Shelton Funds N-CSRS Certified semi-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 number811-4417

Shelton Funds

(Exact name of registrant as specified in charter)

1875 Lawrence Street Suite 300 Denver CO 80202

(Address of principal executive offices) (Zip code)

(Name and address of agent for service)

Registrant's telephone number, including area code:(415) 398-2727

Date of fiscal year end:August 31

Date of reporting period:February 28, 2019

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

SEMI-ANNUAL REPORT

February 28, 2019

Green 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.

Beginning on April 29, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website at www.sheltoncap.com and you will be notified by mail each time a report is posted and provided with a website link to access the report.

Beginning on April 29, 2019, you may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 800-955-9988 to let the Funds know you wish to continue receiving paper copies of your shareholder reports.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at www.sheltoncap.com.

Table of Contents February 28, 2019

About Your Fund’s Expenses	2
Top Holdings and Sector Breakdowns	4
Portfolio of Investments	8
Statements of Assets & Liabilities	25
Statements of Operations	28
Statements of Changes in Net Assets	31
Financial Highlights	37
Notes to Financial Statements	47
Fund Holdings	54
Proxy Voting Policies, Procedures and Voting Records	54
Board of Trustees and Executive Officers	55
Board Considerations Regarding Approval of Investment Advisory Agreements	56

1

About Your Fund’s Expenses (Unaudited)

February 28, 2019

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, 2018 to February 28, 2019.

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 September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period*	Net Annual Expense Ratio
Green California Tax-Free Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,020	$ 3.81	0.76%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.81	0.76%
U.S. Government Securities Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,015	$ 3.75	0.75%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.76	0.75%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,013	$ 6.24	1.25%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.26	1.25%
Short-Term U.S. Government Bond Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,011	$ 2.99	0.60%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 3.01	0.60%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,009	$ 5.48	1.10%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.51	1.10%
The United States Treasury Trust
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,009	$ 2.64	0.53%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.66	0.53%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,006	$ 5.12	1.03%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.16	1.03%
S&P 500 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 967	$ 2.44	0.50%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,023	$ 2.51	0.50%
K Shares
Based on Actual Fund Return	$ 1,000	$ 965	$ 4.87	1.00%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.01	1.00%
S&P MidCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 942	$ 3.18	0.66%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 3.31	0.66%
K Shares
Based on Actual Fund Return	$ 1,000	$ 940	$ 5.58	1.16%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 5.81	1.16%

2

About Your Fund’s Expenses (Unaudited)

February 28, 2019 (Continued)

	Beginning Account Value September 1, 2018	Ending Account Value February 28, 2019	Expenses Paid During Period*	Net Annual Expense Ratio
S&P SmallCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 889	$ 3.75	0.80%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 4.01	0.80%
K Shares
Based on Actual Fund Return	$ 1,000	$ 887	$ 6.13	1.31%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.56	1.31%
Shelton Core Value Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 976	$ 3.82	0.78%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.91	0.78%
K Shares
Based on Actual Fund Return	$ 1,000	$ 973	$ 6.26	1.28%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.41	1.28%
Nasdaq-100 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 945	$ 2.46	0.51%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.56	0.51%
K Shares
Based on Actual Fund Return	$ 1,000	$ 942	$ 4.86	1.01%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.06	1.01%
Shelton Green Alpha Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,037	$ 6.57	1.30%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.51	1.30%

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

3

Top Holdings and Sector Breakdowns (Unaudited) February 28, 2019

Green 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	$3,446,389	5.4%
2	California State Public Works Board	Lease Revenue Bonds; 2009 Series I-1	3,092,490	4.8%
3	Los Rios Community College District	General Obligation Bonds; 2008 Election, Series B	2,818,675	4.4%
4	San Francisco Bay Area Rapid Transit District	San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds)	2,725,868	4.3%
5	William S Hart Union High School District	General Obligation Bonds; Election of 2008, Series 2013A	2,709,695	4.2%
6	Mount San Antonio Community College District	Revenue Bonds (University of Southern California); Series 2009A	2,654,517	4.2%
7	East Bay Municipal Utility District Water System Revenue	General Obligation Bonds; 2001 Election, Series B	2,463,403	3.9%
8	City of Los Angeles CA	Water System Revenue Bonds; 2015 Series B	2,173,740	3.4%
9	Los Angeles Department of Water	Tax-Exempt Various Purpose General Obligation Bonds	2,172,285	3.4%
10	California Health Facilities Financing Authority	General Obligation Refunding Bonds; Series 2012-A	2,122,756	3.3%

U.S. Government Securities Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note/Bond	05/15/2025	$ 2,141,305	11.5%
2	United States Treasury Note/Bond	02/15/2021	2,042,031	11.0%
3	United States Treasury Note/Bond	08/15/2023	1,998,945	10.8%
4	United States Treasury Note/Bond	02/15/2022	1,972,773	10.6%
5	United States Treasury Note/Bond	02/15/2020	1,879,070	10.1%
6	United States Treasury Note/Bond	08/15/2020	1,801,863	9.7%
7	United States Treasury Note/Bond	02/29/2024	1,275,574	6.9%
8	United States Treasury Note/Bond	11/15/2028	1,138,436	6.1%
9	United States Treasury Note/Bond	02/15/2026	971,172	5.2%
10	United States Treasury Note/Bond	08/15/2027	871,207	4.7%

Short-Term U.S. Government Bond Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note/Bond	01/31/2020	$ 1,088,484	16.9%
2	United States Treasury Note/Bond	01/31/2021	992,461	15.4%
3	United States Treasury Note/Bond	07/31/2020	992,402	15.4%
4	United States Treasury Note/Bond	06/30/2019	895,605	13.9%
5	United States Treasury Note/Bond	02/15/2020	890,086	13.8%
6	United States Treasury Note/Bond	07/31/2021	795,438	12.3%
7	United States Treasury Note/Bond	06/30/2022	395,359	6.1%
8	United States Treasury Note/Bond	06/30/2019	299,133	4.6%
9	Ginnie Mae II Pool	11/20/2034	61,589	1.0%

4

Top Holdings and Sector Breakdowns (Unaudited) (Continued) February 28, 2019

The United States Treasury Trust

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Bill	04/11/2019	$ 7,180,438	13.6%
2	United States Treasury Bill	04/18/2019	7,176,994	13.6%
3	United States Treasury Bill	03/07/2019	6,297,596	11.9%
4	United States Treasury Bill	04/25/2019	5,579,710	10.5%
5	United States Treasury Bill	05/02/2019	4,979,580	9.4%
6	United States Treasury Bill	03/14/2019	4,895,912	9.2%
7	United States Treasury Bill	05/09/2019	4,678,623	8.8%
8	United States Treasury Bill	03/21/2019	4,094,685	7.7%
9	United States Treasury Bill	04/04/2019	3,592,012	6.8%

S&P 500 Index Fund

Security		Market Value	Percentage of Total Investment
1	Microsoft Corp	$ 6,727,289	3.7%
2	Apple Inc	6,641,861	3.6%
3	Amazon.com Inc	5,157,265	2.8%
4	Berkshire Hathaway Inc	3,036,208	1.7%
5	Facebook Inc	3,027,833	1.7%
6	Johnson & Johnson	2,863,701	1.6%
7	JPMorgan Chase & Co	2,815,215	1.5%
8	Alphabet - Class C	2,694,528	1.5%
9	Exxon Mobil Corp	2,577,168	1.4%
10	Alphabet - Class A	2,575,293	1.4%

S&P MidCap Index Fund

Security		Market Value	Percentage of Total Investment
1	IDEX Corp	$ 778,284	0.7%
2	Atmos Energy Corp	767,867	0.7%
3	Zebra Technologies Corp	753,918	0.7%
4	Domino's Pizza Inc	729,734	0.6%
5	Trimble Inc	712,138	0.6%
6	STERIS PLC	688,504	0.6%
7	Old Dominion Freight Line Inc	686,908	0.6%
8	PTC Inc	686,125	0.6%
9	Alleghany Corp	666,750	0.6%
10	The Ultimate Software Group Inc	664,989	0.6%

5

Top Holdings and Sector Breakdowns (Unaudited) (Continued) February 28, 2019

S&P SmallCap Index Fund

Security		Market Value	Percentage of Total Investment
1	Ingevity Corp	$ 486,574	0.7%
2	Trex Co Inc	442,655	0.6%
3	First Financial Bankshares Inc	440,007	0.6%
4	Spire Inc	400,725	0.5%
5	FirstCash Inc	399,467	0.5%
6	Selective Insurance Group Inc	388,834	0.5%
7	EastGroup Properties Inc	382,489	0.5%
8	Glacier Bancorp Inc	373,303	0.5%
9	Semtech Corp	365,521	0.5%
10	Amedisys Inc	356,865	0.5%

Shelton Core Value Fund

Security		Market Value	Percentage of Total Investment
1	JPMorgan Chase & Co	$ 7,411,647	4.8%
2	Sprouts Farmers Market Inc	5,363,600	3.5%
3	Ford Motor Co	4,584,079	3.0%
4	Wells Fargo & Co	4,384,782	2.9%
5	Microsoft Corp	4,216,025	2.7%
6	Bank of America Corp	4,071,200	2.7%
7	Chevron Corp	3,506,564	2.3%
8	BP PLC	3,473,288	2.3%
9	Apple Inc	3,463,000	2.3%
10	Exxon Mobil Corp	3,416,941	2.2%

Nasdaq-100 Index Fund

Security		Market Value	Percentage of Total Investment
1	Amazon.com Inc	$ 51,293,882	8.6%
2	Apple Inc	47,931,556	8.0%
3	Facebook Inc	32,948,393	5.5%
4	Microsoft Corp	31,295,468	5.2%
5	Alphabet - Class C	21,848,519	3.7%
6	Alphabet - Class A	21,637,646	3.6%
7	Intel Corp	21,387,049	3.6%
8	Cisco Systems Inc	21,323,079	3.6%
9	Comcast Corp	15,485,827	2.6%
10	PepsiCo Inc	14,323,980	2.4%

6

Top Holdings and Sector Breakdowns (Unaudited) (Continued) February 28, 2019

Shelton Green Alpha Fund

Security		Market Value	Percentage of Total Investment
1	Vestas Wind Systems A/S	$ 3,194,700	6.5%
2	Canadian Solar Inc	2,927,142	6.0%
3	Pattern Energy Group Inc	2,816,100	5.7%
4	First Solar Inc	2,343,730	4.8%
5	Sunrun Inc	2,171,400	4.4%
6	Applied Materials Inc	1,859,490	3.8%
7	JinkoSolar Holding Co Ltd	1,708,970	3.5%
8	International Business Machines Corp	1,588,495	3.2%
9	Hannon Armstrong Sustainable Infrastructure Capital Inc	1,575,680	3.2%
10	Alphabet - Class C	1,567,888	3.2%

7

Green California Tax-Free Income Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description	Par Value		Rate		Maturity		Value (Note 1)
Municipal Bonds (97.60%)
BUTTE-GLENN COMMUNITY COLLEGE DISTRICT
Lease Revenue Bonds; 2009 Series I-1	$	1,000,000		4.000%		08/01/2026	$	1,079,460
CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD
Lease Revenue Bonds; 2009 Series I-1		3,000,000		6.125%		11/01/2029		3,092,490
CALIFORNIA DEPARTMENT OF WATER RESOURCES
Power Supply Revenue Bonds; Series 2010L		1,000,000		5.000%		05/01/2019		1,005,650
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
Kaiser Permanente Revenue Bonds, Series 2017A-1		1,700,000		5.000%		11/01/2027		2,122,756
Kaiser Permanente Revenue Bonds, Series 2017A-1		500,000		1.530%		11/15/2045		500,000
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
Clean Water State Revolving Fund Revenue Bonds, Series 2016 (Green Bonds)		200,000		2.000%		10/01/2019		200,672
Clean Water State Revolving Fund Revenue Bonds, Series 2016 (Green Bonds)		1,200,000		5.000%		10/01/2033		1,405,728
CITY OF LOS ANGELES
General Obligation Refunding Bonds; Series 2012-A		2,000,000		5.000%		09/01/2021		2,173,740
EAST BAY MUNICIPAL UTILITY DISTRICT
Water System Revenue Bonds; 2015 Series B		2,050,000		5.000%		06/01/2026		2,463,403
EAST SIDE UNION HIGH SCHOOL DISTRICT
General Obligation Refunding Bonds (2012 Crossover); 2006		2,975,000		5.250%		09/01/2023		3,446,389
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT
Election of 1999 General Obligation Bonds; Series C		2,000,000		0.000%		08/01/2027		1,642,560
HARBOR DEPARTMENT OF THE CITY OF LOS ANGELES
Revenue Bonds; 2014 Series C		290,000		4.000%		08/01/2023		321,772
LOS ANGELES CA WASTEWATER SYSTEM REVENUE
Los Angeles CA Wstwter System Revenue Bond		500,000		5.000%		06/01/2044		564,325
LOS ANGELES COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series G		865,000		5.000%		08/01/2028		1,006,583
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds; Series 2012-A		1,000,000		5.000%		07/01/2021		1,081,650
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A		1,500,000		5.000%		07/01/2023		1,724,340
Propositin A First Tier Los Angeles County Met Transport		500,000		4.000%		07/01/2028		559,855
LOS ANGELES DEPARTMENT OF WATER AND POWER
Water System Revenue Bonds; 2012 Series A		1,985,000		5.000%		07/01/2037		2,172,285
LOS RIOS COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series B		2,500,000		5.000%		08/01/2032		2,818,675
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA
Water Revenue Bonds; 2008 Authorization, Series C		1,000,000		5.000%		07/01/2035		1,009,800
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Midpeninsula Regional Open Space District		200,000		4.000%		09/01/2021		212,648
MT. DIABLO UNIFIED SCHOOL DISTRICT
General Obligation Refunding Bonds; Election Of 2002, Series B		500,000		5.000%		07/01/2020		523,875
MT. SAN ANTONIO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2008, Series 2013A		2,345,000		5.000%		08/01/2034		2,654,517
RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bonds; 2012		1,380,000		4.000%		09/01/2020		1,433,820
REGENTS OF THE UNIVERSITY OF CALIFORNIA
General Revenue Bonds; 2014 Series AM		925,000		5.000%		05/01/2029		1,066,988
ROSEVILLE FINANCE AUTHORITY ELECTRIC SYSTEM REVENUE
Electric System Revenue Refunding Bonds; Series 2013		750,000		5.000%		02/01/2025		854,108
SACRAMENTO MUNICIPAL UTILITY DISTRICT
Electric Revenue Bonds; 1997 Series K		1,000,000		5.250%		07/01/2024		1,139,360
SAN DIEGO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2002, Series 2013		1,175,000		5.000%		08/01/2027		1,341,862
San Francisco Bay Area Rapid Transit District
San Francisco BART District GO Bonds 2017 Series A-1 (Green Bonds)		645,000		4.000%		08/01/2034		702,457
San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds)		2,300,000		5.000%		08/01/2036		2,725,867
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		1,038,970
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		521,015

See accompanying notes to financial statements.

8

Green California Tax-Free Income Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

Security Description	Par Value		Rate		Maturity		Value (Note 1)
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	$	745,521
San Francisco City & County Public Utilities Commission Wastewater Revenue		1,000,000		5.000%		11/01/2034		1,184,390
SAN FRANCISCO, PUBLIC UTILITIES COMMISSION WATER REVENUE
San Francisco City and Green Bond Series A		680,000		5.000%		11/01/2030		795,573
City of San Francisco CA Public Utilities Commission Water Revenue		1,170,000		5.000%		11/01/2036		1,337,544
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
2000 Measure A Sales Tax Revenue Refunding Bonds; 2015 Series A		1,000,000		5.000%		04/01/2034		1,153,900
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Election of 2004, Series 2005		2,500,000		0.000%		08/01/2029		1,848,125
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
Windy Point/Windy Flats Project Revenue Bonds; 2010-1		1,000,000		5.000%		07/01/2023		1,046,470
Souther California Public Power Authority Windy Pt/Windy Flats Project 1		1,400,000		5.000%		07/01/2026		1,461,670
STATE OF CALIFORNIA
Tax-Exempt Various Purpose General Obligation Bonds		900,000		3.000%		10/01/2028		926,406
Tax-Exempt Various Purpose General Obligation Bonds		1,700,000		1.250%		05/01/2034		1,700,000
SUCCESSOR AGENCY TO THE LA MIRADA REDEVELOPMENT AGENCY
Subordinate Tax Allocation Refunding Bonds; 2014 Series A		1,000,000		5.000%		08/01/2023		1,145,890
TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY
Systemwide Revenue Bonds; Series 2012A		1,100,000		4.000%		11/01/2030		1,163,426
TUOLUMNE WIND PROJECT AUTHORITY
Tuolumne Wind Project Authority		1,000,000		5.000%		01/01/2020		1,029,490
WILLIAM S. HART UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; 2001 Election, Series B		3,595,000		0.000%		09/01/2029		2,709,694
Total Municipal Bonds (Cost $60,340,576)								62,855,719
Variable Rate Demand Notes (1.58%)
California Health Facilities Financing Authority**		1,000,000		5.000%*		07/01/2043		1,019,310
Total Variable Rate Demand Notes (Cost $1,019,310)								1,019,310
Total Investments (Cost $61,359,886)(a) (99.18%)							$	63,875,029
Other Net Assets (0.82%)								525,793
Net Assets (100.00%)							$	64,400,822

(a) Aggregate cost for federal income tax purposes is $61,339,842.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	2,783,106
Unrealized depreciation		(297,918	)
Net unrealized appreciation		2,535,187

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.
*	Rate Effective as of February 28, 2019
**	In accordance with the offering documents, daily interest rates are determined by the Remarketing Agents.

See accompanying notes to financial statements.

9

U.S. Government Securities Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description	Par Value		Rate		Maturity		Value (Note 1)
Government National Mortgage Association (5.04%)
	$	12,427		5.000		07/15/2020	$	12,671
		35,353		5.500		01/15/2025		37,705
		97,143		6.000		01/15/2026		105,007
		137,520		5.500		04/15/2036		150,877
		160,285		5.000		03/15/2038		171,710
		69,811		6.000		06/15/2038		76,737
		384,086		3.500		11/20/2044		388,265
Total Government National Mortgage Association (Cost $911,663)								942,972
United States Treasury Bonds (13.45%)
		800,000		6.000		02/15/2026		971,172
		400,000		6.375		08/15/2027		511,406
		500,000		5.000		05/15/2037		652,529
		400,000		2.750		08/15/2042		379,078
Total United States Treasury Bonds (Cost $2,565,578)								2,514,185
United States Treasury Notes (80.87%)
		1,900,000		1.375		02/15/2020		1,879,070
		1,800,000		2.625		08/15/2020		1,801,863
		2,000,000		3.625		02/15/2021		2,042,031
		2,000,000		2.000		02/15/2022		1,972,773
		2,000,000		2.500		08/15/2023		1,998,946
		1,300,000		2.125		02/29/2024		1,275,574
		2,200,000		2.125		05/15/2025		2,141,305
		900,000		2.250		08/15/2027		871,207
		1,100,000		3.125		11/15/2028		1,138,436
Total United States Treasury Notes (Cost $15,338,681)								15,121,205
Total Investments (Cost $18,815,921)(a) (99.36%)							$	18,578,362
Other Net Assets (0.64%)								120,001
Net Assets (100.00%)							$	18,698,363

(a) Aggregate cost for federal income tax purposes is $18,815,921.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	63,079
Unrealized depreciation		(300,638	)
Net unrealized depreciation	$	(237,559	)

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

10

Short-Term U.S. Government Bond Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description	Par Value		Rate		Maturity		Value (Note 1)
Government National Mortgage Association (1.43%)
	$	31,265		4.125		06/20/2034	$	32,014
		59,220		4.125		11/20/2034		61,589
Total Government National Mortgage Association (Cost $90,895)								93,603
United States Treasury Notes (97.13%)
		300,000		1.625		06/30/2019		299,133
		900,000		1.000		06/30/2019		895,605
		1,100,000		1.375		01/31/2020		1,088,484
		900,000		1.375		02/15/2020		890,086
		1,000,000		2.000		07/31/2020		992,402
		1,000,000		2.125		01/31/2021		992,461
		800,000		2.250		07/31/2021		795,438
		400,000		2.125		06/30/2022		395,359
Total United States Treasury Notes (Cost $6,370,379)								6,348,968
Total Investments (Cost $6,461,274)(a) (98.56%)							$	6,442,571
Other Net Assets (1.44%)								94,091
Net Assets (100.00%)							$	6,536,662

(a) Aggregate cost for federal income tax purposes is $6,461,274.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	8,414
Unrealized depreciation		(27,117	)
Net unrealized depreciation	$	(18,703	)

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

The United States Treasury Trust Portfolio of Investments (Unaudited) 2/28/19

Security Description	Par Value		Maturity		Value (Note 1)
United States Treasury Bills, DN(a) (99.96%)
	$	6,300,000		03/07/2019	$	6,297,596
		4,900,000		03/14/2019		4,895,912
		4,100,000		03/21/2019		4,094,685
		3,600,000		04/04/2019		3,592,012
		7,200,000		04/11/2019		7,180,438
		7,200,000		04/18/2019		7,176,995
		5,600,000		04/25/2019		5,579,710
		5,000,000		05/02/2019		4,979,580
		4,700,000		05/09/2019		4,678,623
		2,500,000		05/30/2019		2,485,064
		2,000,000		07/11/2019		1,982,055
Total United States Treasury Bills, DN (Cost $52,942,670)						52,942,670
Total Investments (Cost $52,942,670)(b) (99.96%)					$	52,942,670
Other Net Assets (0.04%)						21,570
Net Assets (100.00%)					$	52,964,240

(a) Discount Note. Yield to maturity is between 0.00% - 1.59%

(b) Aggregate cost for federal income tax purposes is $52,942,670.

