UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT

COMPANIES

Investment Company Act file number 811-4417

Shelton Funds

(Exact name of registrant as specified in charter)

1875 Lawrence Street, Suite 300, Denver, CO 80202

(Address of principal executive offices) (Zip code)

(Name and address of agent for service)

Registrant's telephone number, including area code: (800) 955-9988

Date of fiscal year end: August 31

Date of reporting period: August 31, 2021

ITEM 1. REPORTS TO STOCKHOLDERS

(a)

ANNUAL REPORT

August 31, 2021

Green California Tax-Free Income Fund

U.S. Government Securities Fund

The United States Treasury Trust

S&P 500 Index Fund

S&P MidCap Index Fund

S&P SmallCap Index Fund

Shelton Equity Income Fund

Nasdaq-100 Index Fund

Shelton Green Alpha Fund

This report is intended only for the information of shareholders or those who have received the offering prospectus covering shares of beneficial interest of the Shelton Funds (referred to collectively as the “Funds” or individually the “Fund”) which contains information about the management fee and other costs. Investments in shares of the funds of the Shelton Funds are neither insured nor guaranteed by the U.S. Government, and there is no assurance that any Fund, which is designated a Money Market Fund, will be able to maintain a stable net asset value of $1.00 per share.

Table of Contents August 31, 2021

Historical Performance and Manager’s Discussion	1
About Your Fund’s Expenses	6
Top Holdings and Sector Breakdowns	8
Portfolio of Investments	10
Statements of Assets & Liabilities	27
Statements of Operations	29
Statements of Changes in Net Assets	31
Financial Highlights	34
Notes to Financial Statements	42
Fund Holdings	48
About this Report	48
Proxy Voting Policies, Procedures and Voting Records	48
Report of Independent Registered Public Accounting Firm	49
Board of Trustees and Executive Officers	50

Historical Performance and Manager’s Discussion (Unaudited) August 31, 2021

Bond Funds (Written by Portfolio Manager Bill Mock)

It’s been a very busy year as we’ve dealt with multiple waves of Covid, introduction of vaccines, a staggard economic recovery, the highest inflation in over a decade, and Federal elections that put Democrats in control of the Presidency, House of Representatives and Senate. The economy continues to recover with annualized quarterly GDP hitting 6.1% in June 2021, but it’s not consistent across industries and geography. Response to continued Covid outbreaks and vaccine implementation has been grossly inconsistent globally as well as at the state and local level. Supply chains are still hampered, contributing to inflation levels not seen since 2008, with CPI YOY as high as 5.4% in July 2021. The US Treasury and Federal Reserve maintain that the inflation is transitory, and although there is some disagreement, US Treasury yields have remained low even with current real yield (as measured by 10 yr US Treasury yield – CPI YOY) at -3.94% as of August 31, 2021. Fed policy has remained dovish and they’ve indicated a willingness to allow inflation to overshoot the long term 2% target rate as the economic recovery continues. It is anticipated they will begin tapering quantitative easing (large scale asset purchases) in the Fall of 2021. Expectations of massive government spending with the Democrats in control has been at least delayed as disagreement between the moderate Democrats in the Senate and progressives in the House has been a roadblock final passage of a $3.5 trillion dollar spending bill and a $1.2 trillion dollar infrastructure bill.

Market response to the events of the last fiscal year has been both guarded and optimistic. The optimism is best demonstrated by the 31% return of the SPX index during the fiscal year, now up over 103% since the Covid selloff low on March 23, 2020. US Treasury and municipal bonds have continued to exhibit characteristics of safe-haven investments, with yields rising over the period, but not nearly as dramatically as might be expected given the reported inflation.

With little concern about the Fed tightening short term rates, the 3 month T-bill rates traded in a narrow range over the course of the fiscal year, with the high yield being 11 basis points (bp) in September 2020 and the low yield being -0.25 bp in March 2021 and then again several days in May 2021, ending the fiscal year at 3.55 bp.

Intermediate and long dated US Treasuries all trended to higher yields from the start of the period through the end of March 2021 on the basis of economic recovery supported by the monetary and fiscal stimulus and the prospect of a Covid vaccine being rolled out in late Fall or early Winter. During this period the 5 year note yield rose from a low of 0.25% in early September to a high of 0.94% at the end of March. The 10 year bond rose from a low of 0.64% in early September to a high of 1.74% at the end of March. The 30 year bond followed the same pattern with the low yield being 1.36% in early September and the high yield being 2.45% in mid-March.

The notes and bonds also followed similar patterns the rest of the fiscal year with yields trending lower on an inconsistent economic recovery, continued Covid variants and spikes, and the US Treasury and Federal Reserve continuing to state their belief that the current inflation was transitory. During the April through August 2021 period the 5 year note yield fell to as low as 65 bp in early August, ending the fiscal year at 78 bp. The 10 year bond yield fell to a low of 1.17% in early August, ending the period at 1.31%. The 30 year bond fell to a low yield for the period of 1.82% in mid-July, end the fiscal year at 1.93%.

The U.S. Government Securities Fund ended the fiscal year on August 31, 2021 with a total return to the Direct Shares for the period of -2.14%. The benchmark Bloomberg US Treasury Total Return Index and Bloomberg GNMA Total Return Index returned -2.11% and -0.44% respectively for the period. Though yields didn’t rise dramatically, returns were hurt by the combination of very low yields and rising rates. All securities in the Fund are backed by the full faith and credit of the United States.

California municipal market bond yields do not necessarily move in lock step with US Treasury yields, but are subject to the level and shape of the benchmark U.S. Treasury curve, as well as the specific economic circumstances of both the State of California and each specific issuer. The relative value of municipal bonds to US Treasuries, as measured by the Bloomberg AAA Muni Yield % of Treasury, which started the fiscal year at relatively expensive historical levels, became even more expensive over the course of the fiscal year. Even as US Treasury yields rose over the first half of the fiscal year, municipal bond yields fell as many muni issuers benefitted from the largest of Covid fiscal stimulus. Bloomberg data shows the 5 year AAA Muni Yield % of Treasury going from 122% in early September 2020 to a multi-decade low of 37% in mid-February, at which point yields jumped higher over the last couple of weeks of February sending the 5 year AAA Muni Yield % of Treasury back up to 88%. In yield terms, the Bloomberg 5 year AAA muni yields began the fiscal period at 0.31%, fell to 0.19% by mid-February and jumped to 0.57% by the end of February. Yields for the remainder of the fiscal year oscillated in a range between 0.36% and 0.57%, ending the fiscal year at 0.42%. The Bloomberg 10 year AAA muni yields followed a very similar pattern, starting the period at 0.81%, falling to 0.68% by mid-February and jumping to 1.12% by the end of the month. Over the remainder of the fiscal year yields ranged from 0.83% to 1.14%, ending the fiscal year at 0.94%. The State of California’s General Obligation credit ratings were unchanged during the year as Standard & Poor’s maintained their rating on CA GO bonds at AA-, Moody’s maintained their rating at Aa2, and Fitch maintained their AA rating.

The Green California Tax-Free Income Fund’s total return for the fiscal year ended August 31, 2021 was 0.96%, trailing the benchmark Bloomberg Municipal Bond Index return of 3.40% for the period. The portfolio average credit rating was maintained at AA.

1

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2021

Green California Tax Free Income Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Green California Tax-Free Income Fund	0.96%	1.79%	2.87%	5.38%
Barclays Municipal Bond Index	3.40%	3.30%	4.05%	6.10%

U.S. Government Securities Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
U.S. Government Securities Fund	-2.14%	1.35%	1.32%	5.08%
Barclays GNMA Index	-0.44%	2.00%	2.20%	6.14%
Barclays Treasury Index	-2.11%	2.43%	2.49%	6.00%

U.S. Government Securities Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
U.S. Government Securities Fund	-2.61%	0.82%	0.81%	1.96%
Barclays GNMA Index	-0.44%	2.00%	2.20%	3.87%
Barclays Treasury Index	-2.11%	2.43%	2.49%	3.78%

S&P 500 Index Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P 500 Index Fund	30.46%	17.60%	15.98%	10.50%
S&P 500 Composite Stock Price Index	31.17%	18.02%	16.34%	10.71%

S&P 500 Index Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P 500 Index Fund	29.82%	17.01%	15.40%	9.93%
S&P 500 Composite Stock Price Index	31.17%	18.02%	16.34%	10.72%

* Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

2

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2021

Stock Funds (Written by Portfolio Manager Steve Rogers)

By definition, the goal for managing the index funds is to match the performance of the funds to their index benchmarks. Each of our index funds tracked their respective benchmarks tightly during this last fiscal year. We measure the index fund performance by using a correlation coefficient. This is a statistical measure that compares the daily performance of a fund against its benchmark index. A measure of 1.000 indicates that the performance is perfectly correlated and a measure of -1.000 implies they are perfectly negatively correlated. According to Bloomberg, LLC, The S&P 500 Index Fund, Nasdaq-100 Index Fund, S&P SmallCap Index Fund and S&P MidCap Index Fund each had a correlation of 1.000 as of the fiscal year ended August 31, 2021.

During the fiscal year, the Direct shares of the S&P SmallCap Index Fund out-performed the Direct Shares of the S&P MidCap Index Fund and S&P 500 Index Fund by posting gains of 52.93%, compared to 44.10% and 30.46%, respectively. It’s important to note, however, that during the year the relative performance varied substantially. After the new tax bill went into effect in the beginning of the year, the S&P SmallCap Fund substantially outperformed the S&P 500 and MidCap Index funds. Though the returns of these three funds remained relatively flat for the balance of the fiscal year, the S&P SmallCap Index Fund had a strong rally compared to the other two funds during the last four months.

The Nasdaq-100 Index Fund (Direct Shares) finished up 29.31%, versus a benchmark performance of 29.60%. It is important to note that while this index is a popular and widely tracked investment benchmark, it is constructed in a different way than the S&P indices that we track. As of August 31, 2021, Apple alone made up 11.27% of the index and the top ten holdings accounted for over 50% of the index. The index provides investors a strong technology exposure as well as the related volatility.

The Shelton Equity Income Fund (formerly known as the Shelton Core Value Fund) focuses on income as well as the potential for capital appreciation. The Direct Shares (EQTIX) returned 30.38% for the year, which out-performed its primary benchmark, the CBOE S&P 500 Buy Write Monthly Index by 7.18%. We wrote options with the goal of adding between 3% to 6% to the Fund’s yield throughout the year. In fact, as of the most recent dividend paid on September 30, 2021, investors in EQTIX received a trailing 12-month dividend yield of 9.69%. As the volatility generally declined over the course of the year, we wrote options with strike prices closer to the current market values in the second half of the year. With the general flattening of market returns during this period, we were able to capture much of the market upside and handily out-perform our benchmark from the end of January 2021 through the fiscal year end.

United States equity markets produced substantial returns during the year, rewarding investors who remained in the markets throughout the recovery that has been in place since the initial selloff at the beginning of the pandemic. Although terrible in many respects, news of the virus turned out to be overwhelmingly positive in relation to the initial concerns and the “worst case scenarios” widely reported in the press failed to develop. While the mortality rate has been exceptionally high relative to the traditional flu seasons, mortality risk remains more focused on people with underlying health conditions and those traditionally not part of the labor pool. Rapid development and distribution of highly effective vaccines for the initial virus have been very successful in reducing cases. These vaccines have also proven to be very effective at reducing the severity of symptoms for the newer, more contagious variant referred to as the delta variant. Vaccination rates are close to 70% in many population centers and some studies indicate that natural immunity is substantial and possibly more effective in helping people recover from the delta variant. At the time of this writing, we predict fatality rates will continue to fall because of the reality of the statistics of a virus that preys upon a specific, generally elderly, segment of the population. As the most vulnerable are adversely affected by this phenomenon, the remaining population will be statistically much more resistant to the virus and its derivatives. As morbid as this fact is, it should prove to be a tailwind of good news for the economy as we go forward. On the other hand, should a future variant emerge such that morbidity is similar across all ages and demographics, this analysis will no longer hold. The Spanish Flu pandemic in the early 20th century largely fits this profile and demonstrates that this remains a potential market risk.

Unemployment fell during the year from 8.4% to 5.2% over the fiscal year as populations have returned to restaurants and the workplace. Productivity growth in the US labor market as reported by the Bureau of Labor Statistics turned positive in March of 2021. Finally, the political environment appears sufficiently split (albeit divisively so) such that there is no clear mandate to either party that would cause substantial policy upheaval. Inflation risk remains a serious threat to the US consumer and recent measurements have remained high relative to the Fed’s expectations as communicated. Our belief is that inflation is generally contagious and economic shifts caused by our collective response to the pandemic are overwhelmingly inflationary. Core inflation indicators are the level of labor, commodity and energy prices. These three elements substantially impact prices throughout the economy and recent data does not imply a return to price stability. Given the Fed’s current zero-rate policy relative to measured inflation rates of 3.6% using the Personal Consumption Expenditures (PCE) core price index, we risk a 1994-like snap in long-term rates. In fact, holders of “risk free” T-bills have actually lost 3.5% in purchasing power over the last 12 months. That can be sustained, but not forever. The Fed’s dual mandate for price stability and unemployment could become a major political hurdle as minority unemployment remains elevated. Policies that help disadvantaged labor pools may have the effect of harming the overall economy in certain circumstances. While zero rates are believed to be helpful to the unemployed, they potentially drive inflation higher and these mandates could prove to be in direct conflict.

While we cannot predict what the future holds, we can easily make the case that investors who have continued to invest through troubled markets in the past have been rewarded for their tenacity. We encourage you to maintain a diversified portfolio using both stock and bond funds, in a balance that is appropriate for your particular investment objectives.

Green Alpha Fund (Written by Portfolio Managers Jeremy Deems and Garvin Jabusch)

The Shelton Green Alpha Fund (the “Fund”) invests primarily in stocks of companies that are believed by the Sub-Advisor, Green Alpha Advisors, LLC, to be leaders in managing, and providing solutions to, economic and environmental risks and opportunities, have above average growth potential, and are reasonably valued relative to their long-term growth potential. For the year ending August 31, 2021, the Fund’s return was 67.36%, outperforming the 30.67% return of the MSCI ACWI IMI (Investable Market Index), the Fund’s primary benchmark, and outperforming the 31.15% return of the S&P 500 Index, the Fund’s secondary benchmark. The 36.69% performance lead over the Fund’s benchmark for the fiscal year was the result of the Fund’s exposure to the biotechnology and related healthcare services industry groups, the renewable energy industry group (wind and solar), and the technology sector. The Fund’s investments in the technology sector were primarily in the semiconductors and technology hardware industry groups. Gains within these sectors and industries were partially offset by losses the consumer staples sector, which was the only detracting sector for during the fiscal year. Within the consumer staples sector, natural and organic foods retailers were the primary detractors. While still adding a positive contribution to return during the fiscal year, the two sectors contributing the least to performance were materials and financials. In line with the Fund’s environmental and solutions focus, we believe the Fund’s investments throughout the fiscal year reflected the Sub-Advisor’s view of a diversified portfolio of companies who are leaders in a number of industries including wind energy, solar PV, energy storage, advanced biotech and health technology, artificial intelligence and machine learning, waste-to-value building materials, efficient indusial machinery and automation, electric transportation, mobile communications, Internet of Things, data infrastructure, energy efficiency and lighting, and natural foods, among others.

