SHELTON TACTICAL CREDIT FUND
Portfolio of Investments (Expressed in U.S. Dollars) September 30, 2022
Security Description/Long Positions
Common Stock (0.12%) | Shares | Value | ||||||
Consumer, Non-cyclical (0.05%) | ||||||||
Pyxus International Inc* | 83,441 | $ | 18,357 | |||||
Energy (0.00%) | ||||||||
CHC Group LLC*,(a),(b) | 9,358 | - | ||||||
Financial (0.07%) | ||||||||
CBL & Associates LP(c) | 1,000,000 | 10,000 | ||||||
CBL & Associates LP(c) | 1,526,000 | 15,260 | ||||||
25,260 | ||||||||
Total Common Stock (Cost $1,990,841) | 43,617 |
Corporate Debt (35.88%) | Par Value | Value | ||||||
Communications (2.37%) | ||||||||
Directv Financing LLC / Directv Financing Co-Obligor Inc, 5.875%, 8/15/2027 (144A) | 1,000,000 | 862,110 | ||||||
Total Communications | 862,110 | |||||||
Consumer, Cyclical (14.81%) | ||||||||
The Bon-Ton Department Stores Inc, 8.000%, 6/15/2021(c) | 4,958,932 | 30,993 | ||||||
Guitar Center Inc, 8.500%, 1/15/2026 (144A) | 1,250,000 | 1,107,350 | ||||||
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd, 5.750%, 1/20/2026 (144A) | 1,000,000 | 881,990 | ||||||
PetSmart Inc / PetSmart Finance Corp, 7.750%, 2/15/2029 (144A) | 1,250,000 | 1,117,425 | ||||||
Station Casinos LLC, 4.625%, 12/1/2031 (144A) | 500,000 | 377,643 | ||||||
Titan International Inc, 7.000%, 4/30/2028 | 1,000,000 | 917,800 | ||||||
Victoria's Secret & Co, 4.625%, 7/15/2029 (144A) | 750,000 | 566,927 | ||||||
WMG Acquisition Corp, 3.000%, 2/15/2031 (144A) | 500,000 | 379,547 | ||||||
Total Consumer, Cyclical | 5,379,675 | |||||||
Consumer, Non-cyclical (5.94%) | ||||||||
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 3.750%, 12/1/2031 (144A) | 1,500,000 | 1,200,810 | ||||||
Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A) | 1,250,000 | 956,088 | ||||||
Total Consumer, Non-cyclical | 2,156,898 | |||||||
Energy (5.42%) | ||||||||
Energy Ventures Gom LLC / EnVen Finance Corp, 11.750%, 4/15/2026 (144A) | 900,000 | 924,750 | ||||||
Talos Production Inc, 12.000%, 1/15/2026 | 1,000,000 | 1,042,500 | ||||||
Total Energy | 1,967,250 | |||||||
Financial (5.22%) | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041 | 1,000,000 | 664,353 | ||||||
Iron Mountain Inc, 4.875%, 9/15/2029 (144A) | 1,500,000 | 1,232,235 | ||||||
Total Financial | 1,896,588 | |||||||
Industrial (2.12%) | ||||||||
Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC, 9.625%, 1/15/2022(a),(b) | 548,153 | - | ||||||
Great Lakes Dredge & Dock Corp, 5.250%, 6/1/2029 (144A) | 1,000,000 | 770,596 | ||||||
Total Industrial | 770,596 | |||||||
Total Corporate Debt (Cost $16,026,846) | 13,033,117 |
Municipal Bonds (57.71%) | Par Value | Value | ||||||
Development (8.34%) | ||||||||
California Pollution Control Financing Authority, 8.000%, 7/1/2039 (144A)(c) | 2,050,000 | 1,230,000 | ||||||
California Pollution Control Financing Authority, 7.500%, 7/1/2032 (144A)(c) | 250,000 | 170,000 | ||||||
Mississippi Business Finance Corp, 2.200%, 11/1/2035(d) | 1,000,000 | 1,000,000 | ||||||
New York Transportation Development Corp, 4.375%, 10/1/2045 | 750,000 | 627,758 | ||||||
Total Development | 3,027,758 | |||||||
General Obligation (11.11%) | ||||||||
State of California, 5.000%, 4/1/2042 | 1,000,000 | 1,071,040 | ||||||
Massachusetts Bay Transportation Authority Assessment Revenue, 5.000%, 7/1/2052 | 1,000,000 | 1,063,871 | ||||||
City of New York NY, 2.050%, 10/1/2046(d) | 500,000 | 500,000 | ||||||
New York City Transitional Finance Authority Future Tax Secured Revenue, 2.100%, 2/1/2045(d) | 500,000 | 500,000 | ||||||
Puerto Rico Public Finance Corp, 5.500%, 8/1/2031(c) | 400,000 | 14,000 | ||||||
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, 5.000%, 7/1/2058 | 1,000,000 | 882,802 | ||||||
Total General Obligation | 4,031,713 | |||||||
Higher Education (2.75%) | ||||||||
