SHELTON EMERGING MARKETS FUND
Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2023
Security Description | Shares | Value | ||||||
Common Stock (94.81%) | ||||||||
Brazil (3.04%) | ||||||||
Banco do Brasil SA | 40,600 | $ | 381,640 | |||||
Cosan SA | 36,000 | 122,182 | ||||||
Klabin SA | 37,000 | 176,145 | ||||||
Petroleo Brasileiro SA | 24,100 | 180,896 | ||||||
Total Brazil | 860,863 | |||||||
China (26.41%) | ||||||||
Alibaba Group Holding Ltd* | 117,100 | 1,280,052 | ||||||
ANTA Sports Products Ltd | 57,000 | 641,644 | ||||||
BYD Co Ltd | 16,700 | 516,094 | ||||||
CMOC Group Ltd | 945,000 | 607,012 | ||||||
Fosun International Ltd | 403,500 | 255,062 | ||||||
Fuyao Glass Industry Group Co Ltd (144A) | 74,000 | 339,253 | ||||||
Ganfeng Lithium Group Co Ltd (144A) | 24,500 | 100,588 | ||||||
Haier Smart Home Co Ltd | 94,100 | 296,213 | ||||||
Hygeia Healthcare Holdings Co Ltd (144A) | 24,000 | 134,547 | ||||||
Kingsoft Corp Ltd | 46,000 | 166,830 | ||||||
Kuaishou Technology (144A)* | 43,000 | 345,121 | ||||||
Meituan (144A)* | 41,000 | 600,020 | ||||||
NetEase Inc | 35,000 | 712,896 | ||||||
Ping An Insurance Group Co of China Ltd | 28,600 | 163,804 | ||||||
Tsingtao Brewery Co Ltd | 112,000 | 916,797 | ||||||
Zhuzhou CRRC Times Electric Co Ltd | 78,000 | 269,936 | ||||||
Zijin Mining Group Co Ltd | 79,100 | 121,013 | ||||||
Total China | 7,466,882 | |||||||
Hong Kong (1.93%) | ||||||||
Shenzhen International Holdings Ltd | 883,500 | 544,943 | ||||||
India (11.71%) | ||||||||
Dr Reddy’s Laboratories Ltd | 16,900 | 1,130,103 | ||||||
HDFC Bank Ltd | 13,795 | 814,043 | ||||||
ICICI Bank Ltd | 6,000 | 138,720 | ||||||
Infosys Ltd | 48,148 | 823,812 | ||||||
Wipro Ltd | 83,500 | 404,140 | ||||||
Total India | 3,310,818 | |||||||
Indonesia (3.91%) | ||||||||
Astra International Tbk PT | 496,900 | 199,677 | ||||||
Bank Rakyat Indonesia Persero Tbk PT | 782,175 | 263,822 | ||||||
Indofood CBP Sukses Makmur Tbk PT | 677,000 | 484,008 | ||||||
Sarana Menara Nusantara Tbk PT | 2,566,200 | 159,031 | ||||||
Total Indonesia | 1,106,538 | |||||||
Mexico (5.26%) | ||||||||
Alfa SAB de CV | 245,000 | 159,670 | ||||||
Kimberly-Clark de Mexico SAB de CV | 304,900 | 606,966 | ||||||
Orbia Advance Corp SAB de CV | 67,000 | 139,066 | ||||||
Regional SAB de CV | 81,300 | 582,826 | ||||||
Total Mexico | 1,488,528 | |||||||
Philippines (2.47%) | ||||||||
BDO Unibank Inc | 85,700 | 214,590 | ||||||
Manila Electric Co | 42,000 | 272,737 | ||||||
Metropolitan Bank & Trust Co | 220,700 | 210,302 | ||||||
Total Philippines | 697,629 |
Security Description | Shares | Value | ||||||
South Africa (5.36%) | ||||||||
The Bidvest Group Ltd | 25,000 | 360,172 | ||||||
FirstRand Ltd | 343,000 | 1,156,860 | ||||||
Total South Africa | 1,517,032 | |||||||
South Korea (15.81%) | ||||||||
Doosan Bobcat Inc | 5,100 | 192,412 | ||||||
F&F Co Ltd | 1,800 | 150,467 | ||||||
Hanmi Pharm Co Ltd | 1,099 | 243,086 | ||||||
Hyundai Motor Co | 1,767 | 249,797 | ||||||
