Shelton Funds N-CSR Certified annual shareholder report (management investment company)

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4417

Shelton Funds

(Exact name of registrant as specified in charter)

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: August 31, 2018

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.

ANNUAL REPORT

August 31, 2018

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

Nasdaq-100 Index Fund

Shelton Green Alpha Fund

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 designated a Money Market Fund, will be able to maintain a stable net asset value of $1.00 per share.

Table of Contents August 31, 2018

Historical Performance and Manager’s Discussion	1
About Your Fund’s Expenses	7
Top Holdings and Sector Breakdowns	9
Portfolio of Investments	13
Statements of Assets & Liabilities	30
Statements of Operations	33
Statements of Changes in Net Assets	36
Financial Highlights	40
Notes to Financial Statements	50
Fund Holdings	57
Proxy Voting Policies, Procedures and Voting Records	57
Report of Independent Registered Public Accounting Firm	58
Board of Trustees and Executive Officers	59

Historical Performance and Manager’s Discussion (Unaudited) August 31, 2018

Bond Funds

The bond markets experienced rising interest rates over the course of the last fiscal year, with the more rapidly rising short rates flattening the yield curve. The rising interest rates are a result of a continued economic growth and optimism for future growth bolstered by the Tax Cuts and Jobs Act and a Congress and President that are generally perceived to be pro-business, e.g., lower taxes and less regulation. The US GDP rose by 4.2% in the second quarter of 2018, a rate which last seen in the third quarter of 2014. Unemployment continued the downward trend that began in 2009, with the Bureau of Labor Statistics and reporting a low of 3.8% unemployment in May 2018 and 3.9% at fiscal year end. The US Consumer Price Index was above 2% for the first sustained period of time since 2011-12, ending the fiscal year at 2.7%. With this economic backdrop, the Federal Reserve has continued to raise the Fed Funds target rate, which rose 75 basis points over the course of fiscal year, from 1.00-1.25% to 1.75-2.00%. Thus far, the markets have had a muted response to trade tariffs imposed by the US on many countries, especially China, implying the prevailing sentiment that a full blown trade war will be averted before there is significant detrimental impact to the economy.

In response to the Federal Reserve’s tightening and expected future tightening of the Fed Funds target rate, the three month T-Bill rates rose steadily over the course of the year, with a range from 1.00% to 2.12%, ending the fiscal year at 2.09%. The yield on the two-year note also rose steadily over the course of the year, rising from a low of 1.26% in early September 2017 to close out the fiscal year at 2.63%.

Intermediate and longer dated US Treasuries rose in the first half of the fiscal year and then remained rangebound in the second half of the year, leading to the aforementioned flattening of the yield curve. The five-year note rose from 1.63% to 2.69% through the first half of the year, then generally traded between 2.60% and 2.85%, ending the fiscal year at 2.74%. The 10 year US Treasury bond yield rose during the first half of the fiscal year, rising from 2.04% in September 2017 to 2.95% in mid-February 2018. Though it did trade outside both bounds for brief periods, the remainder of the year traded from 2.8% to 3.00%.The 30-year yield followed the same pattern but with less volatility, rising from 2.67% to 3.22% over the first half of the year before settling into a range that was generally between 2.95% and 3.2%, ending the year at 3.02%.

The U.S. Government Securities Fund ended the fiscal year ended August 31, 2018 with a duration of 4.24 years and a total return of the Direct Shares for the period of -1.88%. The fund returns, as is the case for all fixed income investments, have been negatively impacted by the rising interest rates. All of the securities in the Fund are backed by the full faith and credit of the United States.

California municipal market bond yields do not necessarily move in lock step with US Treasury yields, but are subject to the level and shape of the benchmark U.S. Treasury curve, as well as the specific economic circumstances of both the State of California and each specific issuer. The relative value of municipal bonds to US Treasuries, as measured by the Bloomberg AAA Muni Yield % of Treasury, ended the year very close to where it started across the yield curve. There was some volatility during the year though, as municipal bond spreads widened significantly in November 2017 on speculation that tax reform (eventually passed as the Tax Cuts and Jobs Act) would limit or nullify the Federal tax-exempt status of most municipal bond income. This resulted in rising yields due to concern about tax-exempt status and a large supply of new issuance as issuers accelerated bringing deals to market in an attempt to issue debt before potentially negative impacts of tax reform. This spike in yields which began in early November 2017 and lasted about a month, after which the relative value of municipals to US Treasuries changed little the remainder of the year. Most California municipal bond investors continue to benefit from generally strong and improving economic conditions throughout the state. Standard & Poor’s, Moody’s and Fitch all maintained their rating on CA GO bonds at AA-, Aa3, and AA- respectively. The Bloomberg US California Muni yield curve, like the US Treasury curve, flattened over the course of the year. The difference in yield between the 2 year and 10 year bonds at fiscal year end was at 0.8% compared to 1.14% at the end of the prior fiscal year end.

The California Tax-Free Income Fund’s total return for the fiscal year ended August 31, 2018 was -0.74%, and the duration was 4.99 years at fiscal year end. The portfolio average credit rating was maintained at AA.

1

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2018

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
California Tax-Free Income Fund	-0.74%	2.73%	3.25%	5.59%
Barclays Municipal Bond Index	0.49%	4.20%	4.36%	6.17%

 

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
U.S. Government Securities Fund	-1.88%	0.75%	1.51%	5.24%
Barclays GNMA Index	-0.40%	2.33%	3.51%	6.32%
Barclays Treasury Index	-1.54%	1.72%	2.86%	6.06%

 

 

K SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
U.S. Government Securities Fund	-2.37%	0.25%	1.00%	1.80%
Barclays GNMA Index	-0.40%	2.33%	3.51%	3.92%
Barclays Treasury Index	-1.54%	1.72%	2.86%	3.38%

 

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Short-Term U.S. Government Bond Fund	-0.21%	0.04%	0.56%	1.96%
Barclays 1-3 Yr. Treasury Index	-0.08%	0.62%	1.19%	2.81%

 

 

K SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Short-Term U.S. Government Bond Fund	-0.72%	-0.47%	0.07%	0.83%
Barclays 1-3 Yr. Treasury Index	-0.08%	0.62%	1.19%	1.92%

2

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2018

Stock Funds

By definition, the objective for managing the index funds is to match the performance of the funds to their index benchmarks. Each of our index funds tracked their respective benchmarks tightly during this last fiscal year. We measure the index fund performance by using a correlation coefficient. This is a statistical measure that compares the daily performance of a fund against its benchmark index. A measure of 1.000 indicates that the performance is perfectly correlated and a measure of -1.000 implies they are negatively correlated. According to Bloomberg, LLC, The S&P Nasdaq-100 Index Fund had a correlation of 0.997 for the fiscal year. The S&P 500 Index Fund, SmallCap Fund and S&P MidCap Index Fund each had a correlation of 0.999.

During the fiscal year, the Direct shares of the S&P SmallCap Index Fund out-performed the Direct Shares of the S&P 500 and MidCap Index Fund by posting gains of 30.95%, compared to 19.64% and 19.48%, respectively. It’s important to note, however, that during the year the relative performance varied substantially. After the new tax bill that went into effect in the beginning of the year, the S&P SmallCap fund substantially outperformed the S&P 500 and MidCap Index funds. Though the returns of these three funds remained relatively flat for the balance of the fiscal year, the SmallCap fund had a strong rally compared to the other two funds during the last four months.

The Nasdaq-100 Index Fund (Direct Shares) finished up 25.73%, versus a benchmark performance of 29.14%. It is important to note that while this index is a popular and widely tracked investment benchmark, it is constructed in a different way than the S&P indices that we track. As of October 2018, Apple Inc. alone made up 12.94% of the index and the top ten holdings accounted for over 50% of the index. It provides investors a strong technology exposure as well as the related volatility.

The Shelton Core Value Fund is a value fund that focuses on income as well as the potential for capital appreciation. The Direct Shares were up 11.32% for the year. The performance of the fund trailed the U.S. stock market as measured by the S&P 500 Index by 8.33% and the LargeCap value market, as measured by the S&P 500 Value Index, by 1.47%. United States equity markets performed exceptionally well through the year, delivering excellent returns in all but one sector. The single biggest factor in the US Markets was one of market and business optimism. A graph of the Small Business Optimism Index and the recent positive spike best captures the “animal spirits” that are driving investment and growth. The Tax Cuts and Jobs Act of 2017 and the subsequent economic performance reinforced views that the regulatory environment would ease and business conditions would improve. Sectors such as technology and consumer discretionary substantially outperformed as measures of unemployment improved. In managing the Core Value Fund, we spent much of the year positioned to deliver conservative returns while working to protect some of the fund from macro risks in the market.

A few very real concerns include the threat of war on the Korean Peninsula, the normalization of Fed interest rate policy, a “never attempted before” unwinding the Federal Reserve’s balance sheet, the rapid growth of our national debt as a percentage of GDP, an ongoing threat of political crisis driven by special counsel investigations and finally, an increasingly polarized political environment and a breathless 24 hour media. Finally, US trade negotiators have taken on a new style where they have used much more aggressive styles. While this has so far proven to be very favorable for getting Mexico and Canada to move, it involves a lot of alarming headlines and subsequently, an alarmingly high risk of a trade war with China. With this, we focused on maintaining a lower risk profile in the fund by maintaining our higher level of cash and sticking to our investment style of holding stocks for the long-term, that we believe to have strong strong fundementals and solid business models and predictable future earnings. The net is that the fund underperformed the broader market by being much more conservatively invested.

Predicting market momentum and relative performance is a guessing game at best. As such, we strongly encourage shareholders to consider a balanced approach for the portion of their portfolios dedicated to stock funds. By this, we mean owning equal balances of each of the three core index funds (S&P 500, MidCap and SmallCap Funds) to achieve a more diversified equity portfolio. Over the past several years, a balanced portfolio like this has outperformed a total market index such as the Wilshire 5000.

The reason for this is that smaller companies’ market caps represent a very small piece of the massive Wilshire 5000. Therefore, their performance does not factor significantly into the total return. Keep in mind, however, that during periods where large-cap stocks out-perform their smaller counterparts, this strategy may result in underperformance. So why balance these three sectors in this way? Two reasons: First, at times we need access to our capital. By employing this method, we maintain a degree of flexibility where we can draw from. As an investor, you can reduce holdings from any of the three holdings based on relative valuations. This can prove handy for a number of reasons. Second, history is on our side in that although more volatile, small-cap stocks have returned more to investors over the long haul.

Our view at the time of writing is that while growth will continue to come slowly, corporations will be profitable, and US equities represent an attractive investment opportunity for investors who are comfortable with the associated risks and volatility. The current political dysfunction, in our opinion, is singularly responsible for the poor economic growth we are seeing in the economy. We will become much more bullish if the political dialog about economic policy improves as we believe this is the simplest, most direct route to economic growth and labor market participation. Capital markets perform best with a strong rule of law governing property rights and minimal incremental government influence.

While we cannot predict what the future holds, we can easily make the case that investors who have continued to invest through troubled markets in the past have been rewarded for their tenacity. We encourage you to maintain a diversified portfolio using both stock and bond funds, in a balance that is appropriate for your particular investment objectives.

Shelton Green Alpha Fund

The Shelton Green Alpha Fund invests primarily in stocks of companies that are believed by the Sub-Advisor, Green Alpha Advisors, LLC, to be leaders in managing environmental risks and opportunities, have above average growth potential and are reasonably valued relative to their growth potential. For the year ending August 31, 2018 the Shelton Green Alpha Fund’s return was 2.19%, underperforming the 19.65% return of the S&P 500 Index, the fund’s benchmark. While most sectors contributed positively to performance during the period, the fund’s exposure to renewable energy was a significant detractor and contributed to the underperformance versus the fund’s benchmark.

In line with the Fund’s environmental focus, the Fund’s investments throughout the year reflected the Sub-Advisor’s view of a diversified portfolio of companies who are leaders in a number of industries includes wind energy, solar PV and thin-film, water desalination, waste-to-value building materials, efficient industrial machinery and automation, electric transportation, mobile communications, internet of things, data infrastructure, energy efficiency and lighting, and natural foods, among others.

3

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2018

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P 500 Index Fund	19.64%	14.25%	10.69%	9.73%
S&P 500 Composite Stock Price Index	19.65%	14.51%	10.85%	9.89%

 

 

K SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P 500 Index Fund	19.05%	13.67%	10.14%	8.57%
S&P 500 Composite Stock Price Index	19.65%	14.51%	10.85%	9.29%

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P MidCap Index Fund	19.48%	13.02%	10.95%	11.98%
S&P MidCap 400 Index	19.98%	13.27%	11.33%	12.30%

 

 

K SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P MidCap Index Fund	18.86%	12.46%	10.40%	9.91%
S&P MidCap 400 Index	19.98%	13.27%	11.33%	10.89%

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P SmallCap Index Fund	30.95%	14.92%	11.97%	10.41%
S&P SmallCap 600 Index	32.36%	15.38%	12.40%	11.09%

 

4

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2018

 

K SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P SmallCap Index Fund	30.26%	14.34%	11.41%	10.60%
S&P SmallCap 600 Index	32.36%	15.38%	12.40%	11.60%

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Shelton Core Value Fund	11.32%	10.07%	9.19%	8.17%
S&P / Citigroup Value Index	13.23%	11.31%	8.73%	8.15%
S&P 500 Composite Stock Price Index	19.65%	14.51%	10.85%	9.05%

 

 

K SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Shelton Core Value Fund	10.75%	9.52%	8.66%	8.03%
S&P / Citigroup Value Index	13.23%	11.31%	8.73%	8.21%
S&P 500 Composite Stock Price Index	19.65%	14.51%	10.85%	9.29%

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Nasdaq-100 Index Fund	25.73%	20.18%	15.75%	4.02%
Nasdaq-100 Index	29.14%	21.46%	16.38%	4.71%

 

 

K SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Nasdaq-100 Index Fund	25.03%	19.58%	15.18%	11.79%
Nasdaq-100 Index	29.14%	21.46%	16.38%	12.93%

5

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2018

DIRECT SHARES

Average Annual Total Returns*
for the periods ended 8/31/18

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Shelton Green Alpha Fund**	2.19%	8.15%	N/A	11.00%
S&P 500 Composite Stock Price Index	19.65%	14.51%	N/A	14.96%

 

^* Past performance does not predict future performance.The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

^** Shelton Green Alpha Fund commencement of operations was March 12, 2013.

6

About Your Fund’s Expenses (Unaudited)

August 31, 2018

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. Operating expenses, which are deducted from the Funds’ gross income, directly reduce the investment return of the Funds. The Funds’ expenses are expressed as a percentage of its average net assets. This figure is known as the expense ratio. This example is intended to help you understand your ongoing cost (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2017 to February 28, 2018.

Actual Expenses

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you have paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. The Funds do not charge any sales charges. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional cost, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period.

	Beginning Account Value March 1, 2018	Ending Account Value August 31, 2018	Expenses Paid During Period*	Net Annual Expense Ratio
California Tax-Free Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,011	$ 3.48	0.69%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,047	$ 3.54	0.69%
U.S. Government Securities Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,009	$ 3.73	0.74%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,046	$ 3.80	0.74%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,006	$ 6.24	1.24%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,044	$ 6.35	1.24%
Short-Term U.S. Government Bond Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,005	$ 2.97	0.59%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,047	$ 3.03	0.59%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,002	$ 5.47	1.09%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,045	$ 5.59	1.09%
The United States Treasury Trust
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,006	$ 2.67	0.53%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,047	$ 2.72	0.53%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,004	$ 5.17	1.03%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,045	$ 5.28	1.03%
S&P 500 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,077	$ 2.50	0.48%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,048	$ 2.46	0.48%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,074	$ 5.10	0.98%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,045	$ 5.02	0.98%
S&P MidCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,103	$ 3.37	0.64%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,047	$ 3.28	0.64%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,099	$ 6.00	1.14%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,044	$ 5.84	1.14%

7

About Your Fund’s Expenses (Unaudited)

August 31, 2018 (Continued)

	Beginning Account Value March 1, 2018	Ending Account Value August 31, 2018	Expenses Paid During Period*	Net Annual Expense Ratio
S&P SmallCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,195	$ 4.40	0.80%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,046	$ 4.10	0.80%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,192	$ 7.14	1.30%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,043	$ 6.66	1.30%
Shelton Core Value Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,026	$ 3.81	0.75%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,046	$ 3.85	0.75%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,024	$ 6.34	1.25%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,044	$ 6.41	1.25%
Nasdaq-100 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,104	$ 2.58	0.49%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,048	$ 2.52	0.49%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,101	$ 5.21	0.99%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,045	$ 5.08	0.99%
Shelton Green Alpha Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,015	$ 6.57	1.30%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,043	$ 6.66	1.30%

^* Expenses are equal to the Fund’s expense ratio annualized.

8

Top Holdings and Sector Breakdowns (Unaudited) August 31, 2018

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	$3,421,220	5.1%
2	California State Public Works Board	Lease Revenue Bonds; 2009 Series I-1	3,161,130	4.7%
3	Los Rios Community College District	Tax-Exempt Various Purpose General Obligation Bonds	2,799,050	4.1%
4	San Francisco Bay Area Rapid Transit District	General Obligation Bonds; 2008 Election, Series B	2,706,249	4.0%
5	Mount San Antonio Community College District	San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds)	2,644,034	3.9%
6	California Educational Facilities Authority	General Obligation Bonds; Election of 2008, Series 2013A	2,507,050	3.7%
7	William S Hart Union High School District	Revenue Bonds (University of Southern California); Series 2009A	2,506,254	3.7%
8	East Bay Municipal Utility District Water System Revenue	General Obligation Bonds; 2001 Election, Series B	2,431,608	3.6%
9	City of Los Angeles CA	Water System Revenue Bonds; 2015 Series B	2,197,680	3.3%
10	Los Angeles Department of Water	General Obligation refunding Bonds; Series 2012-A	2,189,157	3.2%

 

U.S. Government Securities Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note/Bond	08/15/2023	$ 2,472,607	12.9%
2	United States Treasury Note/Bond	02/15/2022	2,343,938	12.2%
3	United States Treasury Note/Bond	05/15/2025	2,109,336	11.0%
4	United States Treasury Note/Bond	08/15/2020	2,100,000	10.9%
5	United States Treasury Note/Bond	02/15/2021	2,044,844	10.6%
6	United States Treasury Note/Bond	02/15/2019	1,703,652	8.9%
7	United States Treasury Note/Bond	02/29/2024	1,257,953	6.5%
8	United States Treasury Note/Bond	02/15/2026	972,109	5.1%
9	United States Treasury Note/Bond	08/15/2027	857,549	4.5%
10	United States Treasury Note/Bond	05/15/2037	650,313	3.4%

 

Short-Term U.S. Government Bond Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note/Bond	01/31/2020	$ 1,082,318	17.1%
2	United States Treasury Note/Bond	07/31/2020	988,574	15.6%
3	United States Treasury Note/Bond	01/31/2021	987,500	15.6%
4	United States Treasury Note/Bond	01/31/2019	896,414	14.2%
5	United States Treasury Note/Bond	07/31/2021	790,234	12.5%
6	United States Treasury Note/Bond	06/30/2019	692,125	10.9%
7	United States Treasury Bill	10/18/2018	299,275	4.7%
8	United States Treasury Note/Bond	06/30/2019	298,061	4.7%
9	United States Treasury Note/Bond	06/30/2022	195,680	3.1%
10	Ginnie Mae II Pool	11/20/2034	67,494	1.1%

 

9

Top Holdings and Sector Breakdowns (Unaudited) (Continued) August 31, 2018

The United States Treasury Trust

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Bill	11/08/2018	$ 9,264,852	17.0%
2	United States Treasury Bill	10/18/2018	8,079,320	14.8%
3	United States Treasury Bill	09/20/2018	7,792,156	14.3%
4	United States Treasury Bill	09/06/2018	6,998,156	12.9%
5	United States Treasury Bill	10/04/2018	6,987,769	12.8%
6	United States Treasury Bill	11/29/2018	6,965,240	12.8%
7	United States Treasury Bill	12/06/2018	3,779,020	6.9%
8	United States Treasury Bill	01/03/2019	2,581,169	4.7%
9	United States Treasury Bill	11/15/2018	1,991,564	3.7%

 

S&P 500 Index Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 8,731,659	4.6%
2	Microsoft Corp	6,745,304	3.5%
3	Amazon.com Inc	6,329,973	3.3%
4	Facebook Inc	3,295,640	1.7%
5	Berkshire Hathaway Inc	3,148,124	1.6%
6	JPMorgan Chase & Co	3,090,910	1.6%
7	Alphabet Inc - Class C	2,930,965	1.5%
8	Johnson & Johnson	2,822,833	1.5%
9	Alphabet Inc - Class A	2,815,895	1.5%
10	Exxon Mobil Corp	2,614,344	1.4%

 

S&P MidCap Index Fund

Security		Market Value	Percentage of Total Investment
1	WellCare Health Plans Inc	$ 952,188	0.7%
2	Domino's Pizza Inc	922,849	0.7%
3	Jack Henry & Associates Inc	865,082	0.7%
4	Fortinet Inc	852,342	0.7%
5	Keysight Technologies Inc	829,164	0.6%
6	IDEX Corp	827,487	0.6%
7	PTC Inc	816,810	0.6%
8	Teleflex Inc	787,817	0.6%
9	Steel Dynamics Inc	766,069	0.6%
10	Trimble Inc	749,338	0.6%

 

10

Top Holdings and Sector Breakdowns (Unaudited) (Continued) August 31, 2018

S&P SmallCap Index Fund

Security		Market Value	Percentage of Total Investment
1	United States Treasury Bill	$ 1,198,065	1.4%
2	Ligand Pharmaceuticals Inc	555,477	0.6%
3	Trex Co Inc	500,238	0.6%
4	HealthEquity Inc	496,487	0.6%
5	Neogen Corp	483,645	0.5%
6	CACI International Inc	483,210	0.5%
7	Inogen Inc	462,533	0.5%
8	ASGN Inc	456,746	0.5%
9	Insperity Inc	449,557	0.5%
10	Ingevity Corp	426,565	0.5%

 

Shelton Core Value Fund

Security		Market Value	Percentage of Total Investment
1	JPMorgan Chase & Co	$ 8,137,472	4.5%
2	United States Treasury Bill	7,288,230	4.1%
3	Sprouts Farmers Market Inc	6,882,200	3.8%
4	Wells Fargo & Co	5,139,749	2.9%
5	Ford Motor Co	4,955,196	2.8%
6	Bank of America Corp	4,330,200	2.4%
7	Microsoft Corp	4,227,315	2.4%
8	The Goldman Sachs Group Inc	3,769,289	2.1%
9	BP PLC	3,492,019	1.9%
10	Chevron Corp	3,473,721	1.9%

 

Nasdaq-100 Index Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 68,618,608	10.4%
2	Amazon.com Inc	47,693,176	7.3%
3	Microsoft Corp	47,392,476	7.2%
4	Alphabet Inc - Class C	25,739,137	3.9%
5	Alphabet Inc - Class A	24,962,427	3.8%
6	Facebook Inc	23,813,172	3.6%
7	Cisco Systems Inc	20,464,047	3.1%
8	Intel Corp	20,102,857	3.1%
9	Comcast Corp	15,245,872	2.3%
10	NVIDIA Corp	14,764,891	2.2%

 

11

Top Holdings and Sector Breakdowns (Unaudited) (Continued) August 31, 2018

Shelton Green Alpha Fund

Security		Market Value	Percentage of Total Investment
1	Pattern Energy Group Inc	$ 2,751,300	5.7%
2	Vestas Wind Systems A/S	2,658,225	5.5%
3	Applied Materials Inc	2,086,470	4.3%
4	First Solar Inc	2,057,160	4.3%
5	Tesla Inc	2,051,288	4.3%
6	Sunrun Inc	1,836,800	3.8%
7	Alphabet Inc - Class C	1,705,466	3.5%
8	Canadian Solar Inc	1,704,532	3.5%
9	International Business Machines Corp	1,538,040	3.2%
10	Hannon Armstrong Sustainable Infrastructure Capital Inc	1,379,840	2.9%

 

12

California Tax-Free Income Fund Portfolio of Investments 8/31/18

Security Description	Par Value		Rate		Maturity		Value (Note 1)
Municipal Bonds (95.01%)
BUTTE-GLENN COMMUNITY COLLEGE
2012 General Obligation Refunding Bonds	$	1,000,000		4.000%		08/01/2026	$	1,079,070
CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD
Lease Revenue Bonds; 2009 Series I-1		3,000,000		6.125%		11/01/2029		3,161,130
CALIFORNIA DEPARTMENT OF WATER RESOURCES
Power Supply Revenue Bonds; Series 2010L		1,000,000		5.000%		05/01/2019		1,023,520
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
Revenue Bonds (University of Southern California); Series 2009A		2,500,000		5.250%		10/01/2038		2,507,050
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
Kaiser Permanente Revenue Bonds; Subseries 2017A-1 (Green Bonds)		1,700,000		5.000%		11/01/2027		2,076,941
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
California Infrastructure & Economic Development Bank		1,200,000		5.000%		10/01/2033		1,403,064
Clean Water State Revolving fund Revenue Bonds Series 2016 (Green Bonds)		200,000		2.000%		10/01/2019		201,422
CITY OF LOS ANGELES
General Obligation Refunding Bonds; Series 2012-A		2,000,000		5.000%		09/01/2021		2,197,680
EAST BAY MUNICIPAL UTILITY DISTRICT
Water System Revenue Bonds; 2015 Series B		2,050,000		5.000%		06/01/2026		2,431,608
EAST SIDE UNION HIGH SCHOOL DISTRICT
General Obligation Refunding Bonds (2012 Crossover); 2006		2,975,000		5.250%		09/01/2023		3,421,220
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT
Election of 1999 General Obligation Bonds; Series C		2,000,000		0.000%		08/01/2027		1,577,860
HARBOR DEPARTMENT OF THE CITY OF LOS ANGELES
Revenue Bonds; 2014 Series C		290,000		4.000%		08/01/2023		320,398
LA MIRADA REDEVELOPMENT AGENCY, SUCCESSOR AGENCY TO THE
Subordinate Tax Allocation Refunding Bonds; 2014 Series A		1,000,000		5.000%		08/01/2023		1,143,600
LOS ANGELES CA WASTEWATER SYSTEM REVENUE
Los Angeles CA Wstwter System Revenue Bond		500,000		5.000%		06/01/2044		567,435
LOS ANGELES COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series G		865,000		5.000%		08/01/2028		1,004,663
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
Proposition A First Tier Los Angeles County Met Transport		500,000		4.000%		07/01/2028		552,040
Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds; Series 2012-A		1,000,000		5.000%		07/01/2021		1,098,090
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A		1,500,000		5.000%		07/01/2023		1,726,710
LOS ANGELES DEPARTMENT OF WATER AND POWER
Water System Revenue Bonds; 2012 Series A		1,985,000		5.000%		07/01/2037		2,189,157
LOS RIOS COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series B		2,500,000		5.000%		08/01/2032		2,799,050
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA
Water Revenue Bonds; 2008 Authorization, Series C		1,000,000		5.000%		07/01/2035		1,027,640
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Midpeninsula Regional Open Space District		200,000		4.000%		09/01/2021		213,954
MT. DIABLO UNIFIED SCHOOL DISTRICT
General Obligation Refunding Bonds; Election Of 2002, Series B		500,000		5.000%		07/01/2020		532,450
MT. SAN ANTONIO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2008, Series 2013A		2,345,000		5.000%		08/01/2034		2,644,034
PASADENA ELECTRIC REVENUE
Electric Revenue Refunding Bonds; Series 2010A		1,205,000		4.000%		06/01/2020		1,257,767
RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bonds; 2012		1,380,000		4.000%		09/01/2020		1,450,973
REGENTS OF THE UNIVERSITY OF CALIFORNIA
General Revenue Bonds; 2014 Series AM		925,000		5.000%		05/01/2029		1,065,017
ROSEVILLE FINANCE AUTHORITY ELECTRIC SYSTEM REVENUE
Electric System Revenue Refunding Bonds; Series 2013		750,000		5.000%		02/01/2025		852,368
ROSEVILLE NATURAL GAS FINANCING AUTHORITY
Gas Revenue Bonds; Series 2007		1,000,000		5.000%		02/01/2024		1,114,110
SACRAMENTO MUNICIPAL UTILITY DISTRICT
Electric Revenue Bonds; 1997 Series K		1,000,000		5.250%		07/01/2024		1,140,770
SAN DIEGO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2002, Series 2013		1,175,000		5.000%		08/01/2027		1,337,138
SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT
San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds)		2,300,000		5.000%		08/01/2036		2,706,249
San Francisco BART District GO Bonds 2017 Series A-1 (Green Bonds)		645,000		4.000%		08/01/2034		693,498

See accompanying notes to financial statements.