3

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2021

S&P MidCap Index Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P MidCap Index Fund	44.10%	13.56%	13.57%	11.97%
S&P MidCap 400 Index	44.77%	13.74%	13.90%	12.29%

S&P MidCap Index Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P MidCap Index Fund	43.33%	12.71%	12.87%	10.06%
S&P MidCap 400 Index	44.77%	13.74%	13.90%	11.12%

S&P SmallCap Index Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P SmallCap Index Fund	52.93%	13.54%	14.32%	10.20%
S&P SmallCap 600 Index	53.97%	14.28%	14.72%	10.84%

S&P SmallCap Index Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
S&P SmallCap Index Fund	52.18%	12.96%	13.75%	10.19%
S&P SmallCap 600 Index	53.97%	14.28%	14.72%	11.30%

Shelton Equity Income Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Shelton Equity Income Fund	30.38%	11.42%	12.16%	8.65%
S&P / Citigroup Value Index	23.20%	7.34%	8.22%	7.10%
S&P 500 Composite Stock Price Index	33.24%	12.36%	13.26%	8.61%

4

Historical Performance and Manager’s Discussion (Unaudited) (Continued) August 31, 2021

Shelton Equity Income Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Shelton Equity Income Fund	29.73%	10.85%	11.59%	8.63%
S&P / Citigroup Value Index	23.20%	7.34%	8.22%	5.89%
S&P 500 Composite Stock Price Index	33.24%	12.36%	13.26%	8.85%

Nasdaq-100 Index Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Nasdaq-100 Index Fund	29.31%	26.92%	22.19%	7.04%
Nasdaq-100 Index	29.60%	27.98%	22.79%	7.60%

Nasdaq-100 Index Fund - K Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Nasdaq-100 Index Fund	28.66%	26.29%	21.57%	14.25%
Nasdaq-100 Index	29.60%	27.98%	22.79%	15.32%

Shelton Green Alpha Fund - Direct Shares

Average Annual Total Returns*
for the periods ended 8/31/21

Fund/Benchmark	One Year	Five Year (Annualized)	Ten Year (Annualized)	Since Inception (Annualized)
Shelton Green Alpha Fund**	67.36%	29.00%	N/A	21.46%
MSCI ACWI IMI	30.11%	14.15%	11.27%	10.99%
S&P 500 Composite Stock Price Index	31.17%	18.02%	16.34%	15.72%

* Past performance does not predict future performance. The returns shown do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

** Shelton Green Alpha Fund commencement of operations was March 12, 2013.

5

About Your Fund’s Expenses (Unaudited)

August 31, 2021

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. This example is intended to help you understand your ongoing cost (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from March 1, 2021 to August 31, 2021.

Actual Expenses

The first line of the tables below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses you have paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Funds and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional cost, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the tables are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The calculations assume no shares were bought or sold during the period.

	Beginning Account Value March 1, 2021	Ending Account Value August 31, 2021	Expenses Paid During Period	Net Annual Expense Ratio
Green California Tax-Free Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,014	$ 3.74	0.74%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,046	$ 3.80	0.74%
U.S. Government Securities Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,003	$ 3.77	0.75%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,046	$ 3.85	0.75%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,000	$ 6.27	1.25%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,044	$ 6.41	1.25%
The United States Treasury Trust
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,000	$ 0.35	0.07%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,050	$ 0.36	0.07%
S&P 500 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,192	$ 2.36	0.43%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,048	$ 2.21	0.43%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,189	$ 5.10	0.93%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,045	$ 4.77	0.93%
S&P MidCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,106	$ 3.27	0.62%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,047	$ 3.18	0.62%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,103	$ 5.90	1.12%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,044	$ 5.74	1.12%
S&P SmallCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,073	$ 4.21	0.81%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,046	$ 4.15	0.81%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,071	$ 6.80	1.31%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,043	$ 6.71	1.31%
Shelton Equity Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,162	$ 4.01	0.74%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,046	$ 3.80	0.74%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,158	$ 6.71	1.24%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,044	$ 6.35	1.24%

6

About Your Fund’s Expenses (Unaudited)

August 31, 2021 (Continued)

	Beginning Account Value March 1, 2021	Ending Account Value August 31, 2021	Expenses Paid During Period	Net Annual Expense Ratio
Nasdaq-100 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,208	$ 2.77	0.50%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,047	$ 2.57	0.50%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,205	$ 5.53	1.00%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,045	$ 5.13	1.00%
Shelton Green Alpha Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,108	$ 6.13	1.16%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,044	$ 5.94	1.16%

7

Top Holdings and Sector Breakdowns (Unaudited) August 31, 2021

Green California Tax-Free Income Fund

Security		Description	Market Value	Percentage of Total Investments
1	East Side Union High School District	General Obligation Refunding Bonds (2012 Crossover); 2006	$ 3,279,173	5.8%
2	William S Hart Union High School District	General Obligation Bonds; 2001 2005 Election, Series B	3,238,361	5.8%
3	San Francisco Bay Area Rapid Transit District	San Francisco BART District GO Bonds (Election of 2004) 2017 Refunding Series E (Green Bonds)	2,851,201	5.1%
4	Los Rios Community College District	General Obligation Bonds; 2008 Election, Series B	2,723,562	4.9%
5	Mount San Antonio Community College District	General Obligation Refunding Bonds 2013A	2,563,698	4.6%
6	East Bay Municipal Utility District Water System Revenue	Water System Revenue Bonds; 2015 Series B	2,412,492	4.3%
7	San Mateo Foster City Public Financing Authority	City of San Mateo Wastewater Revenue Bonds 2019	2,387,345	4.3%
8	Santa Maria Joint Union High School District	General Obligation Bonds; Election of 2004, Series 2005	2,263,208	4.0%
9	California Health Facilities Financing Authority	Kaiser Permanente Revenue Bonds, Series 2017A-1	2,155,629	3.8%
10	Los Angeles Department of Water & Power Water System Revenue	Water System Revenue Bonds, 2012 Series A	2,063,736	3.7%

U.S. Government Securities Fund

Security		Maturity	Market Value	Percentage of Total Investments
1	United States Treasury Note/Bond	8/15/2027	$ 4,094,203	20.5%
2	United States Treasury Note/Bond	2/15/2022	2,925,441	14.7%
3	United States Treasury Note/Bond	8/15/2023	2,716,797	13.6%
4	United States Treasury Note/Bond	5/15/2025	2,326,328	11.7%
5	United States Treasury Note/Bond	11/15/2028	1,370,203	6.9%
6	United States Treasury Note/Bond	2/29/2024	1,359,313	6.8%
7	United States Treasury Note/Bond	2/15/2026	987,188	4.9%
8	United States Treasury Note/Bond	7/31/2026	893,953	4.5%
9	United States Treasury Note/Bond	5/15/2037	742,246	3.7%
10	United States Treasury Note/Bond	5/15/2029	545,703	2.7%

The United States Treasury Trust

Security		Maturity	Market Value	Percentage of Total Investments
1	United States Treasury Bill	10/26/2021	$ 4,999,672	13.6%
2	United States Treasury Bill	10/7/2021	4,699,848	12.8%
3	United States Treasury Bill	10/14/2021	3,499,806	9.5%
4	United States Treasury Bill	10/21/2021	3,399,772	9.3%
5	United States Treasury Bill	11/2/2021	2,999,759	8.2%
6	United States Treasury Bill	9/23/2021	2,499,935	6.8%
7	United States Treasury Bill	9/9/2021	2,399,977	6.5%
8	United States Treasury Bill	9/21/2021	2,299,948	6.3%
9	United States Treasury Bill	11/12/2021	2,199,775	6.0%
10	United States Treasury Bill	9/2/2021	1,999,998	5.4%

8

Top Holdings and Sector Breakdowns (Unaudited) (Continued) August 31, 2021

S&P 500 Index Fund

Security		Market Value	Percentage of Total Investments
1	Apple Inc	$ 15,320,862	6.2%
2	Microsoft Corp	14,625,784	5.9%
3	Amazon.com Inc	9,568,968	3.9%
4	Facebook Inc	5,847,384	2.4%
5	Alphabet Inc - Class A	5,596,899	2.3%
6	Alphabet Inc - Class C	5,326,818	2.2%
7	Tesla Inc	3,646,964	1.5%
8	NVIDIA Corp	3,552,052	1.4%
9	Berkshire Hathaway Inc	3,484,108	1.4%
10	JPMorgan Chase & Co	3,114,706	1.3%

S&P MidCap Index Fund

Security		Market Value	Percentage of Total Investments
1	Bio-Techne Corp	$ 1,074,648	0.8%
2	Molina Healthcare Inc	864,096	0.7%
3	Cognex Corp	856,512	0.6%
4	Signature Bank/New York NY	833,487	0.6%
5	SolarEdge Technologies Inc	820,657	0.6%
6	FactSet Research Systems Inc	815,572	0.6%
7	Camden Property Trust	809,766	0.6%
8	Williams-Sonoma Inc	792,728	0.6%
9	Ceridian HCM Holding Inc	780,495	0.6%
10	Masimo Corp	776,061	0.6%

S&P SmallCap Index Fund

Security		Market Value	Percentage of Total Investments
1	Macy’s Inc	$ 449,636	0.7%
2	Chart Industries Inc	438,925	0.7%
3	Omnicell Inc	437,085	0.6%
4	Power Integrations Inc	429,237	0.6%
5	Saia Inc	414,464	0.6%
6	Exponent Inc	398,278	0.6%
7	Stamps.com Inc	381,853	0.6%
8	Innovative Industrial Properties Inc	362,717	0.5%
9	NeoGenomics Inc	356,287	0.5%
10	AMN Healthcare Services Inc	346,350	0.5%

Shelton Equity Income Fund

Security		Market Value	Percentage of Total Investments
1	Amazon.com Inc	$ 5,553,264	2.5%
3	Facebook Inc	5,387,196	2.4%
4	Berkshire Hathaway Inc	5,343,899	2.4%
5	Public Storage	4,659,984	2.1%
6	JPMorgan Chase & Co	4,654,545	2.1%
7	PayPal Holdings Inc	4,416,498	2.0%
8	Microsoft Corp	4,347,072	2.0%
9	Cisco Systems Inc/Delaware	4,101,890	1.9%
10	American Tower Corp	4,090,380	1.8%
11	QUALCOMM Inc	3,901,954	1.8%

9

Top Holdings and Sector Breakdowns (Unaudited) (Continued) August 31, 2021

Nasdaq-100 Index Fund

Security		Market Value	Percentage of Total Investments
1	Apple Inc	$ 137,641,031	11.3%
2	Microsoft Corp	123,513,900	10.1%
3	Amazon.com Inc	95,089,234	7.8%
4	Alphabet Inc - Class C	51,138,621	4.2%
5	Facebook Inc	49,381,618	4.1%
6	Tesla Inc	47,647,434	3.9%
7	Alphabet Inc - Class A	47,278,461	3.9%
8	NVIDIA Corp	46,114,219	3.8%
9	PayPal Holdings Inc	28,031,773	2.3%
10	Adobe Inc	26,225,442	2.2%

Shelton Green Alpha Fund

Security		Market Value	Percentage of Total Investments
1	Moderna Inc	$ 21,471,330	6.6%
2	JinkoSolar Holding Co Ltd	14,710,800	4.5%
3	Vestas Wind Systems A/S	14,547,600	4.5%
4	Brookfield Renewable Corp	12,704,900	3.9%
5	CRISPR Therapeutics AG	12,495,000	3.8%
6	Taiwan Semiconductor Manufacturing Co Ltd	11,901,000	3.6%
7	Tesla Inc	11,035,800	3.4%
8	Intellia Therapeutics Inc	10,964,199	3.4%
9	Applied Materials Inc	10,810,400	3.3%
10	Editas Medicine Inc	10,810,300	3.3%

Green California Tax-Free Income Fund Portfolio of Investments 8/31/21

Security Description	Par Value		Value
Municipal Bonds (96.09%)
BUTTE-GLENN COMMUNITY COLLEGE DISTRICT
Butte-Glenn Community College District, 4.000%, 08/01/2026	$	1,000,000	$	1,034,299
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
California Health Facilities Financing Authority, 5.000%, 11/01/2027		1,700,000		2,155,629
CALIFORNIA HOUSING FINANCE
California Housing Finance, 4.000%, 03/20/2033		365,396		436,246
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
California Infrastructure & Economic Development Bank, 5.000%, 10/01/2033		1,200,000		1,437,520
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
California Municipal Finance Authority, 5.000%, 10/01/2044		480,000		596,436
California Municipal Finance Authority, 5.000%, 05/15/2038		800,000		1,002,256
CALIFORNIA STATE UNIVERSITY
California State University, 4.000%, 11/01/2030		1,100,000		1,149,888
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
California Statewide Communities Development Authority, 4.000%, 08/15/2046		500,000		556,028
CITY OF LOS ANGELES CA
City of Los Angeles CA, 5.000%, 09/01/2021		2,000,000		2,000,000
CITY OF LOS ANGELES CA WASTEWATER SYSTEM REVENUE
City of Los Angeles CA Wastewater System Revenue, 5.000%, 06/01/2044		500,000		580,476
City of Los Angeles CA Wastewater System Revenue, 5.250%, 06/01/2047		1,500,000		1,857,281
CITY OF ROSEVILLE CA ELECTRIC SYSTEM REVENUE
City of Roseville CA Electric System Revenue, 5.000%, 02/01/2025		750,000		818,430
CITY OF SAN FRANCISCO CA PUBLIC UTILITIES COMMISSION WATER REVENUE
City of San Francisco CA Public Utilities Commission Water Revenue, 5.000%, 11/01/2034		1,000,000		1,251,440

10

Green California Tax-Free Income Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Par Value		Value
EAST BAY MUNICIPAL UTILITY DISTRICT WATER SYSTEM REVENUE
East Bay Municipal Utility District Water System Revenue, 5.000%, 06/01/2026	$	2,050,000	$	2,412,492
EAST SIDE UNION HIGH SCHOOL DISTRICT
East Side Union High School District, 5.250%, 09/01/2023		2,975,000		3,279,174
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT
Foothill-De Anza Community College District, 0.000%, 08/01/2027		2,000,000		1,909,085
LA MIRADA REDEVELOPMENT AGENCY SUCCESSOR AGENCY
La Mirada Redevelopment Agency Successor Agency, 5.000%, 08/15/2023		1,000,000		1,091,414
LOS ANGELES COMMUNITY COLLEGE DISTRICT/CA
Los Angeles Community College District/CA, 5.000%, 08/01/2028		865,000		986,931
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
Los Angeles County Metropolitan Transportation Authority, 4.000%, 07/01/2028		500,000		566,548
Los Angeles County Metropolitan Transportation Authority, 5.000%, 07/01/2023		1,500,000		1,634,181
LOS ANGELES DEPARTMENT OF WATER & POWER
Los Angeles Department of Water & Power Water System Revenue, 5.000%, 07/01/2037		1,985,000		2,063,736
LOS RIOS COMMUNITY COLLEGE DISTRICT
Los Rios Community College District, 5.000%, 08/01/2032		2,500,000		2,723,562
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Midpeninsula Regional Open Space District, 4.000%, 09/01/2021		200,000		200,000
MOUNT SAN ANTONIO COMMUNITY COLLEGE DISTRICT
Mount San Antonio Community College District, 5.000%, 08/01/2034		2,345,000		2,563,698
PORT OF LOS ANGELES
Port of Los Angeles, 4.000%, 08/01/2023		290,000		310,982
SACRAMENTO MUNICIPAL UTILITY DISTRICT
Sacramento Municipal Utility District, 5.250%, 07/01/2024		770,000		842,981
SAN DIEGO COMMUNITY COLLEGE DISTRICT
San Diego Community College District, 5.000%, 08/01/2027		1,175,000		1,284,582
SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT
San Francisco Bay Area Rapid Transit District, 4.000%, 08/01/2034		645,000		759,007
San Francisco Bay Area Rapid Transit District, 5.000%, 08/01/2036		2,300,000		2,851,201
SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION POWER REVENUE
San Francisco City & County Public Utilities Commission Wastewater Revenue, 4.000%, 10/01/2021		700,000		702,216
San Francisco City & County Public Utilities Commission Power Revenue, 5.000%, 11/01/2030		680,000		794,569
San Francisco City & County Public Utilities Commission Power Revenue, 5.000%, 11/01/2036		1,170,000		1,361,078
SAN MATEO FOSTER CITY PUBLIC FINANCING AUTHORITY
San Mateo Foster City Public Financing Authority, 4.000%, 08/01/2044		2,000,000		2,387,345
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
Santa Clara Valley Transportation Authority, 5.000%, 04/01/2034		1,000,000		1,169,992
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT
Santa Maria Joint Union High School District, 0.000%, 08/01/2029		2,500,000		2,263,208
STATE OF CALIFORNIA
State of California, 3.000%, 10/01/2028		900,000		965,894
TURLOCK IRRIGATION DISTRICT
Turlock Irrigation District, 5.000%, 01/01/2036		300,000		389,899
UNIVERSITY OF CALIFORNIA
University of California, 5.000%, 05/15/2029		925,000		1,042,873
WILLIAM S HART UNION HIGH SCHOOL DISTRICT
William S Hart Union High School District, 0.000%, 09/01/2029		3,595,000		3,238,362
Total Municipal Bonds (Cost $50,347,835)				54,670,939
Variable Rate Demand Notes* (Cost $1,400,000) (2.46%)
State of California, 0.010%, 5/1/2040**,***		1,400,000		1,400,000
Total Investments (Cost $51,747,835)(a) (98.55%)			$	56,070,939
Other Assets Less Liabilities (1.45%)				830,897
Net Assets (100.00%)			$	56,901,836

See accompanying notes to financial statements.