Kia Corp | 20,028 | 1,206,015 | ||||||
Samsung C&T Corp | 10,000 | 795,982 | ||||||
Samsung Electronics Co Ltd | 24,612 | 1,245,357 | ||||||
Samsung Fire & Marine Insurance Co Ltd | 2,000 | 385,415 | ||||||
Total South Korea | 4,468,531 | |||||||
Taiwan (14.61%) | ||||||||
Accton Technology Corp | 48,300 | 737,987 | ||||||
Asustek Computer Inc | 17,000 | 193,361 | ||||||
Lite-On Technology Corp | 65,000 | 244,762 | ||||||
MediaTek Inc | 28,700 | 653,769 | ||||||
Quanta Computer Inc | 20,000 | 148,453 | ||||||
Realtek Semiconductor Corp | 66,000 | 807,972 | ||||||
Sporton International Inc | 29,872 | 233,766 | ||||||
Taiwan Semiconductor Manufacturing Co Ltd | 54,500 | 883,391 | ||||||
Zhen Ding Technology Holding Ltd | 75,000 | 228,724 | ||||||
Total Taiwan | 4,132,185 | |||||||
Thailand (1.32%) | ||||||||
PTT Exploration & Production PCL | 80,000 | 373,934 | ||||||
Turkey (2.99%) | ||||||||
BIM Birlesik Magazalar AS | 65,750 | 658,826 | ||||||
KOC Holding AS | 34,700 | 185,685 | ||||||
Total Turkey | 844,511 | |||||||
Total Common Stock (Cost $25,025,981) | 26,812,394 | |||||||
Preferred Stock (4.08%) | ||||||||
Brazil (4.08%) | ||||||||
Itausa SA (Cost $967,462) | 641,410 | 1,153,532 | ||||||
United States Treasury Bills (0.70%) | ||||||||
0.000%, 11/02/2023 (Cost $199,039) | 200,000 | 199,088 | ||||||
Total Investments (Cost $26,192,482) (99.60%) | 28,165,014 | |||||||
Other Net Assets (0.40%) | 114,514 | |||||||
Net Assets (100.00%) | $ | 28,279,528 |
* Non-income producing 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, 2023, these securities had a total aggregate market value of $1,519,529, which represented approximately 5.37% of net assets.
SHELTON INTERNATIONAL SELECT EQUITY FUND
Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2023
Security Description | Shares | Value | ||||||
Common Stock (98.18%) | ||||||||
Australia (2.17%) | ||||||||
Qantas Airways Ltd* | 333,228 | $ | 1,109,618 | |||||
Britain (6.66%) | ||||||||
Associated British Foods PLC | 59,523 | 1,501,763 | ||||||
BP PLC | 125,081 | 810,922 | ||||||
Halma PLC | 17,000 | 402,051 | ||||||
Legal & General Group PLC | 159,799 | 433,781 | ||||||
The Weir Group PLC | 11,219 | 260,266 | ||||||
Total Britain | 3,408,783 | |||||||
Canada (7.50%) | ||||||||
Element Fleet Management Corp | 86,988 | 1,248,230 | ||||||
George Weston Ltd | 11,940 | 1,324,157 | ||||||
Kinross Gold Corp | 106,300 | 484,448 | ||||||
RioCan Real Estate Investment Trust | 58,600 | 779,613 | ||||||
Total Canada | 3,836,448 | |||||||
China (8.88%) | ||||||||
Alibaba Group Holding Ltd* | 54,100 | 591,382 | ||||||
ANTA Sports Products Ltd | 23,600 | 265,663 | ||||||
BYD Co Ltd | 13,000 | 401,750 | ||||||
Fuyao Glass Industry Group Co Ltd (144A) | 212,000 | 971,913 | ||||||
Genscript Biotech Corp* | 168,000 | 443,023 | ||||||
Kingsoft Corp Ltd | 93,000 | 337,286 | ||||||
Kuaishou Technology (144A)* | 48,400 | 388,461 | ||||||
Ping An Insurance Group Co of China Ltd | 132,900 | 761,175 | ||||||
