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N-CSRS 1 fp0032834_ncsrs.htm

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-4417

Shelton Funds

(Exact name of registrant as specified in charter)

1050 17th Street, Suite 1710, Denver, CO 80265

(Address of principal executive offices) (Zip code)

(Name and address of agent for service)

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

Date of fiscal year end: August 31

Date of reporting period: February 28, 2018

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

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

SEMI-ANNUAL REPORT

California Tax-Free Income Fund

U.S. Government Securities Fund

Short-Term U.S. Government Bond Fund

The United States Treasury Trust

S&P 500 Index Fund

S&P MidCap Index Fund

S&P SmallCap Index Fund

Shelton Core Value Fund

European Growth & Income Fund

Nasdaq-100 Index Fund

Shelton Green Alpha Fund

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 a “Fund”) which contains information about the management fee and other costs. Investments in shares of the funds of the Shelton Funds are neither insured nor guaranteed by the U.S. Government, and there is no assurance that any Fund, which is designated a Money Market Fund, will be able to maintain a stable net asset value of $1.00 per share.

Table of Contents

February 28, 2018

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	36
Notes to Financial Statements	47
Fund Holdings	54
Proxy Voting Policies, Procedures and Voting Records	54
Board of Trustees and Executive Officers	55
Board Approval of the Investment Advisory Agreements	56

About Your Fund’s Expenses (Unaudited)

February 28, 2018

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*	Net Annual Expense Ratio
California Tax-Free Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 982	$ 3.39	0.69%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 3.46	0.69%
U.S. Government Securities Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 973	$ 3.62	0.74%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.71	0.74%
K Shares
Based on Actual Fund Return	$ 1,000	$ 971	$ 6.06	1.24%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.21	1.24%
Short-Term U.S. Government Bond Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 993	$ 2.92	0.59%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.96	0.59%
K Shares
Based on Actual Fund Return	$ 1,000	$ 991	$ 5.38	1.09%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.46	1.09%
The United States Treasury Trust
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,004	$ 2.63	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	$ 1,003	$ 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	$ 1,111	$ 2.51	0.48%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,023	$ 2.41	0.48%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,108	$ 5.12	0.98%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 4.91	0.98%

About Your Fund’s Expenses (Unaudited)

February 28, 2018 (Continued)

	Beginning Account Value September 1, 2017	Ending Account Value February 28, 2018	Expenses Paid During Period*	Net Annual Expense Ratio
S&P MidCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,083	$ 3.31	0.64%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 3.21	0.64%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,081	$ 5.88	1.14%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 5.71	1.14%
S&P SmallCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,096	$ 4.16	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	$ 1,093	$ 6.75	1.30%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.51	1.30%
Shelton Core Value Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,085	$ 3.88	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	$ 1,082	$ 6.45	1.25%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.26	1.25%
European Growth & Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,001	$ 4.96	1.00%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.01	1.00%
K Shares
Based on Actual Fund Return	$ 1,000	$ 998	$ 7.43	1.50%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,018	$ 7.51	1.50%
Nasdaq-100 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,139	$ 2.60	0.49%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,023	$ 2.46	0.49%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,135	$ 5.24	0.99%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 4.96	0.99%
Shelton Green Alpha Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,007	$ 6.47	1.30%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.51	1.30%

*	Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half-year (181)/365 (to reflect the half-year period).

Top Holdings and Sector Breakdowns (Unaudited)

February 28, 2018

California Tax-Free Income Fund

Security		Description	Market Value	Percentage of Total Investment
1	East Side Union High School District	General Obligation Refunding Bonds (2012 Crossover); 2006	$3,487,801	4.9%
2	California State Public Works Board	Lease Revenue Bonds; 2009 Series I-1	3,230,700	4.6%
3	Los Rios Community College District	General Obligation Bonds; 2008 Election, Series B	2,826,750	4.0%
4	San Francisco Bay Area Rapid Transit District	San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds)	2,703,650	3.8%
5	Mount San Antonio Community College District	General Obligation Bonds; Election of 2008, Series 2013A	2,645,137	3.7%
6	California Educational Facilities Authority	Revenue Bonds (University of Southern California); Series 2009A	2,558,825	3.6%
7	William S Hart Union High School District	General Obligation Bonds; 2001 Election, Series B	2,448,123	3.5%
8	East Bay Municipal Utility District Water System Revenue	Water System Revenue Bonds; 2015 Series B	2,432,510	3.4%
9	State of California	Tax-Exempt Various Purpose General Obligation Bonds	2,342,449	3.3%
10	City of Los Angeles CA	General Obligation Refunding Bonds; Series 2012-A	2,228,940	3.2%

U.S. Government Securities Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note/Bond	08/15/2023	$ 2,475,439	11.7%
2	United States Treasury Note/Bond	02/15/2022	2,350,500	11.1%
3	United States Treasury Note/Bond	11/15/2018	2,328,211	11.0%
4	United States Treasury Note/Bond	08/15/2020	2,113,330	10.0%
5	United States Treasury Note/Bond	05/15/2025	2,100,613	9.9%
6	United States Treasury Note/Bond	02/15/2021	2,068,477	9.8%
7	United States Treasury Note/Bond	02/15/2019	1,911,689	9.0%
8	United States Treasury Note/Bond	02/29/2024	1,255,338	5.9%
9	United States Treasury Note/Bond	02/15/2026	981,969	4.6%
10	United States Treasury Note/Bond	05/15/2038	979,250	4.6%

Short-Term U.S. Government Bond Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note/Bond	01/31/2019	$ 1,091,857	20.8%
2	United States Treasury Note/Bond	01/31/2020	1,081,953	20.6%
3	United States Treasury Note/Bond	06/15/2018	998,235	18.9%
4	United States Treasury Note/Bond	07/31/2020	892,600	16.9%
5	United States Treasury Note/Bond	06/30/2019	689,391	13.1%
6	United States Treasury Note/Bond	01/31/2021	297,533	5.6%
7	United States Treasury Bill	03/22/2018	99,921	1.9%
8	Ginnie Mae II Pool	11/20/2034	76,328	1.4%
9	Ginnie Mae II Pool	06/20/2034	43,329	0.8%

Top Holdings and Sector Breakdowns (Unaudited) (Continued)

February 28, 2018

The United States Treasury Trust

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Bill	03/01/2018	$ 10,200,000	17.6%
2	United States Treasury Bill	03/08/2018	9,297,647	15.9%
3	United States Treasury Bill	04/12/2018	6,788,596	11.6%
4	United States Treasury Bill	03/22/2018	5,995,329	10.3%
5	United States Treasury Bill	03/15/2018	5,797,413	9.9%
6	United States Treasury Bill	04/05/2018	5,792,263	9.9%
7	United States Treasury Bill	03/29/2018	5,594,689	9.6%
8	United States Treasury Bill	06/28/2018	5,073,509	8.7%
9	United States Treasury Bill	08/16/2018	3,772,419	6.5%

S&P 500 Index Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 7,237,372	4.0%
2	Microsoft Corp	5,630,795	3.1%
3	Amazon.com Inc	4,658,346	2.6%
4	Facebook Inc	3,220,816	1.8%
5	JPMorgan Chase & Co	3,203,393	1.8%
6	Berkshire Hathaway Inc	3,017,868	1.7%
7	Johnson & Johnson	2,722,025	1.5%
8	United States Treasury Bill	2,700,000	1.5%
9	Alphabet Inc Class C	2,534,251	1.4%
10	Alphabet Inc Class A	2,523,561	1.4%

S&P MidCap Index Fund

Security		Market Value	Percentage of Total Investment
1	SVB Financial Group	$ 928,197	0.8%
2	MSCI Inc	901,058	0.7%
3	Take-Two Interactive Software Inc	872,027	0.7%
4	Broadridge Financial Solutions Inc	827,131	0.7%
5	Bioverativ Inc	800,383	0.7%
6	Teleflex Inc	795,459	0.6%
7	Steel Dynamics Inc	774,780	0.6%
8	IDEX Corp	738,857	0.6%
9	ABIOMED Inc	723,281	0.6%
10	Reinsurance Group of America Inc	700,206	0.6%

Top Holdings and Sector Breakdowns (Unaudited) (Continued)

February 28, 2018

S&P SmallCap Index Fund

Security		Market Value	Percentage of Total Investment
1	Nektar Therapeutics	$ 1,268,623	1.8%
2	Chemed Corp	382,954	0.5%
3	Cantel Medical Corp	380,101	0.5%
4	Evercore Inc	341,959	0.5%
5	On Assignment Inc	334,829	0.5%
6	Haemonetics Corp	333,159	0.5%
7	Five Below Inc	329,972	0.5%
8	CACI International Inc	327,910	0.5%
9	FirstCash Inc	319,784	0.4%
10	PDC Energy Inc	319,750	0.4%

Shelton Core Value Fund

Security		Market Value	Percentage of Total Investment
1	United States Treasury Bill	$ 18,800,000	10.3%
2	JPMorgan Chase & Co	8,202,810	4.5%
3	Ford Motor Co	7,349,547	4.0%
4	Sprouts Farmers Market Inc	6,697,600	3.7%
5	Wells Fargo & Co	5,133,596	2.8%
6	Bank of America Corp	4,494,000	2.5%
7	Boeing Co/The	4,346,520	2.4%
8	Goldman Sachs Group Inc/The	4,167,441	2.3%
9	Chevron Corp	4,110,150	2.3%
10	Gilead Sciences Inc	4,030,976	2.2%

European Growth & Income Fund

Security		Market Value	Percentage of Total Investment
1	AXA SA	$ 595,053	6.1%
2	LVMH Moet Hennessy Louis Vuitton SE	557,814	5.7%
3	Siemens AG	492,871	5.1%
4	Royal Dutch Shell PLC	490,406	5.0%
5	Bayer AG	481,290	4.9%
6	Roche Holding AG	449,955	4.6%
7	Allianz SE	422,150	4.3%
8	TOTAL SA	399,211	4.1%
9	SAP SE	383,202	3.9%
10	L'Oreal SA	380,269	3.9%

Top Holdings and Sector Breakdowns (Unaudited) (Continued)

February 28, 2018

Nasdaq-100 Index Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 53,693,918	9.5%
2	Microsoft Corp	39,561,938	7.0%
3	Amazon.com Inc	35,839,015	6.4%
4	Facebook Inc	24,164,143	4.3%
5	Alphabet Inc Class C	23,341,840	4.1%
6	Alphabet Inc Class A	22,370,939	4.0%
7	United States Treasury Bill	20,800,000	3.7%
8	Intel Corp	19,171,937	3.4%
9	Cisco Systems Inc	18,408,521	3.3%
10	Comcast Corp	14,047,344	2.5%

Shelton Green Alpha Fund

Security		Market Value	Percentage of Total Investment
1	Vestas Wind Systems A/S	$ 2,766,325	6.2%
2	Pattern Energy Group Inc	2,146,692	4.8%
3	Applied Materials Inc	2,102,035	4.7%
4	First Solar Inc	1,948,350	4.4%
5	Skyworks Solutions Inc	1,911,875	4.3%
6	Canadian Solar Inc	1,863,590	4.2%
7	International Business Machines Corp	1,636,215	3.7%
8	Tesla Inc	1,372,240	3.1%
9	United Natural Foods Inc	1,365,440	3.0%
10	8Point3 Energy Partners LP	1,312,200	2.9%

California Tax-Free Income Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Par Value		Rate			Maturity	Value (Note 1)
Municipal Bonds (95.03%)

CALIFORNIA DEPARTMENT OF PUBLIC WORKS BOARD
Lease Revenue Bonds; 2009 Series I-1	$	3,000,000		6.125	%	11/01/2029	$	3,230,700
CALIFORNIA DEPARTMENT OF WATER RESOURCES
Power Supply Revenue Bonds; Series 2010L		1,000,000		5.000	%	05/01/2019		1,042,470
CALIFORNIA EDUCATIONAL FACILITIES AUTHORITY
Revenue Bonds (University of Southern California); Series 2009A		2,500,000		5.250	%	10/01/2038		2,558,825
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
Clean Water State Revolving Fund Revenue Bonds, Series 2016 (Green Bonds)		1,200,000		5.000	%	10/01/2033		1,401,036
Clean Water State Revolving Fund Revenue Bonds, Series 2016 (Green Bonds)		200,000		2.000	%	10/01/2019		201,900
CALIFORNIA STATE UNIVERSITY, TRUSTEES OF THE
Systemwide Revenue Bonds; Series 2012A		1,100,000		4.000	%	11/01/2030		1,174,679
CALIFORNIA, STATE OF
Tax-Exempt Various Purpose General Obligation Bonds		2,335,000		5.000	%	04/01/2038		2,342,449
Tax-Exempt Various Purpose General Obligation Bonds		665,000		5.000	%	04/01/2038		667,121
EAST BAY MUNICIPAL UTILITY DISTRICT
Water System Revenue Bonds; 2015 Series B		2,050,000		5.000	%	06/01/2026		2,432,510
EAST SIDE UNION HIGH SCHOOL DISTRICT
General Obligation Refunding Bonds (2012 Crossover); 2006		2,975,000		5.250	%	09/01/2023		3,487,801
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT
Election of 1999 General Obligation Bonds; Series C		2,000,000		0.000	%	08/01/2027		1,525,160
LA MIRADA REDEVELOPMENT AGENCY, SUCCESSOR AGENCY TO THE
Subordinate Tax Allocation Refunding Bonds; 2014 Series A		1,000,000		5.000	%	8/15/2023		1,150,340
LOS ANGELES CA WASTEWATER SYSTEM REVENUE
Los Angeles CA Wstwter System Revenue Bond		500,000		5.000	%	06/01/2044		560,525
LOS ANGELES, CITY OF
General Obligation Refunding Bonds; Series 2012-A		2,000,000		5.000	%	09/01/2021		2,228,940
LOS ANGELES COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series G		865,000		5.000	%	08/01/2028		1,007,440
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		1,110,170
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A		1,500,000		5.000	%	07/01/2023		1,732,995
Propositin A First Tier Los Angeles County Met Transport		500,000		4.000	%	07/01/2028		553,470
LOS ANGELES DEPARTMENT OF WATER AND POWER
Power System Revenue Bonds; 2011 Series A		1,500,000		5.000	%	07/01/2018		1,518,765
Water System Revenue Bonds; 2012 Series A		1,985,000		5.000	%	07/01/2037		2,208,114
LOS ANGELES, HARBOR DEPARTMENT OF THE CITY OF
Revenue Bonds; 2014 Series C		290,000		4.000	%	08/01/2023		320,088
LOS RIOS COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series B		2,500,000		5.000	%	08/01/2032		2,826,750
METROPOLITAN WATER DISTRICT OF SOUTHERN CALIFORNIA
Water Revenue Bonds; 2008 Authorization, Series C		1,000,000		5.000	%	07/01/2035		1,045,510
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Midpeninsula Regional Open Space District		200,000		4.000	%	09/01/2021		217,044
MT. DIABLO UNIFIED SCHOOL DISTRICT
General Obligation Refunding Bonds; Election Of 2002, Series B		500,000		5.000	%	07/01/2020		540,520
MT. SAN ANTONIO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2008, Series 2013A		2,345,000		5.000	%	08/01/2034		2,645,137
PASADENA ELECTRIC REVENUE
Electric Revenue Refunding Bonds; Series 2010A		1,205,000		4.000	%	06/01/2020		1,272,396
PERALTA COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bonds; 2012		1,000,000		5.000	%	08/01/2018		1,015,750
RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bonds; 2012		1,380,000		4.000	%	09/01/2020		1,465,298
REGENTS OF THE UNIVERSITY OF CALIFORNIA
General Revenue Bonds; 2014 Series AM		925,000		5.000	%	05/01/2029		1,069,152
ROSEVILLE FINANCE AUTHORITY ELECTRIC SYSTEM REVENUE
Electric System Revenue Refunding Bonds; Series 2013		750,000		5.000	%	02/01/2025		861,982
ROSEVILLE NATURAL GAS FINANCING AUTHORITY
Gas Revenue Bonds; Series 2007		1,000,000		5.000	%	02/01/2024		1,122,760
SACRAMENTO MUNICIPAL UTILITY DISTRICT
Electric Revenue Bonds; 1997 Series K		1,000,000		5.250	%	07/01/2024		1,143,260

See accompanying notes to financial statements.

California Tax-Free Income Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Par Value		Rate			Maturity	Value (Note 1)
SAN DIEGO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2002, Series 2013	$	1,175,000		5.000	%	08/01/2027	$	1,352,390
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		685,022
San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds)		2,300,000		5.000	%	08/01/2036		2,703,650
SAN FRANCISCO, CITY AND COUNTY
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A		1,000,000		4.000	%	6/15/2033		1,058,369
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		536,115
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		756,707
SAN FRANCISCO, PUBLIC UTILITIES COMMISSION WATER REVENUE
City of San Francisco CA Public Utilities Commission Water Revenue		1,170,000		5.000	%	11/01/2036		1,318,987
San Francisco City and Green Bond Series A		680,000		5.000	%	11/01/2030		777,893
SANTA ANA UNIFIED SCHOOL DISTRICT
Certificates of Participation; 2007		2,000,000		5.250	%	04/01/2037		2,005,220
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
2000 Measure A Sales Tax Revenue Refunding Bonds; 2015 Series A		1,000,000		5.000	%	04/01/2034		1,148,000
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Election of 2004, Series 2005		2,500,000		0.000	%	08/01/2029		1,686,250
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
Windy Point/Windy Flats Project Revenue Bonds; 2010-1		1,000,000		5.000	%	07/01/2023		1,078,410
Souther California Public Power Authority Windy Pt/Windy Flats Project 1		1,400,000		5.000	%	07/01/2026		1,507,772
TUOLUMNE WIND PROJECT AUTHORITY
Tuolumne Wind Project Authority		1,000,000		5.000	%	01/01/2020		1,063,690
WILLIAM S. HART UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; 2001 Election, Series B		3,595,000		0.000	%	09/01/2029		2,448,122

Total Municipal Bonds (Cost $65,819,294)								67,807,654

Variable Rate Demand Notes* (3.86%)
California Health Facilities Financing Authority***		1,000,000		5.000	%**	07/01/2043		1,052,970
Metropolitan Water District of Southern California***		1,300,000		0.940	%**	07/01/2035		1,300,000
Metropolitan Water District of Southern California***		400,000		0.940	%**	07/01/2047		400,000

Total Variable Rate Demand Notes (Cost $2,752,970)								2,752,970

Total Investments (Cost $68,572,264) (a) (98.89%)							$	70,560,624
Other Net Assets (1.11%)								791,796
Net Assets (100.00%)							$	71,352,420

(a)

Aggregate cost for federal income tax purposes is $68,552,220.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	2,496,937
Unrealized depreciation		(488,533	)
Net unrealized appreciation	$	2,008,404

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.

Stated maturity reflects next reset date.

Rate Effective as of February 28, 2018.

***

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

See accompanying notes to financial statements.

U.S. Government Securities Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Par Value		Rate		Maturity	Value (Note 1)
Government National Mortgage Association (5.26%)
	$	784		10.000	09/15/2018	$	790
		30,127		5.000	07/15/2020		31,319
		41,367		5.500	01/15/2025		44,938
		111,588		6.000	01/15/2026		124,015
		171,912		5.500	04/15/2036		189,408
		165,767		5.000	03/15/2038		178,753
		84,681		6.000	06/15/2038		94,189
		458,273		3.500	11/20/2044		461,738
Total Government National Mortgage Association (Cost $1,083,132)							1,125,150

United States Treasury Bonds (6.33%)
		800,000		4.500	05/15/2038		979,250
		400,000		2.750	08/15/2042		375,742
		800,000		6.000	02/15/2026		981,969
Total United States Treasury Bonds (Cost $2,382,452)							2,336,961

United States Treasury Notes (87.15%)
		100,000		2.875	03/31/2018		100,119
		300,000		0.000	04/19/2018		299,372
		2,300,000		3.750	11/15/2018		2,328,211
		1,900,000		2.750	02/15/2019		1,911,689
		2,100,000		2.625	08/15/2020		2,113,330
		2,000,000		3.625	02/15/2021		2,068,477
		2,400,000		2.000	02/15/2022		2,350,500
		2,500,000		2.500	08/15/2023		2,475,439
		1,300,000		2.125	02/29/2024		1,255,338
		2,200,000		2.125	05/15/2025		2,100,613
		700,000		2.250	08/15/2027		663,223
Total United States Treasury Notes (Cost $18,065,248)							17,666,311

Total Investments (Cost $21,530,832) (a) (98.74%)						$	21,128,422
Other Net Assets (1.26%)							269,996
Net Assets (100.00%)						$	21,398,418

(a) Aggregate cost for federal income tax purposes is $21,530,832.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	110,409
Unrealized depreciation		(512,819	)
Net unrealized depreciation	$	(402,409	)

See accompanying notes to financial statements.

Short-Term U.S. Government Bond Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Par Value		Rate		Maturity	Value (Note 1)
Government National Mortgage Association (2.25%)
	$	40,950		3.125	06/20/2034	$	43,329
		73,385		2.250	11/20/2034		76,328
Total Government National Mortgage Association (Cost $114,870)							119,657

United States Treasury Notes (96.78%)
		100,000		0.000	03/22/2018		99,921
		1,000,000		1.125	06/15/2018		998,235
		1,100,000		1.250	01/31/2019		1,091,857
		700,000		1.000	06/30/2019		689,391
		1,100,000		1.375	01/31/2020		1,081,953
		900,000		2.000	07/31/2020		892,600
		300,000		2.125	01/31/2021		297,533
Total United States Treasury Notes (Cost $5,209,829)							5,151,490

Total Investments (Cost $5,324,699) (a) (99.03%)						$	5,271,147
Other Net Assets (0.97%)							51,634
Net Assets (100.00%)						$	5,322,781

(a)

Aggregate cost for federal income tax purposes is $5,324,699.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	4,786
Unrealized depreciation		(58,338	)
Net unrealized depreciation	$	(53,551	)

The United States Treasury Trust

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Par Value		Maturity	Value (Note 1)
United States Treasury Bills, DN (b) (99.04%)
	$	10,200,000	03/01/2018	$	10,200,000
		9,300,000	03/08/2018		9,297,647
		5,800,000	03/15/2018		5,797,413
		6,000,000	03/22/2018		5,995,329
		5,600,000	03/29/2018		5,594,689
		5,800,000	04/05/2018		5,792,263
		6,800,000	04/12/2018		6,788,596
		5,100,000	06/28/2018		5,073,509
		3,800,000	08/16/2018		3,772,419
Total United States Treasury Bills, DN (Cost $58,311,865)					58,311,865

Total Investments (Cost $58,311,865) (a) (99.04%)				$	58,311,865
Other Net Assets (0.96%)					565,104
Net Assets (100.00%)				$	58,876,969

(a)

Aggregate cost for federal income tax purposes is $58,311,865.

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.

(b)

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

See accompanying notes to financial statements.