11

Green California Tax-Free Income Fund Portfolio of Investments (Continued) 8/31/21

(a) Aggregate cost for federal income tax purposes is $51,747,835.

At August 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	4,323,104
Unrealized depreciation		—
Net unrealized appreciation	$	4,323,104

* Stated maturity reflects next reset date.

** In accordance with the offering documents, daily interest rates are determined by the Remarketing Agents.

*** Rate Effective as of August 31, 2021

U.S. Government Securities Fund Portfolio of Investments 8/31/21

Security Description	Par Value		Value
Government National Mortgage Association (2.34%)
3.500%, 11/20/2044	$	154,003	$	165,509
5.000%, 03/15/2038		86,452		98,409
5.500%, 04/15/2036		78,562		92,018
5.500%, 01/15/2025		16,772		18,714
6.000%, 06/15/2038		29,177		34,585
6.000%, 01/15/2026		55,758		63,548
Total Government National Mortgage Association (Cost $425,867)				472,783
United States Treasury Bonds (11.16%)
5.000%, 05/15/2037		500,000		742,246
6.000%, 02/15/2026		800,000		987,188
6.375%, 08/15/2027		400,000		527,484
Total United States Treasury Bonds (Cost $2,021,113)				2,256,918
United States Treasury Notes (78.29%)
0.375%, 03/31/2022		500,000		500,874
2.000%, 02/15/2022		2,900,000		2,925,441
2.125%, 05/15/2025		2,200,000		2,326,328
2.125%, 02/29/2024		1,300,000		1,359,313
2.250%, 08/15/2027		3,800,000		4,094,204
2.375%, 05/15/2029		500,000		545,703
2.500%, 08/15/2023		2,600,000		2,716,797
3.125%, 11/15/2028		1,200,000		1,370,203
Total United States Treasury Notes (Cost $15,293,767)				15,838,863
United States Treasury Bills (6.89%)
0.375%, 8/15/2024		500,000		499,629
0.625%, 7/31/2026		900,000		893,953
Total United States Treasury Bills (Cost $1,394,655)				1,393,582
Total Investments (Cost $19,135,402)(a) (98.68%)			$	19,962,146
Other Assets Less Liabilities (1.32%)				268,024
Net Assets (100.00%)			$	20,230,170

(a) Aggregate cost for federal income tax purposes is $19,135,402.

At August 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	827,946
Unrealized depreciation		(1,202	)
Net unrealized appreciation	$	826,744

See accompanying notes to financial statements.

12

The United States Treasury Trust Portfolio of Investments 8/31/21

Security Description	Par Value		Value
United States Treasury Bills, DN(a) (98.45%)
09/02/2021	$	2,000,000	$	1,999,998
09/09/2021		2,400,000		2,399,977
09/21/2021		2,300,000		2,299,948
09/23/2021		2,500,000		2,499,935
09/28/2021		2,000,000		1,999,936
09/30/2021		1,700,000		1,699,943
10/07/2021		4,700,000		4,699,848
10/12/2021		2,000,000		1,999,903
10/14/2021		3,500,000		3,499,806
10/21/2021		3,400,000		3,399,772
10/26/2021		5,000,000		4,999,672
11/02/2021		3,000,000		2,999,759
11/12/2021		2,200,000		2,199,775
Total United States Treasury Bills, DN (Cost $36,698,272)				36,698,272
Total Investments (Cost $36,698,272)(b) (98.45%)			$	36,698,272
Other Assets Less Liabilities (1.55%)				577,567
Net Assets (100.00%)			$	37,275,839

(a) Discount Note. Yield to maturity is between 0.02% - 0.05%.

(b) Aggregate cost for federal income tax purposes is $36,698,272.

S&P 500 Index Fund Portfolio of Investments 8/31/21

Security Description	Shares		Value
Common Stock (99.62%)
Basic Materials (2.08%)
Air Products and Chemicals Inc		1,458	$	392,946
Albemarle Corp		729		172,583
Celanese Corp		763		121,012
CF Industries Holdings Inc		1,457		66,177
Dow Inc		4,894		307,833
DuPont de Nemours Inc		3,491		258,404
Eastman Chemical Co		893		101,052
Ecolab Inc		1,622		365,534
FMC Corp		891		83,424
Freeport-McMoRan Inc		9,035		328,784
International Flavors & Fragrances Inc		1,613		244,370
International Paper Co		2,697		162,063
Linde PLC		3,346		1,052,618
LyondellBasell Industries NV		1,667		167,283
The Mosaic Co		2,068		66,548
Newmont Corp		5,247		304,274
Nucor Corp		1,924		226,185
PPG Industries Inc		1,558		248,579
The Sherwin-Williams Co		1,539		467,348
Total Basic Materials				5,137,017
Communications (16.57%)
Alphabet Inc - Class A*		1,934		5,596,900
Alphabet Inc - Class C*		1,831		5,326,819
Amazon.com Inc*,(a)		2,757		9,568,969
Arista Networks Inc*		366		135,248
AT&T Inc		45,930		1,259,401
Booking Holdings Inc*		261		600,214
CDW Corp		920		184,561
Charter Communications Inc*		885		722,744
Cisco Systems Inc		27,109		1,599,973
Comcast Corp		29,493		1,789,635
Corning Inc		4,990		199,550
Discovery Inc - Class A*,#		1,116		32,185
Discovery Inc - Class C*		1,878		51,814
DISH Network Corp*		1,784		77,765
eBay Inc		4,277		328,217
Etsy Inc*		797		172,359
Expedia Group Inc*		887		128,172
F5 Networks Inc*		424		86,314
Facebook Inc*,(a)		15,413		5,847,385
Fox Corp - Class A		2,335		87,422
Fox Corp - Class B		1,242		43,010
The Interpublic Group of Cos Inc		2,667		99,292
Juniper Networks Inc		2,302		66,712
Lumen Technologies Inc		6,449		79,323
Motorola Solutions Inc		1,134		276,945
Netflix Inc*		2,852		1,623,330
News Corp - Class A		2,672		60,040
News Corp - Class B		910		20,047
NortonLifeLock Inc		4,015		106,638
Omnicom Group Inc		1,397		102,288
T-Mobile US Inc*		3,810		522,046
Twitter Inc*		5,110		329,595
VeriSign Inc*		689		149,003
Verizon Communications Inc		26,632		1,464,760
ViacomCBS Inc		3,816		158,173
The Walt Disney Co*		11,660		2,113,958
Total Communications				41,010,807
Consumer, Cyclical (9.23%)
Advance Auto Parts Inc		476		96,557
Alaska Air Group Inc*		808		46,331
American Airlines Group Inc*		3,057		60,957
Aptiv PLC*		1,715		261,006
AutoZone Inc*		139		215,332
Bath & Body Works Inc		1,525		102,907
Best Buy Co Inc		1,434		167,075
BorgWarner Inc		1,412		60,264
Caesars Entertainment Inc*		945		96,040
CarMax Inc*		1,131		141,613
Carnival Corp*		5,174		124,900
Chipotle Mexican Grill Inc*		175		333,083
Copart Inc*		1,407		203,058
Costco Wholesale Corp		2,843		1,294,958
Cummins Inc		966		227,957
Darden Restaurants Inc		850		128,053
Delta Air Lines Inc*		4,086		165,238
Dollar General Corp		1,519		338,600
Dollar Tree Inc*		1,536		139,069
Domino’s Pizza Inc		266		137,493
DR Horton Inc		2,165		207,017
Fastenal Co		3,749		209,382
Ford Motor Co*		25,804		336,226
The Gap Inc		1,450		38,759
General Motors Co*		8,316		407,567
Genuine Parts Co		999		122,068
Hanesbrands Inc		2,371		44,290
Hasbro Inc		832		81,794
Hilton Worldwide Holdings Inc*		1,779		222,126
The Home Depot Inc		6,839		2,230,745
Las Vegas Sands Corp*		2,145		95,688
Leggett & Platt Inc		1,017		49,213
Lennar Corp		1,796		192,729
Live Nation Entertainment Inc*		1,003		86,960
LKQ Corp*		1,848		97,371
Lowe’s Cos Inc		4,547		927,088
Marriott International Inc*		1,737		234,738
McDonald’s Corp		4,800		1,139,808
MGM Resorts International		2,752		117,290
Mohawk Industries Inc*		390		77,126
Newell Brands Inc		2,691		68,378
NIKE Inc		8,098		1,334,065
Norwegian Cruise Line Holdings Ltd*		1,599		41,318
NVR Inc*		23		119,139

See accompanying notes to financial statements.

13

S&P 500 Index Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
O’Reilly Automotive Inc*		448	$	266,148
PACCAR Inc		2,262		185,190
Penn National Gaming Inc*		674		54,661
Pool Corp		269		132,967
PulteGroup Inc		1,717		92,478
PVH Corp*		464		48,623
Ralph Lauren Corp		314		36,465
Ross Stores Inc		2,378		281,555
Royal Caribbean Cruises Ltd*		1,236		102,254
Southwest Airlines Co*		3,416		170,048
Starbucks Corp		7,666		900,678
Tapestry Inc		1,811		73,020
Target Corp		3,182		785,890
Tesla Inc*		4,957		3,646,964
The TJX Cos Inc		7,758		564,162
Tractor Supply Co		760		147,630
Ulta Beauty Inc*		359		139,044
Under Armour Inc - Class A*		1,210		27,999
Under Armour Inc - Class C*		1,218		24,433
United Airlines Holdings Inc*		1,732		80,555
VF Corp		2,109		161,275
Walgreens Boots Alliance Inc		4,694		238,221
Walmart Inc		8,832		1,308,019
Whirlpool Corp		434		96,144
WW Grainger Inc		300		130,110
Wynn Resorts Ltd*		526		53,489
Yum! Brands Inc		1,990		260,750
Total Consumer, Cyclical				22,830,148
Consumer, Non-Cyclical (20.11%)
Abbott Laboratories		11,430		1,444,409
AbbVie Inc		11,361		1,372,182
ABIOMED Inc*		310		112,828
Align Technology Inc*		473		335,357
Altria Group Inc		11,904		597,938
AmerisourceBergen Corp		1,034		126,365
Amgen Inc		3,696		833,559
Anthem Inc		1,575		590,830
Archer-Daniels-Midland Co		3,634		218,040
Automatic Data Processing Inc		2,737		572,142
Avery Dennison Corp		567		127,796
Baxter International Inc		3,336		254,270
Becton Dickinson and Co		1,860		468,162
Biogen Inc*		968		328,065
Bio-Rad Laboratories Inc*		147		118,309
Boston Scientific Corp*		9,352		422,243
Bristol-Myers Squibb Co		14,370		960,778
Brown-Forman Corp		1,285		90,233
Campbell Soup Co		1,162		48,490
Cardinal Health Inc		1,916		100,571
Catalent Inc*		1,096		142,962
Centene Corp*		3,919		246,819
Charles River Laboratories International Inc*		322		142,923
Church & Dwight Co Inc		1,688		141,218
Cigna Corp		2,207		467,112
Cintas Corp		576		227,964
The Clorox Co		863		145,027
The Coca-Cola Co		24,962		1,405,610
Colgate-Palmolive Co		5,442		424,204
Conagra Brands Inc		2,987		98,929
Constellation Brands Inc		1,109		234,154
The Cooper Cos Inc		316		142,424
Corteva Inc		4,866		213,958
CVS Health Corp		8,549		738,548
Danaher Corp		4,072		1,319,980
DaVita Inc*		482		63,031
DENTSPLY SIRONA Inc		1,160		71,572
Dexcom Inc*		627		331,946
Edwards Lifesciences Corp*		4,070		476,923
Eli Lilly & Co		5,120		1,322,445
Equifax Inc		794		216,174
The Estee Lauder Cos Inc		1,489		506,990
FleetCor Technologies Inc*		571		150,333
Gartner Inc*		553		170,733
General Mills Inc		3,992		230,778
Gilead Sciences Inc		8,067		587,116
Global Payments Inc		1,899		308,853
HCA Healthcare Inc		1,723		435,885
Henry Schein Inc*		1,009		76,270
The Hershey Co		941		167,216
Hologic Inc*		1,678		132,814
Hormel Foods Corp		1,912		87,072
Humana Inc		829		336,093
IDEXX Laboratories Inc*		557		375,284
IHS Markit Ltd		2,507		302,344
Illumina Inc*		953		435,673
Incyte Corp*		1,229		94,006
Intuitive Surgical Inc*		758		798,598
IQVIA Holdings Inc*		1,146		297,651
The J M Smucker Co		745		92,134
Johnson & Johnson		16,971		2,938,189
Kellogg Co		1,661		104,876
Kimberly-Clark Corp		2,221		306,076
The Kraft Heinz Co		4,282		154,109
The Kroger Co		5,057		232,774
Laboratory Corp of America Holdings*		636		192,950
Lamb Weston Holdings Inc		955		62,218
MarketAxess Holdings Inc		260		123,739
McCormick & Co Inc		1,700		146,693
McKesson Corp		1,048		213,939
Medtronic PLC		8,654		1,155,136
Merck & Co Inc		16,336		1,246,273
Moderna Inc*		1,963		739,442
Molson Coors Beverage Co		1,200		57,036
Mondelez International Inc		9,036		560,865
Monster Beverage Corp*		2,413		235,436
Moody’s Corp		1,054		401,332
Nielsen Holdings PLC		1,879		40,323
Organon & Co		1,633		55,342
PayPal Holdings Inc*		7,426		2,143,589
PepsiCo Inc		8,887		1,389,838
PerkinElmer Inc		784		144,883
Perrigo Co PLC		677		27,723
Pfizer Inc		36,009		1,658,935
Philip Morris International Inc		10,025		1,032,575
The Procter & Gamble Co		15,749		2,242,500
Quanta Services Inc		1,004		102,508
Quest Diagnostics Inc		880		134,490
Regeneron Pharmaceuticals Inc*		673		453,198
ResMed Inc		946		274,841
Robert Half International Inc		808		83,547
Rollins Inc		693		26,972
S&P Global Inc		1,549		687,477
STERIS PLC		603		129,651
Stryker Corp		2,135		591,609
Sysco Corp		3,326		264,916
Teleflex Inc		318		125,756
Thermo Fisher Scientific Inc		2,528		1,402,914
Tyson Foods Inc		1,921		150,837
United Rentals Inc*		491		173,151
UnitedHealth Group Inc		6,070		2,526,759
Universal Health Services Inc		552		85,980
Verisk Analytics Inc		1,061		214,067
Vertex Pharmaceuticals Inc*		1,698		340,092
Viatris Inc		4,634		67,795
West Pharmaceutical Services Inc		474		214,068
Zimmer Biomet Holdings Inc		1,338		201,302
Zoetis Inc		3,064		626,772
Total Consumer, Non-Cyclical				49,767,826
Energy (2.42%)
APA Corp		2,792		54,388
Baker Hughes Co		3,384		77,088
Cabot Oil & Gas Corp		2,603		41,362
Chevron Corp		12,433		1,203,141
ConocoPhillips		8,708		483,555
Devon Energy Corp		2,767		81,765
Diamondback Energy Inc		1,031		79,531
Enphase Energy Inc*		825		143,327
EOG Resources Inc		3,810		257,251
Exxon Mobil Corp		27,233		1,484,743
Halliburton Co		6,038		120,639
Hess Corp		1,823		125,331
Kinder Morgan Inc		12,716		206,889
Marathon Oil Corp		5,187		60,947
Marathon Petroleum Corp		4,249		251,838
NOV Inc*		2,536		33,399
Occidental Petroleum Corp		5,528		142,014
ONEOK Inc		2,916		153,148
Phillips 66		2,852		202,749
Pioneer Natural Resources Co		1,139		170,474
Schlumberger NV		9,092		254,940
Valero Energy Corp		2,663		176,584
The Williams Cos Inc		7,926		195,693
Total Energy				6,000,796
Financial (14.95%)
Aflac Inc		4,066		230,461
Alexandria Real Estate Equities Inc		700		144,459
The Allstate Corp		1,925		260,414
American Express Co		4,218		700,019
American International Group Inc		5,688		310,337
American Tower Corp		2,901		847,585
Ameriprise Financial Inc		770		210,141
Aon PLC		1,481		424,840
Arthur J Gallagher & Co		1,256		180,387
Assurant Inc		431		73,317
AvalonBay Communities Inc		903		207,311
Bank of America Corp		48,510		2,025,293
The Bank of New York Mellon Corp		5,190		286,592
Berkshire Hathaway Inc*,(a)		12,192		3,484,108
BlackRock Inc		908		856,507
Boston Properties Inc		925		104,516
Capital One Financial Corp		2,904		481,977
Cboe Global Markets Inc		706		89,062
CBRE Group Inc*		2,058		198,185
The Charles Schwab Corp		9,743		709,778
Chubb Ltd		2,920		537,046
Cincinnati Financial Corp		1,038		128,089
Citigroup Inc		13,297		956,187
Citizens Financial Group Inc		2,789		122,130
CME Group Inc		2,368		477,673
Comerica Inc		908		67,110

See accompanying notes to financial statements.

