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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 811-4417
Shelton Funds |
(Exact name of registrant as specified in charter) |
44 Montgomery Street, Suite 2100, San Francisco, CA 94104 |
(Address of principal executive offices) (Zip code) |
(Name and address of agent for service) |
Registrant's telephone number, including area code: (415) 398-2727
Date of fiscal year end: August 31
Date of reporting period: August 31, 2013
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. |
Annual Report
August 31, 2013
California Tax-Free Income Fund
California Tax-Free Money Market Fund
U.S. Government Securities Fund
Short-Term U.S. Government Bond Fund
The United States Treasury Trust
S&P 500 Index Fund
S&P MidCap Index Fund
S&P SmallCap Index Fund
Shelton Core Value Fund
European Growth & Income Fund
Nasdaq-100 Index Fund
Shelton Green Alpha Fund
(800) 955-9988
www.sheltoncap.com
email us at info@sheltoncap.com
This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of beneficial interest of the Shelton Funds (referred to collectively as the “Funds” or individually the “Fund”) which contains information about the management fee and other costs. Investments in shares of the funds of the Shelton Funds are neither insured nor guaranteed by the U.S. Government, and there is no assurance that any Fund which is a Money Market Fund will be able to maintain a stable net asset value of $1.00 per share.
Table of Contents | August 31, 2013 |
Historical Performance and Manager’s Discussion | 1 |
About Your Fund’s Expenses | 9 |
Top Holdings and Sector Breakdowns | 11 |
Portfolio of Investments | 15 |
Statements of Assets & Liabilities | 36 |
Statements of Operations | 39 |
Statements of Changes in Net Assets | 42 |
Financial Highlights | 48 |
Notes to Financial Statements | 61 |
Report of Independent Registered Public Accounting Firm | 68 |
Board of Trustees and Executive Officers | 69 |
Board Approval of the Investment Advisory Agreements | 70 |
Historical Performance and Manager’s Discussion (Unaudited) | August 31, 2013 |
Bond Funds
During the last fiscal year, the fixed income markets have been dominated by the continued quantitative easing by the Federal Reserve Bank. There is substantial uncertainty around when the current level of Fed purchases ($85 billion/month) of US Treasury bond and mortgage backed securities will be tapered in magnitude or ended. Though it’s been over 4 years since the last U.S. recession technically ended in June 2009, the economy is still far from robust. While the broad equity indices have recovered to near all-time highs and housing prices have rebounded, the overall economy and job creation remain lackluster. The weak economy is reflected in the continued quantitative easing and the Federal Reserve Bank’s target rate for Federal Funds remaining unchanged with a target range of 0.00% to 0.25%.
The primary driver behind the last recession was the collapse of the residential real estate market and subsequent liquidity crisis. 30-year mortgage rates are rising but remain at historically low levels. Stringent lending standards limit access to the low borrowing rates so the impact of the rates on economic growth has been muted. The Bureau of Labor Statistics reports that the unemployment continues to fall but remains high, at 7.3% as of August 2013. Unfortunately, much of the fall in the unemployment rate is due to reduced US labor participation rate which has fallen from over 66% in 2008 to 63.2% as of 8/13. There is additional evidence that the jobs being created are largely part-time or low quality, with the BLS U-6 index that includes marginally employed and part-time workers seeking full-time employment is at 13.7% as of August 2013, compared to an average rate of 8.5% during the decade of 1998-2007. Businesses indicate that the ongoing reluctance to hire (or hire full-time) continues to be related to uncertainty with regard to demand, government regulation (especially with regard to healthcare), and future taxes.
While interest rates have remained low by historical standards, they did rise considerably during the fiscal year for tenors 2 years and out. The rising rates are generally accredited to the assumption that the Federal Reserve Bank will begin to taper and eventually end the previously mentioned $85 billion/month quantitative easing. The multiple rounds of quantitative easing have raised the assets on the Federal Reserve balance sheet from less than $1 trillion in 2008 to over $3.6 trillion in August 2013. The Overnight US dollar LIBOR rate ranged from 0.115% to 0.168% over the course of the fiscal year. The yield curve from two to30 years remained fairly stable from the start of the fiscal year until early May, at which point the rates trended higher. Over the course of the fiscal year, the yield on the two-year note ranged from 0.20% to 0.41%, the five-year note ranged from 0.60% to 1.68%, the 10-year ranged from 1.57% to 2.89%, and the 30-year ranged from 2.68% to 3.92%. These rising rates are detrimental to the principal value of bonds and negatively impacted the total returns of the bond funds.
The U.S. Government Securities Fund ended the fiscal year with a duration of 3.73 years and total return on the direct shares for the period is -3.38%. All of the securities in the portfolio are backed by the full faith and credit of the United States.
As of the fiscal year end, the total return for the Direct Shares of the Short-Term U.S. Government Bond Fund was -0.43% and it had duration of 1.61 years. The Fund continues to predominantly hold US Treasury Notes with maturities of less than 3 years, and the securities in the portfolio are backed by the full faith and credit of the United States.
The California municipal market bond yields do not necessarily move in lock step with US Treasury yields, but are subject to the shape of the Treasury curve as well as the specific economic circumstances of each issuer. The difference in yield between the 1 year and 30 year State of California general obligation bonds was at 394 basis points when the fiscal year began. At fiscal year end, the difference was 502 basis points with the shorter end of the curve rallying by 16 basis points from 0.43% to 0.27% and the long end of the curve rising from 4.37% to 5.29%. Although the State of California and a majority of its municipalities continue to face budgetary stresses, the economy and general outlook for California municipal bonds is improving.
The California Tax-Free Income Fund’s total return for the fiscal year ended August 31, 2013 was -2.12% and the duration was 4.93 years at the period end. The portfolio maintained an average credit rating of AA-.
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
California Tax-Free Income Fund | -2.12% | 3.77% | 3.53% | ||
Barclays Municipal Bond Index | -3.70% | 4.52% | 4.48% |
* | Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
1
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2013 |
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
U.S. Government Securities Fund | -3.38% | 2.27% | 3.08% | ||
Barclays GNMA Index | -3.31% | 4.71% | 4.82% | ||
Barclays Treasury Index | -3.97% | 3.82% | 4.39% |
K SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Since Inception** (Annualized) | ||
U.S. Government Securities Fund | -3.88% | 1.76% | 2.60% | ||
Barclays GNMA Index | -3.31% | 4.71% | 4.73% | ||
Barclays Treasury Index | -3.97% | 3.82% | 4.13% |
A SHARES Average Annual Total Returns* for the periods ended 8/31/13 | ||||
Fund/Benchmark | One Year | Since Inception*** (Annualized) | ||
U.S. Government Securities Fund | -3.57% | 1.61% | ||
Barclays GNMA Index | -3.31% | 3.12% | ||
Barclays Treasury Index | -3.97% | 3.10% |
* | Past performance does not predict future performance.The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
** | K Share commencement of operations was October 16, 2003. |
*** | A Share commencement of operations was May 7, 2010. |
2
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2013 |
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
Short-Term U.S. Government Bond Fund | -0.43% | 1.09% | 1.98% | ||
Barclays 1-3 Yr. Treasury Index | 0.14% | 1.75% | 2.65% | ||
K SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Since Inception** (Annualized) | ||
Short-Term U.S. Government Bond Fund | -0.85% | 0.60% | 1.49% | ||
Barclays 1-3 Yr. Treasury Index | 0.14% | 1.75% | 2.59% | ||
Stock Funds
By definition, the objective for managing the index funds is to match the performance of the funds to their index benchmarks. Each of our index funds tracked their respective benchmarks tightly during this last fiscal year. We measure the index fund performance by using a correlation coefficient. This is a statistical measure that compares daily performance of a fund against its benchmark index. A measure of 1.000 indicates that the performance is perfectly correlated and a measure of -1.000 implies they are negatively correlated. According to Bloomberg, LLC, The S&P MidCap Index Fund, SmallCap Index Fund and S&P 500 Index Fund each had a correlation coefficient of 1.000 for the fiscal year. The Nasdaq-100 Index Fund had a correlation of .998.
The Direct Shares of the S&P SmallCap and MidCap Index Fund out-performed the Direct Shares of the S&P 500 Index Fund for the period by posting gains of 26.14% and 23.39% compared to 18.50% (respectively) during the fiscal year period. Each fund benefited from the continued market recovery experienced during the period. Gains for the three indices peaked at the end of July and then fell as a number of influences negatively impacted the equity markets. Lingering concerns about the European debt crisis, China economic slowdown and US political difficulties continued through most of the fiscal year but were outweighed by earnings gains and improved multiples.
Predicting market momentum and relative performance is a guessing game at best. As such, we strongly encourage shareholders to consider a balanced approach for the portion of their portfolios dedicated to stock funds. By this, we mean owning equal balances of each of the three core index funds (S&P 500, MidCap and SmallCap Funds) to achieve a more diversified equity portfolio. Over the past several years, a balanced portfolio like this has outperformed a total market index such as the Wilshire 5000.
The reason for this is that smaller companies’ market caps represent a very small piece of the massive Wilshire 5000. Therefore, their performance does not factor significantly into the total return. Keep in mind, however, that during periods where large cap stocks out-perform their smaller counterparts, this strategy will result in underperformance. So why balance these three sectors in this way? Two reasons. First, at times we need access to our capital. By employing this method, we maintain a degree of flexibility where we can draw from. As an investor, you can reduce holdings from any of the three holdings based on relative valuations. This can prove handy for a number of reasons. Second, history is on our side in that although more volatile, small cap stocks have returned more to investors over the long haul.
The Nasdaq-100 Index Fund (Direct Shares) finished up 13.46%, versus a benchmark performance of 12.75%. It is important to note that while this index is a popular and widely tracked investment benchmark, it is constructed in a different way than the S&P indices that we track. As of October 2013, Apple Inc. alone made up 12% of the index while the next four largest holdings, Microsoft, Google, Amazon and CSCO combine for an additional 22% of the index, making up over one third of the market capitalization of the index. It provides investors a strong technology exposure as well as the related volatility. The fund was underweight some of its largest components because of diversification requirements, including Apple, which was down 25.02% for the fiscal year. With the aforementioned concentration, the fund out-performed its benchmark despite the operating expenses.
Our European Growth & Income Fund is managed using ADRS for many of the stocks that make up the Dow Stoxx 50, a European large cap Index. The Fund uses the weightings of this benchmark as an approximation for weighting its holdings. The Fund (Direct Shares) was up 15.96% for the year and out-performed its benchmark, which was up 15.24%. This fund generally provides investors a low-cost, efficient tool to diversify internationally. We did not hedge the currency risk during the previous fiscal year and do not plan to do so this year. The Manager does not invest in all members of the benchmark because in some cases ADRs are not available or do not provide sufficient liquidity. It is conceivable that the manager may invest in the foreign stocks directly in the future as the fund grows, international custody becomes more economical or the availability of ADRs is insufficient.
The Equity Income Fund is a value fund that focuses on income as well as potential for capital appreciation. The Direct Shares were up 20.80% for the year. The performance of the fund exceeded the U.S. stock market as measured by the S&P 500 Index by 2.11%. The Direct Shares under-performed the S&P 500 Value Index by 2.11% for the year. The Fund maintained close to 100% exposure to the US equity markets through the end of the fiscal year. We have been generally bullish on US equities as interest rates have been maintained at near zero levels. While economic growth and sales results for US corporations
3
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2013 |
have been softer than we would hope for, corporate profits have maintained upward momentum and have surprised to the upside in each of the last four calendar quarters. Valuations of the stock markets, as measured by Price Earnings ratios, have returned to a more normal level. With increases in earnings and a normalization of multiples (relative to the levels seen during the financial crisis), we have seen strong equity market returns for several years.
We view the low interest rates in the short run as an extremely pro-growth monetary policy. Additionally, valuation multiples remain at the low end of historical averages. However, there is substantial risk to the equity markets when the Fed begins to unwind their interest rate policy. Recently when the markets believed the Fed was going to taper their purchases, interest rates moved rapidly upward, confirming market perceptions that interest rates are being held artificially low. There is uncertainty about what may happen to equity valuations during a rapid rise in rates and one would expect there to be downward pressure on valuations during a period where the Fed is tightening, even if that tightening is only moving the Fed from an extreme to a more normal position. Because of the Fed’s focus on the uncertainty of the recovery and high levels of unemployment, we believe the market is likely to respond positively to the same forces that would cause the Fed to begin the tapering process.
Our view at the time of writing is that while growth will continue to come slowly, corporations will be profitable and US Equities represent an attractive investment opportunity for investors who are comfortable with the associated risks and volatility.
While we cannot predict what the future holds, we can easily make the case that investors who have continued to invest through troubled markets in the past have been rewarded for their tenacity. We encourage you to maintain a diversified portfolio using both stock and bond funds, in a balance that is appropriate for your particular investment objectives.
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
S&P 500 Index Fund | 18.50% | 7.24% | 6.95% | ||
S&P 500 Composite Stock Price Index | 18.70% | 7.31% | 7.12% | ||
K SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Since Inception** (Annualized) | ||
S&P 500 Index Fund | 17.95% | 6.72% | 6.07% | ||
S&P 500 Composite Stock Price Index | 18.70% | 7.31% | 6.74% | ||
* | Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
** | K Share commencement of operations was October 16, 2003. |
4
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2013 |
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
S&P MidCap Index Fund | 23.39% | 8.92% | 9.55% | ||
S&P MidCap 400 Index | 23.70% | 9.42% | 10.10% | ||
K SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Since Inception** (Annualized) | ||
S&P MidCap Index Fund | 22.75% | 8.37% | 8.64% | ||
S&P MidCap 400 Index | 23.70% | 9.42% | 9.71% | ||
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
S&P SmallCap Index Fund | 26.14% | 9.09% | 9.70% | ||
S&P SmallCap 600 Index | 26.69% | 9.50% | 10.14% | ||
K SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Since Inception** (Annualized) | ||
S&P SmallCap Index Fund | 25.47% | 8.56% | 8.75% | ||
S&P SmallCap 600 Index | 26.69% | 9.50% | 9.73% | ||
* | Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
** | K Share commencement of operations was October 16, 2003. |
5
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2013 |
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
Shelton Core Value Fund | 20.80% | 8.31% | 8.28% | ||
S&P / Citigroup Value Index | 23.04% | 6.22% | 7.06% | ||
S&P 500 Composite Stock Price Index | 18.70% | 7.31% | 7.12% |
K SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Since Inception** (Annualized) | ||
Shelton Core Value Fund | 20.20% | 7.80% | 7.28% | ||
S&P / Citigroup Value Index | 23.04% | 6.22% | 6.67% | ||
S&P 500 Composite Stock Price Index | 18.70% | 7.31% | 6.74% |
A SHARES Average Annual Total Returns* for the periods ended 8/31/13 | ||||
Fund/Benchmark | One Year | Since Inception*** (Annualized) | ||
Shelton Core Value Fund | 20.49% | 14.13% | ||
S&P / Citigroup Value Index | 23.04% | 13.91% | ||
S&P 500 Composite Stock Price Index | 18.70% | 14.67% |
* | Past performance does not predict future performance.The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
** | K Share commencement of operations was October 16, 2003. |
*** | A Share commencement of operations was May 7, 2010. |
6
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2013 |
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
European Growth & Income Fund | 15.96% | -0.20% | 5.68% | ||
Dow Jones STOXX 50 Index (USD) | 15.24% | -0.42% | 5.98% | ||
K SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Since Inception** (Annualized) | ||
European Growth & Income Fund | 15.47% | -0.69% | 4.50% | ||
Dow Jones STOXX 50 Index (USD) | 15.24% | -0.42% | 5.19% | ||
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | ||
Nasdaq-100 Index Fund | 13.46% | 11.48% | 9.08% | ||
Nasdaq-100 Index | 12.57% | 11.51% | 9.41% | ||
K SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||||
Fund/Benchmark | One Year | Five Year (Annualized) | Since Inception** (Annualized) | ||
Nasdaq-100 Index Fund | 12.95% | 10.94% | 8.04% | ||
Nasdaq-100 Index | 12.57% | 11.51% | 8.85% | ||
* | Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
** | K Share commencement of operations was October 16, 2003. |
7
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2013 |
DIRECT SHARES Average Annual Total Returns* for the periods ended 8/31/13 | |||
Fund/Benchmark | Since Inception** (Annualized) | ||
Shelton Green Alpha Fund | 19.60% | ||
S&P 500 Composite Stock Price Index | 8.95% | ||
* | Past performance does not predict future performance.The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. |
** | Shelton Green Alpha Fund commencement of operations was March 12, 2013. |
8
About Your Fund’s Expenses (Unaudited) August 31, 2013 |
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees if any, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. Operating expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of the Fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples below are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table below illustrates the Funds’ costs in two ways:
Actual fund return - This line helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from a Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period.”
Hypothetical 5% Return - This line is intended to help you compare a Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs. None of the Funds charge a sales load except Class A shares. Therefore, the information under the heading “Based on Hypothetical 5% Return before expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
More information about a Fund’s expenses, including annual expense ratios since inception, can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.
Beginning Account Value March 1, 2013 | Ending Account Value August 31, 2013 | Expenses Paid During Period* | Net Annual Expense Ratio | |
California Tax-Free Income Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $960 | $3.56 | 0.72% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $3.67 | 0.72% |
California Tax-Free Money Market Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,000 | $2.67 | 0.53% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,022 | $2.70 | 0.53% |
U.S. Government Securities Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $974 | $3.68 | 0.74% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $3.77 | 0.74% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $972 | $6.16 | 1.24% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,019 | $6.31 | 1.24% |
A Shares | ||||
Based on Actual Fund Return | $1,000 | $973 | $4.92 | 0.99% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.04 | 0.99% |
Short-Term U.S. Government Bond Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $997 | $2.97 | 0.59% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,022 | $3.01 | 0.59% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $995 | $5.48 | 1.09% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.55 | 1.09% |
The United States Treasury Trust | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,000 | $2.67 | 0.53% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,022 | $2.70 | 0.53% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,000 | $5.19 | 1.03% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.24 | 1.03% |
9
About Your Fund’s Expenses (Unaudited) August 31, 2013 (Continued) |
Beginning Account Value March 1, 2013 | Ending Account Value August 31, 2013 | Expenses Paid During Period* | Net Annual Expense Ratio | |
S&P 500 Index Fund | ||||
Direct Shares | �� | |||
Based on Actual Fund Return | $1,000 | $1,088 | $1.89 | 0.36% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,023 | $1.84 | 0.36% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,085 | $4.52 | 0.86% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $4.38 | 0.86% |
S&P MidCap Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,081 | $3.04 | 0.58% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,022 | $2.96 | 0.58% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,078 | $5.66 | 1.08% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.50 | 1.08% |
S&P SmallCap Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,125 | $3.96 | 0.74% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $3.77 | 0.74% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,123 | $6.64 | 1.24% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,019 | $6.31 | 1.24% |
Shelton Core Value Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,091 | $4.64 | 0.88% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $4.48 | 0.88% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,088 | $7.26 | 1.38% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,018 | $7.02 | 1.38% |
A Shares | ||||
Based on Actual Fund Return | $1,000 | $1,090 | $5.90 | 1.12% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,019 | $5.70 | 1.12% |
European Growth & Income Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,045 | $5.15 | 1.00% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.09 | 1.00% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,043 | $7.72 | 1.50% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,017 | $7.63 | 1.50% |
Nasdaq-100 Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,132 | $2.63 | 0.49% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,023 | $2.50 | 0.49% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,129 | $5.31 | 0.99% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.04 | 0.99% |
Beginning Account Value March 12, 2013** | Ending Account Value August 31, 2013 | Expenses Paid During Period** | Net Annual Expense Ratio | |
Green Alpha Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,297 | $7.47 | 1.38% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,018 | $6.56 | 1.38% |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365. |
** | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days then divided by 365 (to reflect the period shown of March 12, 2013 (Commencement of Operation) through August 31, 2013. |
10
Top Holdings and Sector Breakdowns (Unaudited) | August 31, 2013 |
California Tax-Free Income Fund
Security | Description | Market Value | Percentage of Total Investment | |
1 | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | Revenue Bonds (Occidental College); Series 2005A | $3,465,390 | 3.5% |
2 | CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD | Lease Revenue Bonds; Series I-1 | 3,403,290 | 3.4% |
3 | UNIVERSITY OF CALIFORNIA | Limited Project Revenue Bonds; 2007 Series D | 3,369,780 | 3.4% |
4 | EAST SIDE UNION HIGH SCHOOL DISTRICT | Santa Clara County; Ref-2012 Crossover | 3,357,555 | 3.4% |
5 | RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY | Lease Revenue Bonds; Series A | 3,282,960 | 3.3% |
6 | CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK | Refunding Revenue Bonds; Pacific Gas and Electric Company Series 2009D | 3,200,000 | 3.2% |
7 | NEWPORT BEACH, CITY OF | Refunding Revenue Bonds; Hoag Memorial Hospital Presbyterian | 3,161,130 | 3.2% |
8 | CALIFORNIA, STATE OF | General Obligation Bonds | 2,983,050 | 3.0% |
9 | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | Revenue Bonds, Series 2009A | 2,603,300 | 2.6% |
10 | SANTA CLARA COUNTY FINANCING AUTHORITY | Lease Revenue Bonds; 2008 Series A | 2,332,314 | 2.4% |
California Tax-Free Money Market Fund
Security | Description | Market Value | Percentage of Total Investment | |
1 | CALIFORNIA MUNICIPAL FINANCE AUTHORITY | Recovery Zone Facility Bonds; Chevron USA Inc, Series 2010 | $1,650,000 | 4.8% |
2 | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | California Institute of Technology; 2006 Series B | 1,600,000 | 4.7% |
3 | CALIFORNIA MUNICIPAL FINANCE AUTHORITY | Pollution Control Bonds; Chevron USA Inc.Proj (CA) | 1,600,000 | 4.7% |
4 | METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA | Water Revenue Bonds, 2000 Authorization; Series B-3 | 1,575,000 | 4.6% |
5 | CALIFORNIA STATE | General Obligation Bonds, Series 2005 B-3 | 1,400,000 | 4.1% |
6 | EASTERN MUNICIPAL WATER DISTRICT | Water and Sewer Revenue; Certificates of Participation; Series 2008G | 1,300,000 | 3.8% |
7 | SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY | Power Project Revenue Bonds, 2008 Subordinate Refunding Series B | 1,300,000 | 3.8% |
8 | TRACY, CITY OF | Sycamore 7/03 | 1,300,000 | 3.8% |
9 | ORANGE COUNTY HOUSING AUTHORITY | Lantern Pines PJ-CC | 1,260,000 | 3.7% |
10 | CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY | Refunding Revenue Bonds; Exxon Mobil, Series 2000 | 1,200,000 | 3.5% |
11
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | August 31, 2013 |
U.S. Government Securities Fund
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Note | 11/15/2018 | $4,412,344 | 14.3% | |
2 | United States Treasury Note | 6/30/2017 | 4,303,397 | 14.0% | |
3 | United States Treasury Note | 5/15/2014 | 4,252,225 | 13.8% | |
4 | United States Treasury Note | 2/15/2015 | 4,004,250 | 13.0% | |
5 | United States Treasury Bond | 5/15/2016 | 3,529,686 | 11.4% | |
6 | United States Treasury Note | 2/28/2018 | 1,585,782 | 5.1% | |
7 | United States Treasury Bond | 5/15/2038 | 1,492,969 | 4.8% | |
8 | United States Treasury Note | 2/15/2021 | 1,417,458 | 4.6% | |
9 | United States Treasury Note | 2/15/2019 | 1,365,406 | 4.4% | |
10 | United States Treasury Note | 8/15/2020 | 1,130,293 | 3.7% |
Short-Term U.S. Government Bond Fund
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Note | 1/31/2016 | $1,862,719 | 21.4% | |
2 | United States Treasury Note | 6/15/2014 | 1,808,824 | 20.8% | |
3 | United States Treasury Note | 6/15/2015 | 1,800,351 | 20.7% | |
4 | United States Treasury Note | 1/31/2015 | 1,747,580 | 20.1% | |
5 | United States Treasury Note | 1/31/2014 | 1,006,895 | 11.6% | |
6 | Government National Mortgage Association | 11/20/2034 | 174,357 | 2.0% | |
7 | Government National Mortgage Association | 6/20/2034 | 103,140 | 1.2% | |
8 | United States Treasury Note | 6/30/2016 | 102,145 | 1.2% | |
9 | United States Treasury Bill | 11/29/2013 | 99,995 | 1.1% |
The United States Treasury Trust
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Bill | 9/5/2013 | $13,899,941 | 19.3% | |
2 | United States Treasury Bill | 9/19/2013 | 13,599,722 | 18.9% | |
3 | United States Treasury Bill | 10/24/2013 | 11,999,611 | 16.7% | |
4 | United States Treasury Bill | 11/7/2013 | 11,499,254 | 16.0% | |
5 | United States Treasury Bill | 9/26/2013 | 10,599,636 | 14.7% | |
6 | United States Treasury Bill | 10/17/2013 | 5,599,821 | 7.8% | |
7 | United States Treasury Bill | 11/21/2013 | 4,699,663 | 6.5% | |
12
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | August 31, 2013 |
S&P 500 Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Apple Inc | $3,359,184 | 3.1% | |
2 | Exxon Mobil Corp | 2,875,496 | 2.6% | |
3 | Microsoft Corp | 1,854,234 | 1.7% | |
4 | General Electric Co | 1,779,003 | 1.6% | |
5 | Johnson & Johnson | 1,752,913 | 1.6% | |
6 | Chevron Corp | 1,729,857 | 1.6% | |
7 | Google Inc | 1,650,608 | 1.5% | |
8 | Procter & Gamble Co | 1,578,519 | 1.4% | |
9 | Berkshire Hathaway Class B | 1,500,691 | 1.4% | |
10 | Pfizer Inc | 1,493,296 | 1.4% |
S&P MidCap Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Vertex Pharmaceuticals Inc | $1,823,815 | 1.2% | |
2 | Green Mtn Coffee | 1,183,742 | 0.8% | |
3 | Ametek Inc | 1,164,162 | 0.8% | |
4 | Alliance Data Sys | 1,083,787 | 0.7% | |
5 | Affiliated Mgrs Grp | 1,006,524 | 0.7% | |
6 | HollyFrontier Corp | 1,005,426 | 0.7% | |
7 | Henry Schein Inc | 984,227 | 0.7% | |
8 | LKQ Corporation | 970,300 | 0.6% | |
9 | Tractor Supply Co | 942,004 | 0.6% | |
10 | Equinix Inc | 941,323 | 0.6% |
S&P SmallCap Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | United States T-Bill 10/31/2013, DN | $1,999,849 | 4.4% | |
2 | United States T-Bill 12/19/2013, DN | 399,967 | 0.9% | |
3 | United States T-Bill 01/23/2014, DN | 299,959 | 0.7% | |
4 | Gulfport Energy Corp | 293,879 | 0.6% | |
5 | Questcor Pharmaceuticals Inc | 288,191 | 0.6% | |
6 | Cubist Pharmaceuticals Inc | 287,971 | 0.6% | |
7 | Hain Celestial Group | 279,524 | 0.6% | |
8 | Brunswick Corp | 237,903 | 0.5% | |
9 | AO Smith Corp | 232,284 | 0.5% | |
10 | Toro Co | 231,730 | 0.5% |
Shelton Core Value Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Chevron Corp | $6,807,185 | 3.8% | |
2 | JPMorgan Chase & Co | 5,568,305 | 3.1% | |
3 | Apple Inc | 5,454,960 | 3.1% | |
4 | Goldman Sachs Group | 4,221,608 | 2.4% | |
5 | Exxon Mobil Corp | 4,090,942 | 2.3% | |
6 | Celgene Corp | 3,910,341 | 2.2% | |
7 | PPG Industries Inc | 3,795,903 | 2.1% | |
8 | Johnson & Johnson | 3,784,758 | 2.1% | |
9 | Procter & Gamble Co | 3,706,006 | 2.1% | |
10 | Wells Fargo & Co | 3,610,480 | 2.0% |
13
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | August 31, 2013 |
European Growth & Income Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Siemens AG | $874,228 | 6.7% | |
2 | Nestle SA | 812,365 | 6.2% | |
3 | Novartis AG | 785,046 | 6.0% | |
4 | Vodafone Group PLC | 751,588 | 5.8% | |
5 | HSBC Holdings PLC | 606,237 | 4.7% | |
6 | Roche Holding AG | 599,688 | 4.6% | |
7 | Royal Dutch Shell PLC | 466,340 | 3.6% | |
8 | Total SA | 456,750 | 3.5% | |
9 | Anheuser-Busch InBev NV | 438,745 | 3.4% | |
10 | Brit American Tobacco PLC | 416,437 | 3.2% |
Nasdaq-100 Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Apple Inc | $7,304,776 | 11.5% | |
2 | Microsoft Corp | 4,282,281 | 6.7% | |
3 | Google Inc | 3,401,997 | 5.4% | |
4 | Amazon.Com Inc | 2,352,365 | 3.7% | |
5 | Cisco Systems Inc | 2,292,305 | 3.6% | |
6 | Qualcomm Inc | 2,125,268 | 3.3% | |
7 | Intel Corp | 2,018,951 | 3.2% | |
8 | Gilead Sciences Inc | 1,720,769 | 2.7% | |
9 | Comcast Corp | 1,672,278 | 2.6% | |
10 | Amgen Inc | 1,537,579 | 2.4% |
Shelton Green Alpha Fund
Security | Market Value | Percentage of Total Investment | ||
1 | First Solar Inc | $157,896 | 4.1% | |
2 | Google Inc | 143,973 | 3.7% | |
3 | American Water Works Co Inc | 141,938 | 3.7% | |
4 | Badger Meter Inc | 136,637 | 3.5% | |
5 | Canadian Solar Inc | 135,158 | 3.5% | |
6 | Johnson Controls Inc | 133,019 | 3.5% | |
7 | United Natural Foods Inc | 132,719 | 3.4% | |
8 | Tesla Motors Inc | 124,891 | 3.4% | |
9 | Veolia Environment SA | 122,589 | 3.2% | |
10 | Pentair Ltd | 116,133 | 3.0% |
14
California Tax-Free Income Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
LONG-TERM SECURITIES (90.12%) | |||||||||||||
BAY AREA TOLL AUTHORITY | |||||||||||||
San Francisco; Series F | $ | 500,000 | 5.000 | % | 4/1/2031 | $ | 555,140 | ||||||
San Francisco; Series F-1 | 2,000,000 | 5.000 | % | 4/1/2034 | 2,014,440 | ||||||||
CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD | |||||||||||||
Lease Revenue Bonds; Series I-1 | 3,000,000 | 6.125 | % | 11/1/2029 | 3,403,290 | ||||||||
CALIFORNIA DEPARTMENT OF WATER RESOURCES | |||||||||||||
Revenue Bonds, Series 2010L | 1,000,000 | 5.000 | % | 5/1/2019 | 1,165,880 | ||||||||
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | |||||||||||||
Revenue Bonds (Occidental College); Series 2005A | 3,165,000 | 5.000 | % | 10/1/2030 | 3,465,390 | ||||||||
Revenue Bonds, Series 2009A | 2,500,000 | 5.250 | % | 10/1/2038 | 2,603,300 | ||||||||
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY | |||||||||||||
UniHealth America; Certificates of Participation; 1993 Series A | 1,480,000 | 5.500 | % | 10/1/2014 | 1,522,269 | ||||||||
CALIFORNIA, STATE OF | |||||||||||||
General Obligation Bonds | 2,000,000 | 5.000 | % | 6/1/2033 | 2,023,600 | ||||||||
General Obligation Bonds; 2005 | 1,000,000 | 5.000 | % | 5/1/2027 | 1,046,020 | ||||||||
Variable Purpose | 3,000,000 | 5.000 | % | 4/1/2038 | 2,983,050 | ||||||||
2013-14 Revenue Anticipation Notes; Series A-2 | 875,000 | 2.000 | % | 6/23/2014 | 887,653 | ||||||||
CALIFORNIA STATE UNIVERSITY, TRUSTEES OF THE | |||||||||||||
Revenue Bonds, Series 2012A | 1,100,000 | 4.000 | % | 11/1/2030 | 1,005,037 | ||||||||
CAMPBELL UNION HIGH SCHOOL DISTRICT | |||||||||||||
Refunding Bonds | 2,000,000 | 5.000 | % | 8/1/2030 | 2,071,780 | ||||||||
EAST SIDE UNION HIGH SCHOOL DISTRICT | |||||||||||||
Santa Clara County; Ref-2012 Crossover | 2,975,000 | 5.250 | % | 9/1/2023 | 3,357,555 | ||||||||
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT | |||||||||||||
Election 1999; Series C | 2,000,000 | 0.000 | % | 8/1/2027 | 1,024,820 | ||||||||
LOS ANGELES, CITY OF | |||||||||||||
General Obligation Refunding Bonds | 2,000,000 | 5.000 | % | 9/1/2021 | 2,318,140 | ||||||||
LOS ANGELES COMMUNITIES REDEVELOPMENT AGENCY | |||||||||||||
Bunker Hill Project; Series A | 2,000,000 | 5.000 | % | 12/1/2027 | 2,068,120 | ||||||||
LOS ANGELES DEPARTMENT OF WATER AND POWER | |||||||||||||
Revenue bonds, 2011 Series A | 1,500,000 | 5.000 | % | 7/1/2018 | 1,739,865 | ||||||||
Revenue Bonds, 2012 Series A | 1,985,000 | 5.000 | % | 7/1/2037 | 2,024,660 | ||||||||
Revenue bonds, 2013 Series A | 500,000 | 5.000 | % | 7/1/2017 | 572,750 | ||||||||
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY | |||||||||||||
Tax Revenue Refunding Bonds, Series 2012-A | 1,000,000 | 5.000 | % | 7/1/2021 | 1,166,840 | ||||||||
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A | 1,500,000 | 5.000 | % | 7/1/2023 | 1,726,275 | ||||||||
LOS ANGELES UNIFIED DISTRICT OF CALIFORNIA | |||||||||||||
General Obligation Refunding Bonds; 2005 Series A-1 | 2,000,000 | 5.000 | % | 7/1/2020 | 2,151,260 | ||||||||
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA | |||||||||||||
Series C | 1,000,000 | 5.000 | % | 7/1/2035 | 1,024,080 | ||||||||
Water System Revenue Bonds; 2005 Series A | 2,000,000 | 5.000 | % | 3/1/2016 | 2,131,580 | ||||||||
MT. DIABLO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Refunding Bonds; Election of 2002 Series B | 500,000 | 5.000 | % | 7/1/2020 | 580,480 | ||||||||
NEWPORT BEACH, CITY OF | |||||||||||||
Refunding Revenue Bonds; Hoag Memorial Hospital Presbyterian | 3,000,000 | 4.625 | % | 12/1/2024 | 3,161,130 | ||||||||
NOVATO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation bonds; Election 2001; Series 2005 | 2,000,000 | 5.000 | % | 8/1/2028 | 2,056,300 | ||||||||
OAKLAND REDEVELOPMENT AGENCY | |||||||||||||
Central District Redevelopment Project; Series 1992 | 380,000 | 5.500 | % | 2/1/2014 | 384,336 | ||||||||
PERALTA COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Refunding Bonds 2012 | 1,000,000 | 5.000 | % | 8/1/2018 | 1,150,720 | ||||||||
RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Refunding Bonds 2012 | 1,380,000 | 4.000 | % | 9/1/2020 | 1,522,775 | ||||||||
RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY | |||||||||||||
Lease Revenue Bonds; Series A | 3,000,000 | 6.000 | % | 5/1/2022 | 3,282,960 | ||||||||
ROSEVILLE NATURAL GAS FINANCING AUTHORITY | |||||||||||||
Gas Revenue Bonds; Series 2007 | 1,000,000 | 5.000 | % | 2/15/2024 | 1,024,550 | ||||||||
ROSEVILLE WOODCREEK WEST | |||||||||||||
Special Tax Refunding; Series 2005 | 1,000,000 | 5.000 | % | 9/1/2030 | 971,010 |
See accompanying notes to financial statements.
15
California Tax-Free Income Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
SACRAMENTO CITY FINANCING AUTHORITY | |||||||||||||
Capital Improvement: Series A | $ | 2,000,000 | 5.000 | % | 12/1/2036 | $ | 1,879,480 | ||||||
SADDLEBACK VALLEY UNIFIED SCHOOL DISTRICT PUBLIC FINANCING AUTHORITY | |||||||||||||
Special Tax Revenue Bonds; 1996 Series A | 1,575,000 | 6.000 | % | 9/1/2016 | 1,787,452 | ||||||||
SAN FRANCISCO, CITY AND COUNTY | |||||||||||||
General Obligation Refunding Bonds Series 2011-R1 | 1,550,000 | 5.000 | % | 6/15/2016 | 1,733,613 | ||||||||
SAN FRANCISCO, CITY AND COUNTY, SAN FRANCISCO INTERNATIONAL AIRPORT | |||||||||||||
Second Series Revenue Refunding Bonds; Series 2010C-E | 500,000 | 5.000 | % | 5/1/2020 | 575,685 | ||||||||
SAN FRANCISCO, PUBLIC UTILITIES COMMISSION OF THE CITY AND COUNTY OF | |||||||||||||
Revenue bonds, 2013 Series A | 700,000 | 4.000 | % | 10/1/2021 | 758,023 | ||||||||
SAN MARINO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; 1998 Series B | 1,440,000 | 5.250 | % | 7/1/2016 | 1,617,595 | ||||||||
SANTA ANA UNIFIED SCHOOL DISTRICT | |||||||||||||
Certificates of Participation | 2,000,000 | 5.250 | % | 4/1/2037 | 1,981,220 | ||||||||
SANTA CLARA COUNTY FINANCING AUTHORITY | |||||||||||||
Lease Revenue Refunding Bonds; 1997 Series A | 1,750,000 | 5.750 | % | 11/15/2013 | 1,770,405 | ||||||||
Multiple Facilities Project | 2,065,000 | 5.000 | % | 11/15/2016 | 2,332,314 | ||||||||
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT | |||||||||||||
Election 2004; Capital Appreciation Bonds | 2,500,000 | 0.000 | % | 8/1/2029 | 989,150 | ||||||||
SANTA MONICA - MALIBU UNIFIED SCHOOL DISTRICT | |||||||||||||
Election 2006; Series A | 2,000,000 | 5.000 | % | 8/1/2032 | 2,305,220 | ||||||||
SONOMA COUNTY JUNIOR COLLEGE DISTRICT | |||||||||||||
Prerefunded Election 2002- SER (CA) | 780,000 | 5.000 | % | 8/1/2027 | 848,819 | ||||||||
Unrefunded Balance- Election(CA) | 220,000 | 5.000 | % | 8/1/2027 | 231,378 | ||||||||
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY | |||||||||||||
Windy Point/Windy Flats Project, Revenue Bonds, 2010-1 | 1,000,000 | 5.000 | % | 7/1/2023 | 1,112,440 | ||||||||
PASADENA ELECTRIC REVENUE | |||||||||||||
Electric Revenue Refunding Bonds, Series 2010A | 1,205,000 | 4.000 | % | 6/1/2020 | 1,310,450 | ||||||||
UNIVERSITY OF CALIFORNIA | |||||||||||||
Limited Project Revenue Bonds; 2007 Series D | 3,000,000 | 5.000 | % | 5/15/2024 | 3,369,780 | ||||||||
VAL VERDE UNIFIED SCHOOL DISTRICT | |||||||||||||
Refunding and School Construction Project; 2005 Series B | 635,000 | 5.000 | % | 1/1/2024 | 673,792 | ||||||||
WEST VALLEY MISSION COMMUNITY COLLEGE DISTRICT | |||||||||||||
Election 2004; Series A | 2,000,000 | 5.000 | % | 8/1/2030 | 2,074,160 | ||||||||
WILLIAM S. HART UNION HIGH SCHOOL DISTRICT | |||||||||||||
Election 2001; Capital Appreciation Bonds, Series B | 3,595,000 | 0.000 | % | 9/1/2029 | 1,506,377 | ||||||||
YUBA COUNTY LEVEE FINANCING AUTHORITY | |||||||||||||
Levee Financing Project; Series A | 1,305,000 | 5.000 | % | 9/1/2038 | 1,288,492 | ||||||||
Total Long-Term Securities (Cost $89,671,297) | 90,332,900 | ||||||||||||
VARIABLE RATE DEMAND NOTES* (8.78%) | |||||||||||||
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK | |||||||||||||
Pacific Gas and Electric Company Refunding Revenue Bonds | 600,000 | 0.030 | % | 9/3/2013 | 600,000 | ||||||||
Refunding Revenue Bonds; Pacific Gas and Electric Company Series 2009D | 3,200,000 | 0.020 | % | 9/3/2013 | 3,200,000 | ||||||||
CALIFORNIA MUNICIPAL FINANCING AUTHORITY | |||||||||||||
Recovery Zone Facility Bonds | 2,000,000 | 0.030 | % | 9/3/2013 | 2,000,000 | ||||||||
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA | |||||||||||||
Water Revenue Refunding Bonds; 2011 Series A-2 | 1,000,000 | 0.200 | % | 9/5/2013 | 998,260 | ||||||||
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY | |||||||||||||
2000 Measure A Sales Tax Revenue Refunding Bonds | 2,000,000 | 0.050 | % | 9/5/2013 | 2,000,000 | ||||||||
Total Variable Rate Demand Notes (Cost $8,800,000) | 8,798,260 |
See accompanying notes to financial statements.
