OMB APPROVAL |
OMB Number: 3235-0570 Expires: January 31, 2014 Estimated average burden hours per response: 20.6 |
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) |
1050 17th Street, Suite 1710, Denver, CO 80265 |
(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, 2015
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.
Semi-Annual Report
February 28, 2015
California Tax-Free Income Fund
U.S. Government Securities Fund
Short-Term U.S. Government Bond Fund
The United States Treasury Trust
S&P 500 Index Fund
S&P MidCap Index Fund
S&P SmallCap Index Fund
Shelton Core Value Fund
European Growth & Income Fund
Nasdaq-100 Index Fund
Shelton Green Alpha Fund
(800) 955-9988
www.sheltoncap.com
email us at info@sheltoncap.com
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, 2015 |
About Your Fund’s Expenses | 1 |
Top Holdings and Sector Breakdowns | 3 |
Portfolio of Investments | 7 |
Statements of Assets & Liabilities | 29 |
Statements of Operations | 32 |
Statements of Changes in Net Assets | 35 |
Financial Highlights | 41 |
Notes to Financial Statements | 52 |
Board of Trustees and Executive Officers | 59 |
Board Approval of The Advisory Agreement and Sub-Advisory Agreement | 60 |
About Your Fund’s Expenses (Unaudited) February 28, 2015 |
Beginning Account Value September 1, 2014 | Ending Account Value February 28, 2015 | Expenses Paid During Period* | Net Annual Expense Ratio | |
California Tax-Free Income Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,015 | $3.60 | 0.72% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $3.61 | 0.72% |
U.S. Government Securities Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,016 | $3.70 | 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 | $1,013 | $6.19 | 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 | $999 | $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 | $996 | $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 | $0.10 | 0.02% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,025 | $0.10 | 0.02% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,000 | $0.10 | 0.02% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,025 | $0.10 | 0.02% |
S&P 500 Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,061 | $1.84 | 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 | $1,058 | $4.39 | 0.86% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $4.31 | 0.86% |
S&P MidCap Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,054 | $2.95 | 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 | $1,051 | $5.49 | 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 | $1,072 | $3.80 | 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 | $1,070 | $6.36 | 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 | $1,054 | $4.18 | 0.82% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,021 | $4.11 | 0.82% |
K Shares | ||||
Based on Actual Fund Return | $1,000 | $1,052 | $6.72 | 1.32% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,018 | $6.60 | 1.32% |
1
About Your Fund’s Expenses (Unaudited) February 28, 2015 (Continued) |
Beginning Account Value September 1, 2014 | Ending Account Value February 28, 2015 | Expenses Paid During Period* | Net Annual Expense Ratio | |
European Growth & Income Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $967 | $4.88 | 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 | $964 | $7.30 | 1.50% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,018 | $7.51 | 1.50% |
Nasdaq-100 Index Fund | ||||
Direct Shares | ||||
Based on Actual Fund Return | $1,000 | $1,093 | $2.54 | 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 | $1,091 | $5.13 | 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 | $968 | $6.64 | 1.36% |
Based on Hypothetical 5% Return before expenses | $1,000 | $1,018 | $6.80 | 1.36% |
* | 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, 2015 |
California Tax-Free Income Fund
Security | Description | Market Value | Percentage of Total Investment | ||
1 | EAST SIDE UNION HIGH SCHOOL DISTRICT | General Obligation Refunding Bonds (2012 Crossover); 2006 | $3,674,333 | 3.9% | |
2 | CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD | Lease Revenue Bonds; 2009 Series I-1 | 3,652,170 | 3.9% | |
3 | RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY | Lease Revenue Bonds; 2008 Series A | 3,459,060 | 3.7% | |
4 | CALIFORNIA, STATE OF | Tax-Exempt Various Purpose General Obligation Bonds | 3,305,790 | 3.5% | |
5 | LOS RIOS COMMUNITY COLLEGE DISTRICT | General Obligation Bonds; 2008 Election, Series B | 2,875,100 | 3.1% | |
6 | CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | Revenue Bonds (University of Southern California); Series 2009A | 2,832,575 | 3.0% | |
7 | MOUNT SAN ANTONIO COMMUNITY COLLEGE DISTRICT | General Obligation Bonds; Election of 2008, Series 2013A | 2,723,342 | 2.9% | |
8 | LOS ANGELES, CITY OF | General Obligation Refunding Bonds; Series 2012-A | 2,423,180 | 2.6% | |
9 | BAY AREA TOLL AUTHORITY | San Francisco Bay Area Toll Bridge Revenue Bonds; 2009 Series F-1 | 2,321,260 | 2.5% | |
10 | CAMPBELL UNION HIGH SCHOOL DISTRICT | General Obligation Refunding Bonds; 2009 | 2,304,880 | 2.5% |
U.S. Government Securities Fund
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Note | 11/15/2018 | $3,274,923 | 12.4% | |
2 | United States Treasury Note | 6/30/2017 | 3,224,484 | 12.2% | |
3 | United States Treasury Note | 2/15/2022 | 2,836,750 | 10.8% | |
4 | United States Treasury Note | 6/30/2016 | 2,536,133 | 9.6% | |
5 | United States Treasury Note | 2/15/2021 | 2,108,555 | 8.0% | |
6 | United States Treasury Note | 2/15/2019 | 2,006,430 | 7.6% | |
7 | United States Treasury Note | 8/15/2020 | 2,002,125 | 7.6% | |
8 | United States Treasury Note | 8/15/2023 | 1,777,828 | 6.7% | |
9 | United States Treasury Bond | 5/15/2038 | 1,755,203 | 6.7% | |
10 | United States Treasury Note | 2/28/2018 | 1,681,250 | 6.4% |
Short-Term U.S. Government Bond Fund
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Note | 1/31/2016 | $1,828,688 | 26.1% | |
2 | United States Treasury Note | 6/15/2015 | 1,701,460 | 24.3% | |
3 | United States Treasury Note | 7/31/2017 | 1,037,734 | 14.8% | |
4 | United States Treasury Note | 6/30/2016 | 811,562 | 11.6% | |
5 | United States Treasury Note | 1/31/2017 | 703,718 | 10.0% | |
6 | United States Treasury Note | 1/31/2018 | 697,758 | 10.0% | |
7 | Government National Mortgage Association | 11/20/2034 | 138,973 | 2.0% | |
8 | Government National Mortgage Association | 6/20/2034 | 83,931 | 1.2% |
3
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | February 28, 2015 |
The United States Treasury Trust
Security | Maturity | Market Value | Percentage of Total Investment | ||
1 | United States Treasury Bill | 3/12/2015 | $30,499,994 | 29.0% | |
2 | United States Treasury Bill | 3/5/2015 | 28,799,972 | 27.3% | |
3 | United States Treasury Bill | 3/19/2015 | 14,099,958 | 13.4% | |
4 | United States Treasury Bill | 7/2/2015 | 9,996,412 | 9.5% | |
5 | United States Treasury Bill | 6/25/2015 | 7,998,324 | 7.6% | |
6 | United States Treasury Bill | 3/26/2015 | 5,299,918 | 5.0% | |
7 | United States Treasury Bill | 9/17/2015 | 4,996,778 | 4.7% | |
8 | United States Treasury Bill | 12/10/2015 | 2,896,963 | 2.7% | |
9 | United States Treasury Bill | 4/2/2015 | 799,974 | 0.8% |
S&P 500 Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Apple, Inc. | $6,075,130 | 4.3% | |
2 | Exxon Mobil Corp. | 2,921,023 | 2.1% | |
3 | Microsoft Corp. | 2,492,259 | 1.8% | |
4 | Johnson & Johnson | 2,148,405 | 1.5% | |
5 | General Electric Co. | 1,998,111 | 1.4% | |
6 | Berkshire Hathaway, Inc. | 1,989,003 | 1.4% | |
7 | Wells Fargo & Co. | 1,980,385 | 1.4% | |
8 | Procter & Gamble Co. | 1,725,245 | 1.2% | |
9 | JPMorgan Chase & Co. | 1,699,601 | 1.2% | |
10 | Pfizer, Inc. | 1,689,745 | 1.2% |
S&P MidCap Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Skyworks Soulutions, Inc. | $1,602,754 | 1.0% | |
2 | Hanesbrands, Inc. | 1,261,881 | 0.8% | |
3 | Equinix, Inc. | 1,176,919 | 0.7% | |
4 | SL Green Realty Corp. | 1,173,595 | 0.7% | |
5 | Henry Schein, Inc. | 1,129,923 | 0.7% | |
6 | Church & Dwight Co. Inc. | 1,091,154 | 0.7% | |
7 | Advanced Auto Parts, Inc. | 1,083,425 | 0.7% | |
8 | Realty Income Corp. | 1,067,930 | 0.7% | |
9 | Qorvo, Inc. | 970,004 | 0.6% | |
10 | Salix Pharmaceuticals, Ltd. | 959,549 | 0.6% |
4
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | February 28, 2015 |
S&P SmallCap Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Centene Corp. | $564,940 | 1.0% | |
2 | Qorvo, Inc. | 379,618 | 0.7% | |
3 | Jack In The Box, Inc. | 333,000 | 0.6% | |
4 | MAXIMUS, Inc. | 320,612 | 0.6% | |
5 | Manhattan Associates, Inc. | 308,671 | 0.6% | |
6 | Akorn, Inc. | 307,847 | 0.6% | |
7 | West Pharmaceutical Services, Inc. | 307,089 | 0.6% | |
8 | Toro Co. | 304,425 | 0.6% | |
9 | Teledyne Technologies, Inc. | 302,792 | 0.6% | |
10 | Belden, Inc. | 302,651 | 0.6% |
Shelton Core Value Fund
Security | Market Value | Percentage of Total Investment | ||
1 | JPMorgan Chase & Co. | $6,752,933 | 3.3% | |
2 | Chevron Corp. | 6,029,980 | 2.9% | |
3 | Goldman Sachs Group, Inc. | 5,494,421 | 2.7% | |
4 | Home Depot, Inc. | 5,295,713 | 2.6% | |
5 | Walt Disney Co. | 5,259,683 | 2.6% | |
6 | Wells Fargo & Co. | 4,815,438 | 2.4% | |
7 | Anthem Inc. | 4,730,335 | 2.3% | |
8 | Amerisource Bergen Corp. | 4,687,089 | 2.3% | |
9 | PPG Industries, Inc. | 4,425,144 | 2.2% | |
10 | Celgene Corp. | 4,279,557 | 2.1% |
European Growth & Income Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Novartis AG | $999,117 | 8.2% | |
2 | Nestle SA | 969,936 | 7.9% | |
3 | Bayer AG | 607,897 | 5.0% | |
4 | Roche Holding AG | 602,872 | 4.9% | |
5 | Anheuser-Busch InBev | 531,972 | 4.3% | |
6 | AXA SA | 481,814 | 3.9% | |
7 | British America Tobacco PLC | 477,527 | 3.9% | |
8 | Royal Dutch Shell PLC | 471,971 | 3.9% | |
9 | Total SA | 442,877 | 3.6% | |
10 | Siemens AG | 416,901 | 3.4% |
5
Top Holdings and Sector Breakdowns (Unaudited) (Continued) | February 28, 2015 |
Nasdaq-100 Index Fund
Security | Market Value | Percentage of Total Investment | ||
1 | Apple, Inc. | $28,908,895 | 13.7% | |
2 | Microsoft Corp. | 12,230,686 | 5.8% | |
3 | Google, Inc. | 11,642,586 | 5.5% | |
4 | Amazon.Com Inc. | 7,757,545 | 3.7% | |
5 | Facebook Inc. | 7,746,720 | 3.7% | |
6 | Intel Corp. | 7,096,215 | 3.4% | |
7 | Gilead Sciences, Inc. | 6,912,180 | 3.3% | |
8 | Cisco Systems, Inc. | 6,695,199 | 3.2% | |
9 | Comcast Corp. | 5,691,870 | 2.7% | |
10 | QUALCOMM, Inc. | 5,391,336 | 2.5% |
Shelton Green Alpha Fund
Security | Market Value | Percentage of Total Investment | ||
1 | First Solar, Inc. | $1,332,314 | 5.5% | |
2 | Canadian Solar, Inc. | 918,375 | 3.8% | |
3 | United Natural Foods, Inc. | 888,528 | 3.7% | |
4 | Google, Inc. | 833,962 | 3.4% | |
5 | Vestas Wind Systems A/S | 797,430 | 3.3% | |
6 | QUALCOMM, Inc. | 739,602 | 3.1% | |
7 | Sierra Wireless, Inc. | 709,884 | 2.9% | |
8 | SunPower Corp. | 698,924 | 2.9% | |
9 | Int'l Business Machines Corp. | 696,342 | 2.9% | |
10 | Universal Display Corp. | 694,678 | 2.9% |
6
California Tax-Free Income Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
Municipal Bonds (97.52%) | |||||||||||||
BAY AREA TOLL AUTHORITY | |||||||||||||
San Francisco Bay Area Toll Bridge Revenue Bonds; 2006 Series F | $ | 500,000 | 5.000 | % | 4/1/2031 | $ | 525,645 | ||||||
San Francisco Bay Area Toll Bridge Revenue Bonds; 2009 Series F-1 | 2,000,000 | 5.000 | % | 4/1/2034 | 2,321,260 | ||||||||
CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD | |||||||||||||
Lease Revenue Bonds; 2009 Series I-1 | 3,000,000 | 6.125 | % | 11/1/2029 | 3,652,170 | ||||||||
CALIFORNIA DEPARTMENT OF WATER RESOURCES | |||||||||||||
Power Supply Revenue Bonds; Series 2010L | 1,000,000 | 5.000 | % | 5/1/2019 | 1,161,180 | ||||||||
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY | |||||||||||||
Revenue Bonds (Occidental College); Series 2005A | 165,000 | 5.000 | % | 10/1/2030 | 169,579 | ||||||||
Revenue Bonds (University of Southern California); Series 2009A | 2,500,000 | 5.250 | % | 10/1/2038 | 2,832,575 | ||||||||
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY | |||||||||||||
Revenue Bonds (St. Joseph Health System); Series 2013C | 1,000,000 | 5.000 | % | 10/15/19 | 1,160,780 | ||||||||
CALIFORNIA STATE UNIVERSITY, TRUSTEES OF THE | |||||||||||||
Systemwide Revenue Bonds; Series 2012A | 1,100,000 | 4.000 | % | 11/1/2030 | 1,173,183 | ||||||||
CALIFORNIA, STATE OF | |||||||||||||
General Obligation Refunding Bonds; 2005 | 1,000,000 | 5.000 | % | 5/1/2027 | 1,007,590 | ||||||||
Tax-Exempt Various Purpose General Obligation Bonds | 3,000,000 | 5.000 | % | 4/1/2038 | 3,305,790 | ||||||||
Various Purpose General Obligation Bonds | 2,000,000 | 5.000 | % | 6/1/2033 | 2,023,580 | ||||||||
CAMPBELL UNION HIGH SCHOOL DISTRICT | |||||||||||||
General Obligation Refunding Bonds; 2009 | 2,000,000 | 5.000 | % | 8/1/2030 | 2,304,880 | ||||||||
EAST BAY MUNICIPAL UTILITY DISTRICT | |||||||||||||
Water System Revenue Refunding Bonds; Series 2009A | 2,000,000 | 0.220 | % | 12/1/2015 | 2,000,240 | ||||||||
EAST SIDE UNION HIGH SCHOOL DISTRICT | |||||||||||||
General Obligation Refunding Bonds (2012 Crossover); 2006 | 2,975,000 | 5.250 | % | 9/1/2023 | 3,674,333 | ||||||||
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT | |||||||||||||
Election of 1999 General Obligation Bonds; Series C | 2,000,000 | 0.000 | % | 8/1/2027 | 1,357,080 | ||||||||
LA MIRADA REDEVELOPMENT AGENCY, SUCCESSOR AGENCY TO THE | |||||||||||||
Subordinate Tax Allocation Refunding Bonds; 2014 Series A | 1,000,000 | 5.000 | % | 8/15/2023 | 1,199,410 | ||||||||
LOS ANGELES COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds; 2008 Election, Series G | 865,000 | 5.000 | % | 8/1/2028 | 1,040,457 | ||||||||
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY | |||||||||||||
Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds; Series 2012-A | 1,000,000 | 5.000 | % | 7/1/2021 | 1,219,870 | ||||||||
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A | 1,500,000 | 5.000 | % | 7/1/2023 | 1,861,665 | ||||||||
LOS ANGELES DEPARTMENT OF WATER AND POWER | |||||||||||||
Power System Revenue Bonds; 2011 Series A | 1,500,000 | 5.000 | % | 7/1/2018 | 1,705,755 | ||||||||
Power System Revenue Bonds; 2013 Series A | 500,000 | 5.000 | % | 7/1/2017 | 552,310 | ||||||||
Water System Revenue Bonds; 2012 Series A | 1,985,000 | 5.000 | % | 7/1/2037 | 2,269,490 | ||||||||
LOS ANGELES UNIFIED DISTRICT OF CALIFORNIA | |||||||||||||
General Obligation Refunding Bonds; 2005 Series A-1 | 2,000,000 | 5.000 | % | 7/1/2020 | 2,031,640 | ||||||||
LOS ANGELES, CITY OF | |||||||||||||
General Obligation Refunding Bonds; Series 2012-A | 2,000,000 | 5.000 | % | 9/1/2021 | 2,423,180 | ||||||||
LOS ANGELES, HARBOR DEPARTMENT OF THE CITY OF | |||||||||||||
Revenue Bonds; 2014 Series C | 290,000 | 4.000 | % | 8/1/2023 | 336,139 | ||||||||
LOS RIOS COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds; 2008 Election, Series B | 2,500,000 | 5.000 | % | 8/1/2032 | 2,875,100 | ||||||||
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA | |||||||||||||
Water Revenue Bonds; 2008 Authorization, Series C | 1,000,000 | 5.000 | % | 7/1/2035 | 1,146,470 | ||||||||
Water Revenue Refunding Bonds; 2011 Series A-2 | 1,000,000 | 0.170 | % | 3/27/2015 | 1,000,020 | ||||||||
Waterworks General Obligation Refunding Bonds; 2005 Series A | 2,000,000 | 5.000 | % | 3/1/2016 | 2,000,000 | ||||||||
MT. DIABLO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Refunding Bonds; Election Of 2002, Series B | 500,000 | 5.000 | % | 7/1/2020 | 588,950 | ||||||||
MT. SAN ANTONIO COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds; Election of 2008, Series 2013A | 2,345,000 | 5.000 | % | 8/1/2034 | 2,723,342 | ||||||||
PASADENA ELECTRIC REVENUE | |||||||||||||
Electric Revenue Refunding Bonds; Series 2010A | 1,205,000 | 4.000 | % | 6/1/2020 | 1,371,290 | ||||||||
PERALTA COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Refunding Bonds; 2012 | 1,000,000 | 5.000 | % | 8/1/2018 | 1,134,420 |
See accompanying notes to financial statements.
7
California Tax-Free Income Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
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 | $ | 1,572,151 | ||||||
REGENTS OF THE UNIVERSITY OF CALIFORNIA | |||||||||||||
General Revenue Bonds; 2014 Series AM | 925,000 | 5.000 | % | 5/15/2029 | 1,105,532 | ||||||||
RIVERSIDE COUNTY PALM DESERT FINANCING AUTHORITY | |||||||||||||
Lease Revenue Bonds; 2008 Series A | 3,000,000 | 6.000 | % | 5/1/2022 | 3,459,060 | ||||||||
ROSEVILLE FINANCE AUTHORITY | |||||||||||||
Electric System Revenue Refunding Bonds; Series 2013 | 750,000 | 5.000 | % | 2/1/2025 | 903,360 | ||||||||
ROSEVILLE NATURAL GAS FINANCING AUTHORITY | |||||||||||||
Gas Revenue Bonds; Series 2007 | 1,000,000 | 5.000 | % | 2/15/2024 | 1,155,060 | ||||||||
ROSEVILLE WOODCREEK WEST | |||||||||||||
Special Tax Refunding Bonds; Series 2005 | 1,000,000 | 5.000 | % | 9/1/2030 | 1,005,200 | ||||||||
SACRAMENTO CITY FINANCING AUTHORITY | |||||||||||||
Capital Improvement Revenue Bonds; 2006 Series A | 2,000,000 | 5.000 | % | 12/1/2036 | 2,130,200 | ||||||||
SACRAMENTO MUNICIPAL UTILITY DISTRICT | |||||||||||||
Electric Revenue Bonds; 1997 Series K | 1,000,000 | 5.250 | % | 7/1/2024 | 1,239,290 | ||||||||
SADDLEBACK VALLEY UNIFIED SCHOOL DISTRICT PUBLIC FINANCING AUTHORITY | |||||||||||||
Special Tax Revenue Bonds; 1996 Series A | 1,575,000 | 6.000 | % | 9/1/2016 | 1,707,521 | ||||||||
SAN FRANCISCO, CITY AND COUNTY | |||||||||||||
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A | 1,000,000 | 4.000 | % | 6/15/2033 | 1,063,300 | ||||||||
General Obligation Refunding Bonds; Series 2011-R1 | 1,550,000 | 5.000 | % | 6/15/2016 | 1,643,853 | ||||||||
Second Series Revenue Refunding Bonds; Series 2010C-E | 500,000 | 5.000 | % | 5/1/2020 | 592,000 | ||||||||
SAN FRANCISCO, PUBLIC UTILITIES COMMISSION OF THE CITY AND COUNTY OF | |||||||||||||
Whitewater Revenue Bonds, 2013 Series A | 700,000 | 4.000 | % | 10/1/2021 | 810,124 | ||||||||
SAN MARINO UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; 1998 Series B | 1,440,000 | 5.250 | % | 7/1/2016 | 1,534,579 | ||||||||
SANTA ANA UNIFIED SCHOOL DISTRICT | |||||||||||||
Certificates of Participation; 2007 | 2,000,000 | 5.250 | % | 4/1/2037 | 2,146,680 | ||||||||
SANTA CLARA COUNTY FINANCING AUTHORITY | |||||||||||||
Lease Revenue Bonds; 2008 Series A | 2,065,000 | 5.000 | % | 11/15/2016 | 2,220,370 | ||||||||
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; Election of 2004, Series 2005 | 2,500,000 | 0.000 | % | 8/1/2029 | 1,439,100 | ||||||||
SANTA MONICA - MALIBU UNIFIED SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; Election of 2006, Series A | 2,000,000 | 5.000 | % | 8/1/2032 | 2,215,680 | ||||||||
SONOMA COUNTY JUNIOR COLLEGE DISTRICT | |||||||||||||
Prerefunded; Election 2002 Series | 780,000 | 5.000 | % | 8/1/2027 | 795,374 | ||||||||
Unrefunded; Election 2002 Series B | 220,000 | 5.000 | % | 8/1/2027 | 224,096 | ||||||||
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY | |||||||||||||
Windy Point/Windy Flats Project Revenue Bonds; 2010-1 | 1,000,000 | 5.000 | % | 7/1/2023 | 1,181,270 | ||||||||
WEST VALLEY MISSION COMMUNITY COLLEGE DISTRICT | |||||||||||||
General Obligation Bonds; Election of 2004, 2006 Series A | 2,000,000 | 5.000 | % | 8/1/2030 | 2,110,720 | ||||||||
WILLIAM S. HART UNION HIGH SCHOOL DISTRICT | |||||||||||||
General Obligation Bonds; 2001 Election, Series B | 3,595,000 | 0.000 | % | 9/1/2029 | 2,143,591 | ||||||||
YUBA COUNTY LEVEE FINANCING AUTHORITY | |||||||||||||
Revenue Bonds; 2008 Series A | 1,305,000 | 5.000 | % | 9/1/2038 | 1,406,633 | ||||||||
Total Municipal Bonds (Cost $86,645,362) | 91,954,117 |
See accompanying notes to financial statements.
8
California Tax-Free Income Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
Variable Rate Demand Notes* (1.54%) | |||||||||||||
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY | |||||||||||||
Pollution Control Revenue Refunding Bonds; Series 2002 | $ | 1,450,000 | 0.010 | % | 5/15/2024 | $ | 1,450,000 | ||||||
Total Variable Rate Demand Notes (Cost $1,450,000) | 1,450,000 | ||||||||||||
Total Investments (Cost $88,095,362) (a) (99.06%) | $ | 93,404,117 | |||||||||||
Other Net Assets (0.94%) | 886,966 | ||||||||||||
Net Assets (100.00%) | $ | 94,291,083 |
(a) | Aggregate cost for federal income tax purposes is $88,095,362. |
At February 28, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation | $ | 5,572,398 | ||
Unrealized depreciation | (263,643 | ) | ||
Net unrealized appreciation | $ | 5,308,755 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
* | Stated maturity reflects next reset date. |
See accompanying notes to financial statements.
9
U.S. Government Securities Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
Government National Mortgage Association (9.64%) | |||||||||||||
$ | 9,529 | 6.000 | % | 5/15/2016 | $ | 9,651 | |||||||
4,314 | 10.000 | % | 9/15/2018 | 4,430 | |||||||||
134,418 | 5.000 | % | 7/15/2020 | 143,341 | |||||||||
102,906 | 5.500 | % | 1/15/2025 | 116,232 | |||||||||
189,938 | 6.000 | % | 1/15/2026 | 219,860 | |||||||||
447,632 | 5.500 | % | 4/15/2036 | 508,137 | |||||||||
304,611 | 5.000 | % | 3/15/2038 | 339,879 | |||||||||
156,422 | 6.000 | % | 6/15/2038 | 178,233 | |||||||||
989,669 | 3.500 | % | 11/20/2044 | 1,042,289 | |||||||||
Total Government National Mortgage Association (Cost $2,383,658) | 2,562,052 | ||||||||||||
United States Treasury Bonds (6.60%) | |||||||||||||
1,300,000 | 4.500 | % | 5/15/2038 | 1,755,203 | |||||||||
Total United States Treasury Bonds (Cost $1,554,755) | 1,755,203 | ||||||||||||
United States Treasury Notes (82.94%) | |||||||||||||
600,000 | 0.375 | % | 11/15/2015 | 600,890 | |||||||||
2,500,000 | 1.500 | % | 6/30/2016 | 2,536,133 | |||||||||
3,100,000 | 2.500 | % | 6/30/2017 | 3,224,484 | |||||||||
1,600,000 | 2.750 | % | 2/28/2018 | 1,681,250 | |||||||||
3,000,000 | 3.750 | % | 11/15/2018 | 3,274,922 | |||||||||
1,900,000 | 2.750 | % | 2/15/2019 | 2,006,430 | |||||||||
1,900,000 | 2.625 | % | 8/15/2020 | 2,002,125 | |||||||||
1,900,000 | 3.625 | % | 2/15/2021 | 2,108,555 | |||||||||
2,800,000 | 2.000 | % | 2/15/2022 | 2,836,750 | |||||||||
1,700,000 | 2.500 | % | 8/15/2023 | 1,777,828 | |||||||||
Total United States Treasury Notes (Cost $21,535,776) | 22,049,367 | ||||||||||||
Total Investments (Cost $25,474,189) (a) (99.18%) | 26,366,622 | ||||||||||||
Other Net Assets (0.82%) | 217,916 | ||||||||||||
Net Assets (100.00%) | $ | 26,584,538 |
(a) | Aggregate cost for federal income tax purposes is $25,474,189. |
At February 28, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation | $ | 905,201 | ||
Unrealized depreciation | (12,768 | ) | ||
Net unrealized appreciation | $ | 892,433 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
See accompanying notes to financial statements.
10
Short-Term U.S. Government Bond Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Par Value | Rate | Maturity | Value (Note 1) | |||||||||
Government National Mortgage Association (3.16%) | |||||||||||||
$ | 80,297 | 2.125 | % | 6/20/2034 | $ | 83,931 | |||||||
133,512 | 1.625 | % | 11/20/2034 | 138,973 | |||||||||
Total Government National Mortgage Association (Cost $214,972) | 222,904 | ||||||||||||
United States Treasury Notes (96.25%) | |||||||||||||
1,700,000 | 0.375 | % | 6/15/2015 | 1,701,460 | |||||||||
1,800,000 | 2.000 | % | 1/31/2016 | 1,828,689 | |||||||||
800,000 | 1.500 | % | 6/30/2016 | 811,562 | |||||||||
700,000 | 0.875 | % | 1/31/2017 | 703,718 | |||||||||
1,000,000 | 2.375 | % | 7/31/2017 | 1,037,734 | |||||||||
700,000 | 0.875 | % | 1/31/2018 | 697,758 | |||||||||
Total United States Treasury Notes (Cost $6,774,496) | 6,780,921 | ||||||||||||
Total Investments (Cost $6,989,468) (a) (99.41%) | 7,003,825 | ||||||||||||
Other Net Assets (0.59%) | 41,704 | ||||||||||||
Net Assets (100.00%) | 7,045,529 |
(a) | Aggregate cost for federal income tax purposes is $6,989,468. |
At February 28, 2015, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation | $ | 18,549 | ||
Unrealized depreciation | (4,192 | ) | ||
Net unrealized appreciation | $ | 14,357 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
The United States Treasury Trust | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Par Value | Maturity | Value (Note 1) | ||||||
United States Treasury Bills DN (b) (99.93%) | |||||||||
$ | 28,800,000 | 3/5/2015 | $ | 28,799,979 | |||||
30,500,000 | 3/12/2015 | 30,499,995 | |||||||
5,300,000 | 3/26/2015 | 5,299,921 | |||||||
800,000 | 4/2/2015 | 799,974 | |||||||
8,000,000 | 6/25/2015 | 7,998,339 | |||||||
5,000,000 | 9/17/2015 | 4,996,794 | |||||||
14,100,000 | 3/19/2015 | 14,099,960 | |||||||
2,900,000 | 12/10/2015 | 2,896,973 | |||||||
10,000,000 | 7/2/2015 | 9,996,442 | |||||||
Total United States Treasury Bills DN (Cost $105,388,377) | 105,388,377 | ||||||||
Total Investments (Cost $105,388,377) (a) (99.93%) | 105,388,377 | ||||||||
Other Net Assets (0.07%) | 70,299 | ||||||||
Net Assets (100.00%) | $ | 105,458,676 |
(a) | Aggregate cost for federal income tax purposes is $105,388,377. |
Because tax adjustments are calculated annually, the above tax figure reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
(b) | Discount Note. Yield to maturity is between 0.00% - 0.13%. |
See accompanying notes to financial statements.
