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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-4417
Shelton Funds |
(Exact name of registrant as specified in charter) |
44 Montgomery Street, Suite 2100, San Francisco, CA 94104 |
(Address of principal executive offices) (Zip code) |
(Name and address of agent for service) |
Registrant's telephone number, including area code: (415) 398-2727
Date of fiscal year end: August 31
Date of reporting period: February 28, 2014
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1.
Semi-Annual Report
February 28, 2014
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 | February 28, 2014 |
About Your Fund’s Expenses | 1 |
Top Holdings and Sector Breakdowns | 3 |
Portfolio of Investments | 7 |
Statements of Assets & Liabilities | 27 |
Statements of Operations | 30 |
Statements of Changes in Net Assets | 33 |
Financial Highlights | 39 |
Notes to Financial Statements | 50 |
Board of Trustees and Executive Officers | 57 |
Board Approval of the Investment Advisory Agreement | 58 |
About Your Fund’s Expenses (Unaudited) February 28, 2014 |
We believe it is important for you to understand the impact of costs on your investment. All mutual funds have operating expenses. As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees if any, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. Operating expenses, which are deducted from a Fund’s gross income, directly reduce the investment return of the Fund. A fund’s expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The following examples are intended to help you understand the ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The examples below are based on an investment of $1,000 made at the beginning of the period shown and held for the entire period.
The table below illustrates the Funds’ costs in two ways:
Actual fund return - This line helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from a Fund’s actual return, and the third column shows the dollar amount that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period.”
Hypothetical 5% Return - This line is intended to help you compare a Fund’s costs with those of other mutual funds. It assumes that the Fund had a return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the Securities and Exchange Commission requires all mutual funds to calculate expenses based on a 5% return. You can assess a Fund’s costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note the expenses shown in the table are meant to highlight and help you compare ongoing costs only and do not reflect any transactional costs. None of the Funds charge a sales load. Therefore, the information under the heading “Based on Hypothetical 5% Return before expenses” is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.
More information about a Fund’s expenses, including annual expense ratios since inception, can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to the Fund’s prospectus.
Beginning Account Value September 1, 2013 | Ending Account Value February 28, 2014 | Expenses Paid During Period* | Net Annual Expense Ratio | |
California Tax-Free Income Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,046 | $3.70 | 0.73% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $3.66 | 0.73% |
U.S. Government Securities Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,012 | $3.68 | 0.74% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $3.71 | 0.74% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,009 | $6.16 | 1.24% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,019 | $6.21 | 1.24% |
Short-Term U.S. Government Bond Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,001 | $2.92 | 0.59% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,022 | $2.96 | 0.59% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $998 | $5.39 | 1.09% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.46 | 1.09% |
The United States Treasury Trust | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,000 | $2.62 | 0.53% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,022 | $2.66 | 0.53% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,000 | $5.09 | 1.03% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.16 | 1.03% |
S&P 500 Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,147 | $1.92 | 0.36% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,023 | $1.81 | 0.36% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,144 | $4.56 | 0.86% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $4.31 | 0.86% |
1
About Your Fund’s Expenses (Unaudited) February 28, 2014 (Continued) |
Beginning Account Value September 1, 2013 | Ending Account Value February 28, 2014 | Expenses Paid During Period* | Net Annual Expense Ratio | |
S&P MidCap Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,166 | $3.11 | 0.58% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,022 | $2.91 | 0.58% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,163 | $5.78 | 1.08% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.41 | 1.08% |
S&P SmallCap Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,162 | $3.96 | 0.74% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $3.71 | 0.74% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,159 | $6.62 | 1.24% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,019 | $6.21 | 1.24% |
Shelton Core Value Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,115 | $4.39 | 0.84% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $4.21 | 0.84% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,112 | $6.99 | 1.34% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,018 | $6.70 | 1.34% |
European Growth & Income Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,175 | $5.38 | 1.00% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $5.01 | 1.00% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,172 | $7.99 | 1.49% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,018 | $7.46 | 1.49% |
Nasdaq-100 Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,209 | $2.68 | 0.49% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,023 | $2.46 | 0.49% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,208 | $5.41 | 0.99% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,020 | $4.96 | 0.99% |
Green Alpha Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,317 | $7.90 | 1.38% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,018 | $6.90 | 1.38% |
* | Expenses are equal to the Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year, then divided by 365. |
2
Top Holdings and Sector Breakdowns (Unaudited) | February 28, 2014 |
California Tax-Free Income Fund
Security | Description | Market Value | Percentage of Total Investment | ||
1 | CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD | Lease Revenue Bonds; Series I-1 | $3,553,860 | 3.4% | |
2 | EAST SIDE UNION HIGH SCHOOL DISTRICT | Santa Clara County; Ref-2012 Crossover | 3,517,045 | 3.3% | |
3 | RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY | Lease Revenue Bonds; Series A | 3,412,890 | 3.2% | |
4 | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | Revenue Bonds (Occidental College); Series 2005A | 3,407,344 | 3.2% | |
5 | UNIVERSITY OF CALIFORNIA | Limited Project Revenue Bonds; 2007 Series D | 3,340,530 | 3.2% | |
6 | CALIFORNIA, STATE OF | Variable Purpose | 3,178,290 | 3.0% | |
7 | NEWPORT BEACH, CITY OF | Refunding Revenue Bonds; Hoag Memorial Hospital Presbyterian | 3,101,730 | 2.9% | |
8 | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | Revenue Bonds, Series 2009A | 2,802,775 | 2.7% | |
9 | LOS RIOS COMMUNITY COLLEGE DISTRICT | General Obligation Bonds 2008 Election, Series B | 2,739,875 | 2.6% | |
10 | MT. SAN ANTONIO COMMUNITY COLLEGE DISTRICT | Election of 2008 General Obligation Bonds, Series 2013A | 2,568,056 | 2.4% |
U.S. Government Securities Fund
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Note | 11/15/2018 | $4,427,032 | 15.3% | |
2 | United States Treasury Note | 6/30/2017 | 4,320,695 | 14.9% | |
3 | United States Treasury Note | 2/15/2015 | 3,939,977 | 13.6% | |
4 | United States Treasury Bond | 5/15/2016 | 3,450,468 | 11.9% | |
5 | United States Treasury Note | 5/15/2014 | 2,542,812 | 8.8% | |
6 | United States Treasury Note | 8/15/2020 | 1,975,109 | 6.8% | |
7 | United States Treasury Note | 2/28/2018 | 1,594,922 | 5.5% | |
8 | United States Treasury Bond | 5/15/2038 | 1,523,031 | 5.3% | |
9 | United States Treasury Note | 2/15/2021 | 1,429,949 | 4.9% | |
10 | United States Treasury Note | 2/15/2019 | 1,377,340 | 4.7% |
Short-Term U.S. Government Bond Fund
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Note | 1/31/2016 | $1,858,360 | 23.3% | |
2 | United States Treasury Note | 6/15/2015 | 1,804,747 | 22.6% | |
3 | United States Treasury Note | 6/15/2014 | 1,803,551 | 22.6% | |
4 | United States Treasury Note | 1/31/2015 | 1,732,837 | 21.7% | |
5 | United States Treasury Note | 6/30/2016 | 307,359 | 3.9% | |
6 | United States Treasury Note | 1/31/2017 | 201,180 | 2.5% | |
7 | Government National Mortgage Association | 11/20/2034 | 161,217 | 2.0% | |
8 | Government National Mortgage Association | 6/20/2034 | 101,504 | 1.3% |
3
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | February 28, 2014 |
The United States Treasury Trust
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Bill, DN | 3/27/2014 | $14,299,559 | 12.8% | |
2 | United States Treasury Bill, DN | 5/8/2014 | 13,598,723 | 12.2% | |
3 | United States Treasury Bill, DN | 4/3/2014 | 12,599,680 | 11.3% | |
4 | United States Treasury Bill, DN | 3/6/2014 | 9,099,994 | 8.2% | |
5 | United States Treasury Bill, DN | 5/15/2014 | 8,999,244 | 8.1% | |
6 | United States Treasury Bill, DN | 3/20/2014 | 8,699,749 | 7.8% | |
7 | United States Treasury Bill, DN | 5/22/2014 | 7,799,245 | 7.0% | |
8 | United States Treasury Bill, DN | 3/13/2014 | 7,000,000 | 6.3% | |
9 | United States Treasury Bill, DN | 5/29/2014 | 6,999,351 | 6.3% | |
10 | United States Treasury Bill, DN | 4/17/2014 | 6,899,615 | 6.2% |
S&P 500 Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Apple Inc. | $3,555,277 | 2.9% | |
2 | Exxon Mobil Corp | 3,176,044 | 2.5% | |
3 | Google Inc | 2,528,552 | 2.0% | |
4 | Microsoft Corp | 2,126,818 | 1.7% | |
5 | General Electric Co | 1,958,134 | 1.6% | |
6 | Johnson & Johnson | 1,930,651 | 1.5% | |
7 | Wells Fargo & Co | 1,677,851 | 1.3% | |
8 | Chevron Corp | 1,656,600 | 1.3% | |
9 | Procter & Gamble Co | 1,594,124 | 1.3% | |
10 | Pfizer Inc | 1,580,936 | 1.3% |
S&P MidCap Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Green Mtn Coffee | $1,505,633 | 0.9% | |
2 | Henry Schein Inc | 1,126,952 | 0.7% | |
3 | Cimarex Energy Co | 1,095,542 | 0.6% | |
4 | Tractor Supply Co | 1,086,342 | 0.6% | |
5 | Affiliated Mgrs Grp | 1,085,801 | 0.6% | |
6 | Trimble Navigation | 1,069,497 | 0.6% | |
7 | Church & Dwight Inc | 1,043,425 | 0.6% | |
8 | Equinix, Inc | 1,029,203 | 0.6% | |
9 | Advance Auto Parts | 1,015,314 | 0.6% | |
10 | Endo Pharmaceuticals | 1,011,319 | 0.6% |
4
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | February 28, 2014 |
S&P SmallCap Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | United States T-Bill 03/20/14, DN | $399,987 | 0.8% | |
2 | FEI Co | 322,424 | 0.6% | |
3 | Hain Celestial Group | 320,498 | 0.6% | |
4 | Kate Spade & Co. | 315,851 | 0.6% | |
5 | Brunswick Corp | 305,154 | 0.6% | |
6 | Toro Co | 290,617 | 0.6% | |
7 | AO Smith Corp | 290,596 | 0.6% | |
8 | Old Dominion Freight | 279,563 | 0.5% | |
9 | Teledyne Tech. | 276,010 | 0.5% | |
10 | Align Technology Inc | 271,697 | 0.5% |
Shelton Core Value Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Chevron Corp | $6,518,913 | 3.4% | |
2 | JPMorgan Chase & Co | 6,261,450 | 3.3% | |
3 | Apple Inc. | 5,893,888 | 3.1% | |
4 | Goldman Sachs Group | 4,818,728 | 2.5% | |
5 | Walt Disney Co | 4,083,733 | 2.1% | |
6 | Wells Fargo & Co | 4,079,807 | 2.1% | |
7 | Johnson & Johnson | 4,034,856 | 2.1% | |
8 | Home Depot Inc | 3,785,685 | 2.0% | |
9 | Procter & Gamble Co | 3,742,643 | 2.0% | |
10 | PPG Industries Inc | 3,719,016 | 1.9% |
European Growth & Income Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Nestle SA ADR | $936,361 | 6.4% | |
2 | Novartis AG ADR | 894,767 | 6.1% | |
3 | Roche Holding AG ADR | 739,352 | 5.0% | |
4 | HSBC Holdings PLC | 621,813 | 4.2% | |
5 | Banco Santander ADR | 592,716 | 4.0% | |
6 | Bayer AG ADR | 581,120 | 4.0% | |
7 | Total SA ADR | 535,944 | 3.6% | |
8 | Royal Dutch Shell | 526,121 | 3.6% | |
9 | Siemens AG | 497,241 | 3.4% | |
10 | AXA ADR | 492,635 | 3.4% |
5
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | February 28, 2014 |
Nasdaq-100 Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Apple Inc. | $8,876,616 | 10.2% | |
2 | Google Inc | 5,970,057 | 6.9% | |
3 | Microsoft Corp | 5,619,464 | 6.5% | |
4 | Amazon.Com Inc | 3,533,734 | 4.1% | |
5 | Facebook Inc | 2,753,324 | 3.2% | |
6 | Gilead Sciences Inc | 2,724,039 | 3.1% | |
7 | Qualcomm Inc | 2,718,270 | 3.1% | |
8 | Intel Corp | 2,643,180 | 3.0% | |
9 | Cisco Systems Inc | 2,505,605 | 2.9% | |
10 | Comcast Corp | 2,377,326 | 2.7% |
Shelton Green Alpha Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Canadian Solar $USD DL | $514,632 | 4.1% | |
2 | First Solar, Inc. | 513,630 | 4.0% | |
3 | Solarcity Corp | 450,288 | 3.5% | |
4 | Google Inc | 449,791 | 3.5% | |
5 | Veolia Environment ADR | 428,948 | 3.4% | |
6 | Tesla Motors, Inc. | 403,937 | 3.2% | |
7 | United Natural Foods | 376,376 | 3.0% | |
8 | Qualcomm Inc | 368,921 | 2.9% | |
9 | Johnson Controls Inc | 340,860 | 2.7% | |
10 | Kyocera Corp ADR | 332,369 | 2.6% |
6
California Tax-Free Income Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
MUNICIPAL BONDS (94.29%) | |||||||||||||
BAY AREA TOLL AUTHORITY | |||||||||||||
San Francisco; Series F | $ | 500,000 | 5.000 | 4/1/2031 | $ | 549,130 | |||||||
San Francisco; Series F-1 | 2,000,000 | 5.000 | 4/1/2034 | 2,181,340 | |||||||||
CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD | |||||||||||||
Lease Revenue Bonds; Series I-1 | 3,000,000 | 6.125 | 11/1/2029 | 3,553,860 | |||||||||
CALIFORNIA DEPARTMENT OF WATER RESOURCES | |||||||||||||
Revenue Bonds, Series 2010L | 1,000,000 | 5.000 | 5/1/2019 | 1,200,330 | |||||||||
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | |||||||||||||
Revenue Bonds (Occidental College); Series 2005A | 3,165,000 | 5.000 | 10/1/2030 | 3,407,344 | |||||||||
Revenue Bonds, Series 2009A | 2,500,000 | 5.250 | 10/1/2038 | 2,802,775 | |||||||||
CALIFORNIA, STATE OF | |||||||||||||
General Obligation Bonds | 2,000,000 | 5.000 | 6/1/2033 | 2,067,800 | |||||||||
General Obligation Bonds; 2005 | 1,000,000 | 5.000 | 5/1/2027 | 1,046,480 | |||||||||
Variable Purpose | 3,000,000 | 5.000 | 4/1/2038 | 3,178,290 | |||||||||
2013-14 Revenue Anticipation Notes, Series A-2 | 875,000 | 2.000 | 6/23/2014 | 880,040 | |||||||||
CALIFORNIA STATE UNIVERSITY, TRUSTEES OF THE | |||||||||||||
Revenue Bonds, Series 2012A | 1,100,000 | 4.000 | 11/1/2030 | 1,115,268 | |||||||||
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY | |||||||||||||
UniHealth America; Certificates of Participation; 1993 Series A | 760,000 | 5.500 | 10/1/2014 | 784,039 | |||||||||
CAMPBELL UNION HIGH SCHOOL DISTRICT | |||||||||||||
Refunding Bonds | 2,000,000 | 5.000 | 8/1/2030 | 2,188,420 | |||||||||
EAST BAY MUNICIPAL UTILITY DISTRICT | |||||||||||||
Water System Revenue Refunding Bonds, Series 2009A-2 | 2,000,000 | 0.230 | 6/1/2026 | 2,000,000 | |||||||||
EAST SIDE UNION HIGH SCHOOL DISTRICT | |||||||||||||
Santa Clara County; Ref-2012 Crossover | 2,975,000 | 5.250 | 9/1/2023 | 3,517,045 | |||||||||
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT | |||||||||||||
Election 1999; Series C | 2,000,000 | 0.000 | 8/1/2027 | 1,174,060 | |||||||||
LOS ANGELES, CITY OF | |||||||||||||
General Obligation Refunding Bonds Series 2012-A | 2,000,000 | 5.000 | 9/1/2021 | 2,423,580 | |||||||||
LOS ANGELES COMMUNITIES REDEVELOPMENT AGENCY | |||||||||||||
Bunker Hill Project; Series A | 2,000,000 | 5.000 | 12/1/2027 | 2,063,660 | |||||||||
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY | |||||||||||||
Tax Revenue Refunding Bonds, Series 2012-A | 1,000,000 | 5.000 | 7/1/2021 | 1,218,020 | |||||||||
Proposition C Sales Tax Revenue Refunding Bonds Senior Bonds, Senior 2013-A | 1,500,000 | 5.000 | 7/1/2023 | 1,819,035 | |||||||||
LOS ANGELES DEPARTMENT OF WATER AND POWER | |||||||||||||
Revenue Bonds, 2012 Series A | 1,985,000 | 5.000 | 7/1/2037 | 2,156,782 | |||||||||
Revenue bonds, 2011 Series A | 1,500,000 | 5.000 | 7/1/2018 | 1,780,290 | |||||||||
Revenue bonds, 2013 Series A | 500,000 | 5.000 | 7/1/2017 | 576,630 | |||||||||
LOS ANGELES UNIFIED DISTRICT OF CALIFORNIA | |||||||||||||
General Obligation Refunding Bonds; 2005 Series A-1 | 2,000,000 | 5.000 | 7/1/2020 | 2,129,400 | |||||||||
LOS RIOS COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds 2008 Election, Series B | 2,500,000 | 5.000 | 8/1/2032 | 2,739,875 | |||||||||
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA | |||||||||||||
Series C | 1,000,000 | 5.000 | 7/1/2035 | 1,105,980 | |||||||||
Water Revenue Refunding Bonds, 2011 Series A-2 | 1,000,000 | 0.180 | 7/1/2036 | 999,130 | |||||||||
Water System Revenue Bonds, 2005 Series A | 2,000,000 | 5.000 | 3/1/2016 | 2,096,240 | |||||||||
MT. DIABLO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Refunding Bonds, Elections of 2002, Series B | 500,000 | 5.000 | 7/1/2020 | 599,795 | |||||||||
MT. SAN ANTONIO COMMUNITY COLLEGE DISTRICT | |||||||||||||
Election of 2008 General Obligation Bonds, Series 2013A | 2,345,000 | 5.000 | 8/1/2034 | 2,568,056 | |||||||||
NEWPORT BEACH, CITY OF | |||||||||||||
Refunding Revenue Bonds; Hoag Memorial Hospital Presbyterian | 3,000,000 | 4.625 | 12/1/2024 | 3,101,730 | |||||||||
NOVATO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation bonds; Election 2001; Series 2005 | 2,000,000 | 5.000 | 8/1/2028 | 2,036,800 | |||||||||
PASADENA ELECTRIC REVENUE | |||||||||||||
Electric Revenue Refunding Bonds, Series 2010A | 1,205,000 | 4.000 | 6/1/2020 | 1,371,735 | |||||||||
PERALTA COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Refunding Bonds 2012 | 1,000,000 | 5.000 | 8/1/2018 | 1,173,330 |
See accompanying notes to financial statements.
7
California Tax-Free Income Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Refunding Bonds 2012 | $ | 1,380,000 | 4.000 | 9/1/2020 | $ | 1,585,427 | |||||||
RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY | |||||||||||||
Lease Revenue Bonds; Series A | 3,000,000 | 6.000 | 5/1/2022 | 3,412,890 | |||||||||
ROSEVILLE FINANCE AUTHORITY | |||||||||||||
Electric System Revenue Refunding Bonds, Series 2013 | 750,000 | 5.000 | 2/1/2025 | 859,890 | |||||||||
ROSEVILLE NATURAL GAS FINANCING AUTHORITY | |||||||||||||
Gas Revenue Bonds; Series 2007 | 1,000,000 | 5.000 | 2/15/2024 | 1,096,140 | |||||||||
ROSEVILLE WOODCREEK WEST | |||||||||||||
Special Tax Refunding; Series 2005 | 1,000,000 | 5.000 | 9/1/2030 | 1,010,990 | |||||||||
SACRAMENTO CITY FINANCING AUTHORITY | |||||||||||||
Capital Improvement: Series A | 2,000,000 | 5.000 | 12/1/2036 | 2,022,940 | |||||||||
SADDLEBACK VALLEY UNIFIED SCHOOL DISTRICT PUBLIC FINANCING AUTHORITY | |||||||||||||
Special Tax Revenue Bonds; 1996 Series A | 1,575,000 | 6.000 | 9/1/2016 | 1,775,151 | |||||||||
SAN FRANCISCO, CITY AND COUNTY | |||||||||||||
General Obligation Refunding Bonds Series 2011-R1 | 1,550,000 | 5.000 | 6/15/2016 | 1,720,469 | |||||||||
General Obligation Bonds, Series 2013A | 1,000,000 | 4.000 | 6/15/2033 | 1,001,210 | |||||||||
Second Series Revenue Refunding Bonds Series 2010D | 500,000 | 5.000 | 5/1/2020 | 599,470 | |||||||||
SAN FRANCISCO, PUBLIC UTILITIES COMMISSION OF THE CITY AND COUNTY OF | |||||||||||||
Revenue bonds, 2013 Series A | 700,000 | 4.000 | 10/1/2021 | 797,482 | |||||||||
SAN MARINO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; 1998 Series B | 1,440,000 | 5.250 | 7/1/2016 | 1,603,685 | |||||||||
SANTA ANA UNIFIED SCHOOL DISTRICT | |||||||||||||
Certificates of Participation | 2,000,000 | 5.250 | 4/1/2037 | 2,045,660 | |||||||||
SANTA CLARA COUNTY FINANCING AUTHORITY | |||||||||||||
Multiple Facilities Project | 2,065,000 | 5.000 | 11/15/2016 | 2,317,550 | |||||||||
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT | |||||||||||||
Election 2004; Capital Appreciation Bonds | 2,500,000 | 0.000 | 8/1/2029 | 1,156,625 | |||||||||
SANTA MONICA - MALIBU UNIFIED SCHOOL DISTRICT | |||||||||||||
Election 2006; Series A | 2,000,000 | 5.000 | 8/1/2032 | 2,307,680 | |||||||||
SONOMA COUNTY JUNIOR COLLEGE DISTRICT | |||||||||||||
Prerefunded- Election 2002-SER | 780,000 | 5.000 | 8/1/2027 | 833,633 | |||||||||
Unrefunded Balance- Election | 220,000 | 5.000 | 8/1/2027 | 232,177 | |||||||||
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY | |||||||||||||
Windy Point/Windy Flats Project, Revenue Bonds, 2010-1 | 1,000,000 | 5.000 | 7/1/2023 | 1,158,780 | |||||||||
UNIVERSITY OF CALIFORNIA | |||||||||||||
Limited Project Revenue Bonds; 2007 Series D | 3,000,000 | 5.000 | 5/15/2024 | 3,340,530 | |||||||||
VAL VERDE UNIFIED SCHOOL DISTRICT | |||||||||||||
Refunding and School Construction Project; 2005 Series B | 635,000 | 5.000 | 1/1/2024 | 660,508 | |||||||||
WEST VALLEY MISSION COMMUNITY COLLEGE DISTRICT | |||||||||||||
Election 2004; Series A | 2,000,000 | 5.000 | 8/1/2030 | 2,141,460 | |||||||||
WILLIAM S. HART UNION HIGH SCHOOL DISTRICT | |||||||||||||
Election 2001; Capital Appreciation Bonds, Series B | 3,595,000 | 0.000 | 9/1/2029 | 1,754,396 | |||||||||
YUBA COUNTY LEVEE FINANCING AUTHORITY | |||||||||||||
Levee Financing Project; Series A | 1,305,000 | 5.000 | 9/1/2038 | 1,327,642 | |||||||||
Total Municipal Bonds (Cost $93,553,051) | 100,368,674 | ||||||||||||
VARIABLE RATE DEMAND NOTES* (4.84%) | |||||||||||||
CALIFORNIA INFRASTRUCTURE AND ECONOMIC DEVELOPMENT BANK | |||||||||||||
Refunding Revenue Bonds, Series 2009C | 100,000 | 0.020 | 3/3/2014 | 100,000 | |||||||||
Refunding Revenue Bonds, Series 2009A | 200,000 | 0.030 | 3/3/2014 | 200,000 | |||||||||
CALIFORNIA MUNICIPAL FINANCING AUTHORITY | |||||||||||||
Recovery Zone Facility Bonds | 2,000,000 | 0.020 | 3/3/2014 | 2,000,000 | |||||||||
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY | |||||||||||||
Pollution Control Revenue Refunding Bonds, Series 2002 | 1,150,000 | 0.020 | 3/3/2014 | 1,150,000 | |||||||||
IRVINE, CITY OF | |||||||||||||
Limited Obliation Improvement Bonds, Adjustable Rate Series B | 1,700,000 | 0.020 | 3/3/2014 | 1,700,000 | |||||||||
Total Variable Rate Demand Notes (Cost $8,150,000) | 5,150,000 |
See accompanying notes to financial statements.
8
California Tax-Free Income Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Value (Note 1) | |||
Total Investments (Cost $101,703,051) (99.13%) | $ | 105,518,674 | ||
Other Net Assets (0.87%) | 928,507 | |||
Net Assets (100.00%) | $ | 106,447,181 |
* Stated maturity reflects next reset date.
U.S. Government Securities Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
Government National Mortgage Association (7.25%) | |||||||||||||
$ | 781 | 6.000 | % | 4/15/2014 | $ | 782 | |||||||
2,592 | 6.000 | % | 4/15/2016 | 2,604 | |||||||||
19,781 | 6.500 | % | 4/15/2016 | 19,884 | |||||||||
25,733 | 6.000 | % | 5/15/2016 | 26,643 | |||||||||
5,265 | 10.000 | % | 9/15/2018 | 5,464 | |||||||||
207,395 | 5.000 | % | 7/15/2020 | 223,465 | |||||||||
111,360 | 5.500 | % | 1/15/2025 | 123,579 | |||||||||
254,225 | 6.000 | % | 1/15/2026 | 288,603 | |||||||||
589,208 | 5.500 | % | 4/15/2036 | 656,984 | |||||||||
426,274 | 5.000 | % | 3/15/2038 | 470,057 | |||||||||
271,789 | 6.000 | % | 6/15/2038 | 304,697 | |||||||||
Total Government National Mortgage Association (Cost $1,910,587) | 2,122,762 | ||||||||||||
United States Treasury Bills DN (a) (1.02%) | |||||||||||||
300,000 | 0.000 | % | 5/8/2014 | 299,971 | |||||||||
Total United States Treasury Bills (Cost $299,980) | 299,971 | ||||||||||||
United States Treasury Bonds (16.99%) | |||||||||||||
3,000,000 | 7.250 | % | 5/15/2016 | 3,450,468 | |||||||||
1,300,000 | 4.500 | % | 5/15/2038 | 1,523,031 | |||||||||
Total United States Treasury Bonds (Cost $4,724,880) | 4,973,499 | ||||||||||||
United States Treasury Notes (73.80%) | |||||||||||||
2,519,000 | 4.750 | % | 5/15/2014 | 2,542,811 | |||||||||
3,800,000 | 4.000 | % | 2/15/2015 | 3,939,977 | |||||||||
4,100,000 | 2.500 | % | 6/30/2017 | 4,320,695 | |||||||||
1,500,000 | 2.750 | % | 2/28/2018 | 1,594,922 | |||||||||
4,000,000 | 3.750 | % | 11/15/2018 | 4,427,032 | |||||||||
1,300,000 | 2.750 | % | 2/15/2019 | 1,377,340 | |||||||||
1,900,000 | 2.625 | % | 8/15/2020 | 1,975,109 | |||||||||
1,300,000 | 3.625 | % | 2/15/2021 | 1,429,949 | |||||||||
Total United States Treasury Notes (Cost $21,062,171) | 21,607,835 | ||||||||||||
Total Investments (Cost $27,997,618) (99.06%) | 29,004,067 | ||||||||||||
Other Net Assets (0.94%) | 276,379 | ||||||||||||
Net Assets (100.00%) | $ | 29,280,446 |
(a) Discount Note. Yield to maturity is 0.05%.
See accompanying notes to financial statements.
9
Short-Term U.S. Government Bond Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
Government National Mortgage Association (3.29%) | |||||||||||||
$ | 97,031 | 2.125 | % | 6/20/2034 | $ | 101,504 | |||||||
154,440 | 1.625 | % | 11/20/2034 | 161,217 | |||||||||
Total Government National Mortgage Association (Cost $252,923) | 262,721 | ||||||||||||
United States Treasury Notes (96.38%) | |||||||||||||
1,800,000 | 0.750 | % | 6/15/2014 | 1,803,551 | |||||||||
1,700,000 | 2.250 | % | 1/31/2015 | 1,732,837 | |||||||||
1,800,000 | 0.375 | % | 6/15/2015 | 1,804,747 | |||||||||
1,800,000 | 2.000 | % | 1/31/2016 | 1,858,360 | |||||||||
300,000 | 1.500 | % | 6/30/2016 | 307,359 | |||||||||
200,000 | 0.875 | % | 1/31/2017 | 201,180 | |||||||||
Total United States Treasury Notes (Cost $7,692,219) | 7,708,034 | ||||||||||||
Total Investments (Cost $7,945,142) (99.67%) | 7,970,755 | ||||||||||||
Other Net Assets (0.33%) | 26,222 | ||||||||||||
Net Assets (100.00%) | $ | 7,996,977 |
The United States Treasury Trust | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Par Value | Maturity | Value (Note 1) | ||||||
United States Treasury Bills DN (a) (100.14%) | |||||||||
$ | 9,100,000 | 3/6/2014 | $ | 9,099,994 | |||||
7,000,000 | 3/13/2014 | 7,000,000 | |||||||
8,700,000 | 3/20/2014 | 8,699,749 | |||||||
14,300,000 | 3/27/2014 | 14,299,559 | |||||||
12,600,000 | 4/3/2014 | 12,599,680 | |||||||
6,100,000 | 4/10/2014 | 6,099,777 | |||||||
6,900,000 | 4/17/2014 | 6,899,615 | |||||||
6,000,000 | 4/24/2014 | 5,999,706 | |||||||
3,500,000 | 5/1/2014 | 3,499,795 | |||||||
13,600,000 | 5/8/2014 | 13,598,723 | |||||||
9,000,000 | 5/15/2014 | 8,999,244 | |||||||
7,800,000 | 5/22/2014 | 7,799,245 | |||||||
7,000,000 | 5/29/2014 | 6,999,351 | |||||||
Total United States Treasury Bills DN (Cost $111,594,438) | 111,594,438 | ||||||||
Total Investments (Cost $111,594,438) (100.14%) | 111,594,438 | ||||||||
Liabilities in Excess of Other Assets (-0.14%) | (157,683 | ) | |||||||
Net Assets (100.00%) | $ | 111,436,755 |
(a) Discount Note. Yield to maturity is between 0.00% - 0.05%.
See accompanying notes to financial statements.
