VCTL Rainmaker Systems Inc (CE)

Stadion Olympus Fund ™	Performance Information
	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)

	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

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

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

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

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

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

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

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

 

 

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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.

28	www.stadionfunds.com

 

 

 

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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

 

 

 

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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.

38	www.stadionfunds.com

 

 

 

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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

 

 

 

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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.

40	www.stadionfunds.com

 

 

 

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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

 

 

 

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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.

42	www.stadionfunds.com

 

 

 

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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

 

 

 

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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.

44	www.stadionfunds.com

 

 

 

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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

 

 

 

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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.

46	www.stadionfunds.com

 

 

 

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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

 

 

 

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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.

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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

 

 

 

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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.

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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

 

 

 

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Stadion Investment Trust	Notes to Financial Statements
	November 30, 2013 (Unaudited)

 

1. ORGANIZATION

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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

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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

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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

3. SECURITY TRANSACTIONS

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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

4. TAX MATTERS

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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		$	–			$	–			$	–

		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

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

		Core Advantage Fund				Olympus Fund				Tactical Income Fund
Total waivers and reimbursements		$	747			$	17,123			$	26,799

		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

 

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	)

7. CAPITAL SHARE TRANSACTIONS

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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