TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Financial Reports May 31, 2017
Contents Independent auditor s report 1-2 Financial statements Statements of financial condition 3 Schedules of investments 4-7 Statements of operations 8 Statements of changes in participants interest 9 Financial highlights 10 Notes to financial statements 11-16 Other financial information (unaudited) Summary schedules of monthly values (unaudited) 17 Summary schedules of investment changes (unaudited) 18-19
Independent Auditor s Report To the Trust Committee TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans Report on the Financial Statements We have audited the accompanying financial statements of the STARCORE I FUND TM, STARCORE II FUND TM, STARCORE III FUND TM, STARCORE IV FUND TM, STARCORE GLOBAL VALUE FUND TM, STARCORE INTERNATIONAL FUND TM, STARCORE U.S FUND TM, STARTRACK RETIREMENT INCOME FUND TM, STARTRACK 2020 FUND TM, STARTRACK 2030 FUND TM, STARTRACK 2040 FUND TM and STARTRACK 2050 FUND TM (twelve of the funds constituting the TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans), which comprise the statements of financial condition, including the schedules of investments, as of May 31, 2017, and the related statements of operations, changes in participants interest and financial highlights for the year or period then ended, and the related notes to the financial statements. Management s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements and financial highlights in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements and financial highlights that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. 1
Opinion In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of STARCORE I FUND TM, STARCORE II FUND TM, STARCORE III FUND TM, STARCORE IV FUND TM, STARCORE GLOBAL VALUE FUND TM, STARCORE INTERNATIONAL FUND TM, STARCORE U.S FUND TM, STARTRACK RETIREMENT INCOME FUND TM, STARTRACK 2020 FUND TM, STARTRACK 2030 FUND TM, STARTRACK 2040 FUND TM and STARTRACK 2050 FUND TM as of May 31, 2017, and the results of their operations and their financial highlights for the year or period then ended in accordance with accounting principles generally accepted in the United States of America. Other Matter Our audits were conducted for the purpose of forming an opinion on the basic financial statements and financial highlights as a whole. The other financial information is presented for the purpose of additional analysis and is not a required part of the financial statements. Such information has not been subjected to the auditing procedures applied in the audits of the basic financial statements, and accordingly, we do not express an opinion or provide any assurance on it. Denver, Colorado August 31, 2017 2
Statements of Financial Condition May 31, 2017 STARCORE STARCORE STARTRACK STARCORE I STARCORE II STARCORE III STARCORE IV GLOBAL INTERNATIONAL STARCORE RETIREMENT STARTRACK STARTRACK STARTRACK STARTRACK FUND TM FUND TM FUND TM FUND TM VALUE FUND TM FUND TM U.S. FUND TM INCOME FUND TM 2020 FUND TM 2030 FUND TM 2040 FUND TM 2050 FUND TM Assets Investments at fair value (1) $ 24,735,550 $ 110,036,995 $ 43,043,282 $ 57,557,072 $ 4,161,658 $ 3,267,768 $ 5,198,729 $ 7,064,452 $ 13,839,648 $ 17,027,173 $ 10,310,797 $ 870,947 Cash and cash equivalents 4,000-3,496-672 71 112-4,352 3,415 7,976 219 Dividend receivable 231 1,036 395 523 39 29 48 66 128 156 94 8 Receivable for investments sold - 1,267,023-5,418 - - - 2,614 - - - - Total assets $ 24,739,781 $ 111,305,054 $ 43,047,173 $ 57,563,013 $ 4,162,369 $ 3,267,868 $ 5,198,889 $ 7,067,132 $ 13,844,128 $ 17,030,744 $ 10,318,867 $ 871,174 Liabilities and Participants Interest Liabilities: Trustee fees payable $ 1,670 $ 7,549 $ 2,912 $ 3,887 $ 284 $ 217 $ 351 $ 476 $ 933 $ 1,148 $ 699 $ 58 Sub-advisor fees payable 8,769 39,630 15,287 20,406 1,492 1,142 1,844 2,497 4,896 6,027 3,668 302 Payable for investments purchased 4,000-3,496-670 72 111-4,351 3,415 7,976 219 Payable to affiliate - 1,267,023-5,418 - - - 2,614 - - - - Total liabilities 14,439 1,314,202 21,695 29,711 2,446 1,431 2,306 5,587 10,180 10,590 12,343 579 Participants interest: Participants interest 24,725,342 109,990,852 43,025,478 57,533,302 4,159,923 3,266,437 5,196,583 7,061,545 13,833,948 17,020,154 10,306,524 870,595 Total liabilities and participants interest $ 24,739,781 $ 111,305,054 $ 43,047,173 $ 57,563,013 $ 4,162,369 $ 3,267,868 $ 5,198,889 $ 7,067,132 $ 13,844,128 $ 17,030,744 $ 10,318,867 $ 871,174 (1) Cost $ 22,460,214 $ 99,522,443 $ 33,610,536 $ 42,498,381 $ 3,418,064 $ 2,956,227 $ 4,236,046 $ 6,773,420 $ 12,415,168 $ 14,249,127 $ 8,525,312 $ 804,891 See notes to financial statements. 3
Schedules of Investments May 31, 2017 STARCORE I FUND STARCORE II FUND STARCORE III FUND Fair Value Fair Value Fair Value as a % of as a % of as a % of Participants Number Participants Number Participants Number Interest (1) of Shares Cost Fair Value Interest (1) of Shares Cost Fair Value Interest (1) of Shares Cost Fair Value Short term money market funds: Federated Treasury Obligation Fund 1.8% 443,812 $ 443,812 $ 443,812 1.8% 1,951,317 $ 1,951,317 $ 1,951,317 1.8% 755,893 $ 755,893 $ 755,893 Total short term money market funds 1.8% 443,812 443,812 443,812 1.8% 1,951,317 1,951,317 1,951,317 1.8% 755,893 755,893 755,893 Mutual funds: International bond: DFA Five Year Global Fixed Income I 25.7% 577,179 6,374,147 6,360,515 16.6% 1,660,820 18,244,172 18,302,232 7.7% 303,263 3,339,308 3,341,958 Total international bond 25.7% 577,179 6,374,147 6,360,515 16.6% 1,660,820 18,244,172 18,302,232 7.7% 303,263 3,339,308 3,341,958 International stock: DFA Emerging Markets Core Equity Portfolio 2.2% 26,963 469,506 551,943 4.4% 238,462 4,236,757 4,881,317 5.5% 115,352 2,013,779 2,361,261 DFA International Core Equity I 8.6% 160,626 1,785,287 2,121,871 11.7% 977,144 11,265,684 12,908,067 15.8% 515,095 5,758,587 6,804,407 Total international stock 10.8% 187,589 2,254,793 2,673,814 16.1% 1,215,606 15,502,441 17,789,384 21.3% 630,447 7,772,366 9,165,668 U.S. bond: DFA Inflation Protected Securities 5.9% 123,346 1,446,168 1,469,048 3.9% 361,843 4,251,893 4,309,553 1.9% 70,202 815,034 836,109 DFA Short-Term Government Portfolio 25.5% 592,256 6,350,399 6,313,447 16.5% 1,703,791 18,184,192 18,162,410 7.7% 311,133 3,332,625 3,316,676 Total U.S. bond 31.4% 715,602 7,796,567 7,782,495 20.4% 2,065,634 22,436,085 22,471,963 9.6% 381,335 4,147,659 4,152,785 U.S. real estate: DFA Real Estate Securities I 3.8% 27,479 804,493 946,938 5.7% 182,604 5,772,982 6,292,518 6.6% 82,085 2,317,182 2,828,658 Total U.S. real estate 3.8% 27,479 804,493 946,938 5.7% 182,604 5,772,982 6,292,518 6.6% 82,085 2,317,182 2,828,658 U.S. stock: DFA U.S. Core Equity 1 Portfolio 22.6% 272,296 4,029,205 5,576,615 34.5% 1,854,997 30,975,923 37,990,340 47.3% 994,191 13,427,817 20,361,027 DFA U.S. Large Cap Value I 2.0% 13,625 376,780 495,526 2.5% 75,085 2,316,840 2,730,824 3.0% 34,921 903,332 1,270,067 DFA U.S. Small Cap Value I 1.8% 12,754 380,417 455,835 2.3% 70,185 2,322,683 2,508,417 2.7% 32,659 946,979 1,167,226 Total U.S. stock 26.4% 298,675 4,786,402 6,527,976 39.3% 2,000,267 35,615,446 43,229,581 53.0% 1,061,771 15,278,128 22,798,320 Total mutual funds 98.1% 1,806,524 22,016,402 24,291,738 98.1% 7,124,931 97,571,126 108,085,678 98.2% 2,458,901 32,854,643 42,287,389 Total investments 99.9% 2,250,336 $ 22,460,214 $ 24,735,550 99.9% 9,076,248 $ 99,522,443 $ 110,036,995 100.0% 3,214,794 $ 33,610,536 $ 43,043,282 (1) Percentage of participants interest may not recompute as fair value and participants interest are rounded. (Continued) 4
Schedules of Investments (Continued) May 31, 2017 STARCORE IV FUND STARCORE GLOBAL VALUE FUND STARCORE INTERNATIONAL FUND Fair Value Fair Value Fair Value as a % of as a % of as a % of Participants Number Participants Number Participants Number Interest (1) of Shares Cost Fair Value Interest (1) of Shares Cost Fair Value Interest (1) of Shares Cost Fair Value Short term money market funds: Federated Treasury Obligation Fund 1.7% 1,003,913 $ 1,003,913 $ 1,003,913 1.8% 74,324 $ 74,324 $ 74,324 1.7% 55,593 $ 55,593 $ 55,593 Total short term money market funds 1.7% 1,003,913 1,003,913 1,003,913 1.8% 74,324 74,324 74,324 1.7% 55,593 55,593 55,593 Mutual funds: International stock: DFA Emerging Markets Core Equity Portfolio 6.6% 184,202 3,220,288 3,770,609 5.6% 11,367 207,601 232,691 20.7% 32,969 606,707 674,883 DFA International Core Equity I 18.8% 821,746 9,316,048 10,855,264 10.7% 33,816 387,177 446,707 53.9% 133,442 1,567,883 1,762,763 DFA International Small Cap Value I - - - - 5.3% 10,304 186,576 220,500 - - - - DFA International Value I - - - - 9.3% 21,103 361,227 385,336 7.7% 13,779 242,106 251,602 DFA Large Cap International Port - - - - - - - - 16.0% 23,587 483,938 522,927 Total international stock 25.4% 1,005,948 12,536,336 14,625,873 30.9% 76,590 1,142,581 1,285,234 98.3% 203,777 2,900,634 3,212,175 U.S. real estate: DFA Real Estate Securities I 8.4% 140,354 4,029,249 4,836,610 - - - - - - - - Total U.S. real estate 8.4% 140,354 4,029,249 4,836,610 - - - - - - - - U.S. stock: DFA U.S. Core Equity 1 Portfolio 55.1% 1,547,327 20,802,937 31,689,263 - - - - - - - - DFA U.S. Core Equity 2 I - - - - 23.1% 49,601 721,589 963,755 - - - - DFA U.S. Large Cap Value I 4.9% 77,395 2,014,438 2,814,858 23.0% 26,342 730,436 958,073 - - - - DFA U.S. Small Cap Value I 4.5% 72,371 2,111,508 2,586,555 21.2% 24,630 749,134 880,272 - - - - Total U.S. stock 64.5% 1,697,093 24,928,883 37,090,676 67.3% 100,573 2,201,159 2,802,100 - - - - Total mutual funds 98.3% 2,843,395 41,494,468 56,553,159 98.2% 177,163 3,343,740 4,087,334 98.3% 203,777 2,900,634 3,212,175 Total investments 100.0% 3,847,308 $ 42,498,381 $ 57,557,072 100.0% 251,487 $ 3,418,064 $ 4,161,658 100.0% 259,370 $ 2,956,227 $ 3,267,768 (1) Percentage of participants interest may not recompute as fair value and participants interest are rounded. (Continued) 5
Schedules of Investments (Continued) May 31, 2017 STARCORE U.S. FUND STARTRACK RETIREMENT INCOME FUND STARTRACK 2020 FUND Fair Value Fair Value Fair Value as a % of as a % of as a % of Participants Number Participants Number Participants Number Interest (1) of Shares Cost Fair Value Interest (1) of Shares Cost Fair Value Interest (1) of Shares Cost Fair Value Short term money market funds: Federated Treasury Obligation Fund 1.8% 92,681 $ 92,681 $ 92,681 1.8% 127,706 $ 127,706 $ 127,706 1.8% 247,027 $ 247,027 $ 247,027 Total short term money market funds 1.8% 92,681 92,681 92,681 1.8% 127,706 127,706 127,706 1.8% 247,027 247,027 247,027 Mutual funds: International bond: DFA Five Year Global Fixed Income I - - - - 30.7% 197,160 2,169,445 2,172,699 21.7% 271,802 3,000,938 2,995,260 Total international bond - - - - 30.7% 197,160 2,169,445 2,172,699 21.7% 271,802 3,000,938 2,995,260 International stock: DFA Emerging Markets Core Equity Portfolio - - - - 2.2% 7,692 136,985 157,455 4.4% 30,012 534,089 614,341 DFA International Core Equity I - - - - 6.5% 34,504 400,825 455,804 11.7% 122,976 1,384,361 1,624,507 Total international stock - - - - 8.7% 42,196 537,810 613,259 16.1% 152,988 1,918,450 2,238,848 U.S. bond: DFA Inflation Protected Securities - - - - 7.0% 41,207 487,067 490,778 5.9% 68,673 811,225 817,891 DFA Short-Term Government Portfolio - - - - 29.5% 195,739 2,091,944 2,086,578 19.4% 253,422 2,718,900 2,701,483 Total U.S. bond - - - - 36.5% 236,946 2,579,011 2,577,356 25.3% 322,095 3,530,125 3,519,374 U.S. real estate: DFA Real Estate Securities I 9.5% 14,391 450,945 495,899 1.9% 3,960 127,821 136,476 4.8% 19,105 571,033 658,345 Total U.S. real estate 9.5% 14,391 450,945 495,899 1.9% 3,960 127,821 136,476 4.8% 19,105 571,033 658,345 U.S. stock: DFA U.S. Core Equity 1 Portfolio 61.1% 155,109 2,499,286 3,176,628 16.5% 56,795 984,655 1,163,159 24.5% 165,340 2,502,189 3,386,173 DFA U.S. Large Cap Value I 6.0% 8,537 256,469 310,479 2.0% 3,910 124,485 142,205 3.0% 11,378 319,987 413,820 DFA U.S. Large Company 12.4% 34,341 507,131 646,291 - - - - - - - - DFA U.S. Small Cap Value I 9.2% 13,339 429,534 476,751 1.9% 3,682 122,487 131,592 2.8% 10,655 325,419 380,801 Total U.S. stock 88.7% 211,326 3,692,420 4,610,149 20.4% 64,387 1,231,627 1,436,956 30.3% 187,373 3,147,595 4,180,794 Total mutual funds 98.2% 225,717 4,143,365 5,106,048 98.2% 544,649 6,645,714 6,936,746 98.2% 953,363 12,168,141 13,592,621 Total investments 100.0% 318,398 $ 4,236,046 $ 5,198,729 100.0% 672,355 $ 6,773,420 $ 7,064,452 100.0% 1,200,390 $ 12,415,168 $ 13,839,648 (1) Percentage of participants interest may not recompute as fair value and participants interest are rounded. (Continued) 6