Because tax adjustments are calculated annually, the above tax figure reflects the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

11

S&P 500 Index Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description	Shares		Value (Note 1)
Common Stock (99.41%)
Basic Materials (2.03%)
Air Products & Chemicals Inc		1,615	$	292,606
Albemarle Corp		868		79,240
Celanese Corp		371		37,950
CF Industries Holdings Inc		1,795		75,749
DowDuPont Inc		17,485		930,726
Eastman Chemical Co		1,048		86,659
FMC Corp		1,102		98,629
Freeport-McMoRan Inc		6,887		88,842
International Paper Co		3,175		145,479
International Flavors & Fragrances Inc		683		87,083
Linde PLC		4,315		747,530
LyondellBasell Industries NV - Class A		2,532		216,537
The Mosaic Co		2,068		64,666
Newmont Mining Corp		3,766		128,496
Nucor Corp		2,404		145,610
PPG Industries Inc		2,102		235,360
The Sherwin-Williams Co		628		272,050
Total Basic Materials				3,733,212
Communications (14.41%)
Alphabet Inc - Class A*		2,286		2,575,293
Alphabet Inc - Class C*		2,406		2,694,528
Amazon.com Inc*,(a)		3,145		5,157,265
Arista Networks Inc*		162		46,211
AT&T Inc		56,729		1,765,406
Booking Holdings Inc*		361		612,631
CBS Corp - Class B		2,752		138,178
CenturyLink Inc		4,581		60,423
Charter Communications Inc*		1,463		504,603
Cisco Systems Inc		37,866		1,960,323
Comcast Corp - Class A		36,651		1,417,294
Discovery Inc - Class A*		1,878		54,274
Discovery Inc - Class C*		1,878		51,176
DISH Network Corp*		1,784		57,998
eBay Inc		8,321		309,125
Expedia Group Inc		689		84,961
F5 Networks Inc*		602		101,220
Facebook Inc*,(a)		18,754		3,027,834
The Interpublic Group of Cos Inc		3,241		74,640
Juniper Networks Inc		2,718		73,603
Motorola Solutions Inc		1,430		204,662
Netflix Inc*		3,319		1,188,534
News Corp - Class A		3,745		48,760
News Corp - Class B		910		12,112
Omnicom Group Inc		1,982		150,037
Symantec Corp		5,172		116,318
TripAdvisor Inc*		850		45,195
Twenty-First Century Fox Inc		3,726		186,896
Twenty-First Century Fox Inc - Class A		8,143		410,651
Twitter Inc*		5,110		157,286
VeriSign Inc*		689		122,670
Verizon Communications Inc		31,159		1,773,570
Viacom Inc - Class B		2,740		80,063
The Walt Disney Co		11,275		1,272,271
Total Communications				26,536,011
Consumer, Cyclical (8.78%)
Advance Auto Parts Inc		548		88,655
Alaska Air Group Inc		963		59,417
American Airlines Group Inc		4,021		143,268
Aptiv PLC		2,173		180,598
AutoZone Inc*		275		258,217
Best Buy Co Inc		1,956		134,651
BorgWarner Inc		1,664		67,575
Capri Holdings Ltd*		1,328		60,557
CarMax Inc*		1,689		104,887
Carnival Corp		3,334		192,572
Chipotle Mexican Grill Inc*		234		142,162
Copart Inc*		641		37,607
Costco Wholesale Corp		3,160		691,218
Darden Restaurants Inc		933		104,599
Delta Air Lines Inc		5,026		249,189
Dollar General Corp		1,932		228,865
Dollar Tree Inc*		1,907		183,701
DR Horton Inc		2,495		97,031
Fastenal Co		2,014		126,761
Foot Locker Inc		1,044		62,139
Ford Motor Co		27,615		242,184
The Gap Inc		2,194		55,728
General Motors Co		10,151		400,761
Genuine Parts Co		1,170		127,273
The Goodyear Tire & Rubber Co		1,847		36,534
Hanesbrands Inc		3,007		55,900
Harley-Davidson Inc		1,765		65,517
Hasbro Inc		950		80,655
Hilton Worldwide Holdings Inc		1,615		134,207
The Home Depot Inc		9,397		1,739,761
Kohl’s Corp		1,587		107,170
L Brands Inc		1,787		46,712
Leggett & Platt Inc		1,017		46,192
Lennar Corp		2,200		105,556
LKQ Corp*		2,347		65,012
Lowe’s Cos Inc		6,732		707,466
Macy’s Inc		2,961		73,403
Marriott International Inc		2,467		309,041
Mattel Inc*		2,508		36,165
McDonald’s Corp		6,382		1,173,267
MGM Resorts International		3,988		106,679
Mohawk Industries Inc*		459		62,479
Newell Brands Inc		3,701		60,067
NIKE Inc - Class B		10,668		914,568
Nordstrom Inc		1,123		53,095
Norwegian Cruise Line Holdings Ltd*		1,599		88,792
O’Reilly Automotive Inc*		665		247,353
PACCAR Inc		2,601		176,348
PulteGroup Inc		2,804		75,708
PVH Corp		574		65,918
Ralph Lauren Corp		449		56,201
Ross Stores Inc		3,322		315,025
Royal Caribbean Cruises Ltd		1,236		146,441
Southwest Airlines Co		4,671		261,763
Starbucks Corp		10,948		769,206
Tapestry Inc		2,156		75,331
Target Corp		4,818		349,980
Tiffany & Co		950		90,288
The TJX Cos Inc		10,832		555,573
Tractor Supply Co		1,050		100,118
Ulta Beauty Inc*		468		146,245
Under Armour Inc - Class A*		1,210		27,286
Under Armour Inc - Class C*		1,218		24,457
United Continental Holdings Inc*		2,214		194,411
VF Corp		2,588		226,088
Walgreens Boots Alliance Inc		6,346		451,772
Walmart Inc		11,851		1,173,130
Whirlpool Corp		570		80,661
WW Grainger Inc		441		134,404
Wynn Resorts Ltd		526		66,560
Yum! Brands Inc		2,700		255,150
Total Consumer, Cyclical				16,173,270
Consumer, Non-Cyclical (22.25%)
Abbott Laboratories		13,435		1,042,825
AbbVie Inc		12,821		1,015,935
ABIOMED Inc*		140		46,830
Alexion Pharmaceuticals Inc*		1,383		187,161
Align Technology Inc*		600		155,382
Allergan PLC		2,617		360,387
Altria Group Inc		14,863		778,970
AmerisourceBergen Corp		1,565		130,365
Amgen Inc		5,284		1,004,383
Anthem Inc		2,002		602,061
Archer-Daniels-Midland Co		4,902		208,335
Automatic Data Processing Inc		3,564		545,399
Avery Dennison Corp		891		96,264
Baxter International Inc		3,880		289,952
Becton Dickinson and Co		1,897		471,955
Biogen Inc*		1,739		570,409
Boston Scientific Corp*		11,526		462,423
Bristol-Myers Squibb Co		12,265		633,610
Brown-Forman Corp - Class B		1,728		85,519
Campbell Soup Co		1,449		52,193
Cardinal Health Inc		2,511		136,448
Celgene Corp*		6,007		499,302
Centene Corp*		2,584		157,340
Church & Dwight Co Inc		1,996		131,337
Cigna Corp		3,248		566,581
Cintas Corp		801		165,487
The Clorox Co		943		149,022
The Coca-Cola Co		30,037		1,361,877
Colgate-Palmolive Co		6,558		431,975
Conagra Brands Inc		2,987		69,806
Constellation Brands Inc		1,083		183,200
The Cooper Cos Inc		374		106,960
Coty Inc		3,684		40,524
CVS Health Corp		10,096		583,852
Danaher Corp		4,166		529,165
DaVita Inc*		1,224		69,646
DENTSPLY SIRONA Inc		1,160		48,442
Ecolab Inc		1,937		327,179
Edwards Lifesciences Corp*		1,716		290,502
Eli Lilly & Co		7,419		936,946
Equifax Inc		870		95,274
The Estee Lauder Cos Inc		1,800		282,492
FleetCor Technologies Inc*		699		163,063
Gartner Inc*		714		101,602
General Mills Inc		4,683		220,710
Gilead Sciences Inc		10,033		652,346
Global Payments Inc		1,172		152,805
H&R Block Inc		1,994		48,155
HCA Healthcare Inc		2,209		307,139
Henry Schein Inc*		1,256		74,481
The Hershey Co		1,114		123,298
Hologic Inc*		2,135		100,665
Hormel Foods Corp		2,128		92,270
Humana Inc		1,191		339,483
IDEXX Laboratories Inc*		691		145,822
IHS Markit Ltd*		2,494		132,606
Illumina Inc*		1,143		357,496
Incyte Corp*		1,363		117,531

See accompanying notes to financial statements.

12

S&P 500 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

Security Description	Shares		Value (Note 1)
Intuitive Surgical Inc*		855	$	468,207
IQVIA Holdings Inc*		1,146		160,555
The JM Smucker Co		823		87,164
Johnson & Johnson(a)		20,958		2,863,700
Kellogg Co		1,816		102,168
Kimberly-Clark Corp		2,926		341,845
The Kraft Heinz Co		4,282		142,120
The Kroger Co		8,014		235,051
Laboratory Corp of America Holdings*		705		104,509
Lamb Weston Holdings Inc		406		28,140
McCormick & Co Inc		975		132,581
McKesson Corp		1,736		220,750
Medtronic PLC		10,936		989,708
Merck & Co Inc		21,298		1,731,314
Molson Coors Brewing Co		1,200		73,992
Mondelez International Inc		11,909		561,628
Monster Beverage Corp*		3,387		216,192
Moody’s Corp		1,498		259,334
Mylan NV*		3,101		81,835
Nektar Therapeutics*		1,277		51,770
Nielsen Holdings PLC		1,879		49,230
PayPal Holdings Inc*		8,321		816,040
PepsiCo Inc		11,085		1,281,869
Perrigo Co PLC		677		32,970
Pfizer Inc		45,992		1,993,753
Philip Morris International Inc		11,608		1,009,200
The Procter & Gamble Co		20,266		1,997,214
Quanta Services Inc		1,601		57,060
Quest Diagnostics Inc		1,168		101,090
Regeneron Pharmaceuticals Inc*		562		242,076
ResMed Inc		1,127		115,439
Robert Half International Inc		1,032		70,372
Rollins Inc		462		18,323
S&P Global Inc		2,019		404,547
Stryker Corp		2,155		406,239
Sysco Corp		3,758		253,853
Teleflex Inc		127		36,810
Thermo Fisher Scientific Inc		3,062		794,803
Total System Services Inc		1,190		112,336
Tyson Foods Inc - Class A		2,328		143,544
United Rentals Inc*		724		97,443
UnitedHealth Group Inc		7,607		1,842,567
Universal Health Services Inc		683		94,821
Varian Medical Systems Inc*		875		117,565
Verisk Analytics Inc		1,197		151,337
Vertex Pharmaceuticals Inc*		1,731		326,726
WellCare Health Plans Inc*		156		39,558
Zimmer Biomet Holdings Inc		1,338		166,073
Zoetis Inc		3,718		350,347
Total Consumer, Non-Cyclical				41,008,955
Energy (5.11%)
Anadarko Petroleum Corp		3,750		163,125
Apache Corp		2,792		92,639
Baker Hughes a GE Co		3,384		89,270
Cabot Oil & Gas Corp		3,164		77,898
Chevron Corp(a)		14,364		1,717,646
Cimarex Energy Co		657		47,245
Concho Resources Inc		1,114		122,540
ConocoPhillips		8,936		606,308
Devon Energy Corp		2,767		81,654
Diamondback Energy Inc		428		44,054
Encana Corp		2,639		19,133
EOG Resources Inc		3,850		361,900
Exxon Mobil Corp(a)		32,610		2,577,167
Halliburton Co		6,883		211,239
Helmerich & Payne Inc		805		43,631
Hess Corp		1,823		105,461
HollyFrontier Corp		508		26,010
Kinder Morgan Inc		15,052		288,396
Marathon Oil Corp		5,187		86,104
Marathon Petroleum Corp		5,770		357,798
National Oilwell Varco Inc		3,192		89,823
Noble Energy Inc		2,616		57,944
Occidental Petroleum Corp		5,892		389,756
ONEOK Inc		3,307		212,508
Phillips 66		3,493		336,585
Pioneer Natural Resources Co		1,287		181,403
Schlumberger Ltd		11,025		485,762
TechnipFMC PLC		3,637		81,069
Valero Energy Corp		3,459		282,116
The Williams Cos Inc		6,307		168,334
Total Energy				9,404,518
Financial (17.84%)
Affiliated Managers Group Inc		409		44,830
Aflac Inc		6,890		338,575
Alexandria Real Estate Equities Inc		700		95,123
Alliance Data Systems Corp		400		69,200
The Allstate Corp		3,124		294,843
American Express Co		5,917		637,498
American International Group Inc		6,822		294,710
American Tower Corp		2,860		503,789
Ameriprise Financial Inc		1,369		180,201
Aon PLC		2,040		349,921
Apartment Investment & Management Co		1,037		50,740
Arthur J Gallagher & Co		1,374		110,305
Assurant Inc		596		61,382
AvalonBay Communities Inc		1,044		203,194
Bank of America Corp		74,761		2,174,050
The Bank of New York Mellon Corp		8,692		456,156
BB&T Corp		5,247		267,440
Berkshire Hathaway Inc*		15,083		3,036,207
BlackRock Inc		941		417,070
Boston Properties Inc		1,078		143,040
Brighthouse Financial Inc*		700		27,104
Capital One Financial Corp		4,021		336,075
Cboe Global Markets Inc		706		67,712
CBRE Group Inc*		2,058		102,406
Chubb Ltd		3,685		493,422
Cincinnati Financial Corp		1,179		102,361
Citigroup Inc		20,197		1,292,204
Citizens Financial Group Inc		3,885		143,512
CME Group Inc		2,250		409,298
Comerica Inc		1,331		115,943
Crown Castle International Corp		2,760		327,750
Digital Realty Trust Inc		1,218		137,780
Discover Financial Services		3,035		217,336
Duke Realty Corp		2,792		82,559
E*TRADE Financial Corp		1,181		57,857
Equinix Inc		434		183,799
Equity Residential		2,164		159,465
Essex Property Trust Inc		463		129,566
Everest Re Group Ltd		326		73,712
Extra Space Storage Inc		949		91,047
Federal Realty Investment Trust		548		73,207
Fifth Third Bancorp		5,427		149,677
First Republic Bank		454		47,661
Franklin Resources Inc		3,105		101,254
The Goldman Sachs Group Inc		2,819		554,497
The Hartford Financial Services Group Inc		2,922		144,230
HCP Inc		3,020		92,925
Host Hotels & Resorts Inc		5,173		101,443
Huntington Bancshares Inc		5,456		78,621
Intercontinental Exchange Inc		4,245		327,502
Invesco Ltd		3,410		65,984
Iron Mountain Inc		1,369		48,490
Jefferies Financial Group Inc		1,447		29,331
JPMorgan Chase & Co		26,976		2,815,214
KeyCorp		6,704		118,393
Kimco Realty Corp		2,994		52,664
Lincoln National Corp		2,305		144,109
Loews Corp		2,394		114,002
M&T Bank Corp		1,180		204,211
The Macerich Co		1,011		44,080
Marsh & McLennan Cos Inc		4,025		374,406
Mastercard Inc		7,325		1,646,440
MetLife Inc		7,704		348,144
Mid-America Apartment Communities Inc		858		88,872
Morgan Stanley		10,374		435,501
Nasdaq Inc		1,127		103,199
Northern Trust Corp		1,610		150,052
People’s United Financial Inc		2,887		51,273
The PNC Financial Services Group Inc		3,945		497,149
Principal Financial Group Inc		2,041		107,438
The Progressive Corp		4,123		300,567
Prologis Inc		3,315		232,249
Prudential Financial Inc		3,541		339,405
Public Storage		1,035		218,892
Raymond James Financial Inc		1,004		82,910
Realty Income Corp		1,688		116,742
Regency Centers Corp		1,109		72,362
Regions Financial Corp		9,066		148,682
SBA Communications Corp*		918		165,754
The Charles Schwab Corp		9,317		428,675
Simon Property Group Inc		2,175		394,023
SL Green Realty Corp		740		67,133
State Street Corp		3,093		222,294
SunTrust Banks Inc		3,809		247,090
SVB Financial Group*		411		101,583
Synchrony Financial		6,040		196,964
T Rowe Price Group Inc		1,965		197,345
Torchmark Corp		1,176		97,091
The Travelers Cos Inc		2,411		320,446
UDR Inc		2,033		90,306
Unum Group		2,266		84,658
US Bancorp		12,265		633,978
Ventas Inc		2,081		130,583
Visa Inc - Class A		14,101		2,088,640
Vornado Realty Trust		1,244		83,734
Wells Fargo & Co(a)		35,184		1,755,329
Welltower Inc		2,792		207,474
The Western Union Co		4,688		83,775
Weyerhaeuser Co		5,770		143,615
Willis Towers Watson PLC		996		171,332
Zions Bancorporation		1,054		53,859
Total Financial				32,866,641
Industrial (9.92%)
3M Co		4,679		970,378
Agilent Technologies Inc		2,633		209,166

See accompanying notes to financial statements.

13

S&P 500 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

Security Description	Shares		Value (Note 1)
Allegion PLC		703	$	63,242
AMETEK Inc		1,816		144,517
Amphenol Corp - Class A		2,372		222,897
Arconic Inc		2,478		45,818
Ball Corp		2,268		124,241
The Boeing Co		4,367		1,921,305
CH Robinson Worldwide Inc		1,280		115,686
Caterpillar Inc		4,752		652,640
Corning Inc		7,332		255,227
CSX Corp		7,645		555,562
Cummins Inc		1,302		200,625
Deere & Co		2,547		417,810
Dover Corp		1,334		120,767
Eaton Corp PLC		3,484		277,919
Emerson Electric Co		5,336		363,648
Expeditors International of Washington Inc		1,549		116,098
FedEx Corp		1,881		340,461
FLIR Systems Inc		1,158		59,579
Flowserve Corp		1,128		50,094
Fluor Corp		1,298		48,805
Fortive Corp		964		78,633
Fortune Brands Home & Security Inc		1,197		56,403
Garmin Ltd		806		67,680
General Dynamics Corp		2,204		375,165
General Electric Co		68,083		707,382
Harris Corp		833		137,387
Honeywell International Inc		5,633		867,876
JB Hunt Transport Services Inc		690		74,292
Huntington Ingalls Industries Inc		358		74,969
Illinois Tool Works Inc		2,619		377,346
Ingersoll-Rand PLC		2,109		222,626
Jacobs Engineering Group Inc		962		70,977
Johnson Controls International plc		7,221		254,685
Kansas City Southern		811		88,107
Keysight Technologies Inc*		520		43,893
L3 Technologies Inc		719		152,248
Lockheed Martin Corp		1,981		612,941
Martin Marietta Materials Inc		463		86,951
Masco Corp		2,627		98,670
Mettler-Toledo International Inc*		202		137,544
Norfolk Southern Corp		2,398		429,961
Northrop Grumman Corp		1,488		431,460
Packaging Corp of America		752		71,884
Parker-Hannifin Corp		1,096		193,071
Pentair PLC		1,542		65,597
PerkinElmer Inc		1,021		96,137
Raytheon Co		2,443		455,620
Republic Services Inc		2,203		172,781
Rockwell Automation Inc		1,085		193,738
Roper Technologies Inc		694		224,613
Sealed Air Corp		1,582		69,007
AO Smith Corp		1,152		59,823
Snap-on Inc		424		67,840
Stanley Black & Decker Inc		1,237		163,816
TE Connectivity Ltd		3,236		265,643
Textron Inc		2,069		112,347
TransDigm Group Inc*		370		160,613
Union Pacific Corp		6,161		1,033,200
United Parcel Service Inc		5,289		582,848
United Technologies Corp		6,201		779,280
Vulcan Materials Co		956		106,556
Wabtec Corp		366		26,789
Waste Management Inc		3,352		339,390
Waters Corp*		682		165,194
Westrock Co		996		37,230
Xylem Inc		1,498		113,174
Total Industrial				18,279,872
Technology (16.24%)
Accenture PLC - Class A		4,670		753,645
Activision Blizzard Inc		5,269		222,036
Adobe Inc*		3,587		941,588
Advanced Micro Devices Inc*		5,848		137,603
Akamai Technologies Inc*		1,400		97,524
Analog Devices Inc		2,620		280,235
ANSYS Inc*		680		120,537
Apple Inc(a)		38,359		6,641,860
Applied Materials Inc		9,105		349,086
Autodesk Inc*		1,669		272,064
Broadcom Inc		3,102		854,167
Broadridge Financial Solutions Inc		364		36,855
Cadence Design Systems Inc*		2,246		128,584
Cerner Corp*		2,120		118,614
Citrix Systems Inc		1,348		142,214
Cognizant Technology Solutions Corp		4,408		312,880
Covetrus Inc*		502		17,962
DXC Technology Co		2,234		147,131
Electronic Arts Inc*		2,629		251,806
Fidelity National Information Services Inc		2,517		272,214
Fiserv Inc*		3,330		282,018
Fortinet Inc*		450		39,056
Hewlett Packard Enterprise Co		14,359		235,200
HP Inc		14,359		283,303
Intel Corp		36,299		1,922,394
International Business Machines Corp		6,898		952,821
Intuit Inc		2,031		501,921
IPG Photonics Corp*		299		46,354
Jack Henry & Associates Inc		214		28,383
KLA-Tencor Corp		1,217		140,551
Lam Research Corp		1,341		236,137
Maxim Integrated Products Inc		768		41,802
Microchip Technology Inc		1,401		121,705
Micron Technology Inc*		9,109		372,376
Microsoft Corp		60,049		6,727,288
MSCI Inc		713		131,705
NetApp Inc		2,586		168,607
NVIDIA Corp		4,645		716,538
Oracle Corp		23,171		1,207,903
Paychex Inc		2,454		189,007
Qorvo Inc*		1,120		78,557
QUALCOMM Inc		11,465		612,116
Red Hat Inc*		1,433		261,666
salesforce.com Inc*		4,924		805,813
Seagate Technology PLC		2,601		121,103
Skyworks Solutions Inc		1,431		116,855
Synopsys Inc*		1,189		120,898
Take-Two Interactive Software Inc*		902		78,709
Texas Instruments Inc		7,795		824,555
Western Digital Corp		2,052		103,216
Xerox Corp		2,577		79,629
Xilinx Inc		2,112		264,634
Total Technology				29,911,425
Utilities (2.83%)
AES Corp		4,674		80,533
Alliant Energy Corp		1,758		80,639
Ameren Corp		1,808		128,802
American Electric Power Co Inc		3,645		295,792
American Water Works Co Inc		1,374		139,626
CenterPoint Energy Inc		2,979		89,788
CMS Energy Corp		2,062		112,173
Consolidated Edison Inc		2,227		183,616
Dominion Energy Inc		4,816		356,817
DTE Energy Co		1,258		155,438
Duke Energy Corp		5,180		464,439
Edison International		2,433		145,712
Entergy Corp		1,304		121,702
Evergy Inc		852		47,635
Eversource Energy		2,274		158,748
Exelon Corp		6,183		300,432
FirstEnergy Corp		3,123		127,263
NextEra Energy Inc		3,624		680,297
NiSource Inc		2,050		55,309
NRG Energy Inc		1,956		81,526
Pinnacle West Capital Corp		806		75,555
PPL Corp		4,208		135,371
Public Service Enterprise Group Inc		3,861		227,065
Sempra Energy		1,653		199,087
The Southern Co		7,566		375,955
WEC Energy Group Inc		2,388		182,157
Xcel Energy Inc		3,728		204,518
Total Utilities				5,205,995
Total Common Stock (Cost $68,526,953)				183,119,899
Total Investments(Cost $68,526,953)(b) (99.41%)			$	183,119,899
Other Net Assets (0.59%)				1,083,811
Net Assets (100.00%)			$	184,203,710

Long Futures contracts at February 28, 2019:

S&P 500 E-MINI	Notional Amount		Value		Unrealized Appreciation
7 Contracts, expiring March 2019	$	960,331	$	974,645	$	14,314

*	Non-income producing security.
(a)	A portion of these shares have been pledged in connection with obligations for futures contracts.
(b)	Aggregate cost for federal income tax purpose is $68,579,499.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	117,429,134
Unrealized depreciation		(2,888,734	)
Net unrealized appreciation	$	114,540,400

