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Shelton Funds |
(Exact name of registrant as specified in charter) |
1050 17th Street, Suite 1710, Denver, CO 80265 |
(Address of principal executive offices) (Zip code) |
(Name and address of agent for service) |
Annual Report
August 31, 2015
California Tax-Free Income 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, 2015 |
Historical Performance and Manager’s Discussion | 1 |
About Your Fund’s Expenses | 7 |
Top Holdings and Sector Breakdowns | 9 |
Portfolio of Investments | 13 |
Statements of Assets & Liabilities | 31 |
Statements of Operations | 34 |
Statements of Changes in Net Assets | 37 |
Financial Highlights | 42 |
Notes to Financial Statements | 53 |
Report of Independent Registered Public Accounting Firm | 60 |
Fund Holdings | 61 |
Proxy Voting Policies, Procedures and Voting Records | 61 |
Board of Trustees and Executive Officers | 62 |
Historical Performance and Manager’s Discussion (Unaudited) | August 31, 2015 |
Bond Funds
The fixed income markets have been impacted by several themes over the course of the last fiscal year, including the October 2014 end of the Federal Reserve asset purchases under the “QE3” round of quantitative easing, anticipation of the Fed raising the Fed Funds rate, Greek sovereign debt issues and the potential for contagion, the slowing growth of the Chinese economy and the Russia/Ukraine conflict. It’s been over 6 years since the last U.S. recession technically ended in June 2009, but as evidenced by the Fed maintaining the “zero interest rate policy”, the economy is still far from robust and the gains haven’t been shared equally across the class spectrum. The latest U.S. Census Bureau indicate that median real U.S. household income is still well below 2007 levels in spite of a rebound in housing prices and recent all-time highs in the S&P 500 Index.
The primary driver behind the last recession and financial crisis was the collapse of the residential real estate market, which now appears to be stabilizing having rebounded strongly over the last several years. 30-year mortgage rates remain at historically low levels, with Bankrate.com reporting the 30 year fixed national average rate falling to 3.90% from 4.07% at the end of the 2014 fiscal year. Restrictive lending standards continue to limit access to the low borrowing rates. The Bureau of Labor Statistics (BLS) reports that the unemployment rate is 5.1%, the lowest level since April 2008. Unfortunately, much of the fall in the unemployment rate is due to reduced US labor participation rate which continues to drop, falling from over 66% in 2008 to 62.6% at fiscal year-end, the lowest labor participation rate since September 1977. Job creation continues to be primarily in the service sector that are often part-time or low paying. The BLS U-6 index that includes marginally employed and part-time workers seeking full-time employment is at 10.3% as of August 2015, compared to an average rate of 8.5% during the decade of 1998-2007. Business surveys continue to indicate concerns concerning demand, government regulation, and future taxes in their decisions to add employees.
Interest rates on US Treasuries have remained low, with the biggest change being the flatting of the curve as the two-year bond yields rose with the 5, 10 and 30-year yields falling. The Overnight US$ LIBOR rate ranged from 0.0808% to 0.1335% over the course of the fiscal year, ending the year at 0.1335%. The three month T-Bill had a range of -0.008% to 0.104%, ending the year at .003%. The yield on the two-year note ranged from 0.31% to 0.741%, ending the year near the high yield at 0.739%. The five-year note ranged from 1.156% to 1.831%, ending the fiscal year at 1.549%. The 10-year yield ranged from 1.642% to 2.621%, ending the year at 2.219%. The 30-year yield ranged between 2.223% and 3.369%, ending the year at 2.962%.
The U.S. Government Securities Fund ended the fiscal year ended August 31, 2015, with a duration of 4.46 years and total return on the direct shares for the period is 1.58%. All of the securities in the portfolio are backed by the full faith and credit of the United States.
As of the August 31, 2015, fiscal year end, the total return for the Direct Shares of the Short-Term U.S. Government Bond Fund was -0.07%, and it had a duration of 1.64 years. The Fund continues to predominantly hold US Treasury Notes with maturities of less than three 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. California municipal bond investors benefitted from an influx of investors looking for yield into the market and economic conditions generally improving throughout the State. Standard & Poor’s and Fitch raised the State of California’s GO credit ratings during the fiscal year, with FYE ratings of AA- and A+ respectively. Moody’s maintained their Aa3 rating on CA GO bonds. The difference in yield between the 1 year and 30 year State of California general obligation bonds at fiscal year end was at 304.3 basis points with the shorter end of the curve rising by 22 basis points and the yields at the long end of the curve rallying falling 9.5 basis points.
The California Tax-Free Income Fund’s total return for the fiscal year ended August 31, 2015, was 1.78%, and the duration was nearly unchanged at 4.49 years at fiscal year end. The portfolio had an average credit rating of AA at fiscal year end.
1
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2015 |
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
California Tax-Free Income Fund | 1.78% | 3.40% | 3.60% | 6.02% | ||
Barclays Municipal Bond Index | 2.52% | 3.95% | 4.49% | 6.51% |
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
U.S. Government Securities Fund | 1.58% | 1.26% | 2.66% | 5.78% | ||
Barclays GNMA Index | 2.12% | 2.87% | 4.63% | 6.83% | ||
Barclays Treasury Index | 2.29% | 2.37% | 4.12% | 6.59% |
K SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
U.S. Government Securities Fund | 1.13% | 0.77% | 2.15% | 2.38% | ||
Barclays GNMA Index | 2.12% | 2.87% | 4.63% | 4.57% | ||
Barclays Treasury Index | 2.29% | 2.37% | 4.12% | 4.01% |
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
Short-Term U.S. Government Bond Fund | -0.07% | -0.08% | 1.79% | 2.33% | ||
Barclays 1-3 Yr. Treasury Index | 0.82% | 0.73% | 2.49% | 3.25% |
K SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
Short-Term U.S. Government Bond Fund | -0.66% | -0.57% | 1.29% | 1.14% | ||
Barclays 1-3 Yr. Treasury Index | 0.82% | 0.73% | 2.49% | 2.29% |
2
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2015 |
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 the 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 Nasdaq-100 Index Fund and S&P MidCap Index Fund each had a correlation coefficient of 1.000 for the fiscal year. The S&P 500 Index Fund had a correlation of 0.999, and the S&P SmallCap Fund had a correlation of .995.
During the fiscal year, the direct shares of the S&P SmallCap Index Fund out-performed the Direct Shares of the S&P 500 and MidCap Index Fund by posting gains of 3.50%, compared to 0.29% and -0.45%, respectively. Each of these funds experienced a year of volatility and followed a similar valuation pattern. After incurring losses early in the year, each index recovered through August of 2015 before selling off in the final two weeks of the fiscal year. This had the effect of ending the year almost where it began. Equity markets in the United States have been driven by concerns over market valuations and serious geopolitical challenges that continue to exist from the previous period, including armed conflict in the Middle East and Europe, the continued weakening economic growth in China and the volatility in its stock market as well as Chinese government intervention. Commodity prices, oil in particular, have sold off substantially over the year and this has weighed on emerging market valuations and expectations for continued global growth. Substantial political uncertainty has been widely reflected in polling data for both political parties, Congress and the President of the United States. Currently, the 2016 Presidential polls are dominated in the Republican party by a TV reality star/real estate mogul and in the Democratic party, a self-described Democratic socialist who currently serves in the US Senate. It is difficult for the market to look to this political situation and feel confident in the future of the economic expansion or the execution of a viable long-term economic strategy. Lastly, the Federal Reserve Bank (and its relatively new and untested chairperson) is widely expected to begin raising short-term interest rates and unwinding the most significant fiscal stimulus policy ever executed. There is real concern that the Fed will not be able to accomplish this without damage to the economy, equity valuations and interest rates.
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 5.78%, versus a benchmark performance of 5.95%. 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 16th, 2015, Apple Inc. alone made up 12.48% of the index while the next four largest holdings, Microsoft, Amazon, Alphabet (Google), and Facebook combine for an additional 25.56% of the index, making up 38% of the market capitalization of the index. It provides investors a strong technology exposure as well as the related volatility.
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 of its holdings. The Fund (Direct Shares) was down 9.91% for the year and out-performed its benchmark, which was down 10.30%. 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 Shelton Core Value Fund is a value fund that focuses on income as well as the potential for capital appreciation. The Direct Shares were down 1.07% for the year. The performance of the fund trailed the U.S. stock market as measured by the S&P 500 Index by 1.54%. 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. During most of the year, economic conditions remained good for US stocks and we have maintained diversified exposure to most economic sectors. Valuations of the stock markets, as measured by Price/Earnings ratios, increased through July but then sold down in August, resulting in the markets “giving back” most of the returns built up over the year. According to Bloomberg, the P/E ratio on the S&P 500 Index at the end of August 2015 was 17.45. While this ratio has risen much higher than this level in the past, the message we repeat is that the easy money in the equity markets is behind us, and an important take away here is that a large part of the return in the fund was driven by increases in how the market valued earnings, and not by strong economic growth.
We view the low-interest rates in the short run as an extremely pro-growth monetary policy. However, the Fed is looking to normalize interest rates, albeit slowly, and the markets view this move as a head wind for equity valuations. In the opinion of the manager, the perception of the risk is much more substantial than the actual impact of a move from a zero rate policy to rates between 0.5% and 1.5%, as contemplated by some economists. Last year, we predicted that the Fed’s was likely to delay raising rates and at this point, I believe they must move if they want to before 2017. They are facing an election year and will be under intense political pressure when focus on their role in the economy plays out in the debate.
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. Our political dysfunction, in my opinion, is singularly responsible for the poor economic growth we are seeing in the economy. We will become much more bullish if the political dialog about economic policy improves as we believe this is the simplest, most direct route to economic growth and labor market participation. Capital markets perform best with a strong rule of law governing markets and property rights and minimal incremental government influence.
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* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
S&P 500 Index Fund | 0.29% | 15.61% | 6.98% | 8.96% | ||
S&P 500 Composite Stock Price Index | 0.48% | 15.85% | 7.15% | 9.12% |
3
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2015 |
K SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
S&P 500 Index Fund | -0.19% | 15.03% | 6.46% | 6.93% | ||
S&P 500 Composite Stock Price Index | 0.48% | 15.85% | 7.15% | 7.63% |
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
S&P MidCap Index Fund | -0.45% | 15.65% | 8.11% | 11.63% | ||
S&P MidCap 400 Index | 0.00% | 16.12% | 8.68% | 11.98% |
K SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
S&P MidCap Index Fund | -0.93% | 15.08% | 7.59% | 8.86% | ||
S&P MidCap 400 Index | 0.00% | 16.12% | 8.68% | 9.92% |
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
S&P SmallCap Index Fund | 3.50% | 17.59% | 7.86% | 9.22% | ||
S&P SmallCap 600 Index | 1.78% | 17.35% | 8.12% | 9.86% |
K SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
S&P SmallCap Index Fund | 3.03% | 17.01% | 7.33% | 8.90% | ||
S&P SmallCap 600 Index | 1.78% | 17.35% | 8.12% | 9.76% |
4
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2015 |
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
Shelton Core Value Fund | -1.07% | 14.35% | 7.14% | 7.87% | ||
S&P / Citigroup Value Index | -3.27% | 14.22% | 5.84% | 7.42% | ||
S&P 500 Composite Stock Price Index | 0.48% | 15.85% | 7.15% | 7.98% |
K SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
Shelton Core Value Fund | -1.56% | 13.78% | 6.57% | 7.65% | ||
S&P / Citigroup Value Index | -3.27% | 14.22% | 5.84% | 7.06% | ||
S&P 500 Composite Stock Price Index | 0.48% | 15.85% | 7.15% | 7.63% |
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
European Growth & Income Fund | -9.91% | 5.37% | 2.50% | 1.13% | ||
Dow Jones STOXX 50 Index (USD) | -10.30% | 5.80% | 2.40% | 0.97% |
K SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since | ||
European Growth & Income Fund | -10.34% | 4.85% | 2.00% | 4.16% | ||
Dow Jones STOXX 50 Index (USD) | -10.30% | 5.80% | 2.40% | 4.76% |
5
Historical Performance and Manager’s Discussion (Unaudited) (Continued) | August 31, 2015 |
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
Nasdaq-100 Index Fund | 5.78% | 20.59% | 11.16% | 1.04% | ||
Nasdaq-100 Index | 5.94% | 20.75% | 11.43% | 1.55% |
K SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception (Annualized) | ||
Nasdaq-100 Index Fund | 5.25% | 19.95% | 10.61% | 9.72% | ||
Nasdaq-100 Index | 5.94% | 20.75% | 11.43% | 10.56% |
The Shelton Green Alpha Fund is a diversified mutual fund that seeks to achieve long-term capital appreciation by investing in U.S. common stocks and sponsored ADRs in the green or sustainable economy. The Fund invests primarily in stocks of companies that are believed by the Sub-Advisor to be leaders in managing environmental risks and opportunities, have above average growth potential and are reasonably valued relative to their growth potential. For the year ending August 31, 2015, the Shelton Green Alpha Fund’s return was -14.02%, underperforming the 0.48% return of the S&P 500 Index, the fund’s benchmark. During this period the fund exhibited higher levels of volatility than the fund’s benchmark and the Sub-Advisor expects this to continue. Although the Fund’s Price to Book (the Fund’s 2.07 vs. the benchmark’s 2.66) ratios compares conservatively, the Price to Earnings (the Fund’s 20.75 vs. the benchmark’s 17.41) and Price to Cash Flow (the Fund’s 17.19 v. the benchmark’s 10.80) are substantially higher. This indicates, at least in part, that the portfolio pricing reflects expected growth in the individual stocks held in the fund. At the time of this writing, the Sub-Advisor believes that the stocks held by the fund are reasonably valued in light of their growth prospects.
As of August 31, 2015, the Fund was invested in 52 companies in 9 sectors, representing 20 industries. In line with the Fund’s environmental focus, the Fund’s exposure to what portfolio management considers environmental leaders in a number of industries includes solar PV, water desalination, waste-to- value building materials, machinery, electric vehicles, mobile communications, machine-to-machine Internet, energy efficiency and lighting, natural foods and wind power. It is the Sub Advisor’s belief that environmental responsibility may enhance corporate profitability, which in turn may produce competitive returns.
The Sub-Advisor believes that the current equity markets represent attractive investment opportunities for investors seeking equity exposure to the green economy and are comfortable with the associated risks and volatility due to the Fund’s security selection and environmental focus.
DIRECT SHARES Average Annual Total Returns* | ||||||
Fund/Benchmark | One Year | Five Year (Annualized) | Ten Year (Annualized) | Since Inception** (Annualized) | ||
Shelton Green Alpha Fund | -14.02% | N/A** | N/A** | 13.49% | ||
S&P 500 Composite Stock Price Index | 0.48% | N/A | N/A | 13.61% |
* | 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. |
6
About Your Fund’s Expenses (Unaudited) August 31, 2015 |
Beginning | Ending | Expenses Paid | Net Annual | |
California Tax-Free Income Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $ 1,000 | $ 1,003 | $ 3.58 | 0.71% |
Based on Hypothetical 5% Return before expenses | $ 1,000 | $ 1,021 | $ 3.62 | 0.71% |
U.S. Government Securities Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $ 1,000 | $ 1,000 | $ 3.73 | 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 | $ 997 | $ 6.24 | 1.24% |
Based on Hypothetical 5% Return before expenses | $ 1,000 | $ 1,019 | $ 6.31 | 1.24% |
Short-Term U.S. Government Bond Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $ 1,000 | $ 1,000 | $ 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 | $ 997 | $ 5.49 | 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 | $ 0.15 | 0.03% |
Based on Hypothetical 5% Return before expenses | $ 1,000 | $ 1,025 | $ 0.15 | 0.03% |
K Shares | ||||
Based on Actual Fund Return | $ 1,000 | $ 1,000 | $ 0.15 | 0.03% |
Based on Hypothetical 5% Return before expenses | $ 1,000 | $ 1,025 | $ 0.15 | 0.03% |
S&P 500 Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $ 1,000 | $ 945 | $ 1.76 | 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 | $ 943 | $ 4.21 | 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 | $ 945 | $ 2.84 | 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 | $ 942 | $ 5.29 | 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 | $ 965 | $ 3.67 | 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 | $ 963 | $ 6.14 | 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 | $ 939 | $ 3.71 | 0.76% |
Based on Hypothetical 5% Return before expenses | $ 1,000 | $ 1,021 | $ 3.87 | 0.76% |
K Shares | ||||
Based on Actual Fund Return | $ 1,000 | $ 936 | $ 6.15 | 1.26% |
Based on Hypothetical 5% Return before expenses | $ 1,000 | $ 1,019 | $ 6.41 | 1.26% |
7
About Your Fund’s Expenses (Unaudited) August 31, 2015 (Continued) |
Beginning | Ending | Expenses Paid | Net Annual | |
European Growth & Income Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $ 1,000 | $ 932 | $ 4.87 | 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 | $ 930 | $ 7.30 | 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 | $ 967 | $ 2.43 | 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 | $ 964 | $ 4.90 | 0.99% |
Based on Hypothetical 5% Return before expenses | $ 1,000 | $ 1,020 | $ 5.04 | 0.99% |
Green Alpha Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $ 1,000 | $ 888 | $ 6.38 | 1.34% |
Based on Hypothetical 5% Return before expenses | $ 1,000 | $ 1,018 | $ 6.82 | 1.34% |
* | Expenses are equal to the Fund’s 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. |
8
Top Holdings and Sector Breakdowns (Unaudited) | August 31, 2015 |
California Tax-Free Income Fund
Security | Description | Market | Percentage of Total Investment | ||
1 | EAST SIDE UNION HIGH SCHOOL DISTRICT | General Obligation Refunding Bonds (2012 Crossover); 2006 | $ 3,661,362 | 4.2% | |
2 | CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD | Lease Revenue Bonds; 2009 Series I-1 | 3,553,620 | 4.1% | |
3 | RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY | Lease Revenue Bonds; 2008 Series A | 3,378,510 | 3.9% | |
4 | CALIFORNIA STATE VAR PURP & REF | Tax-Exempt Various Purpose General Obligation Bonds | 3,239,910 | 3.7% | |
5 | LOS RIOS COMMUNITY COLLEGE DISTRICT | General Obligation Bonds; 2008 Election, Series B | 2,845,950 | 3.3% | |
6 | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | Revenue Bonds (University of Southern California); Series 2009A | 2,791,325 | 3.2% | |
7 | MT. SAN ANTONIO COMMUNITY COLLEGE DISTRICT | General Obligation Bonds; Election of 2008, Series 2013A | 2,655,408 | 3.0% | |
8 | EAST BAY MUNICIPAL UTILITY DISTRICT | Water System Revenue Bonds; 2015 Series B | 2,528,634 | 2.9% | |
9 | LOS ANGELES CA REF-SER A | General Obligation Refunding Bonds; Series 2012-A | 2,392,260 | 2.7% | |
10 | BAY AREA TOLL AUTHORITY | San Francisco Bay Area Toll Bridge Revenue Bonds; 2009 Series F-1 | 2,277,420 | 2.6% |
U.S. Government Securities Fund
Security | Maturity | Market | Percentage of Total Investment | ||
1 | United States Treasury Note | 11/15/2018 | $ 3,247,794 | 13.0% | |
2 | United States Treasury Note | 6/30/2017 | 3,200,852 | 12.8% | |
3 | United States Treasury Note | 2/15/2022 | 2,823,845 | 11.3% | |
4 | United States Treasury Note | 6/30/2016 | 2,220,898 | 8.9% | |
5 | United States Treasury Note | 2/15/2021 | 2,091,300 | 8.4% | |
6 | United States Treasury Note | 2/15/2019 | 1,997,413 | 8.0% | |
7 | United States Treasury Note | 8/15/2020 | 1,993,851 | 8.0% | |
8 | United States Treasury Note | 8/15/2023 | 1,755,350 | 7.0% | |
9 | United States Treasury Bond | 5/15/2038 | 1,678,548 | 6.7% | |
10 | United States Treasury Note | 3/31/2018 | 1,677,739 | 6.7% |
Short-Term U.S. Government Bond Fund
Security | Maturity | Market | Percentage of Total Investment | ||
1 | United States Treasury Note | 1/31/2016 | $ 1,712,485 | 26.2% | |
2 | United States Treasury Note | 1/31/2018 | 1,198,812 | 18.3% | |
3 | United States Treasury Note | 7/31/2017 | 1,031,126 | 15.7% | |
4 | United States Treasury Note | 6/30/2016 | 807,599 | 12.3% | |
5 | United States Treasury Note | 1/31/2017 | 702,885 | 10.7% | |
6 | United States Treasury Note | 1/31/2019 | 500,492 | 7.6% | |
7 | United States Treasury Note | 6/15/2018 | 401,148 | 6.1% | |
8 | Government National Mortgage Association | 11/20/2034 | 127,889 | 1.9% | |
9 | Government National Mortgage Association | 6/20/2034 | 77,891 | 1.2% |
9
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | August 31, 2015 |
The United States Treasury Trust
Security | Maturity | Market | Percentage of Total Investment | ||
1 | United States Treasury Bill | 9/10/2015 | $ 29,999,609 | 33.7% | |
2 | United States Treasury Bill | 9/17/2015 | 25,399,633 | 28.5% | |
3 | United States Treasury Bill | 9/3/2015 | 18,799,963 | 21.1% | |
4 | United States Treasury Bill | 1/7/2016 | 6,396,658 | 7.2% | |
5 | United States Treasury Bill | 3/3/2016 | 5,494,303 | 6.2% | |
6 | United States Treasury Bill | 12/10/2015 | 2,898,931 | 3.3% |
S&P 500 Index Fund
Security | Market | Percentage of Total Investment | ||
1 | Apple, Inc. | $ 4,928,737 | 3.8% | |
2 | Microsoft Corp. | 2,679,222 | 2.1% | |
3 | Google Inc | 2,636,517 | 2.0% | |
4 | Exxon Mobil Corp. | 2,368,406 | 1.8% | |
5 | Johnson & Johnson | 1,969,632 | 1.5% | |
6 | Wells Fargo & Co. | 1,876,366 | 1.4% | |
7 | General Electric Co. | 1,874,630 | 1.4% | |
8 | Berkshire Hathaway, Inc. | 1,808,602 | 1.4% | |
9 | JPMorgan Chase & Co. | 1,777,814 | 1.4% | |
10 | AT&T, Inc. | 1,530,072 | 1.2% |
S&P MidCap Index Fund
Security | Market | Percentage of Total Investment | ||
1 | US Treasury Bill Due 12/31/2015 | $ 3,198,275 | 2.2% | |
2 | Church & Dwight Co. Inc. | 1,105,763 | 0.8% | |
3 | Foot Locker, Inc. | 996,298 | 0.7% | |
4 | Alaska Air Group, Inc. | 943,535 | 0.6% | |
5 | Hologic, Inc. | 931,983 | 0.6% | |
6 | Wabtec Corp. | 883,001 | 0.6% | |
7 | Jarden Corp. | 879,968 | 0.6% | |
8 | HollyFrontier Corp. | 878,719 | 0.6% | |
9 | LKQ Corp. | 870,640 | 0.6% | |
10 | Federal Realty Invstment Trust | 842,510 | 0.6% |
10
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | August 31, 2015 |
S&P SmallCap Index Fund
Security | Market | Percentage of Total Investment | ||
1 | US Treasury Bill Due 12/31/2015 | $ 499,681 | 1.0% | |
2 | Toro Co. | 301,452 | 0.6% | |
3 | Amsurg Corp. | 282,544 | 0.6% | |
4 | ABIOMED, Inc. | 271,109 | 0.5% | |
5 | MarketAxess Holdings, Inc. | 256,342 | 0.5% | |
6 | J2 Global, Inc. | 246,802 | 0.5% | |
7 | Piedmont Natural Gas Co. Inc. | 239,890 | 0.5% | |
8 | Curtiss-Wright Corp. | 238,462 | 0.5% | |
9 | Sovran Self Storage, Inc. | 232,849 | 0.5% | |
10 | Pool Corp. | 230,850 | 0.5% |
Shelton Core Value Fund
Security | Market | Percentage of Total Investment | ||
1 | JPMorgan Chase & Co. | $ 7,063,692 | 3.8% | |
2 | Goldman Sachs Group, Inc. | 5,459,970 | 3.0% | |
3 | Home Depot, Inc. | 5,374,629 | 2.9% | |
4 | Wells Fargo & Co. | 4,687,120 | 2.5% | |
5 | Chevron Corp. | 4,577,879 | 2.5% | |
6 | Amerisource Bergen Corp. | 4,563,024 | 2.5% | |
7 | Anthem, Inc. | 4,555,915 | 2.5% | |
8 | Celgene Corp. | 4,158,069 | 2.2% | |
9 | Gilead Sciences, Inc. | 3,992,660 | 2.2% | |
10 | PPG Industries, Inc. | 3,582,904 | 1.9% |
European Growth & Income Fund
Security | Market | Percentage of Total Investment | ||
1 | Novartis AG Sponsored ADR | $ 695,804 | 6.9% | |
2 | Nestle SA Sponsored ADR | 656,351 | 6.5% | |
3 | Bayer AG | 557,973 | 5.5% | |
4 | Roche Holding AG | 531,588 | 5.3% | |
5 | AXA SA ADR | 476,878 | 4.7% | |
6 | Anheuser-Busch InBev | 457,422 | 4.5% | |
7 | Royal Dutch Shell PLC ADR A | 382,082 | 3.8% | |
8 | Sanofi ADR | 376,684 | 3.7% | |
9 | Siemens AG ADR | 370,288 | 3.7% | |
10 | Telefonica SA ADR | 335,668 | 3.3% |
11
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | August 31, 2015 |
Nasdaq-100 Index Fund
Security | Market | Percentage of Total Investment | ||
1 | Apple, Inc. | $ 29,573,566 | 11.9% | |
2 | Google, Inc. | 16,650,571 | 6.7% | |
3 | Microsoft Corp. | 15,137,737 | 6.1% | |
4 | Amazon.Com, Inc. | 12,132,413 | 4.9% | |
5 | Facebook, Inc. | 10,700,568 | 4.3% | |
6 | Gilead Sciences, Inc. | 8,217,944 | 3.3% | |
7 | Comcast Corp. | 7,525,559 | 3.0% | |
8 | Intel Corp. | 7,205,779 | 2.9% | |
9 | Cisco Systems, Inc. | 7,005,095 | 2.8% | |
10 | Amgen, Inc. | 6,141,778 | 2.5% |
Shelton Green Alpha Fund
Security | Market | Percentage of Total Investment | ||
1 | Vestas Wind Systems A/S | $ 1,120,938 | 4.2% | |
2 | First Solar, Inc. | 1,066,832 | 4.0% | |
3 | Canadian Solar, Inc. | 984,672 | 3.7% | |
4 | Google, Inc. | 936,031 | 3.5% | |
5 | Tesla Motors, Inc | 896,616 | 3.4% | |
6 | Int'l Business Machines Corp. | 887,340 | 3.3% | |
7 | SolarCity Corp. | 811,104 | 3.0% | |
8 | Universal Display Corp. | 744,168 | 2.8% | |
9 | Trina Solar Ltd. Sponsored ADR | 738,700 | 2.8% | |
10 | Applied Materials, Inc. | 733,476 | 2.8% |
12
California Tax-Free Income Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Par Value | Rate | Maturity | Value | |||||||||
Municipal Bonds (93.64%) | |||||||||||||
BAY AREA TOLL AUTHORITY | |||||||||||||
San Francisco Bay Area Toll Bridge Revenue Bonds; 2006 Series F | $ | 500,000 | 5.000 | % | 4/1/2031 | $ | 513,730 | ||||||
San Francisco Bay Area Toll Bridge Revenue Bonds; 2009 Series F-1 | 2,000,000 | 5.000 | % | 4/1/2034 | 2,277,420 | ||||||||
CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD | |||||||||||||
Lease Revenue Bonds; 2009 Series I-1 | 3,000,000 | 6.125 | % | 11/1/2029 | 3,553,620 | ||||||||
CALIFORNIA DEPARTMENT OF WATER RESOURCES | |||||||||||||
Power Supply Revenue Bonds; Series 2010L | 1,000,000 | 5.000 | % | 5/1/2019 | 1,144,210 | ||||||||
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | |||||||||||||
Revenue Bonds (Occidental College); Series 2005A | 165,000 | 5.000 | % | 10/1/2030 | 165,627 | ||||||||
Revenue Bonds (University of Southern California); Series 2009A | 2,500,000 | 5.250 | % | 10/1/2038 | 2,791,325 | ||||||||
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY | |||||||||||||
Revenue Bonds (St. Joseph Health System); Series 2013C | 1,000,000 | 5.000 | % | 10/15/2019 | 1,147,400 | ||||||||
CALIFORNIA STATE UNIVERSITY, TRUSTEES OF THE | |||||||||||||
Systemwide Revenue Bonds; Series 2012A | 1,100,000 | 4.000 | % | 11/1/2030 | 1,159,488 | ||||||||
CALIFORNIA, STATE OF | |||||||||||||
Tax-Exempt Various Purpose General Obligation Bonds | 3,000,000 | 5.000 | % | 4/1/2038 | 3,239,910 | ||||||||
CAMPBELL UNION HIGH SCHOOL DISTRICT | |||||||||||||
General Obligation Refunding Bonds; 2009 | 2,000,000 | 5.000 | % | 8/1/2030 | 2,264,920 | ||||||||
EAST BAY MUNICIPAL UTILITY DISTRICT | |||||||||||||
Water System Revenue Bonds; 2015 Series B | 2,050,000 | 5.000 | % | 6/1/2026 | 2,528,634 | ||||||||
EAST SIDE UNION HIGH SCHOOL DISTRICT | |||||||||||||
General Obligation Refunding Bonds (2012 Crossover); 2006 | 2,975,000 | 5.250 | % | 9/1/2023 | 3,661,361 | ||||||||
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT | |||||||||||||
Election of 1999 General Obligation Bonds; Series C | 2,000,000 | 0.000 | % | 8/1/2027 | 1,381,560 | ||||||||
LA MIRADA REDEVELOPMENT AGENCY, SUCCESSOR AGENCY TO THE | |||||||||||||
Subordinate Tax Allocation Refunding Bonds; 2014 Series A | 1,000,000 | 5.000 | % | 8/15/2023 | 1,180,010 | ||||||||
LOS ANGELES COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds; 2008 Election, Series G | 865,000 | 5.000 | % | 8/1/2028 | 1,030,673 | ||||||||
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY | |||||||||||||
Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds; Series 2012-A | 1,000,000 | 5.000 | % | 7/1/2021 | 1,188,450 | ||||||||
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A | 1,500,000 | 5.000 | % | 7/1/2023 | 1,829,385 | ||||||||
LOS ANGELES DEPARTMENT OF WATER AND POWER | |||||||||||||
Power System Revenue Bonds; 2011 Series A | 1,500,000 | 5.000 | % | 7/1/2018 | 1,678,020 | ||||||||
Power System Revenue Bonds; 2013 Series A | 500,000 | 5.000 | % | 7/1/2017 | 539,735 | ||||||||
Water System Revenue Bonds; 2012 Series A | 1,985,000 | 5.000 | % | 7/1/2037 | 2,245,392 | ||||||||
LOS ANGELES, CITY OF | |||||||||||||
General Obligation Refunding Bonds; Series 2012-A | 2,000,000 | 5.000 | % | 9/1/2021 | 2,392,260 | ||||||||
LOS ANGELES, HARBOR DEPARTMENT OF THE CITY OF | |||||||||||||
Revenue Bonds; 2014 Series C | 290,000 | 4.000 | % | 8/1/2023 | 330,191 | ||||||||
LOS RIOS COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds; 2008 Election, Series B | 2,500,000 | 5.000 | % | 8/1/2032 | 2,845,950 | ||||||||
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA | |||||||||||||
Water Revenue Bonds; 2008 Authorization, Series C | 1,000,000 | 5.000 | % | 7/1/2035 | 1,124,540 | ||||||||
MT. DIABLO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Refunding Bonds; Election Of 2002, Series B | 500,000 | 5.000 | % | 7/1/2020 | 579,930 | ||||||||
MT. SAN ANTONIO COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds; Election of 2008, Series 2013A | 2,345,000 | 5.000 | % | 8/1/2034 | 2,655,408 | ||||||||
PASADENA ELECTRIC REVENUE | |||||||||||||
Electric Revenue Refunding Bonds; Series 2010A | 1,205,000 | 4.000 | % | 6/1/2020 | 1,349,492 | ||||||||
PERALTA COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Refunding Bonds; 2012 | 1,000,000 | 5.000 | % | 8/1/2018 | 1,114,780 | ||||||||
RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Refunding Bonds; 2012 | 1,380,000 | 4.000 | % | 9/1/2020 | 1,551,079 | ||||||||
REGENTS OF THE UNIVERSITY OF CALIFORNIA | |||||||||||||
General Revenue Bonds; 2014 Series AM | 925,000 | 5.000 | % | 5/15/2029 | 1,092,092 | ||||||||
RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY | |||||||||||||
Lease Revenue Bonds; 2008 Series A | 3,000,000 | 6.000 | % | 5/1/2022 | 3,378,510 | ||||||||
ROSEVILLE FINANCE AUTHORITY | |||||||||||||
Electric System Revenue Refunding Bonds; Series 2013 | 750,000 | 5.000 | % | 2/1/2025 | 887,948 |
See accompanying notes to financial statements.
13
California Tax-Free Income Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Par Value | Rate | Maturity | Value | |||||||||
ROSEVILLE NATURAL GAS FINANCING AUTHORITY | |||||||||||||
Gas Revenue Bonds; Series 2007 | $ | 1,000,000 | 5.000 | % | 2/15/2024 | $ | 1,113,530 | ||||||
ROSEVILLE WOODCREEK WEST | |||||||||||||
Special Tax Refunding Bonds; Series 2005 | 1,000,000 | 5.000 | % | 9/1/2030 | 1,000,000 | ||||||||
SACRAMENTO CITY FINANCING AUTHORITY | |||||||||||||
Capital Improvement Revenue Bonds; 2006 Series A | 2,000,000 | 5.000 | % | 12/1/2036 | 2,092,800 | ||||||||
SACRAMENTO MUNICIPAL UTILITY DISTRICT | |||||||||||||
Electric Revenue Bonds; 1997 Series K | 1,000,000 | 5.250 | % | 7/1/2024 | 1,216,970 | ||||||||
SADDLEBACK VALLEY UNIFIED SCHOOL DISTRICT PUBLIC FINANCING AUTHORITY | |||||||||||||
Special Tax Revenue Bonds; 1996 Series A | 1,575,000 | 6.000 | % | 9/1/2016 | 1,664,397 | ||||||||
SAN FRANCISCO, CITY AND COUNTY | |||||||||||||
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A | 1,000,000 | 4.000 | % | 6/15/2033 | 1,058,690 | ||||||||
General Obligation Refunding Bonds; Series 2011-R1 | 1,550,000 | 5.000 | % | 6/15/2016 | 1,607,707 | ||||||||
Second Series Revenue Refunding Bonds; Series 2010C-E | 500,000 | 5.000 | % | 5/1/2020 | 583,150 | ||||||||
SAN FRANCISCO, PUBLIC UTILITIES COMMISSION OF THE CITY AND COUNTY OF | |||||||||||||
Whitewater Revenue Bonds, 2013 Series A | 700,000 | 4.000 | % | 10/1/2021 | 794,318 | ||||||||
SAN MARINO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; 1998 Series B | 1,440,000 | 5.250 | % | 7/1/2016 | 1,499,746 | ||||||||
SANTA ANA UNIFIED SCHOOL DISTRICT | |||||||||||||
Certificates of Participation; 2007 | 2,000,000 | 5.250 | % | 4/1/2037 | 2,110,360 | ||||||||
SANTA CLARA COUNTY FINANCING AUTHORITY | |||||||||||||
Lease Revenue Bonds; 2008 Series A | 2,065,000 | 5.000 | % | 11/15/2016 | 2,177,045 | ||||||||
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY | |||||||||||||
2000 Measure A Sales Tax Revenue Refunding Bonds; 2015 Series A | 1,000,000 | 5.000 | % | 4/1/2034 | 1,163,590 | ||||||||
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; Election of 2004, Series 2005 | 2,500,000 | 0.000 | % | 8/1/2029 | 1,458,800 | ||||||||
SANTA MONICA - MALIBU UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; Election of 2006, Series A | 2,000,000 | 5.000 | % | 8/1/2032 | 2,166,960 | ||||||||
SONOMA COUNTY JUNIOR COLLEGE DISTRICT | |||||||||||||
Unrefunded; Election 2002 Series B | 220,000 | 5.000 | % | 8/1/2027 | 220,768 | ||||||||
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY | |||||||||||||
Windy Point/Windy Flats Project Revenue Bonds; 2010-1 | 1,000,000 | 5.000 | % | 7/1/2023 | 1,166,960 | ||||||||
WEST VALLEY-MISSION COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds; Election of 2004, 2006 Series A (Refunded) | 1,680,000 | 5.000 | % | 8/1/2030 | 1,752,895 | ||||||||
General Obligation Bonds; Election of 2004, 2006 Series A (Non-Refunded) | 320,000 | 5.000 | % | 8/1/2030 | 332,144 | ||||||||
WILLIAM S. HART UNION HIGH SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; 2001 Election, Series B | 3,595,000 | 0.000 | % | 9/1/2029 | 2,149,235 | ||||||||
YUBA COUNTY LEVEE FINANCING AUTHORITY | |||||||||||||
Revenue Bonds; 2008 Series A | 1,305,000 | 5.000 | % | 9/1/2038 | 1,384,070 | ||||||||
Total Municipal Bonds (Cost $79,049,829) | 83,537,185 |
See accompanying notes to financial statements.
