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
811-21317
(Exact name of registrant as specified in charter)
1061 Cliff Dawson Road, Watkinsville, Georgia 30677
(Address of principal executive offices)(Zip code)
Jennifer T. Welsh, Esq.
ALPS Fund Services, Inc., 1290 Broadway, Suite 1100, Denver, CO 80203
(Name and address of agent for service)
Registrant's telephone number, including area code:
(706) 583-5207
Date of fiscal year end:
May 31, 2013
Date of reporting period:
June 1, 2013 through November 30, 2013
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. § 3507.
Item 1. Reports to Stockholders.
SEMI-ANNUAL REPORT
November 30, 2013
STADION MANAGED FUND
STADION CORE ADVANTAGE FUND
STADION OLYMPUS FUND™
STADION TRILOGY FUND™
STADION TACTICAL INCOME FUND
STADION MARKET OPPORTUNITY FUND
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Letter to Shareholders
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1
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Performance Information
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4
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Disclosure of Fund Expenses
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16
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Schedules of Investments
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18
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Statements of Assets and Liabilities
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27
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Statements of Operations
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29
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Statements of Changes in Net Assets
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31
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Financial Highlights
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35
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Notes to Financial Statements
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52
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Additional Information
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62
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Stadion Investment Trust
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Letter to Shareholders
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November 30, 2013 (Unaudited)
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Dear Stadion Shareholder,
We are pleased to present the semi-annual report for the six months ended November 29, 2013 for Stadion Managed Fund, Stadion Core Advantage Fund, and our newer funds – the Stadion Olympus Fund, the Stadion Trilogy Fund, the Stadion Tactical Income Fund, and the Stadion Market Opportunity Fund. Each is a series of Stadion Investment Trust.
6 Month Market Condition Overview
Equity Markets
During the past six months equity markets have oscillated with the general trend being positive, but with some extended periods of market declines. During this time equity indices such as the S&P 500 Index traded in a rather wide range from a low of 1573.09 on June 24, 2013 to a high of 1807.23 reached just prior to the end of November.
The June 20th trading session, the day following the Fed’s comments discussing the possibility of decreasing the $85 Billion per month bond purchase programs, was especially volatile with the S&P losing about 2.5%, easily the largest single day decline of 2013 up to that point, as well as the biggest single day loss in over a year and a half, since November 2011. By June 24
th
the market had dipped 4.77% from its high for the month. Subsequently, Fed speakers indicated that any tapering of bond purchases would be postponed. This seemed to allow equity markets to rally briefly into early August, but by August 15
th
that price action quickly tuned negative again as most equity markets worldwide dropped with the US Market being one of the hardest hit with the S&P 500 Index dropping 4.63% from its early month peak.
September brought renewed positive price action, but again the rally only lasted 13 trading days as the uncertainty of potential fiscal gridlock in Washington DC and a shutdown of most non-essential government functions loomed causing another dip in equity prices that lasted into October when both political parties were finally able to come to at least a temporary agreement on fiscal issues. With the temporary debt ceiling agreement and the Fed delaying the tapering of asset purchases equity prices were able to trundle higher through the end of November.
Bond Markets
Interest rates continued to climb during the 1
st
half of the previous 6 month period. We saw rates on the 10-year Treasury bond start the end of May at the 2.10% level. After a rampant climb towards the end of June (over 0.40% in the span of 5 days), rates continued to climb, eventually reaching a high of 3% in the beginning of September. From that high point, rates retreated over the following two months, retracing nearly ½ of the June-September climb to close October back near the 2.5% level. However, over the last month rates turned around and retraced ½ of the September-October decline, climbing back up 0.25% to close out the period at 2.75%. During June, both investment grade and high yield spreads widened dramatically, having a ‘double whammy’ effect on those sectors in light of interest rates also spiking. However, during the beginning of July spreads tightened to recover nearly all of the June losses, and subsequently continued to tighten through the remainder of the period.
Stadion Managed Fund and Stadion Core Advantage Fund
We incorporate Stadion Managed and Core Advantage Funds together since both are guided by Stadion’s long-term proprietary, technically-based, trend following model. The difference is that Managed is ‘fully unconstrained,’ ranging from 100% equity exposure to 100% cash or cash equivalents, while Core Advantage employs a core-satellite structure, with 50% (satellite) actively managed using our tactical model, and 50% (core) tactically managed and fully invested at all times. Both employ broad-based market index exchange-traded funds (“ETFs”), major sector-based, international and, at times, specialty ETFs. Percentages of holdings are determined by the relative strength of employed asset classes as determined by our proprietary model. Our process for entering newly up trending markets is to generally stick with large liquid market-based ETFs, and then as the trend more fully develops, broaden exposure according to where our model identifies the best opportunities. During favorable conditions, we also utilize an active trade-up process, which means we constantly evaluate holdings, using our technical ranking and screening system to replace under-performers with what we believe will be better performing holdings.
Core Advantage may be appropriate for those who want approximately half of their investment positioned in the market at all times, and Managed for those seeking as much protection from declining markets as Stadion can offer.
Stadion Managed Fund and Stadion Core Advantage Fund Performance
During the 6 months ended November 30, 2013 the equity markets, as reflected by key indexes, were positive. The S&P 500 Index was up 11.91%, the Nasdaq Composite Index rose 9.37%, the Russell 2000 Index rose 16.88%, and the Dow Jones Industrial Average was up 7.71%. During the same period, Managed Fund – Class A was down -1.64% and Core Advantage Fund – Class A was up 3.19%%. These numbers exclude the impact of the 5.75% sales load.
Stadion Olympus Fund
Stadion’s international entry, the Stadion Olympus Fund, launched April 2, 2012. Although Olympus presents higher risk/return characteristics among our lineup of defensive funds, like all Stadion portfolios, it is designed to mitigate risk. It is similar to the Stadion Managed Fund in using a
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Semi-Annual Report | November 30, 2013
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1
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Stadion Investment Trust
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Letter to Shareholders
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November 30, 2013 (Unaudited)
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trend-following model to help assess market conditions to identify when to be invested. With a security ranking measure to identify leading asset classes, it can move to fully defensive positions when risk levels are deemed high. Olympus borrows from Stadion's domestic model by leveraging cyclical price measures for long term trend exposure, intermediate term price measures for more reactive and adaptive allocations, and a risk management overlay incorporating speculative emerging market trends and volatility to help guide shorter term allocations within the intermediate and longer term mandates. When fully defensive, the Fund has the ability to invest in cash or money market funds.
November capped a challenging six month period for the Stadion Olympus Strategy as markets shifted direction from up to down to up again, always troubling for any trend following strategy.
For the six month period ending November 29, 2013 Stadion Olympus Fund Class A returned 1.07%, which does not include a deduction for the 5.75% sales load. The benchmarks for Olympus include the MSCI EAFE and the MSCI Emerging market Indices which were up 12.35% and 2.51% respectfully for the six months ending November 29, 2013. Because Stadion's Olympus measures a combination of intermediate and longer-term signals on 34 major world benchmarks, including developed and emerging markets, Olympus’ returns will therefore be positioned between the developed and emerging international markets, as occurred for much of this period.
The month of June provided a decline of approximately 14% for the emerging markets and roughly half or approximately 7% for the developed markets. As we entered this period our technical indicators began to identify increased risk in the international markets and the Fund was only partially invested moving to a fully defensive position by mid- June experiencing only a 2.5% decline. By July sentiment was beginning to turn more bullish globally based on improving economic data and perceived cheaper valuations driven primarily in the larger developed markets. This trend continued through November 2013.
Weak markets like Japan and volatility in the emerging markets along with their underperformance over the six month period resulted in Olympus being underinvested for the majority of the period as European equities were the lone standout in the international space.
Stadion Trilogy Fund
The Stadion Trilogy Fund is a multi-strategy portfolio designed to generate positive returns regardless of market direction, with an emphasis on lower risk and volatility than the U.S. equity markets. Trilogy is designed to be uncorrelated to traditional asset classes and maintains risk management positions at all times. The portfolio consists of an equity component, an income component and a trend component. The allocation to each component varies based on Trilogy's investment model. While Trilogy's goal is to produce positive returns annually, monthly returns within the components may be asymmetrical according to the periodic valuations of positions.
For the six month period ended November 30, 2013, the Stadion Trilogy Fund Class A (excluding impact of 5.75% sales load) returned 1.01% while the Barclay’s U.S. Aggregate Bond Index was down -0.56% and the S&P 500 Index was up 11.91%%.
Stadion Tactical Income Fund
The Stadion Tactical Income Fund joined our lineup at the end of 2012. The strategy will normally allocate 60-70% of the assets to a sector-rotation type strategy which will be comprised of exposures found in the Barclays U.S. Aggregate Bond Index (treasuries, investment-grade credit, and MBS). The credit exposure and duration of these holdings will be determined by which segments are showing stronger trends than that of the Aggregate. The strategy will also allocate 30-40% of the assets to either high yield securities or treasuries. This allocation is determined by our existing equity-based model. The strategy also has the ability to allocate to other asset classes (i.e. Emerging Markets, TIPS, floating rate, non-US Dollar, etc.) based our on ranking mechanism.
During the first five months of the calendar year, the Fund traded in line with its benchmark. However, June was a challenging month for the Fund. The Fund was affected by the aforementioned spike in both interest rates and credit spreads during the month. Additionally, concerns in China negatively affected our small position in Dim Sum bonds, which traded nearly 4% lower during the same time period. These three effects took their toll on the Fund’s performance. However, from that point going forward, the Fund traded much closer to its benchmark. Due to our short duration/higher spread positioning relative to the benchmark; the Fund had positive performance but trailed slightly during the September rate rally. This was followed by outperformance over the next couple months as rates again climbed. Overall for the period from May 31 through November 29
th
, the Fund’s Class A returned -2.25% (excluding impact of 5.75% sales load) as compared to -0.56% for the benchmark.
Stadion Market Opportunity Fund
On April 1, 2013, after shareholder approval, the ETF Market Opportunity Fund was reorganized into the Stadion Investment Trust and renamed the Stadion Market Opportunity Fund. Stadion Money Management, LLC (“Stadion”) of Watkinsville, Georgia became the adviser to the Fund. The Fund commenced operation on May 3, 2004.
Just like Stadion's other funds, Market Opportunity follows a rules based, disciplined, proprietary model that quantitatively ranks all actively traded ETF’s which first pass a fundamental review. The ranking is based upon risk adjusted return. The holdings of the Fund are adjusted so that the ETFs
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Stadion Investment Trust
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Letter to Shareholders
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November 30, 2013 (Unaudited)
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showing strength in the model are purchased and held. Those showing weakness in the model are sold or not considered for purchase. The goal of the Fund’s investment process is to produce above market returns while assuming below market risk. What differentiates Market Opportunity from Stadion's trend following strategies is that instead of going to cash, the model will attempt to signal a mix of defensive and non-correlated assets to allocate amongst during turbulent times with a goal of providing better risk adjusted returns over time.
For the six month period ended November 30, 2013, the Stadion Market Opportunity Fund Class I returned 8.10% while the S&P 500 Index was
up 11.91%.
Stadion Model Observations and Market Outlook
We are now approaching 60 months of a cyclical bull market and through these cyclical bull-market colored glasses things still appear rosy, which is just the moment you should question what can go wrong, especially with another fiscal debate looming as well as a tapering of never before seen levels of stimulus. With the market reaching new all-time highs we are reminded of the risks that are often overlooked during this phase of the market cycle.
Remember, all markets move in cycles and at
this point we believe that the need for risk protection within a portfolio is as important as ever. It is precisely why we have a full suite of investment strategies offering a defensive bias.
At Stadion we emphasize lasting results. Stadion’s defensive strategies incorporate a disciplined, long term approach to investing. At Stadion, we focus on full market cycles (FMC). FMC’s are not specified durations but rather the time it takes for the market to experience the full range of market conditions.
Thank you for your continued support and allowing us to serve you and the Funds. Please feel free to contact us with any questions or concerns.
Sincerely,
Stadion Money Management
Brad Thompson, CFA
Chief Investment Officer
Stadion Money Management, LLC
The views in this report were those of the Funds’ investment adviser as of the date of this Report and may not reflect their views on the date this report is first published or anytime thereafter. These views are intended to assist shareholders in understanding their investment in the Funds and do not constitute investment advice.
Investment in the Funds are subject to investment risks, including, without limitation, market risk, management style risk, risks related to “fund of funds” structure, sector risk, fixed income risk, tracking risk, risks related to ETF net asset value and market price, foreign securities risk, risks related to portfolio turnover and small capitalization companies risk. Since the Funds are a “fund of funds,” an investor will indirectly bear fees and expenses charged by the underlying ETFs and investment companies in which the Funds invest in addition to the Funds’ direct fees and expenses.
Derivative instruments can be volatile and the potential loss to the Funds may exceed the Funds’ initial investment. Derivative instruments may be difficult to value and may be subject to wide swings in valuations caused by changes in the value of the underlying instrument. The use of these instruments requires special skills and knowledge of investment techniques that are different than those normally required for purchasing and selling securities. The Funds could also experience losses if they are unable to close out a position because the market for an instrument or position is or becomes illiquid.
The Funds’ foreign investments generally carry more risks than funds that invest strictly in U.S. assets, including currency risk, geographic risk, and emerging market risk. Risks can also result from varying stages of economic and political development; differing regulatory environments trading days, and accounting standards; and higher transaction costs of non-U.S. markets.
More information about these risks and other risks can be found in the Funds’ prospectus.
The S&P 500
®
Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation.
It is a market-value weighted index. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes.
Beta is a measure of systematic risk, or the sensitivity of a manager to movements in the benchmark. A beta of 1 implies that you can expect the movement of a manager’s return series to match that of the benchmark used to measure beta.
Correlation is a measure of how investments move in relation to one another. A correlation of 1 means the two asset classes move exactly in line with each other, while a correlation of -1 means they move in the exact opposite direction.
One may not invest directly in an index.
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Semi-Annual Report | November 30, 2013
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3
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Stadion Managed Fund
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Performance Information
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November 30, 2013 (Unaudited)
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Comparison of the Change in Value of a $10,000 Investment in Stadion Managed Fund
(a)
, the S&P 500
®
Total Return Index and 80% S&P 500
®
and 20% Barclays U.S. Aggregate Bond Index
Average Annual Total Returns
(b)
(for periods ended November 30, 2013)
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6 Month
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1 Year
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5 Year
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Since Inception
(c)
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Stadion Managed Fund - A - NAV
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-1.64%
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5.93%
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2.51%
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2.93%
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Stadion Managed Fund - A - POP
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-7.29%
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-0.20%
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1.30%
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2.09%
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Stadion Managed Fund - C - NAV
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-2.09%
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5.13%
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1.69%
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2.11%
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Stadion Managed Fund - C - CDSC
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-3.07%
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4.13%
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1.69%
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2.11%
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Stadion Managed Fund - I - NAV
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-1.63%
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6.10%
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2.74%
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3.17%
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S&P 500
®
Total Return Index
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11.91%
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30.30%
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17.60%
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6.72%
(d)
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80% S&P 500
®
and 20% Barclays US Aggregate Bond Index
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9.35%
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23.30%
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15.28%
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6.65%
(d)
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(a)
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The line graph above represents performance of Class A shares only, which will vary from the performance of Class C and Class I shares based on the difference in loads and fees paid by shareholders in different classes. The change in value of the initial $10,000 investment shown for Class A shares in the line graph reflects the maximum front-end sales load of 5.75%.
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(b)
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Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns shown do include the effect of applicable sales loads.
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(c)
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Class A, Class C and I shares of the Fund commenced operations on September 15, 2006, October 1, 2009 and May 28, 2010, respectively. The performance shown for Class C and I shares for periods pre-dating the commencement of operations of those classes reflects the performance of the Fund’s Class A shares, the initial share class, calculated using the fees and expenses of Class C and I shares respectively and without the effect of any fee and expense limitations or waivers. If Class C and I shares of the Fund had been available during periods prior to October 1, 2009 and May 28, 2010, respectively, the performance shown may have been different.
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(d)
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Represents the period from September 15, 2006 (date of original public offering of Class A shares) through November 30, 2013.
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The performance information quoted above represents past performance and past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data, current to the most recent month end, may be obtained by calling 1-800-222-7636. An investor should consider a Fund’s investment objectives, risks, and charges and expenses carefully before investing. The Fund’s prospectus contains this and other important information. For information on the Fund’s expense ratios, please see the Financial Highlights tables found within this Report.
The Total Annual Fund Operating Expenses for Class A, Class C and Class I are
1.84%, 2.60%
and
1.64%,
respectively.
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Stadion Managed Fund
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Performance Information
|
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November 30, 2013 (Unaudited)
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POP, the “Public Offering Price”, and NAV, the “Net Asset Value” price, are terms used to describe what share price was applied to Class A and/or Class C shares at the time of purchase. A CDSC (“Contingent Deferred Sales Charge”) is a redemption fee that can be applied if purchased shares are redeemed prior to a specified holding period. For additional information please consult the Fund’s Prospectus.
The S&P 500
®
Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes.
The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.
An investor may not invest directly in an index.
Diversification does not eliminate the risk of experiencing investment losses.
Information included or referred to on, or otherwise accessible through, our website is not intended to form part of or be incorporated into this report or the Fund's prospectus.
Portfolio Composition (as a % of net assets)
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Semi-Annual Report | November 30, 2013
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5
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Stadion Core Advantage Fund
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November 30, 2013 (Unaudited)
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Comparison of the Change in Value of a $10,000 Investment in Stadion Core Advantage Fund
(a)
, the S&P 500
®
Total Return Index and 80% S&P 500
®
and 20% Barclays U.S. Aggregate Bond Index
Average Annual Total Returns
(b)
(for periods ended November 30, 2013)
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6 Month
|
1 Year
|
5 Year
|
Since Inception
(c)
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Stadion Core Advantage Fund - A - NAV
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3.19%
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15.31%
|
8.54%
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3.75%
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Stadion Core Advantage Fund - A - POP
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-2.73%
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8.72%
|
7.26%
|
2.90%
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Stadion Core Advantage Fund - C - NAV
|
2.78%
|
14.27%
|
7.69%
|
2.93%
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Stadion Core Advantage Fund - C - CDSC
|
1.78%
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13.27%
|
7.69%
|
2.93%
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Stadion Core Advantage Fund - I - NAV
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3.31%
|
15.46%
|
8.77%
|
3.96%
|
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S&P 500
®
Total Return Index
|
11.91%
|
30.30%
|
17.60%
|
6.72%
(d)
|
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80% S&P 500
®
and 20% Barclays US Aggregate Bond Index
|
9.35%
|
23.30%
|
15.28%
|
6.65%
(d)
|
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(a)
|
The line graph above represents performance of Class A shares only, which will vary from the performance of Class C and Class I shares based on the difference in loads and fees paid by shareholders in different classes. The change in value of the initial $10,000 investment shown for Class A shares in the line graph reflects the maximum front-end sales load of 5.75%.
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(b)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns shown do include the effect of applicable sales loads.
|
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(c)
|
Class A, Class C and I shares of the Fund commenced operations on September 15, 2006, October 1, 2009 and May 28, 2010, respectively. The performance shown for Class C and I shares for periods pre-dating the commencement of operations of those classes reflects the performance of the Fund’s Class A shares, the initial share class, calculated using the fees and expenses of Class C and I shares respectively and without the effect of any fee and expense limitations or waivers. If Class C and I shares of the Fund had been available during periods prior to October 1, 2009 and May 28, 2010, respectively, the performance shown may have been different.
|
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(d)
|
Represents the period from September 15, 2006 (date of original public offering of Class A shares) through November 30, 2013.
|
The performance information quoted above represents past performance and past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data, current to the most recent month end, may be obtained by calling 1-800-222-7636. An investor should consider a Fund’s investment objectives, risks, and charges and expenses carefully before investing. The Fund’s prospectus contains this and other important information. For information on the Fund’s expense ratios, please see the Financial Highlights tables found within this Report.
The Total Annual Fund Operating Expenses for Class A, Class C and Class I are
2.25%, 3.45%
and
2.63 %,
respectively. The Fund’s investment advisor, Stadion Money Management, LLC (the “Advisor”) has agreed to waive fees and reimburse for other operating expenses (exclusive of interest expense on
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Stadion Core Advantage Fund
|
Performance Information
|
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November 30, 2013 (Unaudited)
|
any borrowings, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and payments, if any, under a Rule 12b-1 Distribution Plan) in excess of 1.70% of the average daily net assets for Class A, Class C, and Class I, until at least October 1, 2014.
POP, the “Public Offering Price”, and NAV, the “Net Asset Value” price, are terms used to describe what share price was applied to Class A and/or Class C shares at the time of purchase. A CDSC (“Contingent Deferred Sales Charge”) is a redemption fee that can be applied if purchased shares are redeemed prior to a specified holding period. For additional information please consult the Fund’s Prospectus.
The S&P 500
®
Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes.
The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.
An investor may not invest directly in an index.
Diversification does not eliminate the risk of experiencing investment losses.
Information included or referred to on, or otherwise accessible through, our website is not intended to form part of or be incorporated into this report or the Fund's prospectus.
Portfolio Composition (as a % of net assets)
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Semi-Annual Report | November 30, 2013
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7
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Stadion Olympus Fund
™
|
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November 30, 2013 (Unaudited)
|
Comparison of the Change in Value of a $10,000 Investment in Stadion Olympus Fund™
(a)
and the
MSCI World ex USA Index
Average Annual Total Returns
(b)
(for periods ended November 30, 2013)
|
|
6 Month
|
1 Year
|
Since Inception
(c)
|
|
Stadion Olympus Fund™ - A - NAV
|
1.07%
|
8.30%
|
1.92%
|
|
Stadion Olympus Fund™ - A - POP
|
-4.74%
|
2.09%
|
-1.65%
|
|
Stadion Olympus Fund™ - C - NAV
|
0.72%
|
7.51%
|
1.15%
|
|
Stadion Olympus Fund™ - C - CDSC
|
-0.28%
|
6.51%
|
1.15%
|
|
Stadion Olympus Fund™ - I - NAV
|
1.19%
|
8.58%
|
2.21%
|
|
MSCI World ex USA Index
|
9.51%
|
18.75%
|
11.44%
(d)
|
|
(a)
|
The line graph above represents performance of Class A shares only, which will vary from the performance of Class C and Class I shares based on the difference in loads and fees paid by shareholders in different classes. The change in value of the initial $10,000 investment shown for Class A shares in the line graph reflects the maximum front-end sales load of 5.75%.
|
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(b)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns shown do include the effect of applicable sales loads.
|
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(c)
|
Class A inception: 04/02/12; Class C inception: 04/02/12; Class I inception: 04/02/12.
|
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(d)
|
Represents the period from April 2, 2012 (date of original public offering of Class A shares) through November 30, 2013.
|
The performance information quoted above represents past performance and past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data, current to the most recent month end, may be obtained by calling 1-800-222-7636. An investor should consider a Fund’s investment objectives, risks, and charges and expenses carefully before investing. The Fund’s prospectus contains this and other important information. For information on the Fund’s expense ratios, please see the Financial Highlights tables found within this Report.