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

14

S&P MidCap Index Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description	Shares			Value (Note 1)
Common Stock (98.95%)
Basic Materials (5.21%)
Allegheny Technologies Inc*		8,230		$	235,625
Ashland Global Holdings Inc		4,350			336,603
Cabot Corp		4,329			202,944
Carpenter Technology Corp		3,473			163,023
The Chemours Co		11,626			442,137
Commercial Metals Co		8,847			146,418
Compass Minerals International Inc		2,545			133,307
Domtar Corp		4,751			241,873
Minerals Technologies Inc		2,659			157,413
NewMarket Corp		620			272,180
Olin Corp		11,754			303,958
PolyOne Corp		5,712			186,325
Reliance Steel & Aluminum Co		5,155			460,084
Royal Gold Inc		4,689			414,554
RPM International Inc		9,440			546,293
Sensient Technologies Corp		3,071			198,694
Steel Dynamics Inc		16,752			625,185
United States Steel Corp(a)		11,778			263,945
Valvoline Inc		12,831			241,094
Versum Materials Inc		8,135			398,615
Total Basic Materials					5,970,270
Communications (3.36%)
AMC Networks Inc*		3,561			233,993
ARRIS International PLC*		11,774			373,000
Cable One Inc		349			331,198
Cars.com Inc*		5,567			131,047
Ciena Corp*		10,088			430,354
InterDigital Inc		2,605			181,647
John Wiley & Sons Inc		3,389			175,855
LogMeIn Inc		3,724			295,835
Meredith Corp		2,763			158,237
Plantronics Inc		2,393			120,224
TEGNA Inc		16,531			217,713
Telephone & Data Systems Inc		7,088			227,170
The New York Times Co		9,283			304,947
ViaSat Inc*		3,110			234,961
World Wrestling Entertainment Inc		2,835			237,290
Yelp Inc*		5,168			192,560
Total Communications					3,846,031
Consumer, Cyclical (13.44%)
Adient PLC		6,606			128,421
American Eagle Outfitters Inc		12,812			261,365
AutoNation Inc*		4,193			147,845
Bed Bath & Beyond Inc		8,029			134,325
Big Lots Inc		3,014			95,031
Boyd Gaming Corp		5,823			173,292
Brinker International Inc		2,681			122,709
Brunswick Corp		6,199			326,935
Carter’s Inc		3,345			325,937
Casey’s General Stores Inc		2,703			364,202
The Cheesecake Factory Inc		3,305			156,327
Churchill Downs Inc		2,520			236,376
Cinemark Holdings Inc		7,911			297,691
Cracker Barrel Old Country Store Inc		1,806			292,554
Dana Inc		9,921			195,940
Deckers Outdoor Corp*		2,088			308,920
Delphi Technologies PLC		6,288			137,141
Dick’s Sporting Goods Inc		5,846			228,345
Dillard’s Inc - Class A		1,485			116,632
Domino’s Pizza Inc		2,908			729,734
Dunkin’ Brands Group Inc		5,819			415,768
Eldorado Resorts Inc*		4,262			205,471
Five Below Inc*		3,925			472,374
Herman Miller Inc		4,423			162,236
HNI Corp		3,420			132,115
International Speedway Corp - Class A		1,729			74,779
Jack in the Box Inc		2,080			167,523
JetBlue Airways Corp*		22,669			378,572
KB Home		6,210			141,650
Live Nation Entertainment Inc*		9,472			535,736
Marriott Vacations Worldwide Corp		2,923			284,525
The Michaels Cos Inc*		8,103			114,576
MSC Industrial Direct Co Inc		3,322			280,410
Nu Skin Enterprises Inc		3,686			221,565
NVR Inc*		245			641,900
Ollie’s Bargain Outlet Holdings Inc*		3,572			315,122
Papa John’s International Inc		1,995			87,201
Penn National Gaming Inc*		6,066			150,740
Polaris Industries Inc		4,112			350,466
Pool Corp		2,978			475,110
Sally Beauty Holdings Inc*		8,063			145,698
Scientific Games Corp*		3,739			108,655
The Scotts Miracle-Gro Co		2,890			236,691
Signet Jewelers Ltd		3,605			101,337
Six Flags Entertainment Corp		4,962			276,433
Skechers U.S.A. Inc - Class A*		9,659			324,832
Tempur Sealy International Inc*		3,255			189,474
Texas Roadhouse Inc		4,276			270,714
Thor Industries Inc		3,464			223,670
Toll Brothers Inc		9,416			335,210
The Toro Co		7,736			530,534
TRI Pointe Group Inc*		11,036			139,054
Tupperware Brands Corp		3,537			106,499
Urban Outfitters Inc*		5,663			174,704
Visteon Corp*		2,116			181,257
Watsco Inc		1,930			277,708
The Wendy’s Co		12,842			222,552
Williams-Sonoma Inc		5,494			319,531
World Fuel Services Corp		5,338			147,809
Wyndham Destinations Inc		7,147			321,829
Wyndham Hotels & Resorts Inc		7,142			375,455
Total Consumer, Cyclical					15,397,207
Consumer, Non-Cyclical (15.58%)
Aaron’s Inc		4,816			261,461
Acadia Healthcare Co Inc*		5,855			153,928
Adtalem Global Education Inc*		4,267			205,669
ASGN Inc*		3,736			240,636
Avanos Medical Inc*		3,497			164,639
Avis Budget Group Inc*		5,065			181,428
Bio-Rad Laboratories Inc*		1,429			387,116
Bio-Techne Corp		2,648			513,446
The Boston Beer Co Inc*		612			191,287
The Brink’s Co		3,568			281,587
Cantel Medical Corp		2,540			186,741
Catalent Inc*		9,318			402,724
Charles River Laboratories International Inc*		3,442			489,349
Chemed Corp		1,141			375,960
CoreLogic Inc*		5,823	��		213,529
Deluxe Corp		3,624			168,625
Edgewell Personal Care Co*		3,960			175,666
Encompass Health Corp		6,827			431,057
Exelixis Inc*		12,500			279,875
Flowers Foods Inc		13,838			283,264
Globus Medical Inc*		5,432			264,484
Graham Holdings Co		327			223,573
Green Dot Corp*		3,207			207,012
Haemonetics Corp*		3,739			324,807
The Hain Celestial Group Inc*		6,209			122,131
Healthcare Services Group Inc		5,305			202,545
HealthEquity Inc*		3,845			309,446
Helen of Troy Ltd*		1,916			214,803
Hill-Rom Holdings Inc		4,543			481,784
ICU Medical Inc*		1,078			264,929
Ingredion Inc		5,080			469,646
Inogen Inc*		1,242			133,465
Integra LifeSciences Holdings Corp*		5,052			278,315
Lancaster Colony Corp		1,475			231,236
Ligand Pharmaceuticals Inc*		1,437			178,303
LivaNova PLC*		2,983			278,016
LiveRamp Holdings Inc*		4,622			248,433
Mallinckrodt PLC*		5,485			136,906
ManpowerGroup Inc		4,685			394,711
MarketAxess Holdings Inc(a)		2,724			664,328
Masimo Corp*		2,951			387,407
MEDNAX Inc*		6,702			220,563
Molina Healthcare Inc*		4,408			593,449
NuVasive Inc*		2,872			169,161
Patterson Cos Inc		5,856			132,053
Post Holdings Inc*,(a)		4,823			491,367
PRA Health Sciences Inc*		3,625			387,803
Prestige Consumer Healthcare Inc*		3,633			106,302
Sabre Corp		14,745			330,730
Sanderson Farms Inc		1,414			162,893
Service Corp International		12,527			517,866
Sotheby’s*		2,635			115,597
Sprouts Farmers Market Inc*		8,749			204,027
STERIS PLC		5,692			688,503
Syneos Health Inc*		4,220			176,269
Tenet Healthcare Corp*		5,708			163,135
Tootsie Roll Industries Inc		1,384			51,471
TreeHouse Foods Inc*		4,336			262,675
United Therapeutics Corp*,(a)		2,770			349,823
Weight Watchers International Inc*		2,743			55,491
West Pharmaceutical Services Inc		5,249			549,833
WEX Inc*,(a)		2,900			516,374
Total Consumer, Non-Cyclical					17,849,652
Energy (3.77%)
Apergy Corp*		5,543			232,695
Callon Petroleum Co*		14,269			109,158
Chesapeake Energy Corp*		66,369			196,452
CNX Resources Corp*		13,127			139,146
Core Laboratories NV		2,429			157,423
Diamond Offshore Drilling Inc*		4,925			47,034
Ensco PLC - Class A		30,826			126,387
EQT Corp		18,461			334,513
First Solar Inc*,(a)		5,241			275,415
Matador Resources Co*		7,147			132,934
McDermott International Inc*		12,878			109,205
Murphy Oil Corp		8,937			258,279
Murphy USA Inc*		2,287			177,860
NOW Inc*		7,894			113,910
Oasis Petroleum Inc*		19,091			106,719

See accompanying notes to financial statements.

15

S&P MidCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

Security Description	Shares		Value (Note 1)
Oceaneering International Inc*		7,433	$	114,840
Patterson-UTI Energy Inc		12,375		164,093
PBF Energy Inc - Class A		7,881		244,863
QEP Resources Inc*		17,033		132,176
Range Resources Corp		16,245		173,822
Rowan Cos Plc*		8,032		90,842
SM Energy Co		7,260		118,628
Southwestern Energy Co*		35,965		152,132
Transocean Ltd*		31,902		260,639
WPX Energy Inc*		28,128		347,100
Total Energy				4,316,265
Financial (25.53%)
Banks (7.73%)
Associated Banc-Corp		11,169		260,014
BancorpSouth Bank		5,929		193,226
Bank of Hawaii Corp		3,004		247,019
Bank OZK		8,585		281,588
Cathay General Bancorp		5,662		219,912
Chemical Financial Corp		5,278		241,891
Commerce Bancshares Inc(a)		7,255		456,557
Cullen		4,063		421,252
East West Bancorp Inc		10,219		558,059
First Horizon National Corp		23,590		368,712
FNB Corp		22,852		279,708
Fulton Financial Corp		13,099		225,041
Hancock Whitney Corp		5,983		261,337
Home BancShares Inc		9,497		185,002
International Bancshares Corp		3,830		156,341
MB Financial Inc		5,441		246,314
PacWest Bancorp(a)		9,275		380,461
Pinnacle Financial Partners Inc		5,215		306,068
Prosperity Bancshares Inc		4,912		365,698
Signature Bank		3,795		515,209
Synovus Financial Corp		8,453		335,415
TCF Financial Corp		12,743		291,815
Texas Capital Bancshares Inc*		3,508		214,093
Trustmark Corp		5,160		183,077
UMB Financial Corp		3,300		227,073
Umpqua Holdings Corp		15,568		283,026
United Bankshares Inc		7,422		284,931
Valley National Bancorp		18,619		196,617
Webster Financial Corp		6,509		373,747
Wintrust Financial Corp		4,053		298,585
				8,857,788
Diversified Financial Service (2.70%)
Eaton Vance Corp(a)		8,639		361,542
Evercore Inc		2,936		270,406
Federated Investors Inc		7,087		210,838
Interactive Brokers Group Inc		5,053		279,077
Janus Henderson Group PLC		12,689		310,881
Legg Mason Inc		6,044		176,787
LendingTree Inc*		548		174,785
Navient Corp		18,952		231,593
SEI Investments Co		9,240		487,410
SLM Corp		30,078		332,362
Stifel Financial Corp		4,809		261,754
				3,097,435
Insurance (4.80%)
Alleghany Corp*		1,037		666,750
American Financial Group Inc		4,859		484,248
Brown & Brown Inc		16,360		484,583
CNO Financial Group Inc		11,860		201,976
First American Financial Corp		7,827		397,533
Genworth Financial Inc*		37,014		143,244
The Hanover Insurance Group Inc		3,007		356,961
Kemper Corp		3,706		307,969
Mercury General Corp		1,883		99,743
Old Republic International Corp		17,345		361,817
Primerica Inc		3,128		391,125
Reinsurance Group of America Inc		4,238		612,348
RenaissanceRe Holdings Ltd		2,830		416,152
WR Berkley Corp		6,802		569,055
				5,493,504
Real Estate (9.48%)
Alexander & Baldwin Inc		4,965		113,847
American Campus Communities Inc		9,815		442,264
Camden Property Trust(a)		6,565		643,961
CoreCivic Inc		8,980		190,196
CoreSite Realty Corp		2,417		247,138
Corporate Office Properties Trust		7,042		183,022
Cousins Properties Inc		25,361		241,437
CyrusOne Inc		6,021		300,087
Douglas Emmett Inc		10,862		419,273
EPR Properties		4,422		324,929
First Industrial Realty Trust Inc		8,145		273,020
The GEO Group Inc		9,203		209,092
Healthcare Realty Trust Inc		7,860		248,769
Highwoods Properties Inc		7,529		348,668
Hospitality Properties Trust		11,619		314,526
JBG SMITH Properties		4,776		192,425
Jones Lang LaSalle Inc		3,207		529,540
Kilroy Realty Corp		6,874		506,683
Lamar Advertising Co(a)		6,070		470,850
Liberty Property Trust		10,422		493,273
Life Storage Inc		3,290		321,104
Mack-Cali Realty Corp		6,694		140,641
Medical Properties Trust Inc		25,745		469,331
National Retail Properties Inc(a)		10,988		572,475
Omega Healthcare Investors Inc		14,003		502,707
Pebblebrook Hotel Trust		9,312		298,077
PotlatchDeltic Corp		3,261		117,363
Rayonier Inc		9,442		278,256
Realogy Holdings Corp		8,805		119,748
Sabra Health Care REIT Inc		12,956		234,763
Senior Housing Properties Trust		16,800		217,560
Tanger Factory Outlet Centers Inc		6,683		144,286
Taubman Centers Inc		4,514		240,957
Uniti Group Inc		9,408		90,693
Urban Edge Properties		7,463		144,931
Weingarten Realty Investors		8,880		255,833
				10,841,725
Savings&Loans (0.82%)
New York Community Bancorp Inc		34,575		432,533
Sterling Bancorp		15,886		322,962
Washington Federal Inc		6,164		189,112
				944,607
Total Financial				29,235,059
Industrial (19.03%)
Acuity Brands Inc		2,936		382,032
AECOM*		11,143		344,987
AGCO Corp		4,662		315,058
AptarGroup Inc		4,404		448,019
Arrow Electronics Inc*		6,219		495,654
Avnet Inc		8,549		371,796
Belden Inc		3,213		198,531
Bemis Co Inc		6,419		339,565
Carlisle Cos Inc		4,382		539,337
Clean Harbors Inc*		3,961		269,348
Cognex Corp		12,243		653,776
Coherent Inc*		1,741		231,692
Crane Co		3,718		314,431
Curtiss-Wright Corp(a)		3,144		387,624
Donaldson Co Inc		9,184		473,803
Dycom Industries Inc*		2,187		98,590
Eagle Materials Inc		3,522		269,222
EMCOR Group Inc		4,158		299,917
Energizer Holdings Inc		4,614		211,690
EnerSys		2,978		219,836
Esterline Technologies Corp*		1,865		227,064
GATX Corp		2,707		215,207
Genesee & Wyoming Inc*		4,360		357,520
Gentex Corp		18,678		379,911
Graco Inc		11,905		559,059
Granite Construction Inc		2,975		138,516
Greif Inc - Class A		1,958		78,712
Hubbell Inc(a)		3,895		459,805
IDEX Corp		5,401		778,284
ITT Inc		6,221		359,325
Jabil Inc		10,646		302,346
KBR Inc		10,499		207,460
Kennametal Inc		5,634		212,345
Kirby Corp*		3,748		278,177
Knight-Swift Transportation Holdings Inc		9,041		304,049
Landstar System Inc		2,964		322,128
Lennox International Inc		2,516		617,049
Lincoln Electric Holdings Inc		4,369		377,569
Littelfuse Inc		1,717		331,536
Louisiana-Pacific Corp		10,742		271,450
MasTec Inc*		4,309		186,063
MDU Resources Group Inc		13,807		364,781
MSA Safety Inc		2,387		246,792
National Instruments Corp		7,974		372,705
Nordson Corp		3,589		487,243
nVent Electric PLC		11,628		319,537
Old Dominion Freight Line Inc		4,556		686,907
Oshkosh Corp		5,314		413,482
Owens-Illinois Inc		12,413		247,267
Regal Beloit Corp		3,089		258,735
Resideo Technologies Inc*		8,815		226,546
Ryder System Inc		3,743		232,665
Silgan Holdings Inc		5,828		164,991
Sonoco Products Co		7,027		406,793
SYNNEX Corp		2,962		290,631
Tech Data Corp*		2,618		267,612
Teledyne Technologies Inc*		2,505		591,280
Terex Corp		4,504		151,289
The Timken Co		4,828		209,487
Trimble Inc*		17,799		712,137
Trinity Industries Inc		10,731		251,213
Valmont Industries Inc		1,704		232,749
Vishay Intertechnology Inc		10,173		222,992
Werner Enterprises Inc		3,170		109,460
Woodward Inc		3,838		369,753
Worthington Industries Inc		3,368		132,396
Total Industrial				21,797,926
Technology (8.84%)
ACI Worldwide Inc*		8,804		280,583

See accompanying notes to financial statements.

16

S&P MidCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

Security Description	Shares		Value (Note 1)
Allscripts Healthcare Solutions Inc*		13,284	$	142,404
Blackbaud Inc		2,675		206,617
CDK Global Inc		9,286		538,681
Cirrus Logic Inc*		4,718		189,333
CommVault Systems Inc*		2,668		179,797
Cree Inc*		6,918		376,408
Cypress Semiconductor Corp(a)		24,346		375,659
Fair Isaac Corp*		1,774		439,633
Integrated Device Technology Inc*		9,391		453,867
j2 Global Inc		3,256		276,793
Lumentum Holdings Inc*		4,462		221,985
Manhattan Associates Inc*		5,102		279,335
MAXIMUS Inc		4,622		326,683
Medidata Solutions Inc*		4,277		320,861
MKS Instruments Inc		3,838		318,055
Monolithic Power Systems Inc		2,786		373,630
NCR Corp*		8,611		241,280
NetScout Systems Inc*		5,034		137,781
Perspecta Inc		10,216		215,558
Pitney Bowes Inc		14,120		101,523
PTC Inc*		7,392		686,124
Science Applications International Corp		3,057		228,358
Silicon Laboratories Inc*		3,009		243,789
Synaptics Inc*		2,575		107,815
Teradata Corp*		8,554		413,757
Teradyne Inc		12,949		528,708
Tyler Technologies Inc*		2,470		505,831
The Ultimate Software Group Inc*		2,006		664,989
Zebra Technologies Corp*		3,760		753,918
Total Technology				10,129,755
Utilities (4.18%)
ALLETE Inc		3,628		294,049
Aqua America Inc		12,562		451,478
Atmos Energy Corp		7,768		767,867
Black Hills Corp		3,781		268,375
Hawaiian Electric Industries Inc		8,128		311,140
IDACORP Inc		3,500		344,435
National Fuel Gas Co		6,006		361,501
New Jersey Resources Corp		5,790		280,236
NorthWestern Corp		3,640		249,486
OGE Energy Corp		14,118		600,297
ONE Gas Inc		3,898		336,982
PNM Resources Inc		5,973		260,901
Southwest Gas Holdings Inc		3,218		263,683
Total Utilities				4,790,430
Total Common Stock (Cost $78,869,768)				113,332,595
Total Investments (Cost $78,869,768)(a) (98.95%)			$	113,332,595
Other Net Assets (1.05%)				1,200,963
Net Assets (100.00%)			$	114,533,558

Long Futures contracts at February 28, 2019:

S&P MidCap E-MINI	Notional Amount		Value		Unrealized Appreciation
6 Contracts, expiring March 2019	$	1,116,107	$	1,146,480	$	30,373

*	Non-income producing security.
(a)	A portion of these shares have been pledged in connection with obligations for futures contracts.
(b)	Aggregate cost for federal income tax purpose is $79,151,339.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	40,588,628
Unrealized depreciation		(6,407,372	)
Net unrealized appreciation	$	34,181,256

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description	Shares		Value (Note 1)
Common Stock (98.60%)
Basic Materials (4.40%)
A Schulman Inc - CVR		1	$	2,518
AdvanSix Inc*		3,060		100,215
AK Steel Holding Corp*		31,639		95,550
American Vanguard Corp		2,434		45,711
Balchem Corp		3,221		285,799
Century Aluminum Co*		4,940		42,632
Clearwater Paper Corp*		1,635		46,761
PH Glatfelter Co		4,384		58,965
HB Fuller Co		5,072		256,035
Hawkins Inc		889		36,645
Ingevity Corp*,(a)		4,223		486,573
Innophos Holdings Inc		1,960		65,072
Innospec Inc		2,391		195,727
Kaiser Aluminum Corp		1,681		184,036
Koppers Holdings Inc*		2,119		52,106
Kraton Corp*		3,201		113,892
Materion Corp		2,026		117,062
Mercer International Inc		4,141		59,299
Neenah Inc		1,669		112,791
Quaker Chemical Corp		1,336		279,211
Rayonier Advanced Materials Inc		4,999		70,436
Rogers Corp*		1,842		285,970
Schweitzer-Mauduit International Inc		3,051		117,647
Stepan Co		1,999		188,106
Total Basic Materials				3,298,759
Communications (3.81%)
8x8 Inc*		9,332		183,560
ADTRAN Inc		4,820		72,396
ATN International Inc		1,090		61,182
CalAmp Corp*		3,588		49,873
Cincinnati Bell Inc*		4,841		46,958
Cogent Communications Holdings Inc		4,180		203,608
Consolidated Communications Holdings Inc		7,218		71,675
Digi International Inc*		2,432		32,102
ePlus Inc*		1,374		122,891
The EW Scripps Co		5,565		117,700
Extreme Networks Inc*		11,197		92,039
Finisar Corp*		11,402		279,235
Frontier Communications Corp*		10,665		32,528
Gannett Co Inc		11,003		129,175
Harmonic Inc*		8,550		47,196
HealthStream Inc*		2,593		72,085
Iridium Communications Inc*		9,712		206,768
Liquidity Services Inc*		2,609		18,002
NETGEAR Inc*		3,121		111,888
New Media Investment Group Inc		5,837		77,749
NIC Inc		6,674		114,059
Perficient Inc*		3,355		95,987
QuinStreet Inc*		3,564		47,722
Scholastic Corp		2,754		116,522
Shutterfly Inc*		3,327		149,083
Shutterstock Inc		1,885		87,332
Spok Holdings Inc		1,924		26,570
Stamps.com Inc*		1,672		157,151
TechTarget Inc*		2,200		36,476
Total Communications				2,859,512
Consumer, Cyclical (14.88%)
Abercrombie & Fitch Co		6,810		149,480
Allegiant Travel Co		1,263		166,842
American Axle & Manufacturing Holdings Inc*		11,257		181,238
Anixter International Inc*		2,918		171,228
Asbury Automotive Group Inc*		2,051		147,241
Ascena Retail Group Inc*		16,548		36,737
Barnes & Noble Education Inc*		3,275		22,565
Barnes & Noble Inc		5,697		35,891
Belmond Ltd - Class A*		9,074		225,489
BJ’s Restaurants Inc		2,118		101,325
The Buckle Inc		2,729		52,370
Caleres Inc		4,288		133,357
Callaway Golf Co		9,474		163,048
The Cato Corp - Class A		2,492		39,224
Cavco Industries Inc*		839		116,143
Chico’s FAS Inc		12,960		75,686
The Children’s Place Inc		1,669		159,490
Chuy’s Holdings Inc*		1,589		35,546
Conn’s Inc*		2,348		55,389
Cooper Tire & Rubber Co		4,894		156,412
Cooper-Standard Holdings Inc*		1,609		96,717
Core-Mark Holding Co Inc		4,601		144,978
Crocs Inc*		7,321		188,003

See accompanying notes to financial statements.