14

S&P 500 Index Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
Crown Castle International Corp		2,780	$	541,238
Digital Realty Trust Inc		1,471		241,112
Discover Financial Services		2,023		259,389
Duke Realty Corp		2,510		131,800
Equinix Inc		581		490,044
Equity Residential		2,236		187,981
Essex Property Trust Inc		425		140,565
Everest Re Group Ltd		280		74,172
Extra Space Storage Inc		844		157,752
Federal Realty Investment Trust		449		54,675
Fifth Third Bancorp		4,528		175,958
First Republic Bank		1,159		230,571
Franklin Resources Inc		1,991		64,588
Globe Life Inc		628		60,332
The Goldman Sachs Group Inc		2,188		904,760
The Hartford Financial Services Group Inc		2,340		157,295
Healthpeak Properties Inc		3,020		108,720
Host Hotels & Resorts Inc*		4,539		75,166
Huntington Bancshares Inc		7,104		110,325
Intercontinental Exchange Inc		3,620		432,699
Invesco Ltd		2,486		62,946
Iron Mountain Inc		1,369		65,370
JPMorgan Chase & Co		19,473		3,114,706
KeyCorp		6,704		136,225
Kimco Realty Corp		2,994		65,239
Lincoln National Corp		1,186		81,419
Loews Corp		1,526		85,258
M&T Bank Corp		837		117,188
Marsh & McLennan Cos Inc		3,312		520,646
Mastercard Inc		5,660		1,959,662
MetLife Inc		4,786		296,732
Mid-America Apartment Communities Inc		747		143,700
Morgan Stanley		9,575		999,917
Nasdaq Inc		749		146,639
Northern Trust Corp		1,359		161,069
People’s United Financial Inc		2,887		47,433
The PNC Financial Services Group Inc		2,767		528,774
Principal Financial Group Inc		1,776		118,655
The Progressive Corp		3,824		368,404
Prologis Inc		4,828		650,138
Prudential Financial Inc		2,571		272,217
Public Storage		993		321,345
Raymond James Financial Inc		849		118,775
Realty Income Corp		2,292		165,528
Regency Centers Corp		1,109		76,100
Regions Financial Corp		6,273		128,157
SBA Communications Corp		725		260,253
Simon Property Group Inc		2,175		292,429
State Street Corp		2,304		214,065
SVB Financial Group*		354		198,063
Synchrony Financial		3,546		176,414
T Rowe Price Group Inc		1,478		330,880
The Travelers Cos Inc		1,654		264,160
Truist Financial Corp		8,651		493,626
UDR Inc		2,033		109,823
Unum Group		1,473		39,211
US Bancorp		8,720		500,441
Ventas Inc		2,564		143,430
Visa Inc		10,883		2,493,295
Vornado Realty Trust		1,028		43,053
W R Berkley Corp		1,033		77,795
Wells Fargo & Co		25,690		1,174,033
Welltower Inc		2,792		244,384
The Western Union Co		2,800		60,592
Weyerhaeuser Co		4,832		173,952
Willis Towers Watson PLC		841		185,626
Zions Bancorp NA		1,054		61,027
Total Financial				37,001,460
Industrial (8.04%)
3M Co		3,736		727,549
A O Smith Corp		942		68,502
Agilent Technologies Inc		1,952		342,517
Allegion plc		601		86,538
Amcor PLC		10,244		131,635
AMETEK Inc		1,502		204,227
Amphenol Corp		3,940		301,922
Ball Corp		2,136		204,971
The Boeing Co*		3,466		760,787
Carrier Global Corp		5,321		306,490
Caterpillar Inc		3,525		743,317
CH Robinson Worldwide Inc		956		86,097
CSX Corp		14,985		487,462
Deere & Co		2,012		760,596
Dover Corp		941		164,073
Eaton Corp PLC		2,603		438,241
Emerson Electric Co		3,946		416,303
Expeditors International of Washington Inc		1,105		137,727
FedEx Corp		1,577		418,993
Fortive Corp		2,032		150,104
Fortune Brands Home & Security Inc		957		93,183
Garmin Ltd		806		140,591
Generac Holdings Inc*		285		124,539
General Dynamics Corp		1,518		304,071
General Electric Co		7,059		744,089
Honeywell International Inc		4,467		1,035,942
Howmet Aerospace Inc		2,478		78,677
Huntington Ingalls Industries Inc		281		57,372
IDEX Corp		523		117,152
Illinois Tool Works Inc		1,881		438,010
Ingersoll Rand Inc*		1,505		79,795
Jacobs Engineering Group Inc		846		114,176
JB Hunt Transport Services Inc		586		103,956
Johnson Controls International plc		4,728		353,654
Kansas City Southern		611		171,489
Keysight Technologies Inc*		1,210		217,050
L3Harris Technologies Inc		1,318		307,107
Lockheed Martin Corp		1,573		565,965
Martin Marietta Materials Inc		406		154,788
Masco Corp		1,816		110,268
Mettler-Toledo International Inc*		153		237,583
Norfolk Southern Corp		1,609		407,946
Northrop Grumman Corp		962		353,727
Old Dominion Freight Line Inc		628		181,316
Otis Worldwide Corp		2,659		245,213
Packaging Corp of America		651		98,757
Parker-Hannifin Corp		848		251,576
Pentair PLC		1,156		89,197
Raytheon Technologies Corp		9,746		826,071
Republic Services Inc		1,448		179,740
Rockwell Automation Inc		758		246,691
Sealed Air Corp		1,091		66,584
Snap-on Inc		354		79,632
Stanley Black & Decker Inc		1,071		206,992
TE Connectivity Ltd		2,160		324,475
Teledyne Technologies Inc*		318		147,355
Textron Inc		1,451		105,444
Trane Technologies PLC		1,580		313,630
TransDigm Group Inc*		342		207,755
Trimble Inc*		1,634		153,955
Union Pacific Corp		4,273		926,557
United Parcel Service Inc		4,669		913,396
Vulcan Materials Co		865		160,829
Waste Management Inc		2,539		393,824
Waters Corp*		405		167,678
Westinghouse Air Brake Technologies Corp		1,272		114,213
Westrock Co		1,715		89,249
Xylem Inc		1,238		168,752
Total Industrial				19,908,062
Technology (23.72%)
Accenture PLC		4,075		1,371,482
Activision Blizzard Inc		5,047		415,721
Adobe Inc*		3,091		2,051,497
Advanced Micro Devices Inc*		7,666		848,780
Akamai Technologies Inc*		1,063		120,385
Analog Devices Inc		3,512		572,337
ANSYS Inc*		560		204,602
Apple Inc(a)		100,908		15,320,863
Applied Materials Inc		5,903		797,672
Autodesk Inc*		1,436		445,289
Broadcom Inc		2,625		1,305,176
Broadridge Financial Solutions Inc		788		135,709
Cadence Design Systems Inc*		1,821		297,697
Cerner Corp		2,002		152,853
Citrix Systems Inc		791		81,370
Cognizant Technology Solutions Corp		3,492		266,475
DXC Technology Co*		1,730		63,526
Electronic Arts Inc		1,894		275,028
Fidelity National Information Services Inc		3,989		509,675
Fiserv Inc*		3,670		432,289
Fortinet Inc*		880		277,323
Hewlett Packard Enterprise Co		8,406		129,957
HP Inc		7,727		229,801
Intel Corp		25,975		1,404,209
International Business Machines Corp		5,798		813,691
Intuit Inc		1,757		994,655
IPG Photonics Corp*		233		39,768
Jack Henry & Associates Inc		529		93,305
KLA Corp		986		335,201
Lam Research Corp		917		554,620
Leidos Holdings Inc		915		89,771
Microchip Technology Inc		1,643		258,542
Micron Technology Inc*		7,124		525,039
Microsoft Corp(a)		48,449		14,625,785
Monolithic Power Systems Inc		267		132,146
MSCI Inc		530		336,327
NetApp Inc		1,569		139,531
NVIDIA Corp		15,868		3,552,052
NXP Semiconductors NV		1,526		328,288
Oracle Corp		11,686		1,041,573
Paychex Inc		2,089		239,128
Paycom Software Inc*		337		164,759
PTC Inc*		681		89,660
Qorvo Inc*		744		139,894
QUALCOMM Inc		7,256		1,064,383
Roper Technologies Inc		684		330,564
salesforce.com Inc*		5,932		1,573,582
Seagate Technology Holdings PLC		1,368		119,823

See accompanying notes to financial statements.

15

S&P 500 Index Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
ServiceNow Inc*		1,243	$	800,045
Skyworks Solutions Inc		1,059		194,284
Synopsys Inc*		996		330,911
Take-Two Interactive Software Inc*		778		125,429
Teradyne Inc		1,109		134,677
Texas Instruments Inc		5,889		1,124,269
Tyler Technologies Inc*		246		119,482
Western Digital Corp*		1,916		121,091
Xilinx Inc		1,657		257,813
Zebra Technologies Corp*		348		204,335
Total Technology				58,704,139
Utilities (2.50%)
The AES Corp		4,344		103,691
Alliant Energy Corp		1,758		106,869
Ameren Corp		1,682		147,545
American Electric Power Co Inc		3,242		290,386
American Water Works Co Inc		1,183		215,602
Atmos Energy Corp		820		79,958
CenterPoint Energy Inc		2,979		74,743
CMS Energy Corp		1,870		119,923
Consolidated Edison Inc		2,227		168,027
Dominion Energy Inc		5,328		414,732
DTE Energy Co		1,258		151,388
Duke Energy Corp		4,806		502,996
Edison International		2,433		140,725
Entergy Corp		1,304		144,235
Evergy Inc		1,567		107,261
Eversource Energy		2,274		206,320
Exelon Corp		6,435		315,444
FirstEnergy Corp		3,716		144,441
NextEra Energy Inc		12,574		1,056,090
NiSource Inc		2,050		50,533
NRG Energy Inc		1,663		75,949
Pinnacle West Capital Corp		806		61,981
PPL Corp		5,021		147,366
Public Service Enterprise Group Inc		3,303		211,194
Sempra Energy		1,939		256,646
The Southern Co		6,898		453,406
WEC Energy Group Inc		2,060		194,629
Xcel Energy Inc		3,432		235,950
Total Utilities				6,178,030
Total Common Stock (Cost $70,497,329)				246,538,285
Collateral Received for Securities on Loan (0.01%)
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 0.09% (Cost $31,464)				31,464
Total Investments (Cost $70,530,793)(b) (99.63%)			$	246,569,749
Other Assets Less Liabilities (0.37%)				909,405
Net Assets (100.00%)			$	247,479,154

* Non-income producing security.

# Loaned security; a portion of the security is on loan at August 31, 2021 in the amount of $31,839.

(a) A portion of these securities, a total of $20,991,252, have been pledged or segregated in connection with obligations for futures contracts.

(b) Aggregate cost for federal income tax purpose is $70,531,059.

At August 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	177,502,241
Unrealized depreciation		(1,463,551	)
Net unrealized appreciation	$	176,038,690

Futures contracts at August 31, 2021:

Contracts - $50 times premium / delivery month / commitment / exchange

S&P 500 E-MINI	Notional Amount		Value		Unrealized Appreciation
3 / SEP 2021 / Long / CME	$	662,475	$	678,075	$	15,600

S&P MidCap Index Fund Portfolio of Investments 8/31/21

Security Description	Shares		Value
Common Stock (99.56%)
Basic Materials (4.34%)
Ashland Global Holdings Inc		3,073	$	279,981
Cabot Corp		3,138		167,569
The Chemours Co		9,173		307,387
Cleveland-Cliffs Inc*		25,505		598,602
Commercial Metals Co		6,656		217,119
Compass Minerals International Inc		2,041		136,604
Ingevity Corp*		2,247		180,636
Minerals Technologies Inc		1,876		147,529
NewMarket Corp		405		141,641
Olin Corp		8,024		399,916
Reliance Steel & Aluminum Co		3,526		529,041
Royal Gold Inc		3,663		407,802
RPM International Inc		7,340		604,009
Sensient Technologies Corp		2,347		203,837
Steel Dynamics Inc(a)		11,287		761,760
United States Steel Corp		14,573		389,828
Valvoline Inc		10,450		315,172
Total Basic Materials				5,788,433
Communications (2.72%)
Cable One Inc		292		613,080
Ciena Corp*		8,581		490,233
FactSet Research Systems Inc(a)		2,145		815,571
Iridium Communications Inc*		6,514		289,938
The New York Times Co		8,025		407,510
TEGNA Inc		12,638		223,945
Telephone and Data Systems Inc		5,893		119,746
TripAdvisor Inc*		5,427		189,945
Viasat Inc*		3,475		179,449
World Wrestling Entertainment Inc		2,835		147,732
Yelp Inc*		3,849		148,225
Total Communications				3,625,374
Consumer, Cyclical (16.69%)
Adient PLC*		5,245		206,338
American Eagle Outfitters Inc		8,412		256,734
AutoNation Inc*		3,054		333,161
Avient Corp		5,185		270,087
BJ’s Wholesale Club Holdings Inc*		7,361		417,074
Boyd Gaming Corp*		4,450		273,097
Brunswick Corp		4,312		417,703
Callaway Golf Co*		6,451		181,015
Capri Holdings Ltd*		8,349		471,802
Carter’s Inc		2,419		247,657
Casey’s General Stores Inc		2,047		418,734
Choice Hotels International Inc		1,626		194,079
Churchill Downs Inc		1,968		414,264
Cinemark Holdings Inc*		6,423		114,522
Columbia Sportswear Co		1,749		178,415
Cracker Barrel Old Country Store Inc		1,323		189,956
Crocs Inc*		3,617		516,580
Dana Inc		8,386		195,058
Deckers Outdoor Corp*		1,565		654,874
Dick’s Sporting Goods Inc#		3,644		513,112
FirstCash Inc		2,314		198,287
Five Below Inc*		3,119		663,754
Foot Locker Inc		5,887		333,734
Fox Factory Holding Corp*		2,181		335,154
GameStop Corp*		3,077		671,524
Gentex Corp		13,581		418,295
The Goodyear Tire & Rubber Co*		13,550		214,632
Harley-Davidson Inc		8,141		321,814
Healthcare Services Group Inc		4,466		116,831
Herman Miller Inc		3,558		149,543
IAA Inc*		7,664		407,112
Jack in the Box Inc		1,378		146,013
JetBlue Airways Corp*		17,800		269,314
KAR Auction Services Inc*		7,759		131,205
KB Home		5,162		222,121
Kohl’s Corp		8,755		502,537
Lear Corp		3,046		487,177
Lithia Motors Inc		1,500		496,950
Marriott Vacations Worldwide Corp*		2,090		312,560
Mattel Inc*		19,592		418,289
MSC Industrial Direct Co Inc		2,536		213,557
Murphy USA Inc		1,404		218,013
Nordstrom Inc*		6,132		175,437
Nu Skin Enterprises Inc		2,969		150,291
Ollie’s Bargain Outlet Holdings Inc*		3,186		230,603
Papa John’s International Inc		1,854		236,441
Polaris Inc		3,214		384,909
RH*		865		606,080
Scientific Games Corp*		3,258		235,716
The Scotts Miracle-Gro Co		2,308		361,964

See accompanying notes to financial statements.