Schedules of Investments (Continued) May 31, 2017 STARTRACK 2030 FUND STARTRACK 2040 FUND STARTRACK 2050 FUND Fair Value Fair Value Fair Value as a % of as a % of as a % of Participants Number Participants Number Participants Number Interest (1) of Shares Cost Fair Value Interest (1) of Shares Cost Fair Value Interest (1) of Shares Cost Fair Value Short term money market funds: Federated Treasury Obligation Fund 1.8% 300,320 $ 300,320 $ 300,320 1.7% 180,301 $ 180,301 $ 180,301 1.8% 15,543 $ 15,543 $ 15,543 Total short term money market funds 1.8% 300,320 300,320 300,320 1.7% 180,301 180,301 180,301 1.8% 15,543 15,543 15,543 Mutual funds: International bond: DFA Five Year Global Fixed Income I 7.8% 120,077 1,329,458 1,323,253 2.9% 27,138 299,617 299,056 - - - - Total international bond 7.8% 120,077 1,329,458 1,323,253 2.9% 27,138 299,617 299,056 - - - - International stock: DFA Emerging Markets Core Equity Portfolio 5.5% 45,493 802,079 931,249 6.6% 33,002 584,999 675,553 6.5% 2,744 49,710 56,178 DFA International Core Equity I 15.7% 203,578 2,280,038 2,689,263 17.9% 139,354 1,582,788 1,840,870 18.7% 12,401 146,823 163,811 Total international stock 21.2% 249,071 3,082,117 3,620,512 24.5% 172,356 2,167,787 2,516,423 25.2% 15,145 196,533 219,989 U.S. bond: DFA Inflation Protected Securities 1.9% 27,798 330,095 331,073 1.9% 16,750 198,332 199,493 - - - - DFA Short-Term Government Portfolio 7.7% 123,216 1,323,354 1,313,482 2.9% 27,841 298,473 296,782 - - - - Total U.S. bond 9.6% 151,014 1,653,449 1,644,555 4.8% 44,591 496,805 496,275 - - - - U.S. real estate: DFA Real Estate Securities I 6.6% 32,529 1,004,699 1,120,964 7.5% 22,396 691,910 771,761 8.5% 2,157 74,741 74,324 Total U.S. real estate 6.6% 32,529 1,004,699 1,120,964 7.5% 22,396 691,910 771,761 8.5% 2,157 74,741 74,324 U.S. stock: DFA U.S. Core Equity 1 Portfolio 47.3% 393,172 6,087,449 8,052,157 51.1% 257,399 4,043,386 5,271,539 55.0% 23,373 439,711 478,678 DFA U.S. Large Cap Value I 3.0% 13,817 395,214 502,534 3.9% 11,108 322,857 403,993 4.9% 1,172 39,821 42,633 DFA U.S. Small Cap Value I 2.7% 12,951 396,421 462,878 3.6% 10,393 322,649 371,449 4.6% 1,113 38,542 39,780 Total U.S. stock 53.0% 419,940 6,879,084 9,017,569 58.6% 278,900 4,688,892 6,046,981 64.5% 25,658 518,074 561,091 Total mutual funds 98.2% 972,631 13,948,807 16,726,853 98.3% 545,381 8,345,011 10,130,496 98.2% 42,960 789,348 855,404 Total investments 100.0% 1,272,951 $ 14,249,127 $ 17,027,173 100.0% 725,682 $ 8,525,312 $ 10,310,797 100.0% 58,503 $ 804,891 $ 870,947 (1) Percentage of participants interest may not recompute as fair value and participants interest are rounded. See notes to financial statements. 7
Statements of Operations Year Ended May 31, 2017 STARCORE STARCORE STARTRACK STARCORE I STARCORE II STARCORE III STARCORE IV GLOBAL INTERNATIONAL STARCORE RETIREMENT STARTRACK STARTRACK STARTRACK STARTRACK FUND TM FUND TM FUND TM FUND TM VALUE FUND TM FUND TM U.S. FUND TM INCOME FUND TM 2020 FUND TM 2030 FUND TM 2040 FUND TM 2050 FUND TM Investment income: Dividends $ 447,949 $ 1,464,694 $ 896,295 $ 1,341,627 $ 128,288 $ 54,981 $ 113,930 $ 90,156 $ 260,710 $ 338,203 $ 217,235 $ 10,450 Total investment income 447,949 1,464,694 896,295 1,341,627 128,288 54,981 113,930 90,156 260,710 338,203 217,235 10,450 Expenses: Sub-advisor fees 94,135 330,834 166,767 227,608 15,738 10,328 18,260 21,077 51,230 63,308 38,890 2,021 Trustee fees 17,931 63,016 31,765 43,354 2,998 1,967 3,478 4,015 9,758 12,059 7,408 385 Total expenses 112,066 393,850 198,532 270,962 18,736 12,295 21,738 25,092 60,988 75,367 46,298 2,406 Net investment income 335,883 1,070,844 697,763 1,070,665 109,552 42,686 92,192 65,064 199,722 262,836 170,937 8,044 Realized and unrealized gain on investments: Net realized gain on investments 333,768 1,817,092 1,393,924 2,132,635 85,130 5,214 213,855 30,905 230,141 447,828 252,164 3,387 Net change in unrealized appreciation on investments 809,934 4,789,526 2,903,383 5,025,593 414,172 399,085 311,169 186,010 572,729 1,235,299 870,842 62,082 Net gain on investments 1,143,702 6,606,618 4,297,307 7,158,228 499,302 404,299 525,024 216,915 802,870 1,683,127 1,123,006 65,469 Net increase in participants interest resulting from operations $ 1,479,585 $ 7,677,462 $ 4,995,070 $ 8,228,893 $ 608,854 $ 446,985 $ 617,216 $ 281,979 $ 1,002,592 $ 1,945,963 $ 1,293,943 $ 73,513 See notes to financial statements. 8
Statements of Changes in Participants Interest Year Ended May 31, 2017 STORECORE GLOBAL STORECORE STARCORE I FUND TM STARCORE II FUND TM STARCORE III FUND TM STARCORE IV FUND TM VALUE FUND TM INTERNATIONAL FUND TM Units Amount Units Amount Units Amount Units Amount Units Amount Units Amount Participants interest as of May 31, 2016 1,302,606 $ 19,707,496 3,495,391 $ 54,732,600 2,379,535 $ 37,920,739 3,257,050 $ 51,790,945 223,826 $ 3,224,089 197,571 $ 2,224,798 Increase in participants interest resulting from operations: Net investment income 335,883 1,070,844 697,763 1,070,665 109,552 42,686 Net realized gain on investments 333,768 1,817,092 1,393,924 2,132,635 85,130 5,214 Net change in unrealized appreciation on investments 809,934 4,789,526 2,903,383 5,025,593 414,172 399,085 Net increase in participants interest resulting from operations 1,479,585 7,677,462 4,995,070 8,228,893 608,854 446,985 Increase (decrease) in participants interest resulting from participating unit transactions: Issuance of units 363,335 5,669,022 3,968,695 65,745,729 366,016 6,251,207 435,488 7,500,988 51,552 822,522 