Connecticut State Health & Educational Facilities Authority, 1.950%, 7/1/2036(d) | 500,000 | 500,000 | ||||||
Massachusetts Health & Educational Facilities Authority, 1.800%, 11/1/2049(d) | 500,000 | 500,000 | ||||||
Total Higher Education | 1,000,000 | |||||||
Housing (2.59%) | ||||||||
California Municipal Finance Authority, 5.000%, 5/15/2051 | 1,000,000 | 940,608 | ||||||
Medical (10.86%) | ||||||||
County of Cuyahoga OH, 5.500%, 2/15/2052 | 1,000,000 | 1,011,752 | ||||||
Massachusetts Development Finance Agency, 5.000%, 7/1/2044 | 1,000,000 | 971,571 | ||||||
New York State Dormitory Authority, 5.000%, 8/1/2035 | 1,000,000 | 938,599 | ||||||
Pennsylvania Higher Educational Facilities Authority, 5.000%, 8/15/2042 | 1,000,000 | 1,022,476 | ||||||
Total Medical | 3,944,398 | |||||||
Multifamily Housing (2.75%) | ||||||||
Wisconsin Housing & Economic Development Authority, 2.460%, 10/1/2048(d) | 1,000,000 | 1,000,000 | ||||||
Power (2.84%) | ||||||||
Los Angeles Department of Water & Power, 5.000%, 7/1/2047 | 1,000,000 | 1,031,960 | ||||||
Single Family Housing (2.75%) | ||||||||
Michigan State Housing Development Authority, 2.460%, 12/1/2038(d) | 1,000,000 | 1,000,000 | ||||||
Tobacco Settlement (2.31%) | ||||||||
Buckeye Tobacco Settlement Financing Authority, 5.000%, 6/1/2055 | 1,000,000 | 840,012 | ||||||
Transportation (7.17%) | ||||||||
Maryland State Transportation Authority, 5.000%, 7/1/2046 | 1,000,000 | 1,056,906 | ||||||
Port Authority of New York & New Jersey, 5.000%, 12/1/2047 | 1,000,000 | 1,033,982 | ||||||
Texas Private Activity Bond Surface Transportation Corp, 7.000%, 12/31/2038 | 500,000 | 512,008 | ||||||
Total Transportation | 2,602,896 |
Water (4.24%) | ||||||||
District of Columbia Water & Sewer Authority, 5.000%, 10/1/2047 | 1,000,000 | 1,040,064 | ||||||
New York City Municipal Water Finance Authority, 2.100%, 6/15/2050(d) | 500,000 | 500,000 | ||||||
Total Water | 1,540,064 | |||||||
Total Municipal Debt (Cost $23,667,067) | 20,959,409 |
Term Loans (1.75%) | Par Value | Value | ||||||
Pyxus Holdings Inc, 1.500%, 3M US LIBOR + 8.000%, 2/24/2025(d) | 730,389 | 636,352 | ||||||
Total Term Loans (Cost $722,014) | 636,352 |
Purchased Options - Puts (0.62%) | Contracts | |||||||
10-Year US Treasury Note Futures | ||||||||
Notional amount $8,175,000, premiums paid $80,860, exercise price $109, expires 11/28/22 | 75 | 49,219 | ||||||
10-Year US Treasury Note Futures | ||||||||
Notional amount $8,250,000, premiums paid $93,750, exercise price $110, expires 11/28/22 | 75 | 67,969 | ||||||
10-Year US Treasury Note Futures | ||||||||
Notional amount $8,362,500, premiums paid $63,281, exercise price $111.50, expires 11/28/22 | 75 | 106,641 | ||||||
Total Purchased Options - Puts (Cost $237,891) | 223,829 | |||||||
Total Long Positions (Cost $42,644,659) (96.08%) | $ | 34,896,324 | ||||||
Other Net Assets (3.92%) | 1,424,523 | |||||||
Net Assets (100.00%) | $ | 36,320,847 |
Security Description/Short Positions
Short Corporate Debt (-5.62%) | Par Value | Value | ||||||
Consumer, Cyclical (-5.62%) | ||||||||
American Airlines Inc/AAdvantage Loyalty IP Ltd (144A) | (1,000,000 | ) | $ | (872,500 | ) | |||
Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp (144A) | (1,250,000 | ) | (1,170,313 | ) | ||||
Total Short Corporate Debt (Proceeds $2,200,783) | $ | (2,042,813 | ) |
* | Non income security. |
(144A) | Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of September 30, 2022, these securities had a total aggregate market value of $9,734,658 which represented approximately 26.80% of net assets. |
(a) | Level 3 security fair valued under procedures established by the Board of Trustees, represents 0.00% of net assets. The total value of the fair value security is $0. |
(b) | Security is illiquid. |
(c) | Defaulted security. |
(d) | Variable rate security |