S&P 500 Index Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Shares		Value (Note 1)
Common Stock (97.69%)

Basic Materials (2.33%)
Air Products & Chemicals Inc		1,615	$	259,676
Albemarle Corp		868		87,173
CF Industries Holdings Inc		1,795		74,026
DowDuPont Inc		17,485		1,229,196
Eastman Chemical Co		1,048		105,932
FMC Corp		1,102		86,485
Freeport-McMoRan Inc*		6,887		128,098
International Flavors & Fragrances Inc		683		96,474
International Paper Co		3,175		189,198
LyondellBasell Industries NV		2,971		321,522
Monsanto Co		3,626		447,340
Mosaic Co/The		2,068		54,430
Newmont Mining Corp		3,766		143,861
Nucor Corp		2,404		157,222
PPG Industries Inc		2,102		236,349
Praxair Inc		2,168		324,658
Sherwin-Williams Co/The		628		252,192
United States Steel Corp		1,093		47,556
Total Basic Materials				4,241,388

Communications (13.90%)
Alphabet Inc - Class C*		2,294		2,534,251
Alphabet Inc - Class A*		2,286		2,523,561
Amazon.com Inc* (c )		3,080		4,658,346
AT&T Inc		47,774		1,734,196
Booking Holdings Inc*		361		734,288
CenturyLink Inc		4,581		80,946
Charter Communications Inc*		1,671		571,365
Cisco Systems Inc		39,132		1,752,331
Comcast Corp		36,651		1,327,133
Discovery Communications Inc - Class A*		1,878		45,673
Discovery Communications Inc - Class C*		1,878		43,156
DISH Network Corp*		1,784		74,375
eBay Inc*		8,321		356,638
Expedia Group Inc		689		72,462
F5 Networks Inc*		602		89,409
Facebook Inc* (c )		18,062		3,220,816
Interpublic Group of Cos Inc/The		3,241		75,839
Juniper Networks Inc		2,718		69,744
Motorola Solutions Inc		1,430		151,795
Netflix Inc*		3,319		967,090
News Corp - Class A		3,745		60,407
News Corp - Class B		910		14,924
Omnicom Group Inc		1,982		151,088
Symantec Corp		5,172		135,972
Time Warner Inc		6,232		579,327
TripAdvisor Inc*		850		34,068
Twenty-First Century Fox Inc - Class A		8,143		299,825
Twenty-First Century Fox Inc - Class B		3,726		135,701
VeriSign Inc*		689		79,938
Verizon Communications Inc		31,159		1,487,531
Viacom Inc		2,740		91,352
Walt Disney Co/The		11,275		1,163,129
Total Communications				25,316,676

Consumer, Cyclical (8.38%)
Advance Auto Parts Inc		548		62,609
Alaska Air Group Inc		963		62,114
American Airlines Group Inc		4,021		218,139
Aptiv PLC		2,173		198,460
AutoZone Inc*		275		182,798
Best Buy Co Inc		1,956		141,693
BorgWarner Inc		1,664		81,669
CarMax Inc*		1,689		104,583
Carnival Corp		3,334		223,078
Chipotle Mexican Grill Inc*		234		74,508
Costco Wholesale Corp		3,160		603,244
Darden Restaurants Inc		933		86,013
Delphi Technologies PLC		724		34,571
Delta Air Lines Inc		6,380		343,882
Dollar General Corp		1,932		182,748
Dollar Tree Inc*		1,907		195,734
DR Horton Inc		2,495		104,541
Fastenal Co		2,014		110,206
Foot Locker Inc		1,044		47,930
Ford Motor Co		27,615		292,995
Gap Inc/The		2,194		69,287
General Motors Co		10,151		399,442
Genuine Parts Co		1,170		107,453
Goodyear Tire & Rubber Co/The		1,847		53,452
Hanesbrands Inc		3,007		58,336
Harley-Davidson Inc		1,765		80,096
Hasbro Inc		950		90,792
Hilton Worldwide Holdings Inc		1,615		130,476
Home Depot Inc/The		9,397		1,712,791
Kohl's Corp		1,587		104,885
L Brands Inc		1,787		88,153
Leggett & Platt Inc		1,017		44,199
Lennar Corp - Class A		1,300		73,554
Lennar Corp - Class B		26		1,179
LKQ Corp*		2,347		92,660
Lowe's Cos Inc		6,732		603,120
Macy's Inc		2,961		87,083
Marriott International Inc/MD		2,467		348,365
Mattel Inc		2,508		39,877
McDonald's Corp		6,382		1,006,697
Michael Kors Holdings Ltd*		1,328		83,571
Mohawk Industries Inc*		459		110,105
Newell Brands Inc		3,701		95,079
NIKE Inc		10,668		715,076
Nordstrom Inc		1,123		57,621
O'Reilly Automotive Inc*		874		213,422
PACCAR Inc		2,601		186,206
PulteGroup Inc		2,804		78,708
PVH Corp		574		82,817
Ralph Lauren Corp		449		47,522
Ross Stores Inc		3,322		259,415
Royal Caribbean Cruises Ltd		1,236		156,478
Signet Jewelers Ltd		600		30,168
Southwest Airlines Co		4,671		270,171
Starbucks Corp		10,948		625,131
Tapestry Inc		2,156		109,762
Target Corp		4,818		363,325
Tiffany & Co		950		95,988
TJX Cos Inc/The		5,416		447,795
Tractor Supply Co		1,050		68,177
Ulta Beauty Inc*		468		95,168
Under Armour Inc - Class A*		1,210		20,062
Under Armour Inc - Class B*		1,218		18,331
United Continental Holdings Inc*		2,214		150,087
VF Corp		2,588		192,987
Walgreens Boots Alliance Inc		6,346		437,176
Walmart Inc		11,851		1,066,709
Whirlpool Corp		570		92,585
WW Grainger Inc		441		115,344
Wyndham Worldwide Corp		1,139		131,873
Wynn Resorts Ltd		526		88,105
Yum! Brands Inc		2,700		219,726
Total Consumer, Cyclical				15,268,102

Consumer, Non-Cyclical (21.17%)
Abbott Laboratories		13,435		810,534
AbbVie Inc		12,821		1,485,056
Aetna Inc		2,584		457,523
Alexion Pharmaceuticals Inc*		1,383		162,433
Align Technology Inc*		600		157,512
Allergan PLC		2,617		403,594
Altria Group Inc		14,863		935,626
AmerisourceBergen Corp		1,565		148,925
Amgen Inc		5,671		1,042,160
Anthem Inc		2,002		471,231
Archer-Daniels-Midland Co		4,902		203,531
Automatic Data Processing Inc		3,564		411,000
Avery Dennison Corp		891		105,272
Baxter International Inc		3,880		263,025
Becton Dickinson and Co		1,897		421,172
Biogen Inc*		1,739		502,554
Boston Scientific Corp*		11,526		314,199
Bristol-Myers Squibb Co		12,265		811,943
Brown-Forman Corp		1,383		96,520
Campbell Soup Co		1,449		62,379
Cardinal Health Inc		2,511		173,786
Celgene Corp*		6,007		523,330
Centene Corp*		1,292		131,035
Church & Dwight Co Inc		1,996		98,183
Cigna Corp		2,081		407,647
Cintas Corp		801		136,699
Clorox Co/The		943		121,722
Coca-Cola Co/The		30,037		1,298,199
Colgate-Palmolive Co		6,558		452,305
Conagra Brands Inc		2,987		107,920
Constellation Brands Inc		1,083		233,365
Cooper Cos Inc/The		374		86,214
Coty Inc		3,684		71,175
CVS Health Corp		7,932		537,234
Danaher Corp		4,166		407,351
DaVita Inc*		1,224		88,152
DENTSPLY SIRONA Inc		1,160		65,030
Dr Pepper Snapple Group Inc		1,620		188,325
Ecolab Inc		1,937		252,682
Edwards Lifesciences Corp*		1,716		229,378
Eli Lilly & Co		7,419		571,411
Envision Healthcare Corp*		910		35,035
Equifax Inc		870		98,310
Estee Lauder Cos Inc/The		1,800		249,192
Express Scripts Holding Co*		4,798		362,009
Gartner Inc*		714		80,975
General Mills Inc		4,683		236,726
Gilead Sciences Inc		10,033		789,898
Global Payments Inc		1,172		132,893
H&R Block Inc		1,994		50,508
HCA Healthcare Inc		2,209		219,243
Henry Schein Inc*		1,256		83,135
Hershey Co/The		1,114		109,462
Hologic Inc*		2,135		82,902
Hormel Foods Corp		2,128		69,075
Humana Inc		1,191		323,738
IDEXX Laboratories Inc*		691		129,376
IHS Markit Ltd*		2,494		117,343

See accompanying notes to financial statements.

S&P 500 Index Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
Illumina Inc*		1,143	$	260,627
Incyte Corp*		1,363		116,073
Intuitive Surgical Inc*		855		364,615
JM Smucker Co/The		823		103,945
Johnson & Johnson (c )		20,958		2,722,025
Kellogg Co		1,816		120,219
Kimberly-Clark Corp		2,926		324,552
Kraft Heinz Co/The		4,282		287,108
Kroger Co/The		8,014		217,340
Laboratory Corp of America Holdings*		705		121,754
McCormick & Co Inc/MD		975		104,111
McKesson Corp		1,736		259,063
Medtronic PLC		10,936		873,677
Merck & Co Inc		21,298		1,154,778
Molson Coors Brewing Co		1,200		91,500
Mondelez International Inc		11,909		522,805
Monster Beverage Corp*		3,387		214,634
Moody's Corp		1,498		249,986
Mylan NV*		3,101		125,032
Nielsen Holdings PLC		1,879		61,312
Patterson Cos Inc		758		23,938
PayPal Holdings Inc*		8,321		660,771
PepsiCo Inc		11,085		1,216,357
Perrigo Co PLC		677		55,148
Pfizer Inc		45,992		1,669,970
Philip Morris International Inc		11,608		1,202,008
Procter & Gamble Co/The		20,266		1,591,286
Quanta Services Inc*		1,601		55,138
Quest Diagnostics Inc		1,168		120,362
Regeneron Pharmaceuticals Inc*		562		180,087
Robert Half International Inc		1,032		58,896
S&P Global Inc		2,019		387,244
Stryker Corp		2,155		349,455
Sysco Corp		4,516		269,379
Thermo Fisher Scientific Inc		3,062		638,672
Total System Services Inc		1,190		104,661
Tyson Foods Inc		2,328		173,157
United Rentals Inc*		724		126,765
UnitedHealth Group Inc		7,156		1,618,401
Universal Health Services Inc		683		77,999
Varian Medical Systems Inc*		875		104,423
Verisk Analytics Inc*		1,197		122,321
Vertex Pharmaceuticals Inc*		1,731		287,398
Western Union Co/The		4,688		92,916
Zimmer Biomet Holdings Inc		1,338		155,543
Zoetis Inc		3,718		300,637
Total Consumer, Non-Cyclical				38,555,240

Energy (5.16%)
Anadarko Petroleum Corp		3,750		213,900
Andeavor		1,028		92,129
Apache Corp		2,792		95,347
Baker Hughes a GE Co		3,384		89,338
Cabot Oil & Gas Corp		3,164		76,442
Chesapeake Energy Corp*		3,818		10,767
Chevron Corp (c )		14,364		1,607,619
Cimarex Energy Co		657		63,131
Concho Resources Inc*		1,114		167,991
ConocoPhillips		8,936		485,314
Devon Energy Corp		2,767		84,864
EOG Resources Inc		3,850		390,467
EQT Corp		1,085		54,586
Exxon Mobil Corp (c )		32,610		2,469,881
Halliburton Co		6,883		319,509
Helmerich & Payne Inc		805		51,963
Hess Corp		1,823		82,801
Kinder Morgan Inc/DE		5,487		88,889
Marathon Oil Corp		5,187		75,315
Marathon Petroleum Corp		4,098		262,518
National Oilwell Varco Inc		3,192		112,007
Newfield Exploration Co*		988		23,050
Noble Energy Inc		2,616		78,035
Occidental Petroleum Corp		5,892		386,515
ONEOK Inc		1,546		87,086
Phillips 66		3,493		315,662
Pioneer Natural Resources Co		1,287		219,086
Range Resources Corp		1,202		15,975
Schlumberger Ltd		11,025		723,681
TechnipFMC PLC		3,637		104,818
Valero Energy Corp		4,032		364,573
Williams Cos Inc/The		6,307		175,082
Total Energy				9,388,341

Financial (18.56%)
Affiliated Managers Group Inc		409		77,448
Aflac Inc		3,445		306,192
Alexandria Real Estate Equities Inc		700		84,917
Alliance Data Systems Corp		400		96,384
Allstate Corp/The		3,124		288,220
American Express Co		5,917		576,967
American International Group Inc		6,822		391,173
American Tower Corp		2,860		398,484
Ameriprise Financial Inc		1,369		214,166
Aon PLC		2,040		286,253
Apartment Investment & Management Co		1,070		41,366
Arthur J Gallagher & Co		1,374		94,957
Assurant Inc		596		50,940
AvalonBay Communities Inc		1,044		162,885
Bank of America Corp		77,978		2,503,094
Bank of New York Mellon Corp/The		8,692		495,705
BB&T Corp		5,247		285,174
Berkshire Hathaway Inc*		14,565		3,017,868
BlackRock Inc		941		517,014
Boston Properties Inc		1,078		128,142
Brighthouse Financial Inc*		700		37,989
Capital One Financial Corp		4,021		393,777
Cboe Global Markets Inc		706		79,079
CBRE Group Inc*		2,058		96,212
Charles Schwab Corp/The		9,317		493,987
Chubb Ltd		3,685		522,975
Cincinnati Financial Corp		1,179		87,942
Citigroup Inc		21,856		1,649,909
Citizens Financial Group Inc		3,885		168,959
CME Group Inc		2,250		373,860
Comerica Inc		1,331		129,400
Crown Castle International Corp		2,760		303,766
Digital Realty Trust Inc		1,218		122,580
Discover Financial Services		3,035		239,249
ETRADE Financial Corp		1,181		61,684
Equinix Inc		434		170,171
Equity Residential		2,164		121,682
Essex Property Trust Inc		463		103,633
Everest Re Group Ltd		326		78,318
Extra Space Storage Inc		949		80,712
Federal Realty Investment Trust		548		62,439
Franklin Resources Inc		3,105		120,070
GGP Inc		4,119		87,199
Goldman Sachs Group Inc/The		2,819		741,200
Hartford Financial Services Group Inc/The		2,922		154,428
HCP Inc		3,020		65,353
Host Hotels & Resorts Inc		5,173		96,011
Huntington Bancshares Inc/OH		5,456		85,659
Intercontinental Exchange Inc		4,245		310,225
Invesco Ltd		3,410		110,961
Iron Mountain Inc		1,369		43,069
JPMorgan Chase & Co		27,735		3,203,393
KeyCorp		6,704		141,656
Kimco Realty Corp		2,994		44,790
Leucadia National Corp		1,447		34,714
Lincoln National Corp		2,305		175,572
Loews Corp		2,394		118,096
M&T Bank Corp		1,180		224,011
Macerich Co/The		1,011		59,588
Marsh & McLennan Cos Inc		4,025		334,156
Mastercard Inc		7,325		1,287,442
MetLife Inc		7,704		355,848
Mid-America Apartment Communities Inc		858		73,634
Morgan Stanley		10,374		581,151
Nasdaq Inc		1,127		91,005
Navient Corp		3,621		46,928
Northern Trust Corp		1,610		170,451
People's United Financial Inc		2,887		55,257
PNC Financial Services Group Inc/The		3,945		621,969
Principal Financial Group Inc		2,041		127,216
Progressive Corp/The		4,123		237,402
Prologis Inc		3,315		201,154
Prudential Financial Inc		3,541		376,479
Public Storage		1,035		201,245
Raymond James Financial Inc		1,004		93,081
Realty Income Corp		1,688		83,016
Regency Centers Corp		1,109		64,444
Regions Financial Corp		9,066		175,971
Simon Property Group Inc		2,175		333,884
SL Green Realty Corp		740		71,721
State Street Corp		3,093		328,322
SunTrust Banks Inc		3,809		266,021
Synchrony Financial		6,040		219,796
T Rowe Price Group Inc		1,965		219,884
Torchmark Corp		1,176		100,395
Travelers Cos Inc/The		2,411		335,129
UDR Inc		2,033		68,349
Unum Group		2,266		115,475
US Bancorp		12,265		666,725
Ventas Inc		2,081		100,554
Visa Inc		14,557		1,789,638
Vornado Realty Trust		1,244		82,689
Wells Fargo & Co (c )		35,184		2,055,097
Welltower Inc		2,792		146,580
Weyerhaeuser Co		5,770		202,123
Willis Towers Watson PLC		996		157,268
XL Group Ltd		2,249		95,154
Zions Bancorporation		1,054		57,938
Total Financial				33,802,258

Industrial (9.88%)
3M Co		4,679		1,101,951
Acuity Brands Inc		344		49,048
Agilent Technologies Inc		2,633		180,597
Allegion PLC		703		59,129
AMETEK Inc		1,816		137,544
Amphenol Corp		2,372		216,777

See accompanying notes to financial statements.

S&P 500 Index Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
Arconic Inc		2,478	$	60,438
Ball Corp		2,268		90,607
Boeing Co/The		4,367		1,581,771
Caterpillar Inc		4,752		734,802
CH Robinson Worldwide Inc		1,280		119,501
Corning Inc		7,332		213,215
CSX Corp		7,645		410,689
Cummins Inc		1,302		218,957
Deere & Co		2,547		409,736
Dover Corp		1,334		133,533
Eaton Corp PLC		3,484		281,159
Emerson Electric Co		5,336		379,176
Expeditors International of Washington Inc		1,549		100,623
FedEx Corp		1,881		463,497
FLIR Systems Inc		1,158		56,858
Flowserve Corp		1,128		47,771
Fluor Corp		1,298		73,856
Fortive Corp		2,083		159,974
Fortune Brands Home & Security Inc		1,197		72,610
Garmin Ltd		806		47,747
General Dynamics Corp		2,204		490,280
General Electric Co		38,972		549,895
Harris Corp		833		130,073
Honeywell International Inc		5,633		851,203
Illinois Tool Works Inc		2,619		422,811
Ingersoll-Rand PLC		2,109		187,279
Jacobs Engineering Group Inc		962		58,740
JB Hunt Transport Services Inc		690		81,813
Johnson Controls International plc		7,221		266,238
Kansas City Southern		811		83,565
L3 Technologies Inc		719		149,228
Lockheed Martin Corp		1,981		698,184
Martin Marietta Materials Inc		463		94,420
Masco Corp		2,627		108,022
Mettler-Toledo International Inc*		202		124,476
Norfolk Southern Corp		2,398		333,514
Northrop Grumman Corp		1,488		520,860
Parker-Hannifin Corp		1,096		195,603
Pentair PLC		1,542		105,920
PerkinElmer Inc		1,021		77,943
Raytheon Co		2,443		531,377
Republic Services Inc		2,203		147,998
Rockwell Automation Inc		1,085		196,168
Rockwell Collins Inc		1,079		148,600
Roper Technologies Inc		694		190,912
Sealed Air Corp		1,582		67,029
Snap-on Inc		424		67,509
Stanley Black & Decker Inc		1,237		196,918
Stericycle Inc*		642		40,233
TE Connectivity Ltd		3,236		333,599
Textron Inc		2,069		123,830
TransDigm Group Inc		370		106,675
Union Pacific Corp		6,613		861,343
United Parcel Service Inc		5,289		552,224
United Technologies Corp		5,797		781,088
Vulcan Materials Co		956		112,550
Waste Management Inc		3,352		289,345
Waters Corp*		682		139,564
WestRock Co		996		65,497
Xylem Inc/NY		1,498		111,721
Total Industrial				17,995,813

Technology (15.85%)
Accenture PLC		4,670		751,917
Activision Blizzard Inc		5,269		385,322
Adobe Systems Inc*		3,587		750,149
Advanced Micro Devices Inc*		5,848		70,819
Akamai Technologies Inc*		1,400		94,444
Analog Devices Inc		2,620		236,193
ANSYS Inc*		680		108,759
Apple Inc (c )		40,632		7,237,372
Applied Materials Inc		9,105		524,357
Autodesk Inc*		1,669		196,057
Broadcom Ltd		3,102		764,519
CA Inc		2,646		92,875
Cerner Corp*		2,120		136,019
Citrix Systems Inc*		1,348		124,016
Cognizant Technology Solutions Corp		4,408		361,544
CSRA Inc		1,256		50,906
DXC Technology Co		1,233		126,432
Electronic Arts Inc*		2,629		325,207
Fidelity National Information Services Inc		2,517		244,602
Fiserv Inc*		1,665		238,744
Hewlett Packard Enterprise Co		14,359		266,934
HP Inc		14,359		335,857
Intel Corp		36,299		1,789,178
International Business Machines Corp		6,898		1,074,915
Intuit Inc		2,031		338,893
KLA-Tencor Corp		1,217		137,898
Lam Research Corp		1,341		257,284
Microchip Technology Inc		1,401		124,591
Micron Technology Inc*		6,485		316,533
Microsoft Corp (c )		60,049		5,630,794
NetApp Inc		2,586		156,582
NVIDIA Corp		4,163		1,007,446
Oracle Corp		23,171		1,174,075
Paychex Inc		2,454		159,829
Qorvo Inc*		1,120		90,395
QUALCOMM Inc		11,465		745,225
Red Hat Inc*		1,433		211,224
salesforce.com Inc*		4,924		572,415
Seagate Technology PLC		2,601		138,893
Skyworks Solutions Inc		1,431		156,337
Synopsys Inc*		1,189		100,673
Texas Instruments Inc		7,795		844,588
Western Digital Corp		2,052		178,606
Xerox Corp		2,577		78,135
Xilinx Inc		2,112		150,480
Total Technology				28,858,033

Utilities (2.46%)
AES Corp/VA		4,674		50,806
Alliant Energy Corp		1,758		67,947
Ameren Corp		1,808		98,174
American Electric Power Co Inc		3,645		239,039
American Water Works Co Inc		1,374		109,041
CenterPoint Energy Inc		2,979		80,582
CMS Energy Corp		2,062		87,532
Consolidated Edison Inc		2,227		166,780
Dominion Energy Inc		4,251		314,872
DTE Energy Co		1,258		126,781
Duke Energy Corp		5,180		390,261
Edison International		2,433		147,415
Entergy Corp		1,304		98,869
Eversource Energy		2,274		129,618
Exelon Corp		6,183		229,018
FirstEnergy Corp		3,123		100,967
NextEra Energy Inc		3,624		551,392
NiSource Inc		2,050		47,417
NRG Energy Inc		1,956		50,582
PG&E Corp		3,919		161,032
Pinnacle West Capital Corp		806		62,030
PPL Corp		4,208		120,559
Public Service Enterprise Group Inc		3,861		186,988
SCANA Corp		845		33,521
Sempra Energy		1,653		180,144
Southern Co/The		7,566		325,791
WEC Energy Group Inc		2,388		143,089
Xcel Energy Inc		3,728		161,348
Total Utilities				4,461,595

Total Common Stock (Cost $65,455,438)				177,887,446

Right/Warrant (0.00%)
Safeway, Inc-CVR-NonTraded		1,746		55
Total Right/Warrant (Cost $0,000)				55

	Maturity Date
United States Treasury Bills (1.48%)
United States Treasury Bill	03/01/2018	2,700,000		2,700,000
Total United States Treasury Bills (Cost $2,700,000)				2,700,000

Total Investments (Cost $68,155,438) (a) (99.17%)			$	180,587,501
Other Net Assets (0.83%)				1,516,259
Net Assets (100.00%)			$	182,103,760

Non-income producing security.

These securities have been fair valued and deemed to be illiquid by the Advisor. At February 28, 2018, the fair value was $0,055, or 0.00% of net assets.

(a)

Aggregate cost for federal income tax purpose is $68,207,980.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	114,696,080
Unrealized depreciation		(2,316,559	)
Net unrealized appreciation	$	112,379,521

(b)

Futures contracts at February 28, 2018:

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

S&P 500 E-MINI		Notional Amount				Value				Unrealized Depreciation
30 / MARCH 2018 / Long / CME		$	4,122,475			$	4,071,600			$	(50,875	)

(c)

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

See accompanying notes to financial statements.

S&P MidCap Index Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Shares		Value (Note 1)
Common Stock (99.68%)

Basic Materials (5.50%)
Allegheny Technologies Inc*		8,230	$	213,239
Ashland Global Holdings Inc		4,674		331,013
Cabot Corp		4,665		280,740
Carpenter Technology Corp		3,473		176,915
Chemours Co/The		13,090		621,906
Commercial Metals Co		8,847		214,982
Compass Minerals International Inc		2,545		153,464
Domtar Corp		4,751		212,655
Minerals Technologies Inc		2,659		182,673
NewMarket Corp		691		288,776
Olin Corp		11,754		382,005
PolyOne Corp		5,712		235,963
Reliance Steel & Aluminum Co		5,155		464,826
Royal Gold Inc		4,689		378,731
RPM International Inc		9,440		469,829
Sensient Technologies Corp		3,370		242,472
Steel Dynamics Inc		16,752		774,780
United States Steel Corp (c)		12,909		561,671
Valvoline Inc		12,831		293,958
Versum Materials Inc		8,135		301,158
Total Basic Materials				6,781,756

Communications (2.99%)
AMC Networks Inc*		3,561		187,202
ARRIS International PLC*		13,140		335,070
Cable One Inc		349		237,655
Cars.com Inc*		5,567		152,480
Ciena Corp*		10,088		233,739
FactSet Research Systems Inc		2,765		561,793
InterDigital Inc/PA		2,605		187,039
John Wiley & Sons Inc		3,389		217,743
LogMeIn Inc		3,724		430,308
Meredith Corp		2,763		158,320
New York Times Co/The		9,283		223,720
Plantronics Inc		2,393		129,318
TEGNA Inc		16,531		212,589
Telephone & Data Systems Inc		7,088		198,748
ViaSat Inc*		3,110		217,047
Total Communications				3,682,771

Consumer, Cyclical (11.84%)
American Eagle Outfitters Inc		12,812		246,887
AutoNation Inc*		4,193		210,531
Bed Bath & Beyond Inc		8,029		172,142
Big Lots Inc		3,356		188,607
Brinker International Inc		3,272		112,655
Brunswick Corp/DE		6,199		354,583
Carter's Inc		3,345		390,295
Casey's General Stores Inc		2,703		303,574
Cheesecake Factory Inc/The		3,305		153,649
Churchill Downs Inc		840		216,888
Cinemark Holdings Inc		7,911		336,692
Cooper Tire & Rubber Co		4,142		129,852
Copart Inc*		14,217		665,498
Cracker Barrel Old Country Store Inc		1,806		281,917
Dana Inc		10,883		289,161
Deckers Outdoor Corp*		2,383		225,384
Delphi Technologies PLC		6,288		300,252
Dick's Sporting Goods Inc		5,846		187,189
Dillard's Inc		1,485		121,102
Domino's Pizza Inc		3,091		687,469
Dunkin' Brands Group Inc		6,385		382,398
GameStop Corp		7,162		112,372
Herman Miller Inc		4,423		158,786
HNI Corp		3,420		126,472
ILG Inc		7,454		226,303
International Speedway Corp		1,729		77,805
Jack in the Box Inc		2,080		187,366
JetBlue Airways Corp*		22,669		477,182
KB Home		6,210		172,328
Michaels Cos Inc/The*		8,103		186,450
MSC Industrial Direct Co Inc		3,322		290,609
Nu Skin Enterprises Inc		3,686		259,494
NVR Inc*		245		696,577
Office Depot Inc		36,399		95,729
Papa John's International Inc		1,995		115,191
Polaris Industries Inc		4,112		468,727
Pool Corp		2,978		411,053
Sally Beauty Holdings Inc*		8,063		135,781
Scientific Games Corp*		3,739		166,199
Scotts Miracle-Gro Co/The		2,890		259,638
Six Flags Entertainment Corp		5,508		353,008
Skechers U.S.A. Inc*		9,659		395,246
Tempur Sealy International Inc*		3,255		160,895
Texas Roadhouse Inc		4,276		236,292
Thor Industries Inc		3,464		446,856
Toll Brothers Inc		10,405		456,051
Toro Co/The (c)		7,736		491,778
TRI Pointe Group Inc*		11,036		169,182
Tupperware Brands Corp		3,537		173,490
Urban Outfitters Inc*		5,663		199,847
Watsco Inc		1,930		319,164
Wendy's Co/The		12,842		204,830
Williams-Sonoma Inc		5,494		284,369
World Fuel Services Corp		5,338		121,973
Total Consumer, Cyclical				14,593,768