11
S&P 500 Index Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (98.89%) | ||||||||
Basic Materials (3.07%) | ||||||||
Air Products & Chemicals, Inc. | 1,615 | $ | 252,166 | |||||
Airgas, Inc. | 499 | 58,493 | ||||||
Alcoa, Inc. | 7,435 | 109,964 | ||||||
Allegheny Technologies, Inc. | 854 | 28,746 | ||||||
CF Industries Holdings, Inc. | 475 | 145,459 | ||||||
Dow Chemical Co. | 8,728 | 429,767 | ||||||
Eastman Chemical Co. | 1,048 | 78,034 | ||||||
Ecolab, Inc. | 1,937 | 223,801 | ||||||
EI Du Pont de Nemours & Co. | 6,896 | 536,854 | ||||||
FMC Corp. | 1,102 | 69,878 | ||||||
Freeport-McMoRan, Inc. | 6,887 | 148,966 | ||||||
Int'l. Flavors & Fragrance, Inc. | 683 | 83,278 | ||||||
International Paper Co. | 3,175 | 179,102 | ||||||
LyondellBasell Industries NV | 3,332 | 286,252 | ||||||
MeadWestvaco Corp. | 1,277 | 67,758 | ||||||
Monsanto Co. | 3,890 | 468,471 | ||||||
Newmont Mining Corp. | 3,766 | 99,159 | ||||||
Nucor Corp. | 2,404 | 113,060 | ||||||
PPG Industries, Inc. | 1,051 | 247,384 | ||||||
Praxair, Inc. | 2,168 | 277,287 | ||||||
Sherwin Williams Co. | 628 | 179,106 | ||||||
Sigma-Aldrich Corp. | 928 | 128,120 | ||||||
Mosaic Co./The | 2,068 | 110,142 | ||||||
United States Steel Corp. | 1,093 | 26,177 | ||||||
Veritiv Corp.* | 60 | 3,039 | ||||||
Total Basic Materials | 4,350,463 | |||||||
Communications (11.81%) | ||||||||
Amazon.Com, Inc.* | 2,799 | 1,064,068 | ||||||
AT&T, Inc. | 40,436 | 1,397,468 | ||||||
Cablevision Systems Corp. | 1,680 | 31,550 | ||||||
CBS Corp. | 4,379 | 258,799 | ||||||
CenturyLink, Inc. | 4,581 | 173,437 | ||||||
Cisco Systems, Inc. | 39,132 | 1,154,785 | ||||||
Comcast Corp. | 19,592 | 1,163,373 | ||||||
Corning, Inc. | 11,057 | 269,791 | ||||||
DIRECTV* | 4,220 | 373,892 | ||||||
Discovery Communications, Inc.* | 1,878 | 60,659 | ||||||
Discovery Communications, Inc. Class C* | 1,878 | 57,298 | ||||||
EBay, Inc.* | 8,321 | 481,869 | ||||||
Expedia, Inc. | 689 | 63,216 | ||||||
F5 Networks, Inc.* | 602 | 71,105 | ||||||
Facebook, Inc. Cl A* | 12,854 | 1,015,080 | ||||||
Gannett Co. Inc. | 1,702 | 60,251 | ||||||
Google, Inc. Cl A* | 2,080 | 1,170,270 | ||||||
Google, Inc.* | 2,080 | 1,161,472 | ||||||
Graham Holdings Co. | 47 | 46,360 | ||||||
Harris Corp. | 833 | 64,707 | ||||||
Interpublic Group Co.'s Inc. | 3,241 | 72,274 | ||||||
Juniper Networks, Inc. | 3,874 | 92,627 | ||||||
Keysight Technologies, Inc.* | 1,316 | 49,403 | ||||||
Motorola Solutions, Inc. | 2,139 | 145,324 | ||||||
Netflix, Inc.* | 413 | 196,138 | ||||||
News Corp.* | 3,745 | 64,695 | ||||||
Nielsen NV | 1,879 | 84,950 | ||||||
Omnicom Group, Inc. | 1,982 | 157,648 | ||||||
Priceline Group, Inc.* | 361 | $ | 446,730 | |||||
Scripps Networks Interactive | 635 | 45,911 | ||||||
Symantec Corp. | 5,172 | 130,128 | ||||||
Time Warner Cable, Inc. | 2,282 | 351,542 | ||||||
Time Warner, Inc. | 7,045 | 576,704 | ||||||
TripAdvisor, Inc.* | 850 | 75,863 | ||||||
Twenty-First Century Fox, Inc. | 14,980 | 524,300 | ||||||
VeriSign, Inc.* | 1,159 | 74,199 | ||||||
Verizon Communications, Inc. | 31,159 | 1,540,811 | ||||||
Viacom, Inc. | 3,483 | 243,601 | ||||||
Walt Disney Co. | 13,185 | 1,372,295 | ||||||
Windstream Holdings, Inc. | 4,013 | 31,663 | ||||||
Yahoo! Inc.* | 7,670 | 339,628 | ||||||
Total Communications | 16,755,884 | |||||||
Consumer, Cyclical (9.91%) | ||||||||
AutoNation, Inc.* | 284 | 17,466 | ||||||
AutoZone, Inc.* | 275 | 176,737 | ||||||
Bed Bath & Beyond, Inc.* | 1,720 | 128,415 | ||||||
Best Buy Co. Inc. | 1,956 | 74,524 | ||||||
BorgWarner, Inc. | 1,664 | 102,269 | ||||||
Carmax, Inc.* | 1,689 | 113,349 | ||||||
Carnival Corp. | 3,334 | 146,663 | ||||||
Chipotle Mexican Grill, Inc. Class A* | 234 | 155,603 | ||||||
Coach, Inc. | 2,156 | 93,894 | ||||||
Costco Wholesale Corp. | 3,160 | 464,394 | ||||||
CVS Caremark Corp. | 9,065 | 941,582 | ||||||
Darden Resturants, Inc. | 933 | 59,712 | ||||||
Delphi Automotive PLC | 2,173 | 171,319 | ||||||
Delta Air Lines, Inc. | 6,380 | 284,038 | ||||||
Dollar General Corp.* | 1,932 | 140,302 | ||||||
Dollar Tree, Inc.* | 1,728 | 137,687 | ||||||
Fastenal Co. | 2,014 | 83,682 | ||||||
Ford Motor Co. | 27,615 | 451,229 | ||||||
Fossil Group, Inc.* | 377 | 32,426 | ||||||
GameStop Corp. Cl A | 908 | 33,569 | ||||||
Gap, Inc. | 2,194 | 91,270 | ||||||
Genuine Parts Company | 1,170 | 112,414 | ||||||
Goodyear Tire & Rubber Co. | 1,847 | 49,370 | ||||||
Harley Davidson, Inc. | 1,765 | 112,201 | ||||||
Harman International Ind. Inc. | 529 | 72,997 | ||||||
Hasbro, Inc. | 950 | 59,199 | ||||||
Home Depot, Inc. | 11,091 | 1,272,689 | ||||||
Johnson Controls, Inc. | 5,136 | 260,960 | ||||||
Kohls Corp. | 1,587 | 117,121 | ||||||
L Brands, Inc. | 1,787 | 164,154 | ||||||
Lennar Corp. | 1,300 | 65,273 | ||||||
Lowe's Cos. Inc. | 8,392 | 621,763 | ||||||
Macy's, Inc. | 2,961 | 188,675 | ||||||
Marriott International, Inc./DE | 1,935 | 160,799 | ||||||
Mattel, Inc. | 2,508 | 66,011 | ||||||
McDonald's Corp. | 7,400 | 731,860 | ||||||
Michael Kors Holdings Ltd.* | 1,328 | 89,520 | ||||||
Mohawk Industries, Inc.* | 459 | 84,617 | ||||||
Newell Rubbermaid, Inc. | 2,365 | 92,921 | ||||||
NIKE, Inc. | 5,334 | 518,038 | ||||||
Nordstrom, Inc. | 1,123 | 90,323 | ||||||
O'Reilly Automotive, Inc.* | 874 | 181,906 | ||||||
PACCAR, Inc. | 2,601 | 166,594 | ||||||
PetSmart, Inc. | 796 | $ | 65,996 | |||||
PulteGroup, Inc. | 2,804 | 63,258 | ||||||
PVH Corp. | 574 | 61,148 | ||||||
Ralph Lauren Corp. | 449 | 61,697 | ||||||
Ross Stores, Inc. | 1,661 | 175,750 | ||||||
Southwest Airlines Co. | 5,662 | 244,825 | ||||||
Staples, Inc. | 5,524 | 92,610 | ||||||
Starbucks Corp. | 5,474 | 511,737 | ||||||
Starwood Hotels/Resorts Worldwide | 1,427 | 114,631 | ||||||
Target Corp. | 4,818 | 370,167 | ||||||
Tiffany & Co. | 950 | 83,809 | ||||||
TJX Cos. Inc. | 5,416 | 371,754 | ||||||
Tractor Supply Co. | 1,050 | 92,526 | ||||||
Under Armour, Inc. Cl A* | 1,210 | 93,182 | ||||||
Urban Outfitters, Inc.* | 803 | 31,285 | ||||||
VF Corp. | 2,588 | 198,396 | ||||||
Walgreens Boots Alliance, Inc. | 6,346 | 527,226 | ||||||
Wal-Mart Stores, Inc. | 12,426 | 1,042,914 | ||||||
Whirlpool Corp. | 570 | 120,812 | ||||||
WW Grainger, Inc. | 441 | 104,477 | ||||||
Wyndham Worldwide Corp. | 1,139 | 104,196 | ||||||
Wynn Resorts Ltd. | 526 | 74,955 | ||||||
Yum! Brands, Inc. | 3,354 | 272,043 | ||||||
Total Consumer, Cyclical | 14,058,929 | |||||||
Consumer, Non-Cyclical (23.04%) | ||||||||
Abbott Laboratories | 11,424 | 541,155 | ||||||
AbbVie, Inc. | 11,424 | 691,152 | ||||||
Actavis PLC* | 1,289 | 375,563 | ||||||
Aetna, Inc. | 2,841 | 282,822 | ||||||
Alexion Pharmaceuticals, Inc.* | 1,383 | 249,452 | ||||||
Allergan, Inc./United States | 2,212 | 514,821 | ||||||
Alliance Data Systems Corp.* | 400 | 111,404 | ||||||
Altria Group, Inc. | 14,863 | 836,638 | ||||||
Amerisource Bergen Corp. | 1,851 | 190,209 | ||||||
Amgen, Inc. | 5,671 | 894,430 | ||||||
Anthem, Inc. | 2,432 | 356,166 | ||||||
Archer-Daniels-Midland Co. | 4,902 | 234,708 | ||||||
Automatic Data Processing, Inc | 3,564 | 316,626 | ||||||
Avery Dennison Corp. | 891 | 47,713 | ||||||
Avon Products, Inc. | 3,259 | 27,734 | ||||||
Baxter International, Inc. | 4,026 | 278,398 | ||||||
Becton Dickinson and Co. | 1,468 | 215,385 | ||||||
Biogen Idec, Inc.* | 1,739 | 712,277 | ||||||
Boston Scientific Corp.* | 11,526 | 194,789 | ||||||
Bristol-Myers Squibb Co. | 12,265 | 747,184 | ||||||
Brown-Forman Corp. | 1,081 | 99,117 | ||||||
Campbell Soup Co. | 1,449 | 67,509 | ||||||
Cardinal Health, Inc. | 2,511 | 220,943 | ||||||
CareFusion Corp.* | 1,546 | 92,884 | ||||||
CDK Global, Inc. | 1,188 | 55,634 | ||||||
Celgene Corp.* | 6,376 | 774,875 | ||||||
Cigna Corp. | 2,081 | 253,112 | ||||||
Cintas Corp. | 801 | 66,867 | ||||||
Clorox Co. | 943 | 102,448 | ||||||
Coca-Cola Co. | 28,487 | 1,233,487 | ||||||
Coca-Cola Enterprises, Inc. | 2,036 | 94,063 | ||||||
Colgate-Palmolive Co. | 6,558 | 464,438 | ||||||
Conagra Foods, Inc. | 2,987 | 104,485 | ||||||
Constellation Brands, Inc.* | 1,083 | 124,242 | ||||||
CR Bard, Inc. | 610 | 103,175 |
See accompanying notes to financial statements.
12
S&P 500 Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
DaVita HealthCare Partners, Inc.* | 1,224 | $ | 91,310 | |||||
DENTSPLY International, Inc. | 1,160 | 61,492 | ||||||
Dr Pepper Snapple Group, Inc. | 1,620 | 127,640 | ||||||
Edwards Lifesciences Corp.* | 858 | 114,131 | ||||||
Eli Lilly & Co. | 7,419 | 520,591 | ||||||
Equifax, Inc. | 870 | 81,232 | ||||||
Estee Lauder Cos. Inc. | 1,800 | 148,806 | ||||||
Express Scripts Holding Co.* | 5,973 | 506,451 | ||||||
General Mills, Inc. | 4,683 | 251,899 | ||||||
Gilead Sciences, Inc.* | 11,004 | 1,139,244 | ||||||
H&R Block, Inc. | 1,994 | 68,095 | ||||||
Halyard Health, Inc.* | 365 | 16,805 | ||||||
Hershey Co. | 1,114 | 115,611 | ||||||
Hormel Foods Corp. | 1,064 | 62,255 | ||||||
Hospira, Inc.* | 1,350 | 118,179 | ||||||
Humana, Inc. | 1,191 | 195,777 | ||||||
Intuitive Surgical, Inc.* | 285 | 142,500 | ||||||
Iron Mountain, Inc. | 1,369 | 50,311 | ||||||
JM Smucker Co. | 823 | 94,933 | ||||||
Johnson & Johnson | 20,958 | 2,148,398 | ||||||
Kellogg Co. | 1,816 | 117,096 | ||||||
Keurig Green Mountain, Inc. | 971 | 123,880 | ||||||
Kimberly-Clark Corp. | 2,926 | 320,865 | ||||||
Kraft Foods Group, Inc. | 4,282 | 274,305 | ||||||
Kroger Co. | 4,007 | 285,098 | ||||||
Laboratory Corp of America Holdings* | 705 | 86,736 | ||||||
Lorillard, Inc. | 2,883 | 197,255 | ||||||
Mastercard, Inc. Cl A | 7,720 | 695,804 | ||||||
Mccormick & Co. Inc./MD | 975 | 73,496 | ||||||
Mcgraw Hill Financial, Inc. | 2,019 | 208,159 | ||||||
McKesson Corp. | 1,736 | 397,023 | ||||||
Mead Johnson Nutrition Co. Cl A | 1,560 | 163,426 | ||||||
Medtronic PLC | 10,936 | 848,524 | ||||||
Merck & Co. Inc. | 22,116 | 1,294,671 | ||||||
Molson Coors Brewing Co. | 1,200 | 91,068 | ||||||
Mondelez International, Inc. Cl A | 12,847 | 474,504 | ||||||
Monster Beverage Corp.* | 1,129 | 159,324 | ||||||
Moody's Corp. | 1,498 | 145,216 | ||||||
Mylan, Inc./PA* | 3,101 | 177,765 | ||||||
Patterson Cos, Inc. | 758 | 37,957 | ||||||
PepsiCo, Inc. | 11,411 | 1,129,461 | ||||||
Perrigo Co. PLC | 677 | 104,576 | ||||||
Pfizer, Inc. | 49,235 | 1,689,745 | ||||||
Philip Morris Int'l, Inc. | 12,281 | 1,018,832 | ||||||
Procter & Gamble Co. | 20,266 | 1,725,245 | ||||||
Quanta Services, Inc.* | 1,601 | 46,077 | ||||||
Quest Diagnostics, Inc. | 1,168 | 81,924 | ||||||
Regeneron Pharmaceuticals, Inc.* | 562 | 232,578 | ||||||
Reynolds American, Inc. | 2,525 | 190,941 | ||||||
Robert Half International, Inc. | 1,032 | 63,943 | ||||||
St. Jude Medical, Inc. | 2,310 | 154,031 | ||||||
Stryker Corp. | 2,155 | 204,186 | ||||||
Sysco Corp. | 4,516 | 176,079 | ||||||
Tenet Healthcare Corp.* | 766 | 35,466 | ||||||
ADT Corp. | 1,732 | 67,929 | ||||||
Total System Services, Inc. | 1,190 | 45,458 | ||||||
Tyson Foods, Inc. | 2,328 | 96,170 | ||||||
UnitedHealth Group, Inc. | 7,592 | $ | 862,679 | |||||
Varian Medical Systems, Inc.* | 875 | 81,349 | ||||||
Vertex Pharmaceuticals, Inc.* | 1,731 | 206,733 | ||||||
Western Union Co. | 4,688 | 91,510 | ||||||
Whole Foods Market, Inc. | 2,358 | 133,203 | ||||||
Zimmer Holdings, Inc. | 1,338 | 161,082 | ||||||
Zoetis, Inc. Class A | 3,718 | 171,363 | ||||||
Total Consumer, Non-Cyclical | 32,674,297 | |||||||
Energy (7.84%) | ||||||||
Anadarko Petroleum Corp. | 3,750 | 315,863 | ||||||
Apache Corp. | 2,792 | 183,825 | ||||||
Baker Hughes, Inc. | 3,384 | 211,534 | ||||||
Cabot Oil & Gas Corp. | 3,164 | 91,756 | ||||||
Cameron International Corp.* | 1,865 | 87,804 | ||||||
Chesapeake Energy Corp. | 3,818 | 63,684 | ||||||
Chevron Corp. (c) | 14,364 | 1,532,352 | ||||||
ConocoPhillips | 8,936 | 582,627 | ||||||
Denbury Resources, Inc. | 2,835 | 23,814 | ||||||
Devon Energy Corp. | 2,767 | 170,420 | ||||||
Diamond Offshore Drilling, Inc. | 576 | 17,528 | ||||||
Ensco PLC | 1,707 | 41,770 | ||||||
EOG Resources, Inc. | 3,850 | 345,422 | ||||||
EQT Corp. | 1,085 | 86,594 | ||||||
Exxon Mobil Corp. (c) | 32,991 | 2,921,022 | ||||||
FMC Technologies, Inc.* | 1,793 | 71,594 | ||||||
Halliburton Co. | 6,883 | 295,556 | ||||||
Helmerich & Payne, Inc. | 805 | 53,983 | ||||||
Hess Corp. | 2,293 | 172,158 | ||||||
Kinder Morgan Inc. | 4,655 | 190,902 | ||||||
Marathon Oil Corp. | 5,187 | 144,510 | ||||||
Marathon Petroleum Corp. | 2,489 | 261,345 | ||||||
Murphy Oil Corp. | 1,357 | 69,058 | ||||||
Nabors Industries Ltd. | 2,404 | 30,795 | ||||||
National Oilwell Varco, Inc. | 3,192 | 173,485 | ||||||
Newfield Exploration Co.* | 988 | 32,634 | ||||||
Noble Corp. PLC | 1,885 | 31,366 | ||||||
Noble Energy, Inc. | 2,616 | 123,554 | ||||||
Occidental Petroleum Corp. | 5,892 | 458,869 | ||||||
ONEOK, Inc. | 1,546 | 68,426 | ||||||
Paragon Offshore | 628 | 1,294 | ||||||
Phillips 66 | 4,612 | 361,858 | ||||||
Pioneer Natural Resources Co. | 880 | 134,218 | ||||||
QEP Resources, Inc. | 1,500 | 32,220 | ||||||
Range Resources Corp. | 1,202 | 59,547 | ||||||
Rowan Cos PLC | 921 | 19,903 | ||||||
Schlumberger Ltd. | 9,690 | 815,510 | ||||||
Seventy Seven Energy, Inc.* | 272 | 1,306 | ||||||
Southwestern Energy Co.* | 2,561 | 64,230 | ||||||
Spectra Energy Corp. | 4,856 | 172,339 | ||||||
Tesoro Corp. | 1,028 | 94,412 | ||||||
Transocean Ltd. | 2,519 | 40,631 | ||||||
Valero Energy Corp. | 4,032 | 248,734 | ||||||
Williams Cos. Inc. | 4,450 | 218,228 | ||||||
Total Energy | 11,118,680 | |||||||
Financial (16.05%) | ||||||||
ACE Ltd. | 2,500 | 285,025 | ||||||
Aflac, Inc. | 3,445 | 214,451 | ||||||
Allstate Corp. | 3,620 | 255,572 | ||||||
American Express Co. | 7,257 | 592,099 | ||||||
American Int'l Group, Inc. | 10,870 | 601,437 | ||||||
American Tower Corp. | 2,860 | $ | 283,540 | |||||
Ameriprise Financial, Inc. | 1,612 | 215,412 | ||||||
Aon PLC | 2,362 | 237,050 | ||||||
Apartment Invstmt & Mgmt Co. | 1,070 | 40,318 | ||||||
Assurant, Inc. | 596 | 36,517 | ||||||
AvalonBay Communities, Inc. | 686 | 115,481 | ||||||
Bank of America Corp. | 77,978 | 1,232,832 | ||||||
Bank of New York Mellon Corp. | 8,692 | 340,205 | ||||||
BB&T Corp. | 5,247 | 199,648 | ||||||
Berkshire Hathaway, Inc.* | 13,493 | 1,989,003 | ||||||
Blackrock, Inc. Class A | 941 | 349,506 | ||||||
Boston Properties, Inc. | 1,078 | 148,128 | ||||||
Capital One Financial Corp. | 4,021 | 316,493 | ||||||
CBRE Group, Inc. Cl A* | 2,058 | 70,507 | ||||||
Charles Schwab Corp. | 7,272 | 213,360 | ||||||
Chubb Corp. | 1,969 | 197,786 | ||||||
Cincinnati Financial Corp. | 1,179 | 62,204 | ||||||
Citigroup, Inc. | 22,616 | 1,185,531 | ||||||
CME Group, Inc./IL Cl A | 2,250 | 215,843 | ||||||
Comerica, Inc. | 1,331 | 60,933 | ||||||
Crown Castle International Corp. | 2,156 | 186,084 | ||||||
Discover Financial Services | 3,788 | 230,992 | ||||||
E*Trade Financial Corp.* | 1,181 | 30,747 | ||||||
Essex Property Trust, Inc. | 463 | 102,985 | ||||||
Equity Residential | 2,164 | 166,693 | ||||||
Fifth Third Bancorp | 6,069 | 117,496 | ||||||
Franklin Resources, Inc. | 3,105 | 167,142 | ||||||
General Growth Properties, Inc. | 4,119 | 119,492 | ||||||
Genworth Financial, Inc.-Cl A* | 3,728 | 28,892 | ||||||
Goldman Sachs Group, Inc. | 3,315 | 629,154 | ||||||
Hartford Fin'l. Svcs Grp. Inc | 2,922 | 119,685 | ||||||
HCP, Inc. | 3,020 | 127,927 | ||||||
Health Care REIT, Inc. | 1,873 | 144,427 | ||||||
Host Hotels & Resorts, Inc. | 5,173 | 108,633 | ||||||
Hudson City Bancorp, Inc. | 3,497 | 34,131 | ||||||
Huntington Bancshares, Inc./OH | 5,456 | 59,689 | ||||||
Intercontinental Exchange, Inc. | 849 | 199,821 | ||||||
Invesco Ltd. | 3,410 | 137,321 | ||||||
JPMorgan Chase & Co. | 27,735 | 1,699,601 | ||||||
KeyCorp | 6,704 | 93,387 | ||||||
Kimco Realty Corp. | 2,994 | 78,682 | ||||||
Leucadia National Corp. | 1,447 | 34,337 | ||||||
Lincoln National Corp. | 2,305 | 132,860 | ||||||
Loews Corp. | 2,394 | 98,178 | ||||||
M&T Bank Corp. | 918 | 111,078 | ||||||
Marsh & McLennan Co.'s, Inc. | 4,025 | 228,982 | ||||||
MetLife, Inc. | 7,704 | 391,594 | ||||||
Morgan Stanley | 10,374 | 371,285 | ||||||
Northern Trust Corp. | 1,610 | 112,426 | ||||||
People's United Financial, Inc. | 2,887 | 43,680 | ||||||
Plum Creek Timber Co. Inc. | 1,188 | 51,607 | ||||||
PNC Financial Services Group, Inc. | 3,945 | 362,782 | ||||||
Navient Corp. | 3,621 | 77,489 | ||||||
Principal Financial Group, Inc. | 2,041 | 104,438 | ||||||
Progressive Corp. | 4,123 | 109,878 |
See accompanying notes to financial statements.
13
S&P 500 Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Prologis, Inc. | 3,315 | $ | 141,584 | |||||
Prudential Financial, Inc. | 3,541 | 286,290 | ||||||
Public Storage | 1,035 | 204,123 | ||||||
Regions Financial Corp. | 9,066 | 87,124 | ||||||
Simon Property Group, Inc. | 2,175 | 414,033 | ||||||
State Street Corp. | 3,525 | 262,436 | ||||||
SunTrust Banks, Inc. | 3,809 | 156,169 | ||||||
T. Rowe Price Group, Inc. | 1,965 | 162,309 | ||||||
Macerich Co. | 1,011 | 84,570 | ||||||
Nasdaq OMX Group, Inc. | 1,127 | 56,530 | ||||||
Torchmark Corp. | 1,176 | 62,622 | ||||||
Travelers Cos, Inc | 2,855 | 306,741 | ||||||
Unum Group | 2,266 | 76,047 | ||||||
Urban Edge Properties* | 622 | 14,891 | ||||||
US Bancorp/MN | 13,884 | 619,365 | ||||||
Ventas, Inc. | 2,081 | 154,972 | ||||||
Visa, Inc. Class A | 3,845 | 1,043,187 | ||||||
Vornado Realty Trust | 1,244 | 136,890 | ||||||
Wells Fargo & Co. (c) | 36,145 | 1,980,387 | ||||||
Weyerhaeuser Co. | 3,870 | 135,876 | ||||||
XL Group PLC | 2,249 | 81,414 | ||||||
Zions Bancorporation | 1,054 | 28,179 | ||||||
Total Financial | 22,768,215 | |||||||
Industrial (10.37%) | ||||||||
3M Co. | 4,679 | 789,113 | ||||||
Agilent Technologies, Inc. | 2,633 | 111,139 | ||||||
Allegion PLC | 703 | 40,584 | ||||||
AMETEK, Inc. | 1,816 | 96,502 | ||||||
Amphenol Corp. | 2,372 | 133,923 | ||||||
Ball Corp. | 1,134 | 81,319 | ||||||
Bemis Co. Inc. | 906 | 44,213 | ||||||
Boeing Co. | 4,978 | 750,931 | ||||||
Caterpillar, Inc. | 4,752 | 393,941 | ||||||
C H Robinson Worldwide, Inc. | 1,280 | 95,104 | ||||||
CSX Corp. | 7,645 | 262,300 | ||||||
Cummins, Inc. | 1,302 | 185,183 | ||||||
Danaher Corp. | 4,166 | 363,608 | ||||||
Deere & Co. | 2,919 | 264,461 | ||||||
Dover Corp. | 1,334 | 96,115 | ||||||
Eaton Corp. PLC | 3,484 | 247,399 | ||||||
Emerson Electric Co. | 5,336 | 309,061 | ||||||
Expeditors Int'l of Washington | 1,549 | 74,817 | ||||||
FedEx Corp. | 2,148 | 380,153 | ||||||
FLIR Systems, Inc. | 1,158 | 37,380 | ||||||
Flowserve Corp. | 1,128 | 70,083 | ||||||
Fluor Corp. | 1,298 | 75,284 | ||||||
Garmin Ltd. | 806 | 40,002 | ||||||
General Dynamics Corp. | 2,440 | 338,623 | ||||||
General Electric Co. | 76,880 | 1,998,110 | ||||||
Honeywell International, Inc. | 5,633 | 578,960 | ||||||
Illinois Tool Works, Inc. | 3,173 | 313,683 | ||||||
Ingersoll-Rand PLC | 2,109 | 141,704 | ||||||
Jabil Circuit, Inc. | 1,699 | 37,327 | ||||||
Joy Global, Inc. | 784 | 34,747 | ||||||
Kansas Cty Southern | 811 | 93,946 | ||||||
L3 Communications Holdings, Inc. | 719 | 93,060 | ||||||
Leggett & Platt, Inc. | 1,017 | 45,816 | ||||||
Lockheed Martin Corp. | 1,981 | 396,299 | ||||||
Masco Corp. | 2,627 | 68,801 | ||||||
Norfolk Southern Corp. | 2,398 | 261,766 | ||||||
Northrop Grumman Corp. | 1,818 | 301,261 | ||||||
Owens-Illinois, Inc.* | 1,395 | $ | 36,493 | |||||
Pall Corp. | 838 | 84,479 | ||||||
Parker Hannifin Corp. | 1,096 | 134,468 | ||||||
Pentair PLC | 1,542 | 102,497 | ||||||
PerkinElmer, Inc. | 1,021 | 47,987 | ||||||
Precision Castparts Corp. | 1,073 | 232,090 | ||||||
Raytheon Co. | 2,443 | 265,725 | ||||||
Republic Services, Inc. | 2,203 | 90,147 | ||||||
Rockwell Automation, Inc. | 1,085 | 126,988 | ||||||
Rockwell Collins, Inc. | 1,079 | 96,117 | ||||||
Roper Industies, Inc. | 694 | 116,294 | ||||||
Ryder System, Inc. | 477 | 44,833 | ||||||
Sealed Air Corp. | 1,582 | 74,560 | ||||||
Snap-On, Inc. | 424 | 62,426 | ||||||
Stanley Black & Decker, Inc. | 1,237 | 121,647 | ||||||
Stericycle, Inc.* | 642 | 86,651 | ||||||
TE Connectivity Ltd. | 3,236 | 233,413 | ||||||
Textron, Inc. | 2,069 | 91,677 | ||||||
Thermo Fisher Scientific, Inc. | 2,658 | 345,540 | ||||||
Tyco International PLC | 3,464 | 146,250 | ||||||
Union Pacific Corp. | 6,976 | 838,934 | ||||||
United Parcel Service, Inc. Class B | 5,289 | 538,050 | ||||||
United Technologies Corp. | 6,172 | 752,429 | ||||||
Vulcan Materials Co. | 956 | 79,348 | ||||||
Waste Management, Inc. | 3,352 | 182,617 | ||||||
Waters Corp.* | 682 | 82,099 | ||||||
Xylem, Inc. | 1,498 | 53,479 | ||||||
Total Industrial | 14,713,956 | |||||||
Technology (13.92%) | ||||||||
Accenture PLC Class A | 4,670 | 420,440 | ||||||
Adobe Systems, Inc.* | 3,587 | 283,732 | ||||||
Akamai Technologies, Inc.* | 1,400 | 97,314 | ||||||
Altera Corp. | 2,432 | 90,008 | ||||||
Analog Devices, Inc. | 2,227 | 130,369 | ||||||
Apple, Inc. (c) | 47,292 | 6,075,130 | ||||||
Applied Materials, Inc. | 9,105 | 228,080 | ||||||
Autodesk, Inc.* | 1,669 | 107,217 | ||||||
Avago Technologies Ltd. | 1,878 | 239,670 | ||||||
Broadcom Corp. | 3,543 | 160,250 | ||||||
CA, Inc. | 2,646 | 86,048 | ||||||
Cerner Corp.* | 2,120 | 152,767 | ||||||
Citrix Systems, Inc.* | 1,348 | 85,834 | ||||||
Cognizant Technology Solutions Cl A* | 4,408 | 275,434 | ||||||
Computer Sciences Corp. | 1,256 | 89,076 | ||||||
Dun & Bradstreet Corp. | 396 | 52,462 | ||||||
Electronic Arts, Inc.* | 2,629 | 150,326 | ||||||
EMC Corp./MA | 14,917 | 431,698 | ||||||
Fidelity National Information | 1,851 | 125,109 | ||||||
First Solar, Inc.* | 370 | 22,106 | ||||||
Fiserv, Inc.* | 2,114 | 165,040 | ||||||
Hewlett Packard Co. | 14,359 | 500,268 | ||||||
Intel Corp. | 36,299 | 1,206,942 | ||||||
Int'l Business Machines Corp. | 7,714 | 1,249,205 | ||||||
Intuit, Inc. | 2,031 | 198,287 | ||||||
KLA-Tencor Corp. | 1,304 | 84,701 | ||||||
Lam Research Corp. | 1,341 | 110,579 | ||||||
Linear Technology Corp. | 1,694 | 81,625 | ||||||
Microchip Technology, Inc. | 1,401 | 71,829 | ||||||
Micron Technology, Inc.* | 6,485 | 198,895 | ||||||
Microsoft Corp. | 56,836 | 2,492,259 | ||||||
NetApp, Inc. | 2,586 | $ | 99,949 | |||||
NVIDIA Corp. | 4,572 | 100,858 | ||||||
Oracle Corp. | 27,191 | 1,191,510 | ||||||
Paychex, Inc. | 2,454 | 122,295 | ||||||
Pitney Bowes, Inc. | 1,820 | 42,169 | ||||||
QUALCOMM, Inc. | 12,533 | 908,768 | ||||||
Red Hat, Inc.* | 1,433 | 99,049 | ||||||
Salesforce.com, Inc.* | 3,760 | 260,869 | ||||||
Sandisk Corp. | 1,741 | 139,158 | ||||||
Seagate Technology PLC | 2,601 | 158,973 | ||||||
Teradata Corp.* | 1,256 | 55,917 | ||||||
Texas Instruments, Inc. | 8,319 | 489,157 | ||||||
Western Digital Corp. | 1,637 | 175,126 | ||||||
Xerox Corp. | 10,310 | 140,732 | ||||||
Xilinx, Inc. | 2,112 | 89,485 | ||||||
Total Technology | 19,736,715 | |||||||
Utilities (2.87%) | ||||||||
AES Corp./VA | 4,674 | 60,622 | ||||||
AGL Resources, Inc. | 850 | 41,744 | ||||||
Ameren Corp. | 1,808 | 76,677 | ||||||
American Electric Power, Inc. | 3,645 | 209,879 | ||||||
California Resources Corp.* | 2,356 | 16,869 | ||||||
Centerpoint Energy, Inc. | 2,979 | 61,933 | ||||||
CMS Energy Corp. | 2,062 | 72,438 | ||||||
CONSOL Energy, Inc. | 1,500 | 48,300 | ||||||
Consolidated Edison, Inc. | 2,227 | 140,613 | ||||||
Dominion Resources, Inc./VA | 4,251 | 306,455 | ||||||
DTE Energy Co. | 1,258 | 103,194 | ||||||
Duke Energy Corp. | 5,180 | 406,886 | ||||||
Edison International | 2,433 | 156,320 | ||||||
Entergy Corp. | 1,304 | 103,681 | ||||||
Eversource Energy | 2,274 | 117,680 | ||||||
Exelon Corp. | 6,183 | 209,727 | ||||||
FirstEnergy Corp. | 3,123 | 109,243 | ||||||
Integrys Energy Group, Inc. | 615 | 45,959 | ||||||
NextEra Energy, Inc. | 3,154 | 326,313 | ||||||
NiSource, Inc. | 2,050 | 87,966 | ||||||
NRG Energy, Inc. | 1,956 | 46,905 | ||||||
Pepco Holdings, Inc. | 1,700 | 46,138 | ||||||
PG&E Corp. | 2,830 | 152,056 | ||||||
Pinnacle West Capital Corp. | 806 | 51,648 | ||||||
PPL Corp. | 4,208 | 143,493 | ||||||
Public Service Enterprise, Inc. | 3,861 | 162,394 | ||||||
SCANA Corp. | 845 | 48,123 | ||||||
Sempra Energy | 1,653 | 178,855 | ||||||
Southern Co. | 6,412 | 293,605 | ||||||
TECO Energy, Inc. | 1,498 | 29,406 | ||||||
Wisconsin Energy Corp. | 1,695 | 86,411 | ||||||
Xcel Energy, Inc. | 3,728 | 131,524 | ||||||
Total Utilities | 4,073,057 | |||||||
Total Common Stock (Cost $61,509,941) | 140,250,196 | |||||||
Right/Warrant (0%) | ||||||||
Safeway, Inc. CVR-Non Tradable (Casa Ley) | 1,746 | 829 | ||||||
Safeway, Inc. CVR-Non Tradable (PDC) | 1,746 | 87 | ||||||
Total Right/Warrant (Cost $2,009) | 916 |
See accompanying notes to financial statements.
14
S&P 500 Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Total Investments (Cost $61,511,950) (a) (98.89%) | $ | 140,251,112 | ||||||
Other Net Assets (1.11%) | 1,575,532 | |||||||
Net Assets (100.00%) | $ | 141,826,644 |
* | Non-income producing security. |
(a) | Aggregate cost for federal income tax purpose is $61,977,904. |
At February 28, 2015, unrealized appreciation (depreciation) of securities is as follows:
Unrealized appreciation | $ | 81,352,258 | ||
Unrealized depreciation | (3,079,050 | ) | ||
Net unrealized appreciation | $ | 78,273,208 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
(b) | Futures contracts at February 28, 2015: |
Contracts - $50 times premium / delivery month / commitment / exchange
S&P 500 E-mini | Notional Value | Unrealized Appreciation | ||||||
15 / MAR 2015 / Long / CME | $ | 1,577,100 | $ | 43,400 |
(c) | A portion of these shares have been pledged in connection with obligations for futures contracts. |
See accompanying notes to financial statements.