Wuxi Biologics Cayman Inc(144A)* | 65,000 | 378,923 | ||||||
Total China | 4,539,576 | |||||||
Denmark (2.02%) | ||||||||
Demant A/S* | 24,871 | 1,031,548 | ||||||
France (9.92%) | ||||||||
BNP Paribas SA | 28,601 | 1,827,212 | ||||||
L’Oreal SA | 2,340 | 972,712 | ||||||
LVMH Moet Hennessy Louis Vuitton SE | 3,000 | 2,272,122 | ||||||
Total France | 5,072,046 | |||||||
Germany (3.35%) | ||||||||
Deutsche Post AG | 42,096 | 1,714,948 | ||||||
Hong Kong (4.48%) | ||||||||
AIA Group Ltd | 190,900 | 1,556,553 | ||||||
Power Assets Holdings Ltd | 152,000 | 735,665 | ||||||
SITC International Holdings Co Ltd | 200 | 336 | ||||||
Total Hong Kong | 2,292,554 |
Security Description | Shares | Value | ||||||
India (2.28%) | ||||||||
HDFC Bank Ltd | 19,788 | 1,167,690 | ||||||
Ireland (3.47%) | ||||||||
CRH PLC | 32,466 | 1,776,770 | ||||||
Israel (1.63%) | ||||||||
Nice Ltd* | 4,900 | 833,000 | ||||||
Italy (4.43%) | ||||||||
Eni SpA | 119,821 | 1,932,540 | ||||||
Poste Italiane SpA (144A) | 31,708 | 334,142 | ||||||
2,266,682 | ||||||||
Japan (18.95%) | ||||||||
Amada Co Ltd | 158,500 | 1,595,702 | ||||||
Canon Inc | 66,700 | 1,609,020 | ||||||
Denso Corp | 76,000 | 1,221,057 | ||||||
Kyowa Kirin Co Ltd | 9,000 | 156,824 | ||||||
Mitsubishi Electric Corp | 120,400 | 1,489,682 | ||||||
Nomura Research Institute Ltd | 18,700 | 487,143 | ||||||
Renesas Electronics Corp* | 14,900 | 227,876 | ||||||
Santen Pharmaceutical Co Ltd | 127,100 | 1,168,166 | ||||||
SMC Corp | 1,700 | 761,946 | ||||||
Yokogawa Electric Corp | 50,200 | 970,301 | ||||||
Total Japan | 9,687,717 | |||||||
Mexico (1.03%) | ||||||||
Orbia Advance Corp SAB de CV | 253,900 | 526,998 | ||||||
Netherlands (0.55%) | ||||||||
Stellantis NV | 14,700 | 281,211 | ||||||
Singapore (1.06%) | ||||||||
DBS Group Holdings Ltd | 22,000 | 541,358 | ||||||
South Africa (2.58%) | ||||||||
Sanlam Ltd | 381,200 | 1,322,140 | ||||||
South Korea (6.83%) | ||||||||
Kia Corp | 20,921 | 1,259,789 | ||||||
Orion Corp | 5,000 | 474,556 | ||||||
Samsung C&T Corp | 11,713 | 932,333 | ||||||
Samsung Electronics Co Ltd | 16,300 | 824,773 | ||||||
Total South Korea | 3,491,451 | |||||||
Spain (1.46%) | ||||||||
CaixaBank SA | 186,968 | 748,346 | ||||||
Sweden (2.20%) | ||||||||
Lifco AB | 64,000 | 1,124,472 | ||||||
Switzerland (3.94%) | ||||||||
Nestle SA | 17,805 | 2,014,992 |
Security Description | Shares | Value | ||||||
Taiwan (1.54%) | ||||||||
Taiwan Semiconductor Manufacturing Co Ltd | 9,089 | 789,834 | ||||||
Turkey (1.25%) | ||||||||
Turkiye Sise ve Cam Fabrikalari AS | 321,927 | 641,747 | ||||||
Total Common Stock (Cost $48,928,406) | 50,219,929 | |||||||
Total Investments (Cost $48,928,406) (98.18%) | 50,219,929 | |||||||
Other Net Assets (1.82%) | 929,449 | |||||||
Net Assets (100.00%) | $ | 51,149,378 |
* Non-income producing 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, 2023, these securities had a total aggregate market value of $2,073,439 which represented approximately 4.05% of net assets.
