)

(23,716,220

)

(8,575,719

)

29,144

(244,303

)

8,350

46,476

559,490

6,016

118,405,664

41,975,569

132,340,323

107,011,700

307,428,687

45,446,239

100,622,003

41,115,964

123,808,590

101,076,258

296,797,323

43,630,622

17,783,661

859,605

8,531,733

5,935,442

10,631,364

1,815,617

—

11,572,417

3,587,816

4,848,136

4,984,560

25,732,222

4,503,155

2,046,079

75,211

343,582

292,600

928,715

189,667

—

8.69

11.46

25.54

20.28

11.53

9.69

8.69

11.43

24.83

20.29

11.45

9.57

—

9.12

12.00

26.07

21.30

12.02

10.05

4.75

Annual Shareholder Report

102

Statements of Assets and Liabilities (Continued)

December 31, 2010

Huntington
Mid Corp
America
Fund

Huntington
New Economy
Fund

Huntington
Real
Strategies
Fund

Huntington
Rotating
Markets
Fund

Assets:

Investments, at cost

83,429,803

49,513,151

84,529,118

34,156,897

Investments, at value

146,918,946

55,185,350

94,115,189

39,107,355

Investments in affiliated securities, at value

1,913,483

1,609,241

101,452

183,730

Investments in repurchase agreements, at cost

—

Total Investments

148,832,429

56,794,591

94,216,641

39,291,085

Cash

—

Income receivable

122,761

13,057

69,796

46,709

Receivable for investments sold

—

Receivable for shares sold

56,732

29,767

81,863

40,714

Tax reclaims receivable

—

Prepaid expenses and other assets

11,175

9,166

15,065

14,045

Total assets

149,023,097

56,846,581

94,383,365

39,392,553

Liabilities:

Cash overdraft

—

Options written, at value (premium received $-, $521,395, $837,870, $-, $-, $-, $-, $-, $-, $)

—

828,330

1,375,219

—

Income distribution payable

—

Payable for investments purchased

—

14,112

—

Payable for shares redeemed

24,918

54,082

26,549

23,315

Accrued expenses and other payables

Investment advisor fees

94,813

40,313

57,372

16,579

Administration fees

22,338

8,572

14,364

5,510

Custodian fees

3,030

1,161

1,756

847

Financial administration fees

2,210

1,802

1,640

1,101

Distribution service fee

1,989

1,265

476

661

Shareholder services fee

31,612

11,854

19,126

8,288

Transfer agent fees

9,546

7,310

4,255

4,122

Compliance service fees

3,150

1,171

1,739

905

Other

33,870

8,863

1,379

2,001

Total liabilities

227,476

964,723

1,517,987

63,329

Net Assets

148,795,621

55,881,858

92,865,378

39,329,224

��

Net Assets Consist of:

Paid in capital

82,796,785

73,031,587

103,459,590

38,377,988

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

65,402,626

6,974,505

9,150,174

5,134,188

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

576,042

(24,133,322

)

(19,366,986

)

(4,284,016

)

Accumulated net investment income (loss)

20,168

9,088

(377,400

)

101,064

Total Net Assets

148,795,621

55,881,858

92,865,378

39,329,224

Net Assets:

Trust Shares

141,282,458

50,582,774

90,813,177

36,728,741

Class A Shares

7,513,163

5,299,084

2,052,201

2,600,483

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

Trust Shares

9,039,527

4,692,724

11,360,656

3,384,217

Class A Shares

492,561

505,284

256,544

241,277

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

Trust Shares

15.63

10.78

7.99

10.85

Class A Shares

15.25

10.49

8.00

10.78

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

Class A Shares

16.01

11.01

8.40

11.32

Maximum Sales Charge:

Class A Shares

4.75

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

Annual Shareholder Report

103

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

142,146,714

10,300,488

276,331,141

113,800,793

95,070,367

51,558,601

204,618,983

10,205,547

288,702,900

117,602,323

97,801,528

51,820,064

675,043

1,571,742

1,783,867

2,668,401

—

204,619,011

10,880,590

290,274,642

119,386,190

100,469,929

51,820,064

1,115,151

—

88,403

6,429

3,267,255

676,083

390,551

385,405

2,201,679

1,229,892

—

347,039

—

163,054

214,225

78,874

4,661

—

18,427

—

23,238

32,036

19,700

14,561

14,907

13,633

208,228,963

12,148,947

293,775,822

120,502,747

100,880,050

52,219,102

—

210,549

—

383,786

135,706

99,891

505,148

1,237,225

—

135,057

—

719,792

93,459

27,782

125,831

130,700

6,702

123,552

50,810

42,686

22,246

32,127

1,610

56,703

19,021

15,233

10,372

4,101

208

5,748

2,507

2,284

1,066

10,068

1,168

6,100

5,456

6,651

9,924

7,255

2,376

1,250

935

888

43,547

2,234

61,788

25,407

21,347

11,126

12,857

2,513

7,468

4,879

4,527

3,354

3,790

214

5,686

2,540

2,383

1,074

43,145

6,800

36,621

17,270

14,244

—

927,795

1,469,249

1,409,620

358,305

138,072

285,772

207,301,168

10,679,698

292,366,202

120,144,442

100,741,978

51,933,330

153,643,981

11,496,490

278,182,319

114,477,922

96,113,538

51,589,089

62,472,676

580,102

13,943,501

5,585,397

5,399,562

261,463

(8,838,552

)

(1,396,894

)

220,503

33,694

(977,170

)

82,965

23,063

—

19,879

47,429

206,048

(187

)

207,301,168

10,679,698

292,366,202

120,144,442

100,741,978

51,933,330

183,310,864

10,574,043

283,953,436

115,469,843

96,831,923

48,741,174

23,990,304

105,655

8,412,766

4,674,599

3,910,055

3,192,156

9,068,423

1,279,743

12,814,628

10,595,212

10,635,793

2,319,177

1,212,959

12,858

379,698

428,951

426,907

151,983

20.21

8.26

22.16

10.90

9.10

21.02

19.78

8.22

22.16

10.90

9.16

21.00

20.77

8.63

23.02

11.32

9.52

21.82

4.75

3.75

Annual Shareholder Report

104

Statements of Assets and Liabilities (Continued)

December 31, 2010

Huntington
Short/Intermediate
Fixed Income
Securities Fund

Huntington
Balanced
Allocation
Fund

Huntington
Conservative
Allocation
Fund

Huntington
Growth
Allocation
Fund

Assets:

Investments, at cost

201,393,843

22,268,063

14,075,544

16,668,831

Investments, at value

200,914,582

—

Investments in affiliated securities, at value

4,188,774

24,567,296

14,808,512

19,082,402

Total Investments

205,103,356

24,567,296

14,808,512

19,082,402

Income receivable

1,511,034

14,986

19,146

5,218

Receivable for shares sold

338,057

91,002

16,717

71,052

Receivable from Advisor

—

852

—

7,815

Prepaid expenses and other assets

15,426

12,296

7,333

10,265

Total assets

206,967,873

24,686,432

14,851,708

19,176,752

Liabilities:

Income distribution payable

208,266

1,911

580

1,880

Payable for investments purchased

2,174,360

—

Payable for shares redeemed

263,186

6,317

794

26,856

Accrued expenses and other payables

Investment advisor fees

85,641

—

1,493

—

Administration fees

34,024

9,506

646

1,968

Custodian fees

3,736

156

107

130

Financial administration fees

5,744

1,004

Distribution service fee

2,368

8,091

5,455

9,959

Shareholder services fee

42,837

—

Transfer agent fees

4,394

3,083

1,474

2,593

Compliance service fees

3,623

379

274

328

Other

21,702

—

Total liabilities

2,849,881

30,447

11,827

44,718

Net Assets

204,117,992

24,655,985

14,839,881

19,132,034

Net Assets Consist of:

Paid in capital

202,450,014

22,339,225

14,088,767

16,706,668

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

3,709,513

2,299,233

732,968

2,413,571

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

(2,041,535

)

16,964

17,441

11,593

Accumulated net investment income (loss)

—

563

705

202

Total Net Assets

204,117,992

24,655,985

14,839,881

19,132,034

Net Assets:

Trust Shares

196,478,741

—

Class A Shares

7,639,251

24,655,985

14,839,881

19,132,034

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

Trust Shares

9,836,304

—

Class A Shares

382,390

2,131,420

1,388,030

1,610,352

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

Trust Shares

19.97

—

Class A Shares

19.98

11.57

10.69

11.88

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

Class A Shares

20.28

12.15

11.22

12.47

Maximum Sales Charge:

Class A Shares

1.50

4.75

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

Annual Shareholder Report

105

[THIS PAGE INTENTIONALLY LEFT BLANK]

Statements of Operations

Year Ended December 31, 2010

Huntington
Tax Free
Money Market
Fund

Huntington
Money Market
Fund

Huntington
Ohio
Municipal
Money Market
Fund

Huntington
U.S. Treasury
Money Market
Fund

Huntington
Dividend
Capture
Fund

Investment Income:

Dividend income

6,881

155,240

14,046

4,401,249

Dividend income from affiliated securities

—

227

Interest income

423,809

1,331,056

954,599

563,630

—

Foreign dividend taxes withheld

—

(41,449

)

Total investment income

430,690

1,486,296

968,645

563,675

4,360,027

Expenses:

Investment advisor fees

285,679

1,373,133

690,534

719,777

726,020

Administration fees

173,452

834,137

419,303

655,714

176,386

Custodian fees

24,974

121,006

59,846

97,578

24,887

Transfer and dividend disbursing agent fees and expenses

36,528

127,491

60,781

76,097

86,699

Trustees’ fees

9,863

47,168

24,626

35,222

9,072

Professional fees

23,949

117,377

59,255

91,378

23,977

Financial administration fees

4,903

3,962

5,515

3,523

5,404

Distribution services fee—Class A Shares

49,069

323,343

290,698

��

163,042

25,657

Distribution services fee—Class B Shares(a)

—

782

—

26,936

Shareholder services fee—Trust Shares

188,926

617,155

284,631

736,670

207,385

Shareholder services fee—Class A Shares

49,069

323,343

290,698

163,042

25,657

Shareholder services fee—Class B Shares(a)

—

261

—

8,979

Share registration costs

30,958

41,833

29,975

30,759

36,874

Offering costs

—

Printing and postage

6,701

52,120

18,614

28,535

7,707

Insurance premiums

6,390

18,983

11,197

16,341

5,319

Compliance service fees

4,201

21,054

10,746

15,947

4,001

Other

1,362

112,829

46,366

68,627

4,960

Total expenses

896,024

4,135,977

2,302,785

2,902,252

1,405,920

Investment advisory fees waived

(187,676

)

(1,373,133

)

(491,216

)

(719,777

)

—

Distributions services fees waived

(49,069

)

(324,125

)

(290,698

)

(163,042

)

—

Shareholder services fees waived

(237,995

)

(940,759

)

(575,329

)

(899,712

)

—

Reimbursements from Advisor

—

(58,168

)

—

(593,004

)

—

Net expenses

421,284

1,439,792

945,542

526,717

1,405,920

Net Investment income (loss)

9,406

46,504

23,103

36,958

2,954,107

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

Net realized gain (loss) on investment transactions

(1,399

)

(4,591

)

(14,231

)

3,808

5,176,097

Net realized gain (loss) on option transactions

—

120,070

Net realized gain (loss) on foreign currency transactions

—

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

(1,399

)

(4,591

)

(14,231

)

3,808

5,296,167

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

—

5,598,095

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

(1,399

)

(4,591

)

(14,231

)

3,808

10,894,262

Change in net assets resulting from operations

8,007

41,913

8,872

40,766

13,848,369

(a)

Effective June 29, 2010, Class B shares were converted to Class A shares.

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

Annual Shareholder Report

107

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
New
Economy
Fund

509,989

1,693,037

4,114,169

8,880,527

596,352

2,039,230

366,451

203

575

182

1,360

349

640

408

66,061

—

(35,391

)

(30,015

)

(109,470

)

(555,128

)

—

(6,920

)

(1,081

)

540,862

1,663,694

4,004,881

8,326,759

596,739

2,032,950

365,778

235,249

790,567

630,515

3,046,232

282,467

1,062,100

448,995

42,862

240,070

191,466

555,034

68,621

258,026

96,242

39,939

33,782

26,938

118,940

8,570

36,357

13,936

25,193

93,175

71,566

108,834

40,792

80,328

56,932

1,561

13,802

10,769

31,498

2,473

14,144

5,254

5,699

33,528

26,613

77,966

8,319

35,600

13,214

28,099

4,839

4,399

26,787

5,246

6,630

5,405

1,307

17,507

11,634

20,446

3,179

13,244

10,910

—

9,417

9,916

8,144

3,412

13,448

6,261

57,505

308,756

247,773

738,407

89,839

336,313

119,058

1,307

17,507

11,634

20,446

3,179

13,244

10,910

—

3,139

3,305

2,715

1,137

4,483

2,087

4,536

40,091

36,894

41,784

26,081

40,495

34,953

49,031

—

1,187

11,360

8,966

27,347

2,895

11,641

4,829

388

7,335

5,892

11,636

3,592

6,634

4,259

768

5,940

4,712

13,719

1,566

6,300

2,342

22,898

10,813

1,974

26,129

2,487

11,283

2,823

517,529

1,641,628

1,304,966

4,876,064

553,855

1,950,270

838,410

—

(69,223

)

—

448,306

1,641,628

1,304,966

4,876,064

553,855

1,950,270

838,410

92,556

22,066

2,699,915

3,450,695

42,884

82,680

(472,632

)

(200,830

)

25,800,758

9,935,049

(2,509,219

)

(110,491

)

5,736,320

4,974,953

159,427

(48,558

)

82,415

—

3,122

97,229

(3,189,034

)

(50,151

)

(436

)

(271,669

)

—

(91,554

)

25,751,764

10,017,459

(2,780,888

)

(107,369

)

5,833,549

1,785,919

4,939,943

(13,801,489

)

(1,260,463

)

17,681,037

5,782,446

23,282,399

6,261,203

4,848,389

11,950,275

8,756,996

14,900,149

5,675,077

29,115,948

8,047,122

4,940,945

11,972,341

11,456,911

18,350,844

5,717,961

29,198,628

7,574,490

Annual Shareholder Report

108

Statements of Operations (Continued)

Year Ended December 31, 2010

Huntington
Real Strategies
Fund

Huntington
Rotating
Markets
Fund

Huntington
Situs
Fund

Huntington
Technical
Opportunities
Fund

Huntington
Fixed Income
Securities
Fund

Investment Income:

Dividend income

1,323,951

580,977

2,125,349

123,899

55,613

Dividend income from affiliated securities

579

189

540

744

Interest income

—

10,757,339

Foreign dividend taxes withheld

(20,988

)

—

(2,189

)

(816

)

—

Total investment income

1,303,542

581,166

2,123,700

123,133

10,813,696

Expenses:

Investment advisor fees

603,361

198,927

1,322,646

73,433

1,333,226

Administration fees

146,579

72,488

321,302

17,840

485,840

Custodian fees

21,068

9,665

49,216

2,499

68,977

Transfer and dividend disbursing agent fees and expenses

33,958

34,220

102,479

19,631

76,548

Trustees’ fees

7,837

3,941

17,012

970

25,636

Professional fees

17,321

10,157

44,144

2,479

66,974

Financial administration fees

4,919

3,304

25,051

3,504

18,300

Distribution services fee—Class A Shares

3,817

5,599

48,088

211

14,856

Distribution services fee—Class B Shares(a)

1,112

1,538

12,210

7,092

Shareholder services fee—Trust Shares

196,935

93,350

388,704

24,261

649,405

Shareholder services fee—Class A Shares

3,818

5,599

48,088

211

14,856

Shareholder services fee—Class B Shares(a)

371

513

4,070

2,364

Share registration costs

31,157

30,637

39,159

19,904

40,368

Printing and postage

5,995

3,354

19,381

743

19,331

Insurance premiums

4,743

3,964

7,038

2,501

9,831

Compliance service fees

3,478

1,610

7,580

427

11,372

Other

4,912

1,234

10,309

2,719

11,187

Total expenses

1,091,381

480,100

2,466,477

171,359

2,856,163

Investment advisory fees waived

—

Distributions services fees waived

—

Shareholder services fees waived

—

Reimbursement from Advisor

—

Net expenses

1,091,381

480,100

2,466,477

171,359

2,856,163

Net Investment income (loss)

212,161

101,066

(342,777

)

(48,226

)

7,957,533

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

Net realized gain (loss) on investment transactions

(1,823,260

)

3,306,337

6,466,161

1,512,512

1,872,593

Net realized gain (loss) on option transactions

(289,055

)

—

1,344,298

(44,029

)

—

Net realized gain (loss) on foreign currency transactions

—

(1,758

)

—

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

(2,112,315

)

3,306,337

7,808,701

1,468,483

1,872,593

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

20,723,483

(1,033,929

)

36,255,243

(680,918

)

4,051,840

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

18,611,168

2,272,408

44,063,944

787,565

5,924,433

Change in net assets resulting from operations

18,823,329

2,373,474

43,721,167

739,339

13,881,966

(a)

Effective June 29, 2010, Class B shares were converted to Class A shares.

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

Annual Shareholder Report

109

Huntington
Intermediate
Government
Income
Fund

Huntington
Mortgage
Securities
Fund

Huntington
Ohio
Tax Free
Fund

Huntington
Short/Intermediate
Fixed Income
Securities Fund

Huntington
Balanced
Allocation
Fund

Huntington
Conservative
Allocation
Fund

Huntington
Growth
Allocation
Fund

—

256,347

979

—

339

301

—

495

288,928

297,798

177,268

4,523,573

3,949,207

1,768,749

5,276,275

—

(88

)

—

4,523,912

4,205,767

1,769,728

5,276,784

288,928

297,798

177,268

580,316

528,278

248,657

869,335

18,946

12,934

15,775

211,470

192,508

90,613

316,800

34,521

23,566

28,743

30,081

27,414

12,792

44,836

1,873

1,287

1,556

51,281

47,887

37,614

49,683

16,899

14,598

15,815

11,575

10,690

4,826

16,420

1,687

1,233

1,471

29,297

26,696

12,420

43,754

4,699

3,251

3,949

16,369

19,954

29,773

17,231

3,012

8,398

7,578

6,501

11,348

46,944

32,335

39,228

3,279

2,037

3,420

—

280,669

255,885

116,690

423,336

—

8,398

7,578

6,501

11,348

—

1,093

679

1,140

—

36,042

31,723

25,762

30,378

5,576

5,476

5,526

8,578

8,083

3,568

12,012

1,426

1,005

1,401

6,450

5,699

4,133

6,667

2,864

2,821

2,861

5,079

3,765

2,148

7,245

757

549

656

2,939

5,416

1,654

1,834

1,035

1,266

1,291,314

1,181,870

608,212

1,862,227

140,239

102,084

121,259

—

(28.952

)

(11,431

)

(40,912

)

—

1,291,314

1,181,870

608,212

1,862,227

111,287

90,653

80,347

3,232,598

3,023,897

1,161,516

3,414,557

177,641

207,145

96,921

130,740

185,541

346,571

1,408,501

36,657

53,760

37,120

—

130,740

185,593

346,571

1,408,501

36,657

53,760

37,120

1,707,229

2,287,489

(671,744

)

(231,473

)

1,693,127

455,584

1,653,097

1,837,969

2,473,082

(325,173

)

1,177,028

1,729,784

509,344

1,690,217

5,070,567

5,496,979

836,343

4,591,585

1,907,425

716,489

1,787,138

Annual Shareholder Report

110

Statements of Changes in Net Assets


	Huntington Tax-Free Money Market Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
*Increase (Decrease) in Net Assets:*
*Operations—*
Net investment income	$	9,406		$	106,763
Net realized gain (loss) on investments, options and foreign currency transactions		(1,399	)		(55,252	)
Change in net assets resulting from operations		8,007			51,511
*Distributions to Shareholders—*
From and/or in excess of net investment income:
From net investment income
Trust Shares		(7,470	)		(95,705	)
Class A Shares		(1,936	)		(11,058	)
Class B Shares		—			—
Interfund Shares		—			—
Change in net assets resulting from distributions to shareholders		(9,406	)		(106,763	)
*Change in net assets resulting from capital transactions*		(16,054,701	)		(84,758,287	)
Change in net assets		(16,056,100	)		(84,813,539	)
*Net Assets:*
Beginning of period		98,513,684			183,327,223
End of period	$	82,457,584		$	98,513,684

Accumulated net investment income included in net assets at end of period	$	—		$	—
*Capital Transactions:*
Trust Shares
Shares sold	$	137,458,703		$	138,617,223
Dividends reinvested		—			—
Shares redeemed		(147,344,067	)		(206,636,768	)
Total Trust Shares		(9,885,364	)		(68,019,545	)
Class A Shares
Shares sold		76,461,653			142,937,621
Shares sold in class consolidation (a)		—			—
Dividends reinvested		797			6,904
Shares redeemed		(82,631,787	)		(159,683,267	)
Total Class A Shares		(6,169,337	)		(16,738,742	)
Class B Shares (a)
Shares sold		—			—
Dividends reinvested		—			—
Shares redeemed in class consolidation (a)		—			—
Shares redeemed		—			—
Total Class B Shares		—			—
Interfund Shares
Shares sold		—			—
Shares redeemed		—			—
Total Interfund Shares		—			—
Net change resulting from capital transactions	$	(16,054,701	)	$	(84,758,287	)
*Share Transactions:*
Trust Shares
Shares sold		137,458,703			138,617,223
Dividends reinvested		—			—
Shares redeemed		(147,344,067	)		(206,636,768	)
Total Trust Shares		(9,885,364	)		(68,019,545	)
Class A Shares
Shares sold		76,461,653			142,937,621
Shares sold in class consolidation (a)		—			—
Dividends reinvested		797			6,904
Shares redeemed		(82,631,787	)		(159,683,267	)
Total A Shares		(6,169,337	)		(16,738,742	)
Class B Shares (a)
Shares sold		—			—
Dividends reinvested		—			—
Shares redeemed in class consolidation (a)		—			—
Shares redeemed		—			—
Total B Shares		—			—
Interfund Shares
Shares sold		—			—
Shares redeemed		—			—
Total Interfund Shares		—			—
Net change resulting from share transactions		(16,054,701	)		(84,758,287	)

(a)

Effective June 29, 2010, Class B shares were converted to Class A shares.

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

Annual Shareholder Report

111


Huntington Money Market Fund						Huntington Ohio Municipal Money Market Fund						Huntington U.S. Treasury Money Market Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009


$	46,504		$	119,933		$	23,103		$	260,936		$	36,958		$	33,454
	(4,591	)		41,682			(14,231	)		(181,920	)		3,808			192
	41,913			161,615			8,872			79,016			40,766			33,646



	(25,098	)		(71,449	)		(11,414	)		(237,814	)		(30,463	)		(65,609	)
	(13,109	)		(25,441	)		(11,689	)		(23,122	)		(6,686	)		(9,836	)
	(10	)		(49	)		—			—			—			—
	(8,287	)		(22,994	)		—			—			—			—
	(46,504	)		(119,933	)		(23,103	)		(260,936	)		(37,149	)		(75,445	)
	(62,920,898	)		(656,458,332	)		(56,857,307	)		(163,898,652	)		71,513,112			(393,294,585	)
	(62,925,489	)		(656,416,650	)		(56,871,538	)		(164,080,572	)		71,516,729			(393,336,384	)

	458,604,392			1,115,021,042			255,003,529			419,084,101			316,198,366			709,534,750
$	395,678,903		$	458,604,392		$	198,131,991		$	255,003,529		$	387,715,095		$	316,198,366

$	—		$	—		$	—		$	—		$	4,160		$	193


$	874,783,454		$	970,437,598		$	244,447,562		$	181,009,493		$	863,202,276		$	1,218,476,251
	380			879			22			586			—			—
	(920,519,877	)		(1,488,900,099	)		(306,372,704	)		(350,394,268	)		(811,597,858	)		(1,540,225,386	)
	(45,736,043	)		(518,461,622	)		(61,925,120	)		(169,384,189	)		51,604,418			(321,749,135	)

	274,406,116			411,008,765			146,181,653			198,486,543			189,053,736			295,318,833
	—			—			—			—			—			—
	10,590			17,951			6,606			7,459			868			3,282
	(274,701,138	)		(575,108,386	)		(141,120,446	)		(193,008,465	)		(169,145,910	)		(366,867,565	)
	(284,432	)		(164,081,670	)		5,067,813			5,485,537			19,908,694			(71,545,450	)

	9,183			278,171			—			—			—			—
	10			47			—			—			—			—
	—			—			—			—			—			—
	(257,733	)		(461,107	)		—			—			—			—
	(248,540	)		(182,889	)		—			—			—			—

	478,749,433			365,917,434			—			—			—			—
	(495,401,316	)		(339,649,585	)		—			—			—			—
	(16,651,883	)		26,267,849			—			—			—			—
$	(62,920,898	)	$	(656,458,332	)	$	(56,857,307	)	$	(163,898,652	)	$	71,513,112		$	(393,294,585	)


	874,783,454			970,437,548			244,447,562			181,009,476			863,202,276			1,218,476,251
	380			879			22			586			—			—
	(920,519,877	)		(1,488,899,882	)		(306,372,704	)		(350,394,268	)		(811,597,858	)		(1,540,225,386	)
	(45,736,043	)		(518,461,455	)		(61,925,120	)		(169,384,206	)		51,604,418			(321,749,135	)

	274,406,116			411,008,765			146,181,653			198,486,543			189,053,736			295,318,833
	—			—			—			—			—			—
	10,590			17,951			6,606			7,459			868			3,282
	(274,701,138	)		(575,108,199	)		(141,120,446	)		(193,008,465	)		(169,145,910	)		(366,867,565	)
	(284,432	)		(164,081,483	)		5,067,813			5,485,537			19,908,694			(71,545,450	)

	9,183			277,649			—			—			—			—
	10			47			—			—			—			—
	—			—			—			—			—			—
	(257,733	)		(460,939	)		—			—			—			—
	(248,540	)		(183,243	)		—			—			—			—

	478,749,433			365,917,434			—			—			—			—
	(495,401,316	)		(339,649,585	)		—			—			—			—
	(16,651,883	)		26,267,849			—			—			—			—
	(62,920,898	)		(656,458,332	)		(56,857,307	)		(163,898,669	)		71,513,112			(393,294,585	)

Annual Shareholder Report

112

Statements of Changes in Net Assets (Continued)


	Huntington Dividend Capture Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
*Increase (Decrease) in Net Assets:*
*Operations—*
Net investment income (loss)	$	2,954,107		$	3,281,761
Net realized gain (loss) on investments, options and foreign currency transactions		5,296,167			(14,163,051	)
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		5,598,095			28,867,966
Change in net assets resulting from operations		13,848,369			17,986,676
*Distributions to Shareholders—*
From and/or in excess of net investment income:
Trust Shares		(2,548,196	)		(2,822,474	)
Class A Shares		(281,521	)		(192,423	)
Class B Shares		(95,246	)		(258,584	)
From net realized gain on investments:
Trust Shares		—			—
Class A Shares		—			—
Class B Shares		—			—
From return of capital:
Trust Shares		—			(153,159	)
Class A Shares		—			(11,221	)
Class B Shares		—			(17,306	)
Change in net assets resulting from distributions to shareholders		(2,924,963	)		(3,455,167	)
*Change in net assets resulting from capital transactions*		19,924,950			(251,986	)
Change in net assets		30,848,356			14,279,523
*Net Assets:*
Beginning of period		87,557,308			73,277,785
End of period	$	118,405,664		$	87,557,308

Accumulated net investment income (loss) included in net assets at end of period	$	29,144		$	—
*Capital Transactions:*
Trust Shares
Shares sold	$	28,363,588		$	14,073,470
Dividends reinvested		1,386,702			1,618,153
Shares redeemed		(13,154,436	)		(13,743,009	)
Total Trust Shares		16,595,854			1,948,614
Class A Shares
Shares sold		6,559,018			631,611
Shares sold in class consolidation (a)		6,422,265			—
Dividends reinvested		240,983			168,200
Shares redeemed		(2,564,382	)		(1,251,995	)
Total Class A Shares		10,657,884			(452,184	)
Class B Shares (a)
Shares sold		119,022			138,442
Dividends reinvested		86,563			252,553
Shares redeemed in class consolidation (a)		(6,422,265	)		—
Shares redeemed		(1,112,108	)		(2,139,411	)
Total Class B Shares		(7,328,788	)		(1,748,416	)
Net change resulting from capital transactions	$	19,924,950		$	(251,986	)
*Share Transactions:*
Trust Shares
Shares sold		3,514,014			2,136,480
Dividends reinvested		171,223			241,552
Shares redeemed		(1,608,121	)		(2,045,926	)
Total Trust Shares		2,077,116			332,106
Class A Shares
Shares sold		791,992			88,888
Shares sold in class consolidation (a)		840,611			—
Dividends reinvested		29,479			25,245
Shares redeemed		(312,633	)		(193,247	)
Total Investment/Class A Shares		1,349,449			(79,114	)
Class B Shares (a)
Shares sold		14,768			22,302
Dividends reinvested		10,965			38,105
Shares redeemed in class consolidation (a)		(843,924	)		—
Shares redeemed		(139,301	)		(329,522	)
Total Investment/Class B Shares		(957,492	)		(269,115	)
Net change resulting from share transactions		2,469,073			(16,123	)

(1)

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

(2)

Rounds to less than $1.

(a)

Effective June 29, 2010, Class B shares were converted to Class A shares.

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

Annual Shareholder Report

113


Huntington Global Select Markets Fund						Huntington Growth Fund						Huntington Income Equity Fund						Huntington International Equity Fund
Year Ended December 31, 2010			Period Ended December 31, 2009(1)			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009


$	92,556		$	—	(2)	$	22,066		$	9,983		$	2,699,915		$	2,938,005		$	3,450,695		$	4,569,072
	(91,554	)		—			25,751,764			(6,872,503	)		10,017,459			(17,918,728	)		(2,780,888	)		(21,833,004	)
	4,939,943			—	(2)		(13,801,489	)		31,169,501			(1,260,463	)		35,063,649			17,681,037			103,830,604
	4,940,945			—			11,972,341			24,306,981			11,456,911			20,082,926			18,350,844			86,566,672


	(392,639	)		—			(378	)		(33,067	)		(2,521,176	)		(2,755,535	)		(2,391,416	)		(2,949,875	)
	(7,192	)		—			(19	)		—			(104,186	)		(81,421	)		(72,760	)		(46,814	)
	—			—			—			—			(27,815	)		(63,309	)		—			(2,670	)

	—			—			—			—			—			—			—			(577,926	)
	—			—			—			—			—			—			—			(17,339	)
	—			—			—			—			—			—			—			(4,488	)

	(50,356	)		—			—			—			—			(73,924	)		—			—
	(1,144	)		—			—			—			—			(2,393	)		—			—
	—			—			—			—			—			(2,242	)		—			—
	(451,331	)		—			(397	)		(33,067	)		(2,653,177	)		(2,978,824	)		(2,464,176	)		(3,599,112	)
	37,484,955			1,000			(28,770,178	)		(13,294,868	)		(12,420,285	)		(2,644,200	)		(40,749,610	)		49,389,685
	41,974,569			1,000			(16,798,234	)		10,979,046			(3,616,551	)		14,459,902			(24,862,942	)		132,357,245

	1,000			—			149,138,557			138,159,511			110,628,251			96,168,349			332,291,629			199,934,384
$	41,975,569		$	1,000		$	132,340,323		$	149,138,557		$	107,011,700		$	110,628,251		$	307,428,687		$	332,291,629

$	(244,303	)	$	—		$	8,350		$	404		$	46,476		$	—		$	559,490		$	(386,291	)


$	37,539,607		$	500		$	12,842,248		$	33,779,715		$	12,158,596		$	21,427,415		$	53,700,060		$	108,643,636
	237,959			—			226			18,815			1,307,009			1,477,314			793,877			1,232,979
	(1,064,024	)		—			(40,453,766	)		(46,304,608	)		(25,147,192	)		(24,473,024	)		(95,416,225	)		(58,900,808	)
	36,713,542			500			(27,611,292	)		(12,506,078	)		(11,681,587	)		(1,568,295	)		(40,922,288	)		50,975,807

	1,018,671			500			982,549			765,892			785,109			386,292			2,536,935			3,327,103
	—			—			2,079,387			—			2,244,174			—			1,954,659			—
	6,400			—			17			28			98,867			79,886			63,912			62,719
	(253,658	)		—			(1,598,082	)		(983,839	)		(1,111,811	)		(904,536	)		(2,320,079	)		(4,883,507	)
	771,413			500			1,463,871			(217,919	)		2,016,339			(438,358	)		2,235,427			(1,493,685	)

	—			—			47,039			159,840			71,030			61,009			159,052			281,397
	—			—			—			—			26,668			63,188			—			6,972
	—			—			(2,079,387	)		—			(2,244,174	)		—			(1,954,659	)		—
	—			—			(590,409	)		(730,711	)		(608,561	)		(761,744	)		(267,142	)		(380,806	)
	—			—			(2,622,757	)		(570,871	)		(2,755,037	)		(637,547	)		(2,062,749	)		(92,437	)
$	37,484,955		$	1,000		$	(28,770,178	)	$	(13,294,868	)	$	(12,420,285	)	$	(2,644,200	)	$	(40,749,610	)	$	49,389,685


	3,668,554			50			549,642			1,702,652			647,759			1,340,332			5,059,393			13,029,865
	20,873			—			11			908			70,566			97,308			68,977			124,036
	(101,661	)		—			(1,751,756	)		(2,236,390	)		(1,334,020	)		(1,525,705	)		(9,278,730	)		(6,525,303	)
	3,587,766			50			(1,202,103	)		(532,830	)		(615,695	)		(88,065	)		(4,150,360	)		6,628,598

	99,395			50			43,320			37,956			42,174			24,508			238,025			371,017
	—			—			101,088			—			129,347			—			205,106			—
	563			—			1			2			5,334			5,315			5,592			6,563
	(24,797	)		—			(70,602	)		(50,421	)		(59,557	)		(58,007	)		(223,912	)		(522,841	)
	75,161			50			73,807			(12,463	)		117,298			(28,184	)		224,811			(145,261	)

	—			—			2,254			9,060			3,844			3,958			15,412			32,181
	—			—			—			—			1,462			4,259			—			787
	—			—			(109,212	)		—			(130,248	)		—			(209,727	)		—
	—			—			(28,409	)		(39,497	)		(32,970	)		(50,380	)		(26,207	)		(42,847	)
	—			—			(135,367	)		(30,437	)		(157,912	)		(42,163	)		(220,522	)		(9,879	)
	3,662,927			100			(1,263,663	)		(575,730	)		(656,309	)		(158,412	)		(4,146,071	)		6,473,458

Annual Shareholder Report

114

Statements of Changes in Net Assets (Continued)


	Huntington Macro 100 Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
*Increase (Decrease) in Net Assets:*
*Operations—*
Net investment income (loss)	$	42,884		$	60,214
Net realized gain (loss) on investments, options and foreign currency transactions		(107,369	)		(1,322,727	)
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		5,782,446			7,839,434
Change in net assets resulting from operations		5,717,961			6,576,921
*Distributions to Shareholders—*
From and/or in excess of net investment income:
Trust Shares		(39,179	)		(60,212	)
Class A Shares		—			—
Class B Shares		—			—
From net realized gain on investments:
Trust Shares		—			—
Class A Shares		—			—
Change in net assets resulting from distributions to shareholders		(39,179	)		(60,212	)
*Change in net assets resulting from capital transactions*		9,641,517			8,119,574
Change in net assets		15,320,299			14,636,283
*Net Assets:*
Beginning of period		30,125,940			15,489,657
End of period	$	45,446,239		$	30,125,940

Accumulated net investment income (loss) included in net assets at end of period	$	6,016		$	2,311
*Capital Transactions:*
Trust Shares
Shares sold	$	17,038,052		$	14,285,900
Dividends reinvested		17,810			30,946
Shares redeemed		(7,140,435	)		(5,639,083	)
Total Trust Shares		9,915,427			8,677,763
Class A Shares
Shares sold		173,176			103,111
Shares sold in class consolidation (a)		807,433			—
Dividends reinvested		—			—
Shares redeemed		(288,184	)		(463,125	)
Total Class A Shares		692,425			(360,014	)
Class B Shares(a)
Shares sold		19,109			22,388
Dividends reinvested		—			—
Shares redeemed in class consolidation (a)		(807,433	)		—
Shares redeemed		(178,011	)		(220,563	)
Total Class B Shares		(966,335	)		(198,175	)
Net change resulting from capital transactions	$	9,641,517		$	8,119,574
*Share Transactions:*
Trust Shares
Shares sold		1,939,161			2,086,351
Dividends reinvested		1,836			3,654
Shares redeemed		(809,687	)		(795,462	)
Total Trust Shares		1,131,310			1,294,543
Class A Shares
Shares sold		20,307			15,090
Shares sold in class consolidation (a)		100,677			—
Dividends reinvested		—			—
Shares redeemed		(34,038	)		(67,739	)
Total Investment/Class A Shares		86,946			(52,649	)
Class B Shares(a)
Shares sold		2,222			3,460
Dividends reinvested		—			—
Shares redeemed in class consolidation (a)		(103,120	)		—
Shares redeemed		(21,618	)		(33,447	)
Total Investment/Class B Shares		(122,516	)		(29,987	)
Net change resulting from share transactions		1,095,740			1,211,907

(a)

Effective June 29, 2010, Class B shares were converted to Class A shares.

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

Annual Shareholder Report

115


Huntington Mid Corp America Fund						Huntington New Economy Fund						Huntington Real Strategies Fund						Huntington Rotating Markets Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010				Year Ended December 31, 2009


$	82,680		$	326,636		$	(472,632	)	$	(183,071	)	$	212,161		$	475,407		$	101,066			$	425,295
	5,833,549			(121,299	)		1,785,919			(10,319,530	)		(2,112,315	)		(7,991,270	)		3,306,337				(1,739,757	)
	23,282,399			35,714,049			6,261,203			25,626,779			20,723,483			24,556,080			(1,033,929	)			12,210,346
	29,198,628			35,919,386			7,574,490			15,124,178			18,823,329			17,040,217			2,373,474				10,895,884


	(62,512	)		(365,323	)		—			—			(457,786	)		(726,816	)		(2,522	)			(408,767	)
	—			(3,401	)		—			—			(7,157	)		(9,733	)		(177	)			(13,933	)
	—			—			—			—			—			(1,232	)		—				(2,509	)

	(4,468,719	)		—			—			—			—			—			—				—
	(236,519	)		—			—			—			—			—			—				—
	(4,767,750	)		(368,724	)		—			—			(464,943	)		(737,781	)		(2,699	)			(425,209	)
	(14,727,099	)		8,847,158			(2,751,500	)		(4,125,836	)		488,388			21,956,780			(7,034,927	)			3,084,280
	9,703,779			44,397,820			4,822,990			10,998,342			18,846,774			38,259,216			(4,664,152	)			13,554,955

	139,091,842			94,694,022			51,058,868			40,060,526			74,018,604			35,759,388			43,993,376				30,438,421
$	148,795,621		$	139,091,842		$	55,881,858		$	51,058,868		$	92,865,378		$	74,018,604		$	39,329,224			$	43,993,376

$	20,168		$	—		$	9,088		$	2,171		$	(377,400	)	$	(187,155	)	$	101,064			$	2,697


$	16,843,639		$	33,756,756		$	9,198,803		$	9,940,386		$	26,207,190		$	34,982,399		$	3,675,994			$	8,106,299
	1,560,512			132,250			—			—			153,667			231,640			1,479				216,853
	(32,000,397	)		(23,761,222	)		(11,131,548	)		(12,800,558	)		(26,161,352	)		(13,724,010	)		(10,955,692	)			(4,854,147	)
	(13,596,246	)		10,127,784			(1,932,745	)		(2,860,172	)		199,505			21,490,029			(7,278,219	)			3,469,005

	871,497			653,555			530,957			655,131			525,252			510,322			748,046				268,850
	3,055,265			—			1,448,141			—			262,045			—			420,143				—
	229,929			3,199			—			—			6,718			8,676			167				13,467
	(1,452,171	)		(758,769	)		(1,063,887	)		(1,435,394	)		(270,600	)		(124,504	)		(699,394	)			(869,240	)
	2,704,520			(102,015	)		915,211			(780,263	)		523,415			394,494			468,962				(586,923	)

	48,822			127,210			12,188			48,923			74,092			104,113			232,135				209,093
	—			—			—			—			—			1,232			—				2,110
	(3,055,265	)		—			(1,448,141	)		—			(262,045	)		—			(420,143	)			—
	(828,930	)		(1,305,821	)		(298,013	)		(534,324	)		(46,579	)		(33,088	)		(37,662	)			(9,005	)
	(3,835,373	)		(1,178,611	)		(1,733,966	)		(485,401	)		(234,532	)		72,257			(225,670	)			202,198
$	(14,727,099	)	$	8,847,158		$	(2,751,500	)	$	(4,125,836	)	$	488,388		$	21,956,780		$	(7,034,927	)		$	3,084,280


	1,213,070			3,290,842			952,401			1,273,360			3,923,406			6,558,762			371,830				953,348
	101,242			9,951			—			—			19,281			35,802			157				21,095
	(2,300,605	)		(2,120,486	)		(1,147,077	)		(1,607,511	)		(3,891,127	)		(2,447,717	)		(1,072,809	)	��		(559,778	)
	(986,293	)		1,180,307			(194,676	)		(334,151	)		51,560			4,146,847			(700,822	)			414,665

	63,383			57,500			55,651			85,056			77,710			90,233			74,095				30,075
	240,951			—			166,453			—			44,566			—			45,717				—
	15,287			246			—			—			842			1,339			18				1,316
	(107,799	)		(72,560	)		(112,849	)		(190,948	)		(39,790	)		(22,980	)		(68,791	)			(101,325	)
	211,822			(14,814	)		109,255			(105,892	)		83,328			68,592			51,039				(69,934	)

	3,733			13,191			1,350			6,923			11,113			18,976			23,347				21,299
	—			—			—			—			—			191			—				209
	(253,129	)		—			(176,603	)		—			(44,871	)		—			(46,476	)			—
	(64,238	)		(125,998	)		(33,135	)		(75,489	)		(7,285	)		(5,662	)		(3,822	)			(970	)
	(313,634	)		(112,807	)		(208,388	)		(68,566	)		(41,043	)		13,505			(26,951	)			20,538
	(1,088,105	)		1,052,686			(293,809	)		(508,609	)		93,845			4,228,944			(676,734	)			365,269

Annual Shareholder Report

116

Statements of Changes in Net Assets (Continued)


	Huntington Situs Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
*Increase (Decrease) in Net Assets:*
*Operations—*
Net investment income (loss)	$	(342,777	)	$	267,309
Net realized gain (loss) on investments, options and foreign currency transactions		7,808,701			(16,170,019	)
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		36,255,243			60,633,114
Change in net assets resulting from operations		43,721,167			44,730,404
*Distributions to Shareholders—*
From and/or in excess of net investment income:
Trust Shares		—			(137,349	)
Class A Shares		—			(1,062	)
Class B Shares		—			—
From net realized gain on investments:
Trust Shares		—			(303,439	)
Class A Shares		—			(37,293	)
Class B Shares		—			(7,568	)
From return of capital:
Trust Shares		—			(157,791	)
Class A Shares		—			(1,219	)
Class B Shares		—			—
Change in net assets resulting from distributions to shareholders		—			(645,721	)
*Change in net assets resulting from capital transactions*		2,298,252			24,638,941
Change in net assets		46,019,419			68,723,624
*Net Assets:*
Beginning of period		161,281,749			92,558,125
End of period	$	207,301,168		$	161,281,749

Accumulated net investment income (loss) included in net assets at end of period	$	23,063		$	67,375
*Capital Transactions:*
Trust Shares
Shares sold	$	39,896,511		$	57,231,341
Dividends reinvested		—			249,366
Shares redeemed		(36,552,768	)		(32,901,269	)
Total Trust Shares		3,343,743			24,579,438
Class A Shares
Shares sold		4,703,589			4,332,365
Shares sold in class consolidation (a)		3,002,021			—
Dividends reinvested		—			39,050
Shares redeemed		(5,625,833	)		(4,187,864	)
Total Class A Shares		2,079,777			183,551
Class B Shares(a)
Shares sold		208,548			352,520
Dividends reinvested		—			7,286
Shares redeemed in class consolidation (a)		(3,002,021	)		—
Shares redeemed		(331,795	)		(483,854	)
Total Class B Shares		(3,125,268	)		(124,048	)
Net change resulting from capital transactions	$	2,298,252		$	24,638,941
*Share Transactions:*
Trust Shares
Shares sold		2,346,760			4,604,054
Dividends reinvested		—			17,659
Shares redeemed		(2,141,099	)		(2,417,894	)
Total Trust Shares		205,661			2,203,819
Class A Shares
Shares sold		281,058			337,114
Shares sold in class consolidation (a)		196,082			—
Dividends reinvested		—			3,091
Shares redeemed		(334,692	)		(324,573	)
Total Investment/Class A Shares		142,448			15,632
Class B Shares(a)
Shares sold		13,217			28,635
Dividends reinvested		—			608
Shares redeemed in class consolidation (a)		(205,056	)		—
Shares redeemed		(21,145	)		(41,324	)
Total Investment/Class B Shares		(212,984	)		(12,081	)
Net change resulting from share transactions		135,125			2,207,370

(a)

Effective June 29, 2010, Class B shares were converted to Class A shares.