10
S&P 500 Index Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (97.76%) | ||||||||
Basic Materials (3.18%) | ||||||||
Air Products & Chem. | 1,615 | $ | 195,932 | |||||
Airgas Inc | 499 | 53,792 | ||||||
Alcoa Inc | 7,435 | 87,287 | ||||||
Allegheny Tech. | 854 | 27,140 | ||||||
CF Industries Hldgs | 475 | 119,178 | ||||||
Cliffs Natural Res. | 999 | 20,010 | ||||||
Dow Chemical Co/The | 8,728 | 425,141 | ||||||
Eastman Chemical Co | 1,048 | 91,627 | ||||||
Ecolab Inc | 1,937 | 208,712 | ||||||
EI Du Pont de Nemour | 6,896 | 459,412 | ||||||
FMC Corp | 1,102 | 85,052 | ||||||
Freeport-McMoRan | 6,887 | 224,654 | ||||||
International Flavor | 683 | 64,059 | ||||||
International Paper | 3,175 | 155,226 | ||||||
LyondellBasell Ind. CL A | 3,332 | 293,483 | ||||||
MeadWestvaco Corp | 1,277 | 47,798 | ||||||
Monsanto Co | 3,890 | 427,977 | ||||||
Newmont Mining Corp | 3,766 | 87,597 | ||||||
Nucor Corp | 2,404 | 120,777 | ||||||
PPG Industries Inc | 1,051 | 207,909 | ||||||
Praxair Inc | 2,168 | 282,642 | ||||||
Sherwin-Williams Co | 628 | 125,901 | ||||||
Sigma-Aldrich Corp | 928 | 87,612 | ||||||
The Mosiac Company | 2,068 | 101,042 | ||||||
United States Steel | 1,093 | 26,472 | ||||||
Total Basic Materials | 4,026,432 | |||||||
Communications (11.86%) | ||||||||
Amazon.Com Inc* | 2,600 | 941,460 | ||||||
AT&T Inc | 40,436 | 1,291,121 | ||||||
Cablevision Systems | 1,680 | 29,568 | ||||||
CBS Corp Class B | 4,379 | 293,743 | ||||||
Centurylink Inc | 4,581 | 143,202 | ||||||
Cisco Systems Inc | 39,132 | 853,078 | ||||||
Comcast Corp | 19,592 | 1,012,710 | ||||||
Corning Inc | 11,057 | 213,068 | ||||||
DIRECTV* | 4,220 | 327,472 | ||||||
Discovery Comm. Series A* | 1,878 | 156,475 | ||||||
eBay Inc* | 8,321 | 489,025 | ||||||
Expedia Inc | 689 | 54,107 | ||||||
F5 Networks Inc* | 602 | 67,629 | ||||||
Facebook Inc* | 12,000 | 821,520 | ||||||
Frontier Comm | 8,240 | 40,211 | ||||||
Gannett Co Inc | 1,702 | 50,635 | ||||||
Google Inc* | 2,080 | 2,528,552 | ||||||
Graham Holdings Co. | 47 | 33,779 | ||||||
Harris Corp | 833 | 61,492 | ||||||
Interpublic Group Co | 3,241 | 57,431 | ||||||
JDS Uniphase Corp* | 1,800 | 24,804 | ||||||
Juniper Networks Inc* | 3,874 | 103,591 | ||||||
Motorola Solutions | 2,139 | 141,602 | ||||||
NetFlix Inc* | 413 | 184,045 | ||||||
News Corp New-CL A-W/I* | 3,745 | 68,646 | ||||||
Nielsen Holdings NV | 1,879 | 88,952 | ||||||
Omnicom Group | 1,982 | 149,998 | ||||||
Priceline.com Inc* | 361 | 486,931 | ||||||
Scripps Networks Class A | 635 | 51,587 | ||||||
Symantec Corp | 5,172 | 111,095 | ||||||
Time Warner Cable | 2,282 | 320,279 | ||||||
Time Warner Inc | 7,045 | 472,931 | ||||||
TripAdvisor Inc.* | 850 | 85,204 | ||||||
Twenty-First Century Class A | 14,980 | $ | 502,429 | |||||
VeriSign Inc* | 1,159 | 63,872 | ||||||
Verizon Comm. | 20,602 | 980,243 | ||||||
Viacom Inc (New) | 3,483 | 305,564 | ||||||
Walt Disney Co | 13,185 | 1,065,480 | ||||||
Windstream Holdings | 4,013 | 32,184 | ||||||
Yahoo! Inc* | 7,670 | 296,599 | ||||||
Total Communications | 15,002,314 | |||||||
Consumer, Cyclical (9.39%) | ||||||||
Abercrombie & Fitch | 700 | 27,741 | ||||||
Autonation Inc* | 284 | 14,950 | ||||||
Autozone Inc* | 275 | 148,071 | ||||||
Bed Bath & Beyond* | 1,720 | 116,650 | ||||||
Best Buy Co Inc | 1,956 | 52,088 | ||||||
BorgWarner Inc | 1,664 | 102,253 | ||||||
Carmax Inc* | 1,689 | 81,798 | ||||||
Carnival Corp | 3,334 | 132,226 | ||||||
Chipotle Mexican* | 234 | 132,259 | ||||||
Coach Inc | 2,156 | 105,234 | ||||||
Costco Wholesale | 3,160 | 369,088 | ||||||
CVS/Caremark Corp | 9,065 | 663,014 | ||||||
Darden Restaurants | 933 | 47,639 | ||||||
Delphi Automotive | 2,173 | 144,657 | ||||||
Delta Air Lines Inc | 6,380 | 211,880 | ||||||
Dollar General Corp* | 1,932 | 115,727 | ||||||
Dollar Tree Inc.* | 1,728 | 94,643 | ||||||
DR Horton Inc | 2,043 | 50,176 | ||||||
Family Dollar Stores | 713 | 46,702 | ||||||
Fastenal Co | 2,014 | 95,041 | ||||||
Ford Motor Co | 27,615 | 424,995 | ||||||
Fossil Group Inc.* | 377 | 43,321 | ||||||
Gamestop Corp Class A | 908 | 33,877 | ||||||
Gap Inc/The | 2,194 | 95,988 | ||||||
General Motors Co.* | 5,632 | 203,878 | ||||||
Genuine Parts Co | 1,170 | 103,065 | ||||||
Goodyear Tire & Rubb | 1,847 | 49,629 | ||||||
Harley-Davidson Inc | 1,765 | 116,596 | ||||||
Harman International | 529 | 55,402 | ||||||
Hasbro Inc | 950 | 52,402 | ||||||
Home Depot Inc | 11,091 | 909,795 | ||||||
Intl Game Tech | 2,266 | 34,194 | ||||||
Johnson Controls Inc | 5,136 | 253,718 | ||||||
Kohl's Corp | 1,587 | 89,174 | ||||||
L Brands Inc | 1,787 | 100,662 | ||||||
Lennar Corp | 1,300 | 57,044 | ||||||
Lowe's Cos Inc | 8,392 | 419,852 | ||||||
Macy's Inc. | 2,961 | 171,323 | ||||||
Marriott Intl Class A | 1,935 | 104,935 | ||||||
Mattel Inc | 2,508 | 93,573 | ||||||
McDonald's Corp | 7,400 | 704,110 | ||||||
Michael Kors Hldings* | 1,328 | 130,184 | ||||||
Newell Rubbermaid | 2,365 | 75,940 | ||||||
Nike Inc CL B | 5,334 | 417,652 | ||||||
Nordstrom Inc | 1,123 | 69,042 | ||||||
O'Reilly Automotive* | 874 | 131,843 | ||||||
Paccar Inc | 2,601 | 171,250 | ||||||
Petsmart Inc | 796 | 53,380 | ||||||
PulteGroup Inc | 2,804 | 58,856 | ||||||
PVH Corp. | 574 | 72,571 | ||||||
Ralph Lauren Corp | 449 | 72,325 | ||||||
Ross Stores Inc | 1,661 | 120,921 | ||||||
Southwest Airlines | 5,662 | 127,055 | ||||||
Staples Inc | 5,524 | 75,071 | ||||||
Starbucks Corp | 5,474 | $ | 388,435 | |||||
Starwood Hotels | 1,427 | 117,670 | ||||||
Target Corp | 4,818 | 301,318 | ||||||
Tiffany & Co | 950 | 88,588 | ||||||
TJX Cos Inc | 5,416 | 332,867 | ||||||
Urban Outfitters Inc* | 803 | 30,064 | ||||||
VF Corp | 2,588 | 151,631 | ||||||
Walgreen Co | 6,346 | 431,211 | ||||||
Wal-Mart Stores Inc | 12,426 | 928,222 | ||||||
Whirlpool Corp | 570 | 82,439 | ||||||
WW Grainger Inc | 441 | 112,464 | ||||||
Wyndham Worldwide | 1,139 | 83,010 | ||||||
Wynn Resorts Ltd | 526 | 127,550 | ||||||
Yum! Brands Inc | 3,354 | 248,464 | ||||||
Total Consumer, Cyclical | 11,869,393 | |||||||
Consumer, Non-Cyclical (21.64%) | ||||||||
Abbott Laboratories | 11,424 | 454,447 | ||||||
AbbVie Inc. | 11,424 | 581,596 | ||||||
Actavis plc* | 1,289 | 284,637 | ||||||
Aetna Inc | 2,841 | 206,569 | ||||||
Alexion Pharma Inc.* | 1,383 | 244,514 | ||||||
Allergan Inc | 2,212 | 280,924 | ||||||
Altria Group Inc | 14,863 | 538,932 | ||||||
AmerisourceBergen Co | 1,851 | 125,590 | ||||||
Amgen Inc | 5,671 | 703,317 | ||||||
Archer-Daniels | 4,902 | 199,021 | ||||||
Automatic Data | 3,564 | 277,208 | ||||||
Avery Dennison Corp | 891 | 44,390 | ||||||
Avon Products Inc | 3,259 | 50,417 | ||||||
Baxter International | 4,026 | 279,807 | ||||||
Beam, Inc. | 1,241 | 102,953 | ||||||
Becton Dickinson&Co. | 1,468 | 169,143 | ||||||
Biogen Idec Inc* | 1,739 | 592,443 | ||||||
Boston Scientific Co* | 11,526 | 150,991 | ||||||
Bristol-Myers Squibb | 12,265 | 659,489 | ||||||
Brown-Forman Corp Class B | 1,081 | 90,588 | ||||||
Campbell Soup Co | 1,449 | 62,756 | ||||||
Cardinal Health Inc | 2,511 | 179,612 | ||||||
CareFusion Corp.* | 1,546 | 62,659 | ||||||
Celgene Corp.* | 3,188 | 512,471 | ||||||
Cigna Corp | 2,081 | 165,627 | ||||||
Cintas Corp | 801 | 48,589 | ||||||
Clorox Co | 943 | 82,305 | ||||||
Coca-Cola Co/The | 28,487 | 1,088,203 | ||||||
Coca-Cola Enterprise | 2,036 | 95,855 | ||||||
Colgate-Palmolive Co | 6,558 | 412,039 | ||||||
ConAgra Foods Inc | 2,987 | 84,831 | ||||||
Constellation Brands* | 1,083 | 87,755 | ||||||
Covidien PLC | 3,532 | 254,127 | ||||||
CR Bard Inc | 610 | 87,938 | ||||||
DaVita HealthCare* | 1,224 | 84,126 | ||||||
Dentsply Intl. | 1,160 | 52,641 | ||||||
Dr Pepper Snapple | 1,620 | 84,418 | ||||||
Edwards Lifesciences* | 858 | 59,854 | ||||||
Eli Lilly & Co | 7,419 | 442,247 | ||||||
Equifax Inc | 870 | 60,952 | ||||||
Estee Lauder Co | 1,800 | 123,912 | ||||||
Express Scripts Hldg* | 5,973 | 449,827 | ||||||
Forest Laboratories* | 1,720 | 167,820 | ||||||
General Mills Inc | 4,683 | 234,290 | ||||||
Gilead Sciences Inc* | 11,004 | 911,021 | ||||||
H&R Block Inc | 1,994 | 63,090 | ||||||
Hershey Co/The | 1,114 | 117,883 |
See accompanying notes to financial statements.
11
S&P 500 Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Hormel Foods Corp | 1,064 | $ | 50,487 | |||||
Hospira Inc* | 1,350 | 58,428 | ||||||
Humana Inc | 1,191 | 133,940 | ||||||
Intuitive Surgical* | 285 | 126,777 | ||||||
Iron Mountain Inc. | 1,243 | 33,810 | ||||||
JM Smucker Co/The | 823 | 82,308 | ||||||
Johnson & Johnson | 20,958 | 1,930,650 | ||||||
Kellogg Co | 1,816 | 110,213 | ||||||
Kimberly-Clark Corp | 2,926 | 322,884 | ||||||
Kraft Foods Group | 4,282 | 236,666 | ||||||
Kroger Co/The | 4,007 | 168,054 | ||||||
Lab. Corp Of America* | 705 | 65,946 | ||||||
Lorillard, Inc. | 2,883 | 141,440 | ||||||
Mastercard Inc Class A | 7,720 | 599,998 | ||||||
McCormick & Co Inc | 975 | 64,740 | ||||||
McGraw Hill Financ. | 2,019 | 160,834 | ||||||
McKesson Corp | 1,736 | 307,359 | ||||||
Mead Johnson Nutr. | 1,560 | 127,218 | ||||||
Medtronic Inc | 7,560 | 448,006 | ||||||
Merck & Co Inc | 22,116 | 1,260,391 | ||||||
Molson Coors Brewing DL | 1,200 | 68,196 | ||||||
Mondelez Int'l Inc. | 12,847 | 437,183 | ||||||
Monster Beverage Co* | 1,129 | 83,546 | ||||||
Moody's Corp | 1,498 | 118,342 | ||||||
Mylan Inc* | 3,101 | 172,323 | ||||||
Patterson Cos Inc | 758 | 31,199 | ||||||
PepsiCo Inc | 11,411 | 913,679 | ||||||
Perrigo Co PLC | 677 | 111,326 | ||||||
Pfizer Inc | 49,235 | 1,580,936 | ||||||
Philip Morris Intl. | 12,281 | 993,656 | ||||||
Procter & Gamble Co | 20,266 | 1,594,123 | ||||||
Quanta Services Inc* | 1,601 | 56,371 | ||||||
Quest Diagnostics | 1,168 | 61,904 | ||||||
Regeneron Pharma.* | 562 | 186,865 | ||||||
Reynolds American | 2,525 | 128,346 | ||||||
Robert Half Intl | 1,032 | 42,250 | ||||||
Safeway Inc | 1,746 | 65,388 | ||||||
St Jude Medical Inc | 2,310 | 155,509 | ||||||
Stryker Corp | 2,155 | 172,917 | ||||||
Sysco Corp | 4,516 | 162,666 | ||||||
Tenet Healthcare* | 766 | 33,796 | ||||||
The ADT Corporation | 1,732 | 53,190 | ||||||
Total System Service | 1,190 | 36,247 | ||||||
Tyson Foods Inc | 2,328 | 91,840 | ||||||
UnitedHealth Group | 7,592 | 586,634 | ||||||
Varian Medical Sys.* | 875 | 73,351 | ||||||
Vertex Pharma.* | 1,731 | 139,969 | ||||||
WellPoint Inc (New) | 2,432 | 220,315 | ||||||
Western Union Co | 4,688 | 78,430 | ||||||
Whole Foods Market | 2,358 | 127,450 | ||||||
Zimmer Holdings Inc | 1,338 | 125,558 | ||||||
Zoetis Inc | 3,718 | 115,332 | ||||||
Total Consumer, Non-Cyclical | 27,362,810 | |||||||
Diversified (0.03%) | ||||||||
Leucadia National Co | 1,447 | 40,429 | ||||||
Total Diversified | 40,429 | |||||||
Energy (9.85%) | ||||||||
Anadarko Petroleum | 3,750 | 315,600 | ||||||
Apache Corp | 2,792 | 221,378 | ||||||
Baker Hughes Inc | 3,384 | 214,140 | ||||||
Cabot Oil & Gas Corp | 3,164 | 110,740 | ||||||
Cameron Inter. Corp.* | 1,865 | 119,472 | ||||||
Chesapeake Energy Co | 3,818 | $ | 98,924 | |||||
Chevron Corp (b) | 14,364 | 1,656,599 | ||||||
ConocoPhillips | 8,936 | 594,244 | ||||||
Consol Energy Inc | 1,500 | 60,150 | ||||||
Denbury Resources | 2,835 | 46,381 | ||||||
Devon Energy Corp | 2,767 | 178,250 | ||||||
Diamond Offshore | 576 | 27,245 | ||||||
Ensco PLC Class A | 1,707 | 89,891 | ||||||
EOG Resources Inc | 1,925 | 364,634 | ||||||
EQT Corp. | 1,085 | 110,985 | ||||||
Exxon Mobil Corp (b) | 32,991 | 3,176,043 | ||||||
FMC Technologies Inc* | 1,793 | 90,080 | ||||||
Halliburton Co | 6,883 | 392,331 | ||||||
Helmerich & Payne | 805 | 79,494 | ||||||
Hess Corp | 2,293 | 183,509 | ||||||
Kinder Morgan Inc | 4,655 | 148,262 | ||||||
Marathon Oil Corp | 5,187 | 173,765 | ||||||
Marathon Petroleum | 2,489 | 209,076 | ||||||
Murphy Oil Corp | 1,357 | 80,565 | ||||||
Nabors Industries | 2,404 | 55,340 | ||||||
National-Oilwell Inc | 3,192 | 245,912 | ||||||
Newfield Exploration* | 988 | 27,852 | ||||||
Noble Corp plc | 1,885 | 58,529 | ||||||
Noble Energy Inc | 2,616 | 179,876 | ||||||
Occidental Petroleum | 5,892 | 568,696 | ||||||
Oneok Inc | 1,546 | 91,430 | ||||||
Peabody Energy Corp | 2,200 | 38,632 | ||||||
Phillips 66 | 4,612 | 345,254 | ||||||
Pioneer Natural Res. | 880 | 177,038 | ||||||
QEP Resources Inc. | 1,500 | 43,395 | ||||||
Range Resources Corp | 1,202 | 103,432 | ||||||
Rowan Companies plc* | 921 | 30,725 | ||||||
Schlumberger Ltd | 9,690 | 901,169 | ||||||
Southwestern Energy* | 2,561 | 105,872 | ||||||
Spectra Energy Corp. | 4,856 | 181,032 | ||||||
Tesoro Corp | 1,028 | 52,438 | ||||||
Transocean Ltd. | 2,519 | 106,806 | ||||||
Valero Energy Corp | 4,032 | 193,455 | ||||||
Williams Cos Inc | 4,450 | 183,785 | ||||||
WPX Energy Inc.* | 1,483 | 26,130 | ||||||
Total Energy | 12,458,556 | |||||||
Financial (16.03%) | ||||||||
ACE Ltd | 2,500 | 244,675 | ||||||
Aflac Inc | 3,445 | 220,756 | ||||||
Allstate Corp/The | 3,620 | 196,421 | ||||||
American Express Co | 7,257 | 662,419 | ||||||
American Int'l Group | 10,870 | 541,000 | ||||||
American Tower Corp | 2,860 | 233,004 | ||||||
Ameriprise Financial | 1,612 | 175,692 | ||||||
AON PLC | 2,362 | 202,187 | ||||||
Apartment Investment REIT | 1,070 | 31,982 | ||||||
Assurant Inc | 596 | 39,115 | ||||||
AvalonBay Community REIT | 686 | 88,473 | ||||||
Bank of America Corp | 77,978 | 1,288,976 | ||||||
Bank of NY Mellon | 8,692 | 278,144 | ||||||
BB&T Corp | 5,247 | 198,337 | ||||||
Berkshire Hathaway Class B* | 13,493 | 1,562,220 | ||||||
BlackRock, Inc. | 941 | 286,854 | ||||||
Boston Properties REIT | 1,078 | 121,200 | ||||||
Capital One Finl. | 4,021 | 295,262 | ||||||
CBRE Group Inc* | 2,058 | 57,521 | ||||||
Charles Schwab Corp | 7,272 | 192,781 | ||||||
Chubb Corp | 1,969 | 172,248 | ||||||
Cincinnati Financial | 1,179 | $ | 55,272 | |||||
Citigroup Inc | 22,616 | 1,099,816 | ||||||
CME Group Inc. | 2,250 | 166,095 | ||||||
Comerica Inc | 1,331 | 64,128 | ||||||
Crown Castle Intl Co* | 2,156 | 163,640 | ||||||
Discover Financial | 3,788 | 217,355 | ||||||
E*Trade Financial Co* | 1,181 | 26,537 | ||||||
Equity Residential REIT | 2,164 | 126,529 | ||||||
Fifth Third Bancorp | 6,069 | 131,667 | ||||||
Franklin Resources | 3,105 | 165,341 | ||||||
General Growth Pptys REIT | 4,119 | 90,700 | ||||||
Genworth Financial* | 3,728 | 57,933 | ||||||
Goldman Sachs Group | 3,315 | 551,782 | ||||||
Hartford Financial | 2,922 | 102,825 | ||||||
HCP Inc REIT | 3,020 | 117,085 | ||||||
Health Care REIT Inc REIT | 1,873 | 110,020 | ||||||
Host Hotels & Resort REIT | 5,173 | 101,753 | ||||||
Hudson City Bancorp | 3,497 | 33,222 | ||||||
Huntington Bancshare | 5,456 | 51,996 | ||||||
IntercontinentalEx. | 849 | 177,305 | ||||||
Invesco Ltd. | 3,410 | 116,963 | ||||||
JPMorgan Chase & Co | 27,735 | 1,575,902 | ||||||
Keycorp | 6,704 | 88,292 | ||||||
Kimco Realty Corp REIT | 2,994 | 66,646 | ||||||
Legg Mason Inc | 884 | 40,629 | ||||||
Lincoln National | 2,305 | 115,550 | ||||||
Loews Corp | 2,394 | 104,091 | ||||||
M&T Bank Corp | 918 | 107,030 | ||||||
Marsh & McLennan Cos | 4,025 | 193,844 | ||||||
Metlife Inc | 7,704 | 390,362 | ||||||
Morgan Stanley | 10,374 | 319,519 | ||||||
Northern Trust Corp | 1,610 | 99,579 | ||||||
People's United Fin. | 2,887 | 40,909 | ||||||
Plum Creek Timber Co | 1,188 | 51,429 | ||||||
PNC Financial Svs. | 3,945 | 322,622 | ||||||
Principal Financial | 2,041 | 92,559 | ||||||
Progressive Corp/The | 4,123 | 100,972 | ||||||
Prologis Inc. REIT | 3,315 | 136,545 | ||||||
Prudential Financial | 3,541 | 299,498 | ||||||
Public Storage REIT | 1,035 | 174,915 | ||||||
Regions Financial Co | 9,066 | 96,462 | ||||||
Simon Property Group | 2,175 | 350,806 | ||||||
SLM Corp | 3,621 | 86,687 | ||||||
State Street Corp | 3,525 | 231,487 | ||||||
SunTrust Banks Inc | 3,809 | 143,523 | ||||||
T. Rowe Price Group | 1,965 | 159,499 | ||||||
The Macerich Co REIT | 1,011 | 60,791 | ||||||
The Nasdaq OMX Group | 1,127 | 43,266 | ||||||
Torchmark Corp | 784 | 60,768 | ||||||
Travelers Cos Inc. | 2,855 | 239,363 | ||||||
Unum Group | 2,266 | 78,811 | ||||||
US Bancorp | 13,884 | 571,188 | ||||||
Ventas Inc | 2,081 | 129,917 | ||||||
Visa Inc. Class A | 3,845 | 868,739 | ||||||
Vornado Realty Trust | 1,244 | 119,785 | ||||||
Wells Fargo & Co (b) | 36,145 | 1,677,850 | ||||||
Weyerhaeuser Co | 3,870 | 114,204 | ||||||
XL Group PLC | 2,249 | 68,370 | ||||||
Zions Bancorporation | 1,054 | 32,885 | ||||||
Total Financial | 20,272,525 | |||||||
Industrial (10.68%) | ||||||||
3M Co | 4,679 | 630,402 | ||||||
Agilent Technologies | 2,633 | 149,897 |
See accompanying notes to financial statements.
12
S&P 500 Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Allegion Public Ltd.* | 703 | $ | 38,208 | |||||
Ametek Inc | 1,816 | 96,684 | ||||||
Amphenol Corp Class A | 1,186 | 104,392 | ||||||
Ball Corp | 1,134 | 63,005 | ||||||
Bemis Co | 906 | 35,588 | ||||||
Boeing Co | 4,978 | 641,764 | ||||||
Caterpillar Inc | 4,752 | 460,801 | ||||||
CH Robinson WW | 1,280 | 66,381 | ||||||
CSX Corp | 7,645 | 211,843 | ||||||
Cummins Inc | 1,302 | 189,988 | ||||||
Danaher Corp | 4,166 | 318,657 | ||||||
Deere & Co | 2,919 | 250,830 | ||||||
Dover Corp | 1,334 | 125,796 | ||||||
Eaton Corp PLC | 3,484 | 260,290 | ||||||
Emerson Electric Co | 5,336 | 348,227 | ||||||
Expeditors Intl. | 1,549 | 61,201 | ||||||
FedEx Corp | 2,148 | 286,393 | ||||||
Flir Systems Inc | 1,158 | 39,534 | ||||||
Flowserve Corp | 1,128 | 91,605 | ||||||
Fluor Corp | 1,298 | 100,842 | ||||||
Garmin Ltd | 806 | 43,250 | ||||||
General Dynamics | 2,440 | 267,278 | ||||||
General Electric Co | 76,880 | 1,958,133 | ||||||
Honeywell Intl. | 5,633 | 531,981 | ||||||
Illinois Tool Works | 3,173 | 261,773 | ||||||
Ingersoll-Rand Co | 2,109 | 128,944 | ||||||
Jabil Circuit Inc | 1,699 | 31,448 | ||||||
Jacobs Engineering* | 1,000 | 60,650 | ||||||
Joy Global Inc | 784 | 43,120 | ||||||
Kansas City Southern | 811 | 76,169 | ||||||
L-3 Communications | 719 | 82,973 | ||||||
Leggett & Platt Inc | 1,017 | 32,595 | ||||||
Lockheed Martin Corp | 1,981 | 321,516 | ||||||
Masco Corp | 2,627 | 61,340 | ||||||
Norfolk Southern | 2,398 | 220,400 | ||||||
Northrop Grumman | 1,818 | 220,033 | ||||||
Owens-Illinois Inc* | 1,395 | 47,318 | ||||||
Pall Corp | 838 | 72,068 | ||||||
Parker Hannifin Corp | 1,096 | 132,123 | ||||||
Pentair Ltd. | 1,542 | 124,609 | ||||||
PerkinElmer Inc | 1,021 | 46,272 | ||||||
Precision Castparts | 1,073 | 276,705 | ||||||
Raytheon Co | 2,443 | 239,194 | ||||||
Republic Services | 2,203 | 75,144 | ||||||
Rockwell Automation | 1,085 | 133,281 | ||||||
Rockwell Collins Inc | 1,079 | 89,061 | ||||||
Roper Industries Inc | 694 | 94,120 | ||||||
Ryder System Inc | 477 | 35,928 | ||||||
Sealed Air Corp | 1,582 | 53,851 | ||||||
Snap-On Inc | 424 | 47,560 | ||||||
Stanley Black & Deck | 1,237 | 102,720 | ||||||
Stericycle Inc* | 642 | 73,188 | ||||||
TE Connectivity Ltd | 3,236 | 189,565 | ||||||
Textron Inc | 2,069 | 82,139 | ||||||
Thermo Fisher Scient | 2,658 | 331,027 | ||||||
Tyco International | 3,464 | 146,112 | ||||||
Union Pacific Corp | 3,488 | 629,165 | ||||||
United Parcel Svs. | 5,289 | 506,528 | ||||||
United Technologies | 6,172 | 722,247 | ||||||
Vulcan Materials Co | 956 | 64,941 | ||||||
Waste Management Inc | 3,352 | 139,108 | ||||||
Waters Corp* | 682 | 75,975 | ||||||
Xylem Inc | 1,498 | $ | 58,946 | |||||
Total Industrial | 13,502,826 | |||||||
Technology (12.26%) | ||||||||
Accenture PLC | 4,670 | 389,245 | ||||||
Adobe Systems Inc* | 3,587 | 246,104 | ||||||
Akamai Technologies* | 1,400 | 85,582 | ||||||
Altera Corp | 2,432 | 88,306 | ||||||
Analog Devices Inc | 2,227 | 113,176 | ||||||
Apple Inc. (b) | 6,756 | 3,555,278 | ||||||
Applied Materials | 9,105 | 172,631 | ||||||
Autodesk Inc* | 1,669 | 87,556 | ||||||
Broadcom Corp | 3,543 | 105,298 | ||||||
CA Inc | 2,646 | 88,641 | ||||||
Cerner Corp* | 2,120 | 130,104 | ||||||
Citrix Systems Inc* | 1,348 | 80,947 | ||||||
Cognizant Technology* | 2,204 | 229,348 | ||||||
Computer Sciences Co | 1,256 | 79,379 | ||||||
Dun & Bradstreet | 396 | 39,287 | ||||||
Electronic Arts Inc* | 2,629 | 75,163 | ||||||
EMC Corp | 14,917 | 393,361 | ||||||
Fidelity National | 1,851 | 102,934 | ||||||
First Solar, Inc.* | 370 | 21,116 | ||||||
Fiserv Inc* | 2,114 | 122,718 | ||||||
Hewlett-Packard Co | 14,359 | 429,047 | ||||||
Intel Corp | 36,299 | 898,763 | ||||||
Intl Bus Machines | 7,714 | 1,428,401 | ||||||
Intuit Inc | 2,031 | 158,723 | ||||||
Kla-Tencor Corp | 1,304 | 84,956 | ||||||
Lam Research Corp* | 1,341 | 69,370 | ||||||
Linear Technology Co | 1,694 | 79,347 | ||||||
LSI Corp. | 4,118 | 45,669 | ||||||
Microchip Technology | 1,401 | 63,816 | ||||||
Micron Technology* | 6,485 | 156,872 | ||||||
Microsoft Corp | 55,516 | 2,126,818 | ||||||
NetApp, Inc. | 2,586 | 104,500 | ||||||
Nvidia Corp | 4,572 | 84,033 | ||||||
Oracle Corp | 27,191 | 1,063,440 | ||||||
Paychex Inc | 2,454 | 102,479 | ||||||
Pitney Bowes Inc | 1,820 | 46,319 | ||||||
Qualcomm Inc | 12,533 | 943,610 | ||||||
Red Hat Inc* | 1,433 | 84,533 | ||||||
SALESFORCE.COM* | 3,760 | 234,511 | ||||||
Sandisk Corp | 1,741 | 129,356 | ||||||
Seagate Technology | 2,601 | 135,746 | ||||||
Teradata Corp.* | 1,256 | 57,676 | ||||||
Teradyne Inc* | 1,380 | 27,986 | ||||||
Texas Instruments | 8,319 | 374,022 | ||||||
Western Digital | 1,637 | 142,403 | ||||||
Xerox Corp | 10,310 | 113,307 | ||||||
Xilinx Inc | 2,112 | 110,246 | ||||||
Total Technology | 15,502,123 | |||||||
Utilities (2.84%) | ||||||||
AES Corp/The | 4,674 | 63,800 | ||||||
AGL Resources Inc | 850 | 39,984 | ||||||
Ameren Corp | 1,808 | 73,061 | ||||||
American Electric | 3,645 | 182,979 | ||||||
Centerpoint Energy | 2,979 | 70,453 | ||||||
CMS Energy Corp | 2,062 | 58,623 | ||||||
Consolidated Edison | 2,227 | 124,823 | ||||||
Dominion Resources | 4,251 | 295,020 | ||||||
DTE Energy Co | 1,258 | 90,274 | ||||||
Duke Energy | 5,180 | $ | 367,159 | |||||
Edison International | 2,433 | 127,416 | ||||||
Entergy Corp | 1,304 | 83,221 | ||||||
Exelon Corp | 6,183 | 188,025 | ||||||
FirstEnergy Corp | 3,123 | 96,126 | ||||||
Integrys Energy | 615 | 35,221 | ||||||
NextEra Energy Inc. | 3,154 | 288,245 | ||||||
NiSource Inc | 2,050 | 71,381 | ||||||
Northeast Utilities | 2,274 | 101,079 | ||||||
NRG Energy Inc | 1,956 | 56,861 | ||||||
ONE Gas Inc.* | 387 | 13,133 | ||||||
Pepco Holdings Inc | 1,700 | 34,663 | ||||||
PG&E Corp | 2,830 | 124,690 | ||||||
Pinnacle West Cap | 806 | 44,854 | ||||||
PPL Corp | 4,208 | 135,876 | ||||||
Public Service Enter | 3,861 | 141,544 | ||||||
SCANA Corp | 845 | 41,828 | ||||||
Sempra Energy | 1,653 | 156,159 | ||||||
Southern Co/The | 6,412 | 271,548 | ||||||
TECO Energy Inc | 1,498 | 25,136 | ||||||
Wisconsin Energy | 1,695 | 74,512 | ||||||
Xcel Energy Inc | 3,728 | 112,921 | ||||||
Total Utilities | 3,590,615 | |||||||
Total Common Stock (Cost $61,256,521) | 123,628,023 | |||||||
Preferred Stock (0.00%) | ||||||||
OSH 1 Liquidating Co Series A; 0% Coupon | 20 | — | ||||||
Total Preferred Stock (Cost $24) | — | |||||||
Short-Term Investments (0.79%) | ||||||||
United States Treasury Bills (0.79%) | Par Value | |||||||
United States T-Bill 03/20/14, DN | $ | 1,000,000 | 999,968 | |||||
Total United States Treasury Bills | 999,968 | |||||||
Total Short-Term Investments (Cost $999,968) | 999,968 | |||||||
Total Investments (Cost $62,256,513) (98.55%) | 124,627,991 | |||||||
Other Net Assets (1.45%) | 1,831,238 | |||||||
Net Assets (100.00%) | $ | 126,459,229 |
* | Non-income producing security. |
(a) | Futures contracts at Feb 28, 2014: Contracts - $50 times premium / delivery month / commitment |
S&P 500 E-mini | Unrealized Appreciation | |||
30 / MAR 2014 / Long | $ | 86,225 |
(b) | A portion of these shares have been pledged in connection with obligations for futures contracts. (Note 6) |
See accompanying notes to financial statements.