The Total Annual Fund Operating Expenses for Class A, Class C and Class I are
3.29%, 73.63%
and
4.10%,
respectively. The Fund’s investment advisor, Stadion Money Management, LLC (the “Advisor”) has agreed to waive fees and reimburse for other operating expenses (exclusive of interest expense on any borrowings, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and payments, if any, under a Rule 12b-1 Distribution Plan) in excess of 1.70% of the average daily net assets for Class A, Class C, and Class I, until at least October 1, 2014.
POP, the “Public Offering Price”, and NAV, the “Net Asset Value” price, are terms used to describe what share price was applied to Class A and/or Class C shares at the time of purchase. A CDSC (“Contingent Deferred Sales Charge”) is a redemption fee that can be applied if purchased shares are redeemed prior to a specified holding period. For additional information please consult the Fund’s Prospectus.
|
Stadion Olympus Fund
™
|
|
|
|
November 30, 2013 (Unaudited)
|
The MSCI World ex USA Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets excluding the United States.
An investor may not invest directly in an index.
Diversification does not eliminate the risk of experiencing investment losses.
Information included or referred to on, or otherwise accessible through, our website is not intended to form part of or be incorporated into this report or the Fund's prospectus.
Portfolio Composition (as a % of net assets)
|
|
|
|
Semi-Annual Report | November 30, 2013
|
9
|
|
Stadion Trilogy Fund
™
|
|
|
|
November 30, 2013 (Unaudited)
|
Comparison of the Change in Value of a $10,000 Investment in Stadion Trilogy Fund™
(a)
and the S&P 500
®
Total Return Index
Average Annual Total Returns
(b)
(for periods ended November 30, 2013)
|
|
6 Month
|
1 Year
|
Since Inception
(c)
|
|
Stadion Trilogy Fund™ - A - NAV
|
1.01%
|
3.49%
|
4.15%
|
|
Stadion Trilogy Fund™ - A - POP
|
-4.84%
|
-2.46%
|
0.51%
|
|
Stadion Trilogy Fund™ - C - NAV
|
0.58%
|
2.75%
|
3.41%
|
|
Stadion Trilogy Fund™ - C - CDSC
|
-0.42%
|
1.75%
|
3.41%
|
|
Stadion Trilogy Fund™ - I - NAV
|
1.16%
|
3.78%
|
4.43%
|
|
S&P 500
®
Total Return Index
|
11.91%
|
30.30%
|
18.19%
(d)
|
|
(a)
|
The line graph above represents performance of Class A shares only, which will vary from the performance of Class C and Class I shares based on the difference in loads and fees paid by shareholders in different classes. The change in value of the initial $10,000 investment shown for Class A shares in the line graph reflects the maximum front-end sales load of 5.75%.
|
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns shown do include the effect of applicable sales loads.
|
|
(c)
|
Class A inception: 04/02/12; Class C inception: 04/02/12; Class I inception: 04/02/12.
|
|
(d)
|
Represents the period from April 2, 2012 (date of original public offering of Class A shares) through November 30, 2013.
|
The performance information quoted above represents past performance and past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data, current to the most recent month end, may be obtained by calling 1-800-222-7636. An investor should consider a Fund’s investment objectives, risks, and charges and expenses carefully before investing. The Fund’s prospectus contains this and other important information. For information on the Fund’s expense ratios, please see the Financial Highlights tables found within this Report.
The Total Annual Fund Operating Expenses for Class A, Class C and Class I are
2.08%, 3.51%
and
2.16%,
respectively. The Fund’s investment advisor, Stadion Money Management, LLC (the “Advisor”) has agreed to waive fees and reimburse for other operating expenses (exclusive of interest expense on any borrowings, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and payments, if any, under a Rule 12b-1 Distribution Plan) in excess of 1.70% of the average daily net assets for Class A, Class C, and Class I, until at least October 1, 2014.
POP, the “Public Offering Price”, and NAV, the “Net Asset Value” price, are terms used to describe what share price was applied to Class A and/or Class C shares at the time of purchase. A CDSC (“Contingent Deferred Sales Charge”) is a redemption fee that can be applied if purchased shares are redeemed prior to a specified holding period. For additional information please consult the Fund’s Prospectus.
|
Stadion Trilogy Fund
™
|
|
|
|
November 30, 2013 (Unaudited)
|
The S&P 500
®
Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes.
An investor may not invest directly in an index.
Diversification does not eliminate the risk of experiencing investment losses.
Information included or referred to on, or otherwise accessible through, our website is not intended to form part of or be incorporated into this report or the Fund's prospectus.
Portfolio Composition (as a % of net assets)
|
|
|
|
Semi-Annual Report | November 30, 2013
|
11
|
|
Stadion Tactical Income Fund
|
|
|
|
November 30, 2013 (Unaudited)
|
Comparison of the Change in Value of a $10,000 Investment in Stadion Tactical Income Fund
(a)
and Barclays Capital U.S. Aggregate Bond Index
Average Annual Total Returns
(b)
(for periods ended November 30, 2013)
|
|
6 Month
|
Since Inception
(c)
|
|
Stadion Tactical Income Fund - A - NAV
|
-2.25%
|
-3.13%
|
|
Stadion Tactical Income Fund - A - POP
|
-7.83%
|
-8.70%
|
|
Stadion Tactical Income Fund - I - NAV
|
-2.10%
|
-2.20%
|
|
Barclays Capital U.S. Aggregate Bond Index
|
-0.56%
|
-1.47%
(d)
|
|
(a)
|
The line graph above represents performance of Class A shares only, which will vary from the performance of Class I shares based on the difference in loads and fees paid by shareholders in different classes. The change in value of the initial $10,000 investment shown for Class A shares in the line graph reflects the maximum front-end sales load of 5.75%.
|
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns shown do include the effect of applicable sales loads.
|
|
(c)
|
Class A inception: 12/31/12; Class I inception: 2/14/13.
|
|
(d)
|
Represents the period from December 31, 2012 (date of original public offering of Class A shares) through November 30, 2013.
|
The performance information quoted above represents past performance and past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data, current to the most recent month end, may be obtained by calling 1-800-222-7636. An investor should consider a Fund’s investment objectives, risks, and charges and expenses carefully before investing. The Fund’s prospectus contains this and other important information. For information on the Fund’s expense ratios, please see the Financial Highlights tables found within this Report.
The Total Annual Fund Operating Expenses for Class A and Class I are
1.68%
and
1.39%,
respectively. The Fund’s investment advisor, Stadion Money Management, LLC (the “Advisor”) has agreed to waive fees and reimburse for other operating expenses (exclusive of interest expense on any borrowings, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and payments, if any, under a Rule 12b-1 Distribution Plan) in excess of 1.15% of the average daily net assets for Class A and Class I, until at least October 1, 2014.
POP, the “Public Offering Price”, and NAV, the “Net Asset Value” price, are terms used to describe what share price was applied to Class A shares at the time of purchase. For additional information please consult the Fund’s Prospectus.
The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.
Stadion Tactical Income Fund
|
|
|
|
November 30, 2013 (Unaudited)
|
An investor may not invest directly in an index.
Diversification does not eliminate the risk of experiencing investment losses.
Information included or referred to on, or otherwise accessible through, our website is not intended to form part of or be incorporated into this report or the Fund's prospectus.
Portfolio Composition (as a % of net assets)
|
|
|
|
Semi-Annual Report | November 30, 2013
|
13
|
Stadion Market Opportunity Fund
|
|
|
|
November 30, 2013 (Unaudited)
|
Comparison of the Change in Value of a $10,000 Investment in Stadion Market Opportunity Fund
(a)
, the S&P 500
®
Total Return Index and 80% S&P 500
®
and 20% Barclays U.S. Aggregate Bond Index
Average Annual Total Returns
(b)
(for periods ended November 30, 2013)
|
|
6 Month
|
1 Year
|
5 Year
|
Since Inception
(d)
|
|
Stadion Market Opportunity Fund - A – NAV
(C)
|
7.99%
|
20.37%
|
16.03%
|
6.71%
|
|
Stadion Market Opportunity Fund - A - POP
(C)
|
1.82%
|
13.45%
|
14.66%
|
6.05%
|
|
Stadion Market Opportunity Fund - C - NAV
(C)
|
7.54%
|
19.45%
|
15.16%
|
5.91%
|
|
Stadion Market Opportunity Fund - C - CDSC
(C)
|
6.54%
|
18.45%
|
15.16%
|
5.91%
|
|
Stadion Market Opportunity Fund - I - NAV
|
8.10%
|
20.71%
|
16.32%
|
6.98%
|
|
S&P 500
®
Total Return Index
|
11.91%
|
30.30%
|
17.60%
|
7.38%
(e)
|
|
80% S&P 500
®
and 20% Barclays US Aggregate Bond Index
|
9.35%
|
23.30%
|
15.28%
|
7.06%
(e)
|
|
(a)
|
The line graph above represents performance of Class I shares only, which will vary from the performance of Class A and Class C shares based on the difference in loads and fees paid by shareholders in different classes.
|
|
(b)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. Returns do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Total returns shown do include the effect of applicable sales loads.
|
|
(c)
|
The performance shown includes that of the predecessor Fund, the ETF Market Opportunity Fund, a series of Aviemore Trust, which was reorganized into the Fund, as of the close of business on March 29, 2013. Performance information for Class A and Class C shares prior to April 1, 2013, reflects the performance of Class I shares adjusted for the higher expenses paid by Class A and Class C shares.
|
|
(d)
|
Class I, Class A and C shares of the Fund commenced operations on April 29, 2004, April 1, 2013 and April 1, 2013, respectively. The performance shown for Class A and C shares for periods pre-dating the commencement of operations of those classes reflects the performance of the Fund’s Class I shares, the initial share class, calculated using the fees and expenses of Class A and C shares respectively and without the effect of any fee and expense limitations or waivers. If Class A and C shares of the Fund had been available during periods prior to
April 1, 2013, the performance shown may have been different.
|
|
(e)
|
Represents the period from April 29, 2004 (date of original public offering of Class I shares) through November 30, 2013
|
The performance information quoted above represents past performance and past performance does not guarantee future results. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance data, current to the most recent month end, may be obtained by calling 1-800-222-7636. An investor should consider a Fund’s investment objectives, risks, and charges and expenses carefully before investing. The Fund’s prospectus contains this and other important information. For information on the Fund’s expense ratios, please see the Financial Highlights tables found within this Report.
Stadion Market Opportunity Fund
|
|
|
|
November 30, 2013 (Unaudited)
|
The Total Annual Fund Operating Expenses for Class A, Class C and Class I are
2.16%
,
2.91%
and
1.91%
, respectively. The Fund’s investment advisor, Stadion Money Management, LLC (the “Advisor”) has agreed to waive fees and reimburse for other operating expenses (exclusive of interest expense on any borrowings, taxes, brokerage commissions, extraordinary expenses, acquired fund fees and expenses and payments, if any, under a Rule 12b-1 Distribution Plan) in excess of 1.70% of the average daily net assets for Class A, Class C, and Class I, until at least October 1, 2014.
POP, the “Public Offering Price”, and NAV, the “Net Asset Value” price, are terms used to describe what share price was applied to Class A and/or
Class C shares at the time of purchase. A CDSC (“Contingent Deferred Sales Charge”) is a redemption fee that can be applied if purchased share are redeemed prior to a specified holding period. For additional information please consult the Fund’s Prospectus.
The S&P 500
®
Total Return Index is an unmanaged index of 500 common stocks chosen for market size, liquidity and industry group representation. It is a market-value weighted index. The index is not actively managed and does not reflect any deduction for fees, expenses or taxes.
The Barclays Capital U.S. Aggregate Bond Index is a market value-weighted index of investment grade fixed-rated debt issues, including government, corporate, asset-backed and mortgage-backed securities with a maturity of one year or more.
An investor may not invest directly in an index.
Diversification does not eliminate the risk of experiencing investment losses.
Information included or referred to on, or otherwise accessible through, our website is not intended to form part of or be incorporated into this report or the Fund's prospectus.
Portfolio Composition (as a % of net assets)
|
|
|
|
Semi-Annual Report | November 30, 2013
|
15
|
|
|
Disclosure of Fund Expenses
|
|
|
November 30, 2013 (Unaudited)
|
We believe it is important for you to understand the impact of costs on your investment. As a shareholder of the Funds, you may incur two types of costs: (1) transaction costs, possibly including front-end and contingent deferred sales loads; and (2) ongoing costs, including management fees, distribution (12b-1) fees and other Fund expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
A mutual funds ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The expenses in the tables that follow are based on an investment of $1,000 made at the beginning of the most recent semi-annual period (June 1, 2013) and held until the end of the period (November 30, 2013).
The tables that follow illustrate the Funds’ costs in two ways:
Actual fund return
– This section helps you to estimate the actual expenses that you paid over the period. The “Ending Account Value” shown is derived from the Funds actual returns, and the third column shows the dollar amount of operating expenses that would have been paid by an investor who started with $1,000 in the Funds. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.
To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period.”
Hypothetical 5% return
– This section is intended to help you compare the Funds’ ongoing costs with those of other mutual funds. It assumes that the Fund had an annual return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the returns used are not the Funds’ actual returns, the results do not apply to your investment. The example is useful in making comparisons because the SEC requires all mutual funds to calculate expenses based on a 5% return. You can assess the Funds’, ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.
Note that expenses shown in the tables are meant to highlight and help you compare ongoing costs only and do not reflect any transaction costs, such as sales charges (loads). 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, including historical annual expense ratios, 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
6/1/13
|
Ending
Account Value
11/30/13
|
Expense
Ratio
(a)
|
Expenses Paid
During period
6/1/13 - 11/30/13
(b)
|
|
|
|
|
|
|
|
Stadion Managed Fund
- Class A
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$983.60
|
1.52%
|
$7.56
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,017.45
|
1.52%
|
$7.69
|
|
Stadion Managed Fund
- Class C
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$979.10
|
2.28%
|
$11.31
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,013.64
|
2.28%
|
$11.51
|
|
Stadion Managed Fund
- Class I
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$983.70
|
1.30%
|
$6.46
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,018.55
|
1.30%
|
$6.58
|
|
|
|
|
|
|
|
Stadion Core Advantage Fund
- Class A
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,031.90
|
1.89%
|
$9.63
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,015.59
|
1.89%
|
$9.55
|
|
Stadion Core Advantage Fund
- Class C
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,027.80
|
2.66%
|
$13.52
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,011.73
|
2.66%
|
$13.41
|
|
Stadion Core Advantage Fund
- Class I
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,033.10
|
1.70%
|
$8.66
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,016.55
|
1.70%
|
$8.59
|
|
|
Disclosure of Fund Expenses
|
|
|
November 30, 2013 (Unaudited)
|
|
|
Beginning
Account Value
6/1/13
|
Ending
Account Value
11/30/13
|
Expense
Ratio
(a)
|
Expenses Paid
During period
6/1/13 - 11/30/13
(b)
|
|
|
|
|
|
|
|
Stadion Olympus Fund
- Class A
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,010.70
|
1.95%
|
$9.83
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,015.29
|
1.95%
|
$9.85
|
|
Stadion Olympus Fund
- Class C
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,007.20
|
2.70%
|
$13.59
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,011.53
|
2.70%
|
$13.62
|
|
Stadion Olympus Fund
- Class I
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,011.90
|
1.70%
|
$8.57
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,016.55
|
1.70%
|
$8.59
|
|
|
|
|
|
|
|
Stadion Trilogy Fund
- Class A
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,010.10
|
1.75%
|
$8.82
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,016.29
|
1.75%
|
$8.85
|
|
Stadion Trilogy Fund
- Class C
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,005.80
|
2.51%
|
$12.62
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,012.48
|
2.51%
|
$12.66
|
|
Stadion Trilogy Fund
- Class I
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,011.60
|
1.54%
|
$7.77
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,017.35
|
1.54%
|
$7.79
|
|
|
|
|
|
|
|
Stadion Tactical Income Fund
- Class A
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$977.50
|
1.40%
|
$6.94
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,018.05
|
1.40%
|
$7.08
|
|
Stadion Tactical Income Fund
- Class I
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$978.00
|
1.15%
|
$5.70
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,019.30
|
1.15%
|
$5.82
|
|
|
|
|
|
|
|
Stadion Market Opportunity Fund
- Class A
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,079.90
|
1.82%
|
$9.49
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,015.94
|
1.82%
|
$9.20
|
|
Stadion Market Opportunity Fund
- Class C
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,075.40
|
2.60%
|
$13.53
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,012.03
|
2.60%
|
$13.11
|
|
Stadion Market Opportunity Fund
- Class I
|
|
|
|
|
|
Based on Actual Fund Return
|
$1,000.00
|
$1,081.00
|
1.70%
|
$8.87
|
|
Based on Hypothetical 5% Return (before expenses)
|
$1,000.00
|
$1,016.55
|
1.70%
|
$8.59
|
|
|
|
|
|
|
|
(a)
|
The Fund's expense ratios have been based on the Fund's most recent fiscal half-year expenses.
|
|
(b)
|
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 (183)/365.
|
|
|
|
|
Semi-Annual Report | November 30, 2013
|
17
|
|
Stadion Managed Fund
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
EXCHANGE-TRADED FUNDS - 98.32%
|
|
Shares
|
|
|
Value
|
|
|
Consumer Discretionary Select Sector SPDR
®
Fund
|
|
|
925,380
|
|
|
$
|
60,704,928
|
|
|
Consumer Staples Select Sector SPDR
®
Fund
|
|
|
418,780
|
|
|
|
18,011,728
|
|
|
Industrial Select Sector SPDR
®
Fund
|
|
|
598,530
|
|
|
|
30,165,912
|
|
|
iShares
®
Russell 1000
®
ETF
|
|
|
298,720
|
|
|
|
30,155,784
|
|
|
iShares
®
S&P 100
®
Index Fund
|
|
|
745,200
|
|
|
|
60,346,296
|
|
|
SPDR
®
Dow Jones
®
Industrial Average ETF Trust
|
|
|
374,850
|
|
|
|
60,245,892
|
|
|
SPDR
®
S&P 500
®
ETF Trust
|
|
|
999,480
|
|
|
|
180,905,880
|
|
|
SPDR
®
S&P MidCap 400
®
ETF Trust
|
|
|
253,390
|
|
|
|
60,162,388
|
|
|
Technology Select Sector SPDR
®
Fund
|
|
|
1,760,380
|
|
|
|
61,067,582
|
|
|
Vanguard Growth ETF
|
|
|
335,820
|
|
|
|
30,321,188
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE-TRADED FUNDS
|
|
|
|
|
|
|
(Cost $576,023,056)
|
|
|
|
|
|
|
592,087,578
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.39%
|
|
Shares
|
|
|
Value
|
|
|
Fidelity
®
Institutional Money Market Government Portfolio, Class I, 0.010%, 7-day effective yield
|
|
|
2,343,701
|
|
|
$
|
2,343,701
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS
|
|
|
|
|
|
|
|
|
|
(Cost $2,343,701)
|
|
|
|
|
|
|
2,343,701
|
|
|
|
|
|
|
|
|
|
Total Investments, at Value - 98.71%
|
|
|
|
|
|
|
(Cost $578,366,757)
|
|
|
|
|
|
|
594,431,279
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities - 1.29%
|
|
|
|
|
|
|
7,758,992
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
|
|
|
|
$
|
602,190,271
|
|
See Notes to Financial Statements.
|
Stadion Core Advantage Fund
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
EXCHANGE-TRADED FUNDS - 90.39%
|
|
Shares
|
|
|
Value
|
|
|
Consumer Discretionary Select Sector SPDR
®
Fund
|
|
|
38,350
|
|
|
$
|
2,515,760
|
|
|
First Trust NASDAQ-100 Equal Weighted Index Fund
|
|
|
213,040
|
|
|
|
7,486,226
|
|
|
Guggenheim
®
S&P 500
®
Equal Weight ETF
|
|
|
109,560
|
|
|
|
7,617,707
|
|
|
Health Care Select Sector SPDR
®
Fund
|
|
|
45,550
|
|
|
|
2,517,093
|
|
|
iShares
®
Russell 1000
®
Value Index Fund
|
|
|
54,470
|
|
|
|
5,034,662
|
|
|
iShares
®
S&P 100
®
Index Fund
|
|
|
62,870
|
|
|
|
5,091,212
|
|
|
SPDR
®
Dow Jones
®
Industrial Average ETF Trust
|
|
|
62,820
|
|
|
|
10,096,430
|
|
|
SPDR
®
S&P 500
®
ETF Trust
|
|
|
27,880
|
|
|
|
5,046,280
|
|
|
SPDR
®
S&P MidCap 400
®
ETF Trust
|
|
|
16,700
|
|
|
|
3,965,081
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE-TRADED FUNDS
|
|
|
|
|
|
|
(Cost $46,645,686)
|
|
|
|
|
|
|
49,370,451
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 1.79%
|
|
Shares
|
|
|
Value
|
|
|
Fidelity
®
Institutional Money Market Government Portfolio, Class I, 0.010%, 7-day effective yield
|
|
|
979,453
|
|
|
$
|
979,453
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS
|
|
|
|
|
|
|
|
|
|
(Cost $979,453)
|
|
|
|
|
|
|
979,453
|
|
|
|
|
|
|
|
|
|
Total Investments, at Value - 92.18%
|
|
|
|
|
|
|
(Cost $47,625,139)
|
|
|
|
|
|
|
50,349,904
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities - 7.82%
|
|
|
|
|
|
|
4,273,539
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
|
|
|
|
$
|
54,623,443
|
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
19
|
|
Stadion Olympus Fund ™
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
EXCHANGE-TRADED FUNDS - 99.09%
|
|
Shares
|
|
|
Value
|
|
|
iShares
®
China Large-Cap ETF
|
|
|
34,210
|
|
|
$
|
1,372,847
|
|
|
iShares
®
Core MSCI Emerging Markets ETF
|
|
|
26,010
|
|
|
|
1,309,604
|
|
|
iShares
®
MSCI EAFE Index Fund
|
|
|
100,360
|
|
|
|
6,647,845
|
|
|
iShares
®
MSCI Emerging Markets ETF
|
|
|
18,680
|
|
|
|
791,098
|
|
|
iShares
®
MSCI Hong Kong ETF
|
|
|
61,890
|
|
|
|
1,284,218
|
|
|
iShares
®
S&P Global 100
®
Index Fund
|
|
|
35,350
|
|
|
|
2,709,224
|
|
|
Market Vectors
®
India Small-Cap Index ETF
|
|
|
23,090
|
|
|
|
662,683
|
|
|
SPDR
®
EURO STOXX 50 ETF
|
|
|
65,150
|
|
|
|
2,682,226
|
|
|
WisdomTree
®
Europe Hedged Equity Fund
|
|
|
59,750
|
|
|
|
3,313,138
|
|
|
WisdomTree
®
Japan Hedged Equity Fund
|
|
|
79,480
|
|
|
|
3,998,638
|
|
|
WisdomTree
®
United Kingdom Hedged Equity Fund
|
|
|
48,070
|
|
|
|
1,278,662
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE-TRADED FUNDS
|
|
|
|
|
|
|
(Cost $25,325,621)
|
|
|
|
|
|
|
26,050,183
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 0.92%
|
|
Shares
|
|
|
Value
|
|
|
Fidelity
®
Institutional Money Market Government Portfolio, Class I, 0.010%, 7-day effective yield
|
|
|
241,403
|
|
|
$
|
241,403
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS
|
|
|
|
|
|
|
|
|
|
(Cost $241,403)
|
|
|
|
|
|
|
241,403
|
|
|
|
|
|
|
|
|
|
Total Investments, at Value - 100.01%
|
|
|
|
|
|
|
(Cost $25,567,024)
|
|
|
|
|
|
|
26,291,586
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.01)%
|
|
|
|
|
|
|
(3,413
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
|
|
|
|
$
|
26,288,173
|
|
See Notes to Financial Statements.
|
Stadion Trilogy Fund
™
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
COMMON STOCKS - 47.95%
|
|
Shares
|
|
|
Value
|
|
|
Consumer Discretionary - 4.77%
|
|
|
|
|
|
Distributors - 1.21%
|
|
|
|
|
|
|
|
Genuine Parts Co.