16
California Tax-Free Income Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Value (Note 1) | |||
Total Investments (Cost $98,471,267) (a) (98.90%) | $ | 99,131,160 | ||
Other Net Assets (1.10%) | 1,102,045 | |||
Net Assets (100.00%) | $ | 100,233,205 | ||
(a) Aggregate cost for federal income tax purposes is $98,286,324. At August 31, 2013, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: | ||||
Unrealized appreciation | $ | 3,006,686 | ||
Unrealized depreciation | (2,161,850 | ) | ||
Net unrealized appreciation | $ | 844,836 | ||
* Stated maturity reflects next reset date. |
California Tax-Free Money Market Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
TAX AND REVENUE ANTICIPATION NOTES (5.89%) | |||||||||||||
LOS ANGELES, COUNTY OF | |||||||||||||
Tax and Revenue Anticipation Notes; Series A | $ | 1,000,000 | 0.020 | % | 2/28/2014 | $ | 1,008,987 | ||||||
SANTA BARBARA, COUNTY OF | |||||||||||||
Tax and Revenue Anticipation Notes, Series A | 1,000,000 | 0.020 | % | 6/30/2014 | 1,015,035 | ||||||||
Total Tax & Revenue Anticipation Notes (Cost $2,024,022) | 2,024,022 | ||||||||||||
VARIABLE RATE DEMAND NOTES* (93.87%) | |||||||||||||
BAY AREA TOLL AUTHORITY | |||||||||||||
San Francisco Bay Area Toll Bridge Revenue Bonds, 2008 Series E-1 | 1,000,000 | 0.000 | % | 9/5/2013 | 1,000,000 | ||||||||
San Francisco Bay Area Toll Bridge Revenue Bonds, 2007 Series D-2 | 300,000 | 0.001 | % | 9/5/2013 | 300,000 | ||||||||
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | |||||||||||||
California Institute of Technology; 2006 Series B | 1,600,000 | 0.001 | % | 9/5/2013 | 1,600,000 | ||||||||
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY | |||||||||||||
Variable Rate Revenue Bonds; Series 2008F | 600,000 | 0.000 | % | 9/4/2013 | 600,000 | ||||||||
Variable Rate Health Facility Revenue Bonds; 2005 Series H | 700,000 | 0.000 | % | 9/4/2013 | 700,000 | ||||||||
CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK | |||||||||||||
Pacific Gas & Electric Refunding Revenue Bonds; Series 2009 B | 700,000 | 0.000 | % | 9/3/2013 | 700,000 | ||||||||
Pacific Gas & Electric Refunding Revenue Bonds; Series 2009 D | 900,000 | 0.000 | % | 9/3/2013 | 900,000 | ||||||||
CALIFORNIA MUNICIPAL FINANCE AUTHORITY | |||||||||||||
Recovery Zone Facility Bonds; Chevron USA Inc, Series 2010 | 1,650,000 | 0.000 | % | 9/3/2013 | 1,650,000 | ||||||||
Pollution Control Bonds; Chevron USA Inc.Proj (CA) | 1,600,000 | 0.000 | % | 9/3/2013 | 1,600,000 | ||||||||
CALIFORNIA POLLUTION CONTROL FINANCING AUTHORITY | |||||||||||||
Refunding Revenue Bonds; Exxon Mobil, Series 2000 | 1,200,000 | 0.000 | % | 9/3/2013 | 1,200,000 | ||||||||
CALIFORNIA STATE | |||||||||||||
General Obligation Bonds, Series 2005 B-3 | 1,400,000 | 0.000 | % | 9/4/2013 | 1,400,000 | ||||||||
General Obligation Bonds, Series 2005 B-7 | 200,000 | 0.001 | % | 9/3/2013 | 200,000 | ||||||||
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY | |||||||||||||
John Muir Health Revenue Bonds; Series 2008A | 600,000 | 0.000 | % | 9/3/2013 | 600,000 | ||||||||
John Muir Health Revenue Bonds; Series 2008C | 750,000 | 0.000 | % | 9/3/2013 | 750,000 | ||||||||
CHINO BASIN CALIFORNIA REGIONAL FINANCING AUTHORITY | |||||||||||||
Inland Emprire Utilities Agency; Series 2008 B | 1,100,000 | 0.000 | % | 9/4/2013 | 1,100,000 | ||||||||
EASTERN MUNICIPAL WATER DISTRICT | |||||||||||||
Water and Sewer Revenue; Certificates of Participation; Series 2008G | 1,300,000 | 0.000 | % | 9/4/2013 | 1,300,000 | ||||||||
IRVINE IMPROVEMENT BOND ACT 1915 | |||||||||||||
Limited Obligation Improvement Bonds; Series B | 800,000 | 0.000 | % | 9/3/2013 | 800,000 | ||||||||
Limited Obligation Improvement Bonds | 600,000 | 0.000 | % | 9/3/2013 | 600,000 | ||||||||
IRVINE RANCH WATER DISTRICT | |||||||||||||
General Obligations Bonds; Consolidated Series 1993 | 700,000 | 0.000 | % | 9/3/2013 | 700,000 |
See accompanying notes to financial statements.
17
California Tax-Free Money Market Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
LOS ANGELES DEPARTMENT OF WATER AND POWER | |||||||||||||
Power System; 2002 Series A-7 | $ | 200,000 | 0.000 | % | 9/5/2013 | $ | 200,000 | ||||||
Water System; Subseries B-3 | 1,100,000 | 0.000 | % | 9/5/2013 | 1,100,000 | ||||||||
Water System; Subseries B-2 | 400,000 | 0.001 | % | 9/3/2013 | 400,000 | ||||||||
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA | |||||||||||||
Water Revenue Bonds, 2000 Authorization; Series B-3 | 1,575,000 | 0.000 | % | 9/3/2013 | 1,575,000 | ||||||||
ORANGE COUNTY HOUSING AUTHORITY | |||||||||||||
Lantern Pines PJ-CC | 1,260,000 | 0.001 | % | 9/4/2013 | 1,260,000 | ||||||||
RIVERSIDE, CITY OF | |||||||||||||
Refunding Water Revenue Bond; 2011 A | 1,000,000 | 0.001 | % | 9/5/2013 | 1,000,000 | ||||||||
SACRAMENTO MUNICIPAL UTILITY DISTRICT | |||||||||||||
Subordinated Electric Revenue Bonds, Series 2012 M | 800,000 | 0.000 | % | 9/5/2013 | 800,000 | ||||||||
SAN DIEGO COUNTY REGIONAL TRANSPORTATION COMMISSION | |||||||||||||
Sales Tax Revenue Bonds; 2008 Series B | 1,015,000 | 0.001 | % | 9/5/2013 | 1,015,000 | ||||||||
SAN FRANCISCO CITY & COUNTY AIRPORTS COMMISSION | |||||||||||||
Second Series Revenue Refunding Bonds; Issue 36 C | 1,000,000 | 0.001 | % | 9/4/2013 | 1,000,000 | ||||||||
SAN JOSE FINANCING AUTHORITY | |||||||||||||
Lease Revenue Bonds, Hayes Mansion Refunding Project; Series 2008C | 800,000 | 0.000 | % | 9/4/2013 | 800,000 | ||||||||
SANTA CLARA, COUNTY OF | |||||||||||||
Variable Rate Revenue Bonds, Series 2009A | 300,000 | 0.001 | % | 9/4/2013 | 300,000 | ||||||||
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY | |||||||||||||
Tax Revenue Refunding Bonds, 2000 Measure A; 2000 Series B | 700,000 | 0.001 | % | 9/5/2013 | 700,000 | ||||||||
Sales Tax Revenue Refunding Bonds, 2000 Measure A | 600,000 | 0.001 | % | 9/5/2013 | 600,000 | ||||||||
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY | |||||||||||||
Power Project Revenue Bonds, 2008 Subordinate Refunding Series B | 1,300,000 | 0.000 | % | 9/4/2013 | 1,300,000 | ||||||||
TRACY, CITY OF | |||||||||||||
Sycamore 7/03 | 1,300,000 | 0.001 | % | 9/5/2013 | 1,300,000 | ||||||||
WESTERN MUNICIPAL WATER DISTRICT FACILITIES AUTHORITY | |||||||||||||
Water Revenue Bonds, Series 2012A | 1,200,000 | 0.000 | % | 9/5/2013 | 1,200,000 | ||||||||
Total Variable Rate Demand Notes (Cost $32,250,000) | 32,250,000 | ||||||||||||
Total Investments (Cost $34,274,022) (a) (99.76%) | 34,274,022 | ||||||||||||
Other Net Assets (0.24%) | 83,325 | ||||||||||||
Net Assets (100.00%) | $ | 34,357,347 | |||||||||||
(a) Aggregate cost for federal income tax purposes is $34,274,022. | |||||||||||||
* Stated maturity reflects next reset date. |
See accompanying notes to financial statements.
18
U.S. Government Securities Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
Government National Mortgage Association (7.52%) | |||||||||||||
$ | 2,524 | 6.000 | % | 4/15/2014 | $ | 2,584 | |||||||
6,739 | 6.000 | % | 4/15/2014 | 6,899 | |||||||||
4,067 | 6.000 | % | 4/15/2016 | 4,360 | |||||||||
24,041 | 6.500 | % | 4/15/2016 | 25,932 | |||||||||
31,313 | 6.000 | % | 5/15/2016 | 33,572 | |||||||||
280,557 | 5.000 | % | 7/15/2020 | 300,573 | |||||||||
5,704 | 10.000 | % | 9/15/2018 | 5,959 | |||||||||
115,396 | 5.500 | % | 1/15/2025 | 125,765 | |||||||||
262,299 | 6.000 | % | 1/15/2026 | 292,951 | |||||||||
682,872 | 5.500 | % | 4/15/2036 | 743,014 | |||||||||
430,899 | 5.000 | % | 3/15/2038 | 465,611 | |||||||||
311,615 | 6.000 | % | 6/15/2038 | 343,006 | |||||||||
Total Government National Mortgage Association (Cost $2,153,902) | 2,350,226 | ||||||||||||
United States Treasury Bills DN (b) (0.32%) | |||||||||||||
100,000 | 0.000 | % | 9/26/2013 | 99,999 | |||||||||
Total United States Treasury Bills (Cost $99,999) | 99,999 | ||||||||||||
United States Treasury Bonds (16.07%) | |||||||||||||
3,000,000 | 7.250 | % | 5/15/2016 | 3,529,686 | |||||||||
1,300,000 | 4.500 | % | 5/15/2038 | 1,492,969 | |||||||||
Total United States Treasury Bonds (Cost $4,762,890) | 5,022,655 | ||||||||||||
United States Treasury Notes (74.78%) | |||||||||||||
3,800,000 | 4.000 | % | 2/15/2015 | 4,004,250 | |||||||||
1,300,000 | 3.625 | % | 2/15/2021 | 1,417,458 | |||||||||
1,500,000 | 2.750 | % | 2/28/2018 | 1,585,782 | |||||||||
4,119,000 | 4.750 | % | 5/15/2014 | 4,252,225 | |||||||||
4,100,000 | 2.500 | % | 6/30/2017 | 4,303,397 | |||||||||
1,100,000 | 2.625 | % | 8/15/2020 | 1,130,293 | |||||||||
900,000 | 2.750 | % | 10/31/2013 | 903,832 | |||||||||
4,000,000 | 3.750 | % | 11/15/2018 | 4,412,344 | |||||||||
1,300,000 | 2.750 | % | 2/15/2019 | 1,365,406 | |||||||||
Total United States Treasury Notes (Cost $22,902,854) | 23,374,987 | ||||||||||||
Total Investments (Cost $29,919,645) (a) (98.69%) | 30,847,867 | ||||||||||||
Other Net Assets (1.31%) | 408,126 | ||||||||||||
Net Assets (100.00%) | $ | 31,255,993 | |||||||||||
(a) Aggregate cost for federal income tax purposes is $29,919,645. | |||||||||||||
(b) Discount Note. Yield to maturity is 0.01%. At August 31, 2013, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: | |||||||||||||
Unrealized appreciation | $ | 1,153,137 | |||||||||||
Unrealized depreciation | (224,915 | ) | |||||||||||
Net unrealized appreciation | $ | 928,222 |
See accompanying notes to financial statements.
19
Short-Term U.S. Government Bond Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
Government National Mortgage Association (3.18%) | |||||||||||||
$ | 167,759 | 1.625 | % | 11/20/2034 | $ | 174,356 | |||||||
99,054 | 2.125 | % | 6/20/2034 | 103,140 | |||||||||
Total Government National Mortgage Association (Cost $268,414) | 277,496 | ||||||||||||
United States Treasury Bills DN (b) (1.15%) | |||||||||||||
100,000 | 0.000 | % | 11/29/2013 | 99,995 | |||||||||
Total United States Treasury Bills (Cost $99,995) | 99,995 | ||||||||||||
United States Treasury Notes (95.55%) | |||||||||||||
1,000,000 | 1.750 | % | 1/31/2014 | 1,006,895 | |||||||||
1,700,000 | 2.250 | % | 1/31/2015 | 1,747,580 | |||||||||
1,800,000 | 2.000 | % | 1/31/2016 | 1,862,718 | |||||||||
100,000 | 1.500 | % | 6/30/2016 | 102,145 | |||||||||
1,800,000 | 0.750 | % | 6/15/2014 | 1,808,824 | |||||||||
1,800,000 | 0.375 | % | 6/15/2015 | 1,800,351 | |||||||||
Total United States Treasury Notes (Cost $8,325,572) | 8,328,513 | ||||||||||||
Total Investments (Cost $8,693,981) (a) (99.88%) | 8,706,004 | ||||||||||||
Other Net Assets (0.12%) | 10,707 | ||||||||||||
Net Assets (100.00%) | $ | 8,716,711 | |||||||||||
(a) Aggregate cost for federal income tax purposes is $8,693,981. | |||||||||||||
(b) Discount Note. Yield to maturity is between 0.02% At August 31, 2013, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: | |||||||||||||
Unrealized appreciation | $ | 18,092 | |||||||||||
Unrealized depreciation | (6,069 | ) | |||||||||||
Net unrealized appreciation | $ | 12,023 |
The United States Treasury Trust | Portfolio of Investments | 8/31/2013 |
Security Description | Par Value | Maturity | Value (Note 1) | ||||||
United States Treasury Bills DN (b) (98.99%) | |||||||||
$ | 13,600,000 | 9/19/2013 | $ | 13,599,722 | |||||
5,600,000 | 10/17/2013 | 5,599,821 | |||||||
13,900,000 | 9/5/2013 | 13,899,941 | |||||||
10,600,000 | 9/26/2013 | 10,599,637 | |||||||
12,000,000 | 10/24/2013 | 11,999,611 | |||||||
11,500,000 | 11/7/2013 | 11,499,254 | |||||||
4,700,000 | 11/21/2013 | 4,699,663 | |||||||
Total United States Treasury Bills DN (Cost $71,897,649) | 71,897,649 | ||||||||
Total Investments (Cost $71,897,649) (a) (98.99%) | 71,897,649 | ||||||||
Other Net Assets (1.01%) | 731,554 | ||||||||
Net Assets (100.00%) | $ | 72,629,203 | |||||||
(a) Aggregate cost for federal income tax purposes is $71,897,649. | |||||||||
(b) Discount Note. Yield to maturity is between 0.02% - 0.05%. |
See accompanying notes to financial statements.
20
S&P 500 Index Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (96.65%) | ||||||||
Basic Materials (3.10%) | ||||||||
Air Products & Chem. | 1,615 | $ | 164,956 | |||||
Airgas Inc | 499 | 50,723 | ||||||
Alcoa Inc | 7,435 | 57,250 | ||||||
Allegheny Tech. | 854 | 22,810 | ||||||
CF Industries Hldgs | 475 | 90,412 | ||||||
Cliffs Natural Res. | 999 | 20,849 | ||||||
Dow Chemical Co/The | 8,728 | 326,427 | ||||||
Eastman Chemical Co | 1,048 | 79,648 | ||||||
Ecolab Inc | 1,937 | 176,945 | ||||||
EI Du Pont de Nemour | 6,896 | 390,452 | ||||||
FMC Corp | 1,102 | 73,404 | ||||||
Freeport-McMoRan | 6,887 | 208,125 | ||||||
International Flavor | 683 | 53,964 | ||||||
International Paper | 3,175 | 149,892 | ||||||
LyondellBasell Ind. CL A | 2,496 | 175,094 | ||||||
MeadWestvaco Corp | 1,277 | 45,780 | ||||||
Monsanto Co | 3,890 | 380,792 | ||||||
Newmont Mining Corp | 3,766 | 119,646 | ||||||
Nucor Corp | 2,404 | 109,358 | ||||||
PPG Industries Inc | 1,051 | 164,177 | ||||||
Praxair Inc | 2,168 | 254,523 | ||||||
Sherwin-Williams Co | 628 | 108,267 | ||||||
Sigma-Aldrich Corp | 928 | 76,532 | ||||||
The Mosiac Company | 2,068 | 86,132 | ||||||
United States Steel | 1,093 | 19,565 | ||||||
Vulcan Materials Co | 956 | 45,697 | ||||||
Total Basic Materials | 3,451,420 | |||||||
Communications (10.82%) | ||||||||
Amazon.Com Inc* | 2,600 | 730,548 | ||||||
AT&T Inc | 40,436 | 1,367,949 | ||||||
Cablevision Systems | 1,680 | 29,786 | ||||||
CBS Corp Class B | 4,379 | 223,767 | ||||||
Centurylink Inc | 4,581 | 151,723 | ||||||
Cisco Systems Inc | 39,132 | 912,167 | ||||||
Comcast Corp | 19,592 | 824,627 | ||||||
Corning Inc | 11,057 | 155,240 | ||||||
Crown Castle Intl Co* | 2,156 | 149,670 | ||||||
DIRECTV* | 4,220 | 245,520 | ||||||
Discovery Comm. Series A* | 1,878 | 145,564 | ||||||
eBay Inc* | 8,321 | 415,967 | ||||||
Expedia Inc | 689 | 32,218 | ||||||
F5 Networks Inc* | 602 | 50,195 | ||||||
Frontier Comm | 8,240 | 35,679 | ||||||
Gannett Co Inc | 1,702 | 41,001 | ||||||
Google Inc* | 1,949 | 1,650,607 | ||||||
Harris Corp | 833 | 47,173 | ||||||
Interpublic Group Co | 3,241 | 50,949 | ||||||
JDS Uniphase Corp* | 1,800 | 23,094 | ||||||
Juniper Networks Inc* | 3,874 | 73,219 | ||||||
McGraw Hill Financ. | 2,019 | 117,849 | ||||||
Motorola Solutions | 2,139 | 119,805 | ||||||
NetFlix Inc* | 413 | 117,255 | ||||||
News Corp New-CL A-W/I* | 3,745 | 58,797 | ||||||
Omnicom Group | 1,982 | 120,208 | ||||||
Priceline.com Inc* | 361 | 338,809 | ||||||
Scripps Networks Class A | 635 | 46,692 | ||||||
Sprint Corp* | 5,930 | 39,790 | ||||||
Symantec Corp | 5,172 | 132,455 | ||||||
Time Warner Cable | 2,282 | 244,973 | ||||||
Time Warner Inc | 7,045 | 426,434 | ||||||
TripAdvisor Inc.* | 850 | $ | 62,875 | |||||
Twenty-First Century Class A | 14,980 | 469,323 | ||||||
VeriSign Inc* | 1,159 | 55,620 | ||||||
Verizon Comm. | 20,602 | 976,123 | ||||||
Viacom Inc (New) | 3,483 | 277,107 | ||||||
Walt Disney Co | 13,185 | 802,044 | ||||||
Washington Post | 47 | 26,508 | ||||||
Windstream Corp. Group | 4,013 | 32,385 | ||||||
Yahoo! Inc* | 7,670 | 208,010 | ||||||
Total Communications | 12,029,725 | |||||||
Consumer, Cyclical (9.36%) | ||||||||
Abercrombie & Fitch | 700 | 24,717 | ||||||
Autonation Inc* | 284 | 13,274 | ||||||
Autozone Inc* | 275 | 115,484 | ||||||
Bed Bath & Beyond* | 1,720 | 126,833 | ||||||
Best Buy Co Inc | 1,956 | 70,416 | ||||||
BorgWarner Inc | 832 | 80,355 | ||||||
Carmax Inc* | 1,689 | 80,329 | ||||||
Carnival Corp | 3,334 | 120,324 | ||||||
Chipotle Mexican* | 234 | 95,512 | ||||||
Cintas Corp | 801 | 38,256 | ||||||
Coach Inc | 2,156 | 113,858 | ||||||
Costco Wholesale | 3,160 | 353,509 | ||||||
CVS/Caremark Corp | 9,065 | 526,222 | ||||||
Darden Restaurants | 933 | 43,114 | ||||||
Delphi Automotive | 2,173 | 119,558 | ||||||
Dollar General Corp* | 1,932 | 104,270 | ||||||
Dollar Tree Inc.* | 1,728 | 91,066 | ||||||
DR Horton Inc | 2,043 | 36,468 | ||||||
Family Dollar Stores | 713 | 50,758 | ||||||
Fastenal Co | 2,014 | 88,596 | ||||||
Ford Motor Co | 27,615 | 447,086 | ||||||
Fossil Group Inc.* | 377 | 43,785 | ||||||
Gamestop Corp Class A | 908 | 45,591 | ||||||
Gap Inc/The | 2,194 | 88,725 | ||||||
General Motors Co.* | 5,632 | 191,939 | ||||||
Genuine Parts Co | 1,170 | 90,102 | ||||||
Goodyear Tire & Rubb* | 1,847 | 37,162 | ||||||
Harley-Davidson Inc | 1,765 | 105,865 | ||||||
Harman International | 529 | 33,867 | ||||||
Hasbro Inc | 950 | 43,301 | ||||||
Home Depot Inc | 11,091 | 826,168 | ||||||
Intl Game Tech | 2,266 | 42,805 | ||||||
JC Penney Co Inc Hld* | 1,066 | 13,304 | ||||||
Johnson Controls Inc | 5,136 | 208,162 | ||||||
Kohl's Corp | 1,587 | 81,429 | ||||||
L Brands Inc | 1,787 | 102,502 | ||||||
Lennar Corp | 1,300 | 41,353 | ||||||
Lowe's Cos Inc | 8,392 | 384,521 | ||||||
Macy's Inc. | 2,961 | 131,557 | ||||||
Marriott Intl Class A | 1,935 | 77,381 | ||||||
Mattel Inc | 2,508 | 101,574 | ||||||
McDonald's Corp | 7,400 | 698,263 | ||||||
Newell Rubbermaid | 2,365 | 59,835 | ||||||
Nike Inc CL B | 5,334 | 335,082 | ||||||
Nordstrom Inc | 1,123 | 62,585 | ||||||
O'Reilly Automotive* | 874 | 107,249 | ||||||
Paccar Inc | 2,601 | 139,440 | ||||||
Petsmart Inc | 796 | 56,062 | ||||||
PulteGroup Inc | 2,804 | 43,154 | ||||||
PVH Corp. | 574 | 73,903 | ||||||
Ralph Lauren Corp | 449 | 74,269 | ||||||
Ross Stores Inc | 1,661 | 111,719 | ||||||
Southwest Airlines | 5,662 | $ | 72,530 | |||||
Staples Inc | 5,524 | 76,839 | ||||||
Starbucks Corp | 5,474 | 386,026 | ||||||
Starwood Hotels | 1,427 | 91,242 | ||||||
Target Corp | 4,818 | 305,028 | ||||||
Tiffany & Co | 950 | 73,255 | ||||||
TJX Cos Inc | 5,416 | 285,532 | ||||||
Urban Outfitters Inc* | 803 | 33,670 | ||||||
VF Corp | 647 | 121,125 | ||||||
Walgreen Co | 6,346 | 305,052 | ||||||
Wal-Mart Stores Inc | 12,426 | 906,848 | ||||||
Whirlpool Corp | 570 | 73,331 | ||||||
WW Grainger Inc | 441 | 109,081 | ||||||
Wyndham Worldwide | 1,139 | 67,611 | ||||||
Wynn Resorts Ltd | 526 | 74,187 | ||||||
Yum! Brands Inc | 3,354 | 234,847 | ||||||
Total Consumer, Cyclical | 10,408,863 | |||||||
Consumer, Non-Cyclical (21.39%) | ||||||||
Abbott Laboratories | 11,424 | 380,762 | ||||||
AbbVie Inc. | 11,424 | 486,777 | ||||||
Actavis Inc.* | 836 | 113,010 | ||||||
Aetna Inc | 2,841 | 180,091 | ||||||
Alexion Pharma Inc.* | 1,383 | 149,032 | ||||||
Allergan Inc | 2,212 | 195,497 | ||||||
Altria Group Inc | 14,863 | 503,558 | ||||||
AmerisourceBergen Co | 1,851 | 105,359 | ||||||
Amgen Inc | 5,671 | 617,799 | ||||||
Apollo Group Inc* | 980 | 18,199 | ||||||
Archer-Daniels | 4,902 | 172,599 | ||||||
Automatic Data | 3,564 | 253,614 | ||||||
Avery Dennison Corp | 891 | 38,099 | ||||||
Avon Products Inc | 3,259 | 64,430 | ||||||
Baxter International | 4,026 | 280,049 | ||||||
Beam, Inc. | 1,241 | 77,749 | ||||||
Becton Dickinson&Co. | 1,468 | 142,954 | ||||||
Biogen Idec Inc* | 1,739 | 370,442 | ||||||
Boston Scientific Co* | 11,526 | 121,945 | ||||||
Bristol-Myers Squibb | 12,265 | 511,328 | ||||||
Brown-Forman Corp Class B | 1,081 | 72,416 | ||||||
Campbell Soup Co | 1,449 | 62,568 | ||||||
Cardinal Health Inc | 2,511 | 126,253 | ||||||
CareFusion Corp.* | 1,546 | 55,424 | ||||||
Celgene Corp.* | 3,188 | 446,256 | ||||||
Cigna Corp | 2,081 | 163,754 | ||||||
Clorox Co | 943 | 77,986 | ||||||
Coca-Cola Co/The | 28,487 | 1,087,634 | ||||||
Coca-Cola Enterprise | 2,036 | 76,146 | ||||||
Colgate-Palmolive Co | 6,558 | 378,856 | ||||||
ConAgra Foods Inc | 2,987 | 101,020 | ||||||
Constellation Brands* | 1,083 | 58,753 | ||||||
Covidien PLC | 3,532 | 209,801 | ||||||
CR Bard Inc | 610 | 70,071 | ||||||
DaVita HealthCare* | 612 | 65,796 | ||||||
Dentsply Intl. | 1,160 | 48,708 | ||||||
Dr Pepper Snapple | 1,620 | 72,511 | ||||||
Edwards Lifesciences* | 858 | 60,386 | ||||||
Eli Lilly & Co | 7,419 | 381,337 | ||||||
Equifax Inc | 870 | 51,408 | ||||||
Estee Lauder Co | 1,800 | 117,648 | ||||||
Express Scripts Hldg* | 5,973 | 381,555 | ||||||
Forest Laboratories* | 1,720 | 73,152 | ||||||
General Mills Inc | 4,683 | 230,966 | ||||||
Gilead Sciences Inc* | 11,004 | 663,211 |
See accompanying notes to financial statements.
21
S&P 500 Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
H&R Block Inc | 1,994 | $ | 55,653 | |||||
Hershey Co/The | 1,114 | 102,432 | ||||||
Hormel Foods Corp | 1,064 | 44,082 | ||||||
Hospira Inc* | 1,350 | 52,691 | ||||||
Humana Inc | 1,191 | 109,667 | ||||||
Intuitive Surgical* | 285 | 110,158 | ||||||
Iron Mountain Inc. | 1,243 | 32,069 | ||||||
JM Smucker Co/The | 823 | 87,353 | ||||||
Johnson & Johnson | 20,286 | 1,752,912 | ||||||
Kellogg Co | 1,816 | 110,249 | ||||||
Kimberly-Clark Corp | 2,926 | 273,522 | ||||||
Kraft Foods Group | 4,282 | 221,679 | ||||||
Kroger Co/The | 4,007 | 146,656 | ||||||
Lab. Corp Of America* | 705 | 67,483 | ||||||
Life Technologies* | 1,360 | 101,198 | ||||||
Lorillard, Inc. | 2,883 | 121,951 | ||||||
Mallinckrodt PLC* | 441 | 19,250 | ||||||
Mastercard Inc Class A | 772 | 467,894 | ||||||
McCormick & Co Inc | 975 | 65,959 | ||||||
McKesson Corp | 1,736 | 210,768 | ||||||
Mead Johnson Nutr. | 1,560 | 117,047 | ||||||
Medtronic Inc | 7,560 | 391,230 | ||||||
Merck & Co Inc | 22,116 | 1,045,866 | ||||||
Molson Coors Brewing DL | 1,200 | 58,548 | ||||||
Mondelez Int'l Inc. | 12,847 | 394,017 | ||||||
Monster Beverage Co* | 1,129 | 64,793 | ||||||
Moody's Corp | 1,498 | 95,213 | ||||||
Mylan Inc* | 3,101 | 109,589 | ||||||
Patterson Cos Inc | 758 | 30,229 | ||||||
Paychex Inc | 2,454 | 94,921 | ||||||
PepsiCo Inc | 11,411 | 909,799 | ||||||
Perrigo Co | 677 | 82,289 | ||||||
Pfizer Inc | 52,935 | 1,493,296 | ||||||
Philip Morris Intl. | 12,281 | 1,024,727 | ||||||
Procter & Gamble Co | 20,266 | 1,578,519 | ||||||
Quanta Services Inc* | 1,601 | 41,850 | ||||||
Quest Diagnostics | 1,168 | 68,468 | ||||||
Regeneron Pharma.* | 562 | 136,178 | ||||||
Reynolds American | 2,525 | 120,266 | ||||||
Robert Half Intl | 1,032 | 36,399 | ||||||
Safeway Inc | 1,746 | 45,221 | ||||||
SAIC, Inc | 2,336 | 35,204 | ||||||
St Jude Medical Inc | 2,310 | 116,447 | ||||||
Stryker Corp | 2,155 | 144,148 | ||||||
Sysco Corp | 4,516 | 144,602 | ||||||
Tenet Healthcare* | 766 | 29,912 | ||||||
The ADT Corporation | 1,732 | 68,986 | ||||||
Total System Service | 1,190 | 32,927 | ||||||
Tyson Foods Inc | 2,328 | 67,396 | ||||||
UnitedHealth Group | 7,592 | 544,650 | ||||||
Varian Medical Sys.* | 875 | 61,644 | ||||||
WellPoint Inc (New) | 2,432 | 207,060 | ||||||
Western Union Co | 4,688 | 82,181 | ||||||
Whitewave Foods Co Class A* | 351 | 6,711 | ||||||
Whitewave Foods Co Class B* | 500 | 9,475 | ||||||
Whole Foods Market | 2,358 | 124,385 | ||||||
Zimmer Holdings Inc | 1,338 | 105,822 | ||||||
Total Consumer, Non-Cyclical | 23,790,550 | |||||||
Diversified (0.03%) | ||||||||
Leucadia National Co | 1,447 | 36,074 | ||||||
Total Diversified | 36,074 | |||||||
Energy (10.33%) | ||||||||
Anadarko Petroleum | 3,750 | $ | 342,825 | |||||
Apache Corp | 2,792 | 239,219 | ||||||
Baker Hughes Inc | 3,384 | 157,322 | ||||||
Cabot Oil & Gas Corp | 3,164 | 123,807 | ||||||
Cameron Inter. Corp.* | 1,865 | 105,913 | ||||||
Chesapeake Energy Co | 3,818 | 98,543 | ||||||
Chevron Corp | 14,364 | 1,729,857 | ||||||
ConocoPhillips | 8,936 | 592,457 | ||||||
Consol Energy Inc | 1,500 | 46,845 | ||||||
Denbury Resources* | 2,835 | 49,017 | ||||||
Devon Energy Corp | 2,767 | 157,968 | ||||||
Diamond Offshore | 576 | 36,881 | ||||||
Ensco PLC Class A | 1,707 | 94,841 | ||||||
EOG Resources Inc | 1,925 | 302,321 | ||||||
EQT Corp. | 1,085 | 93,006 | ||||||
Exxon Mobil Corp | 32,991 | 2,875,495 | ||||||
FMC Technologies Inc* | 1,793 | 96,159 | ||||||
Halliburton Co | 6,883 | 330,384 | ||||||
Helmerich & Payne | 805 | 50,747 | ||||||
Hess Corp | 2,293 | 171,631 | ||||||
Kinder Morgan Inc | 4,655 | 176,564 | ||||||
Marathon Oil Corp | 5,187 | 178,588 | ||||||
Marathon Petroleum | 2,489 | 180,477 | ||||||
Murphy Oil Corp | 1,357 | 91,489 | ||||||
Nabors Industries | 2,404 | 37,022 | ||||||
National-Oilwell Inc | 3,192 | 237,166 | ||||||
Newfield Exploration* | 988 | 23,534 | ||||||
Noble Corporation | 1,885 | 70,122 | ||||||
Noble Energy Inc | 2,616 | 160,701 | ||||||
Occidental Petroleum | 5,892 | 519,733 | ||||||
Oneok Inc | 1,546 | 79,526 | ||||||
Peabody Energy Corp | 2,200 | 37,840 | ||||||
Phillips 66 | 4,612 | 263,345 | ||||||
Pioneer Natural Res. | 880 | 153,974 | ||||||
QEP Resources Inc. | 1,500 | 40,980 | ||||||
Range Resources Corp | 1,202 | 90,126 | ||||||
Rowan Companies plc* | 921 | 32,622 | ||||||
Schlumberger Ltd | 9,690 | 784,309 | ||||||
Sears Canada Inc. | 191 | 2,120 | ||||||
Southwestern Energy* | 2,561 | 97,830 | ||||||
Spectra Energy Corp. | 4,856 | 160,782 | ||||||
Tesoro Corp | 1,028 | 47,381 | ||||||
Valero Energy Corp | 4,032 | 143,257 | ||||||
Williams Cos Inc | 4,450 | 161,268 | ||||||
WPX Energy Inc.* | 1,483 | 27,673 | ||||||
Total Energy | 11,493,667 | |||||||
Financial (16.04%) | ||||||||
ACE Ltd | 2,500 | 219,300 | ||||||
Aflac Inc | 3,445 | 199,087 | ||||||
Allstate Corp/The | 3,620 | 173,470 | ||||||
American Express Co | 7,257 | 521,851 | ||||||
American Int'l Group* | 10,870 | 505,020 | ||||||
American Tower Corp | 2,860 | 198,741 | ||||||
Ameriprise Financial | 1,612 | 138,874 | ||||||
AON PLC | 2,362 | 156,790 | ||||||
Apartment Investment REIT | 1,070 | 29,457 | ||||||
Assurant Inc | 596 | 31,612 | ||||||
AvalonBay Community REIT | 686 | 84,995 | ||||||
Bank of America Corp | 77,978 | 1,101,049 | ||||||
Bank of NY Mellon | 8,692 | 258,500 | ||||||
BB&T Corp | 5,247 | 178,188 | ||||||
Berkshire Hathaway Class B* | 13,493 | 1,500,692 | ||||||
BlackRock, Inc. | 941 | $ | 244,961 | |||||
Boston Properties REIT | 1,078 | 110,495 | ||||||
Capital One Finl. | 4,021 | 259,556 | ||||||
CBRE Group Inc* | 2,058 | 45,008 | ||||||
Charles Schwab Corp | 7,272 | 151,839 | ||||||
Chubb Corp | 1,969 | 163,762 | ||||||
Cincinnati Financial | 1,179 | 53,857 | ||||||
Citigroup Inc | 21,278 | 1,028,366 | ||||||
CME Group Inc. | 2,250 | 159,998 | ||||||
Comerica Inc | 1,331 | 54,358 | ||||||
Discover Financial | 3,788 | 178,983 | ||||||
E*Trade Financial Co* | 1,181 | 16,581 | ||||||
Equity Residential REIT | 2,164 | 112,290 | ||||||
Fifth Third Bancorp | 6,069 | 111,002 | ||||||
First Horizon Nation | 1,791 | 19,808 | ||||||
Franklin Resources | 3,105 | 143,327 | ||||||
Genworth Financial* | 3,728 | 43,990 | ||||||
Goldman Sachs Group | 3,315 | 504,311 | ||||||
Hartford Financial | 2,922 | 86,491 | ||||||
HCP Inc REIT | 3,020 | 123,005 | ||||||
Health Care REIT Inc REIT | 1,873 | 115,077 | ||||||
Host Hotels & Resort REIT | 5,173 | 88,096 | ||||||
Hudson City Bancorp | 3,497 | 32,137 | ||||||
Huntington Bancshare | 5,456 | 44,957 | ||||||
Intercontinental Ex.* | 535 | 96,166 | ||||||
Invesco Ltd. | 3,410 | 103,528 | ||||||
JPMorgan Chase & Co | 27,735 | 1,401,450 | ||||||
Keycorp | 6,704 | 78,236 | ||||||
Kimco Realty Corp REIT | 2,994 | 59,970 | ||||||
Legg Mason Inc | 884 | 28,748 | ||||||
Lincoln National | 2,305 | 96,902 | ||||||
Loews Corp | 2,394 | 106,437 | ||||||
M&T Bank Corp | 918 | 104,046 | ||||||
Marsh & McLennan Cos | 4,025 | 165,951 | ||||||
Metlife Inc | 7,704 | 355,848 | ||||||
Morgan Stanley | 10,374 | 267,234 | ||||||
Northern Trust Corp | 1,610 | 88,341 | ||||||
NYSE Euronext | 1,810 | 75,658 | ||||||
People's United Fin. | 2,887 | 41,053 | ||||||
Plum Creek Timber Co | 1,188 | 52,640 | ||||||
PNC Financial Svs. | 3,945 | 285,105 | ||||||
Principal Financial | 2,041 | 83,518 | ||||||
Progressive Corp/The | 4,123 | 103,364 | ||||||
Prologis Inc. REIT | 3,315 | 116,821 | ||||||
Prudential Financial | 3,541 | 265,150 | ||||||
Public Storage REIT | 1,035 | 158,013 | ||||||
Regions Financial Co | 9,066 | 85,220 | ||||||
Simon Property Group | 2,175 | 316,745 | ||||||
SLM Corp | 3,621 | 86,868 | ||||||
State Street Corp | 3,525 | 235,188 | ||||||
SunTrust Banks Inc | 3,809 | 121,964 | ||||||
T. Rowe Price Group | 1,965 | 137,825 | ||||||
The Macerich Co REIT | 1,011 | 56,899 | ||||||
The Nasdaq OMX Group | 1,127 | 33,652 | ||||||
Torchmark Corp | 784 | 54,010 | ||||||
Travelers Cos Inc. | 2,855 | 228,115 | ||||||
Unum Group | 2,266 | 66,915 | ||||||
US Bancorp | 13,884 | 501,629 | ||||||
Ventas Inc | 2,081 | 129,563 | ||||||
Visa Inc. Class A | 3,845 | 670,645 | ||||||
Vornado Realty Trust | 1,244 | 101,137 | ||||||
Wells Fargo & Co | 36,145 | 1,484,837 | ||||||
Weyerhaeuser Co | 3,870 | 105,961 | ||||||
XL Group PLC | 2,249 | 66,480 |
See accompanying notes to financial statements.