13

California Tax-Free Income Fund Portfolio of Investments (Continued) 8/31/18

Security Description	Par Value		Rate		Maturity		Value (Note 1)
SAN FRANCISCO, CITY AND COUNTY
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A	$	1,000,000		4.000%		06/01/2033	$	1,048,220
SAN FRANCISCO, CITY AND COUNTY AIRPORT
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A		500,000		5.000%		05/01/2020		528,670
SAN FRANCISCO CITY AND COUNTY PUBLIC UTILITIES COMMISSION WASTEWATER REVENUE
San Francisco City & County Public Utilities Commission Wastewater Revenue		700,000		4.000%		10/01/2021		751,254
SAN FRANCISCO, PUBLIC UTILITIES COMMISSION WATER REVENUE
2017 Sub-Series D Refunding Bonds (Green Bonds)		1,000,000		5.000%		11/01/2034		1,180,100
City of San Francisco CA Public Utilities Commission Water Revenue		1,170,000		5.000%		11/01/2036		1,319,210
San Francisco City and Green Bond Series A		680,000		5.000%		11/01/2030		779,572
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
2000 Measure A Sales Tax Revenue Refunding Bonds; 2015 Series A		1,000,000		5.000%		04/01/2034		1,140,230
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Election of 2004, Series 2005		2,500,000		0.000%		08/01/2029		1,729,000
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
Southern California Public Power Authority Windy Pt/Windy Flats Project 1		1,400,000		5.000%		07/01/2026		1,487,458
Windy Point/Windy Flats Project Revenue Bonds; 2010-1		1,000,000		5.000%		07/01/2023		1,063,590
STATE OF CALIFORNIA
Tax-Exempt Various Purpose General Obligation Bonds		555,000		3.000%		10/01/2028		564,885
TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY
Systemwide Revenue Bonds; Series 2012A		1,100,000		4.000%		11/01/2030		1,185,921
TUOLUMNE WIND PROJECT AUTHORITY
Tuolumne Wind Project Authority		1,000,000		5.000%		01/01/2020		1,046,980
WILLIAM S. HART UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; 2001 Election, Series B		3,595,000		0.000%		09/01/2029		2,506,254
Total Municipal Bonds (Cost $62,757,156)								64,849,020
Variable Rate Demand Notes* (4.01%)
California Health Facilities Financing Authority***		1,000,000		5.000%**		07/01/2043		1,034,350
Metropolitan Water District of Southern California***		700,000		1.260%**		07/01/2035		700,000
Tax-Exempt Various Purpose General Obligation Bonds		1,000,000		1.260%**		05/01/2034		1,000,000
Total Variable Rate Demand Notes (Cost $2,873,179)								2,734,350
Total Investments (Cost $65,630,335) (a) (99.02%)							$	67,583,370
Other Net Assets (0.98%)								669,589
Net Assets (100.00%)							$	68,252,959

(a) Aggregate cost for federal income tax purposes is $65,629,108.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	2,340,680
Unrealized depreciation		(386,418	)
Net unrealized appreciation	$	1,954,262

* Stated maturity reflects next reset date.

** Rate Effective as of August 31, 2018.

*** In accordance with the offering documents, daily interest rates are determined by the Remarketing Agents.

See accompanying notes to financial statements.

14

U.S. Government Securities Fund Portfolio of Investments 8/31/18

Security Description	Par Value		Rate		Maturity		Value (Note 1)
Government National Mortgage Association (5.20%)
	$	80		10.000		09/15/2018	$	80
		19,438		5.000		07/15/2020		20,129
		38,395		5.500		01/15/2025		41,303
		78,230		6.000		06/15/2038		84,836
		104,498		6.000		01/15/2026		113,907
		140,848		5.500		04/15/2036		152,507
		162,992		5.000		03/15/2038		174,341
		416,674		3.500		11/20/2044		419,524
Total Government National Mortgage Association (Cost $977,992)								1,006,627
United States Treasury Bills (4.11%)
		200,000		0.000		10/11/2018		199,565
		200,000		0.000		10/25/2018		199,437
		400,000		0.000		01/03/2019		397,150
Total United States Treasury Bills (Cost $796,053)								796,152
United States Treasury Bonds (5.34%)
		400,000		2.750		08/15/2042		382,992
		500,000		5.000		05/15/2037		650,313
Total United States Treasury Bonds (Cost $1,089,232)								1,033,305
United States Treasury Notes (84.58%)
		400,000		6.375		08/15/2027		511,469
		800,000		6.000		02/15/2026		972,109
		900,000		2.250		08/15/2027		857,549
		1,300,000		2.125		02/29/2024		1,257,953
		1,700,000		2.750		02/15/2019		1,703,652
		2,000,000		3.625		02/15/2021		2,044,844
		2,100,000		2.625		08/15/2020		2,100,000
		2,200,000		2.125		05/15/2025		2,109,336
		2,400,000		2.000		02/15/2022		2,343,938
		2,500,000		2.500		08/15/2023		2,472,606
Total United States Treasury Notes (Cost $16,787,478)								16,373,456
Total Investments (Cost $19,650,755) (a) (99.23%)							$	19,209,540
Other Net Assets (0.77%)								149,769
Net Assets (100.00%)							$	19,359,309

(a) Aggregate cost for federal income tax purposes is $19,650,755.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	48,205
Unrealized depreciation		(489,419	)
Net unrealized depreciation	$	(441,215	)

See accompanying notes to financial statements.

15

Short-Term U.S. Government Bond Fund Portfolio of Investments 8/31/18

Security Description	Par Value		Rate		Maturity		Value (Note 1)
Government National Mortgage Association (1.57%)
	$	31,985		4.125		06/20/2034	$	32,738
		65,050		3.125		11/20/2034		67,494
Total Government National Mortgage Association (Cost $97,493)								100,232
United States Treasury Notes (92.64%)
		200,000		2.125		06/30/2022		195,680
		300,000		1.625		06/30/2019		298,061
		700,000		1.000		06/30/2019		692,125
		800,000		2.250		07/31/2021		790,234
		900,000		1.250		01/31/2019		896,414
		1,000,000		2.125		01/31/2021		987,500
		1,000,000		2.000		07/31/2020		988,574
		1,100,000		1.375		01/31/2020		1,082,318
Total United States Treasury Notes (Cost $5,981,119)								5,930,906
United States Treasury Bills (4.67%)
		300,000		0.000		10/18/2018		299,275
Total United States Treasury Bills (Cost $299,238)								299,275
Total Investments (Cost $6,377,850) (a) (98.88%)							$	6,330,413
Other Net Assets (1.12%)								72,018
Net Assets (100.00%)							$	6,402,431

(a) Aggregate cost for federal income tax purposes is $6,377,850.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	2,967
Unrealized depreciation		(50,404	)
Net unrealized depreciation	$	(47,437	)

The United States Treasury Trust Portfolio of Investments 8/31/18

Security Description	Par Value		Maturity	Value (Note 1)
United States Treasury Bills, DN (b) (99.10%)
	$	2,000,000	11/15/2018	$	1,991,564
		2,600,000	01/03/2019		2,581,169
		3,800,000	12/06/2018		3,779,020
		7,000,000	09/06/2018		6,998,156
		7,000,000	10/04/2018		6,987,769
		7,000,000	11/29/2018		6,965,240
		7,800,000	09/20/2018		7,792,156
		8,100,000	10/18/2018		8,079,320
		9,300,000	11/08/2018		9,264,853
Total United States Treasury Bills, DN (Cost $54,439,247)					54,439,247
Total Investments (Cost $54,439,247) (a) (99.10%)				$	54,439,247
Other Net Assets (0.90%)					496,583
Net Assets (100.00%)				$	54,935,830

(a) Aggregate cost for federal income tax purposes is $54,439,247.

(b) Discount Note. Yield to maturity is between 0.81% - 1.11%.

See accompanying notes to financial statements.

16

S&P 500 Index Fund Portfolio of Investments 8/31/18

Security Description	Shares		Value (Note 1)
Common Stock (99.40%)
Basic Materials (1.92%)
Air Products & Chemicals Inc		1,615	$	268,558
Albemarle Corp		868		82,911
CF Industries Holdings Inc		1,795		93,250
DowDuPont Inc		17,485		1,226,223
Eastman Chemical Co		1,048		101,687
FMC Corp		1,102		94,166
Freeport-McMoRan Inc		6,887		96,762
IFF		683		88,988
International Paper Co		3,175		162,370
LyondellBasell Industries NV - Class A		2,532		285,559
The Mosaic Co		2,068		64,666
Newmont Mining Corp		3,766		116,859
Nucor Corp		2,404		150,250
PPG Industries Inc		2,102		232,355
Praxair Inc		2,168		342,957
The Sherwin-Williams Co		628		286,105
Total Basic Materials				3,693,666
Communications (14.65%)
Alphabet Inc - Class A*		2,286		2,815,895
Alphabet Inc - Class C*		2,406		2,930,965
Amazon.com Inc* (c)		3,145		6,329,973
AT&T Inc		56,729		1,811,924
Booking Holdings Inc*		361		704,510
CBS Corp - Class B		2,752		145,911
CenturyLink Inc		4,581		97,850
Charter Communications Inc*		1,463		454,115
Cisco Systems Inc		37,866		1,808,859
Comcast Corp - Class A		36,651		1,355,720
Discovery Inc - Class A*		1,878		52,265
Discovery Inc - Class C*		1,878		48,152
DISH Network Corp*		1,784		63,064
eBay Inc*		8,321		287,990
Expedia Group Inc		689		89,915
F5 Networks Inc*		602		113,850
Facebook Inc* (c)		18,754		3,295,640
The Interpublic Group of Cos Inc		3,241		75,677
Juniper Networks Inc		2,718		77,273
Motorola Solutions Inc		1,430		183,555
Netflix Inc*		3,319		1,220,330
News Corp - Class A		3,745		48,947
News Corp - Class B		910		12,376
Omnicom Group Inc		1,982		137,392
Symantec Corp		5,172		104,268
TripAdvisor Inc*		850		46,164
Twenty-First Century Fox Inc		3,726		167,297
Twenty-First Century Fox Inc - Class A		8,143		369,692
Twitter Inc*		5,110		179,770
VeriSign Inc*		689		109,282
Verizon Communications Inc		31,159		1,694,115
Viacom Inc - Class B		2,740		80,227
The Walt Disney Co		11,275		1,263,026
Total Communications				28,175,989
Consumer, Cyclical (8.49%)
Advance Auto Parts Inc		548		89,888
Alaska Air Group Inc		963		64,993
American Airlines Group Inc		4,021		162,770
Aptiv PLC		2,173		191,246
AutoZone Inc*		275		210,892
Best Buy Co Inc		1,956		155,619
BorgWarner Inc		1,664		72,833
CarMax Inc*		1,689		131,826
Carnival Corp		3,334		205,008
Chipotle Mexican Grill Inc*		234		111,192
Costco Wholesale Corp		3,160		736,691
Darden Restaurants Inc		933		108,265
Delta Air Lines Inc		5,026		293,920
Dollar General Corp		1,932		208,134
Dollar Tree Inc*		1,907		153,533
DR Horton Inc		2,495		111,052
Fastenal Co		2,014		117,537
Foot Locker Inc		1,044		51,469
Ford Motor Co		27,615		261,790
The Gap Inc		2,194		66,588
General Motors Co		10,151		365,944	��
Genuine Parts Co		1,170		116,825
The Goodyear Tire & Rubber Co		1,847		41,908
Hanesbrands Inc		3,007		52,743
Harley-Davidson Inc		1,765		75,224
Hasbro Inc		950		94,345
Hilton Worldwide Holdings Inc		1,615		125,356
The Home Depot Inc		9,397		1,886,636
Kohl’s Corp		1,587		125,548
L Brands Inc		1,787		47,230
Leggett & Platt Inc		1,017		46,212
Lennar Corp		2,200		113,674
LKQ Corp*		2,347		81,018
Lowe’s Cos Inc		6,732		732,105
Macy’s Inc		2,961		108,225
Marriott International Inc		2,467		312,001
Mattel Inc		2,508		38,698
McDonald’s Corp		6,382		1,035,352
MGM Resorts International		3,988		115,612
Michael Kors Holdings Ltd*		1,328		96,439
Mohawk Industries Inc*		459		87,940
Newell Brands Inc		3,701		80,386
NIKE Inc - Class B		10,668		876,910
Nordstrom Inc		1,123		70,581
Norwegian Cruise Line Holdings*		1,599		85,722
O’Reilly Automotive Inc*		665		223,054
PACCAR Inc		2,601		177,960
PulteGroup Inc		2,804		78,372
PVH Corp		574		82,174
Ralph Lauren Corp		449		59,632
Ross Stores Inc		3,322		318,181
Royal Caribbean Cruises Ltd		1,236		151,509
Southwest Airlines Co		4,671		286,332
Starbucks Corp		10,948		585,171
Tapestry Inc		2,156		109,288
Target Corp		4,818		421,575
Tiffany & Co		950		116,518
The TJX Cos Inc		5,416		595,598
Tractor Supply Co		1,050		92,694
Ulta Beauty Inc*		468		121,680
Under Armour Inc - Class A*		1,210		24,745
Under Armour Inc - Class C*		1,218		23,105
United Continental Holdings Inc*		2,214		193,548
VF Corp		2,588		238,432
Walgreens Boots Alliance Inc		6,346		435,082
Walmart Inc		11,851		1,136,037
Whirlpool Corp		570		71,239
WW Grainger Inc		441		156,145
Wynn Resorts Ltd		526		78,027
Yum! Brands Inc		2,700		234,603
Total Consumer, Cyclical				16,328,581
Consumer, Non-Cyclical (21.70%)
Abbott Laboratories		13,435		897,995
AbbVie Inc		12,821		1,230,560
Aetna Inc		2,584		517,498
Alexion Pharmaceuticals Inc*		1,383		169,058
Align Technology Inc*		600		231,894
Allergan PLC		2,617		501,705
Altria Group Inc		14,863		869,783
AmerisourceBergen Corp		1,565		140,803
Amgen Inc		5,284		1,055,796
Anthem Inc		2,002		529,989
Archer-Daniels-Midland Co		4,902		247,061
Automatic Data Processing Inc		3,564		523,017
Avery Dennison Corp		891		93,715
Baxter International Inc		3,880		288,556
Becton Dickinson and Co		1,897		496,767
Biogen Inc*		1,739		614,719
Boston Scientific Corp*		11,526		409,865
Bristol-Myers Squibb Co		12,265		742,646
Brown-Forman Corp - Class B		1,728		90,236
Campbell Soup Co		1,449		57,163
Cardinal Health Inc		2,511		131,049
Celgene Corp*		6,007		567,361
Centene Corp*		1,292		189,252
Church & Dwight Co Inc		1,996		112,934
Cigna Corp		2,081		391,936
Cintas Corp		801		170,909
The Clorox Co		943		136,716
The Coca-Cola Co		30,037		1,338,749
Colgate-Palmolive Co		6,558		435,517
Conagra Brands Inc		2,987		109,772
Constellation Brands Inc		1,083		225,481
The Cooper Cos Inc		374		95,662
Coty Inc - Class A		3,684		45,534
CVS Health Corp		7,932		596,804
Danaher Corp		4,166		431,348
DaVita Inc*		1,224		84,811
DENTSPLY SIRONA Inc		1,160		46,307
Ecolab Inc		1,937		291,480
Edwards Lifesciences Corp*		1,716		247,516
Eli Lilly & Co		7,419		783,817
Envision Healthcare Corp*		910		41,278
Equifax Inc		870		116,554
The Estee Lauder Cos Inc		1,800		252,216
Express Scripts Holding Co*		4,798		422,320
FleetCor Technologies Inc*		699		149,404
Gartner Inc*		714		106,929
General Mills Inc		4,683		215,465
Gilead Sciences Inc		10,033		759,799
Global Payments Inc		1,172		146,008
H&R Block Inc		1,994		53,958
HCA Healthcare Inc		2,209		296,249
Henry Schein Inc*		1,256		97,566
The Hershey Co		1,114		111,979
Hologic Inc*		2,135		84,888
Hormel Foods Corp		2,128		83,311
Humana Inc		1,191		396,913
IDEXX Laboratories Inc*		691		175,542
IHS Markit Ltd*		2,494		137,170
Illumina Inc*		1,143		405,571
Incyte Corp*		1,363		100,739
Intuitive Surgical Inc*		855		478,800
IQVIA Holdings Inc*		1,146		145,645

See accompanying notes to financial statements.

17

S&P 500 Index Fund Portfolio of Investments (Continued) 8/31/18

Security Description	Shares		Value (Note 1)
The JM Smucker Co		823	$	85,082
Johnson & Johnson (c)		20,958		2,822,832
Kellogg Co		1,816		130,371
Kimberly-Clark Corp		2,926		338,070
The Kraft Heinz Co		4,282		249,512
The Kroger Co		8,014		252,441
Laboratory Corp of America Holdings*		705		121,873
McCormick & Co Inc		975		121,758
McKesson Corp		1,736		223,510
Medtronic PLC		10,936		1,054,340
Merck & Co Inc		21,298		1,460,829
Molson Coors Brewing Co		1,200		80,088
Mondelez International Inc		11,909		508,752
Monster Beverage Corp*		3,387		206,234
Moody’s Corp		1,498		266,674
Mylan NV*		3,101		121,342
Nektar Therapeutics*		1,277		84,908
Nielsen Holdings PLC		1,879		48,854
PayPal Holdings Inc*		8,321		768,278
PepsiCo Inc		11,085		1,241,630
Perrigo Co PLC		677		51,797
Pfizer Inc		45,992		1,909,587
Philip Morris International Inc		11,608		904,147
The Procter & Gamble Co		20,266		1,681,064
Quanta Services Inc*		1,601		55,379
Quest Diagnostics Inc		1,168		128,457
Regeneron Pharmaceuticals Inc*		562		228,594
ResMed Inc		1,127		125,559
Robert Half International Inc		1,032		80,682
S&P Global Inc		2,019		418,034
Stryker Corp		2,155		365,122
Sysco Corp		3,758		281,174
Thermo Fisher Scientific Inc		3,062		732,124
Total System Services Inc		1,190		115,597
Tyson Foods Inc - Class A		2,328		146,222
United Rentals Inc*		724		112,850
UnitedHealth Group Inc		7,607		2,042,174
Universal Health Services Inc		683		88,899
Varian Medical Systems Inc*		875		98,018
Verisk Analytics Inc*		1,197		142,551
Vertex Pharmaceuticals Inc*		1,731		319,196
The Western Union Co		4,688		88,697
Zimmer Biomet Holdings Inc		1,338		165,417
Zoetis Inc		3,718		336,851
Total Consumer, Non-Cyclical				41,725,655
Energy (5.55%)
Anadarko Petroleum Corp		3,750		241,500
Andeavor		1,028		157,068
Apache Corp		2,792		122,373
Baker Hughes a GE Co		3,384		111,570
Cabot Oil & Gas Corp		3,164		75,398
Chevron Corp (c)		14,364		1,701,560
Cimarex Energy Co		657		55,503
Concho Resources Inc*		1,114		152,785
ConocoPhillips		8,936		656,170
Devon Energy Corp		2,767		118,787
EOG Resources Inc		3,850		455,186
EQT Corp		1,085		55,357
Exxon Mobil Corp (c)		32,610		2,614,345
Halliburton Co		6,883		274,563
Helmerich & Payne Inc		805		52,784
Hess Corp		1,823		122,761
Kinder Morgan Inc		15,052		266,420
Marathon Oil Corp		5,187		111,572
Marathon Petroleum Corp		4,098		337,224
National Oilwell Varco Inc		3,192		150,247
Newfield Exploration Co*		988		26,953
Noble Energy Inc		2,616		77,748
Occidental Petroleum Corp		5,892		470,594
ONEOK Inc		3,307		217,964
Phillips 66		3,493		413,955
Pioneer Natural Resources Co		1,287		224,839
Schlumberger Ltd		11,025		696,340
TechnipFMC PLC		3,637		111,401
Valero Energy Corp		3,459		407,747
The Williams Cos Inc		6,307		186,624
Total Energy				10,667,338
Financial (17.89%)
Affiliated Managers Group Inc		409		59,751
Aflac Inc		6,890		318,594
Alexandria Real Estate Equities Inc		700		89,845
Alliance Data Systems Corp		400		95,432
The Allstate Corp		3,124		314,181
American Express Co		5,917		627,084
American International Group Inc		6,822		362,726
American Tower Corp		2,860		426,483
Ameriprise Financial Inc		1,369		194,343
Aon PLC		2,040		296,942
Apartment Investment & Management		1,070		46,866
Arthur J Gallagher & Co		1,374		99,120
Assurant Inc		596		61,281
AvalonBay Communities Inc		1,044		191,355
Bank of America Corp		74,761		2,312,358
The Bank of New York Mellon Corp		8,692		453,288
BB&T Corp		5,247		271,060
Berkshire Hathaway Inc*		15,083		3,148,124
BlackRock Inc		941		450,795
Boston Properties Inc		1,078		140,625
Brighthouse Financial Inc*		700		29,057
Brookfield Property Partners LP		1,549		30,944
Capital One Financial Corp		4,021		398,441
Cboe Global Markets Inc		706		71,165
CBRE Group Inc*		2,058		100,451
The Charles Schwab Corp		9,317		473,210
Chubb Ltd		3,685		498,359
Cincinnati Financial Corp		1,179		90,394
Citigroup Inc		20,197		1,438,834
Citizens Financial Group Inc		3,885		159,907
CME Group Inc		2,250		393,143
Comerica Inc		1,331		129,746
Crown Castle International Corp		2,760		314,723
Digital Realty Trust Inc		1,218		151,373
Discover Financial Services		3,035		237,094
Duke Realty Corp		2,792		79,544
E*TRADE Financial Corp*		1,181		69,514
Equinix Inc		434		189,280
Equity Residential		2,164		146,611
Essex Property Trust Inc		463		114,028
Everest Re Group Ltd		326		72,705
Extra Space Storage Inc		949		87,507
Federal Realty Investment Trust		548		71,574
Fifth Third Bancorp		5,427		159,717
Franklin Resources Inc		3,105		98,553
The Goldman Sachs Group Inc		2,819		670,386
Hartford Financial Services Group		2,922		147,181
HCP Inc		3,020		81,631
Host Hotels & Resorts Inc		5,173		111,375
Huntington Bancshares Inc		5,456		88,442
Intercontinental Exchange Inc		4,245		323,596
Invesco Ltd		3,410		82,181
Iron Mountain Inc		1,369		49,421
Jefferies Financial Group Inc		1,447		33,599
JPMorgan Chase & Co		26,976		3,090,910
KeyCorp		6,704		141,253
Kimco Realty Corp		2,994		51,227
Lincoln National Corp		2,305		151,162
Loews Corp		2,394		120,442
M&T Bank Corp		1,180		209,037
The Macerich Co		1,011		59,386
Marsh & McLennan Cos Inc		4,025		340,636
Mastercard Inc		7,325		1,578,977
MetLife Inc		7,704		353,537
Mid-America Apartment Community		858		88,854
Morgan Stanley		10,374		506,562
Nasdaq Inc		1,127		107,561
Northern Trust Corp		1,610		173,011
People’s United Financial Inc		2,887		53,438
PNC Financial Services Group Inc		3,945		566,265
Principal Financial Group Inc		2,041		112,643
The Progressive Corp		4,123		278,426
Prologis Inc		3,315		222,702
Prudential Financial Inc		3,541		347,903
Public Storage		1,035		220,020
Raymond James Financial Inc		1,004		93,412
Realty Income Corp		1,688		98,866
Regency Centers Corp		1,109		73,227
Regions Financial Corp		9,066		176,424
SBA Communications Corp*		918		142,501
Simon Property Group Inc		2,175		398,090
SL Green Realty Corp		740		77,256
State Street Corp		3,093		268,813
SunTrust Banks Inc		3,809		280,190
SVB Financial Group*		411		132,650
Synchrony Financial		6,040		191,287
T Rowe Price Group Inc		1,965		227,724
Torchmark Corp		1,176		103,394
The Travelers Cos Inc		2,411		317,288
UDR Inc		2,033		81,259
Unum Group		2,266		83,570
US Bancorp		12,265		663,659
Ventas Inc		2,081		124,589
Visa Inc - Class A		14,101		2,071,296
Vornado Realty Trust		1,244		95,788
Wells Fargo & Co (c)		35,184		2,057,561
Welltower Inc		2,792		186,254
Weyerhaeuser Co		5,770		200,277
Willis Towers Watson PLC		996		146,681
XL Group Ltd		2,249		129,070
Zions Bancorporation		1,054		56,168
Total Financial				34,405,185
Industrial (9.58%)
3M Co		4,679		986,895
Agilent Technologies Inc		2,633		177,833
Allegion PLC		703		61,316
AMETEK Inc		1,816		139,759
Amphenol Corp - Class A		2,372		224,344
AO Smith Corp		1,152		66,908
Arconic Inc		2,478		55,458

See accompanying notes to financial statements.