14
California Tax-Free Income Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Par Value | Rate | Maturity | Value | |||||||||
Variable Rate Demand Notes* (4.37%) | |||||||||||||
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY | |||||||||||||
Pollution Control Revenue Refunding Bonds; Series 2002 | $ | 350,000 | 0.010 | % | 9/1/2015 | $ | 350,000 | ||||||
IRVINE, CITY OF | |||||||||||||
Assessment District No. 00-18 Limited Obligation Improvement Bonds; Adjustable Rate Series A | 938,000 | 0.010 | % | 9/1/2015 | 938,000 | ||||||||
Assessment District No. 94-15 Limited Obligation Improvement Bonds | 1,411,000 | 0.010 | % | 9/1/2015 | 1,411,000 | ||||||||
Assessment District No. 94-13 Limited Obligation Improvement Bonds; Adjustable Rate Series | 1,200,000 | 0.010 | % | 9/1/2015 | 1,200,000 | ||||||||
Total Variable Rate Demand Notes (Cost $3,899,000) | 3,899,000 | ||||||||||||
Total Investments (Cost $82,948,829) (a) (98.01%) | $ | 87,436,185 | |||||||||||
Other Net Assets (1.99%) | 1,776,959 | ||||||||||||
Net Assets (100.00%) | $ | 89,213,144 |
(a) Aggregate cost for federal income tax purposes is $82,907,388.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 4,684,852 | |||||||||||
Unrealized depreciation | (156,055 | ) | |||||||||||
Net unrealized appreciation | $ | 4,528,797 | |||||||||||
* Stated maturity reflects next reset date. |
U.S. Government Securities Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Par Value | Rate | Maturity | Value | |||||||||
Government National Mortgage Association (8.82%) | |||||||||||||
$ | 5,591 | 6.000 | % | 5/15/2016 | $ | 5,619 | |||||||
3,800 | 10.000 | % | 9/15/2018 | 3,878 | |||||||||
121,551 | 5.000 | % | 7/15/2020 | 128,758 | |||||||||
54,624 | 5.500 | % | 1/15/2025 | 61,304 | |||||||||
182,652 | 6.000 | % | 1/15/2026 | 205,339 | |||||||||
386,040 | 5.500 | % | 4/15/2036 | 436,189 | |||||||||
301,198 | 5.000 | % | 3/15/2038 | 332,969 | |||||||||
129,058 | 6.000 | % | 6/15/2038 | 146,128 | |||||||||
863,951 | 3.500 | % | 11/20/2044 | 902,429 | |||||||||
Total Government National Mortgage Association (Cost $2,085,448) | 2,222,613 | ||||||||||||
United States Treasury Bills DN (a) (0.40%) | |||||||||||||
100,000 | 0.000 | % | 9/3/2015 | 100,000 | |||||||||
Total United States Treasury Bills (Cost $100,000) | 100,000 | ||||||||||||
United States Treasury Notes (83.35%) | |||||||||||||
2,200,000 | 1.500 | % | 6/30/2016 | 2,220,898 | |||||||||
3,100,000 | 2.500 | % | 6/30/2017 | 3,200,852 | |||||||||
1,600,000 | 2.875 | % | 3/31/2018 | 1,677,739 | |||||||||
3,000,000 | 3.750 | % | 11/15/2018 | 3,247,794 | |||||||||
1,900,000 | 2.750 | % | 2/15/2019 | 1,997,413 | |||||||||
1,900,000 | 2.625 | % | 8/15/2020 | 1,993,851 | |||||||||
1,900,000 | 3.625 | % | 2/15/2021 | 2,091,300 | |||||||||
2,800,000 | 2.000 | % | 2/15/2022 | 2,823,845 | |||||||||
1,700,000 | 2.500 | % | 8/15/2023 | 1,755,350 | |||||||||
Total United States Treasury Notes (Cost $20,632,992) | 21,009,042 |
See accompanying notes to financial statements.
15
U.S. Government Securities Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Par Value | Rate | Maturity | Value | |||||||||
United States Treasury Bonds (6.66%) | |||||||||||||
$ | 1,300,000 | 4.500 | % | 5/15/2038 | $ | 1,678,548 | |||||||
Total United States Treasury Bonds (Cost $1,551,007) | 1,678,548 | ||||||||||||
Total Investments (Cost $24,369,447) (a) (99.23%) | 25,010,203 | ||||||||||||
Other Net Assets (0.77%) | 194,229 | ||||||||||||
Net Assets (100.00%) | $ | 25,204,432 |
(a) Aggregate cost for federal income tax purposes is $24,369,447.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 651,507 | ||
Unrealized depreciation | (10,751 | ) | ||
Net unrealized appreciation | $ | 640,756 |
Short-Term U.S. Government Bond Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Par Value | Rate | Maturity | Value | |||||||||
Government National Mortgage Association (3.06%) | |||||||||||||
$ | 75,217 | 2.250 | % | 6/20/2034 | $ | 77,891 | |||||||
123,306 | 1.625 | % | 11/20/2034 | 127,889 | |||||||||
Total Government National Mortgage Association (Cost $199,555) | 205,780 | ||||||||||||
United States Treasury Notes (94.46%) | |||||||||||||
1,700,000 | 2.000 | % | 1/31/2016 | 1,712,485 | |||||||||
800,000 | 1.500 | % | 6/30/2016 | 807,599 | |||||||||
700,000 | 0.875 | % | 1/31/2017 | 702,885 | |||||||||
1,000,000 | 2.375 | % | 7/31/2017 | 1,031,126 | |||||||||
1,200,000 | 0.875 | % | 1/31/2018 | 1,198,812 | |||||||||
400,000 | 1.125 | % | 6/15/2018 | 401,148 | |||||||||
500,000 | 1.250 | % | 1/31/2019 | 500,492 | |||||||||
Total United States Treasury Notes (Cost $6,347,980) | 6,354,547 | ||||||||||||
Total Investments (Cost $6,547,535) (a) (97.52%) | 6,560,327 | ||||||||||||
Other Net Assets (2.48%) | 166,550 | ||||||||||||
Net Assets (100.00%) | $ | 6,726,877 |
(a) Aggregate cost for federal income tax purposes is $6,547,535.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: | |||||||||||||
Unrealized appreciation | $ | 16,537 | |||||||||||
Unrealized depreciation | (3,745 | ) | |||||||||||
Net unrealized appreciation | $ | 12,792 |
See accompanying notes to financial statements.
16
The United States Treasury Trust | Portfolio of Investments | 8/31/2015 |
Security Description | Par Value | Maturity | Value | ||||||
United States Treasury Bills DN (b) (100.13%) | |||||||||
$ | 18,800,000 | 9/3/2015 | $ | 18,799,963 | |||||
30,000,000 | 9/10/2015 | 29,999,609 | |||||||
25,400,000 | 9/17/2015 | 25,399,633 | |||||||
2,900,000 | 12/10/2015 | 2,898,931 | |||||||
6,400,000 | 1/7/2016 | 6,396,658 | |||||||
5,500,000 | 3/3/2016 | 5,494,303 | |||||||
Total United States Treasury Bills DN (Cost $88,989,097) | 88,989,097 | ||||||||
Total Investments (Cost $88,989,097) (a) (100.13%) | 88,989,097 | ||||||||
Liabilities in Excess of Other Assets (-0.13%) | (113,983 | ) | |||||||
Net Assets (100.00%) | $ | 88,875,114 | |||||||
(a) Aggregate cost for federal income tax purposes is $88,989,097. | |||||||||
(b) Discount Note. Yield to maturity is between 0.04% - 0.17%. |
S&P 500 Index Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Shares | Value | ||||||
Common Stock (99.57%) | ||||||||
Basic Materials (2.59%) | ||||||||
Air Products & Chemicals, Inc. | 1,615 | $ | 225,341 | |||||
Airgas, Inc. | 499 | 48,163 | ||||||
Alcoa, Inc. | 7,435 | 70,261 | ||||||
CF Industries Holdings, Inc. | 1,795 | 102,997 | ||||||
Dow Chemical Co. | 8,728 | 381,936 | ||||||
Eastman Chemical Co. | 1,048 | 75,938 | ||||||
Ecolab, Inc. | 1,937 | 211,404 | ||||||
EI Du Pont de Nemours & Co. | 6,896 | 355,144 | ||||||
FMC Corp. | 1,102 | 46,626 | ||||||
Freeport-McMoRan, Inc. | 6,887 | 73,278 | ||||||
International Paper Co. | 3,175 | 136,970 | ||||||
Int'l. Flavors & Fragrance, Inc. | 683 | 74,823 | ||||||
LyondellBasell Industries NV | 2,971 | 253,664 | ||||||
Monsanto Co. | 3,626 | 354,079 | ||||||
Mosaic Co./The | 2,068 | 84,436 | ||||||
Newmont Mining Corp. | 3,766 | 64,286 | ||||||
Nucor Corp. | 2,404 | 104,069 | ||||||
PPG Industries, Inc. | 2,102 | 200,300 | ||||||
Praxair, Inc. | 2,168 | 229,266 | ||||||
Sherwin Williams Co. | 628 | 160,649 | ||||||
Sigma-Aldrich Corp. | 928 | 129,372 | ||||||
United States Steel Corp. | 1,093 | 17,903 | ||||||
Total Basic Materials | 3,400,905 | |||||||
Communications (12.06%) | ||||||||
Amazon.Com, Inc.* | 2,799 | 1,435,579 | ||||||
AT&T Inc. | 46,087 | 1,530,072 | ||||||
Cablevision Systems Corp. | 1,680 | 42,286 | ||||||
CBS Corp. | 3,433 | 155,309 | ||||||
CenturyLink, Inc. | 4,581 | 123,870 | ||||||
Cisco Systems, Inc. | 39,132 | 1,012,736 | ||||||
Comcast Corp. | 19,068 | 1,074,100 | ||||||
Discovery Communications, Inc. Class A* | 1,878 | 49,955 | ||||||
Discovery Communications, Inc. Class C* | 1,878 | 47,626 | ||||||
EBay, Inc.* | 8,321 | 225,582 | ||||||
Expedia, Inc. | 689 | 79,228 | ||||||
F5 Networks, Inc.* | 602 | 73,089 | ||||||
Facebook, Inc. Class A* | 15,753 | $ | 1,408,791 | |||||
Frontier Communications | 7,522 | 38,137 | ||||||
Google, Inc. Class A* | 2,080 | 1,347,466 | ||||||
Google, Inc. Class C* | 2,085 | 1,289,051 | ||||||
Interpublic Group Co.'s Inc. | 3,241 | 61,190 | ||||||
Juniper Networks, Inc. | 2,718 | 69,880 | ||||||
Level 3 Communications, Inc.* | 2,152 | 96,259 | ||||||
Motorola Solutions, Inc. | 1,430 | 92,693 | ||||||
Netflix, Inc.* | 2,891 | 332,552 | ||||||
News Corp.* | 3,745 | 51,044 | ||||||
Nielsen NV | 1,879 | 84,987 | ||||||
Omnicom Group, Inc. | 1,982 | 132,754 | ||||||
Priceline Group, Inc.* | 361 | 450,759 | ||||||
Scripps Networks Interactive | 635 | 33,712 | ||||||
Symantec Corp. | 5,172 | 105,974 | ||||||
Tegna, Inc. | 1,702 | 40,491 | ||||||
Time Warner Cable, Inc. | 2,282 | 424,498 | ||||||
Time Warner, Inc. | 6,232 | 443,095 | ||||||
TripAdvisor, Inc.* | 850 | 59,415 | ||||||
Twenty-First Century Fox, Inc. | 13,721 | 375,818 | ||||||
VeriSign, Inc.* | 1,159 | 79,901 | ||||||
Verizon Communications, Inc. | 31,159 | 1,433,626 | ||||||
Viacom, Inc. | 2,740 | 111,710 | ||||||
Walt Disney Co. | 11,733 | 1,195,358 | ||||||
Yahoo! Inc.* | 6,533 | 210,624 | ||||||
Total Communications | 15,819,217 | |||||||
Consumer, Cyclical (10.71%) | ||||||||
Advanced Auto Parts, Inc. | 548 | 96,037 | ||||||
American Airlines Group, Inc. | 5,382 | 209,790 | ||||||
AutoNation, Inc.* | 284 | 16,995 | ||||||
AutoZone, Inc.* | 275 | 196,897 | ||||||
Bed Bath & Beyond, Inc.* | 1,720 | 106,829 | ||||||
Best Buy Co. Inc. | 1,956 | 71,863 | ||||||
BorgWarner, Inc. | 1,664 | 72,617 | ||||||
Carmax, Inc.* | 1,689 | 103,029 | ||||||
Carnival Corp. | 3,334 | 164,133 | ||||||
Chipotle Mexican Grill, Inc. Class A* | 234 | 166,142 | ||||||
Coach, Inc. | 2,156 | 65,219 | ||||||
Costco Wholesale Corp. | 3,160 | 442,558 | ||||||
CVS CaremarkCorp. | 8,444 | 864,666 | ||||||
D R Horton, Inc. | 2,495 | $ | 75,773 | |||||
Darden Resturants, Inc. | 933 | 63,453 | ||||||
Delphi Automotive PLC | 2,173 | 164,105 | ||||||
Delta Air Lines, Inc. | 6,380 | 279,316 | ||||||
Dollar General Corp. | 1,932 | 143,915 | ||||||
Dollar Tree, Inc.* | 1,907 | 145,428 | ||||||
Fastenal Co. | 2,014 | 77,620 | ||||||
Ford Motor Co. | 27,615 | 383,020 | ||||||
Fossil Group, Inc.* | 377 | 23,216 | ||||||
GameStop Corp. Class A | 908 | 38,572 | ||||||
Gap, Inc. | 2,194 | 71,985 | ||||||
General Motors Co. | 10,151 | 298,845 | ||||||
Genuine Parts Company | 1,170 | 97,683 | ||||||
Goodyear Tire & Rubber Co. | 1,847 | 54,985 | ||||||
Hanesbrands, Inc. | 3,007 | 90,541 | ||||||
Harley Davidson, Inc. | 1,765 | 98,928 | ||||||
Harman International Ind. Inc. | 529 | 51,704 | ||||||
Hasbro, Inc. | 950 | 70,861 | ||||||
Home Depot, Inc. | 9,889 | 1,151,673 | ||||||
Johnson Controls, Inc. | 5,136 | 211,295 | ||||||
Kohls Corp. | 1,587 | 80,985 | ||||||
L Brands, Inc. | 1,787 | 149,929 | ||||||
Leggett & Platt, Inc. | 1,017 | 45,175 | ||||||
Lennar Corp. | 1,300 | 66,170 | ||||||
Lowe's Cos. Inc. | 7,300 | 504,941 | ||||||
Macy's, Inc. | 2,961 | 173,544 | ||||||
Marriott International, Inc./DE | 1,935 | 136,727 | ||||||
Mattel, Inc. | 2,508 | 58,762 | ||||||
McDonald's Corp. | 7,400 | 703,148 | ||||||
Michael Kors Holdings Ltd.* | 1,328 | 57,715 | ||||||
Mohawk Industries, Inc.* | 459 | 90,409 | ||||||
Newell Rubbermaid, Inc. | 2,365 | 99,637 | ||||||
NIKE, Inc. | 5,334 | 596,075 | ||||||
Nordstrom, Inc. | 1,123 | 81,844 | ||||||
O'Reilly Automotive, Inc.* | 874 | 209,821 | ||||||
PACCAR, Inc. | 2,601 | 153,381 | ||||||
PulteGroup, Inc. | 2,804 | 58,015 | ||||||
PVH Corp. | 574 | 68,295 | ||||||
Ralph Lauren Corp. | 449 | 49,924 | ||||||
Ross Stores, Inc. | 3,322 | 161,516 | ||||||
Royal Caribbean Cruises Ltd. | 1,236 | 108,966 | ||||||
Signet Jewelers Ltd. | 600 | 82,800 |
See accompanying notes to financial statements.
17
S&P 500 Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Southwest Airlines Co. | 5,662 | $ | 207,795 | |||||
Staples, Inc. | 5,524 | 78,496 | ||||||
Starbucks Corp. | 10,948 | 598,965 | ||||||
Starwood Hotels/Resorts WrldWd | 1,427 | 101,988 | ||||||
Target Corp. | 4,818 | 374,407 | ||||||
Tiffany & Co. | 950 | 78,138 | ||||||
TJX Cos. Inc. | 5,416 | 380,853 | ||||||
Tractor Supply Co. | 1,050 | 89,576 | ||||||
Under Armour, Inc. Class A* | 1,210 | 115,591 | ||||||
Urban Outfitters, Inc.* | 803 | 24,781 | ||||||
VF Corp. | 2,588 | 187,449 | ||||||
Walgreens Boots Alliance, Inc. | 6,346 | 549,246 | ||||||
Wal-Mart Stores, Inc. | 11,851 | 767,115 | ||||||
Whirlpool Corp. | 570 | 95,817 | ||||||
WW Grainger, Inc. | 441 | 98,537 | ||||||
Wyndham Worldwide Corp. | 1,139 | 87,111 | ||||||
Wynn Resorts Ltd. | 526 | 39,476 | ||||||
Yum! Brands, Inc. | 3,354 | 267,549 | ||||||
Total Consumer, Cyclical | 14,050,362 | |||||||
Consumer, Non-Cyclical (24.25%) | ||||||||
Abbott Laboratories | 11,424 | 517,393 | ||||||
AbbVie, Inc. | 11,424 | 712,972 | ||||||
ADT Corp. | 1,732 | 56,775 | ||||||
Aetna, Inc. | 2,841 | 325,351 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,383 | 238,139 | ||||||
Allergan PLC* | 2,930 | 889,958 | ||||||
Altria Group, Inc. | 14,863 | 796,360 | ||||||
Amerisource Bergen Corp. | 1,565 | 156,563 | ||||||
Amgen, Inc. | 5,671 | 860,744 | ||||||
Anthem, Inc. | 2,002 | 282,382 | ||||||
Archer-Daniels-Midland Co. | 4,902 | 220,541 | ||||||
Automatic Data Processing, Inc. | 3,564 | 275,568 | ||||||
Avery Dennison Corp. | 891 | 51,749 | ||||||
Baxalta, Inc.* | 4,026 | 141,514 | ||||||
Baxter International, Inc. | 4,026 | 154,800 | ||||||
Becton Dickinson and Co. | 1,588 | 223,940 | ||||||
Biogen Idec, Inc.* | 1,739 | 517,005 | ||||||
Boston Scientific Corp.* | 11,526 | 192,945 | ||||||
Bristol-Myers Squibb Co. | 12,265 | 729,400 | ||||||
Brown-Forman Corp. | 1,081 | 106,046 | ||||||
Campbell Soup Co. | 1,449 | 69,538 | ||||||
Cardinal Health, Inc. | 2,511 | 206,580 | ||||||
Celgene Corp.* | 6,007 | 709,307 | ||||||
Cigna Corp. | 2,081 | 292,984 | ||||||
Cintas Corp. | 801 | 68,077 | ||||||
Clorox Co. | 943 | 104,833 | ||||||
Coca-Cola Co. | 28,487 | 1,120,109 | ||||||
Coca-Cola Enterprises, Inc. | 2,036 | 104,834 | ||||||
Colgate-Palmolive Co. | 6,558 | 411,908 | ||||||
Conagra Foods, Inc. | 2,987 | 124,498 | ||||||
Constellation Brands, Inc. | 1,083 | 138,624 | ||||||
CR Bard, Inc. | 610 | 118,212 | ||||||
Danaher Corp. | 4,166 | 362,525 | ||||||
DaVita HealthCare Partners, Inc.* | 1,224 | 92,583 | ||||||
DENTSPLY International, Inc. | 1,160 | 60,796 | ||||||
Dr Pepper Snapple Group, Inc. | 1,620 | 124,303 | ||||||
Edwards Lifesciences Corp.* | 858 | 120,875 | ||||||
Eli Lilly & Co. | 7,419 | 610,955 | ||||||
Endo International PLC* | 1,332 | 102,564 | ||||||
Equifax, Inc. | 870 | 85,173 | ||||||
Estee Lauder Cos. Inc. | 1,800 | 143,586 | ||||||
Express Scripts Holding Co.* | 5,454 | 455,954 | ||||||
General Mills, Inc. | 4,683 | 265,807 | ||||||
Gilead Sciences, Inc. | 11,004 | $ | 1,156,190 | |||||
H&R Block, Inc. | 1,994 | 67,836 | ||||||
HCA Holdings, Inc.* | 2,209 | 191,344 | ||||||
Henry Schein, Inc.* | 628 | 85,917 | ||||||
Hershey Co. | 1,114 | 99,725 | ||||||
Hormel Foods Corp. | 1,064 | 65,010 | ||||||
Hospira, Inc.* | 1,350 | 121,460 | ||||||
Humana, Inc. | 1,191 | 217,703 | ||||||
Intuitive Surgical, Inc.* | 285 | 145,621 | ||||||
JM Smucker Co. | 823 | 96,884 | ||||||
Johnson & Johnson | 20,958 | 1,969,632 | ||||||
Kellogg Co. | 1,816 | 120,364 | ||||||
Keurig Green Mountain, Inc. | 971 | 54,959 | ||||||
Kimberly-Clark Corp. | 2,926 | 311,707 | ||||||
Kraft Heinz Company | 4,282 | 311,130 | ||||||
Kroger Co. | 8,014 | 276,483 | ||||||
Laboratory Corp of America Hld* | 705 | 83,056 | ||||||
Mallinckrodt PLC* | 874 | 75,374 | ||||||
Mastercard, Inc. | 7,325 | 676,610 | ||||||
Mccormick & Co. Inc./MD | 975 | 77,298 | ||||||
Mcgraw Hill Financial, Inc. | 2,019 | 195,823 | ||||||
McKesson Corp. | 1,736 | 342,999 | ||||||
Mead Johnson Nutrition Co. Class A | 1,560 | 122,210 | ||||||
Medtronic PLC | 10,936 | 790,563 | ||||||
Merck & Co. Inc. | 21,298 | 1,146,897 | ||||||
Molson Coors Brewing Co. | 1,200 | 81,708 | ||||||
Mondelez International, Inc. Class A | 12,847 | 544,199 | ||||||
Monster Beverage Corp.* | 1,129 | 156,321 | ||||||
Moody's Corp. | 1,498 | 153,260 | ||||||
Mylan NV* | 3,101 | 153,779 | ||||||
Patterson Cos. Inc. | 758 | 34,739 | ||||||
Paypal Holdings* | 8,321 | 291,235 | ||||||
PepsiCo, Inc. | 11,411 | 1,060,424 | ||||||
Perrigo Co. PLC | 677 | 123,871 | ||||||
Pfizer, Inc. | 45,992 | 1,481,862 | ||||||
Philip Morris Int'l Inc. | 11,608 | 926,318 | ||||||
Procter & Gamble Co. | 20,266 | 1,432,198 | ||||||
Quanta Services, Inc.* | 1,601 | 38,808 | ||||||
Quest Diagnostics, Inc. | 1,168 | 79,190 | ||||||
Regeneron Pharmaceuticals, Inc.* | 562 | 288,587 | ||||||
Reynolds American, Inc. | 3,363 | 281,651 | ||||||
Robert Half International, Inc. | 1,032 | 52,663 | ||||||
St. Jude Medical, Inc. | 2,310 | 163,571 | ||||||
Stryker Corp. | 2,155 | 212,591 | ||||||
Sysco Corp. | 4,516 | 180,053 | ||||||
Tenet Healthcare Corp.* | 766 | 37,710 | ||||||
Total System Services, Inc. | 1,190 | 54,538 | ||||||
Tyson Foods, Inc. | 2,328 | 98,428 | ||||||
United Rentals, Inc.* | 724 | 50,195 | ||||||
UnitedHealth Group, Inc. | 7,156 | 827,949 | ||||||
Universal Health Services, Inc. | 683 | 93,667 | ||||||
Varian Medical Systems, Inc.* | 875 | 71,094 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,731 | 220,737 | ||||||
Western Union Co. | 4,688 | 86,447 | ||||||
Whole Foods Market, Inc. | 2,358 | 77,248 | ||||||
Zimmer Biomet Holdings, Inc. | 1,338 | 138,563 | ||||||
Zoetis, Inc. Class A | 3,718 | 166,827 | ||||||
Total Consumer, Non-Cyclical | 31,807,996 | |||||||
Diversified (0.02%) | ||||||||
Leucadia National Corp. | 1,447 | 31,053 | ||||||
Total Diversified | 31,053 | |||||||
Energy (7.21%) | ||||||||
Anadarko Petroleum Corp. | 3,750 | $ | 268,425 | |||||
Apache Corp. | 2,792 | 126,310 | ||||||
Baker Hughes, Inc. | 3,384 | 189,504 | ||||||
Cabot Oil & Gas Corp. | 3,164 | 74,892 | ||||||
Cameron International Corp.* | 1,865 | 124,507 | ||||||
Chesapeake Energy Corp. | 3,818 | 29,819 | ||||||
Chevron Corp. (c) | 14,364 | 1,163,340 | ||||||
Cimarex Energy | 657 | 72,605 | ||||||
Columbia Pipeline Group | 2,050 | 51,988 | ||||||
ConocoPhillips | 8,936 | 439,204 | ||||||
CONSOL Energy, Inc. | 1,500 | 22,845 | ||||||
Devon Energy Corp. | 2,767 | 118,040 | ||||||
Diamond Offshore Drilling, Inc. | 576 | 13,657 | ||||||
Ensco PLC | 1,707 | 30,914 | ||||||
EOG Resources, Inc. | 3,850 | 301,494 | ||||||
EQT Corp. | 1,085 | 84,435 | ||||||
Exxon Mobil Corp. (c) | 31,478 | 2,368,406 | ||||||
First Solar, Inc.* | 370 | 17,701 | ||||||
FMC Technologies, Inc.* | 1,793 | 62,361 | ||||||
Halliburton Co. | 6,883 | 270,846 | ||||||
Helmerich & Payne, Inc. | 805 | 47,503 | ||||||
Hess Corp. | 1,823 | 108,377 | ||||||
Kinder Morgan, Inc. | 12,787 | 414,427 | ||||||
Marathon Oil Corp. | 5,187 | 89,683 | ||||||
Marathon Petroleum Corp. | 4,098 | 193,876 | ||||||
Murphy Oil Corp. | 1,357 | 42,067 | ||||||
National Oilwell Varco, Inc. | 3,192 | 135,117 | ||||||
Newfield Exploration Co.* | 988 | 32,910 | ||||||
Noble Energy, Inc. | 2,616 | 87,401 | ||||||
Occidental Petroleum Corp. | 5,892 | 430,175 | ||||||
ONEOK, Inc. | 1,546 | 55,671 | ||||||
Phillips 66 | 4,078 | 322,447 | ||||||
Pioneer Natural Resources Co. | 880 | 108,293 | ||||||
Range Resources Corp. | 1,202 | 46,421 | ||||||
Schlumberger Ltd. | 9,690 | 749,715 | ||||||
Southwestern Energy Co.* | 2,561 | 41,591 | ||||||
Spectra Energy Corp. | 4,856 | 141,164 | ||||||
Tesoro Corp. | 1,028 | 94,586 | ||||||
Transocean Ltd. | 2,519 | 35,845 | ||||||
Valero Energy Corp. | 4,032 | 239,259 | ||||||
Williams Cos. Inc. | 4,450 | 214,490 | ||||||
Total Energy | 9,462,311 | |||||||
Financial (16.87%) | ||||||||
ACE Ltd. | 2,500 | 255,400 | ||||||
Affiliated Managers Group* | 409 | 76,254 | ||||||
Aflac, Inc. | 3,445 | 201,877 | ||||||
Alliance Data Systems Corp* | 400 | 102,876 | ||||||
Allstate Corp. | 3,124 | 182,067 | ||||||
American Express Co. | 6,577 | 504,587 | ||||||
American Int'l Group Inc. | 10,299 | 621,442 | ||||||
American Tower Corp. | 2,860 | 263,663 | ||||||
Ameriprise Financial, Inc. | 1,369 | 154,245 | ||||||
Aon PLC | 2,362 | 220,705 | ||||||
Apartment Invstmt & Mgmt Co. | 1,070 | 38,552 | ||||||
Assurant, Inc. | 596 | 44,313 | ||||||
AvalonBay Communities, Inc. | 686 | 113,231 | ||||||
Bank of America Corp. | 77,978 | 1,274,161 | ||||||
Bank of New York Mellon Corp. | 8,692 | 345,942 | ||||||
BB&T Corp. | 5,247 | 193,719 | ||||||
Berkshire Hathaway, Inc.* | 13,493 | 1,808,602 | ||||||
Blackrock, Inc. Class A | 941 | 284,624 | ||||||
Boston Properties, Inc. | 1,078 | 122,224 | ||||||
Capital One Financial Corp. | 4,021 | 312,633 | ||||||
Care Capital Properties, Inc.* | — | 8 |
See accompanying notes to financial statements.