Consumer, Non-Cyclical (14.68%)
Aaron's Inc		4,816		222,547
ABIOMED Inc*		2,697		723,281
Acadia Healthcare Co Inc*		5,855		223,076
Adtalem Global Education Inc*		4,267		196,495
Akorn Inc*		5,897		99,895
Avis Budget Group Inc*		5,065		228,837
Avon Products Inc*		31,107		81,811
Bio-Rad Laboratories Inc*		1,429		385,887
Bio-Techne Corp		2,648		374,268
Bioverativ Inc*		7,646		800,383
Boston Beer Co Inc/The*		612		99,787
Brink's Co/The		3,568		262,248
Catalent Inc*		9,318		389,027
Charles River Laboratories International Inc*		3,442		366,952
CoreLogic Inc/United States*		5,823		264,947
Dean Foods Co		6,796		58,921
Deluxe Corp		3,624		257,304
Edgewell Personal Care Co*		3,960		198,594
Encompass Health Corp		6,827		363,606
Endo International PLC*		15,857		99,978
Flowers Foods Inc		13,838		287,000
Globus Medical Inc*		5,432		258,780
Graham Holdings Co		327		189,693
Hain Celestial Group Inc/The*		7,820		271,980
Halyard Health Inc*		3,497		172,682
Helen of Troy Ltd*		1,916		172,536
Hill-Rom Holdings Inc		4,543		380,067
Ingredion Inc		5,080		663,651
Lamb Weston Holdings Inc (c)		10,475		566,593
Lancaster Colony Corp		1,475		174,552
LifePoint Health Inc*		3,052		140,697
LivaNova PLC*		2,983		267,694
Live Nation Entertainment Inc*		9,472		424,346
Mallinckrodt PLC*		5,485		91,490
ManpowerGroup Inc		4,685		554,985
MarketAxess Holdings Inc (c)		2,724		551,338
Masimo Corp*		2,951		258,300
MEDNAX Inc*		4,583		251,973
Molina Healthcare Inc*		3,108		224,708
NuVasive Inc*		2,872		138,890
Owens & Minor Inc		4,649		76,290
Post Holdings Inc*		4,823		365,487
Prestige Brands Holdings Inc*		3,633		122,795
Rollins Inc		7,218		362,849
Sabre Corp		14,745		338,693
Sanderson Farms Inc		1,414		174,134
Service Corp International/US		13,254		496,097
Snyder's-Lance Inc		5,343		266,509
Sotheby's*		2,635		121,684
Sprouts Farmers Market Inc*		8,749		225,374
STERIS PLC		5,692		519,680
Syneos Health Inc*		4,220		176,818
Teleflex Inc		3,184		795,459
Tenet Healthcare Corp*		5,708		117,585
Tootsie Roll Industries Inc		1,344		44,890
TreeHouse Foods Inc*		4,336		164,855
United Natural Foods Inc*		3,592		153,271
United Therapeutics Corp* (c)		2,770		320,905
WellCare Health Plans Inc*		3,147		610,235
West Pharmaceutical Services Inc		5,249		457,818
WEX Inc* (c)		2,900		433,695
Total Consumer, Non-Cyclical				18,084,922

Energy (4.01%)
Callon Petroleum Co*		14,269		150,823
CNX Resources Corp*		13,127		210,951
Core Laboratories NV		2,429		250,090
Diamond Offshore Drilling Inc*		4,925		71,413
Dril-Quip Inc*		2,676		120,554
Energen Corp*		7,013		383,681
Ensco PLC		30,826		136,867
First Solar Inc* (c)		6,026		378,734
Gulfport Energy Corp*		11,649		112,995
HollyFrontier Corp (c)		12,897		552,379
Matador Resources Co*		7,147		206,262
Murphy Oil Corp		8,937		226,553
Murphy USA Inc*		2,287		171,777
Nabors Industries Ltd		18,797		121,617
NOW Inc*		7,894		74,914
Oceaneering International Inc		7,433		136,618
Patterson-UTI Energy Inc		12,375		223,616
PBF Energy Inc		7,881		230,992
QEP Resources Inc*		17,033		146,824
Rowan Cos Plc*		8,032		97,669
SM Energy Co		7,260		133,148
Southwestern Energy Co*		35,965		128,395
Superior Energy Services Inc*		9,508		81,293
Transocean Ltd*		21,721		197,878
WPX Energy Inc*		28,128		397,449
Total Energy				4,943,492

Financial (24.61%)
Banks (8.62%)
Associated Banc-Corp		11,169		275,874
BancorpSouth Bank		6,540		206,010

See accompanying notes to financial statements.

S&P MidCap Index Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
Bank of Hawaii Corp		3,239	$	265,630
Bank of the Ozarks		8,585		428,306
Cathay General Bancorp		5,662		232,482
Chemical Financial Corp		5,278		291,293
Commerce Bancshares Inc/MO (c)		6,910		399,191
Cullen/Frost Bankers Inc		4,063		422,511
East West Bancorp Inc		10,219		669,855
First Horizon National Corp		17,814		339,357
FNB Corp/PA		22,852		320,385
Fulton Financial Corp		13,099		237,092
Hancock Holding Co		6,375		329,588
Home BancShares Inc/AR		9,497		218,336
International Bancshares Corp		3,830		148,030
MB Financial Inc		5,441		223,135
PacWest Bancorp (c)		9,275		483,599
Pinnacle Financial Partners Inc		5,215		336,628
Prosperity Bancshares Inc		4,912		368,400
Signature Bank/New York NY*		3,795		554,791
SVB Financial Group*		3,728		928,197
Synovus Financial Corp		8,453		416,733
TCF Financial Corp		12,743		284,169
Texas Capital Bancshares Inc*		3,508		316,422
Trustmark Corp		5,160		161,198
UMB Financial Corp		3,300		240,899
Umpqua Holdings Corp		15,568		331,754
United Bankshares Inc/WV		7,422		263,481
Valley National Bancorp		18,619		232,179
Webster Financial Corp		6,509		355,261
Wintrust Financial Corp		4,053		342,519
				10,623,305
Diversified Financial Service (2.50%)
Eaton Vance Corp (c)		8,639		457,262
Federated Investors Inc		7,087		230,894
Interactive Brokers Group Inc		5,053		350,678
Janus Henderson Group PLC (c)		13,262		468,679
Legg Mason Inc		6,044		241,216
SEI Investments Co		9,240		672,949
SLM Corp*		32,515		354,739
Stifel Financial Corp		4,809		307,151
				3,083,568
Insurance (4.45%)
Alleghany Corp		1,091		661,310
American Financial Group Inc/OH		4,859		548,095
Aspen Insurance Holdings Ltd		4,538		165,183
Brown & Brown Inc		8,180		430,595
CNO Financial Group Inc		11,860		267,324
First American Financial Corp		7,827		454,201
Genworth Financial Inc*		37,014		100,678
Hanover Insurance Group Inc/The		3,199		345,204
Kemper Corp		3,706		209,018
Mercury General Corp		2,760		125,966
Old Republic International Corp		17,345		347,420
Primerica Inc		3,128		304,980
Reinsurance Group of America Inc		4,553		700,206
RenaissanceRe Holdings Ltd		2,830		363,032
WR Berkley Corp		6,802		465,121
				5,488,333
Real Estate (8.19%)
Alexander & Baldwin Inc		4,965		109,180
American Campus Communities Inc		9,815		358,051
Camden Property Trust (c)		6,565		523,296
CoreCivic Inc		8,980		186,694
CoreSite Realty Corp		2,417		226,835
Corporate Office Properties Trust		7,042		175,768
Cousins Properties Inc		25,361		211,511
CyrusOne Inc		6,021		300,448
DCT Industrial Trust Inc		6,212		343,834
Douglas Emmett Inc		10,862		388,317
Education Realty Trust Inc		4,640		144,490
EPR Properties		4,422		254,840
First Industrial Realty Trust Inc		8,145		228,304
GEO Group Inc/The		9,203		196,024
Healthcare Realty Trust Inc		7,860		208,683
Highwoods Properties Inc		7,529		323,822
Hospitality Properties Trust		11,619		295,587
JBG SMITH Properties		4,776		155,936
Jones Lang LaSalle Inc		3,207		515,076
Kilroy Realty Corp		6,874		468,119
Lamar Advertising Co (c)		6,070		403,472
LaSalle Hotel Properties		8,554		209,830
Liberty Property Trust		10,422		409,168
Life Storage Inc		3,290		258,462
Mack-Cali Realty Corp		6,694		113,062
Medical Properties Trust Inc		25,745		315,634
National Retail Properties Inc (c)		10,988		409,193
Omega Healthcare Investors Inc		14,003		356,796
PotlatchDeltic Corp		3,055		156,263
Quality Care Properties Inc*		6,748		83,608
Rayonier Inc		9,442		320,934
Sabra Health Care REIT Inc		6,338		106,985
Senior Housing Properties Trust		16,800		254,352
Tanger Factory Outlet Centers Inc		6,683		149,165
Taubman Centers Inc		4,514		263,888
Uniti Group Inc*		9,408		144,413
Urban Edge Properties		8,363		180,474
Washington Prime Group Inc		13,311		87,187
Weingarten Realty Investors		8,880		240,914
				10,078,615
Savings&Loans (0.86%)
New York Community Bancorp Inc		34,575		470,912
Sterling Bancorp/DE		15,886		369,350
Washington Federal Inc		6,164		213,891
				1,054,153

Total Financial				30,327,974

Industrial (18.69%)
AECOM*		11,143		395,688
AGCO Corp		4,662		310,489
AptarGroup Inc		4,404		393,806
Arrow Electronics Inc*		6,219		507,346
Avnet Inc		8,549		365,042
Belden Inc		3,213		233,681
Bemis Co Inc		6,419		283,013
Carlisle Cos Inc		4,382		450,952
Clean Harbors Inc*		3,961		197,773
Cognex Corp		12,243		657,572
Coherent Inc*		1,741		364,148
Crane Co		3,718		343,209
Cree Inc*		7,564		286,146
Curtiss-Wright Corp (c)		3,144		424,377
Donaldson Co Inc		9,184		435,873
Dycom Industries Inc*		2,187		238,908
Eagle Materials Inc		3,522		353,010
EMCOR Group Inc		4,158		317,297
Energizer Holdings Inc		4,614		251,371
EnerSys		2,978		207,537
Esterline Technologies Corp*		1,865		137,824
GATX Corp		2,707		186,621
Genesee & Wyoming Inc*		4,360		303,151
Gentex Corp		20,071		455,812
Graco Inc		11,905		527,987
Granite Construction Inc		2,975		172,848
Greif Inc		1,958		112,722
Hubbell Inc (c)		3,895		510,440
IDEX Corp		5,401		738,857
ITT Inc		6,221		312,170
Jabil Inc		12,488		338,300
KBR Inc		10,499		158,955
Kennametal Inc		6,127		252,432
Keysight Technologies Inc*		12,778		600,694
Kirby Corp*		4,091		306,825
KLX Inc*		3,635		246,017
Knight-Swift Transportation Holdings Inc		3,717		179,011
Knowles Corp*		6,625		95,665
Landstar System Inc		2,964		322,483
Lennox International Inc		2,658		543,907
Lincoln Electric Holdings Inc		4,369		382,462
Littelfuse Inc		1,717		356,278
Louisiana-Pacific Corp		10,742		306,147
MSA Safety Inc		2,387		192,464
National Instruments Corp		7,974		403,165
Nordson Corp		3,589		481,177
Old Dominion Freight Line Inc		4,833		671,400
Orbital ATK Inc		4,078		538,541
Oshkosh Corp		5,314		419,434
Owens-Illinois Inc*		12,413		267,624
Regal Beloit Corp		3,394		245,386
Ryder System Inc		3,743		270,881
Silgan Holdings Inc		5,828		165,807
Sonoco Products Co		7,027		337,085
SYNNEX Corp		2,051		253,606
Tech Data Corp*		2,618		270,544
Teledyne Technologies Inc*		2,505		465,805
Terex Corp		5,648		234,505
Timken Co/The		4,828		211,466
Trimble Inc*		17,799		675,116
Trinity Industries Inc		10,731		350,260
Valmont Industries Inc		1,704		250,657
Vishay Intertechnology Inc		10,173		187,183
Wabtec Corp/DE		6,040		491,294
Werner Enterprises Inc		3,170		118,083
Woodward Inc		4,146		293,661
Worthington Industries Inc		3,368		149,000
Zebra Technologies Corp*		3,760		519,406
Total Industrial				23,028,396

Technology (12.36%)
3D Systems Corp*		8,430		80,085
ACI Worldwide Inc*		8,804		208,215
Acxiom Corp*		5,876		160,826
Allscripts Healthcare Solutions Inc*		13,284		184,249
Blackbaud Inc		2,675		274,241
Broadridge Financial Solutions Inc		8,240		827,131
CDK Global Inc		9,286		637,762
Cirrus Logic Inc*		4,718		209,055
CommVault Systems Inc*		3,169		164,946
Convergys Corp		7,214		167,437
Cypress Semiconductor Corp (c)		24,346		425,325
Diebold Nixdorf Inc		5,340		83,838
DST Systems Inc		4,257		354,055
Dun & Bradstreet Corp/The		2,612		326,604
Fair Isaac Corp		1,774		301,474
Fortinet Inc* (c)		11,009		555,624

See accompanying notes to financial statements.

S&P MidCap Index Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
Integrated Device Technology Inc*		9,391	$	284,923
IPG Photonics Corp*		2,653		651,683
j2 Global Inc		3,256		241,009
Jack Henry & Associates Inc		5,460		640,458
Leidos Holdings Inc		10,053		636,455
Manhattan Associates Inc*		5,102		214,794
MAXIMUS Inc		4,910		328,872
Medidata Solutions Inc*		4,277		280,828
Microsemi Corp*		8,178		530,752
MKS Instruments Inc		3,838		427,361
Monolithic Power Systems Inc		2,786		326,129
MSCI Inc		6,367		901,058
NCR Corp*		8,611		284,163
NetScout Systems Inc*		6,887		182,850
Pitney Bowes Inc		14,120		175,088
PTC Inc*		8,173		602,840
Science Applications International Corp		3,057		221,296
Silicon Laboratories Inc*		3,009		281,342
Synaptics Inc*		2,575		119,660
Take-Two Interactive Software Inc*		7,795		872,026
Teradata Corp*		8,554		314,958
Teradyne Inc		13,868		629,607
Tyler Technologies Inc*		2,470		501,682
Ultimate Software Group Inc/The*		2,006		478,351
VeriFone Systems Inc*		8,370		138,942
Total Technology				15,227,994

Utilities (5.00%)
Aqua America Inc		12,562		429,495
Atmos Energy Corp		7,768		625,246
Black Hills Corp		3,781		192,037
Great Plains Energy Inc		14,740		429,671
Hawaiian Electric Industries Inc		8,128		267,899
IDACORP Inc		3,765		305,153
MDU Resources Group Inc		13,807		362,986
National Fuel Gas Co		6,396		316,154
New Jersey Resources Corp		5,790		220,598
NorthWestern Corp		3,640		185,931
OGE Energy Corp		14,118		442,458
ONE Gas Inc		3,898		247,874
PNM Resources Inc		5,973		210,250
Southwest Gas Holdings Inc		3,218		212,002
UGI Corp		12,241		527,465
Vectren Corp		6,192		373,068
Westar Energy Inc		10,042		489,347
WGL Holdings Inc		3,860		321,384
Total Utilities				6,159,018

Total Common Stock (Cost $79,284,174)				122,830,091

Total Investments (Cost $79,284,174) (a) (99.68%)			$	122,830,091
Other Net Assets (0.32%)				398,978
Net Assets (100.00%)			$	123,229,069

*	Non-income producing security.

(a)

Aggregate cost for federal income tax purpose is $79,565,740.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	47,424,223
Unrealized depreciation		(4,159,872	)
Net unrealized appreciation	$	43,264,351

(b)

Futures contracts at February 28, 2018:

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

S&P MidCap E-MINI		Notional Amount				Value				Unrealized Appreciation
1 / MARCH 2018 / Long / CME		$	183,010			$	186,450			$	3,440

(c)

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

S&P SmallCap Index Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Shares		Value (Note 1)
Common Stock (99.40%)

Basic Materials (4.34%)
A Schulman Inc		2,777	$	121,771
Aceto Corp		2,782		19,947
AdvanSix Inc*		2,911		120,370
AK Steel Holding Corp*		30,272		156,204
American Vanguard Corp		2,434		47,463
Balchem Corp		2,865		215,591
Calgon Carbon Corp		4,715		100,194
Century Aluminum Co*		4,940		94,107
Clearwater Paper Corp*		1,635		61,476
Hawkins Inc		889		29,782
HB Fuller Co		4,525		228,015
Ingevity Corp* (c)		3,788		283,759
Innophos Holdings Inc		1,783		74,101
Innospec Inc		2,391		155,295
Kaiser Aluminum Corp		1,681		168,722
Koppers Holdings Inc*		1,930		77,972
Kraton Corp*		3,071		130,241
Materion Corp		1,856		93,542
Neenah Inc		1,669		127,929
PH Glatfelter Co		4,023		82,109
Quaker Chemical Corp		1,196		170,466
Rayonier Advanced Materials Inc		4,008		81,643
Schweitzer-Mauduit International Inc		3,051		119,630
Stepan Co		1,933		154,833
US Silica Holdings Inc		7,505		194,304
Total Basic Materials				3,109,466

Communications (4.81%)
8x8 Inc*		9,034		164,871
ADTRAN Inc		4,820		75,433
ATN International Inc		997		59,720
Blucora Inc*		3,846		89,612
CalAmp Corp*		3,365		78,741
Cincinnati Bell Inc*		3,903		63,033
Cogent Communications Holdings Inc		3,672		157,345
Comtech Telecommunications Corp		2,159		47,714
Consolidated Communications Holdings Inc		4,731		54,690
DHI Group Inc*		3,715		6,130
ePlus Inc*		1,224		93,697
EW Scripps Co/The		5,565		76,630
Frontier Communications Corp		7,309		51,382
FTD Cos Inc*		1,703		10,252
Gannett Co Inc		11,003		110,470
GCI Liberty Inc*		2,584		99,355
Harmonic Inc*		6,732		20,364
HealthStream Inc		2,362		57,066
Iridium Communications Inc*		7,675		89,798
Liquidity Services Inc*		1,721		11,789
NETGEAR Inc*		3,121		173,996
New Media Investment Group Inc		4,876		84,111
NIC Inc		6,163		83,201
Oclaro Inc*		12,578		90,184
Perficient Inc*		3,355		65,322
QuinStreet Inc*		3,564		46,795
Scholastic Corp		2,525		91,935
Shutterfly Inc*		3,272		251,061
Shutterstock Inc*		1,885		94,721
Spok Holdings Inc		1,924		29,918
Stamps.com Inc*		1,407		268,807
TiVo Corp		11,665		174,975
Viavi Solutions Inc*		20,257		194,872
Vonage Holdings Corp*		19,230		195,185
World Wrestling Entertainment Inc		3,586		136,806
XO Group Inc*		2,315		44,610
Total Communications				3,444,591

Consumer, Cyclical (15.60%)
Abercrombie & Fitch Co		6,591		135,972
Allegiant Travel Co		1,305		217,022
American Axle & Manufacturing Holdings Inc*		8,182		120,766
Anixter International Inc*		2,757		208,291
Asbury Automotive Group Inc*		1,809		119,123
Ascena Retail Group Inc*		16,548		37,564
Barnes & Noble Education Inc*		3,275		23,908
Barnes & Noble Inc		4,767		21,452
Belmond Ltd*		8,394		96,951
Big 5 Sporting Goods Corp		1,772		10,898
Biglari Holdings Inc*		103		43,179
BJ's Restaurants Inc		1,655		71,993
Boyd Gaming Corp		7,425		262,697
Buckle Inc/The		2,729		57,445
Caleres Inc		4,288		120,107
Callaway Golf Co		8,817		136,487

See accompanying notes to financial statements.

S&P SmallCap Index Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
Cato Corp/The		2,492	$	28,309
Cavco Industries Inc*		839		133,485
Chico's FAS Inc		11,895		119,426
Children's Place Inc/The		1,743		248,029
Chuy's Holdings Inc*		1,589		42,903
Cooper-Standard Holdings Inc*		1,609		196,041
Core-Mark Holding Co Inc		4,601		94,182
Crocs Inc*		7,321		89,609
Daktronics Inc		3,984		35,497
Dave & Buster's Entertainment Inc*		3,612		161,709
Dine Brands Global Inc		1,594		121,112
Dorman Products Inc*		2,929		202,101
DSW Inc		6,680		130,995
El Pollo Loco Holdings Inc*		2,051		19,997
Essendant Inc		3,451		27,401
Ethan Allen Interiors Inc		2,402		57,048
Express Inc*		7,585		54,764
EZCORP Inc*		4,843		62,959
Fiesta Restaurant Group Inc*		2,674		45,458
Finish Line Inc/The		3,854		40,929
FirstCash Inc (c)		4,339		319,784
Five Below Inc* (c)		4,936		329,972
Fossil Group Inc*		4,099		54,845
Fox Factory Holding Corp*		3,438		129,097
Francesca's Holdings Corp*		3,753		19,553
Fred's Inc		3,297		10,979
Genesco Inc*		1,901		74,709
Gentherm Inc*		2,594		79,895
G-III Apparel Group Ltd*		4,287		158,233
Group 1 Automotive Inc		1,928		132,724
Guess? Inc		6,053		95,577
Haverty Furniture Cos Inc		1,917		39,011
Hawaiian Holdings Inc		4,810		173,160
Hibbett Sports Inc*		2,017		51,938
Installed Building Products Inc*		1,853		110,717
Interface Inc		6,070		146,894
iRobot Corp*		2,464		167,429
JC Penney Co Inc*		29,033		125,713
Kirkland's Inc*		1,134		9,934
La-Z-Boy Inc		4,599		141,189
LCI Industries (c)		2,245		245,379
LGI Homes Inc*		1,599		90,487
Lithia Motors Inc		2,147		223,052
Lumber Liquidators Holdings Inc*		2,806		64,987
M/I Homes Inc*		2,305		66,960
Marcus Corp/The		1,880		50,760
MarineMax Inc*		2,374		49,617
Marriott Vacations Worldwide Corp (c)		2,189		307,555
MDC Holdings Inc		4,430		122,622
Meritage Homes Corp*		3,559		150,902
Mobile Mini Inc		4,151		174,134
Monarch Casino & Resort Inc*		1,008		42,568
Motorcar Parts of America Inc*		1,857		37,846
Movado Group Inc		1,360		42,160
Nautilus Inc*		2,880		34,128
Ollie's Bargain Outlet Holdings Inc*		4,581		271,882
Oxford Industries Inc		1,411		112,767
Penn National Gaming Inc*		7,358		195,796
Perry Ellis International Inc*		1,141		30,430
PetMed Express Inc		1,968		88,934
Red Robin Gourmet Burgers Inc*		1,277		68,511
Regis Corp*		3,353		53,950
RH*		1,775		150,662
Ruth's Hospitality Group Inc		2,946		72,324
ScanSource Inc*		2,508		82,137
Shake Shack Inc*		1,691		65,932
Shoe Carnival Inc		1,254		29,293
SkyWest Inc		4,968		272,246
Sleep Number Corp*		3,948		135,969
Sonic Automotive Inc		2,552		50,019
Sonic Corp		4,191		105,278
Standard Motor Products Inc		1,887		88,047
Steven Madden Ltd		5,127		225,075
Superior Industries International Inc		2,154		31,125
Tailored Brands Inc		4,698		109,980
Tile Shop Holdings Inc		2,641		14,261
Titan International Inc		4,154		53,420
Unifi Inc*		1,518		53,130
UniFirst Corp/MA		1,393		216,333
Universal Electronics Inc*		1,358		67,221
Vera Bradley Inc*		1,892		19,034
Veritiv Corp*		1,144		27,742
Vista Outdoor Inc*		5,502		94,799
Vitamin Shoppe Inc*		2,435		9,131
Wabash National Corp		5,957		130,160
William Lyon Homes*		2,265		57,259
Wingstop Inc		2,683		121,567
Winnebago Industries Inc		2,474		107,743
Wolverine World Wide Inc (c)		8,711		255,058
Zumiez Inc*		1,661		32,722
Total Consumer, Cyclical				11,170,256