91,158 1,141,884 Redemption of units (136,110) (2,130,761) (1,088,606) (18,164,939) (365,053) (6,141,538) (584,553) (9,987,524) (30,684) (495,542) (44,770) (547,230) Net increase (decrease) resulting from participating unit transactions 227,225 3,538,261 2,880,089 47,580,790 963 109,669 (149,065) (2,486,536) 20,868 326,980 46,388 594,654 Participants interest as of May 31, 2017 1,529,831 $ 24,725,342 6,375,480 $ 109,990,852 2,380,498 $ 43,025,478 3,107,985 $ 57,533,302 244,694 $ 4,159,923 243,959 $ 3,266,437 STARTRACK RETIREMENT STARCORE U.S. FUND TM INCOME FUND TM STARTRACK 2020 FUND TM STARTRACK 2030 FUND TM STARTRACK 2040 FUND TM STARTRACK 2050 FUND TM Units Amount Units Amount Units Amount Units Amount Units Amount Units Amount Participants interest as of May 31, 2016 208,196 $ 3,540,484 249,852 $ 3,452,023 700,970 $ 10,842,431 740,390 $ 11,638,167 515,578 $ 8,002,872 10,355 $ 103,211 Increase in participants interest resulting from operations: Net investment income 92,192 65,064 199,722 262,836 170,937 8,044 Net realized gain on investments 213,855 30,905 230,141 447,828 252,164 3,387 Net change in unrealized appreciation on investments 311,169 186,010 572,729 1,235,299 870,842 62,082 Net increase in participants interest resulting from operations 617,216 281,979 1,002,592 1,945,963 1,293,943 73,513 Increase (decrease) in participants interest resulting from participating unit transactions: Issuance of units 119,604 2,213,941 251,193 3,563,619 224,997 3,630,342 385,662 6,371,892 179,643 2,987,777 70,770 757,489 Redemption of units (63,335) (1,175,058) (16,558) (236,076) (102,007) (1,641,417) (175,843) (2,935,868) (118,237) (1,978,068) (5,763) (63,618) Net increase resulting from participating unit transactions 56,269 1,038,883 234,635 3,327,543 122,990 1,988,925 209,819 3,436,024 61,406 1,009,709 65,007 693,871 Participants interest as of May 31, 2017 264,465 $ 5,196,583 484,487 $ 7,061,545 823,960 $ 13,833,948 950,209 $ 17,020,154 576,984 $ 10,306,524 75,362 $ 870,595 See notes to financial statements. 9
Financial Highlights Year Ended May 31, 2017 STARCORE STARCORE STARTRACK STARCORE I STARCORE II STARCORE III STARCORE IV GLOBAL INTERNATIONAL STARCORE RETIREMENT STARTRACK STARTRACK STARTRACK STARTRACK FUND TM FUND TM FUND TM FUND TM VALUE FUND TM FUND TM U.S. FUND TM INCOME FUND TM 2020 FUND TM 2030 FUND TM 2040 FUND TM 2050 FUND TM Selected per unit data Unit value beginning of year $ 15.13 $ 15.66 $ 15.94 $ 15.90 $ 14.40 $ 11.26 $ 17.01 $ 13.82 $ 15.47 $ 15.72 $ 15.52 $ 9.97 Increase from investment operations (b) : Net investment income (a) 0.23 0.23 0.30 0.34 0.46 0.21 0.39 0.18 0.26 0.29 0.31 0.18 Net gain on investments 0.80 1.36 1.83 2.27 2.14 1.92 2.25 0.58 1.06 1.90 2.03 1.40 Total from investment operations 1.03 1.59 2.13 2.61 2.60 2.13 2.64 0.76 1.32 2.19 2.34 1.58 Unit value end of year $ 16.16 $ 17.25 $ 18.07 $ 18.51 $ 17.00 $ 13.39 $ 19.65 $ 14.58 $ 16.79 $ 17.91 $ 17.86 $ 11.55 Total return (b) 6.81% 10.15% 13.36% 16.42% 18.06% 18.92% 15.52% 5.50% 8.53% 13.93% 15.08% 15.85% Ratios and supplemental data Participants' interest, end of year $ 24,725,342 $ 109,990,852 $ 43,025,478 $ 57,533,302 $ 4,159,923 $ 3,266,437 $ 5,196,583 $ 7,061,545 $ 13,833,948 $ 17,020,154 $ 10,306,524 $ 870,595 Ratio of net investment income to average participants' interest 1.50% 1.36% 1.76% 1.98% 2.92% 1.73% 2.12% 1.30% 1.64% 1.74% 1.85% 1.67% Ratio of expenses to average participants' interest 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% 0.50% (a) Net investment income per unit was calculated using the average shares method. (b) Due to timing of participant unit transactions, the per unit amounts and total return presented may not agree with the aggregate gains and losses as presented on the statements of operations. These financial highlights are calculated based on a unit holder's account that is outstanding for the entire period and may not be indicative of the future performance of the Funds. See notes to financial statements. 10
Notes to Financial Statements Note 1. Organization The (the Funds) are collective investment funds established under the Declaration of Trust establishing the TD Ameritrade Trust Company Collective Investment Funds for Employee Benefit Plans (Declaration of Trust) to provide for the collective investment and reinvestment of assets of qualified employer sponsored retirement plans. TD Ameritrade Trust Company (TDATC, referred to herein as the Trustee) serves as the trustee, custodian, transfer agent, and record-keeper for the Funds. Rogers Capital Management (referred to herein as the Sub-Advisor) provides investment subadvisory services for the Funds. The following describes the individual Funds, as set forth in the Declaration of Trust: STARCORE I FUND TM : This fund seeks to be the most conservative of the StarCore Funds TM, placing a greater emphasis on current income rather than on growth. Under normal circumstances, the fund will invest 60 percent of its assets in fixed-income mutual funds and 40 percent of its assets in equity mutual funds. The fixed-income portion of the fund will primarily consist of fixed-income mutual funds that invest in high quality investment grade fixed-income securities with durations and maturities in the short to intermediate term range. The equity portion of the fund will consist of 65-85 percent U.S. equity mutual funds and 15-35 percent international equity mutual funds. STARCORE II FUND TM : This fund seeks to maintain an asset allocation of 60 percent equity mutual funds and 40 percent fixed-income mutual funds. While the fund seeks to benefit from an increased equity allocation, it also seeks to mitigate potential short-term return volatility through bond exposure. Under normal circumstances, the equity portion of the fund will consist of 65-85 percent U.S. equity mutual funds and 15-35 percent international equity mutual funds. STARCORE III FUND TM : This fund seeks more aggressive wealth enhancement through increased exposure to equity positions, while maintaining a smaller