18
S&P 500 Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
CBRE Group, Inc. Class A* | 2,058 | $ | 65,897 | |||||
Charles Schwab Corp. | 7,272 | 220,923 | ||||||
Chubb Corp. | 1,969 | 237,875 | ||||||
Cincinnati Financial Corp. | 1,179 | 61,697 | ||||||
Citigroup, Inc. | 22,616 | 1,209,504 | ||||||
CME Group, Inc./IL Class A | 2,250 | 212,490 | ||||||
Comerica, Inc. | 1,331 | 58,564 | ||||||
Crown Castle International Corp. | 2,156 | 179,789 | ||||||
Discover Financial Services | 3,788 | 203,529 | ||||||
E*Trade Financial Corp.* | 1,181 | 31,048 | ||||||
Equinix, Inc. | 423 | 114,113 | ||||||
Equity Residential | 2,164 | 154,185 | ||||||
Essex Property Trust, Inc. | 463 | 99,369 | ||||||
Fifth Third Bancorp | 6,069 | 120,894 | ||||||
Franklin Resources, Inc. | 3,105 | 126,001 | ||||||
General Growth Properties, Inc. | 4,119 | 104,540 | ||||||
Genworth Financial, Inc. Class A* | 3,728 | 19,311 | ||||||
Goldman Sachs Group, Inc. | 3,040 | 573,344 | ||||||
Hartford Fin'l Svcs Grp, Inc. | 2,922 | 134,266 | ||||||
HCP, Inc. | 3,020 | 111,921 | ||||||
Health Care REIT, Inc. | 1,873 | 118,655 | ||||||
Host Hotels & Resorts, Inc. | 5,173 | 91,717 | ||||||
Hudson City Bancorp, Inc. | 3,497 | 32,522 | ||||||
Huntington Bancshares, Inc./OH | 5,456 | 59,525 | ||||||
Intercontinental Exchange, Inc. | 849 | 193,920 | ||||||
Invesco Ltd. | 3,410 | 116,315 | ||||||
Iron Mountain, Inc. | 1,369 | 38,797 | ||||||
JPMorgan Chase & Co. | 27,735 | 1,777,814 | ||||||
KeyCorp | 6,704 | 92,113 | ||||||
Kimco Realty Corp. | 2,994 | 69,012 | ||||||
Legg Mason, Inc. | 743 | 32,937 | ||||||
Lincoln National Corp. | 2,305 | 117,071 | ||||||
Loews Corp. | 2,394 | 87,261 | ||||||
M&T Bank Corp. | 918 | 108,544 | ||||||
Macerich Co. | 1,011 | 77,018 | ||||||
Marsh & McLennan Co.'s, Inc. | 4,025 | 216,263 | ||||||
MetLife, Inc. | 7,704 | 385,970 | ||||||
Morgan Stanley | 10,374 | 357,384 | ||||||
Nasdaq OMX Group, Inc. | 1,127 | 57,691 | ||||||
Navient Corp. | 3,621 | 46,313 | ||||||
Northern Trust Corp. | 1,610 | 112,442 | ||||||
People's United Financial, Inc. | 2,887 | 44,749 | ||||||
Plum Creek Timber Co. Inc. | 1,188 | 45,726 | ||||||
PNC Financial Services Grp, Inc. | 3,945 | 359,468 | ||||||
Principal Financial Group, Inc. | 2,041 | 102,764 | ||||||
Progressive Corp. | 4,123 | 123,525 | ||||||
Prologis, Inc. | 3,315 | 125,970 | ||||||
Prudential Financial, Inc. | 3,541 | 285,759 | ||||||
Public Storage | 1,035 | 208,314 | ||||||
Realty Income Corp. | 1,688 | 75,437 | ||||||
Regions Financial Corp. | 9,066 | 86,943 | ||||||
Simon Property Group, Inc. | 2,175 | 390,021 | ||||||
SL Green Realty Corp. | 740 | 76,597 | ||||||
State Street Corp. | 3,093 | 222,449 | ||||||
SunTrust Banks, Inc. | 3,809 | 153,769 | ||||||
T. Rowe Price Group, Inc. | 1,965 | 141,244 | ||||||
Torchmark Corp. | 1,176 | 68,749 | ||||||
Travelers Cos, Inc. | 2,411 | 240,015 | ||||||
Unum Group | 2,266 | 76,002 | ||||||
US Bancorp/MN | 13,884 | 587,987 | ||||||
Ventas, Inc. | 2,081 | 114,497 | ||||||
Visa, Inc. Class A | 14,557 | 1,037,914 | ||||||
Vornado Realty Trust | 1,244 | 108,464 | ||||||
Wells Fargo & Co. (c) | 35,184 | 1,876,366 | ||||||
Weyerhaeuser Co. | 3,870 | 108,128 | ||||||
XL Group PLC | 2,249 | $ | 83,865 | |||||
Zions Bancorporation | 1,054 | 30,566 | ||||||
Total Financial | 22,124,957 | |||||||
Industrial (9.82%) | ||||||||
3M Co. | 4,679 | 665,073 | ||||||
Agilent Technologies, Inc. | 2,633 | 95,604 | ||||||
Allegion PLC | 703 | 41,906 | ||||||
AMETEK, Inc. | 1,816 | 97,737 | ||||||
Amphenol Corp. | 2,372 | 124,198 | ||||||
Ball Corp. | 1,134 | 74,742 | ||||||
Boeing Co. | 4,978 | 650,525 | ||||||
C H Robinson Worldwide, Inc. | 1,280 | 86,310 | ||||||
Caterpillar, Inc. | 4,752 | 363,243 | ||||||
Corning, Inc. | 9,540 | 164,183 | ||||||
CSX Corp. | 7,645 | 209,320 | ||||||
Cummins, Inc. | 1,302 | 158,519 | ||||||
Deere & Co. | 2,547 | 208,294 | ||||||
Dover Corp. | 1,334 | 82,641 | ||||||
Eaton Corp. PLC | 3,484 | 198,797 | ||||||
Emerson Electric Co. | 5,336 | 254,634 | ||||||
Expeditors Int'l of Washington | 1,549 | 75,855 | ||||||
FedEx Corp. | 2,148 | 323,510 | ||||||
FLIR Systems, Inc. | 1,158 | 33,154 | ||||||
Flowserve Corp. | 1,128 | 50,907 | ||||||
Fluor Corp. | 1,298 | 59,215 | ||||||
Garmin Ltd. | 806 | 30,314 | ||||||
General Dynamics Corp. | 2,440 | 346,553 | ||||||
General Electric Co. | 75,529 | 1,874,631 | ||||||
Harris Corp. | 833 | 63,991 | ||||||
Honeywell International, Inc. | 5,633 | 559,188 | ||||||
Illinois Tool Works, Inc. | 2,619 | 221,384 | ||||||
Ingersoll-Rand PLC | 2,109 | 116,607 | ||||||
Jacobson Engineering Group, Inc.* | 962 | 38,874 | ||||||
JB Hunt Transport Services, Inc. | 690 | 50,218 | ||||||
Joy Global, Inc. | 784 | 18,988 | ||||||
Kansas Cty Southern | 811 | 75,212 | ||||||
L3 Communications Holdings, Inc. | 719 | 75,833 | ||||||
Lockheed Martin Corp. | 1,981 | 398,538 | ||||||
Martin Marietta Materials, Inc. | 463 | 77,691 | ||||||
Masco Corp. | 2,627 | 68,906 | ||||||
Norfolk Southern Corp. | 2,398 | 186,828 | ||||||
Northrop Grumman Corp. | 1,488 | 243,645 | ||||||
Owens-Illinois, Inc.* | 1,395 | 29,086 | ||||||
Parker Hannifin Corp. | 1,096 | 117,995 | ||||||
Pentair PLC | 1,542 | 85,257 | ||||||
PerkinElmer, Inc. | 1,021 | 49,702 | ||||||
Precision Castparts Corp. | 1,073 | 247,058 | ||||||
Raytheon Co. | 2,443 | 250,554 | ||||||
Republic Services, Inc. | 2,203 | 90,279 | ||||||
Rockwell Automation, Inc. | 1,085 | 121,336 | ||||||
Rockwell Collins, Inc. | 1,079 | 88,316 | ||||||
Roper Industies, Inc. | 694 | 112,490 | ||||||
Ryder System, Inc. | 477 | 39,100 | ||||||
Sealed Air Corp. | 1,582 | 81,394 | ||||||
Snap-On, Inc. | 424 | 67,742 | ||||||
Stanley Black & Decker, Inc. | 1,237 | 125,580 | ||||||
Stericycle, Inc.* | 642 | 90,612 | ||||||
TE Connectivity Ltd. | 3,236 | 191,862 | ||||||
Textron Inc. | 2,069 | 80,277 | ||||||
Thermo Fisher Scientific, Inc. | 2,658 | 333,233 | ||||||
Tyco International PLC | 3,464 | 125,709 | ||||||
Union Pacific Corp. | 6,613 | 566,999 | ||||||
United Parcel Service, Inc. Class B | 5,289 | $ | 516,471 | |||||
United Technologies Corp. | 6,172 | 565,417 | ||||||
Vulcan Materials Co. | 956 | 89,501 | ||||||
Waste Management, Inc. | 3,352 | 167,801 | ||||||
Waters Corp.* | 682 | 82,781 | ||||||
Westrock Co. | 996 | 59,113 | ||||||
Xylem, Inc. | 1,498 | 48,610 | ||||||
Total Industrial | 12,890,043 | |||||||
Technology (13.24%) | ||||||||
Accenture PLC Class A | 4,670 | 440,241 | ||||||
Adobe Systems, Inc.* | 3,587 | 281,831 | ||||||
Akamai Technologies, Inc.* | 1,400 | 99,834 | ||||||
Altera Corp. | 2,432 | 118,074 | ||||||
Analog Devices, Inc. | 2,227 | 124,400 | ||||||
Apple, Inc. (c) | 43,710 | 4,928,737 | ||||||
Applied Materials, Inc. | 9,105 | 146,454 | ||||||
Autodesk, Inc.* | 1,669 | 78,026 | ||||||
Avago Technologies Ltd. | 1,878 | 236,572 | ||||||
Broadcom Corp. | 3,543 | 183,067 | ||||||
CA, Inc. | 2,646 | 72,209 | ||||||
Cerner Corp.* | 2,120 | 130,931 | ||||||
Citrix Systems, Inc.* | 1,348 | 91,812 | ||||||
Cognizant Technology Solutions Class A* | 4,408 | 277,440 | ||||||
Computer Sciences Corp. | 1,256 | 77,859 | ||||||
Dun & Bradstreet Corp. | 396 | 41,964 | ||||||
Electronic Arts, Inc.* | 2,629 | 173,908 | ||||||
EMC Corp./MA | 14,917 | 370,986 | ||||||
Fidelity National Information | 1,851 | 127,830 | ||||||
Fiserv, Inc.* | 2,114 | 180,261 | ||||||
Hewlett Packard Co. | 14,359 | 402,914 | ||||||
Intel Corp. | 36,299 | 1,035,973 | ||||||
Int'l Business Machines Corp. | 6,898 | 1,020,145 | ||||||
Intuit, Inc. | 2,031 | 174,158 | ||||||
KLA-Tencor Corp. | 1,304 | 65,343 | ||||||
Lam Research Corp. | 1,341 | 97,585 | ||||||
Linear Technology Corp. | 1,694 | 68,234 | ||||||
Microchip Technology, Inc. | 1,401 | 59,543 | ||||||
Micron Technology, Inc.* | 6,485 | 106,419 | ||||||
Microsoft Corp. | 61,563 | 2,679,222 | ||||||
NetApp, Inc. | 2,586 | 82,649 | ||||||
NVIDIA Corp. | 4,572 | 102,779 | ||||||
Oracle Corp. | 24,056 | 892,237 | ||||||
Paychex, Inc. | 2,454 | 109,596 | ||||||
Pitney Bowes, Inc. | 1,820 | 36,054 | ||||||
Qorvo, Inc.* | 1,120 | 62,171 | ||||||
QUALCOMM, Inc. | 12,533 | 709,117 | ||||||
Red Hat, Inc.* | 1,433 | 103,477 | ||||||
Salesforce.com, Inc.* | 3,760 | 260,794 | ||||||
Sandisk Corp. | 1,741 | 94,989 | ||||||
Seagate Technology PLC | 2,601 | 133,691 | ||||||
Skyworks Solutions, Inc. | 1,431 | 124,998 | ||||||
Teradata Corp.* | 1,256 | 36,713 | ||||||
Texas Instruments, Inc. | 8,319 | 397,981 | ||||||
Western Digital Corp. | 1,637 | 134,169 | ||||||
Xerox Corp. | 10,310 | 104,853 | ||||||
Xilinx, Inc. | 2,112 | 88,472 | ||||||
Total Technology | 17,366,712 | |||||||
Utilities (2.80%) | ||||||||
AES Corp./VA | 4,674 | 56,088 | ||||||
AGL Resources, Inc. | 850 | 51,842 | ||||||
Ameren Corp. | 1,808 | 72,844 | ||||||
American Electric Power, Inc. | 3,645 | 197,887 |
See accompanying notes to financial statements.
19
S&P 500 Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Centerpoint Energy, Inc. | 2,979 | $ | 55,469 | |||||
CMS Energy Corp. | 2,062 | 67,592 | ||||||
Consolidated Edison, Inc. | 2,227 | 140,101 | ||||||
Dominion Resources, Inc./VA | 4,251 | 296,507 | ||||||
DTE Energy Co. | 1,258 | 98,199 | ||||||
Duke Energy Corp. | 5,180 | 367,315 | ||||||
Edison International | 2,433 | 142,282 | ||||||
Entergy Corp. | 1,304 | 85,190 | ||||||
Eversource Energy | 2,274 | 107,424 | ||||||
Exelon Corp. | 6,183 | 190,189 | ||||||
FirstEnergy Corp. | 3,123 | 99,811 | ||||||
NextEra Energy, Inc. | 3,154 | 310,385 | ||||||
NiSource, Inc. | 2,050 | 34,420 | ||||||
NRG Energy, Inc. | 1,956 | 38,964 | ||||||
Pepco Holdings, Inc. | 1,700 | 39,066 | ||||||
PG&E Corp. | 2,830 | 140,311 | ||||||
Pinnacle West Capital Corp. | 806 | 47,981 | ||||||
PPL Corp. | 4,208 | 130,406 | ||||||
Public Service Enterprise, Inc. | 3,861 | 155,405 | ||||||
SCANA Corp. | 845 | 44,692 | ||||||
Sempra Energy | 1,653 | 156,787 | ||||||
Southern Co. | 6,412 | 278,345 | ||||||
TECO Energy, Inc. | 1,498 | $ | 31,563 | |||||
WEC Energy Group, Inc. | 2,388 | 113,788 | ||||||
Xcel Energy, Inc. | 3,728 | 125,745 | ||||||
Total Utilities | 3,676,598 | |||||||
Total Common Stock (Cost $63,461,324) | 130,630,154 | |||||||
Right/Warrant (0%) | ||||||||
Safeway, Inc. CVR-Non Tradable, 01/17** | 1,746 | 85 | ||||||
Safeway, Inc. CVR-Non Tradable, 01/19** | 1,746 | 1,772 | ||||||
Total Right/Warrant (Cost $2009) | 1,857 | |||||||
Total Investments (Cost $63,463,333) (a) (99.57%) | 130,632,011 | |||||||
Other Net Assets (0.43%) | 569,137 | |||||||
Net Assets (100.00%) | $ | 131,201,148 |
* Non-income producing security. | ||
** These securities have been fair valued and deemed to be illiquid by the Advisor. At August 31, 2015, the fair value was $1,857, or 0% of net assets. | ||
(a) Aggregate cost for federal income tax purpose is $63,925,337.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 70,798,590 | ||
Unrealized depreciation | (4,091,916 | ) | ||
Net unrealized appreciation | $ | 66,706,674 |
(b) Futures contracts at August 31, 2015:
Contracts - $50 times premium / delivery month / commitment / exchange |
S&P 500 E-mini | Value at | Notional Value | Unrealized Depreciation | |||||||||
5 / SEP 2015 / Long / CME | $ | 514,738 | $ | 492,300 | $ | (22,438 | ) |
(c) A portion of these shares have been pledged in connection with obligations for futures contracts. |
S&P MidCap Index Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Shares | Value | ||||||
Common Stock (97.65%) | ||||||||
Basic Materials (4.67%) | ||||||||
Albemarle Corp. | 10,773 | $ | 487,047 | |||||
Ashland, Inc. | 6,113 | 641,683 | ||||||
Cabot Corp. | 6,690 | 226,590 | ||||||
Carpenter Technology Corp. | 4,953 | 193,167 | ||||||
Commercial Metals Co. | 12,146 | 190,692 | ||||||
Compass Minerals International | 3,460 | 280,260 | ||||||
Cytec Industries, Inc. | 6,904 | 512,277 | ||||||
Domtar Corp. | 6,701 | 269,447 | ||||||
Minerals Technologies, Inc. | 3,557 | 191,331 | ||||||
NewMarket Corp. | 1,020 | 390,905 | ||||||
Olin Corp. | 8,099 | 161,656 | ||||||
PolyOne Corp. | 8,709 | 282,781 | ||||||
Reliance Steel & Aluminum Co. | 7,479 | 434,679 | ||||||
Royal Gold, Inc. | 6,245 | 300,509 | ||||||
RPM International, Inc. | 12,787 | 560,710 | ||||||
Sensient Technologies Corp. | 4,970 | 323,796 | ||||||
Steel Dynamics, Inc. | 23,032 | 448,663 | ||||||
United States Steel Corp. | 13,937 | 228,288 | ||||||
Valspar Corp. | 7,303 | 535,310 | ||||||
Worthington Industries, Inc. | 5,239 | 134,066 | ||||||
Total Basic Materials | 6,793,857 | |||||||
Communications (2.48%) | ||||||||
AMC Networks, Inc.* | 5,664 | 409,960 | ||||||
ARRIS Group, Inc.* | 12,621 | 333,447 | ||||||
Cable One, Inc.* | 421 | 174,858 | ||||||
Ciena Corp.* | 11,260 | 251,774 | ||||||
FactSet Research Systems, Inc. | 3,719 | 587,304 | ||||||
InterDigital, Inc. | 3,831 | 189,520 | ||||||
John Wiley & Sons, Inc. | 4,836 | 249,344 | ||||||
Meredith Corp. | 3,759 | 177,500 | ||||||
Neustar, Inc. Class A* | 5,782 | 161,607 | ||||||
New York Times Co. | 14,132 | 171,845 | ||||||
Plantronics, Inc. | 4,417 | 234,808 | ||||||
Polycom, Inc.* | 14,123 | $ | 151,963 | |||||
Telephone & Date Systems, Inc. | 10,202 | 290,145 | ||||||
Time, Inc. | 11,230 | 233,247 | ||||||
Total Communications | 3,617,322 | |||||||
Consumer, Cyclical (13.76%) | ||||||||
Alaska Air Group, Inc. | 12,604 | 943,535 | ||||||
American Eagle Outfitters, Inc. | 18,564 | 315,959 | ||||||
Ascena Retail Group, Inc.* | 17,057 | 205,880 | ||||||
Big Lots, Inc. | 5,120 | 245,709 | ||||||
Brinker International, Inc. | 6,088 | 323,455 | ||||||
Brunswick Corp. | 8,905 | 442,668 | ||||||
Buffalo Wild Wings, Inc.* | 1,802 | 341,803 | ||||||
Cabela's, Inc. Class A* | 4,908 | 220,713 | ||||||
Carter's, Inc. | 5,068 | 498,235 | ||||||
Casey's General Stores, Inc. | 3,675 | 389,036 | ||||||
Cheesecake Factory, Inc. | 4,749 | 257,728 | ||||||
Chico's FAS, Inc. | 15,751 | 234,847 | ||||||
Cinemark Holdings, Inc. | 9,976 | 354,647 | ||||||
Copart, Inc.* | 10,892 | 381,438 | ||||||
Cracker Barrel Old Country Store, Inc. | 2,273 | 327,721 | ||||||
CST Brands, Inc. | 6,833 | 237,242 | ||||||
Dana Holding Corp. | 16,229 | 284,657 | ||||||
Deckers Outdoor Corp.* | 3,569 | 229,808 | ||||||
Dick's Sporting Goods, Inc. | 9,398 | 471,122 | ||||||
Domino's Pizza, Inc. | 5,269 | 558,198 | ||||||
Dreamworks Animation SKG, Inc. Class A* | 7,419 | 147,935 | ||||||
Dunkin' Brands Group, Inc. | 9,507 | 476,871 | ||||||
Foot Locker, Inc. | 14,074 | 996,298 | ||||||
Guess? Inc. | 6,504 | 143,803 | ||||||
Herman Miller, Inc. | 6,124 | 166,022 | ||||||
HNI Corp. | 4,649 | 217,294 | ||||||
HSN, Inc. | 3,343 | 203,288 | ||||||
Ingram Micro, Inc. | 14,938 | 404,222 | ||||||
International Speedway Corp. Class A | 2,678 | $ | 85,937 | |||||
Jack In The Box Inc. | 3,547 | 277,304 | ||||||
Jarden Corp.* | 17,140 | 879,968 | ||||||
JC Penney Co. Inc.* | 31,426 | 286,291 | ||||||
JetBlue Airways Corp.* | 23,748 | 530,055 | ||||||
Kate Spade & Co.* | 12,177 | 230,876 | ||||||
KB Home | 8,723 | 127,792 | ||||||
LKQ Corp.* | 29,031 | 870,640 | ||||||
MDC Holdings, Inc. | 3,741 | 106,581 | ||||||
MSC Industrial Direct Co. Inc. | 4,839 | 327,552 | ||||||
NVR, Inc.* | 385 | 585,181 | ||||||
Office Depot, Inc.* | 46,441 | 368,277 | ||||||
Panera Bread Co.* | 2,454 | 437,548 | ||||||
Polaris Industries, Inc. | 5,852 | 759,999 | ||||||
Scotts Miracle-Gro Co. | 4,332 | 269,407 | ||||||
Sketchers USA, Inc. Class A* | 3,900 | 548,886 | ||||||
Tempur Sealy International, Inc.* | 6,278 | 458,420 | ||||||
Thor Industries, Inc. | 4,449 | 242,826 | ||||||
Toll Brothers, Inc.* | 15,510 | 573,405 | ||||||
Tupperware Brands Corp. | 4,825 | 247,185 | ||||||
Vista Outdoor, Inc.* | 6,584 | 307,868 | ||||||
Watsco, Inc. | 2,811 | 344,235 | ||||||
Wendy's Co. | 28,361 | 258,369 | ||||||
Williams Sonoma, Inc. (c) | 8,204 | 623,750 | ||||||
World Fuel Services Corp. | 6,903 | 266,801 | ||||||
Total Consumer, Cyclical | 20,035,287 | |||||||
Consumer, Non-Cyclical (17.90%) | ||||||||
Aaron's, Inc. | 6,634 | 249,770 | ||||||
Akorn, Inc.* | 7,128 | 283,623 | ||||||
Align Technology, Inc.* | 6,922 | 391,785 | ||||||
Apollo Education Group, Inc. Class A* | 10,066 | 111,833 | ||||||
Avon Products, Inc. | 42,350 | 219,797 | ||||||
Bio-Rad Laboratories, Inc.* | 2,113 | 294,404 | ||||||
Boston Beer Co, Inc.* | 851 | 174,515 |
See accompanying notes to financial statements.
20
S&P MidCap Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Catalent, Inc.* | 9,318 | $ | 296,219 | |||||
CEB, Inc. | 3,477 | 249,023 | ||||||
Centene Corp.* | 11,241 | 693,795 | ||||||
Charles River Laboratories* | 4,812 | 331,499 | ||||||
Church & Dwight Co. Inc. (c) | 12,816 | 1,105,763 | ||||||
Community Health Systems, Inc.* | 11,140 | 598,218 | ||||||
Cooper Cos. Inc. | 4,782 | 776,692 | ||||||
Dean Foods Co. | 9,667 | 159,119 | ||||||
Deluxe Corp. | 5,133 | 297,765 | ||||||
DeVry Education Group, Inc. | 5,910 | 154,606 | ||||||
Edgewell Personal Care | 5,949 | 523,869 | ||||||
Flowers Foods, Inc. | 17,698 | 410,771 | ||||||
FTI Consulting, Inc.* | 4,461 | 177,815 | ||||||
Gartner, Inc.* | 8,719 | 745,562 | ||||||
Global Payments, Inc. | 6,479 | 721,696 | ||||||
Graham Holdings, Co. | 421 | 278,517 | ||||||
Hain Celestial Group, Inc.* | 9,668 | 588,394 | ||||||
Halyard Health, Inc.* | 4,818 | 151,478 | ||||||
Health Net, Inc.* | 7,718 | 494,415 | ||||||
Hill-Rom Holdings, Inc. | 5,915 | 312,549 | ||||||
Hologic, Inc.* | 24,014 | 931,983 | ||||||
IDEXX Laboratories, Inc.* | 9,136 | 652,950 | ||||||
Ingredion, Inc. | 6,884 | 594,365 | ||||||
Lancaster Colony Corp. | 2,001 | 189,755 | ||||||
Lifepoint Hospitals, Inc.* | 4,653 | 363,539 | ||||||
Live Nation Entertainment, Inc.* | 13,841 | 340,765 | ||||||
Manpowergroup, Inc. | 7,581 | 658,789 | ||||||
MEDNAX, Inc* | 9,620 | 774,891 | ||||||
Molina Healthcare, Inc.* | 3,819 | 284,859 | ||||||
Owens & Minor, Inc. | 6,501 | 220,969 | ||||||
PAREXEL International Corp.* | 5,235 | 344,044 | ||||||
Post Holdings, Inc.* | 4,823 | 314,845 | ||||||
Rent-A-Center, Inc. | 5,448 | 146,497 | ||||||
ResMed, Inc. | 13,359 | 693,866 | ||||||
Rollins, Inc. | 9,916 | 276,855 | ||||||
RR Donnelley & Sons Co. | 20,054 | 314,848 | ||||||
SEI Investments Co. | 12,496 | 632,048 | ||||||
Services Corp International | 19,892 | 589,798 | ||||||
Sirona Dental Systems, Inc.* | 5,304 | 505,896 | ||||||
Sotheby's | 6,329 | 222,844 | ||||||
STERIS Corp. | 5,692 | 364,573 | ||||||
SUPERVALU, Inc.* | 22,173 | 182,706 | ||||||
Techne Corp. | 3,629 | 342,868 | ||||||
Teleflex, Inc. | 3,967 | 518,884 | ||||||
Thoratec Corp.* | 5,804 | 364,607 | ||||||
Tootsie Roll Industries, Inc. | 1,968 | 61,165 | ||||||
Towers Watson & Co. | 6,700 | 795,491 | ||||||
Treehouse Foods, Inc.* | 4,336 | 344,148 | ||||||
United Natural Foods, Inc.* | 4,779 | 230,109 | ||||||
United Therapeutics Corp.* | 4,551 | 685,472 | ||||||
VCA, Inc.* | 8,059 | 446,307 | ||||||
WellCare Health Plans, Inc.* | 4,206 | 381,358 | ||||||
West Pharmaceutical Services, Inc. | 6,828 | 381,344 | ||||||
WEX, Inc.* | 3,714 | 351,084 | ||||||
WhiteWave Foods Co.* | 16,703 | 770,676 | ||||||
Total Consumer, Non-Cyclical | 26,068,690 | |||||||
Energy (3.29%) | ||||||||
California Resources Corp. | 32,149 | 124,738 | ||||||
Dril-Quip, Inc.* | 4,000 | 275,760 | ||||||
Energen Corp. | 7,013 | 364,676 | ||||||
Gulfport Energy Corp.* | 9,272 | 332,216 | ||||||
Helix Energy Solutions Group* | 10,118 | 70,320 | ||||||
HollyFrontier Corp. (c) | 18,752 | 878,719 | ||||||
Murphy USA, Inc.* | 4,431 | $ | 226,468 | |||||
Nabors Industries Ltd. | 28,191 | 325,324 | ||||||
NOW, Inc.* | 11,036 | 188,274 | ||||||
Oceaneering International, Inc. | 10,060 | 440,829 | ||||||
Oil States International, Inc.* | 5,094 | 144,517 | ||||||
Patterson-UTI Energy, Inc. | 15,065 | 245,258 | ||||||
SM Energy Co. | 6,571 | 241,156 | ||||||
SunEdison, Inc.* | 24,142 | 251,077 | ||||||
Superior Energy Services, Inc. | 14,823 | 235,834 | ||||||
Western Refining, Inc. | 6,991 | 300,753 | ||||||
WPX Energy, Inc.* | 19,483 | 142,421 | ||||||
Total Energy | 4,788,340 | |||||||
Financial (23.60%) | ||||||||
Alexander & Baldwin, Inc. | 4,846 | 163,940 | ||||||
Alexandria Real Estate Equit. | 6,898 | 593,159 | ||||||
Alleghany Corp.* (c) | 1,595 | 749,315 | ||||||
American Campus Communities | 10,070 | 344,898 | ||||||
American Financial Group, Inc. | 7,071 | 488,323 | ||||||
Arthur J Gallagher & Co. (c) | 15,460 | 675,911 | ||||||
Aspen Insurance Holdings Ltd. | 5,962 | 273,715 | ||||||
Associated Banc-Corp | 15,965 | 293,117 | ||||||
BancorpSouth, Inc. | 8,709 | 206,926 | ||||||
Bank of Hawaii Corp. | 4,563 | 283,180 | ||||||
BioMed Realty Trust, Inc. | 18,915 | 349,928 | ||||||
Brown & Brown, Inc. | 11,293 | 362,054 | ||||||
Camden Property Trust | 8,277 | 596,192 | ||||||
Cathay General Bancorp | 7,638 | 226,314 | ||||||
CBOE Holdings, Inc. | 8,085 | 511,457 | ||||||
City National Corp. | 4,593 | 403,174 | ||||||
CNO Financial Group, Inc. | 18,689 | 334,346 | ||||||
Commerce Bancshares, Inc. | 8,427 | 377,614 | ||||||
CoreLogic, Inc.* | 8,597 | 326,256 | ||||||
Corporate Office Properties | 8,366 | 175,937 | ||||||
Corrections Corp. Of America | 11,158 | 327,822 | ||||||
Cullen/Frost Bankers, Inc. | 5,255 | 339,788 | ||||||
Douglas Emmett , Inc. | 13,261 | 366,401 | ||||||
Duke Realty Corp. | 32,737 | 591,230 | ||||||
East West Bancorp, Inc. | 13,752 | 555,718 | ||||||
Eaton Vance Corp. | 11,329 | 392,776 | ||||||
Endurance Specialty Holdings | 5,747 | 366,371 | ||||||
Equity One, Inc. | 6,724 | 158,081 | ||||||
Everest Re Group Ltd. | 4,481 | 787,805 | ||||||
Extra Space Storage, Inc. | 10,587 | 777,933 | ||||||
Federal Realty Invstment Trust | 6,527 | 842,510 | ||||||
Federated Investors, Inc. Class B | 9,840 | 305,040 | ||||||
First American Financial Corp. | 10,276 | 399,325 | ||||||
First Horizon National Corp. | 22,537 | 327,463 | ||||||
First Niagara Financial Group | 36,488 | 337,514 | ||||||
FirstMerit Corp. | 17,046 | 306,146 | ||||||
Fulton Financial Corp. | 19,359 | 235,405 | ||||||
Hancock Holding Co. | 8,439 | 236,967 | ||||||
Hanover Insurance Group, Inc. | 4,542 | 358,364 | ||||||
HCC Insurance Holdings, Inc. | 9,273 | 716,525 | ||||||
Highwoods Properties, Inc. | 8,743 | 331,709 | ||||||
Home Properties, Inc. | 5,450 | 404,445 | ||||||
Hospitality Properties Trust | 14,360 | 369,339 | ||||||
International Bancshares Corp. | 5,988 | 153,592 | ||||||
Janus Capital Group, Inc. | 15,310 | 227,813 | ||||||
Jones Lang LaSalle, Inc. | 4,294 | 639,248 | ||||||
Kemper Corp. | 5,158 | 182,696 | ||||||
Kilroy Realty Corp. | 8,334 | 540,543 | ||||||
Lamar Advertising Co. | 7,679 | 409,598 | ||||||
LaSalle Hotel Properties | 10,698 | 336,559 | ||||||
Liberty Property Trust | 14,231 | 437,461 | ||||||
Mack-Cali Realty Corp. | 8,623 | 161,509 | ||||||
Mercury General Corp. | 3,740 | $ | 190,216 | |||||
Mid-America Apartment Comm, Inc. | 7,209 | 566,555 | ||||||
National Retail Propertiesm, Inc. | 12,882 | 447,650 | ||||||
New York Community Bancorp, Inc. | 42,406 | 748,890 | ||||||
Old Republic Intl Corp. | 23,244 | 365,163 | ||||||
Omega Healthcare Investors, Inc. | 12,220 | 412,792 | ||||||
PacWest Bancorp | 9,275 | 395,486 | ||||||
Potlatch Corp. | 4,184 | 138,156 | ||||||
Primerica, Inc. | 5,087 | 216,147 | ||||||
Prosperity Bancshares, Inc. | 6,183 | 319,476 | ||||||
Raymond James Financial, Inc. | 12,069 | 639,536 | ||||||
Rayonier, Inc. | 13,045 | 300,035 | ||||||
Regency Centers Corp. | 8,933 | 529,816 | ||||||
Reinsurance Group of America | 6,581 | 598,081 | ||||||
RenaissanceRE Holdings Ltd. | 3,920 | 399,644 | ||||||
Senior Housing Prop Trust | 4,406 | 69,174 | ||||||
Signature Bank* | 4,820 | 643,422 | ||||||
SLM Corp.* | 40,540 | 343,779 | ||||||
StanCorp Financial Group, Inc. | 4,027 | 457,910 | ||||||
Stifel Financial Corp.* | 6,324 | 294,698 | ||||||
SVB Financial Group* | 4,916 | 614,893 | ||||||
Synovus Financial Corp. | 12,752 | 388,043 | ||||||
Tanger Factory Outlet Center, Inc | 9,884 | 312,730 | ||||||
Taubman Centers, Inc. | 6,066 | 418,493 | ||||||
TCF Financial Corp. | 16,020 | 248,630 | ||||||
Trustmark Corp. | 6,874 | 158,308 | ||||||
UDR, Inc. | 24,450 | 789,735 | ||||||
Umpqua Holdings Corp. | 22,396 | 374,237 | ||||||
Urban Edge Properties | 8,363 | 174,870 | ||||||
Valley National Bancorp | 22,192 | 209,936 | ||||||
Waddell & Reed Financial, Inc. Class A | 8,010 | 312,951 | ||||||
Washington Federal, Inc. | 10,259 | 232,777 | ||||||
WP Glimcher Inc,. | 15,996 | 193,712 | ||||||
Webster Financial Corp. | 9,305 | 329,211 | ||||||
Weingarten Realty Investors | 10,777 | 340,984 | ||||||
WR Berkley Corp. | 9,726 | 527,927 | ||||||
Total Financial | 34,363,515 | |||||||
Industrial (17.57%) | ||||||||
Acuity Brands, Inc. | 4,154 | 809,490 | ||||||
AECOM Technology Corp.* | 14,194 | 390,335 | ||||||
AGCO Corp. | 8,018 | 393,203 | ||||||
AO Smith Corp. | 7,206 | 464,859 | ||||||
AptarGroup, Inc. | 6,201 | 417,699 | ||||||
Arrow Electronics, Inc.* | 9,599 | 536,776 | ||||||
Avnet, Inc. | 13,129 | 556,670 | ||||||
B/E Aerospace, Inc. | 10,088 | 491,790 | ||||||
Belden, Inc. | 4,101 | 206,649 | ||||||
Bemis Co. Inc. | 9,568 | 405,875 | ||||||
Carlisle Cos, Inc. | 6,147 | 619,003 | ||||||
CLARCOR, Inc. | 4,802 | 270,689 | ||||||
Clean Harbors, Inc.* | 5,336 | 262,104 | ||||||
Cognex Corp. | 8,942 | 317,978 | ||||||
Con-way, Inc. | 5,929 | 208,701 | ||||||
Crane Co. | 5,107 | 268,322 | ||||||
Donaldson Co. Inc. | 12,233 | 383,015 | ||||||
Eagle Materials, Inc. | 4,815 | 394,011 | ||||||
Energizer Holdings | 5,949 | 248,430 | ||||||
Esterline Technologies Corp.* | 3,059 | 249,951 | ||||||
FEI Co. | 3,980 | 300,410 | ||||||
Fortune Brands Home & Security, Inc. | 15,627 | 747,752 | ||||||
GATX Corp. | 4,618 | 228,914 |
See accompanying notes to financial statements.