17

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

Security Description	Shares		Value (Note 1)
Daktronics Inc		3,984	$	32,350
Dave & Buster’s Entertainment Inc		3,977		204,139
Dine Brands Global Inc		1,789		177,469
Dorman Products Inc*		2,929		236,956
DSW Inc		7,272		215,324
El Pollo Loco Holdings Inc*		2,051		31,032
Ethan Allen Interiors Inc		2,402		48,232
Express Inc*		7,585		39,442
EZCORP Inc - Class A*		4,843		47,316
Fiesta Restaurant Group Inc*		2,674		40,297
FirstCash Inc(a)		4,557		399,467
Fossil Group Inc*		4,397		68,769
Fox Factory Holding Corp*		3,780		239,576
GameStop Corp - Class A		10,222		119,597
Garrett Motion Inc*		7,461		124,897
Genesco Inc*		1,901		91,761
Gentherm Inc*		3,692		151,372
G-III Apparel Group Ltd*		4,287		152,660
Group 1 Automotive Inc		1,928		119,883
Guess? Inc		6,053		135,527
Haverty Furniture Cos Inc		1,917		46,698
Hawaiian Holdings Inc		5,094		151,547
Hibbett Sports Inc*		2,017		37,395
Installed Building Products Inc*		2,092		91,253
Interface Inc		6,070		107,743
iRobot Corp*		2,790		348,917
JC Penney Co Inc*		31,537		47,936
Kirkland’s Inc*		1,580		18,454
La-Z-Boy Inc		4,599		158,252
LCI Industries		2,530		206,144
LGI Homes Inc*		1,815		107,267
Lithia Motors Inc - Class A		2,402		216,829
Lumber Liquidators Holdings Inc*		2,806		33,139
M/I Homes Inc*		2,766		72,027
The Marcus Corp		1,880		79,693
MarineMax Inc*		2,374		46,602
MDC Holdings Inc		4,784		137,982
Meritage Homes Corp*		3,833		168,077
Methode Electronics Inc		3,654		102,531
Mobile Mini Inc		4,477		161,217
Monarch Casino & Resort Inc*		1,142		50,077
Motorcar Parts of America Inc*		1,857		38,421
Movado Group Inc		1,570		54,997
Nautilus Inc*		2,880		18,806
Office Depot Inc		56,169		194,906
Oxford Industries Inc		1,699		134,272
PetMed Express Inc		1,968		45,362
Red Robin Gourmet Burgers Inc*		1,277		38,834
Regis Corp*		3,353		60,656
RH*		1,921		295,046
Ruth’s Hospitality Group Inc		2,946		74,887
ScanSource Inc*		2,508		94,175
Shake Shack Inc - Class A*		2,591		142,868
Shoe Carnival Inc		1,254		47,828
SkyWest Inc		5,222		282,197
Sleep Number Corp*		3,948		172,330
Sonic Automotive Inc		2,552		38,357
Standard Motor Products Inc		2,030		100,079
Steven Madden Ltd		7,920		261,280
Superior Industries International Inc		2,154		13,333
Tailored Brands Inc		4,990		64,670
Tile Shop Holdings Inc		3,476		22,177
Titan International Inc		4,982		31,187
Unifi Inc*		1,711		37,847
UniFirst Corp		1,547		222,490
Universal Electronics Inc*		1,358		45,344
Vera Bradley Inc*		1,892		18,069
Veritiv Corp*		1,144		33,050
Vista Outdoor Inc*		5,502		49,023
Vitamin Shoppe Inc*		2,435		17,946
Wabash National Corp		5,957		88,402
William Lyon Homes - Class A*		2,798		39,592
Wingstop Inc		2,930		195,167
Winnebago Industries Inc		2,789		91,005
Wolverine World Wide Inc		9,508		340,005
Zumiez Inc*		1,661		41,027
Total Consumer, Cyclical				11,165,880
Consumer, Non-Cyclical (17.71%)
ABM Industries Inc		6,592		235,071
Acorda Therapeutics Inc*		4,722		69,602
Addus HomeCare Corp*		991		66,605
Akorn Inc*		9,531		38,601
AMAG Pharmaceuticals Inc*		3,411		50,790
Amedisys Inc*,(a)		2,871		356,864
American Public Education Inc*		1,645		53,150
AMN Healthcare Services Inc*		4,802		240,148
Amphastar Pharmaceuticals Inc*		3,566		88,615
The Andersons Inc		2,657		98,203
AngioDynamics Inc*		3,693		82,760
ANI Pharmaceuticals Inc*		910		59,869
Anika Therapeutics Inc*		1,454		47,444
Arlo Technologies Inc*		6,180		26,759
Assertio Therapeutics Inc*		5,860		24,260
Avon Products Inc*		43,298		133,791
B&G Foods Inc		6,682		164,511
BioTelemetry Inc*		3,315		247,697
Calavo Growers Inc		1,584		134,846
Cal-Maine Foods Inc		2,954		130,271
Cambrex Corp*		3,307		136,711
Cardtronics PLC*		4,527		133,592
Care.com Inc*		2,509		63,202
Career Education Corp*		6,635		110,274
Central Garden & Pet Co*		1,035		32,375
Central Garden & Pet Co - Class A*		4,012		111,734
The Chefs’ Warehouse Inc*		2,331		74,615
Coca-Cola Consolidated Inc		446		110,546
Community Health Systems Inc*		11,035		54,623
CONMED Corp		2,619		201,401
Corcept Therapeutics Inc*		10,698		133,404
CorVel Corp*		969		65,214
Cross Country Healthcare Inc*		3,652		31,918
CryoLife Inc*		3,262		96,490
Cutera Inc*		1,289		22,068
Cytokinetics Inc*		5,112		36,909
Dean Foods Co		9,166		36,756
Diplomat Pharmacy Inc*		5,700		36,765
Eagle Pharmaceuticals Inc*		1,123		56,229
Emergent BioSolutions Inc*		4,436		258,840
Enanta Pharmaceuticals Inc*		1,590		163,039
Endo International PLC*		20,210		222,108
The Ensign Group Inc		4,885		241,562
EVERTEC Inc		6,048		173,094
Forrester Research Inc		996		49,999
FTI Consulting Inc*		3,789		280,992
Heidrick & Struggles International Inc		1,846		79,581
Heska Corp*		673		55,045
HMS Holdings Corp*		8,301		286,052
Innoviva Inc*		6,708		105,316
Integer Holdings Corp*		2,997		272,607
Inter Parfums Inc		1,699		125,335
Invacare Corp		3,327		32,372
J&J Snack Foods Corp		1,501		233,075
John B Sanfilippo & Son Inc		861		59,822
Kelly Services Inc		3,086		74,465
Korn Ferry		5,672		276,737
Lannett Co Inc*		2,918		27,458
Lantheus Holdings Inc*		3,880		88,658
LeMaitre Vascular Inc		1,530		45,778
LHC Group Inc*		2,932		321,611
LSC Communications Inc		3,223		27,267
Luminex Corp		4,147		105,666
Magellan Health Inc*		2,471		168,300
Matthews International Corp		3,224		128,218
The Medicines Co*		6,505		160,478
Medifast Inc		1,204		153,426
Meridian Bioscience Inc		4,249		72,530
Merit Medical Systems Inc*,(a)		5,439		303,115
MGP Ingredients Inc		1,267		103,704
Momenta Pharmaceuticals Inc*		7,785		109,691
Monro Inc		3,235		246,863
Myriad Genetics Inc*		7,569		234,866
Natus Medical Inc*		3,265		90,212
Navigant Consulting Inc		4,384		90,267
Neogen Corp*		5,176		320,705
Nutrisystem Inc		2,981		129,018
OraSure Technologies Inc*		6,127		65,865
Orthofix Medical Inc*		1,892		115,601
Owens & Minor Inc		6,011		37,509
Phibro Animal Health Corp		1,987		58,219
Progenics Pharmaceuticals Inc*		7,397		32,695
The Providence Service Corp*		1,210		86,297
Quanex Building Products Corp		3,418		58,755
Quorum Health Corp*		2,753		7,681
REGENXBIO Inc*		2,935		151,828
Rent-A-Center Inc*		5,285		98,354
Repligen Corp*		3,949		235,044
Resources Connection Inc		2,990		51,936
RR Donnelley & Sons Co		6,596		35,486
Select Medical Holdings Corp*		10,762		159,493
Seneca Foods Corp - Class A*		660		19,483
SpartanNash Co		3,727		70,738
Spectrum Pharmaceuticals Inc*		9,397		101,582
Strategic Education Inc		2,179		284,970
Supernus Pharmaceuticals Inc*		5,197		212,245
Surmodics Inc*		1,330		77,606
Tactile Systems Technology Inc*		1,689		128,381
Team Inc*		2,930		45,767
Tivity Health Inc*		4,032		86,285
Travelport Worldwide Ltd		12,646		198,795
TrueBlue Inc*		3,979		91,597
US Physical Therapy Inc		1,244		137,139
United Natural Foods Inc*		5,088		76,371
Universal Corp		2,510		148,943
Vanda Pharmaceuticals Inc*		5,279		106,847
Varex Imaging Corp*		3,808		119,724
Viad Corp		2,054		118,927
WD-40 Co		1,396		249,842
Total Consumer, Non-Cyclical				13,282,560
Energy (3.54%)
Archrock Inc		12,975		126,636
Bonanza Creek Energy Inc*		2,055		47,203

See accompanying notes to financial statements.

18

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

Security Description	Shares		Value (Note 1)
Bristow Group Inc*		3,244	$	3,828
C&J Energy Services Inc*		6,383		110,234
CARBO Ceramics Inc*		2,228		9,090
Carrizo Oil & Gas Inc*		8,776		96,360
CONSOL Energy Inc*		2,836		107,626
Denbury Resources Inc*		46,431		89,148
Era Group Inc*		2,067		23,812
Exterran Corp*		3,227		55,085
FutureFuel Corp		2,258		41,638
Geospace Technologies Corp*		1,047		17,171
Green Plains Inc		3,903		60,887
Gulf Island Fabrication Inc*		900		8,820
Gulfport Energy Corp*		15,178		116,263
Helix Energy Solutions Group Inc*		13,968		103,363
HighPoint Resources Corp*		9,646		24,983
KLX Energy Services Holdings Inc*		2,045		53,906
Laredo Petroleum Inc*		15,407		52,846
Matrix Service Co*		2,446		51,097
Nabors Industries Ltd		32,902		106,602
Newpark Resources Inc*		8,961		79,215
Noble Corp plc*		24,763		74,537
Oil States International Inc*		6,072		104,074
Par Pacific Holdings Inc*		2,344		39,614
Penn Virginia Corp*		1,312		70,402
Pioneer Energy Services Corp*		7,129		12,618
ProPetro Holding Corp*		6,944		137,908
Renewable Energy Group Inc*		3,755		99,770
REX American Resources Corp*		531		42,326
Ring Energy Inc*		5,422		33,454
SolarEdge Technologies Inc*		4,311		182,183
SRC Energy Inc*		23,938		110,115
SunCoke Energy Inc*		6,488		64,361
Superior Energy Services Inc*		15,582		72,924
TETRA Technologies Inc*		12,600		30,114
Unit Corp*		5,423		84,328
US Silica Holdings Inc		7,460		111,154
Total Energy				2,655,695
Financial (23.77%)
Acadia Realty Trust		8,187		233,248
Agree Realty Corp		3,493		229,595
Ambac Financial Group Inc*		4,388		86,751
American Assets Trust Inc		4,059		176,323
Ameris Bancorp		4,070		165,934
AMERISAFE Inc		1,932		121,929
Apollo Commercial Real Estate Finance Inc		11,233		203,991
Armada Hoffler Properties Inc		4,539		69,447
ARMOUR Residential REIT Inc		4,204		84,290
Axos Financial Inc*		5,523		178,282
Banc of California Inc		4,101		71,029
Banner Corp		3,245		201,612
Berkshire Hills Bancorp Inc		4,061		127,191
Blucora Inc*		4,714		126,759
Boston Private Financial Holdings Inc		8,332		99,067
Brookline Bancorp Inc		8,059		128,783
Capstead Mortgage Corp		9,068		75,264
CareTrust REIT Inc		8,170		182,518
CBL & Associates Properties Inc		16,968		36,312
Cedar Realty Trust Inc		7,158		24,910
Central Pacific Financial Corp		3,057		89,203
Chatham Lodging Trust		4,440		88,711
Chesapeake Lodging Trust		5,971		179,847
City Holding Co		1,547		123,977
Columbia Banking System Inc		7,349		278,380
Community Bank System Inc		5,115		331,401
Community Healthcare Trust Inc		1,592		56,818
Customers Bancorp Inc*		2,828		60,491
CVB Financial Corp		10,289		234,486
DiamondRock Hospitality Co		20,125		215,136
Dime Community Bancshares Inc		2,890		57,742
Eagle Bancorp Inc*		3,182		188,343
Easterly Government Properties Inc		6,058		108,923
EastGroup Properties Inc(a)		3,620		382,489
eHealth Inc*		1,525		81,450
Employers Holdings Inc		3,193		133,020
Encore Capital Group Inc*		2,392		81,806
Enova International Inc*		3,399		86,742
Fidelity Southern Corp		2,224		72,458
First BanCorp		21,892		251,977
First Commonwealth Financial Corp		10,070		141,584
First Financial Bancorp		9,814		272,142
First Financial Bankshares Inc(a)		6,785		440,007
First Midwest Bancorp Inc		10,344		239,464
Flagstar Bancorp Inc		2,967		96,902
Four Corners Property Trust Inc		6,547		179,322
Franklin Financial Network Inc		1,168		38,310
Franklin Street Properties Corp		10,760		77,902
Getty Realty Corp		3,197		105,341
Glacier Bancorp Inc(a)		8,519		373,303
Global Net Lease Inc		6,756		120,527
Granite Point Mortgage Trust Inc		4,355		82,832
Great Western Bancorp Inc		5,909		221,883
Greenhill & Co Inc		2,575		60,616
Hanmi Financial Corp		3,211		74,110
HCI Group Inc		756		34,897
Heritage Financial Corp		3,361		110,644
Hersha Hospitality Trust		4,041		76,173
HFF Inc - Class A		3,728		168,506
HomeStreet Inc*		2,707		75,525
Hope Bancorp Inc		12,918		188,344
Horace Mann Educators Corp		4,007		157,034
Independence Realty Trust Inc		8,262		85,594
Independent Bank Corp		2,767		235,555
INTL. FCStone Inc*		1,498		65,163
Invesco Mortgage Capital Inc		11,202		178,336
Investment Technology Group Inc		3,137		94,832
iStar Inc		6,851		59,946
James River Group Holdings Ltd		2,891		118,791
Kite Realty Group Trust		8,396		132,153
LegacyTexas Financial Group Inc		4,555		190,080
Lexington Realty Trust		21,673		201,342
LTC Properties Inc		3,976		176,615
Maiden Holdings Ltd		6,878		8,460
Marcus & Millichap Inc*		2,142		82,724
Meta Financial Group Inc		2,742		64,026
National Bank Holdings Corp - Class A		2,643		95,492
National Storage Affiliates Trust		5,662		160,348
NBT Bancorp Inc		4,311		166,534
New York Mortgage Trust Inc		13,803		82,818
NMI Holdings Inc - Class A*		6,628		160,066
Northfield Bancorp Inc		4,483		66,842
Northwest Bancshares Inc		10,116		188,158
Office Properties Income Trust		2,487		75,878
OFG Bancorp		4,362		90,250
Opus Bank		2,188		49,821
Oritani Financial Corp		3,976		71,369
Pacific Premier Bancorp Inc		4,527		135,131
Pennsylvania Real Estate Investment Trust		7,059		43,413
PennyMac Mortgage Investment Trust		6,109		124,501
Piper Jaffray Cos		1,416		99,063
PRA Group Inc*		4,604		148,203
Preferred Bank		1,334		68,327
ProAssurance Corp		5,377		218,306
Provident Financial Services Inc		6,007		164,892
PS Business Parks Inc		2,001		294,487
RE/MAX Holdings Inc - Class A		1,780		69,829
Redwood Trust Inc		8,314		127,204
Retail Opportunity Investments Corp		11,310		194,193
RLI Corp		3,911		275,804
RPT Realty		7,667		97,218
S&T Bancorp Inc		3,468		143,506
Safety Insurance Group Inc		1,533		136,958
Saul Centers Inc		1,169		66,247
Seacoast Banking Corp of Florida*		5,182		150,382
Selective Insurance Group Inc(a)		5,895		388,834
ServisFirst Bancshares Inc		4,533		158,519
Simmons First National Corp		9,302		249,573
Southside Bancshares Inc		3,324		115,409
Stewart Information Services Corp		2,381		102,216
Summit Hotel Properties Inc		10,506		119,663
The Navigators Group Inc		2,352		164,123
Third Point Reinsurance Ltd*		8,095		86,536
Tompkins Financial Corp		1,219		98,020
Triumph Bancorp Inc*		2,315		78,409
TrustCo Bank Corp NY		9,676		81,956
United Community Banks Inc		7,977		220,883
United Fire Group Inc		2,126		103,621
United Insurance Holdings Corp		2,058		33,710
Universal Health Realty Income Trust		1,242		92,492
Universal Insurance Holdings Inc		3,272		127,739
Urstadt Biddle Properties Inc - Class A		2,991		62,572
Veritex Holdings Inc		4,539		127,137
Virtus Investment Partners Inc		724		74,072
Waddell & Reed Financial Inc		8,108		150,079
WageWorks Inc*		977		32,143
Walker & Dunlop Inc		2,755		153,729
Washington Prime Group Inc		18,663		107,872
Westamerica Bancorporation		2,609		167,707
Whitestone REIT		3,993		51,949
WisdomTree Investments Inc		11,401		88,700
World Acceptance Corp*		575		70,725
Total Financial				17,829,248
Industrial (19.02%)
AAON Inc		3,922		156,331
AAR Corp		3,171		115,837
Actuant Corp		6,089		148,876
Advanced Energy Industries Inc*		3,946		198,760
Aegion Corp*		3,357		58,278
Aerojet Rocketdyne Holdings Inc*		7,576		282,206
Aerovironment Inc*		2,383		189,854
Alamo Group Inc		937		89,989
Alarm.com Holdings Inc*		3,509		230,296
Albany International Corp - Class A		2,871		222,646
American Woodmark Corp*		1,586		135,127

See accompanying notes to financial statements.

19

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

Security Description	Shares		Value (Note 1)
Apogee Enterprises Inc		2,845	$	101,538
Applied Industrial Technologies Inc		3,882		225,699
Applied Optoelectronics Inc*		1,964		26,514
ArcBest Corp		2,482		86,448
Arcosa Inc		4,988		167,048
Astec Industries Inc		2,327		88,798
Atlas Air Worldwide Holdings Inc*		2,496		134,135
Axon Enterprise Inc*		5,768		310,491
AZZ Inc		2,578		118,640
Badger Meter Inc		2,921		171,872
Barnes Group Inc		4,855		281,930
Bel Fuse Inc - Class B		988		24,157
Benchmark Electronics Inc		4,930		135,082
Boise Cascade Co		3,900		108,771
Brady Corp - Class A		4,730		223,776
Briggs & Stratton Corp		4,252		55,744
Chart Industries Inc*		3,048		269,077
CIRCOR International Inc*		1,919		60,506
Comfort Systems USA Inc		3,696		198,180
Comtech Telecommunications Corp		2,370		62,805
Control4 Corp*		2,630		47,366
DXP Enterprises Inc*		1,585		56,061
Echo Global Logistics Inc*		2,538		60,963
Encore Wire Corp		2,060		122,034
EnPro Industries Inc		2,127		145,891
ESCO Technologies Inc		2,555		176,780
Exponent Inc		5,218		295,495
Fabrinet*		3,702		216,567
FARO Technologies Inc*		1,657		75,907
Federal Signal Corp		5,933		145,833
Forward Air Corp		2,951		190,782
Franklin Electric Co Inc		3,824		203,475
Gibraltar Industries Inc*		3,137		127,049
The Greenbrier Cos Inc		3,244		133,815
Griffon Corp		3,397		60,602
Harsco Corp*		8,085		180,942
Haynes International Inc		1,242		43,694
Heartland Express Inc		4,781		96,050
Hillenbrand Inc		6,272		277,787
Hub Group Inc - Class A*		3,325		142,909
Ichor Holdings Ltd*		2,457		51,523
II-VI Inc*		5,926		251,736
Insteel Industries Inc		1,735		39,471
Itron Inc*		3,461		183,468
John Bean Technologies Corp		3,184		298,341
Kaman Corp		2,801		172,486
KEMET Corp		5,811		110,118
Knowles Corp*		9,026		146,943
Lindsay Corp		1,030		95,244
LSB Industries Inc*		1,435		10,117
Lydall Inc*		1,743		49,065
Marten Transport Ltd		3,836		71,541
Matson Inc		4,283		154,659
Moog Inc - Class A		3,255		305,840
Mueller Industries Inc		5,776		190,897
Multi-Color Corp		1,395		69,541
Myers Industries Inc		3,548		67,696
MYR Group Inc*		1,615		54,167
National Presto Industries Inc		504		56,519
Olympic Steel Inc		881		17,109
Orion Group Holdings Inc*		2,840		12,070
OSI Systems Inc*		1,710		148,514
Park Electrochemical Corp		1,909		33,198
Patrick Industries Inc*		2,374		107,329
PGT Innovations Inc*		5,837		88,022
Plexus Corp*		3,292		203,314
Powell Industries Inc		838		26,891
Proto Labs Inc*,(a)		2,724		307,785
Raven Industries Inc		3,584		143,073
Saia Inc*		2,527		167,186
Sanmina Corp*		6,831		218,182
SEACOR Holdings Inc*		1,714		76,547
Simpson Manufacturing Co Inc		4,136		247,870
SMART Global Holdings Inc*		1,196		35,055
SPX Corp*		4,195		152,530
SPX FLOW Inc*		4,202		145,053
Standex International Corp		1,287		105,547
Sturm Ruger & Co Inc		1,780		101,371
Tennant Co		1,758		111,106
Tetra Tech Inc		5,580		334,912
TimkenSteel Corp*		3,932		48,993
TopBuild Corp*		3,577		212,832
Tredegar Corp		2,521		43,916
Trex Co Inc*		5,906		442,655
Triumph Group Inc		4,765		110,357
TTM Technologies Inc*		9,342		113,225
Universal Forest Products Inc		6,063		187,771
US Concrete Inc*		1,585		63,574
US Ecology Inc		2,200		126,236
Vicor Corp*		1,588		50,467
Watts Water Technologies Inc		2,791		224,787
Total Industrial				14,266,262
Technology (9.04%)
3D Systems Corp*		11,420		161,250
Agilysys Inc*		1,424		29,762
Axcelis Technologies Inc*		3,225		67,790
Bottomline Technologies DE Inc*		3,707		184,905
Brooks Automation Inc		7,078		227,275
Cabot Microelectronics Corp		2,577		291,459
CEVA Inc*		2,229		62,012
Cohu Inc		4,066		72,741
Computer Programs & Systems Inc		1,062		34,982
Cray Inc*		4,078		100,033
CSG Systems International Inc		3,263		135,578
CTS Corp		3,313		106,414
Cubic Corp		2,477		152,831
Diebold Nixdorf Inc		7,353		67,574
Diodes Inc*		3,881		156,521
Donnelley Financial Solutions Inc*		3,281		46,623
DSP Group Inc*		2,148		29,492
Ebix Inc		2,210		128,777
Electronics For Imaging Inc*		4,489		121,383
ExlService Holdings Inc*		3,451		211,891
FormFactor Inc*		7,104		112,598
Insight Enterprises Inc*		3,525		196,766
Kopin Corp*		6,036		9,235
Kulicke & Soffa Industries Inc		6,804		158,669
LivePerson Inc*		5,605		156,716
ManTech International Corp		2,644		143,701
MaxLinear Inc*		6,001		150,865
Mercury Systems Inc*		4,835		307,119
MicroStrategy Inc - Class A*		933		132,020
Monotype Imaging Holdings Inc		4,231		82,928
MTS Systems Corp		1,789		95,354
Nanometrics Inc*		2,280		64,889
NextGen Healthcare Inc*		4,741		82,968
Omnicell Inc*		3,901		331,389
OneSpan Inc*		2,814		59,938
PDF Solutions Inc*		2,557		30,454
Photronics Inc*		7,012		68,788
Power Integrations Inc		2,968		216,841
Progress Software Corp		4,672		171,836
Qualys Inc*		3,285		274,724
Rambus Inc*		11,045		113,432
Rudolph Technologies Inc*		3,191		72,053
Semtech Corp*(a)		6,641		365,521
SPS Commerce Inc*		1,706		182,167
Sykes Enterprises Inc*		3,994		118,182
Tabula Rasa HealthCare Inc*		1,693		93,301
TiVo Corp		12,338		123,750
TTEC Holdings Inc		1,570		53,788
Ultra Clean Holdings Inc*		3,885		41,375
Unisys Corp*		5,140		69,441
Veeco Instruments Inc*		4,630		52,875
Virtusa Corp*		2,769		139,751
Xperi Corp		4,873		116,952
Total Technology				6,779,679
Utilities (2.45%)
American States Water Co		3,685		262,114
Avista Corp(a)		6,589		266,261
California Water Service Group		4,824		250,944
El Paso Electric Co		4,080		219,504
Northwest Natural Holding Co		2,888		185,467
South Jersey Industries Inc		8,579		248,362
Spire Inc(a)		5,052		400,726
Total Utilities				1,833,378
Total Common Stock (Cost $56,128,897)				73,970,973
Total Investments(Cost $56,128,897)(b) (98.60%)			$	73,970,973
Other Net Assets (1.40%)				1,048,511
Net Assets (100.00%)			$	75,019,484

Long Futures contracts at February 28, 2019:

Russell 2000 MINI	Notional Amount		Value		Unrealized Appreciation
13 Contracts, expiring March 2019	$	977,938	$	1,024,075	$	46,137