22
S&P 500 Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Zions Bancorporation | 1,054 | $ | 29,480 | |||||
Total Financial | 17,837,193 | |||||||
Industrial (10.24%) | ||||||||
3M Co | 4,679 | 531,441 | ||||||
Agilent Technologies | 2,633 | 122,803 | ||||||
Amphenol Corp Class A | 1,186 | 89,863 | ||||||
Ball Corp | 1,134 | 50,372 | ||||||
Bemis Co | 906 | 36,050 | ||||||
Boeing Co | 4,978 | 517,314 | ||||||
Caterpillar Inc | 4,752 | 392,230 | ||||||
CH Robinson WW | 1,280 | 72,794 | ||||||
CSX Corp | 7,645 | 188,143 | ||||||
Cummins Inc | 1,302 | 160,406 | ||||||
Danaher Corp | 4,166 | 272,956 | ||||||
Deere & Co | 2,919 | 244,145 | ||||||
Dover Corp | 1,334 | 113,457 | ||||||
Eaton Corp PLC | 3,484 | 220,607 | ||||||
Emerson Electric Co | 5,336 | 322,134 | ||||||
Expeditors Intl. | 1,549 | 62,827 | ||||||
FedEx Corp | 2,148 | 230,609 | ||||||
Flir Systems Inc | 1,158 | 36,222 | ||||||
Flowserve Corp | 1,128 | 62,931 | ||||||
Fluor Corp | 1,298 | 82,332 | ||||||
Garmin Ltd | 806 | 32,861 | ||||||
General Dynamics | 2,440 | 203,130 | ||||||
General Electric Co | 76,880 | 1,779,002 | ||||||
Honeywell Intl. | 5,633 | 448,218 | ||||||
Illinois Tool Works | 3,173 | 226,774 | ||||||
Ingersoll-Rand Co | 2,109 | 124,726 | ||||||
Jabil Circuit Inc | 1,699 | 38,771 | ||||||
Jacobs Engineering* | 1,000 | 58,280 | ||||||
Joy Global Inc | 784 | 38,510 | ||||||
Kansas City Southern | 811 | 85,496 | ||||||
L-3 Communications | 719 | 64,947 | ||||||
Leggett & Platt Inc | 1,017 | 29,412 | ||||||
Lockheed Martin Corp | 1,981 | 242,514 | ||||||
Masco Corp | 2,627 | 49,703 | ||||||
Molex Inc | 1,013 | 29,397 | ||||||
Norfolk Southern | 2,398 | 173,040 | ||||||
Northrop Grumman | 1,818 | 167,747 | ||||||
Owens-Illinois Inc* | 1,395 | 39,604 | ||||||
Pall Corp | 838 | 57,939 | ||||||
Parker Hannifin Corp | 1,096 | 109,545 | ||||||
Pentair Ltd. | 1,542 | 92,690 | ||||||
PerkinElmer Inc | 1,021 | 36,725 | ||||||
Precision Castparts | 1,073 | 226,661 | ||||||
Raytheon Co | 2,443 | 184,227 | ||||||
Republic Services | 2,203 | 71,620 | ||||||
Rockwell Automation | 1,085 | 105,495 | ||||||
Rockwell Collins Inc | 1,079 | 76,361 | ||||||
Roper Industries Inc | 694 | 85,848 | ||||||
Ryder System Inc | 477 | 26,526 | ||||||
Sealed Air Corp | 1,582 | 44,929 | ||||||
Snap-On Inc | 424 | 39,686 | ||||||
Stanley Black & Deck | 1,237 | 105,467 | ||||||
Stericycle Inc* | 642 | 72,264 | ||||||
TE Connectivity Ltd | 3,236 | 158,564 | ||||||
Textron Inc | 2,069 | 55,739 | ||||||
Thermo Fisher Scient | 2,658 | 236,110 | ||||||
Tyco International | 3,464 | 114,451 | ||||||
Union Pacific Corp | 3,488 | 535,548 | ||||||
United Parcel Svs. | 5,289 | $ | 452,633 | |||||
United Technologies | 6,172 | 617,816 | ||||||
Waste Management Inc | 3,352 | 135,555 | ||||||
Waters Corp* | 682 | 67,416 | ||||||
Xylem Inc | 1,498 | 37,120 | ||||||
Total Industrial | 11,388,703 | |||||||
Technology (12.36%) | ||||||||
Accenture PLC | 4,670 | 337,408 | ||||||
Adobe Systems Inc* | 3,587 | 164,105 | ||||||
Advanced Micro Devic* | 4,487 | 14,672 | ||||||
Akamai Technologies* | 1,400 | 64,372 | ||||||
Altera Corp | 2,432 | 85,533 | ||||||
Analog Devices Inc | 2,227 | 103,066 | ||||||
Apple Inc. | 6,897 | 3,359,185 | ||||||
Applied Materials | 9,105 | 136,666 | ||||||
Autodesk Inc* | 1,669 | 61,336 | ||||||
BMC Software Inc* | 1,079 | 49,634 | ||||||
Broadcom Corp | 3,543 | 89,496 | ||||||
CA Inc | 2,646 | 77,396 | ||||||
Cerner Corp* | 2,120 | 97,647 | ||||||
Citrix Systems Inc* | 1,348 | 95,398 | ||||||
Cognizant Technology* | 2,204 | 161,553 | ||||||
Computer Sciences Co | 1,256 | 62,988 | ||||||
Dell Inc | 10,721 | 147,628 | ||||||
Dun & Bradstreet | 396 | 39,394 | ||||||
Electronic Arts Inc* | 2,629 | 70,037 | ||||||
EMC Corp | 14,917 | 384,560 | ||||||
Fidelity National | 1,851 | 82,295 | ||||||
First Solar, Inc.* | 370 | 13,586 | ||||||
Fiserv Inc* | 1,057 | 101,757 | ||||||
Hewlett-Packard Co | 14,359 | 320,780 | ||||||
Intel Corp | 36,299 | 797,852 | ||||||
Intl Bus Machines | 7,714 | 1,406,032 | ||||||
Intuit Inc | 2,031 | 129,029 | ||||||
Kla-Tencor Corp | 1,304 | 71,916 | ||||||
Lam Research Corp* | 1,341 | 62,584 | ||||||
Linear Technology Co | 1,694 | 64,931 | ||||||
LSI Corp. | 4,118 | 30,514 | ||||||
Microchip Technology | 1,401 | 54,373 | ||||||
Micron Technology* | 6,485 | 88,001 | ||||||
Microsoft Corp | 55,516 | 1,854,235 | ||||||
NetApp, Inc. | 2,586 | 107,422 | ||||||
Nvidia Corp | 4,572 | 67,437 | ||||||
Oracle Corp | 27,191 | 866,306 | ||||||
Pitney Bowes Inc | 1,820 | 29,702 | ||||||
Qualcomm Inc | 12,533 | 830,688 | ||||||
Red Hat Inc* | 1,433 | 72,395 | ||||||
SALESFORCE.COM* | 3,760 | 184,729 | ||||||
Sandisk Corp | 1,741 | 96,068 | ||||||
Seagate Technology | 2,601 | 99,670 | ||||||
Teradata Corp.* | 1,256 | 73,551 | ||||||
Teradyne Inc* | 1,380 | 21,183 | ||||||
Texas Instruments | 8,319 | 317,786 | ||||||
Western Digital | 1,637 | 101,494 | ||||||
Xerox Corp | 10,310 | 102,894 | ||||||
Xilinx Inc | 2,112 | 91,703 | ||||||
Total Technology | 13,742,987 | |||||||
Utilities (2.98%) | ||||||||
AES Corp/The | 4,674 | $ | 59,407 | |||||
AGL Resources Inc | 850 | 37,358 | ||||||
Ameren Corp | 1,808 | 61,128 | ||||||
American Electric | 3,645 | 156,006 | ||||||
Centerpoint Energy | 2,979 | 68,308 | ||||||
CMS Energy Corp | 2,062 | 54,705 | ||||||
Consolidated Edison | 2,227 | 125,224 | ||||||
Dominion Resources | 4,251 | 248,046 | ||||||
DTE Energy Co | 1,258 | 84,122 | ||||||
Duke Energy | 5,180 | 339,807 | ||||||
Edison International | 2,433 | 111,650 | ||||||
Entergy Corp | 1,304 | 82,452 | ||||||
Exelon Corp | 6,183 | 188,520 | ||||||
FirstEnergy Corp | 3,123 | 117,019 | ||||||
Integrys Energy | 615 | 34,391 | ||||||
NextEra Energy Inc. | 3,154 | 253,455 | ||||||
NiSource Inc | 2,050 | 59,983 | ||||||
Northeast Utilities | 2,274 | 93,166 | ||||||
NRG Energy Inc | 1,956 | 51,345 | ||||||
Pepco Holdings Inc | 1,700 | 32,198 | ||||||
PG&E Corp | 2,830 | 117,049 | ||||||
Pinnacle West Cap | 806 | 43,742 | ||||||
PPL Corp | 4,208 | 129,186 | ||||||
Public Service Enter | 3,861 | 125,174 | ||||||
SCANA Corp | 845 | 40,661 | ||||||
Sempra Energy | 1,653 | 139,546 | ||||||
Southern Co/The | 6,412 | 266,867 | ||||||
TECO Energy Inc | 1,498 | 24,762 | ||||||
Wisconsin Energy | 1,695 | 69,563 | ||||||
Xcel Energy Inc | 3,728 | 104,086 | ||||||
Total Utilities | 3,318,926 | |||||||
Total Common Stock (Cost $60,024,392) | 107,498,108 | |||||||
Right/Warrant (0.02%) | ||||||||
Kinder Morgan Inc WTS $40, 02/15/17 | 3,593 | 18,899 | ||||||
Total Right/Warrant (Cost $6,934) | 18,899 | |||||||
Preferred Stock (0.00%) | ||||||||
Orchard Supply HWare Series A; 0% Coupon | 20 | 1 | ||||||
Total Preferred Stock (Cost $24) | 1 | |||||||
Short-Term Investments (2.34%) | ||||||||
United States Treasury Bills (2.34%) | Par Value | |||||||
United States T-Bill 09/12/2013, DN | $ | 1,400,000 | 1,399,990 | |||||
United States T-Bill 12/19/2013, DN | 1,000,000 | 999,918 | ||||||
United States T-Bill 01/23/2014, DN | 200,000 | 199,972 | ||||||
Total United States Treasury Bills | 2,599,880 | |||||||
Total Short-Term Investments (Cost $2,599,858) | 2,599,880 |
See accompanying notes to financial statements.
23
S&P 500 Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Value (Note 1) | |||
Total Investments (Cost $62,631,208) (a) (99.01%) | $ | 110,116,888 | ||
Other Net Assets (0.99%) | 1,100,438 | |||
Net Assets (100.00%) | $ | 111,217,326 | ||
* Non-income producing security. | ||||
(a) Aggregate cost for federal income tax purpose is $63,144,390. At August 31, 2013, unrealized appreciation (depreciation) of securities is as follows: | ||||
Unrealized appreciation | $ | 52,547,976 | ||
Unrealized depreciation | (5,575,478 | ) | ||
Net unrealized appreciation | $ | 46,972,498 |
(c) Futures contracts at Aug 31, 2013: Contracts - $50 times premium / delivery month / commitment | ||||
S&P 500 E-mini | Unrealized Depreciation | |||
44 / SEP 2013 / Long | $ | (19,775 | ) |
S&P MidCap Index Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (99.02%) | ||||||||
Basic Materials (4.23%) | ||||||||
Albemarle Corp | 10,020 | $ | 624,947 | |||||
Ashland Inc | 8,214 | 716,343 | ||||||
Cabot Corp | 6,690 | 267,533 | ||||||
Carpenter Technology | 4,953 | 266,323 | ||||||
Commercial Metals Co | 13,024 | 193,797 | ||||||
Compass Minerals Int | 3,720 | 274,276 | ||||||
Cytec Industries Inc | 4,665 | 348,849 | ||||||
Domtar Corp | 3,868 | 255,288 | ||||||
Intrepid Potash | 5,237 | 65,148 | ||||||
Minerals Tech | 4,104 | 182,218 | ||||||
NewMarket Corp | 1,215 | 333,129 | ||||||
Olin Corp | 8,903 | 205,659 | ||||||
Reliance Steel & Alu | 8,455 | 563,864 | ||||||
Royal Gold, Inc. DL | 7,212 | 418,512 | ||||||
RPM International In | 14,789 | 502,530 | ||||||
Sensient Tech. | 5,551 | 230,144 | ||||||
Steel Dynamics Inc | 24,679 | 376,602 | ||||||
Valspar Corp | 9,289 | 577,404 | ||||||
Total Basic Materials | 6,402,566 | |||||||
Communications (4.27%) | ||||||||
Adtran Inc | 7,191 | 173,447 | ||||||
AMC Networks Inc Class A* | 6,477 | 401,444 | ||||||
AOL Inc. | 8,577 | 282,441 | ||||||
Ciena Corp* | 11,260 | 224,299 | ||||||
Equinix, Inc* | 5,418 | 941,323 | ||||||
Factset Research Sys | 4,600 | 470,810 | ||||||
InterDigital Inc. | 4,569 | 162,382 | ||||||
John Wiley & Sons | 5,304 | 232,315 | ||||||
Lamar Advertising Co* | 6,194 | 260,582 | ||||||
Meredith Corp | 4,188 | 180,126 | ||||||
Neustar Inc. Class A* | 7,344 | 371,166 | ||||||
New York Times Co* | 14,132 | 157,572 | ||||||
Plantronics Inc | 4,730 | 204,336 | ||||||
Polycom Inc* | 19,995 | 198,550 | ||||||
Rackspace Hosting* | 11,802 | 528,966 | ||||||
RF Micro Devices Inc* | 31,124 | 154,375 | ||||||
Scholastic Corp | 2,834 | 83,631 | ||||||
Telephone & Data Sys | 10,876 | $ | 301,156 | |||||
Tellabs Inc | 37,181 | 82,542 | ||||||
Tibco Software Inc.* | 17,315 | 390,280 | ||||||
Time Warner Telecom Class A* | 16,901 | 483,707 | ||||||
Valueclick Inc* | 7,937 | 167,947 | ||||||
Total Communications | 6,453,397 | |||||||
Consumer, Cyclical (13.13%) | ||||||||
Advance Auto Parts | 8,216 | 657,855 | ||||||
Aeropostale Inc* | 8,691 | 70,658 | ||||||
Alaska Air Group Inc | 7,811 | 442,259 | ||||||
American Eagle | 20,118 | 291,107 | ||||||
Ann Inc* | 5,447 | 189,011 | ||||||
Arrow Electronics* | 11,772 | 546,456 | ||||||
Ascena Retail Group* | 13,851 | 226,048 | ||||||
Bally Technologies* | 4,296 | 309,870 | ||||||
Barnes & Noble Inc* | 4,610 | 63,019 | ||||||
Big Lots Inc* | 6,439 | 228,069 | ||||||
Bob Evans Farms Inc | 3,095 | 151,748 | ||||||
Brinker Intl | 7,873 | 314,841 | ||||||
Cabels's Inc* | 5,184 | 339,708 | ||||||
Carter's Inc | 5,772 | 425,050 | ||||||
Cheesecake Factory | 5,614 | 234,497 | ||||||
Chico's FAS Inc | 18,893 | 294,731 | ||||||
Cinemark Holdings | 11,452 | 337,490 | ||||||
Copart Inc* | 12,028 | 382,130 | ||||||
CST Brands, Inc.* | 6,833 | 201,574 | ||||||
Deckers Outdoor Corp* | 3,826 | 224,701 | ||||||
Dicks Sporting Goods | 10,881 | 504,987 | ||||||
Domino's Pizza, Inc. | 6,303 | 387,256 | ||||||
Dreamworks Animation* | 7,962 | 225,325 | ||||||
Foot Locker Inc | 16,738 | 538,964 | ||||||
Guess? Inc | 6,894 | 210,267 | ||||||
Hanesbrands Inc. | 10,991 | 653,745 | ||||||
Herman Miller Inc | 6,532 | 166,370 | ||||||
HNI Corp | 5,210 | 174,431 | ||||||
HSN Inc. | 4,193 | 225,835 | ||||||
Ingram Micro Inc* | 16,911 | 373,733 | ||||||
International Spdway | 2,835 | 87,857 | ||||||
JetBlue Airways Corp* | 23,748 | 146,050 | ||||||
KB Home | 8,392 | $ | 134,524 | |||||
Life Time Fitness* | 4,500 | 224,955 | ||||||
LKQ Corporation* | 33,184 | 970,299 | ||||||
MDC Holdings Inc | 4,359 | 121,311 | ||||||
Mohawk Industries* | 6,435 | 756,048 | ||||||
MSC Indust'l Direct | 5,190 | 394,440 | ||||||
NVR Inc* | 517 | 442,454 | ||||||
Office Depot Inc* | 32,067 | 134,361 | ||||||
Oshkosh Truck Corp* | 9,717 | 436,488 | ||||||
Owens & Minor Inc | 7,028 | 239,725 | ||||||
Panera Bread Co* | 3,166 | 519,287 | ||||||
Polaris Industries | 7,162 | 782,162 | ||||||
Regis Corp | 6,382 | 100,708 | ||||||
Saks Inc* | 11,505 | 183,275 | ||||||
Scientific Games Cor* | 6,568 | 93,857 | ||||||
Signet Jewelers Ltd | 9,096 | 603,974 | ||||||
Tempur-Pedic Intl* | 6,696 | 257,863 | ||||||
The Wendy's Co | 31,636 | 239,168 | ||||||
Thor Industries Inc | 4,882 | 250,105 | ||||||
Toll Brothers Inc* | 16,521 | 505,708 | ||||||
Tractor Supply Co | 7,698 | 942,004 | ||||||
Under Armour Inc.* | 8,282 | 601,604 | ||||||
Watsco Inc | 3,199 | 287,270 | ||||||
Williams-Sonoma Inc | 9,740 | 549,433 | ||||||
WMS Industries Inc* | 6,080 | 156,256 | ||||||
World Fuel Services | 8,017 | 305,849 | ||||||
Total Consumer, Cyclical | 19,858,770 | |||||||
Consumer, Non-Cyclical (18.87%) | ||||||||
Aaron's Inc. | 7,927 | 214,584 | ||||||
Alliance Data Sys* | 5,538 | 1,083,786 | ||||||
Bio-Rad Laboratories* | 2,287 | 260,741 | ||||||
Brink's Co/The | 5,281 | 136,408 | ||||||
Charles River Lab* | 5,512 | 253,828 | ||||||
Church & Dwight Inc | 15,349 | 910,962 | ||||||
Community Health Sys | 10,229 | 401,591 | ||||||
Convergys Corp | 11,819 | 208,369 | ||||||
Cooper Cos Inc | 5,437 | 710,127 | ||||||
CoreLogic Inc.* | 10,961 | 281,698 | ||||||
Corporate Executive | 3,869 | 250,866 | ||||||
Corrections Corp | 12,610 | 415,373 |
See accompanying notes to financial statements.
24
S&P MidCap Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Covance Inc* | 6,194 | $ | 501,962 | |||||
Dean Foods Co* | 10,340 | 198,114 | ||||||
Deluxe Corp | 5,906 | 232,401 | ||||||
DeVry Inc | 6,489 | 194,735 | ||||||
Endo Pharmaceuticals* | 12,670 | 520,610 | ||||||
Flowers Foods Inc | 19,077 | 396,611 | ||||||
FTI Consulting Inc* | 4,761 | 159,208 | ||||||
Gartner Inc* | 10,261 | 594,830 | ||||||
Global Payments Inc | 8,829 | 420,702 | ||||||
Green Mtn Coffee* | 13,715 | 1,183,741 | ||||||
Harris Teeter Spmkts | 5,178 | 254,499 | ||||||
Health Mgmt Assoc. Class A* | 28,566 | 367,359 | ||||||
Health Net Inc* | 8,800 | 265,584 | ||||||
Henry Schein Inc* | 9,740 | 984,226 | ||||||
Hill-Rom Holdings | 6,700 | 228,738 | ||||||
Hilshire Brands Co | 13,358 | 431,597 | ||||||
HMS Holdings Corp* | 9,885 | 247,026 | ||||||
Hologic Inc* | 29,720 | 634,225 | ||||||
Idexx Laboratories* | 6,061 | 568,643 | ||||||
Ingredion Inc. | 8,585 | 540,340 | ||||||
Jarden Corp* | 11,241 | 482,801 | ||||||
Lancaster Colony | 2,241 | 165,319 | ||||||
Lender Processing | 9,511 | 303,401 | ||||||
LifePoint Hospitals* | 5,222 | 236,191 | ||||||
Manpower Group | 8,549 | 554,403 | ||||||
Masimo Corporation | 5,849 | 144,704 | ||||||
Matthews Intl Corp | 3,305 | 121,955 | ||||||
Mednax Inc.* | 5,532 | 538,651 | ||||||
Monster Worldwide* | 13,869 | 62,411 | ||||||
Omnicare Inc | 11,638 | 632,758 | ||||||
Post Holdings Inc.* | 3,204 | 136,811 | ||||||
Rent-A-Center Inc | 6,464 | 242,465 | ||||||
Resmed Inc | 15,935 | 752,769 | ||||||
Rollins Inc | 7,481 | 185,155 | ||||||
RR Donnelley & Sons | 20,054 | 334,501 | ||||||
Scotts Co/The | 4,332 | 228,340 | ||||||
SEI Investments Co | 15,223 | 453,036 | ||||||
Service Corp Intl | 23,444 | 423,868 | ||||||
Smithfield Foods Inc* | 13,884 | 465,531 | ||||||
Sotheby's | 7,605 | 350,667 | ||||||
Steris Corp | 6,492 | 265,458 | ||||||
Strayer Education | 1,350 | 53,946 | ||||||
SUPERVALU Inc.* | 22,173 | 158,980 | ||||||
Techne Corp | 3,893 | 301,746 | ||||||
Teleflex Inc | 4,591 | 353,874 | ||||||
Thoratec Corporation* | 6,583 | 235,211 | ||||||
Tootsie Roll Ind. | 2,384 | 71,496 | ||||||
Towers Watson & Co. Class A | 6,267 | 515,461 | ||||||
Tupperware Brands | 6,008 | 485,266 | ||||||
United Natural Foods* | 5,481 | 332,313 | ||||||
United Rentals Inc* | 10,424 | 570,922 | ||||||
United Therapeutics* | 5,182 | 367,456 | ||||||
Universal Corp/Richm | 2,699 | 132,305 | ||||||
Universal Health Svs CL B | 9,915 | 671,741 | ||||||
Valassis Comm. | 4,347 | 119,760 | ||||||
VCA Antech Inc* | 10,077 | 275,001 | ||||||
Vertex Pharma.* | 24,269 | 1,823,814 | ||||||
WellCare Health Plan* | 4,828 | 307,399 | ||||||
WEX Inc.* | 4,359 | 348,851 | ||||||
Whitewave Foods Co Class A* | 15,394 | 294,333 | ||||||
Total Consumer, Non-Cyclical | 28,554,554 | |||||||
Energy (5.13%) | ||||||||
Alpha Natural Res* | 24,779 | 150,656 | ||||||
Arch Coal Inc | 23,608 | $ | 105,528 | |||||
Atwood Oceanics Inc* | 6,341 | 353,067 | ||||||
Bill Barrett Corp* | 5,594 | 120,439 | ||||||
CARBO Ceramics Inc | 2,183 | 178,111 | ||||||
Cimarex Energy Co | 9,656 | 809,270 | ||||||
Dresser-Rand Group* | 8,514 | 518,843 | ||||||
Dril-Quip Inc* | 4,000 | 408,040 | ||||||
Energen Corp | 8,124 | 538,702 | ||||||
Forest Oil Corp* | 12,999 | 72,274 | ||||||
Helix Energy* | 11,005 | 275,455 | ||||||
HollyFrontier Corp | 22,604 | 1,005,427 | ||||||
Oceaneering Intl. | 12,010 | 931,737 | ||||||
Oil States Intl Inc* | 5,784 | 516,048 | ||||||
Patterson-UTI Energy | 16,231 | 317,965 | ||||||
Rosetta Resources* | 6,633 | 308,633 | ||||||
SM Energy Co. | 7,223 | 493,475 | ||||||
Superior Energy Svs* | 17,756 | 436,087 | ||||||
Unit Corp* | 4,812 | 221,593 | ||||||
Total Energy | 7,761,350 | |||||||
Financial (21.01%) | ||||||||
Affiliated Mgrs Grp* | 5,774 | 1,006,525 | ||||||
Alexander & Baldwin* | 4,846 | 174,311 | ||||||
Alexandria REIT | 7,824 | 482,506 | ||||||
Alleghany Corp* | 1,872 | 724,632 | ||||||
American Campus REIT | 11,580 | 385,730 | ||||||
American Finl. Group | 8,315 | 428,472 | ||||||
Apollo Investment | 22,201 | 175,166 | ||||||
Arthur J Gallagher | 14,000 | 578,760 | ||||||
Aspen Insurance Hldg | 7,768 | 276,308 | ||||||
Associated Banc-Corp | 18,655 | 297,547 | ||||||
Astoria Financial Co | 9,437 | 116,075 | ||||||
BancorpSouth, Inc. | 8,709 | 168,780 | ||||||
Bank of Hawaii Corp | 5,172 | 266,358 | ||||||
BioMed Realty Trust REIT | 20,484 | 377,110 | ||||||
BRE Properties REIT | 8,533 | 409,499 | ||||||
Brown & Brown Inc | 13,083 | 407,405 | ||||||
Camden Property Trst REIT | 9,399 | 580,764 | ||||||
Cathay Gen Bancorp | 8,233 | 181,291 | ||||||
CBOE Holdings Inc. | 9,691 | 444,720 | ||||||
City National Corp | 5,275 | 345,354 | ||||||
Commerce Bancshares | 8,560 | 369,706 | ||||||
Corporate Office REIT | 8,366 | 190,577 | ||||||
Cullen/Frost Bankers | 6,904 | 489,079 | ||||||
Duke Realty Corp REIT | 35,779 | 522,016 | ||||||
East West Bancorp | 15,561 | 454,848 | ||||||
Equity One Inc REIT | 6,724 | 142,952 | ||||||
Essex Property Trust REIT | 4,094 | 586,711 | ||||||
EV Corp | 13,027 | 502,191 | ||||||
Everest Re Group Ltd | 5,683 | 778,287 | ||||||
Extra Space Storage REIT | 11,372 | 468,868 | ||||||
Federal REIT | 7,174 | 698,102 | ||||||
Federated Investors | 10,454 | 283,931 | ||||||
Fidelity Natl. Finan Title Class A | 23,703 | 561,998 | ||||||
First American Finan | 11,880 | 248,292 | ||||||
First Niagara Finl | 39,152 | 395,435 | ||||||
FirstMerit Corp | 18,369 | 388,688 | ||||||
Fulton Financial | 22,371 | 270,465 | ||||||
Greenhill & Co. | 3,000 | 142,170 | ||||||
Hancock Holding Co. | 9,548 | 306,968 | ||||||
Hanover Ins Group | 4,957 | 264,059 | ||||||
HCC Insurance Hlds | 11,324 | 477,873 | ||||||
Highwoods Properties REIT | 8,187 | 276,557 | ||||||
Home Properties Inc REIT | 5,450 | $ | 314,465 | |||||
Hospitality Ppty REIT | 15,309 | 413,649 | ||||||
International Bancsh | 5,988 | 131,257 | ||||||
Janus Capital Group | 21,687 | 181,303 | ||||||
Jones Lang LaSalle | 4,915 | 404,210 | ||||||
Kemper Corp. | 5,832 | 197,996 | ||||||
Kilroy Realty Corp REIT | 8,334 | 406,616 | ||||||
Liberty Prop. Trust REIT | 13,132 | 454,367 | ||||||
Mack-Cali Realty REIT | 9,381 | 202,630 | ||||||
Mercury Gen Corp | 4,206 | 184,559 | ||||||
National Retail REIT | 12,882 | 394,576 | ||||||
New York Cmnty Bncrp | 48,901 | 716,400 | ||||||
Old Republic Intl | 27,132 | 385,274 | ||||||
Omega Healthcare REIT | 12,220 | 347,048 | ||||||
Potlatch Corp | 4,670 | 180,075 | ||||||
Primerica Inc. | 5,087 | 188,880 | ||||||
Prosperity Bancshare | 4,916 | 293,977 | ||||||
Protective Life Corp | 8,692 | 363,239 | ||||||
Raymond James Finl. | 12,563 | 525,510 | ||||||
Rayonier Inc REIT | 13,795 | 762,036 | ||||||
Realty Income Corp | 21,578 | 852,331 | ||||||
Regency Centers REIT | 10,132 | 481,777 | ||||||
Reinsurance Grp Amer | 8,267 | 535,784 | ||||||
Senior Housing Ppty REIT | 9,493 | 215,966 | ||||||
Signature Bank* | 5,202 | 456,319 | ||||||
SL Green Realty Corp | 9,801 | 854,549 | ||||||
Stancorp Financial | 5,135 | 268,663 | ||||||
SVB Financial Group* | 4,916 | 407,045 | ||||||
Synovus Financial Co | 89,266 | 284,759 | ||||||
Taubman Centers Inc REIT | 7,046 | 474,971 | ||||||
TCF Financial Corp | 17,806 | 250,174 | ||||||
Trustmark Corp | 6,874 | 170,888 | ||||||
UDR Inc. REIT | 28,136 | 635,592 | ||||||
Valley Natl Bancorp | 22,192 | 223,917 | ||||||
Waddell & Reed Fin. | 9,643 | 459,200 | ||||||
Washington Federal | 12,110 | 252,978 | ||||||
Webster Financial Co | 10,000 | 264,600 | ||||||
Weingarten Realty REIT | 12,545 | 360,167 | ||||||
Westamerica Bancorp | 3,016 | 141,963 | ||||||
WR Berkley Corp | 12,235 | 503,103 | ||||||
Total Financial | 31,789,899 | |||||||
Industrial (18.54%) | ||||||||
Acuity Brands Inc | 4,744 | 405,612 | ||||||
Aecom Technology* | 11,651 | 339,394 | ||||||
AGCO Corp | 10,951 | 619,389 | ||||||
Alliant Techsystems | 3,639 | 352,110 | ||||||
Ametek Inc | 27,124 | 1,164,161 | ||||||
AptarGroup Inc | 7,452 | 438,252 | ||||||
Avnet Inc | 15,236 | 587,500 | ||||||
B/E Aerospace Inc* | 11,709 | 798,436 | ||||||
Carlisle Cos Inc | 7,093 | 472,394 | ||||||
Clarcor Inc | 5,663 | 303,310 | ||||||
Clean Harbors Inc* | 5,336 | 303,245 | ||||||
Con-Way Inc. | 6,247 | 259,875 | ||||||
Crane Co | 5,467 | 313,860 | ||||||
Donaldson Co Inc | 14,982 | 527,966 | ||||||
Eagle Materials Inc | 5,215 | 334,594 | ||||||
Energizer Holdings | 6,884 | 680,346 | ||||||
Esterline Tech.* | 3,453 | 263,429 | ||||||
Exelis Inc | 21,453 | 315,574 | ||||||
Fortune Brands Home | 18,084 | 666,215 | ||||||
GATX Corp | 5,208 | 235,714 | ||||||
General Cable Corp | 5,607 | 171,182 |
See accompanying notes to financial statements.
25
S&P MidCap Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Genesee & Wyo. Inc Class A* | 5,497 | $ | 475,930 | |||||
Gentex Corp | 16,233 | 365,729 | ||||||
Graco Inc | 6,743 | 468,571 | ||||||
Granite Construction | 3,874 | 109,712 | ||||||
Greif Inc | 3,373 | 181,704 | ||||||
Harsco Corp | 9,381 | 220,735 | ||||||
Hubbell Inc | 6,006 | 608,768 | ||||||
Huntington Ingalls | 5,672 | 359,151 | ||||||
IDEX Corp | 9,164 | 544,067 | ||||||
Itron Inc* | 4,487 | 168,083 | ||||||
ITT Corp | 10,249 | 336,680 | ||||||
JB Hunt Transport | 10,154 | 731,087 | ||||||
KBR Inc. | 16,678 | 498,005 | ||||||
Kennametal Inc | 8,985 | 382,042 | ||||||
Kirby Corp* | 6,292 | 506,066 | ||||||
Landstar System Inc | 5,264 | 287,678 | ||||||
Lennox International | 5,220 | 358,353 | ||||||
Lincoln Electric Hld | 9,211 | 575,964 | ||||||
Louisiana-Pacific Co* | 15,807 | 236,473 | ||||||
Martin Marietta Mtls | 5,140 | 493,697 | ||||||
Matson Inc. | 4,846 | 129,049 | ||||||
Mettler-Toledo Inter* | 3,370 | 742,175 | ||||||
Mine Safety Appl Co | 3,472 | 167,107 | ||||||
National Instruments | 10,469 | 290,515 | ||||||
Nordson Corp | 6,303 | 420,095 | ||||||
Packaging Corp Amer. | 10,873 | 576,704 | ||||||
Regal-Beloit Corp | 4,674 | 297,734 | ||||||
Rock-Tenn Co | 7,954 | 883,768 | ||||||
Silgan Holdings Inc | 5,028 | 237,221 | ||||||
Sonoco Products Co | 11,328 | 421,741 | ||||||
SPX Corp | 5,226 | 386,933 | ||||||
Tech Data Corp* | 4,245 | 208,684 | ||||||
Terex Corp* | 12,371 | 358,759 | ||||||
Tidewater Inc | 5,485 | 295,971 | ||||||
Timken Co | 8,842 | 495,683 | ||||||
Trimble Navigation* | 28,034 | 707,858 | ||||||
Trinity Industries | 9,036 | 381,500 | ||||||
Triumph Group Inc | 5,614 | 404,040 | ||||||
URS Corp | 8,642 | 427,952 | ||||||
UTI Worldwide Inc | 11,582 | 191,219 | ||||||
Valmont Industries | 2,476 | 334,161 | ||||||
Vishay Intertech.* | 14,822 | 181,570 | ||||||
Wabtec Corp | 10,710 | 626,749 | ||||||
Waste Connections | 13,885 | 588,169 | ||||||
Werner Enterprises | 5,007 | 115,361 | ||||||
Woodward Inc. | 6,767 | 260,936 | ||||||
Worthington Ind. | 5,873 | 195,747 | ||||||
Zebra Technologies* | 5,658 | 258,005 | ||||||
Total Industrial | 28,046,459 | |||||||
Technology (8.80%) | ||||||||
3D Systems Corp* | 10,164 | 522,430 | ||||||
ACI Worldwide Inc* | 4,414 | 214,829 | ||||||
Acxiom Corp* | 8,198 | 203,966 | ||||||
Advent Software Inc | 3,719 | 100,376 | ||||||
Allscripts Hlthcare* | 19,262 | 280,069 | ||||||
Ansys Inc* | 10,453 | 877,844 | ||||||
Atmel Corp* | 48,788 | 354,201 | ||||||
Broadridge Financial | 13,532 | 402,712 | ||||||
Cadence Design Sys* | 30,869 | $ | 415,805 | |||||
Commvault Systems* | 4,696 | 393,666 | ||||||
Compuware Corp | 23,604 | 251,855 | ||||||
Concur Technologies* | 5,070 | 495,440 | ||||||
Cree Inc* | 13,021 | 722,536 | ||||||
Cypress Semi. Corp | 14,914 | 168,826 | ||||||
Diebold Inc | 7,043 | 199,176 | ||||||
DST Systems Inc | 3,448 | 246,084 | ||||||
Fair Isaac Corp | 3,805 | 190,554 | ||||||
Fairchild Semiconduc* | 14,192 | 173,284 | ||||||
Informatica Corp* | 12,097 | 432,710 | ||||||
Integrated Dev. Tech* | 15,931 | 138,759 | ||||||
International Rectif* | 8,025 | 191,637 | ||||||
Intersil Corp | 14,892 | 154,430 | ||||||
Jack Henry & Assoc. | 9,777 | 487,872 | ||||||
Lexmark Intl | 7,026 | 240,008 | ||||||
ManTech Intl | 2,694 | 76,644 | ||||||
Mentor Graphics Corp | 10,846 | 240,347 | ||||||
Micros Systems Inc* | 9,005 | 440,345 | ||||||
MSCI Inc.* | 13,351 | 500,796 | ||||||
NCR Corp* | 17,836 | 634,606 | ||||||
PTC Inc.* | 13,580 | 354,031 | ||||||
QLogic Corp* | 10,094 | 106,895 | ||||||
Riverbed Technology* | 18,171 | 280,560 | ||||||
Rovi Corp.* | 11,545 | 207,002 | ||||||
Semtech Corp* | 7,334 | 217,966 | ||||||
Silicon Laboratories* | 4,321 | 167,179 | ||||||
Skyworks Solutions* | 21,229 | 538,368 | ||||||
Solarwinds Inc.* | 6,842 | 249,391 | ||||||
Solera Holdings Inc. | 7,649 | 394,841 | ||||||
SunEdison Inc.* | 26,786 | 197,145 | ||||||
Synopsys Inc* | 16,656 | 603,947 | ||||||
Verifone Systems Inc* | 11,989 | 237,622 | ||||||
Total Technology | 13,306,754 | |||||||
Utilities (5.04%) | ||||||||
Alliant Energy Corp | 12,508 | 620,523 | ||||||
Aqua America Inc | 15,647 | 475,199 | ||||||
Atmos Energy Corp | 10,165 | 410,158 | ||||||
Black Hills Corp | 4,587 | 220,268 | ||||||
Cleco Corp | 6,853 | 309,481 | ||||||
Great Plains Energy | 17,219 | 377,440 | ||||||
Hawaiian Electric | 10,833 | 270,933 | ||||||
Idacorp Inc | 5,627 | 269,364 | ||||||
MDU Resources Group | 21,274 | 568,016 | ||||||
National Fuel Gas Co | 9,360 | 611,021 | ||||||
NV Energy Inc. | 26,105 | 612,162 | ||||||
OGE Energy Corp | 22,100 | 778,142 | ||||||
PNM Resources Inc | 8,974 | 196,620 | ||||||
Questar Corp | 19,444 | 426,212 | ||||||
UGI Corp | 12,786 | 501,211 | ||||||
Vectren Corp | 9,231 | 300,931 | ||||||
Westar Energy Inc | 13,837 | 430,469 | ||||||
WGL Holdings Inc | 5,737 | 239,462 | ||||||
Total Utilities | 7,617,612 | |||||||
Total Common Stock (Cost $92,172,691) | 149,791,361 |
Short-Term Investments (0.79% | ||||||||
United States Treasury Bills (0.79%) | Par Value | |||||||
United States T-Bill 10/31/2013, DN | $ | 800,000 | $ | 799,940 | ||||
United States T-Bill 12/19/2013, DN | 100,000 | 99,992 | ||||||
United States T-Bill 01/23/2014, DN | 300,000 | 299,959 | ||||||
Total United States Treasury Bills | $ | 1,199,891 | ||||||
Total Short-Term Investments (Cost $1,199,891) | 1,199,891 | |||||||
Total Investments (Cost $93,372,582) (a) (99.81%) | 150,991,252 | |||||||
Other Net Assets (0.19%) | 294,088 | |||||||
Net Assets (100.00%) | $ | 151,285,340 | ||||||
* Non-income producing security. | ||||||||
(a) Aggregate cost for federal income tax purpose is $93,740,387. At August 31, 2013, unrealized appreciation (depreciation) of securities is as follows: | ||||||||
Unrealized appreciation | $ | 60,663,843 | ||||||
Unrealized depreciation | (3,412,978 | ) | ||||||
Net unrealized appreciation | $ | 57,250,865 | ||||||
(c) Futures contracts at Aug 31, 2013: Contracts - $100 times premium / delivery month / commitment |
S&P MidCap E-MINI | Unrealized Depreciation | |||||||
12 / SEP 2013 / Long | $ | (50,640 | ) |
See accompanying notes to financial statements.