(a)
|
|
|
21,806
|
|
|
$
|
1,806,409
|
|
|
|
|
|
|
|
|
|
|
|
|
Hotels Restaurants & Leisure - 1.19%
|
|
|
|
|
|
|
|
|
|
McDonald's Corp.
(a)
|
|
|
18,169
|
|
|
|
1,769,115
|
|
|
|
|
|
|
|
|
|
|
|
|
Leisure Equipment & Products - 1.20%
|
|
|
|
|
|
|
|
|
|
Polaris Industries, Inc.
(a)
|
|
|
13,365
|
|
|
|
1,783,827
|
|
|
|
|
|
|
|
|
|
|
|
|
Media - 1.17%
|
|
|
|
|
|
|
|
|
|
Time Warner, Inc.
|
|
|
26,480
|
|
|
|
1,740,001
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer Staples - 8.39%
|
|
|
|
|
|
|
Food & Staples Retailing - 2.41%
|
|
|
|
|
|
|
|
|
|
Costco Wholesale Corp.
(a)
|
|
|
14,493
|
|
|
|
1,817,857
|
|
|
Sysco Corp.
(a)
|
|
|
52,573
|
|
|
|
1,768,030
|
|
|
|
|
|
|
|
|
|
3,585,887
|
|
|
|
|
|
|
|
|
|
|
|
|
Food Products - 3.61%
|
|
|
|
|
|
|
|
|
|
General Mills, Inc.
(a)
|
|
|
36,174
|
|
|
|
1,824,255
|
|
|
Kellogg Co.
(a)
|
|
|
28,965
|
|
|
|
1,756,437
|
|
|
McCormick & Co. Inc. - Non-Voting Shares
(a)
|
|
|
26,008
|
|
|
|
1,794,552
|
|
|
|
|
|
|
|
|
|
5,375,244
|
|
|
|
|
|
|
|
|
|
|
|
|
Household Products - 1.18%
|
|
|
|
|
|
|
|
|
|
Procter & Gamble Co.
(a)
|
|
|
20,968
|
|
|
|
1,765,925
|
|
|
|
|
|
|
|
|
|
|
|
|
Tobacco - 1.19%
|
|
|
|
|
|
|
|
|
|
Reynolds American, Inc.
|
|
|
35,300
|
|
|
|
1,780,885
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy - 2.40%
|
|
|
|
|
|
|
Oil Gas & Consumable Fuels - 2.40%
|
|
|
|
|
|
|
|
|
|
Chevron Corp.
(a)
|
|
|
14,694
|
|
|
|
1,799,134
|
|
|
ConocoPhillips
(a)
|
|
|
24,424
|
|
|
|
1,778,067
|
|
|
|
|
|
|
|
|
|
3,577,201
|
|
|
|
|
|
|
|
|
|
|
|
|
Financials - 5.95%
|
|
|
|
|
|
|
Capital Markets - 1.16%
|
|
|
|
|
|
|
|
|
|
Eaton Vance Corp.
(a)
|
|
|
41,230
|
|
|
|
1,723,826
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Banks - 2.38%
|
|
|
|
|
|
|
|
|
|
Bank of Montreal
|
|
|
25,489
|
|
|
|
1,777,858
|
|
|
Commerce Bancshares, Inc.
(a)
|
|
|
39,269
|
|
|
|
1,771,815
|
|
|
|
|
|
|
|
|
|
3,549,673
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance - 2.41%
|
|
|
|
|
|
|
|
|
|
Aflac, Inc.
(a)
|
|
|
26,862
|
|
|
|
1,782,831
|
|
|
Brown & Brown, Inc.
(a)
|
|
|
57,221
|
|
|
|
1,809,328
|
|
|
|
|
|
|
|
|
|
3,592,159
|
|
|
|
|
|
|
|
|
|
|
|
|
Health Care - 3.63%
|
|
|
|
|
|
|
Health Care Equipment & Supplies - 1.18%
|
|
|
|
|
|
|
|
|
|
Abbott Laboratories
(a)
|
|
|
46,294
|
|
|
|
1,767,968
|
|
|
|
|
|
Semi-Annual Report | November 30, 2013
|
21
|
|
Stadion Trilogy Fund
™
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
COMMON STOCKS - 47.95% (continued)
|
|
Shares
|
|
|
Value
|
|
|
Pharmaceuticals - 2.45%
|
|
|
|
|
|
|
|
Johnson & Johnson
(a)
|
|
|
18,711
|
|
|
$
|
1,771,183
|
|
|
Merck & Co. Inc
|
|
|
37,630
|
|
|
|
1,875,103
|
|
|
|
|
|
|
|
|
|
3,646,286
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrials - 8.44%
|
|
|
|
|
|
|
Aerospace & Defense - 2.41%
|
|
|
|
|
|
|
|
|
|
Lockheed Martin Corp.
(a)
|
|
|
12,789
|
|
|
|
1,811,818
|
|
|
United Technologies Corp.
(a)
|
|
|
16,099
|
|
|
|
1,784,735
|
|
|
|
|
|
|
|
|
|
3,596,553
|
|
|
|
|
|
|
|
|
|
|
|
|
Commercial Services & Supplies - 1.20%
|
|
|
|
|
|
|
|
|
|
Waste Management, Inc.
|
|
|
39,131
|
|
|
|
1,787,504
|
|
|
|
|
|
|
|
|
|
|
|
|
Electrical Equipment - 1.19%
|
|
|
|
|
|
|
|
|
|
Emerson Electric Co.
(a)
|
|
|
26,474
|
|
|
|
1,773,493
|
|
|
|
|
|
|
|
|
|
|
|
|
Machinery - 1.21%
|
|
|
|
|
|
|
|
|
|
Illinois Tool Works, Inc.
(a)
|
|
|
22,643
|
|
|
|
1,801,930
|
|
|
|
|
|
|
|
|
|
|
|
|
Road & Rail - 1.22%
|
|
|
|
|
|
|
|
|
|
Norfolk Southern Corp.
(a)
|
|
|
20,643
|
|
|
|
1,810,184
|
|
|
|
|
|
|
|
|
|
|
|
|
Trading Companies & Distributors - 1.21%
|
|
|
|
|
|
|
|
|
|
WW Grainger, Inc.
(a)
|
|
|
6,979
|
|
|
|
1,800,024
|
|
|
|
|
|
|
|
|
|
|
|
|
Information Technology - 3.67%
|
|
|
|
|
|
|
Communications Equipment - 1.22%
|
|
|
|
|
|
|
|
|
|
Harris Corp.
(a)
|
|
|
28,119
|
|
|
|
1,813,957
|
|
|
|
|
|
|
|
|
|
|
|
|
IT Services - 1.23%
|
|
|
|
|
|
|
|
|
|
Automatic Data Processing, Inc.
|
|
|
22,864
|
|
|
|
1,829,577
|
|
|
|
|
|
|
|
|
|
|
|
|
Software - 1.22%
|
|
|
|
|
|
|
|
|
|
Microsoft Corp.
(a)
|
|
|
47,962
|
|
|
|
1,828,791
|
|
|
|
|
|
|
|
|
|
|
|
|
Materials - 3.60%
|
|
|
|
|
|
|
Chemicals - 2.38%
|
|
|
|
|
|
|
|
|
|
Ecolab, Inc.
(a)
|
|
|
16,552
|
|
|
|
1,773,878
|
|
|
Sigma-Aldrich Corp.
(a)
|
|
|
20,635
|
|
|
|
1,779,562
|
|
|
|
|
|
|
|
|
|
3,553,440
|
|
|
|
|
|
|
|
|
|
|
|
|
Containers & Packaging - 1.22%
|
|
|
|
|
|
|
|
|
|
AptarGroup, Inc.
(a)
|
|
|
27,936
|
|
|
|
1,813,605
|
|
|
|
|
|
|
|
|
|
|
|
|
Telecommunication - 1.21%
|
|
|
|
|
|
|
Diversified Telecommunication - 1.21%
|
|
|
|
|
|
|
|
|
|
AT&T, Inc.
(a)
|
|
|
50,998
|
|
|
|
1,795,640
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities - 5.89%
|
|
|
|
|
|
|
Electric Utilities - 3.54%
|
|
|
|
|
|
|
|
|
|
Entergy Corp.
(a)
|
|
|
28,575
|
|
|
|
1,768,507
|
|
|
Northeast Utilities
(a)
|
|
|
42,568
|
|
|
|
1,748,693
|
|
|
Southern Co.
(a)
|
|
|
43,231
|
|
|
|
1,756,476
|
|
|
|
|
|
|
|
|
|
5,273,676
|
|
|
Stadion Trilogy Fund
™
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
COMMON STOCKS - 47.95% (continued)
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
Gas Utilities - 1.20%
|
|
|
|
|
|
|
|
|
|
|
National Fuel Gas Co.
(a)
|
|
|
|
|
|
26,424
|
|
|
$
|
1,783,091
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Multi-Utilities - 1.15%
|
|
|
|
|
|
|
|
|
|
|
|
|
Dominion Resources, Inc.
|
|
|
|
|
|
26,433
|
|
|
|
1,715,766
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS
|
|
|
|
|
|
|
(Cost $60,903,832)
|
|
|
|
|
|
|
|
|
|
|
71,441,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE-TRADED FUNDS - 48.85%
|
|
|
|
|
|
Shares
|
|
|
Value
|
|
|
iShares
®
Barclays
®
1-3 Year Credit Bond Fund
(a)
|
|
|
|
|
|
166,220
|
|
|
$
|
17,542,859
|
|
|
iShares
®
Barclays
®
Intermediate Credit Bond Fund
|
|
|
|
|
|
65,000
|
|
|
|
7,055,750
|
|
|
iShares
®
Barclays
®
MBS Bond Fund
|
|
|
|
|
|
133,032
|
|
|
|
14,064,143
|
|
|
iShares
®
Floating Rate Note Fund
|
|
|
|
|
|
415,081
|
|
|
|
21,015,551
|
|
|
iShares
®
iBoxx
®
$ High Yield Corporate Bond Fund
|
|
|
|
|
|
56,705
|
|
|
|
5,297,381
|
|
|
PowerShares
®
Senior Loan Portfolio
|
|
|
|
|
|
211,374
|
|
|
|
5,246,303
|
|
|
ProShares
®
Short VIX Short-Term Futures ETF
(b)
|
|
|
|
|
|
20,000
|
|
|
|
2,569,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE-TRADED FUNDS
|
|
|
|
|
|
|
(Cost $72,105,301)
|
|
|
|
|
|
|
|
|
|
|
72,791,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PURCHASED OPTION CONTRACTS - 4.99%
|
Expiration Date
|
|
Strike Price
|
|
|
Contracts
|
|
|
Value
|
|
|
Call Option Contracts - 1.74%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares
®
7-10 Year Treasury Bond ETF
|
06/21/2014
|
|
$
|
112
|
|
|
|
2,000
|
|
|
$
|
10,000
|
|
|
ProShares
®
Short VIX Short-Term Futures ETF
|
12/21/2013
|
|
|
130
|
|
|
|
200
|
|
|
|
118,000
|
|
|
S&P 500
®
Index:
|
|
|
|
|
|
|
|
12/21/2013
|
|
|
1,770
|
|
|
|
85
|
|
|
|
367,625
|
|
|
|
12/31/2013
|
|
|
1,780
|
|
|
|
335
|
|
|
|
1,309,850
|
|
|
|
01/18/2014
|
|
|
1,750
|
|
|
|
100
|
|
|
|
683,500
|
|
|
|
01/18/2014
|
|
|
1,850
|
|
|
|
90
|
|
|
|
95,850
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2,584,825
|
|
|
Put Option Contracts - 3.25%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
iShares
®
7-10 Year Treasury Bond ETF
|
06/21/2014
|
|
|
97
|
|
|
|
2,000
|
|
|
|
195,000
|
|
|
iShares
®
Intermediate Credit Bond ETF
|
04/19/2014
|
|
|
106
|
|
|
|
650
|
|
|
|
40,625
|
|
|
iShares
®
MBS ETF
|
06/21/2014
|
|
|
103
|
|
|
|
1,300
|
|
|
|
172,250
|
|
|
S&P 500
®
Index:
|
|
|
|
|
|
|
|
12/21/2013
|
|
|
1,275
|
|
|
|
170
|
|
|
|
1,275
|
|
|
|
12/31/2013
|
|
|
1,680
|
|
|
|
425
|
|
|
|
149,813
|
|
|
|
01/18/2014
|
|
|
1,710
|
|
|
|
90
|
|
|
|
81,900
|
|
|
|
06/21/2014
|
|
|
1,425
|
|
|
|
525
|
|
|
|
556,500
|
|
|
|
06/21/2014
|
|
|
1,500
|
|
|
|
200
|
|
|
|
318,000
|
|
|
|
12/20/2014
|
|
|
1,600
|
|
|
|
100
|
|
|
|
609,000
|
|
|
|
12/20/2014
|
|
|
1,650
|
|
|
|
100
|
|
|
|
729,500
|
|
|
|
06/19/2015
|
|
|
1,600
|
|
|
|
100
|
|
|
|
938,000
|
|
|
SPDR S&P 500
®
ETF Trust:
|
|
|
|
|
|
|
|
03/22/2014
|
|
|
120
|
|
|
|
700
|
|
|
|
5,950
|
|
|
|
03/22/2014
|
|
|
125
|
|
|
|
400
|
|
|
|
4,800
|
|
|
|
06/21/2014
|
|
|
140
|
|
|
|
200
|
|
|
|
18,900
|
|
|
|
12/20/2014
|
|
|
140
|
|
|
|
2,400
|
|
|
|
672,000
|
|
|
|
12/20/2014
|
|
|
145
|
|
|
|
100
|
|
|
|
34,700
|
|
|
|
06/19/2015
|
|
|
150
|
|
|
|
500
|
|
|
|
348,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4,876,963
|
|
|
TOTAL PURCHASED OPTION CONTRACTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(Cost $10,857,133)
|
|
|
|
|
|
|
|
|
|
|
|
7,461,788
|
|
|
|
|
|
Semi-Annual Report | November 30, 2013
|
23
|
|
Stadion Trilogy Fund
™
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
MONEY MARKET FUNDS - 3.81%
|
|
Shares
|
|
|
Value
|
|
|
Fidelity
®
Institutional Money Market Government Portfolio, Class I, 0.010%, 7-day effective yield
|
|
|
5,671,564
|
|
|
$
|
5,671,564
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS
|
|
|
|
|
|
|
|
|
|
(Cost $5,671,564)
|
|
|
|
|
|
|
5,671,564
|
|
|
|
|
|
|
|
|
|
Total Investments, at Value - 105.60%
|
|
|
|
|
|
|
(Cost $149,537,830)
|
|
|
|
|
|
|
157,366,776
|
|
|
|
|
|
|
|
|
|
|
|
|
Written Option Contracts - (5.65)%
|
|
|
|
(8,438,025
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities - 0.05%
|
|
|
|
|
|
|
75,953
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
|
|
|
|
$
|
149,004,704
|
|
|
(a)
|
All or portion of this security is held as collateral for written options.
|
|
(b)
|
Non-income producing security.
|
|
WRITTEN OPTION CONTRACTS - 5.65%
|
Expiration
Date
|
|
Strike Price
|
|
|
Contracts
|
|
|
Premiums Received
|
|
|
Value
|
|
|
Call Option Contracts - 4.58%
|
|
|
|
|
|
|
|
|
iShares
®
7-10 Year Treasury
Bond ETF
|
06/21/2014
|
|
$
|
102
|
|
|
|
2,000
|
|
|
$
|
228,496
|
|
|
$
|
245,000
|
|
|
iShares
®
Intermediate Credit
Bond ETF
|
04/19/2014
|
|
|
108
|
|
|
|
650
|
|
|
|
33,962
|
|
|
|
47,125
|
|
|
iShares
®
MBS ETF
|
06/21/2014
|
|
|
106
|
|
|
|
1,300
|
|
|
|
82,224
|
|
|
|
87,750
|
|
|
S&P 500
®
Index:
|
|
|
|
|
|
|
|
|
|
|
|
12/06/2013
|
|
|
1,760
|
|
|
|
45
|
|
|
|
103,175
|
|
|
|
213,075
|
|
|
|
12/13/2013
|
|
|
1,750
|
|
|
|
90
|
|
|
|
282,960
|
|
|
|
523,350
|
|
|
|
12/21/2013
|
|
|
1,600
|
|
|
|
30
|
|
|
|
89,850
|
|
|
|
617,850
|
|
|
|
12/21/2013
|
|
|
1,670
|
|
|
|
85
|
|
|
|
497,760
|
|
|
|
1,160,675
|
|
|
|
12/27/2013
|
|
|
1,800
|
|
|
|
90
|
|
|
|
213,660
|
|
|
|
217,350
|
|
|
|
12/31/2013
|
|
|
1,780
|
|
|
|
90
|
|
|
|
353,542
|
|
|
|
351,900
|
|
|
|
01/18/2014
|
|
|
1,780
|
|
|
|
90
|
|
|
|
363,060
|
|
|
|
410,400
|
|
|
|
01/18/2014
|
|
|
1,825
|
|
|
|
100
|
|
|
|
150,083
|
|
|
|
197,500
|
|
|
|
06/21/2014
|
|
|
1,650
|
|
|
|
60
|
|
|
|
339,060
|
|
|
|
1,061,700
|
|
|
|
12/20/2014
|
|
|
1,800
|
|
|
|
110
|
|
|
|
613,090
|
|
|
|
1,155,550
|
|
|
|
06/19/2015
|
|
|
1,425
|
|
|
|
100
|
|
|
|
617,900
|
|
|
|
541,000
|
|
|
|
|
|
|
3,968,822
|
|
|
|
6,830,225
|
|
|
Put Option Contracts - 1.07%
|
|
|
|
|
|
|
|
|
|
|
S&P 500
®
Index:
|
|
|
|
|
|
|
|
|
|
|
|
12/21/2013
|
|
|
1,125
|
|
|
|
100
|
|
|
|
102,900
|
|
|
|
250
|
|
|
|
12/21/2013
|
|
|
1,150
|
|
|
|
70
|
|
|
|
75,530
|
|
|
|
175
|
|
|
|
12/27/2013
|
|
|
1,800
|
|
|
|
90
|
|
|
|
196,560
|
|
|
|
180,000
|
|
|
|
01/18/2014
|
|
|
1,780
|
|
|
|
90
|
|
|
|
279,810
|
|
|
|
201,150
|
|
|
|
06/21/2014
|
|
|
1,250
|
|
|
|
80
|
|
|
|
259,080
|
|
|
|
32,400
|
|
|
|
06/21/2014
|
|
|
1,275
|
|
|
|
525
|
|
|
|
848,900
|
|
|
|
254,625
|
|
|
|
06/21/2014
|
|
|
1,350
|
|
|
|
120
|
|
|
|
243,355
|
|
|
|
103,200
|
|
|
|
12/20/2014
|
|
|
1,500
|
|
|
|
200
|
|
|
|
852,353
|
|
|
|
836,000
|
|
|
|
|
|
|
2,858,488
|
|
|
|
1,607,800
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Written Option Contracts
|
|
|
|
|
|
|
|
|
|
$
|
6,827,310
|
|
|
$
|
8,438,025
|
|
|
Stadion Tactical Income Fund
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
EXCHANGE-TRADED FUNDS - 97.98%
|
|
Shares
|
|
|
Value
|
|
|
iShares
®
Barclays
®
1-3 Year Credit Bond Fund
|
|
|
8,910
|
|
|
$
|
940,361
|
|
|
iShares
®
Barclays
®
Intermediate Credit Bond Fund
|
|
|
8,792
|
|
|
|
954,372
|
|
|
iShares
®
iBoxx
®
$ High Yield Corporate Bond Fund
|
|
|
11,280
|
|
|
|
1,053,778
|
|
|
iShares
®
iBoxx
®
$ Investment Grade Corporate Bond ETF
|
|
|
5,550
|
|
|
|
636,363
|
|
|
PIMCO
®
0-5 Year High Yield Corporate Bond Index ETF
|
|
|
4,260
|
|
|
|
453,520
|
|
|
PowerShares
®
Chinese Yuan Dim Sum Bond Portfolio
|
|
|
12,300
|
|
|
|
313,281
|
|
|
PowerShares
®
Senior Loan Portfolio
|
|
|
25,190
|
|
|
|
625,216
|
|
|
Vanguard Intermediate-Term Corporate Bond ETF
|
|
|
5,250
|
|
|
|
440,580
|
|
|
Vanguard Mortgage-Backed Securities ETF
|
|
|
15,270
|
|
|
|
785,641
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE-TRADED FUNDS
|
|
|
|
|
|
|
(Cost $6,194,147)
|
|
|
|
|
|
|
6,203,112
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 1.66%
|
|
Shares
|
|
|
Value
|
|
|
Fidelity
®
Institutional Money Market Government Portfolio, Class I, 0.010%, 7-day effective yield
|
|
|
105,293
|
|
|
$
|
105,293
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS
|
|
|
|
|
|
|
|
|
|
(Cost $105,293)
|
|
|
|
|
|
|
105,293
|
|
|
|
|
|
|
|
|
|
Total Investments, at Value - 99.64%
|
|
|
|
|
|
|
(Cost $6,299,440)
|
|
|
|
|
|
|
6,308,405
|
|
|
|
|
|
|
|
|
|
|
|
|
Other Assets in Excess of Liabilities - 0.36%
|
|
|
|
|
|
|
23,024
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
|
|
|
|
$
|
6,331,429
|
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
25
|
|
Stadion Market Opportunity Fund
|
Schedule of Investments
|
|
|
November 30, 2013 (Unaudited)
|
|
EXCHANGE-TRADED FUNDS - 98.54%
|
|
Shares
|
|
|
Value
|
|
|
iShares
®
Core S&P 500
®
ETF
|
|
|
25,620
|
|
|
$
|
4,661,815
|
|
|
iShares
®
MSCI EMU ETF
|
|
|
116,520
|
|
|
|
4,702,747
|
|
|
iShares
®
Russell 2000
®
Growth ETF
|
|
|
71,429
|
|
|
|
9,516,486
|
|
|
iShares
®
U.S. Aerospace & Defense ETF
|
|
|
23,522
|
|
|
|
2,424,412
|
|
|
Powershares
®
QQQ Trust Series 1
|
|
|
55,178
|
|
|
|
4,730,410
|
|
|
PowerShares
®
Water Resources Portfolio
|
|
|
92,230
|
|
|
|
2,338,953
|
|
|
SPDR
®
S&P China ETF
|
|
|
29,180
|
|
|
|
2,331,190
|
|
|
Vanguard Growth ETF
|
|
|
103,571
|
|
|
|
9,351,426
|
|
|
Vanguard Small-Cap Growth ETF
|
|
|
35,100
|
|
|
|
4,217,616
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE-TRADED FUNDS
|
|
|
|
|
|
|
(Cost $39,021,157)
|
|
|
|
|
|
|
44,275,055
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET FUNDS - 1.56%
|
|
Shares
|
|
|
Value
|
|
|
Fidelity
®
Institutional Money Market Government Portfolio, Class I, 0.010%, 7-day effective yield
|
|
|
700,424
|
|
|
$
|
700,424
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET FUNDS
|
|
|
|
|
|
|
|
|
|
(Cost $700,424)
|
|
|
|
|
|
|
700,424
|
|
|
|
|
|
|
|
|
|
Total Investments, at Value - 100.10%
|
|
|
|
|
|
|
(Cost $39,721,581)
|
|
|
|
|
|
|
44,975,479
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities in Excess of Other Assets - (0.10)%
|
|
|
|
|
|
|
(45,706
|
)
|
|
|
|
|
|
|
|
|
|
|
|
Net Assets - 100.00%
|
|
|
|
|
|
$
|
44,929,773
|
|
See Notes to Financial Statements.