Consumer, Non-Cyclical (21.88%)
Abaxis Inc		2,239		149,274
ABM Industries Inc		5,011		176,187
Acorda Therapeutics Inc*		4,239		100,676
Alarm.com Holdings Inc*		2,325		84,014
Almost Family Inc*		1,184		69,797
AMAG Pharmaceuticals Inc*		3,411		71,802
Amedisys Inc*		2,771		164,071
American Public Education Inc*		1,343		41,297
AMN Healthcare Services Inc*		4,313		240,018
Amphastar Pharmaceuticals Inc*		3,566		65,472
Analogic Corp		1,237		103,290
Andersons Inc/The		2,428		85,101
AngioDynamics Inc*		3,432		55,907
ANI Pharmaceuticals Inc*		789		50,551
Anika Therapeutics Inc*		1,454		75,681
B&G Foods Inc		5,933		164,344
BioTelemetry Inc*		2,681		86,596
Calavo Growers Inc		1,434		122,392
Cal-Maine Foods Inc*		2,954		125,840
Cambrex Corp*		2,906		150,967
Cantel Medical Corp (c)		3,268		380,101
Capella Education Co		1,147		89,122
Cardtronics PLC*		4,527		101,314
Career Education Corp*		5,984		79,168
Central Garden & Pet Co - Class A*		3,166		114,736
Central Garden & Pet Co*		829		32,024
Chemed Corp		1,475		382,954
Coca-Cola Bottling Co Consolidated		446		83,228
Community Health Systems Inc*		11,035		56,499
CONMED Corp		2,461		148,964
Corcept Therapeutics Inc*		8,753		132,958
CorVel Corp*		969		47,433
Cross Country Healthcare Inc*		2,732		35,379
CryoLife Inc*		2,477		46,939
Cutera Inc*		1,289		58,069
Cytokinetics Inc*		4,081		31,628
Darling Ingredients Inc*		14,755		268,393
Depomed Inc*		5,860		40,258
Diplomat Pharmacy Inc*		4,311		89,841
Eagle Pharmaceuticals Inc/DE*		805		45,193
Emergent BioSolutions Inc*		3,436		170,769
Enanta Pharmaceuticals Inc*		1,283		100,869
Ensign Group Inc/The		4,753		126,905
Forrester Research Inc		996		40,338
FTI Consulting Inc*		3,532		168,441
Green Dot Corp*		4,234		275,760
Haemonetics Corp* (c)		4,699		333,159
Healthcare Services Group Inc		6,771		307,607
HealthEquity Inc*		4,248		244,600
Heidrick & Struggles International Inc		1,846		48,734
Heska Corp*		616		41,876
HMS Holdings Corp*		8,301		133,148
ICU Medical Inc* (c)		1,353		312,881
Impax Laboratories Inc*		6,867		140,087
Innoviva Inc*		7,702		119,458
Inogen Inc*		1,607		194,158
Insperity Inc		3,712		242,394
Integer Holdings Corp*		2,740		139,877
Integra LifeSciences Holdings Corp*		5,431		286,377
Inter Parfums Inc		1,699		72,038
Invacare Corp		2,936		50,499
J&J Snack Foods Corp		1,346		180,808
John B Sanfilippo & Son Inc		861		49,714
Kelly Services Inc		2,711		79,947
Kindred Healthcare Inc		8,030		73,876
Korn/Ferry International		5,534		231,930
Lannett Co Inc*		2,918		46,688
Lantheus Holdings Inc*		2,369		36,246
LeMaitre Vascular Inc		1,253		43,554
LendingTree Inc*		717		249,875
LHC Group Inc*		1,403		90,325
Ligand Pharmaceuticals Inc*		1,964		298,312
LSC Communications Inc		3,223		46,927
Luminex Corp		3,649		71,557
Magellan Health Inc*		2,121		214,009
Matthews International Corp		3,115		159,644
Medicines Co/The*		6,505		199,183
Medifast Inc		1,106		70,552
Meridian Bioscience Inc		3,910		54,545
Merit Medical Systems Inc*		4,493		204,432
MiMedx Group Inc*		9,948		70,531
Momenta Pharmaceuticals Inc*		6,424		109,529
Monro Inc		3,235		164,662
Myriad Genetics Inc*		6,576		213,194
Natus Medical Inc*		3,265		101,705
Navigant Consulting Inc*		4,384		87,154
Nektar Therapeutics*		14,656		1,268,623
Neogen Corp*		4,724		275,267
Nutrisystem Inc		2,854		87,761
On Assignment Inc* (c)		4,366		334,829
OraSure Technologies Inc*		5,326		91,927
Orthofix International NV*		1,720		96,337
Phibro Animal Health Corp		1,840		70,748
Progenics Pharmaceuticals Inc*		6,744		45,050
Providence Service Corp/The*		1,210		76,908
Quorum Health Corp*		2,753		16,353
Rent-A-Center Inc/TX		5,285		39,743
Repligen Corp*		3,362		115,283
Resources Connection Inc		2,990		46,495

See accompanying notes to financial statements.

S&P SmallCap Index Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
RR Donnelley & Sons Co		6,596	$	49,734
Select Medical Holdings Corp*		10,334		187,045
Seneca Foods Corp*		660		19,206
SpartanNash Co		3,727		62,502
Spectrum Pharmaceuticals Inc*		8,432		181,372
Strayer Education Inc		963		86,323
Supernus Pharmaceuticals Inc*		4,529		176,178
SUPERVALU Inc*		3,712		52,821
Surmodics Inc*		1,229		36,993
Tactile Systems Technology Inc*		1,351		43,718
Team Inc*		2,930		47,906
Tivity Health Inc*		3,326		128,217
Travelport Worldwide Ltd		11,580		165,015
TrueBlue Inc*		3,979		108,229
Universal Corp/VA		2,510		123,367
US Physical Therapy Inc		1,244		96,410
Varex Imaging Corp*		3,617		126,197
Viad Corp		1,887		98,218
WD-40 Co		1,342		167,347
Total Consumer, Non-Cyclical				15,668,474

Energy (3.14%)
Archrock Inc		6,587		62,577
Bill Barrett Corp*		7,117		32,240
Bristow Group Inc		2,639		38,952
CARBO Ceramics Inc*		1,539		10,465
Carrizo Oil & Gas Inc*		7,149		100,443
Cloud Peak Energy Inc*		7,447		24,501
CONSOL Energy Inc*		2,409		76,341
Denbury Resources Inc*		38,435		84,173
Era Group Inc*		1,546		14,610
Exterran Corp*		2,938		76,006
Flotek Industries Inc*		5,110		30,405
FutureFuel Corp		2,258		27,073
Geospace Technologies Corp*		1,047		10,711
Green Plains Inc		3,350		61,305
Gulf Island Fabrication Inc		900		7,425
Helix Energy Solutions Group Inc*		12,478		74,369
Matrix Service Co*		2,446		34,978
McDermott International Inc*		28,199		205,853
Newpark Resources Inc*		7,931		65,431
Noble Corp plc*		23,810		92,383
Oil States International Inc*		4,721		116,137
Par Pacific Holdings Inc*		2,344		39,895
PDC Energy Inc*		6,087		319,750
Pioneer Energy Services Corp*		7,129		19,605
REX American Resources Corp*		531		42,862
SEACOR Holdings Inc*		1,507		62,556
SolarEdge Technologies Inc*		3,362		168,268
SRC Energy Inc*		18,012		159,766
SunCoke Energy Inc*		5,562		59,402
TETRA Technologies Inc*		10,727		38,939
Unit Corp*		4,869		93,290
Total Energy				2,250,711

Financial (20.69%)
Acadia Realty Trust		7,623		183,562
Agree Realty Corp		2,475		116,573
American Assets Trust Inc		4,059		128,751
American Equity Investment Life Holding Co		7,996		244,758
Ameris Bancorp		3,643		193,625
AMERISAFE Inc		1,791		100,296
Apollo Commercial Real Estate Finance Inc		7,804		142,501
Armada Hoffler Properties Inc		4,180		54,674
ARMOUR Residential REIT Inc		3,896		83,452
Associated Banc-Corp		1,477		36,482
Banc of California Inc		4,925		98,254
Banner Corp		2,605		144,004
BofI Holding Inc*		5,728		213,024
Boston Private Financial Holdings Inc		8,332		121,647
Brookline Bancorp Inc		7,524		119,255
Capstead Mortgage Corp		9,068		75,718
CareTrust REIT Inc		6,578		87,159
CBL & Associates Properties Inc		16,968		78,562
Cedar Realty Trust Inc		7,158		28,417
Central Pacific Financial Corp		3,057		85,199
Chatham Lodging Trust		3,801		69,140
Chesapeake Lodging Trust		5,971		154,410
City Holding Co		1,547		104,221
Columbia Banking System Inc		6,796		283,937
Community Bank System Inc		4,425		235,897
Community Healthcare Trust Inc		1,592		37,476
Customers Bancorp Inc*		2,828		82,974
CVB Financial Corp		9,262		213,026
DiamondRock Hospitality Co		18,012		185,163
Dime Community Bancshares Inc		2,890		52,020
Easterly Government Properties Inc		4,083		77,740
EastGroup Properties Inc		3,057		247,709
eHealth Inc*		1,525		24,842
Employers Holdings Inc		3,193		125,006
Encore Capital Group Inc*		2,204		94,331
Enova International Inc*		1,954		42,988
Evercore Inc (c)		3,675		341,959
Fidelity Southern Corp		1,943		43,737
Financial Engines Inc		5,211		174,569
First BanCorp/Puerto Rico*		15,550		93,767
First Commonwealth Financial Corp		8,708		121,651
First Financial Bancorp		6,159		167,525
First Financial Bankshares Inc (c)		5,968		274,528
First Midwest Bancorp Inc/IL		9,562		231,592
Four Corners Property Trust Inc		5,684		124,821
Franklin Street Properties Corp		10,054		81,337
Getty Realty Corp		2,679		63,224
Glacier Bancorp Inc		6,925		269,383
Government Properties Income Trust		7,067		96,959
Great Western Bancorp Inc		5,681		232,296
Greenhill & Co Inc		2,575		52,401
Hanmi Financial Corp		3,211		98,096
HCI Group Inc		756		26,180
Hersha Hospitality Trust		4,041		67,889
HFF Inc		3,494		159,536
HomeStreet Inc*		2,502		71,807
Hope Bancorp Inc		12,231		220,892
Horace Mann Educators Corp		4,007		164,888
Independence Realty Trust Inc		5,870		50,011
Independent Bank Corp/Rockland MA		2,458		170,585
Infinity Property & Casualty Corp		1,035		122,078
INTL. FCStone Inc*		1,498		59,396
Invesco Mortgage Capital Inc		10,311		158,480
Investment Technology Group Inc		3,137		62,175
Kite Realty Group Trust		7,495		113,474
LegacyTexas Financial Group Inc		4,139		173,383
Lexington Realty Trust		20,906		166,412
LTC Properties Inc		3,829		141,482
Maiden Holdings Ltd		6,878		41,268
Meta Financial Group Inc		845		90,753
National Bank Holdings Corp		2,643		86,135
National Storage Affiliates Trust		4,610		113,083
Navigators Group Inc/The		2,201		118,634
NBT Bancorp Inc		4,311		150,023
NMI Holdings Inc*		4,972		98,694
Northfield Bancorp Inc		4,483		69,576
Northwest Bancshares Inc		10,116		166,004
OFG Bancorp		4,362		46,892
Old National Bancorp/IN		12,215		207,655
Opus Bank		1,640		46,002
Oritani Financial Corp		3,530		55,068
Pacific Premier Bancorp Inc*		3,610		151,801
Pennsylvania Real Estate Investment Trust		6,532		68,194
Piper Jaffray Cos		1,416		118,236
PotlatchDeltic Corp		1,890		96,674
PRA Group Inc*		4,604		176,333
ProAssurance Corp		4,806		229,727
Provident Financial Services Inc		6,007		149,454
PS Business Parks Inc		1,891		209,636
Ramco-Gershenson Properties Trust		7,667		90,317
RE/MAX Holdings Inc		1,645		90,969
Retail Opportunity Investments Corp		9,821		168,528
RLI Corp		3,694		224,595
S&T Bancorp Inc		3,468		136,847
Safety Insurance Group Inc		1,334		95,181
Saul Centers Inc		1,169		57,199
Selective Insurance Group Inc (c)		5,244		298,121
ServisFirst Bancshares Inc		4,403		176,824
Simmons First National Corp		5,916		168,310
Southside Bancshares Inc		2,700		90,180
Stewart Information Services Corp		2,175		87,283
Summit Hotel Properties Inc		9,290		122,349
Third Point Reinsurance Ltd*		8,095		112,521
Tompkins Financial Corp		1,219		93,546
TrustCo Bank Corp NY		8,756		74,426
United Community Banks Inc/GA		6,851		211,764
United Fire Group Inc		2,014		89,583
United Insurance Holdings Corp		1,777		34,740
Universal Health Realty Income Trust		1,242		68,757
Universal Insurance Holdings Inc		3,014		88,310
Urstadt Biddle Properties Inc		2,716		47,584
Virtus Investment Partners Inc		643		79,121
Waddell & Reed Financial Inc		8,108		162,160
WageWorks Inc*		3,672		192,596
Walker & Dunlop Inc		2,755		133,149
Westamerica Bancorporation		2,609		149,470
Whitestone REIT		3,585		44,239
WisdomTree Investments Inc		11,401		109,564
World Acceptance Corp*		575		61,824
Total Financial				14,813,205

Industrial (18.69%)
AAON Inc		3,922		144,134
AAR Corp		3,171		135,021
Actuant Corp		5,880		133,476
Advanced Energy Industries Inc*		3,590		238,089
Aegion Corp*		3,357		77,077
Aerojet Rocketdyne Holdings Inc*		6,680		180,360
Aerovironment Inc*		1,924		95,661
Alamo Group Inc		937		104,148
Albany International Corp		2,871		182,739
American Woodmark Corp*		1,386		177,962
Apogee Enterprises Inc		2,845		122,733
Applied Industrial Technologies Inc		3,759		264,634

See accompanying notes to financial statements.

S&P SmallCap Index Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
Applied Optoelectronics Inc*		1,725	$	48,179
ArcBest Corp		2,196		72,688
Astec Industries Inc		1,900		111,910
Atlas Air Worldwide Holdings Inc*		2,496		151,882
Axon Enterprise Inc*		5,194		180,907
AZZ Inc		2,578		105,311
Badger Meter Inc		2,727		129,805
Barnes Group Inc (c)		4,484		270,430
Bel Fuse Inc		579		10,017
Benchmark Electronics Inc		4,930		147,900
Boise Cascade Co		3,579		144,234
Brady Corp		4,730		176,902
Briggs & Stratton Corp		4,252		95,585
Chart Industries Inc*		3,048		167,975
CIRCOR International Inc		1,626		76,422
Comfort Systems USA Inc		3,696		151,721
Control4 Corp*		1,834		44,089
CTS Corp		3,041		78,154
Cubic Corp		2,477		152,088
DXP Enterprises Inc/TX*		1,415		42,082
Echo Global Logistics Inc*		2,538		67,130
Electro Scientific Industries Inc*		3,245		58,183
Encore Wire Corp		2,060		107,944
EnPro Industries Inc		2,127		154,122
ESCO Technologies Inc		2,555		150,490
Exponent Inc		2,311		179,680
Fabrinet*		3,546		106,912
FARO Technologies Inc*		1,657		98,343
Federal Signal Corp		5,933		126,907
Forward Air Corp		2,710		146,340
Franklin Electric Co Inc		3,824		149,710
General Cable Corp		4,571		135,073
Gibraltar Industries Inc*		3,137		108,854
Greenbrier Cos Inc/The		2,818		145,972
Griffon Corp		3,014		56,362
Harsco Corp*		7,483		151,531
Haynes International Inc		1,242		51,667
Heartland Express Inc		3,991		77,904
Hillenbrand Inc		6,079		266,868
Hub Group Inc*		3,325		145,136
II-VI Inc*		4,946		190,421
Insteel Industries Inc		1,735		48,996
Itron Inc*		3,030		212,100
John Bean Technologies Corp (c)		2,870		317,853
Kaman Corp		2,691		164,743
KapStone Paper and Packaging Corp		7,937		276,922
KEMET Corp*		4,565		82,079
Lindsay Corp		1,030		91,093
LSB Industries Inc*		1,435		10,719
Lydall Inc*		1,587		76,414
Marten Transport Ltd		3,836		83,049
Matson Inc		4,283		122,066
Methode Electronics Inc		3,654		144,150
Moog Inc*		2,894		242,604
Mueller Industries Inc		5,189		137,457
Multi-Color Corp		1,236		78,301
Myers Industries Inc		1,890		35,816
MYR Group Inc*		1,615		52,245
National Presto Industries Inc		461		41,859
Olympic Steel Inc		881		19,849
Orion Group Holdings Inc*		1,870		11,744
OSI Systems Inc*		1,710		107,969
Park Electrochemical Corp		1,665		28,338
Patrick Industries Inc*		2,374		145,882
PGT Innovations Inc*		4,867		85,173
Plexus Corp*		3,243		195,618
Powell Industries Inc		737		19,626
Proto Labs Inc*		2,187		238,274
Quanex Building Products Corp		3,418		57,252
Raven Industries Inc		3,584		121,677
Roadrunner Transportation Systems Inc*		3,008		11,521
Rogers Corp* (c)		1,628		223,557
Saia Inc*		2,527		183,587
Sanmina Corp*		6,831		188,194
Simpson Manufacturing Co Inc		3,642		201,475
SPX Corp*		4,195		131,010
SPX FLOW Inc*		4,202		204,890
Standex International Corp		1,191		114,455
Sturm Ruger & Co Inc		1,780		76,629
Tennant Co		1,758		113,215
Tetra Tech Inc		5,113		250,281
TimkenSteel Corp*		3,578		58,536
TopBuild Corp*		3,591		250,077
Tredegar Corp		2,521		40,210
Trex Co Inc* (c)		2,838		293,449
Triumph Group Inc		4,765		133,182
TTM Technologies Inc*		7,949		128,456
Universal Forest Products Inc		6,063		199,715
US Concrete Inc*		1,453		105,706
US Ecology Inc		2,034		107,599
Vicor Corp*		1,588		40,891
Watts Water Technologies Inc		2,500		188,750
Total Industrial				13,385,117

Technology (7.85%)
Agilysys Inc*		1,424		15,906
Axcelis Technologies Inc*		2,923		71,467
Bottomline Technologies de Inc*		3,498		132,854
Brooks Automation Inc		6,236		166,564
Cabot Microelectronics Corp		2,276		231,924
CACI International Inc* (c)		2,200		327,910
CEVA Inc*		1,957		71,920
Cohu Inc		2,289		45,849
Computer Programs & Systems Inc		1,062		31,648
Cray Inc*		3,763		82,033
CSG Systems International Inc		3,263		152,317
Digi International Inc*		2,432		25,414
Diodes Inc*		3,601		108,390
Donnelley Financial Solutions Inc*		2,482		42,963
DSP Group Inc*		2,148		26,098
Ebix Inc		2,095		175,875
Electronics For Imaging Inc*		4,489		122,954
Engility Holdings Inc*		1,753		47,874
ExlService Holdings Inc*		3,184		181,552
Insight Enterprises Inc*		3,525		123,128
Kopin Corp*		6,036		18,470
Kulicke & Soffa Industries Inc*		6,804		158,533
LivePerson Inc*		5,298		76,556
Lumentum Holdings Inc*		4,986		304,146
ManTech International Corp/VA		2,349		132,413
MaxLinear Inc*		5,033		114,400
Mercury Systems Inc*		4,322		198,682
MicroStrategy Inc*		933		119,405
Monotype Imaging Holdings Inc		3,836		92,448
MTS Systems Corp		1,561		76,411
Nanometrics Inc*		2,280		60,169
Omnicell Inc*		3,357		146,533
PDF Solutions Inc*		2,557		28,485
Photronics Inc*		6,416		50,045
Power Integrations Inc		2,683		180,298
Progress Software Corp		4,672		218,977
Quality Systems Inc*		4,286		53,789
Qualys Inc*		2,925		216,596
Rambus Inc*		11,045		140,382
Rudolph Technologies Inc*		2,887		76,650
Semtech Corp*		5,795		195,002
SPS Commerce Inc*		1,706		102,394
Super Micro Computer Inc*		3,742		67,730
Sykes Enterprises Inc*		3,693		107,319
Synchronoss Technologies Inc*		3,896		36,389
TTEC Holdings Inc		1,570		55,971
Ultra Clean Holdings Inc*		3,123		60,149
VASCO Data Security International Inc*		2,814		33,909
Veeco Instruments Inc*		4,630		84,035
Virtusa Corp*		2,554		121,877
Xperi Corp		4,873		107,450
Total Technology				5,620,253

Utilities (2.40%)
ALLETE Inc (c)		4,568		311,309
American States Water Co		3,295		175,030
Avista Corp (c)		5,765		275,740
California Water Service Group		4,308		163,489
El Paso Electric Co		3,644		177,098
Northwest Natural Gas Co		2,574		134,234
South Jersey Industries Inc		7,120		186,615
Spire Inc (c)		4,331		293,642
Total Utilities				1,717,157

Total Common Stock (Cost $50,990,908)				71,179,230

Total Investments (Cost $50,990,908) (a) (99.40%)			$	71,179,230
Other Net Assets (0.60%)				423,263
Net Assets (100.00%)			$	71,602,493

Non-income producing security.

(a)

Aggregate cost for federal income tax purpose is $51,016,379.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	24,477,665
Unrealized depreciation		(4,314,839	)
Net unrealized appreciation	$	20,162,826

(b)

Futures contracts at February 28, 2018:

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

Russell 2000 MINI		Notional Amount				Value				Unrealized Appreciation
5 / MARCH 2018 / Long / ICE		$	376,075			$	377,800			$	1,725

(c)

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

See accompanying notes to financial statements.

Shelton Core Value Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Shares		Value (Note 1)
Common Stock (86.79%)

Basic Materials (3.50%)
DowDuPont Inc (b)		2,930	$	205,979
PPG Industries Inc (b)		31,000		3,485,640
Praxair Inc (b)		15,167		2,271,258
Sensient Technologies Corp (b)		8,500		611,575
Total Basic Materials				6,574,452

Communications (3.41%)
AT&T Inc (b)		57,669		2,093,385
Facebook Inc*		12,000		2,139,840
Verizon Communications Inc (b)		45,542		2,174,175
Total Communications				6,407,400

Consumer, Cyclical (9.37%)
DR Horton Inc (b)		55,200		2,312,880
Ford Motor Co (b)		692,700		7,349,547
Lowe's Cos Inc (b)		23,400		2,096,406
McDonald's Corp (b)		18,268		2,881,594
Target Corp (b)		30,339		2,287,864
Walgreens Boots Alliance Inc (b)		10,000		688,900
Total Consumer, Cyclical				17,617,191

Consumer, Non-Cyclical (17.07%)
Abbott Laboratories (b)		27,810		1,677,777
AbbVie Inc (b)		21,110		2,445,171
Aetna Inc (b)		1,984		351,287
AmerisourceBergen Corp (b)		22,912		2,180,306
Anthem Inc (b)		3,300		776,754
Baxter International Inc (b)		42,426		2,876,059
British American Tobacco PLC (b)		3,770		222,656
Celgene Corp* (b)		25,614		2,231,492
Colgate-Palmolive Co (b)		20,400		1,406,988
Conagra Brands Inc (b)		42,450		1,533,719
Danaher Corp (b)		4,300		420,454
Gilead Sciences Inc (b)		51,200		4,030,976
Kimberly-Clark Corp (b)		1,800		199,656
Lamb Weston Holdings Inc (b)		14,149		765,319
Merck & Co Inc (b)		25,200		1,366,344
Moody's Corp (b)		992		165,545
Procter & Gamble Co/The (b)		4,580		359,622
Shire PLC (b)		7,085		906,880
Sprouts Farmers Market Inc* (b)		260,000		6,697,600
Tyson Foods Inc (b)		20,000		1,487,600
Total Consumer, Non-Cyclical				32,102,205

Energy (10.50%)
Anadarko Petroleum Corp (b)		21,340		1,217,234
Baker Hughes a GE Co (b)		27,455		724,812
BP PLC (b)		80,228		3,117,660
Chevron Corp		36,724		4,110,150
ConocoPhillips (b)		19,648		1,067,083
Devon Energy Corp (b)		10,652		326,697
Enbridge Inc (b)		11,808		375,731
Exxon Mobil Corp		43,236		3,274,695
Royal Dutch Shell PLC (b)		36,500		2,309,355
Schlumberger Ltd (b)		49,100		3,222,924
Total Energy				19,746,341

Financial (24.33%)
Arthur J Gallagher & Co (b)		32,400		2,239,164
Aspen Insurance Holdings Ltd (b)		26,315		957,866
Bank of America Corp (b)		140,000		4,494,000
Bank of New York Mellon Corp/The (b)		21,450		1,223,294
BlackRock Inc (b)		6,300		3,461,409
Citigroup Inc (b)		21,300		1,607,937
Goldman Sachs Group Inc/The (b)		15,850		4,167,441
Intercontinental Exchange Inc (b)		15,920		1,163,434
JPMorgan Chase & Co (b)		71,020		8,202,810
Mastercard Inc (b)		13,800		2,425,488
Morgan Stanley (b)		47,050		2,635,741
New York Community Bancorp Inc (b)		211,900		2,886,078
Principal Financial Group Inc (b)		13,650		850,805
State Street Corp (b)		9,600		1,019,040
US Bancorp (b)		60,600		3,294,216
Wells Fargo & Co		87,889		5,133,596
Total Financial				45,762,319

Industrial (7.30%)
Agilent Technologies Inc (b)		870		59,673
Boeing Co/The (b)		12,000		4,346,520
Caterpillar Inc (b)		11,442		1,769,276
Fortive Corp (b)		12,800		983,040
Northrop Grumman Corp (b)		8,600		3,010,344
Rockwell Collins Inc (b)		1,400		192,808
Seaspan Corp (b)		25,000		153,750
Union Pacific Corp (b)		7,650		996,413
United Parcel Service Inc (b)		8,160		851,986
United Technologies Corp (b)		10,100		1,360,874
Total Industrial				13,724,684

Technology (8.05%)
Analog Devices Inc (b)		10,696		964,244
Dell Technologies Inc Class V* (b)		3,312		246,048
DXC Technology Co (b)		4,294		440,307
Hewlett Packard Enterprise Co (b)		50,000		929,500
International Business Machines Corp (b)		4,760		741,751
Micro Focus International PLC (b)		6,865		192,631
Microsoft Corp		37,133		3,481,961
Oracle Corp (b)		45,130		2,286,737
Paychex Inc (b)		34,000		2,214,420
QUALCOMM Inc (b)		33,575		2,182,375
Taiwan Semiconductor Manufacturing Co Ltd (b)		30,000		1,300,500
Texas Instruments Inc (b)		1,500		162,525
Total Technology				15,142,999

Utilities (3.26%)
Consolidated Edison Inc (b)		21,200		1,587,668
DTE Energy Co (b)		4,700		473,666
Duke Energy Corp (b)		8,099		610,179
Exelon Corp (b)		18,746		694,352
FirstEnergy Corp (b)		23,574		762,147
NextEra Energy Inc (b)		7,500		1,141,124
Sempra Energy (b)		8,050		877,289
Total Utilities				6,146,425

Total Common Stock (Cost $90,733,598)				163,224,016

Preferred Stock (0.53%)
Amerityre Corp,*		2,000,000		1,000,000
Total Preferred Stock (Cost $2,000,000)				1,000,000

	Maturity Date
United States Treasury Bills (9.99%)
TREASURY BILL 03/01/2018	03/01/2018	18,800,000		18,800,000
Total United States Treasury Bills (Cost $18,800,000)				18,800,000

Total Investments (Cost $111,533,598) (a) (97.31%)			$	183,024,016
Other Net Assets (2.69%)				5,028,568
Net Assets (100.00%)			$	188,052,584

Non-income producing security.