*	Non-income producing security.
(a)	A portion of these shares have been pledged in connection with obligations for futures contracts.
(b)	Aggregate cost for federal income tax purpose is $56,154,368.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	23,974,039
Unrealized depreciation		(6,157,434	)
Net unrealized appreciation	$	17,816,605

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

20

Shelton Core Value Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description	Shares		Value (Note 1)
Common Stock (97.20%)
Basic Materials (3.20%)
Linde PLC		15,167	$	2,627,531
PPG Industries Inc		16,000		1,791,520
Sensient Technologies Corp(a)		8,500		549,950
Total Basic Materials				4,969,001
Communications (6.07%)
Alphabet Inc - Class A*		1,600		1,802,480
Alphabet Inc - Class C*		1,600		1,791,872
AT&T Inc		57,669		1,794,659
Facebook Inc*		11,600		1,872,820
Verizon Communications Inc		37,842		2,153,967
Total Communications				9,415,798
Consumer, Cyclical (8.57%)
DR Horton Inc		55,200		2,146,728
FirstEnergy Corp		23,574		960,641
Ford Motor Co		522,700		4,584,079
Lowe’s Cos Inc		31,200		3,278,808
Marriott International Inc		13,000		1,628,510
Target Corp		9,639		700,177
Total Consumer, Cyclical				13,298,943
Consumer, Non-Cyclical (17.30%)
Abbott Laboratories		41,110		3,190,958
AbbVie Inc		33,610		2,663,256
AmerisourceBergen Corp		22,912		1,908,570
Baxter International Inc		27,700		2,070,021
British American Tobacco PLC		3,770		138,510
Celgene Corp*,(a)		7,500		623,400
Centene Corp*		27,800		1,692,742
Colgate-Palmolive Co		20,400		1,343,748
Conagra Brands Inc(a)		42,450		992,057
Gilead Sciences Inc(a)		31,200		2,028,623
Merck & Co Inc		35,200		2,861,408
Sprouts Farmers Market Inc*		230,000		5,363,600
Takeda Pharmaceutical Co Ltd(a)		35,665		715,440
Tyson Foods Inc - Class A		20,000		1,233,200
Total Consumer, Non-Cyclical				26,825,533
Energy (11.22%)
Anadarko Petroleum Corp		17,040		741,240
Baker Hughes a GE Co(a)		27,455		724,263
BP PLC		81,437		3,473,288
Chevron Corp		29,324		3,506,564
ConocoPhillips		19,648		1,333,117
Devon Energy Corp		7,352		216,958
Exxon Mobil Corp		43,236		3,416,941
Royal Dutch Shell PLC		36,500		2,270,665
Schlumberger Ltd		39,100		1,722,746
Total Energy				17,405,782
Financial (25.01%)
Banks (17.37%)
Bank of America Corp		140,000		4,071,200
The Bank of New York Mellon Corp		15,050		789,824
Citigroup Inc		21,300		1,362,774
The Goldman Sachs Group Inc		15,850		3,117,695
JPMorgan Chase & Co		71,020		7,411,647
Morgan Stanley		47,050		1,975,159
State Street Corp		9,600		689,952
US Bancorp		60,600		3,132,414
Wells Fargo & Co		87,889		4,384,782
				26,935,447
Diversified Financial Service (2.59%)
BlackRock Inc		6,300		2,792,286
Intercontinental Exchange Inc		15,920		1,228,228
				4,020,514
Insurance (2.14%)
Arthur J Gallagher & Co		32,400		2,601,072
Principal Financial Group Inc		13,650		718,536
				3,319,608
Real Estate (1.20%)
Digital Realty Trust Inc		16,500		1,866,480
Savings&Loans (1.71%)
New York Community Bancorp Inc(a)		211,900		2,650,869
Total Financial				38,792,918
Industrial (7.51%)
The Boeing Co		2,900		1,275,884
Caterpillar Inc		21,442		2,944,844
Masco Corp		90,000		3,380,400
Northrop Grumman Corp		8,600		2,493,656
Seaspan Corp(a)		25,000		220,000
United Technologies Corp		10,625		1,335,244
Total Industrial				11,650,028
Technology (16.71%)
Apple Inc		20,000		3,463,000
Applied Materials Inc		66,000		2,530,440
Dell Technologies Inc - Class C*		5,983		333,971
DXC Technology Co		4,294		282,803
Hewlett Packard Enterprise Co		50,000		819,000
Intel Corp		61,000		3,230,560
International Business Machines Corp		18,560		2,563,693
Micro Focus International PLC(a)		6,865		170,115
Microsoft Corp		37,633		4,216,024
Oracle Corp		40,930		2,133,681
Paychex Inc		17,000		1,309,340
Perspecta Inc (a)		2,147		45,302
Seagate Technology PLC		38,000		1,769,280
Taiwan Semiconductor Manufacturing Co Ltd		30,000		1,171,500
Texas Instruments Inc		18,000		1,904,040
Total Technology				25,942,749
Utilities (1.61%)
Consolidated Edison Inc		21,200		1,747,940
NextEra Energy Inc		4,000		750,880
Total Utilities				2,498,820
Total Common Stock (Cost $109,246,863)				150,799,572
Preferred Stock (0.58%)
Amerityre Corp*,**		2,000,000		900,000
Total Preferred Stock (Cost $2,000,000)				900,000

	Maturity Date
United States Treasury Bills (2.00%)
0.00%		03/26/2019	3,100,000		3,094,880
Total United States Treasury Bills (Cost $3,094,880)					3,094,880
Total Investments (Cost $114,341,743)(b) (99.78%)				$	154,794,452
Other Net Assets (0.22%)					337,226
Net Assets (100.00%)				$	155,131,678

*	Non-income producing security.
**	This security has been fair valued and deemed to be illiquid by the Advisor. At February 28, 2019, the fair value was $900,000, or 0.58% of net assets.
(a)	A portion of these shares have been pledged in connection with obligations for options contracts.
(b)	Aggregate cost for federal income tax purpose is $113,660,825.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	47,922,550
Unrealized depreciation		(6,788,923	)
Net unrealized appreciation	$	41,133,627

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

21

Shelton Core Value Fund Portfolio of Investments (Unaudited) (Continued) 2/28/19

SCHEDULE OF SECURITIES SOLD SHORT Written Call Options	Expiration Date		Contracts		Strike Price		Notional Amount				Value
Abbott Laboratories		5/17/2019		(200)	$	75.00	$	1,500,000	$	(90,000)
AbbVie Inc		3/15/2019		(160)		85.00		1,360,000		(1,600)
Alphabet Inc - Class A		4/18/2019		(12)		1,180.00		1,416,000		(18,228)
Alphabet Inc - Class C		4/18/2019		(12)		1,180.00		1,416,000		(14,280)
AmerisourceBergen Corp		3/15/2019		(110)		85.00		935,000		(12,100)
Anadarko Petroleum Corp		3/15/2019		(60)		52.50		315,000		(90)
Apple Inc		3/15/2019		(50)		170.00		850,000		(24,700)
Applied Materials Inc		3/15/2019		(220)		43.00		946,000		(440)
AT&T Inc		3/15/2019		(200)		31.00		620,000		(9,600)
Bank of America Corp		3/15/2019		(475)		31.00		1,472,500		(1,900)
Baxter International Inc		5/17/2019		(240)		70.00		1,680,000		(148,800)
BP PLC		3/15/2019		(270)		42.00		1,134,000		(27,000)
British American Tobacco PLC		3/15/2019		(37)		35.00		129,500		(7,992)
Caterpillar Inc		4/18/2019		(107)		140.00		1,498,000		(41,195)
Centene Corp		3/15/2019		(100)		70.00		700,000		(250)
Chevron Corp		3/15/2019		(100)		120.00		1,200,000		(15,500)
Citigroup Inc		3/15/2019		(70)		67.50		472,500		(910)
Colgate-Palmolive Co		3/15/2019		(70)		67.50		472,500		(2,660)
ConocoPhillips		3/15/2019		(65)		70.00		455,000		(3,185)
Consolidated Edison Inc		3/15/2019		(70)		77.50		542,500		(35,700)
Dell Technologies Inc		4/18/2019		(59)		60.00		354,000		(7,493)
Devon Energy Corp		3/15/2019		(30)		30.00		90,000		(1,710)
Digital Realty Trust Inc		4/18/2019		(135)		115.00		1,552,500		(27,000)
DR Horton Inc		3/15/2019		(200)		40.00		800,000		(11,200)
DXC Technology Co		4/18/2019		(42)		70.00		294,000		(3,570)
Exxon Mobil Corp		3/15/2019		(150)		75.00		1,125,000		(66,000)
Facebook Inc		3/15/2019		(40)		160.00		640,000		(16,000)
FirstEnergy Corp		3/15/2019		(80)		40.00		320,000		(7,800)
Ford Motor Co		3/15/2019		(500)		9.00		450,000		(4,500)
Hewlett Packard Enterprise Co		3/15/2019		(150)		16.00		240,000		(7,500)
Intel Corp		4/18/2019		(450)		52.50		2,362,500		(86,400)
Intercontinental Exchange Inc		3/15/2019		(60)		80.00		480,000		(600)
International Business Machines Corp		3/15/2019		(185)		140.00		2,590,000		(18,870)
JPMorgan Chase & Co		3/15/2019		(240)		110.00		2,640,000		(2,400)
Linde PLC		4/18/2019		(50)		180.00		900,000		(13,625)
Lowe's Cos Inc		4/18/2019		(312)		105.00		3,276,000		(113,256)
Marriott International Inc		3/15/2019		(45)		120.00		540,000		(31,050)
Masco Corp		3/15/2019		(300)		34.00		1,020,000		(111,000)
Merck & Co Inc		4/18/2019		(90)		80.00		720,000		(21,690)
Microsoft Corp		3/15/2019		(130)		110.00		1,430,000		(37,700)
Morgan Stanley		3/15/2019		(160)		45.00		720,000		(1,440)
NextEra Energy Inc		3/15/2019		(1)		180.00		18,000		(870)
Northrop Grumman Corp		4/18/2019		(26)		300.00		780,000		(12,038)
Oracle Corp		4/18/2019		(250)		50.00		1,250,000		(81,500)
Paychex Inc		3/15/2019		(60)		72.50		435,000		(27,600)
PPG Industries Inc		4/18/2019		(55)		115.00		632,500		(12,100)
Principal Financial Group Inc		4/18/2019		(40)		55.00		220,000		(2,360)
Royal Dutch Shell PLC		4/18/2019		(146)		65.00		949,000		(6,570)
Schlumberger Ltd		3/15/2019		(140)		47.50		665,000		(840)
Seagate Technology PLC		4/18/2019		(360)		50.00		1,800,000		(24,840)
Sprouts Farmers Market Inc		3/15/2019		(230)		25.00		575,000		(1,840)
State Street Corp		3/15/2019		(32)		75.00		240,000		(704)
Taiwan Semiconductor Manufacturing Co Ltd		3/15/2019		(100)		39.00		390,000		(7,000)
Target Corp		3/15/2019		(45)		77.50		348,750		(3,600)
Texas Instruments Inc		4/18/2019		(110)		105.00		1,155,000		(43,010)
The Bank of New York Mellon Corp		3/15/2019		(50)		55.00		275,000		(400)
The Goldman Sachs Group Inc		3/15/2019		(60)		215.00		1,290,000		(660)
Tyson Foods Inc		3/15/2019		(70)		65.00		455,000		(700)
United Technologies Corp		3/15/2019		(40)		125.00		500,000		(10,800)
US Bancorp		3/15/2019		(202)		52.50		1,060,500		(5,555)
Verizon Communications Inc		3/15/2019		(130)		55.00		715,000		(28,340)
Wells Fargo & Co		3/15/2019		(275)		52.50		1,443,750		(1,925)
Total Written Call Options								56,856,000		(1,320,186)
Premiums Received $1,039,133

See accompanying notes to financial statements.

22

Nasdaq-100 Index Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description			Shares		Value (Note 1)
Common Stock (99.65%)
Communications (37.75%)
Internet (27.52%)
Alphabet Inc - Class A*				19,207	$	21,637,646
Alphabet Inc - Class C*				19,509		21,848,519
Amazon.com Inc*,(a)				31,280		51,293,882
Baidu Inc*				24,344		3,956,874
Booking Holdings Inc*				4,157		7,054,595
Ctrip.com International Ltd*				40,186		1,371,548
eBay Inc				86,665		3,219,605
Expedia Group Inc				12,088		1,490,571
Facebook Inc*,(a)				204,078		32,948,393
JD.com Inc*				78,248		2,168,252
MercadoLibre Inc*				3,829		1,756,707
Netflix Inc*				38,137		13,656,860
Symantec Corp				52,618		1,183,379
VeriSign Inc*				5,011		892,158
						164,478,989
Media (5.77%)
Charter Communications Inc*				20,306		7,003,742
Comcast Corp				400,461		15,485,827
Liberty Global PLC - Class A*				17,321		456,408
Liberty Global PLC - Class C*				50,158		1,273,512
Sirius XM Holdings Inc				390,050		2,312,997
Twenty-First Century Fox Inc				69,431		3,482,659
Twenty-First Century Fox Inc - Class A				89,454		4,511,165
						34,526,310
Telecommunicatoins (4.46%)
Cisco Systems Inc				411,881		21,323,079
T-Mobile US Inc*				74,292		5,364,625
						26,687,704
Total Communications						225,693,003
Consumer, Cyclical (8.36%)
American Airlines Group Inc				41,028		1,461,828
Costco Wholesale Corp				38,407		8,401,147
Dollar Tree Inc*				20,122		1,938,352
Fastenal Co				25,010		1,574,129
Hasbro Inc				10,768		914,203
Lululemon Athletica Inc*				5,082		764,434
Marriott International Inc				30,389		3,806,831
O’Reilly Automotive Inc*				7,055		2,624,179
PACCAR Inc				30,605		2,075,019
Ross Stores Inc				33,227		3,150,916
Starbucks Corp				118,154		8,301,500
Tesla Inc*				14,647		4,685,282
Ulta Beauty Inc*				5,303		1,657,134
United Continental Holdings Inc*				15,273		1,341,122
Walgreens Boots Alliance Inc				86,138		6,132,164
Wynn Resorts Ltd				8,957		1,133,419
Total Consumer, Cyclical						49,961,659
Consumer, Non-Cyclical (16.88%)
Alexion Pharmaceuticals Inc*				18,960		2,565,857
Align Technology Inc*				6,948		1,799,324
Amgen Inc				56,688		10,775,255
Automatic Data Processing Inc				37,716		5,771,679
Biogen Inc*				17,642		5,786,752
BioMarin Pharmaceutical Inc*				15,309		1,427,717
Celgene Corp*				61,600		5,120,192
Cintas Corp				9,259		1,912,909
Gilead Sciences Inc				85,707		5,572,669
Henry Schein Inc*				13,327		790,291
IDEXX Laboratories Inc*				7,575		1,598,552
Illumina Inc*				12,391		3,875,533
Incyte Corp*				18,354		1,582,665
Intuitive Surgical Inc*				9,509		5,207,223
The Kraft Heinz Co				78,991		2,621,711
Mondelez International Inc				127,091		5,993,612
Monster Beverage Corp*				47,863		3,055,095
Mylan NV*				45,153		1,191,588
PayPal Holdings Inc*				104,072		10,206,342
PepsiCo Inc				123,867		14,323,981
Regeneron Pharmaceuticals Inc*				8,956		3,857,707
Verisk Analytics Inc				14,348		1,814,018
Vertex Pharmaceuticals Inc*				21,464		4,051,330
Total Consumer, Non-Cyclical						100,902,002
Financial (0.21%)
Willis Towers Watson PLC				7,284		1,252,994
Industrial (1.09%)
CSX Corp				75,850		5,512,020
JB Hunt Transport Services Inc				9,517		1,024,695
Total Industrial						6,536,715
Technology (34.95%)
Computers (9.22%)
Apple Inc(a)				276,821		47,931,556
Check Point Software Technologies Ltd*				13,681		1,673,186
Cognizant Technology Solutions Corp				50,043		3,552,052
NetApp Inc				10,441		680,753
Western Digital Corp				25,103		1,262,681
						55,100,228
Semiconductors (13.68%)
Advanced Micro Devices Inc*				56,024		1,318,245
Analog Devices Inc				31,286		3,346,351
Applied Materials Inc				86,090		3,300,692
ASML Holding NV				6,426		1,175,123
Broadcom Inc				37,806		10,410,260
Intel Corp				403,834		21,387,049
KLA-Tencor Corp				13,618		1,572,743
Lam Research Corp				13,800		2,430,042
Maxim Integrated Products Inc				24,385		1,327,276
Microchip Technology Inc				20,376		1,770,063
Micron Technology Inc*				100,270		4,099,038
NVIDIA Corp				53,249		8,214,191
NXP Semiconductors NV				30,157		2,753,937
QUALCOMM Inc				106,161		5,667,936
Skyworks Solutions Inc				15,824		1,292,188
Texas Instruments Inc				85,539		9,048,315
Xilinx Inc				21,298		2,668,639
						81,782,088
Software (12.05%)
Activision Blizzard Inc				64,302		2,709,686
Adobe Inc*				42,884		11,257,050
Autodesk Inc*				18,603		3,032,475
Cadence Design Systems Inc*				24,529		1,404,285
Cerner Corp*				28,919		1,618,018
Citrix Systems Inc				11,806		1,245,533
Covetrus Inc*				5,331		190,743
Electronic Arts Inc*				26,133		2,503,019
Fiserv Inc*				35,928		3,042,742
Intuit Inc				21,697		5,361,980
Microsoft Corp				279,349		31,295,468
NetEase Inc				6,512		1,453,609
Paychex Inc				31,231		2,405,412
Synopsys Inc*				12,896		1,311,265
Take-Two Interactive Software Inc*				9,920		865,619
Workday Inc - Class A*				11,912		2,357,742
						72,054,646
Total Technology						208,936,962
Utilities (0.41%)
Xcel Energy Inc				44,586		2,445,988
Total Common Stock (Cost $362,180,818)						595,729,323
	Maturity Date
United States Treasury Bills (0.08%)
0.00%		03/26/2019		500,000		499,174
United States Treasury Bills (Cost $499,174)						499,174
Total Investments(Cost $362,679,992)(b) (99.72%)					$	596,228,497
Other Net Assets (0.28%)						1,644,264
Net Assets (100.00%)					$	597,872,761

Long Futures contracts at February 28, 2019:

Nasdaq 100 E-MINI	Notional Amount		Value		Unrealized Appreciation
16 Contracts, expiring March 2019	$	2,255,789	$	2,272,800	$	17,011

*	Non-income producing security.
(a)	A portion of these shares have been pledged in connection with obligations for futures contracts.
(b)	Aggregate cost for federal income tax purpose is $362,977,615.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	242,370,852
Unrealized depreciation		(9,119,970	)
Net unrealized appreciation	$	233,250,882

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

23

Shelton Green Alpha Fund Portfolio of Investments (Unaudited) 2/28/19

Security Description	Shares		Value (Note 1)
Common Stock (97.64%)
Basic Materials (2.08%)
Daqo New Energy Corp*		14,000	$	509,320
Schnitzer Steel Industries Inc		22,000		534,600
Total Basic Materials				1,043,920
Communications (6.25%)
Alphabet Inc - Class C*		1,400		1,567,888
Arista Networks Inc*		1,000		285,250	��
Palo Alto Networks Inc*		1,500		369,405
Sierra Wireless Inc*		73,000		918,340
Total Communications				3,140,883
Consumer, Cyclical (7.01%)
Herman Miller Inc		31,000		1,137,080
Interface Inc		20,000		355,000
Kandi Technologies Group Inc*		117,500		849,525
Tesla Inc*		3,700		1,183,556
Total Consumer, Cyclical				3,525,161
Consumer, Non-Cyclical (7.35%)
CRISPR Therapeutics AG*		17,300		612,247
Danone SA		30,000		453,600
Gilead Sciences Inc		7,500		487,650
The Hain Celestial Group Inc*		28,000		550,760
Illumina Inc*		900		281,493
Intellia Therapeutics Inc*		13,000		197,990
Invitae Corp*		46,000		925,520
OraSure Technologies Inc*		17,500		188,125
Total Consumer, Non-Cyclical				3,697,385
Energy (35.56%)
Canadian Solar Inc*		118,700		2,927,142
First Solar Inc*		44,600		2,343,730
JinkoSolar Holding Co Ltd*		83,000		1,708,970
Pattern Energy Group Inc		135,000		2,816,100
SolarEdge Technologies Inc*		5,200		219,752
Sunrun Inc*		140,000		2,171,400
TerraForm Power Inc		110,000		1,376,100
TPI Composites Inc*		37,000		1,117,770
Vestas Wind Systems A/S		115,000		3,194,700
Total Energy				17,875,664
Financial (7.10%)
Alexandria Real Estate Equities Inc		4,900		665,861
Hannon Armstrong Sustainable Infrastructure Capital Inc		64,000		1,575,680
Horizon Technology Finance Corp		48,800		616,832
Liberty Property Trust		15,000		709,950
Total Financial				3,568,323
Industrial (11.94%)
ABB Ltd		41,600		819,936
Advanced Energy Industries Inc*		8,600		433,182
Garmin Ltd		8,000		671,760
Ichor Holdings Ltd*		30,000		629,100
Itron Inc*		6,200		328,662
LG Display Co Ltd*		54,000		510,300
SunPower Corp*		138,000		890,100
Trex Co Inc*		7,000		524,650
Universal Display Corp		8,000		1,193,920
Total Industrial				6,001,610
Technology (18.04%)
Analog Devices Inc		7,700		823,592
Applied Materials Inc		48,500		1,859,490
Fortinet Inc*		6,500		564,135
International Business Machines Corp		11,500		1,588,495
Microchip Technology Inc		3,000		260,610
NVIDIA Corp		3,100		478,206
Omnicell Inc*		6,400		543,680
QUALCOMM Inc		6,800		363,052
Skyworks Solutions Inc		12,500		1,020,750
STMicroelectronics NV		46,500		760,740
Ultra Clean Holdings Inc*		32,500		346,125
Veeco Instruments Inc*		40,600		463,652
Total Technology				9,072,527
Utilities (2.31%)
Consolidated Water Co Ltd		88,000		1,162,480
Total Common Stock (Cost $41,668,475)				49,087,953
Total Investments (Cost $41,668,475)(a) (97.64%)			$	49,087,953
Other Net Assets (2.36%)				1,184,991
Net Assets (100.00%)			$	50,272,944

*	Non-income producing security.
(a)	Aggregate cost for federal income tax purpose is $41,249,152.

At February 28, 2019, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	10,745,015
Unrealized depreciation		(3,354,534	)
Net unrealized appreciation	$	7,390,481

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund's previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

24

Statements of Assets & Liabilities
February 28, 2019 (Unaudited)

	Green 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	$	61,359,886	$	18,815,921		$	6,461,274		$	52,942,670
Market value of investments (Note 1)		63,875,029		18,578,362			6,442,571			52,942,670
Cash		59,265		108,923			95,845			118,541
Cash held at broker		—		—			—			—
Variation Margin Receivable		—		—			—			—
Interest receivable		603,814		47,791			10,456			—
Dividend receivable		—		—			—			—
Receivable for fund shares sold		—		—			—			—
Receivable for Investment Securities Sold		—		—			—			—
Prepaid expenses		7,792		2,799			3,067			2,118
Total assets	$	64,545,900	$	18,737,875		$	6,551,939		$	53,063,329
Liabilities
Written Options, at value		—		—			—			—
Payable to investment advisor		24,848		4,325			413			11,829
Distributions payable		101,845		21,069			6,831			75,192
Accrued 12b-1 fees		—		911			315			402
Accrued shareholder service fees		—		953			285			402
Accrued administration fees		4,352		1,294			438			3,630
Accrued CCO fees		1,899		455			150			473
Accrued Custody fees		1,479		366			165			1,054
Accrued Fund Accounting Fees		4,122		3,010			1,621			3,034
Accrued Printing fees		3,522		4,016			3,758			318
Accrued State Registration fees		297		570			572			1,183
Accrued Transfer Agent fees		1,925		2,055			307			1,089
Accrued Trustee fees		505		432			410			331
Accrued expenses		284		56			12			152
Total liabilities		145,078		39,512			15,277			99,089
Net assets	$	64,400,822	$	18,698,363		$	6,536,662		$	52,964,240
Net assets at February 28, 2019 consist of
Paid-in capital	$	61,822,725	$	19,223,904		$	6,557,571		$	52,970,484
Distributable earnings/(loss)		2,578,097		(525,541	)		(20,909	)		(6,244	)
Total net assets	$	64,400,822	$	18,698,363		$	6,536,662		$	52,964,240
Net assets
Direct Shares	$	64,400,822	$	15,431,112		$	5,297,822		$	51,074,631
K Shares			$	3,267,251		$	1,238,840		$	1,889,609
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		5,656,567		1,535,542			525,008			51,101,685
K Shares (no par value, unlimited shares authorized)				323,696			124,728			1,888,514
Net asset value per share
Direct Shares	$	11.38	$	10.06		$	10.09		$	1.00
K Shares			$	10.09		$	9.93		$	1.00

See accompanying notes to financial statements.