15
S&P MidCap Index Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (99.86%) | ||||||||
Basic Materials (4.70%) | ||||||||
Albemarle Corp. | 10,773 | $ | 609,429 | |||||
Ashland, Inc. | 6,113 | 780,141 | ||||||
Cabot Corp. | 6,690 | 301,853 | ||||||
Carpenter Technology Corp. | 4,953 | 209,809 | ||||||
Cliffs Natural Resources, Inc. | 14,676 | 100,384 | ||||||
Commercial Metals Co. | 12,146 | 182,797 | ||||||
Compass Minerals International | 3,460 | 313,718 | ||||||
Cytec Industries, Inc. | 6,904 | 362,667 | ||||||
Domtar Corp. | 6,701 | 302,885 | ||||||
Minerals Technologies, Inc. | 3,557 | 260,479 | ||||||
NewMarket Corp. | 1,020 | 480,522 | ||||||
Olin Corp. | 8,099 | 227,096 | ||||||
PolyOne Corp. | 8,709 | 346,096 | ||||||
Reliance Steel & Aluminum Co. | 7,479 | 426,378 | ||||||
Royal Gold, Inc. | 6,245 | 450,265 | ||||||
RPM International, Inc. | 12,787 | 646,382 | ||||||
Sensient Technologies Corp. | 4,970 | 316,142 | ||||||
Steel Dynamics, Inc. | 23,032 | 419,643 | ||||||
United States Steel Corp. | 13,937 | 333,791 | ||||||
Valspar Corp. | 7,303 | 632,805 | ||||||
Total Basic Materials | 7,703,282 | |||||||
Communications (4.84%) | ||||||||
AMC Networks, Inc.* | 5,664 | 407,921 | ||||||
AOL, Inc.* | 8,110 | 328,779 | ||||||
ARRIS Group, Inc.* | 12,621 | 370,805 | ||||||
Ciena Corp.* | 11,260 | 235,559 | ||||||
Equinix Inc. (c) | 5,250 | 1,176,919 | ||||||
FactSet Research Systems, Inc. | 3,719 | 578,490 | ||||||
Fortinet, Inc.* | 13,266 | 445,870 | ||||||
Graham Holdings Co. | 421 | 415,266 | ||||||
InterDigital, Inc. | 3,831 | 202,545 | ||||||
JDS Uniphase Corp.* | 23,714 | 326,542 | ||||||
John Wiley & Sons, Inc. | 4,836 | 312,696 | ||||||
Keysight Technologies, Inc.* | 16,046 | 602,367 | ||||||
Lamar Advertising Co. | 7,679 | 446,150 | ||||||
Meredith Corp. | 3,759 | 201,633 | ||||||
Neustar, Inc. - Class A* | 5,782 | 153,339 | ||||||
New York Times Co. | 14,132 | 197,707 | ||||||
Plantronics, Inc. | 4,417 | 222,793 | ||||||
Polycom, Inc.* | 14,123 | 195,180 | ||||||
Rackspace Hosting, Inc.* | 11,802 | 586,205 | ||||||
Telephone & Date Systems, Inc. | 10,202 | 259,539 | ||||||
Time, Inc. | 11,230 | 266,151 | ||||||
Total Communications | 7,932,456 | |||||||
Consumer, Cyclical (13.96%) | ||||||||
Abercrombie & Fitch Co. | 7,357 | 182,012 | ||||||
Advanced Auto Parts, Inc. (c) | 6,993 | 1,083,425 | ||||||
Alaska Air Group, Inc. | 12,604 | 802,245 | ||||||
American Eagle Outfitters, Inc. | 18,564 | 277,903 | ||||||
ANN, Inc.* | 4,715 | 169,316 | ||||||
Arrow Electronics, Inc.* | 9,599 | 594,754 | ||||||
Ascena Retail Group, Inc.* | 13,851 | 185,603 | ||||||
Big Lots, Inc. | 5,120 | 244,275 | ||||||
Brinker International, Inc. | 6,088 | 361,992 | ||||||
Brunswick Corp. | 8,905 | $ | 483,007 | |||||
Cabela's, Inc.- Cl A* | 4,908 | 267,192 | ||||||
Carter's, Inc. | 5,068 | 449,886 | ||||||
Cheesecake Factory, Inc. | 4,749 | 225,672 | ||||||
Chico's FAS, Inc. | 15,751 | 287,141 | ||||||
Church & Dwight Co. Inc. (c) | 12,816 | 1,091,154 | ||||||
Cinemark Holdings, Inc. | 9,976 | 406,223 | ||||||
Copart, Inc.* | 10,892 | 407,579 | ||||||
CST Brands, Inc. | 6,833 | 284,458 | ||||||
Dana Holding Corp. | 16,229 | 354,604 | ||||||
Deckers Outdoor Corp.* | 3,569 | 264,963 | ||||||
Dick's Sporting Goods, Inc. | 9,398 | 508,338 | ||||||
Domino's Pizza, Inc. | 5,269 | 534,962 | ||||||
Dreamworks Animation SKG, Inc. Cl A* | 7,419 | 158,841 | ||||||
Foot Locker, Inc. | 14,074 | 790,537 | ||||||
Guess? Inc. | 6,504 | 117,787 | ||||||
Hanesbrands, Inc. | 9,894 | 1,261,881 | ||||||
Herman Miller, Inc. | 6,124 | 189,660 | ||||||
HNI Corp. | 4,649 | 237,099 | ||||||
HSN, Inc. | 3,343 | 225,887 | ||||||
Ingram Micro, Inc.* | 14,938 | 369,118 | ||||||
International Game Technology | 23,701 | 422,826 | ||||||
International Speedway Corp. Class A | 2,678 | 83,098 | ||||||
JC Penney Co. Inc.* | 31,426 | 267,121 | ||||||
JetBlue Airways Corp.* | 23,748 | 408,228 | ||||||
Kate Spade & Co.* | 12,177 | 419,498 | ||||||
KB Home | 8,723 | 121,686 | ||||||
Life Time Fitness, Inc.* | 3,708 | 214,322 | ||||||
LKQ Corp.* | 29,031 | 713,437 | ||||||
MDC Holdings, Inc. | 3,741 | 101,680 | ||||||
MSC Industrial Direct Co. Inc. | 4,839 | 353,199 | ||||||
NVR, Inc.* | 385 | 512,820 | ||||||
Office Depot, Inc.* | 46,441 | 435,152 | ||||||
Oshkosh Corp. | 7,645 | 373,000 | ||||||
Owens & Minor, Inc. | 6,501 | 231,826 | ||||||
Panera Bread Co.* | 2,454 | 396,149 | ||||||
Polaris Industries, Inc. | 5,852 | 897,287 | ||||||
Signet Jewelers Ltd. | 7,681 | 920,798 | ||||||
Tempur Sealy International, Inc.* | 6,278 | 361,048 | ||||||
Thor Industries, Inc. | 4,449 | 274,325 | ||||||
Toll Brothers, Inc.* | 15,510 | 594,188 | ||||||
Vista Outdoor, Inc.* | 6,584 | 287,457 | ||||||
Watsco, Inc. | 2,811 | 329,562 | ||||||
Wendy's Co. | 28,361 | 314,523 | ||||||
Williams Sonoma, Inc. | 8,204 | 660,012 | ||||||
World Fuel Services Corp. | 6,903 | 377,939 | ||||||
Total Consumer, Cyclical | 22,888,695 | |||||||
Consumer, Non-Cyclical (17.60%) | ||||||||
Aaron's Inc. | 6,634 | 197,760 | ||||||
Align Technology, Inc.* | 6,922 | 396,977 | ||||||
Akorn, Inc.* | 7,128 | 383,558 | ||||||
Apollo Education Group, Inc. Class A* | 10,066 | 278,325 | ||||||
Aqua America, Inc. | 16,922 | 447,418 | ||||||
Bio-Rad Laboratories, Inc.* | 2,113 | 268,731 | ||||||
Boston Beer Co. Inc.* | 851 | 227,728 | ||||||
CDK Global, Inc. | 15,388 | 720,620 | ||||||
Centene Corp.* | 11,241 | 690,872 | ||||||
Charles River Laboratories* | 4,812 | $ | 368,936 | |||||
Community Health Systems, Inc.* | 11,140 | 540,513 | ||||||
Convergys Corp. | 10,423 | 232,954 | ||||||
Cooper Cos, Inc. | 4,782 | 784,105 | ||||||
CoreLogic, Inc.* | 8,597 | 286,624 | ||||||
Corporate Executive Board Co. | 3,477 | 271,936 | ||||||
Dean Foods Co. | 9,667 | 155,832 | ||||||
Deluxe Corp. | 5,133 | 341,601 | ||||||
DeVry Education Group, Inc. | 5,910 | 216,011 | ||||||
Flowers Foods, Inc. | 17,698 | 382,985 | ||||||
FTI Consulting, Inc.* | 4,461 | 164,477 | ||||||
Gartner, Inc.* | 8,719 | 724,636 | ||||||
Global Payments, Inc. | 6,479 | 595,161 | ||||||
Hain Celestial Group, Inc.* | 9,668 | 604,540 | ||||||
Halyard Health, Inc.* | 4,818 | 221,821 | ||||||
Health Net, Inc.* | 7,718 | 442,627 | ||||||
Henry Schein, Inc.* (c) | 8,068 | 1,129,921 | ||||||
Hill-Rom Holdings, Inc. | 5,915 | 283,447 | ||||||
HMS Holdings Corp.* | 9,043 | 158,614 | ||||||
Hologic, Inc.* | 24,014 | 777,573 | ||||||
IDEXX Laboratories, Inc.* | 4,568 | 716,399 | ||||||
Ingredion, Inc. | 6,884 | 565,934 | ||||||
Jarden Corp.* | 17,140 | 909,620 | ||||||
Laboratory Corp of America Holdings* | - | 57 | ||||||
Lancaster Colony Corp. | 2,001 | 182,891 | ||||||
Leidos Holdings, Inc. | 6,411 | 288,623 | ||||||
Lifepoint Hospitals, Inc.* | 4,653 | 334,830 | ||||||
Live Nation Entertainment, Inc.* | 13,841 | 354,191 | ||||||
Manpowergroup, Inc. | 7,581 | 609,967 | ||||||
MEDNAX, Inc.* | 9,620 | 687,541 | ||||||
Omnicare, Inc. | 9,377 | 719,591 | ||||||
Post Holdings, Inc.* | 4,823 | 238,642 | ||||||
Rent-A-Center, Inc. | 5,448 | 150,365 | ||||||
ResMed, Inc. | 13,359 | 859,785 | ||||||
Rollins, Inc. | 6,611 | 221,733 | ||||||
RR Donnelley & Sons Co. | 20,054 | 382,430 | ||||||
Salix Pharmaceuticals Ltd.* | 6,104 | 959,549 | ||||||
Scotts Miracle-Gro Co. | 4,332 | 283,789 | ||||||
SEI Investments Co. | 12,496 | 537,828 | ||||||
Services Corp International | 19,892 | 494,316 | ||||||
Sirona Dental Systems, Inc.* | 5,304 | 481,709 | ||||||
Sotheby's | 6,329 | 278,160 | ||||||
STERIS Corp. | 5,692 | 367,248 | ||||||
SUPERVALU, Inc.* | 22,173 | 219,069 | ||||||
Techne Corp. | 3,629 | 353,936 | ||||||
Teleflex, Inc. | 3,967 | 482,744 | ||||||
Thoratec Corp.* | 5,804 | 236,339 | ||||||
Tootsie Roll Industries, Inc. | 1,911 | 63,025 | ||||||
Towers Watson & Co. | 6,700 | 881,050 | ||||||
Treehouse Foods, Inc.* | 4,336 | 362,316 | ||||||
Tupperware Brands Corp. | 4,825 | 344,505 | ||||||
United Natural Foods, Inc.* | 4,779 | 396,848 | ||||||
United Therapeutics Corp.* | 4,551 | 705,633 | ||||||
VCA, Inc.* | 8,059 | 429,384 | ||||||
WellCare Health Plans, Inc.* | 4,206 | 381,947 | ||||||
WEX, Inc.* | 3,714 | 397,361 | ||||||
WhiteWave Foods Co.* | 16,703 | 683,988 | ||||||
Total Consumer, Non-Cyclical | 28,859,646 |
See accompanying notes to financial statements.
16
S&P MidCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Energy (3.55%) | ||||||||
Atwood Oeanics, Inc. | 6,341 | $ | 196,634 | |||||
Dresser-Rand Group, Inc.* | 7,343 | 597,647 | ||||||
Dril-Quip, Inc.* | 4,000 | 290,640 | ||||||
Energen Corp. | 7,013 | 453,320 | ||||||
Helix Energy Solutions Group* | 10,118 | 156,222 | ||||||
HollyFrontier Corp. (c) | 18,752 | 824,900 | ||||||
Murphy USA, Inc.* | 4,431 | 314,557 | ||||||
NOW, Inc.* | 11,036 | 234,515 | ||||||
Oceaneering International, Inc. | 10,060 | 548,572 | ||||||
Oil States International, Inc.* | 5,094 | 221,487 | ||||||
Patterson-UTI Energy, Inc. | 15,065 | 281,490 | ||||||
Rosetta Resources, Inc.* | 5,890 | 104,430 | ||||||
Rowan Cos PLC | 12,835 | 277,364 | ||||||
SM Energy Co. | 6,457 | 313,294 | ||||||
Superior Energy Services, Inc. | 14,578 | 326,256 | ||||||
Unit Corp.* | 4,812 | 146,958 | ||||||
Western Refining, Inc. | 6,991 | 329,276 | ||||||
WPX Energy, Inc.* | 19,483 | 210,027 | ||||||
Total Energy | 5,827,589 | |||||||
Financial (22.15%) | ||||||||
Alexander & Baldwin, Inc. | 4,846 | 195,924 | ||||||
Alexandria Real Estate Equities | 6,898 | 661,587 | ||||||
Alleghany Corp.* | 1,595 | 753,701 | ||||||
American Campus Communities | 10,070 | 415,589 | ||||||
American Financial Group, Inc. | 7,071 | 445,473 | ||||||
Arthur J Gallagher & Co. | 15,460 | 726,465 | ||||||
Aspen Insurance Holdings Ltd. | 5,962 | 273,358 | ||||||
Associated Banc-Corp | 15,965 | 297,588 | ||||||
BancorpSouth, Inc. | 8,709 | 194,995 | ||||||
Bank of Hawaii Corp. | 4,563 | 274,966 | ||||||
BioMed Realty Trust, Inc. | 18,915 | 420,670 | ||||||
Brown & Brown, Inc. | 11,293 | 362,957 | ||||||
Camden Property Trust | 8,277 | 602,483 | ||||||
Cathay General Bancorp | 7,638 | 197,290 | ||||||
CBOE Holdings, Inc. | 8,085 | 485,343 | ||||||
City National Corp. | 4,593 | 415,069 | ||||||
Commerce Bancshares, Inc. | 8,427 | 349,889 | ||||||
Corporate Office Properties | 8,366 | 245,960 | ||||||
Corrections Corp. Of America | 11,158 | 445,093 | ||||||
Cullen/Frost Bankers, Inc. | 5,255 | 356,289 | ||||||
Duke Realty Corp. | 32,737 | 699,262 | ||||||
East West Bancorp, Inc. | 13,752 | 549,392 | ||||||
Equity One, Inc. | 6,724 | 180,069 | ||||||
Eaton Vance Corp. | 11,329 | 476,951 | ||||||
Everest Re Group Ltd. | 4,481 | 795,064 | ||||||
Extra Space Storage, Inc. | 10,587 | 696,413 | ||||||
Federal Realty Invstment Trust | 6,527 | 927,030 | ||||||
Federated Investors, Inc. Class B | 9,840 | 324,031 | ||||||
First American Financial Corp. | 10,276 | 359,968 | ||||||
First Horizon National Corp. | 22,537 | 322,054 | ||||||
First Niagara Financial Group | 36,488 | 323,284 | ||||||
FirstMerit Corp. | 17,046 | 309,385 | ||||||
Fulton Financial Corp. | 19,359 | 234,244 | ||||||
Hancock Holding Co. | 8,439 | 247,010 | ||||||
Hanover Insurance Group, Inc. | 4,542 | $ | 319,030 | |||||
HCC Insurance Holdings, Inc. | 9,273 | 518,175 | ||||||
Highwoods Properties, Inc. | 8,743 | 398,768 | ||||||
Home Properties, Inc. | 5,450 | 363,897 | ||||||
Hospitality Properties Trust | 14,360 | 442,432 | ||||||
International Bancshares Corp. | 5,988 | 148,263 | ||||||
Janus Capital Group, Inc. | 15,310 | 252,309 | ||||||
Jones Lang LaSalle, Inc. | 4,294 | 692,408 | ||||||
Kemper Corp. | 5,158 | 189,814 | ||||||
Kilroy Realty Corp. | 8,334 | 616,466 | ||||||
LaSalle Hotel Properties | 10,698 | 416,366 | ||||||
Liberty Property Trust | 14,231 | 529,678 | ||||||
Mack-Cali Realty Corp. | 8,623 | 162,199 | ||||||
Mercury General Corp. | 3,740 | 203,942 | ||||||
Mid-America Apartment Comm, Inc. | 7,209 | 522,436 | ||||||
National Retail Properties, Inc. | 12,882 | 518,372 | ||||||
New York Community Bancorp, Inc. | 42,406 | 704,364 | ||||||
Old Republic Intl Corp. | 23,244 | 352,379 | ||||||
Omega Healthcare Investors, Inc. | 12,220 | 489,533 | ||||||
PacWest Bancorp | 9,275 | 425,120 | ||||||
Potlatch Corp. | 4,184 | 167,067 | ||||||
Primerica, Inc. | 5,087 | 268,288 | ||||||
Prosperity Bancshares, Inc. | 6,183 | 319,847 | ||||||
Raymond James Financial, Inc. | 12,069 | 689,502 | ||||||
Rayonier, Inc. | 13,045 | 357,563 | ||||||
Realty Income Corp. | 21,333 | 1,067,930 | ||||||
Regency Centers Corp. | 8,933 | 586,273 | ||||||
Reinsurance Group of America | 6,581 | 587,749 | ||||||
RenaissanceRE Holdings Ltd. | 3,920 | 401,918 | ||||||
SLM Corp. | 40,540 | 383,914 | ||||||
Senior Housing Prop Trust | 21,006 | 469,484 | ||||||
Signature Bank* | 4,820 | 594,547 | ||||||
SL Green Realty Corp. (c) | 9,246 | 1,173,591 | ||||||
StanCorp Financial Group, Inc. | 4,027 | 266,426 | ||||||
Stifel Financial Corp.* | 6,324 | 346,365 | ||||||
SVB Financial Group* | 4,916 | 604,176 | ||||||
Synovus Financial Corp. | 12,752 | 356,928 | ||||||
Tanger Factory Outlet Center, Inc. | 9,884 | 350,388 | ||||||
Taubman Centers, Inc. | 6,066 | 438,814 | ||||||
TCF Financial Corp. | 16,020 | 251,354 | ||||||
Trustmark Corp. | 6,874 | 158,446 | ||||||
UDR, Inc. | 24,450 | 780,933 | ||||||
Umpqua Holdings Corp. | 22,396 | 370,430 | ||||||
Urban Edge Properties* | 8,363 | 200,210 | ||||||
Valley National Bancorp | 22,192 | 213,043 | ||||||
Waddell & Reed Financial, Inc. Class A | 8,010 | 396,175 | ||||||
Washington Federal, Inc. | 10,259 | 216,670 | ||||||
Washington Prime Group, Inc. | 15,996 | 277,211 | ||||||
Webster Financial Corp. | 9,305 | 321,302 | ||||||
Weingarten Realty Investors | 10,777 | 390,343 | ||||||
WR Berkley Corp. | 9,726 | 485,425 | ||||||
Total Financial | 36,323,109 | |||||||
Industrial (18.47%) | ||||||||
Acuity Brands, Inc | 4,154 | 658,326 | ||||||
AECOM Technology Corp.* | 14,194 | $ | 426,672 | |||||
AGCO Corp. | 8,018 | 398,815 | ||||||
AO Smith Corp. | 7,206 | 454,194 | ||||||
AptarGroup, Inc. | 6,201 | 408,460 | ||||||
Avnet, Inc. | 13,129 | 601,439 | ||||||
B/E Aerospace, Inc.* | 10,088 | 640,992 | ||||||
Belden, Inc. | 4,101 | 364,087 | ||||||
Bemis Co. Inc. | 9,568 | 466,918 | ||||||
Carlisle Cos, Inc. | 6,147 | 572,101 | ||||||
CLARCOR, Inc. | 4,802 | 316,020 | ||||||
Clean Harbors, Inc.* | 5,336 | 297,162 | ||||||
Cognex Corp.* | 8,942 | 399,618 | ||||||
Con-way, Inc. | 5,929 | 261,884 | ||||||
Crane Co. | 5,107 | 341,301 | ||||||
Donaldson Co. Inc. | 12,233 | 453,110 | ||||||
Eagle Materials, Inc. | 4,815 | 377,978 | ||||||
Energizer Holdings, Inc. | 5,949 | 796,155 | ||||||
Esterline Technologies Corp.* | 3,059 | 360,503 | ||||||
Exelis, Inc. | 17,891 | 432,962 | ||||||
FEI Co. | 3,980 | 314,380 | ||||||
Fortune Brands Home & Security, Inc. | 15,627 | 723,843 | ||||||
GATX Corp. | 4,618 | 287,471 | ||||||
Genesee & Wyoming, Inc.* | 4,903 | 505,499 | ||||||
Gentex Corp. | 28,049 | 494,223 | ||||||
Graco, Inc. | 5,697 | 431,719 | ||||||
Granite Construction, Inc. | 3,874 | 128,307 | ||||||
Greif, Inc. CL A | 3,373 | 148,412 | ||||||
Harsco Corp. | 8,829 | 145,590 | ||||||
Hubbell, Inc. | 5,204 | 592,215 | ||||||
Huntington Ingalls Industries | 4,626 | 653,793 | ||||||
IDEX Corp. | 7,606 | 587,640 | ||||||
Itron, Inc.* | 4,045 | 147,562 | ||||||
ITT Corp. | 8,775 | 360,389 | ||||||
Jabil Circuit, Inc. | 19,156 | 420,857 | ||||||
JB Hunt Transport Services, Inc. | 8,866 | 758,043 | ||||||
KBR, Inc. | 14,971 | 243,878 | ||||||
Kennametal, Inc. | 8,111 | 283,885 | ||||||
Kirby Corp.* | 5,466 | 421,319 | ||||||
KLX, Inc.* | 5,391 | 215,317 | ||||||
Knowles Corp.* | 8,766 | 167,869 | ||||||
Landstar Systems, Inc. | 4,607 | 323,504 | ||||||
Lennox International, Inc. | 4,234 | 441,437 | ||||||
Lincoln Electric Holdings, Inc. | 7,694 | 531,194 | ||||||
Louisiana-Pacific Corp.* | 14,578 | 245,348 | ||||||
MSA Safety, Inc. | 3,239 | 163,829 | ||||||
Mettler Toledo International* | 2,734 | 858,941 | ||||||
National Instruments Corp. | 10,469 | 326,005 | ||||||
Nordson Corp. | 5,621 | 432,424 | ||||||
OLD Dominion Freight Line, Inc.* | 6,521 | 509,421 | ||||||
Orbital ATK, Inc. | 5,677 | 376,272 | ||||||
Packaging Corp of America | 9,425 | 780,956 | ||||||
Regal-Beloit Corp. | 4,281 | 333,661 | ||||||
Rock-Tenn Co. | 13,417 | 920,937 | ||||||
Silgan Holdings, Inc. | 4,510 | 258,919 | ||||||
Sonoco Products Co. | 9,701 | 454,298 | ||||||
SPX Corp. | 3,934 | 350,637 | ||||||
Tech Data Corp.* | 3,943 | 234,609 | ||||||
Teledyne Technologies, Inc.* | 3,502 | 353,107 | ||||||
Terex Corp. | 11,360 | 311,378 | ||||||
Tidewater, Inc. | 5,125 | 144,525 |
See accompanying notes to financial statements.
17
S&P MidCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Timken Co. | 7,137 | $ | 303,180 | |||||
TimkenSteel Corp. | 3,672 | 110,380 | ||||||
Trimble Nagivation Ltd.* (c) | 25,655 | 670,622 | ||||||
Trinity Industries, Inc. | 14,910 | 501,274 | ||||||
Triumph Group, Inc. | 5,301 | 316,947 | ||||||
Valmont Industries, Inc. | 2,476 | 308,633 | ||||||
Vishay Intertechnology, Inc. | 13,984 | 199,132 | ||||||
Wabtec Corp. | 9,221 | 874,981 | ||||||
Waste Connections, Inc. | 11,891 | 558,520 | ||||||
Werner Enterprises, Inc. | 4,592 | 147,265 | ||||||
Woodward, Inc. | 6,008 | 291,688 | ||||||
Worthington Industries, Inc. | 5,239 | 141,453 | ||||||
Zebra Technologies Corp. Class A* | 4,878 | 444,142 | ||||||
Total Industrial | 30,280,527 | |||||||
Technology (10.12%) | ||||||||
3D Systems Corp.* | 10,015 | 305,157 | ||||||
ACI Worldwide, Inc.* | 11,760 | 233,436 | ||||||
Acxiom Corp.* | 8,198 | 163,960 | ||||||
Advanced Micro Devices, Inc.* | 67,000 | 208,370 | ||||||
Advent Software, Inc. | 4,259 | 188,120 | ||||||
Allscripts Healthcare Solution* | 17,459 | 209,595 | ||||||
ANSYS, Inc.* | 9,103 | 782,585 | ||||||
Atmel Corp.* | 43,147 | 359,846 | ||||||
Broadridge Financial Solutions, Inc. | 11,497 | 611,985 | ||||||
Cadence Design System, Inc.* | 28,043 | 514,729 | ||||||
CommVault Systems, Inc.* | 4,391 | 211,954 | ||||||
Cree, Inc.* | 11,057 | 434,098 | ||||||
Cypress Semiconductor Corp. | 15,104 | 222,784 | ||||||
Diebold, Inc. | 6,660 | 237,762 | ||||||
DST Systems, Inc. | 2,807 | 298,356 | ||||||
Fair Isaac Corp. | 3,314 | 282,088 | ||||||
Fairchild Semiconductor Int'l Class A* | 12,384 | 215,977 | ||||||
Informatica Corp.* | 10,411 | 447,100 | ||||||
Integrated Device Technology* | 15,339 | 316,597 | ||||||
Intersil Corp. | 13,351 | 208,142 | ||||||
IPG Photonics Corp.* | 3,654 | 350,419 | ||||||
Jack Henry & Associates, Inc. | 7,834 | 513,127 | ||||||
Lexmark International, Inc. | 6,419 | 273,835 | ||||||
Mentor Graphics Corp. | 9,961 | 233,685 | ||||||
MSCI, Inc. A | 10,732 | 602,173 | ||||||
NCR Corp.* | 16,133 | 474,472 | ||||||
PTC, Inc.* | 11,112 | 385,086 | ||||||
Qorvo, Inc.* | 13,977 | 970,004 | ||||||
Riverbed Technology, Inc.* | 14,859 | 311,147 | ||||||
Rovi Corp.* | 9,765 | 242,953 | ||||||
Science Applications Intl Corp. | 4,168 | 227,906 | ||||||
Semtech Corp.* | 6,943 | 200,861 | ||||||
Silicon Laboratories, Inc.* | 3,776 | 191,217 | ||||||
Skyworks Soulutions, Inc. (c) | 18,265 | 1,602,753 | ||||||
SolarWinds, Inc.* | 6,762 | 343,036 | ||||||
Solera Holdings, Inc. | 6,536 | 364,317 | ||||||
SunEdison, Inc.* | 24,142 | 534,504 | ||||||
Synopsys, Inc.* | 14,928 | 692,808 | ||||||
Teradyne, Inc. | 20,500 | 396,060 | ||||||
Tyler Technologies, Inc.* | 3,386 | 404,187 | ||||||
Ultimate Software Group, Inc.* | 2,718 | 447,505 | ||||||
VeriFone Systems, Inc.* | 10,831 | $ | 381,143 | |||||
Total Technology | 16,595,839 | |||||||
Utilities (4.46%) | ||||||||
Alliant Energy Corp. | 10,627 | 675,877 | ||||||
Atmos Energy Corp. | 9,617 | 510,086 | ||||||
Black Hills Corp. | 4,587 | 233,157 | ||||||
California Resources Corp.* | 32,149 | 230,187 | ||||||
Cleco Corp. | 6,224 | 338,772 | ||||||
Great Plains Energy, Inc. | 14,740 | 392,231 | ||||||
Hawaiian Electric Industries | 9,825 | 324,716 | ||||||
IDACORP Inc. | 5,182 | 324,497 | ||||||
MDU Resources Group, Inc. | 18,596 | 414,691 | ||||||
National Fuel Gas Co. | 8,065 | 519,467 | ||||||
OGE Energy Corp. | 19,095 | 620,778 | ||||||
ONE Gas, Inc. | 5,500 | 228,855 | ||||||
Peabody Energy Corp. | 27,985 | 221,082 | ||||||
PNM Resources, Inc. | 8,211 | 234,424 | ||||||
Questar Corp. | 16,790 | 392,550 | ||||||
UGI Corp. | 16,518 | 561,447 | ||||||
Vectren Corp. | 7,907 | 353,048 | ||||||
Westar Energy, Inc. | 12,525 | 486,596 | ||||||
WGL Holdings, Inc. | 4,762 | 254,053 | ||||||
Total Utilities | 7,316,514 | |||||||
Total Common Stock (Cost $91,264,032) | 163,727,657 | |||||||
Total Investments (Cost $91,264,032) (a) (99.86%) | 163,727,657 | |||||||
Other Net Assets (0.14%) | 233,224 | |||||||
Net Assets (100.00%) | $ | 163,960,881 |
* | Non-income producing security. |
(a) | Aggregate cost for federal income tax purpose is $91,494,415. |
At February 28, 2015, unrealized appreciation (depreciation) of securities is as follows:
Unrealized appreciation | $ | 73,640,295 | ||
Unrealized depreciation | (1,407,053 | ) | ||
Net unrealized appreciation | $ | 72,233,242 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
(b) | Futures contracts at February 28, 2015: |
Contracts - $100 times premium / delivery month / commitment / exchange
S&P MidCap E-MINI | Notional Value | Unrealized Appreciation | ||||||
1 / MAR 2015 / Long / CME | $ | 150,460 | $ | (1,060 | ) |
(c) | A portion of these shares have been pledged in connection with obligations for futures contracts. |
See accompanying notes to financial statements.