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

Annual Shareholder Report

117


Huntington Technical Opportunities Fund						Huntington Fixed Income Securities Fund						Huntington Intermediate Government Income Fund						Huntington Mortgage Securities Fund
Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009			Year ended December 31, 2010			Year Ended December 31, 2009


$	(48,226	)	$	59,685		$	7,957,533		$	7,864,639		$	3,232,598		$	3,707,576		$	3,023,897		$	3,271,577
	1,468,483			(664,660	)		1,872,593			(1,168,072	)		130,740			389,587			185,593			(409,852	)
	(680,918	)		2,020,496			4,051,840			4,881,922			1,707,229			(1,883,421	)		2,287,489			2,248,532
	739,339			1,415,521			13,881,966			11,578,489			5,070,567			2,213,742			5,496,979			5,110,257


	(2,333	)		(58,053	)		(7,801,926	)		(7,755,385	)		(3,187,112	)		(3,670,980	)		(3,105,050	)		(3,397,493	)
	(24	)		(229	)		(159,981	)		(92,552	)		(85,429	)		(50,025	)		(93,677	)		(92,194	)
	—			—			(23,043	)		(60,457	)		(9,667	)		(19,137	)		(3,441	)		(14,901	)

	—			—			(350,955	)		(580,161	)		(259,371	)		—			—			—
	—			—			(10,945	)		(6,950	)		(9,101	)		—			—			—
	—			—			—			(5,692	)		—			—			—			—

	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	—			—			—			—			—			—			—			—
	(2,357	)		(58,282	)		(8,346,850	)		(8,501,197	)		(3,550,680	)		(3,740,142	)		(3,202,168	)		(3,504,588	)
	232,132			2,116,204			51,868,990			44,148,673			4,776,641			(1,839,872	)		(4,836,073	)		15,361,832
	969,114			3,473,443			57,404,106			47,225,965			6,296,528			(3,366,272	)		(2,541,262	)		16,967,501

	9,710,584			6,237,141			234,962,096			187,736,131			113,847,914			117,214,186			103,283,240			86,315,739
$	10,679,698		$	9,710,584		$	292,366,202		$	234,962,096		$	120,144,442		$	113,847,914		$	100,741,978		$	103,283,240

$	—		$	2,739		$	19,879		$	9		$	47,429		$	—		$	206,048		$	—


$	1,282,064		$	3,336,611		$	89,304,830		$	89,412,734		$	21,411,140		$	40,875,081		$	14,825,753		$	31,185,601
	1,998			43,003			3,524,347			3,504,724			1,759,548			1,969,792			1,398,109			1,549,345
	(1,084,074	)		(1,233,922	)		(43,892,319	)		(49,379,619	)		(19,954,994	)		(45,743,761	)		(21,748,608	)		(16,910,041	)
	199,988			2,145,692			48,936,858			43,537,839			3,215,694			(2,898,888	)		(5,524,746	)		15,824,905

	47,253			15,534			5,043,132			1,478,309			2,386,504			1,098,395			1,156,292			46,545
	4,906			—			1,838,391			—			902,507			—			560,977			—
	23			222			135,103			72,402			69,109			38,813			75,400			71,958
	(15,132	)		(28,949	)		(2,044,653	)		(684,629	)		(903,594	)		(340,073	)		(551,603	)		(547,762	)
	37,050			(13,193	)		4,971,973			866,082			2,454,526			797,135			1,241,066			(429,259	)

	—			4,000			74,087			226,008			40,750			397,766			42,377			30,813
	—			—			19,645			56,450			8,138			17,795			3,369			14,819
	(4,906	)		—			(1,838,391	)		—			(902,507	)		—			(560,977	)		—
	—			(20,295	)		(295,182	)		(537,706	)		(39,960	)		(153,680	)		(37,162	)		(79,446	)
	(4,906	)		(16,295	)		(2,039,841	)		(255,248	)		(893,579	)		261,881			(552,393	)		(33,814	)
$	232,132		$	2,116,204		$	51,868,990		$	44,148,673		$	4,776,641		$	(1,839,872	)	$	(4,836,073	)	$	15,361,832


	167,891			504,999			4,014,079			4,181,224			1,953,280			3,786,327			1,624,092			3,555,321
	293			5,570			158,026			163,626			160,279			182,544			152,933			176,713
	(145,505	)		(185,169	)		(1,976,293	)		(2,301,987	)		(1,827,782	)		(4,233,209	)		(2,367,709	)		(1,912,972	)
	22,679			325,400			2,195,812			2,042,863			285,777			(264,338	)		(590,684	)		1,819,062

	6,236			2,435			225,399			68,538			216,616			102,041			124,588			5,229
	710			—			82,108			—			81,972			—			61,042			—
	3			29			6,041			3,380			6,279			3,596			8,196			8,168
	(2,051	)		(4,616	)		(92,044	)		(32,084	)		(82,097	)		(31,522	)		(60,101	)		(61,957	)
	4,898			(2,152	)		221,504			39,834			222,770			74,115			133,725			(48,560	)

	—			613			3,388			10,605			3,759			37,049			4,655			3,495
	—			—			894			2,642			748			1,648			370			1,687
	(714	)		—			(82,219	)		—			(81,897	)		—			(61,242	)		—
	—			(3,371	)		(13,440	)		(25,092	)		(3,687	)		(14,215	)		(4,068	)		(9,048	)
	(714	)		(2,758	)		(91,377	)		(11,845	)		(81,077	)		24,482			(60,285	)		(3,866	)
	26,863			320,490			2,325,939			2,070,852			427,470			(165,741	)		(517,244	)		1,766,636

Annual Shareholder Report

118

Statements of Changes in Net Assets (Continued)


	Huntington Ohio Tax-Free Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009
*Increase (Decrease) in Net Assets:*
*Operations—*
Net investment income (loss)	$	1,161,516		$	1,165,906
Net realized gain (loss) on investments, options and foreign currency transactions		346,571			(53,124	)
Net change in unrealized appreciation/depreciation of investments and foreign currency transactions		(671,744	)		772,362
Change in net assets resulting from operations		836,343			1,885,144
*Distributions to Shareholders—*
From and/or in excess of net investment income:
Trust Shares		(1,099,620	)		(1,106,033	)
Class A Shares		(54,422	)		(38,681	)
Class B Shares		(7,662	)		(21,221	)
From net realized gain on investments:
Trust Shares		(159,909	)		—
Class A Shares		(10,438	)		—
Class B Shares		—			—
From return of capital:
Trust Shares		—			—
Class A Shares		—			—
Class B Shares		—			—
Change in net assets resulting from distributions to shareholders		(1,332,051	)		(1,165,935	)
*Change in net assets resulting from capital transactions*		7,086,223			9,251,645
Change in net assets		6,590,515			9,970,854
*Net Assets:*
Beginning of period		45,342,815			35,371,961
End of period	$	51,933,330		$	45,342,815

Accumulated net investment income (loss) included in net assets at end of period	$	(187	)	$	1
*Capital Transactions:*
Trust Shares
Shares sold	$	14,445,882		$	15,262,985
Dividends reinvested		151,156			152,160
Shares redeemed		(7,958,085	)		(6,464,541	)
Total Trust Shares		6,638,953			8,950,604
Class A Shares
Shares sold		918,341			521,043
Shares sold in class consolidation (a)		897,826			—
Dividends reinvested		53,999			34,700
Shares redeemed		(386,771	)		(258,433	)
Total Class A Shares		1,483,395			297,310
Class B Shares(a)
Shares sold		6,300			57,800
Dividends reinvested		5,652			16,324
Shares redeemed in class consolidation (a)		(897,826	)		—
Shares redeemed		(150,251	)		(70,393	)
Total Class B Shares		(1,036,125	)		3,731
Net change resulting from capital transactions	$	7,086,223		$	9,251,645
*Share Transactions:*
Trust Shares
Shares sold		675,066			718,635
Dividends reinvested		7,081			7,165
Shares redeemed		(371,028	)		(305,521	)
Total Trust Shares		311,119			420,279
Class A Shares
Shares sold		42,824			24,501
Shares sold in class consolidation (a)		42,092			—
Dividends reinvested		2,529			1,635
Shares redeemed		(17,844	)		(12,340	)
Total Investment/Class A Shares		69,601			13,796
Class B Shares(a)
Shares sold		297			2,750
Dividends reinvested		265			769
Shares redeemed in class consolidation (a)		(42,092	)		—
Shares redeemed		(7,059	)		(3,335	)
Total Investment/Class B Shares		(48,589	)		184
Net change resulting from share transactions		332,131			434,259

(1)

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

(a)

Effective June 29, 2010, Class B shares were converted to Class A shares.

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

Annual Shareholder Report

119


Huntington Short/Intermediate Fixed Income Fund							Huntington Balanced Allocation Fund						Huntington Conservative Allocation Fund						Huntington Growth Allocation Fund
Year Ended December 31, 2010			Year Ended December 31, 2009				Year Ended December 31, 2010			Period Ended December 31, 2009(1)			Year Ended December 31, 2010			Period Ended December 31, 2009(1)			Year Ended December 31, 2010			Period Ended December 31, 2009(1)


$	3,414,557		$	3,172,259			$	177,641		$	61,310		$	207,145		$	83,157		$	96,921		$	48,181
	1,408,501			(270,239	)			36,657			77,393			53,760			32,732			37,120			98,894
	(231,473	)		5,592,730				1,693,127			606,106			455,584			277,384			1,653,097			760,474
	4,591,585			8,494,750				1,907,425			744,809			716,489			393,273			1,787,138			907,549


	—			—				(177,167	)		(69,748	)		(206,601	)		(91,089	)		(96,753	)		(56,570	)
	(3,341,841	)		(3,155,522	)			—			—			—			—			—			—
	(72,716	)		(15,818	)			—			—			—			—			—			—

	—			—				(92,266	)		(4,820	)		(63,238	)		(5,813	)		(120,311	)		(4,110	)
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—

	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	(3,414,557	)		(3,171,340	)			(269,433	)		(74,568	)		(269,839	)		(96,902	)		(217,064	)		(60,680	)
	52,480,998			65,451,462				9,681,633			12,666,119			3,144,837			10,952,023			4,639,422			12,075,669
	53,658,026			70,774,872				11,319,625			13,336,360			3,591,487			11,248,394			6,209,496			12,922,538

	150,459,966			79,685,094				13,336,360			—			11,248,394			—			12,922,538			—
$	204,117,992		$	150,459,966			$	24,655,985		$	13,336,360		$	14,839,881		$	11,248,394		$	19,132,034		$	12,922,538

$	—		$	—			$	563		$	89		$	705		$	161		$	202		$	34


$	74,732,503		$	91,686,492			$	11,109,153		$	12,728,615		$	3,498,712		$	11,051,834		$	5,456,006		$	12,018,440
	943,045			1,139,715				263,147			73,732			267,039			96,761			212,739			59,697
	(29,773,510	)		(27,869,753	)			(1,690,667	)		(136,228	)		(620,914	)		(196,572	)		(1,029,323	)		(2,468	)
	45,902,038			64,956,454				9,681,633			12,666,119			3,144,837			10,952,023			4,639,422			12,075,669

	8,001,574			586,130				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	69,097			12,897				—			—			—			—			—			—
	(1,491,711	)		(104,019	)			—			—			—			—			—			—
	6,578,960			495,008				—			—			—			—			—			—

	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
$	52,480,998		$	65,451,462			$	9,681,633		$	12,666,119		$	3,144,837		$	10,952,023		$	4,639,422		$	12,075,669

	—			—				1,018,862			1,247,514			331,611			1,099,719			494,932			1,183,911
	3,725,784			4,733,505				24,176			6,888			25,340			9,406			19,343			5,494
	47,048			58,664				(153,268	)		(12,752	)		(59,082	)		(18,964	)		(93,091	)		(237	)
	(1,487,987	)		(1,434,251	)			—			—			—			—			—			—
	2,284,845			3,357,918				889,770			1,241,650			297,869			1,090,161			421,184			1,189,168

	399,203			29,726				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	3,436			663				—			—			—			—			—			—
	(74,625	)		(5,401	)			—			—			—			—			—			—
	328,014			24,988				—			—			—			—			—			—
						��
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	—			—				—			—			—			—			—			—
	2,612,859			3,382,906				889,770			1,241,650			297,869			1,090,161			421,184			1,189,168

Annual Shareholder Report

120

Financial Highlights

Money Market Funds

(For a share outstanding throughout each period)

Net Asset
Value,
beginning
of period

Net
investment
income

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 TAX-FREE MONEY MARKET FUND

Trust Shares

2006

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2007

1.00

0.03

—

(1)

0.03

(0.03

)

—

(0.03

)

2008

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

Class A Shares

2006

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2007

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2008

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

HUNTINGTON MONEY MARKET FUND

Trust Shares

2006

1.00

0.04

—

(1)

0.04

(0.04

)

—

(0.04

)

2007

1.00

0.04

—

(1)

0.04

(0.04

)

—

(0.04

)

2008

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

Class A Shares

2006

1.00

0.04

—

(1)

0.04

(0.04

)

—

(0.04

)

2007

1.00

0.05

—

(1)

0.04

(0.04

)

—

(0.04

)

2008

1.00

0.01

—

(1)

0.01

(0.01

)

—

(0.01

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

InterFund Shares

2006

1.00

0.04

—

(1)

0.04

(0.04

)

—

(0.04

)

2007

1.00

0.05

—

(1)

0.05

(0.05

)

—

(0.05

)

2008

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

Amount is less than $0.005.

(2)

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

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

Annual Shareholder Report

121

Net Asset
Value, end
of period

Total
return

Ratio of Net
Expenses to
Average Net
Assets

Ratio of Net
Investment
Income to
Average Net
Assets

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

Net Assets,
at end of
period
(000 omitted)

$1.00

2.48

0.93

2.46

0.93

25,361

$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

2.23

1.18

2.22

1.18

14,205

$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

4.20

0.82

4.12

0.82

500,167

$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

3.94

1.07

3.92

1.07

406,510

$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

4.46

0.57

4.36

0.57

40,803

$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

Annual Shareholder Report

122

Financial Highlights (Continued)

Money Market Funds (Continued)

(For a share outstanding throughout each period)

Net Asset
Value,
beginning
of period

Net
investment
income

Net realized
and unrealized
gain on
investments

Total from
investment
operations

Distributions
from net
investment
income

Distributions
from net
realized gain
on investment
transactions

Total
distributions

HUNTINGTON OHIO MUNICIPAL MONEY MARKET FUND

Trust Shares

2006

1.00

0.03

—

(1)

0.03

(0.03

)

—

(0.03

)

2007

1.00

0.03

—

(1)

0.03

(0.03

)

—

(0.03

)

2008

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

Class A Shares

2006

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2007

1.00

0.03

—

(1)

0.03

(0.03

)

—

(0.03

)

2008

1.00

0.02

—

(1)

0.02

(0.02

)

—

(0.02

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

HUNTINGTON U.S. TREASURY MONEY MARKET FUND

Trust Shares

2006

1.00

0.04

—

(1)

0.04

(0.04

)

—

(0.04

)

2007

1.00

0.04

—

(1)

0.04

(0.04

)

—

(1)

(0.04

)

2008

1.00

0.01

—

(1)

0.01

(0.01

)

—

(0.01

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

Class A Shares

2006

1.00

0.04

—

(1)

0.04

(0.04

)

—

(0.04

)

2007

1.00

0.04

—

(1)

0.04

(0.04

)

—

(1)

(0.04

)

2008

1.00

0.01

—

(1)

0.01

(0.01

)

—

(0.01

)

2009

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

2010

1.00

—

(1)

—

(1)

—

(1)

—

(1)

—

(1)

Amount is less than $0.005.

(2)

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

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

Annual Shareholder Report

123

Net Asset
Value, end
of period

Total
return

Ratio of Net
Expenses to
Average Net
Assets

Ratio of Net
Investment
Income to
Average Net
Assets

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

Net Assets,
at end of
period
(000 omitted)

$1.00

2.60

0.85

2.58

0.85

95,205

$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

2.35

1.10

2.33

1.10

108,666

$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

4.12

0.74

4.06

0.74

536,387

$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

3.86

0.99

3.80

0.99

68,073

$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

Annual Shareholder Report

124

Financial Highlights (Continued)

Equity Funds

(For a share outstanding throughout each period)

Net Asset
Value,
beginning
of period

Net
investment
income

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 DIVIDEND CAPTURE FUND

Trust Shares

2006

10.86

0.39

1.32

1.71

(0.39

)

(0.54

)

—

(0.93

)

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

)

Class A Shares

2006

10.86

0.36

1.32

1.68

(0.36

)

(0.54

)

—

(0.90

)

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

)

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

)

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

)

(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.

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

Annual Shareholder Report

125


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, at end of period (000 omitted)		Portfolio turnover rate(3)


	$11.64		16.03	%		1.31	%		3.44	%		1.31	%	$	112,404		98	%
	$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	%

	$11.63		15.74	%		1.56	%		3.18	%		1.56	%	$	11,502		98	%
	$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	%


	$10.00		0.00	%(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	%

	$10.00		0.00	%(6)		2.19	%(7)		(2.92	)%(7)		2.19	%(7)	$	1		—	%(6)
$	11.43		15.38	%		2.16	%		0.20	%		2.44	%	$	860		45	%

Annual Shareholder Report

126

Financial Highlights (Continued)

Equity Funds (Continued)

(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 GROWTH FUND

Trust Shares

2006

39.52

0.09

3.10

3.19

(0.08

)

(5.39

)

—

(5.47

)

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

—

(4)

—

(4)

2010

23.17

0.01

2.36

2.37

—

(4)

—

(4)

Class A Shares

2006

39.01

(0.01

)

3.05

3.04

—

(5.39

)

—

(5.39

)

2007

36.66

0.03

5.47

5.50

(0.04

)

(7.81

)

—

(7.85

)

2008

34.31

(0.03

)

(11.83

)

(11.86

)

—

(4)

(3.19

)

—

(3.19

)

2009

19.26

(0.04

)

3.37

3.33

—

2010

22.59

(0.03

)

2.27

2.24

—

(4)

—

(4)

HUNTINGTON INCOME EQUITY FUND

Trust Shares

2006

31.26

0.57

2.94

3.51

(0.57

)

(3.09

)

—

(3.66

)

2007

31.11

0.55

—

(4)

0.55

(0.54

)

(4.66

)

—

(5.20

)

2008

26.46

0.57

(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

)

Class A Shares

2006

31.27

0.49

2.93

3.42

(0.49

)

(3.09

)

—

(3.58

)

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

)

(1)

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

(2)

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

(3)

Portfolio turnover rate increased significantly during the period. This increase was attributable to changes in equity management staff, cash flows into and out of the Fund, as well as tactical portfolio adjustments made. The basic characteristics of the Fund’s investment strategy in terms of market capitalization, style and diversification have not changed (Unaudited).

(4)

Amount is less than $0.005.

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

Annual Shareholder Report

127


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			Net Assets, at end of period (000 omitted)		Portfolio turnover rate(2)


	$37.24		8.36	%		1.15	%		0.22	%		1.15	%	$	223,155		31	%
	$35.01		15.93	%		1.13	%		0.32	%		1.13	%	$	227,972		86	%(3)
	$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	%

	$36.66		8.11	%		1.40	%		(0.03	)%		1.40	%	$	9,209		31	%
	$34.31		15.62	%		1.38	%		0.07	%		1.38	%	$	9,680		86	%(3)
	$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	%


	$31.11		11.36	%		1.15	%		1.79	%		1.15	%	$	185,816		43	%
	$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	%

	$31.11		11.05	%		1.40	%		1.53	%		1.40	%	$	6,139		43	%
	$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	%

Annual Shareholder Report

128

Financial Highlights (Continued)

Equity Funds (Continued)

(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 INTERNATIONAL EQUITY FUND

Trust Shares

2006

11.79

0.09

3.10

3.19

(0.08

)

(0.97

)

(1.05

)

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

)

Class A Shares

2006

11.74

0.03

3.10

3.13

(0.06

)

(0.97

)

(1.03

)

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

)

HUNTINGTON MACRO 100 FUND

Trust Shares

2006

11.31

—

(3)

0.77

—

(0.24

)

(0.24

)

2007

11.84

—

(3)

(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

)

Class A Shares

2006

11.26

(0.02

)

0.76

0.74

—

(0.24

)

(0.24

)

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

—

(3)

1.85

—

2010

8.30

(0.01

)

1.28

1.27

—

(1)

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

(2)

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

(3)

Amount is less than $0.005.

(4)

The major cause of increase to portfolio turnover was changes made to the portfolio by the management team based upon changing macroeconomic fundamentals.

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

Annual Shareholder Report

129


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			Net Assets, at end of period (000 omitted)		Portfolio turnover rate(2)


$13.93		27.04	%		1.57	%		0.73	%		1.57	%	$	266,509		26	%
$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	%

$13.84		26.79	%		1.83	%		0.40	%		1.83	%	$	6,509		26	%
$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	%


$11.84		6.79	%		1.43	%		0.04	%		1.43	%	$	42,758		222	%(4)
$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	%(4)
$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	%

$11.76		6.55	%		1.68	%		(0.23	)%		1.68	%	$	3,189		222	%(4)
$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	%(4)
$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	%

Annual Shareholder Report

130

Financial Highlights (Continued)

Equity Fund (Continued)

(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 MID CORP AMERICA FUND

Trust Shares

2006

15.47

0.02

1.24

1.26

(0.01

)

(0.29

)

—

(0.30

)

2007

16.43

(0.01

)

1.26

1.25

—

(3)

(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

)

Class A Shares

2006

15.27

(0.03

)

1.23

1.20

—

(0.29

)

—

(0.29

)

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

)

HUNTINGTON NEW ECONOMY FUND

Trust Shares

2006

15.92

(0.06

)

1.50

1.44

—

(1.32

)

—

(1.32

)

2007

16.04

0.02

1.84

1.86

(0.01

)

(3.16

)

—

(3.17

)

2008

14.73

(0.04

)(5)

(7.97

)

(8.01

)

—

(0.01

)

(0.01

)

2009

6.71

(0.03

)

2.66

2.63

—

2010

9.34

(0.09

)

1.53

1.44

—

Class A Shares

2006

15.74

(0.09

)

1.49

1.40

—

(1.32

)

—

(1.32

)

2007

15.81

(0.01

)

1.81

1.80

—

(3.16

)

—

(3.16

)

2008

14.45

(0.07

)(5)

(7.81

)

(7.88

)

—

(0.01

)

(0.01

)

2009

6.56

(0.05

)

2.60

2.55

—

2010

9.11

(0.10

)

1.48

1.38

—

(1)

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

(2)

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

(3)

Amount is less than $0.005.

(4)

(5)

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

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

Annual Shareholder Report

131


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			Net Assets, at end of period (000 omitted)		Portfolio turnover rate(2)


$16.43		8.09	%		1.31	%		0.07	%		1.31	%	$	150,902		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	%

$16.18		7.84	%		1.56	%		(0.17	)%		1.56	%	$	4,986		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	%


$16.04		9.18	%		1.43	%		(0.39	)%		1.43	%	$	97,791		50	%
$14.73		12.19	%		1.41	%		0.14	%		1.41	%	$	106,812		119	%(4)
$6.71		(54.43	)%		1.44	%		(0.38	)%		1.44	%	$	35,041		127	%
$9.34		39.20	%		1.55	%		(0.34	)%		1.55	%	$	45,656		114	%
$10.78		15.42	%		1.55	%		(0.86	)%		1.55	%	$	50,583		256	%

$15.81		8.96	%		1.68	%		(0.64	)%		1.68	%	$	8,607		50	%
$14.45		11.99	%		1.66	%		(0.11	)%		1.66	%	$	8,943		119	%(4)
$6.56		(54.58	)%		1.69	%		(0.63	)%		1.69	%	$	3,294		127	%
$9.11		38.87	%		1.80	%		(0.62	)%		1.80	%	$	3,609		114	%
$10.49		15.15	%		1.80	%		(1.11	)%		1.80	%	$	5,299		256	%

Annual Shareholder Report

132

Financial Highlights (Continued)

Equity Funds (Continued)

(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 REAL STRATEGIES FUND

Trust Shares

2007(3)

10.00

0.11

0.92

1.03

(0.11

)

(0.13

)

—

(0.24

)

2008

10.79

0.05

(5)

(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

)

Class A Shares

2007(3)

10.00

0.09

0.92

1.01

(0.10

)

(0.13

)

—

(0.23

)

2008

10.78

0.03

(5)

(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

)

HUNTINGTON ROTATING MARKETS FUND

Trust Shares

2006

11.41

0.12

2.10

2.22

(0.12

)

(0.20

)

—

(0.32

)

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

—

(7)

—

(7)

Class A Shares

2006

11.35

0.10

2.08

2.18

(0.10

)

(0.20

)

—

(0.30

)

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

—

(7)

—

(7)

(1)

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

(2)

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

(3)

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

(4)

Does not include the effect of expenses of underlying funds.

(5)

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

(6)

The portfolio turnover rate increased significantly during the period. This increase was attributable to cash flows into and out of the Fund, as well as tactical portfolio adjustments made. The basic characteristics of the Fund’s investment strategy have not changed (Unaudited).

(7)

Amount less than $0.005.

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

Annual Shareholder Report

133

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

Net Assets,
at end of
period
(000 omitted)

Portfolio
turnover
rate(2)

$10.79

10.41

1.49

%(4)

2.54

1.61

%(4)

44,523

$4.90

(53.87

1.38

%(4)

0.65

1.38

%(4)

35,110

$6.42

32.33

1.38

%(4)

0.82

1.38

%(4)

72,641

$7.99

25.09

1.35

%(4)

0.27

1.35

%(4)

90,813

$10.78

10.22

1.70

%(4)

2.30

1.83

%(4)

706

$4.92

(53.95

1.63

%(4)

0.39

1.63

%(4)

514

$6.43

31.82

1.63

%(4)

0.64

1.63

%(4)

1,114

$8.00

24.85

1.60

%(4)

0.03

1.60

%(4)

2,052

$13.31

19.56

1.15

%(4)

1.13

1.15

%(4)

45,161

$13.63

8.67

1.08

%(4)

1.08

%(4)

53,375

$7.73

(41.68

1.18

%(4)

0.85

1.18

%(4)

28,390

218

%(6)

$10.23

33.64

1.19

%(4)

1.16

1.19

%(4)

41,786

230

$10.85

6.07

1.19

%(4)

0.27

1.19

%(4)

36,729

250

$13.23

19.19

1.40

%(4)

0.95

1.40

%(4)

3,438

$13.54

8.43

1.33

%(4)

0.69

1.33

%(4)

3,982

$7.69

(41.81

1.43

%(4)

0.59

1.43

%(4)

2,000

218

%(6)

$10.18

33.32

1.44

%(4)

0.85

1.44

%(4)

1,937

230

$10.78

5.90

1.43

%(4)

0.09

1.43

%(4)

2,600

250

Annual Shareholder Report

134

Financial Highlights (Continued)

Equity Funds (Continued)

(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 SITUS FUND

Trust Shares

2006

19.24

(0.07

)

2.12

2.05

—

(1.15

)

—

(1.15

)

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

—

Class A Shares

2006

19.08

(0.09

)

2.08

1.99

—

(1.15

)

—

(1.15

)

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

—

(5)

(0.03

)

—

(5)

(0.03

)

2010

15.64

(0.06

)

4.20

4.14

—

HUNTINGTON TECHNICAL OPPORTUNITIES FUND

Trust Shares

2008(6)

10.00

(0.06

)(7)

(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

—

(5)

—

(5)

Class A Shares

2008(6)

10.00

(0.08

)(7)

(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

—

(5)

—

(5)

(1)

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

(2)

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

(3)

Not annualized.

(4)

Computed on an annualized basis.

(5)

Amount less than $0.005.

(6)

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

(7)

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

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

Annual Shareholder Report

135


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			Net Assets, at end of period (000 omitted)		Portfolio turnover rate(2)


$20.14		10.73	%		1.38	%		(0.34	)%		1.38	%	$	89,230		19	%
$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	%

$19.92		10.50	%		1.64	%		(0.59	)%		1.64	%	$	11,685		19	%
$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	%


$6.60		(33.68	)%(3)		2.58	%(4)		(1.04	)%(4)		2.58	%(4)	$	6,148		152	%
$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	%

$6.59		(33.81	)%(3)		3.13	%(4)		(1.49	)%(4)		3.13	%(4)	$	67		152	%
$7.65		16.52	%		2.20	%		0.41	%		2.20	%	$	61		374	%
$8.22		7.48	%		1.98	%		(0.69	)%		1.98	%	$	106		436	%

Annual Shareholder Report

136

Financial Highlights (Continued)

Income Funds

(For a share outstanding throughout each period)

Net Asset
Value,

beginning
of period

Net
investment
income

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 FIXED INCOME SECURITIES FUND

Trust Shares

2006

20.79

0.79

(0.04

)

0.75

(0.78

)

—

(0.78

)

2007

20.76

0.87

0.39

1.26

(0.87

)

—

(3)

(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

)

Class A Shares

2006

20.78

0.74

(0.03

)

0.71

(0.73

)

—

(0.73

)

2007

20.76

0.82

0.39

1.21

(0.82

)

—

(3)

(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

)

HUNTINGTON INTERMEDIATE GOVERNMENT INCOME FUND

Trust Shares

2006

10.28

0.39

(0.04

)

0.35

(0.39

)

—

(3)

(0.39

)

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

)

Class A Shares

2006

10.28

0.35

(0.03

)

0.32

(0.36

)

—

(3)

(0.36

)

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

)

(1)

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

(2)

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

(3)

Amount is less than $0.005.

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

Annual Shareholder Report

137


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


$20.76		3.74	%		1.06	%		3.87	%		1.06	%	$	173,305		55	%
$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	%

$20.76		3.53	%		1.31	%		3.62	%		1.31	%	$	1,702		55	%
$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	%


$10.24		3.51	%		1.08	%		3.80	%		1.08	%	$	108,312		32	%
$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	%

$10.24		3.25	%		1.34	%		3.55	%		1.34	%	$	1,599		32	%
$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	%

Annual Shareholder Report

138

Financial Highlights (Continued)

Income Funds (Continued)

(For a share outstanding throughout each period)

Net Asset
Value,

beginning
of period

Net
investment
income

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 MORTGAGE SECURITIES FUND

Trust Shares

2006

8.87

0.33

0.20

0.53

(0.33

)

(0.06

)

(0.39

)

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

)

Class A Shares

2006

8.92

0.30

0.20

0.50

(0.30

)

(0.06

)

(0.36

)

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

)

HUNTINGTON OHIO TAX-FREE FUND

Trust Shares

2006

20.91

0.58

(0.05

)

0.53

(0.58

)

—

(0.58

)

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

)

Class A Shares

2006

20.90

0.53

(0.06

)

0.47

(0.53

)

—

(0.53

)

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

)

(1)

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

(2)

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

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

Annual Shareholder Report

139


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


$9.01		6.06	%		1.10	%		3.68	%		1.10	%	$	85,995		29	%
$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	%

$9.06		5.74	%		1.35	%		3.41	%		1.35	%	$	1,683		29	%
$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	%


$20.86		2.59	%		1.17	%		2.80	%		1.17	%	$	40,319		17	%
$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	%

$20.84		2.29	%		1.43	%		2.58	%		1.43	%	$	1,686		17	%
$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	%

Annual Shareholder Report

140

Financial Highlights (Continued)

Income Funds (Continued)

(For a share outstanding throughout each period)

Net Asset
Value,
beginning
of period

Net
investment
income

Net realized
and unrealized
gain (loss) on
investments

Total from
investment
operations

Distributions
from net
investment
income

Total
distributions

HUNTINGTON SHORT/INTERMEDIATE FIXED INCOME FUND

Trust Shares

2006

19.15

0.60

0.10

0.70

(0.60

)

(0.60

)

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

)

Class A Shares

2006

19.16

0.55

0.10

0.65

(0.55

)

(0.55

)

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

)

(1)

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

(2)

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

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

Annual Shareholder Report

141


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


$19.25		3.70	%		1.07	%		3.11	%		1.07	%	$	95,512		36	%
$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	%

$19.26		3.44	%		1.33	%		2.80	%		1.33	%	$	668		36	%
$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	%

Annual Shareholder Report

142

Financial Highlights (Continued)

Asset Allocation Funds

(For a share outstanding throughout each period)

Net Asset
Value,
beginning
of period

Net
investment
income

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 BALANCED ALLOCATION FUND

2009(2)

10.00

0.05

0.75

0.80

(0.06

)

—

(3)

(0.06

)

2010

10.74

0.09

0.88

0.97

(0.09

)

(0.05

)

(0.14

)

HUNTINGTON CONSERVATIVE ALLOCATION FUND

2009(2)

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

)

HUNTINGTON GROWTH ALLOCATION FUND

2009(2)

10.00

0.04

0.88

0.92

(0.05

)

—

(3)

(0.05

)

2010

10.87

0.06

1.09

1.15

(0.06

)

(0.08

)

(0.14

)

(1)

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

(2)

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

(3)

Amount less than $0.005

(4)

Not annualized.

(5)

Computed on an annualized basis.

(6)

Does not include the effect of expenses on underlying funds.

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

Annual Shareholder Report

143

Net Asset
Value, end
of period

Total
return(1)

Ratio of Net
Expenses to
Average Net
Assets

Ratio of Net
Investment
Income to
Average Net
Assets

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

Net Assets,
at end of
period
(000 omitted)

Portfolio
turnover
rate

$10.74

8.03

%(4)

0.62

%(5)(6)

1.30

%(5)

0.85

%(5)(6)

13,336

$11.57

9.14

0.59

%(6)

0.94

0.74

%(6)

24,656

$10.32

4.13

%(4)

0.72

%(5)(6)

1.91

%(5)

0.86

%(5)(6)

11,248

$10.69

5.70

0.70

%(6)

1.60

0.79

%(6)

14,840

$10.87

9.21

%(4)

0.52

%(5)(6)

1.03

%(5)

0.85

%(5)(6)

12,923

$11.88

10.69

0.51

%(6)

0.61

0.77

%(6)

19,132

Annual Shareholder Report

144

Notes to Financial Statements

December 31, 2010

(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 December 31, 2010, 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 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 New Economy Fund (“New Economy 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
Huntington Ohio Tax-Free Fund (“Ohio Tax-Free Fund”)		Trust & A


*Funds*		Investment Share Classes Offered*
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. 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 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.

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

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 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.

Annual Shareholder Report

145

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.

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) 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. 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.

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. Investments in other open-end investment companies are valued at NAV.

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-Financial Administrator may request that the Trust’s Pricing Committee make its own fair value determination.

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.

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 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.

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.

Annual Shareholder Report

146

Notes to Financial Statements (Continued)

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 valuation techniques described above 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).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

Pursuant to the valuation procedures noted previously, equity securities (including foreign equity securities) are generally recognized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2 securities). Option securities are generally recognized as Level 1 securities in the fair value hierarchy. Debt securities are generally recognized as Level 2 securities in the fair value hierarchy. Mutual funds, exchange traded funds and cash equivalents are generally recognized as Level 1 securities in the fair value hierarchy (unless there is a fair valuation event, in which case affected securities are generally categorized as Level 2 securities).

For the fiscal year ended December 31, 2010, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.

