SHELTON EMERGING MARKETS FUND
Portfolio of Investments (Expressed in U.S. Dollars) September 30, 2022
Security Description | Shares | Value | ||||||
Common Stock (96.72%) | ||||||||
Brazil (12.76%) | ||||||||
Banco Bradesco SA | 173,360 | $ | 637,965 | |||||
Itausa SA | 583,100 | 1,054,244 | ||||||
Petroleo Brasileiro SA | 48,000 | 296,223 | ||||||
Sendas Distribuidora SA | 209,800 | 682,773 | ||||||
Total Brazil | 2,671,205 | |||||||
China (16.72%) | ||||||||
Alibaba Group Holding Ltd* | 61,100 | 606,745 | ||||||
BeiGene Ltd* | 600 | 80,892 | ||||||
CIFI Ever Sunshine Services Group Ltd | 190,300 | 70,790 | ||||||
CMOC Group Ltd | 945,000 | 369,589 | ||||||
Fuyao Glass Industry Group Co Ltd | 33,200 | 134,074 | ||||||
Haier Smart Home Co Ltd | 238,100 | 729,496 | ||||||
Hygeia Healthcare Holdings Co Ltd* | 24,000 | 135,598 | ||||||
Kingsoft Corp Ltd | 46,000 | 122,476 | ||||||
Kuaishou Technology* | 43,000 | 279,101 | ||||||
Li Auto Inc* | 4,000 | 92,040 | ||||||
NetEase Inc | 14,000 | 211,346 | ||||||
Ping An Insurance Group Co of China Ltd | 28,600 | 142,824 | ||||||
Xinyi Solar Holdings Ltd | 354,383 | 375,165 | ||||||
XPeng Inc* | 4,800 | 57,360 | ||||||
Yadea Group Holdings Ltd | 56,000 | 89,889 | ||||||
Total China | 3,497,385 | |||||||
Hong Kong (5.05%) | ||||||||
ASMPT Ltd | 62,800 | 382,416 | ||||||
Shenzhen International Holdings Ltd | 883,500 | 675,315 | ||||||
Total Hong Kong | 1,057,731 | |||||||
India (7.75%) | ||||||||
HDFC Bank Ltd# | 13,795 | 805,904 | ||||||
Infosys Ltd# | 48,148 | 817,072 | ||||||
Total India | 1,622,976 | |||||||
Indonesia (6.54%) | ||||||||
Adaro Energy Indonesia Tbk PT | 877,800 | 228,270 | ||||||
Astra International Tbk PT | 496,900 | 216,178 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 782,175 | 230,626 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 854,000 | 485,100 | ||||||
Sarana Menara Nusantara Tbk PT | 2,566,200 | 208,120 | ||||||
Total Indonesia | 1,368,294 | |||||||
Mexico (7.21%) | ||||||||
Kimberly-Clark de Mexico SAB de CV | 565,900 | 751,967 | ||||||
Regional SAB de CV | 134,300 | 757,044 | ||||||
Total Mexico | 1,509,011 | |||||||
South Africa (1.44%) | ||||||||
Gold Fields Ltd | 37,000 | 301,435 |
South Korea (14.75%) | ||||||||
CJ CheilJedang Corp | 600 | 171,026 | ||||||
Dentium Co Ltd | 9,500 | 550,146 | ||||||
Doosan Bobcat Inc | 5,100 | 100,805 | ||||||
F&F Co Ltd / New | 1,800 | 171,650 | ||||||
Hyundai Motor Co | 2,700 | 330,504 | ||||||
Samsung Electronics Co Ltd | 24,612 | 906,378 | ||||||
Samsung Fire & Marine Insurance Co Ltd | 2,000 | 255,221 | ||||||
Samsung SDI Co Ltd | 1,142 | 432,441 | ||||||
SK Innovation Co Ltd* | 1,700 | 169,188 | ||||||
Total South Korea | 3,087,359 | |||||||
Taiwan (13.30%) | ||||||||
Accton Technology Corp | 86,300 | 738,615 | ||||||
Chailease Holding Co Ltd | 5,510 | 31,583 | ||||||
MediaTek Inc | 28,700 | 496,677 | ||||||
Sporton International Inc | 28,450 | 210,880 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd | 98,500 | 1,305,536 | ||||||
Total Taiwan | 2,783,291 | |||||||
Thailand (4.97%) | ||||||||
Bangkok Bank PCL(a) | 191,800 | 691,623 | ||||||
Charoen Pokphand Foods PCL | 528,000 | 348,708 | ||||||
Total Thailand | 1,040,331 | |||||||
Turkey (5.42%) | ||||||||
BIM Birlesik Magazalar AS | 181,400 | 1,134,693 | ||||||
Uruguay (0.81%) | ||||||||
MercadoLibre Inc*,# | 205 | 169,695 | ||||||
Total Common Stock (Cost $19,856,936) | 20,243,406 | |||||||
Collateral Received for Securites on Loan (2.52%) | ||||||||
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 3.21% (Cost $528,083) | 528,083 | |||||||
Total Investments (Cost $20,385,019) (99.24%) | $ | 20,771,489 | ||||||
Other Net Assets (0.76%) | 157,860 | |||||||
Net Assets (100.00%) | $ | 20,929,349 |
* | Non-income producing security. |
# | Loaned security; a portion of this security is on loan at September 30, 2022. The aggregate amount of securities on loan at September 30, 2022 is $518,857. |
(a) | Level 3 security fair valued under procedures established by the Board of Trustees, represents 3.30% of net assets. The total value of the fair value security is $691,623. |