25

Statements of Assets & Liabilities
February 28, 2019 (Unaudited) (Continued)

	S&P 500 Index Fund		S&P MidCap Index Fund		S&P SmallCap Index Fund		Shelton Core Value Fund
Assets
Investments in securities
Cost of investments	$	68,526,953	$	78,869,768	$	56,128,897	$	114,341,743
Market value of investments (Note 1)		183,119,899		113,332,595		73,970,973		154,794,452
Cash		508,059		930,121		846,672		259,732
Cash held at broker		250,000		200,000		200,000		946,272
Interest receivable		—		—		—		—
Dividend receivable		387,811		126,214		41,826		529,799
Receivable for fund shares sold		—		—		—		—
Receivable for Investment Securities Sold		—		—		—		—
Prepaid expenses		18,115		11,530		16,244		26,603
Total assets	$	184,283,884	$	114,600,460	$	75,075,715	$	156,556,858
Liabilities
Written options, at value (proceeds $—, $—, $—, $1,039,133 repectively)		—		—		—		1,320,186
Variation margin payable		3,354		4,860		4,290		—
Payable to investment advisor		34,864		34,789		28,320		59,180
Distributions payable		—		—		—		—
Accrued 12b-1 fees		1,906		1,172		1,905		1,118
Accrued shareholder service fees		2,822		1,146		2,068		1,345
Accrued administration fees		12,209		7,613		4,957		10,363
Accrued CCO fees		4,695		3,451		1,648		4,308
Accrued Custody fees		2,994		2,630		3,853		3,882
Accrued Fund Accounting Fees		8,071		6,006		3,361		7,405
Accrued Printing fees		—		—		590		—
Accrued State Registration fees		671		1,423		1,141		678
Accrued Transfer Agent fees		3,555		2,984		1,459		15,130
Accrued Trustee fees		422		434		364		500
Accrued expenses		4,611		394		2,275		1,085
Total liabilities		80,174		66,902		56,231		1,425,180
Net assets	$	184,203,710	$	114,533,558	$	75,019,484	$	155,131,678
Net assets at February 28, 2019 consist of
Paid-in capital	$	67,975,749	$	77,475,359	$	56,504,259	$	113,784,244
Distributable earnings/(loss)		116,227,961		37,058,199		18,515,225		41,347,434
Total net assets	$	184,203,710	$	114,533,558	$	75,019,484	$	155,131,678
Net assets
Direct Shares	$	175,699,918	$	109,496,458	$	67,034,236	$	150,545,182
K Shares	$	8,503,792	$	5,037,100	$	7,985,248	$	4,586,496
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		3,292,095		4,514,655		3,082,847		7,640,394
K Shares (no par value, unlimited shares authorized)		159,633		210,929		377,326		236,038
Net asset value per share
Direct Shares	$	53.35	$	24.25	$	21.75	$	19.71
K Shares	$	53.25	$	23.87	$	21.16	$	19.42

See accompanying notes to financial statements.

26

Statements of Assets & Liabilities
February 28, 2019 (Unaudited) (Continued)

	Nasdaq-100 Index Fund		Shelton Green Alpha Fund
Assets
Investments in securities
Cost of investments	$	362,679,992	$	41,668,475
Market value of investments (Note 1)		596,227,675		49,087,953
Cash		718,260		1,151,229
Cash held at broker		400,000		—
Interest receivable		—		—
Dividend receivable		624,743		85,094
Receivable for fund shares sold		—		—
Receivable for Investment Securities Sold		—		—
Prepaid expenses		142,269		3,983
Total assets	$	598,112,947	$	50,328,259
Liabilities
Written options, at value		—		—
Variation margin payable		6,285		—
Payable to investment advisor		119,741		37,084
Distributions payable		—		—
Accrued 12b-1 fees		5,139		—
Accrued shareholder service fees		5,782		—
Accrued administration fees		39,738		3,249
Accrued CCO fees		13,821		1,081
Accrued Custody fees		8,479		746
Accrued Fund Accounting Fees		21,806		2,912
Accrued Printing fees		—		1,522
Accrued State Registration fees		665		6,602
Accrued Transfer Agent fees		15,069		1,134
Accrued Trustee fees		395		388
Accrued expenses		3,266		597
Total liabilities		240,186		55,315
Net assets	$	597,872,761	$	50,272,944
Net assets at February 28, 2019 consist of
Paid-in capital	$	370,188,567	$	42,849,677
Distributable earnings/(loss)		227,684,194		7,423,267
Total net assets	$	597,872,761	$	50,272,944
Net assets
Direct Shares	$	572,481,440	$	50,272,944
K Shares	$	25,391,321
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		32,785,594		2,861,660
K Shares (no par value, unlimited shares authorized)		1,495,144
Net asset value per share
Direct Shares	$	17.46	$	17.58
K Shares	$	16.97

See accompanying notes to financial statements.

27

Statements of Operations
February 28, 2019 (Unaudited)

	Green 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	$	925,768	$	206,612		$	58,856		$	604,087
Dividend income		—		—			—			—
Total		925,768		206,612			58,856			604,087
Expenses
Management fees (Note 2)		164,257		46,832			15,902			135,741
Administration fees (Note 2)		29,078		8,196			2,767			23,865
Transfer agent fees		8,464		6,122			1,487			5,075
Accounting services		19,697		12,204			9,096			14,816
Custodian fees		2,801		1,046			415			2,690
Broker Fees		—		—			—			—
Legal and audit fees		9,670		5,422			3,842			7,575
CCO fees (Note 2)		5,033		1,355			452			3,803
Trustees fees		2,618		2,546			2,523			2,444
Insurance		2,394		688			190			1,884
Printing		4,966		5,169			4,119			2,739
Registration and dues		1,232		3,126			685			2,076
12b-1 fees Class K (Note 2)		—		4,514			1,519			2,460
Shareholder service fees Class K (Note 2)		—		4,514			1,502			2,460
Licensing fee		—		—			—			—
Total expenses		250,210		101,734			44,499			207,628
Less class specific expenses waived		—		—			(6,739	)		—
Less reimbursement from manager (Note 2)		—		(22,057	)		(15,588	)		(55,031	)
Net expenses		250,210		79,677			22,172			152,597
Net investment income		675,558		126,935			36,684			451,490
Realized and unrealized gain (loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		86,434		(42,987	)		(46	)		(14	)
Net realized gain/(loss) from futures contracts		—		—			—			—
Net realized gain/(loss) from written options contracts		—		—			—			—
Change in unrealized appreciation/(depreciation) of investments		562,108		203,655			28,734			—
Change in unrealized appreciation/(depreciation) of futures		—		—			—			—
Change in unrealized appreciation/(depreciation) of written options contracts		—		—			—			—
Net realized and unrealized gain/(loss) on investments		648,542		160,668			28,688			(14	)
Net increase/(decrease) in net assets resulting from operations	$	1,324,100	$	287,603		$	65,372		$	451,476

See accompanying notes to financial statements.

28

Statements of Operations
February 28, 2019 (Unaudited) (Continued)

	S&P 500 Index Fund			S&P MidCap Index Fund			S&P SmallCap Index Fund			Shelton Core Value Fund
Investment income
Interest income	$	344		$	1,426		$	5,687		$	72,014
Dividend income (net of foreign tax withheld of $3,214, $401, $188 and $11,250, respectively)		1,829,505			777,481			408,817			2,062,488
Total		1,829,849			778,907			414,504			2,134,502
Expenses
Management fees (Note 2)		223,150			229,555			188,116			398,969
Administration fees (Note 2)		78,450			50,189			32,884			69,766
Transfer agent fees		12,933			9,907			8,792			70,922
Accounting services		35,899			26,971			23,322			29,941
Custodian fees		8,063			6,153			4,823			8,316
Broker Fees		—			—			—			48
Legal and audit fees		18,124			12,702			6,659			16,264
CCO fees (Note 2)		13,371			8,925			5,270			11,813
Trustees fees		2,535			2,547			2,477			2,613
Insurance		5,533			3,967			2,276			5,962
Printing		8,250			7,381			5,860			14,540
Registration and dues		6,511			6,447			3,903			11,973
12b-1 fees Class K (Note 2)		11,299			6,812			10,587			6,194
Shareholder service fees Class K (Note 2)		11,231			6,812			10,586			6,194
Licensing fee		18,616			13,018			7,071			—
Total expenses		453,965			391,386			312,626			653,515
Less class specific expenses waived		—			—			—			—
Less reimbursement from manager (Note 2)		—			—			—			—
Net expenses		453,965			391,386			312,626			653,515
Net investment income		1,375,884			387,521			101,878			1,480,987
Realized and unrealized gain (loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		1,362,509			4,606,773			1,558,508			3,815,714
Net realized gain/(loss) from futures contracts		(14,394	)		(9,929	)		(248,831	)		—
Net realized gain/(loss) from written options contracts		—			—			—			2,211,921
Change in unrealized appreciation/(depreciation) of investments		(9,073,461	)		(13,290,212	)		(11,724,765	)		(12,968,938	)
Change in unrealized appreciation/(depreciation) of futures		591			15,443			4,042			—
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			287,774
Net realized and unrealized gain/(loss) on investments		(7,724,755	)		(8,677,925	)		(10,411,046	)		(6,653,529	)
Net increase/(decrease) in net assets resulting from operations	$	(6,348,871	)	$	(8,290,404	)	$	(10,309,168	)	$	(5,172,542	)

See accompanying notes to financial statements.

29

Statements of Operations
February 28, 2019 (Unaudited) (Continued)

	Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Investment income
Interest income	$	84,386		$	—
Dividend income (net of foreign tax withheld of $808 and $9,804, respectively)		3,516,098			269,541
Total		3,600,484			269,541
Expenses
Management fees (Note 2)		1,481,084			221,063
Administration fees (Note 2)		260,606			19,324
Transfer agent fees		76,544			5,543
Accounting services		83,595			14,191
Custodian fees		23,761			2,402
Broker Fees		—			—
Legal and audit fees		51,049			7,451
CCO fees (Note 2)		42,853			3,218
Trustees fees		2,508			2,502
Insurance		16,968			1,393
Printing		31,798			7,573
Registration and dues		11,783			9,030
12b-1 fees Class K (Note 2)		31,984			—
Shareholder service fees Class K (Note 2)		32,146			—
Licensing fee		59,870			—
Total expenses		2,206,549			293,690
Less class specific expenses waived		—			—
Less reimbursement from manager (Note 2)		(649,112	)		—
Net expenses		1,557,437			293,690
Net investment income		2,043,047			(24,149	)
Realized and unrealized gain (loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		5,296,540			495,595
Net realized gain/(loss) from futures contracts		(1,612,990	)		—
Net realized gain/(loss) from written options contracts		—			—
Change in unrealized appreciation/(depreciation) of investments		(45,020,818	)		1,220,029
Change in unrealized appreciation/(depreciation) of futures		(482,644	)		—
Change in unrealized appreciation/(depreciation) of written options contracts		—			—
Net realized and unrealized gain/(loss) on investments		(41,819,912	)		1,715,624
Net increase/(decrease) in net assets resulting from operations	$	(39,776,865	)	$	1,691,475

See accompanying notes to financial statements.

30

Statements of Changes in Net Assets

	Green California Tax-Free Income Fund
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Operations
Net investment income/(loss)	$	675,558		$	1,440,673
Net realized gain/(loss) on investments and foreign currency		86,434			98,984
Net realized gain/(loss) on futures contracts		—			—
Net realized gain/(loss) on written option contracts		—			—
Change in unrealized appreciation/(depreciation) of investments		562,108			(2,120,294	)
Change in unrealized appreciation/(depreciation) of written options contracts		—			—
Change in unrealized appreciation/(depreciation) of futures contracts		—			—
Net increase/(decrease) in net assets resulting from operations		1,324,100			(580,637	)
Distributions to shareholders
Distributions(a)
Direct shares		(791,157	)		—
K shares		—			—
Distributions from net investment income
Direct shares		—			(1,471,475	)
K shares		—			—
Distributions from realized capital gains on investments
Direct shares		—			(234,947	)
K shares		—			—
Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		(4,385,080	)		(4,769,961	)
Total increase (decrease)		(3,852,137	)		(7,057,020	)
Net assets
Beginning of year	$	68,252,959		$	75,309,979
End of year	$	64,400,822		$	68,252,959

(a) The SEC eliminated the requirement to disclose components of distributuons paid to shareholders in September 2018.

See accompanying notes to financial statements.

31

Statements of Changes in Net Assets
(Continued)

	U.S. Government Securities Fund						Short-Term U.S. Government Bond Fund						The United States Treasury Trust
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Operations
Net investment income/(loss)	$	126,935		$	275,977		$	36,684		$	38,967		$	451,490		$	525,502
Net realized gain/(loss) on investments and foreign currency		(42,987	)		50,784			(46	)		(1,308	)		(14	)		(1	)
Net realized gain/(loss) on futures contracts		—			—			—			—			—			—
Net realized gain/(loss) on written option contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		203,655			(763,008	)		28,734			(47,606	)		—			—
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of futures contracts		—			—			—			—			—			—
Net increase/(decrease) in net assets resulting from operations		287,603			(436,247	)		65,372			(9,947	)		451,476			525,501
Distributions to shareholders
Distributions(a)
Direct shares		(110,333	)		—			(32,057	)		—			(444,412	)		—
K shares		(17,345	)		—			(4,626	)		—			(11,758	)		—
Distributions from net investment income
Direct shares		—			(247,995	)		—			(35,380	)		—			(511,891	)
K shares		—			(34,940	)		—			(3,512	)		—			(12,864	)
Distributions from realized capital gains on investments
Direct shares		—			—			—			—			—			—
K shares		—			—			—			—			—			—
Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		(820,871	)		(1,936,468	)		105,542			1,127,333			(1,966,896	)		(4,336,408	)
Total increase (decrease)		(660,946	)		(2,655,650	)		134,231			1,078,494			(1,971,590	)		(4,335,662	)
Net assets
Beginning of year	$	19,359,309		$	22,014,959		$	6,402,431		$	5,323,937		$	54,935,830		$	59,271,492
End of year	$	18,698,363		$	19,359,309		$	6,536,662		$	6,402,431		$	52,964,240		$	54,935,830

(a) The SEC eliminated the requirement to disclose components of distributuons paid to shareholders in September 2018.

See accompanying notes to financial statements.

32

Statements of Changes in Net Assets
(Continued)

	S&P 500 Index Fund						S&P MidCap Index Fund						S&P SmallCap Index Fund
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Operations
Net investment income/(loss)	$	1,375,884		$	2,775,317		$	387,521		$	1,136,376		$	101,878		$	372,943
Net realized gain/(loss) on investments and foreign currency		1,362,509			1,080,430			4,606,773			10,569,898			1,558,508			4,990,033
Net realized gain/(loss) on futures contracts		(14,394	)		15,399			(9,929	)		78,996			(248,831	)		125,810
Net realized gain/(loss) on written option contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		(9,073,461	)		27,825,235			(13,290,212	)		10,333,330			(11,724,765	)		14,383,763
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of futures contracts		591			11,995			15,443			18,540			4,042			36,710
Net increase/(decrease) in net assets resulting from operations		(6,348,871	)		31,708,376			(8,290,404	)		22,137,140			(10,309,168	)		19,909,259
Distributions to shareholders
Distributions(a)
Direct shares		(2,699,036	)		—			(11,843,414	)		—			(5,087,386	)		—
K shares		(130,189	)		—			(586,364	)		—			(640,567	)		—
Distributions from net investment income
Direct shares		—			(2,509,509	)		—			(964,222	)		—			(329,299	)
K shares		—			(100,982	)		—			(24,370	)		—			(10,369	)
Distributions from realized capital gains on investments
Direct shares		—			(2,439,715	)		—			(7,026,422	)		—			(5,770,141	)
K shares		—			(131,049	)		—			(362,108	)		—			(847,867	)
Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		1,101,125			2,225,805			4,346,932			(1,444,057	)		2,304,293			11,559,832
Total increase (decrease)		(8,076,971	)		28,752,926			(16,373,250	)		12,315,961			(13,732,828	)		24,511,415
Net assets
Beginning of year	$	192,280,681		$	163,527,755		$	130,906,808		$	118,590,847		$	88,752,312		$	64,240,897
End of year	$	184,203,710		$	192,280,681		$	114,533,558		$	130,906,808		$	75,019,484		$	88,752,312

(a) The SEC eliminated the requirement to disclose components of distributuons paid to shareholders in September 2018.

See accompanying notes to financial statements.

33

Statements of Changes in Net Assets
(Continued)

	Shelton Core Value Fund						Nasdaq-100 Index Fund						Shelton Green Alpha Fund
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
Operations
Net investment income/(loss)	$	1,480,987		$	2,806,914		$	2,043,047		$	3,132,933		$	(24,149	)	$	138,285
Net realized gain/(loss) on investments and foreign currency		3,815,714			20,547,811			5,296,540			(1,391,150	)		495,595			225,352
Net realized gain/(loss) on futures contracts		—			—			(1,612,990	)		2,333,214			—			—
Net realized gain/(loss) on written option contracts		2,211,921			1,568,983			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		(12,968,938	)		(5,065,257	)		(45,020,818	)		122,342,691			1,220,029			375,773
Change in unrealized appreciation/(depreciation) of written options contracts		287,774			36,246			—			—			—			—
Change in unrealized appreciation/(depreciation) of futures contracts		—			—			(482,644	)		226,915			—			—
Net increase/(decrease) in net assets resulting from operations		(5,172,542	)		19,894,697			(39,776,865	)		126,644,603			1,691,475			739,410
Distributions to shareholders
Distributions(a)
Direct shares		(27,228,935	)		—			(11,132,364	)		—			(626,757	)		—
K shares		(902,836	)		—			(431,446	)		—			—			—
Distributions from net investment income
Direct shares		—			(2,706,462	)		—			(2,998,938	)		—			(123,102	)
K shares		—			(63,142	)		—			(43,752	)		—			—
Distributions from realized capital gains on investments
Direct shares		—			(19,604,495	)		—			(4,963,602	)		—			(1,115,328	)
K shares		—			(607,991	)		—			(257,353	)		—			—
Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		7,046,690			2,178,723			(10,204,010	)		58,588,483			(157,518	)		9,608,699
Total increase (decrease)		(26,257,623	)		(908,670	)		(61,544,685	)		176,969,441			907,200			9,109,679
Net assets
Beginning of year	$	181,389,301		$	182,297,971		$	659,417,446		$	482,448,005		$	49,365,744		$	40,256,065
End of year	$	155,131,678		$	181,389,301		$	597,872,761		$	659,417,446		$	50,272,944		$	49,365,744

(a) The SEC eliminated the requirement to disclose components of distributuons paid to shareholders in September 2018.

See accompanying notes to financial statements.

34

Statements of Changes in Net Assets
(Continued)

Green California Tax-Free Income Fund	Direct Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value
Shares sold		82,663		$	926,074			192,489		$	2,198,940
Shares issued in reinvestment of distributions		46,427			521,381			114,416			1,299,956
Shares repurchased		(518,356	)		(5,832,535	)		(725,578	)		(8,268,857	)
Net increase (decrease)		(389,266	)	$	(4,385,080	)		(418,673	)	$	(4,769,961	)

U.S. Government Securities Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018						Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		290,865		$	2,909,888			410,925		$	4,134,669			29,401		$	294,243			64,564		$	649,806
Shares issued in reinvestment of distributions		8,959			89,330			23,995			241,135			1,453			14,528			3,468			34,940
Shares repurchased		(336,110	)		(3,367,121	)		(639,618	)		(6,428,304	)		(75,772	)		(761,739	)		(56,637	)		(568,714	)
Net increase (decrease)		(36,286	)	$	(367,903	)		(204,698	)	$	(2,052,500	)		(44,918	)	$	(452,968	)		11,395		$	116,032

Short-Term U.S. Government Bond Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018						Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		50,232		$	505,914			168,773		$	1,694,764			25,005		$	247,692			37,617		$	372,176
Shares issued in reinvestment of distributions		2,556			25,694			3,453			34,707			377			3,728			355			3,512
Shares repurchased		(38,606	)		(388,415	)		(71,877	)		(722,778	)		(29,216	)		(289,071	)		(25,768	)		(255,048	)
Net increase (decrease)		14,182		$	143,193			100,349		$	1,006,693			(3,834	)	$	(37,651	)		12,204		$	120,640

The United States Treasury Trust	Direct Shares						K Shares
	Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018			Six Months Ended February 28, 2019 (Unaudited)			Year Ended August 31, 2018
	Shares/ Value			Shares/ Value			Shares/ Value			Shares/ Value
Shares sold	$	14,665,180		$	29,856,493		$	442,604		$	1,133,945
Shares issued in reinvestment of distributions		360,015			519,278			9,447			13,556
Shares repurchased		(17,017,358	)		(34,454,055	)		(426,784	)		(1,405,625	)
Net increase (decrease)	$	(1,992,163	)	$	(4,078,284	)	$	25,267		$	(258,124	)

S&P 500 Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018						Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		155,084		$	8,072,839			316,665		$	16,512,221			7,353		$	384,337			34,811		$	1,828,998
Shares issued in reinvestment of distributions		44,091			2,306,183			85,490			4,352,782			2,471			129,908			4,554			231,422
Shares repurchased		(160,478	)		(8,362,694	)		(359,933	)		(18,693,030	)		(27,363	)		(1,429,448	)		(38,443	)		(2,006,588	)
Net increase (decrease)		38,697		$	2,016,328			42,222		$	2,171,973			(17,539	)	$	(915,203	)		922		$	53,832

See accompanying notes to financial statements.