18
S&P SmallCap Index Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (99.39%) | ||||||||
Basic Materials (4.10%) | ||||||||
AK Steel Holding Corp.* | 10,905 | $ | 48,200 | |||||
Aceto Corp. | 2,128 | 45,560 | ||||||
American Vanguard Corp. COM | 1,690 | 19,046 | ||||||
Balchem Corp. | 2,418 | 142,469 | ||||||
Century Aluminum Co.* | 4,083 | 77,455 | ||||||
Clearwater Paper Corp.* | 1,654 | 100,993 | ||||||
Deltic Timber Corp. | 890 | 58,900 | ||||||
Globe Specialty Metals, Inc. | 5,105 | 84,998 | ||||||
Hawkins, Inc. | 618 | 24,096 | ||||||
HB Fuller Co. | 3,993 | 178,487 | ||||||
Innophos Holdings, Inc. | 1,783 | 100,080 | ||||||
Kaiser Aluminum Corp. | 1,409 | 106,450 | ||||||
KapStone Paper and Packaging Corp. | 6,415 | 221,061 | ||||||
Kraton Performance Polymers, Inc.* | 2,597 | 52,407 | ||||||
Materion Corp. | 1,549 | 56,724 | ||||||
Neenah Paper, Inc. | 1,306 | 78,909 | ||||||
OM Group, Inc. | 2,552 | 73,472 | ||||||
PH Glatfelter Co. | 3,442 | 84,329 | ||||||
Quaker Chemical Corp. | 1,053 | 85,483 | ||||||
A Schulman, Inc. | 2,273 | 96,784 | ||||||
Schweitzer-Mauduit Internation, Inc. | 2,492 | 116,675 | ||||||
Stepan Co. | 1,428 | 58,662 | ||||||
Stillwater Mining Co.* | 9,544 | 138,388 | ||||||
US Silica Holdings, Inc. | 4,272 | 138,456 | ||||||
Wausau Paper Corp. | 3,969 | 37,269 | ||||||
Zep, Inc. | 1,706 | 28,371 | ||||||
Total Basic Materials | 2,253,724 | |||||||
Communications (3.40%) | ||||||||
Anixter International, Inc.* | 2,129 | 167,957 | ||||||
Atlantic Tele-Network, Inc. | 792 | 54,513 | ||||||
Black Box Corp. | 1,103 | 24,255 | ||||||
Blucora, Inc.* | 3,365 | 49,869 | ||||||
CalAmp Corp.* | 2,670 | 51,131 | ||||||
Cincinnati Bell, Inc.* | 16,654 | 55,791 | ||||||
ComScore, Inc.* | 2,564 | 132,277 | ||||||
Comtech Telecommunications Corp. | 1,983 | 70,872 | ||||||
Dice Holdings, Inc.* | 3,715 | 32,543 | ||||||
8X8, Inc.* | 6,124 | 45,379 | ||||||
EW Scripps Co./The* | 2,319 | 53,476 | ||||||
FTD Cos, Inc.* | 1,338 | 46,562 | ||||||
General Communication, Inc.* | 2,942 | 40,806 | ||||||
Harmonic, Inc.* | 8,338 | 65,120 | ||||||
Harte-Hanks, Inc. | 3,096 | 23,994 | ||||||
HealthStream, Inc.* | 1,640 | 42,443 | ||||||
Ixia* | 4,496 | 51,164 | ||||||
Liquidity Services, Inc.* | 1,721 | 17,003 | ||||||
LogMeIn, Inc.* | 1,815 | 95,651 | ||||||
Lumos Networks Corp. | 1,433 | 24,676 | ||||||
NETGEAR, Inc.* | 2,909 | 93,786 | ||||||
NIC, Inc. | 4,493 | 78,628 | ||||||
NTELOS Holdings Corp. | 906 | 4,095 | ||||||
Perficient, Inc.* | 2,489 | 49,481 | ||||||
Procera Networks, Inc.* | 1,380 | 12,806 | ||||||
QuinStreet, Inc.* | 1,826 | 12,252 | ||||||
Scholastic Corp. | 1,985 | $ | 73,465 | |||||
Sizmek, Inc.* | 1,808 | 14,283 | ||||||
Spok Holdings, Inc. | 1,400 | 26,026 | ||||||
Stamps.com, Inc.* | 1,100 | 61,666 | ||||||
Vasco Data Security International, Inc.* | 2,046 | 52,419 | ||||||
ViaSat, Inc.* (c) | 3,352 | 219,021 | ||||||
XO Group, Inc.* | 1,600 | 24,832 | ||||||
Total Communications | 1,868,242 | |||||||
Consumer, Cyclical (16.18%) | ||||||||
Allegiant Travel Co. | 1,121 | 205,838 | ||||||
American Woodmark Corp.* | 923 | 48,605 | ||||||
Arctic Cat, Inc. | 1,013 | 36,934 | ||||||
Barnes & Noble, Inc.* | 2,792 | 69,521 | ||||||
Big 5 Sporting Goods Corp. | 1,300 | 16,614 | ||||||
Biglari Holdings, Inc.* | 103 | 44,827 | ||||||
BJ's Restaurants, Inc.* | 1,990 | 103,918 | ||||||
Blue Nile, Inc.* | 1,051 | 31,509 | ||||||
Boyd Gaming Corp.* | 6,021 | 83,150 | ||||||
Brown Shoe Co. Inc. | 3,087 | 92,610 | ||||||
Buckle Inc./The | 2,109 | 106,083 | ||||||
Buffalo Wild Wings, Inc.* (c) | 1,500 | 286,680 | ||||||
Callaway Golf Co. | 6,171 | 55,477 | ||||||
Casey's General Stores, Inc. (c) | 3,031 | 265,970 | ||||||
Cash America International, Inc. | 2,136 | 46,095 | ||||||
Cato Corp. | 2,147 | 95,198 | ||||||
Children's Place, Inc. | 1,875 | 106,856 | ||||||
Christopher & Banks Corp.* | 2,906 | 14,530 | ||||||
Cracker Barrel Old Country Store, Inc. | 1,900 | 286,957 | ||||||
Daktronics, Inc. | 2,848 | 29,135 | ||||||
DTS, Inc.* | 1,151 | 33,920 | ||||||
DineEquity, Inc. | 1,291 | 140,112 | ||||||
Dorman Products, Inc.* | 2,417 | 106,614 | ||||||
Ethan Allen Interiors, Inc. | 1,913 | 51,326 | ||||||
Ezcorp, Inc.* | 4,078 | 42,574 | ||||||
First Cash Financial Services, Inc.* | 2,306 | 111,011 | ||||||
Francesca's Holdings Corp.* | 3,184 | 47,728 | ||||||
Fred's, Inc. | 2,610 | 48,755 | ||||||
G & K Services, Inc. | 1,592 | 114,608 | ||||||
G-III Apparel Group Ltd.* | 1,270 | 133,642 | ||||||
Genesco, Inc.* | 1,901 | 139,590 | ||||||
Group 1 Automotive, Inc. | 1,718 | 139,742 | ||||||
Haverty Furniture Cos, Inc. | 1,506 | 34,713 | ||||||
Hibbett Sports, Inc.* | 2,017 | 98,651 | ||||||
Hilltop Holdings, Inc.* | 444 | 8,258 | ||||||
Iconix Brand Group, Inc.* | 5,255 | 177,461 | ||||||
Interface, Inc. | 4,469 | 90,229 | ||||||
Interval Leisure Group, Inc. | 2,925 | 78,975 | ||||||
iRobot Corp.* | 2,156 | 70,825 | ||||||
Jack In The Box, Inc. | 3,444 | 332,999 | ||||||
JAKKS Pacific, Inc.* | 1,604 | 10,683 | ||||||
Kirkland's, Inc.* | 1,134 | 26,955 | ||||||
La-Z-Boy, Inc. | 4,175 | 104,166 | ||||||
Lithia Motors, Inc. | 1,798 | 169,839 | ||||||
Lumber Liquidators Holdings, Inc.* | 2,192 | 113,677 | ||||||
M/I Homes, Inc.* | 1,832 | 39,883 | ||||||
Marcus Corp. | 1,435 | 27,968 | ||||||
MarineMax, Inc.* | 1,746 | 44,261 | ||||||
Marriott Vacations Worldwide Corp. | 2,289 | $ | 174,101 | |||||
Mens Wearhouse, Inc. | 3,812 | 191,324 | ||||||
Meritage Homes Corp.* | 2,930 | 130,414 | ||||||
Monarch Casino & Resort, Inc.* | 600 | 10,920 | ||||||
Movado Group, Inc. | 1,360 | 34,938 | ||||||
Oxford Industries, Inc. | 1,152 | 63,395 | ||||||
Papa John's International, Inc. | 2,528 | 156,332 | ||||||
Pep Boys-Manny Moe & Jack* | 3,995 | 35,476 | ||||||
Perry Ellis International, Inc.* | 700 | 16,520 | ||||||
PetMed Express, Inc. | 1,300 | 20,007 | ||||||
Pinnacle Entertainment, Inc.* | 4,723 | 121,570 | ||||||
Pool Corp. | 3,525 | 243,824 | ||||||
Quiksilver, Inc.* | 9,389 | 19,717 | ||||||
Red Robin Gourmet Burgers, Inc.* | 1,127 | 94,071 | ||||||
Regis Corp.* | 3,353 | 53,782 | ||||||
Ruby Tuesday, Inc.* | 4,509 | 29,669 | ||||||
Ruth's Hospitality Group, Inc. | 2,518 | 38,425 | ||||||
Ryland Group, Inc. | 3,717 | 169,124 | ||||||
ScanSource, Inc.* | 2,274 | 82,683 | ||||||
Scientific Games Corp.* | 3,874 | 52,338 | ||||||
Select Comfort Corp.* | 4,369 | 140,245 | ||||||
Sketchers USA, Inc. - Cl A* | 3,163 | 215,527 | ||||||
SkyWest, Inc. | 4,099 | 59,927 | ||||||
Sonic Automotive, Inc. | 2,552 | 63,111 | ||||||
Sonic Corp. | 4,191 | 133,232 | ||||||
Spartan Motors, Inc. | 1,900 | 9,462 | ||||||
Stage Stores, Inc. | 2,706 | 57,963 | ||||||
Standard Motor Products, Inc. | 1,648 | 69,084 | ||||||
Standard Pacific Corp.* | 11,967 | 104,592 | ||||||
Stein Mart, Inc. | 2,099 | 34,508 | ||||||
Steven Madden Ltd.* | 4,639 | 169,370 | ||||||
Superior Industries International, Inc. | 1,678 | 32,587 | ||||||
Texas Roadhouse, Inc. - Cl A | 4,745 | 178,602 | ||||||
Finish Line, Inc./The | 3,854 | 94,346 | ||||||
Titan International, Inc. | 4,028 | 40,199 | ||||||
Toro Co. (c) | 4,500 | 304,425 | ||||||
Tuesday Morning Corp.* | 2,971 | 56,390 | ||||||
UniFirst Corp./MA | 1,214 | 144,260 | ||||||
United Stationers, Inc. | 3,342 | 134,983 | ||||||
Universal Electronics, Inc.* | 1,149 | 64,930 | ||||||
Vitamin Shoppe, Inc.* | 2,435 | 103,244 | ||||||
VOXX International Corp.* | 1,050 | 9,030 | ||||||
Winnebago Industries, Inc. | 2,101 | 48,764 | ||||||
Wolverine World Wide, Inc. | 8,043 | 245,794 | ||||||
Zumiez, Inc.* | 1,661 | 64,480 | ||||||
Total Consumer, Cyclical | 8,883,357 | |||||||
Consumer, Non-Cyclical (18.96%) | ||||||||
Abaxis, Inc. | 1,625 | 98,995 | ||||||
ABIOMED, Inc.* | 2,827 | 171,853 | ||||||
ABM Industries, Inc. | 4,145 | 128,868 | ||||||
Albany Molecular Research, Inc.* | 1,488 | 24,135 | ||||||
Acorda Therapeutics, Inc.* | 3,296 | 111,537 | ||||||
Affymetrix, Inc.* | 5,782 | 67,649 | ||||||
Air Methods Corp.* | 2,808 | 148,796 | ||||||
Akorn, Inc.* | 5,721 | 307,847 | ||||||
Alliance One International, Inc.* | 4,676 | 4,442 | ||||||
Almost Family, Inc.* | 422 | 15,032 |
See accompanying notes to financial statements.
19
S&P SmallCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Amedisys, Inc.* | 2,589 | $ | 78,110 | |||||
American Public Education, Inc.* | 1,343 | 43,513 | ||||||
American States Water Co. | 3,091 | 124,042 | ||||||
AMN Healthcare Services, Inc.* | 3,698 | 83,427 | ||||||
Amsurg Corp.* | 2,591 | 155,719 | ||||||
Analogic Corp. | 900 | 77,994 | ||||||
Andersons, Inc. | 2,002 | 88,629 | ||||||
Anika Therapeutics, Inc.* | 871 | 34,770 | ||||||
B&G Foods, Inc. | 4,280 | 122,622 | ||||||
Bio-Reference Laboratories, Inc.* | 1,853 | 64,744 | ||||||
Blyth, Inc. | 708 | 5,211 | ||||||
Boston Beer Co. Inc.* | 706 | 188,926 | ||||||
Calavo Growers, Inc. | 973 | 40,817 | ||||||
Cal-Maine Foods, Inc. | 2,248 | 84,592 | ||||||
Cambrex Corp.* | 2,432 | 83,296 | ||||||
Cantel Medical Corp. | 2,500 | 113,500 | ||||||
Capella Education Co. | 1,176 | 76,228 | ||||||
Cardtronics, Inc.* | 3,379 | 123,638 | ||||||
Career Education Corp.* | 3,636 | 19,416 | ||||||
CDI Corp. | 1,083 | 19,927 | ||||||
Centene Corp.* | 9,192 | 564,941 | ||||||
Central Garden and Pet Co.* | 3,900 | 37,752 | ||||||
Chemed Corp. | 1,524 | 177,516 | ||||||
CONMED, Corp. | 2,170 | 111,321 | ||||||
CorVel Corp.* | 1,000 | 35,430 | ||||||
Cross Country Healthcare, Inc.* | 1,840 | 23,846 | ||||||
Cryolife, Inc. | 1,813 | 19,000 | ||||||
Cyberonics, Inc.* | 1,926 | 131,931 | ||||||
Cynosure, Inc. Cl A* | 1,336 | 40,641 | ||||||
Diamond Foods, Inc.* | 1,842 | 49,642 | ||||||
Emergent Biosolutions, Inc.* | 2,156 | 64,615 | ||||||
Ensign Group, Inc. | 1,469 | 64,739 | ||||||
ExlService Holdings, Inc.* | 2,315 | 80,794 | ||||||
Forrester Research, Inc. | 996 | 37,470 | ||||||
Greatbatch, Inc.* | 1,966 | 104,473 | ||||||
Green Dot Corp. Cl A* | 2,470 | 38,310 | ||||||
Haemonetics Corp.* | 4,139 | 184,020 | ||||||
Hanger, Inc.* | 2,615 | 67,702 | ||||||
Healthcare Services Group, Inc. | 5,593 | 187,757 | ||||||
Healthways, Inc.* | 2,801 | 62,686 | ||||||
Heartland Payment Systems, Inc. | 2,928 | 143,560 | ||||||
Heidrick & Struggles International, Inc. | 972 | 23,270 | ||||||
Helen of Troy Ltd.* | 2,216 | 169,790 | ||||||
ICU Medical, Inc.* | 981 | 87,221 | ||||||
Impax Laboratories, Inc.* | 5,175 | 208,501 | ||||||
Insperity, Inc. | 1,811 | 93,810 | ||||||
Integra LifeSciences Holdings Corp.* | 1,887 | 113,239 | ||||||
Inter Parfums, Inc. | 1,357 | 38,580 | ||||||
Invacare, Corp. | 2,104 | 39,913 | ||||||
IPC The Hospitalist Co. Inc.* | 1,267 | 54,785 | ||||||
ITT Educational Services, Inc.* | 1,371 | 10,145 | ||||||
J & J Snack Foods Corp. | 1,163 | 117,684 | ||||||
Kelly Services, Inc. | 2,051 | 35,503 | ||||||
Kindred Healthcare, Inc. | 4,812 | 102,116 | ||||||
Korn/Ferry International* | 3,967 | 121,390 | ||||||
Landauer, Inc. | 760 | $ | 28,986 | |||||
Lannett Co. Inc.* | 2,208 | 137,779 | ||||||
LHC Group, Inc.* | 1,000 | 33,800 | ||||||
Ligand Pharmaceuticals, Inc. Class B* | 1,569 | 86,405 | ||||||
Luminex Corp.* | 2,720 | 42,813 | ||||||
Magellan Health, Inc.* | 2,257 | 144,606 | ||||||
Matthews International Corp. | 2,180 | 105,447 | ||||||
MAXIMUS, Inc. (c) | 5,413 | 320,612 | ||||||
Medifast, Inc.* | 932 | 29,488 | ||||||
Meridian Bioscience, Inc. | 3,315 | 65,637 | ||||||
Merit Medical Systems, Inc.* | 3,045 | 59,712 | ||||||
Molina Healthcare, Inc.* | 2,131 | 135,723 | ||||||
Momenta Pharmaceuticals, Inc.* | 3,238 | 44,199 | ||||||
Monro Muffler Brake, Inc. | 2,383 | 150,701 | ||||||
Monster Worldwide, Inc.* | 8,505 | 57,154 | ||||||
Natus Medical, Inc.* | 2,086 | 74,658 | ||||||
Navigant Consulting, Inc.* | 3,915 | 54,771 | ||||||
Neogen Corp.* | 2,920 | 149,358 | ||||||
Nutrisystem, Inc. | 2,287 | 39,359 | ||||||
NuVasive, Inc.* | 3,664 | 167,628 | ||||||
On Assignment, Inc.* | 3,705 | 141,568 | ||||||
Outerwall, Inc. | 2,297 | 148,202 | ||||||
PAREXEL International Corp.* (c) | 4,516 | 291,101 | ||||||
PharMerica Corp.* | 2,371 | 59,275 | ||||||
Prestige Brands Holdings, Inc.* | 4,132 | 159,247 | ||||||
Repligen, Inc.* | 2,393 | 61,524 | ||||||
Resources Connection, Inc. | 2,990 | 52,983 | ||||||
Sanderson Farms, Inc. | 1,620 | 138,040 | ||||||
Seneca Foods Corp.* | 660 | 17,846 | ||||||
Snyder's - Lance, Inc. | 3,905 | 120,469 | ||||||
SpartanNash Co. | 3,009 | 79,889 | ||||||
Spectrum Pharmaceuticals, Inc.* | 3,664 | 22,827 | ||||||
Strayer Education, Inc.* | 818 | 49,792 | ||||||
SurModics, Inc.* | 809 | 19,456 | ||||||
Symmetry Surgical, Inc.* | 747 | 5,528 | ||||||
TeleTech Holdings, Inc.* | 1,900 | 46,170 | ||||||
Medicines Co.* | 5,160 | 148,427 | ||||||
Treehouse Foods, Inc.* | 2,911 | 243,243 | ||||||
TrueBlue Inc.* | 3,279 | 75,450 | ||||||
Universal Technical Institute, Inc. | 1,300 | 12,792 | ||||||
Viad Corp. | 1,409 | 37,423 | ||||||
WD-40 Co. | 1,126 | 91,431 | ||||||
West Pharmaceutical Services, Inc. (c) | 5,612 | 307,089 | ||||||
Total Consumer, Non-Cyclical | 10,410,976 | |||||||
Energy (2.20%) | ||||||||
Approach Resources, Inc.* | 2,642 | 20,423 | ||||||
Basic Energy Services, Inc.* | 2,136 | 15,892 | ||||||
C&J Energy Services, Inc.* | 3,668 | 49,995 | ||||||
Carrizo Oil & Gas, Inc.* | 3,301 | 157,096 | ||||||
Comstock Resources, Inc. | 3,549 | 18,455 | ||||||
Contango Oil & Gas Co.* | 1,147 | 26,989 | ||||||
Exterran Holdings, Inc. | 4,618 | 149,946 | ||||||
Flotek Industries, Inc.* | 3,643 | 62,222 | ||||||
Geospace Technologies Corp.* | 1,047 | 19,506 | ||||||
Gulf Island Fabrication, Inc. | 900 | 14,427 | ||||||
Hornbeck Offshore Services, Inc.* | 2,592 | $ | 54,069 | |||||
ION Geophysical Corp.* | 10,598 | 24,163 | ||||||
Matrix Service Co.* | 1,964 | 36,530 | ||||||
Newpark Resources, Inc.* | 6,584 | 62,350 | ||||||
Northern Oil and Gas, Inc.* | 4,291 | 36,988 | ||||||
PDC Energy, Inc.* | 2,845 | 147,030 | ||||||
Penn Virginia Corp.* | 3,836 | 25,471 | ||||||
PetroQuest Energy, Inc.* | 4,015 | 11,724 | ||||||
Pioneer Energy Services Corp.* | 4,989 | 26,541 | ||||||
SEACOR Holdings, Inc.* | 1,546 | 112,100 | ||||||
Stone Energy Corp.* | 4,371 | 74,045 | ||||||
Tesco Corp. | 2,282 | 24,258 | ||||||
TETRA Technologies, Inc.* | 6,294 | 37,575 | ||||||
Total Energy | 1,207,795 | |||||||
Financial (21.05%) | ||||||||
Acadia Reality Trust | 4,460 | 152,354 | ||||||
Agree Realty Corp. | 1,193 | 39,166 | ||||||
American Assets Trust, Inc. | 2,586 | 106,078 | ||||||
AMERISAFE, Inc. | 1,485 | 61,687 | ||||||
Associated Estates Realty Corp. | 4,593 | 110,002 | ||||||
Bank Mutual Corp. | 3,500 | 25,095 | ||||||
Bank of the Ozarks, Inc. | 5,146 | 188,344 | ||||||
Banner Corp. | 1,468 | 64,093 | ||||||
BBCN Bancorp, Inc. | 6,338 | 87,148 | ||||||
BofI Holding, Inc.* | 979 | 86,544 | ||||||
Boston Private Financial Holdings, Inc. | 6,381 | 80,082 | ||||||
Brookline Bancorp, Inc. | 4,990 | 48,303 | ||||||
Calamos Asset Management, Inc. CL A | 1,436 | 18,338 | ||||||
Capstead Mortgage Corp. | 7,205 | 86,244 | ||||||
Cardinal Financial Corp. | 2,277 | 44,561 | ||||||
CareTrust REIT, Inc. | 2,252 | 28,623 | ||||||
Cedar Realty Trust, Inc. | 5,432 | 40,631 | ||||||
City Holding Co. | 1,180 | 54,457 | ||||||
Columbia Banking System, Inc. | 4,091 | 115,284 | ||||||
Community Bank System, Inc. | 3,233 | 114,836 | ||||||
CoreSite Realty Corp. | 1,546 | 73,342 | ||||||
Cousins Properties, Inc. | 14,724 | 157,989 | ||||||
CVB Financial Corp. | 7,507 | 117,485 | ||||||
DiamondRock Hospitality Co. | 15,595 | 225,816 | ||||||
Dime Community Bancshares, Inc. | 2,343 | 36,457 | ||||||
EastGroup Properties, Inc. | 2,466 | 155,358 | ||||||
Ehealth, Inc.* | 1,639 | 14,915 | ||||||
Employers Holdings, Inc. | 3,092 | 72,940 | ||||||
Encore Capital Group, Inc.* | 1,870 | 74,744 | ||||||
Enova International, Inc.* | 1,954 | 45,118 | ||||||
EPR Properties | 4,222 | 257,584 | ||||||
Evercore Partners, Inc.-Cl A | 2,768 | 141,805 | ||||||
FNB Corp./PA | 13,218 | 169,587 | ||||||
Financial Engines, Inc. | 4,069 | 163,981 | ||||||
First BanCorp/Puerto Rico* | 7,476 | 49,267 | ||||||
First Commonwealth Financial Corp. | 7,457 | 63,235 | ||||||
First Financial Bancorp | 4,588 | 79,969 | ||||||
First Financial Bankshares, Inc. | 4,850 | 127,410 |
See accompanying notes to financial statements.
20
S&P SmallCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
First Midwest Bancorp, Inc./IL | 6,005 | $ | 102,686 | |||||
Forestar Group, Inc.* | 2,556 | 36,755 | ||||||
Franklin Street Properties Corp. | 6,954 | 87,829 | ||||||
FXCM, Inc. CL A | 3,029 | 6,391 | ||||||
Geo Group, Inc./The | 5,752 | 248,199 | ||||||
Getty Realty Corp. | 2,131 | 38,443 | ||||||
Glacier Bancorp, Inc. | 5,938 | 144,234 | ||||||
Government Properties Income Trust | 4,366 | 102,121 | ||||||
Hanmi Financial Corporation | 2,533 | 49,976 | ||||||
HCI Group, Inc. | 756 | 35,774 | ||||||
Healthcare Realty Trust, Inc. | 7,658 | 218,559 | ||||||
HFF, Inc. Cl A | 2,644 | 94,074 | ||||||
Higher one Holdings, Inc.* | 2,333 | 7,699 | ||||||
Home Bancshares, Inc. | 3,793 | 120,048 | ||||||
Horace Mann Educators Corp. | 3,236 | 104,296 | ||||||
Independent Bank Corp. | 1,897 | 79,333 | ||||||
Infinity Property & Casualty Corp. | 917 | 71,113 | ||||||
Inland Real Estate Corp. | 6,298 | 67,389 | ||||||
Interactive Brokers Group, Inc. CL A | 3,759 | 119,799 | ||||||
Investment Technology Group, Inc.* | 2,751 | 61,953 | ||||||
Kite Realty Group Trust | 2,610 | 73,915 | ||||||
Legacy Texas Financial Group | 2,868 | 65,964 | ||||||
Lexington Realty Trust | 16,277 | 176,280 | ||||||
LTC Properties, Inc. | 2,776 | 123,893 | ||||||
MarketAxess Holdings, Inc. | 3,015 | 239,964 | ||||||
MB Financial, Inc. | 5,061 | 157,853 | ||||||
Meadowbrook Insurance Group, Inc. | 3,842 | 32,119 | ||||||
Medical Properties Trust, Inc. | 13,583 | 205,647 | ||||||
National Penn Bancshares, Inc. | 8,667 | 92,997 | ||||||
Navigators Group, Inc.* | 800 | 59,768 | ||||||
NBT Bancorp, Inc. | 3,500 | 84,035 | ||||||
Northwest Bancshares, Inc. | 7,350 | 86,840 | ||||||
Old National Bancorp | 8,421 | 118,652 | ||||||
Oritani Financial Corp. | 2,767 | 39,596 | ||||||
Parkway Properties, Inc. | 5,767 | 101,557 | ||||||
Pennsylvania Real Estate Investment Trust | 5,127 | 116,793 | ||||||
Pinnacle Financial Partners, Inc. | 2,491 | 104,622 | ||||||
Piper Jaffray Cos* | 1,290 | 70,628 | ||||||
Portfolio Recovery Associates, Inc.* | 3,981 | 199,408 | ||||||
Post Properties, Inc. (c) | 4,334 | 246,475 | ||||||
PrivateBancorp, Inc. | 5,208 | 180,874 | ||||||
ProAssurance Corp. | 4,825 | 217,077 | ||||||
Provident Financial Services, Inc. | 4,009 | 72,964 | ||||||
PS Business Parks, Inc. | 1,606 | 133,587 | ||||||
RLI Corp. | 2,743 | 132,734 | ||||||
Retail Opportunity Investments Corp. | 5,046 | 84,521 | ||||||
S&T Bancorp, Inc. | 2,372 | 67,199 | ||||||
Sabra Health Care REIT, Inc. | 3,664 | 119,776 | ||||||
Safety Insurance Group, Inc. | 1,100 | 64,350 | ||||||
Saul Centers, Inc. | 1,009 | 54,355 | ||||||
Selective Insurance Group, Inc. | 4,480 | $ | 121,990 | |||||
Simmons First National Corp. | 1,247 | 51,065 | ||||||
Sovran Self Storage, Inc. | 2,595 | 238,792 | ||||||
Sterling Bancorp | 6,060 | 83,143 | ||||||
Stewart Information Services Corp. | 1,570 | 59,079 | ||||||
Stifel Financial Corp.* | 4,838 | 264,977 | ||||||
Susquehanna Bancshares, Inc. | 14,956 | 200,560 | ||||||
Tanger Factory Outlet Center, Inc. | 7,614 | 269,909 | ||||||
Texas Capital Bancshares, Inc.* | 3,411 | 158,373 | ||||||
Tompkins Financial Corp. | 814 | 42,287 | ||||||
TrustCo Bank Corp. | 6,679 | 45,150 | ||||||
UMB Financial Corp. | 2,995 | 154,362 | ||||||
United Bankshares, Inc. | 4,806 | 179,985 | ||||||
United Community Banks, Inc. | 3,286 | 62,500 | ||||||
United Fire Group, Inc. | 1,500 | 43,260 | ||||||
Universal Health Realty Income Trust | 1,025 | 52,101 | ||||||
Universal Insurance Holdings, Inc. | 2,216 | 55,178 | ||||||
Urstadt Biddle Properties, Inc. | 1,911 | 43,418 | ||||||
Virtus Investment Partners, Inc. | 559 | 73,771 | ||||||
WageWorks, Inc.* | 2,388 | 137,191 | ||||||
Wilshire Bancorp, Inc. | 5,418 | 51,525 | ||||||
Wintrust Financial Corp. | 3,686 | 173,574 | ||||||
World Acceptance Corp.* | 1,143 | 93,852 | ||||||
Total Financial | 11,556,028 | |||||||
Industrial (18.09%) | ||||||||
AAON, Inc. | 3,150 | 70,907 | ||||||
AAR Corp. | 2,949 | 86,701 | ||||||
Actuant Corp. | 5,806 | 147,705 | ||||||
Advanced Energy Industries, Inc.* | 2,791 | 74,296 | ||||||
Aegion Corp.* | 2,910 | 52,642 | ||||||
Aerovironment, Inc.* | 1,484 | 40,676 | ||||||
Albany International Corp. | 2,105 | 79,380 | ||||||
AM Castle & Co.* | 1,282 | 4,128 | ||||||
American Science & Engineering, Inc. | 603 | 31,531 | ||||||
Apogee Enterprises, Inc. | 2,162 | 99,128 | ||||||
Applied Industrial Technologie, Inc. | 3,348 | 146,676 | ||||||
ArcBest Corp. | 1,834 | 76,808 | ||||||
Astec Industries, Inc. | 1,495 | 63,941 | ||||||
Atlas Air Worldwide Holdings, Inc.* | 1,868 | 84,714 | ||||||
AZZ, Inc. | 1,917 | 87,070 | ||||||
Badger Meter, Inc. | 1,149 | 67,102 | ||||||
Barnes Group, Inc. | 3,766 | 150,715 | ||||||
Bel Fuse, Inc. CL B | 579 | 11,053 | ||||||
Belden, Inc. | 3,409 | 302,651 | ||||||
Benchmark Electronics, Inc.* | 4,413 | 103,529 | ||||||
Boise Cascade Co.* | 2,420 | 86,176 | ||||||
Brady Corp. | 3,802 | 102,502 | ||||||
Briggs & Stratton Corp. | 3,633 | 75,712 | ||||||
Bristow Group, Inc. | 2,893 | 179,192 | ||||||
Calgon Carbon Corp.* | 4,071 | 83,985 | ||||||
Checkpoint Systems, Inc.* | 2,878 | 38,853 | ||||||
CIRCOR International, Inc. | 1,405 | $ | 75,406 | |||||
Cognex Corp.* | 6,582 | 294,150 | ||||||
Coherent, Inc.* | 1,981 | 127,259 | ||||||
Comfort Systems USA, Inc. | 2,808 | 52,510 | ||||||
CTS Corp. | 2,535 | 44,261 | ||||||
Cubic Corp. | 1,666 | 87,082 | ||||||
Curtiss-Wright Corp. | 3,831 | 278,054 | ||||||
Darling Ingredients, Inc.* | 13,108 | 228,341 | ||||||
Drew Industries, Inc.* | 1,638 | 96,626 | ||||||
DXP Enterprises, Inc.* | 844 | 38,655 | ||||||
Dycom Industries, Inc.* | 2,696 | 119,568 | ||||||
Electro Scientific Industries, Inc. | 1,841 | 12,721 | ||||||
Emcor Group, Inc. | 5,339 | 235,076 | ||||||
Encore Wire Corp. | 1,400 | 52,206 | ||||||
EnerSys (c) | 3,762 | 245,659 | ||||||
EnPro Industries, Inc. | 1,812 | 119,175 | ||||||
Era Group, Inc.* | 1,546 | 34,105 | ||||||
ESCO Technologies, Inc. | 1,989 | 76,656 | ||||||
Exponent, Inc. | 1,013 | 87,655 | ||||||
Fabrinet* | 2,098 | 37,659 | ||||||
FARO Technologies, Inc.* | 1,287 | 77,181 | ||||||
Federal Signal Corp. | 5,009 | 82,598 | ||||||
Forward Air Corp. | 2,451 | 131,129 | ||||||
Franklin Electric Co. Inc. | 3,119 | 113,781 | ||||||
GenCorp, Inc.* | 4,651 | 89,764 | ||||||
General Cable Corp. | 3,928 | 59,077 | ||||||
Gibraltar Industries Co.* | 2,171 | 31,827 | ||||||
Griffon Corp. | 3,366 | 54,933 | ||||||
Haynes International, Inc. | 988 | 39,895 | ||||||
Headwaters, Inc.* | 5,502 | 90,343 | ||||||
Heartland Express, Inc. | 3,988 | 100,378 | ||||||
Hillenbrand, Inc. | 5,030 | 159,451 | ||||||
Hub Group, Inc.* | 2,780 | 112,229 | ||||||
II-VI, Inc.* | 4,346 | 76,012 | ||||||
Intevac, Inc.* | 1,908 | 13,089 | ||||||
John Bean Technologies Corp. | 2,067 | 71,436 | ||||||
Kaman Corp. Class A | 2,142 | 88,893 | ||||||
Knight Transportation, Inc. | 4,825 | 159,515 | ||||||
Koppers Holdings, Inc. | 1,485 | 23,938 | ||||||
Lindsay Corp. | 1,030 | 90,207 | ||||||
Littelfuse, Inc. | 1,791 | 179,673 | ||||||
LSB Industries, Inc.* | 1,435 | 53,927 | ||||||
Lydall, Inc.* | 1,260 | 40,144 | ||||||
Matson, Inc. | 3,425 | 135,185 | ||||||
Methode Electronics, Inc. | 2,833 | 110,175 | ||||||
Mobile Mini, Inc. | 3,247 | 134,718 | ||||||
Moog, Inc. CL A* | 3,619 | 273,090 | ||||||
Mueller Industries, Inc. | 5,464 | 190,202 | ||||||
Myers Industries, Inc. | 2,549 | 50,725 | ||||||
National Presto Industries, Inc. | 327 | 19,829 | ||||||
Newport Corp.* | 3,123 | 62,335 | ||||||
Olympic Steel, Inc. | 500 | 7,545 | ||||||
Orbital ATK, Inc. | 2,168 | 143,695 | ||||||
Orion Marine Group, Inc.* | 1,870 | 19,074 | ||||||
OSI Systems, Inc.* | 1,494 | 108,270 | ||||||
PGT, Inc.* | 2,502 | 25,445 | ||||||
Park Electrochemical Corp. | 1,665 | 36,147 | ||||||
Plexus Corp.* | 2,707 | 108,957 | ||||||
Powell Industries, Inc. | 737 | 24,866 | ||||||
Quanex Building Products Corp. | 2,706 | 53,011 |
See accompanying notes to financial statements.
21
S&P SmallCap Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Roadrunner Transportation Systems, Inc.* | 1,931 | $ | 49,569 | |||||
Rofin-Sinar Technologies, Inc.* | 2,059 | 49,354 | ||||||
Rogers Corp.* | 1,426 | 111,627 | ||||||
RTI International Metals, Inc.* | 2,437 | 67,919 | ||||||
Saia, Inc.* | 1,827 | 84,097 | ||||||
Sanmina Corp.* | 6,474 | 146,960 | ||||||
Simpson Manufacturing Co. Inc. | 3,278 | 118,664 | ||||||
Standex International Corp. | 1,018 | 73,805 | ||||||
Sturm Ruger & Co. Inc. | 1,455 | 75,602 | ||||||
Taser International, Inc.* | 3,987 | 93,615 | ||||||
Teledyne Technologies, Inc.* (c) | 3,003 | 302,791 | ||||||
Tennant Co. | 1,475 | 96,421 | ||||||
Tetra Tech, Inc. | 5,182 | 131,778 | ||||||
Tredegar Corp. | 1,893 | 38,920 | ||||||
TTM Technologies, Inc.* | 4,103 | 36,147 | ||||||
Universal Forest Products, Inc. | 1,591 | 85,994 | ||||||
UTi Worldwide, Inc.* | 7,271 | 95,105 | ||||||
Vicor Corp.* | 1,051 | 13,852 | ||||||
Watts Water Technologies, Inc. | 2,282 | 125,464 | ||||||
Total Industrial | 9,930,970 | |||||||
Technology (11.54%) | ||||||||
Agilysys, Inc.* | 1,491 | 14,746 | ||||||
Blackbaud, Inc. | 3,679 | 167,027 | ||||||
Bottomline Technologies (de), Inc.* | 2,973 | 78,725 | ||||||
Brooks Automation, Inc. | 5,317 | 63,804 | ||||||
Cabot Microelectronics Corp.* | 1,949 | 100,978 | ||||||
CACI International, Inc.* | 2,194 | 191,514 | ||||||
CEVA, Inc.* | 1,529 | 30,442 | ||||||
Ciber, Inc.* | 5,122 | 20,078 | ||||||
Cirrus Logic, Inc.* | 4,885 | 147,087 | ||||||
Cohu, Inc. | 1,484 | 16,161 | ||||||
Computer Programs & Systems, Inc. | 791 | 41,607 | ||||||
CSG Systems International, Inc. | 2,543 | 76,061 | ||||||
Dealertrack Technologies, Inc.* | 3,459 | 137,564 | ||||||
Digi International, Inc.* | 1,689 | 17,870 | ||||||
Diodes, Inc.* | 2,906 | 82,792 | ||||||
DSP Group, Inc.* | 1,496 | 16,890 | ||||||
Ebix, Inc. | 2,652 | 69,695 | ||||||
Electronics For Imaging, Inc.* | 3,746 | 152,088 | ||||||
Engility Holdings, Inc. | 1,374 | 49,601 | ||||||
Entropic Communications, Inc.* | 6,290 | 18,556 | ||||||
Epiq Systems, Inc. | 2,381 | 41,906 | ||||||
Exar Corp.* | 3,573 | 38,303 | ||||||
iGATE Corp.* | 2,343 | 100,280 | ||||||
Insight Enterprises, Inc.* | 3,311 | 87,079 | ||||||
Interactive Intelligence Group, Inc.* | 1,258 | 53,390 | ||||||
J2 Global, Inc. | 3,547 | 238,536 | ||||||
Kopin Corp.* | 3,225 | 13,964 | ||||||
Kulicke & Soffa Industries, Inc.* | 6,095 | 97,520 | ||||||
LivePerson, Inc.* | 3,930 | 45,333 | ||||||
Manhattan Associates, Inc.* | 6,192 | 308,671 | ||||||
ManTech International Corp. Cl A | 1,891 | $ | 62,592 | |||||
Medidata Solutions, Inc.* (c) | 4,062 | 195,423 | ||||||
Mercury Systems, Inc.* | 2,653 | 45,154 | ||||||
Micrel, Inc. | 3,300 | 49,269 | ||||||
Microsemi Corp.* | 7,558 | 243,670 | ||||||
MicroStrategy, Inc. CL A* | 680 | 121,271 | ||||||
MKS Instruments, Inc. | 4,259 | 150,598 | ||||||
Monolithic Power Systems, Inc. | 2,808 | 148,066 | ||||||
Monotype Imaging Holdings, Inc. | 2,918 | 93,405 | ||||||
MTS Systems Corp. | 1,174 | 85,056 | ||||||
Nanometrics, Inc.* | 1,800 | 32,184 | ||||||
NetScout Systems, Inc.* | 2,967 | 119,629 | ||||||
Omnicell, Inc.* | 2,621 | 91,866 | ||||||
Pericom Semiconductor Corp. | 1,192 | 18,595 | ||||||
Power Integrations, Inc. | 2,413 | 132,377 | ||||||
Progress Software Corp.* | 4,514 | 123,413 | ||||||
QLogic Corp.* | 6,441 | 96,679 | ||||||
Qorvo, Inc.* | 5,470 | 379,616 | ||||||
Quality Systems, Inc. | 3,273 | 56,885 | ||||||
Rubicon Technology, Inc.* | 1,219 | 5,315 | ||||||
Rudolph Technologies, Inc.* | 2,269 | 27,977 | ||||||
Super Micro Computer, Inc.* | 2,442 | 98,120 | ||||||
Sykes Enterprises, Inc.* | 2,956 | 68,727 | ||||||
Synaptics, Inc.* | 2,838 | 243,926 | ||||||
Synchronoss Technologies, Inc.* | 2,264 | 100,205 | ||||||
SYNNEX Corp. | 2,107 | 160,659 | ||||||
Take-Two Interactive Software, Inc.* | 7,429 | 196,794 | ||||||
Tangoe, Inc.* | 2,294 | 28,469 | ||||||
Tessera Technologies, Inc. | 3,684 | 147,581 | ||||||
Tyler Technologies, Inc.* | 2,311 | 275,864 | ||||||
Ultratech, Inc.* | 2,234 | 40,301 | ||||||
Veeco Instruments, Inc.* | 3,179 | 96,928 | ||||||
Virtusa Corp.* | 2,071 | 81,515 | ||||||
Total Technology | 6,336,397 | |||||||
Utilities (3.86%) | ||||||||
ALLETE, Inc. | 3,036 | 166,494 | ||||||
Arch Coal, Inc.* | 16,319 | 21,378 | ||||||
Avista Corp. | 4,796 | 163,544 | ||||||
Cloud Peak Energy, Inc.* | 4,858 | 40,273 | ||||||
El Paso Electric Co. | 3,223 | 121,894 | ||||||
FutureFuel Corp. | 1,732 | 21,304 | ||||||
Green Plains, Inc. | 2,507 | 58,288 | ||||||
Laclede Group, Inc./The | 2,430 | 125,777 | ||||||
New Jersey Resources Corp. | 3,361 | 210,331 | ||||||
Northwest Natural Gas Co. | 2,162 | 102,155 | ||||||
NorthWestern Corp. | 3,093 | 167,610 | ||||||
Piedmont Natural Gas Co. Inc. (c) | 6,218 | 231,930 | ||||||
South Jersey Industries, Inc. | 2,612 | 148,048 | ||||||
Southwest Gas Corp. | 3,709 | 212,377 | ||||||
SunCoke Energy, Inc. | 5,562 | 101,507 | ||||||
UIL Holdings Corp. | 4,504 | 227,677 | ||||||
Total Utilities | 2,120,587 | |||||||
Total Common Stock (Cost $35,650,688) | 54,568,076 | |||||||
Total Investments (Cost $35,650,688) (a) (99.39%) | $ | 54,568,076 | ||||||
Other Net Assets (0.61%) | 337,132 | |||||||
Net Assets (100.00%) | $ | 54,905,208 |
* | Non-income producing security. |
(a) | Aggregate cost for federal income tax purpose is $35,650,688. |
At February 28, 2015, unrealized appreciation (depreciation) of securities is as follows:
Unrealized appreciation | $ | 21,976,072 | ||
Unrealized depreciation | (3,058,684 | ) | ||
Net unrealized appreciation | $ | 18,917,388 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
(b) | Futures contracts at February 28, 2015: |
Contracts - $100 times premium / delivery month / commitment / exchange
Russell 2000 MINI | Notional Value | Unrealized Appreciation | ||||||
2 / MAR 2015 / Long / ICE | $ | 246,320 | $ | 880 |
(c) | A portion of these shares have been pledged in connection with obligations for futures contracts. |
See accompanying notes to financial statements.