|
Stadion Investment Trust
|
Statements of Assets and Liabilities
|
|
|
November 30, 2013 (Unaudited)
|
|
|
|
Stadion Managed Fund
|
|
|
Stadion Core Advantage Fund
|
|
|
Stadion Olympus Fund
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Investments in securities:
|
|
|
|
|
|
|
|
|
|
|
At acquisition cost
|
|
$
|
578,366,757
|
|
|
$
|
47,625,139
|
|
|
$
|
25,567,024
|
|
|
At value (Note 2)
|
|
$
|
594,431,279
|
|
|
$
|
50,349,904
|
|
|
$
|
26,291,586
|
|
|
Dividends receivable
|
|
|
114,266
|
|
|
|
4,674
|
|
|
|
15
|
|
|
Receivable for capital shares sold
|
|
|
129,294
|
|
|
|
4,457,573
|
|
|
|
22,995
|
|
|
Receivable for investment securities sold
|
|
|
9,303,165
|
|
|
|
4,909,452
|
|
|
|
–
|
|
|
Other assets
|
|
|
107,736
|
|
|
|
31,504
|
|
|
|
19,047
|
|
|
TOTAL ASSETS
|
|
|
604,085,740
|
|
|
|
59,753,107
|
|
|
|
26,333,643
|
|
|
|
|
|
LIABILITIES
|
|
|
Payable for capital shares redeemed
|
|
|
288,362
|
|
|
|
1,472
|
|
|
|
1,155
|
|
|
Payable for investment securities purchased
|
|
|
784,612
|
|
|
|
5,043,997
|
|
|
|
–
|
|
|
Payable to Advisor (Note 5)
|
|
|
527,563
|
|
|
|
50,687
|
|
|
|
24,758
|
|
|
Accrued distribution fees (Note 5)
|
|
|
174,031
|
|
|
|
12,437
|
|
|
|
3,580
|
|
|
Accrued compliance fees (Note 5)
|
|
|
6,906
|
|
|
|
438
|
|
|
|
93
|
|
|
Payable to administrator (Note 5)
|
|
|
26,099
|
|
|
|
2,451
|
|
|
|
1,468
|
|
|
Other accrued expenses
|
|
|
87,896
|
|
|
|
18,182
|
|
|
|
14,416
|
|
|
TOTAL LIABILITIES
|
|
|
1,895,469
|
|
|
|
5,129,664
|
|
|
|
45,470
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
$
|
602,190,271
|
|
|
$
|
54,623,443
|
|
|
$
|
26,288,173
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of:
|
|
|
Paid-in capital
|
|
$
|
615,372,227
|
|
|
$
|
48,582,477
|
|
|
$
|
25,423,532
|
|
|
Accumulated net investment loss
|
|
|
(4,078,497
|
)
|
|
|
(148,305
|
)
|
|
|
(169,063
|
)
|
|
Accumulated net realized gains (losses) from investments
|
|
|
(25,167,981
|
)
|
|
|
3,464,505
|
|
|
|
309,142
|
|
|
Net unrealized appreciation on investments
|
|
|
16,064,522
|
|
|
|
2,724,766
|
|
|
|
724,562
|
|
|
Net assets
|
|
$
|
602,190,271
|
|
|
$
|
54,623,443
|
|
|
$
|
26,288,173
|
|
|
|
|
|
PRICING OF CLASS A SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Class A shares
|
|
$
|
347,421,698
|
|
|
$
|
41,557,749
|
|
|
$
|
16,732,018
|
|
|
Class A shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)
|
|
|
34,142,141
|
|
|
|
3,363,258
|
|
|
|
1,632,725
|
|
|
Net asset value, offering price and redemption price per share (Note 2)
|
|
$
|
10.18
|
|
|
$
|
12.36
|
|
|
$
|
10.25
|
|
|
Maximum offering price per share (Note 2)
|
|
$
|
10.80
|
|
|
$
|
13.11
|
|
|
$
|
10.88
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRICING OF CLASS C SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Class C shares
|
|
$
|
123,699,702
|
|
|
$
|
5,893,259
|
|
|
$
|
185,021
|
|
|
Class C shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)
|
|
|
12,569,368
|
|
|
|
492,558
|
|
|
|
18,232
|
|
|
Net asset value, offering price and redemption price per share (Note 2)
|
|
$
|
9.84
|
|
|
$
|
11.96
|
|
|
$
|
10.15
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRICING OF CLASS I SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Class I shares
|
|
$
|
131,068,871
|
|
|
$
|
7,172,435
|
|
|
$
|
9,371,134
|
|
|
Class I shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)
|
|
|
12,774,420
|
|
|
|
576,248
|
|
|
|
911,808
|
|
|
Net asset value, offering price and redemption price per share (Note 2)
|
|
$
|
10.26
|
|
|
$
|
12.45
|
|
|
$
|
10.28
|
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
27
|
|
Stadion Investment Trust
|
Statements of Assets and Liabilities
|
|
|
November 30, 2013 (Unaudited)
|
|
|
|
Stadion Trilogy Fund
|
|
|
Stadion Tactical Income Fund
|
|
|
Stadion Market Opportunity Fund
|
|
|
ASSETS
|
|
|
|
|
|
|
|
|
|
|
Investments in securities:
|
|
|
|
|
|
|
|
|
|
|
At acquisition cost
|
|
$
|
149,537,830
|
|
|
$
|
6,299,440
|
|
|
$
|
39,721,581
|
|
|
At value (Note 2)
|
|
$
|
157,366,776
|
|
|
$
|
6,308,405
|
|
|
$
|
44,975,479
|
|
|
Dividends receivable
|
|
|
226,347
|
|
|
|
4,123
|
|
|
|
10
|
|
|
Receivable for capital shares sold
|
|
|
42,328
|
|
|
|
15,843
|
|
|
|
22,995
|
|
|
Receivable from advisor (Note 5)
|
|
|
–
|
|
|
|
4,466
|
|
|
|
101
|
|
|
Other assets
|
|
|
51,486
|
|
|
|
13,499
|
|
|
|
11,167
|
|
|
TOTAL ASSETS
|
|
|
157,686,937
|
|
|
|
6,346,336
|
|
|
|
45,009,752
|
|
|
|
|
|
LIABILITIES
|
|
|
Written Options at value (Notes 2 and 6)
(premiums received $6,827,310, $– and $–, respectively)
|
|
|
8,438,025
|
|
|
|
–
|
|
|
|
–
|
|
|
Payable for capital shares redeemed
|
|
|
36,463
|
|
|
|
20
|
|
|
|
9,994
|
|
|
Payable to Advisor (Note 5)
|
|
|
150,418
|
|
|
|
3,345
|
|
|
|
50,640
|
|
|
Accrued distribution fees (Note 5)
|
|
|
32,077
|
|
|
|
591
|
|
|
|
3,667
|
|
|
Accrued compliance fees (Note 5)
|
|
|
370
|
|
|
|
–
|
|
|
|
–
|
|
|
Payable to administrator (Note 5)
|
|
|
7,271
|
|
|
|
475
|
|
|
|
2,222
|
|
|
Other accrued expenses
|
|
|
17,609
|
|
|
|
10,476
|
|
|
|
13,456
|
|
|
TOTAL LIABILITIES
|
|
|
8,682,233
|
|
|
|
14,907
|
|
|
|
79,979
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS
|
|
$
|
149,004,704
|
|
|
$
|
6,331,429
|
|
|
$
|
44,929,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets consist of:
|
|
|
Paid-in capital
|
|
$
|
146,041,395
|
|
|
$
|
6,442,576
|
|
|
$
|
35,316,090
|
|
|
Accumulated net investment income (loss)
|
|
|
98,934
|
|
|
|
19,770
|
|
|
|
(192,992
|
)
|
|
Accumulated net realized gains (losses) from investments and written option contracts
|
|
|
(3,353,856
|
)
|
|
|
(139,882
|
)
|
|
|
4,552,777
|
|
|
Net unrealized appreciation on investments and written option contracts
|
|
|
6,218,231
|
|
|
|
8,965
|
|
|
|
5,253,898
|
|
|
Net assets
|
|
$
|
149,004,704
|
|
|
$
|
6,331,429
|
|
|
$
|
44,929,773
|
|
|
|
|
|
PRICING OF CLASS A SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Class A shares
|
|
$
|
85,101,549
|
|
|
$
|
2,882,800
|
|
|
$
|
16,097,701
|
|
|
Class A shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)
|
|
|
8,104,018
|
|
|
|
299,171
|
|
|
|
1,458,863
|
|
|
Net asset value, offering price and redemption price per share (Note 2)
|
|
$
|
10.50
|
|
|
$
|
9.64
|
|
|
$
|
11.03
|
|
|
Maximum offering price per share (Note 2)
|
|
$
|
11.14
|
|
|
$
|
10.23
|
|
|
$
|
11.70
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRICING OF CLASS C SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Class C shares
|
|
$
|
18,725,651
|
|
|
|
N/A
|
|
|
$
|
34,572
|
|
|
Class C shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)
|
|
|
1,798,117
|
|
|
|
N/A
|
|
|
|
3,148
|
|
|
Net asset value, offering price and redemption price per share (Note 2)
|
|
$
|
10.41
|
|
|
|
N/A
|
|
|
$
|
10.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PRICING OF CLASS I SHARES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets applicable to Class I shares
|
|
$
|
45,177,504
|
|
|
$
|
3,448,629
|
|
|
$
|
28,797,500
|
|
|
Class I shares of beneficial interest outstanding (unlimited number of shares authorized, $0.001 par value)
|
|
|
4,295,135
|
|
|
|
357,614
|
|
|
|
2,605,951
|
|
|
Net asset value, offering price and redemption price per share (Note 2)
|
|
$
|
10.52
|
|
|
$
|
9.64
|
|
|
$
|
11.05
|
|
See Notes to Financial Statements.
|
Stadion Investment Trust
|
Statements of Operations
|
|
|
For the Six Months Ended November 30, 2013 (Unaudited)
|
|
|
|
Stadion Managed Fund
|
|
|
Stadion Core Advantage Fund
|
|
|
Stadion Olympus Fund
|
|
|
INVESTMENT INCOME
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
$
|
2,075,551
|
|
|
$
|
321,484
|
|
|
$
|
89,135
|
|
|
TOTAL INVESTMENT INCOME
|
|
|
2,075,551
|
|
|
|
321,484
|
|
|
|
89,135
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees (Note 5)
|
|
|
3,361,432
|
|
|
|
290,431
|
|
|
|
146,789
|
|
|
Distribution fees, Class A (Note 5)
|
|
|
458,852
|
|
|
|
44,458
|
|
|
|
18,920
|
|
|
Distribution fees, Class C (Note 5)
|
|
|
671,691
|
|
|
|
25,875
|
|
|
|
549
|
|
|
Transfer agent fees, Common (Note 5)
|
|
|
98,811
|
|
|
|
21,802
|
|
|
|
18,045
|
|
|
Transfer agent fees, Class A (Note 5)
|
|
|
51,396
|
|
|
|
1,720
|
|
|
|
1,521
|
|
|
Transfer agent fees, Class C (Note 5)
|
|
|
24,048
|
|
|
|
884
|
|
|
|
–
|
|
|
Transfer agent fees Class I (Note 5)
|
|
|
36,094
|
|
|
|
2,792
|
|
|
|
2,915
|
|
|
Administrative fees (Note 5)
|
|
|
163,940
|
|
|
|
12,364
|
|
|
|
6,381
|
|
|
Registration and filing fees, Common
|
|
|
40,799
|
|
|
|
23,154
|
|
|
|
20,532
|
|
|
Professional fees
|
|
|
74,652
|
|
|
|
11,936
|
|
|
|
9,396
|
|
|
Custodian fees
|
|
|
20,527
|
|
|
|
2,489
|
|
|
|
2,505
|
|
|
Compliance fees (Note 5)
|
|
|
35,221
|
|
|
|
2,483
|
|
|
|
1,118
|
|
|
Trustees' fees
|
|
|
34,425
|
|
|
|
2,432
|
|
|
|
1,075
|
|
|
Printing of shareholder reports
|
|
|
33,924
|
|
|
|
3,734
|
|
|
|
2,482
|
|
|
Other expenses
|
|
|
84,136
|
|
|
|
7,288
|
|
|
|
3,684
|
|
|
TOTAL EXPENSES
|
|
|
5,189,948
|
|
|
|
453,842
|
|
|
|
235,912
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses waived/reimbursed by the Advisor (Note 5)
|
|
|
–
|
|
|
|
(747
|
)
|
|
|
(17,123
|
)
|
|
NET EXPENSES
|
|
|
5,189,948
|
|
|
|
453,095
|
|
|
|
218,789
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INVESTMENT LOSS
|
|
|
(3,114,397
|
)
|
|
|
(131,611
|
)
|
|
|
(129,654
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses) from investments
|
|
|
(24,597,095
|
)
|
|
|
1,961,400
|
|
|
|
(340,763
|
)
|
|
Net change in unrealized appreciation (depreciation) on investments
|
|
|
15,796,539
|
|
|
|
(355,653
|
)
|
|
|
781,013
|
|
|
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
(8,800,556
|
)
|
|
|
1,605,747
|
|
|
|
440,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
$
|
(11,914,953
|
)
|
|
$
|
1,474,136
|
|
|
$
|
310,596
|
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
29
|
|
Stadion Investment Trust
|
Statements of Operations
|
|
|
For the Six Months Ended November 30, 2013 (Unaudited)
|
|
|
|
Stadion Trilogy Fund
|
|
|
Stadion Tactical Income Fund
|
|
|
Stadion Market Opportunity Fund
|
|
|
INVESTMENT INCOME
|
|
|
|
|
|
|
|
|
|
|
Dividends
|
|
$
|
1,314,597
|
|
|
$
|
71,946
|
|
|
$
|
139,503
|
|
|
Foreign taxes withheld
|
|
|
(5,007
|
)
|
|
|
–
|
|
|
|
–
|
|
|
TOTAL INVESTMENT INCOME
|
|
|
1,309,590
|
|
|
|
71,946
|
|
|
|
139,503
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSES
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment advisory fees (Note 5)
|
|
|
787,370
|
|
|
|
16,768
|
|
|
|
224,514
|
|
|
Distribution fees, Class A (Note 5)
|
|
|
96,342
|
|
|
|
3,054
|
|
|
|
13,848
|
|
|
Distribution fees, Class C (Note 5)
|
|
|
75,208
|
|
|
|
–
|
|
|
|
49
|
|
|
Transfer agent fees, Common (Note 5)
|
|
|
23,752
|
|
|
|
13,218
|
|
|
|
14,145
|
|
|
Transfer agent fees, Class A (Note 5)
|
|
|
3,848
|
|
|
|
534
|
|
|
|
438
|
|
|
Transfer agent fees, Class C (Note 5)
|
|
|
876
|
|
|
|
–
|
|
|
|
–
|
|
|
Transfer agent fees Class I (Note 5)
|
|
|
8,146
|
|
|
|
366
|
|
|
|
416
|
|
|
Administrative fees (Note 5)
|
|
|
34,912
|
|
|
|
1,639
|
|
|
|
9,614
|
|
|
Registration and filing fees, Common
|
|
|
40,437
|
|
|
|
11,537
|
|
|
|
5,903
|
|
|
Professional fees
|
|
|
19,392
|
|
|
|
6,576
|
|
|
|
12,315
|
|
|
Custodian fees
|
|
|
6,948
|
|
|
|
2,467
|
|
|
|
2,359
|
|
|
Compliance fees (Note 5)
|
|
|
5,805
|
|
|
|
135
|
|
|
|
1,476
|
|
|
Trustees' fees
|
|
|
5,532
|
|
|
|
181
|
|
|
|
1,386
|
|
|
Printing of shareholder reports
|
|
|
4,267
|
|
|
|
1,158
|
|
|
|
4,121
|
|
|
Other expenses
|
|
|
11,369
|
|
|
|
1,886
|
|
|
|
21,325
|
|
|
TOTAL EXPENSES
|
|
|
1,124,204
|
|
|
|
59,519
|
|
|
|
311,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses waived/reimbursed by the Advisor (Note 5)
|
|
|
–
|
|
|
|
(26,799
|
)
|
|
|
–
|
|
|
NET EXPENSES
|
|
|
1,124,204
|
|
|
|
32,720
|
|
|
|
311,909
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INVESTMENT INCOME (LOSS)
|
|
|
185,386
|
|
|
|
39,226
|
|
|
|
(172,406
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net realized gains (losses) from investments
|
|
|
(1,234,307
|
)
|
|
|
(137,483
|
)
|
|
|
1,011,536
|
|
|
Net realized losses from written option contracts
|
|
|
(983,395
|
)
|
|
|
0
|
|
|
|
0
|
|
|
Net change in unrealized appreciation on investments
|
|
|
4,515,977
|
|
|
|
41,923
|
|
|
|
2,142,668
|
|
|
Net change in unrealized depreciation on written option contracts
|
|
|
(1,374,638
|
)
|
|
|
0
|
|
|
|
0
|
|
|
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS
|
923,637
|
|
|
|
(95,560
|
)
|
|
|
3,154,204
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
|
|
$
|
1,109,023
|
|
|
$
|
(56,334
|
)
|
|
$
|
2,981,798
|
|
See Notes to Financial Statements.