The following is a summary of the inputs used to value the Funds’ investments as of December 31, 2010, while the breakdown, by category, of common stocks is disclosed in the Portfolio of Investments for each Fund:

LEVEL 1—Quoted Prices

LEVEL 2—Other Significant
Observable Inputs

Total

Fund Name

Securities

Other
Financial
Investments*

Securities

Other
Financial
Investments*

Securities

Other
Financial
Investments*

Tax-Free Money Market Fund

Municipal Bonds

—

76,121,402

—

76,121,402

—

Cash Equivalents

6,211,813

—

6,211,813

—

Total

6,211,813

—

76,121,402

—

82,333,215

—

Money Market Fund

U.S. Government Agencies

—

92,505,750

—

92,505,750

—

Corporate Bonds

—

84,248,873

—

84,248,873

—

Municipal Bonds

—

78,760,000

—

78,760,000

—

Commercial Papers

—

59,947,313

—

59,947,313

—

Certificates of Deposit

—

29,994,442

—

29,994,442

—

U.S. Treasury Obligations

—

9,991,062

—

9,991,062

—

Repurchase Agreements

—

4,984,900

—

4,984,900

Cash Equivalents

35,000,000

—

35,000,000

—

Total

35,000,000

—

360,432,340

—

395,432,340

—

Ohio Municipal Money Market Fund

Municipal Bonds

—

179,564,747

—

179,564,747

—

Cash Equivalents

18,358,714

—

18,358,714

—

Total

18,358,714

—

179,564,747

—

197,923,461

—

U.S. Treasury Money Market Fund

U.S. Treasury Obligations

—

283,823,453

—

283,823,453

—

Repurchase Agreements

—

103,898,000

—

103,898,000

—

Total

—

387,721,453

—

387,721,453

—

Dividend Capture Fund

Common Stocks

90,958,472

—

90,958,472

—

Preferred Stocks

24,558,219

—

1,182,659

(1)

—

25,740,878

—

Mutual Funds

1,384,900

—

1,384,900

—

Cash Equivalents

1,122,914

—

1,122,914

—

Total

118,024,505

—

1,182,659

—

119,207,164

—

Global Select Markets Fund

Common Stocks

38,672,486

—

38,672,486

—

Mutual Funds

1,383,110

—

1,383,110

—

Foreign Bonds

—

1,225,106

—

1,225,106

—

Cash Equivalents

716,754

—

716,754

—

Total

40,772,350

—

1,225,106

—

41,997,456

—

Annual Shareholder Report

147


	*LEVEL 1—Quoted Prices*					LEVEL 2—Other Significant Observable Inputs				*Total*
*Fund Name*	*Securities*		Other Financial Investments*			*Securities*		Other Financial Investments*		*Securities*		Other Financial Investments*
*Growth Fund*
Common Stocks	$	126,984,736	$	—		$	—	$	—	$	126,984,736	$	—
Cash Equivalents		6,700,122		—			—		—		6,700,122		—

Total		133,684,858		—			—		—		133,684,858		—
*Income Equity Fund*
Common Stocks		103,831,173		—			—		—		103,831,173		—
Cash Equivalents		3,214,284		—			—		—		3,214,284		—

Total		107,045,457		—			—		—		107,045,457		—
*International Equity Fund*
Common Stocks		278,350,400		—			—		—		278,350,400		—
Mutual Funds		16,243,375		—			—		—		16,243,375		—
Cash Equivalents		8,803,071		—			—		—		8,803,071		—

Total		303,396,846		—			—		—		303,396,846		—
*Macro 100 Fund*
Common Stocks		43,242,502		—			—		—		43,242,502		—
Cash Equivalents		2,108,417		—			—		—		2,108,417		—

Total		45,350,919		—			—		—		45,350,919		—
*Mid Corp America Fund*
Common Stocks		146,918,946		—			—		—		146,918,946		—
Cash Equivalents		1,913,483		—			—		—		1,913,483		—

Total		148,832,429		—			—		—		148,832,429		—
*New Economy Fund*
Common Stocks		54,675,350		—			—		—		54,675,350		—
Options Purchased		510,000		—			—		—		510,000		—
Cash Equivalents		1,609,241		—			—		—		1,609,241		—
Written Options		—		(828,330	)		—		—		—		(828,330	)

Total		56,794,591		(828,330	)		—		—		56,794,591		(828,330	)
*Real Strategies Fund*
Common Stocks		85,942,094		—			—		—		85,942,094		—
Corporate Bonds		—		—			859,425		—		859,425		—
Mutual Funds		7,313,670		—			—		—		7,313,670		—
Cash Equivalents		101,452		—			—		—		101,452		—
Written Options		—		(1,375,219	)		—		—		—		(1,375,219	)

Total		93,357,216		(1,375,219	)		859,425		—		94,216,641		(1,375,219	)
*Rotating Markets Fund*
Common Stocks		36,762,293		—			—		—		36,762,293		—
Mutual Funds		2,345,062		—			—		—		2,345,062		—
Cash Equivalents		183,730		—			—		—		183,730		—

Total		39,291,085		—			—		—		39,291,085		—
*Situs Fund*
Common Stocks		199,809,652		—			—		—		199,809,652		—
Mutual Funds		4,809,331		—			—		—		4,809,331		—
Cash Equivalents		28		—			—		—		28		—

Total		204,619,011		—			—		—		204,619,011		—
*Technical Opportunities Fund*
Common Stocks		7,140,354		—			—		—		7,140,354		—
Mutual Funds		3,065,193		—			—		—		3,065,193		—
Cash Equivalents		675,043		—			—		—		675,043		—

Total		10,880,590		—			—		—		10,880,590		—
*Fixed Income Securities Fund*
Corporate Bonds		—		—			158,338,022		—		158,338,022		—
U.S. Government Agencies		—		—			79,270,592		—		79,270,592		—
U.S. Treasury Obligations		—		—			44,611,402		—		44,611,402		—
U.S. Government Mortgage Backed Agencies		—		—			5,641,624		—		5,641,624		—
Preferred Stocks		841,260		—			—		—		841,260		—
Cash Equivalents		1,571,742		—			—		—		1,571,742		—

Total		2,413,002		—			287,861,640		—		290,274,642		—

Annual Shareholder Report

148

Notes to Financial Statements (Continued)

LEVEL 1—Quoted Prices

LEVEL 2—Other Significant
Observable Inputs

Total

Fund Name

Securities

Other
Financial
Investments*

Securities

Other
Financial
Investments*

Securities

Other
Financial
Investments*

Intermediate Government Income Fund

U.S. Government Agencies

—

67,505,708

—

67,505,708

—

U.S. Government Mortgage Backed Agencies

—

24,927,666

—

24,927,666

—

U.S. Treasury Obligations

—

15,603,692

—

15,603,692

—

Collateralized Mortgage Obligations

—

7,523,901

—

7,523,901

—

Corporate Bonds

—

2,041,356

—

2,041,356

—

Cash Equivalents

1,783,867

—

1,783,867

—

Total

1,783,867

—

117,602,323

—

119,386,190

—

Mortgage Securities Fund

U.S. Government Mortgage Backed Agencies

—

67,059,118

—

67,059,118

—

Common Stocks

11,296,160

—

11,296,160

—

Collateralized Mortgage Obligations

—

10,446,146

—

10,446,146

—

U.S. Government Agencies

—

9,000,104

—

9,000,104

—

Cash Equivalents

2,668,401

—

2,668,401

—

Total

13,964,561

—

86,505,368

—

100,469,929

—

Ohio Tax-Free Fund

Municipal Bonds

—

51,562,286

—

51,562,286

—

Cash Equivalents

257,778

—

257,778

—

Total

257,778

—

51,562,286

—

51,820,064

—

Short/Intermediate Fixed Income Securities Fund

Corporate Bonds

—

124,098,970

—

124,098,970

—

U.S. Government Agencies

—

70,297,175

—

70,297,175

—

U.S. Treasury Obligations

—

6,518,437

—

6,518,437

—

Cash Equivalents

4,188,774

—

4,188,774

—

Total

4,188,774

—

200,914,582

—

205,103,356

—

Balanced Allocation Fund

Mutual Funds

23,818,147

—

23,818,147

—

Cash Equivalents

749,149

—

749,149

—

Total

24,567,296

—

24,567,296

—

Conservative Allocation Fund

Mutual Funds

14,170,871

—

14,170,871

—

Cash Equivalents

637,641

—

637,641

—

Total

14,808,512

—

14,808,512

—

Growth Allocation Fund

Mutual Funds

18,505,437

—

18,505,437

—

Cash Equivalents

576,965

—

576,965

—

Total

19,082,402

—

19,082,402

—

*	Other financial investments are derivative instruments not reflected on the Portfolio of Investments, such as written options contracts.

(1)

Consists of Allianz SE, 8.375%, listed under Financials.

The Trust recognizes significant transfers between fair value hierarchy levels at the reporting period end. There were no significant transfers between all levels as of December 31, 2010.

B.	*Repurchase Agreements*

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.

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149

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.

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 December 31, 2010, 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 Dividend Capture Fund's written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		400		$	94,118
Options written		1,520			315,809
Options expired		(250	)		(45,247	)
Options closed		(1,320	)		(294,663	)
Options exercised		(350	)		(70,017	)
Outstanding at 12/31/2010		—		$	—

The following is a summary of Global Select Markets Fund written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		—		$	—
Options written		2,599			295,795
Options expired		(1,728	)		(168,563	)
Options closed		(50	)		(7,100	)
Options exercised		(821	)		(120,132	)
Outstanding at 12/31/2010		—		$	—

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150

Notes to Financial Statements (Continued)

The following is a summary of Growth Fund's written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		4,207		$	529,707
Options written		6,167			870,779
Options expired		(1,654	)		(193,081	)
Options closed		(5,140	)		(686,982	)
Options exercised		(3,580	)		(520,423	)
Outstanding at 12/31/2010		—		$	—

The following is a summary of Income Equity Fund's written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		700		$	86,191
Options written		5,690			237,110
Options expired		(5,225	)		(204,117	)
Options closed		(465	)		(32,993	)
Options exercised		(700	)		(86,191	)
Outstanding at 12/31/2010		—		$	—

The following is a summary of Macro 100 Fund written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		89		$	8,174
Options written		70			9,321
Options expired		(89	)		(8,174	)
Options closed		(35	)		(2,240	)
Options exercised		(35	)		(7,081	)
Outstanding at 12/31/2010		—		$	—

The following is a summary of Mid Corp America Fund’s written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		—		$	—
Options written		1,535			214,777
Options expired		(810	)		(104,428	)
Options closed		(130	)		(27,710	)
Options exercised		(595	)		(82,639	)
Outstanding at 12/31/2010		—		$	—

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151

The following is a summary of New Economy Fund's written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		354		$	92,691
Options written		20,247			9,950,824
Options expired		(406	)		(90,728	)
Options closed		(19,044	)		(9,261,273	)
Options exercised		(302	)		(170,119	)
Outstanding at 12/31/2010		849		$	521,395

At December 31, 2010, New Economy Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS

Contract

Type

Expiration
Date

Exercise
Price

Number of
Contracts

Fair
Value

Unrealized
Appreciation
(Depreciation)

Agrium, Inc.

Call

January 2011

119

199,920

(109,830

)

CF Industries Holdings

Call

January 2011

110

124

318,060

(182,034

)

Cree, Inc.

Call

January 2011

160

60,000

29,131

Life Technologies

Call

January 2011

103,390

(45,865

)

Molycorp

Put

January 2011

110

17,050

4,900

Netapp, Inc.

Call

January 2011

35,310

2,441

Riverbed Technology, Inc.

Call

January 2011

172

94,600

(5,678

)

NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS

(306,935

)

The following is a summary of Real Strategies Fund’s written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		3,327		$	449,858
Options written		32,147			6,776,252
Options expired		(7,985	)		(985,613	)
Options closed		(20,772	)		(4,672,263	)
Options exercised		(2,717	)		(730,364	)
Outstanding at 12/31/2010		4,000		$	837,870

At December 31, 2010, 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 Natural Gas Fund

Put

January 2011

678

271,200

(152,303

)

Arch Coal

Call

January 2011

443

272,445

(216,767

)

Agrium, Inc.

Call

January 2011

127

280,035

(172,595

)

Allegheny Technologies

Call

January 2011

52.50

200

72,000

(1,491

)

Peabody Energy Corp.

Call

January 2011

227

102,150

(39,843

)

Boston Properties, Inc.

Call

January 2011

179

7,607

69,887

Devon Energy Corp.

Put

January 2011

125

438

73,849

Molycorp

Put

January 2011

450

69,750

20,046

Marathon Oil Corp.

Call

January 2011

366

80,154

(41,725

)

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152

Notes to Financial Statements (Continued)

Contract

Type

Expiration
Date

Exercise
Price

Number of
Contracts

Fair
Value

Unrealized
Appreciation
(Depreciation)

Petroleo Brasileiro SA

Put

January 2011

195

13,065

65,689

Tesoro Corp.

Call

January 2011

17.50

600

76,200

(48,000

)

Valero Energy

Call

January 2011

410

130,175

(94,096

)

NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS

(537,349

)

The following is a summary of Situs Fund’s written option activity for the year ended December 31, 2010:


*Contracts*	Number of Contracts			*Premium*
Outstanding at 12/31/2009		16,927		$	2,771,876
Options written		2,000			322,394
Options expired		(6,498	)		(1,051,744	)
Options closed		(2,772	)		(435,569	)
Options exercised		(9,657	)		(1,606,957	)
Outstanding at 12/31/2010		—		$	—

The following tables provide a summary of the fair value of derivative instruments, not accounted for as hedging instruments as of December 31, 2010, and the effect of derivative instruments on the Statements of Operations for the year ended December 31, 2010.

The Fair Value of Derivative Instruments as of December 31, 2010:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statements of Assets and
Liabilities Location

Fund

Fair Value

Option Contracts

Options Written, at value

New Economy Fund

828,330

Real Strategies Fund

1,375,219

Investments, at value

New Economy Fund

510,000

The effect of Derivative Instruments on the Statements of Operations for the year ended December 31, 2010:

Derivatives not accounted
for as hedging instruments
under Statement 133

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

Gross Notional
Amount
Outstanding
as of
December 31,
2010

Option Contracts

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

Dividend Capture Fund

120,070

(27,118

)

—

Global Select Markets Fund

159,427

—

Growth Fund

(48,558

)

738,703

—

Income Equity Fund

82,415

(14,816

)

—

Macro 100 Fund

3,122

(5,539

)

—

Mid Corp America Fund

97,229

—

New Economy Fund

(3,189,034

)

(632,829

)

20,567,500

Real Strategies Fund

(289,055

)

(608,300

)

13,539,700

Situs Fund

1,344,298

244,339

—

Technical Opportunities Fund

(44,029

)

—

The gross notional amount of options outstanding (both purchased and written) is indicative of the volume of each Fund’s derivative activity for the year ended December 31, 2010.

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

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153

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 borrowers equivalent to the dividends and interest that would have been earned on securities on loan. In addition, the Funds retain all or a portion of the interest received on investment of collateral or receive a fee from the borrower. 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. Brown Brothers Harriman (“BBH”) serves as the sub-custodian for the securities lending. BBH retains a portion of the earnings from the investment and reinvestment of cash collateral and a portion of any loan fees paid by borrowers with respect to securities loans. As of December 31, 2010, the Funds did not have securities on loan.

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 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 December 31, 2010, the Money Market Fund, Fixed Income Securities Fund and Short/Intermediate Fixed Income Securities Fund held illiquid restricted securities representing 5.05%, 2.65% and 2.02%, respectively, of net assets as listed below:

Issuer Description

Acquisition Date

Principal Amount

Cost

Value

Money Market Fund:

ANZ National Int'l Ltd/London, 0.388%, 07/25/11

7/26/10

15,000,000

Shell International, 0.490%, 03/02/11

7/29/10

5,000,000

4,985,000

4,995,833

Fixed Income Securities Fund:

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

12/17/09

2,000,000

1,919,640

2,198,122

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

6/20/06

3,000,000

3,205,500

3,244,002

Verizon Wireless, 7.375%, 11/15/13

(a)

2,000,000

2,084,550

2,317,118

Short/Intermediate Fixed Income Securities Fund:

HSBC Financial Corp., 3.500%, 06/28/15

9/24/10

2,000,000

2,105,880

2,050,210

MetLife Global Funding I, 5.125%, 11/9/11

3/5/08

2,000,000

2,060,600

2,071,436

(a)

Purchased on various dates beginning 11/20/08.

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 the Funds except as follows: Dividend Capture Fund, Income Equity Fund, Mortgage Securities Fund and Conservative Allocation Fund declare and pay dividends, if any, monthly; International Equity Fund, Macro 100 Fund, Mid

Corp America Fund, New Economy Fund, Rotating Markets Fund, Situs Fund, Technical Opportunities Fund and Growth Allocation Fund declare and pay dividends, if any, annually; and Growth Fund, Real Strategies Fund and Balanced Allocation Fund declare and pay dividends, if any, quarterly. 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. 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;

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154

Notes to Financial Statements (Continued)

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 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 International Equity Fund, Real Strategies Fund, Situs Fund and Technical Opportunities Fund have been provided for in accordance with each applicable country’s tax rules and rates.

As of December 31, 2010, 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

82,333,215

—

Money Market Fund

395,432,340

—

Ohio Municipal Money Market Fund

197,923,461

—

U.S. Treasury Money Market Fund

387,721,803

—

(350

)

(350

)

Dividend Capture Fund

110,340,426

9,911,539

(1,044,802

)

8,866,737

Global Select Markets Fund

37,269,969

4,995,732

(268,245

)

4,727,487

Growth Fund

117,170,410

18,475,596

(1,961,148

)

16,514,448

Income Equity Fund

99,210,417

9,989,736

(2,154,696

)

7,835,040

International Equity Fund

244,928,041

66,258,604

(7,789,798

)

58,468,806

Macro 100 Fund

37,212,611

9,229,202

(1,090,895

)

8,138,307

Mid Corp America Fund

83,429,808

65,715,060

(312,438

)

65,402,622

New Economy Fund

48,994,651

8,021,846

(1,050,237

)

6,971,609

Real Strategies Fund

84,342,131

15,071,736

(6,578,045

)

8,493,691

Rotating Markets Fund

34,156,896

5,135,399

(1,211

)

5,134,188

Situs Fund

142,322,566

66,602,127

(4,305,682

)

62,296,445

Technical Opportunities Fund

10,300,488

618,381

(37,879

)

580,102

Fixed Income Securities Fund

276,424,941

14,830,771

(981,071

)

13,849,700

Intermediate Government Income Fund

113,800,793

5,979,232

(393,835

)

5,585,397

Mortgage Securities Fund

95,085,207

5,862,094

(477,373

)

5,384,721

Ohio Tax-Free Fund

51,558,601

753,953

(492,490

)

261,463

Short/Intermediate Fixed Income Securities Fund

201,393,843

4,591,905

(882,392

)

3,709,513

Balanced Allocation Fund

22,321,171

2,566,443

(320,317

)

2,246,126

Conservative Allocation Fund

14,090,738

732,968

(15,193

)

717,775

Growth Allocation Fund

16,716,381

2,413,571

(47,550

)

2,366,021

The differences between the book-basis unrealized appreciation/(depreciation) are attributable primarily to: tax deferral of losses on wash sales, the differences between book and tax amortization methods for premium and market discount, 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.

Annual Shareholder Report

155

As of December 31, 2010, 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

2011

2012

2013

2014

2015

2016

2017

2018

Tax-Free Money Market Fund

231

1,529

5,818

4,861

1,434

60,543

55,252

—

Money Market Fund

438,540

3,032

7,224

921

106

—

Ohio Municipal Money Market Fund

—

463

25,291

7,739

12,350

—

193,762

14,321

Dividend Capture Fund

—

7,483,221

23,601,723

—

Global Select Markets Fund

—

86,796

Income Equity Fund

—

18,290,031

—

International Equity Fund

—

19,366,897

3,782,569

Macro 100 Fund

—

6,793,287

826,640

855,981

New Economy Fund

—

1,910,726

21,858,508

—

Real Strategies Fund

—

1,193,027

15,813,875

1,826,337

Rotating Markets Fund

—

4,284,016

—

Situs Fund

—

8,623,731

—

Technical Opportunities Fund

—

86,652

1,310,241

—

Mortgage Securities Fund

—

6,916

753,414

140,239

Short/Intermediate Fixed Income Securities Fund

—

613,260

299,850

850,465

277,960

—

During the year ended December 31, 2010, the Money Market Fund, Dividend Capture Fund, Growth Fund, Income Equity Fund, Mid Corp America Fund, New Economy Fund, Rotating Markets Fund, Situs Fund, Fixed Income Securities Fund, Ohio Tax-Free Fund, Technical Opportunities Fund and Short/Intermediate Fixed Income Securities Fund, utilized $2,215, $3,327,592, $26,278,447, $8,622,018, $545,578, $269,571, $3,306,337, $5,612,843, $1,035,827, $89,568, $1,468,100 and $1,408,501, respectively, in capital loss carryforwards.

The tax character of distributions paid during the fiscal year ended December 31, 2010, 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

—

9,406

—

9,406

Money Market Fund

46,504

—

46,504

—

46,504

Ohio Municipal Money Market Fund

—

23,103

—

23,103

U.S. Treasury Money Market Fund

37,149

—

37,149

—

37,149

Dividend Capture Fund

2,924,965

—

2,924,965

—

2,924,965

Global Select Markets Fund

399,831

—

399,831

—

51,500

451,331

Growth Fund

397

—

397

—

397

Income Equity Fund

2,653,177

—

2,653,177

—

2,653,177

International Equity Fund

2,464,176

—

2,464,176

—

2,464,176

Macro 100 Fund

39,179

—

39,179

—

39,179

Mid Corp America Fund

62,512

4,705,238

4,767,750

—

4,767,750

Real Strategies Fund

464,942

—

464,942

—

464,942

Rotating Markets Fund

2,699

—

2,699

—

2,699

Technical Opportunities Fund

2,356

—

2,356

—

2,356

Fixed Income Securities Fund

8,093,924

253,105

8,347,029

—

8,347,029

Intermediate Government Income Fund

3,282,208

268,472

3,550,680

—

3,550,680

Mortgage Securities Fund

3,202,168

—

3,202,168

—

3,202,168

Ohio Tax-Free Fund

1,862

170,347

172,209

1,159,655

—

1,331,864

Short/Intermediate Fixed Income Securities Fund

3,414,557

—

3,414,557

—

3,414,557

Balanced Allocation Fund

265,841

3,592

269,433

—

269,433

Conservative Allocation Fund

259,033

10,807

269,840

—

269,840

Growth Allocation Fund

213,302

3,762

217,064

—

217,064

*	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.

Annual Shareholder Report

156

Notes to Financial Statements (Continued)

The tax character of distributions paid during the fiscal year ended December 31, 2009, 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

—

106,763

—

106,763

Money Market Fund

119,933

—

119,933

—

119,933

Ohio Municipal Money Market Fund

—

260,936

—

260,936

U.S. Treasury Money Market Fund

75,445

—

75,445

—

75,445

Dividend Capture Fund

3,273,481

—

3,273,481

—

181,686

3,455,167

Growth Fund

33,067

—

33,067

—

33,067

Income Equity Fund

2,900,265

—

2,900,265

—

78,559

2,978,824

International Equity Fund

2,999,359

599,753

3,599,112

—

3,599,112

Macro 100 Fund

59,957

—

59,957

—

255

60,212

Mid Corp America Fund

326,636

—

326,636

—

42,088

368,724

Real Strategies Fund

702,404

—

702,404

—

35,377

737,781

Rotating Markets Fund

425,209

—

425,209

—

425,209

Situs Fund

234,007

252,704

486,711

—

159,010

645,721

Technical Opportunities Fund

58,282

—

58,282

—

58,282

Fixed Income Securities Fund

7,908,394

592,803

8,501,197

—

8,501,197

Intermediate Government Income Fund

3,739,795

347

3,740,142

—

3,740,142

Mortgage Securities Fund

3,437,734

—

3,437,734

—

66,854

3,504,588

Ohio Tax-Free Fund

—

1,165,927

—

1,165,935

Short/Intermediate Fixed Income Securities Fund

3,171,340

—

3,171,340

—

3,171,340

Balanced Allocation Fund

74,568

—

74,568

—

74,568

Conservative Allocation Fund

96,902

—

96,902

—

96,902

Growth Allocation Fund

60,680

—

60,680

—

60,680

*	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, 2010, the components of accumulated earnings (deficit) were as follows:

Fund

Undistributed
Tax Exempt
Income

Undistributed
Ordinary
Income

Undistributed
Long-Term
Capital Gains

Accumulated
Earnings

Distributions
Payable

Accumulated
Capital and
Other
Losses

Unrealized
Appreciation
(Depreciation)*

Total
Accumulated
Earnings
(Deficit)

Tax-Free Money Market Fund

—

(131,067

)

—

(131,067

)

Money Market Fund

—

(456,629

)

—

(456,629

)

Ohio Municipal Money Market Fund

—

(253,836

)

—

(253,836

)

U.S. Treasury Money Market Fund

—

4,160

—

4,160

—

(350

)

3,810

Dividend Capture Fund

—

20,581

—

20,581

—

(31,084,944

)

8,866,737

(22,197,626

)

Global Select Markets Fund

—

(137,941

)

4,728,263

4,590,322

Growth Fund

—

487,671

—

(435

)

16,514,448

17,001,684

Income Equity Fund

—

30,105

—

30,105

—

(18,366,030

)

7,835,040

(10,500,885

)

International Equity Fund

—

2,718,214

—

2,718,214

(23,179,957

)

58,514,888

38,053,145

Macro 100 Fund

—

2,055

—

2,055

—

(8,480,238

)

8,138,307

(339,876

)

Mid Corp America Fund

—

117,757

478,457

596,214

—

65,402,622

65,998,836

New Economy Fund

—

(24,121,337

)

6,971,609

(17,149,728

)

Real Strategies Fund

—

65,886

—

65,886

—

(19,159,389

)

8,493,691

(10,599,812

)

Rotating Markets Fund

—

101,064

—

101,064

—

(4,284,016

)

5,134,188

951,236

Situs Fund

—

(8,639,637

)

62,296,824

53,657,187

Technical Opportunities Fund

—

(1,396,894

)

580,102

(816,792

)

Fixed Income Securities Fund

—

19,735

314,445

334,180

—

13,849,700

14,183,880

Intermediate Government Income Fund

—

92,673

8,440

101,113

—

(19,990

)

5,585,396

5,666,519

Mortgage Securities Fund

—

220,843

—

220,843

—

(977,124

)

5,384,721

4,628,440

Ohio Tax-Free Fund

—

82,966

(187

)

—

261,463

344,242

Short/Intermediate Fixed Income Securities Fund

—

(2,041,535

)

3,709,513

1,667,978

Balanced Allocation Fund

—

31,381

39,254

70,635

—

2,246,126

2,316,761

Conservative Allocation Fund

—

17,433

15,907

33,340

—

717,775

751,115

Growth Allocation Fund

—

20,117

39,228

59,345

—

2,366,021

2,425,366

The differences between the book-basis unrealized appreciation (depreciation) are attributable primarily to: tax deferral of losses on wash sales, the differences between book and tax amortization methods for premium and market discount, and the return of capital adjustments from real estate investment trusts.

Annual Shareholder Report

157

Net capital losses incurred after October 31 and within the taxable year are deemed to arise on the first business day of the Funds’ next taxable year. For the year ended December 31, 2010, the Funds deferred post-October capital losses and post-October currency losses as follows:


*Fund*	Capital Losses		Currency Losses
Tax-Free Money Market Fund	$	1,399	$	—
Money Market Fund		6,806		—
Global Select Markets Fund		—		51,145
Growth Fund		—		435
Income Equity Fund		—		5
International Equity Fund		—		30,491
Situs Fund		15,906		—
Intermediate Government Income Fund		19,990		—
Mortgage Securities Fund		76,555		—

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*

The Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted on December 22, 2010. The Act makes changes to several tax rules impacting the Funds. In general, the provisions of the Act will be effective for the Funds’ fiscal year ending December 31, 2011. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital loss carryovers may expire without being utilized due to the fact that post-enactment capital losses get utilized before pre-enactment capital loss carryovers. Relevant information regarding the impact of the Act on the Fund, if any, will be contained within the “Federal Taxes” section of the financial statement notes for the fiscal year ending December 31, 2011.

(3)

Investment Advisory Fee and Other Transactions with Affiliates

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

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

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

New Economy Fund

0.85

0.80

0.75

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

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:

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. Global Select Markets Fund pays the Advisor a fee of 1.00% of the Fund’s average daily net assets, computed daily and paid monthly, up to $500 million, 0.95% of the Fund’s average daily net assets between $500 million and $1 billion and 0.90% of the Fund’s average daily net assets over $1 billion. They 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 and acquired (underlying) fund operating expenses to not more than 1.90% and 2.15% of Trust Shares and Class A Shares, respectively, through April 30, 2011. 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. 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

Annual Shareholder Report

158

Notes to Financial Statements (Continued)

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, 2011.

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 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. Prior to September 1, 2010, Citi Fund Services Ohio, Inc. was the Sub-Administrator. As Administrator, Huntington provides the Funds with 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, sub-administrative, financial administrative and sub-financial 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. Class A Shares 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 year ended December 31, 2010, Huntington and its affiliates received $4,759,286 in shareholder service fees. For the fiscal year ended December 31, 2010, Unified Financial Securities, Inc., the Funds’ distributor, received underwriter commissions of $157,922 earned on sales of Class A Shares. For the year ended December 31, 2010, the Funds paid $1,620,650 to affiliated broker-dealers of the Funds.

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. Unified 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 Global Select Market Fund’s, International Equity Fund’s, Real Strategies Fund’s, Situs Fund’s and Technical Opportunities 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 $125,000 annually.

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

Annual Shareholder Report

159

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

12/31/09
Market Value

Purchases

Sales

12/31/10
Market Value

Income

Dividend Capture Fund

1,008,304

42,805,286

(42,690,676

)

1,122,914

227

Global Select Markets Fund

151

26,810,329

(26,093,976

)

716,504

203

Growth Fund

515,548

176,836,709

(170,652,135

)

6,700,122

575

Income Equity Fund

843,426

24,019,132

(21,648,274

)

3,214,284

182

International Equity

8,877,051

125,635,398

(125,709,378

)

8,803,071

��

1,360

Macro 100 Fund

2,087,400

15,543,036

(15,522,019

)

2,108,417

349

Mid Corp America Fund

6,946,743

38,700,190

(43,733,450

)

1,913,483

640

New Economy Fund

4,594,933

70,134,424

(73,120,116

)

1,609,241

408

Real Strategies Fund

8,766,417

26,457,021

(35,121,986

)

101,452

579

Rotating Markets Fund

2,012,698

14,185,007

(16,013,975

)

183,730

189

Situs Fund

1,505,460

60,405,117

(61,910,549

)

540

Technical Opportunities Fund

214,085

7,004,240

(6,543,282

)

675,043

Fixed Income Securities Fund

5,082,016

104,082,073

(107,592,347

)

1,571,742

744

Intermediate Government Income Fund

2,143,403

38,079,197

(38,438,733

)

1,783,867

339

Mortgage Securities Fund

2,781,569

37,285,156

(37,398,324

)

2,668,401

301

Short/Intermediate Fixed Income Securities Fund

5,261,922

90,988,637

(92,061,785

)

4,188,774

495

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

12/31/09
Market Value

Purchases

Sales

12/31/10
Market Value

Income

Money Market Fund

168,439

7,258,950

(6,678,240

)

749,149

Dividend Capture Fund

658,235

636,154

(228,958

)

1,165,338

28,789

Growth Fund

1,360,546

1,036,685

(511,636

)

2,093,366

Income Equity Fund

1,392,759

1,060,678

(474,130

)

2,160,184

45,965

International Equity Fund

2,727,944

1,628,631

(1,386,739

)

3,133,325

25,211

Macro 100 Fund

485,037

1,743,807

(271,551

)

2,181,473

1,968

Mid Corp America Fund

636,592

613,732

(330,448

)

1,126,908

507

New Economy Fund

366,926

502,915

(125,297

)

844,626

—

Situs Fund

1,081,195

979,796

(495,262

)

2,004,678

Fixed Income Securities Fund

2,212,275

2,348,644

(470,064

)

4,147,173

96,424

Intermediate Government Income Fund

1,031,894

1,093,215

(208,238

)

1,933,254

41,381

Mortgage Securities Fund

594,823

607,977

(110,296

)

1,101,642

28,678

Short/Intermediate Fixed Income Securities Fund

593,721

1,440,893

(106,719

)

1,926,180

19,934

Conservative Allocation Fund

12/31/09
Market Value

Purchases

Sales

12/31/10
Market Value

Income

Money Market Fund

123,821

3,579,823

(3,066,002

)

637,641

Dividend Capture Fund

216,561

111,712

(120,124

)

231,157

7,130

Growth Fund

447,260

160,619

(235,785

)

414,890

Income Equity Fund

457,610

166,412

(233,978

)

428,107

11,643

International Equity Fund

896,554

204,152

(501,513

)

620,425

4,975

Macro 100 Fund

159,612

404,726

(176,630

)

432,293

389

Mid Corp America Fund

209,368

108,267

(133,681

)

223,074

New Economy Fund

121,007

101,433

(76,821

)

167,208

—

Situs Fund

355,064

172,122

(225,423

)

397,378

—

Fixed Income Securities Fund

4,113,792

1,506,946

(601,991

)

5,125,522

143,056

Intermediate Government Income Fund

1,919,886

695,897

(260,940

)

2,388,604

61,587

Mortgage Securities Fund

1,104,907

386,668

(148,695

)

1,362,587

39,673

Short/Intermediate Fixed Income Securities Fund

1,104,188

1,346,190

(73,057

)

2,379,626

29,209

Annual Shareholder Report

160

Notes to Financial Statements (Continued)

Growth Allocation Fund

12/31/09
Market Value

Purchases

Sales

12/31/10
Market Value

Income

Money Market Fund

222,574

4,508,044

(4,153,652

)

576,965

Dividend Capture Fund

831,893

504,387

(233,415

)

1,207,081

31,387

Growth Fund

1,717,941

798,111

(554,009

)

2,169,260

Income Equity Fund

1,757,710

740,350

(441,464

)

2,238,576

50,557

International Equity Fund

3,440,856

1,220,726

(1,539,411

)

3,250,323

26,097

Macro 100 Fund

612,087

1,622,523

(196,421

)

2,262,629

2,037

Mid Corp America Fund

802,306

448,136

(264,709

)

1,166,583

520

New Economy Fund

464,258

408,224

(99,448

)

875,746

—

Situs Fund

1,364,686

694,360

(438,507

)

2,079,110

Fixed Income Securities Fund

878,910

877,687

(295,102

)

1,482,045

34,450

Intermediate Government Income Fund

410,555

408,991

(134,748

)

691,331

14,820

Mortgage Securities Fund

236,406

225,445

(71,602

)

393,913

10,219

Short/Intermediate Fixed Income Securities Fund

235,224

527,642

(73,748

)

688,840

7,133

Tax-Free Money Market Fund, Money Market Fund, Ohio Municipal Money Market Fund and U.S. Treasury Money Market Fund (collectively the “Money Market Funds”) 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%. As of December 31, 2010, 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
Money Market Fund		1,526,152		2012
		2,696,185		2013
Ohio Municipal Money Market		506,451		2012
		1,357,243		2013
U.S. Treasury Money Market Fund		1,437,890		2012
		2,375,535		2013

(4)

Rotating Markets Fund, Real Strategies Fund, Technical Opportunities Fund, Balanced Allocation Fund, Conservative Allocation Fund and Growth Allocation Fund Structure

Rotating Markets Fund, Real Strategies Fund, Technical Opportunities Fund, 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.

(5)

Investment Transactions

Purchases and sales of investments, excluding short-term securities, for the year ended December 31, 2010, were as follows:


*Fund*	*Purchases*		*Sales*
Dividend Capture Fund	$	132,215,730	$	108,879,017
Global Select Markets Fund		46,355,811		9,277,062
Growth Fund		366,313,944		397,715,954
Income Equity Fund		91,505,975		105,881,085
International Equity Fund		116,755,689		159,538,286
Macro 100 Fund		18,927,092		9,023,230
Mid Corp America Fund		25,269,759		39,012,236
New Economy Fund		124,113,701		127,719,540
Real Strategies Fund		27,528,202		16,503,196
Rotating Markets Fund		94,593,708		99,717,457
Situs Fund		55,428,862		55,307,184
Technical Opportunities Fund		40,712,044		40,829,421
Fixed Income Securities Fund		142,810,100		47,180,145
Intermediate Government Income Fund		34,311,324		6,242,973
Mortgage Securities Fund		28,380,229		5,838,160
Ohio Tax-Free Fund		17,319,915		8,833,664
Short/Intermediate Fixed Income Securities Fund		118,651,590		35,222,984
Balanced Allocation Fund		13,693,127		4,676,550
Conservative Allocation Fund		5,365,144		2,783,373
Growth Allocation Fund		8,476,581		4,379,632

Purchases and sales of long-term U.S. government securities, for the year ended December 31, 2010, were as follows:


*Fund*	*Purchases*		*Sales*
Fixed Income Securities Fund	$	60,741,218	$	28,410,853
Intermediate Government Income Fund		34,311,324		6,242,973
Mortgage Securities Fund		24,404,902		5,362,451
Short/Intermediate Fixed Income Securities Fund		55,845,580		11,132,383

(6)

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 December 31, 2010, 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.

Annual Shareholder Report

161

(7)

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.

(8)

Other Tax Information (unaudited)

For the year ended December 31, 2010, certain dividends paid by the Funds may be subject to a maximum tax rate of 15% as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The Funds intend to designate the maximum amount allowable as taxed at a maximum rate of 15%. Complete information will be reported in conjunction with your 2010 Form 1099-DIV.

For the year ended December 31, 2010, the following Funds paid qualified dividend income:


*Fund*	Qualified Dividend Income
Dividend Capture Fund		100	%
Global Select Markets Fund		100	%
Growth Fund		100	%
Income Equity Fund		100	%
Macro 100 Fund		100	%
International Equity Fund		100	%
Mid Corp America Fund		100	%
Real Strategies Fund		100	%
Rotating Markets Fund		100	%
Technical Opportunities Fund		100	%
Balanced Allocation Fund		29	%
Conservative Allocation Fund		13	%
Growth Allocation Fund		39	%

For the taxable year ended December 31, 2010, the following percentage of ordinary income dividends paid by the Funds qualify for the dividends received deduction available to corportions:


*Fund*	Dividends Received Deduction
Dividend Capture Fund		100	%
Global Select Markets Fund		100	%
Growth Fund		100	%
Income Equity Fund		100	%
Macro 100 Fund		100	%
International Equity Fund		100	%
Mid Corp America Fund		100	%
Real Strategies Fund		100	%
Rotating Markets Fund		52	%
Technical Opportunities Fund		100	%
Balanced Allocation Fund		25	%
Conservative Allocation Fund		12	%
Growth Allocation Fund		33	%

The Funds designate the following amounts as long-term capital gains distributions. The amounts designated may not agree with long term capital gains in the tax character of distribution table due to utilization of earnings and profits distributed to shareholders on redemption of shares.


*Fund*	Long Term Capital Gains Paid Amount
Mid Corp America Fund		4,705,238
Fixed Income Securities Fund		253,105
Intermediate Government Income Fund		268,472
Ohio Tax Free Fund		170,347
Balanced Allocation Fund		3,592
Conservative Allocation Fund		10,807
Growth Allocation Fund		3,762

For the year ended December 31, 2010, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The following Funds designated the following percentage of ordinary dividends paid as qualified interest income distribution:


*Fund*	Qualified Interest Income
Money Market Fund		100	%
U.S. Treasury Money Market Fund		99	%
Intermediate Government Income Fund		98	%
Mortgage Securities Fund		96	%
Short/Intermediate Fixed Income Securities Fund		100	%
Balanced Allocation Fund		43	%
Conservative Allocation Fund		73	%
Growth Allocation Fund		8	%

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162

Notes to Financial Statements (Continued)

The Funds designated the following amounts as short term capital gain distributions:


*Fund*	Short Term Capital Gains Paid Amount
U.S. Treasury Money Market Fund	$	4,158
Fixed Income Securities		108,796
Balanced Allocation Fund		88,674
Conservative Allocation Fund		52,432
Growth Allocation Fund		116,550

The International Equity Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign coutries. Foreign source income and foreign tax expense per outstanding shares on December 31, 2010 are as follows:


*Fund*	Foreign Source Income		Foreign Tax Expense
International Equity Fund		0.30		0.02

The pass-through of the foreign tax credit will only affect those persons who are shareholders on the dividend record date in December 2010. These shareholders will receive more detailed information along with the 2010, Form 1099 DIV.

For the year ended December 31, 2010, certain Funds designated the maximum allowable, but not less than the following amounts, as tax-exempt dividends:


*Fund*	*Amount*
Tax Free Money Market	$	9,406
Ohio Municipal Money Market Fund		23,103
Ohio Tax Free Fund		1,159,654

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163

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders of The Huntington Funds:

We have audited the accompanying statements of assets and liabilities of the Huntington Tax-Free Money Fund, Huntington Money Market Fund, Huntington Ohio Municipal Money Market Fund, Huntington U.S. Treasury Money Market 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 New Economy Fund, Huntington Real Strategies Fund, Huntington Rotating Market Fund, 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, Huntington Short/Intermediate Fixed Income Securities Fund, Huntington Balanced Allocation Fund, Huntington Conservative Allocation Fund, and Huntington Growth Allocation Fund (twenty-four of the portfolios constituting The Huntington Funds, collectively referred to as the “Funds”), including the portfolios of investments, as of December 31, 2010, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of The Huntington Funds identified above at December 31, 2010, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Columbus, Ohio

March 1, 2011

Annual Shareholder Report

164

Board of Trustees and Trust Officers (Unaudited)

The following tables give information about the Independent Trustees (Trustees who are not “interested persons” of the Trust, as defined in the 1940 Act), Interested Trustees (Trustees who are “interested persons” of the Trust, as defined in the 1940 Act) and the senior officers of the Trust. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term (subject to mandatory retirement provisions). Unless otherwise noted, the business address of each person listed below is c/o The Huntington Funds, 2960 North Meridian Street, Suite 300, Attention: Huntington Trust Officer, Indianapolis, IN. Unless otherwise noted, each officer is elected annually. The Huntington Funds consists of 36 portfolios. Each Trustee serves as Trustee for all portfolios of The Huntington Funds. The Funds’ Statement of Additional Information includes additional information about The Huntington Funds’ Trustees and is available, without charge and upon request, by calling 1-800-253-0412.

Interested Trustees’ Background


*Name* *Age* *Positions Held with Trust* *Date Service Began*		*Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)*
B. Randolph Bateman* Age: 61 PRESIDENT AND TRUSTEE Began Serving: February 2008		*Principal Occupations:* President and Chief Investment Officer, Huntington Asset Advisors, Inc. (February 2001 to present); Chief Investment Officer, The Huntington National Bank (October 2000 to present). *Previous Positions:* Senior Vice President, Star Bank (June 1988 to October 2000). *Other Directorships Held:* None.
Thomas J. Westerfield** Age: 55 TRUSTEE Began serving: January 2001		*Principal Occupation:* Since August 2005, of Counsel, Dinsmore & Shohl LLP (law firm). *Previous Position:* From 1993 to 2005, of Counsel, Cors & Bassett LLC (law firm). *Other Directorships Held:* None.

*	B. Randolph Bateman has been deemed an Interested Trustee due to the positions he holds with The Huntington National Bank and its subsidiaries.

**	Thomas J. Westerfield has been deemed an Interested Trustee due to the position he holds with Dinsmore & Shohl LLP, which may be retained to provide legal services to Huntington.

Independent Trustees’ Background


*Name* *Age* *Positions Held with Trust* *Date Service Began*		*Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)*
David S. Schoedinger* Age: 68 CHAIRMAN OF THE BOARD and TRUSTEE Began serving: June 1990		*Principal Occupation:* Since 1965, Chairman of the Board and Funeral Director, Schoedinger Funeral Service. Since 1987, CEO, Schoedinger Financial Services, Inc. *Previous Position:* From 1992 to 1993, President, Board of Directors of National Selected Morticians (national trade association for morticians). *Other Directorships Held:* None.
*Alistair Jessiman* Age: 53 TRUSTEE Began serving: January 2010		*Principal Occupation:* Managing Director, Novantas LLC (September 2005 to present) (Specialist research and advisory firm); President/Founder, Wallace & Mackenzie, Inc. (January 2001 to September 2005) (management consulting firm); *Previous Positions:* Managing Director or Vice President of various departments, J.P. Morgan (1979 to 2001). *Other Directorships Held:* Board Member, The Alger Funds; Board Member, National Foundation for Teaching Entrepreneurship.
*Tadd C. Seitz* Age: 69 TRUSTEE Began serving: July 2006		*Principal Occupation:* Retired *Previous Positions:* Chairman and Chief Executive Officer, the Scotts Company (June 1983 - March 1995); Interim Chief Executive Officer (February 1996 - July 1996). *Other Directorships Held:* None.
*Mark D. Shary* Age: 50 TRUSTEE Began serving: July 2006		*Principal Occupations:* Private investor (2007 to present). *Previous Position:* President, Bostech Corporation (2000 - 2002); Chief Executive Officer and President, Best-Transport.com, Inc. (2003 to 2007). *Other Directorships Held:* None.

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165

Name

Age

Positions Held with Trust

Date Service Began

Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)

William H. Zimmer, III

Age: 57

TRUSTEE

Began Serving: December 2006

Principal Occupation: Independent Consultant (February 2009 to present).

Previous Positions: Assistant Treasurer, Dana Corporation (September 2006 to February 2009) (manufacturing); Vice President and Manager, Global Treasury Management, National City Bank (January 2004 to January 2006); Vice President, Treasury Management Operations, Provident Bank (June 2003 to January 2004); Financial Consultant (April 2001 to June 2003).