18

S&P 500 Index Fund Portfolio of Investments (Continued) 8/31/18

Security Description	Shares		Value (Note 1)
Ball Corp		2,268	$	94,984
The Boeing Co		4,367		1,496,963
Caterpillar Inc		4,752		659,815
CH Robinson Worldwide Inc		1,280		122,982
Corning Inc		7,332		245,695
CSX Corp		7,645		566,953
Cummins Inc		1,302		184,624
Deere & Co		2,547		366,259
Dover Corp		1,334		114,551
Eaton Corp PLC		3,484		289,660
Emerson Electric Co		5,336		409,431
Expeditors International of Washington Inc		1,549		113,511
FedEx Corp		1,881		458,870
FLIR Systems Inc		1,158		72,653
Flowserve Corp		1,128		58,791
Fluor Corp		1,298		74,518
Fortive Corp		2,083		174,930
Fortune Brands Home & Security		1,197		63,417
Garmin Ltd		806		54,921
General Dynamics Corp		2,204		426,254
General Electric Co		68,083		880,993
Harris Corp		833		135,371
Honeywell International Inc		5,633		895,984
Huntington Ingalls Industries		358		87,520
Illinois Tool Works Inc		2,619		363,727
Ingersoll-Rand PLC		2,109		213,621
Jacobs Engineering Group Inc		962		69,928
JB Hunt Transport Services Inc		690		83,318
Johnson Controls International		7,221		272,737
Kansas City Southern		811		94,044
L3 Technologies Inc		719		153,665
Lockheed Martin Corp		1,981		634,732
Martin Marietta Materials Inc		463		92,007
Masco Corp		2,627		99,747
Mettler-Toledo International Inc*		202		118,061
Norfolk Southern Corp		2,398		416,868
Northrop Grumman Corp		1,488		444,153
Packaging Corp of America		752		82,660
Parker-Hannifin Corp		1,096		192,458
Pentair PLC		1,542		67,046
PerkinElmer Inc		1,021		94,371
Raytheon Co		2,443		487,232
Republic Services Inc		2,203		161,612
Rockwell Automation Inc		1,085		196,342
Rockwell Collins Inc		1,079		146,690
Roper Technologies Inc		694		207,069
Sealed Air Corp		1,582		63,454
Snap-on Inc		424		74,955
Stanley Black & Decker Inc		1,237		173,836
Stericycle Inc*		642		39,605
TE Connectivity Ltd		3,236		296,676
Textron Inc		2,069		142,823
TransDigm Group Inc*		370		129,500
Union Pacific Corp		6,161		927,970
United Parcel Service Inc		5,289		649,912
United Technologies Corp		5,797		763,465
Vulcan Materials Co		956		105,925
Waste Management Inc		3,352		304,697
Waters Corp*		682		129,225
WestRock Co		996		54,860
Xylem Inc		1,498		113,713
Total Industrial				18,424,867
Technology (17.08%)
Accenture PLC - Class A		4,670		789,557
Activision Blizzard Inc		5,269		379,895
Adobe Systems Inc*		3,587		945,210
Advanced Micro Devices Inc*		5,848		147,194
Akamai Technologies Inc*		1,400		105,196
Analog Devices Inc		2,620		258,987
ANSYS Inc*		680		126,466
Apple Inc (c)		38,359		8,731,659
Applied Materials Inc		9,105		391,697
Autodesk Inc*		1,669		257,610
Broadcom Inc		3,102		679,431
CA Inc		2,646		115,895
Cadence Design Systems Inc*		2,246		105,652
Cerner Corp*		2,120		138,033
Citrix Systems Inc*		1,348		153,699
Cognizant Technology Solutions		4,408		345,719
DXC Technology Co		2,234		203,495
Electronic Arts Inc*		2,629		298,155
Fidelity National Information		2,517		272,264
Fiserv Inc*		3,330		266,633
Hewlett Packard Enterprise Co		14,359		237,354
HP Inc		14,359		353,949
IBM		6,898		1,010,419
Intel Corp		36,299		1,757,961
Intuit Inc		2,031		445,744
IPG Photonics Corp*		299		52,469
KLA-Tencor Corp		1,217		141,428
Lam Research Corp		1,341		232,114
Microchip Technology Inc		1,401		120,528
Micron Technology Inc*		9,109		478,405
Microsoft Corp (c)		60,049		6,745,305
MSCI Inc		713		128,525
NetApp Inc		2,586		224,491
NVIDIA Corp		4,645		1,303,759
Oracle Corp		23,171		1,125,647
Paychex Inc		2,454		179,756
Qorvo Inc*		1,120		89,701
QUALCOMM Inc		11,465		787,760
Red Hat Inc*		1,433		211,697
salesforce.com Inc*		4,924		751,796
Seagate Technology PLC		2,601		139,258
Skyworks Solutions Inc		1,431		130,650
Synopsys Inc*		1,189		121,444
Take-Two Interactive Software*		902		120,471
Texas Instruments Inc		7,795		876,158
Western Digital Corp		2,052		129,768
Xerox Corp		2,577		71,795
Xilinx Inc		2,112		164,377
Total Technology				32,845,176
Utilities (2.53%)
AES Corp		4,674		62,912
Alliant Energy Corp		1,758		75,313
Ameren Corp		1,808		114,320
American Electric Power Co Inc		3,645		261,456
American Water Works Co Inc		1,374		120,266
CMS Energy Corp		2,062		101,533
CenterPoint Energy Inc		2,979		82,786
Consolidated Edison Inc		2,227		175,777
DTE Energy Co		1,258		139,814
Dominion Energy Inc		4,251		300,843
Duke Energy Corp		5,180		420,824
Edison International		2,433		159,921
Entergy Corp		1,304		109,001
Eversource Energy		2,274		141,966
Exelon Corp		6,183		270,259
FirstEnergy Corp		3,123		116,738
NRG Energy Inc		1,956		69,223
NextEra Energy Inc		3,624		616,443
NiSource Inc		2,050		55,494
PG&E Corp		3,919		180,979
PPL Corp		4,208		125,146
Pinnacle West Capital Corp		806		63,311
Public Service Enterprise Group		3,861		202,123
SCANA Corp		845		32,397
Sempra Energy		1,653		191,880
The Southern Co		7,566		331,240
WEC Energy Group Inc		2,388		161,381
Xcel Energy Inc		3,728		179,130
Total Utilities				4,862,476
Total Common Stock (Cost $67,462,524)				191,128,933
Total Investments (Cost $67,462,524) (a) (99.40%)			$	191,128,933
Other Net Assets (0.60%)				1,151,748
Net Assets (100.00%)			$	192,280,681

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $67,515,066.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	125,756,915
Unrealized depreciation		(2,143,048	)
Net unrealized appreciation	$	123,613,867

(b) Futures contracts at August 31, 2018:   Contracts - $50 times premium / delivery month / commitment / exchange

S&P 500 E-MINI	Notional Amount		Value		Unrealized Appreciation
7 / September 2018 / Long / CME	$	1,002,012	$	1,015,735	$	13,723

(c) A portion of these shares have been pledged in connection with obligations for futures contracts.

See accompanying notes to financial statements.

19

S&P MidCap Index Fund Portfolio of Investments 8/31/18

Security Description	Shares		Value (Note 1)
Common Stock (99.14%)
Basic Materials (5.10%)
Allegheny Technologies Inc*		8,230	$	222,457
Ashland Global Holdings Inc		4,350		366,270
Cabot Corp		4,329		281,039
Carpenter Technology Corp		3,473		207,234
The Chemours Co		13,090		570,724
Commercial Metals Co		8,847		191,095
Compass Minerals International		2,545		159,190
Domtar Corp		4,751		241,826
Minerals Technologies Inc		2,659		178,552
NewMarket Corp		691		277,119
Olin Corp		11,754		361,200
PolyOne Corp		5,712		241,389
RPM International Inc		9,440		637,200
Reliance Steel & Aluminum Co		5,155		453,073
Royal Gold Inc		4,689		357,583
Sensient Technologies Corp		3,071		218,102
Steel Dynamics Inc		16,752		766,069
United States Steel Corp (c)		11,778		349,571
Valvoline Inc		12,831		276,123
Versum Materials Inc		8,135		323,692
Total Basic Materials				6,679,508
Communications (3.12%)
AMC Networks Inc*		3,561		223,666
ARRIS International PLC*		13,140		340,457
Cable One Inc		349		292,371
Cars.com Inc*		5,567		149,808
Ciena Corp*		10,088		318,579
FactSet Research Systems Inc		2,765		634,264
InterDigital Inc		2,605		215,173
John Wiley & Sons Inc		3,389		218,760
LogMeIn Inc		3,724		320,078
Meredith Corp		2,763		142,709
The New York Times Co		9,283		216,294
Plantronics Inc		2,393		160,857
TEGNA Inc		16,531		192,421
Telephone & Data Systems Inc		7,088		212,924
ViaSat Inc*		3,110		195,370
WWE		2,835		247,807
Total Communications				4,081,538
Consumer, Cyclical (12.48%)
American Eagle Outfitters Inc		12,812		332,600
AutoNation Inc*		4,193		190,153
Bed Bath & Beyond Inc		8,029		144,040
Big Lots Inc		3,014		129,753
Boyd Gaming Corp		5,823		212,074
Brinker International Inc		3,272		144,884
Brunswick Corp		6,199		411,738
Carter’s Inc		3,345		354,336
Casey’s General Stores Inc		2,703		308,602
The Cheesecake Factory Inc		3,305		175,727
Churchill Downs Inc		840		237,384
Cinemark Holdings Inc		7,911		295,239
Cracker Barrel Old Country Store		1,806		269,257
Dana Inc		9,921		194,154
Deckers Outdoor Corp*		2,383		290,345
Delphi Technologies PLC		6,288		221,526
Dick’s Sporting Goods Inc		5,846		218,874
Dillard’s Inc - Class A		1,485		116,691
Domino’s Pizza Inc		3,091		922,848
Dunkin’ Brands Group Inc		6,385		465,403
Five Below Inc*		3,925		457,145
Herman Miller Inc		4,423		169,401
HNI Corp		3,420		150,822
ILG Inc		7,454		254,405
International Speedway Corp - Class A		1,729		76,335
Jack in the Box Inc		2,080		188,531
JetBlue Airways Corp*		22,669		432,525
KB Home		6,210		154,319
Live Nation Entertainment Inc*		9,472		470,569
The Michaels Cos Inc*		8,103		137,670
MSC Industrial Direct Co Inc		3,322		283,965
Nu Skin Enterprises Inc		3,686		293,406
NVR Inc*		245		653,770
Ollie’s Bargain Outlet Holding*		3,572		311,121
Papa John’s International Inc		1,995		92,009
Polaris Industries Inc		4,112		445,946
Pool Corp		2,978		489,166
Sally Beauty Holdings Inc*		8,063		124,170
Scientific Games Corp*		3,739		113,292
The Scotts Miracle-Gro Co		2,890		215,941
Signet Jewelers Ltd		4,435		284,727
Six Flags Entertainment Corp		5,508		372,065
Skechers U.S.A. Inc - Class A*		9,659		284,747
Tempur Sealy International Inc*		3,255		180,294
Texas Roadhouse Inc		4,276		294,830
Thor Industries Inc		3,464		330,604
Toll Brothers Inc		10,405		376,973
Toro Co (c)		7,736		470,270
TRI Pointe Group Inc*		11,036		159,912
Tupperware Brands Corp		3,537		115,023
Urban Outfitters Inc*		5,663		263,216
Visteon Corp*		2,116		233,585
Watsco Inc		1,930		337,731
The Wendy’s Co		12,842		226,661
Williams-Sonoma Inc		5,494		385,844
World Fuel Services Corp		5,338		149,624
Wyndham Destinations Inc		7,147		315,897
Wyndham Hotels & Resorts Inc		7,142		405,309
Total Consumer, Cyclical				16,337,448
Consumer, Non-Cyclical (15.86%)
Aaron’s Inc		4,816		239,452
Acadia Healthcare Co Inc*		5,855		243,158
Adtalem Global Education Inc*		4,267		204,176
Akorn Inc*		5,897		92,524
Avanos Medical Inc*		3,497		252,134
Avis Budget Group Inc*		5,065		157,572
Bio-Rad Laboratories Inc*		1,429		464,854
Bio-Techne Corp		2,648		508,865
The Boston Beer Co Inc*		612		185,528
The Brink’s Co		3,568		267,957
Cantel Medical Corp		2,540		246,380
Catalent Inc*		9,318		389,492
Charles River Laboratories International*		3,442		425,121
Chemed Corp		1,141		369,159
CoreLogic Inc*		5,823		296,041
Deluxe Corp		3,624		214,613
Edgewell Personal Care Co*		3,960		223,621
Encompass Health Corp		6,827		557,015
Exelixis Inc*		20,200		379,558
Flowers Foods Inc		13,838		278,836
Globus Medical Inc*		5,432		289,363
Graham Holdings Co		327		183,987
Haemonetics Corp*		3,739		417,422
The Hain Celestial Group Inc*		7,820		223,339
Healthcare Services Group Inc		5,305		218,619
Helen of Troy Ltd*		1,916		227,908
Hill-Rom Holdings Inc		4,543		441,898
ICU Medical Inc*		1,078		329,868
Ingredion Inc		5,080		513,436
Integra LifeSciences Holdings*		5,052		300,442
Lamb Weston Holdings Inc (c)		10,475		708,110
Lancaster Colony Corp		1,475		230,498
LifePoint Health Inc*		3,052		196,549
LivaNova PLC*		2,983		374,516
Mallinckrodt PLC*		5,485		189,013
ManpowerGroup Inc		4,685		439,125
MarketAxess Holdings Inc (c)		2,724		517,070
Masimo Corp*		2,951		347,893
MEDNAX Inc*		6,702		317,340
Molina Healthcare Inc*		3,108		428,904
NuVasive Inc*		2,872		201,586
Patterson Cos Inc		5,856		132,053
Post Holdings Inc*		4,823		469,085
PRA Health Sciences Inc*		3,625		382,800
Prestige Consumer Healthcare Inc*		3,633		139,871
Rollins Inc		6,784		407,583
Sabre Corp		14,745		384,992
Sanderson Farms Inc		1,414		149,545
Service Corp International		13,254		556,138
Sotheby’s*		2,635		126,533
Sprouts Farmers Market Inc*		8,749		231,586
STERIS PLC		5,692		651,279
Syneos Health Inc*		4,220		210,367
Teleflex Inc		3,184		787,816
Tenet Healthcare Corp*		5,708		192,474
Tootsie Roll Industries Inc		1,384		39,859
TreeHouse Foods Inc*		4,336		225,906
United Natural Foods Inc*		3,592		127,552
United Therapeutics Corp* (c)		2,770		340,682
WellCare Health Plans Inc*		3,147		952,187
West Pharmaceutical Services Inc		5,249		614,395
WEX Inc* (c)		2,900		551,638
Total Consumer, Non-Cyclical				20,767,283
Energy (5.26%)
Apergy Corp*		5,543		250,654
Callon Petroleum Co*		14,269		161,240
Chesapeake Energy Corp*		66,369		294,015
CNX Resources Corp*		13,127		209,244
Core Laboratories NV		2,429		278,242
Diamond Offshore Drilling Inc*		4,925		85,794
Dril-Quip Inc*		2,676		140,891
Energen Corp*		7,013		543,858
Ensco PLC - Class A		30,826		210,850
First Solar Inc* (c)		6,026		313,834
Gulfport Energy Corp*		11,649		136,992
Matador Resources Co*		7,147		233,993
McDermott International Inc*		12,878		249,061
Murphy Oil Corp		8,937		275,528
Murphy USA Inc*		2,287		189,775
Nabors Industries Ltd		18,797		115,977
NOW Inc*		7,894		135,698
Oasis Petroleum Inc*		19,091		256,965
Oceaneering International Inc		7,433		210,131
Patterson-UTI Energy Inc		12,375		211,984
PBF Energy Inc - Class A		7,881		409,182
QEP Resources Inc*		17,033		169,819
Range Resources Corp		16,245		266,743

See accompanying notes to financial statements.

20

S&P MidCap Index Fund Portfolio of Investments (Continued) 8/31/18

Security Description	Shares		Value (Note 1)
Rowan Cos Plc*		8,032	$	112,769
SM Energy Co		7,260		218,453
Southwestern Energy Co*		35,965		202,123
Superior Energy Services Inc*		9,508		85,572
Transocean Ltd*		31,902		386,333
WPX Energy Inc*		28,128		536,401
Total Energy				6,892,121
Financial (24.08%)
Banks (7.58%)
Associated Banc-Corp		11,169		304,355
BancorpSouth Bank		5,929		206,329
Bank of Hawaii Corp		3,004		249,723
Bank OZK		8,585		347,349
Cathay General Bancorp		5,662		239,503
Chemical Financial Corp		5,278		301,479
Commerce Bancshares Inc (c)		6,910		491,025
Cullen/Frost Bankers Inc		4,063		450,546
East West Bancorp Inc		10,219		647,782
FNB Corp		22,852		307,359
First Horizon National Corp		23,590		434,528
Fulton Financial Corp		13,099		238,402
Hancock Whitney Corp		5,983		308,424
Home BancShares Inc		9,497		222,325
International Bancshares Corp		3,830		179,436
MB Financial Inc		5,441		263,671
PacWest Bancorp (c)		9,275		468,295
Pinnacle Financial Partners Inc		5,215		336,628
Prosperity Bancshares Inc		4,912		367,614
Signature Bank		3,795		439,233
Synovus Financial Corp		8,453		423,157
TCF Financial Corp		12,743		323,035
Texas Capital Bancshares Inc*		3,508		311,861
Trustmark Corp		5,160		183,077
UMB Financial Corp		3,300		248,292
Umpqua Holdings Corp		15,568		333,155
United Bankshares Inc		7,422		292,427
Valley National Bancorp		18,619		224,359
Webster Financial Corp		6,509		425,558
Wintrust Financial Corp		4,053		358,893
				9,927,820
Diversified Financial Service (2.59%)
Eaton Vance Corp (c)		8,639		455,534
Evercore Inc		2,936		311,656
Federated Investors Inc		7,087		164,135
Interactive Brokers Group Inc		5,053		314,094
Janus Henderson Group PLC (c)		12,689		358,464
Legg Mason Inc		6,044		188,573
LendingTree Inc*		548		138,836
Navient Corp		18,952		258,505
SEI Investments Co		9,240		582,859
SLM Corp*		30,078		352,514
Stifel Financial Corp		4,809		268,679
				3,393,849
Insurance (4.53%)
Alleghany Corp		1,091		689,272
American Financial Group Inc		4,859		541,098
Aspen Insurance Holdings Ltd		4,538		186,739
Brown & Brown Inc		16,360		498,653
CNO Financial Group Inc		11,860		256,295
First American Financial Corp		7,827		445,043
Genworth Financial Inc*		37,014		172,115
The Hanover Insurance Group Inc		3,007		368,327
Kemper Corp		3,706		301,483
Mercury General Corp		2,760		148,764
Old Republic International Corp		17,345		384,712
Primerica Inc		3,128		382,398
Reinsurance Group of America Inc		4,553		650,396
RenaissanceRe Holdings Ltd		2,830		376,277
WR Berkley Corp		6,802		532,325
				5,933,897
Real Estate (8.65%)
Alexander & Baldwin Inc		4,965		116,529
American Campus Communities Inc		9,815		411,543
Camden Property Trust (c)		6,565		624,069
CoreSite Realty Corp		2,417		281,508
CoreCivic Inc		8,980		232,492
Corporate Office Properties Trust		7,042		216,753
Cousins Properties Inc		25,361		237,125
CyrusOne Inc		6,021		403,166
Douglas Emmett Inc		10,862		424,270
EPR Properties		4,422		310,336
Education Realty Trust Inc		4,640		192,003
First Industrial Realty Trust		8,145		264,387
The GEO Group Inc		9,203		233,480
Healthcare Realty Trust Inc		7,860		243,346
Highwoods Properties Inc		7,529		374,492
Hospitality Properties Trust		11,619		336,835
JBG SMITH Properties		4,776		178,909
Jones Lang LaSalle Inc		3,207		489,132
Kilroy Realty Corp		6,874		502,764
Lamar Advertising Co (c)		6,070		467,694
LaSalle Hotel Properties		8,554		300,331
Liberty Property Trust		10,422		455,963
Life Storage Inc		3,290		321,104
Mack-Cali Realty Corp		6,694		146,197
Medical Properties Trust Inc		25,745		387,462
National Retail Properties Inc (c)		10,988		506,437
Omega Healthcare Investors Inc		14,003		462,799
PotlatchDeltic Corp		3,055		147,557
Rayonier Inc		9,442		328,865
Sabra Health Care REIT Inc		12,956		305,502
Senior Housing Properties Trust		16,800		321,048
Tanger Factory Outlet Centers		6,683		160,793
Taubman Centers Inc		4,514		291,650
Uniti Group Inc*		9,408		195,875
Urban Edge Properties		7,463		170,604
Weingarten Realty Investors		8,880		274,658
				11,317,678
Savings&Loans (0.72%)
New York Community Bancorp Inc		34,575		372,373
Sterling Bancorp		15,886		362,995
Washington Federal Inc		6,164		210,192
				945,560
Total Financial				31,518,804
Industrial (18.33%)
Acuity Brands Inc		2,936		448,738
AECOM*		11,143		374,851
AGCO Corp		4,662		278,135
AptarGroup Inc		4,404		461,143
Arrow Electronics Inc*		6,219		482,159
Avnet Inc		8,549		413,772
Belden Inc		3,213		233,649
Bemis Co Inc		6,419		316,328
Carlisle Cos Inc		4,382		555,681
Clean Harbors Inc*		3,961		271,685
Cognex Corp		12,243		658,673
Coherent Inc*		1,741		331,835
Crane Co		3,718		339,379
Cree Inc*		6,918		332,825
Curtiss-Wright Corp (c)		3,144		421,139
Donaldson Co Inc		9,184		464,710
Dycom Industries Inc*		2,187		183,511
Eagle Materials Inc		3,522		325,186
EMCOR Group Inc		4,158		333,056
Energizer Holdings Inc		4,614		293,404
EnerSys		2,978		247,144
Esterline Technologies Corp*		1,865		160,297
GATX Corp		2,707		228,606
Genesee & Wyoming Inc*		4,360		383,200
Gentex Corp		20,071		469,260
Graco Inc		11,905		559,654
Granite Construction Inc		2,975		135,898
Greif Inc - Class A		1,958		108,042
Hubbell Inc (c)		3,895		492,172
IDEX Corp		5,401		827,487
ITT Inc		6,221		367,723
Jabil Inc		12,488		369,145
KBR Inc		10,499		220,269
Kennametal Inc		5,634		230,093
Keysight Technologies Inc*		12,778		829,165
Kirby Corp*		3,748		327,200
Knight-Swift Transportation Holdings Inc		9,041		308,569
Landstar System Inc		2,964		343,231
Lennox International Inc		2,658		592,229
Lincoln Electric Holdings Inc		4,369		411,385
Littelfuse Inc		1,717		383,853
Louisiana-Pacific Corp		10,742		313,237
MSA Safety Inc		2,387		241,302
National Instruments Corp		7,974		380,759
Nordson Corp		3,589		498,943
nVent Electric PLC		11,628		326,631
Old Dominion Freight Line Inc		4,833		736,550
Oshkosh Corp		5,314		373,362
Owens-Illinois Inc*		12,413		219,338
Regal Beloit Corp		3,089		258,549
Ryder System Inc		3,743		287,612
Silgan Holdings Inc		5,828		158,813
Sonoco Products Co		7,027		393,793
SYNNEX Corp		2,051		198,885
Tech Data Corp*		2,618		190,460
Teledyne Technologies Inc*		2,505		594,336
Terex Corp		5,648		218,860
The Timken Co		4,828		234,882
Trimble Inc*		17,799		749,338
Trinity Industries Inc		10,731		384,599
Valmont Industries Inc		1,704		239,242
Vishay Intertechnology Inc		10,173		242,117
Wabtec Corp		6,040		654,253
Werner Enterprises Inc		3,170		117,449
Woodward Inc		3,838		309,189
Worthington Industries Inc		3,368		156,881
Total Industrial				23,993,861
Technology (10.38%)
ACI Worldwide Inc*		8,804		250,122
Acxiom Corp*		5,876		268,474
Allscripts Healthcare Solution*		13,284		194,079
Blackbaud Inc		2,675		279,725
CDK Global Inc		9,286		578,704
Cirrus Logic Inc*		4,718		207,356

See accompanying notes to financial statements.

21

S&P MidCap Index Fund Portfolio of Investments (Continued) 8/31/18

Security Description			Shares		Value (Note 1)
CommVault Systems Inc*				3,169	$	220,721
Convergys Corp				7,214		178,402
Cypress Semiconductor Corp (c)				24,346		418,995
The Dun & Bradstreet Corp				2,612		373,307
Fair Isaac Corp*				1,774		409,759
Fortinet Inc* (c)				10,176		852,342
Jack Henry & Associates Inc				5,460		865,081
Integrated Device Technology Inc*				9,391		399,024
j2 Global Inc				3,256		268,848
Leidos Holdings Inc				10,053		711,450
Lumentum Holdings Inc*				4,462		302,970
MKS Instruments Inc				3,838		356,550
Manhattan Associates Inc*				5,102		295,865
MAXIMUS Inc				4,622		307,363
Medidata Solutions Inc*				4,277		363,459
Monolithic Power Systems Inc				2,786		417,538
NCR Corp*				8,611		244,639
NetScout Systems Inc*				6,887		172,175
PTC Inc*				8,173		816,809
Perspecta Inc				10,216		237,624
Pitney Bowes Inc				14,120		102,511
Science Applications International				3,057		275,803
Silicon Laboratories Inc*				3,009		294,882
Synaptics Inc*				2,575		124,270
Teradata Corp*				8,554		354,734
Teradyne Inc				13,868		571,223
Tyler Technologies Inc*				2,470		609,967
The Ultimate Software Group Inc*				2,006		621,198
Zebra Technologies Corp*				3,760		645,742
Total Technology						13,591,711
Utilities (4.52%)
ALLETE Inc				3,628		272,390
Aqua America Inc				12,562		467,055
Atmos Energy Corp				7,768		716,444
Black Hills Corp				3,781		222,512
Hawaiian Electric Industries Inc				8,128		286,675
IDACORP Inc				3,765		368,405
MDU Resources Group Inc				13,807		385,077
National Fuel Gas Co				6,006		333,513
New Jersey Resources Corp				5,790		264,024
NorthWestern Corp				3,640		218,254
OGE Energy Corp				14,118		519,966
ONE Gas Inc				3,898		306,110
PNM Resources Inc				5,973		232,648
Southwest Gas Holdings Inc				3,218		248,816
UGI Corp				12,241		661,626
Vectren Corp				5,802		413,102
Total Utilities						5,916,617
Total Common Stock (Cost $82,025,864)						129,778,891
	Maturity Date
United States Treasury Bills (0.15%)
Treasury Bill		10/04/2018		200,000		199,678
United States Treasury Bills (Cost $199,656)						199,678
Total Investments (Cost $82,225,520) (a) (99.29%)					$	129,978,569
Other Net Assets (0.71%)						928,239
Net Assets (100.00%)					$	130,906,808

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $82,507,086.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	50,694,275
Unrealized depreciation		(3,222,792	)
Net unrealized appreciation	$	47,471,483

(b) Futures contracts at August 31, 2018:

Contracts - $100 times premium / delivery month / commitment / exchange

S&P MidCap E-MINI	Notional Amount		Value		Unrealized Appreciation
5 / SEPT 2018 / Long / CME	$	1,007,870	$	1,022,800	$	14,930

(c) A portion of these shares have been pledged in connection with obligations for futures contracts.

