SHELTON EMERGING MARKETS FUND
Portfolio of Investments (Unaudited)
6/30/2020
| Shares | Value | |||||||
| Common Stock (88.95%) | ||||||||
| Argentina (3.87%) | ||||||||
| MercadoLibre Inc* | 900 | 887,193 | ||||||
| Brazil (6.33%) | ||||||||
| Sul America SA | 172,725 | 1,450,889 | ||||||
| China (32.29%) | ||||||||
| Alibaba Group Holding Ltd* | 3,000 | 647,100 | ||||||
| Autohome Inc | 6,300 | 475,650 | ||||||
| New Oriental Education & Technology Group Inc* | 4,400 | 573,012 | ||||||
| Bank of China Ltd | 3,462,000 | 1,282,440 | ||||||
| Industrial & Commercial Bank of China Ltd | 1,052,000 | 636,006 | ||||||
| ANTA Sports Products Ltd | 75,000 | 667,281 | ||||||
| Agricultural Bank of China Ltd | 3,364,000 | 1,361,560 | ||||||
| AAC Technologies Holdings Inc | 132,000 | 815,206 | ||||||
| Xinyi Solar Holdings Ltd | 975,000 | 937,592 | ||||||
| Total China | 7,395,847 | |||||||
| Georgia (2.33%) | ||||||||
| Bank of Georgia Group PLC* | 40,000 | 533,376 | ||||||
| Great Britain (0.96%) | ||||||||
| DS Smith PLC | 54,000 | 219,211 | ||||||
| Hong Kong (3.46%) | ||||||||
| Haier Electronics Group Co Ltd | 260,000 | 791,569 | ||||||
| Indonesia (8.70%) | ||||||||
| Bank Rakyat Indonesia Persero Tbk PT | 3,000,000 | 640,329 | ||||||
| Indofood CBP Sukses Makmur Tbk PT | 930,000 | 610,353 | ||||||
| Ace Hardware Indonesia Tbk PT* | 7,000,000 | 741,285 | ||||||
| Sarana Menara Nusantara Tbk PT | 16,900 | 1,212 | ||||||
| Total Indonesia | 1,993,179 | |||||||
| Mexico (2.61%) | ||||||||
| Regional SAB de CV* | 223,800 | 598,728 | ||||||
| Russia (1.73%) | ||||||||
| Sberbank of Russia PJSC* | 35,000 | 396,900 | ||||||
| South Korea (7.20%) | ||||||||
| Samsung SDI Co Ltd | 3,000 | 917,285 | ||||||
| Samsung Electronics Co Ltd | 16,500 | 730,416 | ||||||
| Total South Korea | 1,647,701 | |||||||
| Taiwan (17.85%) | ||||||||
| Accton Technology Corp | 240,000 | 1,863,745 | ||||||
| MediaTek Inc | 51,000 | 1,008,302 | ||||||
| Taiwan Semiconductor Manufacturing Co Ltd | 114,000 | 1,217,465 | ||||||
| Total Taiwan | 4,089,512 | |||||||
| Turkey (1.62%) | ||||||||
| Turkiye Garanti Bankasi AS* | 300,000 | 369,901 | ||||||
| Total Common Stock (Cost $18,628,498) | 20,374,006 | |||||||
| Total Investments (Cost $18,628,498) (88.95%) | 20,374,006 | |||||||
| Other Net Assets (11.05%) | 2,530,090 | |||||||
| Net Assets (100.00%) | 22,904,096 | |||||||
| * | Non-income producing security. |