Other Directorships Held: None.

*	David S. Schoedinger became Chairman of the Funds on April 30, 2003.

Officers

Name

Age

Address

Positions Held with Trust

Date Service Began

Principal Occupation(s) and Previous Positions

R. Jeffrey Young

Age: 46

CHIEF EXECUTIVE OFFICER

Began Serving: February 2010

Principal Occupations: Senior Vice President, HASI (formerly, Unified Fund Services, Inc.) (January 2010 to present); Chairman of the Board, Valued Advisers Trust (June 2010 to present); Chief Executive Officer and President, Valued Advisers Trust (January 2010 to present).

Previous Positions: Independent Chair, Valued Advisers Trust (August 2008-Janaury 2010); Managing Director, Chief Operating Officer, WealthStone (2007 to 2009); Senior Vice President, Operations, BISYS Fund Services (2006 to 2007); Senior Vice President/Vice President, Client Services, BISYS Fund Services (1994 to 2006).

Matthew J. Miller

Age: 34

VICE PRESIDENT

Began Serving: February 2010

Principal Occupations: Vice President, Relationship Management, Huntington Asset Services, Inc. (formerly known as Unified) (2008 to present).

Previous Position: Vice President, Transfer Agency Operations, Huntington Asset Services, Inc. (formerly known as Unified) (2002 to 2008).

David R. Carson

Age: 52

3805 Edwards Road,

Suite 3805 Cincinnati, OH

CHIEF COMPLIANCE

OFFICER and ANTI-MONEY LAUNDERING OFFICER

Began Serving: September 2005

Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer of the Trust (September 2005 to present).

Previous Positions: Treasurer and Assistant Treasurer of the Huntington Funds, Huntington Asset Advisors, Inc. (February 2002 to February 2005); Vice President and Private Financial Group Marketing Manager, Huntington National Bank (June 2001 to September 2005); Trust Officer, Firstar Bank (October 1982 to February 2001).

Robert W. Silva

Age: 44

TREASURER

Began Serving: November 2010

Principal Occupation: Vice President, Fund Administration, Huntington Asset Services, Inc. (September 2010 to present).

Previous Positions: Senior Vice President, Citi Fund Services Ohio, Inc., (September 2007 to September 2010); Assistant Vice President, Citizens Advisers, Inc., (May 2002 to August 2007).

John C. Swhear

Age: 50

SECRETARY

Began Serving: April 2010

Principal Occupations: Chief Compliance Officer of Valued Advisers Trust (August 2008 to present); Acting Chief Executive Officer, Dreman Contrarian Funds (February 2008 to present); Chief Compliance Officer of Unified Financial Securities, Inc., the Trust’s distributor (May 2007 to present); Vice President of Legal Administration and Compliance for HASI (formerly, Unified Fund Services, Inc.) (April 2007 to present); Vice President, Dreman Contrarian Funds (September 2007 to present); Senior Vice President, Unified Series Trust (May 2007 to present).

Previous Positions: Employed in various positions with American United Life Insurance Company from June 1983 to April 2007, including: Chief Counsel, OneAmerica Securities Inc. (February 2007 to April 2007); Associate General Counsel (April 2003 to April 2007); Investment Adviser Chief Compliance Officer (June 2004 to April 2007); Chief Compliance Officer of OneAmerica Funds, Inc. (June 2004 to April 2007).

Annual Shareholder Report

166

Investment Contract Review Disclosure (Unaudited)

BOARD OF TRUSTEES’ CONSIDERATION OF INVESTMENT ADVISORY AGREEMENTS FOR THE HUNTINGTON FUNDS (the “Funds”)

The Board of Trustees is responsible for determining whether to approve the Funds’ investment advisory agreements. At a meeting held on August 12, 2010, the Board, including a majority of the independent Trustees, approved the investment advisory agreements between Huntington Asset Advisors, Inc. (the “Advisor”) and the Funds (the “Advisory Agreements”). Pursuant to the Advisory Agreements between the Advisor and the Funds, the Advisor provides advisory services to the Funds.

During the review process, the Board received assistance and advice from, and met separately with, independent legal counsel. In approving each of the Advisory Agreements, the Board, including a majority of the independent Trustees, considered many factors, the most significant of which were: (1) the nature of the services provided to the Funds by the Advisor in relation to the advisory fees; (2) the individual performance of the Funds; (3) the Advisor’s costs and the profits realized through providing the Funds with advisory services; (4) whether the Advisor has realized or may realize economies of scale in providing services to the Funds and if these economies are shared with the Funds; and (5) a comparison of the fees and performance of comparable funds.

Nature, Extent and Quality of Services in Relation to the Advisory Fees. In considering the nature, extent and quality of the services provided by the Advisor, the Board reviewed information relating to the Advisor’s operations and personnel. Among other things, the Advisor provided descriptions of its organizational and management structure, biographical information on its supervisory and portfolio management staff on a fund-by-fund basis, and financial information. The Trustees also took into account the financial condition of the Advisor with respect to its ability to provide the services required under the Advisory Agreements. The Board determined that the nature, extent and quality of the services provided by the Advisor, in relation to the advisory fees, were acceptable.

Individual Performance of the Funds. The Board reviewed the Funds’ short-term and long-term performance records and the Advisor’s management styles in relation to comparable funds and appropriate benchmarks. The Board noted that the Board reviews on a quarterly basis detailed information about the Funds’ performance. The Board also reviewed various comparative data for each of the Funds provided to them in connection with their consideration of the renewal of the Advisory Agreements, including, among other information, each Fund’s performance compared to similar funds based on information provided by Lipper Inc. (“Lipper”) for the one-, three-, five- and ten-year periods, as applicable, ending June 30, 2010.

Advisor’s Costs and the Profits Realized Through Providing the Funds With Advisory Services. In considering the reasonableness of the advisory fees, the Board reviewed information provided by the Advisor setting forth all revenues and other benefits, both direct and indirect, received by the Advisor and its affiliates attributable to managing each of the Funds individually, the cost of providing such services and the resulting profitability to the Advisor and its affiliates from these relationships. The Trustees determined that the profitability of the Advisor was acceptable in relation to the nature and quality of services provided to the Funds. The Board also took into consideration the Advisor’s agreement with the Trust with respect to the Huntington Growth Allocation Fund, the Huntington Balanced Allocation Fund and the Huntington Conservative Allocation Fund (the “Allocation Funds”), whereby the Advisor agreed to waive all or a portion of its advisory fee in order to limit each Allocation Fund’s total annual fund operating expenses for the period of May 1, 2010 until April 30, 2011. In addition, the Board considered the Advisor’s agreement with the four money market funds, whereby the Advisor agreed to waive all or a portion of its investment advisory fee and/or reimburse certain operating expenses of each money market fund to the extent necessary to ensure that each money market fund maintains a positive yield of at least 0.01%.

Economies of Scale in Providing Services to the Funds and Whether These Economies Are Shared With the Funds. The Board also considered the effect of the Funds’ growth and size on their performance and fees. The Board noted that, with the exception of the Allocation Funds and the Huntington U.S. Treasury Money Market Fund, all of the Funds’ Advisory Agreements reflect the implementation of investment advisory fee breakpoints for the Funds. The Board further noted that the administration fee charged to all of the Funds included fee breakpoints, which allowed the Funds to realize economies of scale as the assets of the Funds increased over time.

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167

Investment Contract Review Disclosure (Continued)

Comparison of the Fees and Performance of Comparable Funds. With respect to the Funds’ performance and fees, the Board considered comparisons to other mutual funds with comparable investment programs to be particularly useful, given the high degree of competition in the mutual fund business. The Board used peer group information provided by Morningstar, Inc. with respect to its comparable fee analysis for the Funds’ Trust Shares. The Board considered performance information based on the performance of the Funds’ Trust Shares, and considered the performance of Class A Shares for those Funds that did not offer Trust Shares. The Board also received information concerning fees charged by the Advisor to other accounts, but did not consider that information to be as relevant in light of the differences in services provided.

Other Considerations. The Board also requests and receives substantial and detailed information about the Funds and the Advisor on a regular basis. The Advisor provides much of this information at each regular meeting of the Board and furnishes additional reports in connection with the Board’s formal review of the Advisory Agreements. The Board may also receive information between regular meetings relating to particular matters as the need arises. The Board’s evaluation of the Advisory Agreements is informed by reports covering such matters as: the Advisor’s investment philosophy, personnel, and processes; operating strategies; the Funds’ short- and long term performance (in absolute terms, both on a gross basis and net of expenses, as well as in relationship to its particular investment program and certain competitive funds and/or other benchmarks, as appropriate) and comments on reasons for performance. The Board also considered reports concerning the Funds’ expenses (including the advisory fee itself and the overall expense structure of the Funds, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Funds’ portfolio securities; the nature and extent of the advisory and other services provided to the Funds by the Advisor and its affiliates; compliance and audit reports concerning the Funds (including communications from regulatory agencies), as well as the Advisor’s responses to any issues raised therein; and relevant developments in the mutual fund industry and how the Funds and the Advisor are responding to them. In the course of their deliberations regarding the Advisory Agreements, the Board also evaluated, among other things, the Advisor’s ability to supervise each of the Fund’s other service providers and its compliance program.

The Board based its decision to approve the Advisory Agreements on the totality of the circumstances and relevant factors and with a view to past and future long-term considerations. Not all of the factors and considerations identified above are relevant to each of the Funds, nor does the Board consider any one of them to be determinative. With respect to the factors that are relevant, the Board’s decision to approve the Advisory Agreements reflects its determination that the Advisor’s performance and actions provide an acceptable basis to support the decision to continue the existing arrangements.

While attention was given to all information furnished, the following discusses the primary factors relevant to the Board’s decisions. In each case, the Board concluded that the Funds’ performance was acceptable and that the Funds’ advisory and total fees were reasonable in light of the quality and nature of services provided by the Advisor and its affiliates.

Huntington Dividend Capture Fund

Among other data considered, the Board noted that the Fund outperformed its benchmark for the one- and three-year periods ended June 30, 2010, but underperformed its benchmark for the five-year period ended the same date. The Fund outperformed its Lipper peer group for the one-, three- and five-year periods ended June 30, 2010. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group.

Huntington Fixed Income Securities Fund

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168

Investment Contract Review Disclosure (Continued) (Unaudited)

June 30, 2010, and performed at the average of its Lipper peer group for the ten-year period ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Growth Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark for the one-, three-, five- and ten-year periods ended June 30, 2010. The Fund underperformed its Lipper peer group for the one-, three- and five-year periods ended June 30, 2010, and outperformed its Lipper peer group for the ten-year period ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses are above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Income Equity Fund

Among other data considered, the Board noted that the Fund outperformed its benchmark for the ten-year period ended June 30, 2010, but underperformed its benchmark for the one-, three- and five-year periods ended the same date. The Fund outperformed its Lipper peer group for the one-year period ended June 30, 2010, and underperformed its Lipper peer group for the three-, five- and ten-year periods ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Intermediate Government Income Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark for the one-, three-, five- and ten-year periods ended June 30, 2010. The Fund outperformed its Lipper peer group for the one-, three-, five- and ten-year periods ended June 30, 2010. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group.

Huntington International Equity Fund

Among other data considered, the Board noted that the Fund outperformed its benchmark for the one-, three- and five-year periods ended June 30, 2010. The Fund underperformed its Lipper peer group for the one-year period ended June 30, 2010, and outperformed its Lipper peer group for the three- and five-year periods ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group.

Huntington Macro 100 Fund

Among other data considered, the Board noted that the Fund outperformed its benchmark and its Lipper peer group for the one- and three-year periods ended June 30, 2010. The Fund underperformed its benchmark and its Lipper peer group for the five-year period ended June 30, 2010. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group.

Huntington Mid Corp America Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark for the one-, three- and five-year periods ended June 30, 2010. The Fund underperformed its Lipper peer group for the one- and five-year periods ended June 30, 2010, and outperformed its Lipper peer group for the three-year period ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total

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169

Investment Contract Review Disclosure (Continued)

expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Money Market Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark for the one-year period ended June 30, 2010. The Board also noted that the Fund underperformed its Lipper peer group for the one-, three- and five-year periods ended June 30, 2010. The Board took into consideration the Advisor’s agreement to waive all or a portion of its advisory fee and/or reimburse operating expenses of the Fund and noted that the Fund’s combined net advisory fee and administrative fee and total expenses were below the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Mortgage Securities Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark for the one-, three-, five- and ten-year periods ended June 30, 2010. The Fund underperformed its Lipper peer group for the one-, three- and five-year periods ended June 30, 2010, and outperformed its Lipper peer group for the ten-year period ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington New Economy Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark and its Lipper peer group for the one-, three- and five-year periods ended June 30, 2010. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Ohio Municipal Money Market Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark for the one-year period ended June 30, 2010. The Board also noted that the Fund underperformed its Lipper peer group for the one-, three- and five-year periods ended June 30, 2010. The Board took into consideration the Advisor’s agreement to waive all or a portion of its advisory fee and/or reimburse operating expenses of the Fund and noted that the Fund’s combined net advisory fee and administrative fee and the Fund’s total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Ohio Tax-Free Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark for the one-, three-, five- and ten-year periods ended June 30, 2010. The Fund underperformed its Lipper peer group for the one-, five- and ten-year periods ended June 30, 2010, and outperformed its Lipper peer group for the three-year period ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

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170

Investment Contract Review Disclosure (Continued) (Unaudited)

Huntington Real Strategies Fund

Among other data considered, the Board noted that the Fund outperformed its benchmark for the one-year period ended June 30, 2010, but underperformed its benchmark for the three-year period ended the same date. The Fund underperformed its Lipper peer group for the one- and three-year periods ended June 30, 2010. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Rotating Markets Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark and its Lipper peer group for the one- and three-year periods ended June 30, 2010, and outperformed its benchmark and its Lipper peer group for the five-year period ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the median of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Short/Intermediate Fixed Income Securities Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark and its Lipper peer group for the one-, three-, five- and ten-year periods ended June 30, 2010. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Situs Fund

Among other data considered, the Board noted that the Fund outperformed its benchmark for the five-year period ended June 30, 2010 but underperformed its benchmark for the one- and three-year periods ended the same date. The Fund underperformed its Lipper peer group for the one-year period ended June 30, 2010, and outperformed its Lipper peer group for the three- and five-year periods ended the same date. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group.

Huntington Technical Opportunities Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark and its Lipper peer group for the one-year period ended June 30, 2010. The Board also noted that the Fund’s combined net advisory fee and administrative fee and total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington U.S. Treasury Money Market Fund

Among other data considered, the Board noted that the Fund performed at its benchmark for the one-year period ended June 30, 2010. The Fund outperformed its Lipper peer group for the one-year period ended June 30, 2010, but underperformed its Lipper peer group for the three, five- and ten-year periods ended the same date. The Board took into consideration the Advisor’s agreement to waive all or a portion of its advisory fee and/or reimburse operating expenses of the Fund and noted that the Fund’s combined net advisory fee and administrative fee and total expenses were below the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

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171

Investment Contract Review Disclosure (Continued)

Huntington Tax-Free Money Market Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark for the one-year period ended June 30, 2010. The Board also noted that the Fund underperformed its Lipper peer group for the one-, three- and five-year periods ended June 30, 2010. The Board took into consideration the Advisor’s agreement to waive all or a portion of its advisory fee and/or reimburse operating expenses of the Fund and noted that the Fund’s combined net advisory fee and administrative fee and the Fund’s total expenses were above the medians of its peer group. The Board took into account management’s discussion of the Fund’s performance, including the impact of market conditions on the Fund’s performance, and management’s plans with respect to the Fund.

Huntington Balanced Allocation Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark and its Lipper peer group for the year-to-date period ended June 30, 2010. The Board noted that the Fund commenced operations on August 1, 2009, and therefore did not have a significant operating history. The Board took into consideration the Advisor’s agreement to waive all or a portion of its advisory fee for the Fund and noted that the Fund’s combined net advisory fee and administrative fee was below the median of its peer group and the Fund’s total expenses were above the median of its peer group.

Huntington Growth Allocation Fund

Huntington Conservative Allocation Fund

Among other data considered, the Board noted that the Fund underperformed its benchmark and outperformed its Lipper peer group for the year-to-date period ended June 30, 2010. The Board noted that the Fund commenced operations on August 1, 2009, and therefore did not have a significant operating history. The Board took into consideration the Advisor’s agreement to waive all or a portion of its advisory fee for the Fund and noted that the Fund’s combined net advisory fee and administrative fee was below the median of its peer group and the Fund’s total expenses were above the median of its peer group.

Annual Shareholder Report

172

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 July 1, 2010 to December 31, 2010.

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,
July 1, 2010

Ending
Account Value,
December 31, 2010

Expenses
Paid
During
Period(1)

Annualized
Expense
Ratio

Tax-Free Money Market Fund

Trust Shares

Actual

1,000.00

1.90

0.38

Hypothetical (2)

1,000.00

1,023.30

1.92

0.38

Class A Shares

Actual

1,000.00

1.90

0.38

Hypothetical (2)

1,000.00

1,023.30

1.92

0.38

Money Market Fund

Trust Shares

Actual

1,000.00

1,000.10

1.77

0.35

Hypothetical (2)

1,000.00

1,023.44

1.79

0.35

Class A Shares

Actual

1,000.00

1.77

0.35

Hypothetical (2)

1,000.00

1,023.43

1.79

0.35

Interfund

Actual

1,000.00

1,000.10

1.77

0.35

Hypothetical (2)

1,000.00

1,023.44

1.79

0.35

Ohio Municipal Money Market Fund

Trust Shares

Actual

1,000.00

1,000.10

1.84

0.36

Hypothetical (2)

1,000.00

1,023.37

1.86

0.36

Class A Shares

Actual

1,000.00

1,000.10

1.84

0.36

Hypothetical (2)

1,000.00

1,023.37

1.86

0.36

U.S. Treasury Money Market Fund

Trust Shares

Actual

1,000.00

1,000.10

0.77

0.15

Hypothetical (2)

1,000.00

1,024.44

0.78

0.15

Class A Shares

Actual

1,000.00

1,000.10

0.77

0.15

Hypothetical (2)

1,000.00

1,024.44

0.78

0.15

Annual Shareholder Report

173

Beginning
Account
Value,
July 1, 2010

Ending
Account Value,
December 31, 2010

Expenses
Paid
During
Period(1)

Annualized
Expense
Ratio

Dividend Capture Fund

Trust Shares

Actual

1,000.00

1,162.60

7.47

1.37

Hypothetical (2)

1,000.00

1,018.29

6.97

1.37

Class A Shares

Actual

1,000.00

1,161.20

8.81

1.62

Hypothetical (2)

1,000.00

1,017.05

8.22

1.62

Global Select Markets Fund

Trust Shares

Actual

1,000.00

1,228.50

10.67

1.90

Hypothetical (2)

1,000.00

1,015.63

9.65

1.90

Class A Shares

Actual

1,000.00

1,224.80

12.13

2.16

Hypothetical (2)

1,000.00

1,014.30

10.98

2.16

Growth Fund

Trust Shares

Actual

1,000.00

1,220.80

6.80

1.22

Hypothetical (2)

1,000.00

1,019.08

6.19

1.22

Class A Shares

Actual

1,000.00

1,219.60

8.19

1.46

Hypothetical (2)

1,000.00

1,017.82

7.45

1.46

Income Equity Fund

Trust Shares

Actual

1,000.00

1,195.70

6.71

1.21

Hypothetical (2)

1,000.00

1,019.09

6.17

1.21

Class A Shares

Actual

1,000.00

1,194.00

8.09

1.46

Hypothetical (2)

1,000.00

1,017.83

7.44

1.46

International Equity Fund

Trust Shares

Actual

1,000.00

1,228.70

8.92

1.59

Hypothetical (2)

1,000.00

1,017.20

8.07

1.59

Class A Shares

Actual

1,000.00

1,227.70

10.31

1.84

Hypothetical (2)

1,000.00

1,015.95

9.33

1.84

Macro 100 Fund

Trust Shares

Actual

1,000.00

1,206.30

7.82

1.41

Hypothetical (2)

1,000.00

1,018.12

7.15

1.41

Class A Shares

Actual

1,000.00

1,203.80

9.22

1.66

Hypothetical (2)

1,000.00

1,016.84

8.43

1.66

Mid Corp America Fund

Trust Shares

Actual

1,000.00

1,256.20

7.67

1.35

Hypothetical (2)

1,000.00

1,018.41

6.86

1.35

Class A Shares

Actual

1,000.00

1,254.40

9.08

1.60

Hypothetical (2)

1,000.00

1,017.15

8.13

1.60

New Economy Fund

Trust Shares

Actual

1,000.00

1,215.30

8.55

1.53

Hypothetical (2)

1,000.00

1,017.49

7.79

1.53

Class A Shares

Actual

1,000.00

1,214.10

9.94

1.78

Hypothetical (2)

1,000.00

1,016.23

9.05

1.78

Real Strategies Fund

Trust Shares

Actual

1,000.00

1,377.40

7.95

1.33

Hypothetical (2)

1,000.00

1,018.52

6.75

1.33

Class A Shares

Actual

1,000.00

1,374.70

9.42

1.57

Hypothetical (2)

1,000.00

1,017.27

8.00

1.57

Annual Shareholder Report

174

Supplemental Information (Unaudited) (Continued)

Beginning
Account
Value,
July 1, 2010

Ending
Account Value,
December 31, 2010

Expenses
Paid
During
Period(1)

Annualized
Expense
Ratio

Rotating Markets Fund

Trust Shares

Actual

1,000.00

1,184.60

6.37

1.16

Hypothetical (2)

1,000.00

1,019.38

5.88

1.16

Class A Shares

Actual

1,000.00

1,184.70

7.72

1.40

Hypothetical (2)

1,000.00

1,018.14

7.13

1.40

Situs Fund

Trust Shares

Actual

1,000.00

1,303.00

7.92

1.36

Hypothetical (2)

1,000.00

1,018.33

6.94

1.36

Class A Shares

Actual

1,000.00

1,302.20

9.36

1.61

Hypothetical (2)

1,000.00

1,017.07

8.20

1.61

Technical Opportunities Fund

Trust Shares

Actual

1,000.00

1,200.90

8.79

1.58

Hypothetical (2)

1,000.00

1,017.22

8.06

1.58

Class A Shares

Actual

1,000.00

1,198.60

10.16

1.83

Hypothetical (2)

1,000.00

1,015.96

9.32

1.83

Fixed Income Securities Fund

Trust Shares

Actual

1,000.00

1,004.80

5.32

1.05

Hypothetical (2)

1,000.00

1,019.90

5.36

1.05

Class A Shares

Actual

1,000.00

1,003.60

6.55

1.30

Hypothetical (2)

1,000.00

1,018.67

6.60

1.30

Intermediate Government Income Fund

Trust Shares

Actual

1,000.00

1,005.90

5.46

1.08

Hypothetical (2)

1,000.00

1,019.76

5.50

1.08

Class A Shares

Actual

1,000.00

1,004.60

6.70

1.33

Hypothetical (2)

1,000.00

1,018.52

6.75

1.33

Mortgage Securities Fund

Trust Shares

Actual

1,000.00

1,018.80

5.57

1.10

Hypothetical (2)

1,000.00

1,019.68

5.58

1.10

Class A Shares

Actual

1,000.00

1,018.50

6.81

1.34

Hypothetical (2)

1,000.00

1,018.46

6.81

1.34

Ohio Tax-Free Fund

Trust Shares

Actual

1,000.00

998.90

5.89

1.17

Hypothetical (2)

1,000.00

1,019.32

5.95

1.17

Class A Shares

Actual

1,000.00

997.10

7.15

1.42

Hypothetical (2)

1,000.00

1,018.05

7.22

1.42

Short/Intermediate Fixed Income Securities Fund

Trust Shares

Actual

1,000.00

1,005.60

5.32

1.05

Hypothetical (2)

1,000.00

1,019.90

5.36

1.05

Class A Shares

Actual

1,000.00

1,004.40

6.56

1.30

Hypothetical (2)

1,000.00

1,018.66

6.61

1.30

Balanced Allocation Fund

Class A Shares

Actual

1,000.00

1,135.00

2.99

0.56

Hypothetical (2)

1,000.00

1,022.41

2.83

0.56

Conservative Allocation Fund

Class A Shares

Actual

1,000.00

1,048.20

3.36

0.65

Hypothetical (2)

1,000.00

1,021.92

3.32

0.65

Annual Shareholder Report

175

Beginning
Account
Value,
July 1, 2010

Ending
Account Value,
December 31, 2010

Expenses
Paid
During
Period(1)

Annualized
Expense
Ratio

Growth Allocation Fund

Class A Shares

Actual

1,000.00

1,179.60

2.57

0.47

Hypothetical (2)

1,000.00

1,022.84

2.39

0.47

(1)

Expenses are equal to the Fund’s annualized expense ratios, multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one-half year period). The annualized expense ratios reflect reimbursement of expenses by the Funds’ Adviser for the period beginning July 1, 2010 through December 31, 2010. 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.

Annual Shareholder Report

176

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, Financial 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.

This report is authorized for distribution to prospective investors only when preceded or accompanied by a prospectus which contains facts concerning the Funds’ objectives and policies, management fees, expenses and other information.


Cusip 446327504		Cusip 446327538
Cusip 446327603		Cusip 446327462
Cusip 446327108		Cusip 446327488
Cusip 446327207		Cusip 446327777
Cusip 446327496		Cusip 446327769
Cusip 446327306		Cusip 446327173
Cusip 446327405		Cusip 446327199
Cusip 446327702		Cusip 446327736
Cusip 446327801		Cusip 446327728
Cusip 446327660		Cusip 446327793
Cusip 446327645		Cusip 446327785
Cusip 446327884		Cusip 446327447
Cusip 446327876		Cusip 446327843
Cusip 446327868		Cusip 446327835
Cusip 446327850		Cusip 446327827
Cusip 446327637		Cusip 446327819
Cusip 446327611		Cusip 446327744
Cusip 446327330		Cusip 446327413
Cusip 446327314		Cusip 446327298
Cusip 446327561		Cusip 446327272
Cusip 446327546		Cusip 446327157
Cusip 446327595		Cusip 446327140
Cusip 446327579		Cusip 446327132
Cusip 446327520

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

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27057 (02/11)

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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 New Economy Fund

Huntington VA Real Strategies Fund

Huntington VA Rotating Markets Fund

Huntington VA Situs Fund

Income Funds

Huntington VA Mortgage Securities Fund

DECEMBER 31, 2010

Huntington

VA Balanced Fund

Management’s Discussion of Fund Performance

Investment Advisor: Kristi Abbey

Huntington Asset Advisors, Inc.

LOGO


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		10.43	%
Start of Performance (11/10/08)		14.45	%


	Expense Ratios
Gross		1.56	%
With Contractual Waivers		0.10	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Balanced Fund from November 10, 2008 (inception) to December 31, 2010, compared to the S&P 500 and Balanced Indices Blend.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratios are from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and Balanced Indices Blend have been adjusted to reflect reinvestment of dividends on securities in the indices.

For the fiscal year ended December 31, 2010, the Huntington VA Balanced Fund produced a total return of 10.43%. This underperformed the total return of 15.06% for the Fund’s benchmark, the Standard & Poor’s 500 Index (S&P 500)¹. Because of the Fund’s 40% exposure to fixed income, the Fund underperformed its benchmark index, which is comprised entirely of equity securities. The Fund’s total return also underperformed the Balanced Indices Blend² total return of 11.65%.

The VA Balanced Fund is a fund of funds, which invests solely in the shares of other underlying funds (Huntington VA Funds and Huntington Funds). The Fund’s assets were allocated approximately 60% equities and 40% fixed income.

Relative to the Fund’s benchmark total return of 15.06%, underlying funds contributing positive performance for the year ended December 31, 2010, included the VA Dividend Capture Fund with a return of 15.12%, VA Mid Corp America Fund with a return of 22.80%, VA New Economy Fund 15.97% and the VA Situs Fund with a return of 29.61%.

Underlying funds detracting from performance included the VA Growth Fund with a return of 9.72%, VA Income Equity Fund with a return of 11.79%, VA International Equity Fund With a return of 9.18%, VA Macro 100 Fund with a return of 14.12%, VA Mortgage Securities Fund with a return of 4.89% and the Huntington Fixed Income Securities Fund’s Trust Shares with a return of 5.75%.

p	The composition of the Fund’s holdings is subject to change.

The Balanced Indices Blend is a custom, blended index comprised of 60% S&P 500 and 40% Barclays Capital U.S. Aggregate Bond Index. This custom, blended index and its weightings are reflective of the Fund’s equity/fixed income allocation. The S&P 500 Index is composed of 500 widely held common stocks. The Barclays Capital U.S. Aggregate Bond Index includes U.S. government, corporate and mortgage-backed securities with maturities up to 30 years. It is not possible to invest directly in an index.

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


		1

Huntington

VA Dividend Capture Fund

Management’s Discussion of Fund Performance

Portfolio Manager:

Kirk Mentzer, MBA, Director of Research

Huntington Asset Advisors, Inc.

LOGO


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		15.12	%
3 Year		1.18	%
5 Year		2.54	%
Start of Performance (10/15/01)		5.66	%


Expense Ratio
	1.00	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Dividend Capture Fund from October 15, 2001 (inception) to December 31, 2010, compared to the S&P 500 and DCIB.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratio is from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and DCIB have been adjusted to reflect reinvestment of dividends on securities in the indices.

For the fiscal year ended December 31, 2010, the Huntington VA Dividend Capture Fund produced a total return of 15.12% based on net asset value. This performance exceeded the total return of 15.06% for the Fund’s benchmark, the Standard & Poor’s 500 Index (S&P 500),¹ and was less than the 17.12% total return for the Dividend Capture Indices Blend (DCIB).²

The Fund is managed using our top-down style and portfolio construction techniques, which are aimed at producing a high level of stable income and low volatility. In general terms, income-producing stocks and value-oriented investments lagged overall market performance during the fiscal year. Improving market sentiment, policy clarity and increased merger activity all converged late in the year to provide a strong finish for equity markets in 2010. However, the market had to wade through considerable uncertainty to get to its final destination. Sovereign debt issues in Europe at the beginning of summer threatened the durability of the financial system recovery. As a result, the Federal Reserve initiated further bond purchases in late summer to enhance market liquidity. Despite the US mid-term elections and China raising interest rates in the fall, the US equity market was able to power through all these barriers thanks to plentiful liquidity. For all of 2010, the S&P 500 posted a total return of 15.06%. Fourth quarter results were likewise strong at 10.76%. The Fund’s asset allocation efforts were successful in capturing much of the fourth quarter equity market move by selling REITs (Real Estate Investment Trusts) and Preferred shares in favor of common stocks which were the best performing of the three classes. As a result, the Fund was able to exceed the return of its benchmark.

The three holdings that had the largest positive contribution to the Fund’s performance were Polaris Industries Inc., Chevron Corp. and A.O. Smith Corp. The three holdings that had the largest negative contribution to the Fund’s performance and their percentage of total net assets were Avon Products Inc., Pfizer Inc. and Archer Daniels Midland Co.

p	The composition of the Fund’s holdings is subject to change.


		2

Huntington

VA Growth Fund

Management’s Discussion of Fund Performance

Portfolio Manager:

Herb Chen, MBA

Senior Vice President

Huntington Asset Advisors, Inc.


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		9.72	%
3 Year		(7.51	)%
5 Year		(0.45	)%
Start of Performance (05/01/01)		(1.27	)%


Expense Ratio
	1.02	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Growth Fund from May 1, 2001 (inception) to December 31, 2010, compared to the S&P 500 GI.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratio is from the Funds’ prospectus dated May 1, 2010 (Amended November 3, 2010). Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 GI has been adjusted to reflect reinvestment of dividends on securities in the indices.

For the fiscal year ended December 31, 2010, the Huntington VA Growth Fund produced a total return of 9.72% based on net asset value. This underperformed the total return of 15.06% for the Standard & Poor’s 500 Growth Index (S&P 500 GI),¹ the Fund’s benchmark, and a total return of 15.06% for the Standard & Poor’s 500 Index (S&P 500)² for the reporting period.

Under the management of the previous fund managers, the VA Growth Fund began the year with a relatively defensively structured portfolio. With the S&P 500 GI being up 3.71%, the Fund lagged by 1.74% at the end of the first quarter.

In April 2010, Herb Chen assumed management responsibility and three major changes were implemented to turn around Fund performance: the Fund was aligned with our forecast of an economic recovery, the number of positions was reduced from greater than 100 to 40 and the Beta of the Fund was increased above 1 to reflect a more aggressive growth portfolio.

In May 2010, the first month after the full rebalancing of the Fund, we began seeing positive relative returns. The Fund beat its benchmark in May and June. During these months, we were overweight in Consumer Discretionary, Energy, Industrial, and Materials, which typically outperform in an economic recovery. In third quarter, profits were realized from Consumer Discretionary and re-invested into an overweight in Technology. The Fund exceeded the benchmark for the quarter ended September 30, 2010. Security selection was the largest contributor, followed by security characteristics and sector allocation. Baidu, VMware and Salesforce.com were top stock contributors.

In the final quarter, Technology was returned to an underweight, with Consumer Discretionary moving back to an overweight. Security characteristics and sector allocation positively contributed, to the Fund’s return, while stock selection reversed course with a negative return. We believe this was more of an anomaly and will be carefully watched going forward. Companies that had appreciated significantly during the year disappointed during earnings release and sold off sharply. Several of these positions were sold to establish a fresh start in 2011.

p	The composition of the Fund’s holdings is subject to change.

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


		3

Huntington

VA Income Equity Fund

Management’s Discussion of Fund Performance

Portfolio Manager: Craig J. Hardy, CFA, MBA

Vice President

Huntington Asset Advisors, Inc.


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		11.79	%
3 Year		(5.45	)%
5 Year		(0.80	)%
10 Year		2.07	%


Expense Ratio
	0.97	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Income Equity Fund from December 31, 1999 to December 31, 2010, compared to the S&P 500 VI and the S&P 500.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratio is from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 and S&P 500 VI have been adjusted to reflect reinvestment of all dividends on securities in the indices.

For the fiscal year ended December 31, 2010, the total return for the Huntington VA Income Equity Fund was 11.79% based on net asset value. These returns compare with a total return of 15.10% for the Standard & Poor’s 500 Value Index (S&P 500 VI),¹ the Fund’s benchmark. The Standard & Poor’s 500 Index (S&P 500)² returned 15.06% for the same period.

p	The composition of the Fund’s holdings is subject to change.


		4

Huntington

VA International Equity Fund

Management’s Discussion of Fund Performance

Portfolio Manager: Madelynn M. Matlock, CFA, MBA

Director of International Investments

Senior Vice President

Huntington Asset Advisors, Inc.

LOGO


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		9.18	%
3 Year		(4.67	)%
5 Year		4.39	%
Start of Performance (05/03/04)		7.20	%


Expense Ratio
	1.11	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA International Equity Fund from May 3, 2004 (inception) to December 31, 2010, compared to the MSCI-EAFE.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratio is from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The MSCI-EAFE has been adjusted to reflect reinvestment of all dividends on securities in the index.

For the fiscal year ended December 31, 2010, the Huntington VA International Equity Fund produced a total return of 9.18% based on net asset value. This outperformed the total return of 7.75% for the Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East Index (MSCI-EAFE),¹ the Fund’s benchmark index.

The Fund’s outperformance relative to the MSCI-EAFE was influenced by three main factors: its allocation to sectors, currency and regions, along with trading activity, which added to the beneficial impact from the selection of particular securities. Overall, sector weightings did not contribute to positive relative performance for the year. The portfolio had a less-than-benchmark weighting in materials and consumer discretionary stocks, which were strong contributors to index performance. This was partially offset by an above-index weighting in industrial and technology stocks, which did add value.

The best contributors to overall return were stocks in the industrial sector, including Fanuc and Komatsu in Japan, GEA Group in Germany, and Rolls Royce in the UK. Energy stocks also contributed to relative performance, including the Italian oil service stock Saipem and Canadian-based Cenovus. The currency exposure of the portfolio was slightly negative for performance, with a positive contribution due to an underweight in the euro offset by a lower than index exposure to the Australian dollar and the Swedish krona, which added to the MSCI-EAFE return. The Fund benefited from a lighter weighting in financial stocks than the index, but one the weakest stocks in the portfolio was Banco Bilbao Vizcaya, which offset some of that positive effect.

Overall, there was a positive impact of security selection. To control the risk of large position sizes, stock positions are trimmed when they become larger proportions of the portfolio, but in a year when good relative performance for particular stocks tended to persist, this meant reducing exposure to positions that were doing relatively well.

p	The composition of the Fund’s holdings is subject to change.

The MSCI-EAFE is a market capitalization-weighted equity index comprising 20 of the 48 countries in the MSCI universe and representing the developed world outside of North America. Each MSCI country index is created separately, then aggregated, without change, into regional MSCI indices. The index is unmanaged and, unlike the Fund, is not affected by cash flows. It is not possible to invest directly in an index.

International investing involves special risks including currency risk, political risk, increased volatility of foreign securities, and differences in auditing and other financial standards.

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


		5

Huntington

VA Macro 100 Fund

Management’s Discussion of Fund Performance

Investment Advisor: Chad J. Oviatt

Huntington Asset Advisors, Inc.


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		14.12	%
3 Year		(2.77	)%
5 Year		(0.85	)%
Start of Performance (05/03/04)		1.74	%


Expense Ratio
	1.06	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Macro 100 Fund from May 3, 2004 (inception) to December 31, 2010, compared to the S&P 500.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratio is from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of all dividends on securities in the index.

For the fiscal year ended December 31, 2010, the Huntington VA Macro 100 Fund produced a total return of 14.12% based on net asset value. This undeperformed the total return of 15.06% for the Standard & Poor’s 500 Index (S&P 500),¹ the Fund’s benchmark index.

The Fund’s performance relative to the S&P 500 was, in large part, due to the types of securities owned rather than the overall industry allocations. The Fund benefited from a slightly lower average market capitalization relative to its benchmark and was also positively impacted by other fundamental factors such as average earnings per share, average revenue per share and favorable debt to equity ratios. The major detractor from performance for the year was the Fund’s limited participation in the performance of the Consumer Discretionary sector. The combination of an underweight position in the Consumer Discretionary sector and individual security selection in this sector resulted in the underperformance relative the benchmark’s sector performance. The Financial Sector was also a detractor from performance due to its underweight position.

Despite a change in portfolio managers, which occurred in April of 2010, the Fund continued the process of integrating the quantitative macro-economic research provided by the consulting firm, Laffer Associates, Inc. (where the S&P 500 stocks are ranked according to the output of Laffer’s statistical models) with Huntington Asset Advisors’ recommended sector bias’. It was the combination of these two disciplines that resulted in added value within the investment selection process.

p	The composition of the Fund’s holdings is subject to change.


		6

Huntington

VA Mid Corp America Fund

Management’s Discussion of Fund Performance

Portfolio Manager: Christopher M. Rowane, CFA, MBA

Senior Vice President

Huntington Asset Advisors, Inc.

LOGO


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		22.80	%
3 Year		0.27	%
5 Year		3.29	%
Start of Performance (10/15/01)		7.51	%


Expense Ratio
	0.99	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Mid Corp America Fund from October 15, 2001 (inception) to December 31, 2010, compared to the S&P 400, the RMCI, and the LMCC.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratio is from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 400, RMCI and LMCC have been adjusted to reflect reinvestment of dividends on securities in the indices and average.

For the fiscal year ended December 31, 2010, the Huntington VA Mid Corp America Fund produced a total return of 22.80% based on net asset value. In the same period, the Fund’s benchmark, the Standard & Poor’s MidCap 400 Index (S&P 400)¹ produced a total return of 26.64%, and the Russell Midcap Index (RMCI)² produced a total return of 25.48%, while the Lipper Mid Cap Core Average (LMCC)³ returned 22.87%.

The Fund was underweighted in the Consumer Discretionary and Financials sectors, while over weighted in the Energy and Technology sectors. The performance impact of being underweight in Consumer Discretionary lead to underperformance in the Fund, even with holdings like Royal Caribbean Cruises, which gained 85% for the year. The underweight in Financials proved to be a great benefit to performance, avoiding some of the weakest performers in the mid cap universe. Industrials proved to be another bright spot in sector weighting as well as security selection, but not without some volatile holdings, like Cummins Inc. gaining 142%, and L-3 Communications Holdings, which fell 17% over the year. The greatest impact came with the under-exposure to Technology, with the index sector holdings registering a 32% return versus the portfolio’s return of 21% for this sector. The challenge was finding companies that met the quality earnings profile without the added incremental risk. The Fund focused on the long-term sector and stock selection attributes that have added to its performance over volatile cycles. The Fund maintained a higher number of holdings than some of its peers to provide greater diversification.⁶

p	The composition of the Fund’s holdings is subject to change.

1	The S&P 400 is a capitalization weighted index comprised of common stocks representing all major industries in the mid-cap range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

3	LMCC figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling in the category indicated. They do not reflect sales charges.

5	The S&P 600 is a capitalization-weighted index representing all major industries in the small-cap range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

6	Diversification does not assure a profit nor protect against loss.

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


		7

Huntington

VA New Economy Fund

Management’s Discussion of Fund Performance

Portfolio Manager: Randy Hare

Vice President

Huntington Asset Advisors, Inc.

LOGO


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		15.97	%
3 Year		(9.58	)%
5 Year		(1.71	)%
Start of Performance (10/15/01)		4.70	%


Expense Ratio
	1.05	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA New Economy Fund from October 15, 2001 (inception) to December 31, 2010, compared to the S&P 400 and the S&P 400 GI.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or charges and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratio is from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 400 and the S&P 400 GI indices have been adjusted to reflect reinvestment of dividends on securities in the indices.

For the fiscal year ended December 31, 2010, the Huntington VA New Economy Fund produced a total return of 15.97% based on net asset value. The Fund’s benchmark, the Standard & Poor’s MidCap 400 Growth Index (S&P 400 GI)¹ had a total return of 30.57%, while the Standard & Poor’s Mid Cap 400 Index (S&P 400)², had a total return of 26.64%.

p	The composition of the Fund’s holdings is subject to change.