16

S&P MidCap Index Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
Six Flags Entertainment Corp*		4,202	$	177,492
Skechers USA Inc*		7,802		393,455
Taylor Morrison Home Corp*		7,244		203,484
Tempur Sealy International Inc		9,908		442,888
Texas Roadhouse Inc		3,628		344,660
Thor Industries Inc		3,068		348,003
Toll Brothers Inc		6,211		397,877
Travel + Leisure Co		4,871		266,736
Tri Pointe Homes Inc*		6,608		157,072
Univar Solutions Inc*		9,540		225,239
Urban Outfitters Inc*		3,844		126,929
Victoria’s Secret & Co*		4,892		324,340
Visteon Corp*		1,554		164,227
Watsco Inc		1,853		515,912
The Wendy’s Co		10,001		230,223
Williams-Sonoma Inc		4,246		792,727
Wingstop Inc		1,645		282,825
Wyndham Hotels & Resorts Inc		5,203		378,258
YETI Holdings Inc*		4,150		412,261
Total Consumer, Cyclical				22,278,727
Consumer, Non-Cyclical (16.90%)
Acadia Healthcare Co Inc*		4,932		326,104
Amedisys Inc*		1,813		332,595
Arrowhead Pharmaceuticals Inc*		5,777		387,752
ASGN Inc*		2,965		332,643
Avis Budget Group Inc*		2,879		261,269
Bio-Techne Corp(a)		2,153		1,074,647
The Boston Beer Co Inc*		514		293,088
The Brink’s Co		2,739		214,080
Chemed Corp		889		423,786
Coty Inc*		12,121		118,422
Darling Ingredients Inc*		9,147		681,452
Emergent BioSolutions Inc*		2,551		160,917
Encompass Health Corp		5,510		432,260
Envista Holdings Corp*		8,875		379,761
Exelixis Inc*		17,704		339,386
Flowers Foods Inc		11,215		270,618
FTI Consulting Inc*		1,898		265,170
Globus Medical Inc*		4,207		343,291
Graham Holdings Co		224		138,165
Grand Canyon Education Inc*		2,596		231,407
Grocery Outlet Holding Corp*		4,882		127,078
GXO Logistics Inc*		5,756		470,783
H&R Block Inc		9,215		236,365
Haemonetics Corp*		2,814		176,579
The Hain Celestial Group Inc*		4,840		181,064
Halozyme Therapeutics Inc*		7,274		305,435
HealthEquity Inc*		4,363		279,974
Helen of Troy Ltd*		1,352		323,385
Hill-Rom Holdings Inc		3,720		541,558
ICU Medical Inc*		1,078		214,899
Ingredion Inc		3,720		326,839
Insperity Inc		2,038		224,873
Integra LifeSciences Holdings Corp*		3,953		297,384
Jazz Pharmaceuticals PLC*		3,129		412,121
John Wiley & Sons Inc		2,636		153,152
Lancaster Colony Corp		1,153		204,358
LHC Group Inc*		1,750		326,830
Ligand Pharmaceuticals Inc*		994		131,506
LivaNova PLC*		2,820		233,186
LiveRamp Holdings Inc*		3,739		183,211
ManpowerGroup Inc		3,049		370,210
Masimo Corp*,(a)		2,858		776,061
Medpace Holdings Inc*		1,529		278,813
Molina Healthcare Inc*,(a)		3,215		864,095
Nektar Therapeutics*		10,250		158,670
Neogen Corp*		5,208		228,006
Neurocrine Biosciences Inc*		5,208		495,802
NuVasive Inc*		2,872		178,466
Patterson Cos Inc		5,190		159,022
Paylocity Holding Corp*		2,089		562,359
Penumbra Inc*		1,871		514,431
Pilgrim’s Pride Corp*		2,700		75,168
Post Holdings Inc*		3,395		379,934
PROG Holdings Inc		3,750		177,450
Progyny Inc*		1,523		85,090
Quidel Corp*		1,964		253,258
R1 RCM Inc*		7,664		151,134
Repligen Corp*		2,730		772,535
Sabre Corp*		16,503		185,329
Sanderson Farms Inc		1,188		233,442
Service Corp International		9,393		589,505
Sprouts Farmers Market Inc*		7,118		177,238
STAAR Surgical Co*		2,560		395,443
Syneos Health Inc*		5,615		520,960
Tenet Healthcare Corp*		5,708		430,098
Tootsie Roll Industries Inc		1,128		35,701
TreeHouse Foods Inc*		3,098		116,082
United Therapeutics Corp*		2,463		529,249
WEX Inc*		2,445		448,829
WW International Inc*		2,743		59,386
Total Consumer, Non-Cyclical				22,559,159
Energy (3.16%)
Antero Midstream Corp		17,306		166,311
ChampionX Corp*		10,834		252,757
Cimarex Energy Co		5,700		366,054
CNX Resources Corp*		11,242		127,709
DT Midstream Inc*		5,370		249,544
EQT Corp*		14,895		273,025
Equitrans Midstream Corp		20,127		175,709
First Solar Inc*		4,363		410,122
HollyFrontier Corp		8,287		267,919
Murphy Oil Corp		8,004		170,165
SolarEdge Technologies Inc*,(a)		2,832		820,656
Sunrun Inc*		8,648		382,674
Targa Resources Corp		12,679		556,862
Total Energy				4,219,507
Financial (24.14%)
Banks (6.57%)
Associated Banc-Corp		8,584		177,002
BancorpSouth Bank		5,591		163,984
Bank of Hawaii Corp		2,220		186,058
Bank OZK		6,752		286,487
Cathay General Bancorp		4,150		165,087
CIT Group Inc		5,707		316,282
Commerce Bancshares Inc		6,030		426,442
Cullen/Frost Bankers Inc		3,116		355,910
East West Bancorp Inc		7,991		586,060
First Financial Bankshares Inc		7,915		376,912
First Horizon Corp		29,803		488,471
FNB Corp		17,881		208,850
Fulton Financial Corp		9,889		156,741
Glacier Bancorp Inc		5,299		282,225
Hancock Whitney Corp		4,789		220,102
Home BancShares Inc		8,489		188,031
International Bancshares Corp		3,086		129,242
PacWest Bancorp		6,472		275,384
Pinnacle Financial Partners Inc		4,336		420,245
Prosperity Bancshares Inc		5,175		361,629
Signature Bank(a)		3,214		833,486
Synovus Financial Corp		8,228		354,627
Texas Capital Bancshares Inc*		2,817		191,528
Trustmark Corp		3,872		122,433
UMB Financial Corp		2,395		219,334
Umpqua Holdings Corp		12,205		237,631
United Bankshares Inc		6,634		241,013
Valley National Bancorp		23,601		307,757
Webster Financial Corp		5,037		254,469
Wintrust Financial Corp		3,194		239,039
				8,772,461
Diversified Financial Service (2.82%)
Affiliated Managers Group Inc		2,363		401,970
Alliance Data Systems Corp		2,799		274,610
Evercore Inc		2,355		328,852
Federated Hermes Inc		5,231		176,965
Interactive Brokers Group Inc		4,471		289,005
Janus Henderson Group PLC		8,514		369,167
Jefferies Financial Group Inc		11,467		423,820
LendingTree Inc*		603		100,478
Navient Corp		10,555		244,982
SEI Investments Co		6,604		414,797
SLM Corp		18,581		348,394
Stifel Financial Corp		5,743		396,841
				3,769,881
Insurance (4.66%)
Alleghany Corp*		775		524,435
American Financial Group Inc		3,880		535,207
Brighthouse Financial Inc*		4,960		242,842
Brown & Brown Inc(a)		13,111		761,094
CNO Financial Group Inc		8,004		195,778
Essent Group Ltd		6,431		302,771
First American Financial Corp		6,187		436,369
The Hanover Insurance Group Inc		2,130		300,990
Kemper Corp		3,430		235,298
Kinsale Capital Group Inc		1,181		214,765
Mercury General Corp		1,634		97,566
MGIC Investment Corp		16,627		253,894
Old Republic International Corp		15,672		407,472
Primerica Inc		2,232		341,362
Reinsurance Group of America Inc		3,798		439,884
RenaissanceRe Holdings Ltd		2,661		417,059
RLI Corp		2,209		241,289
Selective Insurance Group Inc		3,316		277,118
				6,225,193
Real Estate (9.56%)
American Campus Communities Inc		7,627		387,833
Apartment Income REIT Corp		8,250		419,265
Brixmor Property Group Inc		16,431		385,307
Camden Property Trust(a)		5,397		809,765
CoreSite Realty Corp		2,286		339,174
Corporate Office Properties Trust		6,752		190,271
Cousins Properties Inc		8,551		329,727
CyrusOne Inc		6,595		507,683
Douglas Emmett Inc		9,604		317,028
EastGroup Properties Inc		2,238		403,422
EPR Properties		4,167		211,475
First Industrial Realty Trust Inc		7,397		414,158
Healthcare Realty Trust Inc		7,860		236,036
Highwoods Properties Inc		6,044		276,150
Hudson Pacific Properties Inc		8,369		220,774
JBG SMITH Properties		6,347		191,235
Jones Lang LaSalle Inc*		2,843		689,228
Kilroy Realty Corp		5,682		373,023
Lamar Advertising Co		4,619		525,781

See accompanying notes to financial statements.

17

S&P MidCap Index Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
Life Storage Inc		4,077	$	507,342
The Macerich Co		9,276		158,434
Medical Properties Trust Inc		32,668		669,041
National Retail Properties Inc		9,304		442,963
National Storage Affiliates Trust		3,823		218,867
Omega Healthcare Investors Inc		12,731		426,870
Park Hotels & Resorts Inc*		13,160		251,882
Pebblebrook Hotel Trust		7,871		173,398
Physicians Realty Trust		11,481		212,513
PotlatchDeltic Corp		3,706		192,527
PS Business Parks Inc		1,112		174,840
Rayonier Inc		7,791		286,553
Rexford Industrial Realty Inc		7,402		458,406
Sabra Health Care REIT Inc		11,960		191,360
SL Green Realty Corp		3,906		273,732
Spirit Realty Capital Inc		5,819		301,250
STORE Capital Corp		12,450		449,072
Urban Edge Properties		6,939		131,425
				12,747,810
Savings&Loans (0.53%)
New York Community Bancorp Inc		25,710		321,889
Sterling Bancorp		10,983		251,401
Washington Federal Inc		4,201		139,893
				713,183
Total Financial				32,228,528
Industrial (19.83%)
Acuity Brands Inc		2,041		376,626
AECOM*		8,355		547,754
AGCO Corp		3,403		468,321
AptarGroup Inc		3,587		483,528
Arrow Electronics Inc*		4,186		507,427
Avnet Inc		5,517		223,218
Axon Enterprise Inc*		3,457		628,725
Belden Inc		2,251		128,870
Builders FirstSource Inc*		11,368		605,801
Carlisle Cos Inc		2,958		623,369
Clean Harbors Inc*		2,859		293,391
Cognex Corp(a)		9,665		856,511
Coherent Inc*		1,354		342,115
Colfax Corp*		6,495		312,864
Crane Co		2,785		283,429
Curtiss-Wright Corp		2,322		282,773
Donaldson Co Inc		7,045		477,299
Dycom Industries Inc*		1,697		127,835
Eagle Materials Inc		2,332		365,751
EMCOR Group Inc		3,138		381,267
Energizer Holdings Inc		3,289		129,389
EnerSys		2,359		199,548
Flowserve Corp		7,337		285,189
Fluor Corp*		7,046		117,386
GATX Corp		1,939		177,768
Graco Inc		9,415		738,324
Greif Inc		1,668		105,618
Hexcel Corp*		4,708		266,991
Hubbell Inc		3,028		624,101
II-VI Inc*		5,436		342,359
ITT Inc		4,825		461,608
Jabil Inc		7,569		467,613
Kennametal Inc		4,827		179,468
Kirby Corp*		3,327		178,294
Knight-Swift Transportation Holdings Inc		6,796		352,916
Landstar System Inc		2,143		360,088
Lennox International Inc		1,903		637,848
Lincoln Electric Holdings Inc		3,398		474,395
Littelfuse Inc		1,350		385,290
Louisiana-Pacific Corp		5,904		374,550
MasTec Inc*		3,168		289,682
MDU Resources Group Inc		11,113		357,505
Mercury Systems Inc*		3,236		163,030
The Middleby Corp*		2,900		530,526
MSA Safety Inc		2,076		338,056
National Instruments Corp		6,872		287,387
Nordson Corp		2,981		711,267
nVent Electric PLC		9,376		322,159
Oshkosh Corp		3,779		432,998
Owens Corning		5,817		555,814
Regal Beloit Corp		2,291		342,321
Ryder System Inc		3,105		246,816
Silgan Holdings Inc		4,332		183,807
Simpson Manufacturing Co Inc		2,135		241,575
Sonoco Products Co		5,565		363,395
Stericycle Inc*		5,074		353,150
SYNNEX Corp		2,380		302,427
Terex Corp		3,952		201,750
Tetra Tech Inc		3,009		432,815
The Timken Co		3,817		280,702
TopBuild Corp*		1,687		369,099
The Toro Co		5,993		658,870
Trex Co Inc*		6,537		717,501
Trinity Industries Inc		5,026		145,905
Universal Display Corp		2,394		499,364
Valmont Industries Inc		1,193		296,890
Vishay Intertechnology Inc		7,974		175,189
Vontier Corp		9,493		345,260
Werner Enterprises Inc		2,668		125,823
Woodward Inc		3,285		397,288
Worthington Industries Inc		2,014		116,711
XPO Logistics Inc*		5,756		500,254
Total Industrial				26,460,953
Technology (8.68%)
ACI Worldwide Inc*		6,501		209,527
Amkor Technology Inc		5,924		162,732
Aspen Technology Inc*		3,760		486,920
Blackbaud Inc*		2,682		186,909
Brooks Automation Inc		4,091		347,571
CACI International Inc*		1,397		359,783
CDK Global Inc		6,744		280,550
Cerence Inc*,#		2,096		227,290
Ceridian HCM Holding Inc*		6,947		780,495
Cirrus Logic Inc*		3,261		272,848
CMC Materials Inc		1,695		224,791
CommVault Systems Inc*		2,533		205,097
Concentrix Corp*		2,380		412,668
Cree Inc*		6,115		519,653
Envestnet Inc*		3,017		240,968
Fair Isaac Corp*,(a)		1,637		752,594
Genpact Ltd		9,700		503,236
J2 Global Inc*		2,375		327,038
KBR Inc		7,951		309,612
Lattice Semiconductor Corp*		7,569		470,186
Lumentum Holdings Inc*		4,247		367,960
Manhattan Associates Inc*		3,548		578,289
Maximus Inc		3,508		305,512
MKS Instruments Inc		3,055		449,635
NCR Corp*		7,171		304,624
NetScout Systems Inc*		3,968		108,803
Qualys Inc*		1,539		180,648
Sailpoint Technologies Holdings Inc*		4,474		209,652
Science Applications International Corp		2,858		240,729
Semtech Corp*		3,680		257,306
Silicon Laboratories Inc*		2,527		398,306
Synaptics Inc*		1,913		363,049
Teradata Corp*		6,057		331,257
Xerox Holdings Corp		9,398		211,549
Total Technology				11,587,787
Utilities (3.10%)
ALLETE Inc		2,880		194,170
Black Hills Corp		3,620		254,595
Essential Utilities Inc		12,576		624,147
Hawaiian Electric Industries Inc		6,349		276,816
IDACORP Inc		2,936		309,308
National Fuel Gas Co		5,201		269,464
New Jersey Resources Corp		5,564		207,760
NorthWestern Corp		3,039		193,280
OGE Energy Corp		11,085		392,520
ONE Gas Inc		3,072		220,631
PNM Resources Inc		4,449		220,226
Southwest Gas Holdings Inc		3,218		226,258
Spire Inc		3,071		204,836
UGI Corp		11,636		538,863
Total Utilities				4,132,874
Total Common Stock (Cost $78,466,156)				132,881,342
Collateral Received for Securities on Loan (0.47%)
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 0.09% (Cost $630,195)				630,195
Total Investments (Cost $79,096,351)(b) (100.03%)			$	133,511,537
Liabilities in Excess of Other Assets (-0.03%)				45,822
Net Assets (100.00%)			$	133,465,715

* Non-income producing security.