21
S&P MidCap Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Genesee & Wyoming, Inc.* | 4,903 | $ | 335,267 | |||||
Gentex Corp. | 28,049 | 434,760 | ||||||
Graco, Inc. | 5,697 | 393,036 | ||||||
Granite Construction, Inc. | 3,874 | 133,653 | ||||||
Greif, Inc. Class A | 3,373 | 98,761 | ||||||
Hubbell, Inc. | 5,204 | 513,479 | ||||||
Huntington Ingalls Industries | 4,626 | 520,795 | ||||||
IDEX Corp. | 7,606 | 546,339 | ||||||
ITT Corp. | 8,775 | 328,273 | ||||||
Jabil Circuit, Inc. | 19,156 | 370,669 | ||||||
KBR, Inc. | 14,971 | 261,094 | ||||||
Kennametal, Inc. | 8,111 | 247,386 | ||||||
Keysight Technologies, Inc.* | 16,046 | 514,114 | ||||||
Kirby Corp.* | 5,466 | 385,517 | ||||||
KLX, Inc.* | 5,391 | 210,788 | ||||||
Knowles Corp.* | 8,766 | 142,710 | ||||||
Landstar Systems, Inc. | 4,607 | 304,983 | ||||||
Lennox International, Inc. | 4,234 | 499,781 | ||||||
Lincoln Electric Holdings, Inc. | 7,694 | 451,253 | ||||||
Louisiana-Pacific Corp.* | 14,578 | 239,662 | ||||||
Mettler Toledo International* | 2,734 | 810,768 | ||||||
MSA Safety, Inc. | 3,239 | 147,310 | ||||||
National Instruments Corp. | 10,469 | 305,800 | ||||||
Nordson Corp. | 5,621 | 373,909 | ||||||
OLD Dominion Freight Line, Inc.* | 6,521 | 433,581 | ||||||
Orbital ATK, Inc. | 5,677 | 429,806 | ||||||
Oshkosh Corp. | 7,645 | 321,472 | ||||||
Packaging Corp of America | 9,425 | 632,512 | ||||||
Regal-Beloit Corp. | 4,281 | 285,414 | ||||||
Silgan Holdings, Inc. | 4,510 | 236,144 | ||||||
Sonoco Products Co. | 9,701 | 381,443 | ||||||
SPX Corp. | 3,934 | 231,044 | ||||||
Tech Data Corp.* | 3,943 | 257,241 | ||||||
Teledyne Technologies, Inc.* | 3,502 | 342,881 | ||||||
Terex Corp. | 11,360 | 265,029 | ||||||
Timken Co. | 7,137 | 226,600 | ||||||
Trimble Nagivation Ltd.* (c) | 25,655 | 484,880 | ||||||
Trinity Industries, Inc. | 14,910 | 402,421 | ||||||
Triumph Group, Inc. | 5,301 | 261,816 | ||||||
Valmont Industries, Inc. | 2,476 | 263,174 | ||||||
Vishay Intertechnology, Inc. | 13,984 | 138,162 | ||||||
Wabtec Corp. (c) | 9,221 | 883,001 | ||||||
Waste Connections, Inc. | 11,891 | 565,536 | ||||||
Werner Enterprises, Inc. | 4,592 | 121,642 | ||||||
Woodward, Inc. | 6,008 | 273,965 | ||||||
Zebra Technologies Corp. Class A* | 4,878 | 404,289 | ||||||
Total Industrial | 25,584,786 | |||||||
Technology (9.78%) | ||||||||
3D Systems Corp.* | 8,515 | 116,911 | ||||||
ACI Worldwide, Inc.* | 11,760 | 250,841 | ||||||
Acxiom Corp.* | 8,198 | 171,830 | ||||||
Advanced Micro Devices, Inc.* | 67,000 | 121,270 | ||||||
ANSYS, Inc.* (c) | 9,103 | 806,525 | ||||||
Atmel Corp. | 43,147 | 352,511 | ||||||
Broadridge Financial Solutions, Inc. | 11,497 | 606,927 | ||||||
Cadence Design System, Inc.* | 28,043 | 561,421 | ||||||
CDK Global, Inc. | 15,388 | 762,322 | ||||||
CommVault Systems, Inc.* | 4,391 | $ | 157,373 | |||||
Convergys Corp. | 10,423 | 235,560 | ||||||
Cree, Inc.* | 11,057 | 300,972 | ||||||
Cypress Semiconductor Corp. | 15,104 | 151,040 | ||||||
Diebold, Inc. | 6,660 | 207,259 | ||||||
DST Systems, Inc. | 2,807 | 287,493 | ||||||
Fair Isaac Corp. | 3,314 | 283,579 | ||||||
Fortinet, Inc.* | 13,266 | 559,029 | ||||||
Integrated Device Technology* | 15,339 | 291,288 | ||||||
Intersil Corp. | 13,351 | 140,720 | ||||||
IPG Photonics Corp.* | 3,654 | 308,471 | ||||||
Jack Henry & Associates, Inc. | 7,834 | 532,399 | ||||||
Leidos Holdings, Inc. | 6,411 | 269,775 | ||||||
Lexmark International, Inc. | 6,419 | 192,442 | ||||||
Lumentum Holdings, Inc.* | 1 | 16 | ||||||
Manhattan Associates, Inc.* | 7,002 | 409,477 | ||||||
MAXIMUS, Inc. | 6,415 | 388,428 | ||||||
Mentor Graphics Corp. | 9,961 | 257,392 | ||||||
MSCI, Inc. A | 10,732 | 649,501 | ||||||
NCR Corp.* | 16,133 | 404,777 | ||||||
NetScout Systems, Inc.* | 8,917 | 325,916 | ||||||
PTC, Inc.* | 11,112 | 368,029 | ||||||
Rackspace Hosting, Inc.* | 11,802 | 358,899 | ||||||
Rovi Corp.* | 9,765 | 108,099 | ||||||
Science Applications Intl Corp. | 4,168 | 203,273 | ||||||
Silicon Laboratories, Inc.* | 3,776 | 164,180 | ||||||
SolarWinds, Inc.* | 6,762 | 268,790 | ||||||
Solera Holdings, Inc. | 6,536 | 314,839 | ||||||
Synopsys, Inc.* | 14,928 | 700,571 | ||||||
Teradyne, Inc. | 20,500 | 369,820 | ||||||
Tyler Technologies, Inc.* | 3,386 | 467,403 | ||||||
Ultimate Software Group, Inc.* | 2,718 | 478,884 | ||||||
VeriFone Systems, Inc.* | 10,831 | 338,360 | ||||||
Total Technology | 14,244,612 | |||||||
Utilities (4.60%) | ||||||||
Alliant Energy Corp. | 10,627 | 602,232 | ||||||
Aqua America, Inc. | 16,922 | 429,142 | ||||||
Atmos Energy Corp. | 9,617 | 526,915 | ||||||
Black Hills Corp. | 4,587 | 182,471 | ||||||
Cleco Corp. | 6,224 | 333,482 | ||||||
Great Plains Energy, Inc. | 14,740 | 367,321 | ||||||
Hawaiian Electric Industries | 9,825 | 277,753 | ||||||
IDACORP, Inc. | 5,182 | 307,655 | ||||||
MDU Resources Group, Inc. | 18,596 | 333,054 | ||||||
National Fuel Gas Co. | 8,065 | 435,187 | ||||||
OGE Energy Corp. | 19,095 | 535,424 | ||||||
ONE Gas, Inc. | 5,500 | 236,335 | ||||||
PNM Resources, Inc. | 8,211 | 210,284 | ||||||
Questar Corp. | 16,790 | 324,215 | ||||||
UGI Corp. | 16,518 | 562,933 | ||||||
Vectren Corp. | 7,907 | 318,099 | ||||||
Westar Energy, Inc. (c) | 12,525 | 457,789 | ||||||
WGL Holdings, Inc. | 4,762 | 258,100 | ||||||
Total Utilities | 6,698,391 | |||||||
Total Common Stock (Cost $88,052,510) | 142,194,800 |
Security Description | Par | Value | ||||||
Short-Term Investments (2.20%) | ||||||||
United States Treasury Bills (2.20%) | ||||||||
US Treasury Bill Due 12/31/2015 At Mat | $ | 3,200,000 | $ | 3,198,275 | ||||
Total United States Treasury Bills | 3,198,275 | |||||||
Total Short-Term Investments (Cost $3,198,275) | 3,198,275 | |||||||
Total Investments (Cost $91,250,785) (a) (99.85%) | 145,393,075 | |||||||
Other Net Assets (0.15%) | 211,683 | |||||||
Net Assets (100.00%) | $ | 145,604,758 |
* Non-income producing security. | ||
(a) Aggregate cost for federal income tax purpose is $91,447,770.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 58,447,463 | ||
Unrealized depreciation | (4,502,158 | ) | ||
Net unrealized appreciation | $ | 53,945,305 |
(b) Futures contracts at August 31, 2015:
Contracts - $100 times premium / delivery month / commitment / exchange |
S&P MidCap E-MINI | Value at | Notional Value | Unrealized Depreciation | |||||||||
25 / SEP 2015 / Long / CME | $ | 3,778,140 | $ | 3,536,250 | $ | (241,890 | ) |
(c) A portion of these shares have been pledged in connection with obligations for futures contracts. |
See accompanying notes to financial statements.
22
S&P SmallCap Index Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Shares | Value | ||||||
Common Stock (97.51%) | ||||||||
Basic Materials (3.63%) | ||||||||
A Schulman, Inc. | 2,273 | $ | 78,032 | |||||
Aceto Corp. | 2,128 | 47,688 | ||||||
AK Steel Holding Corp.* | 10,905 | 33,696 | ||||||
American Vanguard Corp. COM | 1,690 | 22,578 | ||||||
Balchem Corp. | 2,418 | 141,526 | ||||||
Calgon Carbon Corp. | 4,071 | 66,194 | ||||||
Century Aluminum Co.* | 4,083 | 22,865 | ||||||
Clearwater Paper Corp.* | 1,452 | 81,399 | ||||||
Deltic Timber Corp. | 890 | 55,278 | ||||||
Globe Specialty Metals, Inc. | 5,105 | 70,143 | ||||||
Hawkins, Inc. | 618 | 23,515 | ||||||
HB Fuller Co. | 3,993 | 144,708 | ||||||
Innophos Holdings, Inc. | 1,783 | 85,709 | ||||||
Intrepid Potash, Inc.* | 4,376 | 34,614 | ||||||
Kaiser Aluminum Corp. | 1,409 | 117,764 | ||||||
Koppers Holdings, Inc. | 1,485 | 30,888 | ||||||
Kraton Performance Polymers, Inc.* | 2,597 | 54,823 | ||||||
Materion Corp. | 1,549 | 47,957 | ||||||
Neenah Paper, Inc. | 1,306 | 75,382 | ||||||
OM Group, Inc. | 2,552 | 85,492 | ||||||
PH Glatfelter Co. | 3,442 | 62,163 | ||||||
Quaker Chemical Corp. | 1,053 | 83,566 | ||||||
Rayonier Advanced Materials | 3,333 | 22,731 | ||||||
Schweitzer-Mauduit Internation, Inc. | 2,492 | 88,042 | ||||||
Stepan Co. | 1,428 | 64,303 | ||||||
Stillwater Mining Co.* | 9,544 | 91,145 | ||||||
US Silica Holdings, Inc. | 4,272 | 85,867 | ||||||
Veritiv Corp.* | 630 | 22,636 | ||||||
Total Basic Materials | 1,840,704 | |||||||
Communications (4.80%) | ||||||||
8X8, Inc.* | 6,124 | 47,339 | ||||||
ADTRAN, Inc. | 4,158 | 66,611 | ||||||
Anixter International, Inc.* | 2,129 | 135,532 | ||||||
Atlantic Tele-Network, Inc. | 792 | 56,588 | ||||||
Black Box Corp. | 1,103 | 16,986 | ||||||
Blucora, Inc.* | 3,365 | 46,975 | ||||||
Blue Nile, Inc.* | 1,051 | 35,797 | ||||||
CalAmp Corp.* | 2,670 | 44,375 | ||||||
Cincinnati Bell, Inc.* | 16,654 | 57,123 | ||||||
ComScore, Inc.* | 2,564 | 133,866 | ||||||
Comtech Telecommunications Corp. | 1,234 | 32,923 | ||||||
Consolidated Communications | 3,645 | 71,114 | ||||||
DHI Group, Inc.* | 3,715 | 28,977 | ||||||
EW Scripps Co./The | 3,970 | 69,554 | ||||||
FTD Cos, Inc.* | 1,338 | 39,993 | ||||||
Gannett, Inc.* | 8,762 | 114,870 | ||||||
General Communication, Inc.* | 2,942 | 49,573 | ||||||
Harmonic, Inc.* | 6,732 | 38,844 | ||||||
Harte-Hanks, Inc. | 3,096 | 11,920 | ||||||
HealthStream, Inc.* | 1,640 | 40,754 | ||||||
Iridium Communications, Inc.* | 6,143 | 45,765 | ||||||
Ixia* | 4,496 | 69,553 | ||||||
J2 Global, Inc. | 3,547 | 246,802 | ||||||
Liquidity Services, Inc.* | 1,721 | 12,908 | ||||||
LogMeIn, Inc.* | 1,815 | 113,147 | ||||||
Lumos Networks Corp. | 1,433 | 16,823 | ||||||
NETGEAR, Inc.* | 2,909 | 88,375 | ||||||
NIC, Inc. | 4,493 | 84,648 | ||||||
Perficient, Inc.* | 2,489 | 41,218 | ||||||
QuinStreet, Inc.* | 1,826 | $ | 10,043 | |||||
Scholastic Corp. | 1,985 | 85,772 | ||||||
Sizmek, Inc.* | 1,808 | 11,879 | ||||||
Spok Holdings, Inc. | 1,400 | 23,114 | ||||||
Stamps.com, Inc.* | 1,100 | 90,574 | ||||||
Vasco Data Security International, Inc.* | 2,046 | 34,209 | ||||||
ViaSat, Inc.* (c) | 3,352 | 196,997 | ||||||
Viavi Solutions, Inc.* | 18,087 | 97,127 | ||||||
XO Group, Inc.* | 1,600 | 23,440 | ||||||
Total Communications | 2,432,108 | |||||||
Consumer, Cyclical (15.34%) | ||||||||
Allegiant Travel Co. | 1,031 | 209,561 | ||||||
American Woodmark Corp.* | 923 | 61,176 | ||||||
Arctic Cat, Inc. | 1,013 | 26,774 | ||||||
Barnes & Noble Education , Inc.* | 1,765 | 22,763 | ||||||
Barnes & Noble, Inc. | 4,767 | 74,413 | ||||||
Big 5 Sporting Goods Corp. | 1,300 | 14,950 | ||||||
Biglari Holdings, Inc.* | 103 | 38,446 | ||||||
BJ's Restaurants, Inc.* | 1,655 | 71,148 | ||||||
Bob Evans Farms, Inc. | 1,840 | 83,150 | ||||||
Boyd Gaming Corp.* | 6,021 | 96,938 | ||||||
Buckle, Inc./The | 2,109 | 89,000 | ||||||
Caleres, Inc. | 3,087 | 102,797 | ||||||
Callaway Golf Co. | 6,171 | 54,613 | ||||||
Cash America International, Inc. | 2,136 | 58,954 | ||||||
Cato Corp. | 2,147 | 75,424 | ||||||
Children's Place, Inc. | 1,609 | 96,411 | ||||||
Christopher & Banks Corp.* | 2,906 | 5,086 | ||||||
Crocs, Inc.* | 6,057 | 89,220 | ||||||
Daktronics, Inc. | 2,848 | 24,749 | ||||||
DineEquity, Inc. | 1,291 | 123,291 | ||||||
Dorman Products, Inc.* | 2,417 | 121,696 | ||||||
DTS, Inc.* | 1,151 | 30,536 | ||||||
Essendant, Inc. | 2,929 | 101,051 | ||||||
Ethan Allen Interiors, Inc. | 1,913 | 56,912 | ||||||
Express, Inc.* | 6,527 | 133,151 | ||||||
Ezcorp, Inc.* | 3,771 | 23,833 | ||||||
Finish Line, Inc./The | 3,854 | 101,630 | ||||||
First Cash Financial Services, Inc.* | 2,306 | 95,169 | ||||||
Francesca's Holdings Corp.* | 3,184 | 35,788 | ||||||
Fred's, Inc. | 2,610 | 34,243 | ||||||
G & K Services, Inc. | 1,592 | 107,635 | ||||||
Genesco, Inc.* | 1,901 | 113,851 | ||||||
G-III Apparel Group Ltd.* | 2,953 | 204,731 | ||||||
Group 1 Automotive, Inc. | 1,718 | 150,153 | ||||||
Haverty Furniture Cos. Inc. | 1,506 | 34,804 | ||||||
Hawaiian Holdings, Inc.* | 4,226 | 95,761 | ||||||
Hibbett Sports, Inc.* | 2,017 | 79,672 | ||||||
Iconix Brand Group, Inc.* | 3,635 | 50,490 | ||||||
Interface, Inc. | 4,469 | 108,329 | ||||||
Interval Leisure Group, Inc. | 2,925 | 58,676 | ||||||
iRobot Corp.* | 2,156 | 63,171 | ||||||
Kirkland's, Inc. | 1,134 | 25,311 | ||||||
La-Z-Boy, Inc. | 4,175 | 115,272 | ||||||
Lithia Motors, Inc. | 1,798 | 191,667 | ||||||
Lumber Liquidators Holdings, Inc.* | 2,055 | 31,051 | ||||||
M/I Homes, Inc.* | 1,832 | 45,763 | ||||||
Marcus Corp. | 1,435 | 27,853 | ||||||
MarineMax, Inc.* | 1,746 | 28,460 | ||||||
Marriott Vacations Worldwide Corp. | 2,123 | 150,754 | ||||||
Mens Wearhouse, Inc. | 3,470 | 195,882 | ||||||
Meritage Homes Corp.* | 2,930 | 123,470 | ||||||
Mobile Mini, Inc. | 3,247 | $ | 110,430 | |||||
Monarch Casino & Resort, Inc.* | 600 | 10,530 | ||||||
Movado Group, Inc. | 1,360 | 38,502 | ||||||
Outerwall, Inc. | 1,497 | 92,215 | ||||||
Oxford Industries, Inc. | 1,152 | 96,952 | ||||||
Papa John's International, Inc. | 2,235 | 150,304 | ||||||
Pep Boys-Manny Moe & Jack* | 3,995 | 48,340 | ||||||
Perry Ellis International, Inc.* | 700 | 17,332 | ||||||
PetMed Express, Inc. | 1,300 | 21,554 | ||||||
Pinnacle Entertainment, Inc.* | 4,723 | 178,388 | ||||||
Pool Corp. | 3,313 | 230,850 | ||||||
Popeyes Louisiana Kitchen* | 1,798 | 100,005 | ||||||
Red Robin Gourmet Burgers, Inc.* | 1,127 | 88,796 | ||||||
Regis Corp.* | 3,353 | 36,347 | ||||||
Republic Airways Holdings, Inc.* | 3,901 | 12,015 | ||||||
Ruby Tuesday, Inc.* | 4,509 | 29,669 | ||||||
Ruth's Hospitality Group, Inc. | 2,518 | 40,489 | ||||||
Ryland Group, Inc. | 3,717 | 160,723 | ||||||
ScanSource, Inc.* | 2,274 | 86,867 | ||||||
Scientific Games Corp.* | 3,874 | 42,691 | ||||||
Select Comfort Corp.* | 4,000 | 97,400 | ||||||
SkyWest, Inc. | 4,099 | 65,174 | ||||||
Sonic Automotive, Inc. | 2,552 | 54,894 | ||||||
Sonic Corp. | 4,191 | 113,157 | ||||||
Stage Stores, Inc. | 2,706 | 29,062 | ||||||
Standard Motor Products, Inc. | 1,648 | 58,339 | ||||||
Standard Pacific Corp.* | 11,967 | 101,121 | ||||||
Stein Mart, Inc. | 2,099 | 22,543 | ||||||
Steven Madden Ltd.* | 4,255 | 173,859 | ||||||
Superior Industries International, Inc. | 1,678 | 32,050 | ||||||
Texas Roadhouse, Inc. Class A | 4,745 | 170,773 | ||||||
Thermage, Inc.* | 2,778 | 126,649 | ||||||
Titan International, Inc. | 4,154 | 38,134 | ||||||
Toro Co. | 4,228 | 301,452 | ||||||
Tuesday Morning Corp.* | 2,971 | 23,560 | ||||||
Unifi Incorporated* | 1,118 | 32,456 | ||||||
UniFirst Corp./MA | 1,214 | 131,610 | ||||||
Universal Electronics, Inc.* | 1,149 | 52,383 | ||||||
Vitamin Shoppe, Inc.* | 2,435 | 87,173 | ||||||
VOXX International Corp.* | 1,050 | 8,138 | ||||||
Winnebago Industries, Inc. | 2,101 | 43,028 | ||||||
Wolverine World Wide, Inc. | 8,043 | 216,759 | ||||||
Zumiez, Inc.* | 1,661 | 38,718 | ||||||
Total Consumer, Cyclical | 7,767,060 | |||||||
Consumer, Non-Cyclical (19.13%) | ||||||||
Abaxis, Inc. | 1,625 | 76,408 | ||||||
ABIOMED, Inc.* | 2,827 | 271,109 | ||||||
ABM Industries, Inc. | 4,145 | 132,681 | ||||||
Acorda Therapeutics, Inc.* | 3,296 | 105,373 | ||||||
Affymetrix, Inc.* | 5,782 | 53,946 | ||||||
Air Methods Corp.* | 2,808 | 105,160 | ||||||
Albany Molecular Research, Inc.* | 1,488 | 29,671 | ||||||
Almost Family, Inc.* | 422 | 18,695 | ||||||
Amedisys, Inc.* | 2,589 | 100,039 | ||||||
American Public Education, Inc.* | 1,343 | 29,452 | ||||||
AMN Healthcare Services, Inc.* | 3,698 | 124,253 | ||||||
Amsurg Corp.* (c) | 3,603 | 282,544 | ||||||
Analogic Corp. | 900 | 72,522 | ||||||
Andersons, Inc. | 2,002 | 70,831 | ||||||
AngioDynamics, Inc.* | 1,997 | 29,476 | ||||||
Ani Pharmaceuticals, Inc.* | 638 | 31,115 | ||||||
Anika Therapeutics, Inc.* | 871 | 30,842 | ||||||
B&G Foods, Inc. | 4,280 | 130,069 |
See accompanying notes to financial statements.
23
S&P SmallCap Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Brink's Co. | 3,780 | $ | 108,335 | |||||
Calavo Growers, Inc. | 973 | 56,677 | ||||||
Cal-Maine Foods, Inc. | 2,248 | 119,414 | ||||||
Cambrex Corp.* | 2,432 | 116,274 | ||||||
Cantel Medical Corp. | 2,500 | 124,075 | ||||||
Capella Education Co. | 825 | 40,219 | ||||||
Cardtronics, Inc.* | 3,379 | 116,576 | ||||||
Career Education Corp.* | 3,636 | 13,490 | ||||||
CDI Corp. | 1,083 | 11,079 | ||||||
Central Garden and Pet Co.* | 3,900 | 49,335 | ||||||
Chemed Corp. | 1,291 | 176,028 | ||||||
CONMED Corp. | 2,170 | 115,140 | ||||||
CorVel Corp.* | 665 | 19,970 | ||||||
Cross Country Healthcare, Inc.* | 1,840 | 25,558 | ||||||
Cryolife, Inc. | 1,813 | 17,731 | ||||||
Cyberonics, Inc.* | 1,926 | 125,845 | ||||||
Cynosure, Inc. Class A* | 1,336 | 42,271 | ||||||
Darling Ingredients, Inc.* | 13,108 | 168,307 | ||||||
DepoMed, Inc.* | 4,634 | 124,794 | ||||||
Diamond Foods, Inc.* | 1,842 | 55,573 | ||||||
Emergent Biosolutions, Inc.* | 2,156 | 71,773 | ||||||
Enanta Pharmaceuticals, Inc.* | 895 | 34,941 | ||||||
Ensign Group, Inc. | 1,469 | 68,970 | ||||||
Examworks Group, Inc.* | 2,695 | 96,535 | ||||||
Forrester Research, Inc. | 996 | 31,484 | ||||||
Greatbatch, Inc.* | 1,966 | 111,708 | ||||||
Green Dot Corp. Class A* | 2,470 | 43,694 | ||||||
Haemonetics Corp.* | 4,139 | 149,459 | ||||||
Hanger, Inc.* | 2,615 | 46,887 | ||||||
Healthcare Services Group, Inc. | 5,593 | 187,030 | ||||||
HealthEquity, Inc.* | 2,631 | 77,141 | ||||||
Healthways, Inc.* | 2,801 | 34,200 | ||||||
Heartland Payment Systems, Inc. | 2,928 | 174,450 | ||||||
Heidrick & Struggles International, Inc. | 972 | 18,944 | ||||||
Helen of Troy Ltd.* | 2,029 | 172,749 | ||||||
HMS Holdings Corp.* | 6,839 | 71,468 | ||||||
ICU Medical, Inc.* | 981 | 111,363 | ||||||
Impax Laboratories, Inc.* | 5,175 | 211,968 | ||||||
Inogen, Inc.* | 744 | 36,672 | ||||||
Insperity, Inc. | 1,811 | 80,390 | ||||||
Integra LifeSciences Holdings Corp.* | 1,887 | 113,182 | ||||||
Inter Parfums, Inc. | 1,357 | 34,875 | ||||||
Invacare Corp. | 2,104 | 37,009 | ||||||
IPC The Hospitalist Co. Inc.* | 1,267 | 100,600 | ||||||
J & J Snack Foods Corp. | 1,163 | 132,535 | ||||||
Kelly Services, Inc. | 2,051 | 29,637 | ||||||
Kindred Healthcare, Inc. | 6,343 | 127,367 | ||||||
Korn/Ferry International | 3,967 | 135,156 | ||||||
Landauer, Inc. | 760 | 29,192 | ||||||
Lannett Co. Inc.* | 2,208 | 105,874 | ||||||
LendingTree, Inc.* | 495 | 52,445 | ||||||
LHC Group, Inc.* | 1,000 | 43,300 | ||||||
Ligand Pharmaceuticals, Inc. Class B* | 1,353 | 124,395 | ||||||
Luminex Corp.* | 2,720 | 49,558 | ||||||
Magellan Health, Inc.* | 2,025 | 113,400 | ||||||
Masimo Corporation* | 3,725 | 151,347 | ||||||
Matthews International Corp. | 2,180 | 110,700 | ||||||
Medicines Co.* | 5,160 | 211,560 | ||||||
Medifast, Inc.* | 932 | 25,882 | ||||||
Meridian Bioscience, Inc. | 3,315 | 63,416 | ||||||
Merit Medical Systems, Inc.* | 3,045 | 69,274 | ||||||
Mimedx Group, Inc.* | 7,384 | 71,699 | ||||||
Momenta Pharmaceuticals, Inc.* | 4,593 | 89,609 | ||||||
Monro Muffler Brake, Inc. | 2,383 | $ | 151,058 | |||||
Monster Worldwide, Inc.* | 8,505 | 61,831 | ||||||
Natus Medical, Inc.* | 2,546 | 103,571 | ||||||
Navigant Consulting, Inc.* | 3,915 | 61,818 | ||||||
Nektar Therapeutics* | 10,160 | 112,268 | ||||||
Neogen Corp.* | 2,920 | 150,789 | ||||||
Nutrisystem, Inc. | 2,287 | 63,990 | ||||||
NuVasive, Inc.* | 3,664 | 193,166 | ||||||
On Assignment, Inc.* | 3,705 | 133,306 | ||||||
Opko Health, Inc.* | 5,096 | 55,136 | ||||||
PharMerica Corp.* | 2,371 | 77,579 | ||||||
Prestige Brands Holdings, Inc.* | 4,132 | 192,221 | ||||||
Providence Service, Corp.* | 925 | 41,468 | ||||||
Repligen, Inc.* | 2,393 | 81,553 | ||||||
Resources Connection, Inc. | 2,990 | 46,913 | ||||||
Sagent Pharmaceuticals, Inc.* | 1,763 | 35,225 | ||||||
Sanderson Farms, Inc. | 1,620 | 111,845 | ||||||
Select Medical Holdings Corp. | 7,557 | 97,485 | ||||||
Seneca Foods Corp.* | 660 | 19,457 | ||||||
Snyder's - Lance, Inc. | 3,905 | 131,872 | ||||||
SpartanNash Co. | 3,009 | 85,155 | ||||||
Spectrum Pharmaceuticals, Inc.* | 3,664 | 26,637 | ||||||
Strayer Education, Inc.* | 818 | 42,732 | ||||||
Supernus Pharmaceuticals, Inc.* | 2,213 | 40,166 | ||||||
SurModics, Inc.* | 809 | 18,405 | ||||||
TrueBlue, Inc.* | 3,279 | 78,696 | ||||||
Universal Corp./VA | 1,760 | 86,610 | ||||||
Universal Technical Institute, Inc. | 1,300 | 5,798 | ||||||
Vascular Solutions, Inc.* | 1,188 | 41,057 | ||||||
Viad Corp. | 1,409 | 38,522 | ||||||
Wausau Paper Corp. | 3,969 | 30,919 | ||||||
WD-40 Co. | 1,126 | 94,291 | ||||||
Total Consumer, Non-Cyclical | 9,686,254 | |||||||
Energy (2.67%) | ||||||||
Approach Resources, Inc.* | 2,642 | 6,764 | ||||||
Archrock, Inc. | 4,618 | 103,074 | ||||||
Basic Energy Services, Inc.* | 2,136 | 11,129 | ||||||
Bill Barrett Corp.* | 3,854 | 21,081 | ||||||
Bonanza Creek Energy, Inc.* | 2,994 | 22,904 | ||||||
Bristow Group, Inc. | 2,639 | 97,801 | ||||||
CARBO Ceramics, Inc. | 1,539 | 42,199 | ||||||
Carrizo Oil & Gas, Inc.* | 3,301 | 120,255 | ||||||
Cloud Peak Energy, Inc.* | 4,772 | 22,810 | ||||||
Contango Oil & Gas Co.* | 1,147 | 10,679 | ||||||
Flotek Industries, Inc.* | 3,643 | 71,257 | ||||||
FutureFuel Corp. | 1,732 | 17,459 | ||||||
Geospace Technologies Corp.* | 1,047 | 18,542 | ||||||
Green Plains, Inc. | 2,507 | 53,299 | ||||||
Gulf Island Fabrication, Inc. | 900 | 11,367 | ||||||
Gulfmark Offshore, Inc. | 1,980 | 17,879 | ||||||
ION Geophysical Corp.* | 10,598 | 5,511 | ||||||
Matrix Service Co.* | 1,964 | 39,280 | ||||||
Newpark Resources, Inc.* | 6,584 | 48,261 | ||||||
Northern Oil and Gas, Inc.* | 4,291 | 25,875 | ||||||
PDC Energy, Inc.* | 2,845 | 159,832 | ||||||
Penn Virginia Corp.* | 3,836 | 4,718 | ||||||
Pioneer Energy Services Corp.* | 4,989 | 16,514 | ||||||
Rex American Resources* | 376 | 20,161 | ||||||
Rex Energy Corp.* | 3,842 | 13,255 | ||||||
SEACOR Holdings, Inc.* | 1,309 | 84,444 | ||||||
Stone Energy Corp.* | 4,417 | 25,044 | ||||||
SunCoke Energy, Inc. | 5,562 | 63,852 | ||||||
Synergy Resources Corp.* | 7,037 | 75,577 | ||||||
Tesco Corp. | 2,282 | 19,374 | ||||||
TETRA Technologies, Inc.* | 6,294 | 48,401 | ||||||
Unit Corp.* | 3,620 | $ | 55,024 | |||||
Total Energy | 1,353,622 | |||||||
Financial (22.66%) | ||||||||
Acadia Reality Trust | 5,313 | 156,999 | ||||||
Agree Realty Corp. | 1,193 | 33,941 | ||||||
American Assets Trust, Inc. (c) | 2,586 | 99,613 | ||||||
American Equity Invt Life HL | 5,982 | 145,123 | ||||||
AMERISAFE, Inc. | 1,485 | 69,409 | ||||||
Astoria Financial Corp. | 6,844 | 110,667 | ||||||
Bank Mutual Corp. | 3,500 | 25,305 | ||||||
Banner Corp. | 1,468 | 65,194 | ||||||
BBCN Bancorp, Inc. | 6,338 | 92,218 | ||||||
BB&T Corp. | 1 | 28 | ||||||
BofI Holding, Inc.* | 979 | 113,407 | ||||||
Boston Private Financial Holdings, Inc. | 6,381 | 75,934 | ||||||
Brookline Bancorp, Inc. | 4,990 | 52,645 | ||||||
Calamos Asset Management, Inc. Class A | 1,436 | 15,164 | ||||||
Capstead Mortgage Corp. | 7,205 | 75,076 | ||||||
Cardinal Financial Corp. | 2,277 | 50,800 | ||||||
CareTrust REIT, Inc. | 2,252 | 25,245 | ||||||
Cedar Realty Trust, Inc. | 5,432 | 34,004 | ||||||
Central Pacific Financial Co. | 2,063 | 42,787 | ||||||
Chesapeake Lodging Trust | 4,505 | 130,240 | ||||||
City Holding Co. | 1,180 | 56,192 | ||||||
Columbia Banking System, Inc. | 4,091 | 123,998 | ||||||
Community Bank System, Inc. | 3,233 | 115,289 | ||||||
CoreSite Realty Corp. | 2,048 | 99,717 | ||||||
Cousins Properties, Inc. | 14,724 | 135,019 | ||||||
CVB Financial Corp. | 7,507 | 121,989 | ||||||
DiamondRock Hospitality Co. | 15,595 | 183,397 | ||||||
Dime Community Bancshares, Inc. | 2,343 | 39,901 | ||||||
EastGroup Properties, Inc. | 2,466 | 133,164 | ||||||
Education Realty Trust, Inc. | 3,739 | 109,366 | ||||||
Ehealth, Inc.* | 1,639 | 24,487 | ||||||
Employers Holdings, Inc. | 2,392 | 52,744 | ||||||
Encore Capital Group, Inc.* | 1,870 | 75,978 | ||||||
Enova International, Inc.* | 1,954 | 25,402 | ||||||
EPR Properties | 4,222 | 214,858 | ||||||
Evercore Partners, Inc. Class A | 2,768 | 144,988 | ||||||
Financial Engines, Inc. | 4,069 | 132,080 | ||||||
First BanCorp/Puerto Rico* | 8,093 | 32,453 | ||||||
First Commonwealth Financial Corp. | 7,457 | 65,994 | ||||||
First Financial Bancorp | 4,588 | 84,603 | ||||||
First Financial Bankshares, Inc. | 4,850 | 151,029 | ||||||
First Midwest Bancorp, Inc./IL | 6,005 | 105,928 | ||||||
FIRST NBC BANK HOLDING CO.* | 1,224 | 42,840 | ||||||
FNB Corp./PA | 13,218 | 166,018 | ||||||
Forestar Group, Inc.* | 2,556 | 33,049 | ||||||
Franklin Street Properties Corp. | 6,954 | 72,391 | ||||||
Geo Group, Inc./The (c) | 5,752 | 172,733 | ||||||
Getty Realty Corp. | 2,131 | 33,585 | ||||||
Glacier Bancorp, Inc. | 5,938 | 154,447 | ||||||
Government Properties Income Trust | 4,366 | 69,157 | ||||||
Greenhill & Co. Inc. | 2,083 | 73,134 | ||||||
Hanmi Financial Corporation | 2,533 | 61,400 | ||||||
HCI Group, Inc. | 756 | 30,051 | ||||||
Healthcare Realty Trust, Inc. (c) | 7,658 | 175,368 | ||||||
HFF, Inc. Class A | 2,644 | 96,057 | ||||||
Home Bancshares, Inc. | 4,541 | 173,103 | ||||||
Horace Mann Educators Corp. | 3,236 | 107,500 |
See accompanying notes to financial statements.