22
Shelton Core Value Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (97.77%) | ||||||||
Basic Materials (4.31%) | ||||||||
Chemicals (4.31%) | ||||||||
EI Du Pont de Nemours & Co. | 19,286 | $ | 1,501,415 | |||||
PPG Industries, Inc. | 18,800 | 4,425,144 | ||||||
Praxair, Inc. | 15,167 | 1,939,859 | ||||||
Sensient Technologies Corp. | 17,000 | 1,081,370 | ||||||
Total Basic Materials | 8,947,788 | |||||||
Communications (6.03%) | ||||||||
Media (2.53%) | ||||||||
Walt Disney Co. | 50,535 | 5,259,683 | ||||||
Telecommunications (3.50%) | ||||||||
AT&T, Inc | 86,469 | 2,988,369 | ||||||
Keysight Technologies, Inc.* | 4,935 | 185,260 | ||||||
Rogers Communications - CL B | 20,140 | 712,755 | ||||||
Verizon Communications, Inc. | 68,242 | 3,374,566 | ||||||
7,260,950 | ||||||||
Total Communications | 12,520,633 | |||||||
Consumer, Cyclical (7.88%) | ||||||||
Auto Manufacturers (1.25%) | ||||||||
Ford Motor Co. | 158,000 | 2,581,720 | ||||||
Remy International, Inc. | 291 | 6,655 | ||||||
2,588,375 | ||||||||
Retail (6.63%) | ||||||||
Home Depot, Inc. | 46,150 | 5,295,713 | ||||||
McDonald's Corp. | 25,868 | 2,558,345 | ||||||
Ross Stores, Inc. | 24,384 | 2,580,071 | ||||||
Target Corp. | 43,339 | 3,329,735 | ||||||
13,763,864 | ||||||||
Total Consumer, Cyclical | 16,352,239 | |||||||
Consumer, Non-Cyclical (21.74%) | ||||||||
Agriculture (2.73%) | ||||||||
Altria Group, Inc. | 52,900 | 2,977,741 | ||||||
Reynolds American, Inc. | 35,584 | 2,690,862 | ||||||
5,668,603 | ||||||||
Biotechnology (3.96%) | ||||||||
Celgene Corp.* | 35,214 | 4,279,557 | ||||||
Gilead Sciences, Inc.* | 38,000 | 3,934,140 | ||||||
8,213,697 | ||||||||
Commercial Services (0.70%) | ||||||||
Halyard Health, Inc.* | 2,100 | 96,684 | ||||||
Moody's Corp. | 13,992 | 1,356,384 | ||||||
1,453,068 | ||||||||
Cosmetics / Personal Care (2.65%) | ||||||||
Colgate-Palmolive Co. | 20,400 | 1,444,728 | ||||||
Procter & Gamble Co. | 47,580 | 4,050,485 | ||||||
5,495,213 | ||||||||
Food (0.72%) | ||||||||
Conagra Foods, Inc. | 42,450 | 1,484,901 | ||||||
Healthcare - Products (1.53%) | ||||||||
Baxter International, Inc. | 45,886 | $ | 3,173,017 | |||||
Healthcare - Services (3.29%) | ||||||||
Aetna, Inc. | 20,984 | 2,088,957 | ||||||
Anthem, Inc. | 32,300 | 4,730,335 | ||||||
6,819,292 | ||||||||
Household Products / Wares (0.89%) | ||||||||
Kimberly-Clark Corp. | 16,800 | 1,842,288 | ||||||
Pharmaceuticals (5.29%) | ||||||||
Abbott Laboratories | 41,610 | 1,971,066 | ||||||
AbbVie, Inc. | 41,610 | 2,517,405 | ||||||
Amerisource Bergen Corp. | 45,612 | 4,687,090 | ||||||
Merck & Co. Inc. | 30,900 | 1,808,886 | ||||||
10,984,447 | ||||||||
Total Consumer, Non-Cyclical | 45,134,526 | |||||||
Energy (11.12%) | ||||||||
Oil & Gas Producers (8.95%) | ||||||||
Anadarko Petroleum Corp. | 21,340 | 1,797,468 | ||||||
BP PLC ADR | 72,443 | 3,002,038 | ||||||
Chevron Corp. | 56,524 | 6,029,980 | ||||||
ConocoPhillips | 19,648 | 1,281,050 | ||||||
Devon Energy Corp. | 15,952 | 982,484 | ||||||
Exxon Mobil Corp. | 43,236 | 3,828,115 | ||||||
Royal Dutch Shell PLC-ADR A | 25,500 | 1,666,935 | ||||||
18,588,070 | ||||||||
Oil & Gas Services (1.86%) | ||||||||
Baker Hughes, Inc. | 27,455 | 1,716,212 | ||||||
Schlumberger Ltd. | 25,500 | 2,146,080 | ||||||
3,862,292 | ||||||||
Pipelines (0.31%) | ||||||||
Spectra Energy Corp. | 18,000 | 638,820 | ||||||
Total Energy | 23,089,182 | |||||||
Financial (18.74%) | ||||||||
Banks (13.79%) | ||||||||
Bank of America Corp. | 180,000 | 2,845,800 | ||||||
Bank of New York Mellon Corp. | 21,450 | 839,553 | ||||||
Citigroup, Inc. | 30,000 | 1,572,600 | ||||||
Goldman Sachs Group, Inc. | 28,950 | 5,494,421 | ||||||
JPMorgan Chase & Co. | 110,198 | 6,752,933 | ||||||
Morgan Stanley | 70,450 | 2,521,406 | ||||||
State Street Corp. | 14,400 | 1,072,080 | ||||||
US Bancorp/MN | 60,600 | 2,703,366 | ||||||
Wells Fargo & Co. | 87,889 | 4,815,438 | ||||||
28,617,597 | ||||||||
Diversified Financial Services (2.22%) | ||||||||
Blackrock, Inc. Class A | 9,000 | 3,342,780 | ||||||
FNF Group | 4,889 | 179,524 | ||||||
FNFV Group* | 1,629 | 24,256 | ||||||
Intercontinental Exchange, Inc. | 4,504 | 1,060,061 | ||||||
4,606,621 | ||||||||
Insurance (2.74%) | ||||||||
Arthur J Gallagher & Co. | 32,400 | $ | 1,522,476 | |||||
Aspen Insurance Holdings Ltd. | 26,315 | 1,206,543 | ||||||
Marsh & McLennan Co.'s, Inc. | 13,600 | 773,704 | ||||||
Principal Financial Group, Inc. | 28,150 | 1,440,436 | ||||||
StanCorp Financial Group, Inc. | 11,150 | 737,684 | ||||||
5,680,843 | ||||||||
Total Financial | 38,905,061 | |||||||
Industrial (11.10%) | ||||||||
Aerospace/Defense (4.01%) | ||||||||
Boeing Co. | 17,000 | 2,564,450 | ||||||
Northrop Grumman Corp. | 8,600 | 1,425,106 | ||||||
Rockwell Collins, Inc. | 12,400 | 1,104,592 | ||||||
United Technologies Corp. | 26,500 | 3,230,615 | ||||||
8,324,763 | ||||||||
Electronics (0.20%) | ||||||||
Agilent Technologies, Inc. | 9,870 | 416,613 | ||||||
Machinery - Construction & Mining (1.13%) | ||||||||
Caterpillar, Inc. | 28,342 | 2,349,552 | ||||||
Miscellaneous Manufacturing (3.55%) | ||||||||
3M Co. | 23,812 | 4,015,894 | ||||||
Danaher Corp. | 38,300 | 3,342,824 | ||||||
7,358,718 | ||||||||
Transportation (2.22)% | ||||||||
FedEx Corp. | 4,830 | 854,813 | ||||||
Seaspan Corp. | 25,000 | 468,000 | ||||||
Union Pacific Corp. | 10,950 | 1,316,847 | ||||||
United Parcel Service, Inc. Class B | 19,260 | 1,959,320 | ||||||
4,598,980 | ||||||||
Total Industrial | 23,048,626 | |||||||
Technology (10.89%) | ||||||||
Computers (2.02%) | ||||||||
EMC Corp./MA | 29,720 | 860,097 | ||||||
Hewlett Packard Co. | 50,000 | 1,742,000 | ||||||
Int'l Business Machines Corp. | 9,860 | 1,596,728 | ||||||
4,198,825 | ||||||||
Semiconductors (5.05%) | ||||||||
Analog Devices, Inc. | 14,040 | 821,902 | ||||||
Intel Corp. | 122,563 | 4,075,220 | ||||||
KLA-Tencor Corp. | 10,440 | 678,130 | ||||||
Linear Technology Corp. | 26,180 | 1,261,483 | ||||||
QUALCOMM, Inc. | 26,775 | 1,941,455 | ||||||
Taiwan Semiconductor Mfg Co. Ltd. Sponsored ADR | 30,000 | 735,900 | ||||||
Texas Instruments, Inc. | 16,500 | 970,200 | ||||||
10,484,290 | ||||||||
Software (3.81%) | ||||||||
Microsoft Corp. | 77,733 | 3,408,592 | ||||||
Oracle Corp. | 64,130 | 2,810,177 |
See accompanying notes to financial statements.
23
Shelton Core Value Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Paychex, Inc. | 34,000 | $ | 1,694,390 | |||||
7,913,159 | ||||||||
Total Technology | 22,596,274 | |||||||
Utilities (5.95%) | ||||||||
Electric (4.97%) | ||||||||
Ameren Corp. | 22,900 | 971,189 | ||||||
Consolidated Edison, Inc. | 31,700 | 2,001,538 | ||||||
DTE Energy Co. | 7,000 | 574,210 | ||||||
Duke Energy Corp. | 26,999 | 2,120,771 | ||||||
Exelon Corp. | 18,746 | 635,864 | ||||||
FirstEnergy Corp. | 23,574 | 824,619 | ||||||
NextEra Energy, Inc. | 11,200 | 1,158,752 | ||||||
PG&E Corp. | 15,000 | 805,950 | ||||||
Pinnacle West Capital Corp. | 11,000 | 704,880 | ||||||
Southern Co. | 11,500 | 526,585 | ||||||
10,324,358 | ||||||||
Gas (0.98%) | ||||||||
NiSource, Inc. | 27,000 | 1,158,570 | ||||||
Sempra Energy | 8,050 | 871,010 | ||||||
2,029,580 | ||||||||
Total Utilities | 12,353,938 | |||||||
Total Common Stock (Cost $101,507,333) | 202,948,267 | |||||||
Preferred Stock (0.92%) | ||||||||
Amerityre Corp Preferred Conv. | 2,000,000 | 1,900,000 | ||||||
Total Preferred Stock (Cost $2,000,000) | 1,900,000 | |||||||
Total Investments (Cost $103,507,333) (a) (98.69%) | 204,848,267 | |||||||
Other Net Assets (1.31%) | 2,726,840 | |||||||
Net Assets (100.00%) | $ | 207,575,107 |
* | Non-income producing security. |
(a) | Aggregate cost for federal income tax purpose is $103,732,411. |
At February 28, 2015, unrealized appreciation (depreciation) of securities is as follows:
Unrealized appreciation | $ | 102,032,740 | ||
Unrealized depreciation | (916,884 | ) | ||
Net unrealized appreciation | $ | 101,115,856 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
See accompanying notes to financial statements.
24
European Growth & Income Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (99.56%) | ||||||||
Basic Materials (6.09%) | ||||||||
Chemicals (2.71%) | ||||||||
BASF SE ADR | 3,488 | $ | 333,802 | |||||
Mining (3.37%) | ||||||||
BHP Billiton Ltd. | 4,500 | 236,340 | ||||||
Rio Tinto PLC | 3,600 | 177,588 | ||||||
413,928 | ||||||||
Total Basic Materials | 747,730 | |||||||
Communications (5.72%) | ||||||||
Telecommunications (5.72%) | ||||||||
Deutsche Telekom AG ADR | 11,525 | 214,250 | ||||||
Telefonaktiebolaget LMEricsson ADR | 9,188 | 118,801 | ||||||
Telefonica SA ADR | 23,857 | 369,545 | ||||||
Total Communications | 702,596 | |||||||
Consumer, Cyclical (5.78%) | ||||||||
Apparel (2.77%) | ||||||||
LVMH Moet Hennessy Louis Vuitton SA ADR | 9,300 | 340,380 | ||||||
Auto Manufacturers (3.01%) | ||||||||
Daimler AG | 3,835 | 369,234 | ||||||
Total Consumer, Cyclical | 709,614 | |||||||
Consumer, Non-Cyclical (47.51%) | ||||||||
Agriculture (3.90%) | ||||||||
British America Tobacco PLC ADR | 4,100 | 477,527 | ||||||
Beverages (6.98%) | ||||||||
Anheuser-Busch InBev | 4,200 | 531,972 | ||||||
Diageo PLC Sponsored ADR | 2,735 | 325,055 | ||||||
857,027 | ||||||||
Food (10.20%) | ||||||||
Nestle SA-Spons ADR | 12,412 | 969,936 | ||||||
Unilever NV | 6,508 | 282,903 | ||||||
1,252,839 | ||||||||
Pharmaceuticals (26.45%) | ||||||||
AstraZeneca PLC Spons ADR | 4,100 | $ | 282,490 | |||||
Bayer AG | 4,115 | 607,897 | ||||||
Glaxosmithkline PLC ADR | 8,050 | 381,731 | ||||||
Novartis Ag Sponsored ADR | 9,757 | 999,115 | ||||||
Roche Holding AG | 17,664 | 602,872 | ||||||
Sanofi ADR | 7,700 | 376,222 | ||||||
3,250,327 | ||||||||
Total Consumer, Non-Cyclical | 5,837,720 | |||||||
Energy (9.72%) | ||||||||
Oil & Gas Producers (9.72%) | ||||||||
Eni SpA ADR | 7,482 | 278,854 | ||||||
Royal Dutch Shell PLC-ADR A | 7,220 | 471,971 | ||||||
Total SA ADR | 8,258 | 442,877 | ||||||
Total Energy | 1,193,702 | |||||||
Financial (19.27%) | ||||||||
Banks (8.78%) | ||||||||
Banco Bilbao Vizcaya Argentari SA ADR | 15,221 | 151,906 | ||||||
Banco Santander SA ADR | 51,078 | 371,848 | ||||||
Barclays PLC- Spons ADR | 7,469 | 118,458 | ||||||
BNP Paribas SA ADR | 5,452 | 158,544 | ||||||
Deutsche Bank AG | 3,484 | 114,031 | ||||||
HSBC Holdings PLC ADR | 3,681 | 164,246 | ||||||
1,079,033 | ||||||||
Diversified Financial Services (1.68%) | ||||||||
UBS Group AG* | 11,792 | 206,242 | ||||||
Insurance (8.81%) | ||||||||
Allianz SE ADR | 18,157 | 303,948 | ||||||
AXA SA ADR | 18,984 | 481,814 | ||||||
ING Groep NV ADR* | 20,000 | 296,600 | ||||||
1,082,362 | ||||||||
Total Financial | 2,367,637 | |||||||
Industrial (3.39%) | ||||||||
Miscellaneous Manufacturing (3.39%) | ||||||||
Siemens AG ADR | 3,735 | 416,901 | ||||||
Total Industrial | 416,901 | |||||||
Technology (2.09%) | ||||||||
Software (2.09%) | ||||||||
SAP SE ADR | 3,667 | $ | 257,387 | |||||
Total Technology | 257,387 | |||||||
Total Common Stock (Cost $9,514,347) | 12,233,287 | |||||||
Total Investments (Cost $9,514,347) (a) (99.56%) | 12,233,287 | |||||||
Other Net Assets (0.44%) | 53,587 | |||||||
Net Assets (100.00%) | $ | 12,286,874 |
* | Non-income producing security. |
(a) | Aggregate cost for federal income tax purpose is $9,514,347. |
At February 28, 2015, unrealized appreciation (depreciation) of securities is as follows:
Unrealized appreciation | $ | 3,648,483 | ||
Unrealized depreciation | (929,543 | ) | ||
Net unrealized appreciation | $ | 2,718,940 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
See accompanying notes to financial statements.
25
Nasdaq-100 Index Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (95.77%) | ||||||||
Basic Materials (0.31%) | ||||||||
Chemicals (0.31%) | ||||||||
Sigma-Aldrich Corp. | 4,939 | $ | 681,878 | |||||
Total Basic Materials | 681,878 | |||||||
Communications (31.24%) | ||||||||
Internet (18.91%) | ||||||||
Amazon.Com, Inc.* (c) | 20,406 | 7,757,545 | ||||||
Baidu, Inc. - ADR* | 12,845 | 2,617,169 | ||||||
EBay, Inc.* | 57,121 | 3,307,877 | ||||||
Equinix, Inc. | 2,478 | 555,506 | ||||||
F5 Networks, Inc.* | 2,688 | 317,493 | ||||||
Facebook, Inc. Cl A* | 98,097 | 7,746,720 | ||||||
Google, Inc. Cl A* | 9,228 | 5,191,950 | ||||||
Google, Inc.* | 11,552 | 6,450,636 | ||||||
Liberty Interactive Corp.* | 18,542 | 547,545 | ||||||
Liberty Interactive Corp. Ventures A* | 8,022 | 322,324 | ||||||
Netflix, Inc.* | 2,541 | 1,206,746 | ||||||
Priceline Group, Inc* | 2,177 | 2,693,994 | ||||||
Symantec Corp. | 31,080 | 781,973 | ||||||
TripAdvisor, Inc.* | 5,396 | 481,593 | ||||||
Yahoo! Inc.* | 41,289 | 1,828,277 | ||||||
41,807,348 | ||||||||
Media (8.43%) | ||||||||
Charter Communications, Inc. Class A* | 4,879 | 881,147 | ||||||
Comcast Corp. | 95,855 | 5,691,870 | ||||||
Comcast Corp. Class A-Spl | 17,273 | 1,018,157 | ||||||
DIRECTV* | 21,426 | 1,898,344 | ||||||
Discovery Communications, Inc.* | 6,158 | 198,903 | ||||||
Discovery Communications, Inc. Class C* | 11,915 | 363,527 | ||||||
DISH Network Corp.* | 10,045 | 753,777 | ||||||
Liberty Global PLC A* | 10,414 | 562,981 | ||||||
Liberty Global PLC C* | 28,693 | 1,496,914 | ||||||
Liberty Media Corp.* | 4,332 | 167,064 | ||||||
Liberty Media Corp. Class C* | 9,484 | 366,082 | ||||||
Sirius XM Holdings, Inc.* | 227,873 | 886,426 | ||||||
Twenty-First Century Fox, Inc. Cl A | 57,075 | 1,997,625 | ||||||
Twenty-First Century Fox, Inc. Cl B | 35,782 | 1,218,019 | ||||||
Viacom, Inc. | 16,329 | 1,142,050 | ||||||
18,642,886 | ||||||||
Telecommunications (3.90%) | ||||||||
Cisco Systems, Inc. | 226,879 | 6,695,200 | ||||||
SBA Communications Corp. Cl A* | 5,654 | 705,110 | ||||||
VimpelCom Ltd. ADR | 80,357 | 440,356 | ||||||
Vodafone Group PLC (New) | 22,287 | 770,239 | ||||||
8,610,905 | ||||||||
Total Communications | 69,061,139 | |||||||
Consumer, Cyclical (7.50%) | ||||||||
Airlines (0.66%) | ||||||||
American Airlines Group, Inc. | 30,300 | 1,451,370 | ||||||
Auto Manufacturers (1.00%) | ||||||||
PACCAR, Inc. | 16,334 | $ | 1,046,193 | |||||
Tesla Motors, Inc.* | 5,686 | 1,156,191 | ||||||
2,202,384 | ||||||||
Distribution / Wholesale (0.23%) | ||||||||
Fastenal Co. | 12,294 | 510,816 | ||||||
Lodging (0.76%) | ||||||||
Marriott International, Inc/DE | 12,437 | 1,033,515 | ||||||
Wynn Resorts Ltd. | 4,544 | 647,520 | ||||||
1,681,035 | ||||||||
Retail (4.69%) | ||||||||
Bed Bath & Beyond, Inc.* | 7,682 | 573,538 | ||||||
Costco Wholesale Corp. | 20,173 | 2,964,623 | ||||||
Dollar Tree, Inc.* | 8,929 | 711,463 | ||||||
O'Reilly Automotive, Inc.* | 4,592 | 955,733 | ||||||
Ross Stores, Inc. | 9,507 | 1,005,936 | ||||||
Staples, Inc. | 26,534 | 444,843 | ||||||
Starbucks Corp. | 34,418 | 3,217,566 | ||||||
Tractor Supply Co. | 5,637 | 496,732 | ||||||
10,370,434 | ||||||||
Toys / Games / Hobbies (0.17%) | ||||||||
Mattel, Inc. | 14,052 | 369,849 | ||||||
Total Consumer, Cyclical | 16,585,888 | |||||||
Consumer, Non-Cyclical (19.05%) | ||||||||
Beverages (0.86%) | ||||||||
Keurig Green Mountain, Inc. | 6,793 | 866,651 | ||||||
Monster Beverage Corp.* | 7,398 | 1,044,006 | ||||||
1,910,657 | ||||||||
Biotechnology (12.07%) | ||||||||
Alexion Pharmaceuticals, Inc.* | 8,619 | 1,554,609 | ||||||
Amgen, Inc. | 32,747 | 5,164,857 | ||||||
Biogen Idec, Inc.* | 10,644 | 4,359,676 | ||||||
Celgene Corp.* | 35,984 | 4,373,136 | ||||||
Gilead Sciences, Inc.* | 66,765 | 6,912,180 | ||||||
Illumina, Inc.* | 6,412 | 1,253,290 | ||||||
Regeneron Pharmaceuticals, Inc.* | 4,272 | 1,767,924 | ||||||
Vertex Pharmaceuticals, Inc.* | 10,890 | 1,300,593 | ||||||
26,686,265 | ||||||||
Commercial Services (1.16%) | ||||||||
Automatic Data Processing, Inc | 20,712 | 1,840,053 | ||||||
CDK Global, Inc. | 4,966 | 232,558 | ||||||
Verisk Analytics, Inc.* | 6,839 | 491,109 | ||||||
2,563,720 | ||||||||
Food (2.46%) | ||||||||
Kraft Foods Group, Inc. | 25,595 | 1,639,616 | ||||||
Mondelez International, Inc. Cl A | 77,802 | 2,873,616 | ||||||
Whole Foods Market, Inc. | 16,224 | 916,494 | ||||||
5,429,726 | ||||||||
Healthcare - Products (0.58%) | ||||||||
Henry Schein, Inc.* | 3,492 | 489,055 | ||||||
Intuitive Surgical, Inc.* | 1,594 | $ | 797,000 | |||||
1,286,055 | ||||||||
Pharmaceuticals (1.92%) | ||||||||
Catamaran Corp.* | 8,605 | 429,820 | ||||||
Express Scripts Holding Co.* | 33,998 | 2,882,690 | ||||||
Mylan, Inc./PA* | 16,164 | 926,601 | ||||||
4,239,111 | ||||||||
Total Consumer, Non-Cyclical | 42,115,534 | |||||||
Industrial (0.77%) | ||||||||
Electronics (0.18%) | ||||||||
Garmin Ltd. | 7,930 | 393,566 | ||||||
Environmental Control (0.22%) | ||||||||
Stericycle, Inc.* | 3,522 | 475,364 | ||||||
Transportation (0.38%) | ||||||||
C H Robinson Worldwide, Inc. | 6,066 | 450,704 | ||||||
Expeditors Int'l of Washington | 8,005 | 386,642 | ||||||
837,346 | ||||||||
Total Industrial | 1,706,276 | |||||||
Technology (36.89%) | ||||||||
Computers (15.31%) | ||||||||
Apple, Inc. (c) | 225,042 | 28,908,895 | ||||||
Cognizant Technology Solutions Cl A* | 26,881 | 1,679,659 | ||||||
NetApp, Inc. | 12,926 | 499,590 | ||||||
Sandisk Corp. | 9,618 | 768,767 | ||||||
Seagate Technology PLC | 14,148 | 864,726 | ||||||
Western Digital Corp. | 10,584 | 1,132,276 | ||||||
33,853,913 | ||||||||
Semiconductors (11.45%) | ||||||||
Altera Corp. | 12,641 | 467,843 | ||||||
Analog Devices, Inc. | 13,031 | 762,835 | ||||||
Applied Materials, Inc. | 54,347 | 1,361,392 | ||||||
Avago Technologies Ltd. | 11,588 | 1,478,861 | ||||||
Broadcom Corp. | 22,991 | 1,039,883 | ||||||
Intel Corp. | 213,420 | 7,096,216 | ||||||
KLA-Tencor Corp. | 6,821 | 443,058 | ||||||
Lam Research Corp. | 6,592 | 543,576 | ||||||
Linear Technology Corp. | 9,892 | 476,646 | ||||||
Maxim Integrated Products, Inc. | 10,304 | 354,406 | ||||||
Micron Technology, Inc.* | 46,644 | 1,430,571 | ||||||
NVIDIA Corp. | 22,542 | 497,277 | ||||||
NXP Semiconductor NV* | 10,677 | 906,424 | ||||||
QUALCOMM, Inc. | 74,353 | 5,391,336 | ||||||
Texas Instruments, Inc. | 44,044 | 2,589,787 | ||||||
Xilinx, Inc. | 10,967 | 464,672 | ||||||
25,304,783 | ||||||||
Software (10.13%) | ||||||||
Activision Blizzard, Inc. | 31,620 | 737,378 | ||||||
Adobe Systems, Inc.* | 21,696 | 1,716,154 | ||||||
Akamai Technologies, Inc.* | 7,382 | 513,123 | ||||||
Autodesk, Inc.* | 9,424 | 605,398 | ||||||
CA, Inc. | 18,451 | 600,027 | ||||||
Cerner Corp.* | 14,619 | 1,053,445 |
See accompanying notes to financial statements.
26
Nasdaq-100 Index Fund | Portfolio of Investments (Unaudited) (Continued) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Check Point Software Technologies Ltd.* | 8,312 | $ | 693,969 | |||||
Citrix Systems, Inc.* | 6,676 | 425,094 | ||||||
Electronic Arts, Inc.* | 12,895 | 737,336 | ||||||
Fiserv, Inc.* | 11,127 | 868,685 | ||||||
Intuit, Inc. | 12,963 | 1,265,578 | ||||||
Liberty Broadband CL-A* | 760 | 39,414 | ||||||
Liberty Broadband C* | 1,768 | 92,042 | ||||||
Microsoft Corp. (c) | 278,921 | 12,230,685 | ||||||
Paychex, Inc. | 16,369 | 815,749 | ||||||
22,394,077 | ||||||||
Total Technology | 81,552,773 | |||||||
Total Common Stock (Cost $155,043,630) | 211,703,488 | |||||||
Total Investments (Cost $155,043,630) (a) (95.77%) | 211,703,488 | |||||||
Other Net Assets (4.23%) | 9,356,556 | |||||||
Net Assets (100.00%) | $ | 221,060,044 |
* | Non-income producing security. |
(a) | Aggregate cost for federal income tax purpose is $155,112,818. |
At February 28, 2015, unrealized appreciation (depreciation) of securities is as follows:
Unrealized appreciation | $ | 58,765,856 | ||
Unrealized depreciation | (2,175,186 | ) | ||
Net unrealized appreciation | $ | 56,590,670 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
(b) | Futures contracts at February 28, 2015: |
Contracts - $20 times premium / delivery month / commitment / exchange
Nasdaq 100 E-MINI | Notional Value | Unrealized Appreciation | ||||||
108 / MAR 2015 / Long / CME | $ | 9,595,800 | $ | 277,675 |
(c) | A portion of these shares have been pledged in connection with obligations for futures contracts. |
See accompanying notes to financial statements.