# Loaned security; a portion of the security is on loan at August 31, 2021 in the amount of $608,968.

(a) A portion of these securities, a total of $9,126,247, have been pledged or segregated in connection with obligations for futures contracts.

(b) Aggregate cost for federal income tax purpose is $79,140,807.

At August 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	58,285,764
Unrealized depreciation		(3,915,033	)
Net unrealized appreciation	$	54,370,731

Futures contracts at August 31, 2021:

Contracts - $100 times premium / delivery month / commitment / exchange

S&P MidCap E-MINI	Notional Amount		Value		Unrealized Appreciation
2 / SEP 2021 / Long / CME	$	534,950	$	550,400	$	15,450

See accompanying notes to financial statements.

18

S&P SmallCap Index Fund Portfolio of Investments 8/31/21

Security Description	Shares		Value
Common Stock (99.24%)
Basic Materials (4.65%)
AdvanSix Inc*		1,999	$	72,964
Allegheny Technologies Inc*		8,370		149,488
American Vanguard Corp		1,902		29,158
Arconic Corp*		6,331		218,356
Balchem Corp		2,095		294,180
Carpenter Technology Corp		2,804		93,513
Century Aluminum Co*		3,565		45,703
Clearwater Paper Corp*		1,183		38,436
Domtar Corp*		3,561		195,250
Ferro Corp*		5,477		113,922
GCP Applied Technologies Inc*		3,238		77,194
Glatfelter Corp		3,163		49,975
Hawkins Inc		1,354		51,290
HB Fuller Co		3,369		227,643
Innospec Inc		1,642		153,691
Kaiser Aluminum Corp		1,057		133,457
Koppers Holdings Inc*		1,482		48,758
Kraton Corp*		2,121		89,337
Livent Corp*		9,782		243,278
Mercer International Inc		2,867		32,626
Neenah Inc		1,088		54,824
Quaker Chemical Corp		854		221,288
Rayonier Advanced Materials Inc*		3,576		25,247
Rogers Corp*		1,243		264,026
Schweitzer-Mauduit International Inc		2,067		79,104
Stepan Co		1,381		162,350
Total Basic Materials				3,165,058
Communications (4.46%)
ADTRAN Inc		3,425		70,761
AMC Networks Inc*		1,982		94,204
ATN International Inc		779		35,515
CalAmp Corp*		2,444		27,715
Cincinnati Bell Inc*		3,611		55,934
Cogent Communications Holdings Inc		2,815		204,313
Consolidated Communications Holdings Inc*		5,162		47,852
ePlus Inc*		899		97,290
The EW Scripps Co		3,903		72,362
Extreme Networks Inc*		7,992		86,553
Gannett Co Inc*		9,383		59,582
Harmonic Inc*		6,868		63,460
HealthStream Inc*		1,832		55,674
InterDigital Inc		1,985		143,138
Liquidity Services Inc*		1,928		47,043
Meredith Corp*		2,672		114,923
NETGEAR Inc*		1,998		71,389
Perficient Inc*		2,197		261,926
Plantronics Inc*		2,344		69,804
QuinStreet Inc*		3,238		57,993
Scholastic Corp		1,976		65,682
Shenandoah Telecommunications Co		3,229		96,321
Shutterstock Inc		1,371		158,021
Stamps.com Inc*,(a)		1,161		381,851
TechTarget Inc*		1,557		131,691
Viavi Solutions Inc*		14,793		240,978
Vonage Holdings Corp*		15,519		218,818
Total Communications				3,030,793
Consumer, Cyclical (14.94%)
Abercrombie & Fitch Co*		4,152		148,476
Allegiant Travel Co*		873		168,000
American Axle & Manufacturing Holdings Inc*		7,476		66,312
America’s Car-Mart Inc*		397		51,344
Asbury Automotive Group Inc*		1,250		232,800
Barnes & Noble Education Inc*		2,006		16,369
Bed Bath & Beyond Inc*		6,880		189,475
Big Lots Inc		2,184		106,273
BJ’s Restaurants Inc*		1,372		58,667
Bloomin’ Brands Inc*		5,356		143,487
Boot Barn Holdings Inc*		1,930		172,310
Brinker International Inc*		3,014		160,556
The Buckle Inc		1,891		73,238
Caleres Inc		2,523		62,041
The Cato Corp		1,556		26,857
Cavco Industries Inc*		571		145,891
Century Communities Inc		1,701		119,240
The Cheesecake Factory Inc*		2,449		114,246
Chico’s FAS Inc*		8,496		43,924
The Children’s Place Inc*		943		81,890
Chuy’s Holdings Inc*		1,345		43,390
Conn’s Inc*		1,366		33,604
Cooper-Standard Holdings Inc*		1,206		28,076
Core-Mark Holding Co Inc		3,031		139,426
Daktronics Inc*		3,035		18,483
Dave & Buster’s Entertainment Inc*		3,158		118,172
Designer Brands Inc*		3,952		57,304
Dine Brands Global Inc*		1,098		90,827
Dorman Products Inc*		1,852		173,829
El Pollo Loco Holdings Inc*		1,399		25,378
Ethan Allen Interiors Inc		1,450		34,829
Fiesta Restaurant Group Inc*		1,450		17,415
Fossil Group Inc*		3,328		44,595
Genesco Inc*		1,020		63,271
Gentherm Inc*		2,195		188,375
G-III Apparel Group Ltd*		2,872		88,831
GMS Inc*		2,817		139,188
Group 1 Automotive Inc		1,100		181,984
Guess? Inc		2,510		60,717
Haverty Furniture Cos Inc		1,111		39,585
Hawaiian Holdings Inc*		3,036		61,388
Hibbett Inc		1,106		105,833
HNI Corp		2,445		92,641
Installed Building Products Inc		1,478		183,538
Interface Inc		4,184		60,166
iRobot Corp*		1,874		152,019
Kontoor Brands Inc		3,132		169,003
La-Z-Boy Inc		3,092		108,251
LCI Industries		1,627		230,481
LGI Homes Inc*		1,421		227,829
Lumber Liquidators Holdings Inc*		1,940		40,468
M/I Homes Inc*		1,897		122,148
Macy’s Inc*,(a)		20,082		449,634
The Marcus Corp*		1,646		25,678
MarineMax Inc*		1,536		74,680
MDC Holdings Inc		3,636		189,981
Meritage Homes Corp*		2,469		275,392
Meritor Inc*		4,861		115,303
Methode Electronics Inc		2,510		116,891
Monarch Casino & Resort Inc*		854		54,118
Motorcar Parts of America Inc*		1,357		26,896
Movado Group Inc		1,175		42,465
The ODP Corp*		3,541		167,029
Oxford Industries Inc		1,123		101,407
PC Connection Inc		791		38,292
PetMed Express Inc		1,445		39,795
PriceSmart Inc		1,558		131,822
Red Robin Gourmet Burgers Inc*		926		22,668
Regis Corp*		1,731		9,382
Resideo Technologies Inc*		8,667		279,424
Ruth’s Hospitality Group Inc*		1,944		39,833
Sally Beauty Holdings Inc*		7,446		138,421
ScanSource Inc*		1,809		64,364
Shake Shack Inc*		2,372		205,771
Shoe Carnival Inc		1,280		48,998
Signet Jewelers Ltd		3,385		268,092
SkyWest Inc*		3,356		156,557
Sleep Number Corp*		1,641		151,809
Sonic Automotive Inc		1,578		79,752
Standard Motor Products Inc		1,301		55,800
Steven Madden Ltd		5,003		202,471
Titan International Inc*		3,341		27,764
Tupperware Brands Corp*		3,285		78,413
Unifi Inc*		1,046		24,309
UniFirst Corp		1,013		232,048
Universal Electronics Inc*		997		50,368
Vera Bradley Inc*		1,892		21,682
Veritiv Corp*		911		81,689
Vista Outdoor Inc*		3,876		158,335
Wabash National Corp		3,495		54,312
Winnebago Industries Inc		2,254		156,923
Wolverine World Wide Inc		5,476		196,369
World Fuel Services Corp		4,080		132,029
Zumiez Inc*		1,394		56,025
Total Consumer, Cyclical				10,165,431
Consumer, Non-Cyclical (18.00%)
The Aaron’s Co Inc		2,245		59,537
ABM Industries Inc		4,338		214,818
Addus HomeCare Corp*		991		89,111
Adtalem Global Education Inc*		3,189		117,993
Alarm.com Holdings Inc*		2,918		246,075
American Public Education Inc*		1,102		28,983
AMN Healthcare Services Inc*,(a)		3,051		346,350
Amphastar Pharmaceuticals Inc*		2,454		48,246
The Andersons Inc		2,041		62,006
AngioDynamics Inc*		2,694		76,240
ANI Pharmaceuticals Inc*		753		22,838
Anika Therapeutics Inc*		1,022		44,079
Arlo Technologies Inc*		5,260		32,612
Avanos Medical Inc*		3,101		102,333
B&G Foods Inc#		4,291		130,275
Calavo Growers Inc		1,095		51,377
Cal-Maine Foods Inc		2,229		80,601
Cara Therapeutics Inc*		1,387		21,887
Cardiovascular Systems Inc*		2,591		92,732
Celsius Holdings Inc*		1,764		144,225
Central Garden & Pet Co*		702		32,327
Central Garden & Pet Co - Class A*		2,610		108,759
The Chefs’ Warehouse Inc*		1,825		55,170
Coca-Cola Consolidated Inc		308		125,097
Coherus Biosciences Inc*		4,320		69,034
Collegium Pharmaceutical Inc*		1,483		30,446
Community Health Systems Inc*		7,521		92,584
CONMED Corp		1,871		245,737
Corcept Therapeutics Inc*		6,992		148,790

See accompanying notes to financial statements.

19

S&P SmallCap Index Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
CoreCivic Inc*		7,761	$	75,437
CorVel Corp*		641		105,643
Covetrus Inc*		6,600		149,094
Cross Country Healthcare Inc*		2,325		50,569
CryoLife Inc*		2,686		70,481
Cutera Inc*		1,019		50,685
Cytokinetics Inc*,#		4,349		143,387
Deluxe Corp		2,788		106,920
Eagle Pharmaceuticals Inc*		724		38,640
Edgewell Personal Care Co		3,507		148,346
elf Beauty Inc*		2,547		78,830
Enanta Pharmaceuticals Inc*		1,144		65,437
Endo International PLC*		14,456		33,104
The Ensign Group Inc		3,398		277,515
EVERTEC Inc		4,010		185,463
Forrester Research Inc*		760		36,138
Fresh Del Monte Produce Inc		1,961		64,478
Fulgent Genetics Inc*,#		811		73,996
Glaukos Corp*		2,792		166,487
Green Dot Corp*		3,393		177,250
Hanger Inc*		2,674		63,855
Heidrick & Struggles International Inc		1,373		59,341
Heska Corp*		538		142,731
Innoviva Inc*		4,184		63,848
Inogen Inc*		1,194		70,673
Integer Holdings Corp*		2,197		217,042
Inter Parfums Inc		1,165		84,509
Invacare Corp*		2,727		23,070
J & J Snack Foods Corp		883		144,600
John B Sanfilippo & Son Inc		629		53,459
The Joint Corp*		851		86,947
Kelly Services Inc		2,377		46,209
Korn Ferry		3,492		246,849
Lantheus Holdings Inc*		4,413		116,371
LeMaitre Vascular Inc		1,174		66,472
Magellan Health Inc*		1,559		147,513
Medifast Inc		695		158,391
MEDNAX Inc*		5,538		177,825
Meridian Bioscience Inc*		2,867		58,028
Merit Medical Systems Inc*		3,169		227,439
MGP Ingredients Inc		853		55,701
ModivCare Inc*		822		162,148
Monro Inc		2,226		126,682
Myriad Genetics Inc*		4,997		178,793
National Beverage Corp		1,539		71,640
Natus Medical Inc*		2,190		58,079
NeoGenomics Inc*,(a)		7,328		356,286
Omnicell Inc*,(a)		2,815		437,083
OraSure Technologies Inc*		4,421		48,410
Organogenesis Holdings Inc*		3,226		55,036
Orthofix Medical Inc*		1,364		57,834
Owens & Minor Inc		4,502		167,835
Pacira BioSciences Inc*		2,858		169,451
The Pennant Group Inc*		1,684		51,480
Perdoceo Education Corp*		4,611		50,629
Phibro Animal Health Corp		1,453		35,293
Prestige Consumer Healthcare Inc*		2,853		163,734
Quanex Building Products Corp		2,375		55,955
RadNet Inc*		2,988		93,853
REGENXBIO Inc*		1,997		64,503
Rent-A-Center Inc		3,850		242,858
Resources Connection Inc		2,156		34,065
Select Medical Holdings Corp		6,976		241,160
Seneca Foods Corp*		442		21,645
The Simply Good Foods Co*		5,604		199,614
SpartanNash Co		2,603		55,965
Spectrum Pharmaceuticals Inc*		8,092		19,016
Strategic Education Inc		1,590		124,465
Supernus Pharmaceuticals Inc*		3,522		96,961
Surmodics Inc*		970		58,268
Tactile Systems Technology Inc*		1,362		60,582
Team Inc*		2,174		9,740
Tivity Health Inc*		2,501		58,148
TrueBlue Inc*		2,412		65,920
United Natural Foods Inc*		3,630		133,584
Universal Corp		1,631		82,529
US Physical Therapy Inc		855		100,377
USANA Health Sciences Inc*		735		71,317
Vanda Pharmaceuticals Inc*		3,820		63,947
Varex Imaging Corp*		2,748		80,159
Vector Group Ltd		8,486		127,460
Vericel Corp*		2,991		162,022
Viad Corp*		1,455		62,841
WD-40 Co		885		212,073
Xencor Inc*		3,632		123,016
Total Consumer, Non-Cyclical				12,241,491
Energy (3.87%)
Archrock Inc		8,479		65,119
Bonanza Creek Energy Inc		1,330		51,710
Bristow Group Inc*		749		23,638
Callon Petroleum Co*,#		2,796		95,539
CONSOL Energy Inc*		2,184		49,861
Core Laboratories NV		2,961		81,605
DMC Global Inc*		786		31,574
Dril-Quip Inc*		2,345		56,984
FutureFuel Corp		1,848		14,802
Green Plains Inc*		2,420		84,942
Helix Energy Solutions Group Inc*		9,162		34,449
Helmerich & Payne Inc		6,975		187,767
Laredo Petroleum Inc*		645		34,849
Matador Resources Co		6,418		184,518
Matrix Service Co*		1,945		21,940
Nabors Industries Ltd*		420		35,423
NOW Inc*		5,519		42,386
Oceaneering International Inc*		6,554		80,614
Oil States International Inc*		4,333		25,391
Par Pacific Holdings Inc*		2,639		43,517
Patterson-UTI Energy Inc		12,535		97,272
PBF Energy Inc*		6,616		68,806
PDC Energy Inc		6,453		269,413
Penn Virginia Corp*		964		19,955
ProPetro Holding Corp*		5,328		41,239
Range Resources Corp*		14,947		218,525
Renewable Energy Group Inc*		2,628		127,248
REX American Resources Corp*		401		33,989
RPC Inc*		3,687		14,121
SM Energy Co		7,033		134,330
Southwestern Energy Co*		38,772		176,413
SunCoke Energy Inc		5,463		37,968
Talos Energy Inc*		1,436		17,806
US Silica Holdings Inc*		5,269		46,262
Warrior Met Coal Inc		3,658		81,903
Total Energy				2,631,878
Financial (25.13%)
Banks (9.30%)
Allegiance Bancshares Inc		1,202		44,678
Ameris Bancorp		4,502		221,678
BancFirst Corp		1,006		56,899
The Bancorp Inc*		3,287		81,057
BankUnited Inc		5,511		231,627
Banner Corp		2,364		135,221
Cadence BanCorp		8,049		173,134
Central Pacific Financial Corp		2,032		51,430
City Holding Co		1,050		81,795
Columbia Banking System Inc		4,632		168,420
Community Bank System Inc		3,471		256,854
Customers Bancorp Inc*		2,063		85,429
CVB Financial Corp		8,520		173,467
Dime Community Bancshares Inc		1,639		54,087
Eagle Bancorp Inc		2,155		124,344
FB Financial Corp		2,073		85,387
First BanCorp/Puerto Rico		14,114		179,671
First Bancorp		1,372		57,295
First Commonwealth Financial Corp		6,398		86,501
First Financial Bancorp		6,297		148,042
First Hawaiian Inc		7,746		216,191
First Midwest Bancorp Inc		7,544		141,299
Flagstar Bancorp Inc		2,709		133,987
Great Western Bancorp Inc		3,661		113,345
Hanmi Financial Corp		2,228		42,956
Heritage Financial Corp		2,370		60,317
Hilltop Holdings Inc		4,320		144,590
HomeStreet Inc		1,518		62,010
Hope Bancorp Inc		8,287		114,278
Independent Bank Corp		2,204		169,047
Independent Bank Group Inc		2,447		172,342
Lakeland Financial Corp		1,632		108,381
Meta Financial Group Inc		2,085		102,561
National Bank Holdings Corp		2,037		76,388
NBT Bancorp Inc		2,917		104,604
OFG Bancorp		3,389		80,692
Old National Bancorp		11,042		183,960
Park National Corp		722		84,647
Preferred Bank		877		56,032
Renasant Corp		3,777		132,573
S&T Bancorp Inc		2,541		75,722
Seacoast Banking Corp of Florida		3,573		114,122
ServisFirst Bancshares Inc		3,122		229,217
Simmons First National Corp		6,990		203,060
Southside Bancshares Inc		2,091		78,810
Tompkins Financial Corp		798		63,513
Triumph Bancorp Inc*		1,512		124,317
TrustCo Bank Corp NY		1,388		44,541
United Community Banks Inc		5,657		170,672
Veritex Holdings Inc		3,196		114,832
Walker & Dunlop Inc		1,944		215,881
Westamerica BanCorp		1,810		102,699
				6,334,602
Diversified Financial Service (1.74%)
B Riley Financial Inc		1,140		74,716
Blucora Inc*		3,171		52,036
Brightsphere Investment Group Inc		2,941		79,966
Encore Capital Group Inc*		1,980		97,436
Enova International Inc*		2,418		79,746
EZCORP Inc*		4,257		29,331
Greenhill & Co Inc		1,066		15,713
Mr Cooper Group Inc*		4,570		177,682
Piper Sandler Cos		918		131,201
PRA Group Inc*		3,048		128,016
StoneX Group Inc*		1,067		74,359