24
S&P SmallCap Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Independent Bank Corp. | 1,897 | $ | 85,915 | |||||
Infinity Property & Casualty Corp. | 917 | 70,866 | ||||||
Inland Real Estate Corp. | 6,298 | 52,966 | ||||||
Interactive Brokers Group, Inc. Class A | 4,517 | 180,319 | ||||||
Investment Technology Group, Inc. | 2,751 | 45,171 | ||||||
Kite Realty Group Trust | 6,342 | 149,100 | ||||||
Legacy Texas Financial Group | 2,868 | 81,222 | ||||||
Lexington Realty Trust | 16,403 | 132,372 | ||||||
LTC Properties, Inc. | 2,776 | 113,233 | ||||||
MarketAxess Holdings, Inc. | 2,835 | 256,342 | ||||||
MB Financial, Inc. | 5,061 | 166,709 | ||||||
Medical Properties Trust, Inc. | 18,069 | 210,865 | ||||||
National Penn Bancshares, Inc. | 10,822 | 130,026 | ||||||
Navigators Group, Inc.* | 800 | 60,840 | ||||||
NBT Bancorp, Inc. | 3,500 | 90,650 | ||||||
Northfield Bancorp, Inc. | 3,623 | 54,236 | ||||||
Northwest Bancshares, Inc. | 7,350 | 94,374 | ||||||
OFG Bancorp. | 3,471 | 29,989 | ||||||
Old National Bancorp | 8,421 | 116,210 | ||||||
Oritani Financial Corp. | 2,767 | 41,726 | ||||||
Parkway Properties, Inc. | 5,767 | 91,349 | ||||||
Pennsylvania Real Estate Investment Trust | 5,127 | 101,720 | ||||||
Pinnacle Financial Partners, Inc. | 2,491 | 118,123 | ||||||
Piper Jaffray Cos.* | 1,290 | 53,999 | ||||||
Portfolio Recovery Associates, Inc.* | 3,681 | 196,160 | ||||||
Post Properties, Inc. (c) | 4,146 | 229,523 | ||||||
PrivateBancorp, Inc. | 5,208 | 197,123 | ||||||
ProAssurance Corp. | 4,239 | 204,447 | ||||||
Provident Financial Services, Inc. | 4,009 | 75,930 | ||||||
PS Business Parks, Inc. | 1,606 | 117,174 | ||||||
Retail Opportunity Investments Corp. | 7,629 | 121,530 | ||||||
RLI Corp. | 2,743 | 142,938 | ||||||
S&T Bancorp, Inc. | 2,372 | 70,970 | ||||||
Sabra Health Care REIT, Inc. | 5,031 | 120,593 | ||||||
Safety Insurance Group, Inc. | 1,100 | 57,838 | ||||||
Saul Centers, Inc. | 1,009 | 49,784 | ||||||
Selective Insurance Group, Inc. | 4,480 | 135,834 | ||||||
Simmons First National Corp. | 1,247 | 54,706 | ||||||
Southside Bancshares, Inc. | 1,811 | 47,158 | ||||||
Sovran Self Storage, Inc. (c) | 2,595 | 232,849 | ||||||
Sterling Bancorp | 9,215 | 129,286 | ||||||
Stewart Information Services Corp. | 1,570 | 60,822 | ||||||
Summit Hotel Properties | 6,699 | 81,259 | ||||||
Talmer Bancorp, Inc. | 4,500 | 73,125 | ||||||
Texas Capital Bancshares, Inc.* | 3,411 | 183,716 | ||||||
Tompkins Financial Corp. | 814 | 42,727 | ||||||
TrustCo Bank Corp. | 6,679 | 39,540 | ||||||
UMB Financial Corp. | 2,995 | 150,139 | ||||||
United Bankshares, Inc. | 4,806 | 179,841 | ||||||
United Community Banks, Inc. | 3,286 | 64,307 | ||||||
United Fire Group, Inc. | 1,500 | 49,800 | ||||||
United Insurance Holdings Co. | 1,293 | 16,990 | ||||||
Universal Health Realty Income Trust | 1,025 | 47,150 | ||||||
Universal Insurance Holdings, Inc. | 2,216 | 54,580 | ||||||
Urstadt Biddle Properties, Inc. | 1,911 | 34,264 | ||||||
Virtus Investment Partners, Inc. | 559 | 64,319 | ||||||
WageWorks, Inc.* | 2,388 | 107,006 | ||||||
Walker & Dunlop, Inc.* | 2,126 | 51,726 | ||||||
Westamerica Bancorporation | 1,993 | $ | 89,964 | |||||
Wilshire Bancorp, Inc. | 5,418 | 57,864 | ||||||
Wintrust Financial Corp. | 3,686 | 187,986 | ||||||
World Acceptance Corp.* | 687 | 25,817 | ||||||
Total Financial | 11,478,315 | |||||||
Industrial (16.12%) | ||||||||
AAON, Inc. | 3,150 | 65,142 | ||||||
AAR Corp. | 2,949 | 71,749 | ||||||
Actuant Corp. | 4,684 | 100,425 | ||||||
Advanced Energy Industries, Inc.* | 2,791 | 67,738 | ||||||
Aegion Corp.* | 2,910 | 53,544 | ||||||
Aerojet Rocketdyne Holdings* | 4,651 | 95,671 | ||||||
Aerovironment, Inc.* | 1,484 | 35,690 | ||||||
Albany International Corp. | 2,105 | 67,150 | ||||||
American Science & Engineering, Inc. | 603 | 23,704 | ||||||
Apogee Enterprises, Inc. | 2,162 | 112,748 | ||||||
Applied Industrial Technologie, Inc. | 3,348 | 141,754 | ||||||
ArcBest Corp. | 1,834 | 52,966 | ||||||
Astec Industries, Inc. | 1,495 | 59,067 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,868 | 77,167 | ||||||
AZZ, Inc. | 1,917 | 97,000 | ||||||
Badger Meter, Inc. | 1,149 | 66,975 | ||||||
Barnes Group, Inc. | 3,766 | 145,481 | ||||||
Bel Fuse, Inc. Class B | 579 | 10,225 | ||||||
Benchmark Electronics, Inc.* | 4,413 | 94,306 | ||||||
Boise Cascade Co.* | 3,053 | 99,070 | ||||||
Brady Corp. | 3,802 | 83,492 | ||||||
Briggs & Stratton Corp. | 3,633 | 72,587 | ||||||
Celadon Group, Inc. | 1,713 | 32,701 | ||||||
Chart Industries, Inc.* | 2,359 | 60,296 | ||||||
Checkpoint Systems, Inc. | 2,878 | 23,254 | ||||||
CIRCOR International, Inc. | 1,405 | 63,562 | ||||||
Coherent, Inc.* | 1,981 | 115,492 | ||||||
Comfort Systems USA, Inc. | 2,808 | 77,838 | ||||||
CTS Corp. | 2,535 | 47,785 | ||||||
Cubic Corp. | 1,666 | 70,172 | ||||||
Curtiss-Wright Corp. (c) | 3,629 | 238,462 | ||||||
Drew Industries, Inc. | 1,638 | 90,516 | ||||||
DXP Enterprises, Inc.* | 844 | 25,109 | ||||||
Dycom Industries, Inc.* | 2,696 | 191,659 | ||||||
Echo Global Logistics, Inc.* | 1,817 | 42,263 | ||||||
Electro Scientific Industries, Inc. | 2,066 | 9,586 | ||||||
Emcor Group, Inc. (c) | 4,783 | 220,448 | ||||||
Encore Wire Corp. | 1,400 | 45,458 | ||||||
EnerSys | 3,355 | 179,392 | ||||||
EnPro Industries, Inc. | 1,812 | 85,961 | ||||||
Era Group, Inc.* | 1,546 | 26,127 | ||||||
ESCO Technologies, Inc. | 1,989 | 71,823 | ||||||
Exponent, Inc. | 2,026 | 86,612 | ||||||
Fabrinet* | 2,098 | 41,708 | ||||||
FARO Technologies, Inc.* | 1,287 | 50,000 | ||||||
Federal Signal Corp. | 5,009 | 70,877 | ||||||
Forward Air Corp. | 2,451 | 110,344 | ||||||
Franklin Electric Co. Inc. | 3,119 | 91,356 | ||||||
General Cable Corp. | 3,928 | 57,152 | ||||||
Gibraltar Industries Co.* | 2,171 | 35,583 | ||||||
Griffon Corp. | 3,366 | 56,010 | ||||||
Harsco Corp. | 6,186 | 71,510 | ||||||
Haynes International, Inc. | 988 | 37,761 | ||||||
Headwaters, Inc.* | 5,502 | 111,030 | ||||||
Heartland Express, Inc. | 3,988 | 80,717 | ||||||
Hillenbrand, Inc. | 5,030 | 135,609 | ||||||
Hornbeck Offshore Services, Inc.* | 2,592 | $ | 51,192 | |||||
Hub Group, Inc.* | 2,780 | 104,778 | ||||||
II-VI, Inc.* | 4,346 | 73,404 | ||||||
Itron, Inc.* | 2,970 | 89,100 | ||||||
John Bean Technologies Corp. | 2,067 | 68,459 | ||||||
Kaman Corp. Class A | 2,142 | 83,174 | ||||||
KapStone Paper and Packaging Corp. | 6,415 | 139,783 | ||||||
Knight Transportation, Inc. | 4,825 | 131,240 | ||||||
Lindsay Corp. | 1,030 | 78,517 | ||||||
Littelfuse, Inc. | 1,791 | 160,742 | ||||||
LSB Industries, Inc.* | 1,435 | 34,311 | ||||||
Lydall, Inc.* | 1,260 | 34,222 | ||||||
Marten Transport Ltd. | 1,841 | 34,077 | ||||||
Matson, Inc. | 3,425 | 129,054 | ||||||
Methode Electronics, Inc. | 2,833 | 75,273 | ||||||
Moog, Inc. Class A* | 3,026 | 190,941 | ||||||
Mueller Industries, Inc. | 4,323 | 137,515 | ||||||
Myers Industries, Inc. | 1,890 | 26,951 | ||||||
MYR Group, Inc.* | 1,615 | 46,334 | ||||||
National Presto Industries, Inc. | 327 | 26,830 | ||||||
Newport Corp.* | 3,123 | 47,782 | ||||||
Olympic Steel, Inc. | 500 | 6,475 | ||||||
Orion Marine Group, Inc.* | 1,870 | 13,427 | ||||||
OSI Systems, Inc.* | 1,494 | 109,122 | ||||||
Park Electrochemical Corp. | 1,665 | 29,321 | ||||||
PGT, Inc.* | 2,502 | 33,452 | ||||||
Plexus Corp.* | 2,707 | 103,055 | ||||||
Powell Industries, Inc. | 737 | 21,638 | ||||||
Quanex Building Products Corp. | 2,706 | 48,573 | ||||||
Roadrunner Transportation Systems, Inc.* | 1,931 | 41,864 | ||||||
Rofin-Sinar Technologies, Inc.* | 2,059 | 52,443 | ||||||
Rogers Corp.* | 1,426 | 79,371 | ||||||
Saia, Inc.* | 1,827 | 68,604 | ||||||
Sanmina Corp.* | 6,474 | 124,560 | ||||||
Simpson Manufacturing Co. Inc. | 3,278 | 114,435 | ||||||
Standex International Corp. | 1,018 | 81,460 | ||||||
Sturm Ruger & Co. Inc. | 1,455 | 91,505 | ||||||
Taser International, Inc.* | 3,987 | 93,296 | ||||||
Tennant Co. | 1,475 | 84,547 | ||||||
Tetra Tech, Inc. | 4,683 | 121,664 | ||||||
Tidewater, Inc. | 3,632 | 65,122 | ||||||
TimkenSteel Corp. | 2,904 | 51,894 | ||||||
TopBuild* | 2,983 | 94,621 | ||||||
Tredegar Corp. | 1,893 | 27,430 | ||||||
TTM Technologies, Inc.* | 4,103 | 27,982 | ||||||
Universal Forest Products, Inc. | 1,591 | 95,555 | ||||||
US Ecology, Inc. | 1,683 | 84,083 | ||||||
UTi Worldwide, Inc.* | 7,271 | 51,770 | ||||||
Vicor Corp.* | 1,051 | 10,258 | ||||||
Watts Water Technologies, Inc. | 2,282 | 125,168 | ||||||
Total Industrial | 8,164,198 | |||||||
Technology (9.30%) | ||||||||
Agilysys, Inc.* | 1,491 | 15,313 | ||||||
Blackbaud, Inc. | 3,679 | 210,218 | ||||||
Bottomline Technologies de, Inc.* | 2,973 | 79,498 | ||||||
Brooks Automation, Inc. | 5,212 | 54,101 | ||||||
Cabot Microelectronics Corp.* | 1,949 | 84,548 | ||||||
CACI International, Inc.* | 1,835 | 143,901 | ||||||
CEVA, Inc.* | 1,529 | 29,433 | ||||||
Ciber, Inc.* | 5,122 | 17,517 | ||||||
Cirrus Logic, Inc.* | 4,885 | 147,332 | ||||||
Cohu, Inc. | 1,484 | 14,395 |
See accompanying notes to financial statements.
25
S&P SmallCap Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Computer Programs & Systems, Inc. | 791 | $ | 36,402 | |||||
Constant Contact, Inc.* | 2,484 | 61,504 | ||||||
CSG Systems International, Inc. | 2,543 | 78,604 | ||||||
Dealertrack Technologies, Inc.* | 3,459 | 217,087 | ||||||
Digi International, Inc.* | 1,689 | 17,295 | ||||||
Diodes, Inc.* | 2,906 | 57,219 | ||||||
DSP Group, Inc.* | 1,496 | 13,090 | ||||||
Ebix, Inc. | 2,228 | 63,253 | ||||||
Electronics For Imaging, Inc.* | 3,746 | 163,962 | ||||||
Engility Holdings, Inc. | 1,374 | 38,197 | ||||||
Epiq Systems, Inc. | 2,381 | 30,286 | ||||||
Exar Corp.* | 3,573 | 21,081 | ||||||
ExlService Holdings, Inc.* | 2,315 | 83,757 | ||||||
Insight Enterprises, Inc.* | 3,311 | 83,801 | ||||||
Interactive Intelligence Group, Inc.* | 1,258 | 44,043 | ||||||
Kopin Corp.* | 3,225 | 9,998 | ||||||
Kulicke & Soffa Industries, Inc.* | 6,095 | 64,363 | ||||||
LivePerson, Inc.* | 3,930 | 35,960 | ||||||
Lumentum Holdings, Inc.* | 3,617 | 71,400 | ||||||
ManTech International Corp. Class A | 1,891 | 51,794 | ||||||
MedAssets, Inc.* | 4,686 | 98,968 | ||||||
Medidata Solutions, Inc.* (c) | 4,062 | 195,057 | ||||||
Mercury Systems, Inc.* | 2,653 | 42,024 | ||||||
Microsemi Corp.* | 7,223 | 229,402 | ||||||
MicroStrategy, Inc. Class A* | 680 | 135,116 | ||||||
MKS Instruments, Inc. | 4,259 | 143,528 | ||||||
Monolithic Power Systems, Inc. | 2,808 | 135,037 | ||||||
Monotype Imaging Holdings, Inc. | 2,918 | 61,803 | ||||||
MTS Systems Corp. | 1,174 | 69,900 | ||||||
Nanometrics, Inc.* | 1,800 | 25,002 | ||||||
Omnicell, Inc.* | 2,621 | 89,062 | ||||||
Pericom Semiconductor Corp. | 1,192 | 14,519 | ||||||
Power Integrations, Inc. | 2,413 | 94,710 | ||||||
Progress Software, Corp.* | 3,848 | 104,242 | ||||||
QLogic Corp.* | 6,441 | 66,600 | ||||||
Quality Systems, Inc. | 3,273 | 44,480 | ||||||
Rudolph Technologies, Inc.* | 2,269 | 28,952 | ||||||
Semtech Corp.* | 5,132 | $ | 86,987 | |||||
Super Micro Computer, Inc.* | 2,442 | 66,789 | ||||||
Sykes Enterprises, Inc.* | 2,956 | 74,343 | ||||||
Synchronoss Technologies, Inc.* | 2,841 | 114,748 | ||||||
SYNNEX Corp. | 2,107 | 166,853 | ||||||
Take-Two Interactive Software, Inc.* | 6,408 | 186,665 | ||||||
Tangoe, Inc.* | 2,294 | 17,205 | ||||||
TeleTech Holdings, Inc. | 1,320 | 35,706 | ||||||
Tessera Technologies, Inc. | 3,684 | 120,614 | ||||||
Ultratech, Inc.* | 2,234 | 38,425 | ||||||
Veeco Instruments, Inc.* | 3,179 | 73,340 | ||||||
Virtusa Corp.* | 2,071 | 109,597 | ||||||
Total Technology | 4,709,026 | |||||||
Utilities (3.86%) | ||||||||
ALLETE, Inc. | 3,464 | 165,510 | ||||||
American States Water Co. | 3,091 | 116,685 | ||||||
Avista Corp. | 4,356 | 136,735 | ||||||
El Paso Electric Co. | 3,223 | 114,094 | ||||||
Laclede Group, Inc./The | 3,288 | 174,067 | ||||||
New Jersey Resources Corp. | 6,722 | 190,031 | ||||||
Northwest Natural Gas Co. | 2,162 | 95,085 | ||||||
NorthWestern Corp. | 3,633 | 187,608 | ||||||
Piedmont Natural Gas Co. Inc. (c) | 6,218 | 239,890 | ||||||
South Jersey Industries, Inc. | 5,224 | 125,898 | ||||||
Southwest Gas Corp. (c) | 3,709 | 204,329 | ||||||
UIL Holdings Corp. (c) | 4,504 | 205,067 | ||||||
Total Utilities | 1,954,999 | |||||||
Total Common Stock (Cost $36,884,787) | 49,386,286 |
Security Description | Par | Value | ||||||
Short-Term Investments (0.99%) | ||||||||
United States Treasury Bills (0.99%) | ||||||||
US Treasury Bill Due 12/31/2015 At Mat | $ | 500,000 | $ | 499,681 | ||||
Total United States Treasury Bills | 499,681 | |||||||
Total Short-Term Investments (Cost $499,681) | 499,681 | |||||||
Total Investments (Cost $37,384,468) (a) (98.50%) | 49,885,967 | |||||||
Other Net Assets (1.50%) | 758,410 | |||||||
Net Assets (100.00%) | $ | 50,644,377 |
* Non-income producing security. | ||
(a) Aggregate cost for federal income tax purpose is $37,408,687.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 16,148,280 | ||
Unrealized depreciation | (3,671,000 | ) | ||
Net unrealized appreciation | $ | 12,477,280 |
(b) Futures contracts at August 31, 2015:
Contracts - $100 times premium / delivery month / commitment / exchange |
Russell 2000 MINI | Value at | Notional Value | Unrealized Depreciation | |||||||||
11 / SEP 2015 / Long / ICE | $ | 1,330,835 | $ | 1,273,250 | $ | (57,585 | ) | |||||
(c) A portion of these shares have been pledged in connection with obligations for futures contracts. |
Shelton Core Value Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Shares | Value | ||||||
Common Stock (98.38%) | ||||||||
Basic Materials (3.93%) | ||||||||
Chemicals (3.93%) | ||||||||
Chemours Company | 3,857 | $ | 37,297 | |||||
EI Du Pont de Nemours & Co. | 19,286 | 993,229 | ||||||
PPG Industries, Inc. | 37,600 | 3,582,904 | ||||||
Praxair, Inc. | 15,167 | 1,603,910 | ||||||
Sensient Technologies Corp. | 17,000 | 1,107,550 | ||||||
Total Basic Materials | 7,324,890 | |||||||
Communications (3.46%) | ||||||||
Media (0.23%) | ||||||||
Walt Disney Co. | 4,203 | 428,202 | ||||||
Telecommunications (3.23%) | ||||||||
AT&T, Inc. | 86,469 | 2,870,771 | ||||||
Verizon Communications, Inc. | 68,242 | $ | 3,139,814 | |||||
6,010,585 | ||||||||
Total Communications | 6,438,787 | |||||||
Consumer, Cyclical (7.20%) | ||||||||
Auto Manufacturers (1.18%) | ||||||||
Ford Motor Co. | 158,000 | 2,191,460 | ||||||
Auto Parts and Equipment (0.00%) | ||||||||
Remy International, Inc. | 291 | 8,526 | ||||||
Retail (6.02%) | ||||||||
Home Depot, Inc. | 46,150 | 5,374,629 | ||||||
McDonald's Corp. | 25,868 | 2,457,977 | ||||||
Target Corp. | 43,339 | 3,367,874 | ||||||
11,200,480 | ||||||||
Total Consumer, Cyclical | 13,400,466 | |||||||
Consumer, Non-Cyclical (26.14%) | ||||||||
Agriculture (3.12%) | ||||||||
Altria Group, Inc. | 52,900 | $ | 2,834,382 | |||||
Reynolds American, Inc. | 35,584 | 2,980,160 | ||||||
5,814,542 | ||||||||
Biotechnology (4.38%) | ||||||||
Celgene Corp.* | 35,214 | 4,158,069 | ||||||
Gilead Sciences, Inc. | 38,000 | 3,992,660 | ||||||
8,150,729 | ||||||||
Commercial Services (0.77%) | ||||||||
Moody's Corp. | 13,992 | 1,431,522 | ||||||
Cosmetics / Personal Care (2.49%) | ||||||||
Colgate-Palmolive Co. | 20,400 | 1,281,324 | ||||||
Procter & Gamble Co. | 47,580 | 3,362,479 | ||||||
4,643,803 | ||||||||
See accompanying notes to financial statements.
26
Shelton Core Value Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Food (1.28%) | ||||||||
Conagra Foods, Inc. | 42,450 | $ | 1,769,316 | |||||
Sprout Farmers Markets, Inc.* | 30,000 | 611,100 | ||||||
2,380,416 | ||||||||
Healthcare - Products (2.77%) | ||||||||
Baxter International, Inc. | 45,886 | 1,764,317 | ||||||
Danaher Corp. | 38,300 | 3,332,866 | ||||||
Halyard Health, Inc.* | 2,100 | 66,024 | ||||||
5,163,207 | ||||||||
Healthcare - Services (3.74%) | ||||||||
Aetna, Inc. | 20,984 | 2,403,088 | ||||||
Anthem, Inc. | 32,300 | 4,555,915 | ||||||
6,959,003 | ||||||||
Household Products / Wares (0.96%) | ||||||||
Kimberly-Clark Corp. | 16,800 | 1,789,704 | ||||||
Pharmaceuticals (6.63%) | ||||||||
Abbott Laboratories | 41,610 | 1,884,517 | ||||||
AbbVie, Inc. | 41,610 | 2,596,880 | ||||||
Amerisource Bergen Corp. | 45,612 | 4,563,024 | ||||||
Baxalta, Inc.* | 45,886 | 1,612,893 | ||||||
Merck & Co. Inc. | 30,900 | 1,663,965 | ||||||
12,321,279 | ||||||||
Total Consumer, Non-Cyclical | 48,654,205 | |||||||
Energy (11.23%) | ||||||||
Oil & Gas (8.65%) | ||||||||
Anadarko Petroleum Corp. | 21,340 | 1,527,517 | ||||||
BP PLC ADR | 72,443 | 2,429,738 | ||||||
Chevron Corp. | 56,524 | 4,577,879 | ||||||
ConocoPhillips | 19,648 | 965,699 | ||||||
Devon Energy Corp. | 15,952 | 680,512 | ||||||
Exxon Mobil Corp. | 43,236 | 3,253,077 | ||||||
Royal Dutch Shell PLC-ADR A | 50,500 | 2,672,460 | ||||||
16,106,882 | ||||||||
Oil & Gas Services (2.30%) | ||||||||
Baker Hughes, Inc. | 27,455 | 1,537,480 | ||||||
Schlumberger Ltd. | 35,500 | 2,746,635 | ||||||
4,284,115 | ||||||||
Pipelines (0.28%) | ||||||||
Spectra Energy Corp. | 18,000 | 523,260 | ||||||
Total Energy | 20,914,257 | |||||||
Financial (21.51%) | ||||||||
Banks (16.24%) | ||||||||
Bank of America Corp. | 180,000 | 2,941,200 | ||||||
Bank of New York Mellon Corp. | 21,450 | 853,710 | ||||||
Citigroup, Inc. | 60,000 | 3,208,800 | ||||||
Goldman Sachs Group, Inc. | 28,950 | 5,459,970 | ||||||
JPMorgan Chase & Co. | 110,198 | 7,063,692 | ||||||
Morgan Stanley | 70,450 | 2,427,003 | ||||||
State Street Corp. | 14,400 | 1,035,648 | ||||||
US Bancorp/MN | 60,600 | 2,566,410 | ||||||
Wells Fargo & Co. | 87,889 | 4,687,120 | ||||||
30,243,553 | ||||||||
Diversified Financial Services (2.03%) | ||||||||
Blackrock, Inc. Class A | 9,000 | $ | 2,722,229 | |||||
FNFV Group* | 1,629 | 23,572 | ||||||
Intercontinental Exchange, Inc. | 4,504 | 1,028,759 | ||||||
3,774,560 | ||||||||
Insurance (3.24%) | ||||||||
Arthur J Gallagher & Co. | 32,400 | 1,416,528 | ||||||
Aspen Insurance Holdings Ltd. | 26,315 | 1,208,122 | ||||||
Marsh & McLennan Co.'s, Inc. | 13,600 | 730,728 | ||||||
Principal Financial Group, Inc. | 28,150 | 1,417,352 | ||||||
StanCorp Financial Group, Inc. | 11,150 | 1,267,867 | ||||||
6,040,597 | ||||||||
Total Financial | 40,058,710 | |||||||
Industrial (9.19%) | ||||||||
Aerospace/Defense (3.79%) | ||||||||
Boeing Co. | 17,000 | 2,221,560 | ||||||
Northrop Grumman Corp. | 8,600 | 1,408,164 | ||||||
Rockwell Collins, Inc. | 12,400 | 1,014,940 | ||||||
United Technologies Corp. | 26,500 | 2,427,665 | ||||||
7,072,329 | ||||||||
Electronics (0.28%) | ||||||||
Agilent Technologies, Inc. | 9,870 | 358,380 | ||||||
Keysight Technologies, Inc.* | 4,935 | 158,117 | ||||||
516,497 | ||||||||
Machinery - Construction & Mining (1.16%) | ||||||||
Caterpillar, Inc. | 28,342 | 2,166,462 | ||||||
Miscellaneous Manufacturing (1.82%) | ||||||||
3M Co. | 23,812 | 3,384,638 | ||||||
Transportation (2.14)% | ||||||||
FedEx Corp. | 4,830 | 727,446 | ||||||
Seaspan Corp. | 25,000 | 430,250 | ||||||
Union Pacific Corp. | 10,950 | 938,853 | ||||||
United Parcel Service, Inc. Class B | 19,260 | 1,880,739 | ||||||
3,977,288 | ||||||||
Total Industrial | 17,117,214 | |||||||
Technology (10.55%) | ||||||||
Computers (1.93%) | ||||||||
EMC Corp./MA | 29,720 | 739,136 | ||||||
Hewlett Packard Co. | 50,000 | 1,403,000 | ||||||
Int'l Business Machines Corp. | 9,860 | 1,458,196 | ||||||
3,600,332 | ||||||||
Semiconductors (4.71%) | ||||||||
Analog Devices, Inc. | 14,040 | 784,274 | ||||||
Intel Corp. | 122,563 | 3,497,948 | ||||||
KLA-Tencor Corp. | 10,440 | 523,148 | ||||||
Linear Technology Corp. | 26,180 | 1,054,530 | ||||||
QUALCOMM, Inc. | 26,775 | 1,514,930 | ||||||
Taiwan Semiconductor Mfg CoLtd Sponsored ADR | 30,000 | 596,400 | ||||||
Texas Instruments, Inc. | 16,500 | 789,360 | ||||||
8,760,590 | ||||||||
Software (3.91%) | ||||||||
Microsoft Corp. | 77,733 | $ | 3,382,940 | |||||
Oracle Corp. | 64,130 | 2,378,582 | ||||||
Paychex, Inc. | 34,000 | 1,518,440 | ||||||
7,279,962 | ||||||||
Total Technology | 19,640,884 | |||||||
Utilities (5.17%) | ||||||||
Electric (4.76%) | ||||||||
Ameren Corp. | 1,990 | 80,177 | ||||||
Consolidated Edison, Inc. | 31,700 | 1,994,247 | ||||||
DTE Energy Co. | 7,000 | 546,420 | ||||||
Duke Energy Corp. | 26,999 | 1,914,499 | ||||||
Exelon Corp. | 18,746 | 576,627 | ||||||
FirstEnergy Corp. | 23,574 | 753,425 | ||||||
NextEra Energy, Inc. | 11,200 | 1,102,192 | ||||||
PG&E Corp. | 15,000 | 743,700 | ||||||
Pinnacle West Capital Corp. | 11,000 | 654,830 | ||||||
Southern Co. | 11,500 | 499,215 | ||||||
8,865,332 | ||||||||
Gas (0.41%) | ||||||||
Sempra Energy | 8,050 | 763,543 | ||||||
Total Utilities | 9,628,875 | |||||||
Total Common Stock (Cost $102,180,422) | 183,178,288 | |||||||
Preferred Stock (0.91%) | ||||||||
Amerityre Corp. 5% Preferred Conv.** | 2,000,000 | 1,700,000 | ||||||
Total Preferred Stock (Cost $2,000,000) | 1,700,000 | |||||||
Total Investments (Cost $104,180,422) (a) (99.29%) | 184,878,288 | |||||||
Other Net Assets (0.71%) | 1,318,270 | |||||||
Net Assets (100.00%) | $ | 186,196,558 |
* Non-income producing security. | ||
** This security has been fair valued and deemed to be illiquid by the Advisor. At August 31, 2015, the fair value was $1,700,000, or 0.91% of net assets. | ||
(a) Aggregate cost for federal income tax purpose is $104,405,500.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 82,749,964 | ||
Unrealized depreciation | (2,277,176 | ) | ||
Net unrealized appreciation | $ | 80,472,788 |
See accompanying notes to financial statements.
27
European Growth & Income Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Shares | Value | ||||||
Common Stock (99.14%) | ||||||||
Basic Materials (4.79%) | ||||||||
Chemicals (2.76%) | ||||||||
BASF SE ADR | 3,488 | $ | 280,156 | |||||
Mining (2.03%) | ||||||||
BHP Billiton Ltd. | 1,900 | 69,977 | ||||||
Rio Tinto PLC | 3,600 | 132,192 | ||||||
South32 Limited* | 760 | 4,112 | ||||||
206,281 | ||||||||
Total Basic Materials | 486,437 | |||||||
Communications (5.24%) | ||||||||
Telecommunications (5.24%) | ||||||||
Deutsche Telekom AG ADR | 11,525 | 196,501 | ||||||
Telefonica SA ADR | 23,857 | 335,668 | ||||||
Total Communications | 532,169 | |||||||
Consumer, Cyclical (6.09%) | ||||||||
Apparel (3.05%) | ||||||||
LVMH Moet Hennessy Louis Vuitton SA ADR | 9,300 | 309,969 | ||||||
Auto Manufacturers (3.04%) | ||||||||
Daimler AG | 3,835 | 308,526 | ||||||
Total Consumer, Cyclical | 618,495 | |||||||
Consumer, Non-Cyclical (46.67%) | ||||||||
Agriculture (3.23%) | ||||||||
British America Tobacco PLC ADR | 3,100 | 328,538 | ||||||
Beverages (7.37%) | ||||||||
Anheuser-Busch InBev | 4,200 | 457,422 | ||||||
Diageo PLC Sponsored ADR | 2,735 | 290,922 | ||||||
748,344 | ||||||||
Cosmetics / Personal Care (2.57%) | ||||||||
Unilever NV | 6,508 | $ | 261,101 | |||||
Food (6.46%) | ||||||||
Nestle SA Sponsored ADR | 8,912 | 656,351 | ||||||
Pharmaceuticals (27.04%) | ||||||||
AstraZeneca PLC Sponsored ADR | 8,200 | 256,496 | ||||||
Bayer AG | 4,115 | 557,973 | ||||||
Glaxosmithkline PLC ADR | 8,050 | 329,487 | ||||||
Novartis AG Sponsored ADR | 7,157 | 695,804 | ||||||
Roche Holding AG | 15,564 | 531,588 | ||||||
Sanofi ADR | 7,700 | 376,684 | ||||||
2,748,032 | ||||||||
Total Consumer, Non-Cyclical | 4,742,366 | |||||||
Energy (9.21%) | ||||||||
Oil & Gas (9.21%) | ||||||||
Eni SpA ADR | 7,482 | 249,076 | ||||||
Royal Dutch Shell PLC ADR A | 7,220 | 382,082 | ||||||
Total SA ADR | 6,558 | 304,291 | ||||||
Total Energy | 935,449 | |||||||
Financial (21.07%) | ||||||||
Banks (13.51%) | ||||||||
Banco Bilbao Vizcaya Argentari SA ADR | 15,221 | 141,403 | ||||||
Banco Santander SA ADR | 51,078 | 311,065 | ||||||
BNP Paribas SA ADR | 5,452 | 172,883 | ||||||
Deutsche Bank AG | 3,484 | 102,778 | ||||||
HSBC Holdings PLC ADR | 2,381 | 94,454 | ||||||
ING Groep NV ADR | 20,000 | 306,001 | ||||||
UBS Group AG | 11,792 | 243,976 | ||||||
1,372,560 | ||||||||
Insurance (7.56%) | ||||||||
Allianz SE ADR | 18,157 | $ | 290,966 | |||||
AXA SA ADR | 18,984 | 476,878 | ||||||
767,844 | ||||||||
Total Financial | 2,140,404 | |||||||
Industrial (3.64%) | ||||||||
Miscellaneous Manufacturing (3.64%) | ||||||||
Siemens AG ADR | 3,735 | 370,288 | ||||||
Total Industrial | 370,288 | |||||||
Technology (2.43%) | ||||||||
Software (2.43%) | ||||||||
SAP SE ADR | 3,667 | 246,642 | ||||||
Total Technology | 246,642 | |||||||
Total Common Stock (Cost $8,524,991) | 10,072,250 | |||||||
Total Investments | 10,072,250 | |||||||
Other Net Assets (0.86%) | 87,703 | |||||||
Net Assets (100.00%) | $ | 10,159,953 |
* Non-income producing security. | ||
(a) Aggregate cost for federal income tax purpose is $8,524,991.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 2,725,938 | ||
Unrealized depreciation | (1,178,679 | ) | ||
Net unrealized appreciation | $ | 1,547,259 | ||
Nasdaq-100 Index Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Shares | Value | ||||||
Common Stock (98.68%) | ||||||||
Communications (31.87%) | ||||||||
Internet (21.68%) | ||||||||
Amazon.Com, Inc.* (c) | 23,655 | $ | 12,132,413 | |||||
Baidu, Inc.* | 15,350 | 2,260,288 | ||||||
EBay, Inc.* | 69,847 | 1,893,552 | ||||||
Facebook, Inc. Class A* | 119,653 | 10,700,568 | ||||||
Google, Inc. Class A* | 11,892 | 7,703,875 | ||||||
Google, Inc. Class C* | 14,471 | 8,946,696 | ||||||
JD.COM INC ADR* | 43,140 | 1,116,463 | ||||||
Liberty Interactive Corp. Ventures A* | 8,022 | 318,714 | ||||||
Netflix, Inc.* | 23,282 | 2,678,128 | ||||||
Priceline Group, Inc.* | 2,786 | 3,478,711 | ||||||
Symantec Corp. | 33,840 | 693,382 | ||||||
TripAdvisor, Inc.* | 6,072 | 424,433 | ||||||
Yahoo! Inc.* | 52,139 | 1,680,961 | ||||||
54,028,184 | ||||||||
Media (6.91%) | ||||||||
Charter Communications, Inc. Class A* | 5,568 | $ | 1,011,204 | |||||
Comcast Corp. | 112,984 | 6,364,389 | ||||||
Comcast Corp. Class A-Spl | 20,286 | 1,161,171 | ||||||
Discovery Communications, Inc. Class A* | 6,364 | 169,282 | ||||||
Discovery Communications, Inc. Class C* | 13,256 | 336,172 | ||||||
DISH Network Corp.* | 11,940 | 707,684 | ||||||
Liberty Global PLC A* | 13,415 | 645,530 | ||||||
Liberty Global PLC C* | 35,444 | 1,590,372 | ||||||
Liberty Global PLC LiLAC A* | 586 | 20,141 | ||||||
Liberty Global PLC LiLAC C* | 1,598 | 53,134 | ||||||
Liberty Media Corp.* | 4,477 | 166,768 | ||||||
Liberty Media Corp. Class C* | 10,653 | 385,852 | ||||||
Sirius XM Holdings, Inc.* | 291,267 | 1,111,184 | ||||||
Twenty-First Century Fox Inc. Class A | 66,201 | 1,813,245 | ||||||
Twenty-First Century Fox Inc. Class B | 36,115 | $ | 998,941 | |||||
Viacom, Inc. | 16,573 | 675,681 | ||||||
17,210,750 | ||||||||
Telecommunications (3.28%) | ||||||||
AT&T, Inc. | 1 | 23 | ||||||
Cisco Systems, Inc. | 270,676 | 7,005,095 | ||||||
VimpelCom Ltd. ADR | 80,357 | 375,267 | ||||||
Vodafone Group PLC (New) | 22,646 | 780,834 | ||||||
8,161,219 | ||||||||
Total Communications | 79,400,153 | |||||||
Consumer, Cyclical (9.83%) | ||||||||
Airlines (0.58%) | ||||||||
American Airlines Group, Inc. | 37,299 | 1,453,915 | ||||||
See accompanying notes to financial statements.