27
Shelton Green Alpha Fund | Portfolio of Investments (Unaudited) | 2/28/2015 |
Security Description | Shares | Value (Note 1) | ||||||
Common Stock (95.14%) | ||||||||
Basic Materials (0.64%) | ||||||||
Iron/Steel (0.64%) | ||||||||
Schnitzer Steel Industries, Inc. | 10,400 | $ | 163,280 | |||||
Total Basic Materials | 163,280 | |||||||
Communications (6.06%) | ||||||||
Internet (3.28%) | ||||||||
Google, Inc. Cl A* | 460 | 258,810 | ||||||
Google, Inc.* | 1,030 | 575,152 | ||||||
833,962 | ||||||||
Telecommunications (2.79%) | ||||||||
Sierra Wireless, Inc.* | 18,900 | 709,884 | ||||||
Total Communications | 1,543,846 | |||||||
Consumer, Cyclical (8.43%) | ||||||||
Auto Manufacturers (3.78%) | ||||||||
Kandi Technologies Group, Inc.* | 24,000 | 332,160 | ||||||
Tesla Motors, Inc* | 3,100 | 630,354 | ||||||
962,514 | ||||||||
Distribution & Wholesale (1.29%) | ||||||||
Arrow Electronics, Inc.* | 5,300 | 328,388 | ||||||
Office Furnishings (3.36%) | ||||||||
Herman Miller, Inc. | 14,000 | 433,580 | ||||||
Interface, Inc. | 13,500 | 272,565 | ||||||
Steelcase, Inc. CL A | 8,000 | 149,760 | ||||||
855,905 | ||||||||
Total Consumer, Cyclical | 2,146,807 | |||||||
Consumer, Non-Cyclical (13.84%) | ||||||||
Biotechnology (0.35%) | ||||||||
EXACT Sciences Corp.* | 4,000 | 89,880 | ||||||
Food (9.75%) | ||||||||
Hain Celestial Group, Inc.* | 10,800 | 675,324 | ||||||
SunOpta, Inc.* | 40,500 | 467,775 | ||||||
United Natural Foods, Inc.* | 10,700 | 888,528 | ||||||
WhiteWave Foods Co.* | 11,000 | 450,450 | ||||||
2,482,077 | ||||||||
Water (3.74%) | ||||||||
California Water Service Group | 22,900 | 582,347 | ||||||
Consolidated Water Co. Ltd. | 33,000 | 368,940 | ||||||
951,287 | ||||||||
Total Consumer, Non-Cyclical | 3,523,244 | |||||||
Financial (2.30%) | ||||||||
REITS (2.30%) | ||||||||
Alexandria Real Estate Equit. | 3,400 | 326,094 | ||||||
Liberty Property Trust | 7,000 | 260,540 | ||||||
Total Financial | 586,634 | |||||||
Industrial (26.42%) | ||||||||
Building Materials (1.82%) | ||||||||
Trex Co. Inc.* | 9,200 | $ | 463,220 | |||||
Electrical Components & Equipment (13.74%) | ||||||||
Acuity Brands, Inc. | 2,500 | 396,200 | ||||||
Advanced Energy Industries, Inc.* | 24,000 | 638,880 | ||||||
Canadian Solar, Inc.* | 31,000 | 918,375 | ||||||
China Ming Yang Wind Power* | 70,000 | 150,500 | ||||||
SunPower Corp.* | 21,400 | 698,924 | ||||||
Universal Display Corp.* | 20,200 | 694,678 | ||||||
3,497,557 | ||||||||
Electronics (6.88%) | ||||||||
Badger Meter, Inc. | 5,000 | 292,000 | ||||||
Garmin Ltd. | 4,300 | 213,409 | ||||||
Itron, Inc.* | 10,900 | 397,632 | ||||||
Kyocera Corp. ADR | 12,300 | 619,059 | ||||||
Waters Corp.* | 1,900 | 228,722 | ||||||
1,750,822 | ||||||||
Engineering & Construction (2.44%) | ||||||||
ABB Ltd. ADR | 29,000 | 620,310 | ||||||
Machinery-Diversified (1.55%) | ||||||||
Lindsay Corp. | 2,300 | 201,434 | ||||||
Xylem, Inc. | 5,400 | 192,780 | ||||||
394,214 | ||||||||
Total Industrial | 6,726,123 | |||||||
Technology (25.12%) | ||||||||
Computers (3.42%) | ||||||||
Int'l Business Machines Corp. | 4,300 | 696,342 | ||||||
Maxwell Technologies, Inc.* | 23,000 | 173,420 | ||||||
869,762 | ||||||||
Semiconductors (16.43%) | ||||||||
Applied Materials, Inc. | 25,000 | 626,250 | ||||||
Brooks Automation, Inc. | 20,000 | 240,000 | ||||||
Cree, Inc.* | 12,600 | 494,676 | ||||||
First Solar, Inc.* | 22,300 | 1,332,313 | ||||||
Intersil Corp. | 20,000 | 311,800 | ||||||
Power Integrations, Inc. | 3,700 | 202,982 | ||||||
QUALCOMM, Inc. | 10,200 | 739,602 | ||||||
Skyworks Soulutions, Inc. | 700 | 61,425 | ||||||
Veeco Instruments, Inc.* | 5,700 | 173,793 | ||||||
4,182,841 | ||||||||
Software (5.27%) | ||||||||
ANSYS, Inc.* | 5,800 | 498,626 | ||||||
Autodesk, Inc.* | 6,000 | 385,440 | ||||||
Digi International, Inc.* | 37,000 | 391,460 | ||||||
Splunk, Inc.* | 1,000 | 67,250 | ||||||
1,342,776 | ||||||||
Total Technology | 6,395,379 | |||||||
Utilities (12.31%) | ||||||||
Energy-Alternate Sources (12.31%) | ||||||||
JinkoSolar Holding Co. Ltd.- ADR* | 21,400 | $ | 468,446 | |||||
Pattern Energy Group, Inc. Cl A | 20,000 | 556,400 | ||||||
SolarCity Corp.* | 13,200 | 677,952 | ||||||
Trina Solar Ltd.- Spon ADR* | 60,500 | 633,435 | ||||||
Vestas Wind Systems A/S* | 57,000 | 797,430 | ||||||
Total Utilities | 3,133,663 | |||||||
Total Common Stock (Cost $21,477,951) | 24,218,976 | |||||||
Total Investments (Cost $21,477,951) (a) (95.14%) | 24,218,976 | |||||||
Other Net Assets (4.86%) | 1,237,346 | |||||||
Net Assets (100.00%) | $ | 25,456,322 |
* | Non-income producing security. |
(a) | Aggregate cost for federal income tax purpose is $21,478,198. |
At February 28, 2015, unrealized appreciation (depreciation) of securities is as follows:
Unrealized appreciation | $ | 3,625,683 | ||
Unrealized depreciation | (884,905 | ) | ||
Net unrealized appreciation | $ | 2,740,778 |
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements.
See accompanying notes to financial statements.
28
Statements of Assets & Liabilities February 28, 2015 (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 | $ | 88,095,362 | $ | 25,474,189 | $ | 6,989,468 | $ | 105,388,377 | ||||||||
Market value of investments (Note 1) | 93,404,117 | 26,366,622 | 7,003,825 | 105,388,377 | ||||||||||||
Cash | 157,523 | 158,181 | 39,090 | 88,017 | ||||||||||||
Interest receivable | 1,026,005 | 109,466 | 9,150 | — | ||||||||||||
Receivable from investment advisor | — | — | — | 14,585 | ||||||||||||
Total assets | $ | 94,587,645 | $ | 26,634,269 | $ | 7,052,065 | $ | 105,490,979 | ||||||||
Liabilities | ||||||||||||||||
Payable to investment advisor | 36,593 | 8,122 | 469 | — | ||||||||||||
Distributions payable | 223,195 | 27,234 | — | — | ||||||||||||
Accrued 12b-1 fees | — | 1,158 | 340 | 49 | ||||||||||||
Accrued shareholder service fees | — | 1,449 | 436 | 77 | ||||||||||||
Accrued administration fees | 6,555 | 1,834 | 468 | 7,061 | ||||||||||||
Accrued CCO fees | 623 | 176 | 47 | 697 | ||||||||||||
Accrued expenses | 29,596 | 9,758 | 4,776 | 24,419 | ||||||||||||
Total liabilities | $ | 296,562 | $ | 49,731 | $ | 6,536 | $ | 32,303 | ||||||||
Net assets | $ | 94,291,083 | $ | 26,584,538 | $ | 7,045,529 | $ | 105,458,676 | ||||||||
Net assets at February 28, 2015 consist of | ||||||||||||||||
Paid-in capital | 88,929,755 | 26,206,149 | 7,048,488 | 105,461,266 | ||||||||||||
Undistributed net investment income | 183,040 | 54,552 | (17,030 | ) | — | |||||||||||
Accumulated net realized gains (losses) | (130,467 | ) | (568,596 | ) | (286 | ) | (2,590 | ) | ||||||||
Unrealized appreciation (depreciation) of investments | 5,308,755 | 892,433 | 14,357 | — | ||||||||||||
Total net assets | $ | 94,291,083 | $ | 26,584,538 | $ | 7,045,529 | $ | 105,458,676 | ||||||||
Net assets | ||||||||||||||||
Direct Shares | $ | 94,291,083 | $ | 21,183,507 | $ | 5,560,982 | $ | 102,859,859 | ||||||||
K Shares | $ | — | $ | 5,401,031 | $ | 1,484,547 | $ | 2,598,817 | ||||||||
Shares outstanding | ||||||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 7,999,836 | 2,017,524 | 547,497 | 102,864,110 | ||||||||||||
K Shares (no par value, unlimited shares authorized) | — | 513,738 | 147,630 | 2,597,184 | ||||||||||||
Net asset value per share | ||||||||||||||||
Direct Shares | $ | 11.79 | $ | 10.50 | $ | 10.16 | $ | 1.00 | ||||||||
K Shares | $ | — | $ | 10.51 | $ | 10.06 | $ | 1.00 |
See accompanying notes to financial statements.
29
Statements of Assets & Liabilities February 28, 2015 (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 | $ | 61,511,950 | $ | 91,264,032 | $ | 35,650,688 | $ | 103,507,333 | ||||||||
Market value of investments (Note 1) | 140,251,112 | 163,727,657 | 54,568,076 | 204,848,267 | ||||||||||||
Cash | 1,136,673 | 38,438 | 131,373 | 2,246,834 | ||||||||||||
Cash held at broker | 199,950 | 100,000 | 200,000 | 100,000 | ||||||||||||
Dividend receivable | 304,446 | 180,372 | 52,339 | 603,406 | ||||||||||||
Total assets | $ | 141,892,181 | $ | 164,046,467 | $ | 54,951,788 | $ | 207,798,507 | ||||||||
Liabilities | ||||||||||||||||
Payable to investment advisor | 14,126 | 44,708 | 19,202 | 79,110 | ||||||||||||
Fund Income Distribution Pay | — | — | — | 11 | ||||||||||||
Variation margin payable | 5,325 | 640 | 780 | — | ||||||||||||
Accrued 12b-1 fees | 1,910 | 1,410 | 2,228 | 1,396 | ||||||||||||
Accrued shareholder service fees | 8,120 | 2,536 | 3,513 | 2,637 | ||||||||||||
Accrued administration fees | 9,631 | 11,318 | 3,739 | 14,172 | ||||||||||||
Accrued CCO fees | 937 | 1,083 | 363 | 1,371 | ||||||||||||
Accrued expenses | 25,488 | 23,891 | 16,755 | 124,703 | ||||||||||||
Total liabilities | $ | 65,537 | $ | 85,586 | $ | 46,580 | $ | 223,400 | ||||||||
Net assets | $ | 141,826,644 | $ | 163,960,881 | $ | 54,905,208 | $ | 207,575,107 | ||||||||
Net assets at February 28, 2015 consist of | ||||||||||||||||
Paid-in capital | 62,573,391 | 78,515,539 | 35,580,674 | 114,134,167 | ||||||||||||
Undistributed net investment income | 716,365 | 75,139 | 3,803 | 663,933 | ||||||||||||
Accumulated net realized gain (loss) | (245,674 | ) | 12,907,638 | 402,463 | (8,563,873 | ) | ||||||||||
Unrealized appreciation (depreciation) of investments | 78,739,162 | 72,463,625 | 18,917,388 | 101,340,880 | ||||||||||||
Unrealized appreciation (depreciation) of futures contracts | 43,400 | (1,060 | ) | 880 | — | |||||||||||
Total net assets | $ | 141,826,644 | $ | 163,960,881 | $ | 54,905,208 | $ | 207,575,107 | ||||||||
Net assets | ||||||||||||||||
Direct Shares | $ | 132,501,557 | $ | 157,302,134 | $ | 43,841,394 | $ | 200,877,859 | ||||||||
K Shares | $ | 9,325,087 | $ | 6,658,747 | $ | 11,063,814 | $ | 6,697,248 | ||||||||
Shares outstanding | ||||||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 3,113,933 | 5,204,648 | 2,047,793 | 7,413,371 | ||||||||||||
K Shares (no par value, unlimited shares authorized) | 219,507 | 222,219 | 526,088 | 249,171 | ||||||||||||
Net asset value per share | ||||||||||||||||
Direct Shares | $ | 42.55 | $ | 30.22 | $ | 21.41 | $ | 27.10 | ||||||||
K Shares | $ | 42.48 | $ | 29.96 | $ | 21.03 | $ | 26.88 |
See accompanying notes to financial statements.
30
Statements of Assets & Liabilities February 28, 2015 (Unaudited) (Continued) |
European Growth & Income Fund | Nasdaq-100 Index Fund | Shelton Green Alpha Fund | ||||||||||
Assets | ||||||||||||
Investments in securities | ||||||||||||
Cost of investments | $ | 9,514,347 | $ | 155,043,630 | $ | 21,477,951 | ||||||
Market value of investments (Note 1) | 12,233,287 | 211,703,488 | 24,218,976 | |||||||||
Cash | 36,899 | 8,882,888 | 1,255,403 | |||||||||
Cash held at broker | — | 396,000 | — | |||||||||
Dividend receivable | 30,652 | 211,029 | 11,344 | |||||||||
Total assets | $ | 12,300,838 | $ | 221,193,405 | $ | 25,485,723 | ||||||
Liabilities | ||||||||||||
Payable to investment advisor | 5,233 | 42,659 | 18,563 | |||||||||
Fund Income Distribution Pay | — | — | — | |||||||||
Variation margin payable | — | 40,472 | — | |||||||||
Accrued 12b-1 fees | 800 | 3,764 | — | |||||||||
Accrued shareholder service fees | 1,422 | 21,169 | — | |||||||||
Accrued administration fees | 827 | 14,544 | 1,663 | |||||||||
Accrued CCO fees | 81 | 1,460 | 168 | |||||||||
Accrued expenses | 5,601 | 9,293 | 9,007 | |||||||||
Total liabilities | $ | 13,964 | $ | 133,361 | $ | 29,401 | ||||||
Net assets | $ | 12,286,874 | $ | 221,060,044 | $ | 25,456,322 | ||||||
Net assets at February 28, 2015 consist of | ||||||||||||
Paid-in capital | 11,170,216 | 166,875,755 | 23,321,185 | |||||||||
Undistributed net investment income | 46,767 | 427,116 | (81,258 | ) | ||||||||
Accumulated net realized gain (loss) | (1,649,049 | ) | (3,180,360 | ) | (524,630 | ) | ||||||
Unrealized appreciation (depreciation) of investments | 2,718,940 | 56,659,858 | 2,741,025 | |||||||||
Unrealized appreciation (depreciation) of futures contracts | — | 277,675 | — | |||||||||
Total net assets | $ | 12,286,874 | $ | 221,060,044 | $ | 25,456,322 | ||||||
Net assets | ||||||||||||
Direct Shares | $ | 7,461,540 | $ | 200,727,540 | $ | 25,456,322 | ||||||
K Shares | $ | 4,825,334 | $ | 20,332,504 | $ | — | ||||||
Shares outstanding | ||||||||||||
Direct Shares (no par value, unlimited shares authorized) | 805,287 | 17,593,963 | 1,653,727 | |||||||||
K Shares (no par value, unlimited shares authorized) | 518,116 | 1,832,217 | — | |||||||||
Net asset value per share | ||||||||||||
Direct Shares | $ | 9.27 | $ | 11.41 | $ | 15.39 | ||||||
K Shares | $ | 9.31 | $ | 11.10 | $ | — |
See accompanying notes to financial statements.
31
Statements of Operations February 28, 2015 (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 | $ | 1,580,644 | $ | 287,182 | $ | 19,828 | $ | 11,551 | ||||||||
Total | 1,580,644 | 287,182 | 19,828 | 11,551 | ||||||||||||
Expenses | ||||||||||||||||
Management fees (Note 2) | 237,677 | 69,118 | 18,160 | 261,647 | ||||||||||||
Administration fees (Note 2) | 42,803 | 12,306 | 3,254 | 47,120 | ||||||||||||
Transfer agent fees | 11,511 | 9,959 | 2,472 | 12,509 | ||||||||||||
Accounting services | 17,700 | 5,613 | 2,055 | 15,149 | ||||||||||||
Custodian fees | 4,142 | 1,716 | 695 | 4,617 | ||||||||||||
Legal and audit fees | 15,430 | 6,595 | 3,676 | 16,187 | ||||||||||||
CCO fees (Note 2) | 4,142 | 1,186 | 315 | 4,508 | ||||||||||||
Trustees fees | 2,097 | 2,098 | 2,097 | 2,120 | ||||||||||||
Insurance | 1,595 | 478 | 128 | 1,731 | ||||||||||||
Printing | 2,266 | 1,690 | 872 | 3,364 | ||||||||||||
Registration and dues | 3,027 | 4,757 | 1,437 | 2,089 | ||||||||||||
12b-1 fees Class K (Note 2) | — | 6,972 | 1,919 | — | ||||||||||||
Shareholder service fees (Note 2) | — | 6,972 | 1,919 | — | ||||||||||||
Total expenses | 342,390 | 129,460 | 38,999 | 371,041 | ||||||||||||
Less reimbursement from manager (Note 2) | — | (14,403 | ) | (13,744 | ) | (359,490 | ) | |||||||||
Net expenses | 342,390 | 115,057 | 25,255 | 11,551 | ||||||||||||
Net investment income | 1,238,254 | 172,125 | (5,427 | ) | — | |||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) from security transactions | (70,054 | ) | 47,262 | 884 | 414 | |||||||||||
Change in unrealized appreciation (depreciation) of investments | 256,123 | 218,175 | (7,275 | ) | — | |||||||||||
Net realized and unrealized gain (loss) of investments | 186,069 | 265,437 | (6,391 | ) | 414 | |||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 1,424,323 | $ | 437,562 | $ | (11,818 | ) | $ | 414 |
See accompanying notes to financial statements.
32
Statements of Operations February 28, 2015 (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 | $ | 6 | $ | — | $ | 1 | $ | 137 | ||||||||
Dividend income (net of foreign tax witheld: $70; $0; $40; $9,661; $18,125; $1,660: $253 respectively) | 1,411,635 | 1,138,184 | 346,824 | 2,596,322 | ||||||||||||
Total | 1,411,641 | 1,138,184 | 346,825 | 2,596,459 | ||||||||||||
Expenses | ||||||||||||||||
Management fees (Note 2) | 168,519 | 329,662 | 130,744 | 503,110 | ||||||||||||
Administration fees (Note 2) | 60,689 | 73,365 | 23,543 | 90,594 | ||||||||||||
Transfer agent fees | 16,089 | 15,435 | 9,835 | 117,726 | ||||||||||||
Accounting services | 25,049 | 28,663 | 15,457 | 28,875 | ||||||||||||
Custodian fees | 5,952 | 7,246 | 3,247 | 7,745 | ||||||||||||
Legal and audit fees | 20,561 | 25,309 | 9,974 | 29,052 | ||||||||||||
CCO fees (Note 2) | 5,917 | 7,098 | 2,270 | 8,808 | ||||||||||||
Trustees fees | 2,117 | 2,103 | 2,128 | 2,116 | ||||||||||||
Insurance | 2,180 | 2,855 | 871 | 3,311 | ||||||||||||
Printing | 4,996 | 5,258 | 2,637 | 15,493 | ||||||||||||
Registration and dues | 6,416 | 7,389 | 3,620 | 18,241 | ||||||||||||
12b-1 fees Class K (Note 2) | 12,123 | 8,279 | 13,693 | 8,690 | ||||||||||||
Shareholder service fees Class K (Note 2) | 12,123 | 8,279 | 13,693 | 8,690 | ||||||||||||
Licensing fee | 5,924 | 7,877 | 2,437 | — | ||||||||||||
Total expenses | 348,655 | 528,818 | 234,149 | 842,451 | ||||||||||||
Less reimbursement from manager (Note 2) | (81,791 | ) | (35,170 | ) | (13,576 | ) | — | |||||||||
Net expenses | 266,864 | 493,648 | 220,573 | 842,451 | ||||||||||||
Net investment income | 1,144,777 | 644,536 | 126,252 | 1,754,008 | ||||||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||||||
Net realized gain (loss) from security transactions | 224,277 | 13,062,190 | 396,003 | 191,985 | ||||||||||||
Net realized gain (loss) from futures contracts | 15,120 | 77,005 | 11,745 | — | ||||||||||||
Change in unrealized appreciation/depreciation of investments | 6,685,156 | (5,276,212 | ) | 3,158,576 | 8,792,388 | |||||||||||
Change in unrealized appreciation/depreciation of futures contracts | 24,732 | (1,340 | ) | (4,220 | ) | — | ||||||||||
Net realized and unrealized gain (loss) on investments | 6,949,285 | 7,861,643 | 3,562,104 | 8,984,373 | ||||||||||||
Net increase (decrease) in net assets resulting from operations | $ | 8,094,062 | $ | 8,506,179 | $ | 3,688,356 | $ | 10,738,381 |
See accompanying notes to financial statements.
33
Statements of Operations February 28, 2015 (Unaudited) (Continued) |
European Growth & Income Fund | Nasdaq-100 Index Fund | Shelton Green Alpha Fund | ||||||||||
Investment income | ||||||||||||
Interest income | $ | — | $ | 32 | $ | — | ||||||
Dividend income (net of foreign tax witheld: $70; $0; $40; $9,661; $18,125; $1,660: $253 respectively) | 147,645 | 1,110,119 | 70,324 | |||||||||
Total | 147,645 | 1,110,151 | 70,324 | |||||||||
Expenses | ||||||||||||
Management fees (Note 2) | 53,156 | 405,007 | 111,113 | |||||||||
Administration fees (Note 2) | 5,506 | 72,871 | 9,897 | |||||||||
Transfer agent fees | 5,326 | 33,918 | 4,682 | |||||||||
Accounting services | 2,896 | 21,940 | 4,013 | |||||||||
Custodian fees | 903 | 7,189 | 2,013 | |||||||||
Legal and audit fees | 4,633 | 15,917 | 4,799 | |||||||||
CCO fees (Note 2) | 541 | 7,519 | 989 | |||||||||
Trustees fees | 2,081 | 2,314 | 2,142 | |||||||||
Insurance | 224 | 2,013 | 337 | |||||||||
Printing | 1,397 | 7,739 | 2,127 | |||||||||
Registration and dues | 1,611 | 13,857 | 9,470 | |||||||||
12b-1 fees Class K (Note 2) | 6,023 | 18,837 | — | |||||||||
Shareholder service fees Class K (Note 2) | 6,023 | 18,837 | — | |||||||||
Licensing fee | — | 2,685 | — | |||||||||
Total expenses | 90,320 | 630,643 | 151,582 | |||||||||
Less reimbursement from manager (Note 2) | (15,813 | ) | (195,174 | ) | — | |||||||
Net expenses | 74,507 | 435,469 | 151,582 | |||||||||
Net investment income | 73,138 | 674,682 | (81,258 | ) | ||||||||
Realized and unrealized gain (loss) on investments | ||||||||||||
Net realized gain (loss) from security transactions | (676,547 | ) | (102,158 | ) | (524,282 | ) | ||||||
Net realized gain (loss) from futures contracts | — | (1,274 | ) | — | ||||||||
Change in unrealized appreciation/depreciation of investments | 72,424 | 16,328,643 | 30,796 | |||||||||
Change in unrealized appreciation/depreciation of futures contracts | — | 229,945 | — | |||||||||
Net realized and unrealized gain (loss) on investments | (604,123 | ) | 16,455,156 | (493,486 | ) | |||||||
Net increase (decrease) in net assets resulting from operations | $ | (530,985 | ) | $ | 17,129,838 | $ | (574,744 | ) |
See accompanying notes to financial statements.
34
Statements of Changes in Net Assets |
California Tax-Free Income Fund | ||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | 1,238,254 | $ | 2,945,568 | ||||
Net realized gain (loss) on investments | (70,054 | ) | 397,302 | |||||
Change in unrealized appreciation (depreciation) of investments | 256,123 | 4,392,739 | ||||||
Net increase (decrease) in net assets resulting from operations | 1,424,323 | 7,735,609 | ||||||
Distributions to shareholders | ||||||||
Distributions from net investment income | (1,214,753 | ) | (2,898,978 | ) | ||||
Distributions from realized capital gains on investments | (400,216 | ) | — | |||||
Capital share transactions | ||||||||
Increase (decrease) in net assets resulting from capital share transactions | (2,629,283 | ) | (7,958,824 | ) | ||||
Total increase (decrease) | (2,819,929 | ) | (3,122,193 | ) | ||||
Net assets | ||||||||
Beginning of period | 97,111,012 | 100,233,205 | ||||||
End of period | $ | 94,291,083 | $ | 97,111,012 | ||||
Including undistributed net investment income (loss) of: | $ | 183,040 | $ | 159,539 |
U.S. Government Securities Fund | Short-Term U.S. Government Bond Fund | The United States Treasury Trust | ||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 172,125 | $ | 515,112 | $ | (5,427 | ) | $ | (19,377 | ) | $ | — | $ | — | ||||||||||
Net realized gain (loss) on investments | 47,262 | 295,307 | 884 | 1,469 | 414 | (3,004 | ) | |||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 218,175 | (253,964 | ) | (7,275 | ) | 9,609 | — | — | ||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 437,562 | 556,455 | (11,818 | ) | (8,299 | ) | 414 | (3,004 | ) | |||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (145,036 | ) | (425,522 | ) | — | — | — | — | ||||||||||||||||
A shares | — | (3,980 | ) | — | — | — | — | |||||||||||||||||
K shares | (23,430 | ) | (83,336 | ) | — | — | — | — | ||||||||||||||||
Distributions from realized capital gains on investments | ||||||||||||||||||||||||
Direct shares | — | — | (1,845 | ) | — | — | — | |||||||||||||||||
K shares | — | — | (469 | ) | — | — | — | |||||||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (2,515,560 | ) | (2,468,608 | ) | (624,775 | ) | (1,023,976 | ) | (3,451,946 | ) | 36,284,009 | |||||||||||||
Total increase (decrease) | (2,246,464 | ) | (2,424,991 | ) | (638,907 | ) | (1,032,275 | ) | (3,451,532 | ) | 36,281,005 | |||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 28,831,002 | 31,255,993 | 7,684,436 | 8,716,711 | 108,910,208 | 72,629,203 | ||||||||||||||||||
End of period | $ | 26,584,538 | $ | 28,831,002 | $ | 7,045,529 | $ | 7,684,436 | $ | 105,458,676 | $ | 108,910,208 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 54,552 | $ | 48,680 | $ | (17,030 | ) | $ | (11,695 | ) | $ | — | $ | — |
See accompanying notes to financial statements.
35
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, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,144,777 | $ | 2,017,764 | $ | 644,536 | $ | 1,326,124 | $ | 126,252 | $ | 184,661 | ||||||||||||
Net realized gain (loss) on investments | 224,277 | (83,440 | ) | 13,062,190 | 11,803,423 | 396,003 | 3,399,994 | |||||||||||||||||
Net realized gain (loss) on futures contracts | 15,120 | 645,642 | 77,005 | 271,835 | 11,745 | 507,833 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 6,685,156 | 24,568,326 | (5,276,212 | ) | 20,121,168 | 3,158,576 | 3,909,884 | |||||||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | 24,732 | 38,443 | (1,340 | ) | 50,920 | (4,220 | ) | (7,248 | ) | |||||||||||||||
Net increase (decrease) in net assets resulting from operations | 8,094,062 | 27,186,735 | 8,506,179 | 33,573,470 | 3,688,356 | 7,995,124 | ||||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (1,065,415 | ) | (1,830,441 | ) | (711,294 | ) | (1,353,463 | ) | (119,051 | ) | (172,619 | ) | ||||||||||||
K shares | (51,760 | ) | (153,775 | ) | (12,191 | ) | (40,614 | ) | (3,398 | ) | (13,967 | ) | ||||||||||||
Distributions from realized capital gains on investments | ||||||||||||||||||||||||
Direct shares | (515,560 | ) | (1,713,111 | ) | (11,448,852 | ) | (6,477,461 | ) | (2,983,582 | ) | (2,490,080 | ) | ||||||||||||
K shares | (38,363 | ) | (155,980 | ) | (467,757 | ) | (305,081 | ) | (801,864 | ) | (715,964 | ) | ||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | 513,667 | 339,259 | (8,280,495 | ) | (306,900 | ) | 2,025,472 | 2,256,938 | ||||||||||||||||
Total increase (decrease) | 6,936,631 | 23,672,687 | (12,414,410 | ) | 25,089,951 | 1,805,933 | 6,859,432 | |||||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 134,890,013 | 111,217,326 | 176,375,291 | 151,285,340 | 53,099,275 | 46,239,843 | ||||||||||||||||||
End of period | $ | 141,826,644 | $ | 134,890,013 | $ | 163,960,881 | $ | 176,375,291 | $ | 54,905,208 | $ | 53,099,275 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 716,365 | $ | 688,763 | $ | 75,139 | $ | 154,088 | $ | 3,803 | $ | — |
Shelton Core Value Fund | European Growth & Income Fund | Nasdaq-100 Index Fund | ||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||
Operations | ||||||||||||||||||||||||
Net investment income (loss) | $ | 1,754,008 | $ | 3,022,870 | $ | 73,138 | $ | 276,588 | $ | 674,682 | $ | 1,015,724 | ||||||||||||
Net realized gain (loss) on investments | 191,985 | 8,784,857 | (676,547 | ) | (406,143 | ) | (102,158 | ) | 91,394 | |||||||||||||||
Net realized gain (loss) on futures contracts | — | — | — | — | (1,274 | ) | 1,105,982 | |||||||||||||||||
Change in unrealized appreciation (depreciation) of investments | 8,792,388 | 27,135,577 | 72,424 | 2,443,356 | 16,328,643 | 22,418,541 | ||||||||||||||||||
Change in unrealized appreciation (depreciation) of futures contracts | — | — | — | — | 229,945 | 60,898 | ||||||||||||||||||
Net increase (decrease) in net assets resulting from operations | 10,738,381 | 38,943,304 | (530,985 | ) | 2,313,801 | 17,129,838 | 24,692,539 | |||||||||||||||||
Distributions to shareholders | ||||||||||||||||||||||||
Distributions from net investment income | ||||||||||||||||||||||||
Direct shares | (2,052,757 | ) | (3,101,667 | ) | (40,417 | ) | (221,107 | ) | (472,313 | ) | (899,099 | ) | ||||||||||||
A shares | — | (46,135 | ) | — | — | — | — | |||||||||||||||||
K shares | (55,816 | ) | (88,012 | ) | (11,234 | ) | (82,499 | ) | (13,241 | ) | (81,271 | ) | ||||||||||||
Capital share transactions | ||||||||||||||||||||||||
Increase (decrease) in net assets resulting from capital share transactions | (5,287,306 | ) | (11,109,419 | ) | (1,117,470 | ) | (1,124,417 | ) | 85,727,293 | 31,016,960 | ||||||||||||||
Total increase (decrease) | 3,342,502 | 24,598,071 | (1,700,106 | ) | 885,778 | 102,371,577 | 54,729,129 | |||||||||||||||||
Net assets | ||||||||||||||||||||||||
Beginning of period | 204,232,605 | 179,634,534 | 13,986,980 | 13,101,202 | 118,688,467 | 63,959,338 | ||||||||||||||||||
End of period | $ | 207,575,107 | $ | 204,232,605 | $ | 12,286,874 | $ | 13,986,980 | $ | 221,060,044 | $ | 118,688,467 | ||||||||||||
Including undistributed net investment income (loss) of: | $ | 663,933 | $ | 1,018,498 | $ | 46,767 | $ | 25,280 | $ | 427,116 | $ | 237,988 |
See accompanying notes to financial statements.
36
Statements of Changes in Net Assets (Continued) |
Shelton Green Alpha Fund | ||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2013 | |||||||
Operations | ||||||||
Net investment income (loss) | $ | (81,258 | ) | $ | (71,831 | ) | ||
Net realized gain (loss) on investments | (524,282 | ) | 41,429 | |||||
Change in unrealized appreciation (depreciation) of investments | 30,796 | 2,640,437 | ||||||
Net increase (decrease) in net assets resulting from operations | (574,744 | ) | 2,610,035 | |||||
Distributions to shareholders | ||||||||
Distributions from realized capital gains on investments | ||||||||
Direct shares | (783 | ) | — | |||||
Capital share transactions | ||||||||
Increase (decrease) in net assets resulting from capital share transactions | 3,595,359 | 15,203,090 | ||||||
Total increase (decrease) | 3,019,832 | 17,813,125 | ||||||
Net assets | ||||||||
Beginning of period | 22,436,490 | 4,623,365 | ||||||
End of period | $ | 25,456,322 | $ | 22,436,490 | ||||
Including undistributed net investment income (loss) of: | $ | (81,258 | ) | $ | — |
See accompanying notes to financial statements.
37
Statements of Changes in Net Assets (Continued) |
California Tax-Free Income Fund | Direct Shares | |||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Shares sold | 117,186 | $ | 1,388,710 | 1,120,269 | $ | 12,882,540 | ||||||||||
Shares issued in reinvestment of distributions | 88,333 | 1,043,041 | 186,155 | 2,158,906 | ||||||||||||
Shares repurchased | (427,292 | ) | (5,061,034 | ) | (1,981,074 | ) | (23,000,270 | ) | ||||||||
Net increase (decrease) | (221,773 | ) | $ | (2,629,283 | ) | (674,650 | ) | $ | (7,958,824 | ) |
U.S. Government Securities Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 237,615 | $ | 2,483,836 | 630,421 | $ | 6,559,775 | 46,073 | $ | 482,750 | 114,542 | $ | 1,193,213 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 11,144 | 116,591 | 39,737 | 413,205 | 1,984 | 20,807 | 7,999 | 83,336 | ||||||||||||||||||||||||
Shares repurchased | (418,419 | ) | (4,380,000 | ) | (695,112 | ) | (7,227,134 | ) | (118,706 | ) | (1,239,544 | ) | (221,032 | ) | (2,304,401 | ) | ||||||||||||||||
Net increase (decrease) | (169,660 | ) | $ | (1,779,573 | ) | (24,954 | ) | $ | (254,154 | ) | (70,649 | ) | $ | (735,987 | ) | (98,491 | ) | $ | (1,027,852 | ) |
Short-Term U.S. Government Bond Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 51,017 | $ | 518,906 | 88,163 | $ | 897,054 | 15,412 | $ | 155,362 | 50,725 | $ | 513,427 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 180 | 1,833 | — | — | 46 | 469 | — | — | ||||||||||||||||||||||||
Shares repurchased | (72,798 | ) | (740,458 | ) | (189,462 | ) | (1,927,698 | ) | (55,599 | ) | (560,887 | ) | (49,998 | ) | (506,759 | ) | ||||||||||||||||
Net increase (decrease) | (21,601 | ) | $ | (219,719 | ) | (101,299 | ) | $ | (1,030,644 | ) | (40,141 | ) | $ | (405,056 | ) | 727 | $ | 6,668 |
The United States Treasury Trust | Direct Shares | K Shares | ||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||
Shares/ Value | Shares/ Value | Shares/ Value | Shares/ Value | |||||||||||||
Shares sold | 33,455,107 | 115,920,492 | 260,586 | 2,170,168 | ||||||||||||
Shares issued in reinvestment of distributions | — | — | — | — | ||||||||||||
Shares repurchased | (36,492,749 | ) | (79,499,496 | ) | (674,890 | ) | (2,307,155 | ) | ||||||||
Net increase (decrease) | (3,037,642 | ) | 36,420,996 | (414,304 | ) | (136,987 | ) |
See accompanying notes to financial statements.