See accompanying notes to financial statements.

20

S&P SmallCap Index Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
Virtus Investment Partners Inc		481	$	150,409
WisdomTree Investments Inc		7,365		46,473
World Acceptance Corp*		255		48,417
				1,185,501
Insurance (2.80%)
Ambac Financial Group Inc*		3,262		45,962
American Equity Investment Life Holding Co		5,555		176,038
AMERISAFE Inc		1,293		74,412
Assured Guaranty Ltd		4,953		246,957
eHealth Inc*		1,677		64,816
Employers Holdings Inc		1,968		81,023
Genworth Financial Inc*		32,702		122,633
HCI Group Inc#		459		51,252
Horace Mann Educators Corp		2,779		113,939
James River Group Holdings Ltd		2,043		75,162
NMI Holdings Inc*		5,506		124,270
Palomar Holdings Inc*		1,266		113,687
ProAssurance Corp		3,557		90,704
Safety Insurance Group Inc		941		76,513
Selectquote Inc*		2,846		27,179
SiriusPoint Ltd*		5,736		56,270
Stewart Information Services Corp		1,698		106,889
Trupanion Inc*		1,947		178,306
United Fire Group Inc		1,524		39,563
United Insurance Holdings Corp		1,680		6,401
Universal Insurance Holdings Inc		2,188		31,157
				1,903,133
Real Estate (9.40%)
Acadia Realty Trust		5,770		122,439
Agree Realty Corp(a)		4,105		306,028
Alexander & Baldwin Inc		4,865		101,581
American Assets Trust Inc		3,246		129,256
Apollo Commercial Real Estate Finance Inc		8,591		133,590
Armada Hoffler Properties Inc		3,969		53,304
ARMOUR Residential REIT Inc		4,218		45,807
Brandywine Realty Trust		11,409		158,357
Capstead Mortgage Corp		6,776		46,687
CareTrust REIT Inc		6,403		140,802
Centerspace		832		84,182
Chatham Lodging Trust*		3,361		40,332
Community Healthcare Trust Inc		1,456		70,631
DiamondRock Hospitality Co*		13,438		121,480
Diversified Healthcare Trust		15,727		58,976
Easterly Government Properties Inc		5,311		113,496
Ellington Financial Inc		1,416		26,224
Essential Properties Realty Trust Inc		7,581		245,700
Four Corners Property Trust Inc		4,936		141,219
Franklin Street Properties Corp		6,376		30,605
The GEO Group Inc#		6,097		47,252
Getty Realty Corp		2,449		77,462
Global Net Lease Inc		5,985		101,745
Granite Point Mortgage Trust Inc		3,929		54,063
Hersha Hospitality Trust*		2,572		24,125
Independence Realty Trust Inc		6,510		133,325
Industrial Logistics Properties Trust		4,361		119,622
Innovative Industrial Properties Inc(a)		1,475		362,715
Invesco Mortgage Capital Inc#		12,843		40,070
iStar Inc#		4,883		129,155
Kite Realty Group Trust		5,604		113,537
KKR Real Estate Finance Trust Inc		1,729		36,880
Lexington Realty Trust		17,951		242,877
LTC Properties Inc		2,624		90,554
Mack-Cali Realty Corp*		5,931		106,046
Marcus & Millichap Inc*		1,681		65,929
New York Mortgage Trust Inc		24,542		108,476
NexPoint Residential Trust Inc		1,473		95,436
Office Properties Income Trust		3,225		85,559
PennyMac Mortgage Investment Trust		6,332		122,904
RE/MAX Holdings Inc		1,277		42,767
Ready Capital Corp		2,655		40,648
Realogy Holdings Corp*		7,684		134,854
Redwood Trust Inc		7,449		92,889
Retail Opportunity Investments Corp		7,888		142,615
Retail Properties of America Inc		11,791		155,877
RPT Realty		5,757		74,496
Safehold Inc		946		84,771
Saul Centers Inc		843		38,845
Service Properties Trust		10,635		121,558
SITE Centers Corp		9,212		148,405
The St Joe Co		2,077		96,103
Summit Hotel Properties Inc*		6,976		65,016
Tanger Factory Outlet Centers Inc		6,168		103,129
Two Harbors Investment Corp		20,244		133,610
Uniti Group Inc		15,491		202,467
Universal Health Realty Income Trust		828		49,042
Urstadt Biddle Properties Inc		2,141		40,850
Washington Real Estate Investment Trust		5,482		137,817
Whitestone REIT		2,910		28,547
Xenia Hotels & Resorts Inc*		7,607		132,514
				6,395,248
Savings&Loans (1.89%)
Axos Financial Inc*		3,322		161,051
Banc of California Inc		3,213		57,738
Berkshire Hills Bancorp Inc		3,076		78,838
Brookline Bancorp Inc		5,218		78,113
Capitol Federal Financial Inc		8,349		96,347
Investors Bancorp Inc		14,560		208,354
Northfield Bancorp Inc		3,099		52,373
Northwest Bancshares Inc		8,469		110,266
Pacific Premier Bancorp Inc		5,653		225,894
Provident Financial Services Inc		4,301		94,923
WSFS Financial Corp		2,661		120,836
				1,284,733
Total Financial				17,103,217
Industrial (17.53%)
AAON Inc		2,637		179,606
AAR Corp*		2,190		74,132
Advanced Energy Industries Inc		2,477		223,376
Aerojet Rocketdyne Holdings Inc		4,783		198,590
AeroVironment Inc*		1,474		150,879
Alamo Group Inc		650		100,757
Albany International Corp		2,054		160,890
American Woodmark Corp*		1,115		78,563
Apogee Enterprises Inc		1,741		74,828
Applied Industrial Technologies Inc		2,506		222,558
Applied Optoelectronics Inc*		1,515		11,105
ArcBest Corp		1,691		112,840
Arcosa Inc		3,115		158,304
Astec Industries Inc		1,504		91,955
Atlas Air Worldwide Holdings Inc*		1,748		127,901
AZZ Inc		1,735		92,909
Badger Meter Inc		1,884		201,758
Barnes Group Inc		3,125		148,969
Benchmark Electronics Inc		2,427		65,602
Boise Cascade Co		2,535		146,650
Brady Corp		3,226		172,043
Chart Industries Inc*,(a)		2,330		438,923
CIRCOR International Inc*		1,426		50,980
Comfort Systems USA Inc		2,340		177,793
Comtech Telecommunications Corp		1,747		44,583
Dorian LPG Ltd		2,072		27,392
DXP Enterprises Inc*		1,147		34,387
Echo Global Logistics Inc*		1,756		57,737
Encore Wire Corp		1,373		116,719
Enerpac Tool Group Corp		3,859		97,092
EnPro Industries Inc		1,372		117,320
ESCO Technologies Inc		1,684		151,762
Exponent Inc(a)		3,407		398,276
Fabrinet*		2,458		253,223
FARO Technologies Inc*		1,177		81,142
Federal Signal Corp		4,041		164,186
Forward Air Corp		1,815		160,029
Franklin Electric Co Inc		2,481		210,835
Gibraltar Industries Inc*		2,180		162,759
Granite Construction Inc		3,111		126,120
The Greenbrier Cos Inc		2,166		95,521
Griffon Corp		3,050		73,810
Harsco Corp*		5,252		95,796
Haynes International Inc		896		35,168
Heartland Express Inc		3,348		56,179
Hillenbrand Inc		4,854		225,323
Hub Group Inc*		2,241		157,318
Ichor Holdings Ltd*		1,611		71,383
Insteel Industries Inc		1,310		48,470
Itron Inc*		2,868		240,941
John Bean Technologies Corp		2,052		299,366
Kaman Corp		1,860		72,689
Knowles Corp*		6,051		121,020
Lindsay Corp		723		119,114
Lydall Inc*		1,255		77,785
Marten Transport Ltd		3,797		59,195
Materion Corp		1,352		98,737
Matson Inc		2,896		229,276
Matthews International Corp		2,048		75,837
Mesa Laboratories Inc		287		76,606
Moog Inc		1,898		150,777
Mueller Industries Inc		3,818		170,321
Myers Industries Inc		2,544		58,003
MYR Group Inc*		1,085		112,851
National Presto Industries Inc		360		30,074
O-I Glass Inc*		10,182		154,054
Olympic Steel Inc		587		16,002
OSI Systems Inc*		1,130		111,802
Park Aerospace Corp		1,578		23,007
Patrick Industries Inc		1,482		120,946
PGT Innovations Inc*		3,924		83,307
Plexus Corp*		1,863		171,079
Powell Industries Inc		713		18,039
Proto Labs Inc*		1,786		132,450
Raven Industries Inc*		2,386		139,223
Saia Inc*,(a)		1,726		414,462

See accompanying notes to financial statements.

21

S&P SmallCap Index Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
Sanmina Corp*		4,330	$	170,948
SPX Corp*		2,989		186,753
SPX FLOW Inc		2,726		219,525
Standex International Corp		817		81,079
Sturm Ruger & Co Inc		1,189		92,968
Tennant Co		1,234		91,291
TimkenSteel Corp*		2,857		39,084
Tredegar Corp		1,767		23,466
Trinseo SA		2,559		132,889
Triumph Group Inc*		3,587		66,216
TTM Technologies Inc*		6,638		92,932
UFP Industries Inc(a)		3,958		297,167
US Ecology Inc*		1,822		65,319
Vicor Corp*		1,349		166,426
Watts Water Technologies Inc		1,776		304,708
Total Industrial				11,932,175
Technology (8.91%)
3D Systems Corp*		8,262		251,495
8x8 Inc*		6,972		168,374
Agilysys Inc*		1,424		80,926
Allscripts Healthcare Solutions Inc*		8,964		137,687
Apollo Medical Holdings Inc*		851		64,599
Axcelis Technologies Inc*		2,322		115,427
Bottomline Technologies DE Inc*		2,588		109,395
CEVA Inc*		1,480		71,410
Cohu Inc*		2,793		99,654
Computer Programs and Systems Inc		894		31,800
CSG Systems International Inc		2,212		106,641
CTS Corp		2,147		75,317
Diebold Nixdorf Inc*		5,500		59,840
Digi International Inc*		2,028		44,575
Diodes Inc*		2,808		271,899
Donnelley Financial Solutions Inc*		1,960		65,366
DSP Group Inc*		1,647		36,069
Ebix Inc		1,594		45,875
ExlService Holdings Inc*		2,165		266,598
FormFactor Inc*		5,154		200,388
Insight Enterprises Inc*		2,270		233,560
Kulicke & Soffa Industries Inc		4,014		281,743
LivePerson Inc*		4,137		265,182
ManTech International Corp		1,815		143,694
MaxLinear Inc*		4,450		232,424
MicroStrategy Inc*,#,(a)		478		331,875
NextGen Healthcare Inc*		3,468		52,922
OneSpan Inc*		2,332		44,938
Onto Innovation Inc*		3,158		234,103
PDF Solutions Inc*		1,992		44,860
Photronics Inc*		4,101		61,802
Pitney Bowes Inc		9,991		74,633
Power Integrations Inc(a)		3,951		429,235
Progress Software Corp		2,859		133,115
Rambus Inc*		7,226		171,979
Simulations Plus Inc		871		38,585
SMART Global Holdings Inc*		942		45,649
SPS Commerce Inc*		2,361		319,986
Tabula Rasa HealthCare Inc*		1,408		44,084
TTEC Holdings Inc		1,178		124,232
Ultra Clean Holdings Inc*		2,695		124,617
Unisys Corp*		3,709		89,795
Veeco Instruments Inc*		3,502		79,811
Xperi Holding Corp		6,977		149,098
Total Technology				6,055,257
Utilities (1.75%)
American States Water Co		2,386		220,013
Avista Corp		4,542		190,083
California Water Service Group		3,304		209,969
Chesapeake Utilities Corp		1,162		151,873
Middlesex Water Co		1,127		123,305
Northwest Natural Holding Co		2,034		104,649
South Jersey Industries Inc		6,618		164,193
Unitil Corp		486		24,106
Total Utilities				1,188,191
Total Common Stock (Cost $41,269,253)				67,513,491
Right (0.00%)
Lantheus Holdings Inc*,(b)		6,190		—
Collateral Received for Securities on Loan (1.55%)
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 0.09% (Cost $1,054,578)				1,054,578
Total Investments (Cost $42,323,830)(c) (100.79%)				68,568,069
Liabilities in Excess of Other Assets (-0.79%)				537,374
Net Assets (100.00%)			$	68,030,695

* Non-income producing security.