The S&P 400 GI is designed to provide a comprehensive measure of mid-cap U.S. equity “growth” performance. It is a float adjusted market capitalization-weighted index comprised of stocks representing approximately half the market capitalization of the S&P 400 that have been indentified as being on the growth end of the growth-value spectrum. Indices are unmanaged and, unlike the Fund, are not affected by cashflows. It is not possible to invest directly in an index.

2	The S&P 400 is a capitalization-weighted index comprised of common stocks representing all major industries in the mid-range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.


		8

Huntington

VA Real Strategies Fund

Management’s Discussion of Fund Performance

Portfolio Manager: Peter Sorrentino, CFA

Vice President

Huntington Asset Advisors, Inc.


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		22.15	%
3 Year		(5.67	)%
Start of Performance (08/31/07)		(1.05	)%


Expense Ratio
	1.87	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Real Strategies Fund from August 31, 2007 (inception) to December 31, 2010, compared to the S&P GSCI, S&P 500 and RSIB.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P GSCI, the S&P 500 and the RSIB have been adjusted to reflect reinvestment of dividends on securities in the indices.

For the fiscal year ended December 31, 2010, the Huntington VA Real Strategies Fund produced a total return of 22.15% based upon net asset value. The Fund outperformed its benchmark, the S&P GSCI^® Index¹, which had a total return of 9.03%. The Fund also outperformed the Standard & Poor’s 500 Index² (S&P 500), which returned 15.06% and the Real Strategies Indices Blend³, which returned 21.90% for the same period.

p	The composition of the Fund’s holdings is subject to change.

The S&P GSCI^® Index measures general price movements and inflation in the world economy. The index is calculated primarily on a world production-weighted basis and is comprised of the principal physical commodities that are the subject of active, liquid futures markets. The Fund’s investment adviser elected to change the benchmark index from the S&P 500 to the S&P GSCI^® Index because the S&P GSCI^® Index is more reflective of the securities in which the Fund invests. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

The S&P 500 is a capitalization-weighted Index comprised of 500 stocks and designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

The Real Strategies Indices Blend is a custom blended index comprised of the following two indices with their noted respective weightings: Reuters/Jefferies CRB Total Return Index (50%) and NAREIT Index (50%). The Reuters/Jefferies CRB Total Return Index is a commodity index, a basket of exchange-traded futures contract representing long-only positions in underlying commodities. Indices typically include a variety of commodity sectors to provide investors broader exposure to commodities as an asset class and free the investor from the mechanics of future trading (e.g., contract rolling and physical delivery). The index return does not reflect the deduction of expenses, which have been deducted from the Fund’s returns. The index return assumes reinvestment of all distributions and does not reflect the deduction of taxes and fees. Individuals cannot invest directly in the index, however, an individual can invest in exchange traded funds or other investment vehicles that attempt to track the performance of a benchmark index. The NAREIT represents returns for the National Association of Real Estate Investment Trust Equity Index. The indices are unmanaged and, unlike the Fund, are not affected by cashflows.

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


		9

Huntington

VA Rotating Markets Fund

Management’s Discussion of Fund Performance

Portfolio Manager: Paul Koscik, JD

Vice President

Huntington Asset Advisors, Inc.

LOGO


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		7.34	%
3 year		(6.04	)%
5 Year		1.60	%
Start of Performance (10/15/01)		4.21	%


Expense Ratio
	1.90	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Rotating Markets Fund from October 15, 2001 (inception) to December 31, 2010, compared to the S&P 500.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or changes and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratio is from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 500 has been adjusted to reflect reinvestment of all dividends on securities in the index.

For the fiscal year ended December 31, 2010, the Huntington VA Rotating Markets Fund produced a total return of 7.34% based on net asset value. This underperformed the total return of 15.06% for the Fund’s benchmark, the Standard & Poor’s 500 Index (S&P 500).¹

p	The composition of the Fund’s holdings is subject to change.


		10

Huntington

VA Situs Fund

Management’s Discussion of Fund Performance

Portfolio Manager: B. Randolph Bateman, CFA

Chief Investment Officer

Huntington Asset Advisors, Inc.

LOGO


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		29.61	%
3 Year		0.42	%
5 Year		3.41	%
Start of Performance (05/03/04)		7.90	%


Expense Ratio
	1.04	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Situs Fund from May 3, 2004 (inception) to December 31, 2010, compared to the S&P 600 and the S&P 500.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The S&P 600 and the S&P 500 indices have been adjusted to reflect reinvestment of dividends on securities in the indices.

For the fiscal year ended December 31, 2010, the Huntington VA Situs Fund produced a total return 29.61% based on net asset value. The Fund experienced a strongly positive relative performance versus its benchmark, the Standard & Poor’s Small Cap 600 Index (S&P 600),¹ which had a total return of 26.31% for the same period. This represented a return that was 330 basis points above the benchmark index. This was the second consecutive year that the fund exceeded the unmanaged benchmark.

p	The composition of the Fund’s holdings is subject to change.

1	The S&P 600 is a capitalization-weighted index representing all major industries in the small-cap range of the U.S. stock market. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an index.

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


		11

Huntington

VA Mortgage Securities Fund

Management’s Discussion of Fund Performance

Co-Portfolio Managers:

William G. Doughty, MBA

Vice President

Gustave J. Seasongood

Vice President

Huntington Asset Advisors, Inc.

LOGO


	Average Annual Total Return for the Period Ended 12/31/10
1 Year		4.89	%
3 Year		4.16	%
5 Year		4.45	%
Start of Performance (05/03/04)		4.41	%


Expense Ratio
	1.10	%

The graph above illustrates the hypothetical investment of $10,000* in the Huntington VA Mortgage Securities Fund from May 3, 2004 (inception) to December 31, 2010, compared to the BMBSI.

The performance information does not include the charges and expenses imposed by the insurance company separate accounts or changes and expenses under the variable insurance product contracts. The inclusion of such charges would lower performance. Please refer to the variable insurance product prospectus for a complete listing of these expenses. The above expense ratios are from the Funds’ prospectus dated May 1, 2010. Additional information pertaining to the Fund’s expense ratio as of December 31, 2010 can be found in the financial highlights. For the fiscal year ended 12/31/10, Fund shares were available exclusively as a funding vehicle for Hartford Life Insurance Company’s separate accounts in connection with the Huntington Director, Huntington Director Outlook and Huntington Hartford Leaders Outlook variable annuity contracts, Transamerica Life Insurance Company’s separate accounts in connection with the Huntington Allstar Select variable annuity contract, and to the separate accounts of Nationwide Life and Annuity Insurance Company, Nationwide Life Insurance Company and Sun Life Assurance Company of Canada (U.S.). Variable investment options are not obligations of or guaranteed by any bank and are not federally insured.

*	The Fund’s performance assumes the reinvestment of all dividends and distributions. The BMBSI has been adjusted to reflect reinvestment of dividends on securities in the index.

For the fiscal year ended December 31, 2010, the Huntington VA Mortgage Securities Fund produced a return of 4.89% based on net asset value. This compared to the total return of 5.37% for the Fund’s benchmark, the Barclays Mortgage Backed Securities Index (BMBSI),¹ and the Lipper U.S. Mortgage Funds Average² return of 6.74% for the same reporting period.

During 2010, the mortgage market was generally even with Treasury securities. Mortgages had a return of 5.37%, as measured by the BMBSI for the year, compared to a return of 5.88% for Treasuries. The Agency position also had a negative effect on the portfolio. The small underperformance of the Fund was due to its more defensive nature as it owned both 15 and 20 year mortgages. The 10% exposure to the REIT (Real Estate Investment Trust) market, which was up from 5% last year, helped the Fund’s return. As measured by the NAREIT Index (NAREIT),³ REITs produced a return of 27.95%.

p	The composition of the Fund’s holdings is subject to change.

Bond prices are sensitive to changes in interest rates, and a rise in interest rates can cause a decline in their prices.

2	Lipper figures represent the average of the total returns reported by all of the mutual funds designated by Lipper Inc. as falling into the category indicated. They do not reflect sales charges.

3	The NAREIT Index represents returns for the National Association of Real Estate Investment Trust Equity Index. The index is unmanaged and, unlike the Fund, is not affected by cashflows. It is not possible to invest directly in an Index.


		12

Huntington VA Balanced Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Equity Mutual Funds¹		59.9	%
Fixed Income Mutual Funds¹		38.1	%
Cash¹		2.0	%

Total		100.0	%

¹	Investments in affiliated funds.

Portfolio holdings and allocations are subject to change. Percentages in the table above, as of December 31, 2010, 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 net assets.

Portfolio of Investments

December 31, 2010


Shares			Value
		Mutual Funds — 97.7% (a)
	382,079	Huntington Fixed Income Securities Fund, Trust Shares	$	8,466,869
	109,556	Huntington VA Dividend Capture Fund		1,068,169
	615,775	Huntington VA Growth Fund		4,809,200
	369,703	Huntington VA Income Equity Fund		3,205,326
	185,840	Huntington VA International Equity Fund		2,687,250
	147,724	Huntington VA Macro 100 Fund		1,330,993
	60,259	Huntington VA Mid Corp Fund		1,062,960
	151,812	Huntington VA Mortgage Securities Fund		1,744,317
	94,876	Huntington VA New Economy Fund		1,200,180
	44,445	Huntington VA Situs Fund		666,228

		Total Mutual Funds (Cost $24,190,668)		26,241,492


Shares			Value
		Cash Equivalents — 2.0%
	545,928	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	545,928

		Total Cash Equivalents (Cost $545,928)		545,928

		Total Investments (Cost $24,736,596) — 99.7%		26,787,420

		Other Assets in Excess of Liabilities — 0.3%		81,302

		Net Assets — 100.0%	$	26,868,722

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.

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 Dividend Capture Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Common Stocks (Includes 5.0% Real Estate Investment Trusts)		76.8	%
Preferred Stocks (Includes 2.0% Real Estate Investment Trusts)		21.1	%
Exchange Traded Funds		1.6	%
Cash¹		0.5	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 76.9%
		Consumer Discretionary — 4.6%
	9,500	Genuine Parts Co.	$	487,730
	6,000	The TJX Cos., Inc.		266,340
	3,500	V.F. Corp.		301,630
	10,000	Yum! Brands, Inc.		490,500

				1,546,200

		Consumer Staples — 7.0%
	10,000	Archer-Daniels-Midland Co.		300,800
	12,500	Ruddick Corp.		460,500
	2,000	Sanderson Farms, Inc.		78,300
	7,500	The Clorox Co.		474,600
	10,000	The Hershey Co.		471,500
	11,000	Universal Corp.		447,700
	2,000	Wal-Mart Stores, Inc.		107,860

				2,341,260

		Energy — 14.9%
	7,000	Cenovus Energy, Inc.		232,680
	10,500	Chevron Texaco Corp.		958,125
	8,500	ConocoPhillips		578,850
	5,500	Eni SpA ADR		240,570
	15,500	Exxon Mobil Corp.		1,133,360
	6,500	Marathon Oil Corp.		240,695
	17,000	Royal Dutch Shell PLC ADR		1,135,260
	9,500	Total SA ADR		508,060

				5,027,600

		Financials — 15.6%
	19,500	American Financial Group, Inc.		629,655
	10,500	Assurant, Inc.		404,460
	13,500	BB&T Corp.		354,915
	19,500	Federated Investors, Inc., Class B		510,315
	34,500	Fidelity National Title Group, Inc.		471,960
	15,500	JPMorgan Chase & Co.		657,510
	5,500	Prudential Financial, Inc.		322,905
	6,750	Royal Bank of Canada		353,430
	8,500	The Toronto-Dominion Bank		631,635
	3,500	The Travelers Cos., Inc.		194,985


Shares			Value
		Financials — (continued)
	8,000	U.S. Bancorp	$	215,760
	17,500	Unitrin, Inc.		429,450
	2,000	Wells Fargo & Co.		61,980

				5,238,960

		Health Care — 6.8%
	13,500	Abbott Laboratories		646,785
	12,000	AstraZeneca PLC ADR		554,280
	4,000	Baxter International, Inc.		202,480
	13,000	Eli Lilly & Co.		455,520
	11,000	GlaxoSmithKline PLC ADR		431,420

				2,290,485

		Industrials — 8.6%
	5,250	3M Co.		453,075
	7,500	Applied Industrial Technologies, Inc.		243,600
	31,500	General Electric Co.		576,135
	5,500	Lockheed Martin Corp.		384,505
	8,500	Norfolk Southern Corp.		533,970
	13,500	Waste Management, Inc.		497,745
	3,000	Watsco, Inc.		189,240

				2,878,270

		Information Technology — 3.3%
	10,500	Corning, Inc.		202,860
	24,000	Intel Corp.		504,720
	10,500	Microsoft Corp.		293,160
	1,624	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		20,365
	3,000	Texas Instruments, Inc.		97,500

				1,118,605

		Materials — 2.3%
	5,500	AMCOL International Corp.		170,500
	14,000	MeadWestvaco Corp.		366,240
	5,000	Southern Copper Corp.		243,700

				780,440

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


		14

Huntington VA Dividend Capture Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Real Estate Investment Trusts — 5.0%
	9,000	Acadia Realty Trust	$	164,160
	17,500	Duke Realty Corp.		218,050
	1,500	EastGroup Properties, Inc.		63,480
	1,500	Equity Residential		77,925
	3,000	HCP, Inc.		110,370
	3,000	Home Properties, Inc.		166,470
	5,500	National Health Investors, Inc.		247,610
	2,500	National Retail Properties, Inc.		66,250
	2,500	PS Business Parks, Inc.		139,300
	3,500	Rayonier, Inc.		183,820
	1,374	Simon Property Group, Inc.		136,699
	3,000	Sovran Self Storage, Inc.		110,430

				1,684,564

		Telecommunication Services — 2.0%
	6,500	Verizon Communications, Inc.		232,570
	16,500	Vodafone Group PLC ADR		436,095

				668,665

		Utilities — 6.8%
	20,250	Entergy Corp.		1,434,307
	11,500	Nicor, Inc.		574,080
	16,000	TECO Energy, Inc.		284,800

				2,293,187

		Total Common Stocks (Cost $23,896,887)		25,868,236

		Preferred Stocks — 21.1%
		Consumer Discretionary — 0.6%
	1,000	Comcast Corp., 7.000%		25,350
	7,000	Viacom, Inc., 6.850%		177,660

				203,010

		Financials — 16.0%
	15,000	Allianz SE, 8.375%		394,219
	12,000	Barclays Bank PLC, 6.625%		279,960
	16,000	BB&T Capital Trust V, 8.950%		439,200
	14,000	Credit Suisse Guernsey, 7.900%		374,920
	2,426	Everest Re Cap Trust II, 6.200%		54,003
	806	Goldman Sachs Group, Inc., 6.200%		19,465
	3,500	HSBC Holdings PLC, 6.200%		80,150
	15,000	JPMorgan Chase Capital XXVI, 8.000%		403,650
	5,000	KeyCorp Capital VIII, 7.000%		122,200
	1,000	M&T Capital Trust IV, 8.500%		26,620
	13,000	Merrill Lynch & Co. Capital Trust V, 7.280%		318,500
	1,000	MetLife, Inc., 6.500%		24,800
	16,000	Morgan Stanley Capital Trust, 6.600%		380,000
	21,000	National City Capital Trust II, 6.625%		524,580
	8,000	Partnerre Ltd., 6.500%		192,640
	11,914	PLC Capital Trust IV, 7.250%		296,659
	20,000	Prudential Financial, Inc., 9.000%		549,800
	5,000	Prudential PLC, 6.500%		123,300
	3,000	RenaissanceRe Holdings Ltd., 6.500%		68,220
	8,000	SunTrust Capital IX, 7.875%		206,480


Shares			Value
		Financials — (continued)
	1,000	USB Capital XI, 6.600%	$	25,100
	16,000	Wachovia Capital Trust X, 7.850%		421,600
	2,000	Wells Fargo Capital IV, 7.000%		50,660

				5,376,726

		Real Estate Investment Trusts — 2.0%
	8,000	Kimco Realty Corp., 7.750%		211,200
	2,000	Public Storage, Inc., 6.450%		48,500
	16,000	Vornado Realty LP, 7.875%		426,720

				686,420

		Telecommunication Services — 1.2%
	5,117	AT&T, Inc., 6.375%		136,163
	10,731	Telephone & Data Systems, Inc., 7.600%		270,529

				406,692

		Utilities — 1.3%
	11,000	Dominion Resources, Inc., Class A, 8.375%		311,740
	4,000	Xcel Energy, Inc., 7.600%		109,720

				421,460

		Total Preferred Stocks (Cost $6,274,336)		7,094,308

		Mutual Funds — 1.6%
		Exchange Traded Funds — 1.6%
	21,000	The Technology Select Sector SPDR Fund		528,780

		Total Mutual Funds (Cost $383,684)		528,780

		Cash Equivalents — 0.5%
	160,142	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		160,142

		Total Cash Equivalents (Cost $160,142)		160,142

		Total Investments (Cost $30,715,049) — 100.1%		33,651,466

		Liabilities in Excess of Other Assets — (0.1)%		(26,528	)

		Net Assets — 100.0%	$	33,624,938

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.


ADR		—American Depositary Receipt
LP		—Limited Partnership
PLC		—Public Liability Co.

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 Growth Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Information Technology		34.1	%
Industrials		13.0	%
Energy		12.3	%
Health Care		8.6	%
Consumer Staples		7.6	%
Consumer Discretionary		6.8	%
Materials		6.7	%
Cash¹		4.9	%
Real Estate Investment Trusts		2.8	%
Financials		1.9	%
Telecommunication Services		1.3	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 96.0%
		Consumer Discretionary — 6.8%
	6,520	Coach, Inc.	$	360,621
	7,200	Family Dollar Stores, Inc.		357,912
	2,650	Lululemon Athletica, Inc. *		181,313
	1,030	Netflix, Inc. *		180,971
	2,140	Nike, Inc., Class B		182,799

				1,263,616

		Consumer Staples — 7.6%
	7,240	Altria Group, Inc.		178,249
	12,100	Companhia Brasileira de Distribuicao Grupo Pao de Acucar ADR		375,463
	7,390	McCormick & Co., Inc.		343,857
	3,020	Philip Morris International, Inc.		176,761
	5,150	The Coca-Cola Co.		338,715

				1,413,045

		Energy — 12.4%
	5,740	Anadarko Petroleum Corp.		437,158
	2,350	CNOOC Ltd. ADR		560,169
	4,240	Core Laboratories NV		377,572
	8,250	Peabody Energy Corp.		527,835
	5,840	Transocean Ltd.		405,938

				2,308,672

		Financials — 2.0%
	2,160	Goldman Sachs Group, Inc.		363,226

		Health Care — 8.6%
	5,130	Merck & Co., Inc.		184,885
	4,302	Novo-Nordisk A/S ADR		484,276
	10,850	Pfizer, Inc.		189,984


Shares			Value
		Health Care — (continued)
	5,120	Stryker Corp.	$	274,944
	6,720	Varian Medical Systems, Inc. *		465,562

				1,599,651

		Industrials — 13.2%
	7,530	Caterpillar, Inc.		705,260
	5,910	CSX Corp.		381,845
	4,420	Deere & Co.		367,081
	7,090	Joy Global, Inc.		615,057
	3,990	Union Pacific Corp.		369,713

				2,438,956

		Information Technology — 34.5%
	3,510	Apple, Inc. *		1,132,186
	6,500	Baidu, Inc. SP ADR *		627,445
	31,020	Cisco Systems, Inc. *		627,535
	5,280	Cognizant Technology Solutions Corp., Class A *		386,971
	23,930	EMC Corp. *		547,997
	3,170	F5 Networks, Inc. *		412,607
	790	Google, Inc., Class A *		469,236
	19,770	Microsoft Corp.		551,978
	6,920	NetApp, Inc. *		380,323
	12,820	Oracle Corp.		401,266
	11,910	Rackspace Hosting, Inc. *		374,093
	9,520	SanDisk Corp. *		474,667

				6,386,304

		Materials — 6.8%
	3,290	Agrium, Inc.		301,858
	5,350	Du Pont (E.I.) de Nemours & Co.		266,858

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


		16

Huntington VA Growth Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Materials — (continued)
	3,040	Freeport-McMoran Copper & Gold, Inc., Series B, Class B	$	365,074
	4,480	Rio Tinto PLC ADR		321,037

				1,254,827

		Real Estate Investment Trusts — 2.8%
	3,380	Health Care, Inc.		161,023
	2,720	Mid-America Apartment Communities, Inc.		172,693
	6,760	National Retail Properties, Inc.		179,140

				512,856

		Telecommunication Services — 1.3%
	12,710	Frontier Communications Corp.		123,668
	8,870	Windstream Corp.		123,648

				247,316

		Total Common Stocks (Cost $15,881,848)		17,788,469


Shares			Value
		Cash Equivalents — 5.0%
	922,241	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	922,241

		Total Cash Equivalents (Cost $922,241)		922,241

		Total Investments (Cost $16,804,089) — 101.0%		18,710,710

		Liabilities in Excess of Other Assets — (1.0)%		(199,260	)

		Net Assets — 100.0%	$	18,511,450

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.


ADR		—American Depositary Receipt
PLC		—Public Liability Co.

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 Income Equity Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Energy		19.1	%
Financials		11.7	%
Industrials		11.7	%
Real Estate Investment Trusts		10.4	%
Consumer Staples		9.6	%
Health Care		9.3	%
Information Technology		6.7	%
Utilities		6.3	%
Consumer Discretionary		6.1	%
Cash¹		3.2	%
Materials		3.2	%
Telecommunication Services		2.7	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 96.7%
		Consumer Discretionary — 6.1%
	31,800	H & R Block, Inc.		378,738
	6,300	McDonald’s Corp.	$	483,588
	7,200	Time Warner, Inc.		475,416

				1,337,742

		Consumer Staples — 9.5%
	14,600	Altria Group, Inc.		359,452
	7,800	HJ Heinz Co.		385,788
	4,500	Kimberly-Clark Corp.		283,680
	5,500	PepsiCo, Inc.		359,315
	7,000	Philip Morris International, Inc.		409,710
	4,300	The Coca-Cola Co.		282,811

				2,080,756

		Energy — 19.1%
	4,600	Chevron Texaco Corp.		419,750
	4,600	ConocoPhillips		313,260
	14,600	Enerplus Resources Fund		450,264
	6,900	Eni SpA ADR		301,806
	5,600	Exxon Mobil Corp.		409,472
	7,300	Marathon Oil Corp.		270,319
	15,600	Penn West Energy Trust		373,152
	2,400	PetroChina Co. Ltd. ADR		315,576
	9,800	Repsol YPF SA ADR		273,812
	4,700	Royal Dutch Shell PLC ADR		313,866
	16,100	Spectra Energy Corp.		402,339
	6,000	Total SA ADR		320,880

				4,164,496


Shares			Value
		Financials — 11.7%
	7,500	Bank of Montreal	$	431,775
	6,100	Canadian Imperial Bank of Commerce		478,240
	6,600	Chubb Corp.		393,624
	4,700	M & T Bank Corp.		409,135
	14,600	Sun Life Financial, Inc.		439,460
	7,200	The Travelers Cos., Inc.		401,112

				2,553,346

		Health Care — 9.3%
	9,000	Abbott Laboratories		431,190
	8,300	AstraZeneca PLC ADR		383,377
	9,500	Eli Lilly & Co.		332,880
	23,100	Pfizer, Inc.		404,481
	14,800	Sanofi-Aventis ADR		477,004

				2,028,932

		Industrials — 11.6%
	3,900	Caterpillar, Inc.		365,274
	3,400	Eaton Corp.		345,134
	5,200	Lockheed Martin Corp.		363,532
	27,200	R.R. Donnelley & Sons Co.		475,184
	5,200	The Boeing Co.		339,352
	4,600	United Parcel Service, Inc., Class B		333,868
	8,600	Waste Management, Inc.		317,082

				2,539,426

		Information Technology — 6.7%
	22,400	Intel Corp.		471,072
	3,300	International Business Machines Corp.		484,308
	17,700	Microsoft Corp.		494,184

				1,449,564

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


		18

Huntington VA Income Equity Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Materials — 3.2%
	6,600	Du Pont (E.I.) de Nemours & Co.	$	329,208
	4,300	PPG Industries, Inc.		361,501

				690,709

		Real Estate Investment Trusts — 10.4%
	5,800	Equity Residential		301,310
	14,200	HCP, Inc.		522,418
	10,300	Health Care, Inc.		490,692
	15,200	Mack-Cali Realty Corp.		502,512
	4,500	Simon Property Group, Inc.		447,705

				2,264,637

		Telecommunication Services — 2.7%
	10,100	AT&T, Inc.		296,738
	8,300	Verizon Communications, Inc.		296,974

				593,712

		Utilities — 6.3%
	9,200	Ameren Corp.		259,348
	5,600	DTE Energy Co.		253,792
	13,900	Duke Energy Corp.		247,559
	5,800	Exelon Corp.		241,512
	21,400	NiSource, Inc.		377,068

				1,379,279

		Total Common Stocks (Cost $19,314,782)		21,082,599


Shares			Value
		Cash Equivalents — 3.2%
	687,915	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	687,915

		Total Cash Equivalents (Cost $687,915)		687,915

		Total Investments (Cost $20,002,697) — 99.9%		21,770,514

		Other Assets in Excess of Liabilities — 0.1%		27,801

		Net Assets — 100.0%	$	21,798,315

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.


ADR		—American Depositary Receipt
PLC		—Public Liability Co.

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 International Equity Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
United Kingdom		16.0	%
Japan		15.5	%
Germany		8.5	%
France		7.6	%
Switzerland		7.4	%
Sweden		6.4	%
Mutual Funds		5.1	%
Singapore		4.9	%
Australia		4.7	%
Netherlands		3.8	%
Canada		3.7	%
Cash¹		3.7	%
Hong Kong		2.8	%
Italy		2.7	%
Taiwan		2.1	%
Mexico		1.6	%
United States		1.5	%
Spain		1.0	%
Israel		1.0	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 90.3%
		Australia — 4.6%
		Consumer Staples — 1.8%
	70,000	Foster’s Group Ltd.	$	406,315

		Materials — 2.8%
	14,000	BHP Billiton Ltd.		647,386

				1,053,701

		Canada — 3.6%
		Energy — 1.7%
	6,870	Cenovus Energy, Inc.		228,359
	5,870	EnCana Corp.		170,934

				399,293

		Telecommunication Services — 1.9%
	12,000	BCE, Inc.		425,520

				824,813

		France — 7.5%
		Energy — 2.0%
	8,400	Total SA ADR		449,232

		Financials — 3.1%
	18,809	AXA SA ADR		313,170
	6,147	BNP Paribas		391,281

				704,451


Shares			Value
		Health Care — 1.4%
	5,000	Sanofi-Aventis	$	319,874

		Utilities — 1.0%
	4,823	GDF Suez ADR		173,821
	1,600	GDF Suez		57,437

				231,258

				1,704,815

		Germany — 8.4%
		Consumer Staples — 1.3%
	4,800	Henkel AG & Co. KGaA		300,213

		Industrials — 3.5%
	14,600	GEA Group AG		421,730
	3,036	Siemens AG ADR		377,223

				798,953

		Materials — 2.5%
	7,500	K+S AG		567,652

		Utilities — 1.1%
	8,000	E.ON AG ADR		243,280

				1,910,098

		Hong Kong — 2.8%
		Consumer Discretionary — 1.1%
	65,000	MTR Corp. Ltd.		236,662

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


		20

Huntington VA International Equity Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Financials — 1.7%
	50,800	The Wharf (Holdings) Ltd.	$	390,835

				627,497

		Israel — 1.0%
		Health Care — 1.0%
	4,400	Teva Pharmaceutical Industries Ltd., ADR		229,372

		Italy — 2.6%
		Energy — 2.6%
	12,200	Saipem SpA		600,906

		Japan — 15.4%
		Consumer Discretionary — 2.8%
	7,010	Honda Motor Co. Ltd. ADR		276,895
	25,390	Panasonic Corp. ADR		357,999

				634,894

		Consumer Staples — 3.2%
	14,000	Shiseido Co. Ltd.		305,768
	10,200	Unicharm Corp.		405,614

				711,382

		Financials — 0.9%
	49	Japan Prime Realty Investment Corp.		150,816
	6	Japan Real Estate Investment Corp.		62,198

				213,014

		Industrials — 4.0%
	2,700	FANUC Ltd.		414,515
	16,000	KOMATSU Ltd.		483,989

				898,504

		Information Technology — 4.5%
	12,051	Canon, Inc. ADR		618,698
	1,400	KEYENCE Corp.		405,392

				1,024,090

				3,481,884

		Mexico — 1.6%
		Telecommunication Services — 1.6%
	6,200	America Movil SA de CV., Series L ADR		355,508

		Netherlands — 3.8%
		Energy — 2.1%
	14,300	Royal Dutch Shell PLC, Class A		476,890

		Industrials — 1.7%
	12,225	Koninklijke (Royal) Philips Electronics NV NYS		375,308

				852,198

		Singapore — 4.8%
		Financials — 1.6%
	31,000	DBS Group Holdings Ltd.		346,056
	10,200	K-Green Trust *		8,508

				354,564


Shares			Value
		Industrials — 2.0%
	51,000	Keppel Corp Ltd.	$	450,047

		Telecommunication Services — 1.2%
	12,005	Singapore Telecommunications ADR		285,119

				1,089,730

		Spain — 1.0%
		Financials — 1.0%
	21,708	Banco Bilbao Vizcaya Argentaria SA ADR		220,770

		Sweden — 6.4%
		Consumer Discretionary — 1.9%
	12,800	Hennes & Mauritz AB *		426,857

		Consumer Staples — 1.8%
	25,000	Svenska Cellulosa AB (SCA)		395,266

		Industrials — 2.7%
	35,000	Volvo AB *		617,463

				1,439,586

		Switzerland — 7.3%
		Financials — 2.7%
	10,000	ACE Ltd.		622,500

		Health Care — 2.5%
	9,690	Novartis AG ADR		571,226

		Materials — 2.1%
	8,030	Syngenta AG ADR		472,003

				1,665,729

		Taiwan — 2.1%
		Information Technology — 2.1%
	37,677	Taiwan Semiconductor Manufacturing Co. Ltd. ADR		472,470

		United Kingdom — 15.9%
		Consumer Discretionary — 1.7%
	24,750	Pearson PLC ADR		393,278

		Consumer Staples — 3.1%
	6,600	Reckitt Benckiser Group PLC		362,807
	13,874	Tesco PLC ADR		279,977
	10,000	TESCO PLC		66,277

				709,061

		Energy — 3.1%
	3,750	BG Group PLC ADR		382,500
	16,100	Scottish & Southern Energy PLC		307,563

				690,063

		Financials — 2.8%
	63,000	Barclays PLC		257,060
	14,175	Standard Chartered PLC		381,426

				638,486

		Health Care — 1.7%
	9,645	GlaxoSmithKline PLC ADR		378,277

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 International Equity Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Industrials — 1.6%
	36,200	Rolls-Royce Group PLC *	$	351,697

		Telecommunication Services — 1.5%
	133,000	Vodafone Group PLC		343,881

		Utilities — 0.4%
	4,525	Scottish & Southern Energy PLC ADR		88,192

				3,592,935

		United States — 1.5%
		Energy — 1.5%
	4,080	Schlumberger Ltd.		340,680

		Total Common Stocks (Cost $17,588,805)		20,462,692

		Mutual Funds — 5.1%
		Exchange Traded Funds — 4.0%
	15,200	iShares MSCI Hong Kong Index Fund		287,432
	4,800	iShares MSCI South Korea Index Fund		293,712
	16,300	iShares MSCI Taiwan Index Fund		254,606
	5,000	ProShares UltraShort Yen Fund *		78,600

				914,350


Shares			Value
		Closed-End Funds — 1.1%
	8,966	Morgan Stanley India Investment Fund, Inc. *	$	230,337

		Total Mutual Funds (Cost $787,218)		1,144,687

		Cash Equivalents — 3.7%
	840,153	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		840,153

		Total Cash Equivalents (Cost $840,153)		840,153

		Total Investments (Cost $19,216,176) — 99.1%		22,447,532

		Other Assets in Excess of Liabilities — 0.9%		200,399

		Net Assets — 100.0%	$	22,647,931

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.


ADR		—American Depositary Receipt
NYS		—New York Shares
PLC		—Public Liability Co.

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


		22

Huntington VA Macro 100 Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Information Technology		17.5	%
Industrials		11.9	%
Consumer Discretionary		10.6	%
Health Care		10.5	%
Energy		9.3	%
Financials		9.3	%
Consumer Staples		9.1	%
Cash¹		8.2	%
Utilities		4.5	%
Materials		3.8	%
Telecommunication Services		3.7	%
Real Estate Investment Trusts		1.6	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 91.7%
		Consumer Discretionary — 10.6%
	300	AutoZone, Inc. *	$	81,777
	2,500	GameStop Corp., Class A *		57,200
	1,100	Hasbro, Inc.		51,898
	2,100	Johnson Controls, Inc.		80,220
	625	McDonald’s Corp.		47,975
	3,700	Newell Rubbermaid, Inc.		67,266
	1,300	Omnicom Group, Inc.		59,540
	450	Polo Ralph Lauren Corp.		49,914
	900	Scripps Networks Interactive, Class A		46,575
	500	Starwood Hotels & Resorts Worldwide, Inc.		30,390
	1,000	The TJX Cos., Inc.		44,390
	750	The Walt Disney Co.		28,133
	650	V.F. Corp.		56,017

				701,295

		Consumer Staples — 9.1%
	2,100	Avon Products, Inc.		61,026
	1,000	Colgate-Palmolive Co.		80,370
	1,700	Constellation Brands, Inc. *		37,655
	1,500	Dr. Pepper Snapple Group, Inc.		52,740
	1,500	Kellogg Co.		76,620
	1,350	Kraft Foods, Inc.		42,539
	1,100	McCormick & Co., Inc.		51,183
	1,400	Procter & Gamble Co.		90,062
	2,100	Sysco Corp.		61,740
	800	The Clorox Co.		50,624

				604,559


Shares			Value
		Energy — 9.3%
	900	Apache Corp.	$	107,307
	600	Baker Hughes, Inc.		34,302
	500	ConocoPhillips		34,050
	800	Denbury Resources, Inc. *		15,272
	1,100	Devon Energy Corp.		86,361
	350	EOG Resources, Inc.		31,994
	1,343	Exxon Mobil Corp.		98,200
	1,200	Marathon Oil Corp.		44,436
	750	Occidental Petroleum Corp.		73,575
	900	Peabody Energy Corp.		57,582
	900	Rowan Cos., Inc. *		31,419

				614,498

		Financials — 9.3%
	3,700	Discover Financial Services		68,561
	2,900	JPMorgan Chase & Co.		123,018
	1,300	Lincoln National Corp.		36,153
	10,000	Regions Financial Corp.		70,000
	2,100	The Allstate Corp.		66,948
	700	Torchmark Corp.		41,818
	3,000	U.S. Bancorp		80,910
	4,054	Wells Fargo & Co.		125,633

				613,041

		Health Care — 10.5%
	1,000	Becton, Dickinson & Co.		84,520
	500	C.R. Bard, Inc.		45,885
	700	Genzyme Corp. *		49,840
	1,400	Johnson & Johnson		86,590

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 Macro 100 Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Health Care — (continued)
	1,100	McKesson Corp.	$	77,418
	1,850	Medtronic, Inc.		68,616
	4,200	Mylan Laboratories, Inc. *		88,746
	1,300	Patterson Cos., Inc.		39,819
	900	Stryker Corp.		48,330
	1,000	Thermo Fisher Scientific, Inc. *		55,360
	900	Zimmer Holdings, Inc. *		48,312

				693,436

		Industrials — 11.9%
	600	Cummins, Inc.		66,006
	500	Flowserve Corp.		59,610
	1,100	General Dynamics Corp.		78,056
	1,400	Illinois Tool Works, Inc.		74,760
	600	Jacobs Engineering Group, Inc. *		27,510
	1,000	Pall Corp.		49,580
	1,925	Republic Services, Inc., Class A		57,481
	1,400	Union Pacific Corp.		129,724
	1,250	United Parcel Service, Inc., Class B		90,725
	1,300	United Technologies Corp.		102,336
	375	W.W. Grainger, Inc.		51,791

				787,579

		Information Technology — 17.5%
	900	Akamai Technologies, Inc. *		42,345
	300	Apple, Inc. *		96,768
	1,200	BMC Software, Inc. *		56,568
	4,200	Cisco Systems, Inc. *		84,966
	1,500	Cognizant Technology Solutions Corp., Class A *		109,935
	2,400	EMC Corp. *		54,960
	1,500	Fiserv, Inc. *		87,840
	150	Google, Inc., Class A *		89,095
	1,700	Intuit, Inc. *		83,810
	13,000	Jabil Circuit, Inc.		261,170
	2,025	Microsoft Corp.		56,538
	1,300	VeriSign, Inc. *		42,471
	7,848	Xerox Corp.		90,409

				1,156,875

		Materials — 3.7%
	1,800	Ball Corp.		122,490
	200	Cliffs Natural Resources, Inc.		15,602
	1,000	Ecolab, Inc.		50,420
	500	The Dow Chemical Co.		17,070
	2,500	Titanium Metals Corp. *		42,950

				248,532


Shares			Value
		Real Estate Investment Trusts — 1.6%
	1,400	HCP, Inc.	$	51,506
	3,000	Host Hotels & Resorts, Inc.		53,610

				105,116

		Telecommunication Services — 3.7%
	1,450	AT&T, Inc.		42,601
	1,700	CenturyLink, Inc.		78,489
	3,450	Verizon Communications, Inc.		123,441

				244,531

		Utilities — 4.5%
	1,300	Consolidated Edison, Inc.		64,441
	1,000	Dominion Resources, Inc., Class A		42,720
	600	Entergy Corp.		42,498
	700	Integrys Energy Group, Inc.		33,957
	1,100	Pinnacle West Capital Corp.		45,595
	1,200	Progress Energy, Inc.		52,176
	300	Wisconsin Energy Corp.		17,658

				299,045

		Total Common Stocks (Cost $5,303,335)		6,068,507

		Cash Equivalents — 8.2%
	539,053	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)		539,053

		Total Cash Equivalents (Cost $539,053)		539,053

		Total Investments (Cost $5,842,388) — 99.9%		6,607,560

		Other Assets in Excess of Liabilities — 0.1%		7,359

		Net Assets — 100.0%	$	6,614,919

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.