38
Statements of Changes in Net Assets (Continued) |
S&P 500 Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 204,159 | $ | 8,304,304 | 310,526 | $ | 11,586,574 | 18,839 | $ | 770,868 | 49,342 | $ | 1,840,281 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 35,388 | 1,453,063 | 89,839 | 3,325,527 | 2,184 | 89,557 | 8,339 | 308,540 | ||||||||||||||||||||||||
Shares repurchased | (170,891 | ) | (6,973,148 | ) | (365,279 | ) | (13,750,313 | ) | (78,932 | ) | (3,130,977 | ) | (80,415 | ) | (2,971,350 | ) | ||||||||||||||||
Net increase (decrease) | 68,656 | $ | 2,784,219 | 35,086 | $ | 1,161,788 | (57,909 | ) | $ | (2,270,552 | ) | (22,734 | ) | $ | (822,529 | ) |
S&P MidCap Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 120,511 | $ | 3,561,765 | 534,111 | $ | 15,577,227 | 17,855 | $ | 525,699 | 34,485 | $ | 999,328 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 405,135 | 11,731,054 | 269,152 | 7,599,984 | 16,684 | 478,746 | 12,275 | 344,078 | ||||||||||||||||||||||||
Shares repurchased | (782,915 | ) | (23,048,090 | ) | (756,369 | ) | (22,099,524 | ) | (51,956 | ) | (1,529,669 | ) | (94,673 | ) | (2,727,993 | ) | ||||||||||||||||
Net increase (decrease) | (257,269 | ) | $ | (7,755,271 | ) | 46,894 | $ | 1,077,687 | (17,417 | ) | $ | (525,224 | ) | (47,913 | ) | $ | (1,384,587 | ) |
S&P SmallCap Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 107,195 | $ | 2,240,609 | 342,945 | $ | 7,260,398 | 38,408 | $ | 790,140 | 80,412 | $ | 1,671,811 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 150,421 | 3,060,349 | 125,059 | 2,641,936 | 40,339 | 805,262 | 35,117 | 729,931 | ||||||||||||||||||||||||
Shares repurchased | (142,846 | ) | (2,959,568 | ) | (310,460 | ) | (6,620,360 | ) | (92,855 | ) | (1,911,320 | ) | (164,334 | ) | (3,426,778 | ) | ||||||||||||||||
Net increase (decrease) | 114,770 | $ | 2,341,390 | 157,544 | $ | 3,281,974 | (14,108 | ) | $ | (315,918 | ) | (48,805 | ) | $ | (1,025,036 | ) |
Shelton Core Value Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 182,780 | $ | 4,769,261 | 1,058,222 | $ | 25,092,144 | 23,310 | $ | 604,724 | 44,448 | $ | 1,053,495 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 75,262 | 1,976,491 | 126,025 | 3,001,240 | 2,138 | 55,803 | 3,746 | 87,993 | ||||||||||||||||||||||||
Shares repurchased | (421,502 | ) | (11,033,900 | ) | (898,482 | ) | (21,590,064 | ) | (63,994 | ) | (1,659,685 | ) | (130,748 | ) | (3,035,171 | ) | ||||||||||||||||
Net increase (decrease) | (163,460 | ) | $ | (4,288,148 | ) | 285,765 | $ | 6,503,320 | (38,546 | ) | $ | (999,158 | ) | (82,554 | ) | $ | (1,893,683 | ) |
See accompanying notes to financial statements.
39
Statements of Changes in Net Assets (Continued) |
European Growth & Income Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 84,399 | $ | 766,480 | 297,938 | $ | 2,816,249 | 45,786 | $ | 416,286 | 104,314 | $ | 992,398 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 4,497 | 40,193 | 22,729 | 220,500 | 1,234 | 11,234 | 8,474 | 82,499 | ||||||||||||||||||||||||
Shares repurchased | (160,474 | ) | (1,432,396 | ) | (316,529 | ) | (3,046,747 | ) | (100,452 | ) | (919,267 | ) | (233,170 | ) | (2,189,316 | ) | ||||||||||||||||
Net increase (decrease) | (71,578 | ) | $ | (625,723 | ) | 4,138 | $ | (9,998 | ) | (53,432 | ) | $ | (491,747 | ) | (120,382 | ) | $ | (1,114,419 | ) |
Nasdaq-100 Index Fund | Direct Shares | K Shares | ||||||||||||||||||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||||||||||||||||
Shares | Value | Shares | Value | Shares | Value | Shares | Value | |||||||||||||||||||||||||
Shares sold | 9,327,559 | $ | 99,321,453 | 5,071,470 | $ | 47,783,109 | 921,048 | $ | 9,577,538 | 381,395 | $ | 3,496,185 | ||||||||||||||||||||
Shares issued in reinvestment of distributions | 42,280 | 452,157 | 93,848 | 865,732 | 1,227 | 12,831 | 9,013 | 80,430 | ||||||||||||||||||||||||
Shares repurchased | (1,945,470 | ) | (20,559,949 | ) | (1,848,486 | ) | (17,265,078 | ) | (289,338 | ) | (3,076,737 | ) | (448,852 | ) | (3,943,418 | ) | ||||||||||||||||
Net increase (decrease) | 7,424,369 | $ | 79,213,661 | 3,316,832 | $ | 31,383,763 | 632,937 | $ | 6,513,632 | (58,444 | ) | $ | (366,803 | ) |
Shelton Green Alpha Fund | Direct Shares | |||||||||||||||
Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | |||||||||||||||
Shares | Value | Shares | Value | |||||||||||||
Shares sold | 528,303 | $ | 7,718,116 | 1,274,345 | $ | 18,902,910 | ||||||||||
Shares issued in reinvestment of distributions | 52 | 757 | — | — | ||||||||||||
Shares repurchased | (285,420 | ) | (4,123,514 | ) | (250,188 | ) | (3,699,820 | ) | ||||||||
Net increase (decrease) | 242,935 | $ | 3,595,359 | 1,024,157 | $ | 15,203,090 |
See accompanying notes to financial statements.
40
Financial Highlights (For a Share Outstanding Throughout Each Period) |
California Tax-Free Income Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 11.81 | $ | 11.27 | $ | 11.89 | $ | 11.38 | $ | 11.69 | $ | 11.27 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.15 | 0.33 | 0.38 | 0.41 | 0.44 | 0.46 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.03 | 0.54 | (0.62 | ) | 0.51 | (0.25 | ) | 0.42 | ||||||||||||||||
Total from investment operations | 0.18 | 0.87 | (0.25 | ) | 0.92 | 0.19 | 0.88 | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.15 | ) | (0.33 | ) | (0.38 | ) | (0.41 | ) | (0.45 | ) | (0.46 | ) | ||||||||||||
Distributions from capital gains | (0.05 | ) | — | — | — | (0.05 | ) | 0.00 | (a) | |||||||||||||||
Total distributions | (0.20 | ) | (0.33 | ) | (0.38 | ) | (0.41 | ) | (0.50 | ) | (0.46 | ) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 11.79 | $ | 11.81 | $ | 11.27 | $ | 11.89 | $ | 11.38 | $ | 11.69 | ||||||||||||
Total return | 1.52 | %(d) | 7.80 | % | (2.12 | )% | 8.17 | % | 1.73 | % | 7.98 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 94,291 | $ | 97,111 | $ | 100,233 | $ | 105,786 | $ | 99,223 | $ | 111,786 | ||||||||||||
Ratio of expenses to average net assets | 0.72 | %(c) | 0.73 | % | 0.71 | % | 0.72 | % | 0.72 | % | 0.73 | % | ||||||||||||
Ratio of net investment income to average net assets | 2.61 | %(c) | 2.88 | % | 3.29 | % | 3.50 | % | 3.93 | % | 4.02 | % | ||||||||||||
Portfolio turnover | 11 | %(d) | 10 | % | 11 | % | 10 | % | 2 | % | 10 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
41
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
U.S. Government Securities Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.40 | $ | 10.38 | $ | 10.93 | $ | 10.79 | $ | 10.68 | $ | 10.38 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.07 | 0.19 | 0.19 | 0.20 | 0.21 | 0.31 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.10 | 0.02 | (0.56 | ) | 0.13 | 0.11 | 0.30 | |||||||||||||||||
Total from investment operations | 0.17 | 0.21 | (0.37 | ) | 0.33 | 0.32 | 0.61 | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.07 | ) | (0.19 | ) | (0.18 | ) | (0.19 | ) | (0.21 | ) | (0.31 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.07 | ) | — | (0.18 | ) | (0.19 | ) | (0.21 | ) | (0.31 | ) | |||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 10.50 | $ | 10.40 | $ | 10.38 | $ | 10.93 | $ | 10.79 | $ | 10.68 | ||||||||||||
Total return | 1.63 | %(d) | 2.03 | % | (3.38 | )% | 3.13 | % | 3.09 | % | 6.04 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 21,184 | $ | 22,746 | $ | 22,968 | $ | 26,927 | $ | 28,080 | $ | 32,467 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.85 | %(c) | 0.86 | % | 0.86 | % | 0.87 | % | 0.86 | % | 0.94 | % | ||||||||||||
After expense reimbursements | 0.74 | %(c) | 0.72 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.25 | %(c) | 1.68 | % | 1.64 | % | 1.69 | % | 1.85 | % | 2.79 | % | ||||||||||||
After expense reimbursements | 1.35 | %(c) | 1.82 | % | 1.76 | % | 1.82 | % | 1.97 | % | 2.99 | % | ||||||||||||
Portfolio turnover | 10 | %(d) | 32 | % | 6 | % | 9 | % | 62 | % | 54 | % |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.41 | $ | 10.40 | $ | 10.96 | $ | 10.82 | $ | 10.70 | $ | 10.43 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.04 | 0.14 | 0.13 | 0.14 | 0.16 | 0.26 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.10 | 0.01 | (0.55 | ) | 0.14 | 0.12 | 0.30 | |||||||||||||||||
Total from investment operations | 0.14 | 0.15 | (0.42 | ) | 0.28 | 0.28 | 0.56 | |||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.04 | ) | (0.14 | ) | (0.14 | ) | (0.14 | ) | (0.16 | ) | (0.29 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.04 | ) | — | (0.14 | ) | (0.14 | ) | (0.16 | ) | (0.29 | ) | |||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 10.51 | $ | 10.41 | $ | 10.40 | $ | 10.96 | $ | 10.82 | $ | 10.70 | ||||||||||||
Total return | 1.28 | %(d) | 1.48 | % | (3.88 | )% | 2.60 | % | 2.65 | % | 5.50 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,401 | $ | 6,085 | $ | 7,103 | $ | 8,202 | $ | 8,878 | $ | 8,668 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.35 | %(c) | 1.36 | % | 1.36 | % | 1.37 | % | 1.37 | % | 1.44 | % | ||||||||||||
After expense reimbursements | 1.24 | %(c) | 1.22 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.75 | %(c) | 1.18 | % | 1.12 | % | 1.19 | % | 1.35 | % | 2.30 | % | ||||||||||||
After expense reimbursements | 0.85 | %(c) | 1.32 | % | 1.24 | % | 1.32 | % | 1.47 | % | 2.50 | % | ||||||||||||
Portfolio turnover | 10 | %(d) | 32 | % | 6 | % | 9 | % | 62 | % | 54 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
42
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Short-Term U.S. Government Bond Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.17 | $ | 10.17 | $ | 10.23 | $ | 10.32 | $ | 10.41 | $ | 10.26 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | (0.00 | ) | (0.01 | ) | (0.01 | ) | 0.05 | 0.07 | 0.09 | |||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.01 | ) | 0.01 | (0.04 | ) | (0.07 | ) | (0.04 | ) | 0.15 | ||||||||||||||
Total from investment operations | (0.01 | ) | — | (0.05 | ) | (0.02 | ) | 0.03 | 0.24 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | (0.05 | ) | (0.07 | ) | (0.09 | ) | |||||||||||||||
Distributions from capital gains | — | — | (0.01 | ) | (0.02 | ) | (0.05 | ) | — | |||||||||||||||
Total distributions | — | — | (0.01 | ) | (0.07 | ) | (0.12 | ) | (0.09 | ) | ||||||||||||||
Paid-in capital from redemption fee | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 10.16 | $ | 10.17 | $ | 10.17 | $ | 10.23 | $ | 10.32 | $ | 10.41 | ||||||||||||
Total return | (0.07 | )%(d) | 0.00 | % | (0.43 | )% | (0.20 | )% | 0.33 | % | 2.32 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 5,561 | $ | 5,789 | $ | 6,819 | $ | 9,021 | $ | 11,668 | $ | 12,581 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.97 | %(c) | 1.06 | % | 1.07 | % | 0.98 | % | 0.92 | % | 0.89 | % | ||||||||||||
After expense reimbursements | 0.59 | %(c) | 0.59 | % | 0.59 | % | 0.59 | % | �� | 0.59 | % | 0.59 | % | |||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (0.42 | )%(c) | (0.60 | )% | (0.53 | )% | 0.10 | % | 0.37 | % | 0.59 | % | ||||||||||||
After expense reimbursements | (0.04 | )%(c) | (0.13 | )% | (0.05 | )% | 0.49 | % | 0.70 | % | 0.89 | % | ||||||||||||
Portfolio turnover | 12 | %(d) | 28 | % | 50 | % | 13 | % | 28 | % | 42 | % |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.10 | $ | 10.15 | $ | 10.25 | $ | 10.34 | $ | 10.43 | $ | 10.30 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | (0.03 | ) | (0.06 | ) | (0.06 | ) | (0.00 | ) | 0.02 | 0.04 | ||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.01 | ) | 0.01 | (0.03 | ) | (0.07 | ) | (0.04 | ) | 0.15 | ||||||||||||||
Total from investment operations | (0.04 | ) | (0.05 | ) | (0.09 | ) | (0.07 | ) | (0.02 | ) | 0.19 | |||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | — | (0.02 | ) | (0.06 | ) | ||||||||||||||||
Distributions from capital gains | — | — | (0.01 | ) | (0.02 | ) | (0.05 | ) | — | |||||||||||||||
Total distributions | — | — | (0.01 | ) | (0.02 | ) | (0.07 | ) | (0.06 | ) | ||||||||||||||
Net asset value, end of period | $ | 10.06 | $ | 10.10 | $ | 10.15 | $ | 10.25 | $ | 10.34 | $ | 10.43 | ||||||||||||
Total return | (0.36 | )%(d) | (0.49 | )% | (0.85 | )% | (0.66 | )% | (0.18 | )% | 1.82 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 1,485 | $ | 1,896 | $ | 1,898 | $ | 2,060 | $ | 3,075 | $ | 3,224 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.47 | %(c) | 1.56 | % | 1.57 | % | 1.48 | % | 1.42 | % | 1.39 | % | ||||||||||||
After expense reimbursements | 1.09 | %(c) | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | 1.09 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (0.92 | )%(c) | (1.10 | )% | (1.04 | )% | (0.40 | )% | (0.13 | )% | 0.09 | % | ||||||||||||
After expense reimbursements | (0.55 | )%(c) | (0.63 | )% | (0.56 | )% | (0.01 | )% | 0.20 | % | 0.39 | % | ||||||||||||
Portfolio turnover | 12 | %(d) | 28 | % | 50 | % | 13 | % | 28 | % | 42 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
43
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
The United States Treasury Trust Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
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) | 0.001 | |||||||||||||||
Total from investment operations | — | — | (0.000 | ) | (0.000 | ) | (0.000 | ) | 0.001 | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | — | — | — | — | — | — | ||||||||||||||||||
Distributions from capital gains | — | — | — | — | (0.000 | )(a) | (0.001 | ) | ||||||||||||||||
Total distributions | — | — | — | — | (0.000 | ) | (0.001 | ) | ||||||||||||||||
Net asset value, end of period | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | $ | 1.000 | ||||||||||||
Total return | 0.00 | %(d) | 0.00 | % | 0.00 | % | 0.00 | %(h) | 0.00 | % | 0.11 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 102,860 | $ | 105,897 | $ | 69,479 | $ | 74,617 | $ | 61,459 | $ | 67,354 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.71 | %(c) | 0.73 | % | 0.76 | % | 0.78 | % | 0.78 | % | 0.94 | % | ||||||||||||
After expense reimbursements | 0.02 | %(c)(e) | 0.03 | %(e) | 0.07 | %(e) | 0.05 | %(e) | 0.12 | %(e) | 0.15 | %(e) | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (0.68 | )%(c) | (0.70 | )% | (0.69 | )% | (0.73 | )% | (0.66 | )% | (0.79 | )% | ||||||||||||
After expense reimbursements | 0.00 | %(c)(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
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 | %(d) | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 2,599 | $ | 3,013 | $ | 3,150 | $ | 2,508 | $ | 3,647 | $ | 3,486 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.70 | %(c) | 0.73 | % | 0.76 | % | 0.77 | % | 0.78 | % | 0.93 | % | ||||||||||||
After expense reimbursements | 0.02 | %(c)(e) | 0.03 | %(e) | 0.07 | %(e) | 0.05 | %(e) | 0.12 | %(e) | 0.14 | %(e) | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | (0.68 | )%(c) | (0.70 | )% | (0.69 | )% | (0.73 | )% | (0.66 | )% | (0.79 | )% | ||||||||||||
After expense reimbursements | 0.00 | %(c)(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) | 0.00 | %(e) |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
(e) | Includes negative yield waiver adjustment. |
See accompanying notes to financial statements.
44
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
S&P 500 Index Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 40.61 | $ | 33.59 | $ | 28.78 | $ | 24.91 | $ | 21.41 | $ | 20.81 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.35 | 0.62 | 0.57 | 0.50 | 0.44 | 0.39 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 2.10 | 7.57 | 4.71 | 3.85 | 3.50 | 0.58 | ||||||||||||||||||
Total from investment operations | 2.45 | 8.19 | 5.28 | 4.35 | 3.94 | 0.97 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.34 | ) | (0.60 | ) | (0.47 | ) | (0.48 | ) | (0.44 | ) | (0.37 | ) | ||||||||||||
Distributions from capital gains | (0.17 | ) | (0.57 | ) | — | — | — | — | ||||||||||||||||
Total distributions | (0.51 | ) | (1.17 | ) | (0.47 | ) | (0.48 | ) | (0.44 | ) | (0.37 | ) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 42.55 | $ | 40.61 | $ | 33.59 | $ | 28.78 | $ | 24.91 | $ | 21.41 | ||||||||||||
Total return | 6.08 | %(d) | 24.75 | % | 18.50 | % | 17.68 | % | 18.36 | % | 4.62 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 132,502 | $ | 123,654 | $ | 101,124 | $ | 85,269 | $ | 74,717 | $ | 65,837 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.48 | %(c) | 0.50 | % | 0.52 | % | 0.54 | % | 0.51 | % | 0.56 | % | ||||||||||||
After expense reimbursements | 0.36 | %(c) | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | 0.36 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.61 | %(c) | 1.52 | % | 1.65 | % | 1.70 | % | 1.55 | % | 1.52 | % | ||||||||||||
After expense reimbursements | 1.73 | %(c) | 1.66 | % | 1.81 | % | 1.88 | % | 1.70 | % | 1.72 | % | ||||||||||||
Portfolio turnover | 0 | %(d) | 1 | % | 3 | % | 3 | % | 1 | % | 7 | % |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 40.50 | $ | 33.63 | $ | 28.83 | $ | 24.95 | $ | 21.47 | $ | 20.88 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.25 | 0.43 | 0.41 | 0.37 | 0.31 | 0.28 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 2.11 | 7.55 | 4.74 | 3.86 | 3.51 | 0.60 | ||||||||||||||||||
Total from investment operations | 2.36 | 7.98 | 5.15 | 4.23 | 3.82 | 0.88 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.21 | ) | (0.54 | ) | (0.35 | ) | (0.35 | ) | (0.34 | ) | (0.29 | ) | ||||||||||||
Distributions from capital gains | (0.17 | ) | (0.57 | ) | — | — | — | — | ||||||||||||||||
Total distributions | (0.38 | ) | (1.11 | ) | (0.35 | ) | (0.35 | ) | (0.34 | ) | (0.29 | ) | ||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | |||||||||||||||||||
Net asset value, end of period | $ | 42.48 | $ | 40.50 | $ | 33.63 | $ | 28.83 | $ | 24.95 | $ | 21.47 | ||||||||||||
Total return | 5.84 | %(d) | 24.08 | % | 17.95 | % | 17.08 | % | 17.77 | % | 4.15 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 9,325 | $ | 11,236 | $ | 10,093 | $ | 8,166 | $ | 8,749 | $ | 7,322 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.99 | %(c) | 1.00 | % | 1.02 | % | 1.04 | % | 1.01 | % | 1.06 | % | ||||||||||||
After expense reimbursements | 0.86 | %(c) | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | 0.86 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.10 | %(c) | 1.01 | % | 1.15 | % | 1.20 | % | 1.05 | % | 1.03 | % | ||||||||||||
After expense reimbursements | 1.23 | %(c) | 1.15 | % | 1.31 | % | 1.38 | % | 1.20 | % | 1.22 | % | ||||||||||||
Portfolio turnover | 0 | %(d) | 1 | % | 3 | % | 3 | % | 1 | % | 7 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
45
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
S&P MidCap Index Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 30.95 | $ | 26.54 | $ | 23.11 | $ | 21.68 | $ | 17.84 | $ | 16.17 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.12 | 0.24 | 0.30 | 0.18 | 0.17 | 0.16 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.43 | 5.61 | 4.81 | 2.35 | 3.83 | 1.71 | ||||||||||||||||||
Total from investment operations | 1.55 | 5.85 | 5.11 | 2.53 | 4.00 | 1.87 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.13 | ) | (0.24 | ) | (0.27 | ) | (0.15 | ) | (0.16 | ) | (0.17 | ) | ||||||||||||
Distributions from capital gains | (2.15 | ) | (1.20 | ) | (1.41 | ) | (0.95 | ) | — | (0.03 | ) | |||||||||||||
Total distributions | (2.28 | ) | (1.44 | ) | (1.68 | ) | (1.10 | ) | (0.16 | ) | (0.20 | ) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 30.22 | $ | 30.95 | $ | 26.54 | $ | 23.11 | $ | 21.68 | $ | 17.84 | ||||||||||||
Total return | 5.37 | %(d) | 22.63 | % | 23.39 | % | 12.22 | % | 22.38 | % | 11.54 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 157,302 | $ | 169,020 | $ | 143,699 | $ | 123,478 | $ | 120,089 | $ | 104,162 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.62 | %(c) | 0.63 | % | 0.64 | % | 0.65 | % | 0.63 | % | 0.66 | % | ||||||||||||
After expense reimbursements | 0.58 | %(c) | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | 0.58 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.76 | %(c) | 0.76 | % | 1.04 | % | 0.72 | % | 0.69 | % | 0.80 | % | ||||||||||||
After expense reimbursements | 0.80 | %(c) | 0.81 | % | 1.10 | % | 0.80 | % | 0.74 | % | 0.88 | % | ||||||||||||
Portfolio turnover | 9 | %(d) | 10 | % | 8 | % | 11 | % | 16 | % | 10 | % |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 30.69 | $ | 26.38 | $ | 23.00 | $ | 21.57 | $ | 17.77 | $ | 16.13 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.04 | 0.09 | 0.18 | 0.06 | 0.05 | 0.07 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.43 | 5.58 | 4.77 | 2.36 | 3.82 | 1.70 | ||||||||||||||||||
Total from investment operations | 1.47 | 5.67 | 4.95 | 2.42 | 3.87 | 1.77 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.05 | ) | (0.16 | ) | (0.16 | ) | (0.04 | ) | (0.07 | ) | (0.10 | ) | ||||||||||||
Distributions from capital gains | (2.15 | ) | (1.20 | ) | (1.41 | ) | (0.95 | ) | — | (0.03 | ) | |||||||||||||
Total distributions | (2.20 | ) | (1.36 | ) | (1.57 | ) | (0.99 | ) | (0.07 | ) | (0.13 | ) | ||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 29.96 | $ | 30.69 | $ | 26.38 | $ | 23.00 | $ | 21.57 | $ | 17.77 | ||||||||||||
Total return | 5.14 | %(d) | 22.01 | % | 22.75 | % | 11.69 | % | 21.78 | % | 10.97 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 6,659 | $ | 7,355 | $ | 7,587 | $ | 6,417 | $ | 7,813 | $ | 6,439 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.12 | %(c) | 1.13 | % | 1.14 | % | 1.15 | % | 1.13 | % | 1.16 | % | ||||||||||||
After expense reimbursements | 1.08 | %(c) | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | 1.08 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.26 | %(c) | 0.26 | % | 0.54 | % | 0.22 | % | 0.19 | % | 0.29 | % | ||||||||||||
After expense reimbursements | 0.30 | %(c) | 0.31 | % | 0.61 | % | 0.29 | % | 0.24 | % | 0.38 | % | ||||||||||||
Portfolio turnover | 9 | %(d) | 10 | % | 8 | % | 11 | % | 16 | % | 10 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
46
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
S&P SmallCap Index Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 21.55 | $ | 19.62 | $ | 15.71 | $ | 14.59 | $ | 11.72 | $ | 10.98 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.06 | 0.10 | 0.14 | 0.09 | 0.07 | 0.03 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.41 | 3.26 | 3.94 | 2.28 | 2.87 | 0.74 | ||||||||||||||||||
Total from investment operations | 1.47 | 3.36 | 4.08 | 2.37 | 2.94 | 0.77 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.07 | ) | (0.09 | ) | (0.14 | ) | (0.08 | ) | (0.06 | ) | (0.01 | ) | ||||||||||||
Distributions from capital gains | (1.54 | ) | (1.34 | ) | (0.03 | ) | (1.17 | ) | (0.01 | ) | — | |||||||||||||
Return of capital distribution | — | — | — | — | — | (0.02 | ) | |||||||||||||||||
Total distributions | (1.61 | ) | (1.43 | ) | (0.17 | ) | (1.25 | ) | (0.07 | ) | (0.03 | ) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 21.41 | $ | 21.55 | $ | 19.62 | $ | 15.71 | $ | 14.59 | $ | 11.72 | ||||||||||||
Total return | 7.20 | %(d) | 17.28 | % | 26.14 | % | 17.35 | % | 25.11 | % | 7.03 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 43,841 | $ | 41,651 | $ | 34,838 | $ | 26,325 | $ | 22,203 | $ | 18,394 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.79 | %(c) | 0.82 | % | 0.89 | % | 0.92 | % | 0.89 | % | 0.95 | % | ||||||||||||
After expense reimbursements | 0.74 | %(c) | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | 0.74 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.54 | %(c) | 0.38 | % | 0.57 | % | 0.45 | % | 0.34 | % | 0.02 | % | ||||||||||||
After expense reimbursements | 0.59 | %(c) | 0.46 | % | 0.72 | % | 0.63 | % | 0.49 | % | 0.24 | % | ||||||||||||
Portfolio turnover | 0 | %(d) | 13 | % | 15 | % | 0 | % | 23 | % | 5 | % |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 21.19 | $ | 19.36 | $ | 15.52 | $ | 14.42 | $ | 11.61 | $ | 10.90 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) (b) | 0.01 | (0.01 | ) | 0.06 | 0.02 | — | (0.03 | ) | ||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.38 | 3.21 | 3.87 | 2.26 | 2.85 | 0.74 | ||||||||||||||||||
Total from investment operations | 1.39 | 3.20 | 3.93 | 2.28 | 2.85 | 0.71 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.01 | ) | (0.03 | ) | (0.06 | ) | (0.01 | ) | (0.03 | ) | — | |||||||||||||
Distributions from capital gains | (1.54 | ) | (1.34 | ) | (0.03 | ) | (1.17 | ) | (0.01 | ) | — | |||||||||||||
Total distributions | (1.55 | ) | (1.37 | ) | (0.09 | ) | (1.18 | ) | (0.04 | ) | — | |||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 21.03 | $ | 21.19 | $ | 19.36 | $ | 15.52 | $ | 14.42 | $ | 11.61 | ||||||||||||
Total return | 6.96 | %(d) | 16.64 | % | 25.47 | % | 16.83 | % | 24.52 | % | 6.51 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 11,064 | $ | 11,448 | $ | 11,402 | $ | 9,505 | $ | 9,987 | $ | 7,806 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.29 | %(c) | 1.32 | % | 1.39 | % | 1.42 | % | 1.39 | % | 1.45 | % | ||||||||||||
After expense reimbursements | 1.24 | %(c) | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | 1.24 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.03 | %(c) | (0.13 | )% | 0.10 | % | (0.05 | )% | (0.16 | )% | (0.48 | )% | ||||||||||||
After expense reimbursements | 0.09 | %(c) | (0.04 | )% | 0.25 | % | 0.13 | % | (0.01 | )% | (0.26 | )% | ||||||||||||
Portfolio turnover | 0 | %(d) | 13 | % | 15 | % | 0 | % | 23 | % | 5 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
47
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Shelton Core Value Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 25.98 | $ | 21.58 | $ | 18.13 | $ | 16.17 | $ | 14.03 | $ | 13.14 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.23 | 0.38 | 0.37 | 0.32 | 0.27 | 0.23 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.16 | 4.42 | 3.37 | 1.95 | 2.12 | 0.82 | ||||||||||||||||||
Total from investment operations | 1.39 | 4.80 | 3.74 | 2.27 | 2.39 | 1.05 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.27 | ) | (0.40 | ) | (0.29 | ) | (0.31 | ) | (0.25 | ) | (0.16 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.27 | ) | (0.40 | ) | (0.29 | ) | (0.31 | ) | (0.25 | ) | (0.16 | ) | ||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 27.10 | $ | 25.98 | $ | 21.58 | $ | 18.13 | $ | 16.17 | $ | 14.03 | ||||||||||||
Total return | 5.40 | %(d) | 22.45 | % | 20.80 | % | 14.20 | % | 17.01 | % | 8.00 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 200,878 | $ | 196,820 | $ | 157,350 | $ | 140,741 | $ | 129,317 | $ | 123,305 | ||||||||||||
Ratio of expenses to average net assets: | 0.82 | %(c) | 0.83 | % | 0.84 | % | 0.88 | % | 0.87 | % | 0.99 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.76 | %(c) | 1.58 | % | 1.83 | % | 1.85 | % | 1.63 | % | 1.57 | % | ||||||||||||
Portfolio turnover | 1 | %(d) | 3 | % | 5 | % | 4 | % | 13 | % | 76 | % |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 25.76 | $ | 21.40 | $ | 18.00 | $ | 16.06 | $ | 13.95 | $ | 13.07 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.16 | 0.25 | 0.27 | 0.23 | 0.19 | 0.12 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 1.16 | 4.39 | 3.34 | 1.93 | 2.12 | 0.87 | ||||||||||||||||||
Total from investment operations | 1.32 | 4.64 | 3.61 | 2.16 | 2.31 | 0.99 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.20 | ) | (0.28 | ) | (0.21 | ) | (0.22 | ) | (0.20 | ) | (0.11 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.20 | ) | (0.28 | ) | (0.21 | ) | (0.22 | ) | (0.20 | ) | (0.11 | ) | ||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 26.88 | $ | 25.76 | $ | 21.40 | $ | 18.00 | $ | 16.06 | $ | 13.95 | ||||||||||||
Total return | 5.16 | %(d) | 21.81 | % | 20.20 | % | 13.59 | % | 16.49 | % | 7.56 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 6,697 | $ | 7,413 | $ | 7,924 | $ | 6,640 | $ | 6,624 | $ | 5,421 | ||||||||||||
Ratio of expenses to average net assets: | 1.32 | %(c) | 1.33 | % | 1.34 | % | 1.38 | % | 1.37 | % | 1.49 | % | ||||||||||||
Ratio of net investment income to average net assets | 1.26 | %(c) | 1.08 | % | 1.33 | % | 1.35 | % | 1.14 | % | 1.07 | % | ||||||||||||
Portfolio turnover | 1 | %(d) | 3 | % | 5 | % | 4 | % | 13 | % | 76 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
48
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
European Growth & Income Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 9.64 | $ | 8.37 | $ | 7.40 | $ | 7.62 | $ | 7.42 | $ | 8.17 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.06 | 0.20 | 0.23 | 0.22 | 0.21 | 0.19 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.38 | ) | 1.30 | 0.94 | (0.21 | ) | 0.20 | (0.73 | ) | |||||||||||||||
Total from investment operations | (0.32 | ) | 1.50 | 1.17 | 0.01 | 0.41 | (0.54 | ) | ||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.05 | ) | (0.23 | ) | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.21 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.05 | ) | — | (0.20 | ) | (0.23 | ) | (0.21 | ) | (0.21 | ) | |||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 9.27 | $ | 9.64 | $ | 8.37 | $ | 7.40 | $ | 7.62 | $ | 7.42 | ||||||||||||
Total return | (3.34 | )%(d) | 17.92 | % | 15.96 | % | 0.20 | % | 5.25 | % | (6.64 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 7,462 | $ | 8,452 | $ | 7,306 | $ | 6,314 | $ | 5,871 | $ | 5,637 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.25 | %(c) | 1.29 | % | 1.38 | % | 1.43 | % | 1.35 | % | 1.38 | % | ||||||||||||
After expense reimbursements | 1.00 | %(c) | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | 1.00 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 1.11 | %(c) | 1.81 | % | 2.46 | % | 2.58 | % | 2.17 | % | 2.01 | % | ||||||||||||
After expense reimbursements | 1.36 | %(c) | 2.10 | % | 2.84 | % | 3.01 | % | 2.52 | % | 2.38 | % | ||||||||||||
Portfolio turnover | 0 | %(d) | 15 | % | 3 | % | 0 | % | 8 | % | 0 | % |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 9.68 | $ | 8.38 | $ | 7.41 | $ | 7.63 | $ | 7.43 | $ | 8.20 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (b) | 0.04 | 0.14 | 0.19 | 0.19 | 0.17 | 0.16 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | (0.39 | ) | 1.30 | 0.95 | (0.22 | ) | 0.21 | (0.75 | ) | |||||||||||||||
Total from investment operations | (0.35 | ) | 1.44 | 1.14 | (0.03 | ) | 0.38 | (0.59 | ) | |||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.02 | ) | (0.14 | ) | (0.17 | ) | (0.19 | ) | (0.18 | ) | (0.18 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.02 | ) | — | (0.17 | ) | (0.19 | ) | (0.18 | ) | (0.18 | ) | |||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 9.31 | $ | 9.68 | $ | 8.38 | $ | 7.41 | $ | 7.63 | $ | 7.43 | ||||||||||||
Total return | (3.61 | )%(d) | 17.19 | %(h) | 15.47 | %(h) | (0.33 | )%(h) | 4.82 | % | (7.21 | )% | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 4,825 | $ | 5,535 | $ | 5,795 | $ | 5,169 | $ | 5,888 | $ | 5,563 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.75 | %(c) | 1.79 | %(i) | 1.88 | %(i) | 1.93 | %(i) | 1.85 | % | 1.88 | % | ||||||||||||
After expense reimbursements | 1.50 | %(c) | 1.49 | %(i) | 1.50 | %(i) | 1.50 | %(i) | 1.50 | % | 1.50 | % | ||||||||||||
Ratio of net investment income to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.61 | %(c) | 1.22 | %(i) | 1.92 | %(i) | 2.13 | %(i) | 1.64 | % | 1.56 | % | ||||||||||||
After expense reimbursements | 0.86 | %(c) | 1.51 | %(i) | 2.31 | %(i) | 2.56 | %(i) | 1.99 | % | 1.94 | % | ||||||||||||
Portfolio turnover | 0 | %(d) | 15 | %(h) | 3 | %(h) | 0 | %(h) | 8 | % | 0 | % |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
49
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Nasdaq-100 Index Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.47 | $ | 7.92 | $ | 7.04 | $ | 5.67 | $ | 4.47 | $ | 4.12 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment income (loss) (b) | 0.05 | 0.11 | 0.08 | 0.04 | 0.03 | 0.01 | ||||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.93 | 2.55 | 0.86 | 1.36 | 1.19 | 0.35 | ||||||||||||||||||
Total from investment operations | 0.98 | 2.66 | 0.94 | 1.40 | 1.22 | 0.36 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.04 | ) | (0.11 | ) | (0.06 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Return of capital distribution | — | — | — | — | — | (0.00 | )(a) | |||||||||||||||||
Total distributions | (0.04 | ) | (0.11 | ) | (0.06 | ) | (0.03 | ) | (0.02 | ) | (0.01 | ) | ||||||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 11.41 | $ | 10.47 | $ | 7.92 | $ | 7.04 | $ | 5.67 | $ | 4.47 | ||||||||||||
Total return | 9.34 | %(d) | 33.77 | % | 13.46 | % | 24.78 | % | 27.31 | % | 8.73 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 200,728 | $ | 106,475 | $ | 54,259 | $ | 36,220 | $ | 17,912 | $ | 14,146 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 0.73 | %(c) | 0.79 | % | 0.83 | % | 0.88 | % | 0.90 | % | 0.96 | % | ||||||||||||
After expense reimbursements | 0.49 | %(c) | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | 0.49 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.64 | %(c) | 0.95 | % | 0.73 | % | 0.27 | % | 0.08 | % | (0.24 | )% | ||||||||||||
After expense reimbursements | 0.88 | %(c) | 1.25 | % | 1.08 | % | 0.66 | % | 0.50 | % | 0.24 | % | ||||||||||||
Portfolio turnover | 1 | %(d) | 3 | % | 13 | % | 24 | % | 24 | % | 4 | % |
K Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | Year Ended August 31, 2013 | Year Ended August 31, 2012 | Year Ended August 31, 2011 | Year Ended August 31, 2010 | ||||||||||||||||||
Net asset value, beginning of period | $ | 10.18 | $ | 7.71 | $ | 6.85 | $ | 5.53 | $ | 4.37 | $ | 4.03 | ||||||||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||||||||||||||
Net investment (loss) (b) | 0.02 | 0.06 | 0.04 | 0.01 | — | (0.01 | ) | |||||||||||||||||
Net gain (loss) on securities (both realized and unrealized) | 0.91 | 2.48 | 0.84 | 1.31 | 1.16 | 0.35 | ||||||||||||||||||
Total from investment operations | 0.93 | 2.54 | 0.88 | 1.32 | 1.16 | 0.34 | ||||||||||||||||||
LESS DISTRIBUTIONS | ||||||||||||||||||||||||
Dividends from net investment income | (0.01 | ) | (0.07 | ) | (0.02 | ) | (0.00 | )(a) | (0.00 | )(a) | — | |||||||||||||
Distributions from capital gains | — | — | — | — | — | — | ||||||||||||||||||
Total distributions | (0.01 | ) | — | (0.02 | ) | — | — | — | ||||||||||||||||
Paid in capital from redemption fee (Note 1) | — | — | — | — | — | — | ||||||||||||||||||
Net asset value, end of period | $ | 11.10 | $ | 10.18 | $ | 7.71 | $ | 6.85 | $ | 5.53 | $ | 4.37 | ||||||||||||
Total return | 9.14 | %(d) | 33.11 | % | 12.95 | % | 23.94 | % | 26.63 | % | 8.44 | % | ||||||||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||||||||||||||
Net assets, end of period (000s) | $ | 20,333 | $ | 12,214 | $ | 9,700 | $ | 9,473 | $ | 7,771 | $ | 5,452 | ||||||||||||
Ratio of expenses to average net assets: | ||||||||||||||||||||||||
Before expense reimbursements | 1.23 | %(c) | 1.29 | % | 1.33 | % | 1.38 | % | 1.40 | % | 1.46 | % | ||||||||||||
After expense reimbursements | 0.99 | %(c) | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | 0.99 | % | ||||||||||||
Ratio of net investment income (loss) to average net assets | ||||||||||||||||||||||||
Before expense reimbursements | 0.13 | %(c) | 0.39 | % | 0.24 | % | (0.28 | )% | (0.42 | )% | (0.73 | )% | ||||||||||||
After expense reimbursements | 0.37 | %(c) | 0.69 | % | 0.58 | % | 0.11 | % | 0.00 | % | (0.26 | )% | ||||||||||||
Portfolio turnover | 1 | %(d) | 3 | % | 13 | % | 24 | % | 24 | % | 4 | % |
(a) | Less than $0.01 per share. |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
See accompanying notes to financial statements.