13
S&P MidCap Index Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (98.99%) | ||||||||
Basic Materials (4.33%) | ||||||||
Albemarle Corp | 8,907 | $ | 587,773 | |||||
Ashland Inc | 7,874 | 743,069 | ||||||
Cabot Corp | 6,690 | 362,197 | ||||||
Carpenter Technology | 4,953 | 292,970 | ||||||
Commercial Metals Co | 13,024 | 252,014 | ||||||
Compass Minerals Int | 3,720 | 317,502 | ||||||
Cytec Industries Inc | 3,993 | 378,017 | ||||||
Domtar Corp | 3,573 | 395,817 | ||||||
Intrepid Potash* | 5,237 | 77,560 | ||||||
Minerals Tech | 3,794 | 202,979 | ||||||
NewMarket Corp | 1,215 | 449,149 | ||||||
Olin Corp | 8,903 | 233,170 | ||||||
Reliance Steel & Alu | 8,455 | 585,762 | ||||||
Royal Gold, Inc. DL | 7,212 | 495,537 | ||||||
RPM International In | 14,789 | 619,068 | ||||||
Sensient Tech. | 5,551 | 291,039 | ||||||
Steel Dynamics Inc | 24,679 | 430,402 | ||||||
Valspar Corp | 8,823 | 659,519 | ||||||
Total Basic Materials | 7,373,544 | |||||||
Communications (3.94%) | ||||||||
Adtran Inc | 6,372 | 166,946 | ||||||
AMC Networks Inc Class A* | 6,477 | 492,382 | ||||||
AOL Inc.* | 8,577 | 375,501 | ||||||
Ciena Corp* | 11,260 | 276,658 | ||||||
Conversant Inc.* | 6,868 | 170,738 | ||||||
Equinix, Inc* | 5,418 | 1,029,203 | ||||||
Factset Research Sys | 4,413 | 464,645 | ||||||
InterDigital Inc. | 4,569 | 139,355 | ||||||
John Wiley & Sons | 5,304 | 307,791 | ||||||
Lamar Advertising Co* | 6,194 | 332,060 | ||||||
Meredith Corp | 4,188 | 195,998 | ||||||
Neustar Inc. Class A* | 7,045 | 252,352 | ||||||
New York Times Co | 14,132 | 232,047 | ||||||
Plantronics Inc | 4,730 | 209,917 | ||||||
Polycom Inc* | 15,558 | 207,855 | ||||||
Rackspace Hosting* | 11,802 | 433,960 | ||||||
RF Micro Devices Inc* | 31,124 | 220,358 | ||||||
Scholastic Corp | 2,834 | 99,984 | ||||||
Telephone & Data Sys | 10,876 | 247,864 | ||||||
Tibco Software Inc.* | 16,721 | 364,351 | ||||||
Time Warner Telecom Class A* | 15,944 | 488,046 | ||||||
Total Communications | 6,708,011 | |||||||
Consumer, Cyclical (13.43%) | ||||||||
Advance Auto Parts (b) | 7,972 | 1,015,314 | ||||||
Alaska Air Group Inc | 7,641 | 662,016 | ||||||
American Eagle | 18,564 | 269,735 | ||||||
Ann Inc* | 5,016 | 178,820 | ||||||
Arrow Electronics* | 10,966 | 621,005 | ||||||
Ascena Retail Group* | 13,851 | 253,335 | ||||||
Bally Technologies* | 4,296 | 291,054 | ||||||
Big Lots Inc* | 6,439 | 190,272 | ||||||
Bob Evans Farms Inc | 3,095 | 160,135 | ||||||
Brinker Intl | 7,249 | 398,695 | ||||||
Cabels's Inc* | 5,184 | 343,803 | ||||||
Carter's Inc | 5,772 | 434,805 | ||||||
Cheesecake Factory | 5,614 | 266,777 | ||||||
Chico's FAS Inc | 17,603 | 290,978 | ||||||
Cinemark Holdings | 11,452 | $ | 336,918 | |||||
Copart Inc* | 12,028 | 438,180 | ||||||
CST Brands, Inc. | 6,833 | 222,277 | ||||||
Deckers Outdoor Corp* | 3,826 | 284,463 | ||||||
Dicks Sporting Goods | 10,881 | 583,983 | ||||||
Domino's Pizza, Inc. | 6,091 | 481,554 | ||||||
Dreamworks Animation* | 7,962 | 238,143 | ||||||
Foot Locker Inc | 16,254 | 677,954 | ||||||
Guess? Inc | 6,504 | 197,331 | ||||||
Hanesbrands Inc. | 10,991 | 805,420 | ||||||
Herman Miller Inc | 6,532 | 184,072 | ||||||
HNI Corp | 5,210 | 185,216 | ||||||
HSN Inc. | 3,670 | 210,475 | ||||||
Ingram Micro Inc* | 16,911 | 498,029 | ||||||
International Spdway | 2,835 | 95,625 | ||||||
JC Penney Co Inc Hld* | 33,300 | 242,424 | ||||||
JetBlue Airways Corp* | 23,748 | 209,695 | ||||||
KB Home | 8,392 | 171,197 | ||||||
Life Time Fitness* | 4,500 | 212,400 | ||||||
LKQ Corporation* | 33,184 | 925,502 | ||||||
MDC Holdings Inc | 4,359 | 135,957 | ||||||
Mohawk Industries* | 6,435 | 910,746 | ||||||
MSC Indust'l Direct | 5,190 | 448,053 | ||||||
NVR Inc* | 466 | 555,472 | ||||||
Office Depot Inc* | 32,067 | 158,090 | ||||||
Oshkosh Truck Corp | 9,717 | 561,934 | ||||||
Owens & Minor Inc | 7,028 | 244,012 | ||||||
Panera Bread Co* | 3,067 | 556,108 | ||||||
Polaris Industries | 7,009 | 939,416 | ||||||
Regis Corp | 4,772 | 67,094 | ||||||
Scientific Games Cor* | 5,308 | 71,127 | ||||||
Signet Jewelers Ltd | 8,814 | 842,178 | ||||||
Tempur-Pedic Intl* | 6,696 | 347,322 | ||||||
The Wendy's Co | 31,636 | 303,073 | ||||||
Thor Industries Inc | 4,882 | 273,441 | ||||||
Toll Brothers Inc* | 16,521 | 644,484 | ||||||
Tractor Supply Co | 15,396 | 1,086,343 | ||||||
Under Armour Inc.* | 8,282 | 937,108 | ||||||
Watsco Inc | 2,947 | 289,926 | ||||||
Williams-Sonoma Inc | 9,740 | 567,258 | ||||||
World Fuel Services | 8,017 | 360,925 | ||||||
Total Consumer, Cyclical | 22,877,669 | |||||||
Consumer, Non-Cyclical (17.83%) | ||||||||
Aaron's Inc. | 7,927 | 243,597 | ||||||
Apollo Edu Group Inc* | 10,900 | 363,297 | ||||||
Bio-Rad Laboratories* | 2,287 | 296,670 | ||||||
Brink's Co/The | 5,281 | 160,595 | ||||||
Charles River Lab* | 5,512 | 327,468 | ||||||
Church & Dwight Inc (b) | 15,349 | 1,043,425 | ||||||
Community Health Sys* | 12,212 | 506,922 | ||||||
Convergys Corp | 11,819 | 241,935 | ||||||
Cooper Cos Inc | 5,437 | 697,078 | ||||||
CoreLogic Inc.* | 10,465 | 341,159 | ||||||
Corporate Executive | 3,677 | 274,966 | ||||||
Covance Inc* | 6,194 | 641,451 | ||||||
Cubist Pharma Inc* | 8,100 | 644,112 | ||||||
Dean Foods Co* | 10,340 | 152,929 | ||||||
Deluxe Corp | 5,515 | 278,397 | ||||||
DeVry Education Grp | 6,489 | 272,603 | ||||||
Endo Pharmaceuticals* (b) | 12,670 | 1,011,319 | ||||||
Flowers Foods Inc | 19,077 | 392,414 | ||||||
FTI Consulting Inc* | 4,461 | $ | 130,217 | |||||
Gartner Inc* | 10,261 | 713,755 | ||||||
Global Payments Inc | 8,273 | 581,840 | ||||||
Green Mtn Coffee (b) | 13,715 | 1,505,632 | ||||||
Health Net Inc* | 8,800 | 299,640 | ||||||
Henry Schein Inc* (b) | 9,467 | 1,126,952 | ||||||
Hill-Rom Holdings | 6,700 | 253,461 | ||||||
Hilshire Brands Co | 13,358 | 501,593 | ||||||
HMS Holdings Corp* | 9,885 | 202,247 | ||||||
Hologic Inc* | 29,720 | 647,302 | ||||||
Idexx Laboratories* | 5,751 | 724,051 | ||||||
Ingredion Inc. | 8,585 | 565,236 | ||||||
Jarden Corp* | 11,241 | 690,984 | ||||||
Lancaster Colony | 2,241 | 202,138 | ||||||
Leidos Holdings Inc. | 8,000 | 357,280 | ||||||
LifePoint Hospitals* | 5,222 | 283,294 | ||||||
Mallinckrodt PLC* | 6,300 | 426,447 | ||||||
Manpower Group | 8,549 | 668,190 | ||||||
Masimo Corporation* | 5,849 | 149,442 | ||||||
Matthews Intl Corp | 3,003 | 123,213 | ||||||
Mednax Inc.* | 11,064 | 672,912 | ||||||
Omnicare Inc | 11,325 | 667,043 | ||||||
Post Holdings Inc.* | 3,204 | 183,012 | ||||||
Rent-A-Center Inc | 5,843 | 146,893 | ||||||
Resmed Inc | 15,549 | 684,467 | ||||||
Rollins Inc | 7,035 | 210,065 | ||||||
RR Donnelley & Sons | 20,054 | 383,633 | ||||||
Salix Pharmaceutical* | 6,800 | 733,856 | ||||||
Science Applications | 4,600 | 171,580 | ||||||
Scotts Co/The | 4,332 | 247,401 | ||||||
SEI Investments Co | 15,223 | 511,036 | ||||||
Service Corp Intl | 23,444 | 438,168 | ||||||
Sotheby's | 7,605 | 357,511 | ||||||
Steris Corp | 6,492 | 299,606 | ||||||
SUPERVALU Inc.* | 22,173 | 143,459 | ||||||
Techne Corp | 3,629 | 322,400 | ||||||
Teleflex Inc | 4,591 | 468,236 | ||||||
Thoratec Corporation* | 6,583 | 244,493 | ||||||
Tootsie Roll Ind. | 2,456 | 71,456 | ||||||
Towers Watson & Co. Class A | 6,267 | 683,730 | ||||||
Tupperware Brands | 5,660 | 444,876 | ||||||
United Natural Foods* | 5,481 | 396,715 | ||||||
United Rentals Inc* | 10,211 | 902,040 | ||||||
United Therapeutics* | 5,027 | 509,838 | ||||||
Universal Corp/Richm | 2,699 | 155,597 | ||||||
Universal Health Svs CL B | 9,915 | 795,976 | ||||||
VCA Antech Inc* | 10,077 | 312,085 | ||||||
WellCare Health Plan* | 4,828 | 298,467 | ||||||
WEX Inc.* | 4,359 | 422,038 | ||||||
Whitewave Foods Co Class A* | 15,394 | 435,650 | ||||||
Total Consumer, Non-Cyclical | 30,357,490 | |||||||
Energy (5.38%) | ||||||||
Alpha Natural Res* | 24,779 | 133,063 | ||||||
Arch Coal Inc | 23,608 | 107,652 | ||||||
Atwood Oceanics Inc* | 6,341 | 300,500 | ||||||
Bill Barrett Corp* | 5,594 | 141,752 | ||||||
CARBO Ceramics Inc | 2,183 | 270,801 | ||||||
Cimarex Energy Co | 9,468 | 1,095,543 | ||||||
Dresser-Rand Group* | 8,514 | 462,566 | ||||||
Dril-Quip Inc* | 4,000 | 430,240 | ||||||
Energen Corp | 7,905 | 635,878 |
See accompanying notes to financial statements.
14
S&P MidCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Gulfport Energy Corp* | 9,200 | $ | 608,120 | |||||
Helix Energy* | 11,005 | 260,158 | ||||||
HollyFrontier Corp (b) | 21,876 | 996,890 | ||||||
Murphy USA Inc.* | 4,900 | 198,744 | ||||||
Oceaneering Intl. | 11,843 | 847,722 | ||||||
Oil States Intl Inc* | 5,784 | 549,017 | ||||||
Patterson-UTI Energy | 16,231 | 472,484 | ||||||
Rosetta Resources* | 6,633 | 294,306 | ||||||
SM Energy Co. | 7,223 | 532,696 | ||||||
Superior Energy Svs | 17,756 | 525,400 | ||||||
Unit Corp* | 4,812 | 295,457 | ||||||
Total Energy | 9,158,989 | |||||||
Financial (21.56%) | ||||||||
Affiliated Mgrs Grp* (b) | 5,774 | 1,085,800 | ||||||
Alexander & Baldwin | 4,846 | 201,691 | ||||||
Alexandria REIT | 7,824 | 566,849 | ||||||
Alleghany Corp* | 1,872 | 721,656 | ||||||
American Campus REIT | 11,580 | 427,765 | ||||||
American Finl. Group | 7,790 | 445,276 | ||||||
Apollo Investment | 22,201 | 190,041 | ||||||
Arthur J Gallagher | 14,000 | 646,800 | ||||||
Aspen Insurance Hldg | 7,390 | 277,568 | ||||||
Associated Banc-Corp | 18,655 | 311,352 | ||||||
Astoria Financial Co | 9,437 | 129,287 | ||||||
BancorpSouth, Inc. | 8,709 | 208,406 | ||||||
Bank of Hawaii Corp | 4,881 | 285,294 | ||||||
BioMed Realty Trust REIT | 20,484 | 423,609 | ||||||
BRE Properties REIT | 8,533 | 527,083 | ||||||
Brown & Brown Inc | 13,083 | 393,798 | ||||||
Camden Property Trst REIT | 9,399 | 626,913 | ||||||
Cathay Gen Bancorp | 8,233 | 209,201 | ||||||
CBOE Holdings Inc. | 9,691 | 523,605 | ||||||
City National Corp | 5,275 | 394,728 | ||||||
Commerce Bancshares | 8,988 | 401,404 | ||||||
Corporate Office REIT | 8,366 | 223,121 | ||||||
Corrections Corp REIT | 12,610 | 420,544 | ||||||
Cullen/Frost Bankers | 5,736 | 428,135 | ||||||
Duke Realty Corp REIT | 35,779 | 601,087 | ||||||
East West Bancorp | 15,073 | 537,955 | ||||||
Equity One Inc REIT | 6,724 | 155,997 | ||||||
Essex Property Trust REIT | 4,094 | 684,722 | ||||||
EV Corp | 13,027 | 492,942 | ||||||
Everest Re Group Ltd | 5,322 | 794,255 | ||||||
Extra Space Storage REIT | 11,372 | 558,365 | ||||||
Federal REIT | 7,174 | 798,538 | ||||||
Federated Investors | 10,454 | 286,440 | ||||||
Fidelity Natl. Finan Class A | 26,436 | 873,974 | ||||||
First American Finan | 11,880 | 320,047 | ||||||
First Horizon Nation | 26,300 | 314,811 | ||||||
First Niagara Finl | 39,152 | 355,109 | ||||||
FirstMerit Corp | 18,369 | 381,340 | ||||||
Fulton Financial | 21,215 | 261,157 | ||||||
Greenhill & Co. | 3,000 | 159,810 | ||||||
Hancock Holding Co. | 8,985 | 309,623 | ||||||
Hanover Ins Group | 4,957 | 291,670 | ||||||
HCC Insurance Hlds | 10,957 | 481,012 | ||||||
Highwoods Properties REIT | 8,187 | 308,732 | ||||||
Home Properties Inc REIT | 5,450 | 321,223 | ||||||
Hospitality Ppty REIT | 15,309 | 405,689 | ||||||
International Bancsh | 5,988 | 138,802 | ||||||
Janus Capital Group | 16,386 | 183,359 | ||||||
Jones Lang LaSalle | 4,915 | $ | 605,528 | |||||
Kemper Corp. | 5,832 | 226,165 | ||||||
Kilroy Realty Corp REIT | 8,334 | 479,372 | ||||||
Liberty Prop. Trust REIT | 13,132 | 502,430 | ||||||
Mack-Cali Realty REIT | 9,381 | 208,727 | ||||||
Mercury Gen Corp | 4,206 | 190,532 | ||||||
Mid-America Apart. REIT | 8,200 | 554,648 | ||||||
National Retail REIT | 12,882 | 462,335 | ||||||
New York Cmnty Bncrp | 48,901 | 781,438 | ||||||
Old Republic Intl | 27,132 | 422,174 | ||||||
Omega Healthcare REIT | 12,220 | 390,551 | ||||||
Potlatch Corp | 4,670 | 185,119 | ||||||
Primerica Inc. | 5,087 | 227,999 | ||||||
Prosperity Bancshare | 4,916 | 311,232 | ||||||
Protective Life Corp | 8,692 | 453,201 | ||||||
Raymond James Finl. | 12,563 | 663,075 | ||||||
Rayonier Inc REIT | 13,795 | 649,607 | ||||||
Realty Income Corp | 21,578 | 958,495 | ||||||
Regency Centers REIT | 10,132 | 514,402 | ||||||
Reinsurance Grp Amer | 7,770 | 598,212 | ||||||
Senior Housing Ppty REIT | 9,493 | 211,694 | ||||||
Signature Bank* | 5,202 | 681,098 | ||||||
SL Green Realty Corp | 9,801 | 973,533 | ||||||
Stancorp Financial | 4,861 | 321,701 | ||||||
SVB Financial Group* | 4,916 | 618,974 | ||||||
Synovus Financial Co | 89,266 | 310,646 | ||||||
Taubman Centers Inc REIT | 7,046 | 496,391 | ||||||
TCF Financial Corp | 17,806 | 287,033 | ||||||
Trustmark Corp | 6,874 | 165,870 | ||||||
UDR Inc. REIT | 27,446 | 708,381 | ||||||
Valley Natl Bancorp | 22,192 | 223,695 | ||||||
Waddell & Reed Fin. | 9,381 | 653,856 | ||||||
Washington Federal | 11,329 | 253,996 | ||||||
Webster Financial Co | 10,000 | 309,700 | ||||||
Weingarten Realty REIT | 12,545 | 382,623 | ||||||
Westamerica Bancorp | 3,016 | 151,644 | ||||||
WR Berkley Corp | 12,235 | 504,571 | ||||||
Total Financial | 36,727,233 | |||||||
Industrial (18.60%) | ||||||||
Acuity Brands Inc | 4,744 | 669,141 | ||||||
Aecom Technology* | 11,034 | 352,426 | ||||||
AGCO Corp | 9,909 | 520,024 | ||||||
Alliant Techsystems | 3,505 | 472,439 | ||||||
AO Smith Corp | 8,500 | 422,450 | ||||||
AptarGroup Inc | 7,255 | 480,063 | ||||||
Avnet Inc | 15,236 | 663,223 | ||||||
B/E Aerospace Inc* | 10,782 | 908,385 | ||||||
Carlisle Cos Inc | 7,093 | 562,617 | ||||||
Clarcor Inc | 5,663 | 328,058 | ||||||
Clean Harbors Inc* | 5,336 | 252,179 | ||||||
Con-Way Inc. | 6,247 | 238,261 | ||||||
Crane Co | 5,467 | 390,453 | ||||||
Donaldson Co Inc | 14,982 | 641,829 | ||||||
Eagle Materials Inc | 5,215 | 461,006 | ||||||
Energizer Holdings | 6,884 | 670,089 | ||||||
Esterline Tech.* | 3,453 | 371,888 | ||||||
Exelis Inc | 20,612 | 421,103 | ||||||
Fortune Brands Home | 18,084 | 845,246 | ||||||
GATX Corp | 5,208 | 337,947 | ||||||
General Cable Corp | 5,607 | 172,583 | ||||||
Genesee & Wyo. Inc Class A* | 5,497 | 543,763 | ||||||
Gentex Corp | 15,790 | $ | 495,332 | |||||
Graco Inc | 6,743 | 526,156 | ||||||
Granite Construction | 3,874 | 142,408 | ||||||
Greif Inc | 3,373 | 168,852 | ||||||
Harsco Corp | 8,829 | 221,784 | ||||||
Hubbell Inc | 6,006 | 717,957 | ||||||
Huntington Ingalls | 5,449 | 552,147 | ||||||
IDEX Corp | 8,949 | 671,801 | ||||||
Itron Inc* | 4,487 | 157,045 | ||||||
ITT Corp | 9,884 | 433,908 | ||||||
JB Hunt Transport | 10,154 | 729,768 | ||||||
KBR Inc. | 16,199 | 447,416 | ||||||
Kennametal Inc | 8,521 | 372,709 | ||||||
Kirby Corp* | 6,292 | 658,206 | ||||||
Landstar System Inc | 5,002 | 288,665 | ||||||
Lennox International | 5,028 | 461,973 | ||||||
Lincoln Electric Hld | 8,998 | 674,580 | ||||||
Louisiana-Pacific Co* | 15,807 | 297,014 | ||||||
Martin Marietta Mtls | 5,140 | 626,977 | ||||||
Matson Inc. | 4,846 | 116,886 | ||||||
Mettler-Toledo Inter* | 3,277 | 805,356 | ||||||
Mine Safety Appl Co | 3,472 | 178,634 | ||||||
National Instruments | 10,469 | 303,287 | ||||||
Nordson Corp | 6,303 | 461,127 | ||||||
Packaging Corp Amer. | 10,873 | 792,533 | ||||||
Regal-Beloit Corp | 4,674 | 344,427 | ||||||
Rock-Tenn Co | 7,954 | 887,825 | ||||||
Silgan Holdings Inc | 5,028 | 242,400 | ||||||
Sonoco Products Co | 10,991 | 461,402 | ||||||
SPX Corp | 4,961 | 534,200 | ||||||
Tech Data Corp* | 4,245 | 244,512 | ||||||
Terex Corp | 12,371 | 550,881 | ||||||
Tidewater Inc | 5,485 | 267,229 | ||||||
Timken Co | 8,842 | 533,703 | ||||||
Trimble Navigation* (b) | 28,034 | 1,069,498 | ||||||
Trinity Industries | 8,604 | 617,853 | ||||||
Triumph Group Inc | 5,614 | 366,033 | ||||||
URS Corp | 8,197 | 381,161 | ||||||
UTI Worldwide Inc | 9,975 | 98,154 | ||||||
Valmont Industries | 2,476 | 360,580 | ||||||
Vishay Intertech. | 14,822 | 209,583 | ||||||
Wabtec Corp | 10,710 | 850,054 | ||||||
Waste Connections | 13,516 | 584,837 | ||||||
Werner Enterprises | 5,007 | 129,431 | ||||||
Woodward Inc. | 6,767 | 294,974 | ||||||
Worthington Ind. | 5,873 | 234,098 | ||||||
Zebra Technologies* | 5,658 | 390,345 | ||||||
Total Industrial | 31,680,874 | |||||||
Technology (9.36%) | ||||||||
3D Systems Corp* | 10,164 | 772,057 | ||||||
ACI Worldwide Inc* | 4,414 | 264,972 | ||||||
Acxiom Corp* | 8,198 | 305,212 | ||||||
Advanced Micro Devic* | 67,000 | 248,570 | ||||||
Advent Software Inc | 3,719 | 114,173 | ||||||
Allscripts Hlthcare* | 17,347 | 322,134 | ||||||
Ansys Inc* | 10,118 | 845,056 | ||||||
Atmel Corp* | 46,803 | 377,232 | ||||||
Broadridge Financial | 13,033 | 492,126 | ||||||
Cadence Design Sys* | 30,869 | 473,222 | ||||||
Commvault Systems* | 4,696 | 323,460 |
See accompanying notes to financial statements.
15
S&P MidCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Compuware Corp | 23,604 | $ | 258,464 | |||||
Concur Technologies* | 5,070 | 625,892 | ||||||
Cree Inc* | 13,021 | 799,881 | ||||||
Cypress Semi. Corp | 14,914 | 146,008 | ||||||
Diebold Inc | 7,043 | 263,338 | ||||||
DST Systems Inc | 3,297 | 309,852 | ||||||
Fair Isaac Corp | 3,805 | 204,443 | ||||||
Fairchild Semiconduc* | 14,192 | 199,823 | ||||||
Informatica Corp* | 12,097 | 502,751 | ||||||
Integrated Dev. Tech* | 15,931 | 187,826 | ||||||
International Rectif* | 8,025 | 216,274 | ||||||
Intersil Corp | 14,892 | 189,426 | ||||||
Jack Henry & Assoc. | 9,333 | 542,527 | ||||||
Lexmark Intl | 7,026 | 296,076 | ||||||
ManTech Intl | 2,694 | 78,853 | ||||||
Mentor Graphics Corp | 10,846 | 234,707 | ||||||
Micros Systems Inc* | 8,385 | 465,451 | ||||||
MSCI Inc.* | 13,351 | 583,572 | ||||||
NCR Corp* | 17,836 | 607,316 | ||||||
PTC Inc.* | 13,086 | 514,411 | ||||||
Riverbed Technology* | 18,171 | 404,850 | ||||||
Rovi Corp.* | 11,545 | 286,778 | ||||||
Semtech Corp* | 7,334 | 182,983 | ||||||
Silicon Laboratories* | 4,321 | 224,562 | ||||||
Skyworks Solutions* | 20,550 | 728,703 | ||||||
Solarwinds Inc.* | 6,842 | 315,964 | ||||||
Solera Holdings Inc. | 7,649 | 523,345 | ||||||
SunEdison Inc.* | 26,786 | 491,791 | ||||||
Synopsys Inc* | 16,656 | 672,902 | ||||||
Verifone Systems Inc* | 11,989 | 347,082 | ||||||
Total Technology | 15,944,065 | |||||||
Utilities (4.56%) | ||||||||
Alliant Energy Corp | 12,144 | 658,691 | ||||||
Aqua America Inc | 19,558 | 492,666 | ||||||
Atmos Energy Corp | 10,165 | 468,607 | ||||||
Black Hills Corp | 4,587 | 260,129 | ||||||
Cleco Corp | 6,853 | 338,744 | ||||||
Great Plains Energy | 17,219 | 452,343 | ||||||
Hawaiian Electric | 10,833 | 275,267 | ||||||
Idacorp Inc | 5,627 | 316,181 | ||||||
MDU Resources Group | 20,669 | 701,918 | ||||||
National Fuel Gas Co | 9,152 | 687,498 | ||||||
OGE Energy Corp | 21,712 | 781,632 | ||||||
PNM Resources Inc | 8,974 | 234,670 | ||||||
Questar Corp | 19,444 | 461,795 | ||||||
UGI Corp | 12,786 | 571,406 | ||||||
Vectren Corp | 9,231 | 355,117 | ||||||
Westar Energy Inc | 13,837 | 473,502 | ||||||
WGL Holdings Inc | 5,737 | 230,570 | ||||||
Total Utilities | 7,760,736 | |||||||
Total Common Stock (Cost $92,338,482) | 168,588,611 | |||||||
Right/Warrant (0.00%) | ||||||||
Community Health Sys CVR* | 28,566 | 1,485 | ||||||
Total Right/Warrant (Cost $1,759) | 1,485 | |||||||
Total Investments (Cost $92,340,241) (98.99%) | $ | 168,590,096 | ||||||
Other Net Assets (1.01%) | 1,714,960 | |||||||
Net Assets (100.00%) | $ | 170,305,056 |
* | Non-income producing security. |
(a) | Futures contracts at Feb 28, 2014: Contracts - $100 times premium / delivery month / commitment |
S&P MidCap E-MINI | Unrealized Appreciation | |||
12 / MAR 2014 / Long | $ | 61,630 |
(b) | A portion of these shares have been pledged in connection with obligations for futures contracts. (Note 6) |
See accompanying notes to financial statements.
16
S&P SmallCap Index Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (95.57%) | ||||||||
Basic Materials (4.28%) | ||||||||
AK Steel Holding Cor* | 9,442 | $ | 58,635 | |||||
Amcol International | 1,832 | 81,304 | ||||||
American Vanguard Co | 1,690 | 37,603 | ||||||
Balchem Corp | 2,248 | 113,546 | ||||||
Century Aluminum Co* | 4,083 | 48,343 | ||||||
Clearwater Paper* | 1,654 | 105,608 | ||||||
Deltic Timber Corp | 776 | 48,841 | ||||||
Globe Specialty Mtls | 4,542 | 90,250 | ||||||
Hawkins Inc. | 618 | 22,019 | ||||||
HB Fuller Co | 3,779 | 183,206 | ||||||
Innophos Holdings | 1,553 | 85,291 | ||||||
Kaiser Aluminum Corp | 1,409 | 99,461 | ||||||
KapStone Paper* | 6,026 | 191,567 | ||||||
Kraton Perf Polymers* | 2,295 | 63,663 | ||||||
Materion Corp. | 1,549 | 45,835 | ||||||
Neenah Paper | 1,124 | 56,436 | ||||||
OM Group Inc | 2,228 | 70,405 | ||||||
PH Glatfelter Co | 3,044 | 92,385 | ||||||
PolyOne Corp (b) | 7,188 | 269,549 | ||||||
Quaker Chemical Corp | 909 | 70,248 | ||||||
Schulman A Inc | 2,273 | 78,987 | ||||||
Schweitzer-Mauduit | 2,492 | 119,940 | ||||||
Stepan Company | 1,428 | 86,822 | ||||||
Stillwater Mining Co Dually Listed* | 8,967 | 121,413 | ||||||
Wausau Paper Corp | 3,194 | 42,321 | ||||||
Zep Inc. | 1,706 | 30,026 | ||||||
Total Basic Materials | 2,313,704 | |||||||
Communications (4.28%) | ||||||||
Anixter Internationa | 2,047 | 218,927 | ||||||
ARRIS Group Inc* (b) | 8,628 | 247,624 | ||||||
Atlantic Tele-Nwtk | 630 | 41,290 | ||||||
Black Box Corp | 1,103 | 29,340 | ||||||
Blucora Inc.* | 2,877 | 55,353 | ||||||
Blue Nile Inc* | 1,051 | 36,985 | ||||||
CalAmp Corp* | 2,332 | 74,717 | ||||||
Cbeyond Comm Inc* | 1,695 | 11,611 | ||||||
Cincinnati Bell Inc* | 14,029 | 46,997 | ||||||
ComScore Inc.* | 2,350 | 74,307 | ||||||
Comtech Telecom. | 1,983 | 63,476 | ||||||
Dealertrack Tech Inc* | 3,294 | 178,107 | ||||||
Dice Holdings Inc.* | 3,715 | 27,342 | ||||||
EW Scripps Co CL A* | 2,319 | 45,499 | ||||||
FTD Companies Inc.* | 1,338 | 41,558 | ||||||
General Comm. Class A* | 2,942 | 30,626 | ||||||
Harmonic Inc* | 8,338 | 54,114 | ||||||
Harte-Hanks Inc | 3,096 | 24,737 | ||||||
HealthStream Inc* | 1,397 | 40,262 | ||||||
Ixia* | 3,738 | 46,202 | ||||||
Liquidity Services* | 1,721 | 44,092 | ||||||
LogMeIn Inc* | 1,585 | 66,332 | ||||||
Lumos Networks Corp. | 906 | 13,155 | ||||||
NetGear Inc* | 2,909 | 99,430 | ||||||
NIC Inc. | 4,493 | 87,344 | ||||||
NTELOS Holdings Corp | 906 | 12,666 | ||||||
OpenTable, Inc.* | 1,726 | 137,545 | ||||||
Oplink Communication* | 1,360 | 23,827 | ||||||
PC-Tel Inc | 942 | 8,195 | ||||||
Perficient Inc* | 2,489 | 50,800 | ||||||
Procera Networks Inc* | 1,380 | $ | 15,221 | |||||
QuinStreet Inc.* | 1,826 | 12,033 | ||||||
Sizmek Inc.* | 1,808 | 22,401 | ||||||
Stamps.com Inc* | 1,100 | 38,698 | ||||||
United Online Inc | 956 | 10,717 | ||||||
USA Mobility Inc | 1,400 | 20,230 | ||||||
VASCO Data Intl Inc* | 2,046 | 16,327 | ||||||
Viasat Inc* | 3,352 | 223,612 | ||||||
XO Group Inc* | 1,600 | 19,104 | ||||||
Total Communications | 2,310,803 | |||||||
Consumer, Cyclical (16.20%) | ||||||||
Allegiant Travel | 1,121 | 111,270 | ||||||
Arctic Cat Inc | 1,013 | 47,429 | ||||||
Barnes & Noble Inc* | 2,792 | 53,495 | ||||||
Big 5 Sporting Goods | 1,300 | 19,734 | ||||||
Biglari Holdings Inc* | 103 | 46,246 | ||||||
BJ's Restaurants Inc* | 1,643 | 45,511 | ||||||
Boyd Gaming Corp* | 5,235 | 60,831 | ||||||
Brown Shoe Co Inc | 3,087 | 75,878 | ||||||
Brunswick Corp | 6,813 | 305,154 | ||||||
Buckle Inc/The | 2,109 | 95,685 | ||||||
Buffalo Wild Wings* | 1,413 | 204,885 | ||||||
Callaway Golf Co | 5,352 | 45,064 | ||||||
Casey's Gen. Stores | 3,031 | 207,593 | ||||||
Cash America Intl. | 2,136 | 85,483 | ||||||
Cato Corp/The | 1,862 | 52,266 | ||||||
Childrens Place* | 1,875 | 101,569 | ||||||
Christopher & Banks* | 1,875 | 12,488 | ||||||
Cracker Barrel | 1,789 | 177,916 | ||||||
Crocs Inc.* | 6,649 | 101,264 | ||||||
Daktronics Inc | 2,848 | 40,356 | ||||||
Digital Theater Sys* | 1,151 | 23,377 | ||||||
DineEquity Inc. | 1,133 | 94,889 | ||||||
Dorman Products, Inc* | 2,289 | 131,892 | ||||||
Ethan Allen Interior | 1,913 | 48,074 | ||||||
Ezcorp Inc* | 4,078 | 51,546 | ||||||
First Cash Financial* | 2,107 | 111,313 | ||||||
Francesca's Holdings* | 3,184 | 62,311 | ||||||
Fred's Inc | 2,610 | 52,017 | ||||||
G&K Services Inc | 1,371 | 85,866 | ||||||
Genesco Inc* | 1,705 | 126,596 | ||||||
Group 1 Automotive | 1,718 | 114,694 | ||||||
Haverty Furniture Co | 1,506 | 43,900 | ||||||
Hibbett Sports Inc.* | 2,017 | 115,635 | ||||||
Iconix Brand Group* | 5,255 | 211,461 | ||||||
Interface Inc | 4,469 | 86,073 | ||||||
Interval Leisure | 2,925 | 79,531 | ||||||
Irobot Corp.* | 2,156 | 90,380 | ||||||
Jack in the Box Inc* | 3,444 | 197,858 | ||||||
Jakks Pacific Inc | 1,604 | 11,485 | ||||||
JOS A Bank Clothiers* | 1,993 | 123,725 | ||||||
Kate Spade & Co.* | 9,230 | 315,851 | ||||||
Kirkland's Inc* | 1,134 | 20,049 | ||||||
La-Z-Boy Inc | 3,743 | 95,596 | ||||||
Lithia Motors CL A | 1,577 | 100,013 | ||||||
Lumber Liquidators* | 2,069 | 221,962 | ||||||
M/I Homes, Inc.* | 1,832 | 45,617 | ||||||
Marcus Corp | 1,435 | 20,248 | ||||||
MarineMax Inc* | 1,746 | 25,142 | ||||||
Marriott Vacations* | 2,289 | 120,035 | ||||||
Men's Wearhouse Inc | 3,812 | 205,047 | ||||||
Meritage Homes Corp* | 2,561 | 123,466 | ||||||
Mobile Mini Inc | 3,247 | $ | 146,147 | |||||
Monarch Casino & Res* | 600 | 11,310 | ||||||
Multimedia Games Hld* | 2,088 | 68,956 | ||||||
MWI Vet. Supply* | 963 | 156,892 | ||||||
Office Depot Inc* | 16,591 | 81,794 | ||||||
Oxford Industries | 1,015 | 79,434 | ||||||
Papa John's Intl. | 2,528 | 128,675 | ||||||
PEP Boys* | 3,995 | 50,297 | ||||||
Perry Ellis Intl Inc* | 700 | 9,765 | ||||||
PetMed Express, Inc. | 1,300 | 17,940 | ||||||
Pinnacle Entmt.* | 4,467 | 108,548 | ||||||
Pool Corp | 3,525 | 206,072 | ||||||
Quiksilver Inc* | 9,389 | 73,234 | ||||||
Red Robin Gourmet* | 1,127 | 87,827 | ||||||
Ruby Tuesday Inc* | 4,509 | 27,640 | ||||||
Ruth's Hospitality | 2,518 | 31,122 | ||||||
Ryland Group Inc | 3,474 | 161,854 | ||||||
Scansource Inc* | 1,941 | 76,204 | ||||||
Select Comfort Corp* | 4,002 | 72,276 | ||||||
Skechers U.S.A. Class A* | 2,975 | 100,347 | ||||||
Skywest Inc | 3,479 | 44,183 | ||||||
Sonic Automotive Inc | 2,552 | 60,636 | ||||||
Sonic Corp* | 3,769 | 76,812 | ||||||
Spartan Motors Inc | 1,900 | 10,773 | ||||||
Stage Stores Inc | 2,706 | 53,579 | ||||||
Standard Motor | 1,388 | 48,788 | ||||||
Standard Pacific* | 10,452 | 95,218 | ||||||
Stein Mart Inc | 2,099 | 28,525 | ||||||
Steve Madden Ltd* | 4,354 | 158,703 | ||||||
Superior Industries | 1,678 | 30,674 | ||||||
Texas Roadhouse Inc. | 4,235 | 112,016 | ||||||
The Finish Line Inc | 3,854 | 104,135 | ||||||
Titan International | 4,028 | 76,371 | ||||||
Toro Co (b) | 4,388 | 290,617 | ||||||
Tuesday Morning Corp* | 2,971 | 46,466 | ||||||
Unifirst Corp/MA | 1,143 | 125,376 | ||||||
United Stationers | 3,342 | 142,469 | ||||||
Universal Electronic* | 1,149 | 48,017 | ||||||
Vitamin Shoppe, Inc.* | 2,287 | 107,009 | ||||||
VOXX Int'l Corp* | 1,050 | 13,650 | ||||||
Winnebago Industries* | 2,101 | 56,013 | ||||||
Wolverine World Wide | 7,358 | 193,957 | ||||||
Zale Corp* | 2,067 | 44,916 | ||||||
Zumiez Inc* | 1,661 | 39,465 | ||||||
Total Consumer, Cyclical | 8,750,468 | |||||||
Consumer, Non-Cyclical (16.23%) | ||||||||
Abaxis Inc* | 1,625 | 61,669 | ||||||
Abiomed Inc.* | 2,555 | 72,025 | ||||||
ABM Industries Inc | 3,858 | 108,911 | ||||||
Acorda Therapeutics* | 2,855 | 104,607 | ||||||
Affymetrix Inc* | 4,911 | 37,913 | ||||||
Air Methods Corp* | 2,633 | 142,235 | ||||||
Akorn, Inc.* | 5,357 | 138,318 | ||||||
Align Technology Inc* | 5,192 | 271,698 | ||||||
Alliance One Inter.* | 4,676 | 12,578 | ||||||
Almost Family Inc* | 422 | 11,571 | ||||||
Amedisys Inc.* | 2,128 | 36,091 | ||||||
American Public Edu* | 1,343 | 47,569 | ||||||
AMN Healthcare Svs* | 3,160 | 44,019 | ||||||
Amsurg Corp* | 2,431 | 106,624 | ||||||
Andersons Inc/The | 2,003 | 109,817 | ||||||
Annie's Inc* | 1,080 | 40,478 |
See accompanying notes to financial statements.