26
S&P SmallCap Index Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (93.51%) | ||||||||
Basic Materials (3.89%) | ||||||||
AK Steel Holding Cor* | 9,442 | $ | 31,725 | |||||
Amcol International | 1,832 | 60,401 | ||||||
American Vanguard Co | 1,690 | 42,385 | ||||||
Balchem Corp | 2,076 | 99,357 | ||||||
Century Aluminum Co* | 4,083 | 31,888 | ||||||
Clearwater Paper* | 1,504 | 71,681 | ||||||
Deltic Timber Corp | 776 | 46,676 | ||||||
Glatfelter | 3,044 | 77,987 | ||||||
Globe Specialty Mtls | 4,542 | 58,365 | ||||||
Hawkins Inc. | 618 | 22,915 | ||||||
HB Fuller Co | 3,547 | 132,268 | ||||||
Innophos Holdings | 1,553 | 76,050 | ||||||
Kaiser Aluminum Corp | 1,196 | 82,668 | ||||||
KapStone Paper | 2,655 | 111,510 | ||||||
Kraton Perf Polymers* | 2,295 | 42,572 | ||||||
Materion Corp. | 1,269 | 37,309 | ||||||
Neenah Paper | 1,124 | 41,138 | ||||||
OM Group Inc* | 2,228 | 63,320 | ||||||
PolyOne Corp | 7,188 | 194,221 | ||||||
Quaker Chemical Corp | 909 | 60,321 | ||||||
Schulman A Inc | 2,273 | 61,280 | ||||||
Schweitzer-Mauduit | 2,492 | 142,717 | ||||||
Stepan Company | 1,122 | 63,326 | ||||||
Stillwater Mining Co Dually Listed* | 8,267 | 94,161 | ||||||
Wausau Paper Corp | 3,194 | 35,038 | ||||||
Zep Inc. | 1,342 | 18,895 | ||||||
Total Basic Materials | 1,800,174 | |||||||
Communications (4.63%) | ||||||||
Anixter Internationa* | 2,047 | 171,047 | ||||||
ARRIS Group Inc* | 8,093 | 126,817 | ||||||
Atlantic Tele-Nwtk | 630 | 29,761 | ||||||
Black Box Corp | 1,103 | 29,307 | ||||||
Blucora Inc.* | 2,877 | 57,598 | ||||||
Blue Nile Inc* | 1,051 | 38,025 | ||||||
CalAmp Corp* | 2,332 | 38,221 | ||||||
Cbeyond Comm Inc* | 1,695 | 11,119 | ||||||
Cincinnati Bell Inc* | 14,029 | 41,947 | ||||||
ComScore Inc.* | 2,350 | 66,952 | ||||||
Comtech Telecom. | 1,983 | 47,533 | ||||||
Dealertrack Tech Inc* | 3,037 | 120,235 | ||||||
Dice Holdings Inc.* | 3,715 | 30,946 | ||||||
Digital Generation* | 1,808 | 22,184 | ||||||
EW Scripps Co CL A* | 1,800 | 27,378 | ||||||
General Comm. Class A* | 2,942 | 26,331 | ||||||
Harmonic Inc* | 8,338 | 58,950 | ||||||
Harte-Hanks Inc | 3,096 | 25,697 | ||||||
HealthStream Inc* | 1,397 | 46,311 | ||||||
Ixia* | 3,738 | 54,276 | ||||||
Liquidity Services* | 1,721 | 51,010 | ||||||
LogMeIn Inc* | 1,585 | 47,217 | ||||||
Lumos Networks Corp. | 906 | 14,270 | ||||||
NetGear Inc* | 2,491 | 72,090 | ||||||
NIC Inc. | 4,162 | 92,646 | ||||||
NTELOS Holdings Corp | 906 | 15,058 | ||||||
Nutr/System, Inc | 1,800 | 22,788 | ||||||
OpenTable, Inc.* | 1,609 | 119,935 | ||||||
Oplink Communication* | 1,360 | 25,282 | ||||||
PC-Tel Inc | 942 | 7,649 | ||||||
Perficient Inc* | 1,900 | 30,647 | ||||||
Procera Networks Inc* | 1,380 | $ | 17,871 | |||||
QuinStreet Inc.* | 1,826 | 15,904 | ||||||
Sourcefire Inc.* | 2,132 | 160,881 | ||||||
Stamps.com Inc* | 1,100 | 46,068 | ||||||
Symmetricom Inc* | 2,100 | 10,206 | ||||||
United Online Inc | 6,692 | 52,532 | ||||||
USA Mobility Inc | 1,400 | 19,768 | ||||||
VASCO Data Intl Inc* | 2,046 | 16,163 | ||||||
Viasat Inc* | 3,352 | 213,624 | ||||||
XO Group Inc* | 1,600 | 19,136 | ||||||
Total Communications | 2,141,380 | |||||||
Consumer, Cyclical (16.28%) | ||||||||
Allegiant Travel | 1,000 | 94,510 | ||||||
Arctic Cat Inc | 1,013 | 54,378 | ||||||
Big 5 Sporting Goods | 1,300 | 21,749 | ||||||
Biglari Holdings Inc* | 103 | 42,997 | ||||||
BJ's Restaurants Inc* | 1,643 | 51,327 | ||||||
Boyd Gaming Corp* | 5,235 | 63,448 | ||||||
Brown Shoe Co Inc | 2,695 | 60,422 | ||||||
Brunswick Corp | 6,543 | 237,903 | ||||||
Buckle Inc/The | 1,889 | 97,812 | ||||||
Buffalo Wild Wings* | 1,323 | 137,473 | ||||||
Callaway Golf Co | 3,839 | 26,566 | ||||||
Casey's Gen. Stores | 3,031 | 199,864 | ||||||
Cash America Intl. | 2,136 | 91,378 | ||||||
Cato Corp/The | 1,862 | 46,848 | ||||||
CEC Entertainment | 1,417 | 57,346 | ||||||
Childrens Place* | 1,875 | 99,713 | ||||||
Christopher & Banks* | 1,875 | 10,388 | ||||||
Cracker Barrel | 1,672 | 164,558 | ||||||
Crocs Inc.* | 6,066 | 81,648 | ||||||
Daktronics Inc | 1,886 | 20,161 | ||||||
Digital Theater Sys* | 1,151 | 23,089 | ||||||
DineEquity Inc. | 1,133 | 75,084 | ||||||
Dorman Products, Inc | 1,907 | 95,808 | ||||||
Ethan Allen Interior | 1,913 | 49,872 | ||||||
Ezcorp Inc* | 3,603 | 61,179 | ||||||
Fifth & Pacific Co* | 8,677 | 206,860 | ||||||
First Cash Financial* | 2,107 | 116,454 | ||||||
Francesca's Holdings* | 3,184 | 76,798 | ||||||
Fred's Inc | 2,610 | 40,794 | ||||||
G&K Services Inc | 1,371 | 70,524 | ||||||
Genesco Inc* | 1,705 | 105,164 | ||||||
Group 1 Automotive | 1,718 | 131,822 | ||||||
Haverty Furniture Co | 1,157 | 28,011 | ||||||
Hibbett Sports Inc.* | 2,017 | 104,481 | ||||||
Iconix Brand Group* | 5,255 | 172,469 | ||||||
Interface Inc | 4,469 | 78,923 | ||||||
Interval Leisure | 2,925 | 63,180 | ||||||
Irobot Corp.* | 1,846 | 60,309 | ||||||
Jack in the Box Inc* | 3,444 | 136,004 | ||||||
Jakks Pacific Inc | 1,604 | 8,325 | ||||||
JOS A Bank Clothiers* | 1,993 | 79,282 | ||||||
Kirkland's Inc* | 1,134 | 22,124 | ||||||
La-Z-Boy Inc | 3,743 | 79,576 | ||||||
Lithia Motors CL A | 1,577 | 103,483 | ||||||
Lumber Liquidators* | 1,925 | 191,384 | ||||||
M/I Homes, Inc.* | 1,454 | 27,233 | ||||||
Maidenform Brands* | 1,687 | 39,543 | ||||||
Marcus Corp | 1,435 | 17,651 | ||||||
MarineMax Inc* | 1,746 | 21,371 | ||||||
Marriott Vacations* | 2,031 | 88,552 | ||||||
Men's Wearhouse Inc | 3,812 | 143,522 | ||||||
Meritage Homes Corp* | 2,050 | $ | 81,836 | |||||
Mobile Mini Inc* | 3,247 | 98,644 | ||||||
Monarch Casino & Res* | 600 | 11,280 | ||||||
Multimedia Games Hld* | 2,088 | 81,933 | ||||||
MWI Vet. Supply* | 903 | 137,328 | ||||||
OfficeMax Inc | 6,168 | 67,046 | ||||||
Oxford Industries | 1,015 | 62,971 | ||||||
Papa John's Intl. | 1,264 | 86,116 | ||||||
PEP Boys* | 3,075 | 34,532 | ||||||
Perry Ellis Intl Inc | 700 | 12,824 | ||||||
PetMed Express, Inc. | 1,300 | 19,851 | ||||||
Pinnacle Entmt.* | 4,467 | 105,779 | ||||||
Pool Corp | 3,525 | 183,617 | ||||||
Quiksilver Inc* | 9,389 | 46,476 | ||||||
Red Robin Gourmet* | 1,127 | 73,097 | ||||||
Ruby Tuesday Inc* | 4,509 | 32,735 | ||||||
Rue21, Inc.* | 1,088 | 44,445 | ||||||
Ruth's Hospitality | 2,518 | 29,763 | ||||||
Ryland Group Inc | 3,184 | 110,867 | ||||||
Scansource Inc* | 1,941 | 60,132 | ||||||
Select Comfort Corp* | 4,002 | 98,849 | ||||||
SHFL Entertainment* | 3,655 | 83,224 | ||||||
Skechers U.S.A. Class A* | 2,470 | 75,903 | ||||||
Skywest Inc | 3,479 | 44,844 | ||||||
Sonic Automotive Inc | 2,552 | 55,608 | ||||||
Sonic Corp* | 3,769 | 60,153 | ||||||
Spartan Motors Inc | 1,900 | 10,849 | ||||||
Stage Stores Inc | 2,706 | 50,413 | ||||||
Standard Motor | 1,388 | 42,556 | ||||||
Standard Pacific* | 10,452 | 74,627 | ||||||
Stein Mart Inc | 1,360 | 16,524 | ||||||
Steve Madden Ltd* | 2,903 | 156,762 | ||||||
Superior Industries | 1,678 | 29,264 | ||||||
Texas Roadhouse Inc. | 4,235 | 105,240 | ||||||
The Finish Line Inc | 3,854 | 80,780 | ||||||
Titan International | 3,378 | 54,859 | ||||||
Toro Co | 4,388 | 231,730 | ||||||
Tuesday Morning Corp* | 2,971 | 36,573 | ||||||
Unifirst Corp/MA | 1,059 | 101,537 | ||||||
United Stationers | 3,342 | 132,811 | ||||||
Universal Electronic* | 800 | 24,128 | ||||||
Vitamin Shoppe, Inc.* | 2,116 | 89,126 | ||||||
VOXX Int'l Corp* | 1,050 | 12,768 | ||||||
Winnebago Industries* | 1,700 | 37,859 | ||||||
Wolverine World Wide | 3,581 | 201,431 | ||||||
Zale Corp* | 2,067 | 25,858 | ||||||
Zumiez Inc* | 1,300 | 34,710 | ||||||
Total Consumer, Cyclical | 7,529,618 | |||||||
Consumer, Non-Cyclical (16.42%) | ||||||||
Abaxis Inc | 1,625 | 63,668 | ||||||
Abiomed Inc.* | 2,555 | 60,170 | ||||||
ABM Industries Inc | 3,436 | 82,979 | ||||||
Acorda Therapeutics* | 2,855 | 96,470 | ||||||
Affymetrix Inc* | 4,911 | 27,354 | ||||||
Air Methods Corp | 2,415 | 98,822 | ||||||
Akorn, Inc.* | 4,807 | 86,382 | ||||||
Align Technology Inc* | 5,192 | 226,112 | ||||||
Alliance One Inter.* | 4,676 | 13,233 | ||||||
Almost Family Inc | 422 | 7,963 | ||||||
Amedisys Inc.* | 2,128 | 34,665 | ||||||
American Public Edu* | 1,343 | 53,747 | ||||||
AMN Healthcare Svs* | 3,160 | 42,976 | ||||||
Amsurg Corp* | 2,051 | 76,482 |
See accompanying notes to financial statements.
27
S&P SmallCap Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Andersons Inc/The | 1,335 | $ | 87,656 | |||||
Arbitron Inc | 1,954 | 91,955 | ||||||
Arqule Inc* | 3,181 | 8,875 | ||||||
B&G Foods Inc. CL A | 3,703 | 125,421 | ||||||
Bio-Reference Labs* | 1,534 | 44,379 | ||||||
Blyth Inc | 708 | 6,535 | ||||||
Boston Beer Company* | 658 | 139,391 | ||||||
Calavo Growers, Inc. | 699 | 17,307 | ||||||
Cal-Maine Foods Inc | 800 | 36,504 | ||||||
Cambrex Corp* | 2,109 | 28,746 | ||||||
Cantel Medical Corp | 2,277 | 58,974 | ||||||
Capella Education Co* | 1,176 | 63,916 | ||||||
Cardtronics, Inc.* | 3,148 | 109,204 | ||||||
Career Education* | 3,636 | 9,526 | ||||||
CDI Corp CEF | 607 | 8,231 | ||||||
Centene Corp* | 3,936 | 224,942 | ||||||
Central Garden & Pet Class A* | 3,900 | 24,414 | ||||||
Chemed Corp | 1,524 | 106,131 | ||||||
Conmed Corp | 1,925 | 59,848 | ||||||
Consolidated Graphic* | 696 | 37,236 | ||||||
Corinthian Colleges* | 5,867 | 12,966 | ||||||
CorVel Corp* | 1,000 | 32,940 | ||||||
Cross Country Health* | 1,840 | 10,396 | ||||||
CryoLife Inc | 1,813 | 11,005 | ||||||
Cubist Pharma Inc* | 4,545 | 287,971 | ||||||
Cyberonics Inc* | 1,759 | 89,480 | ||||||
Cynosure Inc. Class A* | 1,336 | 30,661 | ||||||
Diamond Foods, Inc.* | 1,527 | 31,609 | ||||||
Emergent Biosolution* | 1,553 | 27,302 | ||||||
Ensign Group Inc. | 1,237 | 47,810 | ||||||
Exlservice Holdings* | 1,844 | 49,991 | ||||||
Forrester Research | 996 | 32,848 | ||||||
Gentiva Health Svs.* | 1,927 | 22,103 | ||||||
Greatbatch Inc* | 1,517 | 51,532 | ||||||
Haemonetics Corp/Mas* | 3,668 | 146,170 | ||||||
Hain Celestial Group* | 3,418 | 279,524 | ||||||
Hanger Inc.* | 2,395 | 73,550 | ||||||
Healthcare Services | 4,779 | 115,700 | ||||||
Healthways Inc.* | 1,971 | 37,607 | ||||||
Heartland Payment | 2,657 | 98,176 | ||||||
Heidrick & Struggles | 972 | 14,629 | ||||||
Helen of Troy* | 2,216 | 89,039 | ||||||
Hi-Tech Pharmacal Co | 736 | 31,729 | ||||||
ICU Medical Inc* | 855 | 61,115 | ||||||
Impax Laboratories* | 4,707 | 95,929 | ||||||
Insperity Inc. | 1,536 | 48,998 | ||||||
Integra LifeSciences* | 1,486 | 60,391 | ||||||
Inter Parfums, Inc | 1,098 | 29,174 | ||||||
Invacare Corp | 2,104 | 31,581 | ||||||
IPC The Hospitalist* | 1,130 | 58,127 | ||||||
ITT Educational Svs* | 1,132 | 32,613 | ||||||
J&J Snack Foods Corp | 1,032 | 79,381 | ||||||
Kelly Services Inc | 1,581 | 28,774 | ||||||
Kindred Healthcare | 3,771 | 55,434 | ||||||
Korn/Ferry Intl* | 3,414 | 60,462 | ||||||
Landauer Inc | 600 | 28,488 | ||||||
LHC Group Inc* | 1,000 | 22,630 | ||||||
Lincoln Educational | 1,526 | 7,783 | ||||||
Live Nation Ent. Inc* | 10,034 | 169,173 | ||||||
Luminex Corporation* | 2,720 | 55,216 | ||||||
Magellan Health Svs.* | 2,257 | 126,866 | ||||||
MAXIMUS Inc | 4,956 | 185,900 | ||||||
Medifast Inc* | 932 | 23,170 | ||||||
Meridian Bioscience | 2,957 | 66,503 | ||||||
Merit Medical System* | 2,243 | $ | 28,710 | |||||
Molina Healthcare* | 1,850 | 61,772 | ||||||
Momenta Pharm.* | 3,238 | 45,623 | ||||||
Monro Muffler Brake | 2,193 | 97,084 | ||||||
Nash Finch Co | 881 | 21,523 | ||||||
Natus Medical Inc* | 2,086 | 27,431 | ||||||
Navigant Consulting* | 3,400 | 46,410 | ||||||
Neogen Corp* | 1,668 | 90,239 | ||||||
NuVasive Inc.* | 2,750 | 64,680 | ||||||
On Assignment Inc* | 3,070 | 92,622 | ||||||
Parexel Intl* | 4,229 | 196,352 | ||||||
Pharmerica Corp* | 1,800 | 22,140 | ||||||
Prestige Brands Hldg* | 3,400 | 110,398 | ||||||
Questcor Pharma. | 4,322 | 288,191 | ||||||
Resources Connection | 2,990 | 36,598 | ||||||
Sanderson Farms Inc | 1,357 | 88,856 | ||||||
Seneca Foods Corp.* | 660 | 19,450 | ||||||
Snyders-Lance Inc | 3,213 | 86,430 | ||||||
Spartan Stores Inc | 1,300 | 26,728 | ||||||
Spectrum Pharma | 3,664 | 28,066 | ||||||
SurModics Inc* | 809 | 16,018 | ||||||
Symmetry Medical Inc* | 2,200 | 17,270 | ||||||
TeleTech Holdings* | 1,900 | 46,493 | ||||||
The Medicines Co* | 3,853 | 121,793 | ||||||
TreeHouse Foods Inc* | 2,621 | 170,444 | ||||||
Trueblue, Inc.* | 2,823 | 68,655 | ||||||
Universal Technical | 1,300 | 13,819 | ||||||
Viad Corp | 1,409 | 31,801 | ||||||
ViroPharma Inc* | 5,643 | 170,136 | ||||||
WD-40 Co | 1,126 | 65,511 | ||||||
West Pharmaceutical | 2,406 | 177,924 | ||||||
Total Consumer, Non-Cyclical | 7,591,827 | |||||||
Energy (3.89%) | ||||||||
Approach Resources* | 2,359 | 54,965 | ||||||
Basic Energy Service* | 1,681 | 19,567 | ||||||
C&J Energy Services* | 3,104 | 63,725 | ||||||
Carrizo Oil & Gas* | 2,590 | 88,733 | ||||||
Cloud Peak Energy* | 4,346 | 68,406 | ||||||
Comstock Resources | 3,189 | 46,559 | ||||||
Contango Oil & Gas | 893 | 32,023 | ||||||
Exterran Holdings* | 4,618 | 126,672 | ||||||
Forest Oil Corp* | 8,632 | 47,994 | ||||||
Geospace Tech. Corp.* | 907 | 63,272 | ||||||
Gulf Island Fabricat | 900 | 21,141 | ||||||
Gulfport Energy Corp* | 4,981 | 293,879 | ||||||
Hornbeck Offshore* | 2,267 | 123,506 | ||||||
ION Geophysical Corp* | 10,598 | 50,764 | ||||||
Matrix Service Co* | 1,500 | 23,385 | ||||||
Northern Oil and Gas* | 4,291 | 55,268 | ||||||
PDC Energy Inc.* | 2,154 | 123,597 | ||||||
Penn Virginia Corp* | 3,836 | 18,451 | ||||||
Petroquest Energy* | 4,015 | 16,863 | ||||||
Pioneer Energy Svs.* | 3,915 | 26,465 | ||||||
SEACOR Holdings Inc | 1,546 | 128,442 | ||||||
Stone Energy Corp* | 3,374 | 92,448 | ||||||
SunCoke Energy, Inc* | 4,989 | 78,477 | ||||||
Swift Energy Co* | 2,894 | 32,644 | ||||||
Tesco Corp.* | 2,282 | 35,257 | ||||||
Tetra Technologies* | 5,529 | 64,966 | ||||||
Total Energy | 1,797,469 | |||||||
Financial (19.53%) | ||||||||
Acadia Realty Trust REIT | 3,984 | 92,947 | ||||||
Agree Realty Corp REIT | 910 | $ | 24,661 | |||||
Amerisafe Inc | 1,249 | 40,705 | ||||||
Assoc. Estates Rlty REIT | 3,643 | 50,164 | ||||||
Bank Mutual Corp | 3,500 | 20,790 | ||||||
Bank of the Ozarks | 2,093 | 94,980 | ||||||
Banner Corp | 1,237 | 42,380 | ||||||
BBCN Bancorp Inc. | 5,555 | 74,215 | ||||||
Boston Private Finl. | 5,516 | 56,374 | ||||||
Brookline Bancorp | 4,990 | 45,160 | ||||||
Calamos Asset Mgt | 1,436 | 14,245 | ||||||
Cedar Realty Trust REIT | 3,975 | 19,398 | ||||||
City Holding Co | 946 | 38,644 | ||||||
Colonial Properties REIT | 5,839 | 128,984 | ||||||
Columbia Banking Sys | 3,691 | 85,631 | ||||||
Community Bank Sys | 2,657 | 88,319 | ||||||
Coresite Realty Corp REIT | 1,546 | 47,045 | ||||||
Cousins Properties REIT | 12,153 | 120,679 | ||||||
CVB Financial Corp. | 6,267 | 79,842 | ||||||
DiamondRock Hospital REIT | 13,895 | 134,643 | ||||||
Dime Community Bancs | 1,914 | 30,471 | ||||||
EastGroup Properties REIT | 2,188 | 122,966 | ||||||
eHealth, Inc* | 1,639 | 45,351 | ||||||
Employers Holdings | 3,092 | 81,969 | ||||||
Encore Capital Group* | 1,642 | 70,393 | ||||||
EPR Properties REIT | 3,402 | 166,629 | ||||||
Evercore Partners | 2,110 | 94,085 | ||||||
F.N.B. Corp | 9,948 | 120,072 | ||||||
Financial Engines | 2,893 | 154,631 | ||||||
First BanCorp/PR* | 4,990 | 31,886 | ||||||
First Commonwealth | 7,457 | 54,660 | ||||||
First Financial Banc | 4,036 | 60,540 | ||||||
First Financial Bankshares, Inc. | 2,100 | 120,750 | ||||||
First Midwest Banc. | 5,380 | 80,861 | ||||||
Forestar Group Inc.* | 2,556 | 51,018 | ||||||
Franklin Street Ppty REIT | 6,305 | 76,795 | ||||||
Geo Group Inc/The | 5,160 | 161,044 | ||||||
Getty Realty Corp REIT | 1,740 | 31,772 | ||||||
Glacier Bancorp Inc | 5,190 | 122,484 | ||||||
Government Prop Inc. REIT | 3,954 | 92,445 | ||||||
Hanmi Financial Corp | 2,241 | 36,596 | ||||||
Healthcare Rlty Trst REIT | 6,907 | 155,338 | ||||||
HFF Inc. CL A | 2,314 | 53,222 | ||||||
Higher One Holdings* | 2,333 | 17,311 | ||||||
Home Bancshares Inc. | 3,162 | 80,378 | ||||||
Horace Mann Edu. | 2,871 | 75,680 | ||||||
Independent Bank | 1,385 | 49,181 | ||||||
Infinity Prop & Cas | 809 | 48,953 | ||||||
Inland Real Estate REIT | 5,527 | 54,220 | ||||||
Interactive Brokers Class A | 2,600 | 43,628 | ||||||
Investment Tech.* | 2,751 | 46,767 | ||||||
Kite Realty Group REIT | 6,220 | 35,889 | ||||||
LaSalle Hotel Pptys REIT | 6,911 | 183,348 | ||||||
Lexington REIT | 13,316 | 156,064 | ||||||
LTC Properties REIT | 2,475 | 87,689 | ||||||
MarketAxess Holdings | 2,653 | 134,666 | ||||||
MB Financial Inc | 3,877 | 104,640 | ||||||
Meadowbrook Ins. | 3,842 | 22,975 | ||||||
Medical Pptys Trust REIT | 10,856 | 125,387 | ||||||
Mid-America Apart. REIT | 2,926 | 180,416 | ||||||
Natl Penn Bancshares | 8,667 | 87,017 | ||||||
Navigators Group Inc* | 800 | 43,784 | ||||||
NBT Bancorp Inc. | 3,168 | 67,859 | ||||||
Northwest Bancshares | 7,350 | 98,049 | ||||||
Old National Bancorp | 6,839 | 89,864 |
See accompanying notes to financial statements.
28
S&P SmallCap Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Oritani Financial Co | 2,767 | $ | 42,916 | |||||
Outerwall Inc.* | 2,297 | 142,804 | ||||||
PacWest Bancorp | 2,845 | 94,596 | ||||||
Parkway Properties REIT | 3,034 | 49,606 | ||||||
Pennsylvania REIT | 4,522 | 83,883 | ||||||
Pinnacle Financial* | 2,104 | 58,807 | ||||||
Piper Jaffray Cos* | 1,018 | 33,095 | ||||||
Portfolio Recovery* | 3,702 | 196,353 | ||||||
Post Properties Inc. REIT | 3,859 | 174,543 | ||||||
PrivateBancorp Inc | 4,223 | 92,146 | ||||||
ProAssurance Corp | 4,402 | 207,509 | ||||||
Prospect Energy Corp | 15,309 | 169,471 | ||||||
Provident Financial | 3,500 | 56,630 | ||||||
PS Business Parks REIT | 1,301 | 94,544 | ||||||
RLI Corp | 1,208 | 94,333 | ||||||
S&T Bancorp Inc. | 2,060 | 46,309 | ||||||
Sabra Healthcare REIT | 2,638 | 58,326 | ||||||
Safety Insurance Grp | 1,100 | 55,154 | ||||||
Saul Centers, Inc. REIT | 796 | 34,554 | ||||||
Selective Insurance | 3,893 | 89,266 | ||||||
Simmons First Natl Class A | 1,247 | 30,190 | ||||||
Sovran Self Storage REIT | 2,271 | 150,499 | ||||||
Sterling Bancorp | 2,227 | 28,261 | ||||||
Stewart Information | 1,267 | 38,758 | ||||||
Stifel Financial* | 4,276 | 171,126 | ||||||
Susquehanna Bancshs | 13,274 | 167,385 | ||||||
SWS Group Inc* | 1,780 | 9,345 | ||||||
Tanger Outlet Center REIT | 6,685 | 206,232 | ||||||
Taylor Capital Group* | 1,052 | 22,260 | ||||||
Texas Capital* | 2,856 | 125,892 | ||||||
Tompkins Financial | 814 | 35,328 | ||||||
Tower Group Int'l | 3,392 | 47,929 | ||||||
Trustco Bank Corp NY | 6,679 | 39,005 | ||||||
UMB Financial Corp | 2,165 | 129,315 | ||||||
Umpqua Holdings Corp | 8,270 | 134,305 | ||||||
United Bankshares | 3,257 | 90,447 | ||||||
United Community* | 3,286 | 47,910 | ||||||
United Fire Group | 1,500 | 43,035 | ||||||
Univ Health Realty REIT | 868 | 34,815 | ||||||
Urstadt Biddle Pptys Class A REIT | 1,400 | 27,342 | ||||||
ViewPoint Financial | 2,522 | 50,163 | ||||||
Virtus Investment* | 412 | 71,812 | ||||||
Wageworks Inc* | 1,520 | 63,445 | ||||||
Wilshire Bancorp Inc | 4,087 | 33,227 | ||||||
Wintrust Financial | 2,679 | 106,196 | ||||||
World Acceptance* | 1,143 | 97,921 | ||||||
Total Financial | 9,026,537 | |||||||
Industrial (16.65%) | ||||||||
Aaon Inc | 1,800 | 41,976 | ||||||
AAR Corp | 2,578 | 64,682 | ||||||
Actuant Corp | 5,294 | 189,102 | ||||||
Advanced Energy Ind.* | 2,791 | 50,880 | ||||||
Aegion Corp* | 2,572 | 55,041 | ||||||
Aerovironment Inc.* | 1,045 | 22,896 | ||||||
Albany International | 2,105 | 67,928 | ||||||
AM Castle & Co* | 759 | 12,000 | ||||||
American Science&Eng | 603 | 33,997 | ||||||
Analogic Corp | 900 | 67,176 | ||||||
AO Smith Corp | 5,524 | 232,283 | ||||||
Apogee Enterprises | 1,775 | 49,523 | ||||||
Applied Industrial | 2,988 | 142,289 | ||||||
Arkansas Best Corp | 1,834 | 45,630 | ||||||
Astec Industries Inc | 1,314 | $ | 45,412 | |||||
Atlas Air Worldwide* | 1,868 | 86,302 | ||||||
AZZ Incorporated | 1,608 | 60,364 | ||||||
Badger Meter Inc | 981 | 44,223 | ||||||
Barnes Group Inc | 3,255 | 101,784 | ||||||
Bel Fuse Inc | 579 | 10,422 | ||||||
Belden Inc. | 3,409 | 193,358 | ||||||
Benchmark Electronic* | 4,413 | 96,954 | ||||||
Brady Corp Class A | 3,802 | 125,466 | ||||||
Briggs & Stratton Co | 3,633 | 69,354 | ||||||
Bristow Group Inc. | 2,619 | 172,068 | ||||||
Calgon Carbon Corp* | 4,071 | 70,021 | ||||||
Checkpoint Systems* | 2,878 | 42,220 | ||||||
CIRCOR International | 1,124 | 64,619 | ||||||
Cognex Corp | 2,975 | 169,516 | ||||||
Coherent Inc | 1,686 | 94,635 | ||||||
Comfort Systems USA | 2,300 | 34,730 | ||||||
CTS Corp | 1,721 | 23,956 | ||||||
Cubic Corp | 1,450 | 72,805 | ||||||
Curtiss-Wright Corp | 3,343 | 139,604 | ||||||
Darling Intl.* | 8,110 | 164,065 | ||||||
Drew Industries Inc | 1,200 | 50,352 | ||||||
DXP Enterprises Inc.* | 709 | 48,198 | ||||||
Dycom Industries Inc* | 2,323 | 59,027 | ||||||
Electro Scientific | 1,841 | 20,233 | ||||||
EMCOR Group Inc | 4,813 | 180,921 | ||||||
Encore Wire | 1,100 | 41,503 | ||||||
EnerSys | 3,419 | 175,326 | ||||||
Engility Holdings* | 1,160 | 39,046 | ||||||
EnPro Industries Inc* | 1,486 | 84,672 | ||||||
ERA Group Inc.* | 1,546 | 38,387 | ||||||
ESCO Technologies | 1,736 | 53,208 | ||||||
Exponent Inc | 1,013 | 65,977 | ||||||
Faro Technologies* | 1,000 | 37,130 | ||||||
Federal Signal Corp* | 4,325 | 50,473 | ||||||
FEI Co | 2,783 | 217,853 | ||||||
Forward Air Corp | 2,103 | 77,453 | ||||||
Franklin Electric Co | 2,730 | 98,062 | ||||||
GenCorp Inc* | 4,277 | 64,454 | ||||||
Gibraltar Industries* | 1,600 | 20,608 | ||||||
Griffon Corp | 2,720 | 30,002 | ||||||
Haynes International | 874 | 38,657 | ||||||
Headwaters Inc* | 4,351 | 37,245 | ||||||
Heartland Express | 3,631 | 50,544 | ||||||
Hillenbrand Inc | 4,521 | 111,940 | ||||||
HUB Group Inc* | 2,500 | 92,875 | ||||||
II-VI Inc* | 3,686 | 71,066 | ||||||
Intermec Inc* | 3,246 | 32,038 | ||||||
Intervac Inc* | 1,100 | 6,589 | ||||||
John Bean Tech. | 2,067 | 45,288 | ||||||
Kaman Corp | 1,879 | 66,141 | ||||||
Kaydon Corp | 2,247 | 63,927 | ||||||
Knight Trans. | 4,476 | 72,869 | ||||||
Koppers Holdings | 1,485 | 57,573 | ||||||
Lindsay Corp. | 905 | 68,798 | ||||||
Littelfuse Inc | 1,627 | 120,024 | ||||||
LSB Industries, Inc.* | 1,129 | 33,893 | ||||||
Lydall Inc* | 745 | 11,570 | ||||||
Measurement Specialt* | 1,097 | 51,932 | ||||||
Methode Electronics | 2,454 | 58,626 | ||||||
Moog Inc* | 3,279 | 166,573 | ||||||
Movado Group Inc | 1,100 | 46,871 | ||||||
Mueller Industries | 2,732 | 146,271 | ||||||
Myers Industries Inc | 2,549 | 47,309 | ||||||
National Presto Ind. | 327 | $ | 22,556 | |||||
Newport Corp* | 2,500 | 38,350 | ||||||
Old Dominion Freight* | 5,030 | 218,402 | ||||||
Olympic Steel Inc | 500 | 12,990 | ||||||
Orbital Sciences* | 4,203 | 72,964 | ||||||
Orion Marine Group* | 1,870 | 18,363 | ||||||
OSI Systems Inc* | 1,366 | 99,308 | ||||||
Park Electrochemical | 1,318 | 35,112 | ||||||
Plexus Corp* | 2,500 | 81,850 | ||||||
Powell Industries* | 616 | 32,482 | ||||||
Quanex Building | 2,706 | 45,028 | ||||||
Rofin-Sinar Tech.* | 2,059 | 46,307 | ||||||
Rogers Corp* | 1,150 | 63,791 | ||||||
RTI Intl Metals* | 2,177 | 67,422 | ||||||
Simpson Mfg. | 2,893 | 90,464 | ||||||
Standex Intl. | 901 | 48,104 | ||||||
STR Holdings Inc.* | 2,759 | 4,580 | ||||||
Sturm Ruger & Co Inc | 1,292 | 67,662 | ||||||
Teledyne Tech.* | 2,644 | 204,037 | ||||||
Tennant Company | 1,324 | 68,014 | ||||||
Tetra Tech Inc* | 4,496 | 102,419 | ||||||
Texas Industries* | 2,008 | 117,870 | ||||||
Tredegar Corp | 1,471 | 32,877 | ||||||
TTM Technologies Inc* | 3,120 | 29,765 | ||||||
Universal Forest | 1,405 | 52,603 | ||||||
Vicor Corp* | 1,051 | 8,208 | ||||||
Watts Water Tech. | 2,113 | 109,475 | ||||||
Total Industrial | 7,699,788 | |||||||
Technology (8.91%) | ||||||||
Agilysys Inc* | 1,491 | 16,833 | ||||||
ATMI Inc* | 2,001 | 49,125 | ||||||
Avid Technology Inc* | 2,399 | 12,931 | ||||||
Blackbaud Inc. | 3,212 | 115,696 | ||||||
Bottomline Tech Inc* | 2,622 | 71,371 | ||||||
Brooks Automation | 4,331 | 38,113 | ||||||
Cabot Microelec.* | 1,677 | 60,573 | ||||||
CACI Intl Inc Class A* | 2,194 | 147,876 | ||||||
Ceva Inc* | 1,529 | 27,721 | ||||||
Ciber Inc* | 5,122 | 18,644 | ||||||
Cirrus Logic, Inc.* | 4,885 | 109,913 | ||||||
Cohu Inc | 1,484 | 14,736 | ||||||
Computer Programs | 791 | 43,473 | ||||||
CSG Systems Intl. | 2,100 | 49,434 | ||||||
Digi International* | 1,689 | 15,691 | ||||||
Digital River Inc* | 2,536 | 43,822 | ||||||
Diodes Inc* | 2,499 | 62,225 | ||||||
DSP Group Inc* | 1,496 | 9,500 | ||||||
Ebix Inc. | 2,652 | 30,153 | ||||||
Elec. For Imaging* | 3,295 | 96,478 | ||||||
Entropic Comm. Inc.* | 6,290 | 26,292 | ||||||
EPIQ Systems Inc | 2,381 | 29,167 | ||||||
Exar Corp* | 2,852 | 34,851 | ||||||
GT Adv Tech Inc* | 8,450 | 54,587 | ||||||
Hittite Microwave* | 1,930 | 118,039 | ||||||
iGATE Corporation* | 2,019 | 47,144 | ||||||
Insight Enterprises* | 2,982 | 56,986 | ||||||
Interactive Intell.* | 1,057 | 62,257 | ||||||
j2 Global Inc. | 3,311 | 163,034 | ||||||
Kopin Corp* | 3,225 | 10,643 | ||||||
Kulicke & Soffa Ind.* | 5,154 | 57,003 | ||||||
LivePerson Inc.* | 3,226 | 30,066 | ||||||
Manhattan Associates* | 1,548 | 135,450 | ||||||
Medidata Solutions* | 1,572 | 140,600 |
See accompanying notes to financial statements.
29
S&P SmallCap Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Mercury Systems Inc.* | 2,030 | $ | 17,722 | |||||
Micrel Inc | 3,300 | 30,360 | ||||||
Microsemi Corp* | 6,721 | 172,998 | ||||||
MicroStrategy Inc.* | 592 | 54,352 | ||||||
MKS Instruments Inc | 3,734 | 93,537 | ||||||
Monolithic Power Sys | 2,491 | 76,274 | ||||||
Monotype Imaging | 2,612 | 67,259 | ||||||
MTS Systems Corp | 1,024 | 61,614 | ||||||
Nanometrics Inc* | 1,246 | 17,805 | ||||||
NetScout Systems Inc* | 2,530 | 62,845 | ||||||
Omnicell, Inc.* | 2,000 | 43,480 | ||||||
Pericom Semi.* | 1,192 | 8,380 | ||||||
Power Integrations | 1,900 | 99,028 | ||||||
Progress Software Co* | 4,514 | 110,412 | ||||||
QLogic Corp* | 6,441 | 68,210 | ||||||
Quality Systems Inc | 2,760 | 57,104 | ||||||
Radisys Corp* | 829 | 2,810 | ||||||
Rubicon Technology* | 1,219 | 14,884 | ||||||
Rudolph Technologies* | 2,269 | 23,484 | ||||||
Sigma Designs Inc* | 1,600 | 7,568 | ||||||
Super Micro Computer* | 1,744 | 22,393 | ||||||
Supertex Inc | 890 | 20,523 | ||||||
Sykes Enterprises* | 2,956 | 50,341 | ||||||
Synaptics Inc* | 2,272 | 87,836 | ||||||
Synchronoss Tech* | 2,006 | 68,966 | ||||||
Synnex Corp* | 1,729 | 82,145 | ||||||
Take-Two Interactive* | 6,173 | 113,336 | ||||||
Tangoe Inc* | 2,294 | 47,692 | ||||||
Tessera Technologies | 3,684 | 67,565 | ||||||
Triquint Semi.* | 11,743 | 88,542 | ||||||
Tyler Technologies* | 2,000 | 147,780 | ||||||
Ultratech Inc* | 1,810 | 51,187 | ||||||
Veeco Instruments* | 2,931 | 102,937 | ||||||
Virtusa Corporation* | 1,414 | 37,216 | ||||||
Volterra Semiconduct* | 1,868 | 42,815 | ||||||
Total Technology | 4,121,827 | |||||||
Utilities (3.31%) | ||||||||
Allete Inc | 2,599 | 122,673 | ||||||
American States Wtr | 1,344 | 70,694 | ||||||
Avista Corp | 4,134 | $ | 108,600 | |||||
El Paso Electric Co | 2,842 | 97,765 | ||||||
Laclede Grp Inc/The | 2,196 | 97,788 | ||||||
New Jersey Resources | 2,989 | 128,766 | ||||||
Northwest Nat. Gas | 1,924 | 78,961 | ||||||
NorthWestern Corp. | 2,615 | 105,045 | ||||||
Piedmont Natural Gas | 5,479 | 176,753 | ||||||
South Jersey Ind | 2,157 | 124,588 | ||||||
Southwest Gas Corp | 3,304 | 154,561 | ||||||
UIL Holdings Corp | 3,440 | 129,894 | ||||||
UNS Energy Corp. | 2,938 | 134,355 | ||||||
Total Utilities | 1,530,443 | |||||||
Total Common Stock (Cost $31,393,190) | 43,239,063 | |||||||
Right/Warrant (0.01%) | ||||||||
Biglari Holdings Rights* | 103 | 3,049 | ||||||
Total Right/Warrant (Cost $0) | 3,049 | |||||||
Short-Term Investments (5.84%) | ||||||||
United States Treasury Bills (5.84%) | Par Value | |||||||
United States T-Bill 10/31/2013, DN | $ | 2,000,000 | 1,999,849 | |||||
United States T-Bill 12/19/2013, DN | 400,000 | 399,967 | ||||||
United States T-Bill 01/23/2014, DN | 300,000 | 299,959 | ||||||
Total United States Treasury Bills | 2,699,775 | |||||||
Total Short-Term Investments (Cost $2,699,769) | 2,699,775 | |||||||
Total Investments (Cost $34,092,959) (a) (99.36%) | 45,941,887 | |||||||
Other Net Assets (0.64%) | 297,956 | |||||||
Net Assets (100.00%) | $ | 46,239,843 |
* Non-income producing security. | ||||
(a) Aggregate cost for federal income tax purpose is $34,092,959. At August 31, 2013, unrealized appreciation (depreciation) of securities is as follows: | ||||
Unrealized appreciation | $ | 14,897,940 | ||
Unrealized depreciation | (3,049,012 | ) | ||
Net unrealized appreciation | $ | 11,848,928 | ||
(c) Futures contracts at Aug 31, 2013: Contracts - $100 times premium / delivery month / commitment | ||||
Russell 2000 MINI | Unrealized Appreciation | |||
29 / SEP 2013 / Long | $ | 12,348 |
See accompanying notes to financial statements.