S&P SmallCap Index Fund Portfolio of Investments 8/31/18

Security Description	Shares		Value (Note 1)
Common Stock (97.84%)
Basic Materials (3.63%)
A Schulman Inc - CVR		2,962	$	2,962
Aceto Corp		2,782		9,236
AdvanSix Inc*		3,060		103,550
AK Steel Holding Corp*		31,639		140,477
American Vanguard Corp		2,434		53,305
Balchem Corp		3,221		357,177
Century Aluminum Co*		4,940		62,343
Clearwater Paper Corp*		1,635		47,497
Hawkins Inc		889		36,716
HB Fuller Co		5,072		289,053
Ingevity Corp* (c)		4,223		426,564
Innophos Holdings Inc		1,960		85,672
Innospec Inc		2,391		185,542
Kaiser Aluminum Corp		1,681		184,221
Koppers Holdings Inc*		2,119		75,119
Kraton Corp*		3,201		150,543
Materion Corp		2,026		129,259
Neenah Inc		1,669		152,296
PH Glatfelter Co		4,384		84,304
Quaker Chemical Corp		1,336		240,667
Rayonier Advanced Materials Inc		4,999		104,479
Schweitzer-Mauduit International Inc		3,051		124,145
Stepan Co		1,999		178,331
Total Basic Materials				3,223,458
Communications (4.79%)
ATN International Inc		1,090		79,821
ADTRAN Inc		4,820		82,904
CalAmp Corp*		3,588		84,318
Cincinnati Bell Inc*		4,841		62,933
Cogent Communications Holdings		4,180		228,646
Comtech Telecommunications Corp		2,370		84,965
Consolidated Communications Holdings Inc		6,277		74,131
8x8 Inc*		9,332		211,836
ePlus Inc*		1,374		142,415
Extreme Networks Inc*		11,197		70,205
FTD Cos Inc*		1,703		6,097
Finisar Corp*		11,402		232,601
Forrester Research Inc		996		49,003
Frontier Communications Corp		7,309		38,007
Gannett Co Inc		11,003		113,111
Harmonic Inc*		8,550		46,598
HealthStream Inc		2,593		82,276
Iridium Communications Inc*		8,417		170,444
Liquidity Services Inc*		2,609		18,785
NIC Inc		6,674		112,123
NETGEAR Inc*		3,121		221,123
New Media Investment Group Inc		5,837		92,808
Oclaro Inc*		17,124		163,363
Perficient Inc*		3,355		96,389
QuinStreet Inc*		3,564		54,066
Scholastic Corp		2,754		115,778
The EW Scripps Co		5,565		81,639
Shutterfly Inc*		3,327		258,441
Shutterstock Inc		1,885		103,750
Spok Holdings Inc		1,924		29,533
Stamps.com Inc* (c)		1,672		415,409
Viavi Solutions Inc*		22,709		254,341
Vonage Holdings Corp*		21,686		307,507
XO Group Inc*		2,315		69,589
Total Communications				4,254,955
Consumer, Cyclical (14.82%)
Abercrombie & Fitch Co		6,810		147,573
Allegiant Travel Co		1,263		172,084
American Axle & Manufacturing*		9,971		176,586
Anixter International Inc*		2,918		210,388
Asbury Automotive Group Inc*		1,809		134,771
Ascena Retail Group Inc*		16,548		75,790
Barnes & Noble Education Inc*		3,275		19,585
Barnes & Noble Inc		5,697		29,909

See accompanying notes to financial statements.

22

S&P SmallCap Index Fund Portfolio of Investments (Continued) 8/31/18

Security Description	Shares		Value (Note 1)
Belmond Ltd - Class A*		8,394	$	140,600
Big 5 Sporting Goods Corp		1,772		10,100
BJ’s Restaurants Inc		1,814		137,320
The Buckle Inc		2,729		70,272
Caleres Inc		4,288		173,578
Callaway Golf Co		9,474		216,102
The Cato Corp - Class A		2,492		53,453
Cavco Industries Inc*		839		205,891
Chico’s FAS Inc		12,960		118,195
The Children’s Place Inc		1,669		234,912
Chuy’s Holdings Inc*		1,589		46,002
Cooper Tire & Rubber Co		4,894		141,192
Cooper-Standard Holdings Inc*		1,609		222,734
Core-Mark Holding Co Inc		4,601		164,578
Crocs Inc*		7,321		151,252
Daktronics Inc		3,984		32,310
Dave & Buster’s Entertainment*		3,977		231,342
Dine Brands Global Inc		1,789		149,238
Dorman Products Inc*		2,929		237,190
DSW Inc - Class A		7,272		241,867
El Pollo Loco Holdings Inc*		2,051		24,407
Essendant Inc		3,451		49,798
Ethan Allen Interiors Inc		2,402		53,445
Express Inc*		7,585		85,104
EZCORP Inc - Class A*		4,843		53,757
Fiesta Restaurant Group Inc*		2,674		76,878
FirstCash Inc (c)		4,557		370,483
Fossil Group Inc*		4,397		99,680
Fox Factory Holding Corp*		3,780		249,669
Francesca’s Holdings Corp*		3,753		23,569
GameStop Corp - Class A		10,222		135,646
Genesco Inc*		1,901		96,666
Gentherm Inc*		3,692		181,646
G-III Apparel Group Ltd*		4,287		194,973
Group 1 Automotive Inc		1,928		148,630
Guess? Inc		6,053		148,299
Haverty Furniture Cos Inc		1,917		42,366
Hawaiian Holdings Inc		5,094		211,401
Hibbett Sports Inc*		2,017		41,449
Installed Building Products Inc*		2,092		97,383
Interface Inc		6,070		142,949
iRobot Corp*		2,790		316,664
JC Penney Co Inc*		31,537		55,820
Kirkland’s Inc*		1,580		14,362
La-Z-Boy Inc		4,599		152,917
LCI Industries (c)		2,530		235,164
LGI Homes Inc*		1,815		104,544
Lithia Motors Inc - Class A		2,402		207,533
Lumber Liquidators Holdings Inc*		2,806		48,909
M/I Homes Inc*		2,766		71,667
The Marcus Corp		1,880		76,328
MarineMax Inc*		2,374		53,415
Marriott Vacations Worldwide Corp (c)		2,372		282,268
MDC Holdings Inc		4,430		140,431
Meritage Homes Corp*		3,833		165,394
Mobile Mini Inc		4,477		192,063
Monarch Casino & Resort Inc*		1,142		53,731
Motorcar Parts of America Inc*		1,857		49,285
Movado Group Inc		1,570		66,882
Nautilus Inc*		2,880		42,192
Office Depot Inc		51,499		172,522
Oxford Industries Inc		1,699		158,160
Penn National Gaming Inc*		8,480		292,220
Perry Ellis International Inc*		1,141		31,412
PetMed Express Inc		1,968		72,206
Red Robin Gourmet Burgers Inc*		1,277		52,740
Regis Corp*		3,353		71,721
RH*		1,921		305,438
Ruth’s Hospitality Group Inc		2,946		90,737
ScanSource Inc*		2,508		101,950
Shake Shack Inc - Class A*		2,063		124,708
Shoe Carnival Inc		1,254		55,753
SkyWest Inc		5,222		340,996
Sleep Number Corp*		3,948		133,048
Sonic Automotive Inc		2,552		54,868
Sonic Corp		4,191		150,289
Standard Motor Products Inc		2,030		103,063
Steven Madden Ltd		5,280		307,031
Superior Industries International		2,154		46,742
Tailored Brands Inc		4,990		117,465
Tile Shop Holdings Inc		3,476		26,591
Titan International Inc		4,982		37,265
Unifi Inc*		1,711		54,427
UniFirst Corp		1,547		286,503
Universal Electronics Inc*		1,358		58,666
Vera Bradley Inc*		1,892		27,737
Veritiv Corp*		1,144		54,626
Vista Outdoor Inc*		5,502		101,622
Vitamin Shoppe Inc*		2,435		31,168
Wabash National Corp		5,957		108,656
William Lyon Homes - Class A*		2,798		54,757
Wingstop Inc		2,930		196,164
Winnebago Industries Inc		2,789		103,054
Wolverine World Wide Inc (c)		9,508		372,522
Zumiez Inc*		1,661		51,740
Total Consumer, Cyclical				13,151,148
Consumer, Non-Cyclical (19.71%)
ABM Industries Inc		6,592		209,098
Acorda Therapeutics Inc*		4,722		135,994
AMAG Pharmaceuticals Inc*		3,411		83,228
Amedisys Inc*		2,871		358,904
American Public Education Inc*		1,645		57,164
AMN Healthcare Services Inc*		4,802		279,957
Amphastar Pharmaceuticals Inc*		3,566		67,683
The Andersons Inc		2,657		108,538
AngioDynamics Inc*		3,693		82,797
ANI Pharmaceuticals Inc*		910		52,962
Anika Therapeutics Inc*		1,454		60,181
ASGN Inc* (c)		4,933		456,746
Assertio Therapeutics Inc*		5,860		37,387
Avon Products Inc*		43,298		86,596
B&G Foods Inc		6,682		213,490
BioTelemetry Inc*		3,126		193,187
Calavo Growers Inc		1,584		167,666
Cal-Maine Foods Inc		2,954		146,075
Cambrex Corp*		3,307		222,892
Cardtronics PLC*		4,527		158,852
Career Education Corp*		6,635		105,828
Central Garden & Pet Co*		1,035		41,090
Central Garden & Pet Co - Class A*		4,012		145,756
Coca-Cola Bottling Co Consolidated		446		75,624
Community Health Systems Inc*		11,035		42,816
CONMED Corp		2,461		197,938
Corcept Therapeutics Inc*		9,597		144,147
CorVel Corp*		969		57,607
Cross Country Healthcare Inc*		3,652		36,557
CryoLife Inc*		3,262		113,191
Cutera Inc*		1,289		43,826
Cytokinetics Inc*		5,112		40,385
Darling Ingredients Inc*		16,522		326,805
Dean Foods Co		9,166		69,845
Diplomat Pharmacy Inc*		4,835		99,891
Eagle Pharmaceuticals Inc*		805		55,650
Emergent BioSolutions Inc*		3,549		220,038
Enanta Pharmaceuticals Inc*		1,450		131,849
Endo International PLC*		20,210		346,602
The Ensign Group Inc		4,885		190,857
EVERTEC Inc		6,048		145,454
FTI Consulting Inc*		3,789		288,798
Green Dot Corp - Class A*		4,689		401,707
HealthEquity Inc*		5,270		496,487
Heidrick & Struggles International Inc		1,846		81,593
Heska Corp*		673		72,011
HMS Holdings Corp*		8,301		266,047
Innoviva Inc*		6,708		97,400
Inogen Inc*		1,746		462,533
Insperity Inc		3,751		449,557
Integer Holdings Corp*		2,859		228,434
Inter Parfums Inc		1,699		110,945
Invacare Corp		3,327		50,570
J&J Snack Foods Corp		1,501		218,396
John B Sanfilippo & Son Inc		861		62,913
Kelly Services Inc		3,086		77,798
Korn/Ferry International (c)		5,672		380,761
Lannett Co Inc*		2,918		15,611
Lantheus Holdings Inc*		3,034		48,847
LeMaitre Vascular Inc		1,530		57,390
LHC Group Inc*		2,932		290,063
Ligand Pharmaceuticals Inc* (c)		2,139		555,476
LSC Communications Inc		3,223		39,417
Luminex Corp		4,147		116,987
Magellan Health Inc*		2,471		181,619
Matthews International Corp		3,224		167,326
The Medicines Co*		6,505		257,663
Medifast Inc		1,065		243,619
Meridian Bioscience Inc		4,249		66,709
Merit Medical Systems Inc*		5,439		320,085
MGP Ingredients Inc		1,267		97,698
MiMedx Group Inc*		9,948		52,724
Momenta Pharmaceuticals Inc*		7,785		206,303
Monro Inc		3,235		229,523
Myriad Genetics Inc*		7,014		349,227
Natus Medical Inc*		3,265		121,785
Navigant Consulting Inc		4,384		104,734
Neogen Corp*		5,176		483,645
Nutrisystem Inc		2,981		110,297
OraSure Technologies Inc*		6,127		98,093
Orthofix Medical Inc*		1,892		101,336
Owens & Minor Inc		6,011		102,067
Phibro Animal Health Corp		1,987		93,786
Progenics Pharmaceuticals Inc*		7,397		57,919
The Providence Service Corp*		1,210		81,239
Quorum Health Corp*		2,753		12,526
REGENXBIO Inc*		2,935		206,771
Rent-A-Center Inc*		5,285		77,901
Repligen Corp*		3,770		206,898
Resources Connection Inc		2,990		49,485
RR Donnelley & Sons Co		6,596		33,376
Select Medical Holdings Corp*		10,762		213,088
Seneca Foods Corp - Class A*		660		21,318
SpartanNash Co		3,727		79,571

See accompanying notes to financial statements.

23

S&P SmallCap Index Fund Portfolio of Investments (Continued) 8/31/18

Security Description	Shares		Value (Note 1)
Spectrum Pharmaceuticals Inc*		9,397	$	202,317
Strategic Education Inc		2,080		288,642
Supernus Pharmaceuticals Inc*		5,197		230,227
SUPERVALU Inc*		3,712		119,860
Surmodics Inc*		1,330		104,738
Tactile Systems Technology Inc*		1,487		100,625
Team Inc*		2,930		68,269
Tivity Health Inc*		3,326		114,414
Travelport Worldwide Ltd		12,646		234,836
TrueBlue Inc*		3,979		116,585
Universal Corp		2,510		150,098
US Physical Therapy Inc		1,244		155,811
Varex Imaging Corp*		3,808		119,571
Viad Corp		2,054		126,526
WD-40 Co		1,396		247,720
Total Consumer, Non-Cyclical				17,489,464
Energy (4.15%)
Archrock Inc		12,975		164,134
Bonanza Creek Energy Inc*		2,055		63,705
Bristow Group Inc*		3,244		35,554
C&J Energy Services Inc*		6,383		133,724
CARBO Ceramics Inc*		2,228		19,272
Carrizo Oil & Gas Inc*		8,776		212,555
Cloud Peak Energy Inc*		7,447		17,575
CONSOL Energy Inc*		2,531		108,580
Denbury Resources Inc*		40,236		224,115
Era Group Inc*		2,067		24,680
Exterran Corp*		3,227		88,388
Flotek Industries Inc*		5,110		12,724
FutureFuel Corp		2,258		33,486
Geospace Technologies Corp*		1,047		14,794
Green Plains Inc		3,903		69,278
Gulf Island Fabrication Inc		900		8,505
Helix Energy Solutions Group Inc*		13,968		130,740
HighPoint Resources Corp*		9,646		53,149
Matrix Service Co*		2,446		51,121
Newpark Resources Inc*		8,961		94,091
Noble Corp plc*		24,763		151,054
Oil States International Inc*		6,072		205,537
Par Pacific Holdings Inc*		2,344		47,607
PDC Energy Inc* (c)		6,654		350,599
Penn Virginia Corp*		1,312		116,689
Pioneer Energy Services Corp*		7,129		22,813
ProPetro Holding Corp*		6,944		105,688
Renewable Energy Group Inc*		3,179		85,674
REX American Resources Corp*		531		42,788
Ring Energy Inc*		5,422		63,980
SEACOR Holdings Inc*		1,714		88,185
SolarEdge Technologies Inc*		3,793		181,874
SRC Energy Inc*		23,938		222,863
SunCoke Energy Inc*		6,488		72,406
TETRA Technologies Inc*		12,600		57,834
Unit Corp*		5,423		142,571
US Silica Holdings Inc		7,820		165,706
Total Energy				3,684,038
Financial (21.54%)
Acadia Realty Trust		8,187		233,493
Agree Realty Corp		3,114		177,716
Ambac Financial Group Inc*		4,388		92,718
American Assets Trust Inc		4,059		160,331
American Equity Investment Life Holding Co		9,040		335,294
Ameris Bancorp		4,070		202,076
AMERISAFE Inc		1,932		123,262
Apollo Commercial Real Estate		11,233		218,257
Armada Hoffler Properties Inc		4,539		70,763
ARMOUR Residential REIT Inc		4,204		98,878
Axos Financial Inc*		5,523		205,677
Banc of California Inc		4,101		82,635
Banner Corp		3,245		208,751
Berkshire Hills Bancorp Inc		3,692		155,987
Blucora Inc*		4,714		170,647
Boston Private Financial Holdings Inc		8,332		120,397
Brookline Bancorp Inc		8,059		146,271
Capstead Mortgage Corp		9,068		76,171
CareTrust REIT Inc		8,170		150,737
CBL & Associates Properties Inc		16,968		75,677
Cedar Realty Trust Inc		7,158		31,996
Central Pacific Financial Corp		3,057		86,605
Chatham Lodging Trust		4,440		95,238
Chesapeake Lodging Trust		5,971		196,506
City Holding Co		1,547		125,431
Columbia Banking System Inc		7,349		310,495
Community Bank System Inc		5,115		338,255
Community Healthcare Trust Inc		1,592		49,400
Customers Bancorp Inc*		2,828		69,852
CVB Financial Corp		10,289		247,450
DiamondRock Hospitality Co		20,125		240,695
Dime Community Bancshares Inc		2,890		52,454
Easterly Government Properties		6,058		122,675
EastGroup Properties Inc		3,506		341,029
eHealth Inc*		1,525		44,515
Employers Holdings Inc		3,193		146,399
Encore Capital Group Inc*		2,392		92,690
Enova International Inc*		3,399		112,847
Fidelity Southern Corp		2,224		54,043
First BanCorp*		18,240		159,600
First Commonwealth Financial Corp		10,070		168,673
First Financial Bancorp		9,814		308,160
First Financial Bankshares Inc (c)		6,785		409,814
First Midwest Bancorp Inc		10,344		281,150
Four Corners Property Trust Inc		6,547		176,376
Franklin Financial Network Inc*		1,168		45,143
Franklin Street Properties Corp		10,760		92,213
Getty Realty Corp		3,197		93,065
Glacier Bancorp Inc		7,971		364,115
Global Net Lease Inc		6,756		146,538
Government Properties Income Trust		9,949		168,238
Granite Point Mortgage Trust Inc		4,355		83,355
Great Western Bancorp Inc		5,909		257,278
Green Bancorp Inc		2,655		63,720
Greenhill & Co Inc		2,575		70,813
Hanmi Financial Corp		3,211		83,807
HCI Group Inc		756		30,618
Heritage Financial Corp		2,923		106,105
Hersha Hospitality Trust		4,041		95,368
HFF Inc - Class A		3,728		169,288
HomeStreet Inc*		2,707		79,721
Hope Bancorp Inc		12,918		226,194
Horace Mann Educators Corp		4,007		185,524
Independence Realty Trust Inc		8,262		85,346
Independent Bank Corp		2,767		252,074
INTL. FCStone Inc*		1,498		83,528
Invesco Mortgage Capital Inc		11,202		181,808
Investment Technology Group Inc		3,137		68,638
iStar Inc		6,851		76,663
James River Group Holdings Ltd		2,891		118,386
Kite Realty Group Trust		8,396		146,762
LegacyTexas Financial Group Inc		4,261		197,156
Lexington Realty Trust		21,673		202,426
LTC Properties Inc		3,976		184,685
Maiden Holdings Ltd		6,878		26,136
Meta Financial Group Inc		914		79,152
National Bank Holdings Corp - Class A		2,643		106,116
National Storage Affiliates Trust		5,662		160,574
The Navigators Group Inc		2,201		154,070
NBT Bancorp Inc		4,311		174,509
New York Mortgage Trust Inc		13,803		88,339
NMI Holdings Inc - Class A*		5,649		122,018
Northfield Bancorp Inc		4,483		72,983
Northwest Bancshares Inc		10,116		184,314
OFG Bancorp		4,362		70,664
Old National Bancorp		13,437		272,771
Opus Bank		1,640		46,494
Oritani Financial Corp		3,976		64,411
Pacific Premier Bancorp Inc*		3,921		155,076
Pennsylvania Real Estate Investment Trust		7,059		72,002
PennyMac Mortgage Investment Trust		6,109		122,058
Piper Jaffray Cos		1,416		109,032
PRA Group Inc*		4,604		168,276
Preferred Bank		1,334		81,654
ProAssurance Corp		5,377		259,978
Provident Financial Services Inc		6,007		151,557
PS Business Parks Inc		2,001		260,990
Ramco-Gershenson Properties Trust		7,667		107,031
RE/MAX Holdings Inc - Class A		1,780		87,665
Redwood Trust Inc		8,314		141,172
Retail Opportunity Investments		11,310		223,259
RLI Corp		3,911		301,030
S&T Bancorp Inc		3,468		161,817
Safety Insurance Group Inc		1,533		148,241
Saul Centers Inc		1,169		70,140
Seacoast Banking Corp of Florida*		4,714		149,057
Selective Insurance Group Inc (c)		5,895		378,459
ServisFirst Bancshares Inc		4,533		195,372
Simmons First National Corp		7,867		248,597
Southside Bancshares Inc		2,700		96,120
Stewart Information Services Corp		2,381		106,621
Summit Hotel Properties Inc		10,506		144,247
Third Point Reinsurance Ltd*		8,095		108,473
Tompkins Financial Corp		1,219		107,114
Triumph Bancorp Inc*		2,315		98,272
TrustCo Bank Corp NY		9,676		89,503
United Community Banks Inc		7,384		224,031
United Fire Group Inc		2,126		105,301
United Insurance Holdings Corp		2,058		42,868
Universal Health Realty Income Trust		1,242		94,703
Universal Insurance Holdings Inc		3,272		145,931
Urstadt Biddle Properties Inc - Class A		2,991		68,045
Virtus Investment Partners Inc		724		93,396
Waddell & Reed Financial Inc		8,108		162,322
WageWorks Inc*		3,977		212,770
Walker & Dunlop Inc		2,755		150,148
Washington Prime Group Inc		18,663		144,452

See accompanying notes to financial statements.