|
Stadion Investment Trust
|
Statements of Changes in Net Assets
|
|
|
|
Stadion Managed Fund
|
|
|
Stadion Core Advantage Fund
|
|
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the
Year Ended
May 31, 2013
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the
Year Ended
May 31, 2013
|
|
|
FROM OPERATIONS
|
|
|
Net investment income (loss)
|
|
$
|
(3,114,397
|
)
|
|
$
|
(964,100
|
)
|
|
$
|
(131,611
|
)
|
|
$
|
26,238
|
|
|
Net realized gains (losses) from investments
|
|
|
(24,597,095
|
)
|
|
|
62,061,308
|
|
|
|
1,961,400
|
|
|
|
3,710,658
|
|
|
Net change in unrealized appreciation (depreciation) on investments
|
|
|
15,796,539
|
|
|
|
267,983
|
|
|
|
(355,653
|
)
|
|
|
2,720,335
|
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
(11,914,953
|
)
|
|
|
61,365,191
|
|
|
|
1,474,136
|
|
|
|
6,457,231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
Distributions from net investment income, Class A
|
|
|
–
|
|
|
|
–
|
|
|
|
(32,956
|
)
|
|
|
–
|
|
|
Distributions from net investment income, Class C
|
|
|
–
|
|
|
|
–
|
|
|
|
(1,615
|
)
|
|
|
–
|
|
|
Distributions from net investment income, Class I
|
|
|
–
|
|
|
|
–
|
|
|
|
(8,361
|
)
|
|
|
–
|
|
|
Decrease in net assets from distributions to shareholders
|
|
|
–
|
|
|
|
–
|
|
|
|
(42,932
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FROM CAPITAL SHARE TRANSACTIONS (Note 7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
55,388,838
|
|
|
|
75,446,291
|
|
|
|
10,804,791
|
|
|
|
8,502,509
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
–
|
|
|
|
–
|
|
|
|
32,032
|
|
|
|
–
|
|
|
Payments for shares redeemed
|
|
|
(73,126,836
|
)
|
|
|
(147,820,967
|
)
|
|
|
(4,173,443
|
)
|
|
|
(13,781,317
|
)
|
|
Net increase (decrease) in net assets from Class A share transactions
|
|
|
(17,737,998
|
)
|
|
|
(72,374,676
|
)
|
|
|
6,663,380
|
|
|
|
(5,278,808
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
8,416,954
|
|
|
|
23,153,909
|
|
|
|
1,468,184
|
|
|
|
747,888
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
–
|
|
|
|
–
|
|
|
|
1,531
|
|
|
|
–
|
|
|
Payments for shares redeemed
|
|
|
(23,501,804
|
)
|
|
|
(53,751,625
|
)
|
|
|
(782,082
|
)
|
|
|
(1,623,348
|
)
|
|
Net increase (decrease) in net assets from Class C share transactions
|
|
|
(15,084,850
|
)
|
|
|
(30,597,716
|
)
|
|
|
687,633
|
|
|
|
(875,460
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
37,376,141
|
|
|
|
60,699,280
|
|
|
|
2,697,529
|
|
|
|
6,051,511
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
–
|
|
|
|
–
|
|
|
|
8,158
|
|
|
|
–
|
|
|
Payments for shares redeemed
|
|
|
(31,759,207
|
)
|
|
|
(62,080,448
|
)
|
|
|
(682,775
|
)
|
|
|
(4,317,536
|
)
|
|
Net increase (decrease) in net assets from Class I share transactions
|
|
|
5,616,934
|
|
|
|
(1,381,168
|
)
|
|
|
2,022,912
|
|
|
|
1,733,975
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET INCREASE (DECREASE) IN NET ASSETS
|
(39,120,867
|
)
|
|
|
(42,988,369
|
)
|
|
|
10,805,129
|
|
|
|
2,036,938
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
641,311,138
|
|
|
|
684,299,507
|
|
|
|
43,818,314
|
|
|
|
41,781,376
|
|
|
End of period
|
|
$
|
602,190,271
|
|
|
$
|
641,311,138
|
|
|
$
|
54,623,443
|
|
|
$
|
43,818,314
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCUMULATED NET INVESTMENT INCOME (LOSS)
|
$
|
(4,078,497
|
)
|
|
$
|
(964,100
|
)
|
|
$
|
(148,305
|
)
|
|
$
|
26,238
|
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
31
|
|
Stadion Investment Trust
|
Statements of Changes in Net Assets
|
|
|
|
Stadion Olympus Fund
|
|
|
Stadion Trilogy Fund
|
|
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the
Year Ended
May 31, 2013
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the
Year Ended
May 31, 2013
|
|
|
FROM OPERATIONS
|
|
|
Net investment income (loss)
|
|
$
|
(129,654
|
)
|
|
$
|
(35,197
|
)
|
|
$
|
185,386
|
|
|
$
|
437,755
|
|
|
Net realized gains (losses) from investments
|
|
|
(340,763
|
)
|
|
|
796,083
|
|
|
|
(1,234,307
|
)
|
|
|
301,254
|
|
|
Net realized losses from written option contracts
|
|
|
–
|
|
|
|
–
|
|
|
|
(983,395
|
)
|
|
|
(736,347
|
)
|
|
Net change in unrealized appreciation on investments
|
|
|
781,013
|
|
|
|
98,569
|
|
|
|
4,515,977
|
|
|
|
3,864,720
|
|
|
Net change in unrealized appreciation (depreciation) on written option contracts
|
|
|
–
|
|
|
|
–
|
|
|
|
(1,374,638
|
)
|
|
|
320,901
|
|
|
Net increase in net assets resulting from operations
|
|
|
310,596
|
|
|
|
859,455
|
|
|
|
1,109,023
|
|
|
|
4,188,283
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
Distributions from net investment income, Class A
|
|
|
(25,610
|
)
|
|
|
–
|
|
|
|
(122,148
|
)
|
|
|
(283,796
|
)
|
|
Distributions from net investment income, Class C
|
|
|
(78
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
(10,563
|
)
|
|
Distributions from net investment income, Class I
|
|
|
(13,721
|
)
|
|
|
–
|
|
|
|
(70,332
|
)
|
|
|
(50,608
|
)
|
|
Distributions from net realized gains, Class A
|
|
|
–
|
|
|
|
(62,306
|
)
|
|
|
–
|
|
|
|
(735,029
|
)
|
|
Distributions from net realized gains, Class C
|
|
|
–
|
|
|
|
(94
|
)
|
|
|
–
|
|
|
|
(44,427
|
)
|
|
Distributions from net realized gains, Class I
|
|
|
–
|
|
|
|
(7,428
|
)
|
|
|
–
|
|
|
|
(75,926
|
)
|
|
Decrease in net assets from distributions to shareholders
|
|
|
(39,409
|
)
|
|
|
(69,828
|
)
|
|
|
(192,480
|
)
|
|
|
(1,200,349
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FROM CAPITAL SHARE TRANSACTIONS (Note 7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
4,697,495
|
|
|
|
6,545,921
|
|
|
|
28,058,431
|
|
|
|
26,772,520
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
18,523
|
|
|
|
61,986
|
|
|
|
109,158
|
|
|
|
1,006,524
|
|
|
Payments for shares redeemed
|
|
|
(1,866,020
|
)
|
|
|
(2,344,773
|
)
|
|
|
(12,642,401
|
)
|
|
|
(11,156,739
|
)
|
|
Net increase in net assets from Class A share transactions
|
|
|
2,849,998
|
|
|
|
4,263,134
|
|
|
|
15,525,188
|
|
|
|
16,622,305
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
119,977
|
|
|
|
67,086
|
|
|
|
7,609,082
|
|
|
|
12,115,346
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
78
|
|
|
|
94
|
|
|
|
–
|
|
|
|
50,329
|
|
|
Payments for shares redeemed
|
|
|
(1,014
|
)
|
|
|
(5,404
|
)
|
|
|
(526,854
|
)
|
|
|
(673,301
|
)
|
|
Net increase in net assets from Class C share transactions
|
|
|
119,041
|
|
|
|
61,776
|
|
|
|
7,082,228
|
|
|
|
11,492,374
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
5,447,991
|
|
|
|
6,571,760
|
|
|
|
34,792,837
|
|
|
|
21,373,008
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
6,751
|
|
|
|
7,416
|
|
|
|
56,331
|
|
|
|
124,851
|
|
|
Payments for shares redeemed
|
|
|
(2,128,887
|
)
|
|
|
(694,828
|
)
|
|
|
(8,860,719
|
)
|
|
|
(2,666,330
|
)
|
|
Net increase in net assets from Class I share transactions
|
|
|
3,325,855
|
|
|
|
5,884,348
|
|
|
|
25,988,449
|
|
|
|
18,831,529
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET INCREASE IN NET ASSETS
|
|
|
6,566,081
|
|
|
|
10,998,885
|
|
|
|
49,512,408
|
|
|
|
49,934,142
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
19,722,092
|
|
|
|
8,723,207
|
|
|
|
99,492,296
|
|
|
|
49,558,154
|
|
|
End of period
|
|
$
|
26,288,173
|
|
|
$
|
19,722,092
|
|
|
$
|
149,004,704
|
|
|
$
|
99,492,296
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCUMULATED NET INVESTMENT INCOME (LOSS)
|
|
$
|
(169,063
|
)
|
|
$
|
–
|
|
|
$
|
98,934
|
|
|
$
|
106,028
|
|
See Notes to Financial Statements.
|
Stadion Investment Trust
|
Statement of Changes in Net Assets
|
|
|
|
Stadion Tactical Income Fund
|
|
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the Period
January 2, 2013
(Commencement of
operations)
to
May 31, 2013
|
|
|
FROM OPERATIONS
|
|
|
Net investment income
|
|
$
|
39,226
|
|
|
$
|
7,556
|
|
|
Net realized losses from investments
|
|
|
(137,483
|
)
|
|
|
(2,399
|
)
|
|
Net change in unrealized appreciation/(depreciation) on investments
|
|
|
41,923
|
|
|
|
(32,958
|
)
|
|
Net decrease in net assets resulting from operations
|
|
|
(56,334
|
)
|
|
|
(27,801
|
)
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
Distributions from net investment income, Class A
|
|
|
(11,852
|
)
|
|
|
–
|
|
|
Distributions from net investment income, Class I
|
|
|
(15,160
|
)
|
|
|
–
|
|
|
Decrease in net assets from distributions to shareholders
|
|
|
(27,012
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
FROM CAPITAL SHARE TRANSACTIONS (Note 7)
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
1,854,573
|
|
|
|
1,814,054
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
438
|
|
|
|
–
|
|
|
Payments for shares redeemed
|
|
|
(595,542
|
)
|
|
|
(134,408
|
)
|
|
Net increase in net assets from Class A share transactions
|
|
|
1,259,469
|
|
|
|
1,679,646
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
2,373,492
|
|
|
|
1,546,022
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
13
|
|
|
|
–
|
|
|
Payments for shares redeemed
|
|
|
(404,649
|
)
|
|
|
(11,417
|
)
|
|
Net increase in net assets from Class I share transactions
|
|
|
1,968,856
|
|
|
|
1,534,605
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET INCREASE IN NET ASSETS
|
|
|
3,144,979
|
|
|
|
3,186,450
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
3,186,450
|
|
|
|
–
|
|
|
End of period
|
|
$
|
6,331,429
|
|
|
$
|
3,186,450
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCUMULATED NET INVESTMENT INCOME
|
|
$
|
19,770
|
|
|
$
|
7,556
|
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
33
|
|
Stadion Investment Trust
|
Statement of Changes in Net Assets
|
|
|
|
Stadion Market Opportunity Fund
|
|
|
|
|
For the
Six Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the
Period May 1, 2013 to
May 31, 2013
(a)
|
|
|
For the
Year Ended
April 30, 2013
|
|
|
FROM OPERATIONS
|
|
|
Net investment loss
|
|
$
|
(172,406
|
)
|
|
$
|
(32,144
|
)
|
|
$
|
(55,735
|
)
|
|
Net realized gains from investments
|
|
|
1,011,536
|
|
|
|
422,509
|
|
|
|
3,368,546
|
|
|
Net change in unrealized appreciation/(depreciation) on investments
|
|
|
2,142,668
|
|
|
|
(531,653
|
)
|
|
|
(1,123,894
|
)
|
|
Net increase (decrease) in net assets resulting from operations
|
|
|
2,981,798
|
|
|
|
(141,288
|
)
|
|
|
2,188,917
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DISTRIBUTIONS TO SHAREHOLDERS
|
|
|
Distributions from net investment income, Class A
|
|
|
(2,319
|
)
|
|
|
–
|
|
|
|
–
|
|
|
Distributions from net investment income, Class I
|
|
|
(18,267
|
)
|
|
|
–
|
|
|
|
–
|
|
|
Distributions from net realized gains, Class I
|
|
|
–
|
|
|
|
–
|
|
|
|
(4,271,775
|
)
|
|
Decrease in net assets from distributions to shareholders
|
|
|
(20,586
|
)
|
|
|
–
|
|
|
|
(4,271,775
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FROM CAPITAL SHARE TRANSACTIONS (Note 7)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
14,934,843
|
|
|
|
3,471,135
|
|
|
|
1,198
|
|
|
Payments for shares redeemed
|
|
|
(3,268,721
|
)
|
|
|
(9,763
|
)
|
|
|
(5
|
)
|
|
Net increase in net assets from Class A share transactions
|
|
|
11,666,122
|
|
|
|
3,461,372
|
|
|
|
1,193
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class C
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
34,020
|
|
|
|
–
|
|
|
|
1,005
|
|
|
Payments for shares redeemed
|
|
|
(1,065
|
)
|
|
|
–
|
|
|
|
–
|
|
|
Net increase in net assets from Class C share transactions
|
|
|
32,955
|
|
|
|
–
|
|
|
|
1,005
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class I
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from sales of shares
|
|
|
8,230,585
|
|
|
|
2,732,878
|
|
|
|
4,771,198
|
|
|
Net asset value of shares issued in reinvestment of distributions
|
|
|
15,474
|
|
|
|
–
|
|
|
|
4,265,859
|
|
|
Payments for shares redeemed
|
|
|
(5,432,356
|
)
|
|
|
(768,733
|
)
|
|
|
(14,331,245
|
)
|
|
Net increase (decrease) in net assets from Class I share transactions
|
|
|
2,813,703
|
|
|
|
1,964,145
|
|
|
|
(5,294,188
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL NET INCREASE (DECREASE) IN NET ASSETS
|
|
|
17,473,992
|
|
|
|
5,284,229
|
|
|
|
(7,374,848
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSETS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning of period
|
|
|
27,455,781
|
|
|
|
22,171,552
|
|
|
|
29,546,400
|
|
|
End of period
|
|
$
|
44,929,773
|
|
|
$
|
27,455,781
|
|
|
$
|
22,171,552
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
ACCUMULATED NET INVESTMENT INCOME (LOSS)
|
|
$
|
(192,992
|
)
|
|
$
|
–
|
|
|
$
|
–
|
|
|
(a)
|
Effective May 31, 2013, the Market Opportunity Fund changed its fiscal year from April 30 to May 31.
|
See Notes to Financial Statements.
|
Stadion Managed Fund – Class A
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31, 2013
|
|
|
Year Ended
May 31, 2012
|
|
|
Year Ended
May 31, 2011
|
|
|
Year Ended
May 31, 2010
|
|
|
Year Ended
May 31, 2009
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.35
|
|
|
$
|
9.38
|
|
|
$
|
9.93
|
|
|
$
|
9.64
|
|
|
$
|
9.29
|
|
|
$
|
9.47
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(a)
|
|
|
(0.04
|
)
(b)
|
|
|
(0.00
|
)
(b)(c)
|
|
|
(0.17
|
)
|
|
|
(0.06
|
)
|
|
|
(0.03
|
)
|
|
|
(0.03
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(0.13
|
)
|
|
|
0.97
|
|
|
|
(0.28
|
)
|
|
|
0.46
|
|
|
|
0.38
|
|
|
|
(0.14
|
)
|
|
Total from investment operations
|
|
|
(0.17
|
)
|
|
|
0.97
|
|
|
|
(0.45
|
)
|
|
|
0.40
|
|
|
|
0.35
|
|
|
|
(0.17
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment
income
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.00
|
)
(c)
|
|
In excess of net investment income
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.01
|
)
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.10
|
)
|
|
|
(0.11
|
)
|
|
|
–
|
|
|
|
(0.00
|
)
(c)
|
|
Total distributions
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.10
|
)
|
|
|
(0.11
|
)
|
|
|
–
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF
PERIOD
|
|
$
|
10.18
|
|
|
$
|
10.35
|
|
|
$
|
9.38
|
|
|
$
|
9.93
|
|
|
$
|
9.64
|
|
|
$
|
9.29
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(d)
|
|
|
(1.64
|
%)
(e)
|
|
|
10.34
|
%
|
|
|
(4.45
|
%)
|
|
|
4.07
|
%
|
|
|
3.77
|
%
|
|
|
(1.80
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
347,422
|
|
|
$
|
371,779
|
|
|
$
|
407,202
|
|
|
$
|
981,387
|
|
|
$
|
496,412
|
|
|
$
|
139,400
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(f)
|
|
|
1.52
|
%
(g)
|
|
|
1.59
|
%
|
|
|
1.51
|
%
|
|
|
1.50
|
%
|
|
|
1.67
|
%
|
|
|
1.83
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets
(a)(f)
|
|
|
(0.87
|
%)
(g)
|
|
|
(0.01
|
%)
|
|
|
(1.03
|
%)
|
|
|
(0.82
|
%)
|
|
|
(0.57
|
%)
|
|
|
(0.48
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
526
|
%
(e)
|
|
|
737
|
%
|
|
|
1,967
|
%
|
|
|
1,018
|
%
|
|
|
944
|
%
|
|
|
449
|
%
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Amount rounds to less than $0.01 per share.
|
|
(d)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(e)
|
Not annualized.
|
|
(f)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(g)
|
Annualized.
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
35
|
|
Stadion Managed Fund – Class C
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31,
2013
|
|
|
Year Ended
May 31,
2012
|
|
|
Year Ended
May 31,
2011
|
|
For the Period
October 1, 2009
(Commencement of
operations) to
May 31, 2010
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.05
|
|
|
$
|
9.18
|
|
|
$
|
9.79
|
|
|
$
|
9.59
|
|
|
$
|
9.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(a)
|
|
|
(0.08
|
)
(b)
|
|
|
(0.07
|
)
(b)
|
|
|
(0.21
|
)
|
|
|
(0.10
|
)
|
|
|
(0.05
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(0.13
|
)
|
|
|
0.94
|
|
|
|
(0.30
|
)
|
|
|
0.41
|
|
|
|
0.10
|
|
|
Total from investment operations
|
|
|
(0.21
|
)
|
|
|
0.87
|
|
|
|
(0.51
|
)
|
|
|
0.31
|
|
|
|
0.05
|
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.10
|
)
|
|
|
(0.11
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.10
|
)
|
|
|
(0.11
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
9.84
|
|
|
$
|
10.05
|
|
|
$
|
9.18
|
|
|
$
|
9.79
|
|
|
$
|
9.59
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
(2.09
|
%)
(d)
|
|
|
9.48
|
%
|
|
|
(5.13
|
%)
|
|
|
3.15
|
%
|
|
|
0.52
|
%
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
123,700
|
|
|
$
|
141,797
|
|
|
$
|
159,112
|
|
|
$
|
228,541
|
|
|
$
|
55,281
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
2.28
|
%
(f)
|
|
|
2.35
|
%
|
|
|
2.30
|
%
|
|
|
2.28
|
%
|
|
|
2.51
|
%
(f)(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
2.28
|
%
(f)
|
|
|
2.35
|
%
|
|
|
2.30
|
%
|
|
|
2.28
|
%
|
|
|
2.48
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net
assets
(a)(e)
|
(1.64
|
%)
(f)
|
|
|
(0.77
|
%)
|
|
|
(1.80
|
%)
|
|
|
(1.65
|
%)
|
|
|
(1.60
|
%)
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
526
|
%
(d)
|
|
|
737
|
%
|
|
|
1,967
|
%
|
|
|
1,018
|
%
|
|
|
944
|
%
(d)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers by the advisor (Note 5).
|
See Notes to Financial Statements.
|
Stadion Managed Fund – Class I
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31,
2013
|
|
|
Year Ended
May 31,
2012
|
|
|
Year Ended
May 31,
2011
|
|
For the Period
May 28, 2010
(Commencement of
operations) to
May 31, 2010
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.43
|
|
|
$
|
9.43
|
|
|
$
|
9.96
|
|
|
$
|
9.64
|
|
|
$
|
9.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
(a)
|
|
|
(0.03
|
)
(b)
|
|
|
0.02
|
(b)
|
|
|
(0.06
|
)
|
|
|
(0.05
|
)
|
|
|
(0.00
|
)
(c)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
(0.14
|
)
|
|
|
0.98
|
|
|
|
(0.37
|
)
|
|
|
0.48
|
|
|
|
–
|
|
|
Total from investment operations
|
|
|
(0.17
|
)
|
|
|
1.00
|
|
|
|
(0.43
|
)
|
|
|
0.43
|
|
|
|
(0.00
|
)
(c)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.10
|
)
|
|
|
(0.11
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.10
|
)
|
|
|
(0.11
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
10.26
|
|
|
$
|
10.43
|
|
|
$
|
9.43
|
|
|
$
|
9.96
|
|
|
$
|
9.64
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(d)
|
|
|
(1.63
|
%)
(e)
|
|
|
10.60
|
%
|
|
|
(4.24
|
%)
|
|
|
4.38
|
%
|
|
|
0.00
|
%
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
131,069
|
|
|
$
|
127,735
|
|
|
$
|
117,986
|
|
|
$
|
83,614
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(f)
|
|
|
1.30
|
%
(g)
|
|
|
1.39
|
%
|
|
|
1.28
|
%
|
|
|
1.24
|
%
|
|
|
1.70
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets
(a)(f)
|
|
|
(0.63
|
%)
(g)
|
|
|
0.18
|
%
|
|
|
(0.77
|
%)
|
|
|
(0.48
|
%)
|
|
|
(1.70
|
%)
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
526
|
%
(e)
|
|
|
737
|
%
|
|
|
1,967
|
%
|
|
|
1,018
|
%
|
|
|
944
|
%
(e)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Amount rounds to less than $0.01 per share.
|
|
(d)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(e)
|
Not annualized.
|
|
(f)
|
The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(g)
|
Annualized.
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
37
|
|
Stadion Core Advantage Fund – Class A
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31,
2013
|
|
|
Year Ended
May 31,
2012
|
|
|
Year Ended
May 31,
2011
|
|
|
Year Ended
May 31,
2010
|
|
|
Year Ended
May 31,
2009
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
11.99
|
|
|
$
|
10.37
|
|
|
$
|
11.72
|
|
|
$
|
10.22
|
|
|
$
|
8.98
|
|
|
$
|
11.11
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
(a)
|
(0.03
|
)
(b)
|
|
|
0.02
|
(b)
|
|
|
(0.09
|
)
|
|
|
(0.10
|
)
|
|
|
(0.05
|
)
|
|
|
(0.04
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.41
|
|
|
|
1.60
|
|
|
|
(0.72
|
)
|
|
|
1.60
|
|
|
|
1.29
|
|
|
|
(2.08
|
)
|
|
Total from investment operations
|
|
|
0.38
|
|
|
|
1.62
|
|
|
|
(0.81
|
)
|
|
|
1.50
|
|
|
|
1.24
|
|
|
|
(2.12
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.01
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
In excess of net investment income
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.01
|
)
|
|
Distributions from net
realized gains
|
|
–
|
|
|
|
–
|
|
|
|
(0.54
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.01
|
)
|
|
|
–
|
|
|
|
(0.54
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.01
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
12.36
|
|
|
$
|
11.99
|
|
|
$
|
10.37
|
|
|
$
|
11.72
|
|
|
$
|
10.22
|
|
|
$
|
8.98
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
3.19
|
%
(d)
|
|
|
15.62
|
%
|
|
|
(6.75
|
%)
|
|
|
14.68
|
%
|
|
|
13.81
|
%
|
|
|
(19.11
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
41,558
|
|
|
$
|
33,813
|
|
|
$
|
33,892
|
|
|
$
|
50,470
|
|
|
$
|
41,179
|
|
|
$
|
28,805
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
1.89
|
%
(f)(g)
|
|
|
2.00
|
%
(g)
|
|
|
1.91
|
%
(g)
|
|
|
1.97
|
%
(g)
|
|
|
2.11
|
%
(g)
|
|
|
2.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
1.89
|
%
(f)
|
|
|
1.95
|
%
|
|
|
1.89
|
%
|
|
|
1.95
|
%
|
|
|
1.95
|
%
|
|
|
2.23
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets
(a)(e)
|
|
|
(0.49
|
%)
(f)
|
|
|
0.14
|
%
|
|
|
(0.67
|
%)
|
|
|
(0.94
|
%)
|
|
|
(0.62
|
%)
|
|
|
(0.41
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER
RATE
|
|
|
299
|
%
(d)
|
|
|
455
|
%
|
|
|
826
|
%
|
|
|
476
|
%
|
|
|
471
|
%
|
|
|
346
|
%
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
Stadion Core Advantage Fund – Class C
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31, 2013
|
|
|
Year Ended
May 31, 2012
|
|
|
Year Ended
May 31, 2011
|
|
For the Period
October 1, 2009
(Commencement of
operations) to
May 31, 2010
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
11.64
|
|
|
$
|
10.16
|
|
|
$
|
11.59
|
|
|
$
|
10.17
|
|
|
$
|
9.75
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(a)
|
|
|
(0.08
|
)
(b)
|
|
|
(0.07
|
)
(b)
|
|
|
(0.18
|
)
|
|
|
(0.14
|
)
|
|
|
(0.06
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.40
|
|
|
|
1.55
|
|
|
|
(0.71
|
)
|
|
|
1.56
|
|
|
|
0.48
|
|
|
Total from investment operations
|
|
|
0.32
|
|
|
|
1.48
|
|
|
|
(0.89
|
)
|
|
|
1.42
|
|
|
|
0.42
|
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.54
|
)
|
|
|
–
|
|
|
|
–
|
|
|
Total distributions
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.54
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
11.96
|
|
|
$
|
11.64
|
|
|
$
|
10.16
|
|
|
$
|
11.59
|
|
|
$
|
10.17
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
2.78
|
%
(d)
|
|
|
14.57
|
%
|
|
|
(7.54
|
%)
|
|
|
13.96
|
%
|
|
|
4.31
|
%
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
5,893
|
|
|
$
|
5,060
|
|
|
$
|
5,253
|
|
|
$
|
6,028
|
|
|
$
|
1,458
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
2.66
|
%
(f)(g)
|
|
|
3.20
|
%
(g)
|
|
|
3.12
|
%
(g)
|
|
|
3.45
|
%
(g)
|
|
|
7.53
|
%
(f)(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
2.66
|
%
(f)
|
|
|
2.70
|
%
|
|
|
2.70
|
%
|
|
|
2.70
|
%
|
|
|
2.70
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets
(a)(e)
|
|
|
(1.30
|
%)
(f)
|
|
|
(0.61
|
%)
|
|
|
(1.48
|
%)
|
|
|
(1.79
|
%)
|
|
|
(1.82
|
%)
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
299
|
%
(d)
|
|
|
455
|
%
|
|
|
826
|
%
|
|
|
476
|
%
|
|
|
471
|
%
(d)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
39
|
|
Stadion Core Advantage Fund – Class I
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31, 2013
|
|
|
Year Ended
May 31, 2012
|
|
|
Year Ended
May 31, 2011
|
|
For the Period
May 28, 2010
(Commencement of
operations) to
May 31, 2010
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
12.07
|
|
|
$
|
10.42
|
|
|
$
|
11.76
|
|
|
$
|
10.22
|
|
|
$
|
10.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
(a)
|
|
|
(0.02
|
)
(b)
|
|
|
0.02
|
(b)
|
|
|
(0.05
|
)
|
|
|
(0.04
|
)
|
|
|
(0.00
|
)
(c)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.42
|
|
|
|
1.63
|
|
|
|
(0.75
|
)
|
|
|
1.58
|
|
|
|
–
|
|
|
Total from investment operations
|
|
|
0.40
|
|
|
|
1.65
|
|
|
|
(0.80
|
)
|
|
|
1.54
|
|
|
|
(0.00
|
)
(c)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.02
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.54
|
)
|
|
|
–
|
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.02
|
)
|
|
|
–
|
|
|
|
(0.54
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
12.45
|
|
|
$
|
12.07
|
|
|
$
|
10.42
|
|
|
$
|
11.76
|
|
|
$
|
10.22
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(d)
|
|
|
3.31
|
%
(e)
|
|
|
15.83
|
%
|
|
|
(6.65
|
%)
|
|
|
15.07
|
%
|
|
|
0.00
|
%
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
7,172
|
|
|
$
|
4,945
|
|
|
$
|
2,636
|
|
|
$
|
1,433
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(f)
|
|
|
1.73
|
%
(g)(h)
|
|
|
2.38
|
%
(h)
|
|
|
3.05
|
%
(h)
|
|
|
7.98
|
%
(h)
|
|
|
1.70
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(f)
|
|
|
1.70
|
%
(g)
|
|
|
1.70
|
%
|
|
|
1.70
|
%
|
|
|
1.70
|
%
|
|
|
1.70
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets
(a)(f)
|
|
|
(0.37
|
%)
(g)
|
|
|
0.20
|
%
|
|
|
(0.53
|
%)
|
|
|
(1.03
|
%)
|
|
|
(1.70
|
%)
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
299
|
%
(e)
|
|
|
455
|
%
|
|
|
826
|
%
|
|
|
476
|
%
|
|
|
471
|
%
(e)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Amount rounds to less than $0.01 per share.