35

Statements of Changes in Net Assets
(Continued)

S&P MidCap Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018						Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value			Shares			Value			Shares				Value
Shares sold		181,681		$	4,437,197			381,155		$	10,344,473			9,175		$	222,933			36,800		$	976,786
Shares issued in reinvestment of distributions		469,229			11,148,061			280,625			7,493,527			25,049			586,230			14,653			385,802
Shares repurchased		(472,022	)		(11,074,034	)		(720,298	)		(19,367,998	)		(40,998	)		(973,455	)		(47,611	)		(1,276,647	)
Net increase (decrease)		178,888		$	4,511,224			(58,518	)	$	(1,529,998	)		(6,774	)	$	(164,292	)		3,842		$	85,941

S&P SmallCap Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018						Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		267,939		$	5,799,214			742,607		$	17,856,841			16,738		$	364,429			45,402		$	1,051,669
Shares issued in reinvestment of distributions		224,590			4,822,269			259,328			5,899,905			30,621			640,567			38,713			858,236
Shares repurchased		(396,469	)		(8,236,830	)		(527,057	)		(12,344,987	)		(52,225	)		(1,085,356	)		(75,529	)		(1,761,832	)
Net increase (decrease)		96,060		$	2,384,653			474,878		$	11,411,759			(4,866	)	$	(80,360	)		8,586		$	148,073

Shelton Core Value Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018						Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		130,690		$	2,645,889			215,616		$	5,281,601			14,566		$	292,371			23,399		$	562,845
Shares issued in reinvestment of distributions "		1,365,064			26,672,918			913,658			21,786,702			46,898			902,836			28,485			671,133
Shares repurchased		(1,034,839	)		(22,545,071	)		(1,030,515	)		(24,996,066	)		(47,071	)		(922,253	)		(47,086	)		(1,127,492	)
Net increase (decrease)		460,915		$	6,773,736			98,759		$	2,072,237			14,393		$	272,954			4,798		$	106,486

Nasdaq-100 Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018						Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		5,088,749		$	86,973,834			11,879,873		$	200,200,836			160,963		$	2,705,137			508,751		$	8,345,968
Shares issued in reinvestment of distributions		634,827			10,689,353			472,251			7,596,615			26,073			431,440			19,452			301,104
Shares repurchased		(6,405,124	)		(106,871,662	)		(9,057,208	)		(149,920,159	)		(251,259	)		(4,132,112	)		(480,106	)		(7,935,881	)
Net increase (decrease)		(681,548	)	$	(9,208,475	)		3,294,916		$	57,877,292			(64,223	)	$	(995,535	)		48,097		$	711,191

Shelton Green Alpha Fund	Direct Shares
	Six Months Ended February 28, 2019 (Unaudited)						Year Ended August 31, 2018
	Shares			Value			Shares			Value
Shares sold		350,467		$	5,499,842			983,082		$	17,109,553
Shares issued in reinvestment of distributions		38,850			611,891			68,362			1,209,178
Shares repurchased		(399,685	)		(6,269,251	)		(504,940	)		(8,710,032	)
Net increase (decrease)		(10,368	)	$	(157,518	)		546,504		$	9,608,699

See accompanying notes to financial statements.

36

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Green California Tax-Free Income Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	11.29		$	11.65		$	11.93		$	11.69		$	11.81		$	11.27
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.11			0.23			0.25			0.29			0.28			0.33
Net gain/(loss) on securities (both realized and unrealized)		0.12			(0.31	)		(0.20	)		0.24			(0.07	)		0.54
Total from investment operations		0.23			(0.08	)		0.05			0.53			0.21			0.87
LESS DISTRIBUTIONS
Dividends from net investment income		(0.12	)		(0.24	)		(0.27	)		(0.29	)		(0.28	)		(0.33	)
Distributions from capital gains		(0.02	)		(0.04	)		(0.06	)		—			(0.05	)		—
Total distributions		(0.14	)		(0.28	)		(0.33	)		(0.29	)		(0.33	)		(0.33	)
Net asset value, end of year or period	$	11.38		$	11.29		$	11.65		$	11.93		$	11.69		$	11.81
Total return		2.01	%		(0.74	)%		0.43	%		4.60	%		1.78	%		7.80	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	64,401		$	68,253		$	75,310		$	84,422		$	89,213		$	97,111
Ratio of expenses to average net assets		0.38	%		0.76	%		0.69	%		0.69	%		0.71	%		0.73	%
Ratio of net investment income/(loss) to average net assets		1.02	%		2.02	%		2.20	%		2.47	%		2.41	%		2.88	%
Portfolio turnover		1	%		12	%		7	%		19	%		12	%		10	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

37

Financial Highlights

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

U.S. Government Securities Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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		$	10.32		$	10.61		$	10.42		$	10.40		$	10.38
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.07			0.14			0.14			0.14			0.14			0.19
Net gain/(loss) on securities (both realized and unrealized)		0.08			(0.33	)		(0.26	)		0.20			0.02			0.02
Total from investment operations		0.15			(0.19	)		(0.12	)		0.34			0.16			0.21
LESS DISTRIBUTIONS
Dividends from net investment income		(0.07	)		(0.15	)		(0.17	)		(0.15	)		(0.14	)		(0.19	)
Total distributions		(0.07	)		(0.15	)		(0.17	)		(0.15	)		(0.14	)		(0.19	)
Net asset value, end of year or period	$	10.06		$	9.98		$	10.32		$	10.61		$	10.42		$	10.40
Total return		1.53	%		(1.88	)%		(1.14	)%		3.25	%		1.58	%		2.03	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	15,431		$	15,668		$	18,316		$	19,754		$	19,855		$	22,746
Ratio of expenses to average net assets:
Before expense reimbursements		0.49	%		0.89	%		0.81	%		0.82	%		0.83	%		0.86	%
After expense reimbursements		0.37	%		0.75	%		0.74	%		0.74	%		0.74	%		0.72	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.60	%		1.29	%		1.27	%		1.25	%		1.29	%		1.68	%
After expense reimbursements		0.72	%		1.42	%		1.34	%		1.33	%		1.38	%		1.82	%
Portfolio turnover		7	%		13	%		10	%		18	%		18	%		32	%

K Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	10.01		$	10.35		$	10.64		$	10.43		$	10.41		$	10.40
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.05			0.09			0.09			0.09			0.09			0.14
Net gain/(loss) on securities (both realized and unrealized)		0.08			(0.33	)		(0.27	)		0.20			0.03			0.01
Total from investment operations		0.13			(0.24	)		(0.18	)		0.29			0.12			0.15
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		(0.10	)		(0.11	)		(0.08	)		(0.10	)		(0.14	)
Total distributions		(0.05	)		(0.10	)		(0.11	)		(0.08	)		(0.10	)		(0.14	)
Net asset value, end of year or period	$	10.09		$	10.01		$	10.35		$	10.64		$	10.43		$	10.41
Total return		1.29	%		(2.37	)%		(1.67	)%		2.77	%		1.13	%		1.48	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	3,267		$	3,691		$	3,699		$	4,712		$	5,349		$	6,085
Ratio of expenses to average net assets:
Before expense reimbursements		0.74	%		1.39	%		1.31	%		1.32	%		1.33	%		1.36	%
After expense reimbursements		0.59	%		1.25	%		1.24	%		1.24	%		1.24	%		1.22	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.35	%		0.78	%		0.77	%		0.75	%		0.77	%		1.18	%
After expense reimbursements		0.47	%		0.92	%		0.84	%		0.84	%		0.88	%		1.32	%
Portfolio turnover		7	%		13	%		10	%		18	%		18	%		32	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

38

Financial Highlights

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

Short-Term U.S. Government Bond Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	10.04		$	10.14		$	10.18		$	10.16		$	10.17		$	10.17
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.06			0.08			0.05			0.02			0.00			(0.01	)
Net gain/(loss) on securities (both realized and unrealized)		0.05			(0.10	)		(0.05	)		0.02			(0.01	)		0.01
Total from investment operations		0.11			(0.02	)		—			0.04			(0.01	)		—
LESS DISTRIBUTIONS
Dividends from net investment income		(0.06	)		(0.08	)		(0.04	)		(0.02	)		—			—
Distributions from capital gains		—			—			—			—			—	(b)		—
Total distributions		(0.06	)		(0.08	)		(0.04	)		(0.02	)		—			—
Net asset value, end of year or period	$	10.09		$	10.04		$	10.14		$	10.18		$	10.16		$	10.17
Total return		1.12	%		(0.21	)%		0.09	%		0.38	%		(0.07	)%		0.00	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	5,298		$	5,131		$	4,162		$	4,148		$	5,223		$	5,789
Ratio of expenses to average net assets:
Before expense reimbursements		0.54	%		1.10	%		0.97	%		0.95	%		0.97	%		1.06	%
After expense reimbursements		0.28	%		0.60	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.38	%		0.15	%		0.08	%		(0.12	)%		(0.36	)%		(0.60	)%
After expense reimbursements		0.62	%		0.81	%		0.46	%		0.24	%		0.02	%		(0.13	)%
Portfolio turnover		15	%		28	%		27	%		47	%		33	%		28	%

K Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	9.88		$	9.98		$	10.02		$	10.03		$	10.10		$	10.15
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.04			0.03			(0.01	)		(0.03	)		(0.05	)		(0.06	)
Net gain/(loss) on securities (both realized and unrealized)		(0.03	)		(0.10	)		(0.03	)		0.02			(0.02	)		0.01
Total from investment operations		0.01			(0.07	)		(0.04	)		(0.01	)		(0.07	)		(0.05	)
LESS DISTRIBUTIONS
Dividends from net investment income		0.04			(0.03	)		—			—			—			—
Distributions from capital gains		—			—			—	(b)		—			—	(b)		—
Total distributions		0.04			(0.03	)		(0.00	)		—			—			—
Net asset value, end of year or period	$	9.93		$	9.88		$	9.98		$	10.02		$	10.03		$	10.10
Total return		0.88	%		(0.72	)%		(0.35	)%		(0.10	)%		(0.66	)%		(0.49	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,239		$	1,271		$	1,162		$	1,330		$	1,503		$	1,896
Ratio of expenses to average net assets:
Before expense reimbursements		0.79	%		1.76	%		1.47	%		1.45	%		1.47	%		1.56	%
After expense reimbursements		0.46	%		1.10	%		1.09	%		1.09	%		1.09	%		1.09	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.13	%		(0.36	)%		(0.44	)%		(0.61	)%		(0.86	)%		(1.10	)%
After expense reimbursements		0.37	%		0.29	%		(0.06	)%		(0.26	)%		(0.48	)%		(0.63	)%
Portfolio turnover		15	%		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.

39

Financial Highlights

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

The United States Treasury Trust Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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		$	1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.01			0.01			—			—			—			—
Net gain/(loss) on securities (both realized and unrealized)		(0.01	)		—	(d)		—			—			—			—
Total from investment operations		—			—			—			—			—			—
LESS DISTRIBUTIONS
Dividends from net investment income		—			(0.01	)		—	(d)		—			—			—
Distributions from capital gains		—			—			—			—			—			—
Total distributions		—			(0.01	)		—			—			—			—
Net asset value, end of year or period	$	1.000		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.91	%		0.98	%		0.03	%		0.00	%		0.00	%		0.00	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	51,075		$	53,079		$	57,149		$	72,482		$	86,224		$	105,897
Ratio of expenses to average net assets:
Before expense reimbursements		0.37	%		0.77	%		0.71	%		0.71	%		0.70	%		0.73	%
After expense reimbursements		0.27	%		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		0.73	%		0.65	%		(0.16	)%		(0.49	)%		(0.67	)%		(0.70	)%
After expense reimbursements		0.83	%		0.96	%(b)		0.03	%(b)		0.00	%		0.00	%(b)		0.00	%(b)

K Shares(c)	Six Months Ended February 28, 2019 (Unaudited)			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		$	1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.01			0.01			—			—			—			—
Net gain/(loss) on securities (both realized and unrealized)		(0.01	)		—	(d)		—			—			—			—
Total from investment operations		—			0.01			—			—			—			—
LESS DISTRIBUTIONS
Dividends from net investment income		—			(0.01	)		—	(d)		—			—			—
Distributions from capital gains		—			—			—			—			—			—
Total distributions		—			(0.01	)		—			—			—			—
Net asset value, end of year or period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.58	%		0.65	%		0.03	%		0.00	%		0.00	%		0.00	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,890		$	1,864		$	2,122		$	2,470		$	2,651		$	3,013
Ratio of expenses to average net assets:
Before expense reimbursements		0.62	%		1.27	%		1.21	%		0.71	%		0.70	%		0.73	%
After expense reimbursements		0.46	%		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		0.49	%		0.16	%		(0.13	)%		(0.49	)%		(0.67	)%		(0.70	)%
After expense reimbursements		0.59	%		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.

40

Financial Highlights

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

S&P 500 Index Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	56.03		$	48.26		$	42.86		$	39.88		$	40.61		$	33.59
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.42			0.82			0.78			0.76			0.72			0.62
Net gain/(loss) on securities (both realized and unrealized)		(2.27	)		8.48			5.89			3.99			(0.58	)		7.57
Total from investment operations		(1.85	)		9.30			6.67			4.75			0.14			8.19
LESS DISTRIBUTIONS
Dividends from net investment income		(0.42	)		(0.77	)		(0.83	)		(0.78	)		(0.70	)		(0.60	)
Distributions from capital gains		(0.41	)		(0.76	)		(0.44	)		(0.99	)		(0.17	)		(0.57	)
Total distributions		(0.83	)		(1.53	)		(1.27	)		(1.77	)		(0.87	)		(1.17	)
Net asset value, end of year or period	$	53.35		$	56.03		$	48.26		$	42.86		$	39.88		$	40.61
Total return		(3.27	)%		19.64	%		15.89	%		12.21	%		0.29	%		24.75	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	175,700		$	182,362		$	155,022		$	135,346		$	123,138		$	123,654
Ratio of expenses to average net assets:
Before expense reimbursements		0.24	%		0.50	%		0.46	%		0.47	%		0.47	%		0.50	%
After expense reimbursements		0.24	%		0.45	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.80	%		1.53	%		1.63	%		1.77	%		1.63	%		1.52	%
After expense reimbursements		0.80	%		1.58	%		1.73	%		1.88	%		1.74	%		1.66	%
Portfolio turnover		1	%		3	%		5	%		1	%		3	%		1	%

K Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	55.96		$	48.24		$	42.88		$	39.87		$	40.50		$	33.63
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.29			0.56			0.55			0.56			0.51			0.43
Net gain/(loss) on securities (both realized and unrealized)		(2.26	)		8.48			5.89			3.99			(0.57	)		7.55
Total from investment operations		(1.97	)		9.04			6.44			4.55			(0.06	)		7.98
LESS DISTRIBUTIONS
Dividends from net investment income		(0.33	)		(0.56	)		(0.64	)		(0.55	)		(0.40	)		(0.54	)
Distributions from capital gains		(0.41	)		(0.76	)		(0.44	)		(0.99	)		(0.17	)		(0.57	)
Total distributions		(0.74	)		(1.32	)		(1.08	)		(1.54	)		(0.57	)		(1.11	)
Net asset value, end of year or period	$	53.25		$	55.96		$	48.24		$	42.88		$	39.87		$	40.50
Total return		(3.50	)%		19.05	%		15.31	%		11.65	%		(0.19	)%		24.08	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	8,504		$	9,919		$	8,506		$	7,981		$	8,063		$	11,236
Ratio of expenses to average net assets:
Before expense reimbursements		0.49	%		1.00	%		0.96	%		0.97	%		0.97	%		1.00	%
After expense reimbursements		0.48	%		0.95	%		0.86	%		0.86	%		0.86	%		0.86	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.55	%		1.03	%		1.13	%		1.26	%		1.13	%		1.01	%
After expense reimbursements		0.55	%		1.08	%		1.23	%		1.37	%		1.24	%		1.15	%
Portfolio turnover		1	%		3	%		5	%		1	%		3	%		1	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

41

Financial Highlights

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

S&P Midcap Index Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	28.77		$	25.75		$	26.69		$	28.41		$	30.95		$	26.54
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.13			0.25			0.23			0.26			0.25			0.24
Net gain/(loss) on securities (both realized and unrealized)		(1.88	)		4.61			2.95			2.73			(0.36	)		5.61
Total from investment operations		(1.75	)		4.86			3.18			2.99			(0.11	)		5.85
LESS DISTRIBUTIONS
Dividends from net investment income		(0.09	)		(0.22	)		(0.21	)		(0.24	)		(0.28	)		(0.24	)
Distributions from capital gains		(2.68	)		(1.62	)		(3.91	)		(4.47	)		(2.15	)		(1.20	)
Total distributions		(2.77	)		(1.84	)		(4.12	)		(4.71	)		(2.43	)		(1.44	)
Net asset value, end of year or period	$	24.25		$	28.77		$	25.75		$	26.69		$	28.41		$	30.95
Total return		(5.85	)%		19.48	%		13.01	%		11.86	%		(0.45	)%		22.63	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	109,496		$	124,728		$	113,149		$	136,371		$	140,361		$	169,020
Ratio of expenses to average net assets:
Before expense reimbursements		0.33	%		0.66	%		0.62	%		0.62	%		0.62	%		0.63	%
After expense reimbursements		0.33	%		0.63	%		0.58	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.54	%		0.89	%		0.85	%		0.98	%		0.81	%		0.76	%
After expense reimbursements		0.54	%		0.92	%		0.89	%		1.02	%		0.85	%		0.81	%
Portfolio turnover		4	%		12	%		34	%		11	%		15	%		10	%

K Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	28.37		$	25.44		$	26.43		$	28.18		$	30.69		$	26.38
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.07			0.11			0.10			0.13			0.10			0.09
Net gain/(loss) on securities (both realized and unrealized)		(1.84	)		4.55			2.92			2.71			(0.35	)		5.58
Total from investment operations		(1.77	)		4.66			3.02			2.84			(0.25	)		5.67
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		(0.11	)		(0.10	)		(0.12	)		(0.11	)		(0.16	)
Distributions from capital gains		(2.68	)		(1.62	)		(3.91	)		(4.47	)		(2.15	)		(1.20	)
Total distributions		(2.73	)		(1.73	)		(4.01	)		(4.59	)		(2.26	)		(1.36	)
Net asset value, end of year or period	$	23.87		$	28.37		$	25.44		$	26.43		$	28.18		$	30.69
Total return		(6.05	)%		18.86	%		12.45	%		11.31	%		(0.93	)%		22.01	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	5,037		$	6,179		$	5,442		$	5,086		$	5,244		$	7,355
Ratio of expenses to average net assets:
Before expense reimbursements		0.57	%		1.16	%		1.12	%		1.12	%		1.12	%		1.13	%
After expense reimbursements		0.56	%		1.13	%		1.08	%		1.08	%		1.08	%		1.08	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.29	%		0.39	%		0.35	%		0.48	%		0.31	%		0.26	%
After expense reimbursements		0.29	%		0.42	%		0.39	%		0.51	%		0.35	%		0.31	%
Portfolio turnover		4	%		12	%		34	%		11	%		15	%		10	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

42

Financial Highlights

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

S&P Smallcap Index Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	26.43		$	22.33		$	20.87		$	20.60		$	21.55		$	19.62
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.09			0.13			0.13			0.12			0.14			0.10
Net gain/(loss) on securities (both realized and unrealized)		(3.06	)		6.38			2.36			2.29			0.58			3.26
Total from investment operations		(2.97	)		6.51			2.49			2.41			0.72			3.36
LESS DISTRIBUTIONS
Dividends from net investment income		(0.07	)		(0.12	)		(0.12	)		(0.14	)		(0.13	)		(0.09	)
Distributions from capital gains		(1.64	)		(2.29	)		(0.91	)		(2.00	)		(1.54	)		(1.34	)
Total distributions		(1.71	)		(2.41	)		(1.03	)		(2.14	)		(1.67	)		(1.43	)
Net asset value, end of year or period	$	21.75		$	26.43		$	22.33		$	20.87		$	20.60		$	21.55
Total return		(11.11	)%		30.95	%		12.12	%		12.48	%		3.50	%		17.28	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	67,034		$	78,902		$	56,076		$	47,351		$	40,823		$	41,651
Ratio of expenses to average net assets:
Before expense reimbursements		0.38	%		0.80	%		0.78	%		0.77	%		0.78	%		0.82	%
After expense reimbursements		0.38	%		0.77	%		0.74	%		0.74	%		0.74	%		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.40	%		0.53	%		0.56	%		0.56	%		0.62	%		0.38	%
After expense reimbursements		0.40	%		0.56	%		0.60	%		0.60	%		0.66	%		0.46	%
Portfolio turnover		5	%		18	%		31	%		12	%		12	%		13	%

K Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	25.77		$	21.85		$	20.47		$	20.24		$	21.18		$	19.36
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.03			0.01			0.02			0.02			0.03			(0.01	)
Net gain/(loss) on securities (both realized and unrealized)		(2.97	)		6.23			2.31			2.25			0.59			3.21
Total from investment operations		(2.94	)		6.24			2.33			2.27			0.62			3.20
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.03	)		(0.04	)		(0.04	)		(0.02	)		(0.03	)
Distributions from capital gains		(1.64	)		(2.29	)		(0.91	)		(2.00	)		(1.54	)		(1.34	)
Total distributions		(1.67	)		(2.32	)		(0.95	)		(2.04	)		(1.56	)		(1.37	)
Net asset value, end of year or period	$	21.16		$	25.77		$	21.85		$	20.47		$	20.24		$	21.19
Total return		(11.31	)%		30.26	%		11.59	%		11.89	%		3.03	%		16.64	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	7,985		$	9,851		$	8,165		$	9,279		$	9,821		$	11,448
Ratio of expenses to average net assets:
Before expense reimbursements		0.63	%		1.31	%		1.28	%		1.28	%		1.28	%		1.32	%
After expense reimbursements		0.62	%		1.27	%		1.24	%		1.24	%		1.24	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.15	%		0.03	%		0.06	%		0.06	%		0.12	%		(0.13	)%
After expense reimbursements		0.15	%		0.06	%		0.10	%		0.10	%		0.16	%		(0.04	)%
Portfolio turnover		5	%		18	%		31	%		12	%		12	%		13	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

43

Financial Highlights

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

Shelton Core Value Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	24.53		$	25.00		$	26.82		$	25.26		$	25.98		$	21.58
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.20			0.37			0.43			0.48			0.48			0.38
Net gain/(loss) on securities (both realized and unrealized)		(0.92	)		2.33			1.81			1.94			(0.74	)		4.42
Total from investment operations		(0.72	)		2.70			2.24			2.42			(0.26	)		4.80
LESS DISTRIBUTIONS
Dividends from net investment income		(0.45	)		(0.38	)		(0.59	)		(0.50	)		(0.46	)		(0.40	)
Distributions from capital gains		(3.65	)		(2.79	)		(3.47	)		(0.36	)		—			—
Total distributions		(4.10	)		(3.17	)		(4.06	)		(0.86	)		(0.46	)		(0.40	)
Net asset value, end of year or period	$	19.71		$	24.53		$	25.00		$	26.82		$	25.26		$	25.98
Total return		(2.44	)%		11.32	%		9.10	%		9.83	%		(1.07	)%		22.45	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	150,545		$	176,019		$	176,929		$	175,317		$	180,408		$	196,820
Ratio of expenses to average net assets		0.40	%		0.78	%		0.75	%		0.78	%		0.76	%		0.83	%
Ratio of net investment income/(loss) to average net assets		0.93	%		1.52	%		1.71	%		1.90	%		1.80	%		1.58	%
Portfolio turnover		5	%		35	%		9	%		20	%		3	%		3	%

K Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	24.22		$	24.75		$	26.61		$	25.09		$	25.76		$	21.40
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.14			0.25			0.30			0.35			0.34			0.25
Net gain/(loss) on securities (both realized and unrealized)		(0.90	)		2.29			1.79			1.93			(0.73	)		4.39
Total from investment operations		(0.76	)		2.54			2.09			2.28			(0.39	)		4.64
LESS DISTRIBUTIONS
Dividends from net investment income		(0.39	)		(0.28	)		(0.48	)		(0.40	)		(0.28	)		(0.28	)
Distributions from capital gains		(3.65	)		(2.79	)		(3.47	)		(0.36	)		—			—
Total distributions		(4.04	)		(3.07	)		(3.95	)		(0.76	)		(0.28	)		(0.28	)
Net asset value, end of year or period	$	19.42		$	24.22		$	24.75		$	26.61		$	25.09		$	25.76
Total return		(2.68	)%		10.75	%		8.57	%		9.30	%		(1.56	)%		21.81	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	4,587		$	5,370		$	5,369		$	5,897		$	5,789		$	7,413
Ratio of expenses to average net assets		0.65	%		1.28	%		1.25	%		1.28	%		1.26	%		1.33	%
Ratio of net investment income/(loss) to average net assets		0.69	%		1.02	%		1.22	%		1.40	%		1.30	%		1.08	%
Portfolio turnover		5	%		35	%		9	%		20	%		3	%		3	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