allocation of fixed-income mutual funds. The fund will seek to invest 80 percent of its assets in equity mutual funds and 20 percent of its assets in fixed-income mutual funds. Under normal circumstances, the equity portion of the fund will consist of 65-85 percent U.S. equity mutual funds and 15-35 percent international equity mutual funds. STARCORE IV FUND TM : This fund is a globally-diversified equity fund designed for long-term investors who are willing to experience potentially increased short-term volatility. The fund seeks to be broadly diversified across and within domestic, international and emerging markets asset classes. This fund also seeks to capture the benefits of long-term global stock market appreciation. STARCORE GLOBAL VALUE FUND TM : This equity fund seeks global diversification across all market capitalizations with a focus on value. Under normal circumstances, this fund seeks to invest up to 98 percent of its assets in equity mutual funds. The fund will primarily invest in domestic value, international value, and emerging markets value mutual funds. The fund will strive to increase potential expected long- term returns by favoring value over a more traditional blended markets or growthoriented approach. This fund may be appropriate for long-term investors seeking to be invested in the fund for ten years or more. STARCORE INTERNATIONAL FUND TM : This fund seeks to invest in thirty-eight countries, excluding the U.S. & Canada, through mutual funds that invest in both developed and emerging markets. Under normal circumstances, the fund will invest up to 98 percent of its assets in equity mutual funds. The fund will seek to diversify amongst all market capitalizations and styles, with the intention of gaining the potential benefits of investment opportunities outside the U.S. and Canada. 11
Notes to Financial Statements Note 1. Organization (Continued) STARCORE U.S. FUND TM : This fund seeks to be invested solely in U.S. equity asset class mutual funds. The fund seeks diversification among all market capitalizations, as well as among value, growth, and blended styles. Under normal circumstances, the fund will invest up to 98 percent of its assets in equity mutual funds. The fund will strive to capture the potential benefits of investing broadly in the U.S. stock market through domestic mutual funds. STARTRACK RETIREMENT INCOME FUND TM : This fund was originally established as the StarTrack 2010 fund. As the target date approached, risk was reduced on a periodic basis by adjusting the fund s ratio of equity to fixed income mutual funds. Since reaching its target date the fund has maintained an asset allocation of 30 percent equity mutual funds and 70 percent fixed income mutual funds. STARTRACK 2020 FUND TM : This fund initially sought to invest 70 percent of its assets in equity mutual funds and 30 percent of its assets in fixed-income mutual funds. The fund has maintained such an asset mix, until approximately 10-12 years from the stated target date. Starting 10-12 years from the target date, the fund began seeking to reduce risk on a periodic basis by adjusting the fund s ratio of equity to fixed-income mutual funds downward as the target date approaches. Upon reaching the target date, the fund will seek to achieve an asset allocation of 30 percent equity mutual funds and 70 percent fixedincome mutual funds. STARTRACK 2030 FUND TM : This fund seeks to invest 80 percent of its assets in equity mutual funds and 20 percent of its assets in fixed-income mutual funds. The fund will strive to maintain such an asset mix, depending on the prevailing market conditions, until approximately 10-15 years before the stated target date. Once the fund is within the final 10-15 years of the target date, the fund will seek to reduce risk on a periodic basis by adjusting the fund s ratio of equity to fixed-income mutual funds downward as the target date approaches. Upon the target date, the fund will seek to achieve an asset allocation of 30 percent equity mutual funds and 70 percent fixed-income mutual funds. STARTRACK 2040 FUND TM : This fund seeks to invest 90 percent of its assets in equity mutual funds and 10 percent of its assets in fixed-income mutual funds. The fund will strive to maintain such an asset mix, depending on the prevailing market conditions, until approximately 10-20 years before the stated target date. Once the fund is within the final 10-20 years of the target date, the fund will seek to reduce risk on a periodic basis by adjusting the fund s ratio of equity to fixed-income mutual funds downward as the target date approaches. Upon the target date, the fund will seek to achieve an asset allocation of 30 percent equity mutual funds and 70 percent fixed-income mutual funds. STARTRACK 2050 FUND TM : This fund seeks to invest primarily in equity mutual funds to be broadly diversified across and within domestic, international and emerging markets asset classes. The fund will strive to maintain such an asset mix, depending on the prevailing market conditions, until approximately 10-20 years before the stated target date. Once the fund is within the final 10-20 years of the target date, the fund will seek to reduce risk on a periodic basis by adjusting the fund s ratio of equity to fixed-income mutual funds downward as the target date approaches. Upon the target date, the fund will seek to achieve an asset allocation of 30 percent equity mutual funds and 70 percent fixed-income mutual funds. 12