|
|
(d)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(e)
|
Not annualized.
|
|
(f)
|
The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(g)
|
Annualized.
|
|
(h)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
Stadion Olympus Fund
™
– Class A
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31,
2013
|
|
For the Period
April 2, 2012
(Commencement of
operations) to
May 31, 2012
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.16
|
|
|
$
|
9.54
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(a)
|
|
|
(0.06
|
)
(b)
|
|
|
(0.01
|
)
(b)
|
|
|
(0.01
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.17
|
|
|
|
0.68
|
|
|
|
(0.45
|
)
|
|
Total from investment operations
|
|
|
0.11
|
|
|
|
0.67
|
|
|
|
(0.46
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.02
|
)
|
|
|
(0.05
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.02
|
)
|
|
|
(0.05
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
10.25
|
|
|
$
|
10.16
|
|
|
$
|
9.54
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
1.07
|
%
(d)
|
|
|
7.04
|
%
|
|
|
(4.60
|
%)
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
16,732
|
|
|
$
|
13,723
|
|
|
$
|
8,721
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
2.08
|
%
(f)(g)
|
|
|
2.82
|
%
(g)
|
|
|
5.31
|
%
(f)(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
1.95
|
%
(f)
|
|
|
1.95
|
%
|
|
|
1.95
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets
(a)(e)
|
|
|
(1.17
|
%)
(f)
|
|
|
(0.15
|
%)
|
|
|
(1.94
|
%)
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
344
|
%
(d)
|
|
|
804
|
%
|
|
|
21
|
%
(d)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
41
|
|
Stadion Olympus Fund
™
– Class C
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31,
2013
|
|
For the Period
April 2, 2012
(Commencement of
operations) to
May 31, 2012
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.09
|
|
|
$
|
9.53
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(a)
|
|
|
(0.11
|
)
(b)
|
|
|
(0.15
|
)
(b)
|
|
|
(0.04
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.18
|
|
|
|
0.74
|
|
|
|
(0.43
|
)
|
|
Total from investment operations
|
|
|
0.07
|
|
|
|
0.59
|
|
|
|
(0.47
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.01
|
)
|
|
|
(0.03
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
10.15
|
|
|
$
|
10.09
|
|
|
$
|
9.53
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
0.72
|
%
(d)
|
|
|
6.19
|
%
|
|
|
(4.70
|
%)
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
185
|
|
|
$
|
64
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
2.81
|
%
(f)(g)
|
|
|
73.16
|
%
(g)
|
|
|
1,345.00
|
%
(f)(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
2.70
|
%
(f)
|
|
|
2.70
|
%
|
|
|
2.70
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets
(a)(e)
|
|
|
(2.11
|
%)
(f)
|
|
|
(1.49
|
%)
|
|
|
(2.70
|
%)
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
344
|
%
(d)
|
|
|
804
|
%
|
|
|
21
|
%
(d)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
Stadion Olympus Fund
™
– Class I
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31, 2013
|
|
For the Period
April 2, 2012
(Commencement of
operations) to
May 31, 2012
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.18
|
|
|
$
|
9.55
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(a)
|
|
|
(0.05
|
)
(b)
|
|
|
(0.09
|
)
(b)
|
|
|
(0.03
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.17
|
|
|
|
0.79
|
|
|
|
(0.42
|
)
|
|
Total from investment operations
|
|
|
0.12
|
|
|
|
0.70
|
|
|
|
(0.45
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.02
|
)
|
|
|
(0.07
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.02
|
)
|
|
|
(0.07
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
10.28
|
|
|
$
|
10.18
|
|
|
$
|
9.55
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
1.19
|
%
(d)
|
|
|
7.31
|
%
|
|
|
(4.50
|
%)
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
9,371
|
|
|
$
|
5,935
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
1.88
|
%
(f)(g)
|
|
|
3.63
|
%
(g)
|
|
|
1,342.77
|
%
(f)(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
1.70
|
%
(f)
|
|
|
1.70
|
%
|
|
|
1.70
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets
(a)(e)
|
|
|
(0.97
|
%)
(f)
|
|
|
(0.90
|
%)
|
|
|
(1.70
|
%)
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
344
|
%
(d)
|
|
|
804
|
%
|
|
|
21
|
%
(d)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
43
|
|
Stadion Trilogy Fund
™
– Class A
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31, 2013
|
|
For the Period
April 2, 2012
(Commencement of
operations) to
May 31, 2012
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.41
|
|
|
$
|
9.85
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(a)
|
|
|
0.02
|
(b)
|
|
|
0.07
|
(b)
|
|
|
0.00
|
(c)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.09
|
|
|
|
0.67
|
|
|
|
(0.15
|
)
|
|
Total from investment operations
|
|
|
0.11
|
|
|
|
0.74
|
|
|
|
(0.15
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.02
|
)
|
|
|
(0.05
|
)
|
|
|
–
|
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
(0.13
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.02
|
)
|
|
|
(0.18
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
10.50
|
|
|
$
|
10.41
|
|
|
$
|
9.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(d)
|
|
|
1.01
|
%
(e)
|
|
|
7.53
|
%
|
|
|
(1.50
|
%)
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
85,102
|
|
|
$
|
68,967
|
|
|
$
|
49,507
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(f)
|
|
|
1.75
|
%
(g)
|
|
|
1.93
|
%
|
|
|
2.21
|
%
(g)(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(f)
|
|
|
1.75
|
%
(g)
|
|
|
1.93
|
%
|
|
|
1.95
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets
(a)(f)
|
|
|
0.33
|
%
(g)
|
|
|
0.66
|
%
|
|
|
0.34
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
8
|
%
(e)
|
|
|
42
|
%
|
|
|
0
|
%
(c)(e)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Amount rounds to less than $0.01 per share or less than 1%.
|
|
(d)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(e)
|
Not annualized.
|
|
(f)
|
The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(g)
|
Annualized.
|
|
(h)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
Stadion Trilogy Fund
™
– Class C
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31, 2013
|
|
For the Period
April 2, 2012
(Commencement of
operations) to
May 31, 2012
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.35
|
|
|
$
|
9.85
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(a)
|
|
|
(0.02
|
)
(b)
|
|
|
(0.01
|
)
(b)
|
|
|
(0.00
|
)
(c)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.08
|
|
|
|
0.67
|
|
|
|
(0.15
|
)
|
|
Total from investment operations
|
|
|
0.06
|
|
|
|
0.66
|
|
|
|
(0.15
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
–
|
|
|
|
(0.03
|
)
|
|
|
–
|
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
(0.13
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
–
|
|
|
|
(0.16
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
10.41
|
|
|
$
|
10.35
|
|
|
$
|
9.85
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(d)
|
|
|
0.58
|
%
(e)
|
|
|
6.72
|
%
|
|
|
(1.50
|
%)
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
18,726
|
|
|
$
|
11,570
|
|
|
$
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(f)
|
|
|
2.51
|
%
(g)
|
|
|
3.36
|
%
(h)
|
|
|
61.13
|
%
(g)(h)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(f)
|
|
|
2.51
|
%
(g)
|
|
|
2.70
|
%
|
|
|
2.70
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets
(a)(f)
|
|
|
(0.43
|
%)
(g)
|
|
|
(0.10
|
%)
|
|
|
(0.11
|
%)
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
8
|
%
(e)
|
|
|
42
|
%
|
|
|
0
|
%
(c)(e)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Amount rounds to less than $0.01 per share or less than 1%.
|
|
(d)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(e)
|
Not annualized.
|
|
(f)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(g)
|
Annualized.
|
|
(h)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
45
|
|
Stadion Trilogy Fund
™
– Class I
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
Year Ended
May 31, 2013
|
|
For the Period
April 2, 2012
(Commencement of
operations) to
May 31, 2012
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.42
|
|
|
$
|
9.86
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income
(a)
|
|
|
0.03
|
(b)
|
|
|
0.10
|
(b)
|
|
|
0.01
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.09
|
|
|
|
0.66
|
|
|
|
(0.15
|
)
|
|
Total from investment operations
|
|
|
0.12
|
|
|
|
0.76
|
|
|
|
(0.14
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.02
|
)
|
|
|
(0.07
|
)
|
|
|
–
|
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
(0.13
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.02
|
)
|
|
|
(0.20
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
10.52
|
|
|
$
|
10.42
|
|
|
$
|
9.86
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
1.16
|
%
(d)
|
|
|
7.75
|
%
|
|
|
(1.40
|
%)
(d)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
45,178
|
|
|
$
|
18,956
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
1.54
|
%
(f)
|
|
|
2.01
|
%
(g)
|
|
|
1,259.15
|
%
(f)(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
1.54
|
%
(f)
|
|
|
1.70
|
%
|
|
|
1.70
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets
(a)(e)
|
|
|
0.54
|
%
(f)
|
|
|
0.94
|
%
|
|
|
0.51
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
8
|
%
(d)
|
|
|
42
|
%
|
|
|
0
|
%
(d)(h)
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
|
(h)
|
Amount rounds to less than 1%.
|
See Notes to Financial Statements.
|
Stadion Tactical Income Fund – Class A
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout the Periods Presented
|
|
|
|
For the
Six Months Ended
November 30, 2013 (Unaudited)
|
|
For the Period
January 2, 2013
(Commencement of
operations) to
May 31, 2013
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
9.91
|
|
|
$
|
10.00
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
Net investment income
(a)(b)
|
|
|
0.07
|
|
|
|
0.06
|
|
|
Net realized and unrealized loss on investments
|
|
|
(0.29
|
)
|
|
|
(0.15
|
)
|
|
Total from investment operations
|
|
|
(0.22
|
)
|
|
|
(0.09
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.05
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.05
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
9.64
|
|
|
$
|
9.91
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
(2.25
|
%)
(d)
|
|
|
(0.90
|
%)
(d)
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
2,883
|
|
|
$
|
1,667
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
2.45
|
%
(f)(g)
|
|
|
10.69
|
%
(f)(g)
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
1.40
|
%
(f)
|
|
|
1.40
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets
(b)(e)
|
|
|
1.41
|
%
(f)
|
|
|
1.52
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
141
|
%
(d)
|
|
|
84
|
%
(d)
|
|
(a)
|
Per share amounts were calculated using average shares method.
|
|
(b)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment income to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
47
|
|
Stadion Tactical Income Fund – Class I
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout the Periods Presented
|
|
|
|
For the
Six Months Ended
November 30, 2013
(Unaudited)
|
|
For the Period
February 14, 2013
(Commencement of
operations) to
May 31, 2013
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
9.91
|
|
|
$
|
9.91
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
Net investment income
(a)(b)
|
|
|
0.08
|
|
|
|
0.04
|
|
|
Net realized and unrealized loss on investments
|
|
|
(0.30
|
)
|
|
|
(0.04
|
)
|
|
Total from investment operations
|
|
|
(0.22
|
)
|
|
|
0.00
|
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.05
|
)
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.05
|
)
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
9.64
|
|
|
$
|
9.91
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
(2.20
|
%)
(d)
|
|
|
0.00
|
%
(d)
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
3,449
|
|
|
$
|
1,519
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
2.18
|
%
(f)(g)
|
|
|
14.50
|
%
(f)(g)
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
1.15
|
%
(f)
|
|
|
1.15
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income to average net assets
(b)(e)
|
|
|
1.62
|
%
(f)
|
|
|
1.42
|
%
(f)
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
141
|
%
(d)
|
|
|
84
|
%
(d)(h)
|
|
(a)
|
Per share amounts were calculated using average shares method.
|
|
(b)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
|
(g)
|
Reflects total expenses prior to fee waivers and expense reimbursements by the advisor (Note 5).
|
|
(h)
|
Represents the period January 2, 2013 (commencement of operations of the Class A) to May 31, 2013.
|
See Notes to Financial Statements.
|
Stadion Market Opportunity Fund – Class A
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
For the Period
May 1, 2013 to
May 31,
2013
(a)
|
|
For the Period
April 1, 2013
(Commencement of
operations) to
April 30, 2013
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.22
|
|
|
$
|
10.27
|
|
|
$
|
10.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(b)(c)
|
|
|
(0.06
|
)
|
|
|
(0.01
|
)
|
|
|
(0.02
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.88
|
|
|
|
(0.04
|
)
|
|
|
0.19
|
|
|
Total from investment operations
|
|
|
0.82
|
|
|
|
(0.05
|
)
|
|
|
0.17
|
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.01
|
)
|
|
|
–
|
|
|
|
–
|
|
|
Total distributions
|
|
|
(0.01
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
11.03
|
|
|
$
|
10.22
|
|
|
$
|
10.27
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(d)
|
|
|
7.99
|
%
(e)
|
|
|
(0.49
|
%)
(e)
|
|
|
1.68
|
%
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
16,098
|
|
|
$
|
3,430
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(f)
|
|
|
1.82
|
%
(g)
|
|
|
5.21
|
%
(g)
|
|
|
2.83
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(f)
|
|
|
1.82
|
%
(g)
|
|
|
1.95
|
%
(g)
|
|
|
1.95
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets
(b)(f)
|
|
|
(1.13
|
%)
(g)
|
|
|
(1.95
|
%)
(g)
|
|
|
(1.95
|
%)
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
240
|
%
(e)
|
|
|
50
|
%
(e)
|
|
|
294
|
%
(e)(h)
|
|
(a)
|
Effective May 31, 2013, the Market Opportunity Fund changed its fiscal year from April 30 to May 31.
|
|
(b)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(c)
|
Per share amounts were calculated using average shares method.
|
|
(d)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(e)
|
Not annualized.
|
|
(f)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(g)
|
Annualized.
|
|
(h)
|
Portfolio turnover rate is calculated at the Fund Level and represents the year ended April 30, 2013.
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
49
|
|
Stadion Market Opportunity Fund – Class C
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
For the Period
May 1, 2013 to
May 31, 2013
(a)
|
|
For the Period
April 1, 2013
(Commencement of
operations) to
April 30, 2013
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.21
|
|
|
$
|
10.26
|
|
|
$
|
10.10
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment loss
(b)(c)
|
|
|
(0.12
|
)
|
|
|
(0.02
|
)
|
|
|
(0.02
|
)
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.89
|
|
|
|
(0.03
|
)
|
|
|
0.18
|
|
|
Total from investment operations
|
|
|
0.77
|
|
|
|
(0.05
|
)
|
|
|
0.16
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
10.98
|
|
|
$
|
10.21
|
|
|
$
|
10.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(d)
|
|
|
7.54
|
%
(e)
|
|
|
(0.49
|
%)
(e)
|
|
|
1.58
|
%
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
35
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(f)
|
|
|
2.60
|
%
(g)
|
|
|
3.01
|
%
(g)
|
|
|
3.51
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(f)
|
|
|
2.60
|
%
(g)
|
|
|
2.70
|
%
(g)
|
|
|
2.70
|
%
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment loss to average net assets
(b)(f)
|
|
|
(2.28
|
%)
(g)
|
|
|
(2.70
|
%)
(g)
|
|
|
(2.70
|
%)
(g)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
240
|
%
(e)
|
|
|
50
|
%
(e)
|
|
|
294
|
%
(e)(h)
|
|
(a)
|
Effective May 31, 2013, the Market Opportunity Fund changed its fiscal year from April 30 to May 31.
|
|
(b)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(c)
|
Per share amounts were calculated using average shares method.
|
|
(d)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(e)
|
Not annualized.
|
|
(f)
|
The ratios of expenses and net investment loss to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(g)
|
Annualized.
|
|
(h)
|
Portfolio turnover rate is calculated at the Fund Level and represents the year ended April 30, 2013.
|
See Notes to Financial Statements.
|
Stadion Market Opportunity Fund – Class I
|
Financial Highlights
|
|
|
For a Share Outstanding Throughout each of the Periods Presented
|
|
|
|
Six Months Ended
November 30, 2013 (Unaudited)
|
|
For the Period
May 1,
2013 to
May 31,
2013
|
|
|
Year Ended
April 30, 2013
|
|
|
Year Ended
April 30, 2012
|
|
|
Year Ended
April 30, 2011
|
|
|
Year Ended
April 30, 2010
|
|
|
Year Ended
April 30, 2009
|
|
|
NET ASSET VALUE, BEGINNING OF PERIOD
|
|
$
|
10.23
|
|
|
$
|
10.27
|
|
|
$
|
11.20
|
|
|
$
|
13.13
|
|
|
$
|
11.79
|
|
|
$
|
8.83
|
|
|
$
|
11.65
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME (LOSS) FROM OPERATIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net investment income (loss)
(a)(b)
|
|
|
(0.05
|
)
|
|
|
(0.01
|
)
|
|
|
(0.02
|
)
|
|
|
(0.08
|
)
|
|
|
(0.10
|
)
|
|
|
(0.07
|
)
|
|
|
0.03
|
|
|
Net realized and unrealized gain (loss) on investments
|
|
|
0.88
|
|
|
|
(0.03
|
)
|
|
|
0.90
|
|
|
|
0.11
|
|
|
|
2.50
|
|
|
|
3.04
|
|
|
|
(2.59
|
)
|
|
Total from investment operations
|
|
|
0.83
|
|
|
|
(0.04
|
)
|
|
|
0.88
|
|
|
|
0.03
|
|
|
|
2.40
|
|
|
|
2.97
|
|
|
|
(2.56
|
)
|
|
LESS DISTRIBUTIONS:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends from net investment income
|
|
|
(0.01
|
)
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
–
|
|
|
|
(0.01
|
)
|
|
|
(0.08
|
)
|
|
Distributions from net realized gains
|
|
|
–
|
|
|
|
–
|
|
|
|
(1.81
|
)
|
|
|
(1.96
|
)
|
|
|
(1.06
|
)
|
|
|
–
|
|
|
|
(0.18
|
)
|
|
Total distributions
|
|
|
(0.01
|
)
|
|
|
–
|
|
|
|
(1.81
|
)
|
|
|
(1.96
|
)
|
|
|
(1.06
|
)
|
|
|
(0.01
|
)
|
|
|
(0.26
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET ASSET VALUE, END OF PERIOD
|
|
$
|
11.05
|
|
|
$
|
10.23
|
|
|
$
|
10.27
|
|
|
$
|
11.20
|
|
|
$
|
13.13
|
|
|
$
|
11.79
|
|
|
$
|
8.83
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL RETURN
(c)
|
|
|
8.10
|
%
(d)
|
|
|
(0.39
|
%)
(d)
|
|
|
9.90
|
%
|
|
|
1.70
|
%
|
|
|
21.26
|
%
|
|
|
33.63
|
%
|
|
|
(21.72
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RATIOS AND SUPPLEMENTAL DATA:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net assets, end of Period (000's)
|
|
$
|
28,798
|
|
|
$
|
24,024
|
|
|
$
|
22,169
|
|
|
$
|
29,546
|
|
|
$
|
81,248
|
|
|
$
|
60,537
|
|
|
$
|
45,233
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of total expenses to average net assets
(e)
|
|
|
1.70
|
%
(f)
|
|
|
1.98
|
%
(f)
|
|
|
1.81
|
%
|
|
|
1.75
|
%
|
|
|
1.75
|
%
|
|
|
1.75
|
%
|
|
|
1.75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net expenses to average net assets
(e)
|
|
|
1.70
|
%
(f)
|
|
|
1.70
|
%
(f)
|
|
|
1.75
|
%
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
N/A
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of net investment income (loss) to average net assets
(e)
|
|
|
(0.88
|
%)
(f)
|
|
|
(1.70
|
%)
(f)
|
|
|
(0.21
|
%)
|
|
|
(0.66
|
%)
|
|
|
(0.86
|
%)
|
|
|
(0.67
|
%)
|
|
|
0.34
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
PORTFOLIO TURNOVER RATE
|
|
|
240
|
%
(d)
|
|
|
50
|
%
(d)
|
|
|
294
|
%
|
|
|
262
|
%
|
|
|
201
|
%
|
|
|
196
|
%
|
|
|
517
|
%
|
|
(a)
|
Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying investment companies in which the Fund invests.
|
|
(b)
|
Per share amounts were calculated using average shares method.
|
|
(c)
|
Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.
|
|
(d)
|
Not annualized.
|
|
(e)
|
The ratios of expenses and net investment income (loss) to average net assets do not reflect the Fund's proportionate share of expense of the underlying investment company's in which the Fund invested.
|
|
(f)
|
Annualized.
|
See Notes to Financial Statements.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
51
|
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
Stadion Managed Fund (“Managed Fund”), Stadion Core Advantage Fund (“Core Advantage Fund”), Stadion Olympus Fund
TM
(“Olympus Fund”), Stadion Trilogy Fund
TM
(“Trilogy Fund”), Stadion Tactical Income Fund (“Tactical Income Fund”) and Stadion Market Opportunity Fund (“Market Opportunity Fund”) (each, a “Fund,” and collectively, the “Funds”) are each a diversified series of Stadion Investment Trust (the “Trust”), a Delaware Statutory Trust registered under the Investment Company Act of 1940 (the “1940 Act”) as an open-end management investment company.