17
S&P SmallCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Arqule Inc* | 3,181 | $ | 7,157 | |||||
B&G Foods Inc. CL A | 3,978 | 119,181 | ||||||
Bio-Reference Labs* | 1,853 | 46,807 | ||||||
Blyth Inc | 708 | 6,924 | ||||||
Boston Beer Company* | 658 | 155,782 | ||||||
Calavo Growers, Inc. | 973 | 30,299 | ||||||
Cal-Maine Foods Inc | 1,124 | 59,089 | ||||||
Cambrex Corp* | 2,109 | 42,328 | ||||||
Cantel Medical Corp | 2,500 | 80,875 | ||||||
Capella Education Co | 1,176 | 78,180 | ||||||
Cardtronics, Inc.* | 3,379 | 136,917 | ||||||
Career Education* | 3,636 | 26,870 | ||||||
CDI Corp | 1,083 | 19,786 | ||||||
Centene Corp* (b) | 4,111 | 261,789 | ||||||
Central Garden & Pet Class A* | 3,900 | 28,704 | ||||||
Chemed Corp | 1,524 | 128,930 | ||||||
Conmed Corp | 1,925 | 89,744 | ||||||
Corinthian Colleges* | 5,867 | 9,153 | ||||||
CorVel Corp* | 1,000 | 46,010 | ||||||
Cross Country Health* | 1,840 | 19,136 | ||||||
CryoLife Inc | 1,813 | 18,057 | ||||||
Cyberonics Inc* | 1,759 | 120,439 | ||||||
Cynosure Inc. Class A* | 1,336 | 41,122 | ||||||
Diamond Foods, Inc.* | 1,527 | 43,855 | ||||||
Emergent Biosolution* | 2,156 | 53,339 | ||||||
Ensign Group Inc. | 1,469 | 58,172 | ||||||
Exlservice Holdings* | 2,315 | 64,797 | ||||||
Forrester Research | 996 | 36,075 | ||||||
Gentiva Health Svs.* | 1,927 | 20,638 | ||||||
Greatbatch Inc* | 1,810 | 78,427 | ||||||
Green Dot Corp.* | 1,597 | 32,180 | ||||||
Haemonetics Corp/Mas* | 3,867 | 141,068 | ||||||
Hain Celestial Group* | 3,589 | 320,498 | ||||||
Hanger Inc.* | 2,615 | 92,702 | ||||||
Healthcare Services | 5,258 | 141,598 | ||||||
Healthways Inc.* | 1,971 | 29,486 | ||||||
Heartland Payment | 2,657 | 107,449 | ||||||
Heidrick & Struggles | 972 | 17,875 | ||||||
Helen of Troy* | 2,216 | 144,727 | ||||||
Hi-Tech Pharmacal Co* | 736 | 31,913 | ||||||
ICU Medical Inc* | 981 | 56,761 | ||||||
Impax Laboratories* | 4,707 | 121,299 | ||||||
Insperity Inc. | 1,536 | 44,836 | ||||||
Integra LifeSciences* | 1,486 | 69,901 | ||||||
Inter Parfums, Inc | 1,098 | 36,904 | ||||||
Invacare Corp | 2,104 | 41,701 | ||||||
IPC The Hospitalist* | 1,267 | 65,035 | ||||||
ITT Educational Svs* | 1,371 | 42,542 | ||||||
J&J Snack Foods Corp | 1,032 | 95,852 | ||||||
Kelly Services Inc | 2,051 | 51,603 | ||||||
Kindred Healthcare | 3,771 | 81,680 | ||||||
Korn/Ferry Intl* | 3,414 | 86,681 | ||||||
Landauer Inc | 600 | 29,076 | ||||||
LHC Group Inc* | 1,000 | 23,560 | ||||||
Lincoln Educational | 1,526 | 6,867 | ||||||
Live Nation Ent. Inc* | 10,603 | 240,582 | ||||||
Luminex Corporation* | 2,720 | 50,266 | ||||||
Magellan Health Svs.* | 2,257 | 137,993 | ||||||
MAXIMUS Inc (b) | 5,131 | 245,210 | ||||||
Medifast Inc* | 932 | 24,549 | ||||||
Meridian Bioscience | 2,957 | 61,683 | ||||||
Merit Medical System* | 3,045 | 45,949 | ||||||
Molina Healthcare* | 2,131 | 80,296 | ||||||
Momenta Pharm.* | 3,238 | $ | 47,922 | |||||
Monro Muffler Brake | 2,193 | 130,856 | ||||||
Monster Worldwide* | 8,505 | 67,785 | ||||||
Natus Medical Inc* | 2,086 | 52,359 | ||||||
Navigant Consulting* | 3,400 | 59,262 | ||||||
Neogen Corp* | 2,644 | 114,538 | ||||||
Nutr/System, Inc | 1,800 | 26,496 | ||||||
NuVasive Inc.* | 3,352 | 123,186 | ||||||
On Assignment Inc* | 3,468 | 119,299 | ||||||
Parexel Intl* | 4,229 | 226,548 | ||||||
Pharmerica Corp* | 1,800 | 43,380 | ||||||
Prestige Brands Hldg* | 3,850 | 109,687 | ||||||
Questcor Pharma. (b) | 4,322 | 262,563 | ||||||
Resources Connection | 2,990 | 40,963 | ||||||
RR Donnelley & Sons | 1,149 | 21,982 | ||||||
Sanderson Farms Inc | 1,523 | 117,027 | ||||||
Seneca Foods Corp.* | 660 | 19,985 | ||||||
Snyders-Lance Inc | 3,655 | 99,014 | ||||||
Spartan Stores Inc | 2,704 | 61,083 | ||||||
Spectrum Pharma* | 3,664 | 30,594 | ||||||
Strayer Education* | 818 | 39,076 | ||||||
SurModics Inc* | 809 | 20,144 | ||||||
Symmetry Medical Inc* | 2,200 | 23,276 | ||||||
TeleTech Holdings* | 1,900 | 45,752 | ||||||
The Medicines Co* | 4,703 | 143,677 | ||||||
TreeHouse Foods Inc* | 2,737 | 195,039 | ||||||
Trueblue, Inc.* | 2,823 | 80,399 | ||||||
Universal Technical | 1,300 | 17,589 | ||||||
Viad Corp | 1,409 | 33,886 | ||||||
WD-40 Co | 1,126 | 82,097 | ||||||
West Pharmaceutical (b) | 5,251 | 239,341 | ||||||
Total Consumer, Non-Cyclical | 8,769,832 | |||||||
Energy (3.80%) | ||||||||
Approach Resources* | 2,642 | 58,837 | ||||||
Basic Energy Service* | 1,681 | 40,092 | ||||||
C&J Energy Services* | 3,104 | 80,238 | ||||||
Carrizo Oil & Gas* | 2,798 | 139,173 | ||||||
Cloud Peak Energy* | 4,346 | 84,312 | ||||||
Comstock Resources | 3,189 | 63,015 | ||||||
Contango Oil & Gas* | 1,147 | 54,391 | ||||||
Exterran Holdings* | 4,618 | 189,199 | ||||||
Flotek Industries* | 3,392 | 86,326 | ||||||
Forest Oil Corp* | 8,632 | 17,350 | ||||||
Geospace Tech. Corp.* | 907 | 69,630 | ||||||
Gulf Island Fabricat | 900 | 18,873 | ||||||
Hornbeck Offshore* | 2,439 | 104,292 | ||||||
ION Geophysical Corp* | 10,598 | 43,134 | ||||||
Matrix Service Co* | 1,964 | 63,575 | ||||||
Newpark Resources* | 6,584 | 73,214 | ||||||
Northern Oil and Gas* | 4,291 | 59,731 | ||||||
PDC Energy Inc.* | 2,681 | 166,571 | ||||||
Penn Virginia Corp* | 3,836 | 58,115 | ||||||
Petroquest Energy* | 4,015 | 18,991 | ||||||
Pioneer Energy Svs.* | 3,915 | 44,631 | ||||||
SEACOR Holdings Inc* | 1,546 | 136,759 | ||||||
Stone Energy Corp* | 3,763 | 135,242 | ||||||
SunCoke Energy, Inc* | 4,989 | 111,155 | ||||||
Swift Energy Co* | 2,894 | 28,940 | ||||||
Tesco Corp.* | 2,282 | 43,290 | ||||||
Tetra Technologies* | 5,529 | 66,348 | ||||||
Total Energy | 2,055,424 | |||||||
Financial (19.97%) | ||||||||
Acadia Realty Trust REIT | 3,984 | $ | 105,377 | |||||
Agree Realty Corp REIT | 910 | 27,973 | ||||||
American Assets Trst REIT | 2,586 | 85,519 | ||||||
Amerisafe Inc | 1,249 | 54,381 | ||||||
Assoc. Estates Rlty REIT | 3,643 | 62,295 | ||||||
Bank Mutual Corp | 3,500 | 23,170 | ||||||
Bank of the Ozarks | 2,346 | 148,783 | ||||||
Banner Corp | 1,468 | 58,265 | ||||||
BBCN Bancorp Inc. | 5,555 | 94,546 | ||||||
BofI Holding Inc* | 899 | 83,697 | ||||||
Boston Private Finl. | 5,516 | 71,929 | ||||||
Brookline Bancorp | 4,990 | 45,559 | ||||||
Calamos Asset Mgt | 1,436 | 17,131 | ||||||
Capstead Mortgage REIT | 7,205 | 92,872 | ||||||
Cardinal Financial | 2,277 | 39,255 | ||||||
Cedar Realty Trust REIT | 3,975 | 24,446 | ||||||
City Holding Co | 1,180 | 52,250 | ||||||
Columbia Banking Sys | 3,691 | 96,778 | ||||||
Community Bank Sys | 3,028 | 110,310 | ||||||
Coresite Realty Corp REIT | 1,546 | 48,142 | ||||||
Cousins Properties REIT | 13,274 | 153,315 | ||||||
CVB Financial Corp. | 7,032 | 109,488 | ||||||
DiamondRock Hospital REIT | 14,708 | 185,615 | ||||||
Dime Community Bancs | 1,914 | 32,155 | ||||||
EastGroup Properties REIT | 2,188 | 135,744 | ||||||
eHealth, Inc* | 1,639 | 78,672 | ||||||
Employers Holdings | 3,092 | 60,820 | ||||||
Encore Capital Group* | 1,642 | 79,834 | ||||||
EPR Properties REIT | 3,820 | 203,453 | ||||||
Evercore Partners | 2,360 | 131,310 | ||||||
F.N.B. Corp | 11,590 | 141,282 | ||||||
Financial Engines | 3,738 | 211,233 | ||||||
First BanCorp/PR* | 7,476 | 38,950 | ||||||
First Commonwealth | 7,457 | 63,534 | ||||||
First Financial Banc | 4,036 | 68,773 | ||||||
First Financial Bankshares, Inc. | 2,285 | 138,197 | ||||||
First Midwest Banc. | 5,380 | 89,685 | ||||||
Forestar Group Inc.* | 2,556 | 48,206 | ||||||
Franklin Street Ppty REIT | 6,305 | 78,939 | ||||||
FXCM, Inc. Class A | 2,089 | 35,200 | ||||||
Geo Group Inc/The REIT | 5,418 | 174,622 | ||||||
Getty Realty Corp REIT | 1,740 | 33,478 | ||||||
Glacier Bancorp Inc | 5,537 | 153,652 | ||||||
Government Prop Inc. REIT | 3,954 | 98,494 | ||||||
Hanmi Financial Corp | 2,241 | 52,507 | ||||||
HCI Group Inc | 756 | 36,606 | ||||||
Healthcare Rlty Trst REIT | 6,907 | 165,561 | ||||||
HFF Inc. CL A | 2,314 | 73,817 | ||||||
Higher One Holdings* | 2,333 | 18,664 | ||||||
Home Bancshares Inc. | 3,513 | 117,896 | ||||||
Horace Mann Edu. | 2,871 | 82,139 | ||||||
Independent Bank | 1,699 | 62,506 | ||||||
Infinity Prop & Cas | 809 | 59,664 | ||||||
Inland Real Estate REIT | 6,298 | 67,452 | ||||||
Interactive Brokers Class A | 3,759 | 83,600 | ||||||
Investment Tech.* | 2,751 | 47,537 | ||||||
Kite Realty Group REIT | 6,220 | 38,440 | ||||||
LaSalle Hotel Pptys REIT (b) | 7,747 | 242,790 | ||||||
Lexington REIT | 15,261 | 174,128 | ||||||
LTC Properties REIT | 2,475 | 93,258 | ||||||
MarketAxess Holdings | 2,826 | 166,847 | ||||||
MB Financial Inc | 3,877 | 118,365 |
See accompanying notes to financial statements.
18
S&P SmallCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Meadowbrook Ins. | 3,842 | $ | 20,632 | |||||
Medical Pptys Trust REIT | 12,045 | 158,874 | ||||||
Natl Penn Bancshares | 8,667 | 93,604 | ||||||
Navigators Group Inc* | 800 | 48,496 | ||||||
NBT Bancorp Inc. | 3,168 | 74,385 | ||||||
Northwest Bancshares | 7,350 | 105,473 | ||||||
Old National Bancorp | 7,591 | 106,502 | ||||||
Oritani Financial Co | 2,767 | 43,331 | ||||||
Outerwall Inc.* | 2,297 | 162,467 | ||||||
PacWest Bancorp | 2,845 | 123,473 | ||||||
Parkway Properties REIT | 3,034 | 55,917 | ||||||
Pennsylvania REIT | 5,127 | 96,183 | ||||||
Pinnacle Financial | 2,491 | 89,875 | ||||||
Piper Jaffray Cos* | 1,018 | 42,654 | ||||||
Portfolio Recovery* | 3,702 | 200,759 | ||||||
Post Properties Inc. REIT | 4,109 | 199,410 | ||||||
PrivateBancorp Inc | 4,909 | 141,674 | ||||||
ProAssurance Corp | 4,654 | 211,570 | ||||||
Prospect Energy Corp | 19,540 | 215,721 | ||||||
Provident Financial | 4,009 | 74,407 | ||||||
PS Business Parks REIT | 1,301 | 109,310 | ||||||
RLI Corp | 2,416 | 104,202 | ||||||
S&T Bancorp Inc. | 2,060 | 47,524 | ||||||
Sabra Healthcare REIT | 2,638 | 75,104 | ||||||
Safety Insurance Grp | 1,100 | 61,413 | ||||||
Saul Centers, Inc. REIT | 796 | 36,990 | ||||||
Selective Insurance | 4,193 | 96,607 | ||||||
Simmons First Natl Class A | 1,247 | 44,431 | ||||||
Sovran Self Storage REIT | 2,271 | 168,031 | ||||||
Sterling Bancorp/DE | 2,811 | 36,093 | ||||||
Stewart Information | 1,570 | 58,059 | ||||||
Stifel Financial* | 4,276 | 205,633 | ||||||
Susquehanna Bancshs | 14,084 | 154,079 | ||||||
SWS Group Inc* | 1,780 | 14,507 | ||||||
Tanger Outlet Center REIT (b) | 7,105 | 243,772 | ||||||
Taylor Capital Group* | 1,052 | 24,827 | ||||||
Texas Capital* | 3,075 | 193,571 | ||||||
Tompkins Financial | 814 | 39,406 | ||||||
Tower Group Int'l | 3,392 | 9,362 | ||||||
Trustco Bank Corp NY | 6,679 | 45,150 | ||||||
UMB Financial Corp | 2,781 | 173,368 | ||||||
Umpqua Holdings Corp | 8,270 | 146,958 | ||||||
United Bankshares | 3,257 | 95,854 | ||||||
United Community* | 3,286 | 54,843 | ||||||
United Fire Group | 1,500 | 43,470 | ||||||
Univ Health Realty REIT | 868 | 36,959 | ||||||
Urstadt Biddle Pptys Class A REIT | 1,911 | 37,475 | ||||||
ViewPoint Financial | 2,522 | 63,050 | ||||||
Virtus Investment* | 518 | 95,913 | ||||||
Wageworks Inc* | 2,188 | 129,420 | ||||||
Wilshire Bancorp Inc | 4,087 | 41,483 | ||||||
Wintrust Financial | 2,989 | 138,331 | ||||||
World Acceptance* | 1,143 | 109,557 | ||||||
Total Financial | 10,789,265 | |||||||
Industrial (17.89%) | ||||||||
Aaon Inc | 2,100 | 62,748 | ||||||
AAR Corp | 2,949 | 85,226 | ||||||
Actuant Corp | 5,512 | 193,251 | ||||||
Advanced Energy Ind.* | 2,791 | 76,585 | ||||||
Aegion Corp* | 2,910 | 67,367 | ||||||
Aerovironment Inc.* | 1,484 | 46,360 | ||||||
Albany International | 2,105 | $ | 75,948 | |||||
AM Castle & Co* | 1,282 | 18,743 | ||||||
American Science&Eng | 603 | 39,647 | ||||||
Analogic Corp | 900 | 84,834 | ||||||
AO Smith Corp | 5,847 | 290,595 | ||||||
Apogee Enterprises | 2,162 | 74,005 | ||||||
Applied Industrial | 3,176 | 162,071 | ||||||
Arkansas Best Corp | 1,834 | 60,999 | ||||||
Astec Industries Inc | 1,314 | 52,849 | ||||||
Atlas Air Worldwide* | 1,868 | 56,283 | ||||||
AZZ Incorporated | 1,917 | 85,057 | ||||||
Badger Meter Inc | 981 | 53,877 | ||||||
Barnes Group Inc | 3,255 | 125,155 | ||||||
Bel Fuse Inc | 579 | 11,001 | ||||||
Belden Inc. (b) | 3,409 | 245,891 | ||||||
Benchmark Electronic* | 4,413 | 105,206 | ||||||
Brady Corp Class A | 3,802 | 101,704 | ||||||
Briggs & Stratton Co | 3,633 | 82,760 | ||||||
Bristow Group Inc. | 2,735 | 212,236 | ||||||
Calgon Carbon Corp* | 4,071 | 81,949 | ||||||
Checkpoint Systems* | 2,878 | 42,163 | ||||||
CIRCOR International | 1,322 | 94,602 | ||||||
Cognex Corp* (b) | 6,218 | 234,170 | ||||||
Coherent Inc* | 1,839 | 125,328 | ||||||
Comfort Systems USA | 2,808 | 46,135 | ||||||
CTS Corp | 2,535 | 51,765 | ||||||
Cubic Corp | 1,450 | 75,400 | ||||||
Curtiss-Wright Corp | 3,542 | 241,423 | ||||||
Darling Intl.* | 8,894 | 179,481 | ||||||
Drew Industries Inc | 1,638 | 80,655 | ||||||
DXP Enterprises Inc.* | 709 | 72,148 | ||||||
Dycom Industries Inc* | 2,323 | 67,111 | ||||||
Electro Scientific | 1,841 | 17,361 | ||||||
EMCOR Group Inc | 5,048 | 236,145 | ||||||
Encore Wire | 1,400 | 73,206 | ||||||
EnerSys (b) | 3,582 | 254,465 | ||||||
Engility Holdings* | 1,160 | 48,407 | ||||||
EnPro Industries Inc* | 1,486 | 106,442 | ||||||
ERA Group Inc.* | 1,546 | 43,675 | ||||||
ESCO Technologies | 1,989 | 71,286 | ||||||
Exponent Inc | 1,013 | 72,166 | ||||||
Faro Technologies* | 1,287 | 74,054 | ||||||
Federal Signal Corp* | 4,325 | 55,576 | ||||||
FEI Co (b) | 3,141 | 322,424 | ||||||
Forward Air Corp | 2,300 | 99,498 | ||||||
Franklin Electric Co | 2,933 | 127,849 | ||||||
GenCorp Inc* | 4,277 | 79,681 | ||||||
Gibraltar Industries* | 2,171 | 40,012 | ||||||
Griffon Corp | 3,366 | 41,738 | ||||||
Haynes International | 874 | 43,289 | ||||||
Headwaters Inc* | 5,502 | 73,342 | ||||||
Heartland Express | 3,631 | 74,000 | ||||||
Hillenbrand Inc | 4,521 | 135,087 | ||||||
HUB Group Inc* | 2,500 | 97,675 | ||||||
II-VI Inc* | 3,686 | 60,414 | ||||||
Intervac Inc* | 1,100 | 8,283 | ||||||
John Bean Tech. | 2,067 | 62,341 | ||||||
Kaman Corp | 1,879 | 74,634 | ||||||
Knight Trans. | 4,476 | 96,144 | ||||||
Koppers Holdings | 1,485 | 58,717 | ||||||
Lindsay Corp. | 905 | 76,798 | ||||||
Littelfuse Inc | 1,627 | 153,540 | ||||||
LSB Industries, Inc.* | 1,435 | 46,910 | ||||||
Lydall Inc* | 1,260 | $ | 25,528 | |||||
Measurement Specialt* | 1,097 | 66,917 | ||||||
Methode Electronics | 2,454 | 83,191 | ||||||
Moog Inc* | 3,410 | 211,181 | ||||||
Movado Group Inc | 1,360 | 53,543 | ||||||
Mueller Industries | 2,732 | 170,695 | ||||||
Myers Industries Inc | 2,549 | 54,804 | ||||||
National Presto Ind. | 327 | 25,192 | ||||||
Newport Corp* | 2,500 | 51,750 | ||||||
Old Dominion Freight* | 5,251 | 279,562 | ||||||
Olympic Steel Inc | 500 | 13,755 | ||||||
Orbital Sciences* | 4,527 | 128,657 | ||||||
Orion Marine Group* | 1,870 | 21,112 | ||||||
OSI Systems Inc* | 1,366 | 83,968 | ||||||
Park Electrochemical | 1,318 | 37,550 | ||||||
Plexus Corp* | 2,500 | 102,875 | ||||||
Powell Industries | 616 | 41,968 | ||||||
Quanex Building | 2,706 | 52,605 | ||||||
Rofin-Sinar Tech.* | 2,059 | 48,325 | ||||||
Rogers Corp* | 1,304 | 84,369 | ||||||
RTI Intl Metals* | 2,177 | 59,149 | ||||||
Saia Inc.* | 1,827 | 63,105 | ||||||
Simpson Mfg. | 2,893 | 102,268 | ||||||
Standex Intl. | 901 | 49,834 | ||||||
Sturm Ruger & Co Inc | 1,455 | 92,742 | ||||||
Teledyne Tech.* (b) | 2,817 | 276,009 | ||||||
Tennant Company | 1,324 | 81,108 | ||||||
Tetra Tech Inc* | 4,853 | 140,155 | ||||||
Texas Industries* | 2,008 | 170,479 | ||||||
Tredegar Corp | 1,893 | 47,155 | ||||||
TTM Technologies Inc* | 4,103 | 34,465 | ||||||
Universal Forest | 1,405 | 78,301 | ||||||
Vicor Corp* | 1,051 | 11,319 | ||||||
Watts Water Tech. | 2,113 | 130,203 | ||||||
Total Industrial | 9,661,726 | |||||||
Technology (9.63%) | ||||||||
Agilysys Inc* | 1,491 | 21,649 | ||||||
ATMI Inc* | 2,400 | 81,624 | ||||||
Avid Technology Inc* | 2,399 | 15,833 | ||||||
Blackbaud Inc. | 3,442 | 107,803 | ||||||
Bottomline Tech Inc* | 2,622 | 93,579 | ||||||
Brooks Automation | 4,331 | 44,912 | ||||||
Cabot Microelec.* | 1,677 | 74,073 | ||||||
CACI Intl Inc Class A* | 2,194 | 172,954 | ||||||
Ceva Inc* | 1,529 | 27,644 | ||||||
Ciber Inc* | 5,122 | 24,483 | ||||||
Cirrus Logic, Inc.* | 4,885 | 94,036 | ||||||
Cohu Inc | 1,484 | 14,974 | ||||||
Computer Programs | 791 | 54,128 | ||||||
CSG Systems Intl. | 2,543 | 71,204 | ||||||
Digi International* | 1,689 | 16,130 | ||||||
Digital River Inc* | 2,536 | 45,065 | ||||||
Diodes Inc* | 2,499 | 59,501 | ||||||
DSP Group Inc* | 1,496 | 12,656 | ||||||
Ebix Inc. | 2,652 | 43,095 | ||||||
Elec. For Imaging* | 3,295 | 146,957 | ||||||
Entropic Comm. Inc.* | 6,290 | 27,550 | ||||||
EPIQ Systems Inc | 2,381 | 33,763 | ||||||
Exar Corp* | 3,573 | 40,911 | ||||||
GT Adv Tech Inc* | 8,450 | 121,089 | ||||||
Hittite Microwave | 2,375 | 140,078 | ||||||
iGATE Corporation* | 2,019 | 68,343 |
See accompanying notes to financial statements.
19
S&P SmallCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Insight Enterprises* | 2,982 | $ | 68,526 | |||||
Interactive Intell.* | 1,057 | 84,169 | ||||||
j2 Global Inc. | 3,311 | 170,186 | ||||||
Kopin Corp* | 3,225 | 12,868 | ||||||
Kulicke & Soffa Ind.* | 5,154 | 59,477 | ||||||
LivePerson Inc.* | 3,226 | 42,196 | ||||||
Manhattan Associates* | 6,192 | 234,616 | ||||||
Medidata Solutions* (b) | 3,772 | 241,786 | ||||||
Mercury Systems Inc.* | 2,030 | 22,533 | ||||||
Micrel Inc | 3,300 | 34,452 | ||||||
Microsemi Corp* | 6,721 | 154,986 | ||||||
MicroStrategy Inc.* | 680 | 87,808 | ||||||
MKS Instruments Inc | 4,000 | 120,240 | ||||||
Monolithic Power Sys* | 2,491 | 89,277 | ||||||
Monotype Imaging | 2,918 | 82,988 | ||||||
MTS Systems Corp | 1,174 | 83,307 | ||||||
Nanometrics Inc* | 1,246 | 22,877 | ||||||
NetScout Systems Inc* | 2,801 | 106,382 | ||||||
Omnicell, Inc.* | 2,621 | 75,432 | ||||||
Pericom Semi.* | 1,192 | 9,643 | ||||||
Power Integrations | 2,227 | 131,683 | ||||||
Progress Software Co* | 4,514 | 112,579 | ||||||
QLogic Corp* | 6,441 | 73,556 | ||||||
Quality Systems Inc | 3,273 | 57,147 | ||||||
Rubicon Technology* | 1,219 | 15,737 | ||||||
Rudolph Technologies* | 2,269 | 26,025 | ||||||
Sigma Designs Inc* | 1,600 | 7,840 | ||||||
Super Micro Computer* | 2,442 | 49,304 | ||||||
Supertex Inc* | 890 | 29,308 | ||||||
Sykes Enterprises* | 2,956 | 58,174 | ||||||
Synaptics Inc* | 2,517 | 163,706 | ||||||
Synchronoss Tech* | 2,264 | 77,836 | ||||||
Synnex Corp* | 1,978 | 117,651 | ||||||
Take-Two Interactive* | 6,639 | 131,253 | ||||||
Tangoe Inc* | 2,294 | 43,632 | ||||||
Tessera Technologies | 3,684 | 80,016 | ||||||
Triquint Semi.* | 11,743 | 143,734 | ||||||
Tyler Technologies* | 2,108 | 197,689 | ||||||
Ultratech Inc* | 1,810 | 47,458 | ||||||
Veeco Instruments* | 2,931 | 115,921 | ||||||
Virtusa Corporation* | 1,755 | 63,829 | ||||||
Total Technology | 5,201,861 | |||||||
Utilities (3.29%) | ||||||||
Allete Inc | 2,747 | 138,751 | ||||||
American States Wtr | 2,688 | 80,721 | ||||||
Avista Corp | 4,513 | 133,585 | ||||||
El Paso Electric Co | 2,842 | 100,181 | ||||||
Laclede Grp Inc/The | 2,196 | 100,687 | ||||||
New Jersey Resources | 2,989 | 134,535 | ||||||
Northwest Nat. Gas | 1,924 | 82,482 | ||||||
NorthWestern Corp. | 2,893 | 132,904 | ||||||
Piedmont Natural Gas | 5,713 | 193,213 | ||||||
South Jersey Ind | 2,418 | 138,261 | ||||||
Southwest Gas Corp | 3,486 | 188,314 | ||||||
UIL Holdings Corp | 4,204 | 162,779 | ||||||
UNS Energy Corp. | 3,121 | 188,851 | ||||||
Total Utilities | 1,775,264 | |||||||
Total Common Stock (Cost $33,611,115) | 51,628,347 |
Security Description | Par Value | Value (Note 1) | ||||||
Short-Term Investments (0.74%) | ||||||||
United States Treasury Bills (0.74%) | ||||||||
United States T-Bill 03/20/14, DN | $ | 400,000 | $ | 399,987 | ||||
Total United States Treasury Bills | 399,987 | |||||||
Total Short-Term Investments (Cost $399,987) | 399,987 | |||||||
Total Investments (Cost $34,011,102) (96.31%) | 52,028,334 | |||||||
Other Net Assets (3.69%) | 1,992,631 | |||||||
Net Assets (100.00%) | $ | 54,020,965 |
* | Non-income producing security. |
(a) | Futures contracts at Feb 28, 2014: Contracts - $100 times premium / delivery month / commitment |
Russell 2000 MINI | Unrealized Appreciation | |||
20 / MAR 2014 / Long | $ | 91,750 |
(b) | A portion of these shares have been pledged in connection with obligations for futures contracts. (Note 6) |
See accompanying notes to financial statements.