Notes to Financial Statements Note 2. Summary of Significant Accounting Policies The following is a summary of the significant accounting policies followed by the Funds in the preparation of the financial statements. Principles of accounting: The financial statements have been prepared in accordance with generally accepted accounting principles (GAAP), as established by the Financial Accounting Standards Board (FASB), to ensure consistent reporting of financial condition and results of operations. The Funds each meet the definition of an investment company and therefore follow the investment company guidance in FASB Accounting Standards Codification (ASC) 946. Use of estimates: The preparation of financial statements in conformity with GAAP requires the Funds Trustee to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported results of operations during the reporting period. Estimates include determination of fair value of investments. Actual results could differ from those estimates. Cash and cash equivalents: The Funds consider all highly liquid instruments with original maturities of three months or less at the acquisition date to be cash equivalents. Cash balances of the Funds pending investment or disbursement may be placed overnight into a deposit account provided by an affiliate of the Trustee. The balance held on behalf of a Fund in the deposit account may be in excess of federally insured limits; however, management of the Funds does not believe the Funds are exposed to any significant credit risk. Investment valuation: The Funds record investments at fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Funds utilize valuation techniques to maximize the use of observable inputs and minimize the use of unobservable inputs. Assets and liabilities recorded at fair value are categorized within the fair value hierarchy based upon the level of judgment associated with the inputs used to measure their value. The fair value hierarchy gives the highest priority to quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Inputs are broadly defined as assumptions market participants would use in pricing an asset or liability. The three levels of the fair value hierarchy are described below: Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities that the Funds have the ability to access at the measurement date. The Funds do not adjust the quoted price for these investments, even in situations where the Funds hold a large position and a sale could reasonably impact the quoted price. Level 2: Inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. A significant adjustment to a Level 2 input could result in the Level 2 measurement becoming a Level 3 measurement. Level 3: Inputs are unobservable for the asset or liability and include situations where there is little, if any, market activity for the asset or liability. The inputs into the determination of fair value are based upon the best information in the circumstances and may require significant management judgment or estimation. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, an investment s level within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The Funds assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and takes into consideration factors specific to the investment. 13
Notes to Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Short term money market fund and mutual funds: Short term money market funds are valued at cost, which approximates fair value. Mutual funds are valued at their daily net asset value. All financial instruments listed in the schedules of investments are measured at fair value on a recurring basis using Level 1 inputs based on quoted prices for identical assets in active markets as of the measurement date. The inputs or methodology used for valuing investments are not necessarily an indication of the risks associated with investing in those investments. The Funds assess the levels of the investments at each measurement date, and transfers between levels are recognized on the actual date of the event or change in circumstances that caused the transfer in accordance with the Funds accounting policies regarding the recognition of transfers between levels of the fair value hierarchy. During the year ended May 31, 2017, there were no transfers between levels. Investment transactions and dividends: Investment transactions are recorded on the trade date. Realized gains and losses on investment transactions are determined on the average lot cost method and are included as net realized gain or loss on investments sold in the accompanying statements of operations. The difference between the cost and the fair value of open investments is reflected as unrealized appreciation (depreciation) on investments, and any change in that amount from the prior period is reflected in the accompanying statements of operations. Dividend income is recognized on the ex-dividend date. Federal income taxes: Each of the Funds qualify as a "group trust" and the Funds as established under the trust are exempt from taxation. Accordingly, the financial results of the Funds contain no provision for income taxes. The FASB provides guidance for how uncertain tax positions should be recognized, measured, disclosed and presented in the financial statements. This requires the evaluation of tax positions taken or expected to be taken in the course of preparing the Funds tax returns to determine whether the tax positions are more-likely-than-not to be sustained when challenged or when examined by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense and liability in the current year. As of May 31, 2017, and for the year then ended, management has determined that there are no material uncertain tax positions. The Funds file income tax returns in U.S. federal jurisdiction. The current and prior three tax years generally remain subject to examination by U.S. federal tax authorities. Statement of cash flows: The Funds have elected not to provide a statement of cash flows as permitted by GAAP accounting standards as all of the following conditions have been met: a. During the period, substantially all of the entity's investments were carried at fair value and classified as Level 1 or Level 2 measurements, or were measured using the practical expedient and are redeemable in the near term. b. The Funds had little or no debt during the period; and c. The Funds financial statements include a statement of changes in participants interest. Participant transactions: The unit values of the Funds are determined at the close of each business day that the New York Stock Exchange is open for business. Units may be issued and redeemed on any business day at the daily unit value. All earnings, gains, and losses of the Funds are reflected in the computation of the daily unit value and are realized by the participants upon redemption from the Funds. Net investment income and net realized gains are reinvested, and thus, there are no distributions of net investment income or net realized gains to participants. 14