28
Nasdaq-100 Index Fund | Portfolio of Investments (Continued) | 8/31/2015 |
Security Description | Shares | Value | ||||||
Auto Manufacturers (1.08%) | ||||||||
PACCAR, Inc. | 17,637 | $ | 1,040,054 | |||||
Tesla Motors, Inc.* | 6,622 | 1,649,275 | ||||||
2,689,329 | ||||||||
Distribution / Wholesale (0.21%) | ||||||||
Fastenal Co. | 13,789 | 531,428 | ||||||
Lodging (0.55%) | ||||||||
Marriott International, Inc./DE | 14,633 | 1,033,968 | ||||||
Wynn Resorts, Ltd | 4,544 | 341,027 | ||||||
1,374,995 | ||||||||
Retail (7.26%) | ||||||||
Bed Bath & Beyond, Inc.* | 8,661 | 537,935 | ||||||
Costco Wholesale Corp. | 23,726 | 3,322,826 | ||||||
Dollar Tree, Inc.* | 11,666 | 889,649 | ||||||
Liberty Interactive Corp.* | 23,594 | 637,982 | ||||||
O'Reilly Automotive, Inc.* | 5,374 | 1,290,136 | ||||||
Ross Stores, Inc. | 20,570 | 1,000,113 | ||||||
Staples, Inc. | 29,880 | 424,595 | ||||||
Starbucks Corp. | 79,169 | 4,331,336 | ||||||
Tractor Supply Co. | 7,260 | 619,351 | ||||||
Walgreens Boots Alliance, Inc. | 58,051 | 5,024,314 | ||||||
18,078,237 | ||||||||
Toys / Games / Hobbies (0.15%) | ||||||||
Mattel, Inc. | 15,784 | 369,819 | ||||||
Total Consumer, Cyclical | 24,497,723 | |||||||
Consumer, Non-Cyclical (20.76%) | ||||||||
Beverages (0.83%) | ||||||||
Keurig Green Mountain, Inc. | 7,544 | 426,990 | ||||||
Monster Beverage Corp.* | 11,924 | 1,650,997 | ||||||
2,077,987 | ||||||||
Biotechnology (12.99%) | ||||||||
Alexion Pharmaceuticals, Inc.* | 12,342 | 2,125,169 | ||||||
Amgen, Inc. | 40,465 | 6,141,778 | ||||||
Biogen Idec, Inc.* | 12,506 | 3,718,034 | ||||||
BioMarin Pharmaceutical, Inc.* | 7,970 | 1,030,043 | ||||||
Celgene Corp.* | 42,212 | 4,984,393 | ||||||
Gilead Sciences, Inc. | 78,214 | 8,217,944 | ||||||
Illumina, Inc.* | 8,134 | 1,607,360 | ||||||
Regeneron Pharmaceuticals, Inc.* | 5,406 | 2,775,981 | ||||||
Vertex Pharmaceuticals, Inc.* | 13,814 | 1,761,561 | ||||||
32,362,263 | ||||||||
Commercial Services (1.05%) | ||||||||
Automatic Data Processing, Inc. | 25,769 | 1,992,459 | ||||||
Verisk Analytics, Inc.* | 8,404 | 614,164 | ||||||
2,606,623 | ||||||||
Food (3.55%) | ||||||||
Kraft Heinz Company | 63,643 | 4,624,300 | ||||||
Mondelez International, Inc. Class A | 86,754 | 3,674,899 | ||||||
Whole Foods Market, Inc. | 16,835 | 551,515 | ||||||
8,850,714 | ||||||||
Healthcare - Products (0.62%) | ||||||||
Henry Schein, Inc.* | 4,450 | 608,805 | ||||||
Intuitive Surgical, Inc.* | 1,832 | 936,060 | ||||||
1,544,865 | ||||||||
Pharmaceuticals (1.72%) | ||||||||
Express Scripts Holding Co.* | 39,262 | $ | 3,282,304 | |||||
Mylan NV* | 20,087 | 996,114 | ||||||
4,278,418 | ||||||||
Total Consumer, Non-Cyclical | 51,720,870 | |||||||
Industrial (1.08%) | ||||||||
Electronics (0.14%) | ||||||||
Garmin Ltd. | 8,951 | 336,647 | ||||||
Engineering and Construction (0.33%) | ||||||||
SBA Communications Corp. Class A* | 6,889 | 814,280 | ||||||
Environmental Control (0.26%) | ||||||||
Stericycle, Inc.* | 4,526 | 638,800 | ||||||
Transportation (0.35%) | ||||||||
C H Robinson Worldwide, Inc. | 6,834 | 460,816 | ||||||
Expeditors Int'l of Washington | 8,948 | 438,184 | ||||||
899,000 | ||||||||
Total Industrial | 2,688,727 | |||||||
Technology (35.14%) | ||||||||
Computers (13.85%) | ||||||||
Apple, Inc. (c) | 262,270 | 29,573,566 | ||||||
Cognizant Technology Solutions Class A* | 33,828 | 2,129,134 | ||||||
NetApp, Inc. | 14,548 | 464,954 | ||||||
Sandisk Corp. | 9,618 | 524,758 | ||||||
Seagate Technology PLC | 16,891 | 868,197 | ||||||
Western Digital Corp. | 11,432 | 936,967 | ||||||
34,497,576 | ||||||||
Semiconductors (10.45%) | ||||||||
Altera Corp. | 16,024 | 777,965 | ||||||
Analog Devices, Inc. | 15,586 | 870,634 | ||||||
Applied Materials, Inc. | 62,667 | 1,007,999 | ||||||
Avago Technologies Ltd. | 14,931 | 1,880,858 | ||||||
Broadcom Corp. | 27,489 | 1,420,357 | ||||||
Intel Corp. | 252,480 | 7,205,779 | ||||||
KLA-Tencor Corp. | 7,590 | 380,335 | ||||||
Lam Research Corp. | 7,434 | 540,972 | ||||||
Linear Technology Corp. | 11,162 | 449,605 | ||||||
Micron Technology, Inc.* | 53,091 | 871,223 | ||||||
NVIDIA Corp. | 25,364 | 570,183 | ||||||
NXP Semiconductor NV* | 12,574 | 1,064,389 | ||||||
QUALCOMM, Inc. | 86,759 | 4,908,824 | ||||||
Skyworks Solutions, Inc. | 9,499 | 829,738 | ||||||
Texas Instruments, Inc. | 57,108 | 2,732,047 | ||||||
Xilinx, Inc. | 12,200 | 511,058 | ||||||
26,021,966 | ||||||||
Software (10.84%) | ||||||||
Activision Blizzard, Inc. | 38,648 | 1,106,492 | ||||||
Adobe Systems, Inc.* | 27,421 | 2,154,468 | ||||||
Akamai Technologies, Inc.* | 9,503 | 677,659 | ||||||
Autodesk, Inc.* | 12,115 | 566,376 | ||||||
CA, Inc. | 20,663 | 563,893 | ||||||
Cerner Corp.* | 18,312 | 1,130,949 | ||||||
Check Point Software Technologies Ltd.* | 9,625 | 750,846 | ||||||
Citrix Systems, Inc.* | 8,530 | 580,978 | ||||||
Electronic Arts, Inc.* | 15,639 | 1,034,520 | ||||||
Fiserv, Inc.* | 12,602 | $ | 1,074,573 | |||||
Intuit, Inc. | 15,820 | 1,356,565 | ||||||
Microsoft Corp. (c) | 347,834 | 15,137,737 | ||||||
Paychex, Inc. | 19,331 | 863,322 | ||||||
26,998,378 | ||||||||
Total Technology | 87,517,920 | |||||||
Total Common Stock (Cost $200,812,044) | 245,825,393 | |||||||
Par | ||||||||
Short-Term Investments (0.80%) | ||||||||
United States Treasury Bills (0.80%) | ||||||||
US Treasury Bill Due 12/31/2015 At Mat | $ | 2,000,000 | 1,998,723 | |||||
Total United States Treasury Bills | 1,998,723 | |||||||
Total Short-Term Investments (Cost $1,998,723) | 1,998,723 | |||||||
Total Investments (Cost $202,810,767) (a) (99.48%) | 247,824,116 | |||||||
Other Net Assets (0.52%) | 1,296,359 | |||||||
Net Assets (100.00%) | $ | 249,120,475 |
* Non-income producing security. | ||
(a) Aggregate cost for federal income tax purpose is $203,108,281.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 55,119,794 | ||
Unrealized depreciation | (10,403,959 | ) | ||
Net unrealized appreciation | $ | 44,715,835 |
(b) Futures contracts at August 31, 2015:
Contracts - $20 times premium / delivery month / commitment / exchange |
Nasdaq 100 E-MINI | Value at Trade Date | Notional Value | Unrealized Appreciation | |||||||||
36 / SEP 2015 / Long / CME | $ | 3,025,540 | $ | 3,075,660 | $ | 50,120 |
(c) A portion of these shares have been pledged in connection with obligations for futures contracts. |
See accompanying notes to financial statements.
29
Shelton Green Alpha Fund | Portfolio of Investments | 8/31/2015 |
Security Description | Shares | Value | ||||||
Common Stock (90.07%) | ||||||||
Basic Materials (1.29%) | ||||||||
Iron/Steel (1.29%) | ||||||||
Schnitzer Steel Industries, Inc. | 22,000 | $ | 380,820 | |||||
Total Basic Materials | 380,820 | |||||||
Communications (6.01%) | ||||||||
Internet (3.58%) | ||||||||
Google, Inc. Class A* | 460 | 297,997 | ||||||
Google, Inc. Class C* | 1,032 | 638,034 | ||||||
Splunk, Inc.* | 2,000 | 123,940 | ||||||
1,059,971 | ||||||||
Telecommunications (2.43%) | ||||||||
Sierra Wireless, Inc.* | 32,000 | 718,080 | ||||||
Total Communications | 1,778,051 | |||||||
Consumer, Cyclical (8.08%) | ||||||||
Auto Manufacturers (4.45%) | ||||||||
Kandi Technologies Group, Inc.* | 62,000 | 419,120 | ||||||
Tesla Motors, Inc.* | 3,600 | 896,616 | ||||||
1,315,736 | ||||||||
Office Furnishings (3.63%) | ||||||||
Herman Miller, Inc. | 16,500 | 447,315 | ||||||
Interface, Inc. | 13,500 | 327,240 | ||||||
Steelcase, Inc. Class A | 17,000 | 299,710 | ||||||
1,074,265 | ||||||||
Total Consumer, Cyclical | 2,390,001 | |||||||
Consumer, Non-Cyclical (8.77%) | ||||||||
Biotechnology (0.66%) | ||||||||
EXACT Sciences Corp.* | 8,800 | 194,568 | ||||||
Food (8.11%) | ||||||||
Hain Celestial Group, Inc.* | 10,800 | 657,288 | ||||||
SunOpta, Inc.* | 46,000 | 407,560 | ||||||
United Natural Foods, Inc.* | 14,700 | 707,805 | ||||||
WhiteWave Foods Co.* | 13,600 | 627,504 | ||||||
2,400,157 | ||||||||
Total Consumer, Non-Cyclical | 2,594,725 | |||||||
Energy (19.53%) | ||||||||
Energy-Alternate Sources (19.53%) | ||||||||
Canadian Solar, Inc.* | 52,600 | 984,672 | ||||||
First Solar, Inc.* | 22,300 | 1,066,832 | ||||||
JinkoSolar Holding Co Ltd. ADR* | 21,400 | 435,490 | ||||||
Pattern Energy Group Inc. Class A | 27,500 | 623,425 | ||||||
SolarCity Corp.* | 16,800 | 811,104 | ||||||
Trina Solar Ltd. Sponsored ADR* | 83,000 | 738,700 | ||||||
Vestas Wind Systems A/S | 62,500 | 1,120,938 | ||||||
Total Energy | 5,781,161 | |||||||
Financial (3.93%) | ||||||||
Diversified Financial Services (1.00%) | ||||||||
Muenchener Rueck ADR | 16,000 | 295,840 | ||||||
REITS (2.93%) | ||||||||
Alexandria Real Estate Equit. | 4,900 | $ | 421,351 | |||||
Liberty Property Trust | 14,500 | 445,730 | ||||||
867,081 | ||||||||
Total Financial | 1,162,921 | |||||||
Industrial (21.90%) | ||||||||
Building Materials (1.60%) | ||||||||
Trex Co. Inc.* | 12,200 | 473,482 | ||||||
Electrical Components & Equipment (9.54%) | ||||||||
Acuity Brands, Inc. | 2,500 | 487,175 | ||||||
Advanced Energy Industries, Inc.* | 24,000 | 582,480 | ||||||
China Ming Yang Wind Power* | 172,000 | 356,040 | ||||||
SunPower Corp.* | 27,000 | 655,020 | ||||||
Universal Display Corp.* | 20,200 | 744,168 | ||||||
2,824,883 | ||||||||
Electronics (7.13%) | ||||||||
Arrow Electronics, Inc.* | 8,800 | 492,096 | ||||||
Badger Meter, Inc. | 5,000 | 291,450 | ||||||
Garmin Ltd. | 4,300 | 161,723 | ||||||
Itron, Inc.* | 10,900 | 327,000 | ||||||
Kyocera Corp. ADR | 12,300 | 607,005 | ||||||
Waters Corp.* | 1,900 | 230,622 | ||||||
2,109,896 | ||||||||
Engineering & Construction (2.45%) | ||||||||
ABB Ltd. ADR | 37,600 | 726,056 | ||||||
Machinery-Diversified (1.18%) | ||||||||
Lindsay Corp. | 2,300 | 175,329 | ||||||
Xylem, Inc. | 5,400 | 175,230 | ||||||
350,559 | ||||||||
Total Industrial | 6,484,876 | |||||||
Technology (16.26%) | ||||||||
Computers (5.11%) | ||||||||
Apple, Inc. | 3,800 | 428,488 | ||||||
Int'l Business Machines Corp. | 6,000 | 887,340 | ||||||
Maxwell Technologies, Inc.* | 37,000 | 197,580 | ||||||
1,513,408 | ||||||||
Semiconductors (8.31%) | ||||||||
Applied Materials, Inc. | 45,600 | 733,476 | ||||||
Brooks Automation, Inc. | 27,000 | 280,260 | ||||||
Cree, Inc.* | 12,600 | 342,972 | ||||||
QUALCOMM, Inc. | 12,500 | 707,250 | ||||||
Skyworks Solutions, Inc. | 4,500 | 393,075 | ||||||
2,457,033 | ||||||||
Software (2.84%) | ||||||||
ANSYS, Inc.* | 5,800 | 513,880 | ||||||
Autodesk, Inc.* | 7,000 | 327,250 | ||||||
841,130 | ||||||||
Total Technology | 4,811,571 | |||||||
Utilities (4.30%) | ||||||||
Electric (0.80%) | ||||||||
8POINT3 Energy Partners LP* | 16,000 | 237,600 | ||||||
Water (3.50%) | ||||||||
California Water Service Group | 22,900 | $ | 472,427 | |||||
Consolidated Water Co. Ltd. | 53,000 | 563,390 | ||||||
1,035,817 | ||||||||
Total Utilities | 1,273,417 | |||||||
Total Common Stock (Cost $27,551,919) | 26,657,543 | |||||||
Total Investments (Cost $27,551,919) (a) (90.07%) | 26,657,543 | |||||||
Other Net Assets (9.93%) | 2,938,083 | |||||||
Net Assets (100.00%) | $ | 29,595,626 |
* Non-income producing security. | ||
(a) Aggregate cost for federal income tax purpose is $27,580,916.
At August 31, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows: |
Unrealized appreciation | $ | 2,402,162 | ||
Unrealized depreciation | (3,325,535 | ) | ||
Net unrealized depreciation | $ | (923,373 | ) |
See accompanying notes to financial statements.
30
Statements of Assets & Liabilities |
California | U.S. | Short-Term U.S. | The United | |||||||||||||
Assets | ||||||||||||||||
Investments in securities | ||||||||||||||||
Cost of Investments | $ | 82,948,829 | $ | 24,369,447 | $ | 6,547,535 | $ | 88,989,097 | ||||||||
Market value of investments (Note 1) | 87,436,185 | 25,010,203 | 6,560,327 | 88,989,097 | ||||||||||||
Cash | 825,453 | 97,665 | 159,615 | 63,219 | ||||||||||||
Interest receivable | 964,387 | 109,291 | 10,324 | — | ||||||||||||
Receivable for fund shares sold | 101,538 | 10,286 | 2,103 | 7,277 | ||||||||||||
Receivable from investment advisor | — | — | — | 7,659 | ||||||||||||
Prepaid expenses | — | — | — | 9 | ||||||||||||
Total assets | 89,327,563 | 25,227,445 | 6,732,369 | 89,067,261 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for fund shares repurchased | 2,701 | 168 | — | 168,878 | ||||||||||||
Payable to investment advisor | 38,092 | 9,138 | 564 | — | ||||||||||||
Distributions payable | 46,723 | 800 | — | — | ||||||||||||
Accrued 12b-1 fees | — | 1,328 | 397 | — | ||||||||||||
Accrued shareholder service fees | — | 1,394 | 407 | — | ||||||||||||
Accrued administration fees | 6,827 | 1,921 | 510 | 6,284 | ||||||||||||
Accrued CCO fees | 645 | 182 | 49 | 644 | ||||||||||||
Accrued expenses | 19,431 | 8,082 | 3,565 | 16,341 | ||||||||||||
Total liabilities | 114,419 | 23,013 | 5,492 | 192,147 | ||||||||||||
Net assets | $ | 89,213,144 | $ | 25,204,432 | $ | 6,726,877 | $ | 88,875,114 | ||||||||
Net assets at August 31, 2015 consist of | ||||||||||||||||
Paid-in capital | $ | 84,658,776 | $ | 25,019,738 | $ | 6,716,305 | $ | 88,877,548 | ||||||||
Undistributed net investment income | 137,066 | 56,479 | (2,311 | ) | — | |||||||||||
Accumulated net realized gains (losses) | (70,054 | ) | (512,541 | ) | 91 | (2,434 | ) | |||||||||
Unrealized appreciation (depreciation) of investments | 4,487,356 | 640,756 | 12,792 | — | ||||||||||||
Total net assets | $ | 89,213,144 | $ | 25,204,432 | $ | 6,726,877 | $ | 88,875,114 | ||||||||
Net assets | ||||||||||||||||
Direct Shares | $ | 89,213,144 | $ | 19,855,333 | $ | 5,223,487 | $ | 86,224,061 | ||||||||
K Shares | $ | — | $ | 5,349,099 | $ | 1,503,390 | $ | 2,651,053 | ||||||||
Shares outstanding | ||||||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 7,633,975 | 1,905,135 | 514,137 | 86,228,162 | ||||||||||||
K Shares (no par value, unlimited shares authorized) | — | 512,859 | 149,845 | 2,649,415 | ||||||||||||
Net asset value per share | ||||||||||||||||
Direct Shares | $ | 11.69 | $ | 10.42 | $ | 10.16 | $ | 1.00 | ||||||||
K Shares | $ | — | $ | 10.43 | $ | 10.03 | $ | 1.00 |
See accompanying notes to financial statements.
31
Statements of Assets & Liabilities |
S&P 500 | S&P MidCap | S&P | Shelton | |||||||||||||
Assets | ||||||||||||||||
Investments in securities | ||||||||||||||||
Cost of investments | $ | 63,463,333 | $ | 91,250,785 | $ | 37,384,468 | $ | 104,180,422 | ||||||||
Market value of investments (Note 1) | 130,632,011 | 145,393,075 | 49,885,967 | 184,878,288 | ||||||||||||
Cash | 258,481 | 152,829 | 592,100 | 717,322 | ||||||||||||
Cash held at broker | 199,950 | 210,000 | 200,000 | 100,000 | ||||||||||||
Dividend receivable | 295,627 | 175,646 | 40,707 | 673,651 | ||||||||||||
Receivable for fund shares sold | 18,093 | 32,339 | 16,724 | 42,263 | ||||||||||||
Prepaid expenses | 41 | 49 | 19 | 32 | ||||||||||||
Total assets | 131,404,203 | 145,963,938 | 50,735,517 | 186,411,556 | ||||||||||||
Liabilities | ||||||||||||||||
Payable for fund shares repurchased | 134,850 | 222,573 | 38,212 | 68,799 | ||||||||||||
Payable to investment advisor | 19,154 | 50,014 | 21,483 | 82,457 | ||||||||||||
Variation margin payable | 4,480 | 39,013 | 7,150 | — | ||||||||||||
Accrued 12b-1 fees | 2,050 | 1,431 | 2,437 | 1,451 | ||||||||||||
Accrued shareholder service fees | 3,043 | 1,411 | 2,629 | 1,711 | ||||||||||||
Accrued administration fees | 10,387 | 11,520 | 3,973 | 14,777 | ||||||||||||
Accrued CCO fees | 957 | 1,062 | 366 | 1,354 | ||||||||||||
Accrued expenses | 28,134 | 32,156 | 14,890 | 44,449 | ||||||||||||
Total liabilities | 203,055 | 359,180 | 91,140 | 214,998 | ||||||||||||
Net assets | $ | 131,201,148 | $ | 145,604,758 | $ | 50,644,377 | $ | 186,196,558 | ||||||||
Net assets at August 31, 2015 consist of | ||||||||||||||||
Paid-in capital | $ | 60,733,397 | $ | 69,446,619 | $ | 33,313,268 | $ | 106,369,020 | ||||||||
Undistributed net investment income | 772,624 | 17,598 | 15,200 | 1,174,747 | ||||||||||||
Accumulated net realized gain (loss) | 2,548,887 | 22,240,141 | 4,871,995 | (2,045,021 | ) | |||||||||||
Unrealized appreciation (depreciation) of investments | 67,168,678 | 54,142,290 | 12,501,499 | 80,697,812 | ||||||||||||
Unrealized appreciation (depreciation) of futures contracts | (22,438 | ) | (241,890 | ) | (57,585 | ) | — | |||||||||
Total net assets | $ | 131,201,148 | $ | 145,604,758 | $ | 50,644,377 | $ | 186,196,558 | ||||||||
Net assets | ||||||||||||||||
Direct Shares | $ | 123,138,310 | $ | 140,360,511 | $ | 40,823,176 | $ | 180,407,799 | ||||||||
K Shares | $ | 8,062,838 | $ | 5,244,247 | $ | 9,821,201 | $ | 5,788,759 | ||||||||
Shares outstanding | ||||||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 3,088,062 | 4,940,061 | 1,981,771 | 7,142,407 | ||||||||||||
K Shares (no par value, unlimited shares authorized) | 202,247 | 186,073 | 485,342 | 230,680 | ||||||||||||
Net asset value per share | ||||||||||||||||
Direct Shares | $ | 39.88 | $ | 28.41 | $ | 20.60 | $ | 25.26 | ||||||||
K Shares | $ | 39.87 | $ | 28.18 | $ | 20.24 | $ | 25.09 |
See accompanying notes to financial statements.
32
Statements of Assets & Liabilities |
European | Nasdaq-100 | Shelton Green Alpha Fund | ||||||||||
Assets | ||||||||||||
Investments in securities | ||||||||||||
Cost of investments | $ | 8,524,991 | $ | 202,810,767 | $ | 27,551,919 | ||||||
Market value of investments (Note 1) | 10,072,250 | 247,824,116 | 26,657,543 | |||||||||
Cash | 56,396 | 326,916 | 2,963,805 | |||||||||
Cash held at broker | — | 426,000 | — | |||||||||
Dividend receivable | 38,647 | 304,469 | 21,384 | |||||||||
Receivable for fund shares sold | 6,339 | 511,387 | 6,745 | |||||||||
Prepaid expenses | 5 | — | 301 | |||||||||
Total assets | 10,173,637 | 249,392,888 | 29,649,778 | |||||||||
Liabilities | ||||||||||||
Payable for fund shares repurchased | — | 114,397 | 20,097 | |||||||||
Payable to investment advisor | 5,221 | 48,240 | 25,640 | |||||||||
Variation margin payable | — | 39,730 | — | |||||||||
Accrued 12b-1 fees | 924 | 4,605 | — | |||||||||
Accrued shareholder service fees | 1,161 | 5,104 | — | |||||||||
Accrued administration fees | 807 | 19,473 | 2,298 | |||||||||
Accrued CCO fees | 74 | 1,822 | 214 | |||||||||
Accrued expenses | 5,497 | 39,042 | 5,903 | |||||||||
Total liabilities | 13,684 | 272,413 | 54,152 | |||||||||
Net assets | $ | 10,159,953 | $ | 249,120,475 | $ | 29,595,626 | ||||||
Net assets at August 31, 2015 consist of | ||||||||||||
Paid-in capital | $ | 9,996,181 | $ | 204,500,211 | $ | 31,099,766 | ||||||
Undistributed net investment income | 27,232 | 886,175 | — | |||||||||
Accumulated net realized gain (loss) | (1,410,719 | ) | (1,329,380 | ) | (609,764 | ) | ||||||
Unrealized appreciation (depreciation) of investments | 1,547,259 | 45,013,349 | (894,376 | ) | ||||||||
Unrealized appreciation (depreciation) of futures contracts | — | 50,120 | — | |||||||||
Total net assets | $ | 10,159,953 | $ | 249,120,475 | $ | 29,595,626 | ||||||
Net assets | ||||||||||||
Direct Shares | $ | 5,905,642 | $ | 231,321,796 | $ | 29,595,626 | ||||||
K Shares | $ | 4,254,311 | $ | 17,798,679 | $ | — | ||||||
Shares outstanding | ||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 697,593 | 21,036,218 | 2,164,716 | |||||||||
K Shares (no par value, unlimited shares authorized) | 500,615 | 1,664,711 | — | |||||||||
Net asset value per share | ||||||||||||
Direct Shares | $ | 8.47 | $ | 11.00 | $ | 13.67 | ||||||
K Shares | $ | 8.50 | $ | 10.69 | $ | — |
See accompanying notes to financial statements.
33
Statements of Operations |
California | U.S. | Short-Term U.S. | The United | |||||||||||||
Investment income | ||||||||||||||||
Interest income | $ | 2,936,745 | $ | 562,500 | $ | 43,043 | $ | 32,051 | ||||||||
Total | 2,936,745 | 562,500 | 43,043 | 32,051 | ||||||||||||
Expenses | ||||||||||||||||
Management fees (Note 2) | 470,691 | 133,723 | 35,406 | 497,438 | ||||||||||||
Administration fees (Note 2) | 84,518 | 23,871 | 6,193 | 88,642 | ||||||||||||
Transfer agent fees | 21,946 | 16,804 | 3,842 | 18,988 | ||||||||||||
Accounting services | 31,122 | 10,229 | 3,801 | 28,492 | ||||||||||||
Custodian fees | 7,754 | 3,028 | 1,208 | 8,767 | ||||||||||||
Legal and audit fees | 24,537 | 10,598 | 6,578 | 26,040 | ||||||||||||
CCO fees (Note 2) | 8,007 | 2,259 | 601 | 8,379 | ||||||||||||
Trustees fees | 5,857 | 5,866 | 5,860 | 5,859 | ||||||||||||
Insurance | 3,335 | 991 | 265 | 3,743 | ||||||||||||
Printing | 4,246 | 3,733 | 2,272 | 6,817 | ||||||||||||
Registration and dues | 5,703 | 10,449 | 2,550 | 4,553 | ||||||||||||
12b-1 fees Class K (Note 2) | — | 13,710 | 3,797 | — | ||||||||||||
Shareholder service fees (Note 2) | — | 13,710 | 3,797 | — | ||||||||||||
Total expenses | 667,716 | 248,971 | 76,170 | 697,718 | ||||||||||||
Less reimbursement from manager (Note 2) | — | (24,827 | ) | (26,812 | ) | (665,667 | ) | |||||||||
Net expenses | 667,716 | 224,144 | 49,358 | 32,051 | ||||||||||||
Net investment income | 2,269,029 | 338,356 | (6,315 | ) | — | |||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) from security transactions | (70,054 | ) | 110,258 | 1,347 | 570 | |||||||||||
Change in unrealized appreciation (depreciation) of investments | (565,276 | ) | (33,502 | ) | (8,840 | ) | — | |||||||||
Net realized and unrealized gain (loss) of investments | (635,330 | ) | 76,756 | (7,493 | ) | 570 | ||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,633,699 | $ | 415,112 | $ | (13,808 | ) | $ | 570 |
See accompanying notes to financial statements.
34
Statements of Operations |
S&P 500 | S&P MidCap | S&P | Shelton | |||||||||||||
Investment income | ||||||||||||||||
Interest income | $ | 6 | $ | 236 | $ | 57 | $ | 137 | ||||||||
Dividend income (net of foreign tax withheld: $302; $0; $126; $30,556 respectively) | 2,910,891 | 2,322,690 | 749,138 | 5,204,668 | ||||||||||||
Total | 2,910,897 | 2,322,926 | 749,195 | 5,204,805 | ||||||||||||
Expenses | ||||||||||||||||
Management fees (Note 2) | 346,243 | 649,708 | 267,722 | 1,015,243 | ||||||||||||
Administration fees (Note 2) | 124,319 | 144,213 | 48,064 | 180,773 | ||||||||||||
Transfer agent fees | 29,848 | 31,280 | 18,810 | 143,222 | ||||||||||||
Accounting services | 49,344 | 53,186 | 26,404 | 56,921 | ||||||||||||
Custodian fees | 11,737 | 16,573 | 5,414 | 15,078 | ||||||||||||
Legal and audit fees | 31,138 | 37,235 | 14,303 | 46,828 | ||||||||||||
CCO fees (Note 2) | 11,796 | 13,689 | 4,531 | 17,258 | ||||||||||||
Trustees fees | 5,852 | 5,839 | 5,848 | 5,841 | ||||||||||||
Insurance | 4,637 | 6,062 | 1,823 | 7,007 | ||||||||||||
Printing | 13,435 | 12,809 | 9,823 | 20,394 | ||||||||||||
Registration and dues | 12,889 | 15,637 | 8,095 | 36,044 | ||||||||||||
12b-1 fees Class K (Note 2) | 23,402 | 15,962 | 27,153 | 16,678 | ||||||||||||
Shareholder service fees Class K (Note 2) | 23,402 | 15,962 | 27,153 | 16,678 | ||||||||||||
Licensing fee | 12,482 | 16,705 | 5,229 | — | ||||||||||||
Total expenses | 700,524 | 1,034,860 | 470,372 | 1,577,965 | ||||||||||||
Less reimbursement from manager (Note 2) | (155,206 | ) | (62,001 | ) | (20,187 | ) | — | |||||||||
Net expenses | 545,318 | 972,859 | 450,185 | 1,577,965 | ||||||||||||
Net investment income | 2,365,579 | 1,350,067 | 299,010 | 3,626,840 | ||||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) from security transactions | 2,991,296 | 22,388,896 | 4,883,885 | 6,710,837 | ||||||||||||
Net realized gain (loss) from futures contracts | 42,663 | 82,801 | (6,605 | ) | — | |||||||||||
Change in unrealized appreciation (depreciation) of investments | (4,885,328 | ) | (23,597,547 | ) | (3,257,313 | ) | (11,850,680 | ) | ||||||||
Change in unrealized appreciation (depreciation) of futures contracts | (41,106 | ) | (242,170 | ) | (62,685 | ) | — | |||||||||
Net realized and unrealized gain (loss) on investments | (1,892,475 | ) | (1,368,020 | ) | 1,557,282 | (5,139,843 | ) | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 473,104 | $ | (17,953 | ) | $ | 1,856,292 | $ | (1,513,003 | ) |
See accompanying notes to financial statements.
35
Statements of Operations |
European | Nasdaq-100 | Shelton Green Alpha Fund | ||||||||||
Investment income | ||||||||||||
Interest income | $ | — | $ | 254 | $ | — | ||||||
Dividend income (net of foreign tax withheld: $67,335; $1,660; $4,474 respectively) | 410,668 | 2,973,472 | 212,489 | |||||||||
Total | 410,668 | 2,973,726 | 212,489 | |||||||||
Expenses | ||||||||||||
Management fees (Note 2) | 101,617 | 1,007,873 | 261,880 | |||||||||
Administration fees (Note 2) | 10,582 | 180,795 | 22,631 | |||||||||
Transfer agent fees | 8,236 | 101,499 | 10,417 | |||||||||
Accounting services | 4,941 | 60,000 | 9,246 | |||||||||
Custodian fees | 1,623 | 20,200 | 3,833 | |||||||||
Legal and audit fees | 8,117 | 45,632 | 10,204 | |||||||||
CCO fees (Note 2) | 1,008 | 17,640 | 2,263 | |||||||||
Trustees fees | 5,849 | 5,912 | 5,843 | |||||||||
Insurance | 480 | 4,128 | 770 | |||||||||
Printing | 3,335 | 22,739 | 5,751 | |||||||||
Registration and dues | 4,690 | 35,766 | 18,683 | |||||||||
12b-1 fees Class K (Note 2) | 11,836 | 45,364 | — | |||||||||
Shareholder service fees Class K (Note 2) | 11,836 | 45,364 | — | |||||||||
Licensing fee | — | 5,002 | — | |||||||||
Total expenses | 174,150 | 1,597,914 | 351,521 | |||||||||
Less reimbursement from manager (Note 2) | (31,088 | ) | (517,857 | ) | — | |||||||
Net expenses | 143,062 | 1,080,057 | 351,521 | |||||||||
Net investment income | 267,606 | 1,893,669 | (139,032 | ) | ||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||
Net realized gain (loss) from security transactions | (446,043 | ) | 1,877,898 | (609,517 | ) | |||||||
Net realized gain (loss) from futures contracts | — | (130,349 | ) | — | ||||||||
Change in unrealized appreciation (depreciation) of investments | (1,099,257 | ) | 4,682,134 | (3,604,605 | ) | |||||||
Change in unrealized appreciation (depreciation) of futures contracts | — | 2,390 | — | |||||||||
Net realized and unrealized gain (loss) on investments | (1,545,300 | ) | 6,432,073 | (4,214,122 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | $ | (1,277,694 | ) | $ | 8,325,742 | $ | (4,353,154 | ) |
See accompanying notes to financial statements.
36
Statements of Changes in Net Assets |
California Tax-Free | ||||||||
Year Ended | Year Ended | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 2,269,029 | $ | 2,945,568 | ||||
Net realized gain (loss) on investments | (70,054 | ) | 397,302 | |||||
Change in unrealized appreciation (depreciation) of investments | (565,276 | ) | 4,392,739 | |||||
Net increase (decrease) in net assets resulting from operations | 1,633,699 | 7,735,609 | ||||||
Distributions to shareholders | ||||||||
Distributions from net investment income | (2,231,089 | ) | (2,898,978 | ) | ||||
Distributions from realized capital gains on investments | (400,216 | ) | — | |||||
Capital share transactions | ||||||||
Increase (decrease) in net assets resulting from capital share transactions | (6,900,262 | ) | (7,958,824 | ) | ||||
Total increase (decrease) | (7,897,868 | ) | (3,122,193 | ) | ||||
Net assets | ||||||||
Beginning of period | 97,111,012 | 100,233,205 | ||||||
End of period | $ | 89,213,144 | $ | 97,111,012 | ||||
Including undistributed net investment income (loss) of: | $ | 137,066 | $ | 159,539 |
U.S. Government | Short-Term U.S. | The United States | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 338,356 | $ | 515,112 | $ | (6,315 | ) | $ | (19,377 | ) | $ | — | $ | — | ||||||||||
Net realized gain (loss) on investments | 110,258 | 295,307 | 1,347 | 1,469 | 570 | (3,004 | ) | |||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | (33,502 | ) | (253,964 | ) | (8,840 | ) | 9,609 | — | — | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 415,112 | 556,455 | (13,808 | ) | (8,299 | ) | 570 | (3,004 | ) | |||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (288,970 | ) | (425,522 | ) | — | — | — | — | ||||||||||||||||
A shares | — | (3,980 | ) | — | — | — | — | |||||||||||||||||
K shares | (50,740 | ) | (83,336 | ) | — | — | — | — | ||||||||||||||||
Distributions from realized capital gains on investments | ||||||||||||||||||||||||
Direct shares | — | — | (1,845 | ) | — | — | — | |||||||||||||||||
K shares | — | — | (469 | ) | — | — | — | |||||||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (3,701,972 | ) | (2,468,608 | ) | (941,437 | ) | (1,023,976 | ) | (20,035,664 | ) | 36,284,009 | |||||||||||||
Total increase (decrease) | (3,626,570 | ) | (2,424,991 | ) | (957,559 | ) | (1,032,275 | ) | (20,035,094 | ) | 36,281,005 | |||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 28,831,002 | 31,255,993 | 7,684,436 | 8,716,711 | 108,910,208 | 72,629,203 | ||||||||||||||||||
End of period | $ | 25,204,432 | $ | 28,831,002 | $ | 6,726,877 | $ | 7,684,436 | $ | 88,875,114 | $ | 108,910,208 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 56,479 | $ | 48,680 | $ | (2,311 | ) | $ | (11,695 | ) | $ | — | $ | — |
See accompanying notes to financial statements.