SHELTON TACTICAL CREDIT FUND
Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2023
Security Description/Long Positions | ||||||||
Common Stock (0.53%) | Shares | Value | ||||||
Consumer, Non-cyclical (0.45%) | ||||||||
Pyxus International Inc* | 124,942 | $ | 147,432 | |||||
Energy (0.00%) | ||||||||
CHC Group LLC*(b) | 9,358 | — | ||||||
Financial (0.08%) | ||||||||
CBL & Associates LP(a) | 1,526,000 | 15,260 | ||||||
CBL & Associates LP(a) | 1,000,000 | 10,000 | ||||||
Total Financial | 25,260 | |||||||
Total Common Stock (Cost $2,040,643) | 172,692 | |||||||
Corporate Debt (90.12%) | ||||||||
Basic Materials (5.36%) | ||||||||
Cleveland-Cliffs Inc, 6.750%, 3/15/2026 (144A) | 1,750,000 | 1,744,702 | ||||||
Communications (6.12%) | ||||||||
Directv Financing LLC / Directv Financing Co-Obligor Inc, 5.875%, 8/15/2027 (144A) | 1,250,000 | 1,107,075 | ||||||
Sirius XM Radio Inc, 5.500%, 7/1/2029 (144A) | 1,000,000 | 884,518 | ||||||
Total Communications | 1,991,593 | |||||||
Consumer, Cyclical (29.45%) | ||||||||
Abercrombie & Fitch Management Co, 8.750%, 7/15/2025 (144A) | 1,250,000 | 1,271,034 | ||||||
Acushnet Co, 7.375%, 10/15/2028 (144A) | 1,000,000 | 1,007,500 | ||||||
Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 7/15/2026 (144A) | 1,250,000 | 1,333,487 | ||||||
The Bon-Ton Department Stores Inc, 8.000%, 6/15/2021(a) | 4,958,932 | 37,192 | ||||||
Cinemark USA Inc, 5.875%, 3/15/2026 (144A) | 750,000 | 720,190 | ||||||
Dream Finders Homes Inc, 8.250%, 8/15/2028 (144A) | 225,000 | 225,364 | ||||||
Guitar Center Inc, 8.500%, 1/15/2026 (144A) | 750,000 | 654,375 | ||||||
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd, 5.750%, 1/20/2026 (144A) | 1,000,000 | 899,864 | ||||||
PetSmart Inc / PetSmart Finance Corp, 7.750%, 2/15/2029 (144A) | 1,500,000 | 1,397,726 | ||||||
Titan International Inc, 7.000%, 4/30/2028 | 750,000 | 700,954 | ||||||
Victoria’s Secret & Co, 4.625%, 7/15/2029 (144A) | 750,000 | 543,696 | ||||||
WMG Acquisition Corp, 3.000%, 2/15/2031 (144A) | 1,000,000 | 787,500 | ||||||
Total Consumer, Cyclical | 9,578,882 | |||||||
Consumer, Non-cyclical (21.31%) | ||||||||
Eli Lilly & Co, 4.875%, 2/27/2053 | 1,000,000 | 917,276 | ||||||
GTCR W-2 Merger Sub LLC, 7.500%, 1/15/2031 (144A) | 1,000,000 | 1,003,750 | ||||||
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 5.750%, 4/1/2033 | 1,000,000 | 914,653 | ||||||
Kraft Heinz Foods Co, 4.375%, 6/1/2046 | 1,750,000 | 1,357,633 | ||||||
Pfizer Investment Enterprises Pte Ltd, 5.340%, 5/19/2063 | 500,000 | 460,030 | ||||||
Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A) | 1,000,000 | 817,500 |
Shares | Value | |||||||
United Rentals North America Inc, 6.000%, 12/15/2029 (144A) | 1,500,000 | 1,460,193 | ||||||
Total Consumer, Non-cyclical | 6,931,035 | |||||||
Energy (9.41%) | ||||||||