20
Shelton Core Value Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (98.70%) | ||||||||
Basic Materials (4.07%) | ||||||||
Chemicals (4.07%) | ||||||||
EI Du Pont de Nemour | 19,286 | $ | 1,284,833 | |||||
PPG Industries Inc | 18,800 | 3,719,016 | ||||||
Praxair Inc | 15,167 | 1,977,322 | ||||||
Sensient Tech. | 17,000 | 891,310 | ||||||
Total Basic Materials | 7,872,481 | |||||||
Communications (5.62%) | ||||||||
Media (2.11%) | ||||||||
Walt Disney Co | 50,535 | 4,083,733 | ||||||
Telecommunications (3.51%) | ||||||||
AT&T Inc | 86,469 | 2,760,955 | ||||||
Rogers Comm Inc. DL USD$ Class B | 20,140 | 778,814 | ||||||
Verizon Comm. | 68,242 | 3,246,954 | ||||||
6,786,723 | ||||||||
Total Communications | 10,870,456 | |||||||
Consumer, Cyclical (6.81%) | ||||||||
Auto Manufacturers (1.26%) | ||||||||
Ford Motor Co | 158,000 | 2,431,620 | ||||||
Retail (5.55%) | ||||||||
Home Depot Inc | 46,150 | 3,785,685 | ||||||
McDonald's Corp | 25,868 | 2,461,340 | ||||||
Ross Stores Inc | 24,384 | 1,775,155 | ||||||
Target Corp | 43,339 | 2,710,421 | ||||||
10,732,601 | ||||||||
Total Consumer, Cyclical | 13,164,221 | |||||||
Consumer, Non-Cyclical (22.93%) | ||||||||
Agriculture (1.93%) | ||||||||
Altria Group Inc | 52,900 | 1,918,154 | ||||||
Reynolds American | 35,584 | 1,808,735 | ||||||
3,726,889 | ||||||||
Beverages (1.39%) | ||||||||
PepsiCo Inc | 33,600 | 2,690,352 | ||||||
Biotechnology (3.09%) | ||||||||
Celgene Corp.* | 17,607 | 2,830,325 | ||||||
Gilead Sciences Inc* | 38,000 | 3,146,020 | ||||||
5,976,345 | ||||||||
Commercial Services (0.57%) | ||||||||
Moody's Corp | 13,992 | 1,105,368 | ||||||
Cosmetics / Personal Care (2.60%) | ||||||||
Colgate-Palmolive Co | 20,400 | 1,281,732 | ||||||
Procter & Gamble Co | 47,580 | 3,742,643 | ||||||
5,024,375 | ||||||||
Food (0.62%) | ||||||||
ConAgra Foods Inc | 42,450 | 1,205,580 | ||||||
Healthcare - Products (3.75%) | ||||||||
Baxter International | 45,886 | $ | 3,189,077 | |||||
Johnson & Johnson | 43,800 | 4,034,856 | ||||||
7,223,933 | ||||||||
Healthcare - Services (3.55%) | ||||||||
Aetna Inc | 20,984 | 1,525,747 | ||||||
Healthsouth Corp. | 74,000 | 2,418,320 | ||||||
WellPoint Inc (New) | 32,300 | 2,926,057 | ||||||
6,870,124 | ||||||||
Household Products / Wares (0.96%) | ||||||||
Kimberly-Clark Corp | 16,800 | 1,853,880 | ||||||
Pharmaceuticals (4.47%) | ||||||||
Abbott Laboratories | 41,610 | 1,655,246 | ||||||
AbbVie Inc. | 41,610 | 2,118,365 | ||||||
AmerisourceBergen Co | 45,612 | 3,094,774 | ||||||
Merck & Co Inc | 30,900 | 1,760,991 | ||||||
8,629,376 | ||||||||
Total Consumer, Non-Cyclical | 44,306,222 | |||||||
Energy (12.99%) | ||||||||
Oil & Gas (10.51%) | ||||||||
Anadarko Petroleum | 21,340 | 1,795,974 | ||||||
Apache Corp | 25,626 | 2,031,886 | ||||||
BP PLC ADR | 51,700 | 2,616,537 | ||||||
Chevron Corp | 56,524 | 6,518,912 | ||||||
ConocoPhillips | 19,648 | 1,306,592 | ||||||
Devon Energy Corp | 15,952 | 1,027,628 | ||||||
Exxon Mobil Corp | 32,936 | 3,170,749 | ||||||
Royal Dutch Shell | 25,500 | 1,858,185 | ||||||
20,326,463 | ||||||||
Oil & Gas Services (2.13%) | ||||||||
Baker Hughes Inc | 27,455 | 1,737,352 | ||||||
Schlumberger Ltd | 25,500 | 2,371,500 | ||||||
4,108,852 | ||||||||
Pipelines (0.35%) | ||||||||
Spectra Energy Corp. | 18,000 | 671,040 | ||||||
Total Energy | 25,106,355 | |||||||
Financial (16.10%) | ||||||||
Banks (10.32%) | ||||||||
Bank of America Corp | 40,000 | 661,200 | ||||||
Bank of NY Mellon | 21,450 | 686,400 | ||||||
Goldman Sachs Group | 28,950 | 4,818,728 | ||||||
JPMorgan Chase & Co | 110,198 | 6,261,450 | ||||||
State Street Corp | 14,400 | 945,648 | ||||||
US Bancorp | 60,600 | 2,493,084 | ||||||
Wells Fargo & Co | 87,889 | 4,079,807 | ||||||
19,946,317 | ||||||||
Diversified Financial Services (3.03%) | ||||||||
BlackRock, Inc. | 9,000 | 2,743,560 | ||||||
IntercontinentalEx. | 4,504 | 940,615 | ||||||
Morgan Stanley | 70,450 | 2,169,860 | ||||||
5,854,035 | ||||||||
Insurance (2.75%) | ||||||||
Arthur J Gallagher | 32,400 | $ | 1,496,880 | |||||
Aspen Insurance Hldg | 26,315 | 988,391 | ||||||
Fidelity Natl. Finan Class A | 4,889 | 161,630 | ||||||
Marsh & McLennan Cos | 13,600 | 654,976 | ||||||
Principal Financial | 28,150 | 1,276,603 | ||||||
Stancorp Financial | 11,150 | 737,907 | ||||||
5,316,387 | ||||||||
Total Financial | 31,116,739 | |||||||
Industrial (10.77%) | ||||||||
Aerospace/Defense (3.80%) | ||||||||
Boeing Co | 17,000 | 2,191,640 | ||||||
Northrop Grumman | 8,600 | 1,040,858 | ||||||
Rockwell Collins Inc | 12,400 | 1,023,496 | ||||||
United Technologies | 26,500 | 3,101,030 | ||||||
7,357,024 | ||||||||
Electronics (0.29%) | ||||||||
Agilent Technologies | 9,870 | 561,899 | ||||||
Machinery - Construction & Mining (1.42%) | ||||||||
Caterpillar Inc | 28,342 | 2,748,324 | ||||||
Miscellaneous Manufacturing (3.18%) | ||||||||
3M Co | 23,812 | 3,208,191 | ||||||
Danaher Corp | 38,300 | 2,929,567 | ||||||
6,137,758 | ||||||||
Transportation (2.08)% | ||||||||
FedEx Corp | 4,830 | 643,984 | ||||||
Seaspan Corp. | 25,000 | 545,250 | ||||||
Union Pacific Corp | 5,475 | 987,581 | ||||||
United Parcel Svs. | 19,260 | 1,844,530 | ||||||
4,021,345 | ||||||||
Total Industrial | 20,826,350 | |||||||
Technology (13.38%) | ||||||||
Computers (5.18%) | ||||||||
Apple Inc. | 11,200 | 5,893,889 | ||||||
EMC Corp | 29,720 | 783,716 | ||||||
Hewlett-Packard Co | 50,000 | 1,494,000 | ||||||
Intl Bus Machines | 9,860 | 1,825,776 | ||||||
9,997,381 | ||||||||
Semiconductors (4.63%) | ||||||||
Analog Devices Inc | 14,040 | 713,513 | ||||||
Intel Corp | 122,563 | 3,034,660 | ||||||
Kla-Tencor Corp | 10,440 | 680,166 | ||||||
Linear Technology Co | 26,180 | 1,226,271 | ||||||
Qualcomm Inc | 26,775 | 2,015,890 | ||||||
Taiwan Semi Mfg Co ADR | 30,000 | 542,100 | ||||||
Texas Instruments | 16,500 | 741,840 | ||||||
8,954,440 |
See accompanying notes to financial statements.
21
Shelton Core Value Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Software (3.57%) | ||||||||
Microsoft Corp | 77,733 | $ | 2,977,952 | |||||
Oracle Corp | 64,130 | 2,508,124 | ||||||
Paychex Inc | 34,000 | 1,419,840 | ||||||
6,905,916 | ||||||||
Total Technology | 25,857,737 | |||||||
Utilities (6.03%) | ||||||||
Electric (5.15%) | ||||||||
Ameren Corp | 22,900 | 925,389 | ||||||
Consolidated Edison | 31,700 | 1,776,785 | ||||||
DTE Energy Co | 7,000 | 502,320 | ||||||
Duke Energy | 26,999 | 1,913,688 | ||||||
Entergy Corp | 11,946 | 762,394 | ||||||
Exelon Corp | 18,746 | 570,066 | ||||||
FirstEnergy Corp | 23,574 | 725,608 | ||||||
NextEra Energy Inc. | 11,200 | 1,023,568 | ||||||
PG&E Corp | 15,000 | 660,900 | ||||||
Pinnacle West Cap | 11,000 | 612,150 | ||||||
Southern Co/The | 11,500 | 487,025 | ||||||
9,959,893 | ||||||||
Gas (0.88%) | ||||||||
NiSource Inc | 27,000 | 940,140 | ||||||
Sempra Energy | 8,050 | 760,484 | ||||||
1,700,624 | ||||||||
Total Utilities | 11,660,517 | |||||||
Total Common Stock (Cost $109,581,695) | 190,781,078 | |||||||
Total Investments (Cost $109,581,695) (98.70%) | 190,781,078 | |||||||
Other Net Assets (1.30%) | 2,513,995 | |||||||
Net Assets (100.00%) | $ | 193,295,073 |
* Non-income producing security.
See accompanying notes to financial statements.
22
European Growth & Income Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (99.24%) | ||||||||
Basic Materials (7.49%) | ||||||||
Chemicals (2.69%) | ||||||||
BASF SE | 3,488 | $ | 398,539 | |||||
Iron / Steel (0.03%) | ||||||||
APERAM Registry Shares* | 185 | 4,150 | ||||||
Mining (4.77%) | ||||||||
Anglo American plc ADR | 11,403 | 144,248 | ||||||
BHP Billiton LTD ADR | 4,500 | 310,050 | ||||||
Rio Tinto PLC ADR | 4,400 | 252,120 | ||||||
706,418 | ||||||||
Total Basic Materials | 1,109,107 | |||||||
Communications (6.28%) | ||||||||
Telecommunications (6.28%) | ||||||||
Deutsche Telekom AG ADR | 11,525 | 194,415 | ||||||
Nokia ADR* | 15,928 | 120,734 | ||||||
Orange ADR | 7,700 | 95,711 | ||||||
Telefonaktiebolaget LM Ericsson ADR | 12,888 | 166,384 | ||||||
Telefonica SA | 23,195 | 353,028 | ||||||
Total Communications | 930,272 | |||||||
Consumer, Cyclical (4.71%) | ||||||||
Apparel (2.32%) | ||||||||
LVMH Moet Hennessy ADR | 9,300 | 343,635 | ||||||
Auto Manufacturers (2.39%) | ||||||||
Daimler AG | 3,835 | 354,354 | ||||||
Total Consumer, Cyclical | 697,989 | |||||||
Consumer, Non-Cyclical (34.37%) | ||||||||
Agriculture (3.01%) | ||||||||
Brit American Tob. ADR | 4,100 | 446,039 | ||||||
Beverages (5.64%) | ||||||||
Anheuser-Busch InBev ADR | 4,700 | 491,667 | ||||||
Diageo PLC ADR | 2,735 | 343,817 | ||||||
835,484 | ||||||||
Food (8.06%) | ||||||||
Nestle SA ADR | 12,412 | 936,362 | ||||||
Unilever NV | 6,508 | 257,456 | ||||||
1,193,818 | ||||||||
Pharmaceuticals (17.66%) | ||||||||
Bayer AG ADR | 4,115 | 581,120 | ||||||
Novartis AG ADR | 10,757 | 894,768 | ||||||
Roche Holding AG ADR | 19,264 | 739,352 | ||||||
Sanofi Aventis ADR | 7,700 | 399,168 | ||||||
2,614,408 | ||||||||
Total Consumer, Non-Cyclical | 5,089,749 | |||||||
Energy (11.95%) | ||||||||
Oil & Gas (11.95%) | ||||||||
BP PLC ADR | 6,876 | $ | 347,994 | |||||
ENI SpA ADR | 7,482 | 358,687 | ||||||
Royal Dutch Shell | 7,220 | 526,121 | ||||||
Total SA ADR | 8,258 | 535,945 | ||||||
Total Energy | 1,768,747 | |||||||
Financial (25.77%) | ||||||||
Banks (17.42%) | ||||||||
Banco Bilbao Vizcaya | 15,096 | 185,832 | ||||||
Banco Santander ADR | 65,493 | 592,716 | ||||||
Barclays PLC ADR | 10,938 | 185,946 | ||||||
BNP Paribas ADR | 5,452 | 222,823 | ||||||
Deutsche Bank AG | 5,544 | 267,997 | ||||||
HSBC Holdings PLC | 11,779 | 621,814 | ||||||
Intesa Sanpaolo ADR | 5,800 | 107,242 | ||||||
Societe Generale ADR | 10,900 | 144,207 | ||||||
UBS AG | 11,792 | 251,877 | ||||||
2,580,454 | ||||||||
Diversified Financial Services (0.88%) | ||||||||
Credit Suisse Group | 4,151 | 130,217 | ||||||
Insurance (7.47%) | ||||||||
Allianz AG ADR | 18,157 | 322,650 | ||||||
AXA ADR | 18,984 | 492,635 | ||||||
ING Groep NV ADR* | 20,000 | 290,400 | ||||||
1,105,685 | ||||||||
Total Financial | 3,816,356 | |||||||
Industrial (5.14%) | ||||||||
Building Materials (0.80%) | ||||||||
CRH PLC ADR | 4,000 | 117,840 | ||||||
Electronics (0.98%) | ||||||||
Koninklijke Philips ADR | 4,184 | 145,812 | ||||||
Miscellaneous Manufacturing (3.36%) | ||||||||
Siemens AG | 3,735 | 497,241 | ||||||
Total Industrial | 760,893 | |||||||
Technology (1.99%) | ||||||||
Software (1.99%) | ||||||||
SAP AG ADR | 3,667 | 294,423 | ||||||
Total Technology | 294,423 | |||||||
Utilities (1.54%) | ||||||||
Electric (1.54%) | ||||||||
E.ON AG | 6,935 | 131,695 | ||||||
GDF Suez ADR | 3,758 | 95,604 | ||||||
Total Utilities | 227,299 | |||||||
Total Common Stock (Cost $12,507,626) | 14,694,835 | |||||||
Total Investments (Cost $12,507,626) (99.24%) | $ | 14,694,835 | ||||||
Other Net Assets (0.76%) | 112,509 | |||||||
Net Assets (100.00%) | $ | 14,807,344 |
* Non-income producing security.
See accompanying notes to financial statements.
23
Nasdaq-100 Index Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (96.27%) | ||||||||
Basic Materials (0.26%) | ||||||||
Chemicals (0.26%) | ||||||||
Sigma-Aldrich Corp | 2,494 | $ | 235,459 | |||||
Total Basic Materials | 235,459 | |||||||
Communications (34.06%) | ||||||||
Internet (21.86%) | ||||||||
Amazon.Com Inc* | 9,759 | 3,533,734 | ||||||
Baidu Inc. ADR* | 6,199 | 1,059,595 | ||||||
Charter Comm. Inc.* | 2,051 | 260,005 | ||||||
eBay Inc* | 28,396 | 1,668,833 | ||||||
Equinix, Inc* | 1,037 | 196,989 | ||||||
Expedia Inc | 2,349 | 184,467 | ||||||
F5 Networks Inc* | 1,528 | 171,656 | ||||||
Facebook Inc* | 40,218 | 2,753,324 | ||||||
Google Inc* | 4,911 | 5,970,056 | ||||||
Liberty Interactive Class A* | 9,375 | 273,750 | ||||||
NetFlix Inc* | 1,373 | 611,850 | ||||||
Priceline.com Inc* | 1,132 | 1,526,887 | ||||||
Symantec Corp | 13,710 | 294,491 | ||||||
TripAdvisor Inc.* | 2,546 | 255,211 | ||||||
Yahoo! Inc* | 23,265 | 899,658 | ||||||
19,660,506 | ||||||||
Media (7.82%) | ||||||||
Comcast Corp | 45,992 | 2,377,325 | ||||||
DIRECTV* | 12,423 | 964,025 | ||||||
Discovery Comm. Series A* | 2,886 | 240,462 | ||||||
DISH Network Corp.* | 4,321 | 254,248 | ||||||
Liberty Global Plc* | 5,008 | 433,442 | ||||||
Liberty Media Corp.* | 2,066 | 283,373 | ||||||
Sirius XM Holdings* | 149,906 | 541,161 | ||||||
Twenty-First Century Class A | 33,318 | 1,117,486 | ||||||
Viacom Inc (New) | 9,384 | 823,258 | ||||||
7,034,780 | ||||||||
Telecommunications (4.38%) | ||||||||
Cisco Systems Inc | 114,936 | 2,505,605 | ||||||
SBA Communications Class A* | 2,676 | 254,675 | ||||||
Verizon Comm. | 5,966 | 283,858 | ||||||
VimpelCom Ltd. ADR | 37,443 | 380,421 | ||||||
Vodafone Group PLC ADR | 12,373 | 514,349 | ||||||
3,938,908 | ||||||||
Total Communications | 30,634,194 | |||||||
Consumer, Cyclical (7.35%) | ||||||||
Auto Manufacturers (1.43%) | ||||||||
Paccar Inc | 8,671 | 570,899 | ||||||
Tesla Motors, Inc.* | 2,942 | 720,231 | ||||||
1,291,130 | ||||||||
Distribution / Wholesale (0.31%) | ||||||||
Fastenal Co | 5,845 | 275,826 | ||||||
Lodging (1.02%) | ||||||||
Marriott Intl Class A | 5,894 | 319,632 | ||||||
Wynn Resorts Ltd | 2,457 | 595,798 | ||||||
915,430 | ||||||||
Retail (4.31%) | ||||||||
Bed Bath & Beyond* | 4,229 | $ | 286,811 | |||||
Costco Wholesale | 9,957 | 1,162,978 | ||||||
Dollar Tree Inc.* | 4,253 | 232,937 | ||||||
O'Reilly Automotive* | 2,237 | 337,451 | ||||||
Ross Stores Inc | 4,268 | 310,710 | ||||||
Staples Inc | 12,599 | 171,220 | ||||||
Starbucks Corp | 16,745 | 1,188,226 | ||||||
Tractor Supply Co | 2,749 | 193,969 | ||||||
3,884,302 | ||||||||
Toys / Games / Hobbies (0.28%) | ||||||||
Mattel Inc | 6,666 | 248,708 | ||||||
Total Consumer, Cyclical | 6,615,396 | |||||||
Consumer, Non-Cyclical (19.11%) | ||||||||
Beverages (0.67%) | ||||||||
Green Mtn Coffee | 3,107 | 341,086 | ||||||
Monster Beverage Co* | 3,495 | 258,630 | ||||||
599,716 | ||||||||
Biotechnology (11.61%) | ||||||||
Alexion Pharma Inc.* | 4,516 | 798,429 | ||||||
Amgen Inc | 16,344 | 2,026,983 | ||||||
Biogen Idec Inc* | 5,159 | 1,757,568 | ||||||
Celgene Corp.* | 9,059 | 1,456,234 | ||||||
Gilead Sciences Inc* | 32,903 | 2,724,039 | ||||||
Illumina Inc* | 3,106 | 532,648 | ||||||
Regeneron Pharma.* | 2,266 | 753,445 | ||||||
Vertex Pharma.* | 4,873 | 394,031 | ||||||
10,443,377 | ||||||||
Commercial Services (1.20%) | ||||||||
Automatic Data | 11,049 | 859,391 | ||||||
Verisk Analytics Inc Class A* | 3,507 | 223,449 | ||||||
1,082,840 | ||||||||
Food (2.84%) | ||||||||
Kraft Foods Group | 13,863 | 766,208 | ||||||
Mondelez Int'l Inc. | 38,833 | 1,321,487 | ||||||
Whole Foods Market | 8,629 | 466,397 | ||||||
2,554,092 | ||||||||
Healthcare - Products (0.59%) | ||||||||
Henry Schein Inc* | 1,649 | 196,297 | ||||||
Intuitive Surgical* | 757 | 336,736 | ||||||
533,033 | ||||||||
Pharmaceuticals (2.20%) | ||||||||
Catamaran Corp. USD$ DL* | 4,301 | 193,889 | ||||||
Express Scripts Hldg* | 17,807 | 1,341,045 | ||||||
Mylan Inc* | 7,982 | 443,560 | ||||||
1,978,494 | ||||||||
Total Consumer, Non-Cyclical | 17,191,552 | |||||||
Industrial (0.77%) | ||||||||
Electronics (0.22%) | ||||||||
Garmin Ltd | 3,725 | 199,884 | ||||||
Environmental Control (0.21%) | ||||||||
Stericycle Inc* | 1,638 | $ | 186,732 | |||||
Transportation (0.34%) | ||||||||
CH Robinson WW | 2,866 | 148,631 | ||||||
Expeditors Intl. | 3,937 | 155,551 | ||||||
304,182 | ||||||||
Total Industrial | 690,798 | |||||||
Technology (34.72%) | ||||||||
Computers (12.31%) | ||||||||
Apple Inc. (b) | 16,868 | 8,876,617 | ||||||
Cognizant Technology* | 6,954 | 723,633 | ||||||
NetApp, Inc. | 6,713 | 271,272 | ||||||
Sandisk Corp | 4,585 | 340,666 | ||||||
Seagate Technology | 6,665 | 347,846 | ||||||
Western Digital | 5,821 | 506,369 | ||||||
11,066,403 | ||||||||
Semiconductors (11.60%) | ||||||||
Altera Corp | 12,494 | 453,657 | ||||||
Analog Devices Inc | 6,484 | 329,517 | ||||||
Applied Materials | 29,167 | 553,006 | ||||||
Avago Technologies | 5,159 | 318,310 | ||||||
Broadcom Corp | 10,799 | 320,946 | ||||||
Intel Corp | 106,752 | 2,643,180 | ||||||
Kla-Tencor Corp | 3,474 | 226,331 | ||||||
Linear Technology Co | 4,882 | 228,673 | ||||||
Maxim Integrated Pro | 5,566 | 182,064 | ||||||
Micron Technology* | 25,028 | 605,427 | ||||||
Nvidia Corp | 11,037 | 202,860 | ||||||
NXP Semiconductors* | 4,849 | 272,659 | ||||||
Qualcomm Inc | 36,104 | 2,718,271 | ||||||
Texas Instruments | 24,584 | 1,105,297 | ||||||
Xilinx Inc | 5,285 | 275,877 | ||||||
10,436,075 | ||||||||
Software (10.81%) | ||||||||
Activision Blizzard | 19,948 | 385,994 | ||||||
Adobe Systems Inc* | 11,573 | 794,024 | ||||||
Akamai Technologies* | 3,731 | 228,076 | ||||||
Autodesk Inc* | 4,692 | 246,142 | ||||||
CA Inc | 8,889 | 297,782 | ||||||
Cerner Corp* | 8,458 | 519,067 | ||||||
Check Point Software* | 3,869 | 260,848 | ||||||
Citrix Systems Inc* | 3,574 | 214,619 | ||||||
Fiserv Inc* | 5,377 | 312,135 | ||||||
Intuit Inc | 7,031 | 549,473 | ||||||
Microsoft Corp (b) | 146,684 | 5,619,463 | ||||||
Paychex Inc | 7,193 | 300,380 | ||||||
9,728,003 | ||||||||
Total Technology | 31,230,481 | |||||||
Total Common Stock (Cost $56,027,032) | 86,597,880 |
See accompanying notes to financial statements.
24
Nasdaq-100 Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2014 |
Security Description | Par Value | Value (Note 1) | ||||||
Short-Term Investments (0.56%) | ||||||||
United States Treasury Bills (0.56%) | ||||||||
United States T-Bill 03/20/14, DN | $ | 500,000 | $ | 499,984 | ||||
Total United States Treasury Bills | 499,984 | |||||||
Total Short-Term Investments (Cost $499,984) | 499,984 | |||||||
�� | ||||||||
Total Investments (Cost $56,527,016) (96.83%) | 87,097,864 | |||||||
Other Net Assets (3.17%) | 2,855,529 | |||||||
Net Assets (100.00%) | $ | 89,953,393 |
* | Non-income producing security. |
(a) | Futures contracts at Feb 28, 2014: Contracts - $20 times premium / delivery month / commitment |
Nasdaq 100 E-MINI | Unrealized Appreciation | |||
44 / MAR 2014 / Long | $ | 83,635 |
(b) | A portion of these shares have been pledged in connection with obligations for futures contracts. (Note 6) |
See accompanying notes to financial statements.
25
Shelton Green Alpha Fund | Portfolio of Investments (Unaudited) | 2/28/2014 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (95.91%) | ||||||||
Basic Materials (0.80%) | ||||||||
Iron/Steel (0.80%) | ||||||||
Schnitzer Steel Indu | 4,200 | $ | 106,554 | |||||
Total Basic Materials | 106,554 | |||||||
Communications (6.24%) | ||||||||
Internet (3.40%) | ||||||||
Google Inc* | 370 | 449,791 | ||||||
Telecommunications (2.84%) | ||||||||
DigitalGlobe Inc.* | 3,800 | 118,104 | ||||||
Sierra Wireless, Inc DL* | 12,600 | 257,796 | ||||||
375,900 | ||||||||
Total Communications | 825,691 | |||||||
Consumer, Cyclical (11.73%) | ||||||||
Auto Manufacturers (5.05%) | ||||||||
Kandi Technologies* | 15,812 | 263,902 | ||||||
Tesla Motors, Inc.* | 1,650 | 403,937 | ||||||
667,839 | ||||||||
Auto Parts & Equipment (2.57%) | ||||||||
Johnson Controls Inc | 6,900 | 340,860 | ||||||
Home Furnishings (1.51%) | ||||||||
Sharp Corporation ADR* | 63,000 | 200,340 | ||||||
Office Furnishings (2.60%) | ||||||||
Herman Miller Inc | 7,500 | 211,350 | ||||||
Interface Inc | 6,900 | 132,894 | ||||||
344,244 | ||||||||
Total Consumer, Cyclical | 1,553,283 | |||||||
Consumer, Non-Cyclical (7.30%) | ||||||||
Food (7.30%) | ||||||||
Hain Celestial Group* | 3,700 | 330,410 | ||||||
SunOpta Inc.* | 26,800 | 260,228 | ||||||
United Natural Foods* | 5,200 | 376,376 | ||||||
Total Consumer, Non-Cyclical | 967,014 | |||||||
Energy (8.84%) | ||||||||
Energy-Alternate Sources (8.84%) | ||||||||
JinkoSolar Hldg Co ADR* | 5,200 | 170,144 | ||||||
Pattern Energy Group | 4,900 | 134,260 | ||||||
Real Goods Solar* | 38,000 | 144,780 | ||||||
Solarcity Corp* | 5,300 | 450,288 | ||||||
Vestas Wind System ADR* | 22,700 | 271,038 | ||||||
Total Energy | 1,170,510 | |||||||
Industrial (26.81%) | ||||||||
Building Materials (1.50%) | ||||||||
LSI Industries Inc | 6,000 | 49,740 | ||||||
TREX Company Inc* | 1,900 | 148,618 | ||||||
198,358 | ||||||||
Electrical Components & Equipment (9.86%) | ||||||||
Advanced Energy Ind.* | 9,300 | $ | 255,192 | |||||
Canadian Solar $USD DL* | 12,300 | 514,632 | ||||||
Sunpower Corp* | 8,000 | 265,040 | ||||||
Universal Display* | 7,800 | 269,412 | ||||||
1,304,276 | ||||||||
Electronics (8.30%) | ||||||||
Agilent Technologies | 2,200 | 125,246 | ||||||
Badger Meter Inc | 4,231 | 232,367 | ||||||
Itron Inc* | 7,200 | 252,000 | ||||||
Kyocera Corp ADR | 7,300 | 332,369 | ||||||
Waters Corp* | 1,400 | 155,960 | ||||||
1,097,942 | ||||||||
Engineering & Construction (1.81%) | ||||||||
ABB Ltd. ADR | 9,400 | 239,512 | ||||||
Environmental Control (0.88%) | ||||||||
Darling Intl.* | 5,800 | 117,044 | ||||||
Machinery-Diversified (2.02%) | ||||||||
Lindsay Corp. | 1,600 | 135,776 | ||||||
Xylem Inc | 3,329 | 130,996 | ||||||
266,772 | ||||||||
Miscellaneous Manufacturing (2.44%) | ||||||||
Pentair Ltd. | 4,000 | 323,240 | ||||||
Total Industrial | 3,547,144 | |||||||
Technology (24.93%) | ||||||||
Computers (1.84%) | ||||||||
Intl Bus Machines | 540 | 99,992 | ||||||
Maxwell Technologies* | 14,000 | 143,080 | ||||||
243,072 | ||||||||
Semiconductors (20.17%) | ||||||||
Aixtron AG ADR* | 10,146 | 168,627 | ||||||
Applied Materials | 16,500 | 312,840 | ||||||
Atmel Corp* | 24,000 | 193,440 | ||||||
Brooks Automation | 12,000 | 124,440 | ||||||
Cree Inc* | 5,300 | 325,579 | ||||||
Exar Corp* | 9,300 | 106,485 | ||||||
First Solar, Inc.* | 9,000 | 513,630 | ||||||
IXYS Corp | 11,500 | 126,730 | ||||||
Power Integrations | 1,800 | 106,434 | ||||||
Qualcomm Inc | 4,900 | 368,921 | ||||||
SunEdison Inc.* | 12,850 | 235,926 | ||||||
Veeco Instruments* | 2,200 | 87,010 | ||||||
2,670,062 | ||||||||
Software (2.92%) | ||||||||
Ansys Inc* | 1,800 | 150,336 | ||||||
Autodesk Inc* | 1,800 | 94,428 | ||||||
Digi International* | 14,900 | 142,295 | ||||||
387,059 | ||||||||
Total Technology | 3,300,193 | |||||||
Utilities (9.26%) | ||||||||
Electric (0.66%) | ||||||||
Ameresco Inc.* | 8,498 | $ | 87,189 | |||||
Water (8.60%) | ||||||||
American Water Works | 6,600 | 295,944 | ||||||
California Water | 10,100 | 237,451 | ||||||
Consolidated WaterCo | 14,100 | 176,814 | ||||||
Veolia Environment ADR | 22,600 | 428,948 | ||||||
1,139,157 | ||||||||
Total Utilities | 1,226,346 | |||||||
Total Common Stock (Cost $10,521,719) | 12,696,735 | |||||||
Total Investments (Cost $10,521,719) (95.91%) | 12,696,735 | |||||||
Other Net Assets (4.09%) | 541,120 | |||||||
Net Assets (100.00%) | $ | 13,237,855 |
* Non-income producing security.
See accompanying notes to financial statements.
26
Statements of Assets & Liabilities February 28, 2014 (Unaudited) |
California Tax-Free Income Fund | U.S. Government Securities Fund | Short-Term U.S. Government Bond Fund | The United States Treasury Trust | |||||||||||||
Assets | ||||||||||||||||
Investments in securities | ||||||||||||||||
Cost of Investments | $ | 101,703,021 | $ | 27,997,618 | $ | 7,945,142 | $ | 111,594,438 | ||||||||
Market value of investments (Note 1) | 105,518,674 | 29,004,067 | 7,970,755 | 111,594,438 | ||||||||||||
Cash | 18,770 | 77,981 | 18,720 | 68,407 | ||||||||||||
Interest receivable | 1,203,632 | 196,668 | 11,443 | — | ||||||||||||
Receivable for fund shares sold | 1,993 | 30,903 | 249 | 34,844 | ||||||||||||
Receivable from investment advisor | — | — | 626 | 12,763 | ||||||||||||
Total assets | $ | 106,743,069 | $ | 29,309,619 | $ | 8,001,793 | $ | 111,710,452 | ||||||||
Liabilities | ||||||||||||||||
Payable for fund shares repurchased | 171,939 | 9,068 | 160 | 260,936 | ||||||||||||
Payable to investment advisor | 40,452 | 7,316 | — | — | ||||||||||||
Distributions payable | 63,440 | 1,025 | — | — | ||||||||||||
Accrued 12b-1 fees | — | 1,203 | 380 | 49 | ||||||||||||
Accrued shareholder service fees | — | 1,346 | 418 | 77 | ||||||||||||
Accrued administration fees | 7,426 | 2,042 | 556 | 7,248 | ||||||||||||
Accrued expenses | 12,631 | 7,173 | 3,302 | 5,387 | ||||||||||||
Total liabilities | $ | 295,888 | $ | 29,173 | $ | 4,816 | $ | 273,697 | ||||||||
Net assets | $ | 106,447,181 | $ | 29,280,446 | $ | 7,996,977 | $ | 111,436,755 | ||||||||
Net assets at February 28, 2014 consist of | ||||||||||||||||
Paid-in capital | 102,429,608 | 29,194,534 | 7,997,894 | 111,439,792 | ||||||||||||
Undistributed net investment income | 267,580 | 54,861 | (27,052 | ) | — | |||||||||||
Accumulated net realized gains (losses) | (65,660 | ) | (975,398 | ) | 522 | (3,037 | ) | |||||||||
Unrealized appreciation (depreciation) of investments | 3,815,653 | 1,006,449 | 25,613 | — | ||||||||||||
Total net assets | $ | 106,447,181 | $ | 29,280,446 | $ | 7,996,977 | $ | 111,436,755 | ||||||||
Net assets | ||||||||||||||||
Direct Shares | $ | 106,447,181 | $ | 23,644,491 | $ | 6,339,418 | $ | 109,251,151 | ||||||||
K Shares | $ | — | $ | 5,635,955 | $ | 1,657,559 | $ | 2,185,604 | ||||||||
Shares outstanding | ||||||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 9,161,462 | 2,270,661 | 622,692 | 109,255,820 | ||||||||||||
K Shares (no par value, unlimited shares authorized) | — | 539,839 | 163,621 | 2,184,001 | ||||||||||||
Net asset value per share | ||||||||||||||||
Direct Shares | $ | 11.62 | $ | 10.41 | $ | 10.18 | $ | 1.00 | ||||||||
K Shares | $ | — | $ | 10.44 | $ | 10.13 | $ | 1.00 |
See accompanying notes to financial statements.