30
Shelton Core Value Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (99.33%) | ||||||||
Basic Materials (4.10%) | ||||||||
Chemicals (4.10%) | ||||||||
EI Du Pont de Nemour | 19,286 | $ | 1,091,973 | |||||
PPG Industries Inc | 24,300 | 3,795,903 | ||||||
Praxair Inc | 15,167 | 1,780,606 | ||||||
Sensient Tech. | 17,000 | 704,820 | ||||||
Total Basic Materials | 7,373,302 | |||||||
Communications (5.58%) | ||||||||
Media (1.71%) | ||||||||
Walt Disney Co | 50,535 | 3,074,044 | ||||||
Telecommunications (3.87%) | ||||||||
AT&T Inc | 86,469 | 2,925,246 | ||||||
Rogers Comm Inc. DL USD$ Class B | 20,140 | 797,544 | ||||||
Verizon Comm. | 68,242 | 3,233,306 | ||||||
6,956,096 | ||||||||
Total Communications | 10,030,140 | |||||||
Consumer, Cyclical (7.14%) | ||||||||
Auto Manufacturers (1.42%) | ||||||||
Ford Motor Co | 158,000 | 2,558,020 | ||||||
Retail (5.72%) | ||||||||
Home Depot Inc | 46,150 | 3,437,714 | ||||||
McDonald's Corp | 25,868 | 2,440,904 | ||||||
Ross Stores Inc | 24,384 | 1,640,068 | ||||||
Target Corp | 43,339 | 2,743,792 | ||||||
10,262,478 | ||||||||
Total Consumer, Cyclical | 12,820,498 | |||||||
Consumer, Non-Cyclical (24.29%) | ||||||||
Agriculture (2.93%) | ||||||||
AbbVie Inc. | 41,610 | 1,773,002 | ||||||
Altria Group Inc | 52,900 | 1,792,252 | ||||||
Reynolds American | 35,584 | 1,694,866 | ||||||
5,260,120 | ||||||||
Beverages (1.49%) | ||||||||
PepsiCo Inc | 33,600 | 2,678,928 | ||||||
Biotechnology (3.45%) | ||||||||
Celgene Corp.* | 27,935 | 3,910,341 | ||||||
Gilead Sciences Inc* | 38,000 | 2,290,260 | ||||||
6,200,601 | ||||||||
Commercial Services (1.53%) | ||||||||
Lender Processing | 17,011 | 542,651 | ||||||
Moody's Corp | 13,992 | 889,332 | ||||||
Paychex Inc | 34,000 | 1,315,120 | ||||||
2,747,103 | ||||||||
Cosmetics / Personal Care (2.72%) | ||||||||
Colgate-Palmolive Co | 20,400 | 1,178,508 | ||||||
Procter & Gamble Co | 47,580 | 3,706,006 | ||||||
4,884,514 | ||||||||
Food (0.80%) | ||||||||
ConAgra Foods Inc | 42,450 | 1,435,659 | ||||||
Healthcare - Products (3.89%) | ||||||||
Baxter International | 45,886 | $ | 3,191,830 | |||||
Johnson & Johnson | 43,800 | 3,784,758 | ||||||
6,976,588 | ||||||||
Healthcare - Services (3.58%) | ||||||||
Aetna Inc | 20,984 | 1,330,176 | ||||||
Healthsouth Corp.* | 74,000 | 2,328,040 | ||||||
WellPoint Inc (New) | 32,300 | 2,750,022 | ||||||
6,408,238 | ||||||||
Household Products / Wares (0.87%) | ||||||||
Kimberly-Clark Corp | 16,800 | 1,570,464 | ||||||
Pharmaceuticals (3.03%) | ||||||||
Abbott Laboratories | 41,610 | 1,386,861 | ||||||
AmerisourceBergen Co | 45,612 | 2,596,235 | ||||||
Merck & Co Inc | 30,900 | 1,461,261 | ||||||
5,444,357 | ||||||||
Total Consumer, Non-Cyclical | 43,606,572 | |||||||
Energy (13.90%) | ||||||||
Oil & Gas (11.71%) | ||||||||
Anadarko Petroleum | 21,340 | 1,950,903 | ||||||
Apache Corp | 25,626 | 2,195,636 | ||||||
BP PLC ADR | 51,700 | 2,135,210 | ||||||
Chevron Corp | 56,524 | 6,807,185 | ||||||
ConocoPhillips | 19,648 | 1,302,662 | ||||||
Devon Energy Corp | 15,952 | 910,700 | ||||||
Exxon Mobil Corp | 46,936 | 4,090,942 | ||||||
Royal Dutch Shell | 25,500 | 1,647,045 | ||||||
21,040,283 | ||||||||
Oil & Gas Services (1.86%) | ||||||||
Baker Hughes Inc | 27,455 | 1,276,383 | ||||||
Schlumberger Ltd | 25,500 | 2,063,970 | ||||||
3,340,353 | ||||||||
Pipelines (0.33%) | ||||||||
Spectra Energy Corp. | 18,000 | 595,980 | ||||||
Total Energy | 24,976,616 | |||||||
Financial (16.17%) | ||||||||
Banks (9.88%) | ||||||||
Bank of America Corp | 40,000 | 564,800 | ||||||
Bank of NY Mellon | 21,450 | 637,923 | ||||||
Goldman Sachs Group | 27,750 | 4,221,608 | ||||||
JPMorgan Chase & Co | 110,198 | 5,568,304 | ||||||
State Street Corp | 14,400 | 960,768 | ||||||
US Bancorp | 60,600 | 2,189,478 | ||||||
Wells Fargo & Co | 87,889 | 3,610,480 | ||||||
17,753,361 | ||||||||
Diversified Financial Services (2.93%) | ||||||||
BlackRock, Inc. | 9,000 | 2,342,880 | ||||||
Morgan Stanley | 70,450 | 1,814,792 | ||||||
NYSE Euronext | 26,450 | 1,105,610 | ||||||
5,263,282 | ||||||||
Insurance (2.54%) | ||||||||
Arthur J Gallagher | 32,400 | 1,339,416 | ||||||
Aspen Insurance Hldg | 26,315 | 936,025 | ||||||
Marsh & McLennan Cos | 13,600 | $ | 560,728 | |||||
Principal Financial | 28,150 | 1,151,898 | ||||||
Stancorp Financial | 11,150 | 583,368 | ||||||
4,571,435 | ||||||||
Savings & Loans (0.82%) | ||||||||
New York Cmnty Bncrp | 100,000 | 1,465,000 | ||||||
Total Financial | 29,053,078 | |||||||
Industrial (9.82%) | ||||||||
Aerospace/Defense (3.39%) | ||||||||
Boeing Co | 17,000 | 1,766,640 | ||||||
Northrop Grumman | 8,600 | 793,522 | ||||||
Rockwell Collins Inc | 12,400 | 877,548 | ||||||
United Technologies | 26,500 | 2,652,649 | ||||||
6,090,359 | ||||||||
Electronics (0.26%) | ||||||||
Agilent Technologies | 9,870 | 460,337 | ||||||
Machinery - Construction & Mining (1.30%) | ||||||||
Caterpillar Inc | 28,342 | 2,339,349 | ||||||
Miscellaneous Manufacturing (2.90%) | ||||||||
3M Co | 23,812 | 2,704,567 | ||||||
Danaher Corp | 38,300 | 2,509,416 | ||||||
5,213,983 | ||||||||
Transportation (1.97%) | ||||||||
FedEx Corp | 4,830 | 518,549 | ||||||
Seaspan Corp. | 25,000 | 533,250 | ||||||
Union Pacific Corp | 5,475 | 840,632 | ||||||
United Parcel Svs. | 19,260 | 1,648,271 | ||||||
3,540,702 | ||||||||
Total Industrial | 17,644,730 | |||||||
Technology (12.02%) | ||||||||
Computers (5.08%) | ||||||||
Apple Inc. | 11,200 | 5,454,959 | ||||||
EMC Corp | 29,720 | 766,182 | ||||||
Hewlett-Packard Co | 50,000 | 1,117,000 | ||||||
Intl Bus Machines | 9,860 | 1,797,182 | ||||||
9,135,323 | ||||||||
Semiconductors (4.36%) | ||||||||
Analog Devices Inc | 14,040 | 649,771 | ||||||
Intel Corp | 122,563 | 2,693,935 | ||||||
Kla-Tencor Corp | 10,440 | 575,766 | ||||||
Linear Technology Co | 26,180 | 1,003,479 | ||||||
Qualcomm Inc | 26,775 | 1,774,647 | ||||||
Taiwan Semi Mfg Co ADR | 30,000 | 496,800 | ||||||
Texas Instruments | 16,500 | 630,300 | ||||||
7,824,698 | ||||||||
Software (2.58%) | ||||||||
Microsoft Corp | 77,733 | 2,596,282 | ||||||
Oracle Corp | 64,130 | 2,043,182 | ||||||
4,639,464 | ||||||||
Total Technology | 21,599,485 |
See accompanying notes to financial statements.
31
Shelton Core Value Fund | Portfolio of Investments (CONTINUED) | 8/31/2013 |
Security De scription | Shares | Value (Note 1) | ||||||
Utilities (6.31%) | ||||||||
Electric (5.35%) | ||||||||
Ameren Corp | 22,900 | $ | 774,249 | |||||
Consolidated Edison | 31,700 | 1,782,490 | ||||||
DTE Energy Co | 7,000 | 468,090 | ||||||
Duke Energy | 26,999 | 1,771,134 | ||||||
Entergy Corp | 11,946 | 755,346 | ||||||
Exelon Corp | 18,746 | 571,566 | ||||||
FirstEnergy Corp | 23,574 | 883,318 | ||||||
NextEra Energy Inc. | 11,200 | 900,032 | ||||||
PG&E Corp | 15,000 | 620,400 | ||||||
Pinnacle West Cap | 11,000 | 596,970 | ||||||
Southern Co/The | 11,500 | 478,630 | ||||||
9,602,225 | ||||||||
Gas (0.96%) | ||||||||
AGL Resources Inc | 5,867 | 257,855 | ||||||
NiSource Inc | 27,000 | 790,020 | ||||||
Sempra Energy | 8,050 | $ | 679,581 | |||||
1,727,456 | ||||||||
Total Utilities | 11,329,681 | |||||||
Total Common Stock (Cost $113,021,192) | 178,434,102 | |||||||
Short-Term Investments (0.11%) | ||||||||
United States Treasury Bills (0.11%) | Par Value | |||||||
United States T-Bill 12/19/2013, DN | $ | 200,000 | 199,984 | |||||
Total United States Treasury Bills | 199,984 | |||||||
Total Short-Term Investments (Cost $199,979) | 199,984 |
Total Investments (Cost $113,221,171) (a) (99.44%) | $ | 178,634,086 | ||
Other Net Assets (0.56%) | 1,000,448 | |||
Net Assets (100.00%) | 179,634,534 | |||
* Non-income producing security. | ||||
(a) Aggregate cost for federal income tax purpose is $113,503,390. At August 31, 2013, unrealized appreciation (depreciation) of securities is as follows: | ||||
Unrealized appreciation | $ | 66,771,984 | ||
Unrealized depreciation | (1,641,288 | ) | ||
Net unrealized appreciation | $ | 65,130,696 |
European Growth & Income Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (96.31%) | ||||||||
Basic Materials (7.03%) | ||||||||
Chemicals (2.33%) | ||||||||
BASF SE | 3,488 | $ | 304,851 | |||||
Iron / Steel (0.02%) | ||||||||
APERAM Registry Shares | 185 | 2,505 | ||||||
Mining (4.68%) | ||||||||
Anglo American plc ADR | 11,403 | 129,835 | ||||||
BHP Billiton LTD ADR | 4,500 | 284,760 | ||||||
Rio Tinto PLC ADR | 4,400 | 198,484 | ||||||
613,079 | ||||||||
Total Basic Materials | 920,435 | |||||||
Communications (11.01%) | ||||||||
Telecommunications (11.01%) | ||||||||
Deutsche Telekom AG ADR | 11,525 | 147,635 | ||||||
Nokia ADR* | 15,928 | 62,119 | ||||||
Orange ADR | 7,700 | 78,232 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 12,888 | 151,821 | ||||||
Telefonica SA* | 18,495 | 250,792 | ||||||
Vodafone Group PLC ADR | 23,233 | 751,588 | ||||||
Total Communications | 1,442,187 | |||||||
Consumer, Cyclical (2.01%) | ||||||||
Auto Manufacturers (2.01%) | ||||||||
Daimler AG | 3,835 | 263,273 | ||||||
Total Consumer, Cyclical | 263,273 | |||||||
Consumer, Non-Cyclical (31.82%) | ||||||||
Agriculture (3.18%) | ||||||||
Brit American Tob. ADR | 4,100 | 416,437 | ||||||
Beverages (5.91%) | ||||||||
Anheuser-Busch InBev ADR | 4,700 | 438,745 | ||||||
Diageo PLC ADR | 2,735 | $ | 335,530 | |||||
774,275 | ||||||||
Food (8.07%) | ||||||||
Nestle SA ADR | 12,412 | 812,365 | ||||||
Unilever NV | 6,508 | 244,896 | ||||||
1,057,261 | ||||||||
Pharmaceuticals (14.66%) | ||||||||
Bayer AG ADR | 1,515 | 168,271 | ||||||
Novartis AG ADR | 10,757 | 785,046 | ||||||
Roche Holding AG ADR | 9,632 | 599,688 | ||||||
Sanofi Aventis ADR | 7,700 | 367,906 | ||||||
1,920,911 | ||||||||
Total Consumer, Non-Cyclical | 4,168,884 | |||||||
Energy (11.81%) | ||||||||
Oil & Gas (11.81%) | ||||||||
BP PLC ADR | 6,876 | 283,979 | ||||||
ENI SpA ADR | 7,482 | 340,281 | ||||||
Royal Dutch Shell | 7,220 | 466,340 | ||||||
Total SA ADR | 8,258 | 456,750 | ||||||
Total Energy | 1,547,350 | |||||||
Financial (20.80%) | ||||||||
Banks (15.08%) | ||||||||
Banco Bilbao Vizcaya | 14,915 | 142,886 | ||||||
Banco Santander ADR | 38,077 | 270,727 | ||||||
Barclays PLC ADR | 8,751 | 152,880 | ||||||
BNP Paribas ADR | 5,452 | 170,975 | ||||||
Deutsche Bank AG | 5,544 | 240,720 | ||||||
HSBC Holdings PLC | 11,565 | 606,237 | ||||||
Intesa Sanpaolo ADR | 5,800 | 68,382 | ||||||
Societe Generale ADR | 10,900 | 95,266 | ||||||
UBS AG | 11,792 | 227,586 | ||||||
1,975,659 | ||||||||
Diversified Financial Services (0.91%) | ||||||||
Credit Suisse Group | 4,151 | $ | 119,798 | |||||
Insurance (4.81%) | ||||||||
Allianz AG ADR | 18,157 | 261,189 | ||||||
AXA ADR | 6,984 | 151,483 | ||||||
ING Groep NV ADR* | 20,000 | 217,400 | ||||||
630,072 | ||||||||
Total Financial | 2,725,529 | |||||||
Industrial (8.31%) | ||||||||
Building Materials (0.65%) | ||||||||
CRH PLC ADR | 4,000 | 85,000 | ||||||
Electronics (0.98%) | ||||||||
Koninklijke Philips ADR | 4,184 | 128,951 | ||||||
Miscellaneous Manufacturing (6.67%) | ||||||||
Siemens AG | 8,235 | 874,227 | ||||||
Total Industrial | 1,088,178 | |||||||
Technology (2.07%) | ||||||||
Software (2.07%) | ||||||||
SAP AG ADR | 3,667 | 270,698 | ||||||
Total Technology | 270,698 | |||||||
Utilities (1.46%) | ||||||||
Electric (1.46%) | ||||||||
E.ON AG | 6,935 | 109,966 | ||||||
GDF Suez ADR | 3,758 | 81,737 | ||||||
Total Utilities | 191,703 | |||||||
Total Common Stock (Cost $12,415,078) | 12,618,237 |
See accompanying notes to financial statements.
32
European Growth & Income Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Par Value | Value (Note 1) | ||||||
Short-Term Investments (3.05%) | ||||||||
United States Treasury Bills (3.05%) | ||||||||
United States T-Bill 10/31/2013, DN | $ | 200,000 | $ | 199,985 | ||||
United States T-Bill 12/19/2013, DN | 100,000 | 99,992 | ||||||
United States T-Bill 01/23/2014, DN | 100,000 | 99,986 | ||||||
Total United States Treasury Bills | 399,963 | |||||||
Total Short-Term Investments (Cost $399,962) | 399,963 | |||||||
Total Investments (Cost $12,815,040) (a) (99.37%) | 13,018,200 | |||||||
Other Net Assets (0.63%) | 83,002 | |||||||
Net Assets (100.00%) | $ | 13,101,202 | ||||||
* Non-income producing security. | ||||||||
(a) Aggregate cost for federal income tax purpose is $12,816,471. At August 31, 2013, unrealized appreciation (depreciation) of securities is as follows: | ||||||||
Unrealized appreciation | $ | 2,829,293 | ||||||
Unrealized depreciation | (2,627,564 | ) | ||||||
Net unrealized appreciation | $ | 201,729 |
Nasdaq-100 Index Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (96.40%) | ||||||||
Basic Materials (0.38%) | ||||||||
Chemicals (0.27%) | ||||||||
Sigma-Aldrich Corp | 2,148 | $ | 177,145 | |||||
Mining (0.11%) | ||||||||
Randgold Resources ADR | 878 | 68,502 | ||||||
Total Basic Materials | 245,647 | |||||||
Communications (31.53%) | ||||||||
Internet (18.53%) | ||||||||
Amazon.Com Inc* | 8,372 | 2,352,364 | ||||||
Baidu Inc. ADR* | 5,619 | 761,543 | ||||||
eBay Inc* | 24,497 | 1,224,605 | ||||||
Equinix, Inc* | 880 | 152,891 | ||||||
Expedia Inc | 2,183 | 102,077 | ||||||
F5 Networks Inc* | 1,406 | 117,232 | ||||||
Facebook Inc* | 34,103 | 1,407,772 | ||||||
Google Inc* | 4,017 | 3,401,997 | ||||||
Liberty Interactive Class A* | 8,939 | 201,843 | ||||||
NetFlix Inc* | 1,002 | 284,478 | ||||||
Priceline.com Inc* | 977 | 916,944 | ||||||
Symantec Corp | 12,435 | 318,460 | ||||||
Yahoo! Inc* | 22,365 | 606,539 | ||||||
11,848,745 | ||||||||
Media (8.12%) | ||||||||
Comcast Corp | 39,731 | 1,672,278 | ||||||
DIRECTV* | 11,133 | 647,718 | ||||||
Discovery Comm. Series A* | 2,605 | 201,914 | ||||||
Liberty Media Corp.* | 1,974 | 269,412 | ||||||
Liberty Global Plc* | 3,777 | 293,397 | ||||||
Sirius XM Radio Inc. | 134,528 | 481,610 | ||||||
Twenty-First Century Class A | 29,563 | 926,209 | ||||||
Viacom Inc (New) | 8,794 | $ | 699,651 | |||||
5,192,189 | ||||||||
Telecommunications (4.88%) | ||||||||
Cisco Systems Inc | 98,340 | 2,292,304 | ||||||
SBA Communications Class A* | 2,277 | 170,775 | ||||||
Vodafone Group PLC ADR | 20,410 | 660,264 | ||||||
3,123,343 | ||||||||
Total Communications | 20,164,277 | |||||||
Consumer, Cyclical (7.46%) | ||||||||
Auto Manufacturers (1.07%) | ||||||||
Paccar Inc | 6,314 | 338,494 | ||||||
Tesla Motors, Inc.* | 2,062 | 348,478 | ||||||
686,972 | ||||||||
Distribution / Wholesale (0.55%) | ||||||||
Fastenal Co | 5,296 | 232,971 | ||||||
Fossil Group Inc.* | 1,047 | 121,599 | ||||||
354,570 | ||||||||
Lodging (0.40%) | ||||||||
Wynn Resorts Ltd | 1,803 | 254,295 | ||||||
Retail (5.05%) | ||||||||
Bed Bath & Beyond* | 3,901 | 287,660 | ||||||
Costco Wholesale | 8,438 | 943,959 | ||||||
Dollar Tree Inc.* | 3,995 | 210,537 | ||||||
O'Reilly Automotive* | 1,971 | 241,861 | ||||||
Ross Stores Inc | 3,923 | 263,861 | ||||||
Sears Canada Inc. | 797 | 8,847 | ||||||
Sears Holding Corp.* | 1,899 | 84,012 | ||||||
Staples Inc | 11,851 | 164,847 | ||||||
Starbucks Corp | 14,452 | $ | 1,019,156 | |||||
3,224,740 | ||||||||
Toys / Games / Hobbies (0.39%) | ||||||||
Mattel Inc | 6,165 | 249,683 | ||||||
Total Consumer, Cyclical | 4,770,260 | |||||||
Consumer, Non-Cyclical (18.84%) | ||||||||
Beverages (0.27%) | ||||||||
Monster Beverage Co* | 2,962 | 169,989 | ||||||
Biotechnology (10.53%) | ||||||||
Alexion Pharma Inc.* | 3,483 | 375,328 | ||||||
Amgen Inc | 14,114 | 1,537,579 | ||||||
Biogen Idec Inc* | 4,576 | 974,780 | ||||||
Celgene Corp.* | 8,005 | 1,120,540 | ||||||
Gilead Sciences Inc* | 28,551 | 1,720,768 | ||||||
Life Technologies* | 3,075 | 228,811 | ||||||
Regeneron Pharma.* | 1,999 | 484,378 | ||||||
Vertex Pharma.* | 3,952 | 296,993 | ||||||
6,739,177 | ||||||||
Commercial Services (1.76%) | ||||||||
Automatic Data | 9,707 | 690,750 | ||||||
Paychex Inc | 6,495 | 251,227 | ||||||
Verisk Analytics Inc Class A* | 3,005 | 186,851 | ||||||
1,128,828 | ||||||||
Food (3.16%) | ||||||||
Kraft Foods Group | 11,927 | 617,461 | ||||||
Mondelez Int'l Inc. | 34,385 | 1,054,588 | ||||||
Whole Foods Market | 6,620 | 349,205 | ||||||
2,021,254 |
See accompanying notes to financial statements.
33
Nasdaq-100 Index Fund | Portfolio of Investments (Continued) | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Healthcare - Products (0.85%) | ||||||||
Dentsply Intl. | 2,557 | $ | 107,368 | |||||
Henry Schein Inc* | 1,555 | 157,133 | ||||||
Intuitive Surgical* | 716 | 276,748 | ||||||
541,249 | ||||||||
Pharmaceuticals (2.27%) | ||||||||
Catamaran Corp. USD$ DL* | 3,675 | 201,794 | ||||||
Express Scripts Hldg* | 15,757 | 1,006,557 | ||||||
Mylan Inc* | 6,802 | 240,383 | ||||||
1,448,734 | ||||||||
Total Consumer, Non-Cyclical | 12,049,231 | |||||||
Industrial (0.98%) | ||||||||
Electronics (0.22%) | ||||||||
Garmin Ltd | 3,502 | 142,777 | ||||||
Environmental Control (0.27%) | ||||||||
Stericycle Inc* | 1,540 | 173,342 | ||||||
Transportation (0.49%) | ||||||||
CH Robinson WW | 2,866 | 162,989 | ||||||
Expeditors Intl. | 3,688 | 149,585 | ||||||
312,574 | ||||||||
Total Industrial | 628,693 | |||||||
Technology (37.21%) | ||||||||
Computers (14.55%) | ||||||||
Apple Inc. | 14,998 | 7,304,777 | ||||||
Cognizant Technology* | 6,448 | 472,638 | ||||||
Dell Inc | 36,996 | 509,435 | ||||||
NetApp, Inc. | 6,433 | 267,227 | ||||||
Sandisk Corp | 4,343 | 239,647 | ||||||
Seagate Technology | 6,400 | 245,248 | ||||||
Western Digital | 4,219 | 261,578 | ||||||
9,300,550 | ||||||||
Semiconductors (11.52%) | ||||||||
Altera Corp | 5,714 | 200,961 | ||||||
Analog Devices Inc | 5,500 | 254,540 | ||||||
Applied Materials | 21,449 | 321,949 | ||||||
Avago Technologies | 4,396 | 169,290 | ||||||
Broadcom Corp | 9,300 | 234,918 | ||||||
Intel Corp | 91,854 | 2,018,951 | ||||||
Kla-Tencor Corp | 2,961 | 163,299 | ||||||
Linear Technology Co | 4,163 | 159,568 | ||||||
Maxim Integrated Pro | 5,195 | 144,655 | ||||||
Microchip Technology | 3,519 | 136,572 | ||||||
Micron Technology* | 18,387 | $ | 249,512 | |||||
Nvidia Corp | 10,316 | 152,161 | ||||||
Qualcomm Inc | 32,065 | 2,125,268 | ||||||
Texas Instruments | 21,798 | 832,684 | ||||||
Xilinx Inc | 4,710 | 204,508 | ||||||
7,368,836 | ||||||||
Software (11.14%) | ||||||||
Activision Blizzard | 19,948 | 325,551 | ||||||
Adobe Systems Inc* | 10,552 | 482,754 | ||||||
Akamai Technologies* | 3,172 | 145,849 | ||||||
Autodesk Inc* | 4,005 | 147,184 | ||||||
BMC Software Inc* | 2,569 | 118,174 | ||||||
CA Inc | 8,089 | 236,603 | ||||||
Cerner Corp* | 6,136 | 282,624 | ||||||
Check Point Software* | 3,506 | 196,581 | ||||||
Citrix Systems Inc* | 3,340 | 236,372 | ||||||
Fiserv Inc* | 2,377 | 228,834 | ||||||
Intuit Inc | 5,300 | 336,709 | ||||||
Microsoft Corp | 128,212 | 4,282,281 | ||||||
Nuance Communication* | 5,672 | 108,278 | ||||||
7,127,794 | ||||||||
Total Technology | 23,797,180 | |||||||
Total Common Stock (Cost $43,742,567) | 61,655,288 | |||||||
Preferred Stock (0.00%) | ||||||||
Orchard Supply HWare Series A; 0% Coupon | 50 | 3 | ||||||
Total Preferred Stock (Cost $57) | 3 | |||||||
Short-Term Investments (2.81%) | ||||||||
United States Treasury Bills (2.81%) | Par Value | |||||||
United States T-Bill 10/31/2013, DN | $ | 900,000 | 899,932 | |||||
United States T-Bill 12/19/2013, DN | 500,000 | 499,959 | ||||||
United States T-Bill 01/23/2014, DN | 400,000 | 399,945 | ||||||
Total United States Treasury Bills | 1,799,836 | |||||||
Total Short-Term Investments (Cost $1,799,829) | 1,799,836 |
Total Investments (Cost $45,542,453) (a) (99.21%) | $ | 63,455,127 | ||
Other Net Assets (0.79%) | 504,211 | |||
Net Assets (100.00%) | $ | 63,959,338 | ||
* Non-income producing security. | ||||
(a) Aggregate cost for federal income tax purpose is $45,610,134. At August 31, 2013, unrealized appreciation (depreciation) of securities is as follows: | ||||
Unrealized appreciation | $ | 19,060,252 | ||
Unrealized depreciation | (1,215,259 | ) | ||
Net unrealized appreciation | $ | 17,844,993 | ||
(b) At August 31, 2013, certain United States Treasury Bills with a market value of $1,799,836 were pledged to cover margin requirements for futures contracts. | ||||
(c) Futures contracts at Aug 31, 2013: Contracts - $20 times premium / delivery month / commitment | ||||
Nasdaq 100 E-MINI | Unrealized Depreciation | |||
35 / SEP 2013 / Long | $ | (13,168 | ) |
See accompanying notes to financial statements.
34
Shelton Green Alpha Fund | Portfolio of Investments | 8/31/2013 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (83.21%) | ||||||||
Basic Materials (0.77%) | ||||||||
Iron/Steel (0.77%) | ||||||||
Schnitzer Steel Indu | 1,412 | $ | 35,653 | |||||
Total Basic Materials | 35,653 | |||||||
Communications (5.76%) | ||||||||
Internet (3.11%) | ||||||||
Google Inc* | 170 | 143,973 | ||||||
Telecommunications (2.65%) | ||||||||
DigitalGlobe Inc.* | 2,016 | 60,883 | ||||||
Sierra Wireless, Inc DL* | 5,000 | 61,600 | ||||||
122,483 | ||||||||
Total Communications | 266,456 | |||||||
Consumer, Cyclical (10.80%) | ||||||||
Auto Manufacturers (3.94%) | ||||||||
Kandi Technologies* | 12,212 | 57,519 | ||||||
Tesla Motors, Inc.* | 739 | 124,890 | ||||||
182,409 | ||||||||
Auto Parts & Equipment (2.88%) | ||||||||
Johnson Controls Inc | 3,282 | 133,019 | ||||||
Home Furnishings (1.16%) | ||||||||
Sharp Corporation ADR* | 14,000 | 53,550 | ||||||
Office Furnishings (2.82%) | ||||||||
Herman Miller Inc | 3,474 | 88,483 | ||||||
Interface Inc | 2,366 | 41,784 | ||||||
130,267 | ||||||||
Total Consumer, Cyclical | 499,245 | |||||||
Consumer, Non-Cyclical (7.07%) | ||||||||
Food (7.07%) | ||||||||
Hain Celestial Group* | 1,374 | 112,366 | ||||||
SunOpta Inc.* | 9,128 | 81,696 | ||||||
United Natural Foods* | 2,189 | 132,718 | ||||||
Total Consumer, Non-Cyclical | 326,780 | |||||||
Energy (2.05%) | ||||||||
Energy-Alternate Sources (2.05%) | ||||||||
Solarcity Corp* | 3,027 | 94,866 | ||||||
Total Energy | 94,866 | |||||||
Industrial (30.37%) | ||||||||
Building Materials (1.66%) | ||||||||
LSI Industries Inc | 2,603 | 17,544 | ||||||
TREX Company Inc* | 1,337 | 59,189 | ||||||
76,733 | ||||||||
Electrical Components & Equipment (10.74%) | ||||||||
Advanced Energy Ind.* | 4,900 | $ | 89,327 | |||||
Canadian Solar $USD DL* | 10,804 | 135,158 | ||||||
GrafTech Intl* | 8,100 | 63,342 | ||||||
Sunpower Corp* | 4,357 | 93,632 | ||||||
Universal Display* | 2,119 | 73,339 | ||||||
Vestas Wind System ADR* | 6,700 | 41,316 | ||||||
496,114 | ||||||||
Electronics (8.44%) | ||||||||
Badger Meter Inc | 3,031 | 136,637 | ||||||
Itron Inc* | 2,242 | 83,985 | ||||||
Kyocera Corp ADR | 1,024 | 104,202 | ||||||
Waters Corp* | 657 | 64,944 | ||||||
389,768 | ||||||||
Engineering & Construction (0.95%) | ||||||||
ABB Ltd. ADR | 2,062 | 44,147 | ||||||
Environmental Control (2.52%) | ||||||||
Calgon Carbon Corp* | 2,774 | 47,713 | ||||||
Darling Intl.* | 3,400 | 68,782 | ||||||
116,495 | ||||||||
Machinery-Diversified (2.04%) | ||||||||
Lindsay Corp. | 611 | 46,448 | ||||||
Xylem Inc | 1,929 | 47,801 | ||||||
94,249 | ||||||||
Metal Fabricate/Hardware (1.51%) | ||||||||
Sims Metal Managment ADR | 8,476 | 69,927 | ||||||
Miscellaneous Manufacturing (2.51%) | ||||||||
Pentair Ltd. | 1,932 | 116,133 | ||||||
Total Industrial | 1,403,566 | |||||||
Technology (16.32%) | ||||||||
Semiconductors (15.49%) | ||||||||
Aixtron AG ADR* | 3,246 | 50,573 | ||||||
Applied Materials | 6,395 | 95,989 | ||||||
Atmel Corp* | 10,500 | 76,230 | ||||||
Brooks Automation | 3,700 | 32,560 | ||||||
Cree Inc* | 1,719 | 95,387 | ||||||
First Solar, Inc.* | 4,300 | 157,895 | ||||||
IXYS Corp | 4,508 | 41,789 | ||||||
Qualcomm Inc | 1,700 | 112,676 | ||||||
SunEdison Inc.* | 7,257 | 53,412 | ||||||
716,511 | ||||||||
Software (0.83%) | ||||||||
Digi International* | 4,113 | 38,210 | ||||||
Total Technology | 754,721 | |||||||
Utilities (10.07%) | ||||||||
Electric (1.23%) | ||||||||
Ameresco Inc.* | 4,798 | $ | 41,071 | |||||
Ormat Techologies | 627 | 15,719 | ||||||
56,790 | ||||||||
Water (8.84%) | ||||||||
American Water Works | 3,484 | 141,938 | ||||||
California Water | 4,103 | 81,855 | ||||||
Consolidated WaterCo | 4,896 | 62,522 | ||||||
Veolia Environment ADR | 7,950 | 122,589 | ||||||
408,904 | ||||||||
Total Utilities | 465,694 | |||||||
Total Common Stock (Cost $3,777,191) | 3,846,981 | |||||||
Total Investments (Cost $3,777,191) (a) (83.21%) | 3,846,981 | |||||||
Other Net Assets (16.79%) | 776,384 | |||||||
Net Assets (100.00%) | $ | 4,623,365 | ||||||
* Non-income producing security. | ||||||||
(a) Aggregate cost for federal income tax purpose is $3,777,191. At August 31, 2013, unrealized appreciation (depreciation) of securities is as follows: | ||||||||
Unrealized appreciation | $ | 262,821 | ||||||
Unrealized depreciation | (193,029 | ) | ||||||
Net unrealized appreciation | $ | 69,792 |
See accompanying notes to financial statements.
35
Statements of Assets & Liabilities August 31, 2013 |
California Tax-Free Income Fund | California Tax-Free Money Market Fund | U.S. Government Securities Fund | Short-Term U.S. Government Bond Fund | The United States Treasury Trust | ||||||||||||||||
Assets | ||||||||||||||||||||
Investments in securities | ||||||||||||||||||||
Cost of Investments | $ | 98,471,267 | $ | 34,274,022 | $ | 29,919,645 | $ | 8,693,981 | $ | 71,897,649 | ||||||||||
Market value of investments (Note 1) | 99,131,160 | 34,274,022 | 30,847,867 | 8,706,004 | 71,897,649 | |||||||||||||||
Cash | 70,914 | 62,864 | 76,504 | 6,334 | 66,787 | |||||||||||||||
Interest receivable | 1,217,783 | 8,421 | 252,832 | 12,961 | — | |||||||||||||||
Receivable for investments sold | — | — | — | — | — | |||||||||||||||
Receivable for fund shares sold | 1,725 | 33,030 | 118,296 | 1,683 | 684,132 | |||||||||||||||
Receivable from investment advisor | — | 5,197 | — | — | 11,164 | |||||||||||||||
Prepaid expenses | — | — | — | — | — | |||||||||||||||
Total assets | $ | 100,421,582 | $ | 34,383,534 | $ | 31,295,499 | $ | 8,726,982 | $ | 72,659,732 | ||||||||||
Liabilities | ||||||||||||||||||||
Payable for investments purchased | — | — | — | — | — | |||||||||||||||
Payable for fund shares repurchased | 57,197 | 12,936 | 3,460 | 160 | 5,940 | |||||||||||||||
Payable to investment advisor | 42,860 | — | 12,564 | 1,154 | — | |||||||||||||||
Distributions payable | 60,436 | — | 811 | — | — | |||||||||||||||
Accrued 12b-1 fees | — | — | 1,838 | 466 | 49 | |||||||||||||||
Accrued shareholder service fees | — | — | 1,831 | 497 | 77 | |||||||||||||||
Accrued administration fees | 7,888 | 2,601 | 2,537 | 688 | 5,360 | |||||||||||||||
Accrued expenses | 19,996 | 10,650 | 16,465 | 7,306 | 19,103 | |||||||||||||||
Total liabilities | $ | 188,377 | $ | 26,187 | $ | 39,506 | $ | 10,271 | $ | 30,529 | ||||||||||
Net assets | $ | 100,233,205 | $ | 34,357,347 | $ | 31,255,993 | $ | 8,716,711 | $ | 72,629,203 | ||||||||||
Net assets at August 31, 2013 consist of | ||||||||||||||||||||
Paid-in capital | 99,391,372 | 34,357,347 | 31,258,483 | 8,721,072 | 72,628,822 | |||||||||||||||
Undistributed net investment income | 239,439 | — | 44,507 | (16,384 | ) | — | ||||||||||||||
Accumulated net realized gain (loss) | (57,499 | ) | — | (975,219 | ) | — | 381 | |||||||||||||
Unrealized appreciation (depreciation) of investments | 659,893 | — | 928,222 | 12,023 | — | |||||||||||||||
Total net assets | $ | 100,233,205 | $ | 34,357,347 | $ | 31,255,993 | $ | 8,716,711 | $ | 72,629,203 | ||||||||||
Net assets | ||||||||||||||||||||
Direct Shares | $ | 100,233,205 | $ | 34,357,347 | $ | 22,967,806 | $ | 6,818,834 | $ | 69,479,012 | ||||||||||
A Shares | $ | — | $ | — | $ | 1,185,216 | $ | — | $ | — | ||||||||||
K Shares | $ | — | $ | — | $ | 7,102,971 | $ | 1,897,877 | $ | 3,150,191 | ||||||||||
Shares outstanding | ||||||||||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 8,896,259 | 34,403,972 | 2,212,139 | 670,397 | 69,480,757 | |||||||||||||||
A Shares (no par value, unlimited shares authorized) | — | — | 114,182 | — | — | |||||||||||||||
K Shares (no par value, unlimited shares authorized) | — | — | 682,879 | 187,043 | 3,148,474 | |||||||||||||||
Net asset value per share | ||||||||||||||||||||
Direct Shares | $ | 11.27 | $ | 1.00 | $ | 10.38 | $ | 10.17 | $ | 1.00 | ||||||||||
A Shares | $ | — | $ | — | $ | 10.38 | $ | — | $ | — | ||||||||||
K Shares | $ | — | $ | — | $ | 10.40 | $ | 10.15 | $ | 1.00 |
See accompanying notes to financial statements.