Managed Fund commenced operations on June 30, 2003. The public offering of Class A shares, Class C shares and Class I shares commenced on September 15, 2006, October 1, 2009 and May 28, 2010, respectively. The investment objective of the Fund is to seek long-term capital appreciation, while maintaining a secondary emphasis on capital preservation.
Core Advantage Fund commenced operations on January 27, 2004. The public offering of Class A shares, Class C shares and Class I shares commenced on September 15, 2006, October 1, 2009 and May 28, 2010, respectively. The investment objective of the Fund is to seek capital appreciation.
Olympus Fund commenced operations on April 2, 2012. The public offering of Class A shares, Class C shares and Class I shares commenced on April 2, 2012. The investment objective of the Fund is to seek long-term capital appreciation, while maintaining a secondary emphasis on capital preservation.
Trilogy Fund commenced operations on April 2, 2012. The public offering of Class A shares, Class C shares and Class I shares commenced on April 2, 2012. The investment objective of the Fund is total return, with an emphasis on lower risk and volatility than the U.S. equity markets.
Tactical Income Fund commenced operations on December 31, 2012. The public offering of Class A shares and Class I shares commenced on December 31, 2012 and February 14, 2013 respectively. The investment objective of the Fund is to seek total return comprised of income and capital appreciation, while maintaining a secondary emphasis on capital preservation.
Market Opportunity Fund’s predecessor fund, the ETF Market Opportunity Fund (the “Predecessor Fund”), is a successor to a previously operational fund which was a series of the Aviemore Funds, an Ohio business trust. The Predecessor Fund was organized into a series, Class I Shares of the Market Opportunity Fund effective as of the close of business on March 29, 2013. The Predecessor Fund commenced operations on May 3, 2004 and was the only series authorized by the Aviemore Funds. Class A and Class C shares were launched from the Market Opportunity Fund effective April 1, 2013. The Fund seeks long‐term capital appreciation.
Each Fund, excluding the Tactical Income Fund, currently offers three classes of shares, Class A, Class C, and Class I. The Tactical Income Fund offers Class A and Class I shares. Class A shares (sold subject to a maximum front-end sales load equal to 5.75% of the offering price and a distribution and/or service fee of up to 0.25% of the average net assets attributable to Class A shares, are also sold subject to a 1% contingent deferred sales load on purchases at or above $1 million if redeemed within 18 months of purchase), Class C shares (subject to a distribution and/or service fee of up to 1.00% of the average daily net assets attributable to Class C shares and, effective October 1, 2012, sold subject to a 1% contingent deferred sales load if redeemed within one year of purchase) and Class I shares (sold without any sales loads and distribution and/ or service fees). Each class of shares represents an interest in the same assets of the Funds, has the same rights and is identical in all material respects except that (1) the classes bear differing levels of sales loads and distribution fees; (2) certain other class specific expenses will be borne solely by the class to which such expenses are attributable; (3) each class has exclusive voting rights with respect to matters relating to its own distribution arrangements; and (4) Class I shares require a higher minimum initial investment.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of the Funds’ significant accounting policies used in the preparation of their financial statements. The policies are in conformity with accounting principles generally accepted in the United States of America (“GAAP”).
Security Valuation:
The Funds’ investments in securities are carried at market value. Securities listed on an exchange or quoted on a national market system are valued at the last sales price as of the time regular trading closes on the New York Stock Exchange (normally, 4:00 p.m. Eastern Time). Securities traded in the NASDAQ market are valued at the NASDAQ Official Closing Price. Other securities, including listed securities for which no sale was reported on that date, are valued at the most recent bid price. Options are valued at the mean of the last quoted bid and ask prices at the time of valuation, as reported on the option’s primary exchange. If no bid quotation is readily available at the time of valuation, the option shall be valued at the mean of the last quoted ask price and $0.00. Securities and assets for which representative market quotations are not readily available or which cannot be accurately valued using the Funds’ normal pricing procedures are valued at fair value as determined in good faith under policies approved by the Board of Trustees (the “Trustees”) and will be classified as Level 2 or 3 within the fair value hierarchy (see below), depending on the inputs used. Fair value pricing may be used, for example, in situations where (i) a portfolio security is so thinly traded that there have been no transactions for that security over an extended period of time; (ii) an event occurs after the close of the exchange on which a portfolio security is principally traded that is likely to have changed the value of the portfolio security prior to the Funds’ net asset value calculations; (iii) the exchange on which the portfolio security is principally traded closes early; or (iv) trading of the portfolio security is halted during the day and does not resume prior to the Funds’ net asset value calculations. A portfolio security’s “fair value” price may differ from the price next available for that portfolio security using the Funds’ normal pricing procedures. Open-end investment
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
companies, including money market funds, are valued at the net asset value reported by such registered open-end investment companies. Instruments with maturities of 60 days or less are valued at amortized cost, which approximates market value.
GAAP establishes a single authoritative definition of fair value, sets out a framework for measuring fair value and requires certain disclosures about fair value measurements.
Various inputs are used in determining the value of the Funds’ investments. These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs
Level 3 – significant unobservable inputs
The inputs or methodology used for valuing securities are not necessarily an indication of the risks associated with investing in those securities. 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.
The following is a summary of the inputs used to value each Fund’s investments as of November 30, 2013 by security type:
|
Managed Fund
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities at Value
|
|
|
Exchange-Traded Funds
|
|
$
|
592,087,578
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
592,087,578
|
|
|
Money Market Funds
|
|
|
2,343,701
|
|
|
|
–
|
|
|
|
–
|
|
|
|
2,343,701
|
|
|
Total Investments in Securities
|
|
$
|
594,431,279
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
594,431,279
|
|
|
Core Advantage Fund
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities at Value
|
|
|
Exchange-Traded Funds
|
|
$
|
49,370,451
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
49,370,451
|
|
|
Money Market Funds
|
|
|
979,453
|
|
|
|
–
|
|
|
|
–
|
|
|
|
979,453
|
|
|
Total Investments in Securities
|
|
$
|
50,349,904
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
50,349,904
|
|
|
Olympus Fund
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities at Value
|
|
|
Exchange-Traded Funds
|
|
$
|
26,050,183
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
26,050,183
|
|
|
Money Market Funds
|
|
|
241,403
|
|
|
|
–
|
|
|
|
–
|
|
|
|
241,403
|
|
|
Total Investments in Securities
|
|
$
|
26,291,586
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
26,291,586
|
|
|
Trilogy Fund
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities at Value
|
|
|
Common Stocks
|
|
$
|
71,441,637
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
71,441,637
|
|
|
Exchange-Traded Funds
|
|
|
72,791,787
|
|
|
|
–
|
|
|
|
–
|
|
|
|
72,791,787
|
|
|
Purchased Option Contracts
|
|
|
–
|
|
|
|
7,461,788
|
|
|
|
–
|
|
|
|
7,461,788
|
|
|
Money Market Funds
|
|
|
5,671,564
|
|
|
|
–
|
|
|
|
–
|
|
|
|
5,671,564
|
|
|
Total Investments in Securities
|
|
$
|
149,904,988
|
|
|
$
|
7,461,788
|
|
|
$
|
–
|
|
|
$
|
157,366,776
|
|
|
Other Financial Instruments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
|
|
|
Written Option Contracts
|
|
$
|
–
|
|
|
$
|
(8,438,025
|
)
|
|
$
|
–
|
|
|
$
|
(8,438,025
|
)
|
|
Total
|
|
$
|
–
|
|
|
$
|
(8,438,025
|
)
|
|
$
|
–
|
|
|
$
|
(8,438,025
|
)
|
|
Tactical Income Fund
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities at Value
|
|
|
Exchange-Traded Funds
|
|
$
|
6,203,112
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
6,203,112
|
|
|
Money Market Funds
|
|
|
105,293
|
|
|
|
–
|
|
|
|
–
|
|
|
|
105,293
|
|
|
Total Investments in Securities
|
|
$
|
6,308,405
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
6,308,405
|
|
|
Market Opportunity Fund
|
|
|
|
|
Valuation Inputs
|
|
|
|
|
|
|
|
Level 1
|
|
|
Level 2
|
|
|
Level 3
|
|
|
Total
|
|
|
Investments in Securities at Value
|
|
|
Exchange-Traded Funds
|
|
$
|
44,275,055
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
44,275,055
|
|
|
Money Market Funds
|
|
|
700,424
|
|
|
|
–
|
|
|
|
–
|
|
|
|
700,424
|
|
|
Total Investments in Securities
|
|
$
|
44,975,479
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
44,975,479
|
|
|
|
|
|
Semi-Annual Report | November 30, 2013
|
53
|
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
As of November 30, 2013, the Funds did not have any transfers in and out of any Level. The Funds did not have any assets or liabilities that were measured at fair value on a recurring basis using significant unobservable inputs (Level 3) as of November 30, 2013. It is the Funds’ policy to recognize transfers into and out of any Level at the end of the reporting period.
Share Valuation:
The net asset value per share of each class of shares of each Fund is calculated daily by dividing the total value of the assets attributable to that class, less liabilities attributable to that class, by the number of shares of that class outstanding.
The maximum offering price per share of Class A shares for each Fund is equal to the net asset value per share plus a sales load equal to 6.10% of the net asset value (or 5.75% of the offering price). The offering price of Class C shares and Class I shares is equal to the net asset value per share. The redemption price per share for each class of shares of each Fund is equal to the net asset value per share, except that certain purchases of $1 million or more of Class A shares are charged a contingent deferred sales charge of 1.00% if they are redeemed within 18 months of their purchase and Class C shares of each Fund are subject to a contingent deferred sales load of 1% on amounts redeemed within one year of purchase.
Securities Transactions and Investment Income:
Security transactions are accounted for on trade date. Gains and losses on securities sold are determined on a specific identification basis. Dividend income is recorded on the ex-dividend date. Interest income is accrued as earned.
Option Transactions:
Trilogy Fund may purchase and write put and call options on broad-based U.S. stock indices or ETFs that replicate the performance of a broad-based U.S. stock index. The Fund uses option contracts on broad-based U.S. stock indices for the purpose of seeking to generate return and manage risk exposure among varying market conditions.
When the Fund writes an option, an amount equal to the net premium (the premium less the commission) received by the Fund is recorded as a liability in the Fund’s Statement of Assets and Liabilities and is subsequently marked-to market daily. If a written option expires unexercised on the stipulated expiration date or if the Fund enters into a closing purchase transaction, it will realize a gain (or a loss if the cost of a closing purchase transaction exceeds the net premium received when the option is sold) and the liability related to such option will be eliminated. If an index option is exercised, the Fund will be required to pay the difference between the closing index value and the exercise price of the option. In this event, the proceeds of the sale will be increased by the net premium originally received and the Fund will realize a gain or loss.
Exchange-Traded Funds (“ETFs”)
: The Funds may invest in ETFs, which are funds whose shares are traded on a national exchange. ETFs may be based on underlying equity or fixed income securities, as well as commodities or currencies. ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as “creation units.” The investor purchasing a creation unit then sells the individual shares on a secondary market. Although similar diversification benefits may be achieved through an investment in another investment company, ETFs generally offer greater liquidity and lower expenses. Because an ETF incurs its own fees and expenses, shareholders of a fund investing in an ETF will indirectly bear those costs. Such funds will also incur brokerage commissions and related charges when purchasing or selling shares of an ETF. Unlike typical investment company shares, which are valued once daily, shares in an ETF may be purchased or sold on a securities exchange throughout the trading day at market prices that are generally close to the Net Asset Value of the ETF.
Allocation Between Classes:
Investment income earned, realized capital gains and losses, and unrealized appreciation and depreciation are allocated daily to each class of shares based upon its proportionate share of total net assets of the respective Fund. Class specific expenses are charged directly to the class incurring the expense. Common expenses which are not attributable to a specific class are allocated daily to each class of shares based upon its proportionate share of total net assets of the respective Fund.
Distributions to Shareholders:
Dividends arising from net investment income, if any, are declared and paid quarterly to shareholders of the Managed Fund, Core Advantage Fund, Olympus Fund, Tactical Income Fund and Trilogy Fund. Dividends arising from net investment income, if any, are declared and paid at least annually to shareholders of the Market Opportunity Fund. Net realized gains, if any, are distributed at least once each year. The amount of distributions from net investment income and net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These “book/tax” differences are either temporary or permanent in nature and are primarily due to losses deferred due to wash sales. Dividends and distributions are recorded on the ex-dividend date and tax treatment of short term capital gains.
Use of Estimates:
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities, the disclosure of contingent assets and liabilities, and revenues and expenses during the reporting period. Actual results could differ from those estimates.
Federal Income Taxes:
It is each Fund’s policy to comply with the special provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, applicable to regulated investment companies. As provided therein, in any fiscal year in which a Fund so qualifies and distributes at least 90% of its taxable net income, the Fund (but not the shareholders) will be relieved of federal income tax on the income distributed. Accordingly, no provision for income taxes has been made.
In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.
During the six months ended November 30, 2013, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, amounted to:
|
|
|
Managed
Fund
|
|
|
Core
Advantage Fund
|
|
|
Purchases
|
|
$
|
2,322,157,746
|
|
|
$
|
122,206,121
|
|
|
Sales
|
|
$
|
2,349,373,022
|
|
|
$
|
117,683,538
|
|
|
|
|
Olympus
Fund
|
|
|
Trilogy
Fund
|
|
|
Purchases
|
|
$
|
64,903,684
|
|
|
$
|
46,652,263
|
|
|
Sales
|
|
$
|
56,509,597
|
|
|
$
|
9,365,894
|
|
|
|
|
Tactical
Income Fund
|
|
|
Market Opportunity Fund
|
|
|
Purchases
|
|
$
|
10,167,177
|
|
|
$
|
98,706,288
|
|
|
Sales
|
|
$
|
6,998,613
|
|
|
$
|
83,790,476
|
|
The tax character of distributions made during the period ended and May 31, 2013 was as follows:
|
|
|
Ordinary
Income
|
|
|
Long-term
Capital Gains
|
|
|
Total Distributions
|
|
|
Managed Fund
|
|
|
|
|
|
|
|
|
|
|
5/31/2013
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
Core Advantage Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5/31/2013
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
Olympus Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5/31/2013
|
|
$
|
69,828
|
|
|
$
|
–
|
|
|
$
|
69,828
|
|
|
Trilogy Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5/31/2013
|
|
$
|
858,063
|
|
|
$
|
342,286
|
|
|
$
|
1,200,349
|
|
|
Tactical Income Fund
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5/31/2013
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
The tax character of distributions made during the period ended May 31, 2013 and, the year ended April 30, 2013 for the Market Opportunity Fund was as follows:
|
|
|
Ordinary
Income
|
|
|
Long-term
Capital Gains
|
|
|
Total Distributions
|
|
|
Market Opportunity Fund
|
|
|
|
|
|
|
|
|
|
|
5/31/2013
|
|
$
|
–
|
|
|
$
|
–
|
|
|
$
|
–
|
|
|
4/30/2013
|
|
|
1,038,947
|
|
|
|
3,232,828
|
|
|
|
4,271,775
|
|
Tax Basis of Investments:
As of November 30, 2013, the aggregate cost of investments, gross unrealized appreciation/(depreciation) and net unrealized appreciation for Federal tax purposes was as follows:
|
|
|
Managed
Fund
|
|
|
Core
Advantage Fund
|
|
|
Olympus
Fund
|
|
|
Tax cost of portfolio investments
|
|
$
|
578,366,757
|
|
|
$
|
47,660,634
|
|
|
$
|
25,584,278
|
|
|
Gross unrealized appreciation
|
|
$
|
16,064,522
|
|
|
$
|
2,689,270
|
|
|
$
|
780,082
|
|
|
Gross unrealized depreciation
|
|
|
–
|
|
|
|
–
|
|
|
|
(72,774
|
)
|
|
Net unrealized appreciation
|
|
$
|
16,064,522
|
|
|
$
|
2,689,270
|
|
|
$
|
707,308
|
|
|
|
|
Trilogy
Fund
|
|
|
Tactical
Income Fund
|
|
|
Market Opportunity Fund
|
|
|
Tax cost of portfolio investments
|
|
$
|
149,594,836
|
|
|
$
|
6,350,917
|
|
|
$
|
39,721,581
|
|
|
Gross unrealized appreciation
|
|
$
|
13,218,348
|
|
|
$
|
–
|
|
|
$
|
5,253,898
|
|
|
Gross unrealized depreciation
|
|
|
(5,446,408
|
)
|
|
|
(42,512
|
)
|
|
|
–
|
|
|
Net unrealized appreciation (depreciation)
|
|
$
|
7,771,940
|
|
|
$
|
(42,512
|
)
|
|
$
|
5,253,898
|
|
As of November 30, 2013, the tax cost of written option contracts for Trilogy Fund is $6,827,310.
The difference between the federal income tax cost of portfolio investments and the financial statement cost for Core Advantage Fund, Trilogy Fund and Tactical Income Fund is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are due to the tax deferral of losses on wash sales.
Capital Loss Carryforward:
As of May 31, 2013, Managed Fund had short-term capital loss carryforwards for federal income tax purposes of $570,886 which do not expire. These capital loss carryforwards may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders.
Capital losses carried to the next tax year were as follows:
|
Fund
|
|
Short-Term
|
|
|
Long-Term
|
|
|
Managed Fund
|
|
$
|
570,886
|
|
|
$
|
–
|
|
The Funds elect to defer to the period ending May 31, 2014, capital losses recognized during the period November 1, 2012 to May 31, 2013 in the amount of:
|
Fund
|
|
Amount
|
|
|
Trilogy Fund
|
|
$
|
3,027,517
|
|
|
Tactical Income Fund
|
|
|
207
|
|
|
|
|
|
Semi-Annual Report | November 30, 2013
|
55
|
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
The Funds elect to defer to the period ending May 31, 2014, late year ordinary losses recognized in the amount of:
|
Fund
|
|
Amount
|
|
|
Managed Fund
|
|
$
|
964,100
|
|
As of and during the period ended November 30, 2013, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return, Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
5. TRANSACTIONS WITH AFFILIATES
Investment Advisory Agreements
Each Fund’s investments are managed by the Advisor under the terms of an Investment Advisory Agreement (the “Advisory Agreements”). Under the Advisory Agreements, each Fund excluding the Tactical Income Fund has agreed to pay the Advisor an investment advisory fee at an annual rate of 1.25% of its average daily net assets up to $150 million and 1.00% of such assets over $150 million. The Tactical Income Fund has agreed to pay the Advisor an investment advisory fee at an annual rate of 0.65% of its average daily net assets.
The Advisor has entered into an Expense Limitation Agreement with respect to each Fund, excluding the Tactical Income Fund, under which it has agreed to waive its fees and to assume other expenses of the Funds, if necessary, in an amount that limits the annual operating expenses of Class A shares, Class C shares and Class I shares of the Funds (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and payments, if any, under the Rule 12b‐1 Plan) to not more than 1.70% of the average daily net assets allocable to each Class until October 1, 2014. The Advisor has entered into an Expense Limitation Agreement with the Tactical Income Fund under which it has agreed to waive its fees and to assume other expenses of the Funds, if necessary, in an amount that limits the annual operating expenses of Class A shares and Class I shares of the Funds (exclusive of interest, taxes, brokerage commissions, extraordinary expenses, Acquired Fund Fees and Expenses and payments, if any, under the Rule 12b‐1 Plan) to not more than 1.15% of the average daily net assets allocable to each Class until October 1, 2014. Accordingly, during the six months ended November 30, 2013, the Advisor waived fees and reimbursed expenses as follows:
|
|
|
Core
Advantage Fund
|
|
|
Olympus
Fund
|
|
|
Tactical
Income
Fund
|
|
|
Total waivers and reimbursements
|
|
$
|
747
|
|
|
$
|
17,123
|
|
|
$
|
26,799
|
|
During the six months ended November 30, 2013, there were no advisory fees waived or expenses reimbursed by the Advisor for Managed Fund, Trilogy Fund and Market Opportunity Fund. It is expected that the Expense Limitation Agreements will continue from year-to-year, provided such continuance is approved by the Trustees.
If the Advisor so requests, any Tactical Income Fund operating expense waived or reimbursed by the Advisor pursuant to the Advisory Agreement shall be repaid to the Advisor by the Fund in the first, second, and third fiscal years following the fiscal year in which any such reimbursement or waiver occurs.
As of November 30, 2013, the balance of recoupable expenses for the Tactical Income Fund was as follows:
|
Fund
|
|
2016
|
|
|
2017
|
|
|
Total
|
|
|
Tactical Income Fund
|
|
$
|
53,994
|
|
|
$
|
26,799
|
|
|
$
|
80,793
|
|
The Chief Compliance Officer of the Trust is an employee of the Advisor. Effective July 15, 2013, the Trust reimburses the Advisor 50% of the employee’s annual base salary for the services provided by the Chief Compliance Officer of the Trust. Prior to July 15, 2013, the Trust reimbursed the Advisor $82,500 annually for services provided by the Chief Compliance Officer of the Trust. Each Fund bears a proportionate share of this fee based on an allocation approved by the Trustees.
Certain Trustees and officers of the Trust are also officers of the Advisor.
Fund Accounting And Administration Agreement
ALPS Fund Services, Inc. (“ALPS” and the “Administrator”) provides administrative, fund accounting and other services to the Funds under the Administration, Bookkeeping and Pricing Services Agreement with the Trust. Under the Agreement, ALPS is paid fees, accrued on a daily basis and paid on a monthly basis following the end of the month, based on the greater of (a) an annual fee of $430,000 for the first year of the agreement, and $460,000 thereafter, or (b) following basis point fee schedule:
|
Average Total Net Assets
|
Contractual Fee
|
|
Between $0-$500M
|
0.06%
|
|
$500M-$1B
|
0.04%
|
|
Above $1B
|
0.02%
|
The Administrator is also reimbursed by the Funds for certain out-of-pocket expenses.