27
Statements of Assets & Liabilities February 28, 2014 (Unaudited) (Continued) |
S&P 500 Index Fund | S&P MidCap Index Fund | S&P SmallCap Index Fund | Shelton Core Value Fund | |||||||||||||
Assets | ||||||||||||||||
Investments in securities | ||||||||||||||||
Cost of investments | $ | 62,256,513 | $ | 92,340,241 | $ | 34,011,102 | $ | 109,581,695 | ||||||||
Market value of investments (Note 1) | 124,627,991 | 168,590,096 | 52,028,334 | 190,781,078 | ||||||||||||
Cash | 788,733 | 1,511,156 | 1,850,709 | 2,075,801 | ||||||||||||
Segregated cash (Note 6) | 800,000 | 100,000 | 200,000 | — | ||||||||||||
Dividend receivable | 273,613 | 211,869 | 35,938 | 581,580 | ||||||||||||
Receivable for fund shares sold | 44,303 | 31,781 | 14,550 | 134,685 | ||||||||||||
Variation margin receivable | 5,550 | 2,400 | — | — | ||||||||||||
Fund Income Distribution Rec | — | 323 | — | — | ||||||||||||
Total assets | $ | 126,540,190 | $ | 170,447,625 | $ | 54,129,531 | $ | 193,573,144 | ||||||||
Liabilities | ||||||||||||||||
Payable for investments purchased | — | — | — | — | ||||||||||||
Payable for fund shares repurchased | 51,858 | 80,783 | 62,745 | 114,418 | ||||||||||||
Payable to investment advisor | 9,148 | 42,957 | 16,166 | 72,607 | ||||||||||||
Variation margin payable | — | — | 10,453 | — | ||||||||||||
Accrued 12b-1 fees | 2,031 | 1,487 | 2,197 | 1,349 | ||||||||||||
Accrued shareholder service fees | 4,924 | 1,961 | 2,828 | 2,091 | ||||||||||||
Accrued administration fees | 8,624 | 11,560 | 3,639 | 13,252 | ||||||||||||
Accrued expenses | 4,376 | 3,821 | 10,538 | 74,354 | ||||||||||||
Total liabilities | $ | 80,961 | $ | 142,569 | $ | 108,566 | $ | 278,071 | ||||||||
Net assets | $ | 126,459,229 | $ | 170,305,056 | $ | 54,020,965 | $ | 193,295,073 | ||||||||
Net assets at February 28, 2014 consist of | ||||||||||||||||
Paid-in capital | 63,482,747 | 88,864,431 | 34,894,675 | 126,026,439 | ||||||||||||
Undistributed net investment income | 691,724 | 34,156 | (28,413 | ) | 646,549 | |||||||||||
Accumulated net realized gain (loss) | (172,945 | ) | 5,094,984 | 1,045,721 | (14,577,298 | ) | ||||||||||
Unrealized appreciation (depreciation) of investments | 62,371,478 | 76,249,855 | 18,017,232 | 81,199,383 | ||||||||||||
Unrealized appreciation (depreciation) of futures contracts | 86,225 | 61,630 | 91,750 | — | ||||||||||||
Total net assets | $ | 126,459,229 | $ | 170,305,056 | $ | 54,020,965 | $ | 193,295,073 | ||||||||
Net assets | ||||||||||||||||
Direct Shares | $ | 115,998,125 | $ | 162,953,505 | $ | 42,872,671 | $ | 186,509,247 | ||||||||
K Shares | $ | 10,461,104 | $ | 7,351,551 | $ | 11,148,294 | $ | 6,785,826 | ||||||||
Shares outstanding | ||||||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 3,080,744 | 5,517,226 | 2,004,632 | 7,843,705 | ||||||||||||
K Shares (no par value, unlimited shares authorized) | 277,783 | 250,335 | 529,368 | 287,679 | ||||||||||||
Net asset value per share | ||||||||||||||||
Direct Shares | $ | 37.65 | $ | 29.54 | $ | 21.39 | $ | 23.78 | ||||||||
K Shares | $ | 37.66 | $ | 29.37 | $ | 21.06 | $ | 23.59 |
See accompanying notes to financial statements.
28
Statements of Assets & Liabilities February 28, 2014 (Unaudited) (Continued) |
European Growth & Income Fund | Nasdaq-100 Index Fund | Shelton Green Alpha Fund | ||||||||||
Assets | ||||||||||||
Investments in securities | ||||||||||||
Cost of investments | $ | 12,507,626 | $ | 56,527,016 | $ | 10,521,719 | ||||||
Market value of investments (Note 1) | 14,694,835 | 87,097,864 | 12,696,735 | |||||||||
Cash | 87,597 | 2,301,060 | 898,404 | |||||||||
Segregated cash (Note 6) | — | 300,000 | — | |||||||||
Dividend receivable | 42,396 | 206,651 | 6,729 | |||||||||
Receivable for fund shares sold | 6,692 | 119,366 | 73,662 | |||||||||
Variation margin receivable | — | — | — | |||||||||
Fund Income Distribution Rec | — | — | — | |||||||||
Total assets | $ | 14,831,520 | $ | 90,024,941 | $ | 13,675,530 | ||||||
Liabilities | ||||||||||||
Payable for investments purchased | — | — | 410,790 | |||||||||
Payable for fund shares repurchased | 10,799 | 34,163 | 8,499 | |||||||||
Payable to investment advisor | 5,260 | 13,638 | 6,694 | |||||||||
Variation margin payable | — | 5,313 | — | |||||||||
Accrued 12b-1 fees | 923 | 1,949 | — | |||||||||
Accrued shareholder service fees | 1,263 | 8,781 | — | |||||||||
Accrued administration fees | 1,005 | 5,991 | 824 | |||||||||
Accrued expenses | 4,926 | 1,713 | 10,868 | |||||||||
Total liabilities | $ | 24,176 | $ | 71,548 | $ | 437,675 | ||||||
Net assets | $ | 14,807,344 | $ | 89,953,393 | $ | 13,237,855 | ||||||
Net assets at February 28, 2014 consist of | ||||||||||||
Paid-in capital | 12,936,091 | 62,337,214 | 11,038,171 | |||||||||
Undistributed net investment income | 39,021 | 615,213 | (33,543 | ) | ||||||||
Accumulated net realized gain (loss) | (354,977 | ) | (3,653,517 | ) | 58,211 | |||||||
Unrealized appreciation (depreciation) of investments | 2,187,209 | 30,570,848 | 2,175,016 | |||||||||
Unrealized appreciation (depreciation) of futures contracts | — | 83,635 | — | |||||||||
Total net assets | $ | 14,807,344 | $ | 89,953,393 | $ | 13,237,855 | ||||||
Net assets | ||||||||||||
Direct Shares | $ | 9,387,366 | $ | 79,885,012 | $ | 13,237,855 | ||||||
K Shares | $ | 5,419,978 | $ | 10,068,381 | $ | — | ||||||
Shares outstanding | ||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 960,538 | 8,369,383 | 840,311 | |||||||||
K Shares (no par value, unlimited shares authorized) | 553,473 | 1,082,803 | — | |||||||||
Net asset value per share | ||||||||||||
Direct Shares | $ | 9.77 | $ | 9.54 | $ | 15.75 | ||||||
K Shares | $ | 9.79 | $ | 9.30 | $ | — |
See accompanying notes to financial statements.
29
Statements of Operations February 28, 2014 (Unaudited) |
California Tax-Free Income Fund | U.S. Government Securities Fund | Short-Term U.S. Government Bond Fund | The United States Treasury Trust | |||||||||||||
Investment income | ||||||||||||||||
Interest income | $ | 1,867,661 | $ | 381,220 | $ | 17,548 | $ | 16,483 | ||||||||
Total | 1,867,661 | 381,220 | 17,548 | 16,483 | ||||||||||||
Expenses | ||||||||||||||||
Management fees (Note 2) | 257,063 | 75,604 | 20,358 | 221,826 | ||||||||||||
Administration fees (Note 2) | 47,205 | 13,758 | 3,725 | 40,551 | ||||||||||||
Transfer agent fees | 15,872 | 16,841 | 8,386 | 12,985 | ||||||||||||
Accounting services | 24,297 | 11,147 | 6,680 | 18,240 | ||||||||||||
Custodian fees | 4,150 | 1,810 | 643 | 3,501 | ||||||||||||
Legal, audit, and compliance fees (Note 2) | 19,894 | 7,815 | 3,875 | 16,875 | ||||||||||||
Trustees fees | 1,677 | 1,639 | 1,646 | 1,718 | ||||||||||||
Insurance | 1,555 | 486 | 133 | 1,124 | ||||||||||||
Printing | 1,804 | 2,011 | 911 | 3,814 | ||||||||||||
Registration and dues | 2,424 | 5,508 | 1,718 | 5,161 | ||||||||||||
12b-1 fees - Class A (Note 2) | — | 699 | — | — | ||||||||||||
12b-1 fees - Class K (Note 2) | — | 7,849 | 2,164 | — | ||||||||||||
Shareholder service fees (Note 2) | — | 7,849 | 2,164 | — | ||||||||||||
Total expenses | 375,941 | 152,986 | 52,403 | 325,795 | ||||||||||||
Less reimbursement from manager (Note 2) | — | (24,726 | ) | (24,055 | ) | (309,312 | ) | |||||||||
Net expenses | 375,941 | 128,260 | 28,348 | 16,483 | ||||||||||||
Net investment income | 1,491,720 | 252,960 | (10,800 | ) | — | |||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) from security transactions | (8,161 | ) | 950 | 654 | (3,418 | ) | ||||||||||
Change in unrealized appreciation (depreciation) of investments | 3,155,760 | 78,227 | 13,590 | — | ||||||||||||
Net realized and unrealized gain (loss) of investments | 3,147,599 | 79,177 | 14,244 | (3,418 | ) | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 4,639,319 | $ | 332,137 | $ | 3,444 | $ | (3,418 | ) |
See accompanying notes to financial statements.
30
Statements of Operations February 28, 2014 (Unaudited) (Continued) |
S&P 500 Index Fund | S&P MidCap Index Fund | S&P SmallCap Index Fund | Shelton Core Value Fund | |||||||||||||
Investment income | ||||||||||||||||
Interest income | $ | 262 | $ | 88 | $ | 279 | $ | 4 | ||||||||
Dividend income (net of foreign tax witheld: $321; $0; $0; $9,391 respectively) | 1,221,519 | 1,043,068 | 283,202 | 2,375,011 | ||||||||||||
Total | 1,221,781 | 1,043,156 | 283,481 | 2,375,015 | ||||||||||||
Expenses | ||||||||||||||||
Management fees (Note 2) | 149,135 | 323,423 | 127,272 | 470,510 | ||||||||||||
Administration fees (Note 2) | 54,556 | 73,929 | 23,132 | 86,077 | ||||||||||||
Transfer agent fees | 18,587 | 18,640 | 14,803 | 119,772 | ||||||||||||
Accounting services | 32,581 | 39,018 | 24,613 | 36,568 | ||||||||||||
Custodian fees | 5,370 | 6,401 | 3,003 | 6,769 | ||||||||||||
Legal, audit, and compliance fees (Note 2) | 22,551 | 29,823 | 11,111 | 35,879 | ||||||||||||
Trustees fees | 1,669 | 1,686 | 1,691 | 1,654 | ||||||||||||
Insurance | 1,760 | 2,429 | 734 | 2,812 | ||||||||||||
Printing | 4,026 | 4,008 | 2,225 | 17,943 | ||||||||||||
Registration and dues | 6,523 | 7,596 | 3,221 | 15,730 | ||||||||||||
12b-1 fees - Class A (Note 2) | — | — | — | 6,969 | ||||||||||||
12b-1 fees - Class K (Note 2) | 12,703 | 9,301 | 14,338 | 9,122 | ||||||||||||
Shareholder service fees (Note 2) | 12,703 | 9,301 | 14,338 | 9,122 | ||||||||||||
Licensing fee | 5,026 | 6,810 | 1,784 | — | ||||||||||||
Total expenses | 327,190 | 532,365 | 242,265 | 818,927 | ||||||||||||
Less reimbursement from manager (Note 2) | (87,617 | ) | (44,799 | ) | (25,226 | ) | — | |||||||||
Net expenses | 239,573 | 487,566 | 217,039 | 818,927 | ||||||||||||
Net investment income | 982,208 | 555,590 | 66,442 | 1,556,088 | ||||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) from security transactions | (68,212 | ) | 5,356,809 | 805,057 | 2,963,417 | |||||||||||
Net realized gain (loss) from futures contracts | 388,618 | 128,380 | 366,405 | — | ||||||||||||
Change in unrealized appreciation (depreciation) of investments | 14,885,798 | 18,631,186 | 6,168,304 | 15,786,468 | ||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | 106,000 | 112,270 | 79,402 | — | ||||||||||||
Net realized and unrealized gain (loss) on investments | 15,312,204 | 24,228,645 | 7,419,168 | 18,749,885 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 16,294,412 | $ | 24,784,235 | $ | 7,485,610 | $ | 20,305,973 |
See accompanying notes to financial statements.
31
Statements of Operations February 28, 2014 (Unaudited) (Continued) |
European Growth & Income Fund | Nasdaq-100 Index Fund | Shelton Green Alpha Fund | ||||||||||
Investment income | ||||||||||||
Interest income | $ | 35 | $ | 231 | $ | — | ||||||
Dividend income (net of foreign tax witheld: $22,511; $560: $57 respectively) | 147,522 | 875,322 | 24,233 | |||||||||
Total | 147,557 | 875,553 | 24,233 | |||||||||
Expenses | ||||||||||||
Management fees (Note 2) | 60,822 | 187,050 | 49,737 | |||||||||
Administration fees (Note 2) | 6,545 | 34,213 | 3,828 | |||||||||
Transfer agent fees | 11,457 | 22,935 | 7,024 | |||||||||
Accounting services | 7,716 | 17,401 | 4,702 | |||||||||
Custodian fees | 658 | 2,921 | 2,123 | |||||||||
Legal, audit, and compliance fees (Note 2) | 4,953 | 14,864 | 4,120 | |||||||||
Trustees fees | 1,680 | 1,701 | 1,842 | |||||||||
Insurance | 209 | 1,024 | 76 | |||||||||
Printing | 1,460 | 4,262 | 590 | |||||||||
Registration and dues | 2,219 | 7,690 | 12,507 | |||||||||
12b-1 fees - Class A (Note 2) | — | — | — | |||||||||
12b-1 fees - Class K (Note 2) | 6,940 | 12,153 | — | |||||||||
Shareholder service fees (Note 2) | 6,940 | 12,153 | — | |||||||||
Licensing fee | — | 2,558 | — | |||||||||
Total expenses | 111,599 | 320,925 | 86,549 | |||||||||
Less reimbursement from manager (Note 2) | (26,160 | ) | (113,310 | ) | (28,773 | ) | ||||||
Net expenses | 85,439 | 207,615 | 57,776 | |||||||||
Net investment income | 62,118 | 667,938 | (33,543 | ) | ||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||
Net realized gain (loss) from security transactions | 221,113 | 43,178 | 69,072 | |||||||||
Net realized gain (loss) from futures contracts | — | 577,610 | — | |||||||||
Change in unrealized appreciation (depreciation) of investments | 1,984,049 | 12,658,174 | 2,105,224 | |||||||||
Change in unrealized appreciation (depreciation) of futures contracts | — | 96,803 | — | |||||||||
Net realized and unrealized gain (loss) on investments | 2,205,162 | 13,375,765 | 2,174,296 | |||||||||
Net increase (decrease) in net assets resulting from operations | $ | 2,267,280 | $ | 14,043,703 | $ | 2,140,753 |
See accompanying notes to financial statements.
32
Statements of Changes in Net Assets |
California Tax-Free Income Fund | ||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 1,491,720 | $ | 3,381,046 | ||||
Net realized gain (loss) on investments | (8,161 | ) | 43,991 | |||||
Change in unrealized appreciation (depreciation) of investments | 3,155,760 | (5,678,073 | ) | |||||
Net increase (decrease) in net assets resulting from operations | 4,639,319 | (2,253,036 | ) | |||||
Distributions to shareholders | ||||||||
Distributions from net investment income | (1,463,579 | ) | (3,349,652 | ) | ||||
Distributions from realized capital gains on investments | — | — | ||||||
Capital share transactions | ||||||||
Increase (decrease) in net assets resulting from capital share transactions | 3,038,236 | 49,434 | ||||||
Total increase (decrease) | 6,213,976 | (5,553,254 | ) | |||||
Net assets | ||||||||
Beginning of period | 100,233,205 | 105,786,459 | ||||||
End of period | $ | 106,447,181 | $ | 100,233,205 | ||||
Including undistributed net investment income (loss) of: | $ | 267,580 | $ | 239,439 |
U.S. Government Securities Fund | Short-Term U.S. Government Bond Fund | The United States Treasury Trust | ||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 252,960 | $ | 578,896 | $ | (10,800 | ) | $ | (15,160 | ) | $ | — | $ | — | ||||||||||
Net realized gain (loss) on investments | 950 | (86,370 | ) | 654 | 4,050 | (3,418 | ) | 411 | ||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 78,227 | (1,710,532 | ) | 13,590 | (35,374 | ) | — | — | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 332,137 | (1,218,006 | ) | 3,444 | (46,484 | ) | (3,418 | ) | 411 | |||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (205,987 | ) | (447,342 | ) | — | (2,554 | ) | — | — | |||||||||||||||
A shares | (3,980 | ) | (20,064 | ) | — | — | — | — | ||||||||||||||||
K shares | (33,771 | ) | (99,530 | ) | — | — | — | — | ||||||||||||||||
Distributions from realized capital gains on investments | ||||||||||||||||||||||||
Direct shares | — | — | — | (10,793 | ) | — | — | |||||||||||||||||
A shares | — | — | — | — | — | — | ||||||||||||||||||
K shares | — | — | — | (2,587 | ) | — | — | |||||||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (2,063,946 | ) | (3,451,079 | ) | (723,178 | ) | (2,301,756 | ) | 38,810,970 | (4,496,016 | ) | |||||||||||||
Total increase (decrease) | (1,975,547 | ) | (5,236,021 | ) | (719,734 | ) | (2,364,174 | ) | 38,807,552 | (4,495,605 | ) | |||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 31,255,993 | 36,492,014 | 8,716,711 | 11,080,885 | 72,629,203 | 77,124,808 | ||||||||||||||||||
End of period | $ | 29,280,446 | $ | 31,255,993 | $ | 7,996,977 | $ | 8,716,711 | $ | 111,436,755 | $ | 72,629,203 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 54,861 | $ | 44,507 | $ | (27,052 | ) | $ | (16,384 | ) | $ | — | $ | — |
See accompanying notes to financial statements.
33
Statements of Changes in Net Assets (Continued) |
S&P 500 Index Fund | S&P MidCap Index Fund | S&P SmallCap Index Fund | ||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 982,208 | $ | 1,881,770 | $ | 555,590 | $ | 1,537,133 | $ | 66,442 | $ | 244,040 | ||||||||||||
Net realized gain (loss) on investments | (68,212 | ) | 485,470 | 5,356,809 | 6,499,471 | 805,057 | 2,904,380 | |||||||||||||||||
Net realized gain (loss) on futures contracts | 388,618 | 1,927,828 | 128,380 | 319,165 | 366,405 | 403,040 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 14,885,798 | 14,585,868 | 18,631,186 | 21,315,624 | 6,168,304 | 5,793,044 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | 106,000 | (49,720 | ) | 112,270 | (104,480 | ) | 79,402 | (40,365 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 16,294,412 | 18,831,216 | 24,784,235 | 29,566,913 | 7,485,610 | 9,304,139 | ||||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (880,240 | ) | (1,459,063 | ) | (729,588 | ) | (1,452,986 | ) | (87,396 | ) | (236,663 | ) | ||||||||||||
K shares | (65,459 | ) | (97,677 | ) | (13,887 | ) | (47,327 | ) | (7,459 | ) | (39,683 | ) | ||||||||||||
Distributions from realized capital gains on investments | ||||||||||||||||||||||||
Direct shares | (1,713,111 | ) | — | (6,477,461 | ) | (7,448,989 | ) | (2,490,080 | ) | (53,008 | ) | |||||||||||||
K shares | (155,980 | ) | — | (305,080 | ) | (405,592 | ) | (715,964 | ) | (19,984 | ) | |||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | 1,762,281 | 507,356 | 1,761,497 | 1,178,379 | 3,596,411 | 1,454,637 | ||||||||||||||||||
Total increase (decrease) | 15,241,903 | 17,781,832 | 19,019,716 | 21,390,398 | 7,781,122 | 10,409,438 | ||||||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 111,217,326 | 93,435,494 | 151,285,340 | 129,894,942 | 46,239,843 | 35,830,405 | ||||||||||||||||||
End of period | $ | 126,459,229 | $ | 111,217,326 | $ | 170,305,056 | $ | 151,285,340 | $ | 54,020,965 | $ | 46,239,843 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 691,724 | $ | 655,215 | $ | 34,156 | $ | 222,041 | $ | (28,413 | ) | $ | — |
Shelton Core Value Fund | European Growth & Income Fund | Nasdaq-100 Index Fund | ||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,556,088 | $ | 3,068,951 | $ | 62,118 | $ | 331,156 | $ | 667,938 | $ | 527,434 | ||||||||||||
Net realized gain (loss) on investments | 2,963,417 | 5,810,827 | 221,113 | (188,507 | ) | 43,178 | 283,085 | |||||||||||||||||
Net realized gain (loss) on futures contracts | — | (55,112 | ) | — | — | 577,610 | (301,402 | ) | ||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 15,786,468 | 23,216,522 | 1,984,049 | 1,673,282 | 12,658,174 | 6,744,836 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | — | — | — | — | 96,803 | (57,838 | ) | |||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 20,305,973 | 32,041,188 | 2,267,280 | 1,815,931 | 14,043,703 | 7,196,115 | ||||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (2,030,513 | ) | (2,146,175 | ) | (57,953 | ) | (171,773 | ) | (244,241 | ) | (366,065 | ) | ||||||||||||
A shares | (46,135 | ) | (169,867 | ) | — | — | — | — | ||||||||||||||||
K shares | (64,333 | ) | (77,717 | ) | (17,442 | ) | (114,843 | ) | (11,118 | ) | (32,575 | ) | ||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (4,504,453 | ) | (10,772,451 | ) | (485,743 | ) | 89,542 | 12,205,711 | 11,468,746 | |||||||||||||||
Total increase (decrease) | 13,660,539 | 18,874,978 | 1,706,142 | 1,618,857 | 25,994,055 | 18,266,221 | ||||||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 179,634,534 | 160,759,556 | 13,101,202 | 11,482,345 | 63,959,338 | 45,693,117 | ||||||||||||||||||
End of period | $ | 193,295,073 | $ | 179,634,534 | $ | 14,807,344 | $ | 13,101,202 | $ | 89,953,393 | $ | 63,959,338 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 646,549 | $ | 1,231,442 | $ | 39,021 | $ | 52,298 | $ | 615,213 | $ | 202,634 |
See accompanying notes to financial statements.
34
Statements of Changes in Net Assets (Continued) |
Shelton Green Alpha Fund | ||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | (33,543 | ) | $ | (1,487 | ) | ||
Net realized gain (loss) on investments | 69,072 | (10,861 | ) | |||||
Net realized gain (loss) on futures contracts | — | — | ||||||
Change in unrealized appreciation (depreciation) of investments | 2,105,224 | 69,792 | ||||||
Change in unrealized appreciation (depreciation) of futures contracts | — | — | ||||||
Net increase (decrease) in net assets resulting from operations | 2,140,753 | 57,444 | ||||||
Distributions to shareholders | ||||||||
Distributions from net investment income | ||||||||
Direct shares | — | — | ||||||
Capital share transactions | ||||||||
Increase (decrease) in net assets resulting from capital share transactions | 6,473,737 | 4,565,921 | ||||||
Total increase (decrease) | 8,614,490 | 4,623,365 | ||||||
Net assets | ||||||||
Beginning of period | 4,623,365 | — | ||||||
End of period | $ | 13,237,855 | $ | 4,623,365 | ||||
Including undistributed net investment income (loss) of: | $ | — | $ | — |
See accompanying notes to financial statements.
35
Statements of Changes in Net Assets (Continued) |
California Tax-Free Income Fund | Direct Shares | |||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Shares sold | 983,801 | $ | 11,285,912 | 1,083,623 | $ | 12,801,943 | ||||||||||
Shares issued in reinvestment of distributions | 95,595 | 1,099,171 | 212,776 | 2,507,652 | ||||||||||||
Shares repurchased | (814,193 | ) | (9,346,847 | ) | (1,297,257 | ) | (15,260,161 | ) | ||||||||
Net increase (decrease) | 265,203 | $ | 3,038,236 | (858 | ) | $ | 49,434 |
U.S. Government Securities Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 405,124 | $ | 4,218,461 | 531,349 | $ | 5,690,522 | 53,955 | $ | 562,716 | 129,678 | $ | 1,396,020 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 19,232 | 200,271 | 40,660 | 435,163 | 3,234 | 33,771 | 9,308 | 99,530 | ||||||||||||||||||||||||
Shares repurchased | (365,834 | ) | (3,804,854 | ) | (823,861 | ) | (8,754,258 | ) | (200,229 | ) | (2,087,709 | ) | (204,789 | ) | (2,205,067 | ) | ||||||||||||||||
Net increase (decrease) | 58,522 | $ | 613,878 | (251,852 | ) | $ | (2,628,573 | ) | (143,040 | ) | $ | (1,491,222 | ) | (65,803 | ) | $ | (709,517 | ) |
Short-Term U.S. Government Bond Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 56,241 | $ | 572,329 | 142,166 | $ | 1,450,005 | 12,514 | $ | 126,903 | 52,642 | $ | 537,133 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | — | — | 1,300 | 13,260 | — | — | 253 | 2,586 | ||||||||||||||||||||||||
Shares repurchased | (103,947 | ) | (1,057,818 | ) | (355,176 | ) | (3,623,088 | ) | (35,935 | ) | (364,592 | ) | (66,817 | ) | (681,652 | ) | ||||||||||||||||
Net increase (decrease) | (47,706 | ) | $ | (485,489 | ) | (211,710 | ) | $ | (2,159,823 | ) | (23,421 | ) | $ | (237,689 | ) | (13,922 | ) | $ | (141,933 | ) |
The United States Treasury Trust | Direct Shares | K Shares | ||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||
Shares/ Value | Shares/ Value | Shares/ Value | Shares/ Value | |||||||||||||
Shares sold | 66,457,601 | 43,779,594 | 1,068,843 | 1,527,069 | ||||||||||||
Shares issued in reinvestment of distributions | — | — | — | — | ||||||||||||
Shares repurchased | (26,682,174 | ) | (48,917,552 | ) | (2,033,300 | ) | (2,666,425 | ) | ||||||||
Net increase (decrease) | 39,775,427 | (5,137,958 | ) | (964,457 | ) | (1,139,356 | ) |
See accompanying notes to financial statements.
36
Statements of Changes in Net Assets (Continued) |
S&P 500 Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 173,610 | $ | 6,276,822 | 836,825 | $ | 24,905,058 | 26,812 | $ | 969,431 | 86,879 | $ | 2,784,756 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 67,259 | 2,451,830 | 43,348 | 1,346,027 | 6,073 | 220,830 | 3,087 | 96,497 | ||||||||||||||||||||||||
Shares repurchased | (170,317 | ) | (6,164,529 | ) | (832,978 | ) | (26,343,047 | ) | (55,252 | ) | (1,992,103 | ) | (73,058 | ) | (2,281,935 | ) | ||||||||||||||||
Net increase (decrease) | 70,552 | $ | 2,564,123 | 47,195 | $ | (91,962 | ) | (22,367 | ) | $ | (801,842 | ) | 16,908 | $ | 599,318 |
S&P MidCap Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 234,307 | $ | 6,695,448 | 503,896 | $ | 12,638,719 | 15,889 | $ | 448,353 | 62,696 | $ | 1,543,760 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 249,624 | 7,009,176 | 377,978 | 8,579,907 | 11,401 | 317,928 | 20,077 | 451,211 | ||||||||||||||||||||||||
Shares repurchased | (381,730 | ) | (10,878,411 | ) | (810,415 | ) | (20,193,384 | ) | (64,502 | ) | (1,830,997 | ) | (74,264 | ) | (1,841,834 | ) | ||||||||||||||||
Net increase (decrease) | 102,201 | $ | 2,826,213 | 71,459 | $ | 1,025,242 | (37,212 | ) | $ | (1,064,716 | ) | 8,509 | $ | 153,137 |
S&P SmallCap Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 233,637 | $ | 4,940,505 | 363,563 | $ | 6,564,770 | 41,907 | $ | 866,856 | 130,497 | $ | 2,256,777 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 121,193 | 2,557,828 | 16,715 | 286,749 | 34,809 | 723,423 | 3,629 | 59,667 | ||||||||||||||||||||||||
Shares repurchased | (125,677 | ) | (2,650,485 | ) | (280,046 | ) | (4,979,317 | ) | (136,348 | ) | (2,841,716 | ) | (157,743 | ) | (2,734,009 | ) | ||||||||||||||||
Net increase (decrease) | 229,153 | $ | 4,847,848 | 100,232 | $ | 1,872,202 | (59,632 | ) | $ | (1,251,437 | ) | (23,617 | ) | $ | (417,565 | ) |
Shelton Core Value Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 893,161 | $ | 21,014,112 | 507,740 | $ | 10,265,462 | 19,856 | $ | 453,257 | 66,870 | $ | 1,320,490 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 84,380 | 1,965,493 | 108,117 | 2,083,511 | 2,790 | 64,321 | 4,063 | 77,705 | ||||||||||||||||||||||||
Shares repurchased | (424,902 | ) | (9,876,947 | ) | (1,086,963 | ) | (21,726,296 | ) | (105,236 | ) | (2,405,630 | ) | (69,441 | ) | (1,379,948 | ) | ||||||||||||||||
Net increase (decrease) | 552,639 | $ | 13,102,658 | (471,106 | ) | $ | (9,377,323 | ) | (82,590 | ) | $ | (1,888,052 | ) | 1,492 | $ | 18,247 |
See accompanying notes to financial statements.
37
Statements of Changes in Net Assets (Continued) |
European Growth & Income Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 198,071 | $ | 1,837,951 | 228,942 | $ | 1,877,568 | 53,577 | $ | 495,404 | 141,790 | $ | 1,153,012 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 6,211 | 57,766 | 21,430 | 171,329 | 1,916 | 17,442 | 14,322 | 114,843 | ||||||||||||||||||||||||
Shares repurchased | (116,472 | ) | (1,088,744 | ) | (230,686 | ) | (1,904,481 | ) | (193,949 | ) | (1,805,562 | ) | (161,371 | ) | (1,322,729 | ) | ||||||||||||||||
Net increase (decrease) | 87,810 | $ | 806,973 | 19,686 | $ | 144,416 | (138,456 | ) | $ | (1,292,716 | ) | (5,259 | ) | $ | (54,874 | ) |
Nasdaq-100 Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 2,241,998 | $ | 20,038,745 | 4,355,572 | $ | 31,407,842 | 153,101 | $ | 1,324,492 | 324,473 | $ | 2,264,880 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 26,945 | 237,767 | 49,915 | 357,093 | 1,275 | 11,021 | 4,709 | 32,460 | ||||||||||||||||||||||||
Shares repurchased | (752,322 | ) | (6,601,686 | ) | (2,699,979 | ) | (19,421,764 | ) | (329,296 | ) | (2,804,628 | ) | (453,460 | ) | (3,171,765 | ) | ||||||||||||||||
Net increase (decrease) | 1,516,621 | $ | 13,674,826 | 1,705,508 | $ | 12,343,171 | (174,920 | ) | $ | (1,469,115 | ) | (124,278 | ) | $ | (874,425 | ) |
Shelton Green Alpha Fund | Direct Shares | |||||||||||||||
Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Shares sold | 581,683 | $ | 8,308,083 | 458,270 | $ | 5,410,633 | ||||||||||
Shares issued in reinvestment of distributions | — | — | — | — | ||||||||||||
Shares repurchased | (128,008 | ) | (1,834,346 | ) | (71,635 | ) | (844,712 | ) | ||||||||
Net increase (decrease) | 453,675 | $ | 6,473,737 | 386,635 | $ | 4,565,921 |
See accompanying notes to financial statements.