36
Statements of Assets & Liabilities August 31, 2013 (Continued) |
S&P 500 Index Fund | S&P MidCap Index Fund | S&P SmallCap Index Fund | Shelton Core Value Fund | |||||||||||||
Assets | ||||||||||||||||
Investments in securities | ||||||||||||||||
Cost of investments | $ | 62,631,208 | $ | 93,372,583 | $ | 34,092,959 | $ | 113,221,171 | ||||||||
Market value of investments (Note 1) | 110,116,888 | 150,991,252 | 45,941,887 | 178,634,086 | ||||||||||||
Cash | 863,114 | 171,268 | 297,042 | 583,757 | ||||||||||||
Interest receivable | — | — | — | — | ||||||||||||
Dividend receivable | 245,733 | 175,923 | 28,793 | 580,356 | ||||||||||||
Receivable for fund shares sold | 67,619 | 70,225 | 67,739 | 74,535 | ||||||||||||
Receivable for investments sold | — | — | — | — | ||||||||||||
Variation margin receivable | — | — | — | — | ||||||||||||
Receivable from investment advisor | — | — | — | — | ||||||||||||
Prepaid expenses | — | — | — | — | ||||||||||||
Total assets | $ | 111,293,354 | $ | 151,408,668 | $ | 46,335,461 | $ | 179,872,734 | ||||||||
�� | ||||||||||||||||
Liabilities | ||||||||||||||||
Payable for investments purchased | — | — | — | — | ||||||||||||
Payable for fund shares repurchased | 9,830 | 8,926 | 9,744 | 56,352 | ||||||||||||
Payable to investment advisor | 14,602 | 51,793 | 17,745 | 78,350 | ||||||||||||
Fund Income Distribution Pay | — | — | — | — | ||||||||||||
Variation margin payable | 12,140 | 20,025 | 40,645 | — | ||||||||||||
Accrued 12b-1 fees | 2,101 | 1,766 | 2,583 | 6,479 | ||||||||||||
Accrued shareholder service fees | 3,667 | 2,078 | 3,087 | 2,952 | ||||||||||||
Accrued administration fees | 8,799 | 12,185 | 3,663 | 14,404 | ||||||||||||
Accrued expenses | 24,889 | 26,555 | 18,151 | 79,663 | ||||||||||||
Total liabilities | $ | 76,028 | $ | 123,328 | $ | 95,618 | $ | 238,200 | ||||||||
Net assets | $ | 111,217,326 | $ | 151,285,340 | $ | 46,239,843 | $ | 179,634,534 | ||||||||
Net assets at August 31, 2013 consist of | ||||||||||||||||
Paid-in capital | 61,720,466 | 87,102,934 | 31,298,264 | 130,530,892 | ||||||||||||
Undistributed net investment income | 655,215 | 222,041 | — | 1,231,442 | ||||||||||||
Accumulated net realized gain (loss) | 1,375,740 | 6,392,336 | 3,080,303 | (17,540,715 | ) | |||||||||||
Unrealized appreciation (depreciation)of investments | 47,485,680 | 57,618,669 | 11,848,928 | 65,412,915 | ||||||||||||
Unrealized appreciation (depreciation) of futures contracts | (19,775 | ) | (50,640 | ) | 12,348 | — | ||||||||||
Total net assets | $ | 111,217,326 | $ | 151,285,340 | $ | 46,239,843 | $ | 179,634,534 | ||||||||
Net assets | ||||||||||||||||
Direct Shares | $ | 101,124,430 | $ | 143,698,764 | $ | 34,837,594 | $ | 157,350,034 | ||||||||
A Shares | $ | — | $ | — | $ | — | $ | 14,360,024 | ||||||||
K Shares | $ | 10,092,896 | $ | 7,586,576 | $ | 11,402,249 | $ | 7,924,476 | ||||||||
Shares outstanding | ||||||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 3,010,192 | 5,415,025 | 1,775,479 | 7,291,066 | ||||||||||||
A Shares (no par value, unlimited shares authorized) | — | — | — | 666,089 | ||||||||||||
K Shares (no par value, unlimited shares authorized) | 300,150 | 287,548 | 589,000 | 370,268 | ||||||||||||
Net asset value per share | ||||||||||||||||
Direct Shares | $ | 33.59 | $ | 26.54 | $ | 19.62 | $ | 21.58 | ||||||||
A Shares | $ | — | $ | — | $ | — | $ | 21.56 | ||||||||
K Shares | $ | 33.63 | $ | 26.38 | $ | 19.36 | $ | 21.40 |
See accompanying notes to financial statements.
37
Statements of Assets & Liabilities August 31, 2013 (Continued) |
European Growth & Income Fund | Nasdaq-100 Index Fund | Shelton Green Alpha Fund | ||||||||||
Assets | ||||||||||||
Investments in securities | ||||||||||||
Cost of investments | $ | 12,815,040 | $ | 45,542,453 | $ | 3,777,189 | ||||||
Market value of investments (Note 1) | 13,018,200 | 63,455,127 | 3,846,981 | |||||||||
Cash | 22,593 | 378,505 | 668,426 | |||||||||
Interest receivable | — | — | — | |||||||||
Dividend receivable | 34,530 | 86,769 | 3,266 | |||||||||
Receivable for fund shares sold | 50,598 | 108,552 | 196,815 | |||||||||
Receivable for investments sold | — | — | — | |||||||||
Variation margin receivable | — | — | — | |||||||||
Receivable from investment advisor | — | — | 8,494 | |||||||||
Prepaid expenses | — | — | — | |||||||||
Total assets | $ | 13,125,921 | $ | 64,028,953 | $ | 4,723,982 | ||||||
Liabilities | ||||||||||||
Payable for investments purchased | — | — | 95,743 | |||||||||
Payable for fund shares repurchased | 3,728 | 12,853 | — | |||||||||
Payable to investment advisor | 6,697 | 11,317 | — | |||||||||
Fund Income Distribution Pay | — | — | — | |||||||||
Variation margin payable | — | 11,455 | — | |||||||||
Accrued 12b-1 fees | 1,320 | 2,143 | — | |||||||||
Accrued shareholder service fees | 1,621 | 6,954 | — | |||||||||
Accrued administration fees | 1,035 | 4,978 | 302 | |||||||||
Accrued expenses | 10,318 | 19,915 | 4,572 | |||||||||
Total liabilities | $ | 24,719 | $ | 69,615 | $ | 100,617 | ||||||
Net assets | $ | 13,101,202 | $ | 63,959,338 | $ | 4,623,365 | ||||||
Net assets at August 31, 2013 consist of | ||||||||||||
Paid-in capital | 13,421,834 | 50,131,503 | 4,564,434 | |||||||||
Undistributed net investment income | 52,298 | 202,634 | — | |||||||||
Accumulated net realized gain (loss) | (576,090 | ) | (4,274,305 | ) | (10,861 | ) | ||||||
Unrealized appreciation (depreciation)of investments | 203,160 | 17,912,674 | 69,792 | |||||||||
Unrealized appreciation (depreciation) of futures contracts | — | (13,168 | ) | — | ||||||||
Total net assets | $ | 13,101,202 | $ | 63,959,338 | $ | 4,623,365 | ||||||
Net assets | ||||||||||||
Direct Shares | $ | 7,305,872 | $ | 54,259,190 | $ | 4,623,365 | ||||||
A Shares | $ | — | $ | — | $ | — | ||||||
K Shares | $ | 5,795,330 | $ | 9,700,148 | $ | — | ||||||
Shares outstanding | ||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 872,728 | 6,852,761 | 386,635 | |||||||||
A Shares (no par value, unlimited shares authorized) | — | — | — | |||||||||
K Shares (no par value, unlimited shares authorized) | 691,929 | 1,257,723 | — | |||||||||
Net asset value per share | ||||||||||||
Direct Shares | $ | 8.37 | $ | 7.92 | $ | 11.96 | ||||||
A Shares | $ | — | $ | — | $ | — | ||||||
K Shares | $ | 8.38 | $ | 7.71 | $ | — |
See accompanying notes to financial statements.
38
Statements of Operations For the Year Ended August 31, 2013 |
California Tax-Free Income Fund | California Tax-Free Money Market Fund | U.S. Government Securities Fund | Short-Term U.S. Government Bond Fund | The United States Treasury Trust | ||||||||||||||||
Investment income | ||||||||||||||||||||
Interest income | $ | 4,120,311 | $ | 38,863 | $ | 881,648 | $ | 53,078 | $ | 52,344 | ||||||||||
Total | 4,120,311 | 38,863 | 881,648 | 53,078 | 52,344 | |||||||||||||||
Expenses | ||||||||||||||||||||
Management fees (Note 2) | 519,900 | 176,895 | 176,070 | 49,410 | 368,444 | |||||||||||||||
Administration fees (Note 2) | 96,460 | 32,724 | 32,539 | 9,133 | 68,113 | |||||||||||||||
Transfer agent fees | 24,734 | 18,435 | 35,191 | 16,721 | 36,907 | |||||||||||||||
Accounting services | 42,440 | 17,997 | 22,282 | 13,267 | 32,774 | |||||||||||||||
Custodian fees | 7,473 | 4,115 | 3,458 | 1,238 | 6,358 | |||||||||||||||
Legal, audit, and compliance fees (Note 2) | 35,090 | 15,047 | 15,456 | 8,045 | 27,921 | |||||||||||||||
Trustees fees | 3,230 | 3,282 | 3,246 | 3,248 | 3,251 | |||||||||||||||
Insurance | 3,234 | 1,028 | 1,115 | 339 | 2,360 | |||||||||||||||
Printing | 2,893 | 3,669 | 3,706 | 1,685 | 6,468 | |||||||||||||||
Registration and dues | 3,811 | 2,740 | 10,149 | 2,751 | 10,296 | |||||||||||||||
12b-1 fees (Note 2) | — | — | 22,653 | 4,967 | — | |||||||||||||||
Shareholder service fees (Note 2) | — | — | 19,529 | 4,967 | — | |||||||||||||||
Total expenses | 739,265 | 275,932 | 345,394 | 115,771 | 562,892 | |||||||||||||||
Less reimbursement from manager (Note 2) | — | (237,069 | ) | (42,642 | ) | (47,533 | ) | (510,548 | ) | |||||||||||
Net expenses | 739,265 | 38,863 | 302,752 | 68,238 | 52,344 | |||||||||||||||
Net investment income (loss) | 3,381,046 | — | 578,896 | (15,160 | ) | — | ||||||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||||||
Net realized gain (loss) from security transactions | 43,991 | — | (86,370 | ) | 4,050 | 411 | ||||||||||||||
Change in unrealized appreciation (depreciation) of investments | (5,678,073 | ) | — | (1,710,532 | ) | (35,374 | ) | — | ||||||||||||
Net realized and unrealized gain (loss) of investments | (5,634,082 | ) | — | (1,796,902 | ) | (31,324 | ) | 411 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | (2,253,036 | ) | $ | — | $ | (1,218,006 | ) | $ | (46,484 | ) | $ | 411 |
See accompanying notes to financial statements.
39
Statements of Operations For the Year Ended August 31, 2013 (Continued) |
S&P 500 Index Fund | S&P MidCap Index Fund | S&P SmallCap Index Fund | Shelton Core Value Fund | |||||||||||||
Investment income | ||||||||||||||||
Interest income | $ | 3,275 | $ | 429 | $ | 529 | $ | 626 | ||||||||
Dividend income (net of foreign tax witheld: $366; $0; $38; $21,426 respectively) | 2,306,857 | 2,402,603 | 596,005 | 4,581,726 | ||||||||||||
Total | 2,310,132 | 2,403,032 | 596,534 | 4,582,352 | ||||||||||||
Expenses | ||||||||||||||||
Management fees (Note 2) | 267,717 | 572,328 | 202,859 | 859,671 | ||||||||||||
Administration fees (Note 2) | 98,922 | 132,109 | 37,472 | 158,827 | ||||||||||||
Transfer agent fees | 36,705 | 36,128 | 29,205 | 228,348 | ||||||||||||
Accounting services | 59,680 | 69,301 | 43,908 | 61,961 | ||||||||||||
Custodian fees | 9,617 | 12,107 | 5,035 | 11,692 | ||||||||||||
Legal, audit, and compliance fees (Note 2) | 35,391 | 46,454 | 16,205 | 54,127 | ||||||||||||
Trustees fees | 3,245 | 3,251 | 3,247 | 3,233 | ||||||||||||
Insurance | 2,853 | 3,973 | 1,094 | 4,904 | ||||||||||||
Printing | 8,998 | 8,443 | 6,697 | 28,600 | ||||||||||||
Registration and dues | 21,942 | 21,740 | 12,180 | 30,288 | ||||||||||||
12b-1 fees (Note 2) | 21,947 | 18,023 | 26,136 | 53,286 | ||||||||||||
Shareholder service fees (Note 2) | 21,947 | 18,023 | 26,136 | 18,464 | ||||||||||||
Licensing fee | 9,987 | 12,796 | 3,405 | — | ||||||||||||
Total expenses | 598,951 | 954,676 | 413,579 | 1,513,401 | ||||||||||||
Less reimbursement from manager (Note 2) | (170,589 | ) | (88,777 | ) | (61,085 | ) | — | |||||||||
Net expenses | 428,362 | 865,899 | 352,494 | 1,513,401 | ||||||||||||
Net investment income | 1,881,770 | 1,537,133 | 244,040 | 3,068,951 | ||||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) from security transactions | 485,470 | 6,499,471 | 2,904,380 | 5,810,827 | ||||||||||||
Net realized gain (loss) from futures contracts | 1,927,828 | 319,165 | 403,040 | (55,112 | ) | |||||||||||
Change in unrealized appreciation (depreciation) of investments | 14,585,868 | 21,315,624 | 5,793,044 | 23,216,522 | ||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | (49,720 | ) | (104,480 | ) | (40,365 | ) | — | |||||||||
Net realized and unrealized gain (loss) on investments | 16,949,446 | 28,029,780 | 9,060,099 | 28,972,237 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 18,831,216 | $ | 29,566,913 | $ | 9,304,139 | $ | 32,041,188 |
See accompanying notes to financial statements.
40
Statements of Operations For the Year/Period Ended August 31, 2013 (Continued) |
European Growth & Income Fund | Nasdaq-100 Index Fund | Shelton Green Alpha Fund* | ||||||||||
Investment income | ||||||||||||
Interest income | $ | 18 | $ | 1,261 | $ | — | ||||||
Dividend income (net of foreign tax witheld: $80,512; $465; $51 respectively) | 486,683 | 834,114 | 8,238 | |||||||||
Total | 486,701 | 835,375 | 8,238 | |||||||||
Expenses | ||||||||||||
Management fees (Note 2) | 108,094 | 266,007 | 7,858 | |||||||||
Administration fees (Note 2) | 11,748 | 49,132 | 722 | |||||||||
Transfer agent fees | 22,577 | 43,947 | 5,314 | |||||||||
Accounting services | 14,219 | 28,243 | 2,931 | |||||||||
Custodian fees | 1,226 | 6,462 | 2,156 | |||||||||
Legal, audit, and compliance fees (Note 2) | 8,525 | 19,603 | 130 | |||||||||
Trustees fees | 3,252 | 3,250 | 1,356 | |||||||||
Insurance | 352 | 1,398 | 3 | |||||||||
Printing | 2,500 | 7,031 | 778 | |||||||||
Registration and dues | 3,587 | 14,426 | 19,306 | |||||||||
12b-1 fees (Note 2) | 14,188 | 23,630 | — | |||||||||
Shareholder service fees (Note 2) | 14,188 | 23,630 | — | |||||||||
Licensing fee | — | 5,000 | — | |||||||||
Total expenses | 204,456 | 491,759 | 40,554 | |||||||||
Less reimbursement from manager (Note 2) | (48,911 | ) | (183,818 | ) | (30,829 | ) | ||||||
Net expenses | 155,545 | 307,941 | 9,725 | |||||||||
Net investment income (loss) | 331,156 | 527,434 | (1,487 | ) | ||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||
Net realized gain (loss) from security transactions | (188,507 | ) | 283,085 | (10,861 | ) | |||||||
Net realized gain (loss) from futures contracts | — | (301,402 | ) | — | ||||||||
Change in unrealized appreciation (depreciation) of investments | 1,673,282 | 6,744,836 | 69,792 | |||||||||
Change in unrealized appreciation (depreciation) of futures contracts | — | (57,838 | ) | — | ||||||||
Net realized and unrealized gain (loss) on investments | 1,484,775 | 6,668,681 | 58,931 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,815,931 | $ | 7,196,115 | $ | 57,444 |
* | Commencement of operations on March 12, 2013. |
See accompanying notes to financial statements.
41
Statements of Changes in Net Assets August 31, 2013 |
California Tax-Free Income Fund | California Tax-Free Money Market Fund | |||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | �� | Year Ended August 31, 2013 | Year Ended August 31, 2012 | ||||||||||||
Operations | ||||||||||||||||
Net investment income | $ | 3,381,046 | $ | 3,545,583 | $ | — | $ | — | ||||||||
Net realized gain (loss) on investments | 43,991 | 19,415 | — | — | ||||||||||||
Change in unrealized appreciation (depreciation) of investments | (5,678,073 | ) | 4,370,486 | — | — | |||||||||||
Net increase (decrease) in net assets resulting from operations | (2,253,036 | ) | 7,935,484 | — | — | |||||||||||
Distributions to shareholders | ||||||||||||||||
Distributions from net investment income | (3,349,652 | ) | (3,524,672 | ) | — | — | ||||||||||
Distributions from realized capital gains on investments | — | — | — | — | ||||||||||||
Capital share transactions | ||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | 49,434 | 2,152,501 | 1,113,378 | (11,229,281 | ) | |||||||||||
Total increase (decrease) | (5,553,254 | ) | 6,563,313 | 1,113,378 | (11,229,281 | ) | ||||||||||
Net assets | ||||||||||||||||
Beginning of period | 105,786,459 | 99,223,146 | 33,243,969 | 44,473,250 | ||||||||||||
End of period | $ | 100,233,205 | $ | 105,786,459 | $ | 34,357,347 | $ | 33,243,969 | ||||||||
Including undistributed net investment income of: | $ | 239,439 | $ | 208,045 | $ | — | $ | — |
U.S. Government Securities Fund | Short-Term U.S. Government Bond Fund | The United States Treasury Trust | ||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 578,896 | $ | 638,052 | $ | (15,160 | ) | $ | 50,151 | $ | — | $ | — | |||||||||||
Net realized gain (loss) on investments | (86,370 | ) | 3,810 | 4,050 | 13,221 | 411 | (31 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | (1,710,532 | ) | 449,414 | (35,374 | ) | (106,356 | ) | — | — | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,218,006 | ) | 1,091,276 | (46,484 | ) | (42,984 | ) | 411 | (31 | ) | ||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (447,342 | ) | (498,888 | ) | (2,554 | ) | (49,110 | ) | — | — | ||||||||||||||
A shares | (20,064 | ) | (17,153 | ) | — | — | — | — | ||||||||||||||||
B shares | — | (1,843 | ) | — | — | — | — | |||||||||||||||||
K shares | (99,530 | ) | (111,669 | ) | — | (491 | ) | — | — | |||||||||||||||
Distributions from realized capital gains on investments | ||||||||||||||||||||||||
Direct shares | — | — | (10,793 | ) | (21,824 | ) | — | — | ||||||||||||||||
A shares | — | — | — | — | — | — | ||||||||||||||||||
B shares* | — | — | — | — | — | — | ||||||||||||||||||
K shares | — | — | (2,587 | ) | (6,501 | ) | — | — | ||||||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (3,451,079 | ) | (2,170,632 | ) | (2,301,756 | ) | (3,541,538 | ) | (4,496,016 | ) | 12,018,641 | |||||||||||||
Total increase (decrease) | (5,236,021 | ) | (1,708,909 | ) | (2,364,174 | ) | (3,662,448 | ) | (4,495,605 | ) | 12,018,610 | |||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 36,492,014 | 38,200,923 | 11,080,885 | 14,743,333 | 77,124,808 | 65,106,198 | ||||||||||||||||||
End of period | $ | 31,255,993 | $ | 36,492,014 | $ | 8,716,711 | $ | 11,080,885 | $ | 72,629,203 | $ | 77,124,808 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 44,507 | $ | 30,256 | $ | (16,384 | ) | $ | 1,037 | $ | — | $ | — |
* | Shelton Core Value Fund Class B Shares and the U.S. Government Securities Fund Class B Shares were converted to their respective Fund’s Class A shares on August 15, 2012. |
See accompanying notes to financial statements.
42
Statements of Changes in Net Assets August 31, 2013 (Continued) |
S&P 500 Index Fund | S&P MidCap Index Fund | S&P SmallCap Index Fund | ||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income | $ | 1,881,770 | $ | 1,626,072 | $ | 1,537,133 | $ | 983,848 | $ | 244,040 | $ | 164,221 | ||||||||||||
Net realized gain (loss) on investments | 485,470 | (87,226 | ) | 6,499,471 | 8,619,284 | 2,904,380 | (165,516 | ) | ||||||||||||||||
Net realized gain (loss) on futures contracts | 1,927,828 | 203,100 | 319,165 | 185,616 | 403,040 | 45,165 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 14,585,868 | 12,757,819 | 21,315,624 | 4,969,845 | 5,793,044 | 5,261,254 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | (49,720 | ) | 34,855 | (104,480 | ) | 16,792 | (40,365 | ) | 91,428 | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 18,831,216 | 14,534,620 | 29,566,913 | 14,775,385 | 9,304,139 | 5,396,552 | ||||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (1,459,063 | ) | (1,439,697 | ) | (1,452,986 | ) | (844,222 | ) | (236,663 | ) | (132,609 | ) | ||||||||||||
A shares | — | — | — | — | — | — | ||||||||||||||||||
K shares | (97,677 | ) | (114,178 | ) | (47,327 | ) | (13,648 | ) | (39,683 | ) | (4,038 | ) | ||||||||||||
Distributions from realized capital gains on investments | ||||||||||||||||||||||||
Direct shares | — | — | (7,448,989 | ) | (5,155,034 | ) | (53,008 | ) | (1,776,289 | ) | ||||||||||||||
A shares | — | — | — | — | — | — | ||||||||||||||||||
K shares | — | — | (405,592 | ) | (338,641 | ) | (19,984 | ) | (785,677 | ) | ||||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | 507,356 | (3,010,827 | ) | 1,178,379 | (6,430,819 | ) | 1,454,637 | 942,776 | ||||||||||||||||
Total increase (decrease) | 17,781,832 | 9,969,918 | 21,390,398 | 1,993,021 | 10,409,438 | 3,640,715 | ||||||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 93,435,494 | 83,465,576 | 129,894,942 | 127,901,921 | 35,830,405 | 32,189,690 | ||||||||||||||||||
End of period | $ | 111,217,326 | $ | 93,435,494 | $ | 151,285,340 | $ | 129,894,942 | $ | 46,239,843 | $ | 35,830,405 | ||||||||||||
Including undistributed net investment income of: | $ | 655,215 | $ | 320,140 | $ | 222,041 | $ | 177,106 | $ | — | $ | — |
Shelton Core Value Fund | European Growth & Income Fund | Nasdaq-100 Index Fund | ||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income | $ | 3,068,951 | $ | 2,798,304 | $ | 331,156 | $ | 313,054 | $ | 527,434 | $ | 165,649 | ||||||||||||
Net realized gain (loss) on investments | 5,810,827 | (352,197 | ) | (188,507 | ) | 21 | 283,085 | 2,420,706 | ||||||||||||||||
Net realized gain (loss) on futures contracts | (55,112 | ) | — | — | — | (301,402 | ) | 273,794 | ||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 23,216,522 | 18,101,367 | 1,673,282 | (328,684 | ) | 6,744,836 | 4,089,905 | |||||||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | — | — | — | — | (57,838 | ) | 51,337 | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 32,041,188 | 20,547,474 | 1,815,931 | (15,609 | ) | 7,196,115 | 7,001,391 | |||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (2,146,175 | ) | (2,451,697 | ) | (171,773 | ) | (181,602 | ) | (366,065 | ) | (108,399 | ) | ||||||||||||
A shares | (169,867 | ) | (171,880 | ) | — | — | — | — | ||||||||||||||||
B shares* | — | (20,421 | ) | — | — | — | — | |||||||||||||||||
K shares | (77,717 | ) | (89,880 | ) | (114,843 | ) | (136,329 | ) | (32,575 | ) | (4,442 | ) | ||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (10,772,451 | ) | (5,642,586 | ) | 89,542 | 56,399 | 11,468,746 | 13,121,715 | ||||||||||||||||
Total increase (decrease) | 18,874,978 | 12,171,010 | 1,618,857 | (277,141 | ) | 18,266,221 | 20,010,265 | |||||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 160,759,556 | 148,588,546 | 11,482,345 | 11,759,486 | 45,693,117 | 25,682,852 | ||||||||||||||||||
End of period | $ | 179,634,534 | $ | 160,759,556 | $ | 13,101,202 | $ | 11,482,345 | $ | 63,959,338 | $ | 45,693,117 | ||||||||||||
Including undistributed net investment income of: | $ | 1,231,442 | $ | 556,249 | $ | 52,298 | $ | 7,758 | $ | 202,634 | $ | 73,840 |
* | Shelton Core Value Fund Class B Shares and the U.S. Government Securities Fund Class B Shares were converted to their respective Fund’s Class A shares on August 15, 2012. |
See accompanying notes to financial statements.
43
Statements of Changes in Net Assets August 31, 2013 (Continued) |
Shelton Green Alpha Fund | ||||
March 12, 2013* to August 31, 2013 | ||||
Operations | ||||
Net investment income (loss) | $ | (1,487 | ) | |
Net realized gain (loss) on investments | (10,861 | ) | ||
Net realized gain (loss) on futures contracts | — | |||
Change in unrealized appreciation (depreciation) of investments | 69,792 | |||
Change in unrealized appreciation (depreciation) of futures contracts | — | |||
Net increase (decrease) in net assets resulting from operations | 57,444 | |||
Distributions to shareholders | ||||
Distributions from net investment income | — | |||
Distributions from realized capital gains on investments | — | |||
Capital share transactions | ||||
Increase (decrease) in net assets resulting from capital share transactions | 4,565,921 | |||
Increase (decrease) in net assets resulting from capital share transactions due to merger (Note 5) | — | |||
Total increase (decrease) | 4,623,365 | |||
Net assets | ||||
Beginning of period | — | |||
End of period | $ | 4,623,365 | ||
Including undistributed net investment income of: | $ | — |
* | Commencement of operations |
See accompanying notes to financial statements.
44
Statements of Changes in Net Assets August 31, 2013 (Continued) |
California Tax-Free Income Fund | California Tax-Free Money Market Fund | |||||||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares/Value | Shares | Value | ||||||||||||||||||||||
Shares sold | 1,083,623 | $ | 12,801,943 | 835,666 | $ | 9,811,797 | 71,992,405 | 53,601,573 | $ | 53,601,573 | ||||||||||||||||||
Shares issued in reinvestment of distributions | 212,776 | 2,507,652 | 224,894 | 2,627,023 | — | — | — | |||||||||||||||||||||
Shares repurchased | (1,297,257 | ) | (15,260,161 | ) | (880,176 | ) | (10,286,319 | ) | (70,879,027 | ) | (64,850,856 | ) | (64,830,854 | ) | ||||||||||||||
Net increase (decrease) | (858 | ) | $ | 49,434 | 180,384 | $ | 2,152,501 | 1,113,378 | (11,249,283 | ) | $ | (11,229,281 | ) |
The United States | Direct Shares | K Shares | ||||||||||||||
Treasury Trust | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | ||||||||||||
Shares/ Value | Shares/ Value | Shares/ Value | Shares/ Value | |||||||||||||
Shares sold | 43,779,594 | 54,807,830 | 1,661,694 | 1,527,069 | ||||||||||||
Shares issued in reinvestment of distributions | — | — | — | — | ||||||||||||
Shares repurchased | (48,917,552 | ) | (41,649,833 | ) | (1,019,752 | ) | (2,666,425 | ) | ||||||||
Net increase (decrease) | (5,137,958 | ) | 13,157,997 | 641,942 | (1,139,356 | ) |
U.S. Government | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Securities Fund | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | ||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 531,349 | $ | 5,690,522 | 555,390 | $ | 6,041,097 | 129,678 | $ | 1,396,020 | 206,032 | $ | 2,243,923 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 40,660 | 435,163 | 44,096 | 479,873 | 9,308 | 99,530 | 10,238 | 111,669 | ||||||||||||||||||||||||
Shares repurchased | (823,861 | ) | (8,754,258 | ) | (737,195 | ) | (8,013,863 | ) | (204,789 | ) | (2,205,067 | ) | (288,102 | ) | (3,137,523 | ) | ||||||||||||||||
Net increase (decrease) | (251,852 | ) | $ | (2,628,573 | ) | (137,709 | ) | $ | (1,492,893 | ) | (65,803 | ) | $ | (709,517 | ) | (71,832 | ) | $ | (781,931 | ) |
A Shares | ||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Shares sold | 10,509 | $ | 112,797 | 13,764 | $ | 149,751 | ||||||||||
Shares issued due to conversion from B to A | — | — | 17,542 | 190,502 | ||||||||||||
Shares issued in reinvestment of distributions | 1,824 | 19,477 | 1,518 | 16,547 | ||||||||||||
Shares repurchased | (22,714 | ) | (245,263 | ) | (4,879 | ) | (52,992 | ) | ||||||||
Net increase (decrease) | (10,381 | ) | $ | (112,989 | ) | 27,945 | $ | 303,808 |
Short-Term U.S. | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Government Bond Fund | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | ||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 142,166 | $ | 1,450,005 | 190,743 | $ | 1,956,710 | 52,642 | $ | 537,133 | 118,164 | $ | 1,216,293 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 1,300 | 13,260 | 6,808 | 69,862 | 253 | 2,586 | 679 | 6,993 | ||||||||||||||||||||||||
Shares repurchased | (355,176 | ) | (3,623,088 | ) | (446,328 | ) | (4,580,488 | ) | (66,817 | ) | (681,652 | ) | (215,185 | ) | (2,210,908 | ) | ||||||||||||||||
Net increase (decrease) | (211,710 | ) | $ | (2,159,823 | ) | (248,777 | ) | $ | (2,553,916 | ) | (13,922 | ) | $ | (141,933 | ) | (96,342 | ) | $ | (987,622 | ) |
See accompanying notes to financial statements.
45
Statements of Changes in Net Assets August 31, 2013 (Continued) |
S&P 500 Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 836,825 | $ | 24,905,058 | 245,883 | $ | 6,608,335 | 86,879 | $ | 2,784,756 | 70,088 | $ | 1,857,483 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 43,348 | 1,346,027 | 47,460 | 1,245,153 | 3,087 | 96,497 | 4,313 | 112,949 | ||||||||||||||||||||||||
Shares repurchased | (832,978 | ) | (26,343,047 | ) | (329,375 | ) | (8,982,390 | ) | (73,058 | ) | (2,281,935 | ) | (141,784 | ) | (3,852,357 | ) | ||||||||||||||||
Net increase (decrease) | 47,195 | $ | (91,962 | ) | (36,032 | ) | $ | (1,128,902 | ) | 16,908 | $ | 599,318 | (67,383 | ) | $ | (1,881,925 | ) |
S&P MidCap Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 503,896 | $ | 12,638,719 | 414,834 | $ | 9,137,939 | 62,696 | $ | 1,543,760 | 68,722 | $ | 1,501,379 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 377,978 | 8,579,907 | 260,690 | 5,491,727 | 20,077 | 451,211 | 16,795 | 351,143 | ||||||||||||||||||||||||
Shares repurchased | (810,415 | ) | (20,193,384 | ) | (870,152 | ) | (19,169,945 | ) | (74,264 | ) | (1,841,834 | ) | (168,679 | ) | (3,743,062 | ) | ||||||||||||||||
Net increase (decrease) | 71,459 | $ | 1,025,242 | (194,628 | ) | $ | (4,540,279 | ) | 8,509 | $ | 153,137 | (83,162 | ) | $ | (1,890,540 | ) |
S&P SmallCap Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 363,563 | $ | 6,564,770 | 231,757 | $ | 3,455,100 | 130,497 | $ | 2,256,777 | 135,666 | $ | 1,993,138 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 16,715 | 286,749 | 133,018 | 1,861,015 | 3,629 | 59,667 | 57,368 | 789,714 | ||||||||||||||||||||||||
Shares repurchased | (280,046 | ) | (4,979,317 | ) | (211,394 | ) | (3,164,002 | ) | (157,743 | ) | (2,734,009 | ) | (273,214 | ) | (3,992,189 | ) | ||||||||||||||||
Net increase (decrease) | 100,232 | $ | 1,872,202 | 153,381 | $ | 2,152,113 | (23,617 | ) | $ | (417,565 | ) | (80,180 | ) | $ | (1,209,337 | ) |
Shelton Core Value Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 507,740 | $ | 10,265,462 | 669,935 | $ | 11,527,251 | 66,870 | $ | 1,320,490 | 114,928 | $ | 1,971,218 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 108,117 | 2,083,511 | 140,973 | 2,380,469 | 4,063 | 77,705 | 5,361 | 89,854 | ||||||||||||||||||||||||
Shares repurchased | (1,086,963 | ) | (21,726,296 | ) | (1,043,642 | ) | (18,018,623 | ) | (69,441 | ) | (1,379,948 | ) | (163,942 | ) | (2,823,136 | ) | ||||||||||||||||
Net increase (decrease) | (471,106 | ) | $ | (9,377,323 | ) | (232,734 | ) | $ | (4,110,903 | ) | 1,492 | $ | 18,247 | (43,653 | ) | $ | (762,064 | ) |
A Shares | ||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Shares sold | 17,756 | $ | 355,448 | 95,968 | $ | 1,666,527 | ||||||||||
Shares issued due to conversion from B to A | — | — | 100,099 | 1,823,801 | ||||||||||||
Shares issued in reinvestment of distributions | 8,610 | 165,488 | 10,129 | 170,910 | ||||||||||||
Shares repurchased | (98,613 | ) | (1,934,311 | ) | (122,820 | ) | (2,141,535 | ) | ||||||||
Net increase (decrease) | (72,247 | ) | $ | (1,413,375 | ) | 83,376 | $ | 1,519,703 |
See accompanying notes to financial statements.
46
Statements of Changes in Net Assets August 31, 2013 (Continued) |
European Growth | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
& Income Fund | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | ||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 228,942 | $ | 1,877,568 | 244,477 | $ | 1,762,389 | 141,790 | $ | 1,153,012 | 203,704 | $ | 1,484,156 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 21,430 | 171,329 | 24,971 | 180,534 | 14,322 | 114,843 | 18,752 | 136,329 | ||||||||||||||||||||||||
Shares repurchased | (230,686 | ) | (1,904,481 | ) | (187,307 | ) | (1,362,361 | ) | (161,371 | ) | (1,322,729 | ) | (297,351 | ) | (2,144,648 | ) | ||||||||||||||||
Net increase (decrease) | 19,686 | $ | 144,416 | 82,141 | $ | 580,562 | (5,259 | ) | $ | (54,874 | ) | (74,895 | ) | $ | (524,163 | ) |
Nasdaq-100 Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 4,355,572 | $ | 31,407,842 | 3,025,676 | $ | 19,910,198 | 324,473 | $ | 2,264,880 | 425,157 | $ | 2,678,275 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 49,915 | 357,093 | 17,558 | 107,902 | 4,709 | 32,460 | 788 | 4,437 | ||||||||||||||||||||||||
Shares repurchased | (2,699,979 | ) | (19,421,764 | ) | (1,055,250 | ) | (6,776,864 | ) | (453,460 | ) | (3,171,765 | ) | (450,369 | ) | (2,802,233 | ) | ||||||||||||||||
Net increase (decrease) | 1,705,508 | $ | 12,343,171 | 1,987,984 | $ | 13,241,236 | (124,278 | ) | $ | (874,425 | ) | (24,424 | ) | $ | (119,521 | ) |
Shelton Green Alpha Fund | Direct Shares | |||||||
March 12, 2013* to August 31, 2013 | ||||||||
Shares | Value | |||||||
Shares sold | 458,270 | $ | 5,410,633 | |||||
Shares issued in reinvestment of distributions | — | — | ||||||
Shares repurchased | (71,635 | ) | (844,712 | ) | ||||
Net increase (decrease) | 386,635 | $ | 4,565,921 |
* | Commencement of operations |
See accompanying notes to financial statements.
47
Financial Highlights (For a Share Outstanding Throughout Each Year) |
California Tax-Free Income Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 11.89 | $ | 11.38 | $ | 11.69 | $ | 11.27 | $ | 11.40 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.38 | 0.41 | 0.44 | 0.46 | 0.47 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.62 | ) | 0.51 | (0.25 | ) | 0.42 | (0.10 | ) | ||||||||||||
Total from investment operations | (0.25 | ) | 0.92 | 0.19 | 0.88 | 0.37 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.38 | ) | (0.41 | ) | (0.45 | ) | (0.46 | ) | (0.47 | ) | ||||||||||
Distributions from capital gains | — | — | (0.05 | ) | 0.00 | (a) | (0.03 | ) | ||||||||||||
Total distributions | (0.38 | ) | (0.41 | ) | (0.50 | ) | (0.46 | ) | (0.50 | ) | ||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | |||||||||||||||
Net asset value, end of period | $ | 11.27 | $ | 11.89 | $ | 11.38 | $ | 11.69 | $ | 11.27 | ||||||||||
Total return | (2.12 | )% | 8.17 | % | 1.73 | % | 7.98 | % | 3.44 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 100,233 | $ | 105,786 | $ | 99,223 | $ | 111,786 | $ | 107,668 | ||||||||||
Ratio of expenses to average net assets | 0.71 | % | 0.72 | % | 0.72 | % | 0.73 | % | 0.74 | % | ||||||||||
Ratio of net investment income to average net assets | 3.29 | % | 3.50 | % | 3.93 | % | 4.02 | % | 4.23 | % | ||||||||||
Portfolio turnover | 11 | % | 10 | % | 2 | % | 10 | % | 21 | % |
California Tax-Free Money Market Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | — | — | — | — | 0.007 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | (0.007 | ) | ||||||||||||||
Net asset value, end of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Total return | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.68 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 34,357 | $ | 33,244 | $ | 44,473 | $ | 47,344 | $ | 74,285 | ||||||||||
Ratio of expenses to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.78 | %(d) | 0.79 | %(d) | 0.74 | %(d) | 0.76 | %(d) | 0.80 | %(c) | ||||||||||
After expense reimbursements | 0.11 | %(d) | 0.13 | %(d) | 0.23 | %(d) | 0.31 | %(d) | 0.55 | %(c) | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | (0.67 | )%(d) | (0.66 | )%(d) | (0.51 | )%(d) | (0.45 | )%(d) | 0.46 | %(c) | ||||||||||
After expense reimbursements | 0.00 | %(d) | 0.00 | %(d) | 0.00 | %(d) | 0.00 | %(d) | 0.71 | %(c) |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Includes Temporary Guarantee Program expense and negative yield waiver adjustment. |
(d) | Includes negative yield waiver adjustment. |
See accompanying notes to financial statements.