Transfer Agent And Shareholder Services Agreement
ALPS serves as transfer, dividend paying and shareholder servicing agent for the Funds (the “Transfer Agent”) under a Transfer Agency and Services Agreement with the Trust. Under this Agreement, ALPS is paid an annual base fee of $25,000 per Fund plus fees for open accounts and is reimbursed for certain out-of-pocket expenses.
Distribution Plan
The Trust has adopted plans of distribution (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act that permit Class A and Class C shares of each Fund to directly incur or reimburse the Funds’ principal underwriter for certain expenses related to the distribution of its shares. The annual limitation for payment of expenses pursuant to the Plans is 0.25% of each Fund’s average daily net assets
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
attributable to Class A shares and 1.00% of each Fund’s average daily net assets attributable to Class C shares. The Trust has not adopted a plan of distribution with respect to Class I shares. The expenses of the Plans are reflected as distribution fees in the Statement of Operations of the Funds.
Distribution Agreement
ALPS Distributors, Inc. (“ADI” or the “Distributor”) acts as the distributor of the Funds’ shares pursuant to a Distribution Agreement with the Trust. Under the terms of a Distribution Agreement with the Trust, the Distributor provides distribution services to the Trust and serves as principal underwriter to the Funds. ADI receives no compensation from the Funds.
6. DERIVATIVE TRANSACTIONS
Derivative Instruments and Hedging Activities
— The following discloses the Funds' use of derivative instruments and hedging activities.
The Funds’ investment objectives not only permit the Funds to purchase investment securities, they also allow certain Funds to enter into various types of derivative contracts such as purchased and written options. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of effecting a similar response to market factors.
Market Risk Factors:
In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:
Equity Risk:
Equity risk relates to the change in value of equity securities as they relate to increases or decreases in the
general market.
Risk of Investing in Derivatives:
The Funds’ use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market.
Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds’ performance.
Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.
Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds.
Option Writing/Purchasing:
Certain Funds may write or purchase option contracts to adjust risk and return of their overall investment positions. When a Fund writes or purchases an option, an amount equal to the premium received or paid by the Fund is recorded as a liability or an asset and is subsequently adjusted to the current market value of the option written or purchased. Premiums received or paid from writing or purchasing options that expire unexercised are treated by the Fund on the expiration date as realized gains or losses. The difference between the premium and the amount paid or received on effecting a closing purchase or sale transaction, including brokerage commissions, is also treated as a realized gain or loss. If an option is exercised, the premium paid or received is added to the cost of the purchase or proceeds from the sale in determining whether the Fund has realized a gain or loss on investment transactions. Risks from entering into option transactions arise from the potential inability of counterparties to meet the terms of the contracts, the potential inability to enter into closing transactions because of an illiquid secondary market and from unexpected movements in security values.
Transactions in option contracts written by Trilogy Fund during the six months ended November 30, 2013 were as follows:
|
|
|
Written Puts
|
|
|
|
|
Contracts
|
|
|
Premiums
|
|
|
Options outstanding at beginning of period
|
|
|
740
|
|
|
$
|
1,770,527
|
|
|
Options written
|
|
|
3,815
|
|
|
|
9,429,106
|
|
|
Options closed
|
|
|
(2,780
|
)
|
|
|
(6,815,275
|
)
|
|
Options exercised
|
|
|
–
|
|
|
|
–
|
|
|
Options expired
|
|
|
(400
|
)
|
|
|
(907,970
|
)
|
|
Options outstanding at ending of period
|
|
|
1,375
|
|
|
$
|
3,476,388
|
|
|
|
|
Written Calls
|
|
|
|
|
Contracts
|
|
|
Premiums
|
|
|
Options outstanding at beginning of period
|
|
|
670
|
|
|
$
|
2,339,759
|
|
|
Options written
|
|
|
7,450
|
|
|
|
10,662,994
|
|
|
Options closed
|
|
|
(3,195
|
)
|
|
|
(9,438,767
|
)
|
|
Options exercised
|
|
|
(160
|
)
|
|
|
(119,214
|
)
|
|
Options expired
|
|
|
(25
|
)
|
|
|
(93,850
|
)
|
|
Options outstanding at ending of period
|
|
|
4,740
|
|
|
$
|
3,350,922
|
|
A portion of Trilogy Fund’s securities are pledged as collateral for open option contracts.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
57
|
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
The locations in the Statements of Assets and Liabilities of Trilogy Fund’s derivative positions are as follows:
|
Risk Exposure
|
Statement of Assets
and Liabilities Location
|
|
Fair Value of Asset Derivatives
|
|
Statement of Assets
and Liabilities Location
|
|
Fair Value of Liability Derivatives
|
|
|
Trilogy Fund
|
|
|
Equity Contracts
(Purchased Options/
Written Options)
|
Investments in securities: At value
|
|
$
|
7,461,788
|
|
Written Options at value
|
|
$
|
(8,438,025
|
)
|
|
|
|
|
$
|
7,461,788
|
|
|
|
$
|
(8,438,025
|
)
|
For the Trilogy Fund the average option contracts purchased and written during the six months ended November 30, 2013 was 6,374 contracts, and 2,397 contracts, respectively, for Trilogy Fund.
Trilogy Fund’s transactions in derivative instruments during the six months ended November 30, 2013 are recorded in the following locations in the Statements of Operations:
|
Risk Exposure
|
Statement of Operations Location
|
|
Realized Loss
on
Derivatives Recognized
in Income
|
|
|
Change in Unrealized
Gain/(Loss) on Derivatives
Recognized in Income
|
|
|
Trilogy Fund
|
|
|
Equity Contracts
(Purchased Options)
|
Net realized gains(losses) from investments/Net change in unrealized appreciation on investments
|
|
$
|
(1,408,968
|
)
|
|
$
|
(1,290,198
|
)
|
|
Equity Contracts
(Written Options)
|
Net realized losses from written option contracts/Net change in unrealized depreciation on written option contracts
|
|
|
(983,395
|
)
|
|
|
(1,374,638
|
)
|
|
Total
|
|
|
$
|
(2,392,363
|
)
|
|
$
|
(2,664,836
|
)
|
Managed Fund, Core Advantage Fund, Olympus Fund, Tactical Income Fund and Market Opportunity Fund had no transactions in derivative instruments during the six months ended
November 30, 2013.
7. CAPITAL SHARE TRANSACTIONS
Proceeds and payments on capital shares as shown in the Statements of Changes in Net Assets are the result of the following capital share transactions for the periods shown:
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the Year Ended
May 31, 2013
|
|
|
Managed Fund
- Class A
|
|
|
Shares sold
|
|
|
5,422,654
|
|
|
|
7,579,129
|
|
|
Shares redeemed
|
|
|
(7,188,752
|
)
|
|
|
(15,082,777
|
)
|
|
Net Decrease in shares outstanding
|
|
|
(1,766,098
|
)
|
|
|
(7,503,648
|
)
|
|
Shares outstanding beginning of period
|
|
|
35,908,239
|
|
|
|
43,411,887
|
|
|
Shares outstanding end of period
|
|
|
34,142,141
|
|
|
|
35,908,239
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed Fund
- Class C
|
|
|
Shares sold
|
|
|
850,778
|
|
|
|
2,363,135
|
|
|
Shares redeemed
|
|
|
(2,388,108
|
)
|
|
|
(5,596,404
|
)
|
|
Net Decrease in shares outstanding
|
|
|
(1,537,330
|
)
|
|
|
(3,233,269
|
)
|
|
Shares outstanding beginning of period
|
|
|
14,106,698
|
|
|
|
17,339,967
|
|
|
Shares outstanding end of period
|
|
|
12,569,368
|
|
|
|
14,106,698
|
|
|
|
|
|
|
|
|
|
|
|
|
Managed Fund
- Class I
|
|
|
Shares sold
|
|
|
3,632,146
|
|
|
|
6,031,463
|
|
|
Shares redeemed
|
|
|
(3,106,917
|
)
|
|
|
(6,295,540
|
)
|
|
Net Increase/(Decrease) in shares outstanding
|
|
|
525,229
|
|
|
|
(264,077
|
)
|
|
Shares outstanding beginning of period
|
|
|
12,249,191
|
|
|
|
12,513,268
|
|
|
Shares outstanding end of period
|
|
|
12,774,420
|
|
|
|
12,249,191
|
|
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the Year Ended
May 31, 2013
|
|
|
Core Advantage Fund
- Class A
|
|
|
Shares sold
|
|
|
885,150
|
|
|
|
770,048
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
2,739
|
|
|
|
–
|
|
|
Shares redeemed
|
|
|
(345,479
|
)
|
|
|
(1,216,912
|
)
|
|
Net Increase/(Decrease) in shares outstanding
|
|
|
542,410
|
|
|
|
(446,864
|
)
|
|
Shares outstanding beginning of period
|
|
|
2,820,848
|
|
|
|
3,267,712
|
|
|
Shares outstanding end of period
|
|
|
3,363,258
|
|
|
|
2,820,848
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Advantage Fund
- Class C
|
|
|
Shares sold
|
|
|
124,639
|
|
|
|
67,880
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
135
|
|
|
|
–
|
|
|
Shares redeemed
|
|
|
(66,763
|
)
|
|
|
(150,584
|
)
|
|
Net Increase/(Decrease) in shares outstanding
|
|
|
58,011
|
|
|
|
(82,704
|
)
|
|
Shares outstanding beginning of period
|
|
|
434,547
|
|
|
|
517,251
|
|
|
Shares outstanding end of period
|
|
|
492,558
|
|
|
|
434,547
|
|
|
|
|
|
|
|
|
|
|
|
|
Core Advantage Fund
- Class I
|
|
|
Shares sold
|
|
|
221,641
|
|
|
|
524,392
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
688
|
|
|
|
–
|
|
|
Shares redeemed
|
|
|
(55,746
|
)
|
|
|
(367,657
|
)
|
|
Net Increase in shares outstanding
|
|
|
166,583
|
|
|
|
156,735
|
|
|
Shares outstanding beginning of period
|
|
|
409,665
|
|
|
|
252,930
|
|
|
Shares outstanding end of period
|
|
|
576,248
|
|
|
|
409,665
|
|
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the Year Ended
May 31, 2013
|
|
|
Olympus Fund
- Class A
|
|
|
Shares sold
|
|
|
464,889
|
|
|
|
669,026
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
1,852
|
|
|
|
6,247
|
|
|
Shares redeemed
|
|
|
(184,410
|
)
|
|
|
(238,829
|
)
|
|
Net Increase in shares outstanding
|
|
|
282,331
|
|
|
|
436,444
|
|
|
Shares outstanding beginning of period
|
|
|
1,350,394
|
|
|
|
913,950
|
|
|
Shares outstanding end of period
|
|
|
1,632,725
|
|
|
|
1,350,394
|
|
|
|
|
|
|
|
|
|
|
|
|
Olympus Fund
- Class C
|
|
|
Shares sold
|
|
|
11,977
|
|
|
|
6,762
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
8
|
|
|
|
9
|
|
|
Shares redeemed
|
|
|
(100
|
)
|
|
|
(524
|
)
|
|
Net Increase in shares outstanding
|
|
|
11,885
|
|
|
|
6,247
|
|
|
Shares outstanding beginning of period
|
|
|
6,347
|
|
|
|
100
|
|
|
Shares outstanding end of period
|
|
|
18,232
|
|
|
|
6,347
|
|
|
|
|
|
|
|
|
|
|
|
|
Olympus Fund
- Class I
|
|
|
Shares sold
|
|
|
538,638
|
|
|
|
649,875
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
674
|
|
|
|
747
|
|
|
Shares redeemed
|
|
|
(210,412
|
)
|
|
|
(67,814
|
)
|
|
Net Increase in shares outstanding
|
|
|
328,900
|
|
|
|
582,808
|
|
|
Shares outstanding beginning of period
|
|
|
582,908
|
|
|
|
100
|
|
|
Shares outstanding end of period
|
|
|
911,808
|
|
|
|
582,908
|
|
|
|
|
|
Semi-Annual Report | November 30, 2013
|
59
|
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the Year Ended
May 31, 2013
|
|
|
Trilogy Fund
- Class A
|
|
|
Shares sold
|
|
|
2,668,553
|
|
|
|
2,587,504
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
10,366
|
|
|
|
98,490
|
|
|
Shares redeemed
|
|
|
(1,201,378
|
)
|
|
|
(1,084,054
|
)
|
|
Net Increase in shares outstanding
|
|
|
1,477,541
|
|
|
|
1,601,940
|
|
|
Shares outstanding beginning of period
|
|
|
6,626,477
|
|
|
|
5,024,537
|
|
|
Shares outstanding end of period
|
|
|
8,104,018
|
|
|
|
6,626,477
|
|
|
|
|
|
|
|
|
|
|
|
|
Trilogy Fund
- Class C
|
|
|
Shares sold
|
|
|
730,245
|
|
|
|
1,173,055
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
–
|
|
|
|
4,954
|
|
|
Shares redeemed
|
|
|
(50,516
|
)
|
|
|
(64,680
|
)
|
|
Net Increase in shares outstanding
|
|
|
679,729
|
|
|
|
1,113,329
|
|
|
Shares outstanding beginning of period
|
|
|
1,118,388
|
|
|
|
5,059
|
|
|
Shares outstanding end of period
|
|
|
1,798,117
|
|
|
|
1,118,388
|
|
|
|
|
|
|
|
|
|
|
|
|
Trilogy Fund
- Class I
|
|
|
Shares sold
|
|
|
3,310,229
|
|
|
|
2,063,924
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
5,345
|
|
|
|
12,190
|
|
|
Shares redeemed
|
|
|
(839,780
|
)
|
|
|
(256,873
|
)
|
|
Net Increase in shares outstanding
|
|
|
2,475,794
|
|
|
|
1,819,241
|
|
|
Shares outstanding beginning of period
|
|
|
1,819,341
|
|
|
|
100
|
|
|
Shares outstanding end of period
|
|
|
4,295,135
|
|
|
|
1,819,341
|
|
|
|
|
For the Six
Months Ended
November 30, 2013
(Unaudited)
|
|
|
For the Period
January 2, 2013
(Commencement
of Operations) to
May 31, 2013
|
|
|
Tactical Income Fund
- Class A
|
|
|
Shares sold
|
|
|
192,780
|
|
|
|
181,732
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
46
|
|
|
|
–
|
|
|
Shares redeemed
|
|
|
(61,973
|
)
|
|
|
(13,414
|
)
|
|
Net Increase in shares outstanding
|
|
|
130,853
|
|
|
|
168,318
|
|
|
Shares outstanding beginning of period
|
|
|
168,318
|
|
|
|
–
|
|
|
Shares outstanding end of period
|
|
|
299,171
|
|
|
|
168,318
|
|
|
|
|
|
|
|
|
|
|
|
|
Tactical Income Fund
- Class I
|
|
|
Shares sold
|
|
|
246,337
|
|
|
|
154,495
|
(a)
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
1
|
|
|
|
–
|
|
|
Shares redeemed
|
|
|
(42,082
|
)
|
|
|
(1,137
|
)
(a)
|
|
Net Increase in shares outstanding
|
|
|
204,256
|
|
|
|
153,358
|
(a)
|
|
Shares outstanding beginning of period
|
|
|
153,358
|
|
|
|
–
|
|
|
Shares outstanding end of period
|
|
|
357,614
|
|
|
|
153,358
|
(a)
|
|
(a)
|
Represents the period from commencement of operations (February 14, 2013) through May 31, 2013
|
|
Stadion Investment Trust
|
Notes to Financial Statements
|
|
|
November 30, 2013 (Unaudited)
|
|
|
|
For the Six Months Ended
November 30, 2013 (Unaudited)
|
|
|
For the Period
May 1, 2013 to
May 31, 2013
(a)
|
|
|
For the
Year Ended
April 30, 2013
|
|
|
Market Opportunity Fund
- Class A
|
|
|
Shares sold
|
|
|
1,424,096
|
|
|
|
336,359
|
|
|
|
119
|
|
|
Shares redeemed
|
|
|
(300,755
|
)
|
|
|
(955
|
)
|
|
|
(1
|
)
|
|
Net Increase in shares outstanding
|
|
|
1,123,341
|
|
|
|
335,404
|
|
|
|
118
|
|
|
Shares outstanding beginning of period
|
|
|
335,522
|
|
|
|
118
|
|
|
|
–
|
|
|
Shares outstanding end of period
|
|
|
1,458,863
|
|
|
|
335,522
|
|
|
|
118
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Opportunity Fund
- Class C
|
|
|
Shares sold
|
|
|
3,147
|
|
|
|
–
|
|
|
|
100
|
|
|
Shares redeemed
|
|
|
(99
|
)
|
|
|
–
|
|
|
|
–
|
|
|
Net Increase in shares outstanding
|
|
|
3,048
|
|
|
|
–
|
|
|
|
100
|
|
|
Shares outstanding beginning of period
|
|
|
100
|
|
|
|
100
|
|
|
|
–
|
|
|
Shares outstanding end of period
|
|
|
3,148
|
|
|
|
100
|
|
|
|
100
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Market Opportunity Fund
- Class I
|
|
|
Shares sold
|
|
|
778,131
|
|
|
|
264,570
|
|
|
|
446,757
|
|
|
Shares issued in reinvestment of distributions to shareholders
|
|
|
1,558
|
|
|
|
–
|
|
|
|
468,261
|
|
|
Shares redeemed
|
|
|
(521,980
|
)
|
|
|
(74,076
|
)
|
|
|
(1,395,280
|
)
|
|
Net Increase/(Decrease) in shares outstanding
|
|
|
257,709
|
|
|
|
190,494
|
|
|
|
(480,262
|
)
|
|
Shares outstanding beginning of period
|
|
|
2,348,242
|
|
|
|
2,157,748
|
|
|
|
2,638,010
|
|
|
Shares outstanding end of period
|
|
|
2,605,951
|
|
|
|
2,348,242
|
|
|
|
2,157,748
|
|
|
(a)
|
Effective May 31, 2013, the Market Opportunity Fund changed its fiscal year from April 30 to May 31.
|
8. COMMITMENTS AND CONTINGENCIES
The Funds indemnify the Trust’s officers and Trustees for certain liabilities that might arise from their performance of their duties to the Funds. Additionally, in the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. The Funds’ maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Funds that have not yet occurred. However, based on experience, the Funds expect the risk of loss to be remote.
The Funds are required to recognize in the financial statements the effects of all subsequent events that provide additional evidence about conditions that existed as of the date of the Statements of Assets and Liabilities. For non-recognized subsequent events that must be disclosed to keep the financial statements from being misleading, the Funds are required to disclose the nature of the event as well as an estimate of its financial effect, or a statement that such an estimate cannot be made.
The Funds have evaluated the need for disclosures and/or adjustments resulting from subsequent events through the date the financial statements were available to be issued. Based on this evaluation, no adjustments were required to the financial statements. However, on January 16, 2014, the Trustees authorized name changes for all of the Funds in the Trust except the Tactical Income Fund. Effective on or around March 28, 2014, the names of Managed Fund, Core Advantage Fund, Olympus Fund, Trilogy Fund and Market Opportunity Fund will be change to Stadion Managed Risk 100 Fund, Stadion Tactical Defensive Fund, Stadion Defensive International Fund, Stadion Trilogy Alternative Return Fund, and Stadion Tactical Growth Fund, respectively. Additionally, the continuance of the Expense Limitation Agreement between the Funds and the Advisor was approved until October 1, 2015, and effective on or around March 28, 2014, the holding period applicable to the contingent deferred sales load of 1% for purchases over $1 million of Class A Shares of the Funds will be reduced from 18 months to 12 months of their purchase.
|
|
|
|
Semi-Annual Report | November 30, 2013
|
61
|
|
Stadion Investment Trust
|
Additional Information
|
|
|
November 30, 2013 (Unaudited)
|
The Trust files a complete listing of portfolio holdings of the Funds with the SEC as of the end of the first and third quarters of each fiscal year on Form N-Q. The filings are available free of charge, upon request, by calling 1-866-383-7636. Furthermore, you may obtain a copy of these filings on the SEC’s website at http://www.sec.gov. The Trust’s Forms N-Q may also be reviewed and copied at the SEC’s Public Reference Room in Washington, DC, and information on the operation of the Public Reference Room may be obtained by calling (800) SEC-0330.
A description of the policies and procedures that the Funds uses to determine how to vote proxies relating to portfolio securities is available without charge upon request by calling toll-free 1-866-383-7636, or on the SEC’s website at http://www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is also available without charge upon request by calling toll-free 1-866-383-7636, or on the SEC’s website at http://www.sec.gov.
Page Intentionally Left Blank
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Stadion Funds (the Funds). This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus. Mutual fund shares are not deposits or obligations of, or guaranteed by, any depository institution. Shares are not insured by the FDIC, Federal Reserve Board or any other agency, and are subject to investment risks, including possible loss of principal amount invested.
Neither the Funds nor the Funds distributor is a bank. The Stadion Funds are distributed by ALPS Distributors, Inc
Not required
|
Item 3.
|
Audit Committee Financial Expert.
|
Not required
|
Item 4.
|
Principal Accountant Fees and Services.
|
Not required
|
Item 5.
|
Audit Committee of Listed Registrants.
|
Not applicable
|
Item 6.
|
Schedule of Investments.
|
|
(a)
|
Not applicable [
Schedule filed with Item 1
]
|
|
Item 7.
|
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
|
Not applicable
|
Item 8.
|
Portfolio Managers of Closed-End Management Investment Companies.
|
Not applicable
|
Item 9.
|
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
|
Not applicable
|
Item 10.
|
Submission of Matters to a Vote of Security Holders.
|
The registrant does not have procedures in place to consider nominees recommended by shareholders. The registrant’s nominating committee generally will not consider nominees recommended by shareholders.
|
Item 11.
|
Controls and Procedures.
|
(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that the information required in filings on Form N-CSR is recorded, processed, summarized, and reported on a timely basis.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
File the exhibits listed below as part of this Form. Letter or number the exhibits in the sequence indicated.
(a)(1) Any code of ethics, or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy the Item 2 requirements through filing of an exhibit: Not required
(a)(2) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)): Attached hereto
(a)(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons: Not applicable
(b) Certifications required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)): Attached hereto
EXHIBIT LIST
|
Exhibit 99.CERT
|
Certifications required by Rule 30a-2(a) under the Act
|
|
Exhibit 99.906CERT
|
Certifications required by Rule 30a-2(b) under the Act
|
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.
|
(Registrant)
|
Stadion Investment Trust
|
|
|
|
|
|
|
By (Signature and Title)*
|
/s/ Judson P. Doherty
|
|
|
|
Judson P. Doherty, President
|
|
|
|
|
|
|
Date:
|
|
|
|
|
|
|
|
|
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 (Signature and Title)*
|
/s/ Judson P. Doherty
|
|
|
|
Judson P. Doherty, President and Principal Executive Officer
|
|
|
|
|
|
Date:
|
|
|
|
|
|
|
|
|
By (Signature and Title)*
|
/s/ Duane L. Bernt
|
|
|
|
Duane L. Bernt, Treasurer and Principal Financial Officer
|
|
|
|
|
|
Date:
|
February 7, 2014
|
|
|
* Print the name and title of each signing officer under his or her signature.
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