24

S&P SmallCap Index Fund Portfolio of Investments (Continued) 8/31/18

Security Description			Shares		Value (Note 1)
Westamerica Bancorporation				2,609	$	167,054
Whitestone REIT				3,993		54,465
WisdomTree Investments Inc				11,401		93,716
World Acceptance Corp*				575		68,201
Total Financial						19,119,428
Industrial (18.41%)
AAON Inc				3,922		158,449
AAR Corp				3,171		147,991
Actuant Corp				6,089		179,321
Aegion Corp*				3,357		83,791
Aerojet Rocketdyne Holdings Inc*				7,576		265,993
Aerovironment Inc*				2,383		209,609
Alamo Group Inc				937		89,296
Alarm.com Holdings Inc*				2,515		141,569
Albany International Corp - Class A				2,871		221,498
American Woodmark Corp*				1,386		117,741
Apogee Enterprises Inc				2,845		140,031
Applied Industrial Technologies				3,882		299,108
Applied Optoelectronics Inc*				1,964		81,231
ArcBest Corp				2,482		119,384
Astec Industries Inc				1,900		92,435
Atlas Air Worldwide Holdings Inc*				2,496		152,006
Axon Enterprise Inc*				5,768		393,724
AZZ Inc				2,578		138,568
Badger Meter Inc				2,921		160,509
Barnes Group Inc (c)				4,855		330,431
Bel Fuse Inc - Class B				988		28,306
Benchmark Electronics Inc				4,930		127,441
Boise Cascade Co				3,900		170,430
Brady Corp - Class A				4,730		191,329
Briggs & Stratton Corp				4,252		85,720
Chart Industries Inc*				3,048		230,276
CIRCOR International Inc				1,919		87,046
Comfort Systems USA Inc				3,696		212,150
Control4 Corp*				2,035		65,954
Cubic Corp				2,477		187,509
DXP Enterprises Inc*				1,585		72,736
Echo Global Logistics Inc*				2,538		84,262
Electro Scientific Industries*				3,245		71,228
Encore Wire Corp				2,060		103,515
EnPro Industries Inc				2,127		159,674
ESCO Technologies Inc				2,555		172,846
Exponent Inc				5,218		273,162
Fabrinet*				3,702		177,215
FARO Technologies Inc*				1,657		113,007
Federal Signal Corp				5,933		154,436
Forward Air Corp				2,951		189,631
Franklin Electric Co Inc				3,824		186,994
Gibraltar Industries Inc*				3,137		142,420
The Greenbrier Cos Inc				2,818		163,444
Griffon Corp				3,397		61,995
Harsco Corp*				8,085		228,401
Haynes International Inc				1,242		48,935
Heartland Express Inc				4,781		97,771
Hillenbrand Inc				6,272		320,813
Hub Group Inc - Class A*				3,325		175,726
Ichor Holdings Ltd*				2,457		63,710
II-VI Inc*				5,522		274,720
Insteel Industries Inc				1,735		66,537
Itron Inc*				3,461		229,810
John Bean Technologies Corp (c)				3,184		376,667
Kaman Corp				2,801		182,653
KapStone Paper and Packaging Corp				8,831		303,345
KEMET Corp*				4,971		128,451
Knowles Corp*				9,026		163,641
Lindsay Corp				1,030		98,643
LSB Industries Inc*				1,435		12,513
Lydall Inc*				1,743		74,600
Marten Transport Ltd				3,836		84,584
Matson Inc				4,283		160,013
Methode Electronics Inc				3,654		144,881
Moog Inc - Class A				3,255		256,852
Mueller Industries Inc				5,776		184,659
Multi-Color Corp				1,395		86,141
Myers Industries Inc				2,611		58,095
MYR Group Inc*				1,615		56,154
National Presto Industries Inc				504		66,830
Olympic Steel Inc				881		19,417
Orion Group Holdings Inc*				2,840		24,481
OSI Systems Inc*				1,710		133,192
Park Electrochemical Corp				1,909		40,814
Patrick Industries Inc*				2,374		151,936
PGT Innovations Inc*				4,867		118,268
Plexus Corp*				3,292		208,351
Powell Industries Inc				838		32,808
Proto Labs Inc*				2,513		390,646
Quanex Building Products Corp				3,418		56,055
Raven Industries Inc				3,584		173,466
Rogers Corp* (c)				1,842		254,325
Saia Inc*				2,527		200,265
Sanmina Corp*				6,831		210,395
Simpson Manufacturing Co Inc				4,136		317,521
SPX Corp*				4,195		142,588
SPX FLOW Inc*				4,202		201,444
Standex International Corp				1,287		138,867
Sturm Ruger & Co Inc				1,780		116,501
Tennant Co				1,758		134,575
Tetra Tech Inc				5,580		389,484
TimkenSteel Corp*				3,932		55,087
TopBuild Corp*				3,577		222,776
Tredegar Corp				2,521		55,336
Trex Co Inc* (c)				5,906		500,238
Triumph Group Inc				4,765		99,112
TTM Technologies Inc*				9,342		174,695
Universal Forest Products Inc				6,063		227,120
US Concrete Inc*				1,585		76,397
US Ecology Inc				2,200		160,050
Vicor Corp*				1,588		99,171
Watts Water Technologies Inc				2,791		230,118
Total Industrial						16,336,055
Technology (8.69%)
3D Systems Corp*				11,420		232,397
Advanced Energy Industries Inc*				3,946		235,103
Agilysys Inc*				1,424		22,884
Axcelis Technologies Inc*				3,225		65,145
Bottomline Technologies DE Inc*				3,498		230,763
Brooks Automation Inc				7,078		278,944
Cabot Microelectronics Corp				2,577		290,505
CACI International Inc* (c)				2,478		483,210
CEVA Inc*				2,229		68,207
Cohu Inc				2,788		73,547
Computer Programs & Systems Inc				1,062		28,993
Cray Inc*				4,078		88,493
CSG Systems International Inc				3,263		121,873
CTS Corp				3,313		122,415
Diebold Nixdorf Inc				7,353		34,927
Digi International Inc*				2,432		32,710
Diodes Inc*				3,881		147,168
Donnelley Financial Solutions*				3,281		68,540
DSP Group Inc*				2,148		27,602
Ebix Inc				2,210		176,027
Electronics For Imaging Inc*				4,489		156,172
Engility Holdings Inc*				1,753		60,847
ExlService Holdings Inc*				3,451		221,140
FormFactor Inc*				7,104		109,757
Insight Enterprises Inc*				3,525		194,369
Kopin Corp*				6,036		14,004
Kulicke & Soffa Industries Inc				6,804		175,475
LivePerson Inc*				5,605		150,775
ManTech International Corp				2,644		175,350
MaxLinear Inc*				6,001		115,699
Mercury Systems Inc*				4,835		263,556
MicroStrategy Inc - Class A*				933		139,017
Monotype Imaging Holdings Inc				4,231		87,159
MTS Systems Corp				1,789		96,785
Nanometrics Inc*				2,280		99,887
NextGen Healthcare Inc*				4,741		108,521
Omnicell Inc*				3,901		268,194
OneSpan Inc*				2,814		52,763
PDF Solutions Inc*				2,557		22,297
Photronics Inc*				7,012		75,028
Power Integrations Inc				2,968		217,703
Progress Software Corp				4,672		191,225
Qualys Inc*				3,285		299,099
Rambus Inc*				11,045		134,970
Rudolph Technologies Inc*				3,191		88,710
Semtech Corp*				6,641		396,800
SPS Commerce Inc*				1,706		167,649
Sykes Enterprises Inc*				3,994		120,779
Tabula Rasa HealthCare Inc*				1,365		119,670
TiVo Corp				12,338		168,414
TTEC Holdings Inc				1,570		41,134
Ultra Clean Holdings Inc*				3,885		59,285
Veeco Instruments Inc*				4,630		55,560
Virtusa Corp*				2,769		161,322
Xperi Corp				4,873		76,506
Total Technology						7,715,074
Utilities (2.09%)
American States Water Co				3,685		222,685
Avista Corp (c)				6,589		338,082
California Water Service Group				4,824		198,508
El Paso Electric Co				4,080		250,104
Northwest Natural Gas Co				2,888		187,431
South Jersey Industries Inc				8,579		284,651
Spire Inc (c)				5,052		376,616
Total Utilities						1,858,077
Total Common Stock (Cost $57,265,001)						86,831,697
	Maturity Date
United States Treasury Bills (1.35%)
Treasury Bill		10/04/2018		1,200,000		1,198,065
United States Treasury Bills (Cost $1,197,920)						1,198,065
Total Investments (Cost $58,462,921) (a) (99.19%)					$	88,029,762
Other Net Assets (0.81%)						722,550
Net Assets (100.00%)					$	88,752,312

See accompanying notes to financial statements.

25

S&P SmallCap Index Fund Portfolio of Investments (Continued) 8/31/18

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $58,488,393.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	33,071,908
Unrealized depreciation		(3,530,539	)
Net unrealized appreciation	$	29,541,369

(b) Futures contracts at August 31, 2018:

Contracts - $50 times premium / delivery month / commitment / exchange

Russell 2000 MINI	Notional Amount		Value		Unrealized Appreciation
22 / SEPT 2018 / Long / ICE	$	1,872,565	$	1,914,660	$	42,095

(c) A portion of these shares have been pledged in connection with obligations for futures contracts.

Shelton Core Value Fund Portfolio of Investments 8/31/18

Security Description			Shares		Value (Note 1)
Common Stock (95.19%)
Basic Materials (2.63%)
PPG Industries Inc (b)				16,000	$	1,768,640
Praxair Inc (b)				15,167		2,399,268
Sensient Technologies Corp				8,500		603,670
Total Basic Materials						4,771,578
Communications (5.46%)
AT&T Inc (b)				57,669		1,841,948
Alphabet Inc - Class A* (b)				1,600		1,970,880
Alphabet Inc - Class C* (b)				1,600		1,949,104
Facebook Inc* (b)				11,600		2,038,468
Verizon Communications Inc (b)				38,542		2,095,528
Total Communications						9,895,928
Consumer, Cyclical (9.34%)
DR Horton Inc (b)				55,200		2,456,952
Ford Motor Co (b)				522,700		4,955,195
Lowe’s Cos Inc (b)				31,200		3,393,000
Marriott International Inc (b)				13,000		1,644,110
McDonald’s Corp (b)				18,268		2,963,618
Target Corp (b)				9,639		843,413
Walgreens Boots Alliance Inc				10,000		685,600
Total Consumer, Cyclical						16,941,888
Consumer, Non-Cyclical (18.79%)
Abbott Laboratories (b)				27,810		1,858,820
AbbVie Inc (b)				33,610		3,225,887
AmerisourceBergen Corp (b)				22,912		2,061,393
Baxter International Inc (b)				27,700		2,060,049
British American Tobacco PLC				3,770		182,393
Cigna Corp (b)				11,400		2,147,076
Celgene Corp* (b)				7,514		709,697
Centene Corp* (b)				13,900		2,036,072
Colgate-Palmolive Co (b)				20,400		1,354,764
Conagra Brands Inc (b)				42,450		1,560,038
Gilead Sciences Inc (b)				31,200		2,362,776
Kimberly-Clark Corp				1,800		207,972
Merck & Co Inc (b)				10,000		685,900
PayPal Holdings Inc* (b)				24,000		2,215,920
Pfizer Inc (b)				49,000		2,034,480
Shire PLC (b)				7,085		1,241,788
Sprouts Farmers Market Inc* (b)				260,000		6,882,200
Tyson Foods Inc - Class A				20,000		1,256,200
Total Consumer, Non-Cyclical						34,083,425
Energy (10.50%)
Anadarko Petroleum Corp (b)				17,040		1,097,376
BP PLC (b)				81,437		3,492,019
Baker Hughes a GE Co (b)				27,455		905,191
Chevron Corp (b)				29,324		3,473,721
ConocoPhillips (b)				19,648		1,442,753
Devon Energy Corp (b)				7,352		315,621
Exxon Mobil Corp (b)				43,236		3,466,230
Royal Dutch Shell PLC (b)				36,500		2,380,895
Schlumberger Ltd (b)				39,100		2,469,556
Total Energy						19,043,362
Financial (23.61%)
Bank of America Corp (b)				140,000		4,330,199
The Bank of New York Mellon Corp (b)				15,050		784,858
BlackRock Inc (b)				6,300		3,018,078
Citigroup Inc (b)				21,300		1,517,412
Digital Realty Trust Inc (b)				16,500		2,050,620
Arthur J Gallagher & Co				32,400		2,337,336
The Goldman Sachs Group Inc (b)				15,850		3,769,289
Intercontinental Exchange Inc (b)				15,920		1,213,582
JPMorgan Chase & Co (b)				71,020		8,137,471
Morgan Stanley (b)				47,050		2,297,452
New York Community Bancorp Inc				211,900		2,282,163
Principal Financial Group Inc (b)				13,650		753,344
State Street Corp (b)				9,600		834,336
US Bancorp (b)				60,600		3,279,066
Wells Fargo & Co (b)				87,889		5,139,748
Aspen Insurance Holdings Ltd				26,315		1,082,862
Total Financial						42,827,816
Industrial (7.03%)
Agilent Technologies Inc				870		58,760
The Boeing Co (b)				5,800		1,988,182
Caterpillar Inc (b)				21,442		2,977,222
Masco Corp (b)				90,000		3,417,300
Northrop Grumman Corp (b)				8,600		2,567,014
Rockwell Collins Inc				1,400		190,330
United Technologies Corp (b)				10,100		1,330,170
Seaspan Corp				25,000		230,500
Total Industrial						12,759,478
Technology (15.57%)
Apple Inc (b)				14,200		3,232,347
Applied Materials Inc (b)				66,000		2,839,320
Broadcom Inc (b)				9,000		1,971,270
DXC Technology Co (b)				4,294		391,140
Dell Technologies Inc - Class V* (b)				3,312		318,515
Hewlett Packard Enterprise Co (b)				50,000		826,500
Intel Corp (b)				61,000		2,954,230
IBM (b)				18,560		2,718,669
Micro Focus International PLC (b)				6,865		116,911
Microsoft Corp (b)				37,633		4,227,315
Oracle Corp (b)				40,930		1,988,379
Paychex Inc (b)				17,000		1,245,250
Perspecta Inc (b)				2,147		49,939
QUALCOMM Inc (b)				75		5,153
TSMC				30,000		1,308,000
Seagate Technology PLC (b)				38,000		2,034,520
Texas Instruments Inc (b)				18,000		2,023,200
Total Technology						28,250,658
Utilities (2.26%)
Consolidated Edison Inc (b)				21,200		1,673,316
DTE Energy Co (b)				4,700		522,358
Duke Energy Corp (b)				99		8,043
Exelon Corp (b)				46		2,011
FirstEnergy Corp (b)				23,574		881,196
NextEra Energy Inc (b)				5,900		1,003,590
Total Utilities						4,090,514
Total Common Stock (Cost $118,805,863)						172,664,647
Preferred Stock (0.55%)
Amerityre Corp*,**				2,000,000		1,000,000
Total Preferred Stock (Cost $2,000,000)						1,000,000
	Maturity Date
United States Treasury Bills (4.02%)
Treasury Bill		10/04/2018		7,300,000		7,288,230
Total United States Treasury Bills (Cost $7,287,462)						7,288,230
Total Investments (Cost $128,093,325) (a) (99.76%)					$	180,952,877
Other Net Assets (0.24%)						436,424
Net Assets (100.00%)					$	181,389,301

* Non-income producing security.

** This Security was purchased pursuant to Rule 506 of Regulation D under the Securities act of 1933, as amended, or is otherwise restricted and may be sold to qualified institutional investors or may have other restriction on resale. At August 31, 2018, the fair value was $1,000,000, or 0.55% of net assets.

(a) Aggregate cost for federal income tax purpose is $128,451,522.

See accompanying notes to financial statements.

26

Shelton Core Value Fund Portfolio of Investments (Continued) 8/31/18

(b) A portion of these shares have been pledged in connection with obligations for options contracts.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	57,642,314
Unrealized depreciation		(5,140,959	)
Net unrealized appreciation	$	52,501,355

SCHEDULE OF SECURITIES SOLD SHORT Written Call Options	Expiration Date		Exercise Amount		Contracts		Strike Price		Notional Amount		Value
Abbott Laboratories		10/19/2018	$	10,000		(100)	$	65	$	650,000	$	(27,500	)
AbbVie Inc		9/21/2018		33,600		(336)		98		3,292,800		(38,976	)
Agilent Technologies Inc		9/21/2018		800		(8)		70		56,000		(184	)
Alphabet Inc - Class C		10/19/2018		1,600		(16)		1275		2,040,000		(23,152	)
Alphabet Inc - Class A		10/19/2018		1,600		(16)		1290		2,064,000		(25,120	)
AmerisourceBergen Corp		10/19/2018		9,000		(90)		93		837,000		(15,750	)
Anadarko Petroleum Corp		9/21/2018		17,000		(170)		80		1,360,000		(680	)
Apple Inc		10/19/2018		14,200		(142)		225		3,195,000		(130,640	)
Applied Materials Inc		9/21/2018		66,000		(660)		53		3,498,000		(1,320	)
AT&T Inc		10/19/2018		10,000		(100)		33		330,000		(2,800	)
Bank of America Corp		9/21/2018		45,000		(450)		32		1,440,000		(4,950	)
Baxter International Inc		10/19/2018		27,700		(277)		75		2,077,500		(37,395	)
The Boeing Co		10/19/2018		5,800		(58)		355		2,059,000		(33,640	)
Broadcom Ltd		10/19/2018		9,000		(90)		220		1,980,000		(77,400	)
Caterpillar Inc		9/21/2018		21,400		(214)		155		3,317,000		(2,140	)
Centene Corp		10/19/2018		13,900		(139)		150		2,085,000		(36,140	)
Chevron Corp		9/21/2018		10,000		(100)		130		1,300,000		(400	)
Cigna Corp		10/19/2018		11,400		(114)		185		2,109,000		(86,640	)
Citigroup Inc		10/19/2018		11,300		(113)		73		824,900		(18,306	)
Colgate-Palmolive Co		10/19/2018		10,200		(102)		70		714,000		(3,978	)
Conagra Brands Inc		9/21/2018		20,000		(200)		38		760,000		(2,000	)
ConocoPhillips		10/19/2018		12,000		(120)		73		876,000		(35,280	)
Digital Realty Trust Inc		10/19/2018		16,500		(165)		125		2,062,500		(33,495	)
DR Horton Inc		11/16/2018		55,200		(552)		47		2,594,400		(66,792	)
Exxon Mobil Corp		9/21/2018		18,700		(187)		83		1,552,100		(5,236	)
Facebook Inc		10/19/2018		11,600		(116)		185		2,146,000		(32,944	)
Ford Motor Co		10/19/2018		50,000		(500)		10		500,000		(8,500	)
Gilead Sciences Inc		9/21/2018		10,000		(100)		83		830,000		(700	)
The Goldman Sachs Group Inc		9/21/2018		5,000		(50)		250		1,250,000		(2,400	)
Intel Corp		10/19/2018		24,400		(244)		50		1,220,000		(22,448	)
Intercontinental Exchange Inc		9/21/2018		6,400		(64)		78		499,200		(2,240	)
International Business Machines Corp		10/19/2018		18,500		(185)		145		2,682,500		(89,910	)
JPMorgan Chase & Co		9/21/2018		25,000		(250)		120		3,000,000		(4,500	)
Kimberly-Clark Corp		9/21/2018		1,800		(18)		115		207,000		(3,330	)
Lowe's Cos Inc		10/19/2018		31,200		(312)		110		3,432,000		(74,256	)
Marriott International Inc		10/19/2018		6,500		(65)		135		877,500		(4,875	)
Masco Corp		10/19/2018		90,000		(900)		40		3,600,000		(27,000	)
McDonald's Corp		9/21/2018		18,200		(182)		165		3,003,000		(15,470	)
Microsoft Corp		9/21/2018		12,500		(125)		110		1,375,000		(42,500	)
Morgan Stanley		9/21/2018		15,000		(150)		53		793,000		(1,050	)
Oracle Corp		10/19/2018		40,900		(409)		50		2,045,000		(38,037	)
Paychex Inc		9/21/2018		8,500		(85)		70		595,000		(29,750	)
PayPal Holdings Inc		10/19/2018		24,000		(240)		90		2,160,000		(121,200	)
Pfizer Inc		10/19/2018		49,000		(490)		43		2,107,000		(15,680	)
Schlumberger Ltd		9/21/2018		15,000		(150)		70		1,050,000		(750	)
Seagate Technology PLC		10/19/2018		38,000		(380)		58		2,204,000		(30,780	)
Sprouts Farmers Market Inc		9/21/2018		30,000		(300)		23		690,000		(114,000	)
Sprouts Farmers Market Inc		12/21/2018		50,000		(500)		28		1,400,000		(75,000	)
State Street Corp		9/21/2018		5,000		(50)		93		465,000		(500	)
Taiwan Semiconductor Manufacturing Co Ltd		10/19/2018		15,000		(150)		41		615,000		(43,800	)
Target Corp		10/19/2018		9,600		(96)		83		792,000		(55,680	)
Texas Instruments Inc		10/19/2018		18,000		(180)		115		2,070,000		(41,400	)
Tyson Foods Inc		9/21/2018		20,000		(200)		63		1,250,000		(23,400	)
United Technologies Corp		9/21/2018		5,100		(51)		130		663,000		(15,045	)
US Bancorp		10/19/2018		29,600		(296)		55		1,628,000		(21,312	)
Verizon Communications Inc		10/19/2018		10,000		(100)		55		550,000		(8,200	)
Walgreens Boots Alliance Inc		9/21/2018		10,000		(100)		73		730,000		(1,500	)
Wells Fargo & Co		9/21/2018		25,000		(250)		60		1,500,000		(8,000	)
Total Written Call Options										91,003,400		(1,686,071	)
Premiums Received $1,679,350

See accompanying notes to financial statements.

27

Nasdaq-100 Index Fund Portfolio of Investments 8/31/18

Security Description			Shares		Value (Note 1)
Common Stock (97.92%)
Communications (33.48%)
Internet (24.42%)
Alphabet Inc - Class A*				20,265	$	24,962,427
Alphabet Inc - Class C*				21,129		25,739,137
Amazon.com Inc* (c)				23,696		47,693,177
Baidu Inc*				24,344		5,513,429
Booking Holdings Inc*				4,293		8,378,004
Ctrip.com International Ltd*				40,186		1,573,282
eBay Inc*				88,653		3,068,280
Expedia Group Inc				12,088		1,577,484
Facebook Inc* (c)				135,510		23,813,172
JD.com Inc*				78,248		2,449,162
MercadoLibre Inc				3,829		1,311,088
Netflix Inc*				37,731		13,872,934
Symantec Corp				52,618		1,060,779
						161,012,355
Media (5.08%)
Charter Communications Inc*				21,143		6,562,787
Comcast Corp - Class A				412,162		15,245,872
Liberty Global PLC - Class A*				17,321		464,376
Liberty Global PLC - Class C*				50,158		1,298,591
Sirius XM Holdings Inc				390,050		2,769,355
Twenty-First Century Fox Inc				69,431		3,117,452
Twenty-First Century Fox Inc - Class A				89,454		4,061,212
						33,519,645
Telecommunicatoins (3.98%)
Cisco Systems Inc				428,387		20,464,047
T-Mobile US Inc*				74,292		4,906,244
Vodafone Group PLC				39,481		853,184
						26,223,475
Total Communications						220,755,475
Consumer, Cyclical (7.07%)
American Airlines Group Inc				41,028		1,660,813
Costco Wholesale Corp				38,077		8,876,891
Dollar Tree Inc*				20,122		1,620,022
Fastenal Co				25,010		1,459,584
Hasbro Inc				10,768		1,069,370
Marriott International Inc				30,942		3,913,235
O’Reilly Automotive Inc*				7,255		2,433,472
PACCAR Inc				30,605		2,093,994
Qurate Retail Inc*				38,964		810,062
Ross Stores Inc				33,227		3,182,482
Starbucks Corp				121,002		6,467,557
Tesla Inc*				14,647		4,418,414
Ulta Beauty Inc*				5,303		1,378,780
Walgreens Boots Alliance Inc				86,138		5,905,621
Wynn Resorts Ltd				8,957		1,328,681
Total Consumer, Cyclical						46,618,978
Consumer, Non-Cyclical (17.99%)
Alexion Pharmaceuticals Inc*				18,960		2,317,670
Align Technology Inc*				6,948		2,685,333
Amgen Inc				62,652		12,518,495
Automatic Data Processing Inc				37,716		5,534,823
Biogen Inc*				17,985		6,357,518
BioMarin Pharmaceutical Inc*				15,309		1,530,594
Celgene Corp*				66,957		6,324,089
Cintas Corp				9,259		1,975,593
DENTSPLY SIRONA Inc				19,917		795,087
Express Scripts Holding Co*				48,068		4,230,945
Gilead Sciences Inc				113,901		8,625,723
Henry Schein Inc*				13,327		1,035,241
Hologic Inc*				23,979		953,405
IDEXX Laboratories Inc*				7,575		1,924,353
Illumina Inc*				12,391		4,396,699
Incyte Corp*				18,354		1,356,544
Intuitive Surgical Inc*				9,509		5,325,040
The Kraft Heinz Co				105,688		6,158,440
Mondelez International Inc				127,091		5,429,328
Monster Beverage Corp*				47,863		2,914,378
Mylan NV*				46,642		1,825,101
PayPal Holdings Inc*				104,072		9,608,968
PepsiCo Inc				129,620		14,518,735
Regeneron Pharmaceuticals Inc*				8,956		3,642,853
Shire PLC				5,599		981,337
Verisk Analytics Inc*				14,348		1,708,703
Vertex Pharmaceuticals Inc*				21,464		3,957,962
Total Consumer, Non-Cyclical						118,632,957
Industrial (1.03%)
CSX Corp				75,850		5,625,036
JB Hunt Transport Services Inc				9,517		1,149,178
Total Industrial						6,774,214
Technology (38.36%)
Computers (11.69%)
Apple Inc (c)				301,448		68,618,608
Check Point Software Technology*				14,173		1,646,761
Cognizant Technology Solutions				50,043		3,924,872
Seagate Technology PLC				24,765		1,325,918
Western Digital Corp				25,103		1,587,514
						77,103,673
Semiconductors (12.90%)
Analog Devices Inc				31,286		3,092,621
Applied Materials Inc				90,700		3,901,914
ASML Holding NV				6,426		1,317,651
Broadcom Inc				35,691		7,817,400
Intel Corp				415,091		20,102,857
KLA-Tencor Corp				13,618		1,582,548
Lam Research Corp				14,168		2,452,339
Maxim Integrated Products Inc				24,385		1,474,561
Microchip Technology Inc				20,376		1,752,947
Micron Technology Inc*				100,270		5,266,180
NVIDIA Corp				52,604		14,764,891
QUALCOMM Inc				128,370		8,820,303
Skyworks Solutions Inc				15,824		1,444,731
Texas Instruments Inc				85,539		9,614,584
Xilinx Inc				21,298		1,657,623
						85,063,150
Software (13.76%)
Activision Blizzard Inc				64,302		4,636,174
Adobe Systems Inc*				42,627		11,232,641
Autodesk Inc*				18,603		2,871,373
CA Inc				36,251		1,587,794
Cadence Design Systems Inc*				24,529		1,153,844
Cerner Corp*				28,919		1,882,916
Citrix Systems Inc*				11,806		1,346,120
Electronic Arts Inc*				26,133		2,963,744
Fiserv Inc*				35,928		2,876,755
Intuit Inc				21,697		4,761,841
Microsoft Corp (c)				421,904		47,392,477
NetEase Inc				6,512		1,287,488
Paychex Inc				31,231		2,287,671
Synopsys Inc*				12,896		1,317,197
Take-Two Interactive Software*				9,920		1,324,915
Workday Inc - Class A*				11,912		1,840,880
						90,763,830
Total Technology						252,930,653
Total Common Stock (Cost $367,144,218)						645,712,277
	Maturity Date
United States Treasury Bills (1.82%)
Treasury Bill		10/04/2018		12,000,000		11,980,652
United States Treasury Bills (Cost $11,979,389)						11,980,652
Total Investments (Cost $379,123,607) (a) (99.74%)					$	657,692,929
Other Net Assets (0.26%)						1,724,517
Net Assets (100.00%)					$	659,417,446

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $379,420,718.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	285,709,083
Unrealized depreciation		(7,436,872	)
Net unrealized appreciation	$	278,272,211

(b) Futures contracts at August 31, 2018:   Contracts - $20 times premium / delivery month / commitment / exchange

Nasdaq 100 E-MINI	Notional Amount		Value		Unrealized Appreciation
91 / SEPT 2018 / Long / CME	$	13,443,820	$	13,943,475	$	499,655

(c) A portion of these shares have been pledged in connection with obligations for futures contracts.

See accompanying notes to financial statements.