Notes to Financial Statements Note 2. Summary of Significant Accounting Policies (Continued) Subsequent events: The Trustee, as manager of the Funds, has evaluated the period after the financial statement date through August 31, 2017, the date the financial statements were available to be issued, and has determined that there are no subsequent events that require recognition or disclosure. Note 3. Related-Party Transactions For liquidity and administrative purposes, the Funds seek to maintain approximately 2 percent of their assets in cash or cash equivalents. The cash component for the Funds could have been composed of a bank depository account provided by an affiliate of the Trustee or a short-term money market fund. The short-term money market fund alternative provided is the Federated Treasury Obligation Fund, which is not an affiliate of the Trustee. Per the amended sub advisor agreement audit fees are not incurred by the Funds and are therefore assumed by the Trustee. During the year ended May 31, 2017, the Trustee assumed the following audit fees, which represent the total audit fees charged to the Funds for that period: STARCORE I FUND TM $ 4,336 STARCORE II FUND TM 16,075 STARCORE III FUND TM 7,898 STARCORE IV FUND TM 10,669 STARCORE GLOBAL VALUE FUND TM 720 STARCORE INTERNATIONAL FUND TM 536 STARCORE U.S. FUND TM 853 STARTRACK RETIREMENT INCOME FUND TM 1,026 STARTRACK 2020 FUND TM 2,408 STARTRACK 2030 FUND TM 2,797 STARTRACK 2040 FUND TM 1,787 STARTRACK 2050 FUND TM 95 Such amounts are not reflected on the statements of operations or the financial highlights and are not included in the calculation of each Fund s daily unit value. As of May 31, 2017, certain funds had a payable to affiliate relating to overnight advances of cash from the Trustee for the following amounts, which are included on the statements of financial condition: STARCORE II FUND TM $1,267,023 STARCORE IV FUND TM 5,418 STARCORE RETIREMENT INCOME FUND TM 2,614 Note 4. Fees The Trustee charges the Funds a fee equal to 0.50 percent per annum of total assets held by external participants. This fee is accrued on a daily basis and is paid monthly in arrears. Of this fee, 0.42 percent is paid to the Sub-Advisor for sub-advisory services provided to the Funds, which is presented on the statements of operations, or to a qualified custodian for unit holder servicing and administrative services as directed by the plan sponsor. The Trustee may serve as a qualified custodian, in which case the 0.42 percent will be paid directly to a participating trust account. 15
Notes to Financial Statements Note 5. Indemnifications In the normal course of business, the Funds enter into contracts that contain a variety of representations and warranties that provide indemnifications under certain circumstances. 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. The Funds expect the risk of future obligation under these indemnifications to be remote. 16
Other Financial Information (Unaudited)
Summary Schedules of Monthly Values (Unaudited) Year Ended May 31, 2017 STARCORE I FUND TM STARCORE II FUND TM STARCORE III FUND TM STARCORE IV FUND TM VALUE FUND TM FUND TM STARCORE GLOBAL STARECORE INTERNATIONAL Units Unit Units Unit Units Unit Units Unit Units Unit Units Unit Month End Outstanding Value Outstanding Value Outstanding Value Outstanding Value Outstanding Value Outstanding Value May 31, 2016 1,302,606 $ 15.13 3,495,391 $ 15.66 2,379,535 $ 15.94 3,257,050 $ 15.90 223,826 $ 14.40 197,571 $ 11.26 June 30, 2016 1,337,718 15.24 3,596,940 15.76 2,368,280 15.98 3,247,736 15.92 225,898 14.25 200,516 11.11 July 31, 2016 1,370,945 15.52 3,645,691 16.19 2,332,085 16.55 3,216,660 16.60 225,724 14.87 202,888 11.65 August 31, 2016 1,381,268 15.49 3,620,935 16.19 2,319,559 16.57 3,133,634 16.65 226,393 15.05 190,110 11.73 September 30, 2016 1,393,174 15.54 3,718,553 16.24 2,304,142 16.63 3,159,597 16.72 229,202 15.19 191,116 11.92 October 31, 2016 1,404,742 15.36 3,751,561 15.99 2,288,270 16.30 3,185,278 16.33 232,384 14.92 191,325 11.78 November 30, 2016 1,413,493 15.47 3,745,566 16.25 2,274,835 16.74 3,143,249 16.94 239,590 15.87 190,073 11.54 December 31, 2016 1,480,730 15.61 3,736,208 16.47 2,274,528 17.04 3,127,967 17.31 238,100 16.27 191,943 11.79 January 31, 2017 1,478,581 15.77 6,504,862 16.69 2,356,434 17.34 3,090,198 17.66 245,285 16.56 207,854 12.30 February 28, 2017 1,492,383 15.95 6,509,718 16.97 2,393,970 17.72 3,118,958 18.13 246,906 16.84 210,491 12.46 March 31, 2017 1,507,200 15.98 6,457,746 17.02 2,401,396 17.78 3,130,426 18.18 250,242 16.86 211,844 12.77 April 30, 2017 1,521,575 16.10 6,470,718 17.16 2,385,047 17.96 3,079,267 18.39 245,598 17.04 213,899 13.06 May 31, 2017 1,529,831 16.16 6,375,480 17.25 2,380,498 18.07 3,107,985 18.51 244,694 17.00 243,959 13.39 STARTRACK RETIREMENT STARCORE U.S. FUND INCOME FUND STARTRACK 2020 FUND STARTRACK 2030 FUND STARTRACK 2040 FUND STARTRACK 2050 FUND Units Unit Units Unit Units Unit Units Unit Units Unit Units Unit Month End Outstanding Value Outstanding Value Outstanding Value Outstanding Value Outstanding Value Outstanding Value May 31, 2016 208,196 $ 17.01 249,852 $ 13.82 700,970 $ 15.47 740,390 $ 15.72 515,578 $ 15.52 10,355 $ 9.97 June 30, 2016 211,922 17.07 254,380 13.92 706,154 15.57 863,308 15.84 533,531 15.55 16,513 9.96 July 31, 2016 209,266 17.75 259,348 14.13 709,917 15.92 865,818 16.40 540,336 16.17 19,286 10.38 August 31, 2016 220,335 17.79 259,258 14.10 715,001 15.91 872,948 16.42 546,952 16.20 20,905 10.41 September 30, 2016 216,808 17.79 271,231 14.14 720,780 15.96 890,289 16.48 555,668 16.27 26,802 10.43 October 31, 2016 220,200 17.33 314,377 14.01 719,404 15.75 951,144 16.16 539,699 15.92 43,863 10.19 November 30, 2016 236,512 18.35 316,296 14.05 729,918 15.92 926,444 16.59 543,004 16.42 44,913 10.57 December 31, 2016 231,634 18.77 316,888 14.14 795,725 16.10 876,273 16.88 538,841 16.75 47,419 10.80 January 31, 2017 256,485 19.00 470,170 14.27 791,465 16.30 900,771 17.18 563,507 17.07 57,688 11.02 February 28, 2017 259,474 19.56 470,304 14.40 794,137 16.53 918,527 17.56 582,262 17.49 60,000 11.31 March 31, 2017 265,964 19.49 472,500 14.43 799,337 16.57 922,792 17.62 588,086 17.55 69,763 11.35 April 30, 2017 259,957 19.64 475,650 14.52 811,542 16.71 941,101 17.79 590,387 17.74 71,809 11.48 May 31, 2017 264,465 19.65 484,487 14.58 823,960 16.79 950,209 17.91 576,984 17.86 75,362 11.55 17