50
Financial Highlights (For a Share Outstanding Throughout Each Period) (Continued) |
Shelton Green Alpha Fund Direct Shares | Six Months Ended February 28, 2015 (Unaudited) | Year Ended August 31, 2014 | March 12, 2013(g) to August 31, 2013 | |||||||||
Net asset value, beginning of period | $ | 15.90 | $ | 11.96 | $ | 10.00 | ||||||
INCOME FROM INVESTMENT OPERATIONS | ||||||||||||
Net investment income (loss) (b) | (0.05 | ) | (0.08 | ) | (0.01 | ) | ||||||
Net gain (loss) on securities (both realized and unrealized) | (0.46 | ) | 4.02 | 1.97 | ||||||||
Total from investment operations | (0.51 | ) | 3.94 | 1.96 | ||||||||
LESS DISTRIBUTIONS | ||||||||||||
Dividends from net investment income | — | — | — | |||||||||
Distributions from capital gains | — | — | — | |||||||||
Return of capital distribution | — | — | — | |||||||||
Total distributions | — | — | — | |||||||||
Paid-in capital from redemption fee (Note 1) | — | — | — | |||||||||
Net asset value, end of period | $ | 15.39 | $ | 15.90 | $ | 11.96 | ||||||
Total return | (3.20 | )%(d) | 32.94 | % | 19.60 | %(d) | ||||||
RATIOS / SUPPLEMENTAL DATA | ||||||||||||
Net assets, end of period (000s) | $ | 25,456 | $ | 22,436 | $ | 4,623 | ||||||
Ratio of expenses to average net assets: | 1.36 | %(c) | 1.54 | % | 5.16 | %(c) | ||||||
Ratio of net investment income to average net assets | (0.73 | )%(c) | (0.78 | )% | (4.11 | )%(c) | ||||||
Portfolio turnover | 20 | %(d) | 5 | % | 12 | %(d) |
(b) | Calculated based upon average shares outstanding. |
(c) | Annualized. |
(d) | Not annualized. |
(f) | Commencement of operations. |
See accompanying notes to financial statements.
51
Shelton Funds | Notes to Financial Statements (Unaudited) | February 28, 2015 |
Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
California Tax-Free Income Fund, U.S. Government Securities Fund, Short-Term U.S. Government Bond Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, 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 Funds are investment companies and accordingly follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, “Financial Services-Investment Companies.”
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 n 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, 2014, available to offset future capital gains, if any, are as follows:
Expiring | United States Government Securities Fund | United States Treasury Trust Fund | Shelton Core Value Fund | European Growth & Income Fund | Nasdaq-100 Index Fund | |||||||||||||||
2015 | $ | 80,163 | $ | — | $ | — | $ | 6,268 | $ | 1,356,689 | ||||||||||
2016 | 36,975 | — | 3,983,099 | 9,647 | 364,175 | |||||||||||||||
2017 | 109,369 | — | 847,723 | — | 642,849 | |||||||||||||||
2018 | 141,867 | — | 3,699,956 | 124,746 | 596,391 | |||||||||||||||
2019 | 245,271 | — | — | 205,587 | — | |||||||||||||||
Long Term with No Expiration | — | — | — | 218,028 | — | |||||||||||||||
Short Term with No Expiration | — | 2,646 | — | 721 | — | |||||||||||||||
Total | $ | 613,645 | $ | 2,646 | $ | 8,530,778 | $ | 564,997 | $ | 2,960,104 |
$9,731, $68,166 of unutilized capital loss carry forwards expired at August 31, 2014 for European Growth & Income Fund and U.S. Government Securities Fund, respectively.
52
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2015 |
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, 2014, 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 | $ | 126,490 | $ | (126,490 | ) | $ | — | |||||
U.S. Government Securities Fund | (68,166 | ) | 1,899 | 66,267 | ||||||||
Short-Term U.S. Government Bond Fund | (23,833 | ) | 24,066 | (233 | ) | |||||||
The United States Treasury Trust Fund | 380 | — | (380 | ) | ||||||||
S&P 500 Index Fund | 1 | — | (1 | ) | ||||||||
S&P MidCap Index Fund | (3 | ) | — | 3 | ||||||||
S&P SmallCap Index Fund | (1 | ) | 1,925 | (1,924 | ) | |||||||
European Growth & Income Fund | (9,731 | ) | — | 9,731 | ||||||||
Nasdaq-100 Index Fund | 1 | — | (1 | ) | ||||||||
Shelton Green Alpha Fund | (41,698 | ) | 71,831 | (30,133 | ) |
(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 (2011-2013), or expected to be taken in the Fund’s 2014 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.
53
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2015 |
The following table summarizes the valuation of the Trust’s securities at February 28, 2015 using fair value hierarchy:
Level 1(a) | Level 2(a) | Level 3(a) | Level 1(a) | |||||||||||||||||
Fund | Investments in Securities (b) | Investments in Securities (c) | Investments in Securities | Total | Futures Contracts - Assets or (Liabilities) (d) | |||||||||||||||
California Tax-Free Income Fund | $ | — | $ | 93,404,117 | $ | — | $ | 93,404,117 | $ | — | ||||||||||
U.S. Government Securities Fund | — | 26,366,622 | — | 26,366,622 | — | |||||||||||||||
Short-Term U.S. Government Bond Fund | — | 7,003,825 | — | 7,003,825 | — | |||||||||||||||
The United States Treasury Trust Fund | — | 105,388,377 | — | 105,388,377 | — | |||||||||||||||
S&P 500 Index Fund | 140,250,196 | — | 916 | 140,251,112 | (5,325 | ) | ||||||||||||||
S&P MidCap Index Fund | 163,727,657 | — | — | 163,727,657 | (640 | ) | ||||||||||||||
S&P SmallCap Index Fund | 54,568,076 | — | — | 54,568,076 | (780 | ) | ||||||||||||||
Shelton Core Value Fund | 202,948,267 | — | 1,900,000 | 204,848,267 | — | |||||||||||||||
European Growth & Income Fund | 12,233,287 | — | — | 12,233,287 | — | |||||||||||||||
Nasdaq-100 Index Fund | 211,703,488 | — | — | 211,703,488 | (40,472 | ) | ||||||||||||||
Shelton Green Alpha Fund | 24,218,976 | — | — | 24,218,976 | — | |||||||||||||||
Total | $ | 809,649,947 | $ | 232,162,941 | $ | 1,900,916 | $ | 1,043,713,804 | $ | (47,217 | ) |
(a) | There were no transfers in or out of Level 1, Level 2, and Level 3 as of February 28, 2015. It is the trust’s policy to recognize transfers at the end of the reporting period. |
(b) | All publicly traded common stocks held in the Funds are Level 1 securities. For a detailed break-out of equity securities by major industry classification, please refer to the Portfolio of Investments. |
(c) | All preferred stocks and fixed income securities in the Funds are Level 2 securities. For a detailed break-out of preferred stocks and fixed income securities by type, please refer to the Portfolio of Investments. |
(d) | Represents variation margin on the last day of the reporting period. |
Shelton Core Value Fund
Level 3 Securities | Preferred Stock | |||
Beginning Balance | $ | 1,900,000 | ||
Net Purchases | — | |||
Net Sales | — | |||
Total Realized Gain (Loss) | — | |||
Change in Unrealized Appreciation (Depreciation) | — | |||
Accrued Interest | — | |||
Transfers into Level 3 | — | |||
Transfers out of Level 3 | — | |||
Ending Balance | $ | 1,900,000 |
The convertible preferred security is valued at fair value. The value of the common stock is reviewed at least once a week.
Should the common stock rise over ten cents per share or fall over five cents per share and maintain that level for a one week period, a pricing committee would be reconvened to evaluate the price valuation.
(j) Disclosure about Derivative Instruments and Hedging Activities – The Funds have adopted enhanced disclosure regarding derivative and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.
S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund, Shelton Green Alpha Fund and European Growth & Income Fund can use Futures contracts and strategies for achieving the investment objectives.
Although the Funds’ primary risks are associated with changes in the stock market, there are other risks associated with the Funds. For the index funds, these risks generally apply to how well the Funds track the index. For example, the Funds invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund’s performance relative to the respective index will change. For the non-indexed Funds, they may invest in futures contracts to the extent each Fund holds cash in the portfolio. If these futures contracts owned by each Fund do not perform well, the Funds’ performance will be impacted.
Under normal circumstances the Funds may follow a number of investment policies to achieve its objective. The Funds may invest in futures. Losses involving futures can sometimes be substantial, in part because a relatively small price movement in a futures contract may result in an immediate and substantial loss for the Funds. In an effort to minimize this risk, the Funds will not use futures for speculative purposes or as leverage. It is the Funds’ policy to hold cash deposits and cash equivalents equal to or greater than the total notional 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, 2015, 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 15, 1, 2, and 108 respectively. The Shelton Core Value Fund, European Growth & Income Fund and Shelton Green Alpha Fund held no futures contracts at February 28, 2015. 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 on the Statement of Operations.
54
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2015 |
The effect of derivative instruments on the Statements of Assets & Liabilities for the six months ended February 28, 2015:
Derivatives Not Accounted for as Hedging Instruments | Variation Margin Payable | |||
S&P 500 Index Fund – Equity contracts | $ | 5,325 | ||
S&P MidCap Index Fund – Equity contracts | 640 | |||
S&P SmallCap Index Fund – Equity contracts | 780 | |||
Nasdaq-100 Index Fund – Equity contracts | 40,472 |
The effect of derivative instruments on the Statements of Operations for the six months ended February 28, 2015:
Derivatives Not Accounted for as Hedging Instruments | Realized Gain (Loss) on Futures Recognized in Income | Changes in Unrealized Appreciation (Depreciation) on Futures Recognized in Income | ||||||
S&P 500 Index Fund - Equity contracts | $ | 15,120 | $ | 24,732 | ||||
S&P MidCap Index Fund - Equity contracts | 77,005 | (1,340 | ) | |||||
S&P SmallCap Index Fund - Equity contracts | 11,745 | (4,220 | ) | |||||
Nasdaq-100 Index Fund - Equity contracts | (1,274 | ) | 229,945 |
The previously disclosed derivative instruments outstanding as of February 28, 2015, and their effect on the Statement of Operations for the period ending February 28, 2015, serve as indicators of the volume of financial derivative activity for the company. The following table indicates the average volume for the period:
Derivatives Not Accounted for as Hedging Instruments | Average Notional Value | |||
S&P 500 Index Fund – Equity contracts | $ | 1,698,583 | ||
S&P MidCap Index Fund – Equity contracts | 263,210 | |||
S&P SmallCap Index Fund – Equity contracts | 368,805 | |||
Nasdaq-100 Index Fund – Equity contracts | 5,920,032 |
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, 2016 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 six months ended February 28, 2015, is as follows:
Voluntary Expense Limitation | |||||||||||||
Fund | Reimburse | Direct Shares | K Shares | Expiration | |||||||||
U.S. Government Securities Fund | $ | 14,403 | 0.74 | % | 1.24 | % | 1/2/16 | ||||||
Short-Term U.S. Government Bond Fund | 13,744 | 0.59 | % | 1.09 | % | 1/2/16 | |||||||
The United States Treasury Trust(a) | 359,490 | 0.02 | % | 0.02 | % | 1/2/16 | |||||||
S&P 500 Index Fund | 81,791 | 0.36 | % | 0.86 | % | 1/2/16 | |||||||
S&P MidCap Index Fund | 35,170 | 0.58 | % | 1.08 | % | 1/2/16 | |||||||
S&P SmallCap Index Fund | 13,576 | 0.74 | % | 1.24 | % | 1/2/16 | |||||||
European Growth & Income Fund | 15,813 | 1.00 | % | 1.50 | % | 1/2/16 | |||||||
Nasdaq-100 Index Fund | 195,174 | 0.49 | % | 0.99 | % | 1/2/16 |
(a) | The Advisor is waiving fees to keep the yield non-negative for the United States Treasury Trust. |
55
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2015 |
At August 31, 2014, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $3,688,556. The Advisor may recapture a portion of the above amount no later than the dates as stated below.
Fund | Expires 8/31/15 | Expires 8/31/16 | Expires 8/31/17 | Total | ||||||||||||
U.S. Government Securities Fund | $ | 51,670 | $ | 42,642 | $ | 40,772 | $ | 135,084 | ||||||||
Short-Term U.S. Government Bond Fund | 51,793 | 47,533 | 38,985 | 138,311 | ||||||||||||
The United States Treasury Trust | 503,632 | 510,548 | 698,141 | 1,712,321 | ||||||||||||
S&P 500 Index Fund | 157,408 | 170,589 | 173,213 | 501,210 | ||||||||||||
S&P MidCap Index Fund | 94,461 | 88,777 | 84,423 | 267,661 | ||||||||||||
S&P SmallCap Index Fund | 60,960 | 61,085 | 42,358 | 164,403 | ||||||||||||
European Growth & Income Fund | 48,355 | 48,911 | 43,289 | 140,555 | ||||||||||||
Nasdaq-100 Index Fund | 126,483 | 183,818 | 258,331 | 568,632 | ||||||||||||
Green Alpha Fund | 0 | 30,829 | 29,550 | 60,379 | ||||||||||||
Total | $ | 1,094,762 | $ | 1,184,732 | $ | 1,409,062 | $ | 3,688,556 |
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, 2015, the following were paid by the Class K Shares of each Fund of the Trust:
Fund | Class K 12b‑1 Fees | Class K Shareholder Service Fees | ||||||
U.S. Government Securities Fund | $ | 6,972 | $ | 6,972 | ||||
Short-Term U.S. Government Bond Fund | 1,919 | 1,919 | ||||||
The United States Treasury Trust | — | — | ||||||
S&P 500 Index Fund | 12,123 | 12,123 | ||||||
S&P MidCap Index Fund | 8,279 | 8,279 | ||||||
S&P SmallCap Index Fund | 13,693 | 13,693 | ||||||
Shelton Core Value Fund | 8,690 | 8,690 | ||||||
European Growth & Income Fund | 6,023 | 6,023 | ||||||
Nasdaq-100 Index fund | 18,837 | 18,837 |
Note 3 - PURCHASES AND SALES OF SECURITIES
Purchases and sales of securities other than short-term instruments for the six-months ended February 28, 2015 were as follows:
Fund | Purchases | Sales | ||||||
California Tax-Free Income Fund | $ | 10,169,129 | $ | 14,817,836 | ||||
U.S. Government Securities Fund | 2,780,074 | 5,015,144 | ||||||
Short-Term U.S. Government Bond Fund | 911,721 | 1,507,947 | ||||||
S&P 500 Index Fund | 4,493 | 463,319 | ||||||
S&P MidCap Index Fund | 15,666,152 | 35,146,800 | ||||||
S&P SmallCap Index Fund | 8,643 | 1,567,519 | ||||||
Shelton Core Value Fund | 1,693,783 | 1,053,880 | ||||||
European Growth & Income Fund | 35,087 | 1,066,509 | ||||||
Nasdaq-100 Index Fund | 83,895,351 | 2,123,319 | ||||||
Shelton Green Alpha Fund | 7,967,100 | 4,292,700 |
56
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2015 |
Note 4 – NEW ACCOUNTING PRONOUNCEMENTS
In June 2014, FASB issued ASU No 2014-11, Transfers and Servicing (Topic 860), Repurchase Financings, and Disclosures. The ASU changes the accounting for certain repurchase agreements and expands disclosure requirements related to repurchase agreements, securities lending, repurchase-to-maturity and similar transactions. The ASU is effective for interim and annual reporting periods beginning after December 15, 2014. Management is currently evaluating the impact, if any, of applying this provision.
Note 5 - 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, 2014 and 2013 was as follows:
Return of Capital | Ordinary Income | Long-Term Capital Gains (a) | Exempt-Interest Dividends | Total Distributions | |||||||||||||||||
California Tax-Free Income Fund | 2014 | $ | — | $ | 8,255 | $ | — | $ | 2,890,723 | $ | 2,898,978 | ||||||||||
2013 | — | 3,928 | — | 3,345,725 | 3,349,653 | ||||||||||||||||
U.S. Government Securities Fund | 2014 | — | 512,838 | — | — | 512,838 | |||||||||||||||
2013 | — | 566,936 | — | — | 566,936 | ||||||||||||||||
Short-Term U.S. Government Bond Fund | 2014 | — | — | — | — | — | |||||||||||||||
2013 | — | 8,795 | 7,139 | — | 15,934 | ||||||||||||||||
The United States Treasury Trust | 2014 | — | — | — | — | — | |||||||||||||||
2013 | — | — | — | — | — | ||||||||||||||||
S&P 500 Index Fund | 2014 | — | 2,755,759 | 1,097,547 | — | 3,853,306 | |||||||||||||||
2013 | — | 1,556,740 | — | — | 1,556,740 | ||||||||||||||||
S&P Mid Cap Index Fund | 2014 | — | 1,555,688 | 6,620,931 | — | 8,176,619 | |||||||||||||||
2013 | — | 1,854,547 | 7,500,347 | — | 9,354,894 | ||||||||||||||||
S&P Small Cap Index Fund | 2014 | — | 571,946 | 2,820,686 | — | 3,392,632 | |||||||||||||||
2013 | — | 349,338 | — | — | 349,338 | ||||||||||||||||
Shelton Core Value Fund | 2014 | — | 3,235,814 | — | — | 3,235,814 | |||||||||||||||
2013 | — | 2,393,759 | — | — | 2,393,759 | ||||||||||||||||
European Growth & Income Fund | 2014 | — | 303,606 | — | — | 303,606 | |||||||||||||||
2013 | — | 286,616 | — | — | 286,616 | ||||||||||||||||
Nasdaq-100 Index Fund | 2014 | — | 980,370 | — | — | 980,370 | |||||||||||||||
2013 | — | 398,640 | — | — | 398,640 | ||||||||||||||||
Green Alpha Fund | 2014 | — | — | — | — | — | |||||||||||||||
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, 2014. |
The tax character of distributable earnings at August 31, 2014 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 | $ | 126,085 | (a) | $ | 339,803 | $ | — | $ | 5,086,086 | $ | — | $ | 5,551,974 | |||||||||||
U.S. Government Securities Fund | 48,680 | — | (613,645 | ) | 674,258 | — | 109,293 | |||||||||||||||||
Short-Term U.S. Government Bond Fund | — | 1,236 | — | 21,632 | (11,695 | )(c) | 11,173 | |||||||||||||||||
The United States Treasury Trust | — | — | (2,646 | ) | — | (358 | ) | (3,004 | ) | |||||||||||||||
S&P 500 Index Fund | 982,024 | 260,211 | — | 71,588,053 | — | 72,830,288 | ||||||||||||||||||
S&P Mid Cap Index Fund | 448,159 | 11,621,646 | — | 77,509,450 | — | 89,579,255 | ||||||||||||||||||
S&P Small Cap Index Fund | 171,750 | 3,613,511 | — | 15,758,812 | — | 19,544,073 | ||||||||||||||||||
Shelton Core Value Fund | 1,018,498 | — | (8,530,780 | ) | 92,323,414 | — | 84,811,132 | |||||||||||||||||
European Growth & Income Fund | 25,280 | — | (564,997 | ) | 2,646,516 | (407,505 | ) | 1,699,294 | ||||||||||||||||
Nasdaq-100 Index Fund | 237,988 | — | (2,960,011 | ) | 40,262,027 | — | 37,540,004 | |||||||||||||||||
Green Alpha Fund | — | 682 | — | 2,709,982 | — | 2,710,664 |
(a) | Tax exempt income is $98,296. |
(b) | Under the current tax law, capital losses realized after October 31 and prior to the Funds’ fiscal year end may be deferred as occurring on the first day of the following fiscal year. |
(c) | The Short-Term U.S. Government Bond Fund incurred a late year loss (net investment losses after December 31) in the amount of $11,695, which will be deferred until the first day of the new year. |
57
Shelton Funds | Notes to Financial Statements (Unaudited) (Continued) | February 28, 2015 |
The difference between book basis and tax basis unrealized appreciation is attributable primarily to the realization for tax purposes of unrealized gains on future contracts, wash sales, the treatment of accretion of discounts, and other deferrals.
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 | ||||||||||||||||||||
S&P 500 Index Fund | Assets | ||||||||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Future Contracts | $ | 5,325 | $ | — | $ | 5,325 | $ | — | $ | 5,325 | $ | — | |||||||||||||
5,325 | — | 5,325 | — | 5,325 | — | ||||||||||||||||||||
S&P MidCap Index Fund | Assets | ||||||||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Future Contracts | $ | 640 | $ | — | $ | 640 | $ | — | $ | 640 | $ | — | |||||||||||||
640 | — | 640 | — | 640 | — | ||||||||||||||||||||
S&P SmallCap Index Fund | Assets | ||||||||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Future Contracts | $ | 780 | $ | — | $ | 780 | $ | — | $ | 780 | $ | — | |||||||||||||
780 | — | 780 | — | 780 | — | ||||||||||||||||||||
Nasdaq-100 Index Fund | Assets | ||||||||||||||||||||||||
Futures Contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||
— | — | — | — | — | — | ||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Future Contracts | $ | 40,472 | $ | — | $ | 40,472 | $ | — | $ | 40,472 | $ | — | |||||||||||||
40,472 | — | 40,472 | — | 40,472 | — |
Note 7 - SUBSEQUENT EVENTS
In preparing the financial statements as of February 28, 2015, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of issuance of the financial statements.
The Fund holdings shown in this report are as of February 28, 2015. Holdings are subject to change at any time, so holdings shown in this report may not reflect current Fund holdings. The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room, 100 F. Street N.E., Room 1580, Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330. The information filed in the form N-Q also may be obtained by calling (800) 955-9988.
Proxy Voting Policies, Procedures and Voting 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, 2014, 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.
58
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 | 44 Montgomery Street, Suite 2100 San Francisco, CA 94104-4708 | 06/27/66 | Chairman and Trustee | Since August 1998 Since July 2011 |
Kevin T. Kogler | 44 Montgomery Street, Suite 2100 San Francisco, CA 94104-4708 | 02/21/66 | Trustee | Since May 2006 |
Marco L. Quazzo | 44 Montgomery Street, Suite 2100 San Francisco, CA 94104-4708 | 03/02/62 | Trustee | Since August 2014 |
Stephen H. Sutro | 44 Montgomery Street, Suite 2100 San Francisco, CA 94104-4708 | 04/09/69 | Trustee | Since May 2006 |
William P. Mock | 44 Montgomery Street, Suite 2100 San Francisco, CA 94104-4708 | 12/29/66 | Treasurer | Since February 2010 |
Teresa E. Axelson | 44 Montgomery Street, Suite 2100 San Francisco, CA 94104-4708 | 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 Management, 1999 to present. |
Kevin T. Kogler | President & CEO, MicroBiz LLC, 2012 to present; President, CAM Commerce Solutions LLC, 2010 to 2012; Principal, Robertson Piper Software Group, 2006 to 2012. |
Marco L. Quazzo | Principal, Bartko Zankel Bunzel & Miller, March 2015 to present; Partner, Barg Coffin Lewis & Trapp LLP, 2008 to present. |
Stephen H. Sutro | Partner, Duane Morris LLP (law firm), 2003 to present. |
William P. Mock | Portfolio Manager, Shelton Capital Management, 2010 to present; Portfolio Manager, ETSpreads, 2007 to present. |
Teresa E. Axelson | Chief Compliance Officer, Shelton Capital Management, 2011 to present; Secretary, 2012 to present; Vice President-Secretary, Chief Compliance Officer, Securities Management and Research, Inc., SM&R Investments, Inc. and American National Investment Inc. 1968-2010. |
Additional information about the Trustees may be found in the SAI, which is available without charge by calling (800) 955-9988.
* | Trustee deemed to be an “interested person” of the Trust, as defined in the Investment Company Act of 1940. Mr. Rogers is an interested person because he is the CEO of Shelton Capital Management, the Trust’s Advisor and Administrator. |
59
Board Approval of the Advisory Agreement and Sub-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, and the Discretionary Sub-Advisory Agreement dated March 8, 2013, between CCM Partners (D/B/A Shelton Capital Management (“SCM”) and Green Alpha Advisors, LLC (“Green Alpha”) (the “Sub-Advisory Agreement”) with respect to the Shelton Green Alpha Fund. At a meeting held in-person on February 26, 2015, 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, The United States Treasury Trust and Shelton Green Alpha Fund (each a “Fund”), considered and approved the continuation of the Investment Advisory Agreement with respect to each Fund, and the Sub-Advisory Agreement with respect to the Shelton Green Alpha Fund, each for an additional one-year period ending March 31, 2016.
Prior to the meeting, the Independent Trustees requested information from SCM and Green Alpha. This information, together with other information provided by SCM and Green Alpha, 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 and Green Alpha, 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 and Green Alpha. 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 SCM (the principal business activity of which is managing the Funds and separately managed accounts), 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 met with and questioned SCM and Green Alpha representatives in person, and thereafter conducted a private session to discuss the renewal of the Investment Advisory Agreement and Sub-Advisory Agreement with independent legal counsel at which representatives of neither SCM nor Green Alpha were present. In deciding to approve the renewal of the Investment Advisory Agreement and the Sub-Advisory Agreement, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.
Nature, Extent and Quality of Services
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.
The Board also considered the depth and quality of Green Alpha’s investment management process and the experience, capability and integrity of its senior management, noting that the two key principals of Green Alpha have extensive experience with portfolio management of mutual funds as well as with the operations and oversight of products in the mutual fund environment. The Board also noted the fact that Green Alpha is not yet profitable and does not currently provide sub-advisory services for any other investment company clients. The Board also reviewed Green Alpha’s willingness to invest in personnel and infrastructure designed to benefit the Shelton green Alpha Fund, as well as Green Alpha’s overall compliance environment.
The Board considered, in connection with the performance of its investment management services to the Funds, the following: each of SCM’s and Green Alpha’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 each of SCM and Green Alpha had the quality and depth of personnel and investment methods essential to performing its duties under the Investment Advisory Agreement and Sub-Advisory Agreement, respectively, 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 1-year and 5-year periods, and the second quartile over the 3-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely. |
· | For the S&P MidCap Index Fund, it was noted that the performance of the Fund was in the first quartile over the 10-year period, the second quartile over the 1-year and 5-year periods and the third quartile over the 3-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 1-year, 5-year and 10-year periods, and the second quartile over 3-year period. |
· | For the S&P SmallCap Index Fund, it was noted that the performance of the Fund was in the first quartile over the 5-year and 10-year periods and in the second quartile over the 1-year and 3-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. |
60
Board Approval of the Advisory Agreement and Sub-Advisory Agreement (Unaudited) (Continued) |
· | 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 Shelton Green Alpha Fund, it was noted that the performance of the Fund was in the fourth quartile over the 1-year period. The Board also noted that the Fund is new, with limited performance history. |
· | 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 fourth quartile over the 1-year, 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 1-year and 5-year periods, the second quartile over the 10-year period, and the third quartile over the 3-year period. |
· | For the California Tax-Free Income Fund, it was noted that, in the California Municipal Intermediate Morningstar category, the Fund was in the first quartile over the 3-year period, the second quartile over the 1-year and 5-year periods, and the third 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 and Green Alpha, as applicable, articulated a strategy for improving performance of these Funds. The Board ultimately concluded that SCM’s performance record in managing each Fund, and Green Alpha’s performance record in managing the Shelton Green Alpha Fund, was satisfactory, and in some cases excellent, supporting the determination that SCM’s and Green Alpha’s continued management under the Investment Advisory Agreement, and Sub-Advisory Agreement, respectively, 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. While the Board recognized that comparisons between the Funds and peer group funds may be imprecise, given the different service levels and characteristics of mutual funds and the different business models and cost structures of their investment advisers, the comparative information assisted the Board in evaluating the reasonableness of the Funds’ management and, as applicable, sub-advisory fees and total operating expenses. 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 operating expenses charged to each Fund, after taking into account these expense limitations and voluntary waivers, were lower (often by 10 basis points or more) than the industry averages for comparable funds. The Board also observed that the gross management fees for many of the Funds were 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 most of the Shelton Funds. The Trustees noted the Funds are now paying for 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.
With respect to the Green Alpha Fund, the Board reviewed the management fees and anticipated total operating expenses of the Fund, noting that the fees under the Sub-Advisory Agreement would be paid by SCM out of its investment advisory fees. The Board noted that the total net management fees expected to be charged to the Fund were somewhat higher than those charged by many other funds, but also noted that the Fund had a limited peer group. As such, the Board did not view comparisons to the fees and expenses of other funds to be particularly probative. The Board considered representations from SCM and Green Alpha that Green Alpha’s fees were negotiated at arm’s length. In particular, SCM and Green Alpha noted that they shared platform fees for Fund distribution, and each stated that the sub-advisory fee was reasonable, given the nature, extent and quality of the services assumed by each entity.
Based on these considerations, the Board concluded that the Funds’ fees and total operating expenses, in conjunction with the information about quality of services, profitability, economies of scale, and other matters discussed, were reasonable in light of the services provided.
Costs, Level of Profits, Economies of Scale and Ancillary Benefits
The Board reviewed information regarding SCM’s and Green Alpha’s costs of providing services to the Funds, as well as the resulting level of profits to SCM and Green Alpha. The Independent Trustees received financial and other information from SCM and Green Alpha. In addition, the Trustees considered a representation from SCM that its profits were not excessive and that SCM’s profitability was low by industry standards, as well as information indicating that Green Alpha was operating at a loss. The Board noted its intention to continue to monitor assets under management, and the resulting impact on SCM’s and Green Alpha’s profitability, in order to ensure that each of SCM and Green Alpha has sufficient resources to continue to provide the services that shareholders in the Funds require. The Board considered SCM’s and Green Alpha’s need to invest in technology, data services, infrastructure and staff to provide the expected quality of investment advisory services to the applicable 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 neither SCM nor Green Alpha receives substantial indirect benefits from managing the Funds (one example of an indirect benefit is research paid for by Fund brokerage commissions – SCM and Green Alpha currently do 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 26, 2015 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 each of the Investment Advisory Agreement and Sub-Advisory Agreement, taking into account the separate administration fees provided by SCM, 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 and Green Alpha by the Funds, and that the renewal of each of the Investment Advisory Agreement and Sub-Advisory was in the best interests of each Fund and its shareholders.
61
1050 17th St, Ste 1710
Denver, CO 80265
62
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.
63
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. |
64
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, Chairman | |
Date: April 27, 2015 |
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, Chairman | |
Date: April 27, 2015 | |
By | /s/ William P. Mock |
William P. Mock, Treasurer | |
Date: April 27, 2015 |
65