SHELTON INTERNATIONAL SELECT EQUITY FUND
Portfolio of Investments (Expressed in U.S. Dollars) September 30, 2022
Security Description | Shares | Value | ||||||
Common Stock (95.16%) | ||||||||
Australia (2.53%) | ||||||||
Qantas Airways Ltd* | 238,384 | $ | 765,390 | |||||
South32 Ltd | 199,084 | 462,216 | ||||||
Woodside Energy Group Ltd | 43,700 | 884,901 | ||||||
Total Australia | 2,112,507 | |||||||
Belgium (0.52%) | ||||||||
KBC Group NV | 9,068 | 432,385 | ||||||
Canada (3.82%) | ||||||||
Element Fleet Management Corp | 180,750 | 2,133,153 | ||||||
Kinross Gold Corp | 280,200 | 1,054,939 | ||||||
Total Canada | 3,188,092 | |||||||
China (6.19%) | ||||||||
BYD Co Ltd | 13,000 | 321,950 | ||||||
Dongyue Group Ltd | 744,200 | 742,335 | ||||||
Genscript Biotech Corp* | 168,000 | 367,261 | ||||||
Innovent Biologics Inc* | 164,000 | 510,824 | ||||||
Lenovo Group Ltd | 2,394,400 | 1,665,474 | ||||||
Ping An Insurance Group Co of China Ltd | 233,900 | 1,168,059 | ||||||
Wuxi Biologics Cayman Inc* | 65,000 | 392,501 | ||||||
Total China | 5,168,404 | |||||||
France (6.53%) | ||||||||
BNP Paribas SA | 67,657 | 2,890,920 | ||||||
L'Oreal SA | 7,912 | 2,560,449 | ||||||
Total France | 5,451,369 | |||||||
Germany (3.96%) | ||||||||
Deutsche Post AG | 108,400 | 3,305,111 | ||||||
Great Britain (7.46%) | ||||||||
BP PLC | 125,081 | 604,949 | ||||||
Dr Martens PLC | 232,100 | 577,470 | ||||||
Intertek Group PLC | 29,935 | 1,239,199 | ||||||
RS GROUP PLC | 61,400 | 664,403 | ||||||
Unilever PLC# | 71,562 | 3,137,278 | ||||||
Total Great Britain | 6,223,299 | |||||||
Hong Kong (5.99%) | ||||||||
AIA Group Ltd | 314,900 | 2,625,614 | ||||||
ESR Group Ltd | 183,000 | 461,599 | ||||||
SITC International Holdings Co Ltd | 761,200 | 1,408,037 | ||||||
WH Group Ltd | 792,000 | 499,435 | ||||||
Total Hong Kong | 4,994,685 | |||||||
India (4.19%) | ||||||||
HDFC Bank Ltd | 59,788 | 3,492,815 | ||||||
Ireland (3.37%) | ||||||||
CRH PLC | 86,746 | 2,811,063 | ||||||
Italy (2.80%) | ||||||||
Eni SpA | 218,492 | 2,335,863 |
Japan (19.23%) | ||||||||
Canon Inc | 35,100 | 769,275 | ||||||
Daikin Industries Ltd | 11,400 | 1,756,118 | ||||||
Hirose Electric Co Ltd | 5,800 | 760,616 | ||||||
Kyowa Kirin Co Ltd | 54,000 | 1,236,855 | ||||||
Mitsubishi Electric Corp | 240,000 | 2,163,200 | ||||||
Miura Co Ltd | 48,700 | 991,296 | ||||||
Murata Manufacturing Co Ltd | 28,500 | 1,305,963 | ||||||
Nomura Research Institute Ltd | 94,300 | 2,313,031 | ||||||
Santen Pharmaceutical Co Ltd | 155,500 | 1,047,554 | ||||||
Shin-Etsu Chemical Co Ltd | 37,300 | 3,693,148 | ||||||
Total Japan | 16,037,056 | |||||||
Netherlands (1.14%) | ||||||||
Topicus.com Inc* | 19,858 | 954,971 | ||||||
Singapore (4.31%) | ||||||||
DBS Group Holdings Ltd | 154,778 | 3,598,411 | ||||||
South Africa (1.61%) | ||||||||
Sanlam Ltd | 470,200 | 1,340,281 | ||||||
South Korea (7.51%) | ||||||||
GS Holdings Corp | 94,000 | 2,718,515 | ||||||
Hanmi Pharm Co Ltd | 3,501 | 556,026 | ||||||
Mirae Asset Securities Co Ltd | 113,200 | 469,478 | ||||||
Orion Corp | 8,000 | 571,472 | ||||||
Samsung Electronics Co Ltd | 53,000 | 1,951,813 | ||||||
Total South Korea | 6,267,304 | |||||||
Switzerland (6.58%) | ||||||||
Givaudan SA | 576 | 1,753,061 | ||||||
Nestle SA | 28,805 | 3,099,706 | ||||||
Straumann Holding AG | 6,840 | 636,660 | ||||||
Total Switzerland | 5,489,427 | |||||||
Taiwan (3.37%) | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd | 40,989 | 2,810,206 | ||||||
Thailand (3.30%) | ||||||||
Bangkok Bank PCL(a) | 763,100 | 2,751,708 | ||||||
Turkey (0.75%) | ||||||||
Turkiye Sise ve Cam Fabrikalari AS | 454,915 | 625,193 | ||||||
Total Common Stock (Cost $97,653,439) | 79,390,150 | |||||||
Collateral Received for Securites on Loan (1.06%) | ||||||||
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 3.21% (Cost $885,034) | 885,034 | |||||||
Total Investments (Cost $98,538,473) (96.22%) | $ | 80,275,184 | ||||||
Other Net Assets (3.78%) | 3,155,994 | |||||||
Net Assets (100.00%) | $ | 83,431,178 |
* | 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 $848,085. |
(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 $2,751,708. |