44

Financial Highlights

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

Nasdaq-100 Index Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	18.85		$	15.24		$	12.25		$	11.00		$	10.47		$	7.92
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.06			0.10			0.10			0.09			0.11			0.11
Net gain/(loss) on securities (both realized and unrealized)		(1.59	)		3.78			2.98			1.27			0.49			2.55
Total from investment operations		(1.53	)		3.88			3.08			1.36			0.60			2.66
LESS DISTRIBUTIONS
Dividends from net investment income		(0.10	)		(0.10	)		(0.09	)		(0.11	)		(0.07	)		(0.11	)
Distributions from capital gains		0.24			(0.17	)		—			—			—			—
Total distributions		0.14			(0.27	)		(0.09	)		(0.11	)		(0.07	)		(0.11	)
Net asset value, end of year or period	$	17.46		$	18.85		$	15.24		$	12.25		$	11.00		$	10.47
Total return		(5.53	)%		25.73	%		25.29	%		12.46	%		5.78	%		33.77	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	572,481		$	630,845		$	460,021		$	298,123		$	231,322		$	106,475
Ratio of expenses to average net assets:
Before expense reimbursements		0.36	%		0.74	%		0.70	%		0.74	%		0.75	%		0.79	%
After expense reimbursements		0.25	%		0.51	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.25	%		0.36	%		0.53	%		0.57	%		0.72	%		0.95	%
After expense reimbursements		0.36	%		0.59	%		0.74	%		0.82	%		0.98	%		1.25	%
Portfolio turnover		8	%		2	%		4	%		7	%		9	%		3	%

K Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	18.31		$	14.83		$	11.93		$	10.69		$	10.18		$	7.71
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.02			0.01			0.03			0.03			0.05			0.06
Net gain/(loss) on securities (both realized and unrealized)		(1.56	)		3.67			2.91			1.24			0.48			2.48
Total from investment operations		(1.54	)		3.68			2.94			1.27			0.53			2.54
LESS DISTRIBUTIONS
Dividends from net investment income		(0.04	)		(0.03	)		(0.04	)		(0.03	)		(0.02	)		(0.07	)
Distributions from capital gains		0.24			(0.17	)		—			—			—			—
Total distributions		0.20			(0.20	)		(0.04	)		(0.03	)		(0.02	)		(0.07	)
Net asset value, end of year or period	$	16.97		$	18.31		$	14.83		$	11.93		$	10.69		$	10.18
Total return		(5.76	)%		25.03	%		24.70	%		11.96	%		5.25	%		33.11	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	25,391		$	28,573		$	22,427		$	15,500		$	17,799		$	12,214
Ratio of expenses to average net assets:
Before expense reimbursements		0.61	%		1.24	%		1.20	%		1.24	%		1.24	%		1.29	%
After expense reimbursements		0.49	%		1.01	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.00	%		(0.15	)%		0.03	%		0.05	%		0.22	%		0.39	%
After expense reimbursements		0.11	%		0.08	%		0.24	%		0.30	%		0.48	%		0.69	%
Portfolio turnover		8	%		2	%		4	%		7	%		10	%		3	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

45

Financial Highlights

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

Shelton Green Alpha Fund Direct Shares	Six Months Ended February 28, 2019 (Unaudited)			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	$	17.20		$	17.32		$	14.53		$	13.67		$	15.90		$	11.96
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.03			0.05			0.02			(0.03	)		(0.08	)		(0.08	)
Net gain/(loss) on securities (both realized and unrealized)		0.12			0.34			2.77			0.89			(2.15	)		4.02
Total from investment operations		0.15			0.39			2.79			0.86			(2.23	)		3.94
LESS DISTRIBUTIONS
Dividends from net investment income		—			(0.05	)		—			—			—			—
Distributions from capital gains		0.23			(0.46	)		—	(b)		—	(b)		—	(b)		—
Total distributions		0.23			(0.51	)		—			—			—			—
Net asset value, end of year or period	$	17.58		$	17.20		$	17.32		$	14.53		$	13.67		$	15.90
Total return		3.67	%		2.19	%		19.20	%		6.29	%		(14.02	)%		32.94	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	50,273		$	49,366		$	40,256		$	36,880		$	29,596		$	22,436
Ratio of expenses to average net assets:
Before expense reimbursements		0.66	%		1.30	%		1.30	%		1.31	%		1.34	%		1.54	%
After expense reimbursements		0.66	%		1.30	%		1.30	%		1.31	%		1.34	%		1.31	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.17	%		0.30	%		0.13	%		(0.22	)%		(0.53	)%		(0.78	)%
After expense reimbursements		0.17	%		0.30	%		0.13	%		(0.22	)%		(0.53	)%		(0.55	)%
Portfolio turnover		6	%		13	%		24	%		13	%		22	%		5	%

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

See accompanying notes to financial statements.

46

Shelton Funds Notes to Financial Statements (Unaudited) February 28, 2019

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Green 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: Green California Tax-Free Income Fund seeks high current tax-free income for California residents U.S. Government Securities Fund seeks liquidity, safety from credit risk and as high a level of income as is consistent with these objectives. 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. The United States Treasury Trust seeks high current income exempt from state income taxes while maintaining a stable net asset value of $1.00 per share. S&P 500 Index Fund’s objective is to attempt to replicate the total return of the U.S. stock market as measured by the S&P 500 Composite Stock Price Index. S&P MidCap Index Fund attempts to replicate the performance of medium-sized U.S. companies as measured by the S&P MidCap 400 Index. S&P SmallCap Index Fund attempts to replicate the performance of small-sized U.S. companies as measured by the S&P SmallCap 600 Stock Index. The Shelton Core Value Fund’s objective is to achieve 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. 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 Green 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 U.S. Treasury Trust 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.

(f) Concentration– The Green 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.

47

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2019

(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 its investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

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

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

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

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

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

The following table summarizes the valuation of the Trust’s securities at February 28, 2019 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
Green California Tax-Free Income Fund	$	—	$	63,875,029	$	—		$	63,875,029	$	—	$	—
U.S. Government Securities Fund		—		18,578,362		—			18,578,362		—		—
Short-Term U.S. Government Bond Fund		—		6,442,571		—			6,442,571		—		—
The United States Treasury Trust Fund		—		52,942,670		—			52,942,670		—		—
S&P 500 Index Fund		183,119,899		—		—			183,119,899		1,080		—
S&P MidCap Index Fund		113,332,595		—					113,332,595		1,564		—
S&P SmallCap Index Fund		73,970,973		—					73,970,973		3,510		—
Shelton Core Value Fund		150,799,572		3,094,880		900,000	(e)		154,794,452		—		1,320,186
Nasdaq-100 Index Fund		595,729,323		499,174					596,228,497		991		—
Shelton Green Alpha Fund		49,087,953		—					49,087,953		—		—

(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
Beginning Balance	$	2,000,000
Net Purchases		—
Net Sales		—
Total Realized Gain/(Loss)		—
Change in Unrealized Appreciation (Depreciation)	$	(1,100,000	)
Accrued Interest		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending Balance	$	900,000

48

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2019

	Fair Value as of 2/28/2019		Valuation Techniques	Unobservable Input	Input Values		Impact to valuation from an increase to input
Amerityre Corp. 5% Preferred Conv.	$	900,000	Market comparables and estimated recovery proceeds	*Market quotes, yield quotes and option valuation	$	0.45	Changes in the market quotes and option valuation will 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 period ended February 28, 2019:

Derivatives Not Accounted for as Hedging Instruments	Variation Margin Payable
S&P 500 Index Fund - Equity contracts	$	3,354
S&P MidCap Index Fund - Equity contracts		4,860
S&P SmallCap Index Fund - Equity contracts		4,290
Nasdaq-100 Index Fund - Equity contracts		6,285

The effect of derivative instruments on the Statements of Operations for the period ended February 28, 2019:

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	$	(14,394	)	$	591
S&P MidCap Index Fund - Equity contracts		(9,929	)		15,443
S&P SmallCap Index Fund - Equity contracts		(248,831	)		4,042
Nasdaq-100 Index Fund - Equity contracts		(1,612,990	)		(482,644	)

The previously disclosed derivative instruments outstanding as of February 28, 2019, and their effect on the Statement of Operations for the period ending February 28, 2019, 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	$	1,097,742
S&P MidCap Index Fund - Equity contracts		818,395
S&P SmallCap Index Fund - Equity contracts		1,131,629
Nasdaq-100 Index Fund - Equity contracts		9,137,236

49

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2019

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
Green 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, 2020, 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 February 28, 2019 are as follows:

	Voluntary Expense Limitation
Fund	Reimburse	Direct Shares	K Shares	Expiration
U.S. Government Securities Fund	0.14%	0.74%	1.24%	1/2/20
Short-Term U.S. Government Bond Fund	0.66%	0.59%	1.09%	1/2/20
The United States Treasury Trust	0.24%	0.53%	1.03%	1/2/20
Nasdaq-100 Index Fund	0.23%	0.49%	0.99%	1/2/20

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 RFS Partners, the Funds’ distributor (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.

50

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2019

For the period ended February 28, 2019, 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	$	4,514	$	4,514
Short-Term U.S. Government Bond Fund		1,519		1,519
S&P 500 Index Fund		11,299		11,299
S&P MidCap Index Fund		6,812		6,812
S&P SmallCap Index Fund		10,587		10,587
Shelton Core Value Fund		6,194		6,194
Nasdaq-100 Index fund		31,984		31,984
U.S. Treasury Trust Fund		2,460		2,460

Note 3 - PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities other than short-term instruments for the period ended February 28, 2019 were as follows:

Fund	Purchases		Sales		Purchases (Excluding U.S. Government Obligations)		Sales (Excluding U.S. Government Obligations)
Green California Tax-Free Income Fund	$	349,140	$	4,855,963	$	349,140	$	4,855,963
U.S. Government Securities Fund		1,133,945		2,649,212		—		—
Short-Term U.S. Government Bond Fund		1,086,395		905,830		—		—
S&P 500 Index Fund		1,685,086		1,931,930		1,685,086		1,901,241
S&P MidCap Index Fund		4,177,322		11,714,088		3,861,343		11,226,532
S&P SmallCap Index Fund		3,321,423		5,837,343		3,288,194		5,837,335
Core Value Fund		7,705,550		20,639,576		7,705,550		20,639,576
Nasdaq-100 Index Fund		45,215,752		55,453,298		45,215,752		53,709,959
Green Alpha Fund		2,525,793		3,184,808		1,908,358		2,829,035

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 February 28, 2019, 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	$	1,320,186

The effect of derivative instruments on the Funds’ Statement of Operations for the period ended February 28, 2019, 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	$	2,211,921	$	287,774

Volume of derivative instruments held by the Funds during the period ended February 28, 2019, was as follows:

Derivative Type	Unit Of Measurement	Average
Written Option Contracts	Contracts	$	(982,348	)

51

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2019

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, there are 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)
Green 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 SmallCapp 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
Green 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	Short- Term U.S. Government Bond Fund			U.S. Government Securities 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	$	(2,331	)	$	245,271	$	2,297

52

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2019

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
Green 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		—		3,972,866		19,009,224		—		22,982,090
Nasdaq-100 Index Fund		2017		—		2,574,293		—		—		2,574,293
		2018		—		4,586,520		3,677,125		—		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 Recognized in the Statement of Assets & Liabilities		Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments		Collateral Pledged/ Received			Net Amount
S&P 500 Index Fund:	Assets
	Futures Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—
	Liabilities
	Future Contracts	$	3,354	$	—	$	3,354	$	—	$	(3,354	)	$	—
			3,354		—		3,354		—		(3,354	)		—
S&P MidCap Index Fund:	Assets
	Futures Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—
	Liabilities
	Future Contracts	$	4,860	$	—	$	4,860	$	—	$	(4,860	)	$	—
			4,860		—		4,860		—		(4,860	)		—
S&P SmallCap Index Fund:	Assets
	Futures Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—
	Liabilities
	Future Contracts	$	4,290	$	—	$	4,290	$	—	$	(4,290	)	$	—
			4,290		—		4,290		—		(4,290	)		—
Nasdaq-100 Index Fund:	Assets
	Futures Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—
	Liabilities
	Future Contracts	$	6,285	$	—	$	6,285	$	—	$	(6,285	)	$	—
			6,285		—		6,285		—		(6,285	)		—

53

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2019

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 February 28, 2019, 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 February 28, 2019. Holdings are subject to change at any time, so holdings shown in this report may not reflect current Fund holdings. The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT (available for filings after March 31, 2019). The Fund’s Form N-Q or Form N-PORT is available on the SEC’s website at sec.gov. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q or Form N-PORT, can also be obtained without charge, upon request, 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.

54

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	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Chairman of the Board, Trustee, President	Since August 1999, Since August 1999, Since August 1999
Kevin T. Kogler	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Trustee	Since May 2006
Marco L. Quazzo	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1962	Trustee	Since August 2014
Stephen H. Sutro	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1969	Trustee	Since May 2006
William P. Mock	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Treasurer	Since February 2010
Gregory T. Pusch	1875 Lawrence Street, Suite 300 Denver, CO, 80202	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.

55

Board Considerations Regarding Approval of Investment Advisory Agreements

The Investment Company Act of 1940 (the “1940 Act”) requires that the full board of the Shelton Funds (the “Board”) and a majority of the Independent Trustees annually approve the continuation of:

●    the Investment Advisory Agreement dated January 1, 2007, as amended, between the Shelton Funds, on behalf of the funds listed below, and CCM Partners d/b/a Shelton Capital Management (“SCM”) (the “Shelton Funds Investment Advisory Agreement”);

o Green California Tax-Free Income Fund;

o Nasdaq-100 Index Fund;

o S&P 500 Index Fund;

o S&P MidCap Index Fund;

o S&P SmallCap Index Fund;

o Shelton Core Value Fund;

o Short-Term U.S. Government Bond Fund; and

o The United States Treasury Trust; and

o U.S. Government Securities Fund;

●    the Investment Advisory Agreement, effective as of March 8, 2013, between Shelton Funds, on behalf of the Shelton Green Alpha Fund, and SCM (the "Green Alpha Investment Advisory Agreement"); and

●    the Discretionary Sub-Advisory Agreement effective as of March 8, 2013, between Green Alpha Advisors, LLC (“Green Alpha”) and SCM (the “Investment Sub-Advisory Agreement” and collectively with the Shelton Funds Investment Advisory Agreement and the Green Alpha Advisory Agreement, each an “Advisory Agreement” and collectively, the “Advisory Agreements”).

At a meeting held in-person on February 13-14, 2019, the Board, including a majority of the Independent Trustees, considered and approved the continuation of each Advisory Agreement for an additional one-year period ending March 31, 2020:

Prior to the meeting, the Independent Trustees requested information from SCM, Green Alpha, and third-party sources. This information, together with other information provided by SCM and Green Alpha, and the information provided to the Independent Trustees throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations, as summarized below. In addition to the information identified above, other material factors and conclusions that formed the basis for the Board’s subsequent approval are described below.

Board Determinations – Shelton Funds

Prior to the meeting, the Independent Trustees requested information from SCM, Green Alpha, and third-party sources. This information, together with other information provided by SCM and Green Alpha, and the information provided to the Independent Trustees throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations, as summarized below. In addition to the information identified above, other material factors and conclusions that formed the basis for the Board’s subsequent approval are described below.

Information Received

Materials Received. During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided by SCM and Green Alpha, including reports on each applicable Fund’s investment results; portfolio composition; third party fund rankings; investment strategy; portfolio trading practices; shareholder services; and other information relating to the nature, extent and quality of services provided by SCM and Green Alpha to the applicable Funds. In addition, the Board requests and reviews supplementary information that includes materials regarding each Fund’s investment results, advisory fee and expense comparisons, the costs of operating the Funds and financial and profitability information regarding Shelton Capital (the principal business activity of which is managing the Funds) and Green Alpha, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each applicable Fund.

Review Process.The Board received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees and fund counsel. The Board discussed the renewal of the Advisory Agreements with SCM and Green Alpha representatives, and in a private session with independent legal counsel at which representatives of SCM and Green Alpha were not present. In deciding to approve the renewal of the Advisory Agreements, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.

Nature, Extent and Quality of Services

SCM, its personnel and its resources.The Board considered the depth and quality of Shelton Capital’s investment management process; the experience, capability and integrity of its senior management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered that SCM made available to its investment professionals a variety of resources relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered SCM’s continuing need to attract and retain qualified personnel and, noting SCM’s additions over recent years, determined that SCM was adequately managing matters related to the Funds.

Green Alpha, its personnel and its resources.The Board considered the depth and quality of Green Alpha’s investment management process; the experience, capability and integrity of its management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered the operations and compliance environment at Green Alpha. The Board determined that Green Alpha was adequately managing matters related to the Green Alpha Fund.

Other Services.The Board considered, in connection with the performance of its investment management services to the Funds: SCM’s and Green Alpha’s policies, procedures and systems to ensure compliance with applicable laws and regulations and each of their commitment to these programs; each of their efforts to keep the Trustees informed; and each of their attention to matters that may involve conflicts of interest with the applicable Funds. As a point of comparison, the Board also considered the nature, extent, quality and cost of certain non-investment related administrative services provided by SCM to the Funds under the administration servicing agreements.

The Board concluded that SCM and Green Alpha had the quality and depth of personnel and investment methods essential to performing its duties under the applicable Advisory Agreements, and that the nature, extent and overall quality of such services provided by SCM and Green Alpha, respectively, were satisfactory and reliable.

56

Board Considerations Regarding Approval of Investment Advisory Agreements (Continued)

Investment Performance

The Board considered each Fund’s investment results in comparison to its stated investment objectives. The Trustees reviewed the short-term and long-term performance of each Fund on both an absolute basis and against its benchmark indices. The Trustees also reviewed performance rankings for each Fund as provided by an independent third-party service provider, as applicable. In assessing performance of certain Funds, the Trustees took into consideration the fact that Fund performance is expected to mirror the appropriate benchmarks as closely as possible given certain practical constraints imposed by the 1940 Act, the Fund’s investment restrictions, the Fund’s size, and similar factors. Among the factors considered in this regard, were the following:

● For the Green California Tax-Free Income Fund, it was noted that the Fund was in the third quartile over the 1-year, 3-year and 5-year and 10- year periods.

● For the Nasdaq-100 Index Fund, it was noted that the performance of the Fund was in the first decile over the 3-year, 5-year and 10-year periods, and the second quartile for the 1-year period.

● For the S&P 500 Index Fund, it was noted that the performance of the Fund was in the first quartile over the 3-year and 5-year period, and the second quartile over the 1-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely.

● For the S&P MidCap Index Fund, it was noted that the performance of the Fund was in the first quartile over the 3-year and 5-year periods, the second quartile for the 10-year period, and the fourth quartile over the 1-year period. The Trustees noted with approval that the Fund was tracking its benchmark very closely.

● For the S&P SmallCap Index Fund, it was noted that the performance of the Fund was in the first quartile over the 1-year, 3-year, 5-year and 10-year periods. The Trustees noted with approval that the Fund was tracking its benchmark very closely.

● For the Shelton Green Alpha Fund, it was noted that the performance of the Fund was in the fourth quartile over the 1-year, 3-year and 5-year periods.

● For the Shelton Core Value Fund, it was noted that the performance of the Fund was in the second quartile over the 10-year period, the third quartile over the 1-year and 5-year periods, and the fourth quartile for the 3-year period.

● For the Short-Term U.S. Govt. Bond Fund, it was noted that the performance of the Fund was in the third quartile for the 1-year period and the fourth quartile over the 3-year, 5-year and 10-year periods.

● For The United States Treasury Trust, it was noted that the performance of the Fund was below the standard index and category index over the 1-year, 3-year, 5-year and 10-year periods.

● For the U.S. Government Securities Fund, it was noted that the performance of the Fund was in the first quartile over the 5-year period, the third quartile over 10-year period, and the fourth third quartile over the 1-year and 3-year periods.

The Board received a satisfactory explanation of the reasons underlying the performance of the lower performing Funds and SCM articulated a strategy for improving performance of these Funds. The Board ultimately concluded that SCM’s and Green Alpha’s performance records in managing the applicable Fund was satisfactory, and in some cases excellent, supporting the determination that SCM’s and Green Alpha’s continued management under the applicable Advisory Agreement would be consistent with the best interests of each applicable Fund and its shareholders.

Management Fees and Total Annual Operating Expense Ratios

The Board reviewed the management fees and total operating expenses of each Fund and compared such amounts with the management fees and total operating expenses of other funds in the industry that are found within the same style category as defined by a third-party independent service provider. The Board considered the advisory fees and total fees and expenses of each Fund in comparison to the advisory fees and other fees and expenses of other funds in each Fund’s relevant category. The Trustees considered both the gross advisory fee rates, as well as the effective advisory rates charged by SCM after taking into consideration the expense limitation arrangements and voluntary fee waivers on certain Funds.

The Board noted that the actual management fees charged to half of the Funds were generally lower than the industry median for comparable funds, while the Short-Term U.S. Government Bond Fund, the U.S. Government Securities Fund, the Shelton Green Alpha Fund and the Green California Tax-Free Income Fund were above their respective peer group median.

The Board also observed that each Fund’s total annual operating expense ratios, after taking into account the expense limitations and waivers applicable to certain Funds, were generally below the industry median for other comparable funds, with the exception of the Green California Tax-Free Income Fund, The United States Treasury Trust, the U.S. Government Securities Fund, and the Shelton Green Alpha Fund, each of which was above median.

Comparable Accounts

The Board noted certain information provided by SCM and Green Alpha regarding fees charged to other clients utilizing a strategy similar to that employed by an applicable Fund. Green Alpha noted that there were no such comparable accounts. The Board determined that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to SCM’s other clients employing a comparable strategy to each applicable Fund was not indicative of any unreasonableness with respect to the advisory fee payable by such Fund.

Cost Structure, Level of Profits, Economies of Scale and Ancillary Benefits

The Board reviewed information regarding SCM’s and Green Alpha’s costs of providing services to the applicable Funds. The Board also reviewed the resulting level of profits to SCM and Green Alpha, respectively, including the cost allocation methodologies used to calculate such profits. The Independent Trustees received financial and other information from SCM and Green Alpha.

The Board noted its intention to continue to monitor assets under management, and the resulting impact on SCM’s and Green Alpha’s profitability, in order to ensure that each has sufficient resources to continue to provide the services that shareholders in the applicable Funds require. The Board considered SCM’s and Green Alpha’s need to invest in technology, data services, infrastructure and staff to provide the expected quality of investment advisory services to the Funds. They further considered that breakpoints in the advisory fee structure of certain Funds provide for reductions in the level of fees charged by SCM to such Fund as Fund assets increase, reflecting the fact that economies of scale in the cost of operations will be shared with such Fund’s shareholders. The Trustees also noted that SCM has contractually agreed to limit its advisory fees on certain Funds so that those Funds do not exceed their respective specified operating expense limitations, and that in the case of certain other Funds, SCM has imposed a voluntary fee limitation. Such voluntary contractual fee limitations may only be terminated with the approval of the Board of Trustees of the Funds.

The Board also considered that SCM and Green Alpha do not receive material indirect benefits from managing the applicable Funds. For example, neither SCM nor Green Alpha seeks to supplement its fees with “soft dollar” benefits.

Based on the foregoing, together with the other information provided to it at the Meeting and throughout the year, the Board concluded that each applicable Fund’s cost structure and level of profits for SCM and Green Alpha, respectively, were reasonable and that economies of scale and ancillary benefits, to the extent present with respect to a Fund, were not material.

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Board Considerations Regarding Approval of Investment Advisory Agreements (Continued)

Conclusions

The Board indicated that the information presented and the discussion of the information were adequate for making a determination regarding the renewal of each Advisory Agreement. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to each Advisory Agreements, the Board had received sufficient information to renew and approve the applicable Advisory Agreement.

Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that each Advisory Agreement, taking into account the separate administration fees, is and would be fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received or should receive reasonable value in return for the advisory fees and other amounts paid to SCM and Green Alpha by the Funds, and that the renewal of the each Advisory Agreement was in the best interests of each Fund and its shareholders.

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ITEM 2. CODE OF ETHICS.

N/A for semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

N/A for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

N/A for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS

Included under Item 1.

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

N/A

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

N/A

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

N/A

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

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

ITEM 11. CONTROLS AND PROCEDURES.

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

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

ITEM 12. EXHIBITS

(a)(1) Code of Ethics not applicable for semi-annual report.

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

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

SIGNATURES

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

Shelton Funds
By	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	Date: May 2, 2019

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: May 2, 2019
By	/s/ William P. Mock
	William P. Mock, Treasurer
	Date: May 2, 2019