Energy Ventures Gom LLC / EnVen Finance Corp, 11.750%, 4/15/2026 (144A) | 1,272,000 | 1,315,916 | ||||||
Talos Production Inc, 12.000%, 1/15/2026 | 750,000 | 782,048 | ||||||
Transocean Inc, 8.000%, 2/1/2027 (144A) | 1,000,000 | 962,500 | ||||||
Total Energy | 3,060,464 | |||||||
Financial (13.91%) | ||||||||
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041 | 1,850,000 | 1,311,777 | ||||||
Iron Mountain Inc, 5.250%, 7/15/2030 (144A) | 1,250,000 | 1,092,328 | ||||||
Sun Communities Operating LP, 5.700%, 1/15/2033 | 1,500,000 | 1,417,819 | ||||||
Visa Inc, 2.700%, 4/15/2040 | 1,000,000 | 703,737 | ||||||
Total Financial | 4,525,661 | |||||||
Industrial (3.11%) | ||||||||
Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC, 9.625%, 1/15/2022(b) | 548,153 | — | ||||||
Great Lakes Dredge & Dock Corp, 5.250%, 6/1/2029 (144A) | 500,000 | 410,099 | ||||||
LBJ Infrastructure Group LLC, 3.797%, 12/31/2057 (144A) | 1,000,000 | 602,411 | ||||||
Total Industrial | 1,012,510 | |||||||
Utilities (1.45%) | ||||||||
Boston Gas Co, 6.119%, 7/20/2053 (144A) | 500,000 | 471,617 | ||||||
Total Corporate Debt (Cost $31,729,667) | 29,316,464 | |||||||
Municipal Bonds (2.13%) | ||||||||
Development (0.42%) | ||||||||
California Pollution Control Financing Authority, 7.500%, 7/1/2032 (144A)(a) | 250,000 | 32,500 | ||||||
California Pollution Control Financing Authority, 8.000%, 7/1/2039 (144A)(a) | 2,050,000 | 102,500 | ||||||
Total Development | 135,000 | |||||||
General Obligation (0.04%) | ||||||||
Puerto Rico Public Finance Corp, 5.500%, 8/1/2031(a) | 400,000 | 12,000 | ||||||
Tobacco Settlement (1.67%) | ||||||||
Tobacco Settlement Finance Authority, 4.306%, 6/1/2049 | 750,000 | 543,011 | ||||||
Total Municipal Debt (Cost $2,862,097) | 690,011 | |||||||
United States Treasury Bills (7.05%) | ||||||||
0.000%, 10/26/2023 (Cost $2,291,253) | 2,300,000 | 2,291,917 | ||||||
United States Treasury Bonds (4.81%) | ||||||||
3.875%, 5/15/2043 (Cost $1,758,127) | 1,800,000 | 1,563,750 | ||||||
Term Loans (1.73%) | ||||||||
Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/31/2027(c) | 294,742 | 275,092 | ||||||
Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/31/2027(c) | 442,113 | 287,373 | ||||||
Total Term Loans (Cost $730,296) | 562,465 | |||||||
Total Long Positions (Cost $41,412,083) (106.37%) | 34,597,299 | |||||||
Liabilities in Excess of Other Assets (-6.37%) | (2,072,788 | ) | ||||||
Net Assets (100.00%) | $ | 32,524,511 |
* Non income security.
# Security is illiquid.
(a) Defaulted security
(b) Level 3 security fair valued under procedures established by the Board of Trustees, represents 0% of net assets. The total value of the fair value security is $0.00.
(c) Variable rate 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, 2023, these securities had a total aggregate market value of $20,848,347 which represented approximately 64.10% of net assets.