38
Financial Highlights (For a Share Outstanding Throughout Each Period) |
California Tax-Free Income Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 11.27 | $ | 11.89 | $ | 11.38 | $ | 11.69 | $ | 11.27 | $ | 11.40 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.16 | 0.38 | 0.41 | 0.44 | 0.46 | 0.47 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.35 | (0.62 | ) | 0.51 | (0.25 | ) | 0.42 | (0.10 | ) | |||||||||||||||
Total from investment operations | 0.51 | (0.25 | ) | 0.92 | 0.19 | 0.88 | 0.37 | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.16 | ) | (0.38 | ) | (0.41 | ) | (0.45 | ) | (0.46 | ) | (0.47 | ) | ||||||||||||
Distributions from capital gains | — | — | — | (0.05 | ) | 0.00 | (a) | (0.03 | ) | |||||||||||||||
Total distributions | (0.16 | ) | (0.38 | ) | (0.41 | ) | (0.50 | ) | (0.46 | ) | (0.50 | ) | ||||||||||||
Net asset value, end of period | $ | 11.62 | $ | 11.27 | $ | 11.89 | $ | 11.38 | $ | 11.69 | $ | 11.27 | ||||||||||||
Total return | 4.56 | %(c) | (2.12 | )% | 8.17 | % | 1.73 | % | 7.98 | % | 3.44 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 106,447 | $ | 100,233 | $ | 105,786 | $ | 99,223 | $ | 111,786 | $ | 107,668 | ||||||||||||
Ratio of expenses to average net assets | 0.73 | %(d) | 0.71 | % | 0.72 | % | 0.72 | % | 0.73 | % | 0.74 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.89 | %(d) | 3.29 | % | 3.50 | % | 3.93 | % | 4.02 | % | 4.23 | % | ||||||||||||
Portfolio turnover | 20 | %(c) | 11 | % | 10 | % | 2 | % | 10 | % | 21 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
39
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
U.S. Government Securities Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.38 | $ | 10.93 | $ | 10.79 | $ | 10.68 | $ | 10.38 | $ | 10.46 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.09 | 0.19 | 0.20 | 0.21 | 0.31 | 0.37 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.03 | (0.56 | ) | 0.13 | 0.11 | 0.30 | (0.08 | ) | ||||||||||||||||
Total from investment operations | 0.12 | (0.37 | ) | 0.33 | 0.32 | 0.61 | 0.29 | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.09 | ) | (0.18 | ) | (0.19 | ) | (0.21 | ) | (0.31 | ) | (0.37 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.09 | ) | (0.18 | ) | (0.19 | ) | (0.21 | ) | (0.31 | ) | (0.37 | ) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | (0.00 | )(a) | |||||||||||||||||
Net asset value, end of period | $ | 10.41 | $ | 10.38 | $ | 10.93 | $ | 10.79 | $ | 10.68 | $ | 10.38 | ||||||||||||
Total return | 1.17 | %(c) | (3.38 | )% | 3.13 | % | 3.09 | % | 6.04 | % | 2.73 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 23,644 | $ | 22,968 | $ | 26,927 | $ | 28,080 | $ | 32,467 | $ | 22,111 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.91 | %(d) | 0.86 | % | 0.87 | % | 0.86 | % | 0.94 | % | 0.86 | % | ||||||||||||
After expense reimbursements | 0.74 | %(d) | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.62 | %(d) | 1.62 | % | 1.69 | % | 1.85 | % | 2.79 | % | 3.38 | % | ||||||||||||
After expense reimbursements | 1.79 | %(d) | 1.74 | % | 1.82 | % | 1.97 | % | 2.99 | % | 3.51 | % | ||||||||||||
Portfolio turnover | 10 | %(c) | 6 | % | 9 | % | 62 | % | 54 | % | 82 | % |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.40 | $ | 10.96 | $ | 10.82 | $ | 10.70 | $ | 10.43 | $ | 10.53 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.07 | 0.13 | 0.14 | 0.16 | 0.26 | 0.32 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.03 | (0.55 | ) | 0.14 | 0.12 | 0.30 | (0.09 | ) | ||||||||||||||||
Total from investment operations | 0.10 | (0.42 | ) | 0.28 | 0.28 | 0.56 | 0.23 | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.06 | ) | (0.14 | ) | (0.14 | ) | (0.16 | ) | (0.29 | ) | (0.33 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.06 | ) | (0.14 | ) | (0.14 | ) | (0.16 | ) | (0.29 | ) | (0.33 | ) | ||||||||||||
Net asset value, end of period | $ | 10.44 | $ | 10.40 | $ | 10.96 | (0.16 | ) | $ | 10.70 | $ | 10.43 | ||||||||||||
Total return | (3.88 | )%(c) | (3.88 | )% | 2.60 | % | 2.65 | % | 5.50 | % | 2.19 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 5,636 | $ | 7,103 | $ | 8,202 | $ | 8,878 | $ | 8,668 | $ | 7,425 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.41 | %(d) | 1.36 | % | 1.37 | % | 1.37 | % | 1.44 | % | 1.36 | % | ||||||||||||
After expense reimbursements | 1.24 | %(d) | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.11 | %(d) | 1.12 | % | 1.19 | % | 1.35 | % | 2.30 | % | 2.88 | % | ||||||||||||
After expense reimbursements | 1.28 | %(d) | 1.24 | % | 1.32 | % | 1.47 | % | 2.50 | % | 3.01 | % | ||||||||||||
Portfolio turnover | 10 | %(c) | 6 | % | 9 | % | 62 | % | 54 | % | 82 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
40
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Short-Term U.S. Government Bond Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 10.23 | $ | 10.32 | $ | 10.41 | $ | 10.26 | $ | 10.10 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | (0.01 | ) | (0.01 | ) | 0.05 | 0.07 | 0.09 | 0.19 | ||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.02 | (0.04 | ) | (0.07 | ) | (0.04 | ) | 0.15 | 0.16 | |||||||||||||||
Total from investment operations | 0.01 | (0.05 | ) | (0.02 | ) | 0.03 | 0.24 | 0.35 | ||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | — | — | (0.05 | ) | (0.07 | ) | (0.09 | ) | (0.19 | ) | ||||||||||||||
Distributions from capital gains | — | (0.01 | ) | (0.02 | ) | (0.05 | ) | — | — | |||||||||||||||
Total distributions | — | (0.01 | ) | (0.07 | ) | (0.12 | ) | (0.09 | ) | (0.19 | ) | |||||||||||||
Paid-in capital from redemption fee | — | — | — | — | — | (0.00 | )(a) | |||||||||||||||||
Net asset value, end of period | $ | 10.18 | $ | 10.17 | $ | 10.23 | $ | 10.32 | $ | 10.41 | $ | 10.26 | ||||||||||||
Total return | 0.10 | %(c) | (0.43 | )% | (0.20 | )% | 0.33 | % | 2.32 | % | 3.49 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 6,339 | $ | 6,819 | $ | 9,021 | $ | 11,668 | $ | 12,581 | $ | 13,688 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.18 | %(d) | 1.07 | % | 0.98 | % | 0.92 | % | 0.89 | % | 0.95 | % | ||||||||||||
After expense reimbursements | 0.59 | %(d) | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | 0.59 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (0.75 | )%(d) | (0.53 | )% | 0.10 | % | 0.37 | % | 0.59 | % | 1.45 | % | ||||||||||||
After expense reimbursements | (0.16 | )%(d) | (0.05 | )% | 0.49 | % | 0.70 | % | 0.89 | % | 1.81 | % | ||||||||||||
Portfolio turnover | 5 | %(c) | 50 | % | 13 | % | 28 | % | 42 | % | 58 | % |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.15 | $ | 10.25 | $ | 10.34 | $ | 10.43 | $ | 10.30 | $ | 10.13 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | (0.03 | ) | (0.06 | ) | (0.00 | ) | 0.02 | 0.04 | 0.14 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.01 | (0.03 | ) | (0.07 | ) | (0.04 | ) | 0.15 | 0.16 | |||||||||||||||
Total from investment operations | (0.02 | ) | (0.09 | ) | (0.07 | ) | (0.02 | ) | 0.19 | 0.30 | ||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | (0.02 | ) | (0.06 | ) | (0.13 | ) | |||||||||||||||
Distributions from capital gains | — | (0.01 | ) | (0.02 | ) | (0.05 | ) | — | — | |||||||||||||||
Total distributions | — | (0.01 | ) | (0.02 | ) | (0.07 | ) | (0.06 | ) | (0.13 | ) | |||||||||||||
Net asset value, end of period | $ | 10.13 | $ | 10.15 | $ | 10.25 | $ | 10.34 | $ | 10.43 | $ | 10.30 | ||||||||||||
Total return | (0.85 | )%(c) | (0.85 | )% | (0.66 | )% | (0.18 | )% | 1.82 | % | 2.93 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 1,658 | $ | 1,898 | $ | 2,060 | $ | 3,075 | $ | 3,224 | $ | 2,551 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.68 | %(d) | 1.57 | % | 1.48 | % | 1.42 | % | 1.39 | % | 1.45 | % | ||||||||||||
After expense reimbursements | 1.09 | %(d) | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (1.25 | )%(d) | (1.04 | )% | (0.40 | )% | (0.13 | )% | 0.09 | % | 0.98 | % | ||||||||||||
After expense reimbursements | (0.66 | )%(d) | (0.56 | )% | (0.01 | )% | 0.20 | % | 0.39 | % | 1.34 | % | ||||||||||||
Portfolio turnover | 5 | %(c) | 50 | % | 13 | % | 28 | % | 42 | % | 58 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
41
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
The United States Treasury Trust Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | — | — | — | — | — | 0.002 | ||||||||||||||||||
Net gain on securities (both realized and unrealized) | — | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | 0.001 | — | |||||||||||||||
Total from investment operations | — | (0.000 | ) | (0.000 | ) | (0.000 | ) | 0.001 | 0.002 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | (0.002 | ) | |||||||||||||||||
Distributions from capital gains | — | — | — | (0.000 | )(a) | (0.001 | ) | — | ||||||||||||||||
Total distributions | — | — | — | (0.000 | ) | (0.001 | ) | (0.002 | ) | |||||||||||||||
Net asset value, end of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||
Total return | 0.00 | %(c) | 0.00 | % | 0.00 | % | 0.00 | % | 0.11 | % | 0.13 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 109,251 | $ | 69,479 | $ | 74,617 | $ | 61,459 | $ | 67,354 | $ | 25,301 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.73 | %(d)(e) | 0.76 | %(e) | 0.78 | %(e) | 0.78 | %(e) | 0.94 | %(e) | 0.91 | %(f) | ||||||||||||
After expense reimbursements | 0.04 | %(d)(e) | 0.07 | %(e) | 0.05 | %(e) | 0.12 | %(e) | 0.15 | %(e) | 0.29 | %(f) | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (0.70 | )%(d)(e) | (0.69 | )%(e) | (0.73 | )%(e) | (0.66 | )%(e) | (0.79 | )%(e) | (0.46 | )%(f) | ||||||||||||
After expense reimbursements | 0.00 | %(d)(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.16 | %(f) |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | — | — | — | — | — | — | ||||||||||||||||||
Net gain on securities (both realized and unrealized) | — | (0.000 | )(a) | (0.000 | )(a) | (0.000 | )(a) | — | — | |||||||||||||||
Total from investment operations | — | (0.000 | ) | (0.000 | ) | (0.000 | ) | — | — | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | — | ||||||||||||||||||
Distributions from capital gains | — | — | — | (0.000 | )(a) | — | — | |||||||||||||||||
Total distributions | — | — | — | (0.000 | ) | — | — | |||||||||||||||||
Net asset value, end of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||
Total return | 0.00 | %(c) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.04 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 2,186 | $ | 3,150 | $ | 2,508 | $ | 3,647 | $ | 3,486 | $ | 3,302 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.73 | %(d)(e) | 0.76 | %(d) | 0.77 | %(d) | 0.78 | %(d) | 0.93 | %(d) | 0.97 | %(f) | ||||||||||||
After expense reimbursements | 0.04 | %(d)(e) | 0.07 | %(d) | 0.05 | %(d) | 0.12 | %(d) | 0.14 | %(d) | 0.35 | %(f) | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (0.70 | )%(d)(e) | (0.69 | )%(d) | (0.73 | )%(d) | (0.66 | )%(d) | (0.79 | )%(d) | (0.59 | )%(f) | ||||||||||||
After expense reimbursements | 0.00 | %(d)(e) | 0.00 | %(d) | 0.00 | %(d) | 0.00 | %(d) | 0.00 | %(d) | 0.03 | %(f) |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
(e) | Includes negative yield waiver adjustment. |
(f) | Includes Temporary Guarantee Program expense and negative. |
See accompanying notes to financial statements.
42
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
S&P 500 Index Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 33.59 | $ | 28.78 | $ | 24.91 | $ | 21.41 | $ | 20.81 | $ | 25.91 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.30 | 0.57 | 0.50 | 0.44 | 0.39 | 0.42 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 4.62 | 4.71 | 3.85 | 3.50 | 0.58 | (5.09 | ) | |||||||||||||||||
Total from investment operations | 4.92 | 5.28 | 4.35 | 3.94 | 0.97 | (4.67 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.29 | ) | (0.47 | ) | (0.48 | ) | (0.44 | ) | (0.37 | ) | (0.43 | ) | ||||||||||||
Distributions from capital gains | (0.57 | ) | — | — | — | — | — | |||||||||||||||||
Total distributions | (0.86 | ) | (0.47 | ) | (0.48 | ) | (0.44 | ) | (0.37 | ) | (0.43 | ) | ||||||||||||
Net asset value, end of period | $ | 37.65 | $ | 33.59 | $ | 28.78 | $ | 24.91 | $ | 21.41 | $ | 20.81 | ||||||||||||
Total return | 14.74 | %(c) | 18.50 | % | 17.68 | % | 18.36 | % | 4.62 | % | (17.86 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 115,998 | $ | 101,124 | $ | 85,269 | $ | 74,717 | $ | 65,837 | $ | 67,017 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.51 | %(d) | 0.52 | % | 0.54 | % | 0.51 | % | 0.56 | % | 0.59 | % | ||||||||||||
After expense reimbursements | 0.36 | %(d) | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.54 | %(d) | 1.65 | % | 1.70 | % | 1.55 | % | 1.52 | % | 2.03 | % | ||||||||||||
After expense reimbursements | 1.69 | %(d) | 1.81 | % | 1.88 | % | 1.70 | % | 1.72 | % | 2.26 | % | ||||||||||||
Portfolio turnover | 0 | %(c) | 3 | % | 3 | % | 1 | % | 7 | % | 5 | % |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 33.63 | $ | 28.83 | $ | 24.95 | $ | 21.47 | $ | 20.88 | $ | 26.05 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.21 | 0.41 | 0.37 | 0.31 | 0.28 | 0.33 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 4.62 | 4.74 | 3.86 | 3.51 | 0.60 | (5.14 | ) | |||||||||||||||||
Total from investment operations | 4.83 | 5.15 | 4.23 | 3.82 | 0.88 | (4.81 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.23 | ) | (0.35 | ) | (0.35 | ) | (0.34 | ) | (0.29 | ) | (0.36 | ) | ||||||||||||
Distributions from capital gains | (0.57 | ) | — | — | — | — | — | |||||||||||||||||
Total distributions | (0.80 | ) | (0.35 | ) | (0.35 | ) | (0.34 | ) | (0.29 | ) | (0.36 | ) | ||||||||||||
Net asset value, end of period | $ | 37.66 | $ | 33.63 | $ | 28.83 | $ | 24.95 | $ | 21.47 | $ | 20.88 | ||||||||||||
Total return | 14.44 | %(c) | 17.95 | % | 17.08 | % | 17.77 | % | 4.15 | % | (18.29 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 10,461 | $ | 10,093 | $ | 8,166 | $ | 8,749 | $ | 7,322 | $ | 6,300 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.01 | %(d) | 1.02 | % | 1.04 | % | 1.01 | % | 1.06 | % | 1.09 | % | ||||||||||||
After expense reimbursements | 0.86 | %(d) | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.04 | %(d) | 1.15 | % | 1.20 | % | 1.05 | % | 1.03 | % | 1.51 | % | ||||||||||||
After expense reimbursements | 1.18 | %(d) | 1.31 | % | 1.38 | % | 1.20 | % | 1.22 | % | 1.74 | % | ||||||||||||
Portfolio turnover | 0 | %(c) | 3 | % | 3 | % | 1 | % | 7 | % | 5 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
43
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
S&P MidCap Index Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 26.54 | $ | 23.11 | $ | 21.68 | $ | 17.84 | $ | 16.17 | $ | 20.94 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.10 | 0.30 | 0.18 | 0.17 | 0.16 | 0.17 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 4.23 | 4.81 | 2.35 | 3.83 | 1.71 | (4.29 | ) | |||||||||||||||||
Total from investment operations | 4.33 | 5.11 | 2.53 | 4.00 | 1.87 | (4.12 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.13 | ) | (0.27 | ) | (0.15 | ) | (0.16 | ) | (0.17 | ) | (0.15 | ) | ||||||||||||
Distributions from capital gains | (1.20 | ) | (1.41 | ) | (0.95 | ) | — | (0.03 | ) | (0.50 | ) | |||||||||||||
Total distributions | (1.33 | ) | (1.68 | ) | (1.10 | ) | (0.16 | ) | (0.20 | ) | (0.65 | ) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | (0.00 | )(a) | |||||||||||||||||
Net asset value, end of period | $ | 29.54 | $ | 26.54 | $ | 23.11 | $ | 21.68 | $ | 17.84 | $ | 16.17 | ||||||||||||
Total return | 16.61 | %(c) | 23.39 | % | 12.22 | % | 22.38 | % | 11.54 | % | (18.90 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 162,954 | $ | 143,699 | $ | 123,478 | $ | 120,089 | $ | 104,162 | $ | 108,279 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.64 | %(d) | 0.64 | % | 0.65 | % | 0.63 | % | 0.66 | % | 0.70 | % | ||||||||||||
After expense reimbursements | 0.58 | %(d) | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.66 | %(d) | 1.04 | % | 0.72 | % | 0.69 | % | 0.80 | % | 1.09 | % | ||||||||||||
After expense reimbursements | 0.71 | %(d) | 1.10 | % | 0.80 | % | 0.74 | % | 0.88 | % | 1.21 | % | ||||||||||||
Portfolio turnover | 3 | %(c) | 8 | % | 11 | % | 16 | % | 10 | % | 31 | % |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 26.38 | $ | 23.00 | $ | 21.57 | $ | 17.77 | $ | 16.13 | $ | 20.94 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.03 | 0.18 | 0.06 | 0.05 | 0.07 | 0.10 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 4.21 | 4.77 | 2.36 | 3.82 | 1.70 | (4.30 | ) | |||||||||||||||||
Total from investment operations | 4.24 | 4.95 | 2.42 | 3.87 | 1.77 | (4.20 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.05 | ) | (0.16 | ) | (0.04 | ) | (0.07 | ) | (0.10 | ) | (0.11 | ) | ||||||||||||
Distributions from capital gains | (1.20 | ) | (1.41 | ) | (0.95 | ) | — | (0.03 | ) | (0.50 | ) | |||||||||||||
Total distributions | (1.25 | ) | (1.57 | ) | (0.99 | ) | (0.07 | ) | (0.13 | ) | (0.61 | ) | ||||||||||||
Net asset value, end of period | $ | 29.37 | $ | 26.38 | $ | 23.00 | $ | 21.57 | $ | 17.77 | $ | 16.13 | ||||||||||||
Total return | 16.34 | %(c) | 22.75 | % | 11.69 | % | 21.78 | % | 10.97 | % | (19.31 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 7,352 | $ | 7,587 | $ | 6,417 | $ | 7,813 | $ | 6,439 | $ | 5,556 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.14 | %(d) | 1.14 | % | 1.15 | % | 1.13 | % | 1.16 | % | 1.20 | % | ||||||||||||
After expense reimbursements | 1.08 | %(d) | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.15 | %(d) | 0.54 | % | 0.22 | % | 0.19 | % | 0.29 | % | 0.59 | % | ||||||||||||
After expense reimbursements | 0.20 | %(d) | 0.61 | % | 0.29 | % | 0.24 | % | 0.38 | % | 0.70 | % | ||||||||||||
Portfolio turnover | 3 | %(c) | 8 | % | 11 | % | 16 | % | 10 | % | 31 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
44
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
S&P SmallCap Index Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 19.62 | $ | 15.71 | $ | 14.59 | $ | 11.72 | $ | 10.98 | $ | 16.61 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.04 | 0.14 | 0.09 | 0.07 | 0.03 | 0.07 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 3.11 | 3.94 | 2.28 | 2.87 | 0.74 | (4.04 | ) | |||||||||||||||||
Total from investment operations | 3.15 | 4.08 | 2.37 | 2.94 | 0.77 | (3.97 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.04 | ) | (0.14 | ) | (0.08 | ) | (0.06 | ) | (0.01 | ) | (0.07 | ) | ||||||||||||
Distributions from capital gains | (1.34 | ) | (0.03 | ) | (1.17 | ) | (0.01 | ) | — | (1.59 | ) | |||||||||||||
Return of capital distribution | — | — | — | — | (0.02 | ) | — | |||||||||||||||||
Total distributions | (1.38 | ) | (0.17 | ) | (1.25 | ) | (0.07 | ) | (0.03 | ) | (1.66 | ) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | (0.00 | )(a) | |||||||||||||||||
Net asset value, end of period | $ | 21.39 | $ | 19.62 | $ | 15.71 | $ | 14.59 | $ | 11.72 | $ | 10.98 | ||||||||||||
Total return | 16.18 | %(c) | 26.14 | % | 17.35 | % | 25.11 | % | 7.03 | % | (22.04 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 42,873 | $ | 34,838 | $ | 26,325 | $ | 22,203 | $ | 18,394 | $ | 17,365 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.84 | %(d) | 0.89 | % | 0.92 | % | 0.89 | % | 0.95 | % | 1.06 | % | ||||||||||||
After expense reimbursements | 0.74 | %(d) | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.28 | %(d) | 0.57 | % | 0.45 | % | 0.34 | % | 0.02 | % | 0.40 | % | ||||||||||||
After expense reimbursements | 0.38 | %(d) | 0.72 | % | 0.63 | % | 0.49 | % | 0.24 | % | 0.73 | % | ||||||||||||
Portfolio turnover | 3 | %(c) | 15 | % | 0 | % | 23 | % | 5 | % | 12 | % |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 19.36 | $ | 15.52 | $ | 14.42 | $ | 11.61 | $ | 10.90 | $ | 16.54 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) (b) | (0.01 | ) | 0.06 | 0.02 | — | (0.03 | ) | 0.02 | ||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 3.06 | 3.87 | 2.26 | 2.85 | 0.74 | (4.03 | ) | |||||||||||||||||
Total from investment operations | 3.05 | 3.93 | 2.28 | 2.85 | 0.71 | (4.01 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.01 | ) | (0.06 | ) | (0.01 | ) | (0.03 | ) | — | (0.04 | ) | |||||||||||||
Distributions from capital gains | (1.34 | ) | (0.03 | ) | (1.17 | ) | (0.01 | ) | — | (1.59 | ) | |||||||||||||
Total distributions | (1.35 | ) | (0.09 | ) | (1.18 | ) | (0.04 | ) | — | (1.63 | ) | |||||||||||||
Net asset value, end of period | $ | 21.06 | $ | 19.36 | $ | 15.52 | $ | 14.42 | $ | 11.61 | $ | 10.90 | ||||||||||||
Total return | 15.86 | %(c) | 25.47 | % | 16.83 | % | 24.52 | % | 6.51 | % | (22.43 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 11,148 | $ | 11,402 | $ | 9,505 | $ | 9,987 | $ | 7,806 | $ | 7,064 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.34 | %(d) | 1.39 | % | 1.42 | % | 1.39 | % | 1.45 | % | 1.56 | % | ||||||||||||
After expense reimbursements | 1.24 | %(d) | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (0.23 | )%(d) | 0.10 | % | (0.05 | )% | (0.16 | )% | (0.48 | )% | (0.10 | )% | ||||||||||||
After expense reimbursements | (0.14 | )%(d) | 0.25 | % | 0.13 | % | (0.01 | )% | (0.26 | )% | 0.23 | % | ||||||||||||
Portfolio turnover | 3 | %(c) | 15 | % | 0 | % | 23 | % | 5 | % | 12 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
45
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Shelton Core Value Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 21.58 | $ | 18.13 | $ | 16.17 | $ | 14.03 | $ | 13.14 | $ | 15.69 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.19 | 0.37 | 0.32 | 0.27 | 0.23 | 0.21 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 2.28 | 3.37 | 1.95 | 2.12 | 0.82 | (2.51 | ) | |||||||||||||||||
Total from investment operations | 2.47 | 3.74 | 2.27 | 2.39 | 1.05 | (2.30 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.27 | ) | (0.29 | ) | (0.31 | ) | (0.25 | ) | (0.16 | ) | (0.20 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | (0.05 | ) | |||||||||||||||||
Total distributions | (0.27 | ) | (0.29 | ) | (0.31 | ) | (0.25 | ) | (0.16 | ) | (0.25 | ) | ||||||||||||
Net asset value, end of period | $ | 23.78 | $ | 21.58 | $ | 18.13 | $ | 16.17 | $ | 14.03 | $ | 13.14 | ||||||||||||
Total return | 11.46 | %(c) | 20.80 | % | 14.20 | % | 17.01 | % | 8.00 | % | (14.48 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 186,509 | $ | 157,350 | $ | 140,741 | $ | 129,317 | $ | 123,305 | $ | 14,724 | ||||||||||||
Ratio of expenses to average net assets: | 0.84 | %(d) | 0.84 | % | 0.88 | % | 0.87 | % | 0.99 | % | 0.97 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.69 | %(d) | 1.83 | % | 1.85 | % | 1.63 | % | 1.57 | % | 1.83 | % | ||||||||||||
Portfolio turnover | 0 | %(c) | 5 | % | 4 | % | 13 | % | 76 | % | 27 | % |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 21.40 | $ | 18.00 | $ | 16.06 | $ | 13.95 | $ | 13.07 | $ | 15.64 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.13 | 0.27 | 0.23 | 0.19 | 0.12 | 0.15 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 2.26 | 3.34 | 1.93 | 2.12 | 0.87 | (2.51 | ) | |||||||||||||||||
Total from investment operations | 2.39 | 3.61 | 2.16 | 2.31 | 0.99 | (2.36 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.20 | ) | (0.21 | ) | (0.22 | ) | (0.20 | ) | (0.11 | ) | (0.16 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | (0.05 | ) | |||||||||||||||||
Total distributions | (0.20 | ) | (0.21 | ) | (0.22 | ) | (0.20 | ) | (0.11 | ) | (0.21 | ) | ||||||||||||
Net asset value, end of period | $ | 23.59 | $ | 21.40 | $ | 18.00 | $ | 16.06 | $ | 13.95 | $ | 13.07 | ||||||||||||
Total return | 11.19 | %(c) | 20.20 | % | 13.59 | % | 16.49 | % | 7.56 | % | (14.91 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 6,786 | $ | 7,924 | $ | 6,640 | $ | 6,624 | $ | 5,421 | $ | 4,447 | ||||||||||||
Ratio of expenses to average net assets: | 1.34 | %(d) | 1.34 | % | 1.38 | % | 1.37 | % | 1.49 | % | 1.47 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.15 | %(d) | 1.33 | % | 1.35 | % | 1.14 | % | 1.07 | % | 1.32 | % | ||||||||||||
Portfolio turnover | 0 | %(c) | 5 | % | 4 | % | 13 | % | 76 | % | 27 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
46
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
European Growth & Income Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 8.37 | $ | 7.40 | $ | 7.62 | $ | 7.42 | $ | 8.17 | $ | 9.73 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.05 | 0.23 | 0.22 | 0.21 | 0.19 | 0.23 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.41 | 0.94 | (0.21 | ) | 0.20 | (0.73 | ) | (1.56 | ) | |||||||||||||||
Total from investment operations | 1.46 | 1.17 | 0.01 | 0.41 | (0.54 | ) | (1.33 | ) | ||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.06 | ) | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.21 | ) | (0.23 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.06 | ) | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.21 | ) | (0.23 | ) | ||||||||||||
Net asset value, end of period | $ | 9.77 | $ | 8.37 | $ | 7.40 | $ | 7.62 | $ | 7.42 | $ | 8.17 | ||||||||||||
Total return | 17.52 | %(c) | 15.96 | % | 0.20 | % | 5.25 | % | (6.64 | )% | (13.27 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 9,387 | $ | 7,306 | $ | 6,314 | $ | 5,871 | $ | 5,637 | $ | 7,049 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.37 | %(d) | 1.38 | % | 1.43 | % | 1.35 | % | 1.38 | % | 1.49 | % | ||||||||||||
After expense reimbursements | 1.00 | %(d) | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.72 | %(d) | 2.46 | % | 2.58 | % | 2.17 | % | 2.01 | % | 2.79 | % | ||||||||||||
After expense reimbursements | 1.08 | %(d) | 2.84 | % | 3.01 | % | 2.52 | % | 2.38 | % | 3.28 | % | ||||||||||||
Portfolio turnover | 10 | %(c) | 3 | % | 0 | % | 8 | % | 0 | % | 13 | % |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 8.38 | $ | 7.41 | $ | 7.63 | $ | 7.43 | $ | 8.20 | $ | 9.78 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.02 | 0.19 | 0.19 | 0.17 | 0.16 | 0.20 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.42 | 0.95 | (0.22 | ) | 0.21 | (0.75 | ) | (1.57 | ) | |||||||||||||||
Total from investment operations | 1.44 | 1.14 | (0.03 | ) | 0.38 | (0.59 | ) | (1.37 | ) | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.03 | ) | (0.17 | ) | (0.19 | ) | (0.18 | ) | (0.18 | ) | (0.21 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.03 | ) | (0.17 | ) | (0.19 | ) | (0.18 | ) | (0.18 | ) | (0.21 | ) | ||||||||||||
Net asset value, end of period | $ | 9.79 | $ | 8.38 | $ | 7.41 | $ | 7.63 | $ | 7.43 | $ | 8.20 | ||||||||||||
Total return | 17.16 | %(c) | 15.47 | % | (0.33 | )% | 4.82 | % | (7.21 | )% | (13.69 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 5,420 | $ | 5,795 | $ | 5,169 | $ | 5,888 | $ | 5,563 | $ | 5,542 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.85 | %(d) | 1.88 | % | 1.93 | % | 1.85 | % | 1.88 | % | 1.99 | % | ||||||||||||
After expense reimbursements | 1.49 | %(d) | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.18 | %(d) | 1.92 | % | 2.13 | % | 1.64 | % | 1.56 | % | 2.32 | % | ||||||||||||
After expense reimbursements | 0.54 | %(d) | 2.31 | % | 2.56 | % | 1.99 | % | 1.94 | % | 2.81 | % | ||||||||||||
Portfolio turnover | 10 | %(c) | 3 | % | 0 | % | 8 | % | 0 | % | 13 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
47
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Nasdaq-100 Index Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 7.92 | $ | 7.04 | $ | 5.67 | $ | 4.47 | $ | 4.12 | $ | 4.69 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) (b) | 0.08 | 0.08 | 0.04 | 0.03 | 0.01 | 0.01 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.57 | 0.86 | 1.36 | 1.19 | 0.35 | (0.58 | ) | |||||||||||||||||
Total from investment operations | 1.65 | 0.94 | 1.40 | 1.22 | 0.36 | (0.57 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.03 | ) | (0.06 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | — | |||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Return of capital distribution | — | — | — | — | (0.00 | )(a) | (0.00 | )(a) | ||||||||||||||||
Total distributions | (0.03 | ) | (0.06 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | (0.00 | )(a) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | (0.00 | )(a) | |||||||||||||||||
Net asset value, end of period | $ | 9.54 | $ | 7.92 | $ | 7.04 | $ | 5.67 | $ | 4.47 | $ | 4.12 | ||||||||||||
Total return | 20.91 | %(c) | 13.46 | % | 24.78 | % | 27.31 | % | 8.73 | % | (12.14 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 79,885 | $ | 54,259 | $ | 36,220 | $ | 17,912 | $ | 14,146 | $ | 13,262 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.79 | %(d) | 0.83 | % | 0.88 | % | 0.90 | % | 0.96 | % | 1.11 | % | ||||||||||||
After expense reimbursements | 0.49 | %(d) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.57 | %(d) | 0.73 | % | 0.27 | % | 0.08 | % | (0.24 | )% | (0.42 | )% | ||||||||||||
After expense reimbursements | 1.88 | %(d) | 1.08 | % | 0.66 | % | 0.50 | % | 0.24 | % | 0.19 | % | ||||||||||||
Portfolio turnover | 1 | %(c) | 13 | % | 24 | % | 24 | % | 4 | % | 8 | % |
K Shares | Six Months Ended February 28, 2014 (Unaudited) | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | Year Ended August 31, 2009 | ||||||||||||||||||
Net asset value, beginning of period | $ | 7.71 | $ | 6.85 | $ | 5.53 | $ | 4.37 | $ | 4.03 | $ | 4.61 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment (loss) (b) | 0.05 | 0.04 | 0.01 | — | (0.01 | ) | (0.01 | ) | ||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.55 | 0.84 | 1.31 | 1.16 | 0.35 | (0.57 | ) | |||||||||||||||||
Total from investment operations | 1.60 | 0.88 | 1.32 | 1.16 | 0.34 | (0.58 | ) | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.01 | ) | (0.02 | ) | (0.00 | )(a) | (0.00 | )(a) | — | — | ||||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.01 | ) | (0.02 | ) | — | — | — | — | ||||||||||||||||
Net asset value, end of period | $ | 9.30 | $ | 7.71 | $ | 6.85 | $ | 5.53 | $ | 4.37 | $ | 4.03 | ||||||||||||
Total return | 20.76 | %(c) | 12.95 | % | 23.94 | % | 26.63 | % | 8.44 | % | (12.58 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period | $ | 10,068 | $ | 9,700 | $ | 9,473 | $ | 7,771 | $ | 5,452 | $ | 4,792 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.29 | %(d) | 1.33 | % | 1.38 | % | 1.40 | % | 1.46 | % | 1.61 | % | ||||||||||||
After expense reimbursements | 0.99 | %(d) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.87 | %(d) | 0.23 | % | (0.28 | )% | (0.42 | )% | (0.73 | )% | (0.92 | )% | ||||||||||||
After expense reimbursements | 1.18 | %(d) | 0.58 | % | 0.11 | % | 0.00 | % | (0.26 | )% | (0.31 | )% | ||||||||||||
Portfolio turnover | 1 | %(c) | 13 | % | 24 | % | 24 | % | 4 | % | 8 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
See accompanying notes to financial statements.
48
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Shelton Green Alpha Fund Direct Shares | Six Months Ended February 28, 2014 (Unaudited) | March 12, 2013(g) to August 31, 2013 | ||||||
Net asset value, beginning of period | $ | 11.96 | $ | 10.00 | ||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||
Net investment income (loss) (b) | (0.06 | ) | (0.01 | ) | ||||
Net gain (loss) on securities (both realized and unrealized) | 3.85 | 1.97 | ||||||
Total from investment operations | 3.79 | 1.96 | ||||||
LESS DISTRIBUTIONS | ||||||||
Dividends from net investment income | — | — | ||||||
Distributions from capital gains | — | — | ||||||
Return of capital distribution | — | — | ||||||
Total distributions | — | — | ||||||
Net asset value, end of period | $ | 15.75 | $ | 11.96 | ||||
Total return | 31.69 | %(c) | 19.60 | %(c) | ||||
RATIOS / SUPPLEMENTAL DATA | ||||||||
Net assets, end of period | $ | 13,238 | $ | 4,623 | ||||
Ratio of expenses to average net assets: | ||||||||
Before expense reimbursements | 2.07 | %(d) | 5.16 | %(d) | ||||
After expense reimbursements | 1.38 | %(d) | 1.24 | %(d) | ||||
Ratio of net investment income (loss) to average net assets | ||||||||
Before expense reimbursements | (1.49 | )%(d) | (4.11 | )%(d) | ||||
After expense reimbursements | (0.80 | )%(d) | (0.19 | )%(d) | ||||
Portfolio turnover | 4 | %(c) | 12 | %(c) |
(b) | Calculated based upon average shares outstanding. |
(c) | Not annualized. |
(d) | Annualized. |
(g) | Commencement of operations. |
See accompanying notes to financial statements.
49
Shelton Funds | Notes to Financial Statements (Unaudited) | February 28, 2014 |
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, Nasdaq-100 Index Fund and Shelton Green Alpha Fund (the “Funds”) are each a series of shares of beneficial interest of the Shelton Funds (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of no par value shares in one or more series. The Trust, originally organized as two separate Massachusetts business trusts formed by Declarations of Trust dated September 11, 1985, as subsequently amended, was reorganized into a single Delaware statutory trust after the close of trading on December 29, 2006. The investment objectives of the Funds are as follows: California Tax-Free Income Fund seeks as high a level of income, exempt from regular federal and California personal income taxes, as is consistent with prudent investment management and safety of capital. 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. Nasdaq-100 Index Fund attempts to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index. 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.