48
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
U.S. Government Securities Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 10.93 | $ | 10.79 | $ | 10.68 | $ | 10.38 | $ | 10.46 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.19 | 0.20 | 0.21 | 0.31 | 0.37 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.56 | ) | 0.13 | 0.11 | 0.30 | (0.08 | ) | |||||||||||||
Total from investment operations | (0.37 | ) | 0.33 | 0.32 | 0.61 | 0.29 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.18 | ) | (0.19 | ) | (0.21 | ) | (0.31 | ) | (0.37 | ) | ||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | (0.00 | )(a) | ||||||||||||||
Net asset value, end of period | $ | 10.38 | $ | 10.93 | $ | 10.79 | $ | 10.68 | $ | 10.38 | ||||||||||
Total return | (3.38 | )% | 3.13 | % | 3.09 | % | 6.04 | % | 2.73 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 22,968 | $ | 26,927 | $ | 28,080 | $ | 32,467 | $ | 22,111 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.86 | % | 0.87 | % | 0.86 | % | 0.94 | % | 0.86 | % | ||||||||||
After expense reimbursements | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.62 | % | 1.69 | % | 1.85 | % | 2.79 | % | 3.38 | % | ||||||||||
After expense reimbursements | 1.74 | % | 1.82 | % | 1.97 | % | 2.99 | % | 3.51 | % | ||||||||||
Portfolio turnover | 6 | % | 9 | % | 62 | % | 54 | % | 82 | % |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 10.96 | $ | 10.82 | $ | 10.70 | $ | 10.43 | $ | 10.53 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.13 | 0.14 | 0.16 | 0.26 | 0.32 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.55 | ) | 0.14 | 0.12 | 0.30 | (0.09 | ) | |||||||||||||
Total from investment operations | (0.42 | ) | 0.28 | 0.28 | 0.56 | 0.23 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.14 | ) | (0.14 | ) | (0.16 | ) | (0.29 | ) | (0.33 | ) | ||||||||||
Net asset value, end of period | $ | 10.40 | $ | 10.96 | $ | 10.82 | $ | 10.70 | $ | 10.43 | ||||||||||
Total return | (3.88 | )% | 2.60 | % | 2.65 | % | 5.50 | % | 2.19 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 7,103 | $ | 8,202 | $ | 8,878 | $ | 8,668 | $ | 7,425 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.36 | % | 1.37 | % | 1.37 | % | 1.44 | % | 1.36 | % | ||||||||||
After expense reimbursements | 1.24 | % | 1.24 | % | 1.24 | % | �� | 1.24 | % | 1.24 | % | |||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.12 | % | 1.19 | % | 1.35 | % | 2.30 | % | 2.88 | % | ||||||||||
After expense reimbursements | 1.24 | % | 1.32 | % | 1.47 | % | 2.50 | % | 3.01 | % | ||||||||||
Portfolio turnover | 6 | % | 9 | % | 62 | % | 54 | % | 82 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
49
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
U.S. Government Securities Fund A Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | May 7, 2010(g) to August 31, 2010 | ||||||||||||
Net asset value, beginning of period | $ | 10.94 | $ | 10.81 | $ | 10.69 | $ | 10.41 | ||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||
Net investment income (b) | 0.16 | 0.17 | 0.18 | 0.07 | ||||||||||||
Net gain on securities (both realized and unrealized) | (0.55 | ) | 0.13 | 0.13 | 0.28 | |||||||||||
Total from investment operations | (0.39 | ) | 0.30 | 0.31 | 0.35 | |||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||
Dividends from net investment income | (0.17 | ) | (0.17 | ) | (0.19 | ) | (0.07 | ) | ||||||||
Net asset value, end of period | $ | 10.38 | $ | 10.94 | $ | 10.81 | $ | 10.69 | ||||||||
Total return | (3.57 | )%(e) | 2.77 | %(e) | 2.92 | %(e) | 3.39 | %(e)(h) | ||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||
Net assets, end of period | $ | 1,185 | $ | 1,363 | $ | 1,044 | $ | 1,377 | ||||||||
Ratio of expenses to average net assets: | ||||||||||||||||
Before expense reimbursements | 1.11 | % | 1.12 | % | 1.11 | % | 1.19 | %(i) | ||||||||
After expense reimbursements | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | %(i) | ||||||||
Ratio of net investment income to average net assets | ||||||||||||||||
Before expense reimbursements | 1.37 | % | 1.44 | % | 1.61 | % | 2.00 | %(i) | ||||||||
After expense reimbursements | 1.49 | % | 1.57 | % | 1.73 | % | 2.20 | %(i) | ||||||||
Portfolio turnover | 6 | % | 9 | % | 62 | % | 54 | % |
(b) | Calculated based upon average shares outstanding. |
(e) | Not reflecting sales charge. |
(g) | Commencement of operations. |
(h) | Not annualized. |
(i) | Annualized. |
See accompanying notes to financial statements.
50
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
Short-Term U.S. Government Bond Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 10.23 | $ | 10.32 | $ | 10.41 | $ | 10.26 | $ | 10.10 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (b) | (0.01 | ) | 0.05 | 0.07 | 0.09 | 0.19 | ||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.04 | ) | (0.07 | ) | (0.04 | ) | 0.15 | 0.16 | ||||||||||||
Total from investment operations | (0.05 | ) | (0.02 | ) | 0.03 | 0.24 | 0.35 | |||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | (0.05 | ) | (0.07 | ) | (0.09 | ) | (0.19 | ) | |||||||||||
Distributions from capital gains | (0.01 | ) | (0.02 | ) | (0.05 | ) | — | — | ||||||||||||
Total distributions | (0.01 | ) | (0.07 | ) | (0.12 | ) | (0.09 | ) | (0.19 | ) | ||||||||||
Paid-in capital from redemption fee | — | — | — | — | (0.00 | )(a) | ||||||||||||||
Net asset value, end of period | $ | 10.17 | $ | 10.23 | $ | 10.32 | $ | 10.41 | $ | 10.26 | ||||||||||
Total return | (0.43 | )% | (0.20 | )% | 0.33 | % | 2.32 | % | 3.49 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 6,819 | $ | 9,021 | $ | 11,668 | $ | 12,581 | $ | 13,688 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.07 | % | 0.98 | % | 0.92 | % | 0.89 | % | 0.95 | % | ||||||||||
After expense reimbursements | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | (0.53 | )% | 0.10 | % | 0.37 | % | 0.59 | % | 1.45 | % | ||||||||||
After expense reimbursements | (0.05 | )% | 0.49 | % | 0.70 | % | 0.89 | % | 1.81 | % | ||||||||||
Portfolio turnover | 50 | % | 13 | % | 28 | % | 42 | % | 58 | % |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 10.25 | $ | 10.34 | $ | 10.43 | $ | 10.30 | $ | 10.13 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (b) | (0.06 | ) | (0.00 | ) | 0.02 | 0.04 | 0.14 | |||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.03 | ) | (0.07 | ) | (0.04 | ) | 0.15 | 0.16 | ||||||||||||
Total from investment operations | (0.09 | ) | (0.07 | ) | (0.02 | ) | 0.19 | 0.30 | ||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | — | (0.02 | ) | (0.06 | ) | (0.13 | ) | ||||||||||||
Distributions from capital gains | (0.01 | ) | (0.02 | ) | (0.05 | ) | — | — | ||||||||||||
Total distributions | (0.01 | ) | (0.02 | ) | (0.07 | ) | (0.06 | ) | (0.13 | ) | ||||||||||
Net asset value, end of period | $ | 10.15 | $ | 10.25 | $ | 10.34 | $ | 10.43 | $ | 10.30 | ||||||||||
Total return | (0.85 | )% | (0.66 | )% | (0.18 | )% | 1.82 | % | 2.93 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 1,898 | $ | 2,060 | $ | 3,075 | $ | 3,224 | $ | 2,551 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.57 | % | 1.48 | % | 1.42 | % | 1.39 | % | 1.45 | % | ||||||||||
After expense reimbursements | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | (1.04 | )% | (0.40 | )% | (0.13 | )% | 0.09 | % | 0.98 | % | ||||||||||
After expense reimbursements | (0.56 | )% | (0.01 | )% | 0.20 | % | 0.39 | % | 1.34 | % | ||||||||||
Portfolio turnover | 50 | % | 13 | % | 28 | % | 42 | % | 58 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
51
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
The United States Treasury Trust Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | — | — | — | — | 0.002 | |||||||||||||||
Net gain on securities (both realized and unrealized) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | 0.001 | — | ||||||||||||
Total from investment operations | (0.000 | ) | (0.000 | ) | (0.000 | ) | 0.001 | 0.002 | ||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | (0.002 | ) | ||||||||||||||
Distributions from capital gains | — | — | (0.000 | )(a) | (0.001 | ) | — | |||||||||||||
Total distributions | — | — | (0.000 | ) | (0.001 | ) | (0.002 | ) | ||||||||||||
Net asset value, end of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Total return | 0.00 | % | 0.00 | %(h) | 0.00 | % | 0.11 | % | 0.13 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 69,479 | $ | 74,617 | $ | 61,459 | $ | 67,354 | $ | 25,301 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.76 | %(d) | 0.78 | %(d)(i) | 0.78 | %(d) | 0.94 | %(d) | 0.91 | %(c) | ||||||||||
After expense reimbursements | 0.07 | %(d) | 0.05 | %(d)(i) | 0.12 | %(d) | 0.15 | %(d) | 0.29 | %(c) | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | (0.69 | )%(d) | (0.73 | )%(d)(i) | (0.66 | )%(d) | (0.79 | )%(d) | (0.46 | )%(c) | ||||||||||
After expense reimbursements | 0.00 | %(d) | 0.00 | %(d)(i) | 0.00 | %(d) | 0.00 | %(d) | 0.16 | %(c) |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | — | — | — | — | — | |||||||||||||||
Net gain on securities (both realized and unrealized) | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | — | — | ||||||||||||
Total from investment operations | (0.000 | ) | (0.000 | ) | (0.000 | ) | — | — | ||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | |||||||||||||||
Distributions from capital gains | — | — | (0.000 | )(a) | ||||||||||||||||
Total distributions | — | — | (0.000 | ) | — | — | ||||||||||||||
Net asset value, end of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
Total return | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.04 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 3,150 | $ | 2,508 | $ | 3,647 | $ | 3,486 | $ | 3,302 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.76 | %(d) | 0.77 | %(d) | 0.78 | %(d) | 0.93 | %(d) | 0.97 | %(c) | ||||||||||
After expense reimbursements | 0.07 | %(d) | 0.05 | %(d) | 0.12 | %(d) | 0.14 | %(d) | 0.35 | %(c) | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | (0.69 | )%(d) | (0.73 | )%(d) | (0.66 | )%(d) | (0.79 | )%(d) | (0.59 | )%(c) | ||||||||||
After expense reimbursements | 0.00 | %(d) | 0.00 | %(d) | 0.00 | %(d) | 0.00 | %(d) | 0.03 | %(c) |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Includes Temporary Guarantee Program expense and negative yield waiver adjustment. |
(d) | Includes negative yield waiver adjustment. |
See accompanying notes to financial statements.
52
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
S&P 500 Index Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 28.78 | $ | 24.91 | $ | 21.41 | $ | 20.81 | $ | 25.91 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.57 | 0.50 | 0.44 | 0.39 | 0.42 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 4.71 | 3.85 | 3.50 | 0.58 | (5.09 | ) | ||||||||||||||
Total from investment operations | 5.28 | 4.35 | 3.94 | 0.97 | (4.67 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.47 | ) | (0.48 | ) | (0.44 | ) | (0.37 | ) | (0.43 | ) | ||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | |||||||||||||||
Net asset value, end of period | $ | 33.59 | $ | 28.78 | $ | 24.91 | $ | 21.41 | $ | 20.81 | ||||||||||
Total return | 18.50 | % | 17.68 | % | 18.36 | % | 4.62 | % | (17.86 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 101,124 | $ | 85,269 | $ | 74,717 | $ | 65,837 | $ | 67,017 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.52 | % | 0.54 | % | 0.51 | % | 0.56 | % | 0.59 | % | ||||||||||
After expense reimbursements | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.65 | % | 1.70 | % | 1.55 | % | 1.52 | % | 2.03 | % | ||||||||||
After expense reimbursements | 1.81 | % | 1.88 | % | 1.70 | % | 1.72 | % | 2.26 | % | ||||||||||
Portfolio turnover | 3 | % | 3 | % | 1 | % | 7 | % | 5 | % |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 28.83 | $ | 24.95 | $ | 21.47 | $ | 20.88 | $ | 26.05 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.41 | 0.37 | 0.31 | 0.28 | 0.33 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 4.74 | 3.86 | 3.51 | 0.60 | (5.14 | ) | ||||||||||||||
Total from investment operations | 5.15 | 4.23 | 3.82 | 0.88 | (4.81 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.35 | ) | (0.35 | ) | (0.34 | ) | (0.29 | ) | (0.36 | ) | ||||||||||
Net asset value, end of period | $ | 33.63 | $ | 28.83 | $ | 24.95 | $ | 21.47 | $ | 20.88 | ||||||||||
Total return | 17.95 | % | 17.08 | % | 17.77 | % | 4.15 | % | (18.29 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 10,093 | $ | 8,166 | $ | 8,749 | $ | 7,322 | $ | 6,300 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.02 | % | 1.04 | % | 1.01 | % | 1.06 | % | 1.09 | % | ||||||||||
After expense reimbursements | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.15 | % | 1.20 | % | 1.05 | % | 1.03 | % | 1.51 | % | ||||||||||
After expense reimbursements | 1.31 | % | 1.38 | % | 1.20 | % | 1.22 | % | 1.74 | % | ||||||||||
Portfolio turnover | 3 | % | 3 | % | 1 | % | 7 | % | 5 | % |
(b) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
53
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
S&P MidCap Index Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 23.11 | $ | 21.68 | $ | 17.84 | $ | 16.17 | $ | 20.94 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.30 | 0.18 | 0.17 | 0.16 | 0.17 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 4.81 | 2.35 | 3.83 | 1.71 | (4.29 | ) | ||||||||||||||
Total from investment operations | 5.11 | 2.53 | 4.00 | 1.87 | (4.12 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.27 | ) | (0.15 | ) | (0.16 | ) | (0.17 | ) | (0.15 | ) | ||||||||||
Distributions from capital gains | (1.41 | ) | (0.95 | ) | — | (0.03 | ) | (0.50 | ) | |||||||||||
Total distributions | (1.68 | ) | (1.10 | ) | (0.16 | ) | (0.20 | ) | (0.65 | ) | ||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | (0.00 | )(a) | ||||||||||||||
Net asset value, end of period | $ | 26.54 | $ | 23.11 | $ | 21.68 | $ | 17.84 | $ | 16.17 | ||||||||||
Total return | 23.39 | % | 12.22 | % | 22.38 | % | 11.54 | % | (18.90 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 143,699 | $ | 123,478 | $ | 120,089 | $ | 104,162 | $ | 108,279 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.64 | % | 0.65 | % | 0.63 | % | 0.66 | % | 0.70 | % | ||||||||||
After expense reimbursements | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.04 | % | 0.72 | % | 0.69 | % | 0.80 | % | 1.09 | % | ||||||||||
After expense reimbursements | 1.10 | % | 0.80 | % | 0.74 | % | 0.88 | % | 1.21 | % | ||||||||||
Portfolio turnover | 8 | % | 11 | % | 16 | % | 10 | % | 31 | % |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 23.00 | $ | 21.57 | $ | 17.77 | $ | 16.13 | $ | 20.94 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.18 | 0.06 | 0.05 | 0.07 | 0.10 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 4.77 | 2.36 | 3.82 | 1.70 | (4.30 | ) | ||||||||||||||
Total from investment operations | 4.95 | 2.42 | 3.87 | 1.77 | (4.20 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.16 | ) | (0.04 | ) | (0.07 | ) | (0.10 | ) | (0.11 | ) | ||||||||||
Distributions from capital gains | (1.41 | ) | (0.95 | ) | — | (0.03 | ) | (0.50 | ) | |||||||||||
Total distributions | (1.57 | ) | (0.99 | ) | (0.07 | ) | (0.13 | ) | (0.61 | ) | ||||||||||
Net asset value, end of period | $ | 26.38 | $ | 23.00 | $ | 21.57 | $ | 17.77 | $ | 16.13 | ||||||||||
Total return | 22.75 | % | 11.69 | % | 21.78 | % | 10.97 | % | (19.31 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 7,587 | $ | 6,417 | $ | 7,813 | $ | 6,439 | $ | 5,556 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.14 | % | 1.15 | % | 1.13 | % | 1.16 | % | 1.20 | % | ||||||||||
After expense reimbursements | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.54 | % | 0.22 | % | 0.19 | % | 0.29 | % | 0.59 | % | ||||||||||
After expense reimbursements | 0.61 | % | 0.29 | % | 0.24 | % | 0.38 | % | 0.70 | % | ||||||||||
Portfolio turnover | 8 | % | 11 | % | 16 | % | 10 | % | 31 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
54
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
S&P SmallCap Index Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 15.71 | $ | 14.59 | $ | 11.72 | $ | 10.98 | $ | 16.61 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.14 | 0.09 | 0.07 | 0.03 | 0.07 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 3.94 | 2.28 | 2.87 | 0.74 | (4.04 | ) | ||||||||||||||
Total from investment operations | 4.08 | 2.37 | 2.94 | 0.77 | (3.97 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.14 | ) | (0.08 | ) | (0.06 | ) | (0.01 | ) | (0.07 | ) | ||||||||||
Distributions from capital gains | (0.03 | ) | (1.17 | ) | (0.01 | ) | — | (1.59 | ) | |||||||||||
Return of capital distribution | — | — | — | (0.02 | ) | — | ||||||||||||||
Total distributions | (0.17 | ) | (1.25 | ) | (0.07 | ) | (0.03 | ) | (1.66 | ) | ||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | (0.00 | )(a) | ||||||||||||||
Net asset value, end of period | $ | 19.62 | $ | 15.71 | $ | 14.59 | $ | 11.72 | $ | 10.98 | ||||||||||
Total return | 26.14 | % | 17.35 | % | 25.11 | % | 7.03 | % | (22.04 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 34,838 | $ | 26,325 | $ | 22,203 | $ | 18,394 | $ | 17,365 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.89 | % | 0.92 | % | 0.89 | % | 0.95 | % | 1.06 | % | ||||||||||
After expense reimbursements | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.57 | % | 0.45 | % | 0.34 | % | 0.02 | % | 0.40 | % | ||||||||||
After expense reimbursements | 0.72 | % | 0.63 | % | 0.49 | % | 0.24 | % | 0.73 | % | ||||||||||
Portfolio turnover | 15 | % | 0 | % | 23 | % | 5 | % | 12 | % |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 15.52 | $ | 14.42 | $ | 11.61 | $ | 10.90 | $ | 16.54 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (b) | 0.06 | 0.02 | — | (0.03 | ) | 0.02 | ||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 3.87 | 2.26 | 2.85 | 0.74 | (4.03 | ) | ||||||||||||||
Total from investment operations | 3.93 | 2.28 | 2.85 | 0.71 | (4.01 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.06 | ) | (0.01 | ) | (0.03 | ) | — | (0.04 | ) | |||||||||||
Distributions from capital gains | (0.03 | ) | (1.17 | ) | (0.01 | ) | — | (1.59 | ) | |||||||||||
Total distributions | (0.09 | ) | (1.18 | ) | (0.04 | ) | — | (1.63 | ) | |||||||||||
Net asset value, end of period | $ | 19.36 | $ | 15.52 | $ | 14.42 | $ | 11.61 | $ | 10.90 | ||||||||||
Total return | 25.47 | % | 16.83 | % | 24.52 | % | 6.51 | % | (22.43 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 11,402 | $ | 9,505 | $ | 9,987 | $ | 7,806 | $ | 7,064 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.39 | % | 1.42 | % | 1.39 | % | 1.45 | % | 1.56 | % | ||||||||||
After expense reimbursements | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.10 | % | (0.05 | )% | (0.16 | )% | (0.48 | )% | (0.10 | )% | ||||||||||
After expense reimbursements | 0.25 | % | 0.13 | % | (0.01 | )% | (0.26 | )% | 0.23 | % | ||||||||||
Portfolio turnover | 15 | % | 0 | % | 23 | % | 5 | % | 12 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
55
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
Shelton Core Value Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 18.13 | $ | 16.17 | $ | 14.03 | $ | 13.14 | $ | 15.69 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.37 | 0.32 | 0.27 | 0.23 | 0.21 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 3.37 | 1.95 | 2.12 | 0.82 | (2.51 | ) | ||||||||||||||
Total from investment operations | 3.74 | 2.27 | 2.39 | 1.05 | (2.30 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.29 | ) | (0.31 | ) | (0.25 | ) | (0.16 | ) | (0.20 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | (0.05 | ) | ||||||||||||||
Total distributions | (0.29 | ) | (0.31 | ) | (0.25 | ) | (0.16 | ) | (0.25 | ) | ||||||||||
Net asset value, end of period | $ | 21.58 | $ | 18.13 | $ | 16.17 | $ | 14.03 | $ | 13.14 | ||||||||||
Total return | 20.80 | % | 14.20 | % | 17.01 | % | 8.00 | % | (14.48 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 157,350 | $ | 140,741 | $ | 129,317 | $ | 123,305 | $ | 14,724 | ||||||||||
Ratio of expenses to average net assets: | 0.84 | % | 0.88 | % | 0.87 | % | 0.99 | % | 0.97 | % | ||||||||||
Ratio of net investment income to average net assets | 1.83 | % | 1.85 | % | 1.63 | % | 1.57 | % | 1.83 | % | ||||||||||
Portfolio turnover | 5 | % | 4 | % | 13 | % | 76 | % | 27 | % |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 18.00 | $ | 16.06 | $ | 13.95 | $ | 13.07 | $ | 15.64 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.27 | 0.23 | 0.19 | 0.12 | 0.15 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 3.34 | 1.93 | 2.12 | 0.87 | (2.51 | ) | ||||||||||||||
Total from investment operations | 3.61 | 2.16 | 2.31 | 0.99 | (2.36 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.22 | ) | (0.20 | ) | (0.11 | ) | (0.16 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | (0.05 | ) | ||||||||||||||
Total distributions | (0.21 | ) | (0.22 | ) | (0.20 | ) | (0.11 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 21.40 | $ | 18.00 | $ | 16.06 | $ | 13.95 | $ | 13.07 | ||||||||||
Total return | 20.20 | % | 13.59 | % | 16.49 | % | 7.56 | % | (14.91 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 7,924 | $ | 6,640 | $ | 6,624 | $ | 5,421 | $ | 4,447 | ||||||||||
Ratio of expenses to average net assets: | 1.34 | % | 1.38 | % | 1.37 | % | 1.49 | % | 1.47 | % | ||||||||||
Ratio of net investment income to average net assets | 1.33 | % | 1.35 | % | 1.14 | % | 1.07 | % | 1.32 | % | ||||||||||
Portfolio turnover | 5 | % | 4 | % | 13 | % | 76 | % | 27 | % |
(b) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
56
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Shelton Core Value Fund A Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | May 7, 2010(g) to August 31, 2010 | ||||||||||||
Net asset value, beginning of period | $ | 18.12 | $ | 16.16 | $ | 14.03 | $ | 14.54 | ||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||
Net investment income (b) | 0.32 | 0.28 | 0.23 | 0.07 | ||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 3.36 | 1.95 | 2.12 | (0.53 | ) | |||||||||||
Total from investment operations | 3.68 | 2.23 | 2.35 | (0.46 | ) | |||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||
Dividends from net investment income | (0.24 | ) | (0.27 | ) | (0.22 | ) | (0.05 | ) | ||||||||
Net asset value, end of period | $ | 21.56 | $ | 18.12 | $ | 16.16 | $ | 14.03 | ||||||||
Total return | 20.49 | %(e) | 13.92 | %(e) | 16.70 | %(e) | (3.17 | )%(e)(h) | ||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||
Net assets, end of period | $ | 14,360 | $ | 13,379 | $ | 10,587 | $ | 10,607 | ||||||||
Ratio of expenses to average net assets: | 1.09 | % | 1.13 | % | 1.12 | % | 1.24 | %(i) | ||||||||
Ratio of net investment income to average net assets | 1.58 | % | 1.60 | % | 1.38 | % | 1.33 | %(i) | ||||||||
Portfolio turnover | 5 | % | 4 | % | 13 | % | 76 | % |
(b) | Calculated based upon average shares outstanding. |
(e) | Not reflecting sales charge. |
(g) | Commencement of operations. |
(h) | Not annualized. |
(i) | Annualized. |
See accompanying notes to financial statements.
57
��
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
European Growth & Income Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 7.40 | $ | 7.62 | $ | 7.42 | $ | 8.17 | $ | 9.73 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.23 | 0.22 | 0.21 | 0.19 | 0.23 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.94 | (0.21 | ) | 0.20 | (0.73 | ) | (1.56 | ) | ||||||||||||
Total from investment operations | 1.17 | 0.01 | 0.41 | (0.54 | ) | (1.33 | ) | |||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.21 | ) | (0.23 | ) | ||||||||||
Net asset value, end of period | $ | 8.37 | $ | 7.40 | $ | 7.62 | $ | 7.42 | $ | 8.17 | ||||||||||
Total return | 15.96 | % | 0.20 | % | 5.25 | % | (6.64 | )% | (13.27 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 7,306 | $ | 6,314 | $ | 5,871 | $ | 5,637 | $ | 7,049 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.38 | % | 1.43 | % | 1.35 | % | 1.38 | % | 1.49 | % | ||||||||||
After expense reimbursements | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 2.46 | % | 2.58 | % | 2.17 | % | 2.01 | % | 2.79 | % | ||||||||||
After expense reimbursements | 2.84 | % | 3.01 | % | 2.52 | % | 2.38 | % | 3.28 | % | ||||||||||
Portfolio turnover | 3 | % | 0 | % | 8 | % | 0 | % | 13 | % |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 7.41 | $ | 7.63 | $ | 7.43 | $ | 8.20 | $ | 9.78 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (b) | 0.19 | 0.19 | 0.17 | 0.16 | 0.20 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.95 | (0.22 | ) | 0.21 | (0.75 | ) | (1.57 | ) | ||||||||||||
Total from investment operations | 1.14 | (0.03 | ) | 0.38 | (0.59 | ) | (1.37 | ) | ||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.17 | ) | (0.19 | ) | (0.18 | ) | (0.18 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 8.38 | $ | 7.41 | $ | 7.63 | $ | 7.43 | $ | 8.20 | ||||||||||
Total return | 15.47 | % | (0.33 | )% | 4.82 | % | (7.21 | )% | (13.69 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 5,795 | $ | 5,169 | $ | 5,888 | $ | 5,563 | $ | 5,542 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.88 | % | 1.93 | % | 1.85 | % | 1.88 | % | 1.99 | % | ||||||||||
After expense reimbursements | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.92 | % | 2.13 | % | 1.64 | % | 1.56 | % | 2.32 | % | ||||||||||
After expense reimbursements | 2.31 | % | 2.56 | % | 1.99 | % | 1.94 | % | 2.81 | % | ||||||||||
Portfolio turnover | 3 | % | 0 | % | 8 | % | 0 | % | 13 | % |
(b) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
58
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
Nasdaq-100 Index Fund Direct Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 7.04 | $ | 5.67 | $ | 4.47 | $ | 4.12 | $ | 4.69 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (b) | 0.08 | 0.04 | 0.03 | 0.01 | 0.01 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.86 | 1.36 | 1.19 | 0.35 | (0.58 | ) | ||||||||||||||
Total from investment operations | 0.94 | 1.40 | 1.22 | 0.36 | (0.57 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.06 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | — | |||||||||||
Return of capital distribution | — | — | — | (0.00 | )(a) | (0.00 | )(a) | |||||||||||||
Total distributions | (0.06 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.00 | )(a) | ||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | (0.00 | )(a) | ||||||||||||||
Net asset value, end of period | $ | 7.92 | $ | 7.04 | $ | 5.67 | $ | 4.47 | $ | 4.12 | ||||||||||
Total return | 13.46 | % | 24.78 | % | 27.31 | % | 8.73 | % | (12.14 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 54,259 | $ | 36,220 | $ | 17,912 | $ | 14,146 | $ | 13,262 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.83 | % | 0.88 | % | 0.90 | % | 0.96 | % | 1.11 | % | ||||||||||
After expense reimbursements | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.73 | % | 0.27 | % | 0.08 | % | (0.24 | )% | (0.42 | )% | ||||||||||
After expense reimbursements | 1.08 | % | 0.66 | % | 0.50 | % | 0.24 | % | 0.19 | % | ||||||||||
Portfolio turnover | 13 | % | 24 | % | 24 | % | 4 | % | 8 | % |
K Shares | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | |||||||||||||||
Net asset value, beginning of period | $ | 6.85 | $ | 5.53 | $ | 4.37 | $ | 4.03 | $ | 4.61 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (b) | 0.04 | 0.01 | — | (0.01 | ) | (0.01 | ) | |||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.84 | 1.31 | 1.16 | 0.35 | (0.57 | ) | ||||||||||||||
Total from investment operations | 0.88 | 1.32 | 1.16 | 0.34 | (0.58 | ) | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.02 | ) | (0.00 | )(a) | (0.00 | )(a) | — | — | ||||||||||||
Net asset value, end of period | $ | 7.71 | $ | 6.85 | $ | 5.53 | $ | 4.37 | $ | 4.03 | ||||||||||
Total return | 12.95 | % | 23.94 | % | 26.63 | % | 8.44 | % | (12.58 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period | $ | 9,700 | $ | 9,473 | $ | 7,771 | $ | 5,452 | $ | 4,792 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.33 | % | 1.38 | % | 1.40 | % | 1.46 | % | 1.61 | % | ||||||||||
After expense reimbursements | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.23 | % | (0.28 | )% | (0.42 | )% | (0.73 | )% | (0.92 | )% | ||||||||||
After expense reimbursements | 0.58 | % | 0.11 | % | 0.00 | % | (0.26 | )% | (0.31 | )% | ||||||||||
Portfolio turnover | 13 | % | 24 | % | 24 | % | 4 | % | 8 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
59
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Shelton Green Alpha Fund Direct Shares | March 12, 2013(g) to August 31, 2013 | |||
Net asset value, beginning of period | $ | 10.00 | ||
INCOME FROM INVESTMENT OPERATIONS | ||||
Net investment income (loss) (b) | (0.01 | ) | ||
Net gain (loss) on securities (both realized and unrealized) | 1.97 | |||
Total from investment operations | 1.96 | |||
LESS DISTRIBUTIONS | ||||
Dividends from net investment income | — | |||
Return of capital distribution | — | |||
Total distributions | — | |||
Paid-in capital from redemption fee (Note 1) | — | |||
Net asset value, end of period | $ | 11.96 | ||
Total return | 19.60 | %(h) | ||
RATIOS / SUPPLEMENTAL DATA | ||||
Net assets, end of period | $ | 4,623 | ||
Ratio of expenses to average net assets: | ||||
Before expense reimbursements | 5.16 | %(i) | ||
After expense reimbursements | 1.24 | %(i) | ||
Ratio of net investment income (loss) to average net assets | ||||
Before expense reimbursements | (4.11 | )%(i) | ||
After expense reimbursements | (0.19 | )%(i) | ||
Portfolio turnover | 12 | %(h) |
(b) | Calculated based upon average shares outstanding. |
(g) | Commencement of operations. |
(h) | Not annualized. |
(i) | Annualized. |
See accompanying notes to financial statements.
60
Shelton Funds | Notes to Financial Statements | August 31, 2013 |
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
California Tax-Free Income Fund, California Tax-Free Money Market Fund, U.S. Government Securities Fund, Short-Term U.S. Government Bond Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund (the “Funds”) are each a series of shares of beneficial interest of the Shelton Funds (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of no par value shares in one or more series. The Trust, originally organized as two separate Massachusetts business trusts formed by Declarations of Trust dated September 11, 1985, as subsequently amended, was reorganized into a single Delaware statutory trust after the close of trading on December 29, 2006. The investment objectives of the Funds are as follows: California Tax-Free Income Fund seeks as high a level of income, exempt from regular federal and California personal income taxes, as is consistent with prudent investment management and safety of capital. California Tax-Free Money Market Fund seeks capital preservation, liquidity and the highest achievable current income exempt from regular federal and California personal income taxes consistent with safety. U.S. Government Securities Fund seeks liquidity, safety from credit risk and as high a level of income as is consistent with these objectives by investing in full faith and credit obligations of the U.S. Government and its agencies or instrumentalities, primarily in U.S. Treasury Securities and Government National Mortgage Association Certificates. Short-Term U.S. Government Bond Fund seeks liquidity, safety from credit risk, preservation of investors’ principal and as high a level of income as is consistent with these objectives by investing in mainly U.S. government securities. The United States Treasury Trust seeks capital preservation, safety, liquidity, and consistent with these objectives, the highest attainable current income exempt from state income taxes. S&P 500 Index Fund, S&P MidCap Index Fund and S&P SmallCap Index Fund are diversified mutual funds that seek to provide investment results that correspond to the total return of publicly traded common stocks represented in the Standard & Poor’s 500 Composite Stock Price Index, the Standard & Poor’s MidCap 400 Index and the Standard & Poor’s SmallCap 600 Index, respectively. The Shelton Core Value Fund seeks a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities. European Growth & Income Fund seeks to provide long-term capital appreciation and income by investing in large-sized European companies. Shelton Green Alpha Fund seeks to achieve long-term capital appreciation by investing in stocks in the green economy by investing in common stocks of companies believed to be leaders in managing environmental risks and opportunities. Nasdaq-100 Index Fund attempts to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index.
The Shelton Funds began offering additional classes of shares, Class K, on October 16, 2003, and Class A on May 7, 2010. Income, expenses (other than the expenses attributable to a specific class), realized and unrealized gains or losses on investments of the Funds are allocated proportionately to the three classes of shares offered based on the daily net assets, except for Rule 12b-1 distribution fees and shareholder service fees, which are charged only to A and K Shares. The following is a summary of significant accounting policies followed by the Funds.
(a) Security Valuation – Portfolio securities of the S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund listed on a national exchange are valued at the last reported sales price. U.S. Treasury Bills are valued at amortized cost which approximates market value. Portfolio securities of the California Tax-Free Income Fund is valued by an independent pricing service that uses market quotations, representing the latest available bid price, prices provided by market makers, or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics, in accordance with procedures established by the Funds’ Board of Trustees. The U.S. Government Securities Fund and the Short-Term U.S. Government Bond Fund are valued by an independent pricing service that uses market quotations representing the latest available mean between the bid and ask price, prices provided by market makers or estimates of market value obtained from yield data relating to instruments or securities with similar characteristics. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value. All other securities are valued at their fair value as determined in good faith by the Board of Trustees. California Tax-Free Money Market Fund and The United States Treasury Trust securities are valued at amortized cost, in accordance with procedures adopted by the Board of Trustees and which the Board of Trustees has determined in good faith reflects the market-based net asset value per share.
(b) Futures Contracts – Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash, as collateral, for the account of the broker (a Fund’s agent in acquiring the futures position). During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. The S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund may purchase or sell stock index futures to maintain cash reserves while remaining fully invested, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract is priced more attractively than the underlying equity security or index. Risks include the possibility of an illiquid market and an imperfect correlation between the change in market value of the stocks held by a Fund and the prices of futures contracts.
(c) Federal Income Taxes – No provision is considered necessary for federal income taxes. The Funds intend to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and to distribute all of their taxable income to shareholders. Capital loss carry forwards, as of August 31, 2013, available to offset future capital gains, if any, are as follows:
Expiring | California Tax-Free Income Fund | United States Government Securities Fund | Shelton Core Value Fund | European Growth & Income Fund | Nasdaq-100 Index Fund | |||||||||||||||
2014 | $ | — | $ | 266,271 | $ | — | $ | 9,731 | $ | 251,077 | ||||||||||
2015 | — | 80,163 | — | 6,268 | 1,821,379 | |||||||||||||||
2016 | — | 36,975 | 245,013 | 9,647 | 364,175 | |||||||||||||||
2017 | — | 109,369 | 11,364,497 | — | 642,849 | |||||||||||||||
2018 | — | 141,867 | 847,723 | 124,746 | 596,391 | |||||||||||||||
2019 | — | 245,271 | 3,699,956 | 205,587 | — | |||||||||||||||
Long Term with No Expiration | — | 4,148 | 1,101,306 | 30,186 | — | |||||||||||||||
Short Term with No Expiration | 57,499 | — | — | — | — | |||||||||||||||
Total | $ | 57,499 | $ | 884,064 | $ | 17,258,495 | $ | 386,165 | $ | 3,675,871 |
$19,439, $59,164, and $768,018 of unutilized capital loss carry forwards expired at August 31, 2013 for U.S. Government Securities Fund, Euopean Growth & Income Fund, and Nasdaq-100 Index Fund (respectively).
61
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2013 |
Accounting principles generally accepted in the United States of America require certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2013, permanent differences resulting from different book and tax accounting for net operating losses, expiration of capital loss carryforwards and treatment of accretion of discount have been reclassified to paid-in capital, undistributed net investment income/loss and accumulated realized gain/loss as follows:
Increase (Decrease) Paid-In Capital | Increase (Decrease) Undistributed Net Investment Income (Loss) | Increase (Decrease) Accumulated Gain (Loss) | ||||||||||
California Tax-Free Income Fund | $ | (25,439 | ) | $ | — | $ | 25,439 | |||||
U.S. Government Securities Fund | (19,440 | ) | 2,292 | 17,148 | ||||||||
Short-Term U.S. Government Bond Fund | (6,261 | ) | 293 | 5,968 | ||||||||
S&P 500 Index Fund | (10,045 | ) | 10,045 | — | ||||||||
S&P MidCap Index Fund | (8,115 | ) | 8,115 | — | ||||||||
S&P SmallCap Index Fund | (6,829 | ) | 32,306 | (25,477 | ) | |||||||
European Growth & Income Fund | (59,164 | ) | — | 59,164 | ||||||||
Nasdaq-100 Index Fund | (768,018 | ) | — | 768,018 | ||||||||
Shelton Green Alpha Fund | (1,487 | ) | 1,487 | — |
(d) Security Transactions, Investment Income and Distributions to Shareholders – Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for, in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Distributions to shareholders are recorded on the ex-dividend date for the California Tax-Free Income Fund, the U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Shelton Green Alpha Fund, Nasdaq-100 Index Fund and Short-Term U.S. Government Bond Fund. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for futures contracts, redemptions-in-kind and post-October capital losses. For the California Tax-Free Money Market Fund and The United States Treasury Trust, dividends from net investment income are declared daily and reinvested or paid in cash monthly. The two Funds intend to maintain a continuous net asset value per share of $1.00. If net asset value per share using available market information deviates from $1.00 by $.005 or more, the Board of Trustees would consider what steps, if any, should be taken to restore net asset value per share to $1.00.
(e) Concentration – The California Tax-Free Income Fund and the California Tax-Free Money Market Fund invest in debt instruments of municipal issuers. The issuers’ abilities to meet their obligations may be affected by economic developments in the state of California.
(f) Use of Estimates in Financial Statements – In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expense during the year. Actual results may differ from these estimates.
(g) Share Valuations – The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. A Fund’s shares will not be priced on the days on which the NYSE is closed for trading. Bond and Money Market Funds are closed on Columbus Day (observed) and Veteran’s Day (observed). The offering and redemption price per share of each Fund is equal to a Fund’s NAV per share.
(h) Accounting for Uncertainty in Income Taxes – The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions, and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2010-2012), or expected to be taken in the Fund’s 2013 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
(i) Fair Value Measurements – The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.
The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.
The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.
62
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2013 |
The following table summarizes the valuation of the Trust’s securities at August 31, 2013 using fair value hierarchy:
Level 1(a) | Level 2(a) | Level 3(a) | Level 1(a) | |||||||||||||||||
Fund | Investments in Securities (b) | Investments in Securities (d) | Investments in Securities | Total | Futures Contracts - Assets or (Liabilities) (c) | |||||||||||||||
California Tax-Free Income Fund | $ | — | $ | 99,131,160 | $ | — | $ | 99,131,160 | $ | — | ||||||||||
California Tax-Free Money Market Fund | — | 34,274,022 | — | 34,274,022 | — | |||||||||||||||
U.S. Government Securities Fund | — | 30,847,867 | — | 30,847,867 | — | |||||||||||||||
Short-Term U.S. Government Bond Fund | — | 8,706,004 | — | 8,706,004 | — | |||||||||||||||
The United States Treasury Trust Fund | — | 71,897,649 | — | 71,897,649 | — | |||||||||||||||
S&P 500 Index Fund | 107,517,008 | 2,599,880 | — | 110,116,888 | (12,140 | ) | ||||||||||||||
S&P MidCap Index Fund | 149,791,361 | 1,199,891 | — | 150,991,252 | (20,025 | ) | ||||||||||||||
S&P SmallCap Index Fund | 43,242,112 | 2,699,775 | — | 45,941,887 | (40,645 | ) | ||||||||||||||
Shelton Core Value Fund | 178,434,102 | 199,984 | — | 178,634,086 | — | |||||||||||||||
European Growth & Income Fund | 12,618,237 | 399,963 | — | 13,018,200 | — | |||||||||||||||
Nasdaq-100 Index Fund | 61,655,291 | 1,799,836 | — | 63,455,127 | (11,455 | ) | ||||||||||||||
Shelton Green Alpha Fund | 3,846,981 | — | — | 3,846,981 | — | |||||||||||||||
Total | $ | 557,105,092 | $ | 253,756,031 | $ | — | $ | 807,014,142 | $ | (71,235 | ) |
(a) | It is the Funds’ policy to recognize transfers between levels on the last day of the fiscal reporting period. There were no transfers in or out of Level 1, Level 2, and Level 3 as of August 31, 2013. |
(b) | All publicly traded common stocks held in the Funds are Level 1 securities. For a detailed break-out of common stocks by major industry classification, please refer to the Portfolio of Investments. |
(c) | Represents variation margin on the last day of the reporting period. |
(d) | All fixed income securities in the Funds are Level 2 securities. For a detailed break-out of fixed income securities by type, please refer to the Portfolio of Investments. |
(j) Disclosure about Derivative Instruments and Hedging Activities – The Funds have adopted enhanced disclosure regarding derivative and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund, Shelton Green Alpha Fund and European Growth & Income Fund can use Futures contracts and strategies for achieving the investment objectives.