Summary Schedules of Investment Changes (Unaudited) Year Ended May 31, 2017 Shares Cost of Shares Realized Purchased Purchases Redeemed Gain (Loss) STARCORE I FUND STARCORE I FUND DFA Emerg Mkts Core Equity Portfolio 5,964 $ (106,830) DFA Emerg Mkts Core Equity Portfolio 4,772 $ 3,036 DFA Five Year Global Fixed Income I 163,528 (1,799,342) DFA Five Year Global Fixed Income I 32,184 (3,427) DFA Inflation Protected Securities 32,155 (380,599) DFA Inflation Protected Securities 6,875 749 DFA International Core Equity I 36,966 (433,709) DFA International Core Equity I 18,656 15,404 DFA Real Estate Securities I 7,792 (272,496) DFA Real Estate Securities I 4,228 35,989 DFA Short-Term Government Portfolio 167,670 (1,790,370) DFA Short-Term Government Portfolio 33,137 (3,256) DFA U.S. Core Equity 1 Portfolio 61,988 (1,180,461) DFA U.S. Core Equity 1 Portfolio 48,939 233,835 DFA US Large Cap Value I 3,392 (117,000) DFA US Large Cap Value I 2,904 22,715 DFA US Small Cap Value I 3,331 (119,283) DFA US Small Cap Value I 4,181 28,723 Federated Treasury Obligation Fund 238,226 (238,226) Federated Treasury Obligation Fund 138,788 $ - 333,768 STARCORE II FUND STARCORE II FUND DFA Emerg Mkts Core Equity Portfolio 137,766 $ (2,468,801) DFA Emerg Mkts Core Equity Portfolio 40,219 $ 37,265 DFA Five Year Global Fixed Income I 1,048,935 (11,476,355) DFA Five Year Global Fixed Income I 182,479 (1,128) DFA Inflation Protected Securities 223,451 (2,637,154) DFA Inflation Protected Securities 39,764 5,699 DFA International Core Equity I 567,369 (6,739,371) DFA International Core Equity I 123,760 112,001 DFA Real Estate Securities I 113,778 (3,958,960) DFA Real Estate Securities I 28,947 175,158 DFA Short-Term Government Portfolio 1,076,372 (11,446,459) DFA Short-Term Government Portfolio 188,337 (5,902) DFA U.S. Core Equity 1 Portfolio 1,070,196 (20,706,321) DFA U.S. Core Equity 1 Portfolio 307,517 1,293,992 DFA US Large Cap Value I 44,403 (1,556,711) DFA US Large Cap Value I 14,053 95,137 DFA US Small Cap Value I 42,353 (1,560,385) DFA US Small Cap Value I 18,573 104,870 Federated Treasury Obligation Fund 1,624,318 (1,624,318) Federated Treasury Obligation Fund 609,367 - $ 1,817,092 STARCORE III FUND STARCORE III FUND DFA Emerg Mkts Core Equity Portfolio 19,383 $ (352,939) DFA Emerg Mkts Core Equity Portfolio 23,989 $ 18,588 DFA Five Year Global Fixed Income I 85,193 (938,596) DFA Five Year Global Fixed Income I 35,971 2,456 DFA Inflation Protected Securities 17,935 (213,121) DFA Inflation Protected Securities 8,326 3,334 DFA International Core Equity I 91,240 (1,070,811) DFA International Core Equity I 70,997 47,486 DFA Real Estate Securities I 19,489 (683,540) DFA Real Estate Securities I 15,082 140,343 DFA Short-Term Government Portfolio 87,577 (936,070) DFA Short-Term Government Portfolio 37,222 (170) DFA U.S. Core Equity 1 Portfolio 142,731 (2,743,606) DFA U.S. Core Equity 1 Portfolio 176,348 1,035,133 DFA US Large Cap Value I 5,747 (200,018) DFA US Large Cap Value I 7,374 68,503 DFA US Small Cap Value I 5,674 (205,545) DFA US Small Cap Value I 10,956 78,251 Federated Treasury Obligation Fund 425,158 (425,158) Federated Treasury Obligation Fund 302,471 - $ 1,393,924 STARCORE IV FUND STARCORE IV FUND DFA Emerg Mkts Core Equity Portfolio 29,703 $ (539,447) DFA Emerg Mkts Core Equity Portfolio 38,572 $ 30,300 DFA International Core Equity I 141,710 (1,651,931) DFA International Core Equity I 117,468 60,711 DFA Real Estate Securities I 32,517 (1,141,088) DFA Real Estate Securities I 26,310 222,324 DFA U.S. Core Equity 1 Portfolio 185,877 (3,547,384) DFA U.S. Core Equity 1 Portfolio 253,675 1,512,440 DFA US Large Cap Value I 10,981 (379,547) DFA US Large Cap Value I 15,381 140,644 DFA US Small Cap Value I 10,948 (392,820) DFA US Small Cap Value I 23,487 166,216 Federated Treasury Obligation Fund 583,846 (583,846) Federated Treasury Obligation Fund 431,788 - $ 2,132,635 STARCORE GLOBAL VALUE FUND STARCORE GLOBAL VALUE FUND DFA Emerg Mkts Core Equity Portfolio 3,158 $ (57,209) DFA Emerg Mkts Core Equity Portfolio 1,772 $ 357 DFA International Core Equity I 9,742 (114,664) DFA International Core Equity I 3,319 2,515 DFA International Small Cap Value I 2,968 (56,980) DFA International Small Cap Value I 1,012 1,983 DFA International Value I 5,882 (96,307) DFA International Value I 2,439 (116) DFA US Core Equity 2 I 10,911 (201,344) DFA US Core Equity 2 I 5,386 24,023 DFA US Large Cap Value I 5,950 (207,047) DFA US Large Cap Value I 2,880 23,058 DFA US Small Cap Value I 5,747 (208,044) DFA US Small Cap Value I 5,316 33,310 Federated Treasury Obligation Fund 48,517 (48,517) Federated Treasury Obligation Fund 26,637 $ - 85,130 STARCORE INTERNATIONAL FUND STARCORE INTERNATIONAL FUND DFA Emerg Mkts Core Equity Portfolio 11,821 $ (223,174) DFA Emerg Mkts Core Equity Portfolio 6,948 $ 1,242 DFA International Core Equity I 48,445 (591,671) DFA International Core Equity I 19,504 7,203 DFA International Value I 5,425 (92,520) DFA International Value I 2,744 (2,180) DFA Large Cap International Port 8,834 (181,203) DFA Large Cap International Port 3,218 (1,051) Federated Treasury Obligation Fund 38,506 (38,506) Federated Treasury Obligation Fund 20,306 $ - 5,214 (Continued) 18