37
Statements of Changes in Net Assets |
S&P 500 Index Fund | S&P MidCap Index Fund | S&P SmallCap Index Fund | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 2,365,579 | $ | 2,017,764 | $ | 1,350,067 | $ | 1,326,124 | $ | 299,010 | $ | 184,661 | ||||||||||||
Net realized gain (loss) on investments | 2,991,296 | (83,440 | ) | 22,388,896 | 11,803,423 | 4,883,885 | 3,399,994 | |||||||||||||||||
Net realized gain (loss) on futures contracts | 42,663 | 645,642 | 82,801 | 271,835 | (6,605 | ) | 507,833 | |||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | (4,885,328 | ) | 24,568,326 | (23,597,547 | ) | 20,121,168 | (3,257,313 | ) | 3,909,884 | |||||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | (41,106 | ) | 38,443 | (242,170 | ) | 50,920 | (62,685 | ) | (7,248 | ) | ||||||||||||||
Net increase (decrease) in net assets resulting from operations | 473,104 | 27,186,735 | (17,953 | ) | 33,573,470 | 1,856,292 | 7,995,124 | |||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (2,188,450 | ) | (1,830,441 | ) | (1,462,739 | ) | (1,353,463 | ) | (271,094 | ) | (172,619 | ) | ||||||||||||
K shares | (93,268 | ) | (153,775 | ) | (23,818 | ) | (40,614 | ) | (12,716 | ) | (13,967 | ) | ||||||||||||
Distributions from realized capital gains on investments | ||||||||||||||||||||||||
Direct shares | (515,560 | ) | (1,713,111 | ) | (11,448,852 | ) | (6,477,461 | ) | (2,983,582 | ) | (2,490,080 | ) | ||||||||||||
K shares | (38,363 | ) | (155,980 | ) | (467,757 | ) | (305,081 | ) | (801,864 | ) | (715,964 | ) | ||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (1,326,328 | ) | 339,259 | (17,349,414 | ) | (306,900 | ) | (241,934 | ) | 2,256,938 | ||||||||||||||
Total increase (decrease) | (3,688,865 | ) | 23,672,687 | (30,770,533 | ) | 25,089,951 | (2,454,898 | ) | 6,859,432 | |||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 134,890,013 | 111,217,326 | 176,375,291 | 151,285,340 | 53,099,275 | 46,239,843 | ||||||||||||||||||
End of period | $ | 131,201,148 | $ | 134,890,013 | $ | 145,604,758 | $ | 176,375,291 | $ | 50,644,377 | $ | 53,099,275 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 772,624 | $ | 688,763 | $ | 17,598 | $ | 154,088 | $ | 15,200 | $ | — |
Shelton Core Value Fund | European Growth | Nasdaq-100 Index Fund | ||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 3,626,840 | $ | 3,022,870 | $ | 267,606 | $ | 276,588 | $ | 1,893,669 | $ | 1,015,724 | ||||||||||||
Net realized gain (loss) on investments | 6,710,837 | 8,784,857 | (446,043 | ) | (406,143 | ) | 1,877,898 | 91,394 | ||||||||||||||||
Net realized gain (loss) on futures contracts | — | — | — | — | (130,349 | ) | 1,105,982 | |||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | (11,850,680 | ) | 27,135,577 | (1,099,257 | ) | 2,443,356 | 4,682,134 | 22,418,541 | ||||||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | — | — | — | — | 2,390 | 60,898 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | (1,513,003 | ) | 38,943,304 | (1,277,694 | ) | 2,313,801 | 8,325,742 | 24,692,539 | ||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (3,397,483 | ) | (3,101,667 | ) | (170,458 | ) | (221,107 | ) | (1,204,818 | ) | (899,099 | ) | ||||||||||||
A shares | — | (46,135 | ) | — | — | — | — | |||||||||||||||||
K shares | (73,108 | ) | (88,012 | ) | (93,639 | ) | (82,499 | ) | (40,664 | ) | (81,271 | ) | ||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (13,052,453 | ) | (11,109,419 | ) | (2,285,236 | ) | (1,124,417 | ) | 123,351,748 | 31,016,960 | ||||||||||||||
Total increase (decrease) | (18,036,047 | ) | 24,598,071 | (3,827,027 | ) | 885,778 | 130,432,008 | 54,729,129 | ||||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 204,232,605 | 179,634,534 | 13,986,980 | 13,101,202 | 118,688,467 | 63,959,338 | ||||||||||||||||||
End of period | $ | 186,196,558 | $ | 204,232,605 | $ | 10,159,953 | $ | 13,986,980 | $ | 249,120,475 | $ | 118,688,467 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 1,174,747 | $ | 1,018,498 | $ | 27,232 | $ | 25,280 | $ | 886,175 | $ | 237,988 |
See accompanying notes to financial statements.
38
Statements of Changes in Net Assets |
Shelton Green Alpha Fund | ||||||||
Year Ended | Year Ended | |||||||
Operations | ||||||||
Net investment income (loss) | $ | (139,032 | ) | $ | (71,831 | ) | ||
Net realized gain (loss) on investments | (609,517 | ) | 41,429 | |||||
Change in unrealized appreciation (depreciation) of investments | (3,604,605 | ) | 2,640,437 | |||||
Net increase (decrease) in net assets resulting from operations | (4,353,154 | ) | 2,610,035 | |||||
Distributions to shareholders | ||||||||
Distributions from realized capital gains on investments | ||||||||
Direct shares | (783 | ) | — | |||||
Capital share transactions | ||||||||
Increase (decrease) in net assets resulting from capital share transactions | 11,513,073 | 15,203,090 | ||||||
Total increase (decrease) | 7,159,136 | 17,813,125 | ||||||
Net assets | ||||||||
Beginning of period | 22,436,490 | 4,623,365 | ||||||
End of period | $ | 29,595,626 | $ | 22,436,490 | ||||
Including undistributed net investment income (loss) of: | $ | — | $ | — |
Statements of Changes in Net Assets |
California Tax-Free Income Fund | Direct Shares | |||||||||||||||
Year Ended | Year Ended | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Shares sold | 194,746 | $ | 2,294,178 | 1,120,269 | $ | 12,882,540 | ||||||||||
Shares issued in reinvestment of distributions | 166,886 | 1,963,103 | 186,155 | 2,158,906 | ||||||||||||
Shares repurchased | (949,266 | ) | (11,157,543 | ) | (1,981,074 | ) | (23,000,270 | ) | ||||||||
Net increase (decrease) | (587,634 | ) | $ | (6,900,262 | ) | (674,650 | ) | $ | (7,958,824 | ) |
U.S. Government Securities Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 384,005 | $ | 4,014,509 | 630,421 | $ | 6,559,775 | 99,416 | $ | 1,042,202 | 114,542 | $ | 1,193,213 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 26,664 | 279,002 | 39,737 | 413,205 | 4,842 | 50,736 | 7,999 | 83,336 | ||||||||||||||||||||||||
Shares repurchased | (692,719 | ) | (7,249,542 | ) | (695,112 | ) | (7,227,134 | ) | (175,786 | ) | (1,838,879 | ) | (221,032 | ) | (2,304,401 | ) | ||||||||||||||||
Net increase (decrease) | (282,050 | ) | $ | (2,956,031 | ) | (24,954 | ) | $ | (254,154 | ) | (71,528 | ) | $ | (745,941 | ) | (98,491 | ) | $ | (1,027,852 | ) |
Short-Term U.S. Government Bond Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 65,249 | $ | 663,567 | 88,163 | $ | 897,054 | 36,445 | $ | 366,743 | 50,725 | $ | 513,427 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 180 | 1,833 | — | — | 46 | 469 | — | — | ||||||||||||||||||||||||
Shares repurchased | (120,389 | ) | (1,224,074 | ) | (189,462 | ) | (1,927,698 | ) | (74,416 | ) | (749,975 | ) | (49,998 | ) | (506,759 | ) | ||||||||||||||||
Net increase (decrease) | (54,960 | ) | $ | (558,674 | ) | (101,299 | ) | $ | (1,030,644 | ) | (37,925 | ) | $ | (382,763 | ) | 727 | $ | 6,668 |
See accompanying notes to financial statements.
39
Statements of Changes in Net Assets |
The United States Treasury Trust | Direct Shares | K Shares | ||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||
Shares/ | Shares/ | Shares/ | Shares/ | |||||||||||||
Shares sold | 63,327,313 | 115,920,492 | 827,570 | 2,170,168 | ||||||||||||
Shares issued in reinvestment of distributions | — | — | — | — | ||||||||||||
Shares repurchased | (83,000,904 | ) | (79,499,496 | ) | (1,189,643 | ) | (2,307,155 | ) | ||||||||
Net increase (decrease) | (19,673,591 | ) | 36,420,996 | (362,073 | ) | (136,987 | ) |
S&P 500 Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 371,368 | $ | 15,289,729 | 310,526 | $ | 11,586,574 | 43,932 | $ | 1,826,574 | 49,342 | $ | 1,840,281 | ||||||||||||||||||||
Shares issued in reinvestment | 59,860 | 2,471,846 | 89,839 | 3,325,527 | 3,175 | 130,803 | 8,339 | 308,540 | ||||||||||||||||||||||||
Shares repurchased | (388,443 | ) | (16,086,221 | ) | (365,279 | ) | (13,750,313 | ) | (122,276 | ) | (4,959,059 | ) | (80,415 | ) | (2,971,350 | ) | ||||||||||||||||
Net increase (decrease) | 42,785 | $ | 1,675,354 | 35,086 | $ | 1,161,788 | (75,169 | ) | $ | (3,001,682 | ) | (22,734 | ) | $ | (822,529 | ) |
S&P MidCap Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 222,791 | $ | 6,653,357 | 534,111 | $ | 15,577,227 | 37,031 | $ | 1,101,722 | 34,485 | $ | 999,328 | ||||||||||||||||||||
Shares issued in reinvestment | 428,459 | 12,439,014 | 269,152 | 7,599,984 | 17,062 | 490,171 | 12,275 | 344,078 | ||||||||||||||||||||||||
Shares repurchased | (1,173,107 | ) | (34,829,973 | ) | (756,369 | ) | (22,099,524 | ) | (107,655 | ) | (3,203,705 | ) | (94,673 | ) | (2,727,993 | ) | ||||||||||||||||
Net increase (decrease) | (521,857 | ) | $ | (15,737,602 | ) | 46,894 | $ | 1,077,687 | (53,562 | ) | $ | (1,611,812 | ) | (47,913 | ) | $ | (1,384,587 | ) |
S&P SmallCap Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 210,742 | $ | 4,481,991 | 342,945 | $ | 7,260,398 | 75,932 | $ | 1,585,647 | 80,412 | $ | 1,671,811 | ||||||||||||||||||||
Shares issued in reinvestment | 157,320 | 3,210,535 | 125,059 | 2,641,936 | 40,774 | 814,580 | 35,117 | 729,931 | ||||||||||||||||||||||||
Shares repurchased | (319,314 | ) | (6,746,069 | ) | (310,460 | ) | (6,620,360 | ) | (171,559 | ) | (3,588,618 | ) | (164,334 | ) | (3,426,778 | ) | ||||||||||||||||
Net increase (decrease) | 48,748 | $ | 946,457 | 157,544 | $ | 3,281,974 | (54,853 | ) | $ | (1,188,391 | ) | (48,805 | ) | $ | (1,025,036 | ) |
Shelton Core Value Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 348,617 | $ | 9,213,866 | 1,058,222 | $ | 25,092,144 | 40,590 | $ | 1,065,123 | 44,448 | $ | 1,053,495 | ||||||||||||||||||||
Shares issued in reinvestment | 123,615 | 3,266,713 | 126,025 | 3,001,240 | 2,788 | 73,089 | 3,746 | 87,993 | ||||||||||||||||||||||||
Shares repurchased | (906,656 | ) | (24,032,821 | ) | (898,482 | ) | (21,590,064 | ) | (100,413 | ) | (2,638,423 | ) | (130,748 | ) | (3,035,171 | ) | ||||||||||||||||
Net increase (decrease) | (434,424 | ) | $ | (11,552,242 | ) | 285,765 | $ | 6,503,320 | (57,035 | ) | $ | (1,500,211 | ) | (82,554 | ) | $ | (1,893,683 | ) |
See accompanying notes to financial statements.
40
Statements of Changes in Net Assets |
European Growth & Income Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 141,088 | $ | 1,284,773 | 297,938 | $ | 2,816,249 | 104,972 | $ | 954,715 | 104,314 | $ | 992,398 | ||||||||||||||||||||
Shares issued in reinvestment | 19,013 | 169,309 | 22,729 | 220,500 | 10,454 | 93,639 | 8,474 | 82,499 | ||||||||||||||||||||||||
Shares repurchased | (339,374 | ) | (3,078,618 | ) | (316,529 | ) | (3,046,747 | ) | (186,358 | ) | (1,709,054 | ) | (233,170 | ) | (2,189,316 | ) | ||||||||||||||||
Net increase (decrease) | (179,273 | ) | $ | (1,624,536 | ) | 4,138 | $ | (9,998 | ) | (70,932 | ) | $ | (660,700 | ) | (120,382 | ) | $ | (1,114,419 | ) |
Nasdaq-100 Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Year Ended | Year Ended | Year Ended | Year Ended | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 15,657,235 | $ | 171,345,548 | �� | 5,071,470 | $ | 47,783,109 | 1,519,901 | $ | 16,196,760 | 381,395 | $ | 3,496,185 | |||||||||||||||||||
Shares issued in reinvestment of distributions | 104,547 | 1,150,685 | 93,848 | 865,732 | 3,105 | 33,272 | 9,013 | 80,430 | ||||||||||||||||||||||||
Shares repurchased | (4,895,158 | ) | (53,942,512 | ) | (1,848,486 | ) | (17,265,078 | ) | (1,057,574 | ) | (11,432,005 | ) | (448,852 | ) | (3,943,418 | ) | ||||||||||||||||
Net increase (decrease) | 10,866,624 | $ | 118,553,721 | 3,316,832 | $ | 31,383,763 | 465,432 | $ | 4,798,027 | (58,444 | ) | $ | (366,803 | ) |
Shelton Green Alpha Fund | Direct Shares | |||||||||||||||
Year Ended | Year Ended | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Shares sold | 1,231,231 | $ | 18,525,990 | 1,274,345 | $ | 18,902,910 | ||||||||||
Shares issued in reinvestment of distributions | 52 | 757 | — | — | ||||||||||||
Shares repurchased | (477,359 | ) | (7,013,674 | ) | (250,188 | ) | (3,699,820 | ) | ||||||||
Net increase (decrease) | 753,924 | $ | 11,513,073 | 1,024,157 | $ | 15,203,090 |
See accompanying notes to financial statements.
41
Financial Highlights (For a Share Outstanding Throughout Each Year) |
California Tax-Free Income Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 11.81 | $ | 11.27 | $ | 11.89 | $ | 11.38 | $ | 11.69 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.28 | 0.33 | 0.38 | 0.41 | 0.44 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.07 | ) | 0.54 | (0.62 | ) | 0.51 | (0.25 | ) | ||||||||||||
Total from investment operations | 0.21 | 0.87 | (0.25 | ) | 0.92 | 0.19 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.28 | ) | (0.33 | ) | (0.38 | ) | (0.41 | ) | (0.45 | ) | ||||||||||
Distributions from capital gains | (0.05 | ) | — | — | — | (0.05 | ) | |||||||||||||
Total distributions | (0.33 | ) | (0.33 | ) | (0.38 | ) | (0.41 | ) | (0.50 | ) | ||||||||||
Net asset value, end of period | $ | 11.69 | $ | 11.81 | $ | 11.27 | $ | 11.89 | $ | 11.38 | ||||||||||
Total return | 1.78 | % | 7.80 | % | (2.12 | )% | 8.17 | % | 1.73 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 89,213 | $ | 97,111 | $ | 100,233 | $ | 105,786 | $ | 99,223 | ||||||||||
Ratio of expenses to average net assets | 0.71 | % | 0.73 | % | 0.71 | % | 0.72 | % | 0.72 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 2.41 | % | 2.88 | % | 3.29 | % | 3.50 | % | 3.93 | % | ||||||||||
Portfolio turnover | 12 | % | 10 | % | 11 | % | 10 | % | 2 | % |
(a) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
42
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
U.S. Government Securities Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 10.40 | $ | 10.38 | $ | 10.93 | $ | 10.79 | $ | 10.68 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.14 | 0.19 | 0.19 | 0.20 | 0.21 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.02 | 0.02 | (0.56 | ) | 0.13 | 0.11 | ||||||||||||||
Total from investment operations | 0.16 | 0.21 | (0.37 | ) | 0.33 | 0.32 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.14 | ) | (0.19 | ) | (0.18 | ) | (0.19 | ) | (0.21 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.14 | ) | (0.19 | ) | (0.18 | ) | (0.19 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 10.42 | $ | 10.40 | $ | 10.38 | $ | 10.93 | $ | 10.79 | ||||||||||
Total return | 1.58 | % | 2.03 | % | (3.38 | )% | 3.13 | % | 3.09 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 19,855 | $ | 22,746 | $ | 22,968 | $ | 26,927 | $ | 28,080 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.83 | % | 0.86 | % | 0.86 | % | 0.87 | % | 0.86 | % | ||||||||||
After expense reimbursements | 0.74 | % | 0.72 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.27 | % | 1.68 | % | 1.62 | % | 1.69 | % | 1.85 | % | ||||||||||
After expense reimbursements | 1.38 | % | 1.82 | % | 1.74 | % | 1.82 | % | 1.97 | % | ||||||||||
Portfolio turnover | 18 | % | 32 | % | 6 | % | 9 | % | 62 | % |
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 10.41 | $ | 10.40 | $ | 10.96 | $ | 10.82 | $ | 10.70 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.09 | 0.14 | 0.13 | 0.14 | 0.16 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.03 | 0.01 | (0.55 | ) | 0.14 | 0.12 | ||||||||||||||
Total from investment operations | 0.12 | 0.15 | (0.42 | ) | 0.28 | 0.28 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.10 | ) | (0.14 | ) | (0.14 | ) | (0.14 | ) | (0.16 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.10 | ) | (0.14 | ) | (0.14 | ) | (0.14 | ) | (0.16 | ) | ||||||||||
Net asset value, end of period | $ | 10.43 | $ | 10.41 | $ | 10.40 | $ | 10.96 | $ | 10.82 | ||||||||||
Total return | 1.13 | % | 1.48 | % | (3.88 | )% | 2.60 | % | 2.65 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,349 | $ | 6,085 | $ | 7,103 | $ | 8,202 | $ | 8,878 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.33 | % | 1.36 | % | 1.36 | % | 1.37 | % | 1.37 | % | ||||||||||
After expense reimbursements | 1.24 | % | 1.22 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.77 | % | 1.18 | % | 1.12 | % | 1.19 | % | 1.35 | % | ||||||||||
After expense reimbursements | 0.88 | % | 1.32 | % | 1.24 | % | 1.32 | % | 1.47 | % | ||||||||||
Portfolio turnover | 18 | % | 32 | % | 6 | % | 9 | % | 62 | % |
(a) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
43
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
Short-Term U.S. Government Bond Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 10.17 | $ | 10.23 | $ | 10.32 | $ | 10.41 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.00 | (0.01 | ) | (0.01 | ) | 0.05 | 0.07 | |||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.01 | ) | 0.01 | (0.04 | ) | (0.07 | ) | (0.04 | ) | |||||||||||
Total from investment operations | (0.01 | ) | — | (0.05 | ) | (0.02 | ) | 0.03 | ||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | — | — | (0.05 | ) | (0.07 | ) | |||||||||||||
Distributions from capital gains | (0.00 | )(b) | — | (0.01 | ) | (0.02 | ) | (0.05 | ) | |||||||||||
Total distributions | (0.00 | ) | — | (0.01 | ) | (0.07 | ) | (0.12 | ) | |||||||||||
Net asset value, end of period | $ | 10.16 | $ | 10.17 | $ | 10.17 | $ | 10.23 | $ | 10.32 | ||||||||||
Total return | (0.07 | )% | 0.00 | % | (0.43 | )% | (0.20 | )% | 0.33 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,223 | $ | 5,789 | $ | 6,819 | $ | 9,021 | $ | 11,668 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.97 | % | 1.06 | % | 1.07 | % | 0.98 | % | 0.92 | % | ||||||||||
After expense reimbursements | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | (0.36 | )% | (0.60 | )% | (0.53 | )% | 0.10 | % | 0.37 | % | ||||||||||
After expense reimbursements | 0.02 | % | (0.13 | )% | (0.05 | )% | 0.49 | % | 0.70 | % | ||||||||||
Portfolio turnover | 33 | % | 28 | % | 50 | % | 13 | % | 28 | % |
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 10.10 | $ | 10.15 | $ | 10.25 | $ | 10.34 | $ | 10.43 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | (0.05 | ) | (0.06 | ) | (0.06 | ) | (0.00 | ) | 0.02 | |||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.02 | ) | 0.01 | (0.03 | ) | (0.07 | ) | (0.04 | ) | |||||||||||
Total from investment operations | (0.07 | ) | (0.05 | ) | (0.09 | ) | (0.07 | ) | (0.02 | ) | ||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | (0.02 | ) | ||||||||||||||
Distributions from capital gains | (0.00 | )(b) | — | (0.01 | ) | (0.02 | ) | (0.05 | ) | |||||||||||
Total distributions | (0.00 | ) | — | (0.01 | ) | (0.02 | ) | (0.07 | ) | |||||||||||
Net asset value, end of period | $ | 10.03 | $ | 10.10 | $ | 10.15 | $ | 10.25 | $ | 10.34 | ||||||||||
Total return | (0.66 | )% | (0.49 | )% | (0.85 | )% | (0.66 | )% | (0.18 | )% | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,503 | $ | 1,896 | $ | 1,898 | $ | 2,060 | $ | 3,075 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.47 | % | 1.56 | % | 1.57 | % | 1.48 | % | 1.42 | % | ||||||||||
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 | (0.86 | )% | (1.10 | )% | (1.04 | )% | (0.40 | )% | (0.13 | )% | ||||||||||
After expense reimbursements | (0.48 | )% | (0.63 | )% | (0.56 | )% | (0.01 | )% | 0.20 | % | ||||||||||
Portfolio turnover | 33 | % | 28 | % | 50 | % | 13 | % | 28 | % |
(a) | Calculated based upon average shares outstanding. |
(b) | Less than $0.01 per share. |
See accompanying notes to financial statements.
44
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
The United States Treasury Trust Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | — | — | — | — | — | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.000 | (b) | (0.000 | )(c) | 0.000 | (b) | (0.000 | )(c) | 0.000 | (b) | ||||||||||
Total from investment operations | 0.000 | (0.000 | ) | 0.000 | (0.000 | ) | 0.000 | |||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | |||||||||||||||
Distributions from capital gains | — | — | — | — | (0.000 | )(c) | ||||||||||||||
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 | % | 0.00 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 86,224 | $ | 105,897 | $ | 69,479 | $ | 74,617 | $ | 61,459 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.70 | % | 0.73 | % | 0.76 | % | 0.78 | % | 0.78 | % | ||||||||||
After expense reimbursements | 0.03 | %(c) | 0.03 | %(c) | 0.07 | %(c) | 0.05 | %(c) | 0.12 | %(c) | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | (0.67 | )% | (0.70 | )% | (0.69 | )% | (0.73 | )% | (0.66 | )% | ||||||||||
After expense reimbursements | 0.00 | %(c) | 0.00 | %(c) | 0.00 | %(c) | 0.00 | %(c) | 0.00 | %(c) |
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | — | — | — | — | — | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.000 | (b) | (0.000 | )(c) | 0.000 | (b) | (0.000 | )(c) | 0.000 | (b) | ||||||||||
Total from investment operations | 0.000 | (0.000 | ) | 0.000 | (0.000 | ) | 0.000 | |||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | |||||||||||||||
Distributions from capital gains | — | — | — | — | (0.000 | )(c) | ||||||||||||||
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 | % | 0.00 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 2,651 | $ | 3,013 | $ | 3,150 | $ | 2,508 | $ | 3,647 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.70 | % | 0.73 | % | 0.76 | % | 0.77 | % | 0.78 | % | ||||||||||
After expense reimbursements | 0.03 | %(c) | 0.03 | %(c) | 0.07 | %(c) | 0.05 | %(c) | 0.12 | %(c) | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | (0.67 | )% | (0.70 | )% | (0.69 | )% | (0.73 | )% | (0.66 | )% | ||||||||||
After expense reimbursements | 0.00 | %(c) | 0.00 | %(c) | 0.00 | %(c) | 0.00 | %(c) | 0.00 | %(c) |
(a) | Calculated based upon average shares outstanding. |
(b) | Less than $0.001 per share. |
(c) | Less than $(0.001) per share. |
(d) | Includes negative yield waiver adjustment. |
See accompanying notes to financial statements.
45
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
S&P 500 Index Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 40.61 | $ | 33.59 | $ | 28.78 | $ | 24.91 | $ | 21.41 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.72 | 0.62 | 0.57 | 0.50 | 0.44 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.58 | ) | 7.57 | 4.71 | 3.85 | 3.50 | ||||||||||||||
Total from investment operations | 0.14 | 8.19 | 5.28 | 4.35 | 3.94 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.70 | ) | (0.60 | ) | (0.47 | ) | (0.48 | ) | (0.44 | ) | ||||||||||
Distributions from capital gains | (0.17 | ) | (0.57 | ) | — | — | — | |||||||||||||
Total distributions | (0.87 | ) | (1.17 | ) | (0.47 | ) | (0.48 | ) | (0.44 | ) | ||||||||||
Net asset value, end of period | $ | 39.88 | $ | 40.61 | $ | 33.59 | $ | 28.78 | $ | 24.91 | ||||||||||
Total return | 0.29 | % | 24.75 | % | 18.50 | % | 17.68 | % | 18.36 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 123,138 | $ | 123,654 | $ | 101,124 | $ | 85,269 | $ | 74,717 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.47 | % | 0.50 | % | 0.52 | % | 0.54 | % | 0.51 | % | ||||||||||
After expense reimbursements | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.63 | % | 1.52 | % | 1.65 | % | 1.70 | % | 1.55 | % | ||||||||||
After expense reimbursements | 1.74 | % | 1.66 | % | 1.81 | % | 1.88 | % | 1.70 | % | ||||||||||
Portfolio turnover | 3 | % | 1 | % | 3 | % | 3 | % | 1 | % |
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 40.50 | $ | 33.63 | $ | 28.83 | $ | 24.95 | $ | 21.47 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.51 | 0.43 | 0.41 | 0.37 | 0.31 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.57 | ) | 7.55 | 4.74 | 3.86 | 3.51 | ||||||||||||||
Total from investment operations | (0.06 | ) | 7.98 | 5.15 | 4.23 | 3.82 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.40 | ) | (0.54 | ) | (0.35 | ) | (0.35 | ) | (0.34 | ) | ||||||||||
Distributions from capital gains | (0.17 | ) | (0.57 | ) | — | — | — | |||||||||||||
Total distributions | (0.57 | ) | (1.11 | ) | (0.35 | ) | (0.35 | ) | (0.34 | ) | ||||||||||
Net asset value, end of period | $ | 39.87 | $ | 40.50 | $ | 33.63 | $ | 28.83 | $ | 24.95 | ||||||||||
Total return | (0.19 | )% | 24.08 | % | 17.95 | % | 17.08 | % | 17.77 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 8,063 | $ | 11,236 | $ | 10,093 | $ | 8,166 | $ | 8,749 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.97 | % | 1.00 | % | 1.02 | % | 1.04 | % | 1.01 | % | ||||||||||
After expense reimbursements | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.13 | % | 1.01 | % | 1.15 | % | 1.20 | % | 1.05 | % | ||||||||||
After expense reimbursements | 1.24 | % | 1.15 | % | 1.31 | % | 1.38 | % | 1.20 | % | ||||||||||
Portfolio turnover | 3 | % | 1 | % | 3 | % | 3 | % | 1 | % |
(a) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
46
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
S&P Midcap Index Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 30.95 | $ | 26.54 | $ | 23.11 | $ | 21.68 | $ | 17.84 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.25 | 0.24 | 0.30 | 0.18 | 0.17 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.36 | ) | 5.61 | 4.81 | 2.35 | 3.83 | ||||||||||||||
Total from investment operations | (0.11 | ) | 5.85 | 5.11 | 2.53 | 4.00 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.28 | ) | (0.24 | ) | (0.27 | ) | (0.15 | ) | (0.16 | ) | ||||||||||
Distributions from capital gains | (2.15 | ) | (1.20 | ) | (1.41 | ) | (0.95 | ) | — | |||||||||||
Total distributions | (2.43 | ) | (1.44 | ) | (1.68 | ) | (1.10 | ) | (0.16 | ) | ||||||||||
Net asset value, end of period | $ | 28.41 | $ | 30.95 | $ | 26.54 | $ | 23.11 | $ | 21.68 | ||||||||||
Total return | (0.45 | )% | 22.63 | % | 23.39 | % | 12.22 | % | 22.38 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 140,361 | $ | 169,020 | $ | 143,699 | $ | 123,478 | $ | 120,089 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.62 | % | 0.63 | % | 0.64 | % | 0.65 | % | 0.63 | % | ||||||||||
After expense reimbursements | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.81 | % | 0.76 | % | 1.04 | % | 0.72 | % | 0.69 | % | ||||||||||
After expense reimbursements | 0.85 | % | 0.81 | % | 1.10 | % | 0.80 | % | 0.74 | % | ||||||||||
Portfolio turnover | 15 | % | 10 | % | 8 | % | 11 | % | 16 | % |
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 30.69 | $ | 26.38 | $ | 23.00 | $ | 21.57 | $ | 17.77 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.10 | 0.09 | 0.18 | 0.06 | 0.05 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.35 | ) | 5.58 | 4.77 | 2.36 | 3.82 | ||||||||||||||
Total from investment operations | (0.25 | ) | 5.67 | 4.95 | 2.42 | 3.87 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.11 | ) | (0.16 | ) | (0.16 | ) | (0.04 | ) | (0.07 | ) | ||||||||||
Distributions from capital gains | (2.15 | ) | (1.20 | ) | (1.41 | ) | (0.95 | ) | — | |||||||||||
Total distributions | (2.26 | ) | (1.36 | ) | (1.57 | ) | (0.99 | ) | (0.07 | ) | ||||||||||
Net asset value, end of period | $ | 28.18 | $ | 30.69 | $ | 26.38 | $ | 23.00 | $ | 21.57 | ||||||||||
Total return | (0.93 | )% | 22.01 | % | 22.75 | % | 11.69 | % | 21.78 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,244 | $ | 7,355 | $ | 7,587 | $ | 6,417 | $ | 7,813 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.12 | % | 1.13 | % | 1.14 | % | 1.15 | % | 1.13 | % | ||||||||||
After expense reimbursements | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.31 | % | 0.26 | % | 0.54 | % | 0.22 | % | 0.19 | % | ||||||||||
After expense reimbursements | 0.35 | % | 0.31 | % | 0.61 | % | 0.29 | % | 0.24 | % | ||||||||||
Portfolio turnover | 15 | % | 10 | % | 8 | % | 11 | % | 16 | % |
(a) | Calculated based upon average shares outstanding. |
47
See accompanying notes to financial statements.