The Shelton Funds began offering Class K shares 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 between 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 – Portfolio securities of the S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Nasdaq-100 Index Fund and Shelton Green Alpha Fund listed on a national exchange are valued at the last reported sales price. U.S. Treasury Bills are valued at amortized cost which approximates market value. Portfolio securities of the California Tax-Free Income Fund are valued by an independent pricing service that uses market quotations, representing the latest available bid price, prices provided by market makers, or estimates of market values obtained from yield data relating to instruments or securities with similar characteristics, in accordance with procedures established by the Funds’ Board of Trustees. The U.S. Government Securities Fund and the Short-Term U.S. Government Bond Fund are valued by an independent pricing service that uses market quotations representing the latest available mean between the bid and ask price, prices provided by market makers or estimates of market value obtained from yield data relating to instruments or securities with similar characteristics. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value. All other securities are valued at their fair value as determined in good faith by the Board of Trustees. The United States Treasury Trust securities are valued at amortized cost, in accordance with procedures adopted by the Board of Trustees and which the Board of Trustees has determined in good faith reflects the market-based net asset value per share.
(b) Futures Contracts – Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of specific securities or cash, as collateral, for the account of the broker (a Fund’s agent in acquiring the futures position). During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. The S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund may purchase or sell stock index futures to maintain cash reserves while remaining fully invested, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract is priced more attractively than the underlying equity security or index. Risks include the possibility of an illiquid market and an imperfect correlation between the change in market value of the stocks held by a Fund and the prices of futures contracts.
(c) Federal Income Taxes – No provision is considered necessary for federal income taxes. The Funds intend to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and to distribute all of their taxable income to shareholders. Capital loss carry forwards, as of August 31, 2013, available to offset future capital gains, if any, are as follows:
Expiring | California Tax-Free Income Fund | United States Government Securities Fund | Shelton Core Value Fund | European Growth & Income Fund | Nasdaq-100 Index Fund | |||||||||||||||
2014 | $ | — | $ | 266,271 | $ | — | $ | 9,731 | $ | 251,077 | ||||||||||
2015 | — | 80,163 | — | 6,268 | 1,821,379 | |||||||||||||||
2016 | — | 36,975 | 245,013 | 9,647 | 364,175 | |||||||||||||||
2017 | — | 109,369 | 11,364,497 | — | 642,849 | |||||||||||||||
2018 | — | 141,867 | 847,723 | 124,746 | 596,391 | |||||||||||||||
2019 | — | 245,271 | 3,699,956 | 205,587 | — | |||||||||||||||
Long Term with No Expiration | — | 4,148 | 1,101,306 | 30,186 | — | |||||||||||||||
Short Term with No Expiration | 57,499 | — | — | — | — | |||||||||||||||
Total | $ | 57,499 | $ | 884,064 | $ | 17,258,495 | $ | 386,165 | $ | 3,675,871 |
$19,439, $59,164, and $768,018 of unutilized capital loss carry forwards expired at August 31, 2013 for U.S. Government Securities Fund, Euopean Growth & Income Fund, and Nasdaq-100 Index Fund (respectively).
Due to the merger of the Shelton Core Value Fund with the SM&R Funds in 2010, the following loss limitations apply: SM&R Balanced Fund has a loss limitation of $323,313 expiring 2017. Due to limitations under section 382, these losses have been limited and the final amount of $323,313 from SM&R Balanced Fund will be recognized in 2013.
50
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2014 |
Accounting principles generally accepted in the United States of America require certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2013, permanent differences resulting from different book and tax accounting for net operating losses, expiration of capital loss carryforwards and treatment of accretion of discount have been reclassified to paid-in capital, undistributed net investment income/loss and accumulated realized gain/loss as follows:
Increase (Decrease) Paid-In Capital | Increase (Decrease) Undistributed Net Investment Income (Loss) | Increase (Decrease Accumulated Gain (Loss) | ||||||||||
California Tax-Free Income Fund | $ | (25,439 | ) | $ | — | $ | 25,439 | |||||
U.S. Government Securities Fund | (19,440 | ) | 2,292 | 17,148 | ||||||||
Short-Term U.S. Government Bond Fund | (6,261 | ) | 293 | 5,968 | ||||||||
S&P 500 Index Fund | (10,045 | ) | 10,045 | — | ||||||||
S&P MidCap Index Fund | (8,115 | ) | 8,115 | — | ||||||||
S&P SmallCap Index Fund | (6,829 | ) | 32,306 | (25,477 | ) | |||||||
European Growth & Income Fund | (59,164 | ) | — | 59,164 | ||||||||
Nasdaq-100 Index Fund | (768,018 | ) | — | 768,018 | ||||||||
Shelton Green Alpha Fund | (1,487 | ) | 1,487 | — |
(d) Security Transactions, Investment Income and Distributions to Shareholders – Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for, in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Distributions to shareholders are recorded on the ex-dividend date for the California Tax-Free Income Fund, the U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Shelton Green Alpha Fund, Nasdaq-100 Index Fund and Short-Term U.S. Government Bond Fund. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for futures contracts, redemptions-in-kind and post-October capital losses. For The 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 (2010-2012), or expected to be taken in the Fund’s 2013 tax returns. The Fund identifies its major tax jurisdictions as U.S. Federal, however the Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.
(i) Fair Value Measurements – The Funds utilize various methods to measure the fair value of most of its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:
Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.
Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.
Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are unavailable, 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.
51
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2014 |
The following table summarizes the valuation of the Trust’s securities at February 28, 2014 using fair value hierarchy:
Level 1(a) | Level 2(a) | Level 3(a) | Level 1(a) | |||||||||||||||||
Fund | Investments in Securities (b) | Investments in Securities (d) | Investments in Securities | Total | Futures Contracts - Assets or (Liabilities) (c) | |||||||||||||||
California Tax-Free Income Fund | $ | — | $ | 105,518,674 | $ | — | $ | 105,518,674 | $ | — | ||||||||||
U.S. Government Securities Fund | — | 29,004,067 | — | 29,004,067 | — | |||||||||||||||
Short-Term U.S. Government Bond Fund | — | 7,970,755 | — | 7,970,755 | — | |||||||||||||||
The United States Treasury Trust Fund | — | 111,594,438 | — | 111,594,438 | — | |||||||||||||||
S&P 500 Index Fund | 123,628,023 | 999,968 | — | 124,627,991 | 5,550 | |||||||||||||||
S&P MidCap Index Fund | 168,590,096 | — | — | 168,590,096 | 2,400 | |||||||||||||||
S&P SmallCap Index Fund | 51,628,347 | 399,987 | — | 52,028,334 | (10,453 | ) | ||||||||||||||
Shelton Core Value Fund | 190,781,078 | — | — | 190,781,078 | — | |||||||||||||||
European Growth & Income Fund | 14,694,835 | — | — | 14,694,835 | — | |||||||||||||||
Nasdaq-100 Index Fund | 86,597,880 | 499,984 | — | 87,097,864 | (5,313 | ) | ||||||||||||||
Shelton Green Alpha Fund | 12,696,735 | — | — | 12,696,735 | — | |||||||||||||||
Total | $ | 648,940,231 | $ | 255,987,873 | $ | — | $ | 904,604,867 | $ | (7,816 | ) |
(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 February 28, 2014. |
(b) | All publicly traded common stocks held in the Funds are Level 1 securities. For a detailed break-out of common stocks by major industry classification, please refer to the Portfolio of Investments. |
(c) | Represents variation margin on the last day of the reporting period. |
(d) | All fixed income securities in the Funds are Level 2 securities. For a detailed break-out of fixed income securities by type, please refer to the Portfolio of Investments. |
(j) Disclosure about Derivative Instruments and Hedging Activities – The Funds have adopted enhanced disclosure regarding derivative and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund, Shelton Green Alpha Fund and European Growth & Income Fund can use Futures contracts and strategies for achieving the investment objectives.
S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund,Nasdaq-100 Index Fund, Shelton Core Value Fund and Shelton Green Alpha Fund
The Funds may invest in futures contracts and lend securities to minimize the performance variation between the Funds and the index. This performance gap occurs because, unlike the index, the Funds must pay operating expenses and contend with the flow of cash in and out of the portfolio. While the Trust expects each Fund’s performance to closely represent the index, the Funds will generally underperform the index.
Although the Funds’ primary risks are associated with changes in the stock market, there are other risks associated with the Funds. For the index funds, these risks generally apply to how well the Funds track the index. For example, the Funds invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund’s performance relative to the respective index will change. 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 February 28, 2014, the number of open future contracts in S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund and Nasdaq-100 Index Fund was 30, 12, 20, and 44 respectively. The Shelton Core Value Fund and Shelton Green Alpha Fund held no futures contracts at February 28, 2014. Only current day’s variation margin is reported as an asset or liability within the statement of assets and liabilities.
The realized gains or losses and change in unrealized gains or losses on future contracts are reflected in the appropriate financial statements.
52
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2014 |
The effect of derivative instruments on the Statements of Operations for the period ended February 28, 2014:
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 | $ | 388,618 | $ | 106,000 | ||||
S&P MidCap Index Fund - Equity contracts | 128,380 | 112,270 | ||||||
S&P SmallCap Index Fund - Equity contracts | 366,405 | 79,402 | ||||||
Shelton Core Value Fund - Equity contracts | — | — | ||||||
Nasdaq-100 Index Fund - Equity contracts | 577,610 | 96,803 |
Note 2 - INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS
Shelton Capital Management, a dba of CCM Partners (“Shelton Capital” or the “Advisor”), a California limited partnership, provides each Fund with management and limited administrative services pursuant to a management agreement.
In accordance with the terms of the management agreements with the California Tax-Free Income Fund, U.S. Government Securities Fund, and The U.S. Treasury Trust, the Advisor receives compensation at the annual rate of 0.50% of the Funds’ average daily net assets not exceeding $100 million, 0.45% on net assets from $100 million to $500 million, and 0.40% on net assets above $500 million. In accordance with the terms of the management agreements with the S&P 500 Index Fund and S&P MidCap Index Fund, the Advisor receives compensation at the annual rate of 0.25% and 0.40%, respectively, of the Funds’ average daily net assets. In accordance with the terms of the management agreements with the S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund and Short-Term U.S. Government Bond Fund, the Advisor receives compensation at the annual rate of 0.50% of the first $500 million of net assets, plus 0.45% on net assets from $500 million to $1 billion, and 0.40% of net assets above $1 billion. In accordance with the terms of the management agreement with the European Growth & Income Fund, the Advisor receives compensation at the annual rate of 0.85% of the Fund’s average daily net assets. The Advisor has agreed to reduce its fee by, or reimburse the respective Funds for, any amount necessary to prevent a Fund’s total expenses, excluding extraordinary items, from exceeding 1.00% (or 1.50% for Class K shares) of that Fund’s average daily net assets. In accordance with the terms of the management agreement with Shelton Green Alpha Fund, Shelton Capital receives compensation at the annual rate of 1.00% of the Fund’s average daily net assets. In turn Shelton Capital pays to the sub-advisor 0.50%. The Advisor has contractually agreed to further reduce total operating expense. This additional contractual reimbursement is effective until January 2, 2015 unless renewed and is subject to recoupment within three fiscal years following a particular reimbursement, but only to the extent the reimbursement does not cause the Fund to exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees’ review and approval. Reimbursement from the manager for the period ended February 28, 2014, is as follows:
Voluntary Expense Limitation | |||||||||||||
Fund | Reimburse | Direct Shares | K Shares | Expiration | |||||||||
U.S. Government Securities Fund | $ | 24,726 | 0.74 | % | 1.24 | % | 1/2/15 | ||||||
Short-Term U.S. Government Bond Fund | 24,055 | 0.59 | % | 1.09 | % | 1/2/15 | |||||||
The United States Treasury Trust | 309,312 | 0.53 | % | 1.03 | % | 1/2/15 | |||||||
S&P 500 Index Fund | 87,617 | 0.36 | % | 0.86 | % | 1/2/15 | |||||||
S&P MidCap Index Fund | 44,799 | 0.58 | % | 1.08 | % | 1/2/15 | |||||||
S&P SmallCap Index Fund | 25,226 | 0.74 | % | 1.24 | % | 1/2/15 | |||||||
European Growth & Income Fund | 26,160 | 1.00 | % | 1.50 | % | 1/2/15 | |||||||
Nasdaq-100 Index Fund | 113,310 | 0.49 | % | 0.99 | % | 1/2/15 | |||||||
Shelton Green Alpha Fund | 28,773 | 1.38 | % | N/A | 1/2/15 |
At August 31, 2013, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $3,991,467. The Advisor may recapture a portion of the above amount no later than the dates as stated below.
Fund | Expires 8/31/14 | Expires 8/31/15 | Expires 8/31/16 | |||||||||
U.S. Government Securities Fund | $ | 50,194 | $ | 51,670 | $ | 42,642 | ||||||
Short-Term U.S. Government Bond Fund | 51,740 | 51,793 | 47,533 | |||||||||
The United States Treasury Trust | 449,785 | 503,632 | 510,548 | |||||||||
S&P 500 Index Fund | 133,728 | 157,408 | 170,589 | |||||||||
S&P MidCap Index Fund | 64,600 | 94,461 | 88,777 | |||||||||
S&P SmallCap Index Fund | 51,275 | 60,960 | 61,085 | |||||||||
European Growth & Income Fund | 45,842 | 48,355 | 48,911 | |||||||||
Nasdaq-100 Index Fund | 105,959 | 126,483 | 183,818 | |||||||||
Green Alpha Fund | — | — | 30,829 |
53
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2014 |
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.
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 six months ended February 28, 2014, 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 | $ | 7,849 | $ | 7,849 | ||||
Short-Term U.S. Government Bond Fund | 2,164 | 2,164 | ||||||
The United States Treasury Trust | — | — | ||||||
S&P 500 Index Fund | 12,703 | 12,703 | ||||||
S&P MidCap Index Fund | 9,301 | 9,301 | ||||||
S&P SmallCap Index Fund | 14,338 | 14,338 | ||||||
Shelton Core Value Fund | 9,122 | 9,122 | ||||||
European Growth & Income Fund | 6,940 | 6,940 | ||||||
Nasdaq-100 Index fund | 12,153 | 12,153 |
Note 3 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term investments during the six months ended February 28, 2014 were as follows:
Fund | Purchases | Sales | ||||||
California Tax-Free Income Fund | $ | 24,602,828 | $ | 18,300,000 | ||||
U.S. Government Securities Fund | 2,831,341 | 4,373,058 | ||||||
Short-Term U.S. Government Bond Fund | 405,816 | 1,018,816 | ||||||
S&P 500 Index Fund | 2,162,646 | 505,325 | ||||||
S&P MidCap Index Fund | 4,911,955 | 27,049,963 | ||||||
S&P SmallCap Index Fund | 3,513,773 | 1,560,287 | ||||||
Shelton Core Value Fund | 901,166 | 6,808,205 | ||||||
European Growth & Income Fund | 1,361,433 | 1,691,139 | ||||||
Nasdaq-100 Index Fund | 13,469,171 | 880,738 | ||||||
Shelton Green Alpha Fund | 6,998,056 | 322,605 |
54
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2014 |
Note 4 - TAX CHARACTER
Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund as a whole.
The tax character of distributions paid during the years ended August 31, 2013 and 2012 was as follows:
Return of Capital | Ordinary Income | Long-Term Capital Gains (a) | Exempt-Interest Dividends | Total Distributions | |||||||||||||||||
California Tax-Free Income Fund | 2013 | $ | — | $ | 3,928 | $ | — | $ | 3,345,725 | $ | 3,349,653 | ||||||||||
2012 | — | 34,980 | — | 3,489,692 | 3,524,672 | ||||||||||||||||
U.S. Government Securities Fund | 2013 | — | 566,936 | — | — | 566,936 | |||||||||||||||
2012 | — | 629,553 | — | — | 629,553 | ||||||||||||||||
Short-Term U.S. Government Bond Fund | 2013 | — | 8,795 | 7,139 | — | 15,934 | |||||||||||||||
2012 | — | 50,022 | 27,904 | — | 77,926 | ||||||||||||||||
The United States Treasury Trust | 2013 | — | — | — | — | — | |||||||||||||||
2012 | — | — | — | — | — | ||||||||||||||||
S&P 500 Index Fund | 2013 | — | 1,556,740 | — | — | 1,556,740 | |||||||||||||||
2012 | — | 1,553,875 | — | — | 1,553,875 | ||||||||||||||||
S&P Mid Cap Index Fund | 2013 | — | 1,854,547 | 7,500,347 | — | 9,354,894 | |||||||||||||||
2012 | — | 857,870 | 5,493,675 | — | 6,351,545 | ||||||||||||||||
S&P Small Cap Index Fund | 2013 | — | 349,338 | — | — | 349,338 | |||||||||||||||
2012 | — | 235,733 | 2,462,880 | — | 2,698,613 | ||||||||||||||||
Shelton Core Value Fund | 2013 | — | 2,393,759 | — | — | 2,393,759 | |||||||||||||||
2012 | — | 2,733,878 | — | — | 2,733,878 | ||||||||||||||||
European Growth & Income Fund | 2013 | — | 286,616 | — | — | 286,616 | |||||||||||||||
2012 | — | 317,931 | — | — | 317,931 | ||||||||||||||||
Nasdaq-100 Index Fund | 2013 | — | 398,640 | — | — | 398,640 | |||||||||||||||
2012 | — | 112,841 | — | — | 112,841 | ||||||||||||||||
Green Alpha Fund | 2013 | — | — | — | — | — |
(a) | The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the year ended August 31, 2013. |
The tax character of distributable earnings at August 31, 2013 was as follows:
Undistributed Ordinary Income | Undistributed Long-Term Capital Gain | Capital Loss Carry Forwards | Unrealized Appreciation (Depreciation) | Post October and Other Losses (b) | Total Distributable Earnings | |||||||||||||||||||
California Tax-Free Income Fund | $ | 54,495 | (a) | $ | — | $ | (57,499 | ) | $ | 844,837 | $ | — | $ | 841,833 | ||||||||||
U.S. Government Securities Fund | 44,508 | — | (884,064 | ) | 928,222 | (91,156 | ) | (2,490 | ) | |||||||||||||||
Short-Term U.S. Government Bond Fund | — | — | — | 12,023 | (16,385 | ) | (4,362 | ) | ||||||||||||||||
The United States Treasury Trust | 381 | — | — | — | — | 381 | ||||||||||||||||||
S&P 500 Index Fund | 1,426,770 | 1,097,593 | — | 46,972,498 | — | 49,496,861 | ||||||||||||||||||
S&P Mid Cap Index Fund | 383,883 | 6,547,660 | — | 57,250,865 | — | 64,182,408 | ||||||||||||||||||
S&P Small Cap Index Fund | 312,420 | 2,780,230 | — | 11,848,928 | — | 14,941,578 | ||||||||||||||||||
Shelton Core Value Fund | 1,231,442 | — | (17,258,495 | ) | 65,130,696 | — | 49,103,643 | |||||||||||||||||
European Growth & Income Fund | 52,298 | — | (386,165 | ) | 201,729 | (188,494 | ) | (320,632 | ) | |||||||||||||||
Nasdaq-100 Index Fund | 202,634 | — | (3,675,871 | ) | 17,844,993 | (543,921 | ) | 13,827,835 | ||||||||||||||||
Green Alpha Fund | — | — | — | 69,792 | (10,861 | ) | 58,931 |
(a) | Tax exempt income is $46,240. |
(b) | Under the current tax law, capital losses realized after October 31 and prior to the Funds’ fiscal year end may be deferred as occurring on the first day of the following fiscal year. |
The difference between book basis and tax basis unrealized appreciation is attributable primarily to the realization for tax purposes of unrealized gains on future contracts, wash sales, the treatment of accretion of discounts, and other deferrals.
55
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2014 |
Note 5 - SUBSEQUENT EVENTS
In preparing the financial statements as of February 28, 2014, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of issuance of the financial statements.
Fund Holdings (Unaudited): The Fund holdings shown in this report are as of February 28, 2014. Holdings are subject to change at any time, so holdings shown in this report may not reflect current Fund holdings. The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room, 100 F. Street N.E., Room 1580, Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The information filed in the form N-Q also may be obtained by calling (800) 955-9988.
Proxy Voting Policies, Procedures and Voting Record (Unaudited): The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds uses to determine how to vote proxies relating to portfolio securities, along with each Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended June 30, 2013, is available upon request, at no charge, at the phone number below, or on the SEC’s website at www.sec.gov.
This report is submitted for the general information of the shareholders of the Shelton Funds. It is authorized for distribution only if preceded or accompanied by a current Shelton Funds prospectus. Additional copies of the prospectus may be obtained by calling (800) 955-9988 or can be downloaded from the Funds’ website at www.sheltoncap.com. Please read the prospectus carefully before you invest or send money, as it explains the risks, fees and expenses of investing in the Funds.
Note 6 - 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 Offset in the Statement of Assets & Liabilities | Net Amounts Presented in the Statement of Assets & Liabilities | Financial Instruments | Collateral Pledged/ Received | Net Amount | ||||||||||||||||||||
SPFIX: | Assets | ||||||||||||||||||||||||
Futures Contracts | 5,550 | — | 5,550 | — | 5,550 | — | |||||||||||||||||||
5,550 | — | 5,550 | — | 5,550 | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Future Contracts | — | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
SPMIX: | Assets | ||||||||||||||||||||||||
Futures Contracts | 2,400 | — | 2,400 | — | 2,400 | — | |||||||||||||||||||
2,400 | — | 2,400 | — | 2,400 | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Future Contracts | — | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
SMCIX: | Assets | ||||||||||||||||||||||||
Futures Contracts | — | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Future Contracts | 10,453 | — | 10,453 | — | 10,423 | — | |||||||||||||||||||
10,453 | — | 10,453 | — | 10,423 | — | ||||||||||||||||||||
NASDX: | Assets | ||||||||||||||||||||||||
Futures Contracts | — | — | — | — | — | — | |||||||||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Future Contracts | 5,313 | — | 5,313 | — | 5,313 | — | |||||||||||||||||||
5,313 | — | 5,313 | — | 5,313 | — |
56
Board of Trustees and Executive Officers (Unaudited) |
Overall responsibility for management of the Funds rests with the Board of Trustees. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement or removal. The Trustees, in turn, elect the officers of the Fund to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and Executive Officers of the Funds:
Name | Address | Date of Birth | Position Held with the Trust | Length of Time Served |
Stephen C. Rogers | P.O. Box 387 San Francisco, CA 94104 | 06/27/66 | President, Chairman, and Trustee | Since August 1998 Since July 2011 |
James W. Miller, Jr. | P.O. Box 387 San Francisco, CA 94104 | 05/28/66 | Trustee | Since August 2001 |
Kevin T. Kogler | P.O. Box 387 San Francisco, CA 94104 | 02/21/66 | Trustee | Since May 2006 |
Stephen H. Sutro | P.O. Box 387 San Francisco, CA 94104 | 04/09/69 | Trustee | Since May 2006 |
William P. Mock | P.O. Box 387 San Francisco, CA 94104 | 12/29/66 | Treasurer | Since February 2010 |
Teresa E. Axelson | P.O. Box 387 San Francisco, CA 94104 | 12/04/47 | Chief Compliance Officer, Secretary | Since November 2011 Since November 2012 |
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, 1999 to present. |
James W. Miller, Jr. | Director, RREEF, 2006 to present. |
Kevin T. Kogler | President & CEO MicroBiz LLC, 2012 to present, President CAM Commerce Solutions, Principal, Robertson Piper Software Group, 2006 to 2012. |
Stephen H. Sutro | Partner, Duane Morris LLP (law firm), 2003 to present. |
William P. Mock | Portfolio Manager, Shelton Capital, 2010 to present; Portfolio Manager, ETSpreads, 2007 to present. |
Teresa E. Axelson | Chief Compliance Officer, Shelton Capital, 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 on the Trustees may be found in the SAI, which is available, without charge, upon request, by calling (800) 955-9988.
* | Trustee deemed to be an “interested person” of the Trust, as defined in the Investment Company Act of 1940. Mr. Rogers is an interested person because he is the CEO of Shelton Capital, the Trust’s Advisor and Administrator. |
57
Board Approval of the Investment Advisory Agreement (Unaudited) |
The 1940 Act requires that the full Board and a majority of the Independent Trustees annually approve the continuation of the Investment Advisory Agreement dated January 1, 2007 between Shelton Funds and CCM Partners D/B/A Shelton Capital Management (the “Investment Advisory Agreement”), with respect to each Fund. At a meeting held in-person on February 13, 2014, the Board, including a majority of the Independent Trustees on behalf of the Trusts’ California Tax-Free Income Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund, European Growth & Income Fund, U.S. Government Securities Fund, Short-Term U.S. Government Bond Fund and The United States Treasury Trust (each a “Fund”), considered and approved the continuation of the Investment Advisory Agreement with respect to each Fund with CCM Partners D/B.A. Shelton Capital Management (“SCM”) for an additional one-year period ending March 31, 2015.
Prior to the meeting, the Independent Trustees requested information from SCM. This information, together with other information provided by SCM, and the information provided to the Independent Trustees throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations as summarized below. In addition to the information identified above, other material factors and conclusions that formed the basis for the Board’s subsequent approval are described below.
Information Received
Materials Received. During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided by SCM, including reports on each Fund’s investment results; portfolio composition; third party fund rankings; investment strategy; portfolio trading practices; shareholder services; and other information relating to the nature, extent and quality of services provided by SCM to the Funds. In addition, the Board requests and reviews supplementary information that includes materials regarding each Fund’s investment results, advisory fee and expense comparisons, the costs of operating the Funds and financial and profitability information regarding CCM (the principal business activity of which is managing the Funds), description of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each Fund.
Review Process. The Board received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees. The Board discussed the renewal of the Investment Advisory Agreement both with SCM representatives and in a private session with independent legal counsel at which representatives of SCM were not present. In deciding to approve the renewal of the Investment Advisory Agreement, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.
Nature, Extent and Quality of Services
SCM, its personnel and its resources. The Board considered the depth and quality of SCM’s investment management process; the experience, capability and integrity of its senior management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered that SCM made available to its investment professionals a variety of resources relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered SCM’s continuing need to attract and retain qualified personnel and, noting SCM’s additions over recent years, determined that SCM was adequately managing matters related to the Funds.
Other Services. The Board considered, in connection with the performance of its investment management services to the Funds, the following: SCM’s policies, procedures and systems to ensure compliance with applicable laws and regulations and its commitment to these programs; its efforts to keep the Trustees informed; and its attention to matters that may involve conflicts of interest with the Funds. As a point of comparison, the Board also considered the nature, extent, quality and cost of certain non-investment related administrative services provided by SCM to the Funds under the administration servicing agreements.
The Board concluded that SCM had the quality and depth of personnel and investment methods essential to performing its duties under the Investment Advisory Agreement, and that the nature, extent and overall quality of such services are satisfactory and reliable.
Investment Performance
The Board considered each Fund’s investment results in comparison to its stated investment objectives. The Trustees reviewed the short-term and long-term performance of each of the funds on both an absolute basis and in comparison to benchmark indices. The Trustees also reviewed Morningstar rankings for each of the Funds, as applicable. In assessing performance of certain Funds, the Trustees took into consideration the fact that Fund performance is expected to mirror the appropriate benchmarks as closely as possible given certain practical constraints imposed by the 1940 Act, the Fund’s investment restrictions, the Fund’s size and similar factors. Among the factors considered in this regard, were the following:
• | For the S&P 500 Index Fund, it was noted that the performance of the Fund was in the first quartile over the 10-year period, and the second quartile over the 1-year, 3-year and 5-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely. |
• | For the S&P MidCap Index Fund, it was noted that the performance of the Fund was in the first quartile over the 10-year period, the second quartile over the 3-year and 5-year periods and the third quartile over the 1-year period. The Trustees noted with approval that the Fund was tracking its benchmark very closely. |
• | For the Shelton Core Value Fund, it was noted that the performance of the Fund was in the first quartile over the 5-year, and 10-year periods, and the third quartile over the 1-year and 3-year periods. |
• | For the S&P SmallCap Index Fund, it was noted that the performance of the Fund was in the first quartile over the 1-year, 3-year 5-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely. |
• | For the Nasdaq-100 Index Fund, it was noted that the performance of the Fund was in the first quartile over the 1-year, 3-year, 5-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely. |
• | For the European Growth & Income Fund, it was noted that the performance of the Fund was in the third quartile over the 1-year period, and in the fourth quartile over the 3-year, 5-year and 10-year periods. |
• | For the United States Treasury Trust, it was noted that the performance of the Fund was in the fourth quartile over the 1-year, 3-year, 5-year and 10-year periods. |
• | For the Short-Term U.S. Govt. Bond Fund, it was noted that the performance of the Fund was in the second quartile for the 1-year period and the fourth quartile over the 3-year, 5-year and 10-year periods. |
• | For the U.S. Government Securities Fund, it was noted that the performance of the Fund was in the first quartile over the 3-year period, the second quartile over the 5-year and 10-year periods, and the fourth quartile over the 1-year period. |
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Board Approval of the Investment Advisory Agreement (Unaudited) (Continued) |
• | For the California Tax-Free Income Fund, it was noted that, in the California Municipal Intermediate Morningstar category, the Fund was in the third quartile over the 1-year period, the second quartile over the 3-year and 5-year periods, and the fourth quartile over the 10-year period. |
The Board received a satisfactory explanation of the reasons underlying the performance of the lower performing Funds and SCM articulated a strategy for improving performance of these Funds. The Board ultimately concluded that SCM’s performance record in managing each Fund was satisfactory, and in some cases excellent, supporting the determination that SCM’s continued management under the Investment Advisory Agreement would be consistent with the best interests of each Fund and its shareholders.
Management Fees and Total Operating Expenses
The Board reviewed the management fees and total operating expenses of each Fund and compared such amounts with the management fees and total operating expenses of other funds in the industry that are found within the same style category, or peer group, as defined by Bloomberg. The Board considered the advisory fees and total fees and expenses of each Fund in comparison to the advisory fees and other fees and expenses of other funds in each Fund’s relevant peer group. The Trustees considered both the gross advisory fee rates, as well as the effective advisory rates charged by SCM after taking into consideration the expense limitation arrangements and voluntary fee waivers. The Board noted that the total net management fees charged to each Fund, after taking into account these expense limitations and voluntary waivers, were significantly lower (by 10 basis points or more) than the industry averages for comparable funds. The Board also observed that each Fund’s total operating expenses were well below the industry average for other comparable funds. The Board also noted the voluntary advisory fee limitation that SCM had put into effect during 2005 with respect to all but two of the Shelton Funds. The Trustees noted the Funds are now paying for certain administrative services that were previously provided to the Funds by SCM at its own expense under the fund administration servicing agreements that took effect during February of 2005 for the Shelton Funds.
Advisor, Costs, Level of Profits, Economies of Scale and Ancillary Benefits
The Board reviewed information regarding SCM’s costs of providing services to the Funds, as well as the resulting level of profits to SCM. The Independent Trustees received financial and other information from SCM, in addition to a representation from SCM that its profits were not excessive and that SCM’s profitability was low by industry standards. The Board noted the reduction in advisory fees received by SCM as a result of the reduction in assets under management in recent years due to market events, but also took note of the increase in assets under management (and corresponding increase in advisory fees received by SCM) as a result of the fund merger in 2010 that brought additional assets to the Shelton Core Value Fund. The Board noted its intention to continue to monitor assets under management, and the resulting impact on SCM’s profitability, in order to ensure that SCM has sufficient resources to continue to provide the services that shareholders in the Funds require. The Board considered SCM’s need to invest in technology, data services, infrastructure and staff to provide the expected quality of investment advisory services to the Funds. They further considered that breakpoints in the advisory fee structure of certain Funds provide for reductions in the level of fees charged by SCM to such Fund as Fund assets increase, reflecting the fact that economies of scale in the cost of operations will be shared with such Fund’s shareholders. The Trustees also noted that SCM has contractually agreed to limit its advisory fees on certain Funds so that those Funds do not exceed their respective specified operating expense limitations, and that in the case of certain other Funds, SCM has imposed a voluntary fee limitation. Such voluntary contractual fee limitations may only be terminated with the approval of the Board of Trustees of the Funds. The Board also considered that SCM does not receive substantial indirect benefits from managing the Funds (one example of an indirect benefit is research paid for by Fund brokerage commissions – SCM currently does not seek to supplement its fees with such “soft dollar” benefits). On the basis of the foregoing, together with the other information provided to it at the February 13, 2014 meeting and throughout the year, the Board concluded that each Fund’s cost structure was reasonable.
Conclusions
Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that the Investment Advisory Agreement, taking into account the separate administration fees, is and would be fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received or should receive reasonable value in return for the advisory fees and other amounts paid to SCM by the Funds, and that the renewal of the Investment Advisory Agreement was in the best interests of each Fund and its shareholders.
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ITEM 2. | CODE OF ETHICS. |
N/A for semi-annual reports. |
ITEM 3. | AUDIT COMMITTEE FINANCIAL EXPERT. |
N/A for semi-annual reports. |
ITEM 4. | PRINCIPAL ACCOUNTANT FEES AND SERVICES. |
N/A for semi-annual reports. |
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 INVESTMENT COMPANY AND AFFILIATED PURCHASERS. |
N/A |
ITEM 10. | SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS. |
There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A or this Item.
ITEM 11. | CONTROLS AND PROCEDURES. |
(a) | The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
(b) | There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the Registrant's last fiscal half-year (the Registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
ITEM 12. | EXHIBITS |
(a)(1) | Code of Ethics not applicable for semi-annual report. |
(a)(2) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
(b) | Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Shelton Funds | |
By | /s/ Stephen C. Rogers |
Stephen C. Rogers, President | |
Date: April 25, 2014 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By | /s/ Stephen C. Rogers |
Stephen C. Rogers, President | |
Date: April 25, 2014 | |
By | /s/ William P. Mock |
William P. Mock, Treasurer | |
Date: April 25, 2014 |