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


		24

Huntington VA Mid Corp America Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Information Technology		17.8	%
Industrials		16.9	%
Consumer Discretionary		12.4	%
Health Care		12.0	%
Financials		9.7	%
Materials		7.2	%
Energy		6.7	%
Real Estate Investment Trusts		4.7	%
Cash¹		4.5	%
Utilities		3.8	%
Consumer Staples		3.3	%
Telecommunication Services		1.0	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 95.5%
		Consumer Discretionary — 12.4%
	910	Advance Auto Parts, Inc.	$	60,197
	2,100	Best Buy Co., Inc.		72,009
	3,320	Bob Evans Farms, Inc.		109,427
	4,200	BorgWarner, Inc. *		303,912
	1,600	Coinstar, Inc. *		90,304
	2,700	Guess?, Inc.		127,764
	1,632	ITT Educational Services, Inc. *		103,942
	3,900	J Crew Group, Inc. *		168,246
	2,700	Kohl’s Corp. *		146,718
	2,500	Mohawk Industries, Inc. *		141,900
	5,158	Nordstrom, Inc.		218,596
	3,220	PetSmart, Inc.		128,220
	850	Polo Ralph Lauren Corp.		94,282
	2,040	Ross Stores, Inc.		129,030
	4,782	Royal Caribbean Cruises Ltd. *		224,754
	2,093	Stanley Black & Decker, Inc.		139,959
	2,020	V.F. Corp.		174,084
	530	Whirlpool Corp.		47,080
	1,000	Wolverine World Wide, Inc.		31,880

				2,512,304

		Consumer Staples — 3.3%
	4,330	Church & Dwight Co., Inc.		298,857
	3,370	Constellation Brands, Inc. *		74,646
	3,700	Dr. Pepper Snapple Group, Inc.		130,092
	2,711	Ralcorp Holding, Inc. *		176,242

				679,837


Shares			Value
		Energy — 6.7%
	6,058	Chesapeake Energy Corp.	$	156,963
	1,500	Forest Oil Corp. *		56,955
	3,800	Helmerich & Payne, Inc.		184,224
	3,670	Murphy Oil Corp.		273,598
	4,784	Noble Energy, Inc.		411,807
	1,790	Oceaneering International, Inc. *		131,798
	1,493	Unit Corp. *		69,395
	3,228	Weatherford International Ltd. *		73,598

				1,358,338

		Financials — 9.7%
	1,300	Allied World Assurance Co. Holdings, Ltd.		77,272
	5,000	Cincinnati Financial Corp.		158,450
	3,459	City National Corp.		212,244
	580	Everest Re Group Ltd.		49,196
	4,610	First American Financial Corp.		68,873
	8,100	First Niagara Financial Group, Inc.		113,238
	2,500	Hanover Insurance Group, Inc.		116,800
	1,210	HCC Insurance Holdings, Inc.		35,017
	2,800	Invesco Ltd.		67,368
	1,300	Jones Lang LaSalle, Inc.		109,096
	2,567	Legg Mason, Inc.		93,105
	5,840	Principal Financial Group		190,150
	2,830	Prosperity Bancshares, Inc.		111,162
	2,900	T. Rowe Price Group, Inc.		187,166
	3,907	Torchmark Corp.		233,404
	3,510	Trustmark Corp.		87,188
	2,100	Unum Group		50,862

				1,960,591

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 Mid Corp America Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Health Care — 12.0%
	7,700	AmerisourceBergen Corp.	$	262,724
	1,580	Biogen Idec, Inc. *		105,939
	1,776	Cephalon, Inc. *		109,615
	2,400	Coventry Health Care, Inc. *		63,360
	6,656	Life Technologies Corp. *		369,408
	5,749	Lincare Holdings, Inc.		154,246
	4,280	Owens & Minor, Inc.		125,960
	4,900	PDL BioPharma, Inc. *		30,527
	2,100	Quest Diagnostics, Inc.		113,337
	4,240	St Jude Medical, Inc. *		181,260
	2,821	Teleflex, Inc.		151,798
	9,113	Thermo Fisher Scientific, Inc. *		504,496
	5,020	Watson Pharmaceutical, Inc. *		259,283

				2,431,953

		Industrials — 16.9%
	1,275	Alliant Techsystems, Inc.		94,898
	3,900	CNH Global NV NYS *		186,186
	6,112	Cooper Industries PLC		356,268
	1,900	Cummins, Inc.		209,019
	2,100	Elbit Systems Ltd.		111,132
	3,000	EMCOR Group, Inc. *		86,940
	450	Flowserve Corp.		53,649
	3,700	General Cable Corp. *		129,833
	6,900	John Bean Technologies Corp.		138,897
	6,938	Kennametal, Inc.		273,773
	5,259	L-3 Communications Holdings, Inc.		370,707
	2,000	Ladish Co., Inc. *		97,220
	3,379	Pall Corp.		167,531
	3,034	Parker Hannifin Corp.		261,834
	1,400	Precision Castparts Corp.		194,894
	2,600	Quanex Building Products Corp.		49,322
	900	R.R. Donnelley & Sons Co.		15,723
	400	Rockwell International Corp.		28,684
	2,700	Ryder System, Inc.		142,128
	3,900	Thomas & Betts Corp. *		188,370
	1,300	UniFirst Corp.		71,565
	3,390	Watsco, Inc.		213,841

				3,442,414

		Information Technology — 17.8%
	30,108	Activision Blizzard, Inc.		374,544
	1,400	Amdocs Ltd. *		38,458
	15,260	Amkor Technology, Inc. *		112,771
	6,942	Aviat Networks, Inc. *		35,196
	2,895	Benchmark Electronics, Inc. *		52,573
	2,430	BMC Software, Inc. *		114,550
	3,100	Broadcom Corp., Class A		135,005
	4,370	Broadridge Financial Solutions, Inc.		95,834
	4,700	Citrix Systems, Inc. *		321,527
	4,610	CoreLogic, Inc.		85,377
	6,900	CTS Corp.		76,314
	1,000	Cymer, Inc. *		45,070
	4,205	Fidelity National Information Services, Inc.		115,175


Shares			Value
		Information Technology — (continued)
	1,800	Fiserv, Inc. *	$	105,408
	3,632	FLIR Systems, Inc. *		108,052
	5,210	Forrester Research, Inc. *		183,861
	4,300	Harris Corp.		194,790
	3,700	JDA Software Group, Inc. *		103,600
	4,750	Molex, Inc.		107,920
	2,000	Multi-Fineline Electronix, Inc. *		52,980
	3,948	NCR Corp. *		60,681
	6,400	NVIDIA Corp. *		98,560
	14,520	ON Semiconductor Corp. *		143,458
	2,240	Progress Software Corp. *		94,797
	4,100	Synopsys, Inc. *		110,331
	2,700	Syntel, Inc.		129,033
	6,468	Teradata Corp. *		266,223
	3,762	Varian Semiconductor Equipment Associates, Inc. *		139,081
	7,650	Vishay Intertechnology, Inc. *		112,302

				3,613,471

		Materials — 7.2%
	2,200	Albemarle Corp.		122,716
	2,300	AptarGroup, Inc.		109,411
	800	Ball Corp.		54,440
	3,800	Cytec Industries, Inc.		201,628
	3,500	FMC Corp.		279,615
	1,800	Innophos Holdings, Inc.		64,944
	2,460	Lubrizol Corp.		262,925
	400	Minerals Technologies, Inc.		26,164
	1,550	PPG Industries, Inc.		130,309
	2,700	RPM International, Inc.		59,670
	800	Schnitzer Steel Industries, Inc.		53,112
	2,700	Sonoco Products Co.		90,909

				1,455,843

		Real Estate Investment Trusts — 4.7%
	1,960	Alexandria Real Estate Equities, Inc.		143,590
	1,200	Federal Realty Investment Trust		93,516
	1,600	Home Properties, Inc.		88,784
	3,631	Host Hotels & Resorts, Inc.		64,886
	1,600	Liberty Property Trust		51,072
	2,920	Mack-Cali Realty Corp.		96,535
	1,700	Mid-America Apartment Communities, Inc.		107,933
	2,140	PS Business Parks, Inc.		119,241
	2,000	Rayonier, Inc.		105,040
	2,340	Sovran Self Storage, Inc.		86,135

				956,732

		Telecommunication Services — 1.0%
	3,417	CenturyLink, Inc.		157,763
	1,200	TELUS Corp.		52,272

				210,035

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


		26

Huntington VA Mid Corp America Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Utilities — 3.8%
	1,500	AGL Resources, Inc.	$	53,775
	2,510	CMS Energy Corp.		46,686
	940	DTE Energy Co.		42,601
	7,881	MDU Resources Group, Inc.		159,748
	1,800	National Fuel Gas Co.		118,116
	1,800	New Jersey Resources Corp.		77,598
	4,600	Portland General Electric Co.		99,820
	8,128	Questar Corp.		141,508
	1,670	Xcel Energy, Inc.		39,329
				779,181

		Total Common Stocks (Cost $11,566,851)		19,400,699


Shares			Value
		Cash Equivalents — 4.5%
	910,222	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	910,222

		Total Cash Equivalents (Cost $910,222)		910,222

		Total Investments (Cost $12,477,073) — 100.0%		20,310,921

		Other Assets in Excess of Liabilities — 0.0%		5,159

		Net Assets — 100.0%	$	20,316,080

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.


PLC		—Public Liability Co.
NYS		—New York Shares

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 VA New Economy Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Information Technology		21.6	%
Energy		14.5	%
Industrials		14.0	%
Consumer Discretionary		12.2	%
Financials		10.5	%
Materials		9.6	%
Health Care		7.1	%
Cash¹		3.6	%
Consumer Staples		3.2	%
Utilities		1.7	%
Real Estate Investment Trusts		1.1	%
Options Purchased		0.9	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 96.8%
		Consumer Discretionary — 12.3%
	1,400	Advance Auto Parts, Inc.	$	92,610
	3,700	Columbia Sportswear Co.		223,110
	4,700	Crocs, Inc. *		80,464
	3,200	Iconix Brand Group, Inc. *		61,792
	6,200	Limited Brands, Inc.		190,526
	4,160	Lululemon Athletica, Inc. *		284,627
	300	Priceline.com, Inc. *		119,865
	3,600	Tractor Supply Co.		174,564
	10,000	True Religion Apparel, Inc. *		222,600
	2,100	Under Armour, Inc., Series A, Class A *		115,164

				1,565,322

		Consumer Staples — 3.2%
	5,800	Green Mountain Coffee Roasters, Inc. *		190,588
	3,500	Mead Johnson Nutrition Co.		217,875

				408,463

		Energy — 14.7%
	6,300	Alpha Natural Resources, Inc. *		378,189
	3,800	AMCOL International Corp.		117,800
	3,500	Atwood Oceanics, Inc. *		130,795
	4,200	Holly Corp.		171,234
	5,800	Nabors Industries Ltd. *		136,068
	2,700	National Oilwell Varco, Inc.		181,575
	12,400	Patriot Coal Corp. *		240,188
	15,400	Quicksilver Resources, Inc. *		226,996
	2,300	Tenaris SA ADR		112,654
	8,900	Tesoro Corp. *		165,006

				1,860,505


Shares			Value
		Financials — 10.7%
	1,300	Ameriprise Financial, Inc.	$	74,815
	2,500	Bank of Hawaii Corp.		118,025
	5,100	BB&T Corp.		134,079
	4,900	Jefferies Group, Inc.		130,487
	24,900	Marshall & Ilsley Corp.		172,308
	6,000	MSCI, Inc., Series A, Class A *		233,760
	6,400	SVB Financial Group *		339,520
	5,500	U.S. Bancorp		148,335

				1,351,329

		Health Care — 7.2%
	2,580	Abbott Laboratories		123,608
	3,800	CareFusion Corp. *		97,660
	3,700	Integra LifeSciences Holdings Corp. *		175,010
	2,200	Life Technologies Corp. (a) *		122,100
	2,300	Perrigo Co.		145,659
	8,900	Thoratec Corp. *		252,048

				916,085

		Industrials — 14.2%
	2,300	AGCO Corp. *		116,518
	4,200	CNH Global NV NYS *		200,508
	2,000	FMC Technologies, Inc. *		177,820
	1,600	Haynes International, Inc.		66,928
	7,700	Hexcel Corp. *		139,293
	2,800	Joy Global, Inc.		242,900
	3,500	Lindsay Corp.		208,005
	1,300	Precision Castparts Corp.		180,973
	800	SPX Corp.		57,192

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


		28

Huntington VA New Economy Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Industrials — (continued)
	3,200	The Boeing Co.	$	208,832
	2,300	Valmont Industries, Inc.		204,079

				1,803,048

		Information Technology — 22.0%
	2,700	3D Systems Corp. *		85,023
	3,200	Acme Packet, Inc. *		170,112
	730	Apple, Inc. *		235,469
	17,800	Compellent Technologies, Inc. *		491,102
	3,620	Cree, Inc. (a) *		238,522
	5,000	Mellanox Technologies Ltd. *		130,850
	1,500	NetApp, Inc. (a)*		82,440
	6,600	Netlogic Microsystems, Inc. *		207,306
	6,800	NVIDIA Corp. *		104,720
	3,800	Riverbed Technology, Inc. (a) *		133,646
	4,600	Rovi Corp. *		285,246
	3,400	Solera Holdings, Inc.		174,488
	3,700	STEC, Inc. *		65,305
	17,900	Take-Two Interactive Software, Inc. *		219,096
	1,800	VMware, Inc., Class A *		160,038

				2,783,363

		Materials — 9.7%
	2,700	Agrium, Inc. (a)		247,725
	1,600	Barrick Gold Corp.		85,088
	2,700	CF Industries Holdings, Inc. (a)		364,905
	2,400	FMC Corp.		191,736
	8,100	Stillwater Mining Co. *		172,935
	9,700	Titanium Metals Corp. *		166,646

				1,229,035

		Real Estate Investment Trusts — 1.1%
	3,700	HCP, Inc.		136,123

		Utilities — 1.7%
	5,785	FirstEnergy Corp.		214,161

		Total Common Stocks (Cost $10,630,312)		12,267,434


Shares			Value
		Options Purchased — 0.9%
	250	iPath S&P 500 VIX Mid-Term Futures ETN, Call @ $75, Expiring January 2011	$	5,000

	475	iPath S&P 500 VIX Short-Term Futures ETN, Call @ $40, Expiring February 2011		116,375

		Total Options Purchased (Cost $199,657)		121,375

		Cash Equivalents — 3.7%
	465,599	Huntington Money Market Fund, Interfund Shares, 0.010% (b) (c)		465,599

		Total Cash Equivalents (Cost $465,599)		465,599

		Total Investments (Cost $11,295,568) — 101.4%		12,854,408

		Liabilities in Excess of Other Assets — (1.4)%		(183,536	)

		Net Assets — 100.0%	$	12,670,872

(a)	All or a portion of the security is held as collateral for options.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.

(c)	Investment in affiliate.

*	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.


		29

Huntington VA Real Strategies Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Energy		43.3	%
Materials		20.0	%
Industrials		10.7	%
Real Estate Investment Trusts		8.7	%
Cash¹		7.7	%
Mutual Funds		6.3	%
Financials		1.9	%
Utilities		1.4	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 84.4%
		Energy — 43.4%
	2,400	Arch Coal, Inc. (a)	$	84,144
	1,200	Cameco Corp.		48,456
	800	Canadian Natural Resources Ltd.		35,536
	1,200	Chesapeake Energy Corp.		31,092
	900	Consol Energy, Inc.		43,866
	1,940	El Paso Corp.		26,694
	800	EnCana Corp.		23,296
	670	Enterprise Products Partners LP		27,879
	600	Frontier Oil Corp. *		10,806
	1,300	Hugoton Royalty Trust		26,676
	1,100	Linn Energy LLC		41,239
	900	Marathon Oil Corp. (a)		33,327
	600	National Oilwell Varco, Inc.		40,350
	1,975	Natural Resource Partners LP		65,570
	690	Newfield Exploration Co. *		49,756
	700	Noble Corp.		25,039
	1,200	Peabody Energy Corp. (a)		76,776
	1,900	Penn Virginia Resource Partners, L.P.		53,808
	1,600	Petroleo Brasileiro SA ADR		60,544
	500	QEP Resources, Inc.		18,155
	900	Rowan Cos., Inc. *		31,419
	1,400	Sasol Ltd. ADR		72,870
	348	Schlumberger Ltd.		29,058
	1,600	Spectra Energy Corp.		39,984
	986	StatoilHydro ASA ADR		23,437
	500	Tenaris SA ADR		24,490
	1,500	Tesoro Corp. (a) *		27,810
	500	Transocean Ltd. *		34,755
	8,700	Uranium Energy Corp. *		52,548
	6,300	USEC, Inc. *		37,926
	2,200	Valero Energy Corp. (a)		50,864
	500	Walter Energy, Inc.		63,920

				1,312,090


Shares			Value
		Industrials — 10.8%
	1,100	AGCO Corp. *	$	55,726
	200	Bucyrus International, Inc.		17,880
	200	Canadian National Railway Co.		13,294
	700	Deere & Co.		58,135
	300	Fluor Corp.		19,878
	1,100	Foster Wheeler AG *		37,972
	1,000	Harsco Corp.		28,320
	1,000	KOMATSU Ltd. ADR		30,470
	2,400	Manitowoc Co., Inc.		31,464
	900	Robbins & Myers, Inc.		32,202

				325,341

		Materials — 20.1%
	650	Agrium, Inc. (a)		59,638
	800	Allegheny Technologies, Inc. (a)		44,144
	400	BHP Billiton Ltd. ADR		37,168
	300	FMC Corp.		23,967
	2,400	Olin Corp.		49,248
	200	POSCO ADR		21,538
	370	Potash Corp. of Saskatchewan, Inc.		57,287
	300	Praxair, Inc.		28,641
	1,200	Rio Tinto PLC ADR		85,992
	800	Sociedad Quimica y Minera de Chile SA ADR		46,736
	300	Terra Nitrogen Co., LP		32,433
	500	The Mosaic Co.		38,180
	1,000	Vale SA ADR		34,570
	800	Yara International ASA ADR		46,400

				605,942

		Real Estate Investment Trusts — 8.7%
	300	Avalonbay Communities, Inc.		33,765
	800	Boston Properties, Inc. (a)		68,880
	2,800	Duke Realty Corp.		34,888
	1,200	Plum Creek Timber Co., Inc.		44,940

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


		30

Huntington VA Real Strategies Fund

Portfolio of Investments (continued)

December 31, 2010


Shares or Principal Amount			Value
		Common Stocks — (continued)
		Real Estate Investment Trusts — (continued)
	900	Rayonier, Inc.	$	47,268
	403	Vornado Realty Trust		33,582

				263,323

		Utilities — 1.4%
	2,500	Questar Corp.		43,525

		Total Common Stocks (Cost $2,025,759)		2,550,221

		Corporate Bonds — 1.9%
		Financials — 1.9%
	$50,000	Credit Suisse Securities USA LLC, 0.000%, 3/26/13 (b)		57,295

		Total Corporate Bonds (Cost $50,000)		57,295

		Mutual Funds — 6.4%
		Exchange Traded Funds — 4.3%
	300	Oil Services HOLDRs Trust		42,159
	1,200	PowerShares DB Agriculture Fund *		38,820
	500	ProShares Short S&P 500 Treasury Fund *		18,525
	5,000	US Natural Gas Fund LP *		29,900

				129,404

		Investment Companies — 2.1%
	3,000	Central Fund of Canada Ltd., Series A, Class A		62,190

		Total Mutual Funds (Cost $169,873)		191,594


Shares			Value
		Cash Equivalents — 7.7%
	231,852	Huntington Money Market Fund, Interfund Shares, 0.010% (c) (d)	$	231,852

		Total Cash Equivalents (Cost $231,852)		231,852

		Total Investments (Cost $2,477,484) — 100.4%		3,030,962

		Liabilities in Excess of Other Assets — (0.4)%		(10,632	)

		Net Assets — 100.0%	$	3,020,330

(a)	All or a portion of the security is held as collateral for options.

(b)	Zero-Coupon Security.

(c)	Rate disclosed is the seven day yield as of December 31, 2010.

(d)	Investment in affiliate.

*	Non-income producing security.


ADR		—American Depositary Receipt
LLC		—Limited Liability Co.
LP		—Limited Partnership
PLC		—Public Liability Co.

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 VA Rotating Markets Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Industrials		20.2	%
Information Technology		15.2	%
Consumer Staples		12.6	%
Energy		9.7	%
Financials		9.1	%
Consumer Discretionary		8.6	%
Mutual Funds		7.3	%
Health Care		6.7	%
Materials		3.9	%
Telecommunication Services		3.8	%
Cash¹		2.9	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 89.7%
		Consumer Discretionary — 8.6%
	3,900	Home Depot, Inc.	$	136,734
	4,000	McDonald’s Corp.		307,040
	4,100	The Walt Disney Co.		153,791

				597,565

		Consumer Staples — 12.6%
	4,100	Kraft Foods, Inc.		129,191
	4,000	Procter & Gamble Co.		257,320
	4,100	The Coca-Cola Co.		269,657
	4,100	Wal-Mart Stores, Inc.		221,113

				877,281

		Energy — 9.7%
	4,100	Chevron Texaco Corp.		374,125
	4,100	Exxon Mobil Corp.		299,792

				673,917

		Financials — 9.1%
	4,100	American Express Co.		175,972
	4,100	Bank of America Corp.		54,694
	4,100	JPMorgan Chase & Co.		173,922
	4,100	The Travelers Cos., Inc.		228,411

				632,999

		Health Care — 6.7%
	4,000	Johnson & Johnson		247,400
	4,100	Merck & Co., Inc.		147,764
	4,100	Pfizer, Inc.		71,791

				466,955

		Industrials — 20.2%
	4,100	3M Co.		353,830
	4,100	Caterpillar, Inc.		384,006


Shares			Value
		Industrials — (continued)
	4,100	General Electric Co.	$	74,989
	4,100	The Boeing Co.		267,566
	4,100	United Technologies Corp.		322,752

				1,403,143

		Information Technology — 15.2%
	4,100	Cisco Systems, Inc. *		82,943
	4,100	Hewlett-Packard Co.		172,610
	4,100	Intel Corp.		86,223
	4,100	International Business Machines Corp.		601,716
	4,000	Microsoft Corp.		111,680

				1,055,172

		Materials — 3.8%
	4,100	Alcoa, Inc.		63,099
	4,100	Du Pont (E.I.) de Nemours & Co.		204,508

				267,607

		Telecommunication Services — 3.8%
	4,000	AT&T, Inc.		117,520
	4,100	Verizon Communications, Inc.		146,698

				264,218

		Total Common Stocks (Cost $5,533,767)		6,238,857

		Mutual Funds — 7.3%
		Exchange Traded Funds — 7.3%
	4,420	SPDR Dow Jones Industrial Average ETF Trust		510,952

		Total Mutual Funds (Cost $454,374)		510,952

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


		32

Huntington VA Rotating Markets Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Cash Equivalents — 2.9%
	198,325	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	198,325

		Total Cash Equivalents (Cost $198,324)		198,325

		Total Investments (Cost $6,186,465) — 99.9%		6,948,134

		Other Assets in Excess of Liabilities — 0.1%		9,216

		Net Assets — 100.0%	$	6,957,350

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.

*	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.


		33

Huntington VA Situs Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
Information Technology		19.4	%
Industrials		15.5	%
Health Care		14.9	%
Energy		14.6	%
Financials		12.5	%
Consumer Discretionary		8.2	%
Materials		8.0	%
Utilities		2.2	%
Consumer Staples		1.4	%
Real Estate Investment Trusts		1.0	%
Cash¹		1.0	%
Telecommunication Services		0.7	%
Mutual Funds		0.6	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Shares			Value
		Common Stocks — 98.6%
		Bermuda — 2.0%
		Financials — 2.0%
	5,250	Arch Capital Group Ltd. *	$	462,263

		Brazil — 0.2%
		Consumer Discretionary — 0.2%
	1,000	Cia Brasileira de Distribuicao Grupo Pao de Acucar ADR		41,980

		Chile — 0.2%
		Materials — 0.2%
	800	Sociedad Quimica y Minera de Chile SA ADR		46,736

		Finland — 1.4%
		Industrials — 1.4%
	2,000	Cargotec Oyj		104,365
	4,200	Kone Oyj		233,599

				337,964

		Germany — 0.6%
		Consumer Discretionary — 0.3%
	1,500	Douglas Holding AG		84,230

		Health Care — 0.3%
	1,900	Stada Arzneimittel AG		64,472

				148,702

		Hong Kong — 0.3%
		Consumer Discretionary — 0.3%
	13,000	Television Broadcasts Ltd.		70,246


Shares			Value
		Ireland — 0.5%
		Consumer Staples — 0.5%
	3,500	Kerry Group PLC	$	116,846

		Japan — 0.9%
		Consumer Discretionary — 0.4%
	2,000	Honda Motor Co., Ltd. ADR		79,000

		Industrials — 0.2%
	3,500	Sato Corp.		46,365

		Information Technology — 0.3%
	14,800	Furuno Electric Co. Ltd.		72,702

				198,067

		Sweden — 0.3%
		Consumer Discretionary — 0.3%
	4,800	Haldex AB *		75,212

		United Kingdom — 0.6%
		Industrials — 0.6%
	26,003	HALMA PLC		145,576

		United States — 91.6%
		Consumer Discretionary — 6.7%
	20,000	Cabela’s Inc., Class A *		435,000
	3,000	Deckers Outdoor Corp. *		239,220
	3,000	Jakks Pacific, Inc. *		54,660
	500	Polo Ralph Lauren Corp.		55,460
	2,000	Rent-A-Center, Inc.		64,560
	20,000	Sonic Corp. *		202,400
	15,000	Urban Outfitters, Inc. *		537,150

				1,588,450

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


		34

Huntington VA Situs Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Common Stocks — (continued)
		Consumer Staples — 0.9%
	7,100	Fresh Del Monte Produce, Inc.	$	177,145
	1,000	Sanderson Farms, Inc.		39,150

				216,295

		Energy — 14.6%
	10,000	Alliance Resource Partners LP		657,600
	4,000	Atwood Oceanics, Inc. *		149,480
	7,000	Carbo Ceramics, Inc.		724,780
	7,800	Denbury Resources, Inc. *		148,902
	500	Dril-Quip, Inc. *		38,860
	1,744	Helix Energy Solutions Group, Inc.*		21,172
	10,000	Lufkin Industries, Inc.		623,900
	1,000	Newfield Exploration Co. *		72,110
	3,000	Oceaneering International, Inc. *		220,890
	6,000	OYO Geospace Corp. *		594,660
	2,000	Rowan Cos., Inc. *		69,820
	2,500	SM Energy Co.		147,325

				3,469,499

		Financials — 10.6%
	8,000	BB&T Corp.		210,320
	1,064	CBL & Associates Properties, Inc.		18,620
	12,000	Cullen/Frost Bankers, Inc.		733,440
	8,500	Equity One, Inc.		154,530
	15,000	Protective Life Corp.		399,600
	25,000	Raymond James Financial, Inc.		817,500
	3,000	SCBT Financial Corp.		98,250
	1,500	WSFS Financial Corp.		71,160

				2,503,420

		Health Care — 14.7%
	20,000	Albany Molecular Research *		112,400
	650	Bio-Rad Laboratories, Inc., Class A *		67,503
	8,500	Cerner Corp. *		805,290
	12,000	Edwards LifeSciences Corp. *		970,080
	3,000	Kindred Healthcare, Inc. *		55,110
	13,000	Kinetic Concepts, Inc. *		544,440
	18,000	Lincare Holdings, Inc.		482,940
	3,000	Myriad Genetics, Inc. *		68,520
	7,000	Osiris Therapeutics, Inc. *		54,530
	1	PharMerica Corp. *		11
	6,000	Watson Pharmaceutical, Inc. *		309,900

				3,470,724

		Industrials — 13.3%
	1,000	American Superconductor Corp. *		28,590
	5,000	BE Aerospace, Inc. *		185,150
	12,000	EnPro Industries, Inc. *		498,720
	5,500	Flowserve Corp.		655,710
	10,000	Harsco Corp.		283,200
	5,000	Jacobs Engineering Group, Inc. *		229,250
	10,000	Quanta Services, Inc. *		199,200
	1,000	Ryder System, Inc.		52,640
	22,000	Southwest Airlines Co.		285,560
	25,000	Trinity Industries, Inc.		665,250


Shares			Value
		Industrials — (continued)
	2,000	Watts Water Technologies, Inc., Class A	$	73,180

				3,156,450

		Information Technology — 19.1%
	8,000	ACI Worldwide, Inc. *		214,960
	12,000	Anixter International, Inc. *		716,760
	4,000	Black Box Corp.		153,160
	20,000	CommScope, Inc. *		624,400
	3,000	Exlservice Holdings, Inc. *		64,440
	3,000	Hutchinson Technology, Inc. *		11,130
	6,000	Imation Corp. *		61,860
	35,000	Jabil Circuit, Inc.		703,150
	16,600	Red Hat, Inc. *		757,790
	3,000	Scansource, Inc. *		95,700
	6,000	Sigma Designs, Inc. *		85,020
	10,000	Standard Microsystems Corp. *		288,300
	19,000	Trimble Navigation Ltd. *		758,670

				4,535,340

		Materials — 7.8%
	8,000	Albemarle Corp.		446,240
	1,048	CF Industries Holdings, Inc.		141,637
	3,000	Commercial Metals Co.		49,770
	1,500	Eagle Materials, Inc.		42,375
	3,000	Eastman Chemical Co.		252,240
	10,000	Owens-Illinois, Inc. *		307,000
	3,000	Quaker Chemical Corp.		125,010
	4,000	RTI International Metals, Inc. *		107,920
	5,000	Texas Industries, Inc.		228,900
	2,400	The Scotts Co.		121,848
	500	United States Lime & Minerals, Inc. *		21,065

				1,844,005

		Real Estate Investment Trusts — 1.0%
	3,500	Camden Property Trust		188,930
	2,000	Weingarten Realty Investors		47,520

				236,450

		Telecommunication Services — 0.7%
	12,300	General Communication, Inc., Class A *		155,718

		Utilities — 2.2%
	1,000	AGL Resources, Inc.		35,850
	5,000	Hawaiian Electric Industries, Inc.		113,950
	6,000	Portland General Electric Co.		130,200
	7,500	UGI Corp.		236,850

				516,850

				21,693,201

		Total Common Stocks (Cost $18,579,418)		23,336,793

		Mutual Funds — 0.6%
	3,500	iShares FTSE/Xinhua China 25 Index Fund		150,815

		Total Mutual Funds (Cost $89,145)		150,815

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 VA Situs Fund

Portfolio of Investments (continued)

December 31, 2010


Shares			Value
		Cash Equivalents — 1.0%
	243,370	Huntington Money Market Fund, Interfund Shares, 0.010% (a) (b)	$	243,370

		Total Cash Equivalents (Cost $243,370)		243,370

		Total Investments (Cost $18,911,933) — 100.2%		23,730,978

		Liabilities in Excess of Other Assets — (0.2)%		(48,189	)

		Net Assets — 100.0%	$	23,682,789

(a)	Investment in affiliate.

(b)	Rate disclosed is the seven day yield as of December 31, 2010.

*	Non-income producing security.


ADR		—American Depositary Receipt
LP		—Limited Partnership
PLC		—Public Liability Co.

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


		36

Huntington VA Mortgage Securities Fund

Portfolio of Investments Summary Table (Unaudited)

December 31, 2010


Asset Allocation	Percentage of Market Value
U.S. Government Mortgage Backed Securities		62.0	%
U.S. Government Agencies		16.7	%
Real Estate Investment Trusts		10.0	%
Collateralized Mortgage Obligations		7.4	%
Cash¹		3.9	%

Total		100.0	%

¹	Investments in an affiliated money market fund.

Portfolio of Investments

December 31, 2010


Principal Amount			Value
		U.S. Government Mortgage Backed Agencies — 61.6%
		Federal Home Loan Mortgage Corporation — 23.1%
	$ 27,391	Pool # M81004, 5.000%, 7/1/12	$	28,336
	24,752	Pool # M81004, 5.000%, 1/1/13		25,607
	13,442	Pool # B18052, 4.500%, 3/1/15		13,996
	27,058	Pool # J03237, 5.500%, 8/1/16		29,020
	16,309	Pool # E96459, 5.000%, 5/1/18		17,395
	149,081	Pool # J10396, 4.000%, 7/1/19		154,811
	15,191	Pool # G18015, 4.500%, 9/1/19		16,041
	8,129	Pool # G18015, 4.500%, 10/1/19		8,584
	71,922	Pool # G12425, 5.000%, 7/1/21		76,350
	55,106	Pool # G12425, 6.000%, 7/1/21		60,187
	64,401	Pool # G12425, 5.500%, 10/1/21		69,110
	88,303	Pool # E02402, 6.000%, 10/1/22		96,852
	43,048	Pool # C90699, 5.000%, 1/1/24		45,640
	14,727	Pool # C90699, 5.500%, 6/1/24		15,886
	181,339	Pool # G13629, 4.500%, 8/1/24		189,556
	189,320	Pool # J11053, 4.500%, 10/1/24		197,898
	276,301	Pool # J11829, 4.000%, 3/1/25		285,626
	239,962	Pool # E02696, 4.000%, 5/1/25		247,274
	34,983	Pool # C91296, 6.000%, 11/1/26		38,322
	289,195	Pool # D97248, 5.500%, 4/1/27		308,998
	130,307	Pool # C91296, 5.000%, 5/1/28		136,787
	205,986	Pool # C91296, 4.500%, 6/1/29		214,174
	268,625	Pool # C91284, 4.500%, 1/1/30		279,303
	282,169	Pool # C91296, 5.000%, 4/1/30		296,201
	37,277	Pool # 1G0865, 4.837%, 7/1/35 (a)		39,139
	105,952	Pool # A55565, 6.000%, 12/1/36		115,165
	114,469	Pool # G03609, 5.500%, 11/1/37		122,147
	377,781	Pool # A93316, 4.500%, 8/1/40		387,603
	497,506	Pool # A94008, 4.000%, 9/1/40		494,560

				4,010,568


Principal Amount			Value
		Federal National Mortgage Association — 32.8%
	$ 8,633	Pool # 255360, 4.000%, 5/1/11	$	8,779
	29,596	Pool # 254594, 4.500%, 4/1/13		31,247
	22,038	Pool # 255360, 4.500%, 9/1/13		22,684
	145,590	Pool # 786729, 5.500%, 8/1/19		158,101
	87,874	Pool # 254594, 5.500%, 9/1/22		95,176
	160,779	Pool # 889255, 5.000%, 3/1/23		170,693
	14,425	Pool # 255360, 5.000%, 9/1/23		15,366
	9,016	Pool # 255360, 5.000%, 8/1/24		9,595
	184,547	Pool # 935763, 4.000%, 11/1/24		191,439
	516,583	Pool # 932438, 4.000%, 1/1/25		532,968
	35,801	Pool # 256213, 5.500%, 4/1/25		38,705
	31,747	Pool # 357805, 5.000%, 5/1/25		33,786
	33,657	Pool # 256213, 5.500%, 5/1/25		36,386
	34,141	Pool # 256213, 5.500%, 6/1/25		36,909
	137,497	Pool # 256213, 4.500%, 6/1/25		144,793
	27,660	Pool # 256213, 5.000%, 7/1/25		29,425
	94,656	Pool # 256213, 4.500%, 11/1/25		99,584
	33,661	Pool # 256213, 6.000%, 2/1/26		36,759
	149,276	Pool # 257281, 5.000%, 4/1/28		157,136
	107,690	Pool # 257281, 5.000%, 6/1/28		113,360
	269,963	Pool # 257237, 4.500%, 6/1/28		280,145
	208,213	Pool # MA0171, 4.500%, 7/1/29		216,087
	229,893	Pool # AC1219, 4.500%, 8/1/29		238,563
	174,014	Pool # MA0171, 4.500%, 9/1/29		180,577
	248,118	Pool # MA0563, 4.000%, 11/1/30		251,494
	16,729	Pool # 721540, 5.000%, 7/1/33		17,697
	97,922	Pool # 746683, 5.500%, 10/1/33		105,565
	22,575	Pool # 786457, 5.337%, 7/1/34 (a)		24,065
	20,361	Pool # 845573, 5.520%, 2/1/36 (a)		21,689
	121,189	Pool # 831487, 5.500%, 4/1/36		129,967
	122,787	Pool # 745511, 5.000%, 4/1/36		129,271
	113,692	Pool # 868935, 5.500%, 5/1/36		121,927
	80,750	Pool # 903812, 5.500%, 12/1/36		86,598
	36,291	Pool # 907484, 6.000%, 1/1/37		39,496
	240,823	Pool # AD7906, 5.000%, 7/1/40		253,389
	494,939	Pool # AE4310, 4.000%, 9/1/40		493,013

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 VA Mortgage Securities Fund

Portfolio of Investments (continued)

December 31, 2010


Shares or Principal Amount			Value
		U.S. Government Mortgage Backed Agencies — (continued)
		Federal National Mortgage Association — (continued)
	$296,674	Pool # AE7535, 4.000%, 10/1/40	$	295,519
	246,181	Pool # AE4628, 4.500%, 10/1/40		253,005
	293,069	Pool # AE0395, 4.500%, 10/1/40		301,191
	297,974	Pool # AE8395, 4.000%, 11/1/40		296,814

				5,698,963

		Government National Mortgage Association — 5.7%
	13,127	Pool # 3590, 5.500%, 8/20/19		14,187
	36,930	Pool # 3741, 5.500%, 5/20/20		39,893
	45,056	Pool # 3741, 4.500%, 8/20/20		47,675
	37,825	Pool # 683937, 6.000%, 2/15/23		41,164
	148,507	Pool # 666057, 5.000%, 3/15/23		158,508
	10,079	Pool # 3590, 6.500%, 6/20/34		11,387
	141,555	Pool # 605653, 5.500%, 8/15/34		153,764
	8,503	Pool # 3741, 5.500%, 11/20/34		9,199
	32,495	Pool # 3741, 5.000%, 5/20/35		34,700
	34,954	Pool # 650348, 5.500%, 11/15/35		37,924
	161,640	Pool # 676974, 5.500%, 5/15/38		174,848
	240,583	Pool # 733602, 5.000%, 4/15/40		257,636

				980,885

		Total U.S. Government Mortgage Backed Agencies (Cost $10,536,647)		10,690,416

		U.S. Government Agencies — 16.6%
		Federal Farm Credit Bank — 7.2%
	250,000	2.125%, 6/18/12		255,826
	500,000	1.500%, 11/16/15		486,001
	500,000	3.650%, 12/28/18		498,958

				1,240,785

		Federal Home Loan Bank — 1.5%
	250,000	4.125%, 12/13/19		263,584

		Federal Home Loan Mortgage Corporation — 2.9%
	500,000	2.400%, 3/25/14		502,501

		Federal National Mortgage Association — 2.9%
	500,000	1.500%, 9/25/12		501,240

		Government National Mortgage Association — 2.1%
	200,000	5.000%, 5/20/32		212,368
	151,481	5.500%, 4/20/36		154,647

				367,015

		Total U.S. Government Agencies (Cost $2,853,521)		2,875,125

		Common Stocks — 9.9%
		Real Estate Investment Trusts — 9.9%
	1,553	Acadia Realty Trust		28,327
	1,200	Alexandria Real Estate Equities, Inc.		87,912


Shares			Value
		Real Estate Investment Trusts — (continued)
	500	AMB Property Corp.	$	15,855
	2,300	American Campus Communities, Inc.		73,048
	500	Associated Estates Realty Corp.		7,645
	700	BioMed Realty Trust, Inc.		13,055
	700	Boston Properties, Inc.		60,270
	1,000	Cogdell Spencer, Inc.		5,800
	1,700	Coresite Realty Corp.		23,188
	400	Corporate Office Properties Trust		13,980
	100	Developers Diversified Realty Corp.		1,409
	1,200	Digital Realty Trust, Inc.		61,848
	2,000	Douglas Emmett, Inc.		33,200
	4,000	Duke Realty Corp.		49,840
	700	DuPont Fabros Technology, Inc.		14,889
	1,300	EastGroup Properties, Inc.		55,016
	1,300	Equity Lifestyle Properties, Inc.		72,709
	1,100	Equity Residential		57,145
	700	Essex Property Trust, Inc.		79,954
	1,000	Excel Trust, Inc.		12,100
	300	Extra Space Storage, Inc.		5,220
	300	Federal Realty Investment Trust		23,379
	700	HCP, Inc.		25,753
	1,100	Home Properties, Inc.		61,039
	3,114	Host Hotels & Resorts, Inc.		55,647
	1,100	Kimco Realty Corp.		19,844
	1,500	Kite Realty Group Trust		8,115
	2,800	LaSalle Hotel Properties		73,920
	2,100	Mack-Cali Realty Corp.		69,426
	400	National Retail Properties, Inc.		10,600
	500	Nationwide Health Properties, Inc.		18,190
	600	Pennsylvania Real Estate Investment Trust		8,718
	100	Post Properties, Inc.		3,630
	1,200	ProLogis Trust		17,328
	700	Public Storage, Inc.		70,994
	700	Regency Centers Corp.		29,568
	674	Simon Property Group, Inc.		67,056
	400	SL Green Realty Corp.		27,004
	200	Sovran Self Storage, Inc.		7,362
	900	Tanger Factory Outlet Centers, Inc.		46,071
	300	Terreno Realty Corp.*		5,379
	1,713	The Macerich Co.		81,145
	816	UDR, Inc.		19,192
	1,500	Ventas, Inc.		78,720
	716	Vornado Realty Trust		59,664
	2,500	Weingarten Realty Investors		59,400
	200	Westfield Group		1,958
	200	Westfield Retail Trust*		525

		Total Common Stocks (Cost $1,526,870)		1,722,037

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


		38

Huntington VA Mortgage Securities Fund

Portfolio of Investments (continued)

December 31, 2010


Principal Amount			Value
		Collateralized Mortgage Obligations — 7.4%
		Citigroup Mortgage Securities, Inc. — 0.4%
	$ 63,810	5.500%, 10/25/35	$	63,903

		Federal Home Loan Bank — 1.8%
	111,942	Series 00-0606, 5.270%, 12/28/12		118,446
	35,211	Series 6B-2012, 5.125%, 4/25/12		36,728
	85,344	Series SK-2015, 5.000%, 6/15/12		88,971
	37,635	Series SK-2015, 5.140%, 8/18/15		40,372
	24,670	Series Z2-2013, 4.800%, 2/25/13		25,866

				310,383

		Federal Home Loan Mortgage Corporation — 4.8%
	243,076	Series 2541, 5.500%, 11/15/20		253,981
	87,696	Series 2542, 5.500%, 2/15/22		91,802
	50,000	Series 2672, 5.500%, 8/15/31		53,275
	50,303	Series 2770, 4.000%, 1/15/18		52,164
	200,000	Series 2784, 4.000%, 4/15/19		209,860
	52,664	Series R005, 5.500%, 12/15/18		54,802
	13,036	Series R007, 5.875%, 5/15/16		13,157
	101,588	Series R010, 5.500%, 12/15/19		107,098

				836,139


Principal Amount			Value
		Federal National Mortgage Association — 0.4%
	$ 42,921	Series 1999-13, 6.000%, 4/25/29	$	47,281
	26,898	Series 2002-62, 5.500%, 12/25/16		27,046

				74,327

		Total Collateralized Mortgage Obligations (Cost $1,228,824)		1,284,752

		Cash Equivalents — 3.9%
	670,903	Huntington Money Market Fund, Interfund Shares, 0.010%, 01/03/11 (b) (c)		670,903

		Total Cash Equivalents (Cost $670,903)		670,903

		Total Investments (Cost $16,816,765) — 99.4%		17,243,233
		Other Assets in Excess of Liabilities — 0.6%		104,509

		Net Assets — 100.0%	$	17,347,742

(a)	Variable or Floating Rate Security. Rate disclosed is as of December 31, 2010.

(b)	Investment in affiliate.

(c)	Rate disclosed is the seven day yield as of December 31, 2010.

*	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.