28

Shelton Green Alpha Fund Portfolio of Investments 8/31/18

Security Description	Shares		Value (Note 1)
Common Stock (97.50%)
Basic Materials (2.19%)
Daqo New Energy Corp*		14,000	$	499,380
Schnitzer Steel Industries Inc		22,000		579,700
Total Basic Materials				1,079,080
Communications (6.45%)
Alphabet Inc - Class C*		1,400		1,705,466
Palo Alto Networks Inc*		1,500		346,725
Sierra Wireless Inc*		60,000		1,131,000
Total Communications				3,183,191
Consumer, Cyclical (8.50%)
Herman Miller Inc		31,000		1,187,300
Interface Inc		20,000		471,000
Kandi Technologies Group Inc*		117,500		487,625
Tesla Inc*		6,800		2,051,288
Total Consumer, Cyclical				4,197,213
Consumer, Non-Cyclical (9.72%)
CRISPR Therapeutics AG*		7,500		425,025
Gilead Sciences Inc		7,500		567,975
The Hain Celestial Group Inc*		28,000		799,680
Illumina Inc*		900		319,347
Intellia Therapeutics Inc*		13,000		402,090
Invitae Corp*		46,000		681,260
OraSure Technologies Inc*		17,500		280,175
SunOpta Inc*		66,000		504,900
United Natural Foods Inc*		23,000		816,730
Total Consumer, Non-Cyclical				4,797,182
Energy (29.60%)
Canadian Solar Inc*		118,700		1,704,532
First Solar Inc*		39,500		2,057,160
JinkoSolar Holding Co Ltd*		83,000		1,089,790
Pattern Energy Group Inc		135,000		2,751,300
SolarEdge Technologies Inc*		5,200		249,340
Sunrun Inc*		140,000		1,836,800
TerraForm Power Inc		110,000		1,229,800
TPI Composites Inc*		37,000		1,037,110
Vestas Wind Systems A/S		115,000		2,658,225
Total Energy				14,614,057
Financial (6.52%)
Alexandria Real Estate Equities Inc		4,900		628,915
Hannon Armstrong Sustainable Infrastructure Capital Inc		64,000		1,379,840
Horizon Technology Finance Corp		48,800		552,416
Liberty Property Trust		15,000		656,250
Total Financial				3,217,421
Industrial (12.59%)
ABB Ltd		41,600		978,016
Garmin Ltd		8,000		545,120
Ichor Holdings Ltd*		30,000		777,900
Itron Inc*		6,200		411,680
LG Display Co Ltd		54,000		511,380
SunPower Corp*		103,000		692,160
Trex Co Inc*		15,600		1,321,320
Universal Display Corp		8,000		979,200
Total Industrial				6,216,776
Technology (19.53%)
Advanced Energy Industries Inc*		8,600		512,388
Analog Devices Inc		7,700		761,145
Applied Materials Inc		48,500		2,086,470
Fortinet Inc*		6,500		544,440
Gemalto NV*		12,500		361,625
IBM		10,500		1,538,040
Microchip Technology Inc		3,000		258,090
Omnicell Inc*		6,400		440,000
QUALCOMM Inc		4,200		288,582
Skyworks Solutions Inc		12,500		1,141,250
STMicroelectronics NV		35,000		724,150
Ultra Clean Holdings Inc*		32,500		495,950
Veeco Instruments Inc*		40,600		487,200
Total Technology				9,639,330
Utilities (2.41%)
Consolidated Water Co Ltd		88,000		1,188,000
Total Utilities				1,188,000
Total Common Stock (Cost $41,932,802)				48,132,250
Total Investments (Cost $41,932,802) (a) (97.50%)			$	48,132,250
Other Net Assets (2.50%)				1,233,494
Net Assets (100.00%)			$	49,365,744

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $41,961,798.

At August 31, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	9,952,993
Unrealized depreciation		(3,782,541	)
Net unrealized appreciation	$	6,170,452

See accompanying notes to financial statements.

29

Statements of Assets & Liabilities
August 31, 2018

	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	$	65,630,335		$	19,650,755		$	6,377,850		$	54,439,247
Market value of investments (Note 1)		67,583,370			19,209,540			6,330,413			54,439,247
Cash		69,244			118,015			66,428			71,263
Cash held at broker		—			—			—			—
Variation margin receivable
Interest receivable		678,950			43,039			10,486			—
Dividend receivable		—			—			—			—
Receivable for fund shares sold		1,114			7,470			1,965			464,305
Receivable for investment securities sold		—			—			—			—
Prepaid expenses		—			—			—			—
Total assets	$	68,332,678		$	19,378,064		$	6,409,292		$	54,974,815
Liabilities
Written Options, at value		—			—			—			—
Payable for fund shares repurchased		2,224			2,830			160			5,958
Payable to investment advisor		29,139			4,440			216			13,694
Distributions payable		30,205			562			82			626
Accrued 12b-1 fees		—			999			355			399
Accrued shareholder service fees		—			1,041			342			399
Accrued administration fees		5,066			1,427			455			3,761
Accrued CCO fees		743			232			38			670
Accrued custody fees		892			404			121			1,161
Accrued fund accounting fees		3,404			1,748			1,302			2,653
Accrued printing fees		1,483			1,166			1,105			940
Accrued state registration fees		1,185			1,302			627			2,071
Accrued transfer agent fees		2,028			806			209			1,518
Accrued trustee fees		398			385			290			481
Accrued expenses		2,952			1,413			1,559			4,654
Total liabilities		79,719			18,755			6,861			38,985
Net assets	$	68,252,959		$	19,359,309		$	6,402,431		$	54,935,830
Net assets at August 31, 2018 consist of
Paid-in capital		66,207,805			20,044,777			6,452,030			54,937,381
Undistributed net investment income		(27,347	)		1,017			169			746
Accumulated net realized gain (loss)		119,465			(245,271	)		(2,331	)		(2,297	)
Unrealized appreciation (depreciation) of investments and foreign currency		1,953,036			(441,214	)		(47,437	)		—
Unrealized appreciation (depreciation) of futures		—			—			—			—
Unrealized appreciation (depreciation) of options contracts		—			—			—			—
Total net assets	$	68,252,959		$	19,359,309		$	6,402,431		$	54,935,830
Net assets
Direct Shares	$	68,252,959		$	15,668,452		$	5,131,328		$	53,071,563
K Shares	$	—		$	3,690,857		$	1,271,103		$	1,864,267
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		6,047,324			1,570,014			510,842			53,074,812
K Shares (no par value, unlimited shares authorized)					368,778			128,606			1,862,598
Net asset value per share
Direct Shares	$	11.29		$	9.98		$	10.04		$	1.00
K Shares	$	—		$	10.01		$	9.88		$	1.00

See accompanying notes to financial statements.

30

Statements of Assets & Liabilities
August 31, 2018 (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	$	67,462,524	$	82,225,520	$	58,462,921	$	128,093,325
Market value of investments (Note 1)		191,128,933		129,978,569		88,029,762		180,952,877
Cash		597,168		708,589		512,840		375,458
Cash held at broker		250,000		200,000		200,000		1,397,759
Variation margin receivable		229		2,400		6,531		—
Interest receivable		—		—		—		—
Dividend receivable		363,431		131,293		49,275		493,179
Receivable for fund shares sold		48,903		10,851		57,858		8,154
Receivable for investment securities sold		—		—		76,954		—
Prepaid expenses		—		—		—		—
Total assets	$	192,388,664	$	131,031,702	$	88,933,220	$	183,227,427
Liabilities
Written Options, at value (proceeds —, —, —, $1,679,350 respectively)		—		—		—		1,686,071
Payable for fund shares repurchased		16,790		45,012		106,563		19,064
Payable to investment advisor		40,127		43,889		36,612		76,641
Distributions payable		—		—		—		—
Accrued 12b-1 fees		2,264		1,435		2,342		1,317
Accrued shareholder service fees		3,247		1,408		2,504		1,543
Accrued administration fees		13,945		9,532		6,359		13,315
Accrued CCO fees		1,950		1,118		1,014		1,681
Accrued custody fees		2,729		1,991		1,289		2,547
Accrued fund accounting fees		5,882		4,561		4,184		5,689
Accrued printing fees		2,058		1,622		938		2,738
Accrued state registration fees		3,438		2,786		2,029		4,672
Accrued transfer agent fees		5,354		4,165		2,304		13,230
Accrued trustee fees		459		432		417		407
Accrued expenses		9,740		6,943		14,353		9,211
Total liabilities		107,983		124,894		180,908		1,838,126
Net assets	$	192,280,681	$	130,906,808	$	88,752,312	$	181,389,301
Net assets at August 31, 2018 consist of
Paid-in capital		66,831,354		72,902,395		54,021,448		106,737,554
Undistributed net investment income		727,793		147,783		36,982		37,810
Accumulated net realized gain (loss)		1,041,403		10,088,663		5,084,946		21,761,116
Unrealized appreciation (depreciation) of investments and foreign currency		123,666,408		47,753,037		29,566,841		52,859,542
Unrealized appreciation (depreciation) of futures		13,723		14,930		42,095		—
Unrealized appreciation (depreciation) of options contracts		—		—		—		(6,721	)
Total net assets	$	192,280,681	$	130,906,808	$	88,752,312	$	181,389,301
Net assets
Direct Shares	$	182,361,618	$	124,727,870	$	78,901,614	$	176,018,810
K Shares	$	9,919,063	$	6,178,938	$	9,850,698	$	5,370,491
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		3,254,663		4,335,913		2,985,659		7,175,170
K Shares (no par value, unlimited shares authorized)		177,247		217,773		382,238		221,721
Net asset value per share
Direct Shares	$	56.03	$	28.77	$	26.43	$	24.53
K Shares	$	55.96	$	28.37	$	25.77	$	24.22

See accompanying notes to financial statements.

31

Statements of Assets & Liabilities
August 31, 2018 (Continued)

	Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Assets
Investments in securities
Cost of investments	$	379,123,607		$	41,932,802
Market value of investments (Note 1)		657,692,929			48,132,250
Cash		588,420			1,293,502
Cash held at broker		1,150,000			—
Variation margin receivable		22,553
Interest receivable		—			—
Dividend receivable		624,770			94,737
Receivable for fund shares sold		149,084			9,016
Receivable for investment securities sold		—			—
Prepaid expenses		—			—
Total assets		660,227,756			49,529,505
Liabilities
Written Options, at value		—			—
Payable for fund shares repurchased		492,754			108,118
Payable to investment advisor		172,052			41,351
Distributions payable		397			—
Accrued 12b-1 fees		6,108			—
Accrued shareholder service fees		6,589			—
Accrued administration fees		47,141			3,592
Accrued CCO fees		6,796			577
Accrued custody fees		8,211			466
Accrued fund accounting fees		15,708			2,185
Accrued printing fees		3,089			1,928
Accrued state registration fees		6,416			917
Accrued transfer agent fees		13,400			1,329
Accrued trustee fees		601			526
Accrued expenses		31,048			2,772
Total liabilities		810,310			163,761
Net assets	$	659,417,446		$	49,365,744
Net assets at August 31, 2018 consist of
Paid-in capital		380,369,265			42,906,289
Undistributed net investment income		738,946			63,709
Accumulated net realized gain (loss)		(759,743	)		196,297
Unrealized appreciation (depreciation) of investments and foreign currency		278,569,323			6,199,449
Unrealized appreciation (depreciation) of futures		499,655			—
Unrealized appreciation (depreciation) of options contracts		—			—
Total net assets		659,417,446			49,365,744
Net assets
Direct Shares	$	630,844,687		$	49,365,744
K Shares	$	28,572,759		$	—
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		33,471,289			2,870,176
K Shares (no par value, unlimited shares authorized)		1,560,513
Net asset value per share
Direct Shares	$	18.85		$	17.20
K Shares	$	18.31		$	—

See accompanying notes to financial statements.

32

Statements of Operations
August 31, 2018

	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	$	1,980,939		$	452,024		$	78,932		$	789,150
Dividend income		—			—			—			—
Total		1,980,939			452,024			78,932			789,150
Expenses
Management fees (Note 2)		357,154			104,188			28,060			278,107
Administration fees (Note 2)		62,423			18,208			4,903			48,966
Transfer agent fees		18,010			10,502			2,723			12,203
Accounting services		47,538			23,390			17,290			35,586
Custodian fees		5,841			2,141			687			5,248
Broker Fees		—			—			—			—
Legal and audit fees		21,341			9,402			7,334			20,282
CCO fees (Note 2)		11,249			3,022			814			8,323
Trustees fees		5,196			4,954			4,859			4,770
Insurance		5,439			1,556			368			3,973
Printing		4,244			2,640			1,592			4,881
Registration and dues		1,824			5,499			1,875			5,332
12b-1 fees Class K (Note 2)		—			9,234			3,011			4,984
Shareholder service fees Class K (Note 2)		—			9,234			3,002			4,984
Licensing fee		7			6			2			7
Total expenses		540,266			203,976			76,520			437,646
Less class specific expenses waived		—			—			—			(3,820	)
Less reimbursement from manager (Note 2)		—			(27,929	)		(36,555	)		(173,998	)
Net expenses		540,266			176,047			39,965			263,648
Net investment income		1,440,673			275,977			38,967			525,502
Realized and unrealized gain (loss) on investments
Net realized gain (loss) from security transactions and foreign currency		98,984			50,784			(1,308	)		(1	)
Net realized gain (loss) from futures contracts		—			—			—			—
Net realized gain (loss) from written options contracts		—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(2,120,294	)		(763,008	)		(47,606	)		—
Change in unrealized appreciation (depreciation) of futures		—			—			—			—
Change in unrealized appreciation (depreciation) of written options contracts		—			—			—			—
Net realized and unrealized gain (loss) on investments		(2,021,310	)		(712,224	)		(48,914	)		(1	)
Net increase (decrease) in net assets resulting from operations	$	(580,637	)	$	(436,247	)	$	(9,947	)	$	525,501

See accompanying notes to financial statements.

33

Statements of Operations
August 31, 2018 (Continued)

	S&P 500 Index Fund			S&P MidCap Index Fund			S&P SmallCap Index Fund			Shelton Core Value Fund
Investment income
Interest income	$	9,775		$	9,575		$	6,996		$	307,606
Dividend income (net of foreign tax witheld: ($4,680), $394, $135, $30,621, respectively)		3,610,064			1,947,369			987,843			3,976,453
Total		3,619,839			1,956,944			994,839			4,284,059
Expenses
Management fees (Note 2)		446,327			502,837			371,286			931,840
Administration fees (Note 2)		155,969			109,830			65,037			162,849
Transfer agent fees		35,660			27,524			16,372			123,298
Accounting services		84,280			66,747			50,322			88,463
Custodian fees		13,775			12,469			11,041			16,964
Broker Fees		—			—			—			12
Legal and audit fees		46,932			34,870			29,683			49,514
CCO fees (Note 2)		26,504			18,273			11,070			28,542
Trustees fees		4,736			4,777			4,721			5,169
Insurance		11,427			8,708			6,305			12,413
Printing		10,981			9,077			5,913			16,067
Registration and dues		7,329			8,571			9,559			13,522
12b-1 fees Class K (Note 2)		23,369			15,314			22,826			14,208
Shareholder service fees Class K (Note 2)		23,369			15,314			22,826			14,208
Licensing fee		42,059			30,096			18,333			76
Total expenses		932,717			864,407			645,294			1,477,145
Less class specific expenses waived		—			—			—			—
Less reimbursement from manager (Note 2)		(88,195	)		(43,839	)		(23,398	)		—
Net expenses		844,522			820,568			621,896			1,477,145
Net investment income		2,775,317			1,136,376			372,943			2,806,914
Realized and unrealized gain (loss) on investments
Net realized gain (loss) from security transactions and foreign currency		1,080,430			10,569,898			4,990,033			20,547,811
Net realized gain (loss) from futures contracts		15,399			78,996			125,810			—
Net realized gain (loss) from written options contracts		—			—			—			1,568,983
Change in unrealized appreciation (depreciation) of investments		27,825,235			10,333,330			14,383,763			(5,065,257	)
Change in unrealized appreciation (depreciation) of futures		11,995			18,540			36,710			—
Change in unrealized appreciation (depreciation) of written options contracts		—			—			—			36,246
Net realized and unrealized gain (loss) on investments		28,933,059			21,000,764			19,536,316			17,087,783
Net increase (decrease) in net assets resulting from operations	$	31,708,376		$	22,137,140		$	19,909,259		$	19,894,697

See accompanying notes to financial statements.

34

Statements of Operations
August 31, 2018 (Continued)

	Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Investment income
Interest income	$	154,125		$	—
Dividend income (net of foreign tax witheld: $2,325, $23,236 respectively)		5,896,976			740,503
Total		6,051,101			740,503
Expenses
Management fees (Note 2)		2,758,813			461,420
Administration fees (Note 2)		481,885			40,309
Transfer agent fees		151,764			10,004
Accounting services		203,129			34,077
Custodian fees		40,392			3,704
Broker Fees		—			—
Legal and audit fees		131,781			15,682
CCO fees (Note 2)		83,611			6,792
Trustees fees		4,771			4,679
Insurance		33,736			3,309
Printing		63,106			9,716
Registration and dues		14,638			12,521
12b-1 fees Class K (Note 2)		64,235			—
Shareholder service fees Class K (Note 2)		64,235			—
Licensing fee		97,351			5
Total expenses		4,193,447			602,218
Less class specific expenses waived		—			—
Less reimbursement from manager (Note 2)		(1,275,279	)		—
Net expenses		2,918,168			602,218
Net investment income		3,132,933			138,285
Realized and unrealized gain (loss) on investments
Net realized gain (loss) from security transactions and foreign currency		(1,391,150	)		225,352
Net realized gain (loss) from futures contracts		2,333,214			—
Net realized gain (loss) from written options contracts		—			—
Change in unrealized appreciation (depreciation) of investments		122,342,691			375,773
Change in unrealized appreciation (depreciation) of futures		226,915			—
Change in unrealized appreciation (depreciation) of written options contracts		—			—
Net realized and unrealized gain (loss) on investments		123,511,670			601,125
Net increase (decrease) in net assets resulting from operations	$	126,644,603		$	739,410

See accompanying notes to financial statements.

35

Statements of Changes in Net Assets

	California Tax-Free Income Fund
	Year Ended August 31, 2018			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	1,440,673		$	1,713,710
Net realized gain (loss) on investments		98,984			352,979
Net realized gain (loss) on futures contracts		—			—
Change in unrealized appreciation (depreciation) of investments		(2,120,294	)		(1,990,269	)
Change in unrealized appreciation (depreciation) of futures contracts		—			—
Net increase (decrease) in net assets resulting from operations		(580,637	)		76,420
Distributions to shareholders
Distributions from net investment income
Direct shares		(1,471,475	)		(1,808,992	)
K shares		—			—
Distributions from realized capital gains on investments
Direct shares		(234,947	)		(382,825	)
K shares		—			—
Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		(4,769,961	)		(6,997,015	)
Total increase (decrease)		(7,057,020	)		(9,112,412	)
Net assets
Beginning of year		75,309,979			84,422,391
End of year	$	68,252,959		$	75,309,979
Including undistributed net investment income (loss) of:	$	(27,347	)	$	24,057

	U.S. Government Securities Fund						Short-Term U.S. Government Bond Fund						The United States Treasury Trust
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	275,977		$	287,202		$	38,967		$	20,840		$	525,502		$	16,585
Net realized gain (loss) on investments		50,784			81,875			(1,308	)		(749	)		(1	)		(142	)
Net realized gain (loss) on futures contracts		—			—			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(763,008	)		(683,656	)		(47,606	)		(16,031	)		—			—
Change in unrealized appreciation (depreciation) of futures contracts		—			—			—			—			—			—
Net increase (decrease) in net assets resulting from operations		(436,247	)		(314,579	)		(9,947	)		4,060			525,501			16,443
Distributions to shareholders
Distributions from net investment income
Direct shares		(247,995	)		(302,567	)		(35,380	)		(21,097	)		(511,891	)		(15,937	)
K shares		(34,940	)		(49,399	)		(3,512	)		—			(12,864	)		(648	)
Distributions from realized capital gains on investments
Direct shares		—			—			—			(1,853	)		—			—
K shares		—			—			—			(559	)		—			—
Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		(1,936,468	)		(1,784,419	)		1,127,333			(134,749	)		(4,336,408	)		(15,680,633	)
Total increase (decrease)		(2,655,650	)		(2,450,964	)		1,078,494			(154,198	)		(4,335,662	)		(15,680,775	)
Net assets
Beginning of year		22,014,959			24,465,923			5,323,937			5,478,135			59,271,492			74,952,267
End of year	$	19,359,309		$	22,014,959		$	6,402,431		$	5,323,937		$	54,935,830		$	59,271,492
Including undistributed net investment income (loss) of:	$	1,017		$	3,255		$	169		$	—		$	746		$	—

See accompanying notes to financial statements.

36

Statements of Changes in Net Assets
(Continued)

	S&P 500 Index Fund						S&P MidCap Index Fund						S&P SmallCap Index Fund
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	2,775,317		$	2,633,977		$	1,136,376		$	1,081,356		$	372,943		$	346,448
Net realized gain (loss) on investments		1,080,430			2,529,596			10,569,898			32,665,110			4,990,033			7,422,479
Net realized gain (loss) on futures contracts		15,399			573,358			78,996			168,186			125,810			289,816
Change in unrealized appreciation (depreciation) of investments		27,825,235			17,170,998			10,333,330			(19,108,681	)		14,383,763			(868,135	)
Change in unrealized appreciation (depreciation) of futures contracts		11,995			(55,572	)		18,540			(12,500	)		36,710			(56,445	)
Net increase (decrease) in net assets resulting from operations		31,708,376			22,852,357			22,137,140			14,793,471			19,909,259			7,134,163
Distributions to shareholders
Distributions from net investment income
Direct shares		(2,509,509	)		(2,679,933	)		(964,222	)		(974,984	)		(329,299	)		(288,023	)
K shares		(100,982	)		(120,597	)		(24,370	)		(21,874	)		(10,369	)		(20,073	)
Distributions from realized capital gains on investments
Direct shares		(2,439,715	)		(1,405,105	)		(7,026,422	)		(16,224,622	)		(5,770,141	)		(2,153,007	)
K shares		(131,049	)		(83,044	)		(362,108	)		(762,705	)		(847,867	)		(414,019	)
Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		2,225,805			1,637,352			(1,444,057	)		(19,675,674	)		11,559,832			3,352,060
Total increase (decrease)		28,752,926			20,201,030			12,315,961			(22,866,388	)		24,511,415			7,611,101
Net assets
Beginning of year		163,527,755			143,326,725			118,590,847			141,457,235			64,240,897			56,629,796
End of year	$	192,280,681		$	163,527,755		$	130,906,808		$	118,590,847		$	88,752,312		$	64,240,897
Including undistributed net investment income (loss) of:	$	727,793		$	562,889		$	147,783		$	84,651		$	36,982		$	38,352

	Shelton Core Value Fund						Nasdaq-100 Index Fund						Shelton Green Alpha Fund
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	2,806,914		$	3,115,345		$	3,132,933		$	2,755,475		$	138,285		$	48,526
Net realized gain (loss) on investments		20,547,811			23,987,840			(1,391,150	)		2,754,936			225,352			1,462,719
Net realized gain (loss) on futures contracts		—			—			2,333,214			2,575,557			—			—
Net realized gain (loss) on written option contracts		1,568,983			1,247,729			—			—			—			—
Change in unrealized appreciation (depreciation) of investments		(5,065,257	)		(12,351,960	)		122,342,691			80,035,902			375,773			4,690,984
Change in unrealized appreciation (depreciation) of written options contracts		36,246			(12,921	)								—			—
Change in unrealized appreciation (depreciation) of futures contracts		—			—			226,915			278,250			—			—
Net increase (decrease) in net assets resulting from operations		19,894,697			15,986,033			126,644,603			88,400,120			739,410			6,202,229
Distributions to shareholders
Distributions from net investment income
Direct shares		(2,706,462	)		(4,087,941	)		(2,998,938	)		(2,517,873	)		(123,102	)		—
K shares		(63,142	)		(116,743	)		(43,752	)		(56,420	)		—			—
Distributions from realized capital gains on investments
Direct shares		(19,604,495	)		(22,403,863	)		(4,963,602	)		—			(1,115,328	)		—
K shares		(607,991	)		(777,863	)		(257,353	)		—			—			—
Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		2,178,723			12,483,879			58,588,483			83,000,116			9,608,699			(2,825,691	)
Total increase (decrease)		(908,670	)		1,083,502			176,969,441			168,825,943			9,109,679			3,376,538
Net assets
Beginning of year		182,297,971			181,214,469			482,448,005			313,622,062			40,256,065			36,879,527
End of year	$	181,389,301		$	182,297,971		$	659,417,446		$	482,448,005		$	49,365,744		$	40,256,065
Including undistributed net investment income (loss) of:	$	37,310		$	—		$	738,946		$	716,848		$	63,709		$	48,526

See accompanying notes to financial statements.

37

Statements of Changes in Net Assets
(Continued)

California Tax-Free Income Fund	Direct Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value
Shares sold		192,489		$	2,198,940			202,253		$	2,334,099
Shares issued in reinvestment of distributions		114,416			1,299,956			144,853			1,666,434
Shares repurchased		(725,578	)		(8,268,857	)		(955,354	)		(10,997,548	)
Net increase (decrease)		(418,673	)	$	(4,769,961	)		(608,248	)	$	(6,997,015	)

U.S. Government Securities Fund	Direct Shares												K Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017						Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		410,925		$	4,134,669			348,976		$	3,588,611			64,564		$	649,806			71,933		$	742,650
Shares issued in reinvestment of distributions		23,995			241,135			28,418			293,695			3,468			34,940			4,759			49,396
Shares repurchased		(639,618	)		(6,428,304	)		(463,786	)		(4,786,084	)		(56,637	)		(568,714	)		(162,184	)		(1,672,687	)
Net increase (decrease)		(204,698	)	$	(2,052,500	)		(86,392	)	$	(903,778	)		11,395		$	116,032			(85,492	)	$	(880,641	)

Short-Term U.S. Government Bond Fund	Direct Shares												K Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017						Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		168,773		$	1,694,764			142,377		$	1,442,520			37,617		$	372,176			44,496		$	443,738
Shares issued in reinvestment of distributions		3,453			34,707			2,226			22,559			355			3,512			56			559
Shares repurchased		(71,877	)		(722,778	)		(141,705	)		(1,436,452	)		(25,768	)		(255,048	)		(60,916	)		(607,673	)
Net increase (decrease)		100,349		$	1,006,693			2,898		$	28,627			12,204		$	120,640			(16,364	)	$	(163,376	)

The United States Treasury Trust	Direct Shares						K Shares
	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2018			Year Ended August 31, 2017
	Shares/ Value			Shares/ Value			Shares/ Value			Shares/ Value
Shares sold	$	29,856,493		$	37,959,149		$	1,133,945		$	1,042,695
Shares issued in reinvestment of distributions		519,278			—			13,556			—
Shares repurchased		(34,454,055	)		(53,292,289	)		(1,405,625	)		(1,390,188	)
Net increase (decrease)	$	(4,078,284	)	$	(15,333,140	)	$	(258,124	)	$	(347,493	)

S&P 500 Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017						Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		316,665		$	16,512,221			306,140		$	13,842,418			34,811		$	1,828,998			25,622		$	1,169,325
Shares issued in reinvestment of distributions		85,490			4,352,782			83,938			3,693,632			4,554			231,422			4,636			202,899
Shares repurchased		(359,933	)		(18,693,030	)		(335,596	)		(15,410,243	)		(38,443	)		(2,006,588	)		(40,062	)		(1,860,679	)
Net increase (decrease)		42,222		$	2,171,973			54,482		$	2,125,807			922		$	53,832			(9,804	)	$	(488,455	)

See accompanying notes to financial statements.