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
S&P Smallcap Index Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 21.55 | $ | 19.62 | $ | 15.71 | $ | 14.59 | $ | 11.72 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.14 | 0.10 | 0.14 | 0.09 | 0.07 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.58 | 3.26 | 3.94 | 2.28 | 2.87 | |||||||||||||||
Total from investment operations | 0.72 | 3.36 | 4.08 | 2.37 | 2.94 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.13 | ) | (0.09 | ) | (0.14 | ) | (0.08 | ) | (0.06 | ) | ||||||||||
Distributions from capital gains | (1.54 | ) | (1.34 | ) | (0.03 | ) | (1.17 | ) | (0.01 | ) | ||||||||||
Total distributions | (1.67 | ) | (1.43 | ) | (0.17 | ) | (1.25 | ) | (0.07 | ) | ||||||||||
Net asset value, end of period | $ | 20.60 | $ | 21.55 | $ | 19.62 | $ | 15.71 | $ | 14.59 | ||||||||||
Total return | 3.50 | % | 17.28 | % | 26.14 | % | 17.35 | % | 25.11 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 40,823 | $ | 41,651 | $ | 34,838 | $ | 26,325 | $ | 22,203 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.78 | % | 0.82 | % | 0.89 | % | 0.92 | % | 0.89 | % | ||||||||||
After expense reimbursements | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.62 | % | 0.38 | % | 0.57 | % | 0.45 | % | 0.34 | % | ||||||||||
After expense reimbursements | 0.66 | % | 0.46 | % | 0.72 | % | 0.63 | % | 0.49 | % | ||||||||||
Portfolio turnover | 12 | % | 13 | % | 15 | % | 0 | % | 23 | % |
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 21.19 | $ | 19.36 | $ | 15.52 | $ | 14.42 | $ | 11.61 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.03 | (0.01 | ) | 0.06 | 0.02 | — | ||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.58 | 3.21 | 3.87 | 2.26 | 2.85 | |||||||||||||||
Total from investment operations | 0.61 | 3.20 | 3.93 | 2.28 | 2.85 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.02 | ) | (0.03 | ) | (0.06 | ) | (0.01 | ) | (0.03 | ) | ||||||||||
Distributions from capital gains | (1.54 | ) | (1.34 | ) | (0.03 | ) | (1.17 | ) | (0.01 | ) | ||||||||||
Total distributions | (1.56 | ) | (1.37 | ) | (0.09 | ) | (1.18 | ) | (0.04 | ) | ||||||||||
Net asset value, end of period | $ | 20.24 | $ | 21.19 | $ | 19.36 | $ | 15.52 | $ | 14.42 | ||||||||||
Total return | 3.03 | % | 16.64 | % | 25.47 | % | 16.83 | % | 24.52 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 9,821 | $ | 11,448 | $ | 11,402 | $ | 9,505 | $ | 9,987 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.28 | % | 1.32 | % | 1.39 | % | 1.42 | % | 1.39 | % | ||||||||||
After expense reimbursements | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 0.12 | % | (0.13 | )% | 0.10 | % | (0.05 | )% | (0.16 | )% | ||||||||||
After expense reimbursements | 0.16 | % | (0.04 | )% | 0.25 | % | 0.13 | % | (0.01 | )% | ||||||||||
Portfolio turnover | 12 | % | 13 | % | 15 | % | 0 | % | 23 | % |
(a) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
48
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
Shelton Core Value Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 25.98 | $ | 21.58 | $ | 18.13 | $ | 16.17 | $ | 14.03 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.48 | 0.38 | 0.37 | 0.32 | 0.27 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.74 | ) | 4.42 | 3.37 | 1.95 | 2.12 | ||||||||||||||
Total from investment operations | (0.26 | ) | 4.80 | 3.74 | 2.27 | 2.39 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.46 | ) | (0.40 | ) | (0.29 | ) | (0.31 | ) | (0.25 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.46 | ) | (0.40 | ) | (0.29 | ) | (0.31 | ) | (0.25 | ) | ||||||||||
Net asset value, end of period | $ | 25.26 | $ | 25.98 | $ | 21.58 | $ | 18.13 | $ | 16.17 | ||||||||||
Total return | (1.07 | )% | 22.45 | % | 20.80 | % | 14.20 | % | 17.01 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 180,408 | $ | 196,820 | $ | 157,350 | $ | 140,741 | $ | 129,317 | ||||||||||
Ratio of expenses to average net assets: | 0.76 | % | 0.83 | % | 0.84 | % | 0.88 | % | 0.87 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 1.80 | % | 1.58 | % | 1.83 | % | 1.85 | % | 1.63 | % | ||||||||||
Portfolio turnover | 3 | % | 3 | % | 5 | % | 4 | % | 13 | % |
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 25.76 | $ | 21.40 | $ | 18.00 | $ | 16.06 | $ | 13.95 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.34 | 0.25 | 0.27 | 0.23 | 0.19 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.73 | ) | 4.39 | 3.34 | 1.93 | 2.12 | ||||||||||||||
Total from investment operations | (0.39 | ) | 4.64 | 3.61 | 2.16 | 2.31 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.28 | ) | (0.28 | ) | (0.21 | ) | (0.22 | ) | (0.20 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.28 | ) | (0.28 | ) | (0.21 | ) | (0.22 | ) | (0.20 | ) | ||||||||||
Net asset value, end of period | $ | 25.09 | $ | 25.76 | $ | 21.40 | $ | 18.00 | $ | 16.06 | ||||||||||
Total return | (1.56 | )% | 21.81 | % | 20.20 | % | 13.59 | % | 16.49 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,789 | $ | 7,413 | $ | 7,924 | $ | 6,640 | $ | 6,624 | ||||||||||
Ratio of expenses to average net assets: | 1.26 | % | 1.33 | % | 1.34 | % | 1.38 | % | 1.37 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | 1.30 | % | 1.08 | % | 1.33 | % | 1.35 | % | 1.14 | % | ||||||||||
Portfolio turnover | 3 | % | 3 | % | 5 | % | 4 | % | 13 | % |
(a) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
49
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
European Growth & Income Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 9.64 | $ | 8.37 | $ | 7.40 | $ | 7.62 | $ | 7.42 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.22 | 0.20 | 0.23 | 0.22 | 0.21 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (1.17 | ) | 1.30 | 0.94 | (0.21 | ) | 0.20 | |||||||||||||
Total from investment operations | (0.95 | ) | 1.50 | 1.17 | 0.01 | 0.41 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.22 | ) | (0.23 | ) | (0.20 | ) | (0.23 | ) | (0.21 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.22 | ) | (0.23 | ) | (0.20 | ) | (0.23 | ) | (0.21 | ) | ||||||||||
Net asset value, end of period | $ | 8.47 | $ | 9.64 | $ | 8.37 | $ | 7.40 | $ | 7.62 | ||||||||||
Total return | (9.91 | )% | 17.92 | % | 15.96 | % | 0.20 | % | 5.25 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,906 | $ | 8,452 | $ | 7,306 | $ | 6,314 | $ | 5,871 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.26 | % | 1.29 | % | 1.38 | % | 1.43 | % | 1.35 | % | ||||||||||
After expense reimbursements | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 2.17 | % | 1.81 | % | 2.46 | % | 2.58 | % | 2.17 | % | ||||||||||
After expense reimbursements | 2.43 | % | 2.10 | % | 2.84 | % | 3.01 | % | 2.52 | % | ||||||||||
Portfolio turnover | 0 | % | 15 | % | 3 | % | 0 | % | 8 | % |
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 9.68 | $ | 8.38 | $ | 7.41 | $ | 7.63 | $ | 7.43 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.18 | 0.14 | 0.19 | 0.19 | 0.17 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (1.17 | ) | 1.30 | 0.95 | (0.22 | ) | 0.21 | |||||||||||||
Total from investment operations | (0.99 | ) | 1.44 | 1.14 | (0.03 | ) | 0.38 | |||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.19 | ) | (0.14 | ) | (0.17 | ) | (0.19 | ) | (0.18 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.19 | ) | (0.14 | ) | (0.17 | ) | (0.19 | ) | (0.18 | ) | ||||||||||
Net asset value, end of period | $ | 8.50 | $ | 9.68 | $ | 8.38 | $ | 7.41 | $ | 7.63 | ||||||||||
Total return | (10.34 | )% | 17.19 | % | 15.47 | % | (0.33 | )% | 4.82 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 4,254 | $ | 5,535 | $ | 5,795 | $ | 5,169 | $ | 5,888 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.76 | % | 1.79 | % | 1.88 | % | 1.93 | % | 1.85 | % | ||||||||||
After expense reimbursements | 1.50 | % | 1.49 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||
Before expense reimbursements | 1.70 | % | 1.22 | % | 1.92 | % | 2.13 | % | 1.64 | % | ||||||||||
After expense reimbursements | 1.96 | % | 1.51 | % | 2.31 | % | 2.56 | % | 1.99 | % | ||||||||||
Portfolio turnover | 0 | % | 15 | %) | 3 | % | 0 | % | 8 | % |
(a) | Calculated based upon average shares outstanding. |
See accompanying notes to financial statements.
50
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
Nasdaq-100 Index Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 10.47 | $ | 7.92 | $ | 7.04 | $ | 5.67 | $ | 4.47 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment income (loss) (a) | 0.11 | 0.11 | 0.08 | 0.04 | 0.03 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.49 | 2.55 | 0.86 | 1.36 | 1.19 | |||||||||||||||
Total from investment operations | 0.60 | 2.66 | 0.94 | 1.40 | 1.22 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.07 | ) | (0.11 | ) | (0.06 | ) | (0.03 | ) | (0.02 | ) | ||||||||||
Distributions from capital gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.07 | ) | (0.11 | ) | (0.06 | ) | (0.03 | ) | (0.02 | ) | ||||||||||
Net asset value, end of period | $ | 11.00 | $ | 10.47 | $ | 7.92 | $ | 7.04 | $ | 5.67 | ||||||||||
Total return | 5.78 | % | 33.77 | % | 13.46 | % | 24.78 | % | 27.31 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 231,322 | $ | 106,475 | $ | 54,259 | $ | 36,220 | $ | 17,912 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 0.75 | % | 0.79 | % | 0.83 | % | 0.88 | % | 0.90 | % | ||||||||||
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 | 0.72 | % | 0.95 | % | 0.73 | % | 0.27 | % | 0.08 | % | ||||||||||
After expense reimbursements | 0.98 | % | 1.25 | % | 1.08 | % | 0.66 | % | 0.50 | % | ||||||||||
Portfolio turnover | 9 | % | 3 | % | 13 | % | 24 | % | 24 | % |
��
K Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | |||||||||||||||
Net asset value, beginning of period | $ | 10.18 | $ | 7.71 | $ | 6.85 | $ | 5.53 | $ | 4.37 | ||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||
Net investment (loss) (a) | 0.05 | 0.06 | 0.04 | 0.01 | — | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.48 | 2.48 | 0.84 | 1.31 | 1.16 | |||||||||||||||
Total from investment operations | 0.53 | 2.54 | 0.88 | 1.32 | 1.16 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||
Dividends from net investment income | (0.02 | ) | (0.07 | ) | (0.02 | ) | (0.00 | )(b) | (0.00 | )(b) | ||||||||||
Distributions from capital gains | — | — | — | — | — | |||||||||||||||
Total distributions | (0.02 | ) | (0.07 | ) | (0.02 | ) | — | — | ||||||||||||
Net asset value, end of period | $ | 10.69 | $ | 10.18 | $ | 7.71 | $ | 6.85 | $ | 5.53 | ||||||||||
Total return | 5.25 | % | 33.11 | % | 12.95 | % | 23.94 | % | 26.63 | % | ||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||
Net assets, end of period (000s) | $ | 17,799 | $ | 12,214 | $ | 9,700 | $ | 9,473 | $ | 7,771 | ||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||
Before expense reimbursements | 1.25 | % | 1.29 | % | 1.33 | % | 1.38 | % | 1.40 | % | ||||||||||
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 | 0.22 | % | 0.39 | % | 0.24 | % | (0.28 | )% | (0.42 | )% | ||||||||||
After expense reimbursements | 0.48 | % | 0.69 | % | 0.58 | % | 0.11 | % | 0.00 | % | ||||||||||
Portfolio turnover | 9 | % | 3 | % | 13 | % | 24 | % | 24 | % |
(a) | Calculated based upon average shares outstanding. |
(b) | Less than $0.01 per share. |
See accompanying notes to financial statements.
51
Financial Highlights (For a Share Outstanding Throughout Each Year) (Continued) |
Shelton Green Alpha Fund Direct Shares | Year Ended August 31, 2015 | Year Ended August 31, 2014 | March 12, 2013(e) to August 31, 2013 | |||||||||
Net asset value, beginning of period | $ | 15.90 | $ | 11.96 | $ | 10.00 | ||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||
Net investment income (loss) (a) | (0.08 | ) | (0.08 | ) | (0.01 | ) | ||||||
Net gain (loss) on securities (both realized and unrealized) | (2.15 | ) | 4.02 | 1.97 | ||||||||
Total from investment operations | (2.23 | ) | 3.94 | 1.96 | ||||||||
LESS DISTRIBUTIONS | ||||||||||||
Dividends from net investment income | — | — | — | |||||||||
Distributions from capital gains | (0.00 | )(b) | — | — | ||||||||
Total distributions | (0.00 | ) | — | — | ||||||||
Net asset value, end of period | $ | 13.67 | $ | 15.90 | $ | 11.96 | ||||||
Total return | (14.02 | )% | 32.94 | % | 19.60 | %(f) | ||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||
Net assets, end of period (000s) | $ | 29,596 | $ | 22,436 | $ | 4,623 | ||||||
Ratio of expenses to average net assets: | ||||||||||||
Before expense reimbursements | 1.34 | % | 1.54 | % | 5.16 | %(g) | ||||||
After expense reimbursements | 1.34 | % | 1.31 | % | 1.24 | %(g) | ||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||
Before expense reimbursements | (0.53 | )% | (0.78 | )% | (4.11 | )%(g) | ||||||
After expense reimbursements | (0.53 | )% | (0.55 | )% | (0.19 | )%(g) | ||||||
Portfolio turnover | 22 | % | 5 | % | 12 | %(f) |
(a) | Calculated based upon average shares outstanding. |
(b) | Less than $0.01 per share. |
(e) | Commencement of operations. |
(f) | Not annualized. |
(g) | Annualized. |
52
Shelton Funds | Notes to Financial Statements | August 31, 2015 |
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
California Tax-Free Income 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. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”. 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. 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. 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 two 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 K Shares. The following is a summary of significant accounting policies followed by the Funds.
(a) Security Valuation – Equity securities listed on a national exchange are valued at the last reported sales price. Futures contracts are valued at the settle price, depending on the exchange the contract trades on, typically as of 4:15 p.m., Eastern Time. Municipal securities are valued by an independent pricing service at a price determined by a matrix pricing method. This technique generally considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. U.S. government securities for which market quotations are readily available are valued at the mean between the closing bid and asked prices provided by an independent pricing service. U.S. agency securities consisting of mortgage pass-through certificates are valued using dealer quotations provided by an independent pricing service. U.S. Treasury Bills are valued at amortized cost which approximates market value. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value. 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.
Securities for which market quotes are not readily available from the Trust’s third party pricing service are valued at fair value, determined in good faith and in accordance with procedures adopted by the Board of Trustees. The Board has delegated to its Pricing Committee the responsibility for determining the fair value, subject to the Board oversight and the review of the pricing decisions at its quarterly meetings.
(b) Futures Contracts – Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of 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, 2015, available to offset future capital gains, if any, are as follows:
Expiring | California Tax-Free Income Fund | U.S. Government Securities Fund | United States Treasury Trust Fund | Shelton Core Value Fund | European Growth & Income Fund | Nasdaq-100 Index Fund | Shelton Green Alpha Fund | |||||||||||||||||||||
2016 | $ | — | $ | 16,034 | $ | — | $ | — | $ | 9,647 | $ | — | $ | — | ||||||||||||||
2017 | — | 109,369 | — | — | — | 385,356 | — | |||||||||||||||||||||
2018 | — | 141,867 | — | — | 124,746 | 596,390 | — | |||||||||||||||||||||
2019 | — | 245,271 | — | 1,819,943 | 205,587 | — | — | |||||||||||||||||||||
Long Term with No Expiration | 70,054 | — | — | — | 956,025 | — | — | |||||||||||||||||||||
Short Term with No Expiration | — | — | 2,434 | — | 730 | — | 580,767 | |||||||||||||||||||||
Total | $ | 70,054 | $ | 512,041 | $ | 2,434 | $ | 1,819,943 | $ | 1,296,735 | $ | 981,746 | $ | 580,767 |
$6,268 of capital loss carry forwards expired at August 31, 2015 for European Growth & Income Fund.
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, 2015, 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:
53
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2015 |
Increase (Decrease) Paid-In Capital | Increase (Decrease) Undistributed Net Investment Income (Loss) | Increase (Decrease) Accumulated | ||||||||||
California Tax-Free Income Fund | $ | — | $ | (60,413 | ) | $ | 60,413 | |||||
U.S. Government Securities Fund | — | 9,153 | (9,153 | ) | ||||||||
Short-Term U.S. Government Bond Fund | (15,521 | ) | 15,699 | (178 | ) | |||||||
European Growth & Income Fund | (6,268 | ) | (1,557 | ) | 7,825 | |||||||
Shelton Green Alpha Fund | (139,133 | ) | 139,032 | 101 |
(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 United States Treasury Trust, dividends from net investment income are declared daily and reinvested or paid in cash monthly. The Fund intends 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 invests 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 (2012-2014), or expected to be taken in the Fund’s 2015 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.
The following table summarizes the valuation of the Trust’s securities at August 31, 2015 using fair value hierarchy:
Level 1(a) | Level 2(a) | Level 3(a) | Level 1(a) | |||||||||||||||||
Fund | Investments in Securities (b) | Investments in Securities (c) | Investments in Securities | Total | Futures Contracts - Assets or Liabilities (d) | |||||||||||||||
California Tax-Free Income Fund | $ | — | $ | 87,436,185 | $ | — | $ | 87,436,185 | $ | — | ||||||||||
U.S. Government Securities Fund | — | 25,010,203 | — | 25,010,203 | — | |||||||||||||||
Short-Term U.S. Government Bond Fund | — | 6,560,327 | — | 6,560,327 | — | |||||||||||||||
The United States Treasury Trust Fund | — | 88,989,097 | — | 88,989,097 | — | |||||||||||||||
S&P 500 Index Fund | 130,630,154 | — | 1,857 | 130,632,011 | (4,480 | ) | ||||||||||||||
S&P MidCap Index Fund | 142,194,800 | 3,198,275 | — | 145,393,075 | (39,013 | ) | ||||||||||||||
S&P SmallCap Index Fund | 49,386,286 | 499,681 | — | 49,885,967 | (7,150 | ) | ||||||||||||||
Shelton Core Value Fund | 183,178,288 | — | 1,700,000 | 184,878,288 | — | |||||||||||||||
European Growth & Income Fund | 10,072,250 | — | — | 10,072,250 | — | |||||||||||||||
Nasdaq-100 Index Fund | 245,825,393 | 1,998,723 | — | 247,824,116 | (39,730 | ) | ||||||||||||||
Shelton Green Alpha Fund | 26,657,543 | — | — | 26,657,543 | — | |||||||||||||||
Total | $ | 787,944,714 | $ | 213,692,491 | $ | 1,701,857 | $ | 1,003,339,062 | $ | (90,373 | ) |
54
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2015 |
(a) | It is the Fund’s 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, 2015. |
(b) | All publicly traded common stocks and preferred stocks held in the Funds are Level 1 securities. For a detailed break-out of equity securities by major industry classification, please refer to the Portfolio of Investments. |
(c) | All fixed income securities held 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. |
(d) | Represents variation margin on the last day of the reporting period. |
Level 3 Securities | Shelton Core Value Fund | S&P 500 Index Fund | ||||||
Beginning Balance | $ | 1,900,000 | $ | — | ||||
Net Purchases | — | 2,009 | ||||||
Net Sales | — | — | ||||||
Total Realized Gain (Loss) | — | — | ||||||
Change in Unrealized Appreciation (Depreciation) | (200,000 | ) | (152 | ) | ||||
Accrued Interest | — | — | ||||||
Transfers into Level 3 | — | — | ||||||
Transfers out of Level 3 | — | — | ||||||
Ending Balance | $ | 1,700,000 | $ | 1,857 |
Fair Value as of 8/31/2015 | Valuation Techniques | Unobservable Input(a) | Input Values | Impact to valuation from an increase to input(b) | |
Preferred Convertible Stock | $1,700,000 | Expected recovery | Discount | 15% | An increase in the variable input would decrease the valuation |
(a) | Quantitative and qualitative factors affect the unobservable input. These factors include the yield of the preferred stock relative to the five-year U.S. Treasury yields, high-yield five-year credit spreads, the trading range and trading volume of the common stock and the value of the convertible option. |
(b) | A meaningful change in the input value would cause the Pricing Committee to re-convene and evaluate the price valuation. |
(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.
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. For the 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, 2015, the number of open future contracts in the S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, and Nasdaq-100 Index Fund was 5, 25, 11 and 36, respectively. The Shelton Core Value Fund, European Growth & Income Fund and Shelton Green Alpha Fund held no futures contracts at August 31, 2015. Only current day’s variation margin is reported as an asset or liability within the statement of assets and liabilities.
The effect of derivative instruments on the Statements of Assets & Liabilities for the year ended August 31, 2015:
Derivatives Not Accounted for as Hedging Instruments | Variation Margin | |||
S&P 500 Index Fund – Equity contracts | $ | 4,480 | ||
S&P MidCap Index Fund – Equity contracts | $ | 39,013 | ||
S&P SmallCap Index Fund – Equity contracts | $ | 7,150 | ||
Nasdaq-100 Index Fund – Equity contracts | $ | 39,730 |
55
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2015 |
The effect of derivative instruments on the Statements of Operations for the year ended August 31, 2015:
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 | $ | 42,663 | $ | (41,106 | ) | |||
S&P MidCap Index Fund – Equity contracts | $ | 82,801 | $ | (242,170 | ) | |||
S&P SmallCap Index Fund – Equity contracts | $ | (6,605 | ) | $ | (62,685 | ) | ||
Nasdaq-100 Index Fund – Equity contracts | $ | (130,349 | ) | $ | 2,390 |
The previously disclosed derivative instruments outstanding as of August 31, 2015, and their effect on the Statement of Operations for the period ending August 31, 2015, serve as indicators of the volume of financial derivative activity for the company. The following table indicates the average volume for the period:
Derivatives Not Accounted for as Hedging Instruments | Average Notional Value | |||
S&P 500 Index Fund – Equity contracts | $ | 1,608,393 | ||
S&P MidCap Index Fund – Equity contracts | $ | 1,041,441 | ||
S&P SmallCap Index Fund – Equity contracts | $ | 527,038 | ||
Nasdaq-100 Index Fund – Equity contracts | $ | 6,634,854 |
Note 2 - INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS
Shelton Capital Management (“Shelton Capital” or the “Advisor”), a California limited partnership, provides each Fund with management and administrative services pursuant to investment management and administration servicing agreements.
In accordance with the terms of the management agreement, the Advisor receives compensation at the following annual rates:
To $100 million in net assets | $100 million to $500 million in net assets | $500 million to $1 billion in net assets | In excess of $1 billion in net assets | |
California Tax-Free Income Fund | 0.50% | 0.45% | 0.40% | 0.40% |
U.S. Government Securities Fund | 0.50% | 0.45% | 0.40% | 0.40% |
U.S. Treasury Trust | 0.50% | 0.45% | 0.40% | 0.40% |
Short-Term U.S. Government Bond Fund | 0.50% | 0.50% | 0.45% | 0.40% |
S&P 500 Index Fund | 0.25% | 0.25% | 0.25% | 0.25% |
S&P MidCap Index Fund | 0.40% | 0.40% | 0.40% | 0.40% |
S&P SmallCap Index Fund | 0.50% | 0.50% | 0.45% | 0.40% |
Shelton Core Value Fund | 0.50% | 0.50% | 0.45% | 0.40% |
European Growth & Income Fund | 0.85% | 0.85% | 0.85% | 0.85% |
Nasdaq-100 Index Fund | 0.50% | 0.50% | 0.45% | 0.40% |
Shelton Green Alpha Fund(a) | 1.00% | 1.00% | 1.00% | 1.00% |
(a) | The Advisor pays Green Alpha Advisors a sub-advisor fee of 0.50%. |
The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement is effective until January 2, 2016, unless renewed and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not 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. Reimbursements from the Advisor to affected Funds, and the voluntary expense limits, for the period ended August 31, 2015 are as follows:
Voluntary Expense Limitation | |||||||||||||
Fund | Reimburse | Direct Shares | K Shares | Expiration | |||||||||
U.S. Government Securities Fund | $ | $24,827 | 0.74 | % | 1.24 | % | 1/2/16 | ||||||
Short-Term U.S. Government Bond Fund | 26,812 | 0.59 | % | 1.09 | % | 1/2/16 | |||||||
The United States Treasury Trust(a) | 665,667 | 0.03 | % | 0.03 | % | 1/2/16 | |||||||
S&P 500 Index Fund | 155,206 | 0.36 | % | 0.86 | % | 1/2/16 | |||||||
S&P MidCap Index Fund | 62,001 | 0.58 | % | 1.08 | % | 1/2/16 | |||||||
S&P SmallCap Index Fund | 20,187 | 0.74 | % | 1.24 | % | 1/2/16 | |||||||
European Growth & Income Fund | 31,088 | 1.00 | % | 1.50 | % | 1/2/16 | |||||||
Nasdaq-100 Index Fund | 517,857 | 0.49 | % | 0.99 | % | 1/2/16 |
(a) | The Advisor waived fees so as to maintain a zero or positive yield for the United States Treasury Trust. |
56
Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2015 |
At August 31, 2015, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $ 4,097,439. The Advisor may recapture a portion of the above amount no later than the dates as stated below.
Fund | Expires 8/31/16 | Expires 8/31/17 | Expires 8/31/18 | Total | ||||||||||||
U.S. Government Securities Fund | $ | 42,642 | $ | 40,772 | $ | 24,827 | $ | 108,241 | ||||||||
Short-Term U.S. Government Bond Fund | 47,533 | 38,985 | 26,812 | 113,330 | ||||||||||||
The United States Treasury Trust | 510,548 | 698,141 | 665,667 | 1,874,356 | ||||||||||||
S&P 500 Index Fund | 170,589 | 173,213 | 155,206 | 499,008 | ||||||||||||
S&P MidCap Index Fund | 88,777 | 84,423 | 62,001 | 235,201 | ||||||||||||
S&P SmallCap Index Fund | 61,085 | 42,358 | 20,187 | 123,630 | ||||||||||||
European Growth & Income Fund | 48,911 | 43,289 | 31,088 | 123,288 | ||||||||||||
Nasdaq-100 Index Fund | 183,818 | 258,331 | 517,857 | 960,006 | ||||||||||||
Green Alpha Fund | 30,829 | 29,550 | — | 60,379 | ||||||||||||
Total | $ | 1,184,732 | $ | 1,409,062 | $ | 1,503,645 | $ | 4,097,439 |
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.
As compensation for administrative duties not covered by the management agreement, Shelton Capital receives an administration fee, which was revised on January 1, 2011. 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. Administration fees are disclosed on the Statement of Operations.
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 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 K Shares 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 K Shares. The Plan was amended to eliminate the Class A Shares. All A Share accounts were liquidated effective December 6, 2013.
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 period ended August 31, 2015, the following were paid by the Class K Shares of each Fund of the Trust:
Fund | Class K 12b-1 Fees | Class K Shareholder Service Fees | ||||||
U.S. Government Securities Fund | $ | 13,710 | $ | 13,710 | ||||
Short-Term U.S. Government Bond Fund | 3,797 | 3,797 | ||||||
The United States Treasury Trust | — | — | ||||||
S&P 500 Index Fund | 23,402 | 23,402 | ||||||
S&P MidCap Index Fund | 15,962 | 15,962 | ||||||
S&P SmallCap Index Fund | 27,153 | 27,153 | ||||||
Shelton Core Value Fund | 16,678 | 16,678 | ||||||
European Growth & Income Fund | 11,836 | 11,836 | ||||||
Nasdaq-100 Index fund | 45,364 | 45,364 |
Note 3 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term instruments for the period ended August 31, 2015 were as follows:
Fund | Purchases | Sales | Purchases (Excluding U.S. Government Obligations) | Sales (Excluding U.S. Government Obligations) | ||||||||||||
California Tax-Free Income Fund | $ | 10,847,463 | $ | 18,175,000 | $ | 10,847,463 | $ | 18,175,000 | ||||||||
U.S. Government Securities Fund | 4,753,304 | 8,421,804 | 1,047,218 | 561,370 | ||||||||||||
Short-Term U.S. Government Bond Fund | 2,311,395 | 3,336,455 | — | 30,365 | ||||||||||||
S&P 500 Index Fund | 3,714,374 | 4,302,256 | 3,714,374 | 4,302,256 | ||||||||||||
S&P MidCap Index Fund | 23,198,159 | 54,592,622 | 23,198,159 | 54,592,622 | ||||||||||||
S&P SmallCap Index Fund | 6,356,638 | 11,104,039 | 6,356,638 | 11,104,039 | ||||||||||||
Shelton Core Value Fund | 6,335,109 | 11,535,580 | 6,335,109 | 11,535,580 | ||||||||||||
European Growth & Income Fund | 35,087 | 2,281,597 | 35,087 | 2,281,597 | ||||||||||||
Nasdaq-100 Index Fund | 144,435,339 | 18,105,598 | 144,435,339 | 18,105,598 | ||||||||||||
Shelton Green Alpha Fund | 15,067,370 | 5,214,929 | 15,067,370 | 5,214,929 |
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Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2015 |
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.
The tax character of distributions paid during the years ended August 31, 2015 and 2014 was as follows:
Return of Capital | Ordinary | Long-Term Capital Gains (a) | Exempt-Interest Dividends | Total Distributions | |||||||||||||||||
California Tax-Free Income Fund | 2015 | $ | — | $ | 27,789 | $ | 400,216 | $ | 2,203,300 | $ | 2,631,305 | ||||||||||
2014 | — | 8,255 | — | 2,890,723 | 2,898,978 | ||||||||||||||||
U.S. Government Securities Fund | 2015 | — | 339,710 | — | — | 339,710 | |||||||||||||||
| 2014 | — | 512,838 | — | — | 512,838 | |||||||||||||||
Short-Term U.S. Government Bond Fund | 2015 | — | — | 2,314 | — | 2,314 | |||||||||||||||
| 2014 | — | — | — | — | — | |||||||||||||||
The United States Treasury Trust | 2015 | — | — | — | — | — | |||||||||||||||
| 2014 | — | — | — | — | — | |||||||||||||||
S&P 500 Index Fund | 2015 | — | 2,575,287 | 260,414 | — | 2,835,641 | |||||||||||||||
| 2014 | — | 2,755,759 | 1,097,548 | — | 3,853,307 | |||||||||||||||
S&P Mid Cap Index Fund | 2015 | — | 1,781,040 | 11,622,126 | — | 13,403,166 | |||||||||||||||
2014 | — | 1,555,688 | 6,620,931 | — | 8,176,619 | ||||||||||||||||
S&P Small Cap Index Fund | 2015 | — | 455,642 | 3,613,614 | — | 4,069,256 | |||||||||||||||
2014 | — | 571,945 | 2,820,685 | — | 3,392,630 | ||||||||||||||||
Shelton Core Value Fund | 2015 | — | 3,470,591 | — | — | 3,470,591 | |||||||||||||||
2014 | — | 3,235,814 | — | — | 3,235,814 | ||||||||||||||||
European Growth & Income Fund | 2015 | — | 264,097 | — | — | 264,097 | |||||||||||||||
2014 | — | 303,606 | — | — | 303,606 | ||||||||||||||||
Nasdaq-100 Index Fund | 2015 | — | 1,245,482 | — | — | 1,245,482 | |||||||||||||||
| 2014 | — | 980,370 | — | — | 980,370 | |||||||||||||||
Green Alpha Fund | 2015 | — | — | 783 | — | 783 | |||||||||||||||
2014 | — | — | — | — | — |
(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, 2015 |
The tax character of distributable earnings at August 31, 2015 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 | $ | 95,625 | (a) | $ | — | $ | (70,054 | ) | $ | 4,528,797 | $ | — | $ | 4,554,368 | ||||||||||
U.S. Government Securities Fund | 56,479 | — | (512,541 | ) | 640,756 | — | 184,694 | |||||||||||||||||
Short-Term U.S. Government Bond Fund | — | 91 | — | 12,792 | (2,311 | )(c) | 10,572 | |||||||||||||||||
The United States Treasury Trust | — | — | (2,434 | ) | — | — | (2,434 | ) | ||||||||||||||||
S&P 500 Index Fund | 772,376 | 2,988,700 | — | 66,706,675 | — | 70,467,751 | ||||||||||||||||||
S&P Mid Cap Index Fund | 17,182 | 22,195,653 | — | 53,945,304 | — | 76,158,139 | ||||||||||||||||||
S&P Small Cap Index Fund | 92,416 | 4,761,413 | — | 12,477,280 | — | 17,331,109 | ||||||||||||||||||
Shelton Core Value Fund | 1,174,747 | — | (1,819,943 | ) | 80,472,734 | — | 79,827,538 | |||||||||||||||||
European Growth & Income Fund | 28,789 | — | (1,296,735 | ) | 1,547,259 | (115,541 | ) | 163,772 | ||||||||||||||||
Nasdaq-100 Index Fund | 886,175 | — | (981,746 | ) | 44,715,835 | — | 44,620,264 | |||||||||||||||||
Green Alpha Fund | — | — | (580,767 | ) | (923,373 | ) | — | (1,504,140 | ) |
(a) | Tax exempt income is $95,625 |
(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. |
(c) | The Short-Term U.S. Government Bond Fund incurred a late year loss (net investment losses after December 31) in 2014 in the amount of $2,311, which was deferred until the first day of 2015. |
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.
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Shelton Funds | Notes to Financial Statements (Continued) | August 31, 2015 |
Note 5 - OFFSETTING OF FINANCIAL INSTRUMENTS AND DERIVATIVE ASSETS AND LIABILITIES
The following is a summary of financial and derivative instruments and collateral received and pledged in connection with such arrangements.
Gross Amounts Not Offset in the Statement of Assets & Liabilities | ||||||||||||||||||||
Gross Amounts of Recognized Assets | Gross Amounts | Net Amounts Presented in the Statement of Assets & Liabilities | Financial Instruments | Collateral Pledged/Received | Net Amount | |||||||||||||||
S&P 500 | Assets | |||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
— | — | — | — | — | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Future Contracts | $ | 4,480 | $ | — | $ | 4,480 | $ | — | $ | 4,480 | $ | — | ||||||||
4,480 | — | 4,480 | — | 4,480 | — | |||||||||||||||
S&P MidCap | Assets | |||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
— | — | — | — | — | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Future Contracts | $ | 39,013 | $ | — | $ | 39,013 | $ | — | $ | 39,013 | $ | — | ||||||||
39,013 | — | 39,013 | — | 39,013 | — | |||||||||||||||
S&P SmallCap | Assets | |||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
— | — | — | — | — | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Future Contracts | $ | 7,150 | $ | — | $ | 7,150 | $ | — | $ | 7,150 | $ | — | ||||||||
7,150 | — | 7,150 | — | 7,150 | — | |||||||||||||||
Nasdaq-100 | Assets | |||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
— | — | — | — | — | — | |||||||||||||||
Liabilities | ||||||||||||||||||||
Future Contracts | $ | 39,730 | $ | — | $ | 39,730 | $ | — | $ | 39,730 | $ | — | ||||||||
39,730 | — | 39,730 | — | 39,730 | — |
Note 6 – NEW ACCOUNTING PRONOUNCEMENTS
In June 2014, FASB issued ASU No 2014-11, Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. The ASU changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The ASU is effective for annual reporting periods beginning after December 15, 2014 and interim periods within those fiscal years. Management is currently evaluating the impact, if any, of applying this provision.
Note 7 - SUBSEQUENT EVENTS
In preparing the financial statements as of August 31, 2015, 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, and has determined that there were no subsequent events requiring recognition or disclosure.
59
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, 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 the Shelton Funds (the “Trust”), including the portfolios of investments, as of August 31, 2015 and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and with respect to Shelton Green Alpha Fund, the financial highlights for each of the two years in the period then ended and 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 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, 2015, by correspondence with the custodian. 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, 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, 2015, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, and with respect to Shelton Green Alpha Fund, the financial highlights for each of the two years in the period then ended and for the period March 12, 2013 (commencement of operations) to August 31, 2013, in conformity with accounting principles generally accepted in the United States of America.
TAIT, WELLER & BAKER LLP |
Philadelphia, Pennsylvania
October 27, 2015
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Fund Holdings (Unaudited) |
The Fund holdings shown in this report are as of August 31, 2015. 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 Records (Unaudited) |
The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds use 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, 2015, 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.
61
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 | Year of Birth | Position Held with the Trust | Length of Time Served |
Stephen C. Rogers | 1050 17th Street, Denver, CO | 1966 | Chairman and Trustee | Since August, 1998 |
Kevin T. Kogler | 1050 17th Street, Denver, CO | 1966 | Trustee | Since May, 2006 |
Marco L. Quazzo | 1050 17th Street, Denver, CO | 1962 | Trustee | Since August, 2014 |
Stephen H. Sutro | 1050 17th Street, Denver, CO | 1969 | Trustee | Since May, 2006 |
William P. Mock | 1050 17th Street, Denver, CO | 1966 | Treasurer | Since February, 2010 |
Teresa E. Axelson | 1050 17th Street, Denver, CO | 1947 | Chief Compliance Officer, | Since November, 2011 |
Each Trustee oversees the Trust’s eleven Funds. The principal occupations of the Trustees and Executive Officers of the Funds during the past five years and public directorships held by the Trustees are set forth below:
Stephen C. Rogers* | Chief Executive Officer, Shelton Capital Management, 1999 to present. |
Kevin T. Kogler | President & CEO, MicroBiz LLC, 2012 to present; President, CAM Commerce Solutions LLC, 2010 to 2012; Principal, Robertson Piper Software Group, 2006 to 2012. |
Marco L. Quazzo | Principal, Bartko Zankel Bunzel & Miller, March, 2015 to present; Partner, Barg Coffin Lewis & Trapp LLP, 2008 to present. |
Stephen H. Sutro | Partner, Duane Morris LLP (law firm), 2003 to present. |
William P. Mock | Portfolio Manager, Shelton Capital Management, 2010 to present; Portfolio Manager, ETSpreads, 2007 to present. |
Teresa E. Axelson | Chief Compliance Officer, Shelton Capital Management, 2011 to present; Secretary, 2012 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 about the Trustees may be found in the SAI, which is available without charge 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 Management, the Trust’s Advisor and Administrator. |
62
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) 955-9988. |
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 |
(b) | Audit-Related Fees |
(c) | Tax Fees |
(d) | All Other Fees |
(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, 2015 and $4,700 for the fiscal year ended August 31, 2014. |
(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. |
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. |
SHELTON FUNDS | ||
By | /s/ Stephen C. Rogers | |
Stephen C. Rogers, Chairman | ||
Date: October 30, 2015 |
By | /s/ Stephen C. Rogers | |
Stephen C. Rogers, Chairman | ||
Date: October 30, 2015 | ||
By | /s/ William P. Mock | |
William P. Mock, Treasurer | ||
Date: October 30, 2015 |