		39

Huntington Funds

Statements of Assets and Liabilities

December 31, 2010


	Huntington VA Balanced Fund			Huntington VA Dividend Capture Fund			Huntington VA Growth Fund			Huntington VA Income Equity Fund
Assets:
Investments, at cost	$	24,736,596		$	30,715,049		$	16,804,089		$	20,002,697

Investments, at value		—			33,491,324			17,788,469			21,082,599
Investments in affiliated securities, at value		26,787,420			160,142			922,241			687,915

Total investments		26,787,420			33,651,466			18,710,710			21,770,514
Income receivable		18,316			67,886			15,235			40,272
Receivable for investments sold		—			48,365			177,382			—
Receivable for shares sold		54,166			4,364			5,864			3,160
Receivable from Advisor		11,585			—			—			—
Prepaid expenses and other assets		6,646			2,236			3,527			2,383

Total assets		26,878,133			33,774,317			18,912,718			21,816,329
Liabilities:
Payable to custodian		—			—			17,434			—
Payable for investments purchased		—			117,687			367,299			—
Payable for shares redeemed		—			1,051			1,140			592
Accrued expenses and other payables
Investment Advisor fees		2,220			16,909			9,365			10,974
Administration fees		5,060			5,873			2,981			3,282
Custodian fees		141			702			348			444
Financial administration fees		1,004			1,786			1,623			1,467
Transfer agent fees		682			960			732			797
Compliance service fees		304			732			346			458
Other		—			3,679			—			—

Total liabilities		9,411			149,379			401,268			18,014

Net Assets	$	26,868,722		$	33,624,938		$	18,511,450		$	21,798,315

Net Assets Consist of:
Paid in capital	$	24,542,566		$	43,199,707		$	19,079,409		$	25,853,869
Net unrealized appreciation of investments, options and translations of assets and liabilities in foreign currency		2,050,824			2,936,417			1,906,621			1,767,817
Accumulated net realized loss on investments, options and foreign currency transactions		(80,362	)		(13,673,733	)		(2,501,994	)		(6,407,008	)
Accumulated net investment income		355,694			1,162,547			27,414			583,637

Total Net Assets	$	26,868,722		$	33,624,938		$	18,511,450		$	21,798,315

Shares Outstanding		2,025,816			3,449,635			2,373,923			2,513,054

Net Asset Value, Redemption Price and Offering Price Per Share:
(Net asset value, offering and redemption price per share)	$	13.26		$	9.75		$	7.80		$	8.67

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


		40

Huntington Funds

Statements of Assets and Liabilities

December 31, 2010


	Huntington VA International Equity Fund			Huntington VA Macro 100 Fund			Huntington VA Mid Corp America Fund			Huntington VA New Economy Fund
Assets:
Investments, at cost	$	19,216,176		$	5,842,388		$	12,477,073		$	11,295,568

Investments, at value		21,607,379			6,068,507			19,400,699			12,388,809
Investments in affiliated securities, at value		840,153			539,053			910,222			465,599

Total investments		22,447,532			6,607,560			20,310,921			12,854,408
Cash		—			—			2,406			—
Income receivable		60,726			5,536			16,837			2,906
Receivable for investments sold		136,809			—			—			—
Receivable for shares sold		17,778			1,512			307			4,172
Tax reclaims receivable		10,420			—			—			—
Prepaid expenses and other assets		1,953			7,175			3,045			4,823

Total assets		22,675,218			6,621,783			20,333,516			12,866,309
Liabilities:
Payable to custodian		1,727			—			—			—
Foreign currency payable		10			—			—			—
Options written, at value (premium received $-, $-, $- and $115,244)		—			—			—			183,350
Payable for shares redeemed		355			153			346			771
Accrued expenses and other payables
Investment advisor fees		11,216			3,322			10,308			6,411
Administration fees		3,445			997			3,017			1,906
Custodian fees		949			125			402			257
Financial administration fees		2,568			1,536			2,175			1,803
Transfer agent fees		754			604			773			681
Compliance service fees		396			127			415			258
Other		5,867			—			—			—

Total liabilities		27,287			6,864			17,436			195,437

Net Assets	$	22,647,931		$	6,614,919		$	20,316,080		$	12,670,872

Net Assets Consist of:
Paid in capital	$	22,024,372		$	8,521,786		$	13,483,214		$	14,750,092
Net unrealized appreciation of investments, options and translations of assets and liabilities in foreign currency		3,232,817			765,172			7,833,848			1,490,734
Accumulated net realized loss on investments, options and foreign currency transactions		(2,870,037	)		(2,707,168	)		(1,078,346	)		(3,571,984	)
Accumulated net investment income (loss)		260,779			35,129			77,364			2,030

Total Net Assets	$	22,647,931		$	6,614,919		$	20,316,080		$	12,670,872

Shares Outstanding		1,566,687			734,182			1,151,840			1,001,701

Net Asset Value, Redemption Price and Offering Price Per Share:
(Net asset value, offering and redemption price per share)	$	14.46		$	9.01		$	17.64		$	12.65

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

Huntington Funds

Statements of Assets and Liabilities

December 31, 2010


	Huntington VA Real Strategies Fund			Huntington VA Rotating Markets Fund			Huntington VA Situs Fund			Huntington VA Mortgage Securities Fund
Assets:
Investments, at cost	$	2,477,484		$	6,186,465		$	18,911,933		$	16,816,765

Investments, at value		2,799,110			6,749,809			23,487,608			16,572,330
Investments in affiliated securities, at value		231,852			198,325			243,370			670,903

Total investments		3,030,962			6,948,134			23,730,978			17,243,233
Cash		—			—			2,083			7,960
Income receivable		2,130			8,462			13,789			58,863
Receivable for investments sold		—			—			255,801			—
Receivable for shares sold		11,657			2,422			12,040			51,557
Tax reclaims receivable		—			—			1,206			—
Prepaid expenses and other assets		8,267			5,167			2,493			4,143

Total assets		3,053,016			6,964,185			24,018,390			17,365,756
Liabilities:
Options written, at value (premium received $22,750, $-, $- and $-)		28,936			—			—			—
Payable for shares redeemed		26			278			1,024			416
Payable for investments purchased		—			—			314,376			—
Accrued expenses and other payables
Investment advisor fees		1,467			3,515			11,899			8,578
Administration fees		—			1,046			4,448			2,823
Custodian fees		45			138			512			301
Financial administration fees		1,622			1,100			2,167			4,915
Transfer agent fees		551			615			764			692
Compliance service fees		39			143			411			289

Total liabilities		32,686			6,835			335,601			18,014

Net Assets	$	3,020,330		$	6,957,350		$	23,682,789		$	17,347,742

Net Assets Consist of:
Paid in capital	$	2,548,151		$	7,158,723		$	21,068,979		$	16,760,456
Net unrealized appreciation of investments, options and translations of assets and liabilities in foreign currency		547,292			761,669			4,819,064			426,468
Accumulated net realized loss on investments, options and foreign currency transactions		(67,472	)		(984,512	)		(2,250,833	)		(225,843	)
Accumulated net investment income (loss)		(7,641	)		21,470			45,579			386,661

Total Net Assets	$	3,020,330		$	6,957,350		$	23,682,789		$	17,347,742

Shares Outstanding		324,255			626,551			1,580,082			1,509,876

Net Asset Value, Redemption Price and Offering Price Per Share:
(Net asset value, offering and redemption price per share)	$	9.31		$	11.10		$	14.99		$	11.49

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


		42

Huntington Funds

Statements of Operations

Year Ended December 31, 2010


	Huntington VA Balanced Fund			Huntington VA Dividend Capture Fund			Huntington VA Growth Fund			Huntington VA Income Equity Fund
Investment Income:
Dividend income	$	—			$1,496,002		$	200,181		$	812,963
Dividend income from affiliated securities		372,216			50			161			33
Interest income		9			—			12			—
Foriegn dividend taxes withheld		—			(13,214	)		(3,645	)		(22,091	)

Total investment income		372,225			1,482,838			196,709			790,905

Expenses:
Investment advisor fees		17,110			196,809			97,779			124,534
Administration fees		31,176			59,764			29,692			37,817
Custodian fees		1,693			8,702			4,179			5,326
Transfer and dividend disbursing agent fees and expenses		8,184			11,515			8,779			9,561
Trustees’ fees		1,313			3,324			1,575			2,082
Professional fees		4,152			8,361			4,125			5,279
Financial administration fees		3,012			5,359			4,870			4,401
Printing and postage		5,332			15,062			7,797			9,888
Insurance premiums		2,430			3,661			3,206			3,330
Compliance service fees		610			1,465			693			916
Other		2,389			6,267			3,146			4,132

Total expenses		77,401			320,289			165,841			207,266

Investment advisory fees waived		(17,110	)		—			—			—
Reimbursements from Advisor		(43,761	)		—			—			—

Net expenses		16,530			320,289			165,841			207,266

Net investment income		355,695			1,162,549			30,868			583,639

Net Realized/Unrealized Gain (Loss) on Investments and Options Transactions:
Net Realized/Unrealized Gain (Loss) on Investments Options and Foriegn Currency Transactions:
Net realized gain on investment transactions		—			1,715,342			1,732,350			1,822,026
Net realized loss on investment transactions of affiliates		(69,309	)		—			—			—
Net realized gain (loss) on option transactions		—			—			(9,582	)		15,397
Net realized loss on foriegn currency transactions		—			—			(60	)		(1	)

Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency transactions		(69,309	)		1,715,342			1,722,708			1,837,422

Net change in unrealized appreciation/depreciation of investments, options and translation of assets and liabilities in foreign currency		1,728,944			1,632,830			(107,683	)		(102,496	)

Net realized and unrealized gain on investments, options and foreign currency transactions		1,659,635			3,348,172			1,615,025			1,734,926

Change in net assets resulting from operations	$	2,015,330		$	4,510,721		$	1,645,893		$	2,318,565

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

Huntington Funds

Statements of Operations

Year Ended December 31, 2010


	Huntington VA International Equity Fund			Huntington VA Macro 100 Fund			Huntington VA Mid Corp America Fund			Huntington VA New Economy Fund
Investment Income:
Dividend income	$	507,045		$	103,359		$	269,877		$	85,505
Dividend income from affiliated securities		136			42			91			90
Foreign dividend taxes withheld		(31,052	)		—			(921	)		(232	)

Total investment income		476,129			103,401			269,047			85,363

Expenses:
Investment advisor fees		113,542			35,166			113,000			70,261
Administration fees		34,479			10,679			34,314			21,336
Custodian fees		11,391			1,496			4,826			3,086
Transfer and dividend disbursing agent fees and expenses		9,045			7,250			9,282			8,173
Trustees’ fees		1,791			574			1,876			1,163
Professional fees		4,755			1,484			4,775			2,964
Financial administration fees		7,703			5,208			6,526			5,409
Printing and postage		8,493			3,730			9,237			6,183
Insurance premiums		3,186			2,937			3,293			3,098
Compliance service fees		793			255			830			516
Other		12,253			1,492			3,723			2,063

Total expenses		207,431			70,271			191,682			124,252

Investment advisory fees waived		—			(2,000	)		—			—

Net expenses		207,431			68,271			191,682			124,252

Net investment income (loss)		268,698			35,130			77,365			(38,889	)

Net Realized/Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions:
Net realized gain (loss) on investment transactions		(501,391	)		(350,721	)		745,882			1,122,647
Net realized loss on option transactions		—			—			—			(708,712	)
Net realized loss on foreign currency transactions		(9,614	)		—			—			—

Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency transactions		(511,005	)		(350,721	)		745,882			413,935

Net change in unrealized appreciation of investments, options and translation of assets and liabilities in foreign currency		2,170,204			1,107,007			3,100,180			1,364,782

Net realized and unrealized gain on investments, options and foreign currency transactions		1,659,199			756,286			3,846,062			1,778,717

Change in net assets resulting from operations	$	1,927,897		$	791,416		$	3,923,427		$	1,739,828

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


		44

Huntington Funds

Statements of Operations

Year Ended December 31, 2010


	Huntington VA Real Strategies Fund			Huntington VA Rotating Markets Fund		Huntington VA Situs Fund			Huntington VA Mortgage Securities Fund
Investment Income:
Dividend income	$	29,166		$	95,665	$	223,962		$	32,816
Dividend income from affiliated securities		35			40		80			81
Interest income		11			—		—			463,688
Foreign dividend taxes withheld		(592	)		—		(1,355	)		(9	)

Total investment income		28,620			95,705		222,687			496,576

Expenses:
Investment advisor fees		12,248			38,922		116,379			83,875
Administration fees		3,719			11,820		35,341			25,470
Custodian fees		540			1,661		6,147			3,612
Transfer and dividend disbursing agent fees and expenses		6,611			7,377		9,167			8,303
Trustees’ fees		169			645		1,844			1,287
Professional fees		499			1,644		4,877			3,487
Financial administration fees		4,866			3,299		6,500			17,746
Printing and postage		1,967			4,045		8,957			6,689
Insurance premiums		2,934			2,947		3,249			3,065
Compliance service fees		78			285		822			579
Other		687			1,590		3,793			1,756

Total expenses		34,318			74,235		197,076			155,869

Net investment income (loss)		(5,698	)		21,470		25,611			340,707

Net Realized/Unrealized Gain (Loss) on Investments, Options and Foreign Currency Transactions:
Net realized gain (loss) on investment transactions		17,307			389,123		(259,892	)		13,511
Net realized gain (loss) on option transactions		(15,671	)		—		90,683			—
Net realized gain (loss) on foreign currency transactions		—			—		(4	)		5

Net realized gain (loss) on investments, options and translation of assets and liabilities in foreign currency transactions		1,636			389,123		(169,213	)		13,516

Net change in unrealized appreciation of investments, options and translation of assets and liabilities in foreign currency		500,970			44,781		5,483,759			240,809

Net realized and unrealized gain on investments, options and foreign currency transactions		502,606			433,904		5,314,546			254,325

Change in net assets resulting from operations	$	496,908		$	455,374	$	5,340,157		$	595,032

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

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Balanced Fund						Huntington VA Dividend Capture Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations—
Net investment income	$	355,695		$	21,195		$	1,162,549		$	1,392,842
Net realized gain (loss) on investments		(69,309	)		(10,253	)		1,715,342			(5,970,182	)
Net change in unrealized appreciation of investments		1,728,944			318,978			1,632,830			11,316,225

Change in net assets resulting from operations		2,015,330			329,920			4,510,721			6,738,885

Distributions to Shareholders—
From net investment income		(21,245	)		(3,995	)		(1,386,649	)		—

Change in net assets resulting from distributions to shareholders		(21,245	)		(3,995	)		(1,386,649	)		—

Change in net assets resulting from capital transactions		18,064,670			6,249,589			(3,056,040	)		(2,514,401	)

Change in net assets		20,058,755			6,575,514			68,032			4,224,484
Net Assets:
Beginning of year		6,809,967			234,453			33,556,906			29,332,422

End of year	$	26,868,722		$	6,809,967		$	33,624,938		$	33,556,906

Accumulated net investment income included in net assets at end of year	$	355,694		$	21,244		$	1,162,547		$	1,391,042

Capital Transactions:
Shares sold	$	18,536,992		$	6,317,200		$	4,703,605		$	3,249,303
Dividends reinvested		21,245			3,995			1,386,649			—
Shares redeemed		(493,567	)		(71,606	)		(9,146,294	)		(5,763,704	)

Net change resulting from capital transactions	$	18,064,670		$	6,249,589		$	(3,056,040	)	$	(2,514,401	)

Share Transactions:
Issued		1,498,102			549,741			506,151			435,553
Reinvested		1,762			382			159,202			—
Redeemed		(40,514	)		(6,505	)		(997,616	)		(790,255	)

Net change resulting from share transactions		1,459,350			543,618			(332,263	)		(354,702	)

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


		46

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Growth Fund						Huntington VA Income Equity Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations—
Net investment income	$	30,868		$	24,485		$	583,639		$	580,270
Net realized gain (loss) on investments and options		1,722,708			(1,286,523	)		1,837,422			(3,594,616	)
Net change in unrealized appreciation/depreciation of investments		(107,683	)		3,284,431			(102,496	)		6,686,497

Change in net assets resulting from operations		1,645,893			2,022,393			2,318,565			3,672,151

Distributions to Shareholders—
From net investment income		(24,485	)		—			(573,537	)		—

Change in net assets resulting from distributions to shareholders		(24,485	)		—			(573,537	)		—

Change in net assets resulting from capital transactions		1,617,597			589,176			(650,515	)		(1,154,899	)

Change in net assets		3,239,005			2,611,569			1,094,513			2,517,252
Net Assets:
Beginning of year		15,272,445			12,660,876			20,703,802			18,186,550

End of year	$	18,511,450		$	15,272,445		$	21,798,315		$	20,703,802

Accumulated net investment income included in net assets at end of year	$	27,414		$	24,485		$	583,637		$	573,536

Capital Transactions:
Shares sold	$	5,361,327		$	2,339,196		$	3,737,093		$	2,014,927
Dividends reinvested		24,485			—			573,537			—
Shares redeemed		(3,768,215	)		(1,750,020	)		(4,961,145	)		(3,169,826	)

Net change resulting from capital transactions	$	1,617,597		$	589,176		$	(650,515	)	$	(1,154,899	)

Share Transactions:
Issued		757,448			361,601			461,041			301,495
Reinvested		3,671			—			75,865			—
Redeemed		(531,551	)		(279,685	)		(613,994	)		(477,683	)

Net change resulting from share transactions		229,568			81,916			(77,088	)		(176,188	)

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

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA International Equity Fund						Huntington VA Macro 100 Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations—
Net investment income	$	268,698		$	267,976		$	35,130		$	50,144
Net realized loss on investments and foreign currency transactions		(511,005	)		(1,903,030	)		(350,721	)		(423,626	)
Net change in unrealized appreciation of investments and foreign currency transactions		2,170,204			5,359,892			1,107,007			1,334,086

Change in net assets resulting from operations		1,927,897			3,724,838			791,416			960,604

Distributions to Shareholders—
From net investment income		(244,844	)		(6,126	)		(50,145	)		—

Change in net assets resulting from distributions to shareholders		(244,844	)		(6,126	)		(50,145	)		—

Change in net assets resulting from capital transactions		4,602,948			2,659,779			283,938			164,896

Change in net assets		6,286,001			6,378,491			1,025,209			1,125,500
Net Assets:
Beginning of year		16,361,930			9,983,439			5,589,710			4,464,210

End of year	$	22,647,931		$	16,361,930		$	6,614,919		$	5,589,710

Accumulated net investment income included in net assets at end of year	$	260,779		$	233,308		$	35,129		$	50,144

Capital Transactions:
Shares sold	$	7,266,270		$	4,473,348		$	1,850,890		$	883,733
Dividends reinvested		244,844			6,126			50,145			—
Shares redeemed		(2,908,166	)		(1,819,695	)		(1,617,097	)		(718,837	)

Net change resulting from capital transactions	$	4,602,948		$	2,659,779		$	283,938		$	164,896

Share Transactions:
Issued		551,823			389,528			224,779			127,474
Reinvested		19,955			545			6,615			—
Redeemed		(223,923	)		(163,345	)		(198,356	)		(109,268	)

Net change resulting from share transactions		347,855			226,728			33,038			18,206

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


		48

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Mid Corp America Fund						Huntington VA New Economy Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations—
Net investment income (loss)	$	77,365		$	123,643		$	(38,889	)	$	11,957
Net realized gain (loss) on investments and options		745,882			(1,336,524	)		413,935			(1,596,019	)
Net change in unrealized appreciation of investments		3,100,180			6,099,546			1,364,782			4,500,924

Change in net assets resulting from operations		3,923,427			4,886,665			1,739,828			2,916,862

Distributions to Shareholders—
From net investment income		(123,644	)		—			(11,498	)		—

Change in net assets resulting from distributions to shareholders		(123,644	)		—			(11,498	)		—

Change in net assets resulting from capital transactions		(2,157,198	)		(1,626,072	)		(501,627	)		13,056

Change in net assets		1,642,585			3,260,593			1,226,703			2,929,918
Net Assets:
Beginning of year		18,673,495			15,412,902			11,444,169			8,514,251

End of year	$	20,316,080		$	18,673,495		$	12,670,872		$	11,444,169

Accumulated net investment income (loss) included in net assets at end of year	$	77,364		$	123,643		$	2,030		$	11,957

Capital Transactions:
Shares sold	$	2,489,155		$	1,652,655		$	2,019,346		$	1,241,549
Dividends reinvested		123,644			—			11,498			—
Shares redeemed		(4,769,997	)		(3,278,727	)		(2,532,471	)		(1,228,493	)

Net change resulting from capital transactions	$	(2,157,198	)	$	(1,626,072	)	$	(501,627	)	$	13,056

Share Transactions:
Issued		160,510			131,264			176,292			130,831
Reinvested		8,677			—			1,071			—
Redeemed		(308,173	)		(269,661	)		(223,297	)		(132,620	)

Net change resulting from share transactions		(138,986	)		(138,397	)		(45,934	)		(1,789	)

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

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Real Strategies Fund						Huntington VA Rotating Markets Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations—
Net investment income (loss)	$	(5,698	)	$	4,383		$	21,470		$	73,676
Net realized gain (loss) on investments and options		1,636			(26,776	)		389,123			(296,580	)
Net change in unrealized appreciation of investments		500,970			193,088			44,781			1,810,237

Change in net assets resulting from operations		496,908			170,695			455,374			1,587,333

Distributions to Shareholders—
From net investment income		(5,230	)		—			(73,676	)		—

Change in net assets resulting from distributions to shareholders		(5,230	)		—			(73,676	)		—

Change in net assets resulting from capital transactions		1,362,555			725,079			102,979			(155,964	)

Change in net assets		1,854,233			895,774			484,677			1,431,369
Net Assets:
Beginning of year		1,166,097			270,323			6,472,673			5,041,304

End of year	$	3,020,330		$	1,166,097		$	6,957,350		$	6,472,673

Accumulated net investment income included in net assets at end of year	$	(7,641	)	$	4,563		$	21,470		$	73,676

Capital Transactions:
Shares sold	$	1,650,462		$	754,235		$	1,562,561		$	774,313
Dividends reinvested		5,230			—			73,676			—
Shares redeemed		(293,137	)		(29,156	)		(1,533,258	)		(930,277	)

Net change resulting from capital transactions	$	1,362,555		$	725,079		$	102,979		$	(155,964	)

Share Transactions:
Issued		207,292			109,967			148,441			84,636
Reinvested		700			—			7,691			—
Redeemed		(36,433	)		(4,971	)		(147,556	)		(108,489	)

Net change resulting from share transactions		171,559			104,996			8,576			(23,853	)

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


		50

Huntington Funds

Statements of Changes in Net Assets


	Huntington VA Situs Fund						Huntington VA Mortgage Securities Fund
	Year Ended December 31, 2010			Year Ended December 31, 2009			Year Ended December 31, 2010			Year Ended December 31, 2009
Increase (Decrease) in Net Assets:
Operations—
Net investment income	$	25,611		$	98,919		$	340,707		$	313,795
Net realized gain (loss) on investments, options and foreign currency transactions		(169,213	)		(1,869,149	)		13,516			(76,424	)
Net change in unrealized appreciation of investments and foreign currency transactions		5,483,759			5,767,998			240,809			235,154

Change in net assets resulting from operations		5,340,157			3,997,768			595,032			472,525

Distributions to Shareholders—
From net investment income		(83,106	)		—			(316,096	)		—

Change in net assets resulting from distributions to shareholders		(83,106	)		—			(316,096	)		—

Change in net assets resulting from capital transactions		1,390,750			1,527,697			6,111,058			1,495,434

Change in net assets		6,647,801			5,525,465			6,389,994			1,967,959
Net Assets:
Beginning of year		17,034,988			11,509,523			10,957,748			8,989,789

End of year	$	23,682,789		$	17,034,988		$	17,347,742		$	10,957,748

Accumulated net investment income included in net assets at end of year	$	45,579		$	103,078		$	386,661		$	316,096

Capital Transactions:
Shares sold	$	5,288,342		$	2,997,588		$	8,644,318		$	3,455,833
Dividends reinvested		83,106			—			316,096			—
Shares redeemed		(3,980,698	)		(1,469,891	)		(2,849,356	)		(1,960,399	)

Net change resulting from capital transactions	$	1,390,750		$	1,527,697		$	6,111,058		$	1,495,434

Share Transactions:
Issued		415,761			297,997			751,755			314,006
Reinvested		7,329			—			27,606			—
Redeemed		(308,866	)		(148,330	)		(247,608	)		(182,135	)

Net change resulting from share transactions		114,224			149,667			531,753			131,871

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.


		51

Huntington Funds

Financial Highlights

(For a share outstanding throughout each period)


	Net Asset Value, Beginning of Period		Net Investment Income			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			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	)
Huntington VA Dividend Capture Fund
2006	$	12.41		0.47			1.49			1.96			(0.46	)		(0.30	)		—			(0.76	)
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	)

(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 has been calculated using the average daily shares method.

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


		52


Net Asset Value, End of Period		Total Return			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets⁽¹⁾			Net Assets, at 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	%

$	13.61		16.59	%		0.92	%		3.90	%		0.92	%	$	53,671		94	%
$	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	%

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


		53

Huntington Funds

Financial Highlights

(For a share outstanding throughout each period)


	Net Asset Value, Beginning of Period		Net Investment Income		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			Return of Capital		Total Distributions
Huntington VA Growth Fund
2006	$	8.97		0.04		0.65			0.69			(0.04	)		(0.11	)		—		(0.15	)
2007	$	9.51		0.05		1.34			1.39			(0.04	)		—	⁽²⁾		—		(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	)
Huntington VA Income Equity Fund
2006	$	11.78		0.24		1.20			1.44			(0.24	)		(0.36	)		—		(0.60	)
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	)

(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)

The portfolio turnover rate increased significantly during the period. This increase was attributable to changes in equity management staff, cash flows in and out of the Fund, as well as tactical portfolio adjustments made. The basic characteristics of the Fund’s investment strategy in terms of market capitalization, style and diversification did not change (unaudited).

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


		54


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, at End of Period (000 Omitted)		Portfolio Turnover Rate

$	9.51		7.76	%		0.93	%		0.48	%		0.93	%	$	21,191		19	%
$	10.86		14.70	%		0.94	%		0.52	%		0.96	%	$	23,172		111	%⁽³⁾
$	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	%

$	12.62		12.59	%		0.92	%		2.03	%		0.92	%	$	38,614		73	%
$	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	%

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


		55

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			Return of Capital			Total Distributions
Huntington VA International Equity Fund
2006	$	12.67		0.13		3.14			3.27			(0.11	)		(0.08	)		—			(0.19	)
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	)
Huntington VA Macro 100 Fund
2006	$	11.68		0.05		0.79			0.84			(0.02	)		(0.14	)		—			(0.16	)
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	)

(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)	The major cause of increase to portfolio turnover was changes made to the portfolio by the management team based upon changing macroeconomic fundamentals (unaudited).

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


		56


Net Asset Value, End of Period		Total Return			Ratio of Net Expenses to Average Net Assets			Ratio of Net Investment Income to Average Net Assets			Ratio of Expenses (Prior to Reimbursements) to Average Net Assets⁽¹⁾			Net Assets, at End of Period (000 Omitted)		Portfolio Turnover Rate

$	15.75		25.84	%		0.97	%		1.31	%		1.06	%	$	7,666		10	%
$	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	%

$	12.36		7.26	%		0.97	%		0.49	%		0.97	%	$	10,138		213	%⁽³⁾
$	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	%

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


		57

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			Return of Capital			Total Distributions
Huntington VA Mid Corp America Fund
2006	$	16.49		0.11			1.07			1.18			(0.07	)		(0.20	)		—			(0.27	)
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	)
Huntington VA New Economy Fund
2006	$	16.27		0.04			1.62			1.66			(0.02	)		(0.25	)		—			(0.27	)
2007	$	17.66		0.10			2.10			2.20			(0.03	)		(0.38	)		—			(0.41	)
2008	$	19.45		0.03			(9.21	)		(9.18	)		(0.11	)		(2.04	)		(0.01	)		(2.16	)
2009	$	8.11		0.01			2.80			2.81			—			—			—			—
2010	$	10.92		(0.04	)		1.78			1.74			(0.01	)		—			—			(0.01	)

(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)

The portfolio turnover rate increased significantly during the period. This increase was attributable to changes in equity management staff, cash flows into and out of the Fund, as well as tactical portfolio adjustments made. The basic characteristics of the Fund’s investment strategy in terms of market capitalization, style and diversification did not change (unaudited).

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


		58


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, at End of Period (000 Omitted)		Portfolio Turnover Rate

$	17.40		7.24	%		0.93	%		0.65	%		0.93	%	$	28,814		8	%
$	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	%

$	17.66		10.28	%		0.96	%		0.24	%		0.96	%	$	15,127		51	%
$	19.45		12.50	%		0.94	%		0.59	%		0.94	%	$	18,972		102	%⁽²⁾
$	8.11		(52.65	)%		0.93	%		0.18	%		0.93	%	$	8,514		150	%
$	10.92		34.65	%		0.99	%		0.12	%		1.00	%	$	11,444		122	%
$	12.65		15.97	%		1.06	%		(0.33	)%		1.06	%	$	12,671		256	%

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


		59

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			Return of Capital			Total Distributions
Huntington VA Real Strategies Fund
2007⁽²⁾	$	10.00		0.16			1.34			1.50			—			—			—			—
2008	$	11.50		0.04	⁽⁵⁾		(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	)
Huntington VA Rotating Markets Fund
2006	$	12.70		0.14			2.29			2.43			(0.09	)		(0.47	)		—			(0.56	)
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	)

(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 August 31, 2007 (commencement of operations) to December 31, 2007.

(3)	Not annualized.

(4)	Computed on an annualized basis.

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

(6)	Does not include the effect of expenses of underlying funds.

(7)	The portfolio turnover rate increased significantly during the period. This increase was attributable to cash flows into and out of the Fund, as well as tactical portfolio adjustments made. The basic characteristics of the Fund’s investment strategy did not change (unaudited).

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


		60


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, at End of Period (000 Omitted)		Portfolio Turnover Rate

$	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	%

$	14.57		19.61	%		0.97	%⁽⁶⁾		1.08	%		0.97	%⁽⁶⁾	$	8,558		31	%
$	15.04		9.03	%		0.98	%⁽⁶⁾		1.17	%		0.98	%⁽⁶⁾	$	10,538		49	%
$	7.85		(42.03	)%		0.93	%⁽⁶⁾		1.09	%		0.93	%⁽⁶⁾	$	5,041		221	%⁽⁷⁾
$	10.47		33.38	%		1.01	%⁽⁶⁾		1.34	%		1.02	%⁽⁶⁾	$	6,473		229	%
$	11.10		7.34	%		1.14	%⁽⁶⁾		0.33	%		1.14	%⁽⁶⁾	$	6,957		254	%

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


		61

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 Situs Fund
2006	$	13.95		—	⁽²⁾		0.68			0.68			(0.01	)		(0.18	)		(0.19	)
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	)
Huntington VA Mortgage Securities Fund
2006	$	10.65		0.43	⁽³⁾		0.20			0.63			(0.14	)		—			(0.14	)
2007	$	11.14		0.46	⁽³⁾		(0.04	)		0.42			(0.24	)		—	⁽²⁾		(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	)

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

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


		62


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, at End of Period (000 Omitted)		Portfolio Turnover Rate

$	14.44		4.84	%		0.95	%		0.01	%		0.95	%	$	14,402		17	%
$	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	%

$	11.14		5.89	%		0.99	%		3.99	%		1.15	%	$	7,132		36	%
$	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	%

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


		63

Huntington Funds

Notes to Financial Statements

December 31, 2010

(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 December 31, 2010, 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 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 New Economy Fund (“VA New Economy 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, Sun Life Assurance Company of Canada (U.S.) and Transamerica Life Insurance Company for use with their respective variable insurance contracts and policies.

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

A.	Investment Valuations

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. 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.

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) 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. Option


		64

Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010

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.

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. 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. Investments in other open-end investment companies are valued at the NAV.

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.

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.

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


		65

Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010



• 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).

The inputs or methodology used for valuing investments are not necessarily an indication of the risk associated with investing in those investments.

For the fiscal year ended December 31, 2010, there were no Level 3 investments for which significant unobservable inputs were used to determine fair value.


	LEVEL 1 - Quoted Prices				LEVEL 2 - Other Significant Observable Inputs					Total
Fund Name	Securities		Other Financial Investments*		Securities			Other Financial Investments*		Securities		Other Financial Investments*
VA Balanced Fund
Mutual Funds	$	26,241,492	$	—	$	—		$	—	$	26,241,492	$	—
Cash Equivalents		545,928		—		—			—		545,928		—

Total		26,787,420		—		—			—		26,787,420		—
VA Dividend Capture Fund
Common Stocks		25,868,236		—		—			—		25,868,236		—
Preferred Stocks		6,700,089		—		394,219	⁽¹⁾		—		7,094,308		—
Mutual Funds		528,780		—		—			—		528,780		—
Cash Equivalents		160,142		—		—			—		160,142		—

Total		33,257,247		—		394,219			—		33,651,466		—
VA Growth Fund
Common Stocks		17,788,469		—		—			—		17,788,469		—
Cash Equivalents		922,241		—		—			—		922,241		—

Total		18,710,710		—		—			—		18,710,710		—
VA Income Equity Fund
Common Stocks		21,082,599		—		—			—		21,082,599		—
Cash Equivalents		687,915		—		—			—		687,915		—

Total		21,770,514		—		—			—		21,770,514		—
VA International Equity Fund
Common Stocks		20,462,692		—		—			—		20,462,692		—
Mutual Funds		1,144,687		—		—			—		1,144,687		—
Cash Equivalents		840,153		—		—			—		840,153		—

Total		22,447,532		—		—			—		22,447,532		—
VA Macro 100 Fund
Common Stocks		6,068,507		—		—			—		6,068,507		—
Cash Equivalents		539,053		—		—			—		539,053		—

Total		6,607,560		—		—			—		6,607,560		—


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Notes to Financial Statements (continued)

December 31, 2010


	LEVEL 1 - Quoted Prices					LEVEL 2 - Other Significant Observable Inputs				Total
Fund Name	Securities		Other Financial Investments*			Securities		Other Financial Investments*		Securities			Other Financial Investments*
VA Mid Corp America Fund
Common Stocks	$	19,400,699	$	—		$	—	$	—	$	19,400,699		$	—
Cash Equivalents		910,222		—			—		—		910,222			—

Total		20,310,921		—			—		—		20,310,921			—
VA New Economy Fund
Common Stocks		12,267,434		—			—		—		12,267,434			—
Options Purchased		121,375		—			—		—		121,375			—
Cash Equivalents		465,599		—			—		—		465,599			—
Written Options		—		(183,350	)		—		—		—			(183,350	)

Total		12,854,408		(183,350	)		—		—		12,854,408			(183,350	)
VA Real Strategies Fund
Common Stocks		2,550,221		—			—		—		2,550,221			—
Corporate Bonds		—		—			57,295		—		57,295	��		—
Mutual Funds		191,594		—			—		—		191,594			—
Cash Equivalents		231,852		—			—		—		231,852			—
Written Options		—		(28,936	)		—		—		—			(28,936	)

Total		2,973,667		(28,936	)		57,295		—		3,030,962			(28,936	)
VA Rotating Markets Fund
Common Stocks		6,238,857		—			—		—		6,238,857			—
Mutual Funds		510,952		—			—		—		510,952			—
Cash Equivalents		198,325		—			—		—		198,325			—

Total		6,948,134		—			—		—		6,948,134			—
VA Situs Fund
Common Stocks		23,336,793		—			—		—		23,336,793			—
Mutual Funds		150,815		—			—		—		150,815			—
Cash Equivalents		243,370		—			—		—		243,370			—

Total		23,730,978		—			—		—		23,730,978			—
VA Mortgage Securities Fund
U.S. Government Mortgage Backed Agencies		—		—			10,690,416		—		10,690,416			—
U.S. Government Agencies		—		—			2,875,125		—		2,875,125			—
Common Stocks		1,722,037		—			—		—		1,722,037			—
Collateralized Mortgage Obligations		—		—			1,284,752		—		1,284,752			—
Cash Equivalents		670,903		—			—		—		670,903			—

Total		2,392,940		—			14,850,293		—		17,243,233			—

Other financial investments are derivative instruments not reflected on the Portfolio of Investments, such as written options contracts.

⁽¹⁾

Consists of Allianz SE, 8.375%, listed under Financials.

The Trust recognizes significant transfers between fair value hierarchy levels at the reporting period end. There were no significant transfers between all Levels as of December 31, 2010.

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 Delivery Transactions

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


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Notes to Financial Statements (continued)

December 31, 2010

D.	Foreign Currency Translation

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 December 31, 2010, 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 Growth Fund’s written option activity for the year ended December 31, 2010:


Contracts	Number of Contracts			Premium
Outstanding at 12/31/2009		366		$	45,847
Options written		708			92,855
Options expired		(174	)		(19,242	)
Options closed		(541	)		(69,350	)
Options exercised		(359	)		(50,110	)

Outstanding at 12/31/2010		—		$	—

At December 31, 2010, VA Growth Fund had no outstanding options.

The following is a summary of VA Income Equity Fund’s written option activity for the year ended December 31, 2010:


Contracts	Number of Contracts			Premium
Outstanding at 12/31/2009		130		$	16,031
Options written		1,080			44,756
Options expired		(985	)		(38,340	)
Options closed		(95	)		(6,416	)
Options exercised		(130	)		(16,031	)

Outstanding at 12/31/2010		—		$	—


		68

Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010

At December 31, 2010, VA Income Equity Fund had no outstanding options.

The following is a summary of VA New Economy Fund’s written option activity for the year ended December 31, 2010:


Contracts	Number of Contracts			Premium
Outstanding at 12/31/2009		74		$	19,347
Options written		4,492			2,191,905
Options expired		(91	)		(20,385	)
Options closed		(4,238	)		(2,051,679	)
Options exercised		(52	)		(23,944	)

Outstanding at 12/31/2010		185		$	115,244

At December 31, 2010, VA New Economy Fund had the following outstanding options:

WRITTEN OPTION CONTRACTS


Contract	Type		Expiration Date		Exercise Price		Number of Contracts		Fair Value		Unrealized Appreciation (Depreciation)
Agrium, Inc.		Call		January 2011	$	75		27	$	45,360	$	(24,920	)
CF Industries Holdings		Call		January 2011		110		27		69,255		(39,637	)
Cree, Inc.		Call		January 2011		65		36		13,500		6,554
Life Technologies		Call		January 2011		45		22		23,210		(10,296	)
Molycorp		Put		January 2011		44		20		3,100		891
Netapp, Inc.		Call		January 2011		50		15		8,025		555
Riverbed Technology, Inc.		Call		January 2011		30		38		20,900		(1,253	)

NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS											$	(68,106	)

The following is a summary of VA Real Strategies Fund’s written option activity for the year ended December 31, 2010:


Contracts	Number of Contracts			Premium
Outstanding at 12/31/2009		50		$	6,416
Options written		959			208,659
Options expired		(211	)		(23,352	)
Options closed		(606	)		(146,078	)
Options exercised		(97	)		(22,895	)

Outstanding at 12/31/2010		95		$	22,750

At December 31, 2010, 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)
Arch Coal		Call		January 2011	$	29		11	$	6,765	$	(5,383	)
Agrium, Inc.		Call		January 2011		70		3		6,615		(4,093	)
Allegheny Technologies		Call		January 2011		53		8		2,880		(60	)
Peabody Energy Corp.		Call		January 2011		60		6		2,700		(1,060	)
Boston Properties, Inc.		Call		January 2011		90		4		170		1,549
Devon Energy Corp.		Put		January 2011		65		8		28		4,725
Molycorp		Put		January 2011		44		15		2,325		668
Marathon Oil Corp.		Call		January 2011		35		9		1,971		(1,026	)
Petroleo Brasileiro SA		Put		January 2011		37		6		402		2,014
Tesoro Corp.		Call		January 2011		18		15		1,905		(1,210	)
Valero Energy		Call		January 2011		20		10		3,175		(2,310	)

NET UNREALIZED DEPRECIATION ON WRITTEN OPTION CONTRACTS											$	(6,186	)

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


		69

Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010

The following is a summary of VA Situs Fund’s written option activity for the year ended December 31, 2010:


Contracts	Number of Contracts			Premium
Outstanding at 12/31/2009		—		$	—
Options written		744			226,379
Options expired		(254	)		(72,603	)
Options closed		(80	)		(22,959	)
Options exercised		(410	)		(130,817	)

Outstanding at 12/31/2010		—		$	—

At December 31, 2010, VA Situs Fund had no outstanding options.

The following tables provide a summary of the fair value of derivative instruments, not accounted for as hedging instruments as of December 31, 2010, and the effect of derivative instruments on the Statement of Operations for the year ended December 31, 2010.

The fair value of Derivative Instruments as of December 31, 2010 is as follows:

Asset Derivatives

Liability Derivatives

Primary Risk Exposure

Statements of Assets and
Liabilities Location

Fund

Fair Value

Equity Contracts

Options Written, at value

VA New Economy Fund

183,350

VA Real Strategies Fund

28,936

Investments, at value

VA New Economy Fund

121,375

The effect of Derivative Instruments on the Statements of Operations for the year ended December 31, 2010 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

Gross Notional
Amount
Outstanding
as of
December 31,
2010

Equity Contracts

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

VA Growth Fund
VA Income Equity Fund
VA New Economy Fund
VA Real Strategies Fund
VA Situs Fund

(9,582

15,397

(708,712

(15,671

90,683

)

37,243

(2,031

(68,670

(5,696

—

)

—

4,884,500

386,000

—

The gross notional amount of options outstanding (both purchased and written) is indicative of the volume of each Fund’s derivative activity for the year ended December 31, 2010.

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 borrowers equivalent to the dividends and interest that would have been earned on securities on loan. In addition, the Funds retain all or a portion of the interest received on investment of collateral or receive a fee from the borrower. 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


		70

Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010

the Funds or the borrower at any time and, therefore, are not considered to be illiquid investments. Brown Brothers Harriman (“BBH”) serves as the sub-custodian for the securities lending program. BBH retains a portion of the earnings from the investment and reinvestment of cash collateral and a portion of any loan fees paid by borrowing with respect to securities loans.

As of December 31, 2010, the Funds did not have securities on loan.

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.

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), 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.

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.

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 VA Dividend Capture Fund, VA Growth Fund, VA Income Equity Fund, VA International Equity Fund, VA Mid Corp America Fund, VA New Economy Fund, VA Real Strategies Fund, VA Situs Fund and VA Mortgage Securities Fund have been provided for in accordance with each applicable country’s tax rules and rates.

As of December 31, 2010, 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	$	24,818,589	$	2,050,824	$	(81,993	)	$	1,968,831
VA Dividend Capture Fund		30,783,378		3,147,055		(278,966	)		2,868,089
VA Growth Fund		17,028,857		2,023,929		(342,076	)		1,681,853
VA Income Equity Fund		20,270,314		1,981,780		(481,580	)		1,500,200
VA International Equity Fund		19,372,280		3,928,296		(853,044	)		3,075,252
VA Macro 100 Fund		5,853,035		1,034,127		(279,602	)		754,525
VA Mid Corp America Fund		12,480,514		7,899,999		(69,592	)		7,830,407

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


		71

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Notes to Financial Statements (continued)

December 31, 2010


Fund	Tax Cost of Securities		Unrealized Appreciation		Unrealized Depreciation			Net Unrealized Appreciation/ (Depreciation)*
VA New Economy Fund	$	11,181,110	$	1,790,327	$	(300,379	)	$	1,489,948
VA Real Strategies Fund		2,469,830		588,735		(56,539	)		532,196
VA Rotating Markets Fund		6,186,465		763,595		(1,926	)		761,669
VA Situs Fund		18,973,700		6,493,170		(1,735,892	)		4,757,278
VA Mortgage Securities Fund		16,819,631		565,153		(141,551	)		423,602

As of December 31, 2010, 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	$	3,223,609		2016
VA Dividend Capture Fund	$	10,379,593		2017
VA Growth Fund	$	268,401		2016
VA Growth Fund	$	2,008,824		2017
VA Income Equity Fund	$	1,255,286		2016
VA Income Equity Fund	$	4,884,104		2017
VA International Equity Fund	$	226,000		2016
VA International Equity Fund	$	1,984,700		2017
VA International Equity Fund	$	563,899		2018
VA Macro 100 Fund	$	1,759,976		2016
VA Macro 100 Fund	$	436,650		2017
VA Macro 100 Fund	$	494,288		2018
VA Mid Corp America Fund	$	1,074,905		2017
VA New Economy Fund	$	3,531,313		2017
VA Real Strategies Fund	$	15,905		2016
VA Real Strategies Fund	$	46,457		2017
VA Rotating Markets Fund	$	984,512		2017
VA Situs Fund	$	157,155		2016
VA Situs Fund	$	1,862,604		2017
VA Situs Fund	$	92,594		2018
VA Mortgage Securities Fund	$	100,360		2016
VA Mortgage Securities Fund	$	90,146		2017
VA Mortgage Securities Fund	$	19,982		2018

During the year ended December 31, 2010, VA Balanced Fund, VA Dividend Capture Fund, VA Growth Fund, VA Income Equity Fund, VA Mid Corp America Fund, VA New Economy Fund, VA Real Strategies Fund and VA Rotating Markets Fund utilized $9,565, $877,704, $1,890,401, $1,518,929, $711,912, $270,399, $8,022 and $389,123 respectively, in capital loss carryforwards.