38

Statements of Changes in Net Assets
(Continued)

S&P MidCap Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017						Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares				Value
Shares sold		381,155		$	10,344,473			247,572		$	6,346,730			36,800		$	976,786			36,508		$	927,951
Shares issued in reinvestment of distributions		280,625			7,493,527			675,333			16,377,277			14,653			385,802			32,692			782,176
Shares repurchased		(720,298	)		(19,367,998	)		(1,638,220	)		(42,902,808	)		(47,611	)		(1,276,647	)		(47,718	)		(1,207,000	)
Net increase (decrease)		(58,518	)	$	(1,529,998	)		(715,315	)	$	(20,178,801	)		3,842		$	85,941			21,482		$	503,127

S&P SmallCap Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017						Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		742,607		$	17,856,841			594,778		$	13,067,620			45,402		$	1,051,669			63,933		$	1,384,307
Shares issued in reinvestment of distributions		259,328			5,899,905			112,142			2,416,292			38,713			858,236			20,638			434,093
Shares repurchased		(527,057	)		(12,344,987	)		(465,026	)		(10,421,806	)		(75,529	)		(1,761,832	)		(164,134	)		(3,528,446	)
Net increase (decrease)		474,878		$	11,411,759			241,894		$	5,062,106			8,586		$	148,073			(79,563	)	$	(1,710,046	)

Shelton Core Value Fund	Direct Shares												K Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017						Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		215,616		$	5,281,601			209,300		$	5,292,641			23,399		$	562,845			27,361		$	685,712
Shares issued in reinvestment of distributions		913,658			21,786,702			1,060,142			25,761,019			28,485			671,133			37,189			894,256
Shares repurchased		(1,030,515	)		(24,996,066	)		(730,108	)		(18,433,445	)		(47,086	)		(1,127,492	)		(69,241	)		(1,716,304	)
Net increase (decrease)		98,759		$	2,072,237			539,334		$	12,620,215			4,798		$	106,486			(4,691	)	$	(136,336	)

Nasdaq-100 Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017						Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		11,879,873		$	200,200,836			13,571,755		$	183,527,262			508,751		$	8,345,968			632,252		$	8,488,307
Shares issued in reinvestment of distributions		472,251			7,596,615			179,939			2,406,985			19,452			301,104			4,395			56,420
Shares repurchased		(9,057,208	)		(149,920,159	)		(7,914,640	)		(105,704,466	)		(480,106	)		(7,935,881	)		(423,616	)		(5,774,392	)
Net increase (decrease)		3,294,916		$	57,877,292			5,837,054		$	80,229,781			48,097		$	711,191			213,031		$	2,770,335

Shelton Green Alpha Fund	Direct Shares
	Year Ended August 31, 2018						Year Ended August 31, 2017
	Shares			Value			Shares			Value
Shares sold		983,082		$	17,109,553			855,278		$	13,291,058
Shares issued in reinvestment of distributions		68,362			1,209,178			—			—
Shares repurchased		(504,940	)		(8,710,032	)		(1,070,212	)		(16,116,749	)
Net increase (decrease)		546,504		$	9,608,699			(214,934	)	$	(2,825,691	)

See accompanying notes to financial statements.

39

Financial Highlights

(For a Share Outstanding Throughout Each Year)

California Tax-Free Income Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	11.65		$	11.93		$	11.69		$	11.81		$	11.27
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.23			0.25			0.29			0.28			0.33
Net gain (loss) on securities (both realized and unrealized)		(0.31	)		(0.20	)		0.24			(0.07	)		0.54
Total from investment operations		(0.08	)		0.05			0.53			0.21			0.87
LESS DISTRIBUTIONS
Dividends from net investment income		(0.24	)		(0.27	)		(0.29	)		(0.28	)		(0.33	)
Distributions from capital gains		(0.04	)		(0.06	)		—			(0.05	)		—
Total distributions		(0.28	)		(0.33	)		(0.29	)		(0.33	)		(0.33	)
Net asset value, end of year	$	11.29		$	11.65		$	11.93		$	11.69		$	11.81
Total return		(0.74	)%		0.43	%		4.60	%		1.78	%		7.80	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	68,253		$	75,310		$	84,422		$	89,213		$	97,111
Ratio of expenses to average net assets		0.76	%		0.69	%		0.69	%		0.71	%		0.73	%
Ratio of net investment income (loss) to average net assets		2.02	%		2.20	%		2.47	%		2.41	%		2.88	%
Portfolio turnover		12	%		7	%		19	%		12	%		10	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

40

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

U.S. Government Securities Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	10.32		$	10.61		$	10.42		$	10.40		$	10.38
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.14			0.14			0.14			0.14			0.19
Net gain (loss) on securities (both realized and unrealized)		(0.33	)		(0.26	)		0.20			0.02			0.02
Total from investment operations		(0.19	)		(0.12	)		0.34			0.16			0.21
LESS DISTRIBUTIONS
Dividends from net investment income		(0.15	)		(0.17	)		(0.15	)		(0.14	)		(0.19	)
Total distributions		(0.15	)		(0.17	)		(0.15	)		(0.14	)		(0.19	)
Net asset value, end of year	$	9.98		$	10.32		$	10.61		$	10.42		$	10.40
Total return		(1.88	)%		(1.14	)%		3.25	%		1.58	%		2.03	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	15,668		$	18,316		$	19,754		$	19,855		$	22,746
Ratio of expenses to average net assets:
Before expense reimbursements		0.89	%		0.81	%		0.82	%		0.83	%		0.86	%
After expense reimbursements		0.75	%		0.74	%		0.74	%		0.74	%		0.72	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		1.28	%		1.27	%		1.25	%		1.29	%		1.68	%
After expense reimbursements		1.42	%		1.34	%		1.33	%		1.38	%		1.82	%
Portfolio turnover		13	%		10	%		18	%		18	%		32	%

K Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	10.35		$	10.64		$	10.43		$	10.41		$	10.40
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.09			0.09			0.09			0.09			0.14
Net gain (loss) on securities (both realized and unrealized)		(0.33	)		(0.27	)		0.20			0.03			0.01
Total from investment operations		(0.24	)		(0.18	)		0.29			0.12			0.15
LESS DISTRIBUTIONS
Dividends from net investment income		(0.10	)		(0.11	)		(0.08	)		(0.10	)		(0.14	)
Total distributions		(0.10	)		(0.11	)		(0.08	)		(0.10	)		(0.14	)
Net asset value, end of year	$	10.01		$	10.35		$	10.64		$	10.43		$	10.41
Total return		(2.37	)%		(1.67	)%		2.77	%		1.13	%		1.48	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	3,691		$	3,699		$	4,712		$	5,349		$	6,085
Ratio of expenses to average net assets:
Before expense reimbursements		1.39	%		1.31	%		1.32	%		1.33	%		1.36	%
After expense reimbursements		1.25	%		1.24	%		1.24	%		1.24	%		1.22	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.78	%		0.77	%		0.75	%		0.77	%		1.18	%
After expense reimbursements		0.92	%		0.84	%		0.84	%		0.88	%		1.32	%
Portfolio turnover		13	%		10	%		18	%		18	%		32	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

41

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

Short-Term U.S. Government Bond Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	10.14		$	10.18		$	10.16		$	10.17		$	10.17
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.08			0.05			0.02			0.00			(0.01	)
Net gain (loss) on securities (both realized and unrealized)		(0.10	)		(0.05	)		0.02			(0.01	)		0.01
Total from investment operations		(0.02	)		—			0.04			(0.01	)		—
LESS DISTRIBUTIONS
Dividends from net investment income		(0.08	)		(0.04	)		(0.02	)		—			—
Distributions from capital gains		—			—			—			(0.00	)(b)		—
Total distributions		(0.08	)		(0.04	)		(0.02	)		(0.00	)		—
Net asset value, end of year	$	10.04		$	10.14		$	10.18		$	10.16		$	10.17
Total return		(0.21	)%		0.09	%		0.38	%		(0.07	)%		0.00	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	5,131		$	4,162		$	4,148		$	5,223		$	5,789
Ratio of expenses to average net assets:
Before expense reimbursements		1.26	%		0.97	%		0.95	%		0.97	%		1.06	%
After expense reimbursements		0.60	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.15	%		0.08	%		(0.12	)%		(0.36	)%		(0.60	)%
After expense reimbursements		0.81	%		0.46	%		0.24	%		0.02	%		(0.13	)%
Portfolio turnover		28	%		27	%		47	%		33	%		28	%

K Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	9.98		$	10.02		$	10.03		$	10.10		$	10.15
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.03			(0.01	)		(0.03	)		(0.05	)		(0.06	)
Net gain (loss) on securities (both realized and unrealized)		(0.10	)		(0.03	)		0.02			(0.02	)		0.01
Total from investment operations		(0.07	)		(0.04	)		(0.01	)		(0.07	)		(0.05	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		—			—			—			—
Distributions from capital gains		—			—	(b)		—			(0.00	)(b)		—
Total distributions		(0.03	)		(0.00	)		—			(0.00	)		—
Net asset value, end of year	$	9.88		$	9.98		$	10.02		$	10.03		$	10.10
Total return		(0.72	)%		(0.35	)%		(0.10	)%		(0.66	)%		(0.49	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	1,271		$	1,162		$	1,330		$	1,503		$	1,896
Ratio of expenses to average net assets:
Before expense reimbursements		1.76	%		1.47	%		1.45	%		1.47	%		1.56	%
After expense reimbursements		1.10	%		1.09	%		1.09	%		1.09	%		1.09	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		(0.36	)%		(0.44	)%		(0.61	)%		(0.86	)%		(1.10	)%
After expense reimbursements		0.29	%		(0.06	)%		(0.26	)%		(0.48	)%		(0.63	)%
Portfolio turnover		28	%		27	%		47	%		33	%		28	%

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

See accompanying notes to financial statements.

42

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

The United States Treasury Trust Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.01			—			—			—			—
Net gain (loss) on securities (both realized and unrealized)		—	(d)		—			—			—			—
Total from investment operations		0.01			—			—			—			—
LESS DISTRIBUTIONS
Dividends from net investment income		(0.01	)(d)		—	(d)		—			—			—
Distributions from capital gains		—			—			—			—			—
Total distributions		(0.01	)		—			—			—			—
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.98	%		0.03	%		0.00	%		0.00	%		0.00	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	53,079		$	57,149		$	72,482		$	86,224		$	105,897
Ratio of expenses to average net assets:
Before expense reimbursements		0.77	%		0.71	%		0.71	%		0.70	%		0.73	%
After expense reimbursements		0.46	%(b)		0.52	%(b)		0.22	%		0.03	%(b)		0.03	%(b)
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.65	%		(0.16	)%		(0.49	)%		(0.67	)%		(0.70	)%
After expense reimbursements		0.96	%(b)		0.03	%(b)		0.00	%		0.00	%(b)		0.00	%(b)

K Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.01			—			—			—			—
Net gain (loss) on securities (both realized and unrealized)		—	(d)		—			—			—			—
Total from investment operations		0.01			—			—			—			—
LESS DISTRIBUTIONS
Dividends from net investment income		(0.01	)(d)		—	(d)		—			—			—
Distributions from capital gains		—			—			—			—			—
Total distributions		(0.01	)		—			—			—			—
Net asset value, end of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.65	%		0.03	%		0.00	%		0.00	%		0.00	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	1,864		$	2,122		$	2,470		$	2,651		$	3,013
Ratio of expenses to average net assets:
Before expense reimbursements		1.27	%		1.21	%		0.71	%		0.70	%		0.73	%
After expense reimbursements		0.78	%(b)		0.52	%(b)		0.22	%		0.03	%(b)		0.03	%(b)
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.16	%		(0.13	)%		(0.49	)%		(0.67	)%		(0.70	)%
After expense reimbursements		0.65	%(b)		0.03	%(b)		0.00	%		0.00	%(b)		0.00	%(b)

(a) Calculated based upon average shares outstanding.

(b) Includes negative yield waiver adjustment.

(c) K Shares are not accruing 12B-1 or shareholder servicing fees

(d) Less than $0.01 per share.

See accompanying notes to financial statements.

43

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

S&P 500 Index Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	48.26		$	42.86		$	39.88		$	40.61		$	33.59
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.82			0.78			0.76			0.72			0.62
Net gain (loss) on securities (both realized and unrealized)		8.48			5.89			3.99			(0.58	)		7.57
Total from investment operations		9.30			6.67			4.75			0.14			8.19
LESS DISTRIBUTIONS
Dividends from net investment income		(0.77	)		(0.83	)		(0.78	)		(0.70	)		(0.60	)
Distributions from capital gains		(0.76	)		(0.44	)		(0.99	)		(0.17	)		(0.57	)
Total distributions		(1.53	)		(1.27	)		(1.77	)		(0.87	)		(1.17	)
Net asset value, end of year	$	56.03		$	48.26		$	42.86		$	39.88		$	40.61
Total return		19.64	%		15.89	%		12.21	%		0.29	%		24.75	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	182,362		$	155,022		$	135,346		$	123,138		$	123,654
Ratio of expenses to average net assets:
Before expense reimbursements		0.50	%		0.46	%		0.47	%		0.47	%		0.50	%
After expense reimbursements		0.45	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		1.53	%		1.63	%		1.77	%		1.63	%		1.52	%
After expense reimbursements		1.58	%		1.73	%		1.88	%		1.74	%		1.66	%
Portfolio turnover		3	%		5	%		1	%		3	%		1	%

K Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	48.24		$	42.88		$	39.87		$	40.50		$	33.63
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.56			0.55			0.56			0.51			0.43
Net gain (loss) on securities (both realized and unrealized)		8.48			5.89			3.99			(0.57	)		7.55
Total from investment operations		9.04			6.44			4.55			(0.06	)		7.98
LESS DISTRIBUTIONS
Dividends from net investment income		(0.56	)		(0.64	)		(0.55	)		(0.40	)		(0.54	)
Distributions from capital gains		(0.76	)		(0.44	)		(0.99	)		(0.17	)		(0.57	)
Total distributions		(1.32	)		(1.08	)		(1.54	)		(0.57	)		(1.11	)
Net asset value, end of year	$	55.96		$	48.24		$	42.88		$	39.87		$	40.50
Total return		19.05	%		15.31	%		11.65	%		(0.19	)%		24.08	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	9,919		$	8,506		$	7,981		$	8,063		$	11,236
Ratio of expenses to average net assets:
Before expense reimbursements		1.00	%		0.96	%		0.97	%		0.97	%		1.00	%
After expense reimbursements		0.95	%		0.86	%		0.86	%		0.86	%		0.86	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		1.03	%		1.13	%		1.26	%		1.13	%		1.01	%
After expense reimbursements		1.08	%		1.23	%		1.37	%		1.24	%		1.15	%
Portfolio turnover		3	%		5	%		1	%		3	%		1	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

44

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

S&P Midcap Index Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	25.75		$	26.69		$	28.41		$	30.95		$	26.54
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.25			0.23			0.26			0.25			0.24
Net gain (loss) on securities (both realized and unrealized)		4.61			2.95			2.73			(0.36	)		5.61
Total from investment operations		4.86			3.18			2.99			(0.11	)		5.85
LESS DISTRIBUTIONS
Dividends from net investment income		(0.22	)		(0.21	)		(0.24	)		(0.28	)		(0.24	)
Distributions from capital gains		(1.62	)		(3.91	)		(4.47	)		(2.15	)		(1.20	)
Total distributions		(1.84	)		(4.12	)		(4.71	)		(2.43	)		(1.44	)
Net asset value, end of year	$	28.77		$	25.75		$	26.69		$	28.41		$	30.95
Total return		19.48	%		13.01	%		11.86	%		(0.45	)%		22.63	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	124,728		$	113,149		$	136,371		$	140,361		$	169,020
Ratio of expenses to average net assets:
Before expense reimbursements		0.66	%		0.62	%		0.62	%		0.62	%		0.63	%
After expense reimbursements		0.63	%		0.58	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.89	%		0.85	%		0.98	%		0.81	%		0.76	%
After expense reimbursements		0.92	%		0.89	%		1.02	%		0.85	%		0.81	%
Portfolio turnover		12	%		34	%		11	%		15	%		10	%

K Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	25.44		$	26.43		$	28.18		$	30.69		$	26.38
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.11			0.10			0.13			0.10			0.09
Net gain (loss) on securities (both realized and unrealized)		4.55			2.92			2.71			(0.35	)		5.58
Total from investment operations		4.66			3.02			2.84			(0.25	)		5.67
LESS DISTRIBUTIONS
Dividends from net investment income		(0.11	)		(0.10	)		(0.12	)		(0.11	)		(0.16	)
Distributions from capital gains		(1.62	)		(3.91	)		(4.47	)		(2.15	)		(1.20	)
Total distributions		(1.73	)		(4.01	)		(4.59	)		(2.26	)		(1.36	)
Net asset value, end of year	$	28.37		$	25.44		$	26.43		$	28.18		$	30.69
Total return		18.86	%		12.45	%		11.31	%		(0.93	)%		22.01	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	6,179		$	5,442		$	5,086		$	5,244		$	7,355
Ratio of expenses to average net assets:
Before expense reimbursements		1.16	%		1.12	%		1.12	%		1.12	%		1.13	%
After expense reimbursements		1.13	%		1.08	%		1.08	%		1.08	%		1.08	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.39	%		0.35	%		0.48	%		0.31	%		0.26	%
After expense reimbursements		0.42	%		0.39	%		0.51	%		0.35	%		0.31	%
Portfolio turnover		12	%		34	%		11	%		15	%		10	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

45

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

S&P Smallcap Index Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	22.33		$	20.87		$	20.60		$	21.55		$	19.62
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.13			0.13			0.12			0.14			0.10
Net gain (loss) on securities (both realized and unrealized)		6.38			2.36			2.29			0.58			3.26
Total from investment operations		6.51			2.49			2.41			0.72			3.36
LESS DISTRIBUTIONS
Dividends from net investment income		(0.12	)		(0.12	)		(0.14	)		(0.13	)		(0.09	)
Distributions from capital gains		(2.29	)		(0.91	)		(2.00	)		(1.54	)		(1.34	)
Total distributions		(2.41	)		(1.03	)		(2.14	)		(1.67	)		(1.43	)
Net asset value, end of year	$	26.43		$	22.33		$	20.87		$	20.60		$	21.55
Total return		30.95	%		12.12	%		12.48	%		3.50	%		17.28	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	78,902		$	56,076		$	47,351		$	40,823		$	41,651
Ratio of expenses to average net assets:
Before expense reimbursements		0.80	%		0.78	%		0.77	%		0.78	%		0.82	%
After expense reimbursements		0.77	%		0.74	%		0.74	%		0.74	%		0.74	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.53	%		0.56	%		0.56	%		0.62	%		0.38	%
After expense reimbursements		0.56	%		0.60	%		0.60	%		0.66	%		0.46	%
Portfolio turnover		18	%		31	%		12	%		12	%		13	%

K Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	21.85		$	20.47		$	20.24		$	21.18		$	19.36
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.01			0.02			0.02			0.03			(0.01	)
Net gain (loss) on securities (both realized and unrealized)		6.23			2.31			2.25			0.59			3.21
Total from investment operations		6.24			2.33			2.27			0.62			3.20
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.04	)		(0.04	)		(0.02	)		(0.03	)
Distributions from capital gains		(2.29	)		(0.91	)		(2.00	)		(1.54	)		(1.34	)
Total distributions		(2.32	)		(0.95	)		(2.04	)		(1.56	)		(1.37	)
Net asset value, end of year	$	25.77		$	21.85		$	20.47		$	20.24		$	21.19
Total return		30.26	%		11.59	%		11.89	%		3.03	%		16.64	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	9,851		$	8,165		$	9,279		$	9,821		$	11,448
Ratio of expenses to average net assets:
Before expense reimbursements		1.31	%		1.28	%		1.28	%		1.28	%		1.32	%
After expense reimbursements		1.27	%		1.24	%		1.24	%		1.24	%		1.24	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.03	%		0.06	%		0.06	%		0.12	%		(0.13	)%
After expense reimbursements		0.06	%		0.10	%		0.10	%		0.16	%		(0.04	)%
Portfolio turnover		18	%		31	%		12	%		12	%		13	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

46

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

Shelton Core Value Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	25.00		$	26.82		$	25.26		$	25.98		$	21.58
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.37			0.43			0.48			0.48			0.38
Net gain (loss) on securities (both realized and unrealized)		2.33			1.81			1.94			(0.74	)		4.42
Total from investment operations		2.70			2.24			2.42			(0.26	)		4.80
LESS DISTRIBUTIONS
Dividends from net investment income		(0.38	)		(0.59	)		(0.50	)		(0.46	)		(0.40	)
Distributions from capital gains		(2.79	)		(3.47	)		(0.36	)		—			—
Total distributions		(3.17	)		(4.06	)		(0.86	)		(0.46	)		(0.40	)
Net asset value, end of year	$	24.53		$	25.00		$	26.82		$	25.26		$	25.98
Total return		11.32	%		9.10	%		9.83	%		(1.07	)%		22.45	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	176,019		$	176,929		$	175,317		$	180,408		$	196,820
Ratio of expenses to average net assets:		0.78	%		0.75	%		0.78	%		0.76	%		0.83	%
Ratio of net investment income (loss) to average net assets		1.52	%		1.71	%		1.90	%		1.80	%		1.58	%
Portfolio turnover		35	%		9	%		20	%		3	%		3	%

K Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	24.75		$	26.61		$	25.09		$	25.76		$	21.40
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.25			0.30			0.35			0.34			0.25
Net gain (loss) on securities (both realized and unrealized)		2.29			1.79			1.93			(0.73	)		4.39
Total from investment operations		2.54			2.09			2.28			(0.39	)		4.64
LESS DISTRIBUTIONS
Dividends from net investment income		(0.28	)		(0.48	)		(0.40	)		(0.28	)		(0.28	)
Distributions from capital gains		(2.79	)		(3.47	)		(0.36	)		—			—
Total distributions		(3.07	)		(3.95	)		(0.76	)		(0.28	)		(0.28	)
Net asset value, end of year	$	24.22		$	24.75		$	26.61		$	25.09		$	25.76
Total return		10.75	%		8.57	%		9.30	%		(1.56	)%		21.81	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	5,370		$	5,369		$	5,897		$	5,789		$	7,413
Ratio of expenses to average net assets:		1.28	%		1.25	%		1.28	%		1.26	%		1.33	%
Ratio of net investment income (loss) to average net assets		1.02	%		1.22	%		1.40	%		1.30	%		1.08	%
Portfolio turnover		35	%		9	%		20	%		3	%		3	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

47

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

Nasdaq-100 Index Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	15.24		$	12.25		$	11.00		$	10.47		$	7.92
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.10			0.10			0.09			0.11			0.11
Net gain (loss) on securities (both realized and unrealized)		3.78			2.98			1.27			0.49			2.55
Total from investment operations		3.88			3.08			1.36			0.60			2.66
LESS DISTRIBUTIONS
Dividends from net investment income		(0.10	)		(0.09	)		(0.11	)		(0.07	)		(0.11	)
Distributions from capital gains		(0.17	)		—			—			—			—
Total distributions		(0.27	)		(0.09	)		(0.11	)		(0.07	)		(0.11	)
Net asset value, end of year	$	18.85		$	15.24		$	12.25		$	11.00		$	10.47
Total return		25.73	%		25.29	%		12.46	%		5.78	%		33.77	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	630,845		$	460,021		$	298,123		$	231,322		$	106,475
Ratio of expenses to average net assets:
Before expense reimbursements		0.74	%		0.70	%		0.74	%		0.75	%		0.79	%
After expense reimbursements		0.51	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.36	%		0.53	%		0.57	%		0.72	%		0.95	%
After expense reimbursements		0.59	%		0.74	%		0.82	%		0.98	%		1.25	%
Portfolio turnover		2	%		4	%		7	%		9	%		3	%

K Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	14.83		$	11.93		$	10.69		$	10.18		$	7.71
INCOME FROM INVESTMENT OPERATIONS
Net investment (loss)(a)		0.01			0.03			0.03			0.05			0.06
Net gain (loss) on securities (both realized and unrealized)		3.67			2.91			1.24			0.48			2.48
Total from investment operations		3.68			2.94			1.27			0.53			2.54
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.04	)		(0.03	)		(0.02	)		(0.07	)
Distributions from capital gains		(0.17	)		—			—			—			—
Total distributions		(0.20	)		(0.04	)		(0.03	)		(0.02	)		(0.07	)
Net asset value, end of year	$	18.31		$	14.83		$	11.93		$	10.69		$	10.18
Total return		25.03	%		24.70	%		11.96	%		5.25	%		33.11	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	28,573		$	22,427		$	15,500		$	17,799		$	12,214
Ratio of expenses to average net assets:
Before expense reimbursements		1.24	%		1.20	%		1.24	%		1.24	%		1.29	%
After expense reimbursements		1.01	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		(0.15	)%		0.03	%		0.05	%		0.22	%		0.39	%
After expense reimbursements		0.08	%		0.24	%		0.30	%		0.48	%		0.69	%
Portfolio turnover		2	%		4	%		7	%		10	%		3	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

48

Financial Highlights

(For a Share Outstanding Throughout Each Year) (Continued)

Shelton Green Alpha Fund Direct Shares	Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014
Net asset value, beginning of year	$	17.32		$	14.53		$	13.67		$	15.90		$	11.96
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss)(a)		0.05			0.02			(0.03	)		(0.08	)		(0.08	)
Net gain (loss) on securities (both realized and unrealized)		0.34			2.77			0.89			(2.15	)		4.02
Total from investment operations		0.39			2.79			0.86			(2.23	)		3.94
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		—			—			—			—
Distributions from capital gains		(0.46	)		—	(b)		—	(b)		—	(b)		—
Total distributions		(0.51	)		—			—			—			—
Net asset value, end of year	$	17.20		$	17.32		$	14.53		$	13.67		$	15.90
Total return		2.19	%		19.20	%		6.29	%		(14.02	)%		32.94	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	49,366		$	40,256		$	36,880		$	29,596		$	22,436
Ratio of expenses to average net assets:
Before expense reimbursements		1.30	%		1.30	%		1.31	%		1.34	%		1.54	%
After expense reimbursements		1.30	%		1.30	%		1.31	%		1.34	%		1.31	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.30	%		0.13	%		(0.22	)%		(0.53	)%		(0.78	)%
After expense reimbursements		0.30	%		0.13	%		(0.22	)%		(0.53	)%		(0.55	)%
Portfolio turnover		13	%		24	%		13	%		22	%		5	%

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

(d) Commencement of operations.

(e) Not annualized.

See accompanying notes to financial statements.