This security has been fair valued and deemed to be illiquid by the Advisor. At February 28, 2018, the fair value was $1,000,000, or 0.53% of net assets.

(a)

Aggregate cost for federal income tax purpose is $111,011,593.

(b)

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

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	75,866,161
Unrealized depreciation		(3,853,738	)
Net unrealized appreciation	$	72,012,423

See accompanying notes to financial statements.

Shelton Core Value Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

SCHEDULE OF SECURITIES SOLD SHORT Written Call Options	Expiration Date	Contracts			Strike Price		Notional Amount		Value
Abbott Laboratories	03/19/2018		(78	)	$	57.50	$	448,500	$	(24,180	)
AbbVie Inc	03/19/2018		(46	)		125.00		575,000		(1,840	)
AbbVie Inc	05/21/2018		(55	)		95.00		522,500		(121,825	)
Agilent Technologies Inc	03/19/2018		(8	)		72.50		58,000		(144	)
AmerisourceBergen Corp	03/19/2018		(46	)		105.00		483,000		(805	)
Anadarko Petroleum Corp	03/19/2018		(43	)		65.00		279,500		(344	)
Analog Devices Inc	03/19/2018		(30	)		90.00		270,000		(5,310	)
AT&T Inc	03/19/2018		(150	)		40.00		600,000		(450	)
Bank of New York Mellon Corp/The	03/19/2018		(64	)		55.00		352,000		(21,120	)
Boeing Co/The	03/19/2018		(34	)		285.00		969,000		(268,175	)
Caterpillar Inc	04/23/2018		(114	)		165.00		1,881,000		(27,018	)
Chevron Corp	03/19/2018		(74	)		130.00		962,000		(222	)
Citigroup Inc	03/19/2018		(43	)		82.50		354,750		(215	)
Conagra Brands Inc	03/19/2018		(125	)		37.00		462,500		(4,375	)
ConocoPhillips	03/19/2018		(40	)		62.50		250,000		(160	)
Exxon Mobil Corp	03/19/2018		(87	)		92.50		804,750		(174	)
Facebook Inc	03/19/2018		(80	)		190.00		1,520,000		(5,200	)
Facebook Inc	03/19/2018		(40	)		185.00		740,000		(31,600	)
Gilead Sciences Inc	03/19/2018		(103	)		90.00		927,000		(721	)
Goldman Sachs Group Inc/The	03/19/2018		(32	)		285.00		912,000		(736	)
Intercontinental Exchange Inc	03/19/2018		(32	)		75.00		240,000		(2,400	)
International Business Machines Corp	03/19/2018		(10	)		170.00		170,000		(140	)
JPMorgan Chase & Co	03/19/2018		(142	)		120.00		1,704,000		(6,532	)
Lowe's Cos Inc	03/19/2018		(156	)		105.00		1,638,000		(624	)
Lowe's Cos Inc	03/19/2018		(78	)		105.00		819,000		(104,676	)
Mastercard Inc	04/23/2018		(138	)		175.00		2,415,000		(89,700	)
McDonald's Corp	03/19/2018		(36	)		175.00		630,000		(216	)
Merck & Co Inc	03/19/2018		(51	)		62.50		318,750		(153	)
Microsoft Corp	04/23/2018		(100	)		87.50		875,000		(76,200	)
Morgan Stanley	03/19/2018		(94	)		60.00		564,000		(1,128	)
Oracle Corp	04/23/2018		(451	)		52.50		2,367,750		(46,453	)
QUALCOMM Inc	04/23/2018		(335	)		70.00		2,345,000		(61,975	)
Schlumberger Ltd	03/19/2018		(100	)		80.00		800,000		(200	)
Sprouts Farmers Market Inc	03/19/2018		(400	)		27.50		1,100,000		(8,000	)
Sprouts Farmers Market Inc	06/18/2018		(400	)		30.00		1,200,000		(22,000	)
Union Pacific Corp	05/21/2018		(76.00	)		140.00		1,064,000		(21,280	)
United Technologies Corp	03/19/2018		(21.00	)		140.00		294,000		(1,995	)
Wells Fargo & Co	03/19/2018		(175.00	)		70.00		1,225,000		(175	)

Total Written Call Options								33,141,000		(958,461	)
Premiums Received $876,992

European Growth & Income Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Shares		Value (Note 1)
Common Stock (96.84%)

Basic Materials (7.49%)
BASF SE		13,952	$	366,659
BHP Billiton Ltd		4,080		189,720
Rio Tinto PLC		3,600		196,956
Total Basic Materials				753,335

Consumer, Cyclical (10.96%)
adidas AG		2,400		265,968
LVMH Moet Hennessy Louis Vuitton SE		9,300		557,814
Valeo SA		8,550		277,619
Total Consumer, Cyclical				1,101,401

Consumer, Non-Cyclical (32.27%)
Agriculture (3.64%)
British American Tobacco PLC		6,200		366,172
				366,172
Beverages (3.69%)
Diageo PLC		2,735		370,975
				370,975
Cosmetics/Personal Care (7.17%)
L'Oreal SA		8,825		380,269
Unilever NV		6,508		340,368
				720,637
Food (3.57%)
Nestle SA		4,512		358,839
				358,839
Pharmaceuticals (14.20%)
Bayer AG		16,460		481,290
GlaxoSmithKline PLC		5,325		193,351
Roche Holding AG		15,564		449,955
Sanofi		7,700		302,225
				1,426,821

Total Consumer, Non-Cyclical				3,243,444

Energy (11.32%)
Eni SpA		7,482		248,178
Royal Dutch Shell PLC		7,751		490,406
TOTAL SA		7,042		399,211
Total Energy				1,137,795

Financial (26.09%)
Allianz SE		18,157		422,150
AXA SA		18,984		595,053
Banco Santander SA		51,573		354,307
BNP Paribas SA		7,967		315,414
HSBC Holdings PLC		5,404		268,201
ING Groep NV		20,000		351,600
KBC Group NV		6,740		316,275
Total Financial				2,623,000

See accompanying notes to financial statements.

European Growth & Income Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
Industrial (4.90%)
Siemens AG		7,470	$	492,871
Total Industrial				492,871

Technology (3.81%)
SAP SE		3,667		383,201
Total Technology				383,201

Total Common Stock (Cost $7,470,438)				9,735,047

Total Investments (Cost $7,470,438) (a) (96.84%)			$	9,735,047
Other Net Assets (3.16%)				317,336
Net Assets (100.00%)			$	10,052,383

(a)

Aggregate cost for federal income tax purpose is $7,470,482.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	2,538,806
Unrealized depreciation		(274,241	)
Net unrealized appreciation	$	2,264,565

Nasdaq-100 Index Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Shares		Value (Note 1)
Common Stock (95.47%)

Communications (34.68%)
Internet (24.91%)
Alphabet Inc - Class C*		21,129	$	23,341,840
Alphabet Inc - Class A*		20,265		22,370,939
Amazon.com Inc* (c)		23,696		35,839,015
Baidu Inc*		21,164		5,340,524
Booking Holdings Inc*		3,768		7,664,263
Ctrip.com International Ltd*		34,605		1,591,138
eBay Inc*		82,040		3,516,234
Expedia Group Inc		10,128		1,065,162
Facebook Inc*		135,510		24,164,143
JD.com Inc*		69,220		3,263,723
Liberty Ventures*		4,813		257,592
MercadoLibre Inc		3,429		1,330,349
Netflix Inc*		35,998		10,489,097
Symantec Corp		42,820		1,125,738
				141,359,757
Media (5.67%)
Charter Communications Inc*		19,809		6,773,291
Comcast Corp		387,941		14,047,344
Discovery Communications Inc* - Class C		15,060		346,079
Discovery Communications Inc - Class A*		7,945		193,222
DISH Network Corp*		17,665		736,454
Liberty Global PLC - Class C*		43,868		1,317,356
Liberty Global PLC - Class A*		17,321		539,376
Sirius XM Holdings Inc		348,560		2,188,957
Twenty-First Century Fox Inc - Class A		80,852		2,976,971
Twenty-First Century Fox Inc - Class B		61,339		2,233,966
Viacom Inc		23,860		795,492
				32,148,508
Telecommunications (4.10%)
Cisco Systems Inc		411,088		18,408,521
Liberty Latin America Ltd - Class C*		6,079		124,316
Liberty Latin America Ltd - Class A*		2,316		47,941
T-Mobile US Inc*		63,838		3,869,221
Vodafone Group PLC		29,544		836,391
				23,286,390

Total Communications				196,794,655

Consumer, Cyclical (7.60%)
American Airlines Group Inc		37,410		2,029,493
Costco Wholesale Corp		33,691		6,431,612
Dollar Tree Inc*		16,684		1,712,446
Fastenal Co		19,852		1,086,301
Hasbro Inc		9,380		896,447
Liberty Interactive Corp QVC Group*		31,432		907,442
Marriott International Inc/MD		28,608		4,039,736
Norwegian Cruise Line Holdings Ltd*		16,804		956,148
O'Reilly Automotive Inc*		6,761		1,650,969
PACCAR Inc		26,991		1,932,286
Ross Stores Inc		29,895		2,334,501
Starbucks Corp		110,915		6,333,247
Tesla Inc*		12,756		4,376,072
Tractor Supply Co		9,663		627,419
Ulta Beauty Inc*		4,398		894,333
Walgreens Boots Alliance Inc		82,201		5,662,827
Wynn Resorts Ltd		7,523		1,260,103
Total Consumer, Cyclical				43,131,382

Consumer, Non-Cyclical (14.79%)
Alexion Pharmaceuticals Inc*		16,604		1,950,140
Align Technology Inc*		6,367		1,671,465
Amgen Inc		60,388		11,097,503
Automatic Data Processing Inc		33,879		3,906,926
Biogen Inc*		16,241		4,693,487
BioMarin Pharmaceutical Inc*		12,217		991,654
Celgene Corp*		60,097		5,235,651
Cintas Corp		7,764		1,325,004
DENTSPLY SIRONA Inc		16,317		914,731
Express Scripts Holding Co*		44,365		3,347,339
Gilead Sciences Inc		100,317		7,897,957
Henry Schein Inc*		11,194		740,931
Hologic Inc*		21,078		818,459
IDEXX Laboratories Inc*		6,219		1,164,383
Illumina Inc*		11,215		2,557,244
Incyte Corp*		15,801		1,345,613
Intuitive Surgical Inc*		8,592		3,664,058
Kraft Heinz Co/The		93,582		6,274,673
Mondelez International Inc		115,812		5,084,147
Monster Beverage Corp*		43,092		2,730,740
Mylan NV*		39,556		1,594,898
PayPal Holdings Inc*		92,364		7,334,625
Regeneron Pharmaceuticals Inc*		7,861		2,518,979
Shire PLC		5,599		716,672
Verisk Analytics Inc*		11,501		1,175,286
Vertex Pharmaceuticals Inc*		19,342		3,211,352
Total Consumer, Non-Cyclical				83,963,917

Industrial (0.84%)
CSX Corp		69,920		3,756,102
JB Hunt Transport Services Inc		8,228		975,594
Total Industrial				4,731,696

Technology (37.56%)
Computers (10.87%)
Apple Inc (c)		301,448		53,693,918
Check Point Software Technologies Ltd*		12,555		1,304,339
Cognizant Technology Solutions Corp		45,369		3,721,165
Seagate Technology PLC		20,861		1,113,977
Western Digital Corp		21,295		1,853,517
				61,686,916
Semiconductors (13.68%)
Analog Devices Inc		27,178		2,450,097
Applied Materials Inc		81,496		4,693,355
ASML Holding NV		5,121		1,000,592
Broadcom Ltd		33,939		8,364,606
Intel Corp		388,962		19,171,936
KLA-Tencor Corp		11,076		1,255,022
Lam Research Corp		12,527		2,403,430
Maxim Integrated Products Inc		21,335		1,300,155
Microchip Technology Inc		17,814		1,584,199
Micron Technology Inc*		85,579		4,177,111
NVIDIA Corp		50,413		12,199,946
QUALCOMM Inc		113,386		7,370,090
Skyworks Solutions Inc		14,114		1,541,955
Texas Instruments Inc		81,988		8,883,400
Xilinx Inc		17,344		1,235,760
				77,631,654
Software (13.01%)
Activision Blizzard Inc		56,743		4,149,616
Adobe Systems Inc*		37,901		7,926,236
Akamai Technologies Inc*		12,802		863,623
Autodesk Inc*		16,452		1,932,616
CA Inc		29,540		1,036,854
Cadence Design Systems Inc*		20,115		779,859

See accompanying notes to financial statements.

Nasdaq-100 Index Fund

Portfolio of Investments (Unaudited) (Continued)

2/28/2018

Security Description	Shares		Value (Note 1)
Cerner Corp*		24,884	$	1,596,557
Citrix Systems Inc*		10,712		985,504
Electronic Arts Inc*		23,715		2,933,545
Fiserv Inc*		16,167		2,318,186
Intuit Inc		19,304		3,221,065
Microsoft Corp (c)		421,904		39,561,938
NetEase Inc		5,827		1,709,350
Paychex Inc		27,607		1,798,044
Synopsys Inc*		10,703		906,223
Take-Two Interactive Software Inc*		8,125		908,944
Workday Inc*		9,760		1,236,299
				73,864,459

Total Technology				213,183,029

Total Common Stock (Cost $322,357,781)				541,804,679

Security Description	Maturity Date	Shares		Value (Note 1)
United States Treasury Bills (3.66%)
TREASURY BILL 03/01/2018	03/01/2018		20,800,000	$	20,800,000
United States Treasury Bills (Cost $20,800,000)					20,800,000

Total Investments (Cost $343,157,781) (a) (99.13%)				$	562,604,679
Other Net Assets (0.87%)					4,932,765
Net Assets (100.00%)				$	567,537,444

Non-income producing security.

(a)

Aggregate cost for federal income tax purpose is $343,454,578.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	225,565,044
Unrealized depreciation		(6,414,943	)
Net unrealized appreciation	$	219,150,101

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.

(b)

Futures contracts at February 28, 2018:

Contracts - $20 times premium / delivery month / commitment / exchange

Nasdaq 100 E-MINI		Notional Amount				Value				Unrealized Appreciation
187 / MARCH 2018 / Long / CME		$	25,364,225			$	25,675,100			$	310,875

Shelton Green Alpha Fund

Portfolio of Investments (Unaudited)

2/28/2018

Security Description	Shares		Value (Note 1)
Common Stock (91.79%)

Basic Materials (2.60%)
Daqo New Energy Corp*		9,800	$	481,572
Schnitzer Steel Industries Inc		22,000		748,000
Total Basic Materials				1,229,572

Communications (5.14%)
Alphabet Inc*		1,100		1,215,203
Palo Alto Networks Inc*		1,500		260,055
Sierra Wireless Inc*		60,000		957,000
Total Communications				2,432,258

Consumer, Cyclical (7.27%)
Herman Miller Inc		26,500		951,350
Interface Inc		20,000		484,000
Kandi Technologies Group Inc*		117,500		634,500
Tesla Inc*		4,000		1,372,240
Total Consumer, Cyclical				3,442,090

Consumer, Non-Cyclical (8.45%)
Exact Sciences Corp*		8,800		392,568
Gilead Sciences Inc		6,500		511,745
Hain Celestial Group Inc/The*		28,000		973,840
OraSure Technologies Inc*		17,500		302,050
SunOpta Inc*		66,000		458,700
United Natural Foods Inc*		32,000		1,365,440
Total Consumer, Non-Cyclical				4,004,343

Energy (25.36%)
Canadian Solar Inc*		118,700		1,863,590
First Solar Inc*		31,000		1,948,350
JinkoSolar Holding Co Ltd*		67,000		1,197,290
Pattern Energy Group Inc		115,600		2,146,692
Sunrun Inc*		125,000		836,250
TerraForm Power Inc		45,000		517,950
TPI Composites Inc*		37,000		733,340
Vestas Wind Systems A/S		115,000		2,766,325
Total Energy				12,009,787

Financial (7.00%)
Alexandria Real Estate Equities Inc		4,900		594,419
Hannon Armstrong Sustainable Infrastructure Capital Inc		58,500		1,029,600
Horizon Technology Finance Corp		44,000		456,280
Liberty Property Trust		15,000		588,900
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		29,000		646,410
Total Financial				3,315,609

Industrial (14.92%)
ABB Ltd		41,600		1,010,464
Advanced Energy Industries Inc*		13,200		875,424
AU Optronics Corp		63,000		277,200
Garmin Ltd		8,000		473,920
Ichor Holdings Ltd*		23,000		594,320
Itron Inc*		6,200		434,000
LG Display Co Ltd*		54,000		734,400
SunPower Corp*		83,000		588,470
Trex Co Inc*		8,700		899,580
Universal Display Corp		6,100		791,780
Waters Corp*		1,900		388,816
Total Industrial				7,068,374

Technology (18.72%)
Analog Devices Inc		7,700		694,155
Applied Materials Inc		36,500		2,102,035
Fortinet Inc*		4,500		227,114
Gemalto NV		12,500		374,689
International Business Machines Corp		10,500		1,636,215
Microchip Technology Inc		3,000		266,790
Omnicell Inc*		6,400		279,360
Skyworks Solutions Inc		17,500		1,911,875
STMicroelectronics NV		28,000		638,400
Veeco Instruments Inc*		40,600		736,890
Total Technology				8,867,523

Utilities (2.33%)
Consolidated Water Co Ltd		88,000		1,104,400
Total Utilities				1,104,400

Total Common Stock (Cost $37,709,778)				43,473,956

Limited Partnerships (2.77%)
8Point3 Energy Partners LP		108,000		1,312,200
Total Limited Partnerships (Cost $1,369,885)				1,312,200

Total Investments (Cost $39,079,663) (a) (94.56%)			$	44,786,156
Other Net Assets (5.44%)				2,579,041
Net Assets (100.00%)			$	47,365,197

Non-income producing security.

(a)

Aggregate cost for federal income tax purpose is $39,108,660.

At February 28, 2018, unrealized appreciation (depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	8,792,068
Unrealized depreciation		(3,114,572	)
Net unrealized appreciation	$	5,677,496

See accompanying notes to financial statements.

Statements of Assets & Liabilities
February 28, 2018 (Unaudited)

	California Tax-Free Income Fund			U.S. Government Securities Fund			Short-Term U.S. Government Bond Fund			The United States Treasury Trust
Assets
Investments in securities
Cost of investments	$	68,572,264		$	21,530,832		$	5,324,699		$	58,311,865
Market value of investments (Note 1)		70,560,624			21,128,422			5,271,147			58,311,865
Cash		141,384			227,782			40,402			322
Due from Advisor		—			—			491			—
Interest receivable		733,899			69,001			8,019			—
Receivable for fund shares sold		1,097			4,668			766			605,716
Prepaid expenses		9,238			6,775			5,871			8,043
Total assets		71,446,242			21,436,648			5,326,696			58,925,946

Liabilities
Payables and other liabilities
Fund shares repurchased		24,146			22,213			—			21,401
Investment Advisor		27,473			6,360			—			13,666
Distributions payable		28,549			527			45			286
12b-1 fees		—			926			324			353
Shareholder service fees		—			968			320			353
Administration fees		4,797			1,435			357			3,915
CCO fees		240			184			8			230
Custody fees		327			384			117			1,025
Fund accounting Fees		3,319			1,637			1,285			2,524
Printing fees		34			336			180			1,603
State registration fees		1,037			951			501			526
Transfer agent fees		2,281			1,822			380			2,126
Trustee fees		77			377			368			679
Expenses		1,542			110			30			290
Total liabilities		93,822			38,230			3,915			48,977

Net assets	$	71,352,420		$	21,398,418		$	5,322,781		$	58,876,969

Net assets at February 28, 2018 consist of
Paid-in capital		69,339,339			22,180,516			5,377,210			58,894,325
Undistributed net investment income		(6,600	)		366			84			(15,104	)
Accumulated net realized gain (loss)		31,317			(380,055	)		(961	)		(2,252	)
Unrealized appreciation (depreciation) of investments		1,988,364			(402,409	)		(53,552	)		—
Total net assets	$	71,352,420		$	21,398,418		$	5,322,781		$	58,876,969

Net assets
Direct Shares	$	71,352,420		$	17,710,854		$	4,114,010		$	57,001,067
K Shares	$	—		$	3,687,564		$	1,208,771		$	1,875,902

Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		6,324,699			1,776,028			409,860			57,003,570
K Shares (no par value, unlimited shares authorized)		—			368,752			122,379			1,874,199

Net asset value per share
Direct Shares	$	11.28		$	9.97		$	10.04		$	1.00
K Shares	$	—		$	10.00		$	9.88		$	1.00

See accompanying notes to financial statements.

Statements of Assets & Liabilities
February 28, 2018 (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	$	68,155,438		$	79,284,174	$	50,990,908	$	111,533,598
Market value of investments (Note 1)		180,587,501			122,830,091		71,179,230		183,024,016
Cash		1,032,877			106,226		251,927		128,698
Cash held at broker		250,000			200,000		200,000		5,316,454
Dividend receivable		336,233			137,803		42,478		655,321
Receivable for fund shares sold		19,914			28,366		7,821		5,605
Reclaim Receivable		5,383			402		—		1,555
Prepaid expenses		14,084			13,283		8,758		29,964
Total assets		182,245,992			123,316,171		71,690,214		189,161,613

Liabilities
Written Options, at value (premiums received $—, —, —, 876,992)		—			—		—		958,461
Payables and other liabilities
Fund shares repurchased		577			1,816		15,460		31,209
Investment Advisor		34,751			38,452		27,836		72,945
12b-1 fees		1,968			1,326		2,039		1,294
Shareholder service fees		2,953			1,299		2,201		1,524
Administration fees		12,135			8,392		4,860		12,737
CCO fees		630			547		353		9
Custody fees		3,630			1,273		2,317		612
Fund accounting Fees		6,645			4,727		4,151		—
Printing fees		—			—		—		421
State registration fees		4,622			4,537		—		7,594
Transfer agent fees		7,481			7,042		4,241		20,007
Trustee fees		708			635		683		139
Variation margin payable		51,375			2,290		6,775		—
Expenses		14,757			14,766		16,805		2,077
Total liabilities		142,232			87,102		87,721		1,109,029

Net assets	$	182,103,760		$	123,229,069	$	71,602,493	$	188,052,584

Net assets at February 28, 2018 consist of
Paid-in capital		69,209,156			74,492,448		49,761,681		115,401,676
Undistributed net investment income		444,857			280,126		79,356		(252,489	)
Accumulated net realized gain (loss)		67,886			4,907,109		1,571,393		1,494,448
Unrealized appreciation (depreciation) of investments		112,432,736			43,545,946		20,188,338		71,490,418
Unrealized appreciation (depreciation) of futures		(50,875	)		3,440		1,725		—
Unrealized appreciation (depreciation) of options contracts		—			—		—		(81,469	)
Total net assets	$	182,103,760		$	123,229,069	$	71,602,493	$	188,052,584

Net assets
Direct Shares	$	172,301,396		$	117,047,818	$	62,638,248	$	182,269,511
K Shares	$	9,802,364		$	6,181,251	$	8,964,245	$	5,783,073

Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		3,288,651			4,465,151		2,825,113		7,579,533
K Shares (no par value, unlimited shares authorized)		187,315			239,063		414,541		243,792

Net asset value per share
Direct Shares	$	52.39		$	26.21	$	22.17	$	24.05
K Shares	$	52.33		$	25.86	$	21.62	$	23.72

See accompanying notes to financial statements.