The tax character of distributions paid during the fiscal year ended December 31, 2010, 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	$	21,245	$	—	$	21,245	$	—	$	21,245
VA Dividend Capture Fund		1,386,649		—		1,386,649		—		1,386,649
VA Growth Fund		24,485		—		24,485		—		24,485
VA Income Equity Fund		573,537		—		573,537		—		573,537
VA International Equity Fund		244,844		—		244,844		—		244,844
VA Macro 100 Fund		50,145		—		50,145		—		50,145
VA Mid Corp America Fund		123,644		—		123,644		—		123,644
VA New Economy Fund		11,498		—		11,498		—		11,498
VA Real Strategies Fund		5,230		—		5,230		—		5,230
VA Rotating Markets Fund		73,676		—		73,676		—		73,676


		72

Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010


	Distributions Paid From*
Fund	Ordinary Income		Net Long Term Capital Gains		Total Taxable Distributions		Tax Return of Capital		Total Distributions Paid
VA Situs Fund	$	83,106	$	—	$	83,106	$	—	$	83,106
VA Mortgage Securities Fund		316,096		—		316,096		—		316,096

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.

The tax character of distributions paid during the fiscal year ended December 31, 2009, was as follows:


	Distributions Paid From*
Fund	Ordinary Income		Net Long Term Capital Gains		Total Taxable Distributions
VA Balanced Fund	$	3,995	$	—	$	3,995
VA International Equity Fund		6,126		—		6,126

As of December 31, 2010, 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	$	355,694	$	1,631	$	357,325	$	—		$	1,968,831	$	2,326,156
VA Dividend Capture Fund		1,160,345		—		1,160,345		(13,603,202	)		2,868,089		(9,574,768	)
VA Growth Fund		27,473		—		27,473		(2,277,286	)		1,681,853		(567,960	)
VA Income Equity Fund		583,638		—		583,638		(6,139,391	)		1,500,200		(4,055,553	)
VA International Equity Fund		323,696		—		323,696		(2,776,853	)		3,076,714		623,557
VA Macro 100 Fund		35,121		—		35,121		(2,696,514	)		754,525		(1,906,868	)
VA Mid Corp America Fund		77,366		—		77,366		(1,074,907	)		7,830,407		6,832,866
VA New Economy Fund		—		—		—		(3,569,167	)		1,489,948		(2,079,219	)
VA Real Strategies Fund		7,538		—		7,538		(67,554	)		532,196		472,180
VA Rotating Markets Fund		21,470		—		21,470		(984,512	)		761,669		(201,373	)
VA Situs Fund		10,156		—		10,156		(2,153,643	)		4,757,297		2,613,810
VA Mortgage Securities Fund		388,141		—		388,141		(224,457	)		423,602		587,286

The differences between the book-basis unrealized appreciation (depreciation) are attributable primarily to: tax deferral of losses on wash sales, the differences between book and tax amortization methods for premium and market discount, and the return between book and tax amortization methods for premium and market discount, and the return of capital adjustments from real estate investment trusts.

Net capital 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, 2010, the Fund deferred post-October capital losses and post-October currency losses as follows:


Fund	Capital Losses		Currency Losses
VA Growth Fund	$	—	$	60
VA Income Equity Fund		—		1
VA International Equity Fund		—		2,253
VA Macro 100 Fund		5,601		—
VA Real Strategies Fund		1,694		—
VA Situs Fund		41,289		—
VA Mortgage Securities Fund		13,969		—

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.

K.	Subsequent Events

The Regulated Investment Company Modernization Act of 2010 (the ‘‘Act’’) was enacted on December 22, 2010. The Act makes changes to several tax rules impacting the Funds. In general, the provisions of the Act will be effective for the Funds’ fiscal year

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


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Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010

ending December 31, 2011. Although the Act provides several benefits, including the unlimited carryover of future capital losses, there may be a greater likelihood that all or a portion of each fund’s pre-enactment capital loss carryovers may expire without being utilized due to the fact that post-enactment capital losses get utilized before pre-enactment capital loss carryovers. Relevant information regarding the impact of the Act on the Fund, if any, will be contained within the ‘‘Federal Taxes’’ section of the financial statement notes for the fiscal year ending December 31, 2011.

(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, 2011. 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. Prior to September 1, 2010, Citi Fund Services Ohio, Inc. was the Sub-Administrator. As Administrator, Huntington provides the Funds with 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, sub-administrative, financial administrative and sub-financial 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 financial administration 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 $125,000 annually.

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


		74

Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010

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	12/31/09 Market Value		Purchases		Sales			12/31/10 Market Value		Income
VA Dividend Capture Fund	$	850,721	$	9,246,566	$	(9,937,145	)	$	160,142	$	50
VA Growth Fund		1,818,207		22,959,570		(23,855,536	)		922,241		161
VA Income Equity Fund		354,364		5,066,033		(4,732,482	)		687,915		33
VA International Equity Fund		896,597		9,109,371		(9,165,815	)		840,153		136
VA Macro 100 Fund		261,103		2,046,614		(1,768,664	)		539,053		42
VA Mid Corp America Fund		866,180		5,684,698		(5,640,656	)		910,222		91
VA New Economy Fund		1,261,950		15,050,686		(15,847,037	)		465,599		90
VA Real Strategies Fund		229,580		1,258,108		(1,255,836	)		231,852		35
VA Rotating Markets Fund		389,619		2,167,791		(2,359,085	)		198,325		40
VA Situs Fund		1,709,035		5,986,483		(7,452,148	)		243,370		80
VA Mortgage Securities Fund		551,476		10,476,314		(10,356,887	)		670,903		81

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	12/31/09 Market Value		Purchases		Sales			12/31/10 Market Value		Income
Huntington Money Market Fund	$	47,374	$	10,721,644	$	(10,223,090	)	$	545,928	$	44
Huntington Fixed Income Securities Fund		2,115,777		7,476,686		(1,165,297	)		8,466,869		190,155
VA Dividend Capture Fund		267,237		789,017		(61,375	)		1,068,169		35,693
VA Growth Fund		1,200,674		3,633,923		(478,931	)		4,809,200		5,455
VA Income Equity Fund		798,198		2,377,575		(211,593	)		3,205,326		69,042
VA International Equity Fund		668,221		2,011,868		(247,164	)		2,687,250		25,573
VA Macro 100 Fund		332,562		952,023		(93,143	)		1,330,993		9,095
VA Mid Corp America Fund		265,754		768,412		(135,094	)		1,062,960		5,678
VA New Economy Fund		299,676		935,157		(177,232	)		1,200,180		927
VA Situs Fund		165,752		477,059		(114,043	)		666,228		2,284
VA Mortgage Securities Fund		436,045		1,415,911		(117,986	)		1,744,317		28,270

(4)

VA Balanced Fund, VA Real Strategies Fund and VA Rotating Markets Fund Structure

The VA Balanced Fund, VA Real Strategies Fund and VA Rotating Markets Fund (“Investing Funds”), in accordance with their prospectuses, 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.

(5)

Investment Transactions

Purchases and sales of investments, excluding short-term securities, for the fiscal year ended December 31, 2010, were as follows:


Fund	Purchases		Sales
VA Balanced Fund	$	20,837,630	$	2,801,858
VA Dividend Capture Fund		38,706,610		40,306,497
VA Growth Fund		51,661,305		48,938,567
VA Income Equity Fund		21,590,321		22,511,192
VA International Equity Fund		10,608,014		6,066,388
VA Macro 100 Fund		1,653,816		1,591,413
VA Mid Corp America Fund		3,758,293		5,944,961
VA New Economy Fund		27,494,712		28,062,225
VA Real Strategies Fund		1,850,431		381,902
VA Rotating Markets Fund		15,626,211		15,391,786
VA Situs Fund		6,656,921		3,565,837
VA Mortgage Securities Fund		10,059,763		381,054

Purchases and sales of long-term U.S. government securities for the fiscal year ended December 31, 2010 were as follows:


Fund	Purchases		Sales
VA Mortgage Securities Fund	$	9,060,023	$	292,934

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Huntington Funds

Notes to Financial Statements (continued)

December 31, 2010

(6)

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, impose capital or currency controls, impose punitive taxes, impose limits on ownership or nationalize a company or industry. Any of 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.

(7)

Other Tax Information (unaudited)

For the year ended December 31, 2010, the following Funds paid qualified dividend income:


Fund	Qualified Dividend Income
VA Growth Fund		86	%
VA Mid Corp America Fund		97	%
VA New Economy Fund		88	%
VA Situs Fund		65	%

For the taxable year ended December 31, 2010, the following percentage of ordinary income dividends paid by the Funds qualify for the dividends received deduction available to corporations:


Fund	Dividends Deduction Received
VA Growth Fund		100	%
VA International Equity Fund		10	%
VA Macro 100 Fund		100	%
VA Mid Corp America Fund		100	%
VA New Economy Fund		100	%
VA Situs Fund		100	%

The VA International Equity Fund intends to elect to pass through to shareholders the income tax credit for taxes paid to foreign countries. Foreign source income and foreign tax expense per outstanding shares on December 31, 2010 are as follows:


	Foreign Source Income		Foreign Tax Expense
VA International Equity Fund	$	0.30	$	0.02


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Huntington Funds

Report of Independent Registered Public Accounting Firm

The Board of Trustees and Shareholders of The Huntington Funds:

We have audited the accompanying statements of assets and liabilities of the Huntington VA Balanced Fund, 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 New Economy Fund, Huntington VA Real Strategies Fund, Huntington VA Rotating Markets Fund, Huntington VA Situs Fund, and Huntington VA Mortgage Securities Fund (twelve of the portfolios constituting The Huntington Funds, collectively referred to as the “Funds”), including the portfolios of investments, as of December 31, 2010, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of December 31, 2010, by correspondence with the custodian and brokers or by other appropriate auditing procedures where replies from brokers were not received. We believe that our audits provide a reasonable basis for our opinion.

LOGO

Columbus, Ohio

February 15, 2011

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


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Huntington Funds

Board of Trustees and Trust Officers (Unaudited)

The following tables give information about Independent Trustees (Trustees who are not “interested persons” of the Trust, as defined in the 1940 Act), Interested Trustees (Trustees who are “interested persons” of the Trust, as defined in the 1940 Act) and the senior officers of the Trust. Each Trustee oversees all portfolios of the Trust and serves for an indefinite term (subject to mandatory retirement provisions). Unless otherwise noted, the business address of each person listed below is 2960 North Meridian Street, Suite 300, Indianapolis, IN 46208. Attention: Huntington Trust Officer. Unless otherwise noted, each officer is elected annually. The Huntington Funds consists of 36 portfolios. Each Trustee serves as Trustee for all portfolios of The Huntington Funds. The Funds’ Statement of Additional Information includes additional information about The Huntington Funds’ Trustees and is available, without charge and upon request, by calling 1-800-253-0412.

INTERESTED TRUSTEES’ BACKGROUND


Name Age Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
B. Randolph Bateman* Age: 61 PRESIDENT AND TRUSTEE Began Serving: February 2008		Principal Occupations: President and Chief Investment Officer, Huntington Asset Advisors, Inc. (February 2001 to present); Chief Investment Officer, The Huntington National Bank (October 2000 to present). Previous Positions: Senior Vice President, Star Bank (June 1988 to October 2000). Other Directorships Held: Board Member, The Huntington Strategy Shares
Thomas J. Westerfield** Age: 55 TRUSTEE Began serving: January 2001		Principal Occupation: Since August 2005, of Counsel, Dinsmore & Shohl LLP (law firm). Previous Position: From 1993 to 2005, of Counsel, Cors & Bassett LLC (law firm). Other Directorships Held: Board Member, The Huntington Strategy Shares

*	B. Randolph Bateman has been deemed an Interested Trustee due to the positions he holds with The Huntington National Bank and its subsidiaries.

**	Thomas J. Westerfield has been deemed an Interested Trustee due to the position he holds with Dinsmore & Shohl LLP, which may be retained to provide legal services to Huntington.

INDEPENDENT TRUSTEES’ BACKGROUND


Name Age Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
David S. Schoedinger* Age: 68 CHAIRMAN OF THE BOARD AND TRUSTEE Began serving: June 1990		Principal Occupation: Since 1965, Chairman of the Board and Funeral Director, Schoedinger Funeral Service. Since 1987, CEO, Schoedinger Financial Services, Inc. Previous Position: From 1992 to 1993, President, Board of Directors of National Selected Morticians (national trade association for morticians). Other Directorships Held: Board Member, The Huntington Strategy Shares
Alistair Jessiman Age: 53 TRUSTEE Began serving: January 2010		Principal Occupations: Managing Director, Novantas LLC (September 2005 to present) (specialist research and advisory firm); President/Founder, Wallace & Mackenzie, Inc. (January 2001 to September 2005) (management consulting firm). Previous Positions: Managing Director or Vice President of various departments, J. P. Morgan (1979 to 2001). Other Directorships Held: Board Member, The Alger Funds; Board Member, National Foundation for Teaching Entrepreneurship; Board Member, The Huntington Strategy Shares


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Huntington Funds

Board of Trustees and Trust Officers (continued)


Name Age Positions Held with Trust Date Service Began		Principal Occupation(s) for Past Five Years, Other Directorships Held and Previous Position(s)
Tadd C. Seitz Age: 69 TRUSTEE Began serving: July 2006		Principal Occupation: Retired Previous Positions: Chairman and Chief Executive Officer, the Scotts Company (June 1983 - March 1995); Interim Chief Executive Officer (February 1996 - July 1996). Other Directorships Held: Board Member, The Huntington Strategy Shares
Mark D. Shary Age: 50 TRUSTEE Began serving: July 2006		Principal Occupations: Private investor (2007 - present). Previous Position: President, Bostech Corporation (2000 - 2002); Chief Executive Officer and President, BestTransport.com, Inc. (2003 to 2007). Other Directorships Held: Board Member, The Huntington Strategy Shares
William H. Zimmer, III Age: 57 TRUSTEE Began Serving: December 2006		Principal Occupation: Independent Consultant (February 2009 to present). Previous Positions: Assistant Treasurer, Dana Corp. (September 2006 to February 2009) (manufacturing); Vice President and Manager, Global Treasury Management, National City Bank (January 2004 to January 2006); Vice President, Treasury Management Operations, Provident Bank (June 2003 to January 2004); Financial Consultant (April 2001 to June 2003). Other Directorships Held: Board Member, The Huntington Strategy Shares

*	David S. Schoedinger became Chairman of the Funds on April 30, 2003.

Officers


Name Age Positions Held with Trust Address Date Service Began		Principal Occupation(s) and Previous Positions
R. Jeffrey Young Age: 46 CHIEF EXECUTIVE OFFICER 2960 N. Meridian St., Ste. 300 Indianapolis, IN Began Serving: February 2010		Principal Occupations: Senior Vice President, HASI (formerly, Unified Fund Services, Inc.) (January 2010 to present); Chairman of the Board, Valued Advisers Trust (June 2010 to present); Chief Executive Officer and President, Valued Advisers Trust (January 2010 to present). Previous Positions: Independent Chair, Valued Advisers Trust (August 2008-Janaury 2010); Managing Director, Chief Operating Officer, WealthStone (2007 to 2009); Senior Vice President, Operations, BISYS Fund Services (2006 to 2007); Senior Vice President/Vice President, Client Services, BISYS Fund Services (1994 to 2006).
Matthew J. Miller Age: 34 VICE PRESIDENT Began Serving: February 2010		Principal Occupation: Vice President, Relationship Management, Huntington Asset Services, Inc. (formerly known as Unified) (2008 to present). Previous Position: Vice President, Transfer Agency Operations, Huntington Asset Services, Inc. (formerly known as Unified) (2002 to 2008).
David R. Carson Age: 52 CHIEF COMPLIANCE OFFICER AND ANTI-MONEY LAUNDERING OFFICER 3805 Edwards Road, Suite 3805 Cincinnati, OH Began Serving: September 2005		Principal Occupations: Chief Compliance Officer and Anti-Money Laundering Officer of the Trust (September 2005 to present). Previous Positions: Treasurer and Assistant Treasurer of the Huntington Funds, Huntington Asset Advisors, Inc. (February 2002 to February 2005); Vice President and Private Financial Group Marketing Manager, Huntington National Bank (June 2001 to September 2005); Trust Officer, Firstar Bank (October 1982 to February 2001).

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Huntington Funds

Board of Trustees and Trust Officers (continued)


Name Age Positions Held with Trust Address Date Service Began		Principal Occupation(s) and Previous Positions
Robert W. Silva Age: 44 TREASURER Began Serving: November 2010		Principal Occupation: Vice President Fund Administration, Huntington Asset Services, Inc. (November 2010 to present). Previous Positions: Senior Vice President, Citi Fund Services Ohio, Inc., (September 2007 to September 2010); Assistant Vice President, Citizens Advisers, Inc., (May 2002 to August 2007).
John C. Swhear Age: 50 SECRETARY 2960 N. Meridian St., Ste. 300 Indianapolis, IN Began Serving: April 2010		Principal Occupations: Chief Compliance Officer of Valued Advisers Trust (August 2008 to present); Acting Chief Executive Officer, Dreman Contrarian Funds (February 2008 to March 2010); President, Dreman Contrarian Funds (March 2010 to present); Chief Compliance Officer of Unified Financial Securities, Inc., the Trust’s distributor (May 2007 to present); Vice President of Legal, Compliance and Risk for HASI (formerly, Unified Fund Services, Inc.) (April 2007 to present); Vice President, Dreman Contrarian Funds (September 2007 to March 2010); Senior Vice President, Unified Series Trust (May 2007 to present). Previous Positions: Employed in various positions with American United Life Insurance Company from June 1983 to April 2007, including: Chief Counsel, OneAmerica Securities Inc. (February 2007 to April 2007); Associate General Counsel (April 2003 to April 2007); Investment Adviser Chief Compliance Officer (June 2004 to April 2007); Chief Compliance Officer of OneAmerica Funds, Inc. (June 2004 to April 2007).


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Huntington Funds

Board of Trustees’ Consideration of Investment Advisory Agreement for

The Huntington VA Funds (the “Funds”)

The Board of Trustees is responsible for determining whether to approve the Funds’ investment advisory agreements. At a meeting held on August 12, 2010, the Board, including a majority of the independent Trustees, approved the investment advisory agreements (the “Advisory Agreements”) between Huntington Asset Advisors, Inc. (the “Advisor”) and the Funds. Pursuant to the Advisory Agreements between the Advisor and the Funds, the Advisor provides advisory services to the Funds.

During the review process, the Board received assistance and advice from, and met separately with, independent legal counsel. In approving each of the Advisory Agreements, the Board, including a majority of the independent Trustees, considered many factors, among the most significant of which are: (1) the nature of the services provided to the Funds by the Advisor in relation to the advisory fees; (2) the individual performance of the Funds; (3) the Advisor’s costs and the profits realized through providing the Funds with advisory services; (4) whether the Advisor has realized or may realize economies of scale in providing services to the Funds and if these economies are shared with the Funds; and (5) a comparison of the fees and performance of comparable funds.

Nature, Extent and Quality of Services in Relation to the Advisory Fee. In considering the nature, extent and quality of the services provided by the Advisor, the Board reviewed information relating to the Advisor’s operations and personnel. Among other things, the Advisor provided descriptions of its organizational and management structure, biographical information on its supervisory and portfolio management staff on a fund-by-fund basis, and financial information. The Trustees also took into account the financial condition of the Advisor with respect to its ability to provide the services required under the Advisory Agreements. The Board determined that the nature, extent and quality of the services provided by the Advisor in relation to the advisory fees were acceptable.

Individual Performance of the Funds. The Board reviewed the Funds’ performance record and the Advisor’s management styles in relation to comparable funds and appropriate benchmarks. The Board noted that the Board reviews on a quarterly basis detailed information about the Funds’ performance. The Board also reviewed various comparative data for each of the Funds provided to them in connection with their consideration of the renewal of the Advisory Agreements, including, among other information, each Fund’s performance compared to similar funds based on information provided by Lipper Inc. (“Lipper”) for the one-, three-, five- and ten-year periods, as applicable, ending June 30, 2010.

Advisor’s Costs and the Profits Realized Through Providing the Funds With Advisory Services. In considering the reasonableness of the advisory fees, the Board reviewed information provided by the Advisor setting forth all revenues and other benefits, both direct and indirect, received by the Advisor and its affiliates attributable to managing each of the Funds individually, the cost of providing such services and the resulting profitability to the Advisor and its affiliates from these relationships. The Board also took into account the Advisor’s agreement to limit the total direct net annual operating expenses of the VA Balanced Fund to not more than 0.10% of its average daily net assets for the period of May 1, 2010 to April 30, 2011. The Trustees determined that the profitability of the Advisor was acceptable in relation to the nature and quality of services provided to the Funds.

Economies of Scale in Providing Services to the Funds and Whether These Economies are Shared With the Funds. The Board also considered the effect of the Funds’ growth and size on their performance and fees. The Board considered the fees under the Advisory Agreements for each Fund and possible economies of scale that may be realized as the assets of the Funds grow. The Board noted that none of the Funds was currently large enough to have realized economies of scale. However, the Board noted that the administrative fee charged to all of the Funds included fee breakpoints, which allowed the Funds to realize economies of scale as the assets of the Funds increased over time.

Comparison of the Fees and Performance of Comparable Funds. With respect to the Funds’ performance and fees, the Board considered comparisons to other mutual funds with comparable investment programs to be particularly useful, given the high degree of competition in the mutual fund business. The Board also received information concerning fees charged by the Advisor to other accounts but did not consider that information to be as relevant in light of the differences in services provided.

Other Considerations. The Board also requests and receives substantial and detailed information about the Funds and the Advisor on a regular basis. The Advisor provides much of this information at each regular meeting of the Board and furnishes additional reports in connection with the Board’s formal review of the Advisory Agreements. The Board may also receive information between regular meetings relating to particular matters as the need arises. The Board’s evaluation of the Advisory Agreements is informed by reports covering such matters as the Advisor’s investment philosophy, personnel, and processes; operating strategies; each Fund’s short- and long-term performance (in absolute terms, both on a gross basis and net of expenses, as well as in relationship to its particular investment program and certain competitive funds and/or other benchmarks, as appropriate) and comments on reasons for performance; the Funds’ expenses (including the advisory fee itself and the overall expense structure of the Funds, both in absolute terms and relative to similar and/or competing funds, with due regard for contractual or voluntary expense limitations); the use and allocation of brokerage commissions derived from trading the Funds’ portfolio securities; the nature and extent of the advisory and other services provided to the Funds by the Advisor and its affiliates; compliance and audit reports concerning the Funds (including communications from regulatory agencies), as well as the Advisor’s responses to any issues raised therein; and relevant developments in the mutual fund

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Huntington Funds

Board of Trustees’ Consideration of Investment Advisory Agreement for

The Huntington VA Funds (the “Funds”) (continued)

industry and how the Funds and the Advisor are responding to them. In the course of their deliberations regarding the Advisory Agreements, the Board also evaluated, among other things, the Advisor’s ability to supervise each of the Fund’s other service providers and their compliance programs.

Huntington VA Mortgage Securities Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group and its benchmark for the one-, three- and five-year periods ended June 30, 2010. The Trustees also noted that the Fund’s combined net advisory and administrative fee was below the median of its peer group and its total expenses were above the median of its peer group.

Huntington VA Growth Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group and its benchmark for the one-, three- and five-year periods ended June 30, 2010. The Trustees also noted that the Fund’s combined net advisory and administrative fee and its total expenses were above the medians of its peer group.

Huntington VA Income Equity Fund

Among other data considered, the Trustees noted that the Fund outperformed its Lipper peer group for the one-year period ended June 30, 2010, but underperformed its Lipper peer group for the three-, five- and ten-year periods ended the same date. The Fund outperformed its benchmark for the one-, three- and ten-year periods ended June 30, 2010, but underperformed its benchmark for the five-year period ended the same date. The Trustees noted that the Fund’s combined net advisory and administrative fee and its total expenses were above the medians of its peer group.

Huntington VA Rotating Markets Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group and benchmark for the one- and three-year periods ended June 30, 2010, and outperformed its Lipper peer group and benchmark for the five-year period ended the same date. The Trustees noted that the Fund’s combined net advisory and administrative fee and its total expenses were above the medians of its peer group.

Huntington VA Dividend Capture Fund

Among other data considered, the Trustees noted that the Fund outperformed its Lipper peer group and benchmark for the one-, three- and five-year periods ended June 30, 2010. The Trustees noted that the Fund’s combined net advisory and administrative fee and its total expenses were below the medians of its peer group.

Huntington VA International Equity Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group for the one-year period ended June 30, 2010, but outperformed its Lipper peer group for the three- and five-year periods ended the same date. The Fund outperformed its benchmark for the one-, three- and five-year periods ended June 30, 2010. The Trustees also noted that the Fund’s combined net advisory and administrative fee and its total expenses were below the medians of its peer group.

Huntington VA Macro 100 Fund

Among other data considered, the Trustees noted that the Fund outperformed its Lipper peer group and benchmark for the one-year period ended June 30, 2010, and underperformed its Lipper peer group and benchmark for the three- and five-year periods ended the same date. The Trustees noted that the Fund’s combined net advisory and administrative fee and its total expenses were above the medians of its peer group.


		82

Huntington Funds

Board of Trustees’ Consideration of Investment Advisory Agreement for

The Huntington VA Funds (the “Funds”) (continued)

Huntington VA Mid Corp America Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group for the one- and five-year periods ended June 30, 2010, and outperformed its Lipper peer group for the three-year period ended the same date. The Fund underperformed its benchmark for the one-, three- and five-year periods ended June 30, 2010. The Trustees also noted that the Fund’s combined advisory and administrative fee and its total expenses were above the medians of its peer group.

Huntington VA New Economy Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group and its benchmark for the one-, three- and five-year periods ended June 30, 2010. The Trustees also noted that the Fund’s combined advisory and administrative fee and its total expenses were below the medians of its peer group.

Huntington VA Real Strategies Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group but outperformed its benchmark for the one-year period ended June 30, 2010. The Trustees noted that the Fund’s combined net advisory and administrative fee was below the median of its peer group and its total expenses were above the median of its peer group.

Huntington VA Situs Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group for the one- and five-year periods ended June 30, 2010, and outperformed its Lipper peer group for the three-year period ended the same date. The Fund underperformed its benchmark for the one-, three- and five-year periods ended June 30, 2010. The Trustees also noted that the Fund’s combined net advisory and administrative fee and its total expenses were above the medians of its peer group.

Huntington VA Balanced Fund

Among other data considered, the Trustees noted that the Fund underperformed its Lipper peer group and its benchmark for the one-year period ended June 30, 2010. The Trustees also noted that the Fund’s combined net advisory and administrative fee and its total expenses were below the medians of its peer group.

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


		83

Huntington Funds

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 July 1, 2010 to December 31, 2010.

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, July 1, 2010		Ending Account Value, December 31, 2010		Expenses Paid During Period⁽¹⁾		Annualized Expense Ratio
VA Balanced Fund
Actual	$	1,000.00	$	1,128.80	$	0.52		0.10	%
Hypothetical⁽²⁾	$	1,000.00	$	1,024.72	$	0.49		0.10	%
VA Dividend Capture Fund
Actual	$	1,000.00	$	1,168.30	$	5.45		1.00	%
Hypothetical⁽²⁾	$	1,000.00	$	1,020.18	$	5.08		1.00	%
VA Growth Fund
Actual	$	1,000.00	$	1,211.20	$	5.76		1.03	%
Hypothetical⁽²⁾	$	1,000.00	$	1,020.00	$	5.26		1.03	%
VA Income Equity Fund
Actual	$	1,000.00	$	1,194.10	$	5.63		1.02	%
Hypothetical⁽²⁾	$	1,000.00	$	1,020.07	$	5.18		1.02	%
VA International Equity Fund
Actual	$	1,000.00	$	1,239.60	$	6.60		1.17	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.31	$	5.95		1.17	%
VA Macro 100 Fund
Actual	$	1,000.00	$	1,199.90	$	6.58		1.19	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.22	$	6.04		1.19	%
VA Mid Corp America Fund
Actual	$	1,000.00	$	1,253.10	$	5.91		1.04	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.96	$	5.30		1.04	%
VA New Economy Fund
Actual	$	1,000.00	$	1,215.30	$	6.09		1.09	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.71	$	5.55		1.09	%


		84

Huntington Funds


	Beginning Account Value, July 1, 2010		Ending Account Value, December 31, 2010		Expenses Paid During Period⁽¹⁾		Annualized Expense Ratio
VA Real Strategies Fund
Actual	$	1,000.00	$	1,321.80	$	9.94		1.70	%
Hypothetical⁽²⁾	$	1,000.00	$	1,016.64	$	8.64		1.70	%
VA Rotating Markets Fund
Actual	$	1,000.00	$	1,189.30	$	6.57		1.19	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.20	$	6.06		1.19	%
VA Situs Fund
Actual	$	1,000.00	$	1,311.90	$	6.05		1.04	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.97	$	5.29		1.04	%
VA Mortgage Securities Fund
Actual	$	1,000.00	$	1,015.30	$	5.78		1.14	%
Hypothetical⁽²⁾	$	1,000.00	$	1,019.46	$	5.80		1.14	%

⁽¹⁾

⁽²⁾	Hypothetical assumes 5% annual return before expenses.

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


		85

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.

This report is authorized for distribution to prospective investors only when preceded or accompanied by the Funds’ prospectus, which contains facts concerning each Fund’s objective and policies, management fees, expenses and other information.

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

The Huntington National Bank, a subsidiary of Huntington Bancshares, Inc., is the Administrator, Financial 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 Adviser to the Funds. Unified Financial Securities, Inc. serves as the Distributor of The Huntington Funds and is affiliated with the Huntington National Bank.

Cusip 446327165

Cusip 446771206

Cusip 446771107

Cusip 446771701

Cusip 446771305

Cusip 446771503

Cusip 446771602

Cusip 446771800

Cusip 446771875

Cusip 446771867

Cusip 446771883

Cusip 446327215

Item 2. Code of Ethics.

(a) As of the end of the period covered by the report, the registrant has adopted a code of ethics that applies to the registrant’s Principal Executive Officer and Principal Financial Officer.

(b) Not applicable.

(c) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its Principal Executive Officer and Principal Financial Officer: there have been no amendments to a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

(d) During the period covered by the report, with respect to the registrant’s code of ethics that applies to its Principal Executive Officer and Principal Financial Officer: there have been no waivers granted from a provision that relates to any element of the code of ethics definition enumerated in paragraph (b) of this Item 2.

(e) Not applicable.

(f) The registrant has included a copy of the code of ethics that applies to the registrant’s Principal Executive Officer and Principal Financial Officer. This code of ethics is included as an Exhibit on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

3(a)(1) The registrant’s Board of Trustees has determined that the registrant has at least one audit committee financial expert serving on its audit committee.

3(a)(2) The audit committee financial expert is William H. Zimmer III, who is “independent” for purposes of this Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2010: $458,370

Fiscal year ended 2009: $449,700

(b) Audit-Related Fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2010: $ 6,500

Fiscal year ended 2009: $11,500

Fees for 2010 and 2009 related to the agreed-upon review of items within the Management’s Discussion of Fund Performance sections of the Funds’ Form N-CSR filing. 2010 fees also include the review of Form N-1A for 2010. Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $ 6,500 and $11,500 respectively.

Fiscal year ended 2010: $162,695

Fiscal year ended 2009: $159,195

Fees for 2010 and 2009 related to the review of the registrant’s tax returns. Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(d) All other fees billed to the registrant by its principal accountants for the two most recent fiscal years:

Fiscal year ended 2010: $0

Fiscal year ended 2009: $0

Amount requiring approval of the registrant’s audit committee pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X, $0 and $0 respectively.

(e)(1) Audit and Non-Audit Services Pre-Approval Policies and Procedures

I. Purpose

Under the Sarbanes-Oxley Act of 2002 (the “Act”), the Audit Committee of the Board of Trustees of The Huntington Funds (the “Fund”) is responsible for the appointment, compensation and oversight of the work of the Fund’s independent auditor. As part of this responsibility, the Audit Committee is required to grant approval for audit and non-audit services performed by the independent auditor for the Fund in order assure that they do not impair the auditor’s independence from the Fund. In addition, the Audit Committee also must pre-approve its independent auditor’s engagement for non-audit services with the Fund’s investment adviser (not including a sub-adviser whose role is primarily portfolio management and is sub-contracted or overseen by another investment adviser) and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the Fund, if the engagement relates directly to the operations and/or financial reporting of the Fund.

To implement these provisions of the Act, the Securities and Exchange Commission (the “SEC”) has issued rules specifying the types of services that the Fund’s independent auditor may not provide to the Fund, as well as the Audit Committee’s administration of the engagement of the independent auditor. Under these rules, the SEC has provided that a permissible approval of audit and non-audit services can take the form of either (i) a general pre-approval, or (ii) a specific pre-approval (where a specific type of service is authorized, generally subject to a fee maximum). General pre-approvals are authorized by SEC rules only subject to detailed policies and procedures. Unless a type of service has received general pre-approval, it will require specific pre-approval by the Audit Committee if it is to be provided by the independent auditor. Accordingly, the Audit Committee has adopted these Audit and Non-Audit Services Pre-Approval Policies and Procedures, which set forth the procedures and the conditions pursuant to which services for the Fund may be performed by the independent auditor under pre-approvals.

II. General Pre-Approval Policies

It is the policy of the Audit Committee that audit and non-audit services to be performed by the Fund’s independent auditor be pre-approved only when in the best interests of the Fund’s shareholders and fully consistent with applicable law and, particularly, the maintenance of the auditor’s independence. In granting any pre-approval, consideration shall be given to:

1. the qualifications of the auditor to perform the services involved;

2. the proposed costs (which may be presented as an estimate or based on professional time charges subject to a ceiling) of the services and the reasonableness thereof;

3. the permissibility of the services under applicable rules and guidance of the SEC;

4. the effect, if any, of the performance of the proposed services on the auditor’s independence;

5. the effect of the compensation for the proposed services on the auditor’s independence; and

6. the effect, if any, of the proposed services on the Fund’s ability to manage or control risk or to improve audit quality.

In accordance with SEC rules, non-audit services performed by the Fund’s independent auditor may not include the following:

1. Bookkeeping or other services related to the accounting records or financial statements of the audit client;

2. Financial information systems design and implementation;

3. Appraisal or valuation services, fairness opinions or contribution-in-kind reports;

4. Actuarial services;

5. Internal audit outsourcing services;

6. Management functions or human resources;

7. Broker-dealer, investment adviser or investment banking services; and

8. Legal services and expert services unrelated to the audit.

III. Procedures for Pre-Approval by the Audit Committee

1. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Fund.

2. All requests for pre-approval shall be made to the full Audit Committee at regularly scheduled meetings thereof (or at a special meeting of the Audit Committee set to coincide with regular meetings of the Fund’s Board of Trustees) whenever practicable.

3. Under normal circumstances, requests for pre-approval should be presented at least 7 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement.

4. If consideration of a request for pre-approval on the dates identified in Section III (2) would not be timely, the requesting party shall notify the Chairman of the Audit Committee. The Chairman of the Audit Committee shall then determine whether to schedule a special meeting of the Audit Committee (which may be conducted telephonically) on an alternative date or whether the request may appropriately be presented to a delegate of the Audit Committee under procedures set forth in Section IV below.

5. Requests for pre-approval may include, but are not limited to, the following services:

a. audit engagement, particularly for interim periods;

b. tax compliance, tax planning, and tax advice;

c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Fund;

d. review of IRS shareholder materials;

e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.), and

f. market research and strategic insights.

6. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II.

In accordance with PCAOB Rule 3524, requests for pre-approval of permissible tax services by the independent auditor must have the following items described in writing for the audit committee:

a. the scope of the proposed tax service,

b. the fee structure for the engagement,

c. any side letters, amendments to the engagement letter or any other agreements, whether oral, written, or otherwise, relating to the service between the audit firm and the Funds, and

d. any compensation arrangements or other agreements between the audit firm and any third party with respect to promoting, marketing, or recommending a transaction covered by the proposed tax service.

The audit firm should discuss with the Audit Committee, the potential effect of the proposed tax service(s) on the audit firm’s independence.

7. Requests for pre-approval must include an assessment by the independent auditor of its independence should the request be granted and the proposed services rendered.

8. The Audit Committee’s action on a request for pre-approval shall be recorded in the Audit Committee’s minutes.

9. The Audit Committee’s action on a request for pre-approval shall be communicated in writing to the independent auditor and, under normal circumstances, a copy of this communication shall be provided to the Fund’s management.

10. The Audit Committee’s action on a request for pre-approval shall be reported to the full Board of Trustees.

11. Pre-approvals will be granted for a period of no more than one year.

IV. Procedures for Pre-Approval by a Delegate of the Audit Committee

1. Where it has been determined by the Chairman of the Audit Committee that consideration of a request for pre-approval by the full Audit Committee would not be timely, the Chairman may determine that the request be presented to a member(s) of the Audit Committee appointed by the Audit Committee as its delegate (the “Delegate”) for this purpose. (As of the date of the adoption of these guidelines and procedures, the Chairman of the Audit Committee has been so appointed, and such appointment may be revoked or modified by the Audit Committee at any time.)

2. Requests for pre-approval shall be in writing and may be made by either the independent auditors or by management of the Fund.

3. Under normal circumstances, requests for pre-approval should be presented at least 7 days prior (and in no event later than 48 hours prior) to the proposed commencement of the engagement.

4. Requests for pre-approval may include, but are not limited to, the following services:

a. audit engagement, particularly for interim periods;

b. tax compliance, tax planning, and tax advice;

c. review and consents with respect to use of reports in post-effective amendments to the registration statements of the Fund;

d. review of IRS shareholder materials;

e. review and validation of fund procedures (e.g., valuation, interfund lending, etc.); and

f. market research and strategic insights.

5. Requests for pre-approval should identify the nature of the services to be provided in a manner sufficiently specific to allow evaluation of the considerations identified above in Section II.

6. Requests for pre-approval must include an assessment by the independent auditor of its independence should the request be granted and the proposed services rendered.

7. The Delegate’s action on a request for pre-approval shall be communicated in writing to the independent auditor, with a copy to each other member of the Audit Committee and, under normal circumstances, to the Fund’s management.

8. Pre-approvals by the Delegate shall be reviewed by the Audit Committee at a meeting held no later than the next scheduled meeting of the Board of Trustees or the Audit Committee, whichever occurs sooner. An earlier review shall be conducted upon the written request of one or more Audit Committee members addressed to the Chairman of the Audit Committee.

9. Pre-approvals by the Delegate may be modified or revoked by the Audit Committee, but will not absolve the Fund of its responsibility to compensate the independent auditor for services rendered prior to such modification or revocation.

10. The results of the Audit Committee’s review of the Delegate’s action on a request for pre-approval shall be recorded in the Audit Committee’s minutes and reported to the full Board of Trustees.

11. Pre-approvals will be granted by the Delegate for a period of no more than one year.

V. Procedures for Monitoring Engagements Authorized Under Pre-Approval Procedures

The independent auditor shall inform the Audit Committee in writing upon the commencement of services rendered under a pre-approval. The independent auditor shall thereafter provide the Audit Committee with written quarterly progress reports within one month of the close of each calendar quarter detailing the work done and fees and other charges incurred during said calendar quarter. Should fees and expenses exceed those specified in a pre-approval (or appear likely to do so prior to completion of the work), the independent auditor or management shall so apprise the Audit Committee and an additional express approval or pre-approval must be obtained.

VI. Amendment

These Policies and Procedures may be amended or revoked at any time by the Audit Committee and shall be reviewed at least annually in conjunction with review of the Audit Committee Charter.

Adopted May 4, 2006 and revised February 14, 2007 and October 23, 2007

(e)(2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (C)(7)(i)(C) of Rule 2-01 of Regulation S-X.


4(b)		Fiscal year ended 2010- 0%
		Fiscal year ended 2009- 0%

Percentage of services provided to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were approved by the registrant’s audit committee pursuant to paragraph (C)(7)(i)(C) of Rule 2-01 of Regulation S-X, 0% and 0% respectively.

(f) Not applicable.

(g) The aggregate non-audit fees billed by Ernst and Young for the Funds and certain entities (including the adviser (excluding sub-adviser) and any entity controlling, controlled by or under common control with the advisor that provides ongoing services to the registrant (Funds)), totaled $ 162,695 and $159,195 in 2010 and 2009, respectively, which includes the Funds’ tax fees above in Section I and tax fees for Huntington’s Trust Department related to settlement funds where Huntington National Bank is the executor.

(h) The registrant’s Audit Committee has considered whether the provision of nonaudit services that were rendered to registrant’s investment adviser (not including any sub adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the investment adviser that provide ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal account’s independence.

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 code of ethics that is the subject of the disclosure required by Item 2 is attached hereto.

(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 03/09/2011

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 03/09/2011


By (Signature and Title)*		/s/ Robert Silva
		Robert Silva, Treasurer and Principal Financial Officer

Date 03/09/2011

Mutual Fund & Variable Insurance Trust N-CSRCertified annual shareholder report (management investment company)