49

Shelton Funds Notes to Financial Statements August 31, 2018

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, 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. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of no par value shares in one or more series. The Trust, originally organized as two separate Massachusetts business trusts formed by Declarations of Trust dated September 11, 1985, as subsequently amended, was reorganized into a single Delaware statutory trust after the close of trading on December 29, 2006. The investment objectives of the Funds are as follows: California Tax-Free Income Fund seeks as high a level of income, exempt from regular federal and California personal income taxes, as is consistent with prudent investment management and safety of capital. U.S. Government Securities Fund seeks liquidity, safety from credit risk and as high a level of income as is consistent with these objectives by investing in full faith and credit obligations of the U.S. Government and its agencies or instrumentalities, primarily in U.S. Treasury Securities and Government National Mortgage Association Certificates. Short-Term U.S. Government Bond Fund seeks liquidity, safety from credit risk, preservation of investors’ principal and as high a level of income as is consistent with these objectives by investing in mainly U.S. government securities. The United States Treasury Trust seeks capital preservation, safety, liquidity, and consistent with these objectives, the highest attainable current income exempt from state income taxes. S&P 500 Index Fund, S&P MidCap Index Fund and S&P SmallCap Index Fund are diversified mutual funds that seek to provide investment results that correspond to the total return of publicly traded common stocks represented in the Standard & Poor’s 500 Composite Stock Price Index, the Standard & Poor’s MidCap 400 Index and the Standard & Poor’s SmallCap 600 Index, respectively. The Shelton Core Value Fund seeks a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities. Shelton Green Alpha Fund seeks to achieve long-term capital appreciation by investing in stocks in the green economy by investing in common stocks of companies believed to be leaders in managing environmental risks and opportunities. Nasdaq-100 Index Fund attempts to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index.

On July 25, 2018, a Special Meeting of Shareholders of the European Growth and Income Fund series of Shelton Funds approved a reorganization (the “Reorganization”) of the European Growth and Income Fund into Shelton International Select Equity Fund (the “International Fund”), a series of SCM Trust.

The Reorganization took place on August 24, 2018. Each shareholder of the European Growth and Income Fund received shares of the Shelton International Select Equity Fund, with no dilution in the dollar amount of his or her investment. Shareholders of the Class K and Direct Class shares of the European Growth and Income Fund received the same number of full and fractional shares of, respectively, the Investor Class and Institutional Class shares of the Shelton International Select Equity Fund, as they originally held in the European Growth and Income Fund. The Reorganization did not result in the recognition of taxable gain or loss for federal income tax purposes for the European Growth and Income Fund or its shareholders.

The Shelton Funds began offering additional classes of shares, Class K, on October 16, 2003. Income, expenses (other than the expenses attributable to a specific class), realized and unrealized gains or losses on investments of the Funds are allocated proportionately to the two classes of shares offered based on the daily net assets, except for Rule 12b-1 distribution fees and shareholder service fees, which are charged only to K Shares. The following is a summary of significant accounting policies followed by the Funds.

(a) Security Valuation – Equity securities listed on a national exchange are valued at the last reported sales price. Futures contracts are valued at the settle price, depending on the exchange the contract trades on, typically as of 4:15 p.m., Eastern Time. Municipal securities are valued by an independent pricing service at a price determined by a matrix pricing method. This technique generally considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. U.S. government securities for which market quotations are readily available are valued at the mean between the closing bid and asked prices provided by an independent pricing service. U.S. agency securities consisting of mortgage pass-through certificates are valued using dealer quotations provided by an independent pricing service. U.S. Treasury Bills are valued at amortized cost which approximates market value. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value. The United States Treasury Trust securities are valued at amortized cost, in accordance with procedures adopted by the Board of Trustees and which the Board of Trustees has determined in good faith reflects the market-based net asset value per share. The Fund receives options pricing data from the Trust’s third party pricing service who use the last traded price to quote options positions.

Securities for which market quotes are not readily available from the Trust’s third party pricing service are valued at fair value, determined in good faith and in accordance with procedures adopted by the Board of Trustees. The Board has delegated to its Pricing Committee the responsibility for determining the fair value, subject to the Board oversight and the review of the pricing decisions at its quarterly meetings.

(b) Futures Contracts – Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of cash, as collateral, for the account of the broker (a Fund’s agent in acquiring the futures position). During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. The S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund may purchase or sell stock index futures to maintain cash reserves while remaining fully invested, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract is priced more attractively than the underlying equity security or index. Risks include the possibility of an illiquid market and an imperfect correlation between the change in market value of the stocks held by a Fund and the prices of futures contracts.

(c) Options – The Shelton Core Value Fund may write call options. When an option is written, the Fund receives a premium and becomes obligated to sell the underlying security at a fixed price, upon exercise of the option. Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as the Options Clearing Corporation). The difference between the premium received or paid, and the market value of the option, is recorded as unrealized appreciation or depreciation. When an option is exercised, the proceeds of the security sold are adjusted by the amount of premium received. Upon the expiration of the option, a gain or loss is reported in the Statement of Operations. The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or give up the opportunity for profit.

(d) 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.

(e) 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, 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.

50

Shelton Funds Notes to Financial Statements (Continued) August 31, 2018

(f) 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.

(g) 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.

(h) 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.

(i) 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 (2015-2017), or expected to be taken in the Fund’s 2018 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.

(j) Fair Value Measurements – The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the company has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation of the Trust’s securities at August 31, 2018 using fair value hierarchy:

	Level 1(a)		Level 2(a)		Level 3(a)					Level 1(a)		Level 2(a)
Fund	Investments in Securities(b)		Investments in Securities(c)		Investments in Securities			Total Assets		Futures Contracts - Assets(d)		Written Options - Liabilities
California Tax-Free Income Fund	$	—	$	67,583,370	$	—		$	67,583,370	$	—	$	—
U.S. Government Securities Fund		—		19,209,540		—			19,209,540		—		—
Short-Term U.S. Government Bond Fund		—		6,330,413		—			6,330,413		—		—
The United States Treasury Trust Fund		—		54,439,247		—			54,439,247		—		—
S&P 500 Index Fund		191,128,933		—		—			191,128,933		229		—
S&P MidCap Index Fund		129,778,891		199,678		—			129,978,569		2,400		—
S&P SmallCap Index Fund		86,828,735		1,198,065		2,962			88,029,762		6,531		—
Shelton Core Value Fund		172,664,647		7,288,230		1,000,000	(e)		180,952,877		—		1,686,071
Nasdaq-100 Index Fund		645,712,277		11,980,652		—			657,692,929		22,553		—
Shelton Green Alpha Fund		48,132,250		—		—			48,132,250		—		—

(a) It is the Fund’s policy to recognize transfers between levels on the last day of the fiscal reporting period. There were no transfers in or out of Level 1, Level 2, and Level 3 as of FYE

(b) All publicly traded common stocks and preferred stocks held in the Funds are Level 1 securities. For a detailed break-out of equity securities by major industry classification, please refer to the Portfolio of Investments.

(c) All fixed income securities held in the Funds are Level 2 securities. For a detailed break-out of fixed income securities by type, please refer to the Portfolio of Investments.

(d) Represents variation margin on the last day of the reporting period.

(e) Preferred Stock

Level 3 Securities	Shelton Core Value Fund		S&P SmallCap Index Fund
Beginning Balance	$	1,000,000	$	—
Net Purchases		—		2,962
Net Sales		—		—
Total Realized Gain (Loss)		—		—
Change in Unrealized Appreciation (Depreciation)		—		—
Accrued Interest		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Ending Balance	$	1,000,000	$	2,962

51

Shelton Funds Notes to Financial Statements (Continued) August 31, 2018

	Fair Value as of 8/31/18		Valuation Techniques	Unobservable Input	Input Values		Impact to valuation from an increase to input
Amerityre Corp. 5% Preferred Conv.	$	1,000,000	Market comparables and estimated recovery proceeds	Market quotes, yield quotes and option valuation*	$	0.50	Changes in the market quotes and option valuation will result in direct and proportional changes in the value of the security
A Schulman Inc Rights	$	2,962	Based on the difference between the value of the underlying security and the cash value of the right	Impact of pending litigation relating to right issuance	$	1.00	Results of pending lititgation may result in direct and proportional changes in the value of the security

^* Market quote on Amerityre common stock, five-year treasury yield and the option value of the conversion of preferred stock to common stock.

(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 and Shelton Green Alpha Fund and 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. Losses involving futures can sometimes be substantial, in part because a relatively small price movement in a futures contract may result in an immediate and substantial loss for the Funds. In an effort to minimize this risk, the Funds will not use futures for speculative purposes or as leverage. It is the Funds’ policy to hold cash deposits equal or greater than the total market value of any futures position. The value of all futures and options contracts in which the Funds acquire an interest will not exceed 20% of current total assets.

At August 31, 2018, the number of open future contracts in the S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, and Nasdaq-100 Index Fund was 7, 5, 22, and 91, respectively. The Shelton Core Value Fund, and Shelton Green Alpha Fund held no futures contracts at August 31, 2018. Only current day’s variation margin is reported as an asset or liability within the statement of assets and liabilities.

The effect of derivative instruments on the Statements of Assets & Liabilities for the year ended August 31, 2018:

Derivatives Not Accounted for as Hedging Instruments	Variation Margin Receivable
S&P 500 Index Fund – Equity contracts	$	229
S&P MidCap Index Fund – Equity contracts		2,400
S&P SmallCap Index Fund – Equity contracts		6,531
Nasdaq-100 Index Fund – Equity contracts		22,553

The effect of derivative instruments on the Statements of Operations for the year ended August 31, 2018:

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	$	15,399	$	11,995
S&P MidCap Index Fund - Equity contracts	$	78,996	$	18,540
S&P SmallCap Index Fund - Equity contracts	$	125,810	$	36,710
Nasdaq-100 Index Fund - Equity contracts	$	2,333,214	$	226,915

The previously disclosed derivative instruments outstanding as of August 31, 2018, and their effect on the Statement of Operations for the period ending August 31, 2018, 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	$	1,798,635
S&P MidCap Index Fund – Equity contracts	$	1,190,371
S&P SmallCap Index Fund – Equity contracts	$	1,268,660
Nasdaq-100 Index Fund – Equity contracts	$	12,846,703

52

Shelton Funds Notes to Financial Statements (Continued) August 31, 2018

Note 2 - INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS

Shelton Capital Management (“Shelton Capital” or the “Advisor”), a California limited partnership, provides each Fund with management and administrative services pursuant to investment management and administration servicing agreements.

In accordance with the terms of the management agreement, the Advisor receives compensation at the following annual rates:

	To $100 million in net assets	$100 million to $500 million in net assets	$500 million to $1 billion in net assets	In excess of $1 billion in net assets
California Tax-Free Income Fund	0.50%	0.45%	0.40%	0.40%
U.S. Government Securities Fund	0.50%	0.45%	0.40%	0.40%
U.S. Treasury Trust	0.50%	0.45%	0.40%	0.40%
Short-Term U.S. Government Bond Fund	0.50%	0.50%	0.45%	0.40%
S&P 500 Index Fund	0.25%	0.25%	0.25%	0.25%
S&P MidCap Index Fund	0.40%	0.40%	0.40%	0.40%
S&P SmallCap Index Fund	0.50%	0.50%	0.45%	0.40%
Shelton Core Value Fund	0.50%	0.50%	0.45%	0.40%
Nasdaq-100 Index Fund	0.50%	0.50%	0.45%	0.40%
Shelton Green Alpha Fund(a)	1.00%	1.00%	1.00%	1.00%

(a) The Advisor pays Green Alpha Advisors a sub-advisor fee of 0.50%

The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement is effective until January 2, 2019, unless renewed and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees’ review and approval. Reimbursements from the Advisor to affected Funds, and the voluntary expense limits, for the period ended August 31, 2018 are as follows:

	Voluntary Expense Limitation
Fund	Reimburse	Direct Shares	K Shares	Expiration
U.S. Government Securities Fund	0.07%	0.74%	1.24%	1/2/19
Short-Term U.S. Government Bond Fund	0.38%	0.59%	1.09%	1/2/19
The United States Treasury Trust(a)	0.19%	0.53%	1.03%	1/2/19
Nasdaq-100 Index Fund	0.24%	0.49%	0.99%	1/2/19

At August 31, 2018, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $4,326,070. The Advisor may recapture a portion of the above amount no later than the dates as stated below. As of January 2, 2018, the S&P 500 Index fund, S&P MidCap Index Fund and S&P SmallCap Index Fund were no longer subject to contractual expense limitations.

Fund	Expires 8/31/19		Expires 8/31/20		Expires 8/31/21		Total
U.S. Government Securities Fund	$	20,081	$	16,422	$	27,929	$	64,432
Short-Term U.S. Government Bond Fund		24,167		23,105		36,555		83,827
The United States Treasury Trust		362,655		120,514		170,178		653,347
S&P 500 Index Fund		145,091		155,984		88,195		389,270
S&P MidCap Index Fund		52,995		72,425		43,839		169,259
S&P SmallCap Index Fund		18,440		24,783		23,398		66,621
Nasdaq-100 Index Fund		705,792		918,243		1,275,279		2,899,314
Total	$	1,329,221	$	1,331,476	$	1,665,373	$	4,326,070

A Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is contingent upon Board of Trustee review and approval prior to the time the reimbursement is initiated.

As compensation for administrative duties not covered by the management agreement, Shelton Capital receives an administration fee, which was revised on January 1, 2011. The administration fee is based on assets held, in aggregate, by the Shelton Funds. The fee rates are 0.10% on the first $500 million, 0.08% on the next $500 million, and 0.06% on combined assets over $1 billion. Administration fees are disclosed on the Statement of Operations.

Certain officers and trustees of the Trust are also partners of Shelton Capital. Gregory T. Pusch has served as the Chief Compliance Officer (“CCO”) of the Trust since March 2017. Mr. Pusch is also employed by Shelton Capital, the Advisor and Administrator to the Trust. The Trust is responsible for the portion of his salary allocated to his duties as the CCO of the Trust during his employment, and Shelton Capital is reimbursed by the Trust for this portion of his 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. The United States Treasury Trust Fund is not charging its Shareholder Servicing Fee.

53

Shelton Funds Notes to Financial Statements (Continued) August 31, 2018

For the period ended August 31, 2018, 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	$	9,234	$	9,234
Short-Term U.S. Government Bond Fund		3,011		3,002
U.S. Treasury Trust Fund		4,984		4,984
S&P 500 Index Fund		23,369		23,369
S&P MidCap Index Fund		15,314		15,314
S&P SmallCap Index Fund		22,826		22,826
Shelton Core Value Fund		14,208		14,208
Nasdaq-100 Index fund		64,235		64,235

Note 3 - PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities other than short-term instruments for the period ended August 31, 2018 were as follows:

Fund	Purchases		Sales		Purchases (Excluding U.S. Government Obligations)		Sales (Excluding U.S. Government Obligations)
California Tax-Free Income Fund	$	8,110,424	$	11,807,058	$	8,110,424	$	11,807,058
U.S. Government Securities Fund		2,630,293		5,527,006		—		—
Short-Term U.S. Government Bond Fund		2,370,375		1,511,060		—		—
S&P 500 Index Fund		4,585,168		5,438,533		4,587,685		5,443,832
S&P MidCap Index Fund		15,171,943		23,991,494		15,171,943		23,991,494
S&P SmallCap Index Fund		16,621,425		13,036,301		16,621,425		13,036,301
Core Value Fund		75,407,699		56,025,253		75,407,699		56,025,253
Nasdaq-100 Index Fund		64,585,868		10,650,779		64,585,868		10,650,779
Green Alpha Fund		18,309,786		5,763,805		18,309,786		5,763,805

Note 4 – OPTIONS WRITTEN

Written Options Contracts. Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the difference between the premium and the amount for effecting a closing purchase transaction, including brokerage commission, is also treated as a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund. A risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised.

At August 31, 2018, the Core Value Fund had written option contracts outstanding:

Derivatives not Accounted for as Hedging Instruments	Liability Derivatives Statement of Assets and Liabilities Location	Fair Value
Equity Contracts (written option contracts)	Written options, at value	$	1,686,071

The effect of derivative instruments on the Funds’ Statement of Operations for the year ended August 31, 2018, was as follows:

Derivatives not Accounted for as Hedging Instruments	Location of Gains/(Loss) on Derivatives Recognize In Income	Realized Gain/ (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain/(Loss) On Derivatives Recognized In Income
Equity Contracts (written option contracts)	Net realized gains (losses) from: Written option contracts / Net change in unrealized appreciation (depreciation) on: Written option contracts	$	1,568,983	$	36,246

Volume of derivative instruments held by the Funds during the year ended August 31, 2018, was as follows:

Derivative Type	Unit Of Measurement		Average
Written Option Contracts		Contracts	$	(849,461	)

54

Shelton Funds Notes to Financial Statements (Continued) August 31, 2018

Note 5- TAX CHARACTER

Reclassifications: 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, 2018, permanent differences resulting from different book and tax accounting for net operating losses, expiration of capital loss carryforwards, distribution reclassifications, and treatment of accretion of discount. The reclassifications were as follows:

	Increase (Decrease) Paid-In Capital			Increase (Decrease) Undistributed Net Investment Income (Loss)			Increase (Decrease) Accumulated Gain (Loss)
California Tax-Free Income Fund	$	—		$	(20,602	)	$	20,602
U.S. Government Securities Fund		(84,937	)		4,720			80,217
Short-Term U.S. Government Bond Fund		—			94			(94	)
S&P 500 Index Fund		—			78			(78	)
S&P Mid Cap Index Fund		2,500,983			(84,651	)		(2,416,332	)
S&P SmallCap Index Fund		865,827			(34,645	)		(831,182	)
Core Value Fund		1,532,659			500			(1,533,159	)
Nasdaq-100 Index Fund		—			(68,145	)		68,145

Tax Basis of Distributable Earnings: The tax character of distributable earnings at August 31, 2018 was as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carry Forwards			Unrealized Appreciation (Depreciation)			Post October and Other Losses			Total Distributable Earnings
California Tax-Free Income Fund	$	1,631	$	119,465	$	—		$	1,954,262		$	(30,204	)	$	2,045,154
U.S. Government Securities Fund		1,579		—		(245,271	)		(441,214	)		(562	)		(685,468	)
Short-Term U.S. Government Bond Fund		251		—		(2,331	)		(47,437	)		(82	)		(49,599	)
The United States Treasury Trust		1,372		—		(2,297	)		—			(626	)		(1,551	)
S&P 500 Index Fund		796,172		1,039,289		—			123,613,866			—			125,449,327
S&P Mid Cap Index Fund		1,446,338		9,086,605		—			47,471,470						58,004,413
S&P Small Cap Index Fund		289,874		4,899,621		—			29,541,369			—			34,730,864
Core Value Fund		2,664,235		19,492,878		—			52,494,634			—			74,651,747
Nasdaq-100 Index Fund		738,946		37,022		—			278,272,213			—			279,048,181
Green Alpha Fund		96,000		193,003		—			6,170,452			—			6,459,455

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to the realization of unrealized gains/(losses) on future contracts for tax purposes, wash sales, the treatment of accretion of discounts, and certain other investments.

Elective Deferrals: The Funds have not elected to defer capital losses recognized during the period November 1, 2017-August 31, 2018 to the period ending August 31, 2019.

The Funds have not elected to defer ordinary losses to the period ending August 31, 2018

Capital Losses: Capital loss carry forwards, as of August 31, 2018, available to offset future capital gains, if any, are as follows:

Expiring	U.S. Government Securities Fund		Short- Term U.S. Government Bond Fund			United States Treasury Trust Fund
2019	$	245,271	$	—		$	—
Long Term with No Expiration		—		(2,329	)		—
Short Term with No Expiration		—		(2	)		2,297
Total	$	245,271	$	(2,331	)	$	2,297

55

Shelton Funds Notes to Financial Statements (Continued) August 31, 2018

Distributions to Shareholders: Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund.

The tax character of distributions paid during the years ended August 31, 2018 and 2017 were as follows:

Fund	Year		Return of Capital		Ordinary Income		Long-Term Capital Gains(a)		Exempt- Interest Dividends		Total Distributions
California Tax-Free Income Fund		2017	$	—	$	—	$	382,825	$	1,808,992	$	2,191,817
		2018		—		—		234,947		1,471,475		1,706,422
U.S. Government Securities Fund		2017		—		351,966		—		—		351,966
		2018		—		282,935		—		—		282,935
Short-Term U.S. Government Bond Fund		2017		—		22,223		1,286		—		23,509
		2018		—		38,892		—		—		38,892
The United States Treasury Trust		2017		—		16,585		—		—		16,585
		2018		—		524,755		—		—		524,755
S&P 500 Index Fund		2017		—		3,026,980		1,261,699		—		4,288,679
		2018		—		2,799,181		2,382,074		—		5,181,255
S&P Mid Cap Index Fund		2017		—		1,909,057		16,075,128		—		17,984,185
		2018		—		1,191,336		7,185,786		—		8,377,122
S&P Small Cap Index Fund		2017		—		515,196		2,359,926		—		2,875,122
		2018		—		1,056,028		5,901,648		—		6,957,676
Shelton Core Value Fund		2017		—		7,119,101		20,267,309		—		27,386,410
		2018		—		3,972,862		19,009,228		—		22,982,090
Nasdaq-100 Index Fund		2017		—		2,574,293		—		—		2,574,293
		2018		—		4,585,875		3,677,770		—		8,263,645
Green Alpha Fund		2017		—		—		—		—		—
		2018		—		123,102		1,115,328		—		1,238,430

(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, 2018.

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	$	229	$	—	$	229	$	—	$	(229	)	$	—
			229		—		229		—		(229	)		—
	Liabilities
	Future Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—
S&P MidCap Index Fund:	Assets Futures Contracts	$	2,400	$	—	$	2,400	$	—	$	(2,400	)	$	—
			2,400		—		2,400		—		(2,400	)		—
	Liabilities
	Future Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—
S&P SmallCap Index Fund:	Assets Futures Contracts	$	6,531	$	—	$	6,531	$	—	$	(6,531	)	$	—
			6,531		—		6,531		—		(6,531	)		—
	Liabilities
	Future Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—

56

Shelton Funds Notes to Financial Statements (Continued) August 31, 2018

								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
Nasdaq-100 Index Fund:	Assets Futures Contracts	$	22,553	$	—	$	22,553	$	—	$	(22,533	)	$	—
			22,553		—		22,553		—		(22,533	)		—
	Liabilities
	Future Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—

Amounts relate to master netting agreements and collateral agreements which have been determined by the company to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the statement of assets and liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

Note 7 – SUBSEQUENT EVENTS

In preparing the financial statements as of August 31, 2018, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of issuance of the financial statements and has determined that there were no subsequent events requiring recognition or disclosure.

Fund Holdings (Unaudited)

The Fund holdings shown in this report are as of August 31, 2018. Holdings are subject to change at any time, so holdings shown in this report may not reflect current Fund holdings. The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room, 100 F. Street N.E., Room 1580, Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC- 0330. The information filed in the Form N-Q also may be obtained by calling (800) 955-9988.

Proxy Voting Policies, Procedures and Voting Records (Unaudited)

The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds use to determine how to vote proxies relating to portfolio securities, along with each Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended June 30, 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.

57

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees
of Shelton Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of California Tax-Free Income Fund, U.S. Government Securities Fund, Short-Term U.S. Government Bond Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, Nasdaq-100 Index Fund and Shelton Green Alpha Fund (the “Funds”), each a series of Shelton Funds (the “Trust”), including the schedules of investments, as of August 31, 2018, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2018, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 1986.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2018 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
October 30, 2018

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	Year of Birth	Position Held with the Trust	Length of Time Served
Stephen C. Rogers	1050 17th Street, Suite 1710 Denver, CO 80265	1966	Chairman of the Board, Trustee, President	Since August, 1998, Since August 1999, Since August 1999
Kevin T. Kogler	1050 17th Street, Suite 1710 Denver, CO 80265	1966	Trustee	Since May, 2006
Marco L. Quazzo	1050 17th Street, Suite 1710 Denver, CO 80265	1962	Trustee	Since August, 2014
Stephen H. Sutro	1050 17th Street, Suite 1710 Denver, CO 80265	1969	Trustee	Since May, 2006
William P. Mock	1050 17th Street, Suite 1710 Denver, CO 80265	1966	Treasurer	Since February, 2010
Gregory T. Pusch	1050 17th Street, Suite 1710 Denver, CO 80265	1966	Chief Compliance Officer, Secretary	Since March, 2017

Each Trustee oversees the Trust’s ten 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 & Founder of MicroBiz, LLC, 2012 to present; Principal, Robertson Piper Software Group, 2006 to 2012; Senior Vice President, Investment Banking, Friedman, Billings Ramsey, 2003 to 2006.
Marco L. Quazzo	Principal, Bartko Zankel Bunzel & Miller, March 2015-Present; Partner, Barg Coffin Lewis & Trapp LLP (law firm), 2008 to March 2015.
Stephen H. Sutro	Managing Partner, Duane Morris, LLP (law firm) 2014 to present; 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.
Gregory T. Pusch	Principal Occupations Past five years: Global Head of Risk & Compliance, Matthews Asia 2015-2016; Head of Legal & Regulatory Compliance / CCO, HarbourVest Partners 2012-2015.

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.

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ITEM 2. CODE OF ETHICS.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(c) N/A

(d) N/A

(f) Pursuant to Item 12(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officer and principal financial and accounting officer. A copy of the code of ethics is available upon request, at no charge, at 1(800) 955-9988.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) Registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2) N/A

(a)(3) The audit committee has determined that no single independent trustee meets the criteria of "audit committee financial expert", but the collective skills of the committee are sufficient to satisfy the requirements.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $135,300 for the fiscal year ended August 31, 2018 and $131,400 for the fiscal year ended August 31, 2017.

(b) Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of Item 4.

(c) Tax Fees

The aggregate fees paid to the principal accountant for tax compliance, tax advice, and tax planning services rendered by the principal accountant to the Registrant were $28,600 for the fiscal year ended August 31, 2018 and $27,750 for the fiscal year ended August 31, 2017.

(d) All Other Fees

There were no other fees paid to the principal accountant for services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraphs (a)-(c) of Item 4.

(e)(1) The Registrant's audit committee is directly responsible for approving the services to be provided by the auditors, including:

(i) pre-approval of all audit and audit-related services;

(ii) pre-approval of all non-audit related services to be provided to  the Registrant by the auditors;

(iii) pre-approval of all non-audit related services to be provided to the Registrant by the auditors to the Registrant 's investment adviser or to any entity that controls, is controlled by or is under common control with the Registrant 's investment adviser and that provides ongoing services to the Registrant where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

(e)(2) All of the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were pre-approved by the audit committee.

(f) N/A

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the Registrant and the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant were $0 for the fiscal year ended August 31, 2018 and $0 for the fiscal year ended August 31, 2017.

(h) N/A

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS

Included under Item 1.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

N/A

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

N/A

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVEESTMENT COMPANY AND AFFILIATED PURCHASERS.

N/A

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the Registrant's last fiscal half-year (the Registrant's second fiscal half-year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

ITEM 12. EXHIBITS

(a)(1) Code of Ethics attached hereto.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

SHELTON FUNDS
By	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	Date: October 30, 2018

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: October 30, 2018
By	/s/ William P. Mock
	William P. Mock, Treasurer
	Date: October 30, 2018