Statements of Assets & Liabilities
February 28, 2018 (Unaudited) (Continued)

	European Growth & Income Fund			Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Assets
Investments in securities
Cost of investments	$	7,470,438		$	343,157,781		$	39,079,663
Market value of investments (Note 1)		9,735,047			562,604,679			44,786,156
Cash		257,436			3,666,725			2,546,703
Cash held at broker		—			1,050,000			—
Dividend receivable		21,766			577,063			48,884
Receivable for fund shares sold		1,014			353,259			42,863
Reclaim Receivable		45,798			—			19,286
Prepaid expenses		6,184			101,326			19,214
Total assets		10,067,245			568,353,052			47,463,106

Liabilities
Payables and other liabilities
Fund shares repurchased		2,005			398,987			26,976
Investment Advisor		4,519			118,227			36,095
12b-1 fees		752			5,284			—
Shareholder service fees		976			5,767			—
Administration fees		711			37,079			3,151
CCO fees		89			414			307
Custody fees		193			8,513			896
Fund accounting Fees		1,366			16,544			7,400
Printing fees		2,388			—			—
State registration fees		456			8,148			16,709
Transfer agent fees		1,001			23,054			3,629
Trustee fees		354			831			2,746
Variation margin payable		—			189,805			—
Expenses		52			2,955			—
Total liabilities		14,862			815,608			97,909

Net assets	$	10,052,383		$	567,537,444		$	47,365,197

Net assets at February 28, 2018 consist of
Paid-in capital		8,977,297			348,215,898			41,615,515
Undistributed net investment income		19,409			619,600			(64,396	)
Accumulated net realized gain (loss)		(1,209,150	)		(1,054,764	)		107,581
Unrealized appreciation (depreciation) of investments		2,264,827			219,445,835			5,706,497
Unrealized appreciation (depreciation) of futures		—			310,875			—
Total net assets	$	10,052,383		$	567,537,444		$	47,365,197

Net assets
Direct Shares	$	6,182,390		$	540,359,354		$	47,365,197
K Shares	$	3,869,993		$	27,178,090		$	—

Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		667,813			31,566,502			2,793,706
K Shares (no par value, unlimited shares authorized)		417,226			1,634,289			—

Net asset value per share
Direct Shares	$	9.26		$	17.12		$	16.95
K Shares	$	9.28		$	16.63		$	—

See accompanying notes to financial statements.

Statements of Operations
February 28, 2018 (Unaudited)

	California Tax-Free Income Fund			U.S. Government Securities Fund			Short-Term U.S. Government Bond Fund			The United States Treasury Trust
Investment income
Interest income	$	1,017,979		$	227,562		$	31,725		$	337,136
Total		1,017,979			227,562			31,725			337,136

Expenses
Management fees (Note 2)		181,255			52,958			13,101			146,977
Administration fees (Note 2)		31,759			9,229			2,295			25,749
Transfer agent fees		9,749			6,339			1,491			7,576
Accounting services		28,379			10,980			8,470			21,502
Custodian fees		2,670			1,079			316			2,639
Legal and audit fees		11,679			2,085			547			8,508
CCO fees (Note 2)		5,795			1,508			374			4,193
Trustees fees		2,259			2,330			2,320			2,352
Insurance		2,212			650			155			1,806
Printing		2,203			1,327			473			3,795
Registration and dues		1,116			3,441			1,136			2,285
12b-1 fees Class K (Note 2)		—			4,572			1,451			661
Shareholder service fees Class K (Note 2)		—			4,572			1,451			661
Total expenses		279,076			101,070			33,580			228,704
Less reimbursement from manager (Note 2)		—			(12,052	)		(14,845	)		(112,986	)
Net expenses		279,076			89,018			18,735			115,718
Net investment income		738,903			138,544			12,990			221,418

Realized and unrealized gain (loss) on investments
Net realized gain (loss) from security transactions		31,438			(3,783	)		(32	)		44
Change in unrealized appreciation (depreciation) of investments		(2,084,966	)		(724,203	)		(53,721	)		—
Net realized and unrealized gain (loss) on investments		(2,053,528	)		(727,986	)		(53,753	)		44
Net increase (decrease) in net assets resulting from operations	$	(1,314,625	)	$	(589,442	)	$	(40,763	)	$	221,462

See accompanying notes to financial statements.

Statements of Operations
February 28, 2018 (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	$	3,128		$	1,196		$	638		$	174,983
Dividend income (net of foreign tax withheld: $(2,550), 401, 139, 363 respectively)		1,621,751			1,015,018			500,852			1,993,090
Total		1,624,879			1,016,214			501,490			2,168,073

Expenses
Management fees (Note 2)		215,693			247,825			173,427			470,863
Administration fees (Note 2)		75,571			54,271			30,550			82,494
Transfer agent fees		23,947			19,648			9,479			61,281
Accounting services		47,855			36,315			23,994			32,490
Custodian fees		7,298			5,407			7,801			7,438
Legal and audit fees		24,729			18,003			10,085			28,080
CCO fees (Note 2)		12,374			8,871			5,002			13,919
Trustees fees		2,369			2,364			2,372			2,286
Insurance		4,744			3,604			7,053			5,340
Printing		6,430			5,167			2,881			8,204
Registration and dues		6,667			7,126			5,411			11,111
12b-1 fees Class K (Note 2)		11,088			7,484			10,994			7,076
Shareholder service fees Class K (Note 2)		11,088			7,484			10,994			7,076
Licensing fee		14,585			14,554			15,149			—
Total expenses		464,438			438,123			315,192			737,658
Less reimbursement from manager (Note 2)		(88,195	)		(43,839	)		(23,398	)		—
Net expenses		376,243			394,284			291,794			737,658
Net investment income		1,248,636			621,930			209,696			1,430,415

Realized and unrealized gain (loss) on investments
Net realized gain (loss) from security transactions		548,703			2,995,800			722,552			796,169
Net realized gain (loss) from futures contracts		(426,469	)		55,209			48,556			—
Net realized gain (loss) from written options contracts		—			—			—			(479,202	)
Change in unrealized appreciation (depreciation) of investments		16,591,563			6,126,239			5,005,260			13,565,619
Change in unrealized appreciation (depreciation) of futures		(52,603	)		7,050			(3,660	)		—
Change in unrealized appreciation (depreciation) of written options contracts		—			—			—			(38,502	)
Net realized and unrealized gain (loss) on investments		16,661,194			9,184,298			5,772,708			13,844,084
Net increase (decrease) in net assets resulting from operations	$	17,909,830		$	9,806,228		$	5,982,404		$	15,274,499

See accompanying notes to financial statements.

Statements of Operations
February 28, 2018 (Unaudited) (Continued)

	European Growth & Income Fund			Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Investment income
Interest income	$	153		$	26,640		$	—
Dividend income (net of foreign tax withheld: $1,641, (270), 871 respectively)		94,097			2,670,147			307,684
Total		94,250			2,696,787			307,684

Expenses
Management fees (Note 2)		46,516			1,262,551			219,218
Administration fees (Note 2)		4,794			221,163			19,200
Transfer agent fees		3,379			81,956			6,547
Accounting services		8,983			124,472			22,158
Custodian fees		594			19,362			2,005
Legal and audit fees		1,094			71,861			5,024
CCO fees (Note 2)		781			36,254			3,153
Trustees fees		2,307			2,386			4,285
Insurance		312			13,592			1,166
Printing		3,286			27,380			3,839
Registration and dues		1,574			14,486			10,909
12b-1 fees Class K (Note 2)		4,864			30,093			—
Shareholder service fees Class K (Note 2)		4,864			30,093			—
Licensing fee		—			44,718			—
Total expenses		83,348			1,980,367			297,504
Less reimbursement from manager (Note 2)		(18,140	)		(645,364	)		—
Net expenses		65,208			1,335,003			297,504
Net investment income		29,042			1,361,784			10,180

Realized and unrealized gain (loss) on investments
Net realized gain (loss) from security transactions		258,665			(369,491	)		136,636
Net realized gain (loss) from futures contracts		—			1,084,679			—
Change in unrealized appreciation (depreciation) of investments		(294,200	)		63,219,203			(117,179	)
Change in unrealized appreciation (depreciation) of futures		—			38,135			—
Net realized and unrealized gain (loss) on investments		(35,535	)		63,972,526			19,457
Net increase (decrease) in net assets resulting from operations	$	(6,493	)	$	65,334,310		$	29,637

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	California Tax-Free Income Fund
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	738,903		$	1,713,710
Net realized gain (loss) on investments		31,438			352,979
Change in unrealized appreciation (depreciation) of investments		(2,084,966	)		(1,990,269	)
Net increase (decrease) in net assets resulting from operations		(1,314,625	)		76,420

Distributions to shareholders
Distributions from net investment income
Direct shares		(769,559	)		(1,808,992	)
Distributions from realized capital gains on investments
Direct shares		(234,947	)		(382,825	)

Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		(1,638,428	)		(6,997,015	)
Total increase (decrease)		(3,957,559	)		(9,112,412	)

Net assets
Beginning of year		75,309,979			84,422,391
End of year	$	71,352,420		$	75,309,979
Including undistributed net investment income (loss) of:	$	(6,600	)	$	24,057

	U.S. Government Securities Fund						Short-Term U.S. Government Bond Fund						The United States Treasury Trust
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017			Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017			Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	138,544		$	287,202		$	12,990		$	15,015		$	221,418		$	16,585
Net realized gain (loss) on investments		(3,783	)		81,875			(32	)		5,076			44			(142	)
Change in unrealized appreciation (depreciation) of investments		(724,203	)		(683,656	)		(53,721	)		(16,031	)		—			—
Net increase (decrease) in net assets resulting from operations		(589,442	)		(314,579	)		(40,763	)		4,060			221,462			16,443

Distributions to shareholders
Distributions from net investment income
Direct shares		(124,543	)		(302,567	)		(12,290	)		(21,097	)		(229,650	)		(15,937	)
K shares		(16,891	)		(49,399	)		(616	)		—			(6,872	)		(648	)
Distributions from realized capital gains on investments
Direct shares		—			—			—			(1,853	)		—			—
K shares		—			—			—			(559	)		—			—

Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		114,335			(1,784,419	)		52,513			(134,749	)		(379,463	)		(15,680,633	)
Total increase (decrease)		(616,541	)		(2,450,964	)		(1,156	)		(154,198	)		(394,523	)		(15,680,775	)

Net assets
Beginning of year		22,014,959			24,465,923			5,323,937			5,478,135			59,271,492			74,952,267
End of year	$	21,398,418		$	22,014,959		$	5,322,781		$	5,323,937		$	58,876,969		$	59,271,492
Including undistributed net investment income (loss) of:	$	366		$	3,255		$	84		$	—		$	(15,104	)	$	—

See accompanying notes to financial statements.

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, 2018 (Unaudited)			Year Ended August 31, 2017			Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017			Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	1,248,636		$	2,633,977		$	621,930		$	1,081,356		$	209,696		$	346,448
Net realized gain (loss) on investments		548,703			2,529,596			2,995,800			32,665,110			722,552			7,422,479
Net realized gain (loss) on futures contracts		(426,469	)		573,358			55,209			168,186			48,556			289,816
Change in unrealized appreciation (depreciation) of investments		16,591,563			17,170,998			6,126,239			(19,108,681	)		5,005,260			(868,135	)
Change in unrealized appreciation (depreciation) of futures contracts and options contracts		(52,603	)		(55,572	)		7,050			(12,500	)		(3,660	)		(56,445	)
Net increase (decrease) in net assets resulting from operations		17,909,830			22,852,357			9,806,228			14,793,471			5,982,404			7,134,163

Distributions to shareholders
Distributions from net investment income
Direct shares		(1,310,233	)		(2,679,933	)		(415,192	)		(974,984	)		(159,820	)		(288,023	)
K shares		(56,436	)		(120,597	)		(11,263	)		(21,874	)		(8,872	)		(20,073	)
Distributions from realized capital gains on investments
Direct shares		(2,439,715	)		(1,405,105	)		(7,026,422	)		(16,224,622	)		(5,770,141	)		(2,153,007	)
K shares		(131,049	)		(83,044	)		(362,108	)		(762,705	)		(847,867	)		(414,019	)

Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		4,603,608			1,637,352			2,646,979			(19,675,674	)		8,165,892			3,352,060
Total increase (decrease)		18,576,005			20,201,030			4,638,222			(22,866,388	)		7,361,596			7,611,101

Net assets
Beginning of year		163,527,755			143,326,725			118,590,847			141,457,235			64,240,897			56,629,796
End of year	$	182,103,760		$	163,527,755		$	123,229,069		$	118,590,847		$	71,602,493		$	64,240,897
Including undistributed net investment income (loss) of:	$	444,857		$	562,889		$	280,126		$	84,651		$	79,356		$	38,352

	Shelton Core Value Fund						European Growth & Income Fund						Nasdaq-100 Index Fund
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017			Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017			Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	1,430,415		$	3,115,345		$	29,042		$	219,667		$	1,361,784		$	2,755,475
Net realized gain (loss) on investments		796,169			23,987,840			258,665			(11,949	)		(369,491	)		2,754,936
Net realized gain (loss) on written option contracts		(479,202	)		—			—			—			—			—
Net realized gain (loss) on futures contracts		—			1,247,729			—			—			1,084,679			2,575,557
Change in unrealized appreciation (depreciation) of investments		13,565,619			(12,351,960	)		(294,200	)		1,574,307			63,219,203			80,035,902
Change in unrealized appreciation (depreciation) of written options contracts		(38,502	)		(12,921	)		—			—			—			—
Change in unrealized appreciation (depreciation) of futures contracts		—			—			—			—			38,135			278,250
Net increase (decrease) in net assets resulting from operations		15,274,499			15,986,033			(6,493	)		1,782,025			65,334,310			88,400,120

Distributions to shareholders
Distributions from net investment income
Direct shares		(1,634,863	)		(4,087,941	)		(20,977	)		(156,651	)		(1,424,908	)		(2,517,873	)
K shares		(48,041	)		(116,743	)		(5,390	)		(88,825	)		(34,124	)		(56,420	)
Distributions from realized capital gains on investments
Direct shares		(19,604,495	)		(22,403,863	)		—			—			(4,963,602	)		—
K shares		(607,991	)		(777,863	)		—			—			(257,353	)		—

Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		12,375,504			12,483,879			(1,038,851	)		533,577			26,435,116			83,000,116
Total increase (decrease)		5,754,613			1,083,502			(1,071,711	)		2,070,126			85,089,439			168,825,943

Net assets
Beginning of year		182,297,971			181,214,469			11,124,094			9,053,968			482,448,005			313,622,062
End of year	$	188,052,584		$	182,297,971		$	10,052,383		$	11,124,094		$	567,537,444		$	482,448,005
Including undistributed net investment income (loss) of:	$	(252,489	)	$	—		$	19,409		$	16,735		$	619,600		$	716,848

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

	Shelton Green Alpha Fund
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
Operations
Net investment income (loss)	$	10,180		$	48,526
Net realized gain (loss) on investments		136,636			1,462,719
Net realized gain (loss) on futures contracts		—			—
Change in unrealized appreciation (depreciation) of investments		(117,179	)		4,690,984
Change in unrealized appreciation (depreciation) of futures and options contracts		—			—
Net increase (decrease) in net assets resulting from operations		29,637			6,202,229

Distributions to shareholders
Distributions from net investment income
Direct shares		(123,102	)		—
Distributions from realized capital gains on investments
Direct shares		(1,115,328	)		—

Capital share transactions
Increase (decrease) in net assets resulting from capital share transactions		8,317,925			(2,825,691	)
Total increase (decrease)		7,109,132			3,376,538

Net assets
Beginning of year		40,256,065			36,879,527
End of year	$	47,365,197		$	40,256,065
Including undistributed net investment income (loss) of:	$	(64,396	)	$	48,526

California Tax-Free Income Fund	Direct Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value
Shares sold		154,986		$	1,775,314			202,253		$	2,334,099
Shares issued in reinvestment of distributions		67,840			774,891			144,853			1,666,434
Shares repurchased		(364,124	)		(4,188,633	)		(955,354	)		(10,997,548	)
Net increase (decrease)		(141,298	)	$	(1,638,428	)		(608,248	)	$	(6,997,015	)

U.S. Government Securities Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017						Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		252,686		$	2,557,984			348,976		$	3,588,611			27,391		$	278,503			71,933		$	742,650
Shares issued in reinvestment of distributions		11,960			121,126			28,418			293,695			1,663			16,891			4,759			49,396
Shares repurchased		(263,329	)		(2,680,348	)		(463,786	)		(4,786,084	)		(17,685	)		(179,821	)		(162,184	)		(1,672,687	)
Net increase (decrease)		1,317		$	(1,238	)		(86,392	)	$	(903,778	)		11,369		$	115,573			(85,492	)	$	(880,641	)

Short-Term U.S. Government Bond Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017						Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		23,192		$	233,704			142,377		$	1,442,520			27,311		$	270,392			44,496		$	443,738
Shares issued in reinvestment of distributions		1,193			12,021			2,226			22,559			62			616			56			559
Shares repurchased		(25,018	)		(252,347	)		(141,705	)		(1,436,452	)		(21,395	)		(211,873	)		(60,916	)		(607,673	)
Net increase (decrease)		(633	)	$	(6,622	)		2,898		$	28,627			5,978		$	59,135			(16,364	)	$	(163,376	)

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

The United States Treasury Trust	Direct Shares						K Shares
	Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017			Six Months Ended February 28, 2018 (Unaudited)			Year Ended August 31, 2017
	Shares/ Value			Shares/ Value			Shares/ Value			Shares/ Value
Shares sold	$	12,110,819		$	37,959,149		$	397,498		$	1,042,695
Shares issued in reinvestment of distributions		226,270			—			6,805			—
Shares repurchased		(12,470,676	)		(53,292,289	)		(650,179	)		(1,390,188	)
Net increase (decrease)	$	(133,587	)	$	(15,333,140	)	$	(245,876	)	$	(347,493	)

S&P 500 Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017						Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		180,628		$	9,335,699			306,140		$	13,842,418			22,475		$	1,173,961			25,622		$	1,169,325
Shares issued in reinvestment of distributions		65,775			3,336,265			83,938			3,693,632			3,695			187,172			4,636			202,899
Shares repurchased		(170,193	)		(8,660,547	)		(335,596	)		(15,410,243	)		(15,179	)		(768,942	)		(40,062	)		(1,860,679	)
Net increase (decrease)		76,210		$	4,011,417			54,482		$	2,125,807			10,991		$	592,191			(9,804	)	$	(488,455	)

S&P MidCap Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017						Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		248,607		$	6,724,338			247,572		$	6,346,730			23,523		$	618,598			36,508		$	927,951
Shares issued in reinvestment of distributions		262,402			7,003,408			675,333			16,377,277			14,172			373,020			32,692			782,176
Shares repurchased		(440,288	)		(11,743,339	)		(1,638,220	)		(42,902,808	)		(12,564	)		(329,046	)		(47,718	)		(1,207,000	)
Net increase (decrease)		70,721		$	1,984,407			(715,315	)	$	(20,178,801	)		25,131		$	662,572			21,482		$	503,127

S&P SmallCap Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017						Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		337,013		$	7,805,778			594,778		$	13,067,620			20,009		$	450,143			63,933		$	1,384,307
Shares issued in reinvestment of distributions		252,293			5,734,904			112,142			2,416,292			38,645			856,739			20,638			434,093
Shares repurchased		(274,975	)		(6,282,044	)		(465,026	)		(10,421,806	)		(17,765	)		(399,628	)		(164,134	)		(3,528,446	)
Net increase (decrease)		314,331		$	7,258,638			241,894		$	5,062,106			40,889		$	907,254			(79,563	)	$	(1,710,046	)

Shelton Core Value Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017						Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		97,281		$	2,427,538			209,300		$	5,292,641			9,309		$	228,866			27,361		$	685,712
Shares issued in reinvestment of distributions		869,508			20,747,763			1,060,142			25,761,019			27,836			656,032			37,189			894,256
Shares repurchased		(463,668	)		(11,431,806	)		(730,108	)		(18,433,445	)		(10,275	)		(252,889	)		(69,241	)		(1,716,304	)
Net increase (decrease)		503,121		$	11,743,495			539,334		$	12,620,215			26,870		$	632,009			(4,691	)	$	(136,336	)

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

European Growth & Income Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017						Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		105,182		$	1,013,391			269,444		$	2,409,418			26,227		$	252,770			89,356		$	768,515
Shares issued in reinvestment of distributions		2,171			20,718			17,810			155,111			562			5,390			10,122			88,825
Shares repurchased		(229,430	)		(2,167,079	)		(182,236	)		(1,592,477	)		(17,162	)		(164,041	)		(143,871	)		(1,295,815	)
Net increase (decrease)		(122,077	)	$	(1,132,970	)		105,018		$	972,052			9,627		$	94,119			(44,393	)	$	(438,475	)

Nasdaq-100 Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017						Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		6,218,808		$	101,237,961			13,571,755		$	183,527,262			283,488		$	4,499,572			632,252		$	8,488,307
Shares issued in reinvestment of distributions		384,499			6,107,622			179,939			2,406,985			18,873			291,477			4,395			56,420
Shares repurchased		(5,213,179	)		(82,882,228	)		(7,914,640	)		(105,704,466	)		(180,489	)		(2,819,288	)		(423,616	)		(5,774,392	)
Net increase (decrease)		1,390,128		$	24,463,355			5,837,054		$	80,229,781			121,872		$	1,971,761			213,031		$	2,770,335

Shelton Green Alpha Fund	Direct Shares
	Six Months Ended February 28, 2018 (Unaudited)						Year Ended August 31, 2017
	Shares			Value			Shares			Value
Shares sold		605,466		$	10,704,034			855,278		$	13,291,058
Shares issued in reinvestment of distributions		68,362			1,209,178			—			—
Shares repurchased		(203,794	)		(3,595,287	)		(1,070,212	)		(16,116,749	)
Net increase (decrease)		470,034		$	8,317,925			(214,934	)	$	(2,825,691	)

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Period)

California Tax-Free Income Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	11.65		$	11.93		$	11.69		$	11.81		$	11.27		$	11.89
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.12			0.25			0.29			0.28			0.33			0.38
Net gain (loss) on securities (both realized and unrealized)		(0.33	)		(0.20	)		0.24			(0.07	)		0.54			(0.62	)
Total from investment operations		(0.21	)		0.05			0.53			0.21			0.87			(0.24	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.12	)		(0.27	)		(0.29	)		(0.28	)		(0.33	)		(0.38	)
Distributions from capital gains		(0.04	)		(0.06	)		—			(0.05	)		—			—
Total distributions		(0.16	)		(0.33	)		(0.29	)		(0.33	)		(0.33	)		(0.38	)
Net asset value, end of year	$	11.28		$	11.65		$	11.93		$	11.69		$	11.81		$	11.27

Total return		(1.83	)%		0.43	%		4.60	%		1.78	%		7.80	%		(2.12	)%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	71,352		$	75,310		$	84,422		$	89,213		$	97,111		$	100,233
Ratio of expenses to average net assets		0.38	%		0.69	%		0.69	%		0.71	%		0.73	%		0.71	%
Ratio of net investment income (loss) to average net assets		1.01	%		2.20	%		2.47	%		2.41	%		2.88	%		3.29	%
Portfolio turnover		5	%		7	%		19	%		12	%		10	%		11	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Period)

U.S. Government Securities Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	10.32		$	10.61		$	10.42		$	10.40		$	10.38		$	10.93
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.07			0.14			0.14			0.14			0.19			0.19
Net gain (loss) on securities (both realized and unrealized)		(0.35	)		(0.26	)		0.20			0.02			0.02			(0.56	)
Total from investment operations		(0.28	)		(0.12	)		0.34			0.16			0.21			(0.37	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.07	)		(0.17	)		(0.15	)		(0.14	)		(0.19	)		(0.18	)
Total distributions		(0.07	)		(0.17	)		(0.15	)		(0.14	)		(0.19	)		(0.18	)
Net asset value, end of year	$	9.97		$	10.32		$	10.61		$	10.42		$	10.40		$	10.38

Total return		(2.71	)%		(1.14	)%		3.25	%		1.58	%		2.03	%		(3.38	)%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	17,711		$	18,316		$	19,754		$	19,855		$	22,746		$	22,968
Ratio of expenses to average net assets:
Before expense reimbursements		0.43	%		0.81	%		0.82	%		0.83	%		0.86	%		0.86	%
After expense reimbursements		0.37	%		0.74	%		0.74	%		0.74	%		0.72	%		0.74	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.61	%		1.27	%		1.25	%		1.29	%		1.68	%		1.62	%
After expense reimbursements		0.66	%		1.34	%		1.33	%		1.38	%		1.82	%		1.76	%
Portfolio turnover		0	%		10	%		18	%		18	%		32	%		6	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	10.35		$	10.64		$	10.43		$	10.41		$	10.40		$	10.96
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.04			0.09			0.09			0.09			0.14			0.13
Net gain (loss) on securities (both realized and unrealized)		(0.34	)		(0.27	)		0.20			0.03			0.01			(0.55	)
Total from investment operations		(0.30	)		(0.18	)		0.29			0.12			0.15			(0.42	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		(0.11	)		(0.08	)		(0.10	)		(0.14	)		(0.14	)
Total distributions		(0.05	)		(0.11	)		(0.08	)		(0.10	)		(0.14	)		(0.14	)
Net asset value, end of year	$	10.00		$	10.35		$	10.64		$	10.43		$	10.41		$	10.40

Total return		(2.94	)%		(1.67	)%		2.77	%		1.13	%		1.48	%		(3.88	)%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	13,688		$	3,699		$	4,712		$	5,349		$	6,085		$	7,103
Ratio of expenses to average net assets:
Before expense reimbursements		0.68	%		1.31	%		1.32	%		1.33	%		1.36	%		1.36	%
After expense reimbursements		0.37	%		1.24	%		1.24	%		1.24	%		1.22	%		1.24	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.36	%		0.77	%		0.75	%		0.77	%		1.18	%		1.12	%
After expense reimbursements		0.42	%		0.84	%		0.84	%		0.88	%		1.32	%		1.24	%
Portfolio turnover		0	%		10	%		18	%		18	%		32	%		6	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

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

Short-Term U.S. Government Bond Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	10.14		$	10.18		$	10.16		$	10.17		$	10.17		$	10.23
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.03			0.05			0.02			0.00			(0.01	)		(0.01	)
Net gain (loss) on securities (both realized and unrealized)		(0.10	)		(0.05	)		0.02			(0.01	)		0.01			(0.04	)
Total from investment operations		(0.07	)		—			0.04			(0.01	)		—			(0.05	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.04	)		(0.02	)		—			—			—
Distributions from capital gains		—			—			—			(0.00	)(b)		—			(0.01	)
Total distributions		(0.03	)		(0.04	)		(0.02	)		(0.00	)		—			(0.01	)
Net asset value, end of year	$	10.04		$	10.14		$	10.18		$	10.16		$	10.17		$	10.17

Total return		(0.69	)%		0.09	%		0.38	%		(0.07	)%		0.00	%		(0.43	)%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	4,114		$	4,162		$	4,148		$	5,223		$	5,789		$	6,819
Ratio of expenses to average net assets:
Before expense reimbursements		0.58	%		0.97	%		0.95	%		0.97	%		1.06	%		1.07	%
After expense reimbursements		0.29	%		0.59	%		0.59	%		0.59	%		0.59	%		0.59	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.02	%		0.08	%		(0.12	)%		(0.36	)%		(0.60	)%		(0.53	)%
After expense reimbursements		0.30	%		0.46	%		0.24	%		0.02	%		(0.13	)%		(0.05	)%
Portfolio turnover		0	%		27	%		47	%		33	%		28	%		50	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	9.98		$	10.02		$	10.03		$	10.10		$	10.15		$	10.25
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		—			(0.01	)		(0.03	)		(0.05	)		(0.06	)		(0.06	)
Net gain (loss) on securities (both realized and unrealized)		(0.09	)		(0.03	)		0.02			(0.02	)		0.01			(0.03	)
Total from investment operations		(0.09	)		(0.04	)		(0.01	)		(0.07	)		(0.05	)		(0.09	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.01	)		—			—			—			—			—
Distributions from capital gains		—			(0.00	)^(b)		—			(0.00	)^(b)		—			(0.01	)
Total distributions		(0.01	)		(0.00	)^(b)		—			(0.00	)^(b)		—			(0.01	)
Net asset value, end of year	$	9.88		$	9.98		$	10.02		$	10.03		$	10.10		$	10.15

Total return		(0.95	)%		(0.35	)%		(0.10	)%		(0.66	)%		(0.49	)%		(0.85	)%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	1,209		$	1,162		$	1,330		$	1,503		$	1,896		$	1,898
Ratio of expenses to average net assets:
Before expense reimbursements		0.83	%		1.47	%		1.45	%		1.47	%		1.56	%		1.57	%
After expense reimbursements		0.29	%		1.09	%		1.09	%		1.09	%		1.09	%		1.09	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		(0.23	)%		(0.44	)%		(0.61	)%		(0.86	)%		(1.10	)%		(1.04	)%
After expense reimbursements		0.05	%		(0.06	)%		(0.26	)%		(0.48	)%		(0.63	)%		(0.56	)%
Portfolio turnover		0	%		27	%		47	%		33	%		28	%		50	%

(a)	Calculated based upon average shares outstanding.