S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Nasdaq-100 Index Fund, Shelton Core Value Fund and Shelton Green Alpha Fund
Like many index funds, the Funds may invest in futures contracts and lend securities to minimize the performance variation between the Funds and the index. This performance gap occurs because, unlike the index, the Funds must pay operating expenses and contend with the flow of cash in and out of the portfolio. While the Trust expects each Funds’ performance to closely represent the index, the Funds will generally underperform the index.
Although the Funds’ primary risks are associated with changes in the stock market, there are other risks associated with the Funds. For the index Funds these risks generally apply to how well the Funds track the index. For example, the Funds invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund’s performance relative to the respective index will change. . Forthe non-indexed Funds, they may invest in futures contracts to the extent each Fund holds cash in the portfolio. If these futures contracts owned by each Fund do not perform well, the Funds performance will be impacted.
Under normal circumstances the Funds may follow a number of investment policies to achieve its objective. The Funds may invest in futures. Losses involving futures can sometimes be substantial, in part because a relatively small price movement in a futures contract may result in an immediate and substantial loss for the Funds. In an effort to minimize this risk, the Funds will not use futures for speculative purposes or as leverage. It is the Funds’ policy to hold cash deposits equal or greater than the total market value of any futures position. The value of all futures and options contracts in which the Funds acquire an interest will not exceed 20% of current total assets.
At August 31, 2013, the number of open future contracts in S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund and Nasdaq-100 Index Fund was 44, 12, 29, and 35 respectively. The Shelton Core Value Fund and the Shelton Green Alpha Fund held no futures contracts at August 31, 2013. Only current day’s variation margin is reported as an asset or liability within the statement of assets and liabilities. The realized gains or losses and change in unrealized gains or losses on future contracts are reflected in the appropriate financial statements.
The realized gains or losses and change in unrealized gains or losses on future contracts are reflected in the appropriate financial statements.
63
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2013 |
The effect of derivative instruments on the Statements of Operations for the period ended August 31, 2013:
Derivatives Not Accounted for as Hedging Instruments | Realized Gain (Loss) on Futures Recognized in Income | Changes in Unrealized Appreciation (Depreciation) on Futures Recognized in Income | ||||||
S&P 500 Index Fund - Equity contracts | $ | 1,927,828 | $ | (49,720 | ) | |||
S&P MidCap Index Fund - Equity contracts | $ | 319,165 | $ | (104,480 | ) | |||
S&P SmallCap Index Fund - Equity contracts | $ | 403,040 | $ | (40,365 | ) | |||
Shelton Core Value Fund - Equity contracts | $ | (55,112 | ) | $ | 0 | |||
Nasdaq-100 Index Fund - Equity contracts | $ | (301,402 | ) | $ | (57,838 | ) |
Note 2 - INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS
Shelton Capital Management, a dba of CCM Partners (“Shelton Capital” or the “Advisor”), a California limited partnership, provides each Fund with management and limited administrative services pursuant to a management agreement.
In accordance with the terms of the management agreements with California Tax-Free Money Market Fund, California Tax-Free Income Fund, U.S. Government Securities Fund, and The U.S. Treasury Trust, the Advisor receives compensation at the annual rate of 0.50% of the Funds’ average daily net assets not exceeding $100 million, 0.45% on net assets from $100 million to $500 million, and 0.40% on net assets above $500 million. In accordance with the terms of the management agreements with the S&P 500 Index Fund and S&P MidCap Index Fund, the Advisor receives compensation at the annual rate of 0.25% and 0.40%, respectively, of the Funds’ average daily net assets. In accordance with the terms of the management agreements with the S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund and Short-Term U.S. Government Bond Fund, the Advisor receives compensation at the annual rate of 0.50% of the first $500 million of net assets, plus 0.45% on net assets from $500 million to $1 billion, and 0.40% of net assets above $1 billion. In accordance with the terms of the management agreement with the European Growth & Income Fund, the Advisor receives compensation at the annual rate of 0.85% of the Fund’s average daily net assets. The Advisor has agreed to reduce its fee by, or reimburse the respective Funds for, any amount necessary to prevent a Fund’s total expenses, excluding extraordinary items, from exceeding 1.00% (or 1.50% for Class K shares) of that Fund’s average daily net assets. In accordance with the terms of the management agreement with Shelton Green Alpha Fund, Shelton Capital receives compensation at the annual rate of 1.00% of the Fund’s average daily net assets. In turn Shelton Capital pays to the sub-advisor 0.50% of the annual rate. The Advisor has contractually agreed to further reduce total operating expense. This additional contractual reimbursement is effective until January 3, 2014 for all funds except the Shelton Green Alpha Fund which is effective through March 31, 2014 unless renewed and is subject to recoupment within three fiscal years following a particular reimbursement, but only to the extent the reimbursement does not cause the Fund to exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees’ review and approval. Reimbursement from the manager for the year ended August 31, 2013, is as follows:
Voluntary Expense Limitation | |||||||||||||||||
Fund | Reimburse | Direct Shares | K Shares | A Shares | Expiration | ||||||||||||
California Tax-Free Money Market Fund | $ | 237,069 | N/A | N/A | N/A | 1/3/14 | |||||||||||
U.S. Government Securities Fund | 42,642 | 0.74 | % | 1.24 | % | 0.99 | % | 1/3/14 | |||||||||
Short-Term U.S. Government Bond Fund | 47,533 | 0.59 | % | 1.09 | % | N/A | 1/3/14 | ||||||||||
The United States Treasury Trust | 510,548 | 0.53 | % | 1.03 | % | N/A | 1/3/14 | ||||||||||
S&P 500 Index Fund | 170,589 | 0.36 | % | 0.86 | % | N/A | 1/3/14 | ||||||||||
S&P MidCap Index Fund | 88,777 | 0.58 | % | 1.08 | % | N/A | 1/3/14 | ||||||||||
S&P SmallCap Index Fund | 61,085 | 0.74 | % | 1.24 | % | N/A | 1/3/14 | ||||||||||
European Growth & Income Fund | 48,911 | 1.00 | % | 1.50 | % | N/A | 1/3/14 | ||||||||||
Nasdaq-100 Index Fund | 183,818 | 0.49 | % | 0.99 | % | N/A | 1/3/14 | ||||||||||
Shelton Green Alpha Fund | 30,829 | 1.38 | % | N/A | N/A | 1/3/14 |
At August 31, 2013, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $3,991,467. The Advisor may recapture a portion of the above amount no later than the dates as stated below.
Fund | Expires 8/31/14 | Expires 8/31/15 | Expires 8/31/16 | |||||||||
California Tax-Free Money Market Fund | $ | 270,127 | $ | 251,654 | $ | 237,069 | ||||||
U.S. Government Securities Fund | 50,194 | 51,670 | 42,642 | |||||||||
Short-Term U.S. Government Bond Fund | 51,740 | 51,793 | 47,533 | |||||||||
The United States Treasury Trust | 449,785 | 503,632 | 510,548 | |||||||||
S&P 500 Index Fund | 133,728 | 157,408 | 170,589 | |||||||||
S&P MidCap Index Fund | 64,600 | 94,461 | 88,777 | |||||||||
S&P SmallCap Index Fund | 51,275 | 60,960 | 61,085 | |||||||||
European Growth & Income Fund | 45,842 | 48,355 | 48,911 | |||||||||
Nasdaq-100 Index Fund | 105,959 | 126,483 | 183,818 | |||||||||
Shelton Green Alpha Fund | — | — | 30,829 |
A Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is contingent upon Board of trustee review and approval prior to the time the reimbursement is initiated.
64
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2013 |
As compensation for administrative duties not covered by the management agreement, Shelton Capital receives an administration fee. The administration fee is based on assets held, in aggregate, by the Shelton Funds. The fee rates are 0.10% on the first $500 million, 0.08% on the next $500 million, and 0.06% on combined assets over $1 billion.
Certain officers and trustees of the Trust are also partners of Shelton Capital. Teresa Axelson has served as the Chief Compliance Officer (“CCO”) of the Trust since November 2011. Ms. Axelson is also employed by Shelton Capital, the Advisor and Administrator to the Trust. The Trust is responsible for the portion of her salary allocated to her duties as the CCO of the Trust during her employment, and Shelton Capital is reimbursed by the Trust for this portion of her salary. The level of reimbursement is reviewed and determined by the Board of Trustees at least annually.
Shelton Funds have adopted a Distribution Plan (the “Plan”), as amended August 1, 2012, pursuant to Rule 12b-1 under the Investment Company Act of 1940, whereby the Class A and K Shares of each Fund of the Shelton Funds pays the Distributor for expenses that relate to the promotion and distribution of shares. Under the Plan, the Class A and K Share of the Funds will pay the Distributor a fee at an annual rate of 0.25%, payable monthly, of the daily net assets attributable to such Fund’s Class A and K Shares.
Shelton Funds adopted a Shareholder Services Plan (the “Services Plan”), whereby the K Shares of each Fund of the Shelton Funds pay RFS Partners, the Funds’ Distributor or other service providers, an annual rate of 0.25% of the average daily net assets of Class K Shares. Such amounts are compensation for providing certain services to clients owning K Shares, including processing purchase and redemption transactions, assisting in other administrative details and providing other information with respect to each Fund.
For the year ended August 31, 2013, the following were paid by the Class A and Class K Shares of each Fund of the Trust:
Fund | Class A 12b-1 Fees | Class K 12b-1 Fees | Class K Shareholder Service Fees | |||||||||
U.S. Government Securities Fund | $ | 3,124 | $ | 19,529 | $ | 19,529 | ||||||
Short-Term U.S. Government Bond Fund | — | 4,967 | 4,967 | |||||||||
The United States Treasury Trust | — | — | — | |||||||||
S&P 500 Index Fund | — | 21,947 | 21,947 | |||||||||
S&P MidCap Index Fund | — | 18,023 | 18,023 | |||||||||
S&P SmallCap Index Fund | — | 26,136 | 26,136 | |||||||||
Shelton Core Value Fund | 34,822 | 18,464 | 18,464 | |||||||||
European Growth & Income Fund | — | 14,188 | 14,188 | |||||||||
Nasdaq-100 Index fund | — | 23,630 | 23,630 |
Note 3 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term instruments for the period ended August 31, 2013 were as follows:
Fund | Purchases | Sales | ||||||
California Tax-Free Income Fund | $ | 10,917,066 | $ | 12,434,961 | ||||
U.S. Government Securities Fund | 2,171,063 | 8,231,592 | ||||||
Short-Term U.S. Government Bond Fund | 4,811,879 | 7,072,618 | ||||||
S&P 500 Index Fund | 2,628,909 | 2,527,600 | ||||||
S&P MidCap Index Fund | 11,864,263 | 15,329,286 | ||||||
S&P SmallCap Index Fund | 7,473,970 | 5,681,909 | ||||||
Shelton Core Value Fund | 8,826,251 | 14,502,065 | ||||||
European Growth & Income Fund | 344,468 | 454,230 | ||||||
Nasdaq-100 Index Fund | 21,405,063 | 6,218,163 | ||||||
Shelton Green Alpha Fund | 3,996,916 | 208,911 |
65
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2013 |
Note 4 - TAX CHARACTER
Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund as a whole.
The tax character of distributions paid during the years ended August 31, 2013 and 2012 was as follows:
Return of Capital | Ordinary Income | Long-Term Capital Gains (a) | Exempt-Interest Dividends | Total Distributions | |||||||||||||||||
California Tax-Free Income Fund | 2013 | $ | — | $ | 3,928 | $ | — | $ | 3,345,725 | $ | 3,349,653 | ||||||||||
2012 | — | 34,980 | — | 3,489,692 | 3,524,672 | ||||||||||||||||
California Tax-Free Money Market Fund | 2013 | — | — | — | — | — | |||||||||||||||
2012 | — | — | — | — | — | ||||||||||||||||
U.S. Government Securities Fund | 2013 | — | 566,936 | — | — | 566,936 | |||||||||||||||
2012 | — | 629,553 | — | — | 629,553 | ||||||||||||||||
Short-Term U.S. Government Bond Fund | 2013 | — | 8,795 | 7,139 | — | 15,934 | |||||||||||||||
2012 | — | 50,022 | 27,904 | — | 77,926 | ||||||||||||||||
The United States Treasury Trust | 2013 | — | — | — | — | — | |||||||||||||||
2012 | — | — | — | — | — | ||||||||||||||||
S&P 500 Index Fund | 2013 | — | 1,556,740 | — | — | 1,556,740 | |||||||||||||||
2012 | — | 1,553,875 | — | — | 1,553,875 | ||||||||||||||||
S&P Mid Cap Index Fund | 2013 | — | 1,854,547 | 7,500,347 | — | 9,354,894 | |||||||||||||||
2012 | — | 857,870 | 5,493,675 | — | 6,351,545 | ||||||||||||||||
S&P Small Cap Index Fund | 2013 | — | 349,338 | — | — | 349,338 | |||||||||||||||
2012 | — | 235,733 | 2,462,880 | — | 2,698,613 | ||||||||||||||||
Shelton Core Value Fund | 2013 | — | 2,393,759 | — | — | 2,393,759 | |||||||||||||||
2012 | — | 2,733,878 | — | — | 2,733,878 | ||||||||||||||||
European Growth & Income Fund | 2013 | — | 286,616 | — | — | 286,616 | |||||||||||||||
2012 | — | 317,931 | — | — | 317,931 | ||||||||||||||||
Nasdaq-100 Index Fund | 2013 | — | 398,640 | — | — | 398,640 | |||||||||||||||
2012 | — | 112,841 | — | — | 112,841 | ||||||||||||||||
Green Alpha Fund | 2013 | — | — | — | — | — |
(a) | The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the year ended August 31, 2013. |
The tax character of distributable earnings at August 31, 2013 was as follows:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gain | Capital Loss Carry Forwards | Unrealized Appreciation (Depreciation) | Post October and Other Losses (b) | Total Distributable Earnings | |||||||||||||||||||
California Tax-Free Income Fund | $ | 54,495 | (a) | $ | — | $ | (57,499 | ) | $ | 844,837 | $ | — | $ | 841,833 | ||||||||||
California Tax-Free Money Market Fund | — | — | — | — | — | — | ||||||||||||||||||
U.S. Government Securities Fund | 44,508 | — | (884,064 | ) | 928,222 | (91,156 | ) | (2,490 | ) | |||||||||||||||
Short-Term U.S. Government Bond Fund | — | — | — | 12,023 | (16,384 | ) | (4,361 | ) | ||||||||||||||||
The United States Treasury Trust | 381 | — | — | — | — | 381 | ||||||||||||||||||
S&P 500 Index Fund | 1,426,770 | 1,097,593 | — | 46,972,498 | — | 49,496,861 | ||||||||||||||||||
S&P Mid Cap Index Fund | 383,883 | 6,547,660 | — | 57,250,865 | — | 64,182,408 | ||||||||||||||||||
S&P Small Cap Index Fund | 312,420 | 2,780,230 | — | 11,848,928 | — | 14,941,578 | ||||||||||||||||||
Shelton Core Value Fund | 1,231,442 | — | (17,258,495 | ) | 65,130,696 | — | 49,103,643 | |||||||||||||||||
European Growth & Income Fund | 52,298 | — | (386,165 | ) | 201,729 | (188,494 | ) | (320,632 | ) | |||||||||||||||
Nasdaq-100 Index Fund | 202,634 | — | (3,675,871 | ) | 17,844,993 | (543,921 | ) | 13,827,835 | ||||||||||||||||
Green Alpha Fund | — | — | — | 69,792 | (10,861 | ) | 58,931 |
(a) | Tax exempt income is $46,240. |
(b) | Under the current tax law, capital losses realized after October 31 and prior to the Funds’ fiscal year end may be deferred as occurring on the first day of the following fiscal year. |
The difference between book basis and tax basis unrealized appreciation is attributable primarily to the realization for tax purposes of unrealized gains on future contracts, wash sales, the treatment of accretion of discounts, and other deferrals.
66
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2013 |
Note 5 - SUBSEQUENT EVENTS
In preparing the financial statements as of August 31, 2013, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of issuance of the financial statements.
Fund Holdings (Unaudited): The Fund holdings shown in this report are as of August 31, 2013. Holdings are subject to change at any time, so holdings shown in this report may not reflect current Fund holdings. The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room, 100 F. Street N.E., Room 1580, Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The information filed in the form N-Q also may be obtained by calling (800) 955-9988.
Proxy Voting Policies, Procedures and Voting Record (Unaudited): The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds uses to determine how to vote proxies relating to portfolio securities, along with each Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended June 30, 2013, is available upon request, at no charge, at the phone number below, or on the SEC’s website at www.sec.gov.
This report is submitted for the general information of the shareholders of the Shelton Funds. It is authorized for distribution only if preceded or accompanied by a current Shelton Funds prospectus. Additional copies of the prospectus may be obtained by calling (800) 955-9988 or can be downloaded from the Funds’ website at www.sheltoncap.com. Please read the prospectus carefully before you invest or send money, as it explains the risks, fees and expenses of investing in the Funds.
67
Report of Independent Registered Public Accounting Firm |
To the Shareholders and Board of Trustees
Shelton Funds
San Francisco, California
We have audited the accompanying statements of assets and liabilities of California Tax-Free Income Fund, California Tax-Free Money Market Fund, U.S. Government Securities Fund, Short-Term U.S. Government Bond Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Nasdaq-100 Index Fund, and Shelton Green Alpha Fund, each a series of shares of beneficial interest of Shelton Funds, including the portfolios of investments, as of August 31, 2013 and the related statements of operations for the year then ended (except for Shelton Green Alpha, which is for the period March 12, 2013 (commencement of operations) to August 31, 2013), the statements of changes in net assets for each of the two years in the period then ended (except for Shelton Green Alpha, which is for the period March 12, 2013 (commencement of operations) to August 31, 2013), and the financial highlights for each of the five years in the period then ended (except for Shelton Green Alpha Fund, which is for the period March 12, 2013 (commencement of operations) to August 31, 2013). These financial statements and financial highlights are the responsibility of the Trust’s 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. The Trust is not required to have, nor were we engaged to perform, an audit of its 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 Trust’s 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, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmations of securities owned as of August 31, 2013, by correspondence with the custodian and brokers or through other appropriate audit procedures where replies from brokers were unable to be obtained. 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 California Tax-Free Income Fund, California Tax-Free Money Market Fund, U.S. Government Securities Fund, Short-Term U.S. Government Bond Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Nasdaq-100 Index Fund, and Shelton Green Alpha Fund as of August 31, 2013, the results of their operations, the changes in their net assets, and the financial highlights for the periods referred to above, in conformity with accounting principles generally accepted in the United States of America.
TAIT, WELLER & BAKER LLP |
Philadelphia, Pennsylvania
October 28, 2013
68
Board of Trustees and Executive Officers (Unaudited) |
Overall responsibility for management of the Funds rests with the Board of Trustees. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement or removal. The Trustees, in turn, elect the officers of the Fund to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and Executive Officers of the Funds:
Name | Address | Date of Birth | Position Held with the Trust | Length of Time Served |
Stephen C. Rogers | P.O. Box 387 San Francisco, CA 94104 | 06/27/66 | President, Secretary, Chairman, and Trustee | Since August 1998 Since July 2011 |
James W. Miller, Jr. | P.O. Box 387 San Francisco, CA 94104 | 05/28/66 | Trustee | Since August 2001 |
Kevin T. Kogler | P.O. Box 387 San Francisco, CA 94104 | 02/21/66 | Trustee | Since May 2006 |
Stephen H. Sutro | P.O. Box 387 San Francisco, CA 94104 | 04/09/69 | Trustee | Since May 2006 |
William P. Mock | P.O. Box 387 San Francisco, CA 94104 | 12/29/66 | Treasurer | Since February 2010 |
Teresa E. Axelson | P.O. Box 387 San Francisco, CA 94104 | 12/04/47 | Chief Compliance Officer | Since November 2011 |
Each Trustee oversees the Trust’s twelve Funds. The principal occupations of the Trustees and Executive Officers of the Fund during the past five years and public directorships held by the Trustees are set forth below:
*Stephen C. Rogers | Chief Executive Officer, Shelton Capital, 1999 to present; Chief Operating Officer, Shelton Capital 1997 to 1999; Administrative Officer, Shelton Capital 1994 - 1997; Marketing Representative, Shelton Capital, 1993 to 1994. |
James W. Miller, Jr. | Director, RREEF, 2006 to present; Executive Vice President, Jones Lang LaSalle Americas, Inc. 1999 to 2006; Associate, Orrick Herrington & Sutcliffe LLP, 1996 - 1999; Associate, Gordon & Rees LLP, 1992 - 1993. |
Kevin T. Kogler | President & CEO MicroBiz LLC, 2012, President CAM Commerce Solutions, Principal, Robertson Piper Software Group, 2006 to present; Senior Vice President, Investment Banking, Friedman, Billings Ramsey, 2003 to 2006; Director, Investment Banking, Salomon Smith Barney, 2001 - 2002;Vice President, Investment Banking, CS First Boston/Donaldson Lufkin & Jenrette, 1997 - 2001. |
Stephen H. Sutro | Partner, Duane Morris LLP (law firm), 2003 to present; Associate, Duane Morris LLP 2000 - 2002, Associate, Hancock Rothert & Bunshoft (law firm), 1994 - 1999. |
William P. Mock | Portfolio Manager, Shelton Capital, 2010 to present; Portfolio Manager, ETSpreads, 2007 to present; Head Trader, TKI Capital Management, 2003 to 2006. |
Teresa E. Axelson | Chief Compliance Officer, Shelton Capital, 2011 to present; Vice President-Secretary, Chief Compliance Officer, Securities Management and Research, Inc., SM&R Investments, Inc. and American National Investment Inc. 1968-2010. |
Additional information on the Trustees may be found in the SAI, which is available, without charge, upon request, by calling (800) 955-9988.
* | Trustee deemed to be an “interested person” of the Trust, as defined in the Investment Company Act of 1940. Mr. Rogers is an interested person because he is the CEO of Shelton Capital, the Trust’s Advisor and Administrator. |
69
Shelton Green Alpha Fund Board Approval of the Investment Advisory Agreements (Unaudited) |
The 1940 Act requires that the full Boards and a majority of the Independent Trustees annually approve the continuation of the Trust’s Investment Advisory Agreements dated January 1, 2007 between Shelton Funds and CCM Partners D/B/A Shelton Capital Management (the “Investment Advisory Agreement”), with respect to each Fund. At a meeting held in-person on February 14, 2013, the Board, including a majority of the Independent Trustees on behalf of the Trusts’ California Tax-Free Income Fund, California Insured Intermediate Fund, California Tax-Free Money Market Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund (formerly known as the Equity Income Fund), Nasdaq-100 Index Fund, European Growth & Income Fund, U.S. Government Securities Fund, Short-Term U.S. Government Bond Fund and The United States Treasury Trust (each a “Fund”), considered and approved the continuance of the Investment Advisory Agreement with respect to each Fund with CCM Partners D/B/A Shelton Capital Management (“SCM”) for an additional one-year period ending March 31, 2014.
Prior to the meeting, the Independent Trustees requested information from SCM. This information, together with other information provided by SCM, and the information provided to the Independent Trustees throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations as summarized below. In addition to the information identified above, other material factors and conclusions that formed the basis for the Board’s subsequent approval are described below.
Information Received
Materials Received. During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided by SCM, including reports on each Fund’s investment results; portfolio composition; third party fund rankings; investment strategy; portfolio trading practices; shareholder services; and other information relating to the nature, extent and quality of services provided by SCM to the Funds. In addition, the Board requests and reviews supplementary information that includes materials regarding each Fund’s investment results, advisory fee and expense comparisons, the costs of operating the Funds and financial and profitability information regarding CCM (the principal business activity of which is managing the Funds), description of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund.
Review Process. The Board received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees. The Board discussed the renewal of the Investment Advisory Agreement both with SCM representatives and in a private session with independent legal counsel at which representatives of SCM were not present. In deciding to approve the renewal of the Investment Advisory Agreement, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.
Nature, Extent and Quality of Services
SCM, its personnel and its resources. The Board considered the depth and quality of SCM’s investment management process; the experience, capability and integrity of its senior management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered that SCM made available to its investment professionals a variety of resources relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered SCM’s continuing need to attract and retain qualified personnel and, noting SCM’s additions over recent years, determined that SCM was adequately managing matters related to the Funds.
Other Services. The Board considered, in connection with the performance of its investment management services to the Funds, the following: SCM’s policies, procedures and systems to ensure compliance with applicable laws and regulations and its commitment to these programs; its efforts to keep the Trustees informed; and its attention to matters that may involve conflicts of interest with the Funds. As a point of comparison, the Board also considered the nature, extent, quality and cost of certain non-investment related administrative services provided by SCM to the Funds under the administration servicing agreements.
The Board concluded that SCM had the quality and depth of personnel and investment methods essential to performing its duties under the Investment Advisory Agreement, and that the nature, extent and overall quality of such services are satisfactory and reliable.
Investment Performance
The Board considered each Fund’s investment results in comparison to its stated investment objectives. The Trustees reviewed the short-term and long-term performance of each of the funds on both an absolute basis and in comparison to benchmark indices. The Trustees also reviewed Morningstar rankings for each of the Funds, as applicable. In assessing performance of certain Funds, the Trustees took into consideration the fact that Fund performance is expected to mirror the appropriate benchmarks as closely as possible given certain practical constraints imposed by the 1940 Act, the fund’s investment restrictions, the Fund’s size and similar factors. Among the factors considered in this regard, were the following:
· | For the S&P 500 Index Fund, it was noted that the performance of the Fund was in the first quartile over the 3-year period, and the second quartile over the 1-year, 5-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely. |
· | For the S&P MidCap Index Fund, it was noted that the performance of the Fund was in the first quartile over the 3-year and 5-year periods, and the second quartile over the 1-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely. |
· | For the Shelton Core Value Fund, it was noted that the performance of the Fund was in the first quartile over the 3-year, 5-year, and 10-year periods, and the fourth quartile over the 1-year period. |
· | For the S&P SmallCap Index Fund, it was noted that the performance of the Fund was in the first quartile over the 3-year and 5-year periods and in the second quartile over the 1-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark quite closely. |
· | For the Nasdaq-100 Index Fund, it was noted that the performance of the Fund was in the first quartile over the 1-year, 3-year, 5-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely. |
· | For the European Growth & Income Fund, it was noted that the performance of the Fund was in the third quartile over the 5-year period, and in the fourth quartile over the 1-year, 3-year and 10-year periods. |
· | For the United States Treasury Trust, it was noted that the performance of the Fund was in the second quartile for the 1-month and over the 1-year period. |
· | For the Short-Term U.S. Govt. Bond Fund, it was noted that the performance of the Fund was in the fourth quartile over the 1-year, 3-year, 5-year and 10-year periods. |
70
Shelton Green Alpha Fund Board Approval of the Investment Advisory Agreements (Unaudited) (Continued) |
· | For the U.S. Government Securities Fund, it was noted that the performance of the Fund was in the first quartile over the 3-year and 10-year periods, the second quartile over the 5-year period, and the third quartile over the 1-year period. |
· | For the California Tax-Free Money Market Fund, it was noted that the performance of the Fund was in the fourth quartile for the 1-month and 1-year periods. |
· | For the California Tax-Free Income Fund, it was noted that, in the California Municipal Intermediate Morningstar category, the Fund was in the first quartile over the 1-year period, the second quartile over the 3-year period, and the third quartile over the 5-year, and 10-year periods. |
· | For the California Insured Intermediate Fund, it was noted that the performance of the Fund was in the fourth quartile over the 1-year, 3-year, 5-year and 10-year periods. |
The Board received a satisfactory explanation of the reasons underlying the performance of the lower performing Funds and SCM articulated a strategy for improving performance of these Funds. The Board ultimately concluded that SCM’s performance record in managing each Fund was satisfactory, and in some cases excellent, supporting the determination that SCM’s continued management under the Investment Advisory Agreement would be consistent with the best interests of each Fund and its shareholders.
Management Fees and Total Operating Expenses
The Board reviewed the management fees and total operating expenses of each Fund and compared such amounts with the management fees and total operating expenses of other funds in the industry that are found within the same style category, or peer group, as defined by Bloomberg. The Board considered the advisory fees and total fees and expenses of each Fund in comparison to the advisory fees and other fees and expenses of other funds in each Fund’s relevant peer group. The Trustees considered both the gross advisory fee rates, as well as the effective advisory rates charged by SCM after taking into consideration the expense limitation arrangements and voluntary fee waivers. The Board noted that the total net management fees charged to each Fund, after taking into account these expense limitations and voluntary waivers, were significantly lower (by 10 basis points or more) than the industry averages for comparable funds. The Board also observed that each Fund’s total operating expenses were well below the industry average for other comparable funds. The Board also noted the voluntary advisory fee limitation that SCM had put into effect during 2005 with respect to all but two of the Funds. The Trustees noted the Funds are now paying for certain administrative services that were previously provided to the Funds by SCM at its own expense under the fund administration servicing agreements that took effect during February of 2005.
Adviser, Costs, Level of Profits, Economies of Scale and Ancillary Benefits
The Board reviewed information regarding SCM’s costs of providing services to the Funds, as well as the resulting level of profits to SCM. The Independent Trustees received financial and other information from SCM, in addition to a representation from SCM that its profits were not excessive and that SCM’s profitability was low by industry standards. The Board noted the reduction in advisory fees received by SCM as a result of the reduction in assets under management in recent years due to market events, but also took note of the increase in assets under management (and corresponding increase in advisory fees received by SCM) as a result of the fund merger in 2010 that brought additional assets to the Equity Income Fund. The Board noted its intention to continue to monitor assets under management, and the resulting impact on SCM’s profitability, in order to ensure that SCM has sufficient resources to continue to provide the services that shareholders in the Funds require. The Board considered SCM’s need to invest in technology, data services, infrastructure and staff to provide the expected quality of investment advisory services to the Funds. They further considered that breakpoints in the advisory fee structure of certain Funds provide for reductions in the level of fees charged by SCM to such Fund as Fund assets increase, reflecting the fact that economies of scale in the cost of operations will be shared with such Fund’s shareholders. The Trustees also noted that SCM has contractually agreed to limit its advisory fees on certain Funds so that those Funds do not exceed their respective specified operating expense limitations, and that in the case of certain other Funds, SCM has imposed a voluntary fee limitation. Such voluntary fee limitations may be decreased or eliminated at the option of SCM, a factor that was also considered by the Board. The Board also considered that SCM does not receive substantial indirect benefits from managing the Funds (one example of an indirect benefit is research paid for by Fund brokerage commissions – SCM currently does not seek to supplement its fees with such “soft dollar” benefits). On the basis of the foregoing, together with the other information provided to it at the February 14, 2013 meeting and throughout the year, the Board concluded that each Fund’s cost structure was reasonable.
Conclusions
Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that the Investment Advisory Agreement, taking into account the separate administration fees, is and would be fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received or should receive reasonable value in return for the advisory fees and other amounts paid to SCM by the Fund, and that the renewal of the Investment Advisory Agreement was in the best interests of each Fund and its shareholders.
71
Shelton Green Alpha Fund Board Approval of the Sub-Advisory Agreement |
Prior to the review and approval of the Sub-Advisory Agreement between Green Alpha and SCM, the Independent Trustees approved the Investment Advisory Agreement between SCM and the Fund.
Information Received
Materials Received. The Independent Trustees requested and received a wide variety of information regarding Green Alpha and its proposed services to the Fund, including information regarding (i) Green Alpha’s financial condition and profitability, (ii) the proposed services, operations and personnel, (iii) the compliance procedures of Green Alpha, (iv) Green Alpha’s investment philosophy and approach to investment management for the Fund, (v) anticipated Fund expenses and brokerage and portfolio transactions, (v) disaster recovery planning, (vi) current legal matters and (vii) other information relating to the nature, extent and quality of services to be provided by Green Alpha to the Fund.
Review Process. The Board received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees. The Board discussed the approval of the Sub- Advisory Agreement both with Green Alpha representatives and in a private session with independent legal counsel at which representatives of Green Alpha were not present. In deciding to approve the Sub- Advisory Agreement, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.
Nature, Extent and Quality of Services
Green Alpha, its personnel and its resources. The Board considered the depth and quality of Green Alpha’s investment management process and the experience, capability and integrity of its senior management, noting that the two key principals of Green Alpha have extensive experience with portfolio management of mutual funds as well as with the operations and oversight of products in the mutual fund environment. The Board, however, also noted the fact that Green Alpha just recently became a federally-registered investment adviser, has relatively small assets under management, is not yet profitable, does not have a proven track record in managing mutual funds and does not currently provide sub-advisory services for any other investment advisory clients.
Other Services. The Board considered, in connection with the performance of its proposed investment management services to the Fund, the following: Green Alpha’s policies, procedures and systems to ensure compliance with applicable laws and regulations and its commitment to these programs; its articulated plan to keep the Trustees informed; and its attention to matters that may involve conflicts of interest with the Fund.
In light of the totality of the considerations, the Board concluded that Green Alpha had the quality and depth of personnel and investment methods essential to performing its proposed duties under the Sub-Advisory Agreement, and that the nature, extent and overall quality of such proposed services were satisfactory.
Investment Performance
The Board considered the Fund’s stated investment objectives and Green Alpha’s goals with respect to investment performance. Given that the Fund had not yet commenced operations, the Trustees were unable to consider investment performance as a factor. Nevertheless, the Board was presented with extensive and detailed information regarding the proposed investment approach of Green Alpha for the Fund, the unique investment screening techniques that will be employed, the experience of Green Alpha in employing similar techniques with respect to its separately managed accounts, and related information that may impact Fund performance. While the Board had no investment results to review due to the Fund being newly created, it did receive a satisfactory explanation of the growth strategy for the Fund and ultimately concluded that Green Alpha’s objectives and goals for managing the new Fund were satisfactory.
Management Fees and Total Operating Expenses
The Board reviewed the anticipated management fees and anticipated total operating expenses of the Fund, noting that the fees under the Sub-Advisory Agreement would be paid by Shelton Capital out of its investment advisory fees. The Board also noted that Green Alpha anticipated that it may need to waive its right to receive fees under the Sub-Advisory Agreement for at least an initial period following the launch of the Fund. The Board noted that the total net management fees expected to be charged to the Fund were somewhat higher than those charged by many other funds, including large cap equity and small cap equity funds, but also noted that the Fund did not really fall squarely within either of these categories nor was there a category of similarly-managed funds to which to compare the Fund’s fees and expenses. As such, the Board did not view comparisons to the fees and expenses of other funds to be particularly probative. On the basis of the foregoing, together with the other information provided to it prior to and at the February 14, 2013 meeting, the Board concluded that the Fund’s cost structure was reasonable and the Fund’s sub-advisory fee was reasonable in relation to the proposed sub-advisory services of Green Alpha.
Green Alpha Costs, Level of Profits, Economies of Scale and Ancillary Benefits
The Board reviewed information regarding Green Alpha’s costs of providing services to the Fund, as well as the expected level of profits to Green Alpha. The Independent Trustees received financial and other information from Green Alpha, in addition to a representation from Green Alpha that its anticipated profits were not excessive and low by industry standards. The Board noted its intention to monitor assets under management, and the resulting impact on Green Alpha’s profitability, in order to ensure that Green Alpha has sufficient resources to continue to provide the services that shareholders in the Fund require. The Board considered Green Alpha’s willingness to invest in order to provide the expected quality of sub-advisory services to the Fund. They further considered the start-up nature of the Fund, the fact that investments may need to be made by Green Alpha on an initial basis, including through potential waivers of sub-advisory fees and/or the sharing of expense reimbursements, in determining not to request reductions in the level of fees charged by Green Alpha as Fund assets increase. The Board also considered that Green Alpha would not receive substantial indirect benefits from managing the Fund (one example of an indirect benefit is research paid for by Fund brokerage commissions – Green Alpha currently does not seek to supplement its fees with such “soft dollar” benefits).
Conclusions
Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that the Sub-Advisory Agreement is and would be fair and reasonable to the Fund and its shareholders, that the Fund’s shareholders should receive reasonable value in return for the sub-advisory fees paid to Green Alpha, and that the approval of the Sub-Advisory Agreement was in the best interests of the Fund and its shareholders.
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ITEM 2. | CODE OF ETHICS. |
(a) | The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer. |
(c) | N/A |
(d) | N/A |
(f) | Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officer and principal financial and accounting officer. A copy of the code of ethics is available upon request, at no charge, at 1(800) 225-8778. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
(a)(1) | Registrant does not have an audit committee financial expert serving on its audit committee. |
(a)(2) | N/A |
(a)(3) | The audit committee has determined that no single independent trustee meets the criteria of "audit committee financial expert", but the collective skills of the committee are sufficient to satisfy the requirements. |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
(a) | Audit Fees |
The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $135,000 for the fiscal year ended August 31, 2013 and $131,100 for the fiscal year ended August 31, 2012.
(b) | Audit-Related Fees |
There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of Item 4.
(c) | Tax Fees |
The aggregate fees paid to the principal accountant for tax compliance, tax advice, and tax planning services rendered by the principal accountant to the Registrant were $28,500 for the fiscal year ended August 31, 2013 and $27,600 for the fiscal year ended August 31, 2012.
(d) | All Other Fees |
There were no other fees paid to the principal accountant for services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraphs (a)-(c) of Item 4.
(e)(1) | The Registrant's audit committee is directly responsible for approving the services to be provided by the auditors, including: |
(i) | pre-approval of all audit and audit-related services; |
(ii) | pre-approval of all non-audit related services to be provided to the Registrant by the auditors; |
(iii) | pre-approval of all non-audit related services to be provided to the Registrant by the auditors to the Registrant 's investment adviser or to any entity that controls, is controlled by or is under common control with the Registrant 's investment adviser and that provides ongoing services to the Registrant where the non-audit services relate directly to the operations or financial reporting of the Registrant; and |
(e)(2) | All of the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were pre-approved by the audit committee. |
(f) | N/A |
(g) | The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the Registrant and 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 were $0 for the fiscal year ended August 31, 2013 and $3,900 for the fiscal year ended August 31, 2012. |
(h) | N/A |
ITEM 5. | AUDIT COMMITTEE OF LISTED REGISTRANTS. |
N/A
ITEM 6. | SCHEDULE OF INVESTMENTS |
Included under Item 1. |
ITEM 7. | DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
N/A |
ITEM 8. | PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES. |
N/A |
ITEM 9. | PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVEESTMENT COMPANY AND AFFILIATED PURCHASERS. |
N/A |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A or this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the Registrant's last fiscal half-year (the Registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
ITEM 12. | EXHIBITS |
(a)(1) | Code of Ethics attached hereto. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(b) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
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.
SHELTON FUNDS | |
By | /s/ Stephen C. Rogers |
Stephen C. Rogers, President | |
Date: October 30, 2013 |
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 | /s/ Stephen C. Rogers |
Stephen C. Rogers, President | |
Date: October 30, 2013 | |
By | /s/ William P. Mock |
William P. Mock, Treasurer | |
Date: October 30, 2013 |