(b)	Less than $0.01 per share.

See accompanying notes to financial statements.

Financial Highlights

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

The United States Treasury Trust Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		—			0.000	^(b)		—			—			—			—
Net gain (loss) on securities (both realized and unrealized)		—			—			—			—			—			—
Total from investment operations		—			0.00			—			—			—			—
LESS DISTRIBUTIONS
Dividends from net investment income		—			(0.000	)^(b)		—			—			—			—
Distributions from capital gains		—			—			—			—			—			—
Total distributions		—			(0.000	)^(b)		—			—			—			—
Net asset value, end of year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total return		0.37	%		0.03	%		0.00	%		0.00	%		0.00	%		0.00	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	57,001		$	57,149		$	72,482		$	86,224		$	105,897		$	69,479
Ratio of expenses to average net assets:
Before expense reimbursements		0.38	%		0.72	%		0.71	%		0.70	%		0.73	%		0.76	%
After expense reimbursements		0.19	%^(c)		0.52	%^(c)		0.22	%^(c)		0.03	%^(c)		0.03	%^(c)		0.07	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.19	%		(0.17	)%		(0.49	)%		(0.67	)%		(0.70	)%		(0.69	)%
After expense reimbursements		0.38	%^(c)		0.03	%^(c)		0.00	%^(c)		0.00	%^(c)		0.00	%^(c)		0.00	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		—			0.001			—			—			—			—
Net gain (loss) on securities (both realized and unrealized)		—			—			—			—			—			—
Total from investment operations		—			0.001			—			—			—			—
LESS DISTRIBUTIONS
Dividends from net investment income		—			(0.001	)		—			—			—			—
Distributions from capital gains		—			—			—			—			—			—
Total distributions		—			(0.001	)		—			—			—			—
Net asset value, end of year		1.000		$	1.000		$	1.000		$	1.000		$	1.000		$	1.000

Total return		0.29	%		0.03	%		0.00	%		0.00	%		0.00	%		0.00	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	1,876		$	2,122		$	2,470		$	2,651		$	3,013		$	3,150
Ratio of expenses to average net assets:
Before expense reimbursements		0.45	%		1.22	%		0.71	%		0.70	%		0.73	%		0.76	%
After expense reimbursements		0.19	%^(c)		0.52	%^(c)		0.22	%^(c)		0.03	%^(c)		0.03	%^(c)		0.07	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.12	%		(0.67	)%		(0.49	)%		(0.67	)%		(0.70	)%		(0.69	)%
After expense reimbursements		0.30	%^(c)		0.03	%^(c)		0.00	%^(c)		0.00	%^(c)		0.00	%^(c)		0.00	%

(a)	Calculated based upon average shares outstanding.

(b)	Less than $0.01 per share.

(c)	Includes negative yield waiver adjustment.

See accompanying notes to financial statements.

Financial Highlights

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

S&P 500 Index Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	48.26		$	42.86		$	39.88		$	40.61		$	33.59		$	28.78
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.36			0.78			0.76			0.72			0.62			0.57
Net gain (loss) on securities (both realized and unrealized)		4.94			5.89			3.99			(0.58	)		7.57			4.71
Total from investment operations		5.30			6.67			4.75			0.14			8.19			5.28
LESS DISTRIBUTIONS
Dividends from net investment income		(0.41	)		(0.83	)		(0.78	)		(0.70	)		(0.60	)		(0.47	)
Distributions from capital gains		(0.76	)		(0.44	)		(0.99	)		(0.17	)		(0.57	)		—
Total distributions		(1.17	)		(1.27	)		(1.77	)		(0.87	)		(1.17	)		(0.47	)
Net asset value, end of year	$	52.39		$	48.26		$	42.86		$	39.88		$	40.61		$	33.59

Total return		11.07	%		15.89	%		12.21	%		0.29	%		24.75	%		18.50	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	172,301		$	155,022		$	135,346		$	123,138		$	123,654		$	101,124
Ratio of expenses to average net assets:
Before expense reimbursements		0.25	%		0.48	%		0.47	%		0.47	%		0.50	%		0.52	%
After expense reimbursements		0.20	%		0.36	%		0.36	%		0.36	%		0.36	%		0.36	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.65	%		1.61	%		1.77	%		1.63	%		1.52	%		1.65	%
After expense reimbursements		0.70	%		1.73	%		1.88	%		1.74	%		1.66	%		1.81	%
Portfolio turnover		0	%		5	%		1	%		3	%		1	%		3	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	48.24		$	42.88		$	39.87		$	40.50		$	33.63		$	28.83
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.23			0.55			0.56			0.51			0.43			0.41
Net gain (loss) on securities (both realized and unrealized)		4.94			5.89			3.99			(0.57	)		7.55			4.74
Total from investment operations		5.17			6.44			4.55			(0.06	)		7.98			5.15
LESS DISTRIBUTIONS
Dividends from net investment income		(0.32	)		(0.64	)		(0.55	)		(0.40	)		(0.54	)		(0.35	)
Distributions from capital gains		(0.76	)		(0.44	)		(0.99	)		(0.17	)		(0.57	)		—
Total distributions		(1.08	)		(1.08	)		(1.54	)		(0.57	)		(1.11	)		(0.35	)
Net asset value, end of year	$	52.33		$	48.24		$	42.88		$	39.87		$	40.50		$	33.63

Total return		10.81	%		15.31	%		11.65	%		(0.19	)%		24.08	%		17.95	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	9,802		$	8,506		$	7,981		$	8,063		$	11,236		$	10,093
Ratio of expenses to average net assets:
Before expense reimbursements		0.50	%		0.98	%		0.97	%		0.97	%		1.00	%		1.02	%
After expense reimbursements		0.20	%		0.86	%		0.86	%		0.86	%		0.86	%		0.86	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.40	%		1.11	%		1.26	%		1.13	%		1.01	%		1.15	%
After expense reimbursements		0.45	%		1.23	%		1.37	%		1.24	%		1.15	%		1.31	%
Portfolio turnover		0	%		5	%		1	%		3	%		1	%		3	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

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

S&P Midcap Index Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	25.75		$	26.69		$	28.41		$	30.95		$	26.54		$	23.11
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.10			0.23			0.26			0.25			0.24			0.30
Net gain (loss) on securities (both realized and unrealized)		2.07			2.95			2.73			(0.36	)		5.61			4.81
Total from investment operations		2.17			3.18			2.99			(0.11	)		5.85			5.11
LESS DISTRIBUTIONS
Dividends from net investment income		(0.09	)		(0.21	)		(0.24	)		(0.28	)		(0.24	)		(0.27	)
Distributions from capital gains		(1.62	)		(3.91	)		(4.47	)		(2.15	)		(1.20	)		(1.41	)
Total distributions		(1.71	)		(4.12	)		(4.71	)		(2.43	)		(1.44	)		(1.68	)
Net asset value, end of year	$	26.21		$	25.75		$	26.69		$	28.41		$	30.95		$	26.54

Total return		8.35	%		13.01	%		11.86	%		(0.45	)%		22.63	%		23.39	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	117,048		$	113,149		$	136,371		$	140,361		$	169,020		$	143,699
Ratio of expenses to average net assets:
Before expense reimbursements		0.34	%		0.64	%		0.62	%		0.62	%		0.63	%		0.64	%
After expense reimbursements		0.30	%		0.58	%		0.58	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.32	%		0.83	%		0.98	%		0.81	%		0.76	%		1.04	%
After expense reimbursements		0.36	%		0.89	%		1.02	%		0.85	%		0.81	%		1.10	%
Portfolio turnover		5	%		34	%		11	%		15	%		10	%		8	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	25.44		$	26.43		$	28.18		$	30.69		$	26.38		$	23.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.03			0.10			0.13			0.10			0.09			0.18
Net gain (loss) on securities (both realized and unrealized)		2.06			2.92			2.71			(0.35	)		5.58			4.77
Total from investment operations		2.09			3.02			2.84			(0.25	)		5.67			4.95
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		(0.10	)		(0.12	)		(0.11	)		(0.16	)		(0.16	)
Distributions from capital gains		(1.62	)		(3.91	)		(4.47	)		(2.15	)		(1.20	)		(1.41	)
Total distributions		(1.67	)		(4.01	)		(4.59	)		(2.26	)		(1.36	)		(1.57	)
Net asset value, end of year	$	25.86		$	25.44		$	26.43		$	28.18		$	30.69		$	26.38

Total return		8.12	%		12.45	%		11.31	%		(0.93	)%		22.01	%		22.75	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	6,181		$	5,442		$	5,086		$	5,244		$	7,355		$	7,587
Ratio of expenses to average net assets:
Before expense reimbursements		0.59	%		1.14	%		1.12	%		1.12	%		1.13	%		1.14	%
After expense reimbursements		0.30	%		1.08	%		1.08	%		1.08	%		1.08	%		1.08	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.08	%		0.33	%		0.48	%		0.31	%		0.26	%		0.54	%
After expense reimbursements		0.11	%		0.39	%		0.51	%		0.35	%		0.31	%		0.61	%
Portfolio turnover		5	%		34	%		11	%		15	%		10	%		8	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

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

S&P Smallcap Index Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	22.33		$	20.87		$	20.60		$	21.55		$	19.62		$	15.71
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.06			0.13			0.12			0.14			0.10			0.14
Net gain (loss) on securities (both realized and unrealized)		2.13			2.36			2.29			0.58			3.26			3.94
Total from investment operations		2.19			2.49			2.41			0.72			3.36			4.08
LESS DISTRIBUTIONS
Dividends from net investment income		(0.06	)		(0.12	)		(0.14	)		(0.13	)		(0.09	)		(0.14	)
Distributions from capital gains		(2.29	)		(0.91	)		(2.00	)		(1.54	)		(1.34	)		(0.03	)
Total distributions		(2.35	)		(1.03	)		(2.14	)		(1.67	)		(1.43	)		(0.17	)
Net asset value, end of year	$	22.17		$	22.33		$	20.87		$	20.60		$	21.55		$	19.62

Total return		9.56	%		12.12	%		12.48	%		3.50	%		17.28	%		26.14	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	62,638		$	56,076		$	47,351		$	40,823		$	41,651		$	34,838
Ratio of expenses to average net assets:
Before expense reimbursements		0.42	%		0.81	%		0.77	%		0.78	%		0.82	%		0.89	%
After expense reimbursements		0.38	%		0.74	%		0.74	%		0.74	%		0.74	%		0.74	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.21	%		0.54	%		0.56	%		0.62	%		0.38	%		0.57	%
After expense reimbursements		0.25	%		0.60	%		0.60	%		0.66	%		0.46	%		0.72	%
Portfolio turnover		5	%		31	%		12	%		12	%		13	%		15	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	21.85		$	20.47		$	20.24		$	21.19		$	19.36		$	15.52
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		—			0.02			0.02			0.03			(0.01	)		0.06
Net gain (loss) on securities (both realized and unrealized)		2.08			2.31			2.25			0.58			3.21			3.87
Total from investment operations		2.08			2.33			2.27			0.61			3.20			3.93
LESS DISTRIBUTIONS
Dividends from net investment income		(0.02	)		(0.04	)		(0.04	)		(0.02	)		(0.03	)		(0.06	)
Distributions from capital gains		(2.29	)		(0.91	)		(2.00	)		(1.54	)		(1.34	)		(0.03	)
Total distributions		(2.31	)		(0.95	)		(2.04	)		(1.56	)		(1.37	)		(0.09	)
Net asset value, end of year	$	21.62		$	21.85		$	20.47		$	20.24		$	21.19		$	19.36

Total return		9.27	%		11.59	%		11.89	%		3.03	%		16.64	%		25.47	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	8,964		$	8,165		$	9,279		$	9,821		$	11,448		$	11,402
Ratio of expenses to average net assets:
Before expense reimbursements		0.66	%		1.30	%		1.28	%		1.28	%		1.32	%		1.39	%
After expense reimbursements		0.38	%		1.24	%		1.24	%		1.24	%		1.24	%		1.24	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		(0.03	)%		0.04	%		0.06	%		0.12	%		(0.13	)%		0.10	%
After expense reimbursements		0.00	%		0.10	%		0.10	%		0.16	%		(0.04	)%		0.25	%
Portfolio turnover		5	%		31	%		12	%		12	%		13	%		15	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

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

Shelton Core Value Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	25.00		$	26.82		$	25.26		$	25.98		$	21.58		$	18.13
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.19			0.43			0.48			0.48			0.38			0.37
Net gain (loss) on securities (both realized and unrealized)		1.88			1.81			1.94			(0.74	)		4.42			3.37
Total from investment operations		2.07			2.24			2.42			(0.26	)		4.80			3.74
LESS DISTRIBUTIONS
Dividends from net investment income		(0.23	)		(0.59	)		(0.50	)		(0.46	)		(0.40	)		(0.29	)
Distributions from capital gains		(2.79	)		(3.47	)		(0.36	)		—			—			—
Total distributions		(3.02	)		(4.06	)		(0.86	)		(0.46	)		(0.40	)		(0.29	)
Net asset value, end of year	$	24.05		$	25.00		$	26.82		$	25.26		$	25.98		$	21.58

Total return		8.47	%		9.10	%		9.83	%		(1.07	)%		22.45	%		20.80	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	182,270		$	176,929		$	175,317		$	180,408		$	196,820		$	157,350
Ratio of expenses to average net assets:		0.38	%		0.75	%		0.78	%		0.76	%		0.83	%		0.84	%
Ratio of net investment income (loss) to average net assets		0.76	%		1.71	%		1.90	%		1.80	%		1.58	%		1.83	%
Portfolio turnover		2	%		9	%		20	%		3	%		3	%		5	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	24.75		$	26.61		$	25.09		$	25.76		$	21.40		$	18.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.13			0.30			0.35			0.34			0.25			0.27
Net gain (loss) on securities (both realized and unrealized)		1.85			1.79			1.93			(0.73	)		4.39			3.34
Total from investment operations		1.98			2.09			2.28			(0.39	)		4.64			3.61
LESS DISTRIBUTIONS
Dividends from net investment income		(0.22	)		(0.48	)		(0.40	)		(0.28	)		(0.28	)		(0.21	)
Distributions from capital gains		(2.79	)		(3.47	)		(0.36	)		—			—			—
Total distributions		(3.01	)		(3.95	)		(0.76	)		(0.28	)		(0.28	)		(0.21	)
Net asset value, end of year	$	23.72		$	24.75		$	26.61		$	25.09		$	25.76		$	21.40

Total return		8.17	%		8.57	%		9.30	%		(1.56	)%		21.81	%		20.20	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	5,783		$	5,369		$	5,897		$	5,789		$	7,413		$	7,924
Ratio of expenses to average net assets:		0.63	%		1.25	%		1.28	%		1.26	%		1.33	%		1.34	%
Ratio of net investment income (loss) to average net assets		0.52	%		1.22	%		1.40	%		1.30	%		1.08	%		1.33	%
Portfolio turnover		2	%		9	%		20	%		3	%		3	%		5	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

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

European Growth & Income Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	9.28		$	7.95		$	8.47		$	9.64		$	8.37		$	7.40
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.03			0.20			0.23			0.22			0.20			0.23
Net gain (loss) on securities (both realized and unrealized)		(0.02	)		1.35			(0.53	)		(1.17	)		1.30			0.94
Total from investment operations		0.01			1.55			(0.30	)		(0.95	)		1.50			1.17
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.22	)		(0.22	)		(0.22	)		(0.23	)		(0.20	)
Distributions from capital gains		—			—			—			—			—			—
Total distributions		(0.03	)		(0.22	)		(0.22	)		(0.22	)		(0.23	)		(0.20	)
Net asset value, end of year	$	9.26		$	9.28		$	7.95		$	8.47		$	9.64		$	8.37

Total return		(0.07	)%		19.68	%		(3.49	)%		(9.91	)%		17.92	%		15.96	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	6,182		$	7,330		$	5,445		$	5,906		$	8,452		$	7,306
Ratio of expenses to average net assets:
Before expense reimbursements		0.67	%		1.41	%		1.30	%		1.26	%		1.29	%		1.38	%
After expense reimbursements		0.50	%		1.00	%		1.00	%		1.00	%		1.00	%		1.00	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.18	%		1.96	%		2.58	%		2.17	%		1.81	%		2.46	%
After expense reimbursements		0.35	%		2.37	%		2.88	%		2.43	%		2.10	%		2.84	%
Portfolio turnover		15	%		0	%		0	%		0	%		15	%		3	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	9.31		$	7.98		$	8.50		$	9.68		$	8.38		$	7.41
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) (a)		0.01			0.16			0.19			0.18			0.14			0.19
Net gain (loss) on securities (both realized and unrealized)		(0.03	)		1.36			(0.53	)		(1.17	)		1.30			0.95
Total from investment operations		(0.02	)		1.52			(0.34	)		(0.99	)		1.44			1.14
LESS DISTRIBUTIONS
Dividends from net investment income		(0.01	)		(0.19	)		(0.18	)		(0.19	)		(0.14	)		(0.17	)
Distributions from capital gains		—			—			—			—			—			—
Total distributions		(0.01	)		(0.19	)		(0.18	)		(0.19	)		(0.14	)		(0.17	)
Net asset value, end of year	$	9.28		$	9.31		$	7.98		$	8.50		$	9.68		$	8.38

Total return		(0.18	)%		19.19	%		(3.99	)%		(10.34	)%		17.19	%		15.47	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	3,870		$	3,794		$	3,609		$	4,254		$	5,535		$	5,795
Ratio of expenses to average net assets:
Before expense reimbursements		0.92	%		1.90	%		1.80	%		1.76	%		1.79	%		1.88	%
After expense reimbursements		0.50	%		1.50	%		1.50	%		1.50	%		1.49	%		1.50	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		(0.05	)%		1.51	%		2.09	%		1.70	%		1.22	%		1.92	%
After expense reimbursements		0.11	%		1.92	%		2.39	%		1.96	%		1.51	%		2.31	%
Portfolio turnover		15	%		0	%		0	%		0	%		15	%		3	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

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

Nasdaq-100 Index Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	15.24		$	12.25		$	11.00		$	10.47		$	7.92		$	7.04
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		0.04			0.10			0.09			0.11			0.11			0.08
Net gain (loss) on securities (both realized and unrealized)		2.06			2.98			1.27			0.49			2.55			0.86
Total from investment operations		2.10			3.08			1.36			0.60			2.66			0.94
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		(0.09	)		(0.11	)		(0.07	)		(0.11	)		(0.06	)
Distributions from capital gains		(0.17	)		—			—			—			—			—
Total distributions		(0.22	)		(0.09	)		(0.11	)		(0.07	)		(0.11	)		(0.06	)
Net asset value, end of year	$	17.12		$	15.24		$	12.25		$	11.00		$	10.47		$	7.92

Total return		13.86	%		25.29	%		12.46	%		5.78	%		33.77	%		13.46	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	540,359		$	460,021		$	298,123		$	231,322		$	106,475		$	54,259
Ratio of expenses to average net assets:
Before expense reimbursements		0.38	%		0.73	%		0.74	%		0.75	%		0.79	%		0.83	%
After expense reimbursements		0.24	%		0.49	%		0.49	%		0.49	%		0.49	%		0.49	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.15	%		0.50	%		0.57	%		0.72	%		0.95	%		0.73	%
After expense reimbursements		0.27	%		0.74	%		0.82	%		0.98	%		1.25	%		1.08	%
Portfolio turnover		1	%		4	%		7	%		9	%		3	%		13	%

K Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			Year Ended August 31, 2013
Net asset value, beginning of year	$	14.83		$	11.93		$	10.69		$	10.18		$	7.71		$	6.85
INCOME FROM INVESTMENT OPERATIONS
Net investment (loss) ^(a)		—			0.03			0.03			0.05			0.06			0.04
Net gain (loss) on securities (both realized and unrealized)		1.99			2.91			1.24			0.48			2.48			0.84
Total from investment operations		1.99			2.94			1.27			0.53			2.54			0.88
LESS DISTRIBUTIONS
Dividends from net investment income		(0.02	)		(0.04	)		(0.03	)		(0.02	)		(0.07	)		(0.02	)
Distributions from capital gains		(0.17	)		—			—			—			—			—
Total distributions		(0.19	)		(0.04	)		(0.03	)		(0.02	)		(0.07	)		(0.02	)
Net asset value, end of year	$	16.63		$	14.83		$	11.93		$	10.69		$	10.18		$	7.71

Total return		13.52	%		24.70	%		11.96	%		5.25	%		33.11	%		12.95	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	27,178		$	22,427		$	15,500		$	17,799		$	12,214		$	9,700
Ratio of expenses to average net assets:
Before expense reimbursements		0.62	%		1.23	%		1.25	%		1.24	%		1.29	%		1.33	%
After expense reimbursements		0.24	%		0.99	%		0.99	%		0.99	%		0.99	%		0.99	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		(0.10	)%		0.00	%		0.05	%		0.22	%		0.39	%		0.24	%
After expense reimbursements		0.03	%		0.24	%		0.30	%		0.48	%		0.69	%		0.58	%
Portfolio turnover		1	%		4	%		7	%		10	%		3	%		13	%

(a)	Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

Financial Highlights

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

Shelton Green Alpha Fund Direct Shares	Six Months Ended February 28, 2018 (unaudited)			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015			Year Ended August 31, 2014			March 12, 2013^(d) to August 31, 2013
Net asset value, beginning of year	$	17.32		$	14.53		$	13.67		$	15.90		$	11.96		$	10.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income (loss) ^(a)		—			0.02			(0.03	)		(0.08	)		(0.08	)		(0.01	)
Net gain (loss) on securities (both realized and unrealized)		0.14			2.77			0.89			(2.15	)		4.02			1.97
Total from investment operations		0.14			2.79			0.86			(2.23	)		3.94			1.96
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		—			—			—			—			—
Distributions from capital gains		(0.46	)(b)		—	(b)		—	(b)		—	(b)		—			—
Total distributions		(0.51	)		—			—			—			—			—
Net asset value, end of year	$	16.95		$	17.32		$	14.53		$	13.67		$	15.90		$	11.96

Total return		0.70	%		19.20	%		6.29	%		(14.02	)%		32.94	%		19.60	%

RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	47,365		$	40,256		$	36,880		$	29,596		$	22,436		$	4,623
Ratio of expenses to average net assets:
Before expense reimbursements		0.67	%		1.30	%		1.31	%		1.34	%		1.54	%		5.16	%
After expense reimbursements		0.67	%		1.30	%		1.31	%		1.34	%		1.31	%		1.24	%
Ratio of net investment income (loss) to average net assets
Before expense reimbursements		0.02	%		0.13	%		(0.22	)%		(0.53	)%		(0.78	)%		(4.11	)%
After expense reimbursements		0.02	%		0.13	%		(0.22	)%		(0.53	)%		(0.55	)%		(0.19	)%
Portfolio turnover		3	%		24	%		13	%		22	%		5	%		12	%

(a)	Calculated based upon average shares outstanding.

(b)	Less than $0.01 per share.

(d)	Commencement of operations.

See accompanying notes to financial statements.

Shelton Funds

Notes to Financial Statements (Unaudited)

February 28, 2018

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

California Tax-Free Income Fund, U.S. Government Securities Fund, Short-Term U.S. Government Bond Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Nasdaq-100 Index Fund, and Shelton Green Alpha Fund (the “Funds”) are each a series of shares of beneficial interest of the Shelton Funds (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of no par value shares in one or more series. The Trust, originally organized as two separate Massachusetts business trusts formed by Declarations of Trust dated September 11, 1985, as subsequently amended, was reorganized into a single Delaware statutory trust after the close of trading on December 29, 2006. The investment objectives of the Funds are as follows: California Tax-Free Income Fund seeks as high a level of income, exempt from regular federal and California personal income taxes, as is consistent with prudent investment management and safety of capital. U.S. Government Securities Fund seeks liquidity, safety from credit risk and as high a level of income as is consistent with these objectives by investing in full faith and credit obligations of the U.S. Government and its agencies or instrumentalities, primarily in U.S. Treasury Securities and Government National Mortgage Association Certificates. Short-Term U.S. Government Bond Fund seeks liquidity, safety from credit risk, preservation of investors’ principal and as high a level of income as is consistent with these objectives by investing in mainly U.S. government securities. The United States Treasury Trust seeks capital preservation, safety, liquidity, and consistent with these objectives, the highest attainable current income exempt from state income taxes. S&P 500 Index Fund, S&P MidCap Index Fund and S&P SmallCap Index Fund are diversified mutual funds that seek to provide investment results that correspond to the total return of publicly traded common stocks represented in the Standard & Poor’s 500 Composite Stock Price Index, the Standard & Poor’s MidCap 400 Index and the Standard & Poor’s SmallCap 600 Index, respectively. The Shelton Core Value Fund seeks a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities. European Growth & Income Fund seeks to provide long-term capital appreciation and income by investing in large-sized European companies. Shelton Green Alpha Fund seeks to achieve long-term capital appreciation by investing in stocks in the green economy by investing in common stocks of companies believed to be leaders in managing environmental risks and opportunities. Nasdaq-100 Index Fund attempts to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index.

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

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

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

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

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

(d) Federal Income Taxes – No provision is considered necessary for federal income taxes. The Funds intend to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and to distribute all of their taxable income to shareholders.

(e) Security Transactions, Investment Income and Distributions to Shareholders – Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for, in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Distributions to shareholders are recorded on the ex-dividend date for the California Tax-Free Income Fund, the U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Core Value Fund, European Growth & Income Fund, Shelton Green Alpha Fund, Nasdaq-100 Index Fund and Short-Term U.S. Government Bond Fund. For The United States Treasury Trust, dividends from net investment income are declared daily and reinvested or paid in cash monthly. The Fund intends to maintain a continuous net asset value per share of $1.00. If net asset value per share using available market information deviates from $1.00 by $.005 or more, the Board of Trustees would consider what steps, if any, should be taken to restore net asset value per share to $1.00.

(f) Concentration – The California Tax-Free Income Fund invests in debt instruments of municipal issuers. The issuers’ abilities to meet their obligations may be affected by economic developments in the state of California.

(g) Use of Estimates in Financial Statements – In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expense during the year. Actual results may differ from these estimates.

Shelton Funds

Notes to Financial Statements (Unaudited) (Continued)

February 28, 2018

(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 (2014-2016), or expected to be taken in the Fund’s 2017 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, 2018 using fair value hierarchy:

	Level 1^(a)		Level 2^(a)		Level 3^(a)					Level 1^(a)		Level 1^(a)
Fund	Investments in Securities^(b)		Investments in Securities^(c)		Investments in Securities			Total Assets		Futures Contracts - Assets^(d)		Written Options - Liabilities			Total
California Tax-Free Income Fund	$	—	$	70,560,624	$	—		$	70,560,624	$	—	$	—		$	—
U.S. Government Securities Fund		—		21,128,422		—			21,128,422		—		—			—
Short-Term U.S. Government Bond Fund		—		5,271,147		—			5,271,147		—		—			—
The United States Treasury Trust Fund		—		58,311,865		—			58,311,865		—		—			—
S&P 500 Index Fund		177,887,446		2,700,000		55	^(e)		180,587,501		47,970		—			47,970
S&P MidCap Index Fund		122,830,091		—		—			122,830,091		2,740		—			2,740
S&P SmallCap Index Fund		71,179,230		—		—			71,179,230		5,850		—			5,850
Shelton Core Value Fund		163,224,016		18,800,000		1,000,000	^(f)		183,024,016		—		(956,291	)		(956,291	)
European Growth & Income Fund		9,735,047		—		—			9,735,047		—		—			—
Nasdaq-100 Index Fund		541,804,679		20,800,000		—			562,604,679		400,099		—			400,099
Shelton Green Alpha Fund		44,786,156		—		—			44,786,156		—		—			—

(a)	It is the Fund’s policy to recognize transfers between levels on the last day of the fiscal reporting period. There were no transfers in or out of Level 1, Level 2, and Level 3 as of February 28, 2018.

(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)

Rights

(f)	Preferred Stock

Level 3 Securities	S&P 500 Index Fund			Shelton Core Value Fund
Beginning Balance	$	1,857		$	1,000,000
Net Purchases		—			—
Net Sales		(1,802	)		—
Total Realized Gain (Loss)		—			—
Change in Unrealized Appreciation (Depreciation)		—			—
Accrued Interest		—			—
Transfers into Level 3		—			—
Transfers out of Level 3		—			—
Ending Balance	$	55		$	1,000,000

Shelton Funds

Notes to Financial Statements (Unaudited) (Continued)

February 28, 2018

Fair Value as

of 2/28/18

Valuation Techniques

Unobservable Input*

Input Values

Impact to valuation from

an increase to input

Safeway, Inc. CVR-Non Tradeable

$ 55

Market comparables and estimated recovery proceeds

Based on independent valuation firm assessment of fair market value

$0.03

Increase in unobservable input will decrease the value

Amerityre Corp. 5% Preferred Conv.

$ 1,000,000

Market comparables and estimated recovery proceeds

Discount for lack of marketability

$0.50

Increase in unobservable input will decrease the value

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

At February 28, 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 30, 1, 5, and 187, respectively. The Shelton Core Value Fund, European Growth & Income Fund and Shelton Green Alpha Fund held no futures contracts at February 28, 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 six months ended February 28, 2018:

Derivatives Not Accounted for as Hedging Instruments	Variation Margin Payable
S&P 500 Index Fund – Equity contracts	$	51,375
S&P MidCap Index Fund – Equity contracts		2,290
S&P SmallCap Index Fund – Equity contracts		6,775
Nasdaq-100 Index Fund – Equity contracts		189,805

The effect of derivative instruments on the Statements of Operations for the year ended February 28, 2018:

Derivatives Not Accounted for as Hedging Instruments	Realized Gain (Loss) on Futures Recognized in Income			Changes in Unrealized Appreciation (Depreciation) on Futures Recognized in Income
S&P 500 Index Fund – Equity contracts	$	(426,469	)	$	(52,603	)
S&P MidCap Index Fund – Equity contracts	$	55,209		$	7,050
S&P SmallCap Index Fund – Equity contracts	$	48,556		$	(3,660	)
Nasdaq-100 Index Fund – Equity contracts	$	1,084,679		$	38,135

The previously disclosed derivative instruments outstanding as of February 28, 2018, and their effect on the Statement of Operations for the period ending February 28, 2018, serve as indicators of the volume of financial derivative activity for the company. The following table indicates the average volume for the period:

Derivatives Not Accounted for as Hedging Instruments	Average Notional Value
S&P 500 Index Fund – Equity contracts	$	1,787,732
S&P MidCap Index Fund – Equity contracts	$	914,113
S&P SmallCap Index Fund – Equity contracts	$	1,659,545
Nasdaq-100 Index Fund – Equity contracts	$	13,835,187

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.

Shelton Funds

Notes to Financial Statements (Unaudited) (Continued)

February 28, 2018

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

	To $100 million in net assets	$100 million to $500 million in net assets	$500 million to $1 billion in net assets	In excess of $1 billion in net assets
California Tax-Free Income Fund	0.50%	0.45%	0.40%	0.40%
U.S. Government Securities Fund	0.50%	0.45%	0.40%	0.40%
U.S. Treasury Trust	0.50%	0.45%	0.40%	0.40%
Short-Term U.S. Government Bond Fund	0.50%	0.50%	0.45%	0.40%
S&P 500 Index Fund	0.25%	0.25%	0.25%	0.25%
S&P MidCap Index Fund	0.40%	0.40%	0.40%	0.40%
S&P SmallCap Index Fund	0.50%	0.50%	0.45%	0.40%
Shelton Core Value Fund	0.50%	0.50%	0.45%	0.40%
European Growth & Income Fund	0.85%	0.85%	0.85%	0.85%
Nasdaq-100 Index Fund	0.50%	0.50%	0.45%	0.40%
Shelton Green Alpha Fund^(a)	1.00%	1.00%	1.00%	1.00%

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

The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement is effective until January 2, 2019, unless renewed and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees’ review and approval. Reimbursements from the Advisor to affected Funds, and the voluntary expense limits, for the period ended February 28, 2018 are as follows:

	Voluntary Expense Limitation
Fund	Reimburse	Direct Shares	K Shares	Expiration
U.S. Government Securities Fund	0.07%	0.74%	1.24%	1/2/19
Short-Term U.S. Government Bond Fund	0.38%	0.59%	1.09%	1/2/19
The United States Treasury Trust	0.19%	0.53%	1.03%	1/2/19
European Growth & Income Fund	0.41%	1.00%	1.50%	1/2/19
Nasdaq-100 Index Fund	0.24%	0.49%	0.99%	1/2/19

At August 31, 2017, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $4,274,048. The Advisor may recapture a portion of the above amount no later than the dates as stated below.

Fund	Expires 8/31/18		Expires 8/31/19		Expires 8/31/20		Total
U.S. Government Securities Fund	$	24,827	$	20,081	$	16,422	$	61,330
Short-Term U.S. Government Bond Fund		26,812		24,167		23,105		74,084
The United States Treasury Trust		665,667		362,655		120,514		1,148,836
S&P 500 Index Fund		155,206		145,091		182,805		483,102
S&P MidCap Index Fund		62,001		52,995		72,425		187,421
S&P SmallCap Index Fund		20,187		18,440		39,066		77,693
European Growth & Income Fund		31,088		27,667		40,935		99,690
Nasdaq-100 Index Fund		517,857		705,792		918,243		2,141,892
Total	$	1,503,645	$	1,356,888	$	1,413,515	$	4,274,048

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. Teresa Axelson formerly served as CCO of the Trust under similar arrangements for the period of September 2016 to March 2017.

Shelton Funds have adopted a Distribution Plan (the “Plan”), as amended August 1, 2012, pursuant to Rule 12b-1 under the Investment Company Act of 1940, whereby the Class K Shares of each Fund of the Shelton Funds pays the Distributor for expenses that relate to the promotion and distribution of shares. Under the Plan, the Class K Shares of the Funds will pay the Distributor a fee at an annual rate of 0.25%, payable monthly, of the daily net assets attributable to such Fund’s Class K Shares. The Plan was amended to eliminate the Class A Shares. All A Share accounts were liquidated effective December 6, 2013.

Shelton Funds adopted a Shareholder Services Plan (the “Services Plan”), whereby the K Shares of each Fund of the Shelton Funds pay RFS Partners, the Funds’ Distributor or other service providers, an annual rate of 0.25% of the average daily net assets of Class K Shares. Such amounts are compensation for providing certain services to clients owning K Shares, including processing purchase and redemption transactions, assisting in other administrative details and providing other information with respect to each Fund.

Shelton Funds

Notes to Financial Statements (Unaudited) (Continued)

February 28, 2018

For the six month period ended February 28, 2018, the following were paid by the Class K Shares of each Fund of the Trust:

Fund	Class K 12b-1 Fees		Class K Shareholder Service Fees
U.S. Government Securities Fund	$	4,572	$	4,572
Short-Term U.S. Government Bond Fund		1,451		1,451
S&P 500 Index Fund		11,088		11,088
S&P MidCap Index Fund		7,484		7,484
S&P SmallCap Index Fund		10,994		10,994
Shelton Core Value Fund		7,076		7,076
European Growth & Income Fund		4,864		4,864
Nasdaq-100 Index Fund		30,093		30,093
The United States Treasury Trust		661		661

Note 3 - PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities other than short-term instruments for the period ended February 28, 2018 were as follows:

Fund	Purchases		Sales		Purchases (Excluding U.S. Government Obligations)		Sales (Excluding U.S. Government Obligations)
California Tax-Free Income Fund	$	3,204,188	$	4,307,058	$	3,204,188	$	4,307,058
U.S. Government Securities Fund		1,000,125		1,235,162		—		—
Short-Term U.S. Government Bond Fund		298,582		303,763		—		—
S&P 500 Index Fund		65,750		1,901,778		65,750		1,901,778
S&P MidCap Index Fund		6,266,636		10,349,756		6,266,636		10,349,756
S&P SmallCap Index Fund		5,309,369		3,790,252		5,309,369		3,790,252
Core Value Fund		12,510,425		2,772,044		12,510,425		2,772,044
European Growth & Income Fund		1,623,165		2,295,523		1,623,165		2,295,523
Nasdaq-100 Index Fund		13,753,999		5,575,939		13,753,999		5,575,939
Green Alpha Fund		10,993,540		1,297,013		10,993,540		1,297,013

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

Derivatives not Accounted

for as Hedging Instruments

Liability Derivatives Statement of

Assets and Liabilities Location

Fair Value

Equity Contracts
(written option contracts)

Written options, at value

$ 958,461

The effect of derivative instruments on the Funds’ Statement of Operations for the six months ended February 28, 2018, was as follows:

Derivatives not Accounted

for as Hedging Instruments

Location of Gains/(Loss) on
Derivatives Recognize In Income

Realized Gain/

(Loss) on Derivatives

Recognized in Income

Change in Unrealized

Gain/(Loss) On

Derivatives Recognized

In Income

Equity Contracts
(written option contracts)

Net realized gains (losses) from: Written option contracts / Net change in unrealized appreciation (depreciation) on: Written option contracts

$ (479,202)

$ (38,502)

Shelton Funds

Notes to Financial Statements (Unaudited) (Continued)

February 28, 2018

Volume of derivative instruments held by the Funds during the year ended February 28, 2018, was as follows:

Derivative Type	Unit Of Measurement	Average
Written Option Contracts	Contracts	$ (460,875)

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, 2017, permanent differences resulting from different book and tax accounting for net operating losses, expiration of capital loss carryforwards, paydowns, and treatment of accretion of discount have been reclassified to paid-in capital. The reclassifications were as follows:

	Increase (Decrease) Paid-In Capital			Increase (Decrease) Undistributed Net Investment Income (Loss)			Increase (Decrease) Accumulated Gain (Loss)
U.S. Government Securities Fund	$	—		$	8,438		$	(8,438	)
California Tax-Free Income Fund		—			(29,973	)		29,973
Short-Term U.S. Government Bond Fund		(2	)		124			(122	)
S&P Mid Cap Index Fund		16,492,468			153			(16,492,621	)
Core Value Fund		—			87,836			(87,836	)
European Growth & Income Fund		—			(99	)		99

There were no net operating losses offset to Paid-in-Capital included in the amounts reclassified above.

Tax Basis of Distributable Earnings: The tax character of distributable earnings at August 31, 2017 was as follows:

	Undistributed Ordinary Income			Undistributed Long-Term Capital Gain		Capital Loss Carry Forwards			Unrealized Appreciation (Depreciation)		Other Differences			Total Distributable Earnings
California Tax-Free Income Fund	$	36,129	(1)	$	234,826	$	—		$	4,093,374	$	(32,116	)		4,332,213
U.S. Government Securities Fund		3,764			—		(376,271	)		321,794		(509	)		(51,222	)
Short-Term U.S. Government Bond Fund		19			—		(929	)		169		(21	)		(762	)
The United States Treasury Trust		—			—		(2,296	)		—		—			(2,296	)
S&P 500 Index Fund		751,656			2,381,919		—			95,788,631		—			98,922,206
S&P Mid Cap Index Fund		326,327			9,280,910		—			37,138,141		—			46,745,378
S&P Small Cap Index Fund		834,200			6,653,302		—			15,157,606		—			22,645,108
Core Value Fund		1,611,726			20,133,228		—			57,526,845		—			79,271,799
European Growth & Income Fund		16,735			—		(1,467,771	)		2,558,983		—			1,107,947
Nasdaq-100 Index Fund		1,059,619			3,677,769		—			155,929,835		—			160,667,223
Green Alpha Fund		48,526			1,115,270		—			5,794,679		—			6,958,475

(1)	Tax-exempt income

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. Other differences consist of distributions payable as of August 31, 2017.

Elective Deferrals: The Funds have not elected to defer capital losses recognized during the period November 1, 2016-August 31, 2017 to the period ending August 31, 2018.

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, 2017, 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		European Growth & Income Fund
2018	$	—	$	131,001	$	—	$	124,746
2019		—		245,271		—		205,587
Long Term with No Expiration		929		—		—		1,135,524
Short Term with No Expiration		—		—		2,296		1,914
Total	$	929	$	376,272	$	2,296	$	1,467,771

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.

Shelton Funds

Notes to Financial Statements (Unaudited) (Continued)

February 28, 2018

The tax character of distributions paid during the years ended August 31, 2017 and 2016 were as follows:

		Return of Capital		Ordinary Income		Long-Term Capital Gains ^(a)		Exempt-Interest Dividends		Total Distributions
California Tax-Free Income Fund	2016	$	—	$	—	$	—	$	2,175,617	$	2,175,617
	2017		—		—		382,825		1,808,992		2,191,817
U.S. Government Securities Fund	2016		—		304,564		—		—		304,564
	2017		—		351,966		—		—		351,966
Short-Term U.S. Government Bond Fund	2016		—		9,179		—		—		9,179
	2017		—		22,223		1,286		—		23,509
The United States Treasury Trust	2016		—		—		—		—		—
	2017		—		16,585		—		—		16,585
S&P 500 Index Fund	2016		—		2,597,816		3,233,627		—		5,831,443
	2017		—		3,026,980		1,261,699		—		4,288,679
S&P Mid Cap Index Fund	2016		—		1,309,627		22,196,144		—		23,505,771
	2017		—		1,909,057		16,075,128		—		17,984,185
S&P Small Cap Index Fund	2016		—		408,132		4,842,659		—		5,250,791
	2017		—		515,196		2,359,926		—		2,875,122
Shelton Core Value Fund	2016		—		3,534,457		2,624,819		—		6,159,276
	2017		—		7,119,111		20,267,299		—		27,386,410
European Growth & Income Fund	2016		—		234,972		—		—		234,972
	2017		—		245,476		—		—		245,476
Nasdaq-100 Index Fund	2016		—		2,545,230		—		—		2,545,230
	2017		—		2,574,293		—		—		2,574,293
Green Alpha Fund	2016		—		—		—		—		—
	2017		—		—		—		—		—

(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, 2017.

Note 6 - OFFSETTING OF FINANCIAL INSTRUMENTS AND DERIVATIVE ASSETS AND LIABILITIES

The following is a summary of financial and derivative instruments and collateral received and pledged in connection with such arrangements.

								Gross Amounts Not Offset in the Statement of Assets & Liabilities
		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments		Collateral Pledged/Received			Net Amount
S&P 500 Index Fund:	Assets
Futures Contracts		$	—	$	—	$	—	$	—	$	—	$	—
			—		—		—		—		—		—
	Liabilities
	Future Contracts	$	51,375	$	—	$	51,375	$	—	$	51,375	$	—
			51,375		—		51,375		—		51,375		—

S&P MidCap Index Fund:	Assets
Futures Contracts		$	—	$	—	$	—	$	—	$	—	$	—
			—		—		—		—		—		—
	Liabilities
	Future Contracts	$	2,290	$	—	$	2,290	$	—	$	2,290	$	—
			2,290		—		2,290		—		2,290		—

S&P SmallCap Index Fund:	Assets
Futures Contracts		$	—	$	—	$	—	$	—	$	—	$	—
			—		—		—		—		—		—
	Liabilities
	Future Contracts	$	6,775	$	—	$	6,775	$	—	$	6,775	$	—
			6,775		—		6,775		—		6,775		—

Shelton Funds

Notes to Financial Statements (Unaudited) (Continued)

February 28, 2018

								Gross Amounts Not Offset in the Statement of Assets & Liabilities
		Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments		Collateral Pledged/Received			Net Amount
Nasdaq-100 Index Fund:	Assets
Futures Contracts		$	—	$	—	$	—	$	—	$	—	$	—
			—		—		—		—		—		—
	Liabilities
	Future Contracts	$	189,805	$	—	$	189,805	$	—	$	189,805	$	—
			189,805		—		189,805		—		189,805		—

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

A Special Meeting of Shareholders of the European Growth and Income Fund, a series of Shelton Funds has been scheduled for June 15, 2018 (the “Special Meeting”) to vote on the proposal to reorganize (the “Reorganization”) of the European Growth and Income Fund into Shelton International Select Equity Fund (the “International Select Equity Fund”), a series of SCM Trust. The Reorganization is expected to take effect on or about June 22, 2018.

Fund Holdings (Unaudited)

The Fund holdings shown in this report are as of February 28, 2018. Holdings are subject to change at any time, so holdings shown in this report may not reflect current Fund holdings. The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Form N-Q is available on the SEC’s website at www.sec.gov and may be reviewed and copied at the Commission’s Public Reference Room, 100 F. Street N.E., Room 1580, Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling (800) SEC- 0330. The information filed in the Form N-Q also may be obtained by calling (800) 955-9988.

Proxy Voting Policies, Procedures and Voting Records (Unaudited)

The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds use to determine how to vote proxies relating to portfolio securities, along with each Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended June 30, is available upon request, at no charge, at the phone number below, or on the SEC’s website at www.sec.gov.

This report is submitted for the general information of the shareholders of the Shelton Funds. It is authorized for distribution only if preceded or accompanied by a current Shelton Funds prospectus. Additional copies of the prospectus may be obtained by calling (800) 955-9988 or can be downloaded from the Funds’ website at www.sheltoncap.com. Please read the prospectus carefully before you invest or send money, as it explains the risks, fees and expenses of investing in the Funds.

Board of Trustees and Executive Officers (Unaudited)

Overall responsibility for management of the Funds rests with the Board of Trustees. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement or removal. The Trustees, in turn, elect the officers of the Fund to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and Executive Officers of the Funds:

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

Each Trustee oversees the Trust’s eleven Funds. The principal occupations of the Trustees and Executive Officers of the Funds during the past five years and public directorships held by the Trustees are set forth below:

Stephen C. Rogers*	Chief Executive Officer, Shelton Capital Management, 1999 to present.
Kevin T. Kogler	President & 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.

Board Approval of the Investment Advisory Agreements (Unaudited)

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 Agreements dated January 1, 2007 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”);

California Tax-Free Income Fund;

European Growth & Income Fund;

Nasdaq-100 Index Fund;

S&P 500 Index Fund;

S&P MidCap Index Fund;

S&P SmallCap Index Fund;

Shelton Core Value Fund;

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

The United States Treasury Trust; and

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 7-8, 2018, 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, 2019:

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, are satisfactory and reliable.

Investment Performance

The Board considered each Fund’s investment results in comparison to its stated investment objectives. The Trustees reviewed the short-term and long-term performance of each 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:

Board Approval of the Investment Advisory Agreements (Unaudited) (Continued)

•

For the California Tax-Free Income Fund, it was noted that, in the California Municipal Intermediate category, the Fund was in the third quartile over the 10-year period and the fourth quartile over the 1-year, 3-year and 5-year periods.

•

For the European Growth & Income Fund, it was noted that the performance of the Fund was in the third quartile over the 1-year, 3-year, and 10-year periods, and in the fourth quartile over the 5-year period.

•

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. The Trustees noted with approval that the Fund was tracking its benchmark very closely.

•

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, 5-year, and 10-year period, and the third quartile over the 1-year period. The Trustees noted with approval that the Fund was tracking its benchmark very closely.

•

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

•

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

•

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

•

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

•

For The 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 1-year period, the second quartile over the 3-year and 10-year periods, and the third quartile over the 5-year period.

The Board received a satisfactory explanation of the reasons underlying the performance of the lower performing Funds and SCM articulated a strategy for improving performance of these Funds. The Board ultimately concluded that SCM’s 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 Trustees also noted the Funds pay certain administrative services that were previously provided to the Funds by SCM at SCM’s expense.

The Board noted that the total management fees charged to most Funds were generally lower than the industry median for comparable funds, with the exception of the California Tax-Free Income Fund, the European Growth & Income Fund, the Short-Term U.S. Govt. Bond Fund, The United States Treasury Trust, and the U.S. Government Securities Fund, each of which was above 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 European Growth & 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, as well as the resulting level of profits to SCM and Green Alpha, respectively. 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 February 7-8, 2018 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.

Conclusions

Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that each 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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1050 17th St, Ste 1710

Denver, CO 80265

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: April 27, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	Date: April 27, 2018

By	/s/ William P. Mock
	William P. Mock, Treasurer
	Date: April 27, 2018