# Loaned security; a portion of the security is on loan at August 31, 2021 in the amount of $1,032,066.

(a) A portion of these securities, a total of $4,949,903, have been pledged or segregated in connection with obligations for futures contracts.

(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 securities is $0.

(c) Aggregate cost for federal income tax purpose is $42,364,626.

At August 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	29,455,061
Unrealized depreciation		(3,251,618	)
Net unrealized appreciation	$	26,203,443

Futures contracts at August 31, 2021:

Contracts - $50 times premium / delivery month / commitment / exchange

Russell 2000 MINI	Notional Amount		Value		Unrealized Appreciation
4 / SEP 2021 / Long / CME	$	448,585	$	454,240	$	5,655

Shelton Equity Income Fund Portfolio of Investments 8/31/21

Security Description	Shares		Value
Common Stock (97.27%)
Basic Materials (4.28%)
Dow Inc(a)		42,800	$	2,692,120
DuPont de Nemours Inc(a)		25,000		1,850,500
Freeport-McMoRan Inc(a)		59,200		2,154,288
Linde PLC(a)		5,500		1,730,245
Newmont Corp(a)		10,000		579,900
Sensient Technologies Corp(a)		8,500		738,225
Total Basic Materials				9,745,278
Communications (15.77%)
Alphabet Inc - Class A*,(a)		1,100		3,183,345
Alphabet Inc - Class C*,(a)		1,100		3,200,164
Amazon.com Inc*,(a)		1,600		5,553,264
AT&T Inc(a)		30,000		822,600
Cisco Systems Inc(a)		69,500		4,101,890
Comcast Corp(a)		32,500		1,972,100
eBay Inc(a)		29,000		2,225,460
Facebook Inc*,(a)		14,200		5,387,196
Motorola Solutions Inc(a)		8,000		1,953,760
T-Mobile US Inc*,(a)		15,600		2,137,512
Verizon Communications Inc(a)		54,300		2,986,500
The Walt Disney Co*,(a)		13,300		2,411,290
Total Communications				35,935,081
Consumer, Cyclical (7.29%)
Amerityre Corp*		20,000,000		1,020,000
Costco Wholesale Corp(a)		3,200		1,457,568
Domino’s Pizza Inc(a)		2,000		1,033,780
Ford Motor Co*,(a)		100,000		1,303,000
LKQ Corp*,(a)		40,000		2,107,600
Lowe’s Cos Inc(a)		15,700		3,201,073
Southwest Airlines Co*,(a)		41,400		2,060,892
Starbucks Corp(a)		25,000		2,937,250
Target Corp(a)		6,000		1,481,880
Total Consumer, Cyclical				16,603,043
Consumer, Non-Cyclical (13.04%)
Abbott Laboratories(a)		12,200		1,541,714
AbbVie Inc(a)		19,000		2,294,820
AmerisourceBergen Corp(a)		7,000		855,470
Anthem Inc(a)		4,500		1,688,085
Biogen Inc*,(a)		4,800		1,626,768
Boston Scientific Corp*,(a)		55,000		2,483,250
Bristol-Myers Squibb Co(a)		7,500		501,450
Colgate-Palmolive Co(a)		7,400		576,830
Conagra Brands Inc(a)		10,000		331,200
The Estee Lauder Cos Inc(a)		6,400		2,179,136
Gilead Sciences Inc(a)		7,000		509,460
Johnson & Johnson(a)		12,600		2,181,438
Merck & Co Inc(a)		10,000		762,900
Molson Coors Beverage Co(a)		38,200		1,815,646
Organon & Co(a)		1,000		33,890
PayPal Holdings Inc*,(a)		15,300		4,416,498
Regeneron Pharmaceuticals Inc*,(a)		2,000		1,346,800

See accompanying notes to financial statements.

22

Shelton Equity Income Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
Sprouts Farmers Market Inc*,(a)		110,000	$	2,739,000
Vertex Pharmaceuticals Inc*,(a)		8,400		1,682,436
Viatris Inc(a)		10,000		146,300
Total Consumer, Non-Cyclical				29,713,091
Energy (6.13%)
BP PLC(a)		52,000		1,271,920
Chevron Corp(a)		40,000		3,870,800
ConocoPhillips(a)		34,300		1,904,679
Exxon Mobil Corp(a)		62,100		3,385,692
Phillips 66(a)		23,000		1,635,070
Royal Dutch Shell PLC(a)		20,000		795,200
Schlumberger NV(a)		39,100		1,096,364
Total Energy				13,959,725
Financial (21.17%)
Banks (9.02%)
Bank of America Corp(a)		90,000		3,757,500
Citigroup Inc(a)		21,800		1,567,638
The Goldman Sachs Group Inc(a)		6,300		2,605,113
JPMorgan Chase & Co(a)		29,100		4,654,545
Morgan Stanley(a)		27,000		2,819,610
SVB Financial Group*,(a)		4,000		2,238,000
US Bancorp(a)		10,000		573,900
Wells Fargo & Co(a)		50,800		2,321,560
				20,537,866
Diversified Financial Service (4.82%)
American Express Co(a)		13,400		2,223,864
Capital One Financial Corp(a)		16,000		2,655,520
The Charles Schwab Corp(a)		30,000		2,185,500
Discover Financial Services(a)		15,000		1,923,300
Visa Inc(a)		8,700		1,993,170
				10,981,354
Insurance (2.52%)
Berkshire Hathaway Inc*,(a)		18,700		5,343,899
Principal Financial Group Inc(a)		6,000		400,860
				5,744,759
Real Estate (4.81%)
American Tower Corp(a)		14,000		4,090,380
CBRE Group Inc*,(a)		23,000		2,214,900
Public Storage(a)		14,400		4,659,984
				10,965,264
Total Financial				48,229,243
Industrial (10.66%)
Atlas Corp(a)		25,000		375,250
The Boeing Co*,(a)		9,700		2,129,150
Carrier Global Corp(a)		11,000		633,600
Caterpillar Inc(a)		13,700		2,888,919
Deere & Co(a)		9,700		3,666,891
FedEx Corp(a)		8,900		2,364,641
Lockheed Martin Corp(a)		6,700		2,410,660
Masco Corp(a)		24,000		1,457,280
Otis Worldwide Corp(a)		6,000		553,320
Raytheon Technologies Corp(a)		32,700		2,771,652
Union Pacific Corp(a)		16,400		3,556,176
Westrock Co(a)		28,200		1,467,528
Total Industrial				24,275,067
Technology (12.91%)
Adobe Inc*,(a)		4,900		3,252,130
Apple Inc(a)		36,500		5,541,795
Fiserv Inc*,(a)		10,000		1,177,900
Intel Corp(a)		26,000		1,405,560
Intuit Inc(a)		2,000		1,132,220
Microsoft Corp(a)		14,400		4,347,072
NetApp Inc(a)		25,900		2,303,287
NVIDIA Corp(a)		13,600		3,044,360
Oracle Corp(a)		5,000		445,650
QUALCOMM Inc(a)		26,600		3,901,954
salesforce.com Inc*,(a)		8,500		2,254,795
Seagate Technology Holdings PLC(a)		7,000		613,130
Total Technology				29,419,853
Utilities (6.02%)
American Electric Power Co Inc(a)		1,200		107,484
American Water Works Co Inc(a)		11,300		2,059,425
Consolidated Edison Inc(a)		5,000		377,250
Dominion Energy Inc(a)		24,400		1,899,296
Duke Energy Corp(a)		10,000		1,046,600
NextEra Energy Inc		39,000		3,275,610
Public Service Enterprise Group Inc(a)		31,000		1,982,140
The Southern Co(a)		45,000		2,957,850
Total Utilities				13,705,655
Total Common Stock (Cost $187,155,949)				221,586,036
Total Investments (Cost $187,155,949)(b) (97.27%)			$	221,586,036
Other Assets Less Liabilities (2.73%)				6,217,461
Net Assets (100.00%)			$	227,803,497

* Non-income producing security.

(a) A portion of these securities, a total of $201,207,731, have been pledged or segregated in connection with written options.

(b) Aggregate cost for federal income tax purpose is $187,227,876.

At August 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	39,426,304
Unrealized depreciation		(5,444,380	)
Net unrealized appreciation	$	33,981,924

Written Call Options	Expiration Date		Contracts			Strike Price		Notional Amount		Value
Apple Inc		9/17/2021		(50	)	$	160.00	$	800,000	$	(3,450	)
AbbVie Inc		9/17/2021		(30	)		120.00		360,000		(6,600	)
AmerisourceBergen Corp		9/17/2021		(20	)		123.00		246,000		(1,300	)
Abbott Laboratories		9/17/2021		(30	)		128.00		384,000		(2,820	)
Adobe Inc		9/17/2021		(7	)		675.00		472,500		(3,815	)
Amazon.com Inc		9/17/2021		(4	)		3,550.00		1,420,000		(9,684	)
Anthem Inc		9/17/2021		(15	)		385.00		577,500		(3,975	)
American Express Co		9/17/2021		(50	)		170.00		850,000		(7,500	)
The Boeing Co		9/17/2021		(27	)		230.00		621,000		(4,266	)
Bank of America Corp		9/17/2021		(300	)		43.00		1,290,000		(9,000	)
Biogen Inc		9/17/2021		(24	)		370.00		888,000		(4,800	)
Bristol-Myers Squibb Co		9/17/2021		(25	)		70.00		175,000		(350	)
BP PLC		9/17/2021		(100	)		26.00		260,000		(1,300	)
Berkshire Hathaway Inc		9/17/2021		(75	)		290.00		2,175,000		(11,625	)
Boston Scientific Corp		9/17/2021		(150	)		46.00		690,000		(6,750	)
Citigroup Inc		9/17/2021		(90	)		74.00		666,000		(5,670	)
Conagra Brands Inc		9/17/2021		(50	)		34.00		170,000		(1,100	)
Caterpillar Inc		9/17/2021		(27	)		220.00		594,000		(2,052	)
Comcast Corp		9/17/2021		(325	)		60.00		1,950,000		(41,600	)
Capital One Financial Corp		9/17/2021		(64	)		174.40		1,116,160		(6,016	)
ConocoPhillips		9/17/2021		(43	)		59.00		253,700		(1,806	)
Costco Wholesale Corp		9/17/2021		(32	)		455.00		1,456,000		(19,520	)
salesforce.com Inc		9/17/2021		(15	)		270.00		405,000		(4,290	)
Cisco Systems Inc		9/17/2021		(125	)		57.50		718,750		(23,750	)
Chevron Corp		9/17/2021		(80	)		103.00		824,000		(2,000	)
DuPont de Nemours Inc		9/17/2021		(50	)		76.00		380,000		(2,875	)

See accompanying notes to financial statements.

23

Shelton Equity Income Fund Portfolio of Investments (Continued) 8/31/21

Written Call Options	Expiration Date		Contracts			Strike Price		Notional Amount		Value
Deere & Co		9/17/2021		(27	)	$	400.00	$	1,080,000	$	(2,700	)
Discover Financial Services		9/17/2021		(30	)		135.00		405,000		(2,790	)
The Walt Disney Co		9/17/2021		(23	)		185.00		425,500		(3,887	)
Dow Inc		9/17/2021		(136	)		65.00		884,000		(6,800	)
Domino’s Pizza Inc		9/17/2021		(10	)		550.00		550,000		(1,200	)
Duke Energy Corp		9/17/2021		(50	)		110.00		550,000		(850	)
eBay Inc		9/17/2021		(75	)		80.00		600,000		(3,675	)
Consolidated Edison Inc		9/17/2021		(15	)		80.00		120,000		(75	)
The Estee Lauder Cos Inc		9/17/2021		(14	)		350.00		490,000		(2,520	)
Facebook Inc		9/17/2021		(32	)		400.00		1,280,000		(3,744	)
Freeport-McMoRan Inc		9/17/2021		(292	)		39.00		1,138,800		(9,928	)
FedEx Corp		9/17/2021		(19	)		275.00		522,500		(2,774	)
Fiserv Inc		9/17/2021		(30	)		120.00		360,000		(3,300	)
Alphabet Inc - Class A		9/17/2021		(2	)		3,000.00		600,000		(1,300	)
Alphabet Inc - Class C		9/17/2021		(2	)		3,000.00		600,000		(2,200	)
The Goldman Sachs Group Inc		9/17/2021		(23	)		425.00		977,500		(8,142	)
Intel Corp		9/17/2021		(60	)		55.00		330,000		(3,240	)
Intuit Inc		9/17/2021		(10	)		580.00		580,000		(3,200	)
Johnson & Johnson		9/17/2021		(26	)		180.00		468,000		(650	)
JPMorgan Chase & Co		9/17/2021		(116	)		165.00		1,914,000		(9,860	)
Linde PLC		9/17/2021		(23	)		320.00		736,000		(3,680	)
Lockheed Martin Corp		9/17/2021		(17	)		370.00		629,000		(2,380	)
Lowe’s Cos Inc		9/17/2021		(27	)		215.00		580,500		(1,215	)
Masco Corp		10/15/2021		(40	)		65.00		260,000		(2,200	)
Merck & Co Inc		9/17/2021		(30	)		80.00		240,000		(300	)
Morgan Stanley		9/17/2021		(70	)		108.00		756,000		(4,900	)
Microsoft Corp		9/17/2021		(18	)		305.00		549,000		(4,680	)
Motorola Solutions Inc		9/17/2021		(20	)		240.00		480,000		(11,000	)
Newmont Corp		9/17/2021		(50	)		59.00		295,000		(2,900	)
NetApp Inc		10/15/2021		(59	)		95.00		560,500		(5,192	)
NVIDIA Corp		9/17/2021		(36	)		240.00		864,000		(4,500	)
Phillips 66		9/17/2021		(40	)		75.00		300,000		(2,400	)
PayPal Holdings Inc		9/17/2021		(18	)		300.00		540,000		(4,032	)
QUALCOMM Inc		9/17/2021		(66	)		150.00		990,000		(7,722	)
Regeneron Pharmaceuticals Inc		9/17/2021		(5	)		700.00		350,000		(2,800	)
Raytheon Technologies Corp		9/17/2021		(57	)		87.50		498,750		(1,938	)
The Charles Schwab Corp		9/17/2021		(120	)		75.00		900,000		(10,920	)
SVB Financial Group		9/17/2021		(10	)		600.00		600,000		(3,730	)
Schlumberger NV		9/17/2021		(91	)		30.00		273,000		(2,093	)
Seagate Technology Holdings PLC		9/17/2021		(10	)		95.00		95,000		(360	)
AT&T Inc		10/15/2021		(100	)		28.00		280,000		(3,200	)
Molson Coors Beverage Co		10/15/2021		(82	)		50.00		410,000		(6,970	)
Target Corp		9/17/2021		(20	)		260.00		520,000		(900	)
T-Mobile US Inc		9/17/2021		(46	)		142.00		653,200		(2,369	)
Union Pacific Corp		9/17/2021		(34	)		235.00		799,000		(340	)
US Bancorp		10/15/2021		(40	)		60.00		240,000		(3,080	)
Visa Inc		9/17/2021		(17	)		240.00		408,000		(901	)
Verizon Communications Inc		9/17/2021		(143	)		55.00		786,500		(7,722	)
Wells Fargo & Co		9/17/2021		(208	)		50.00		1,040,000		(2,080	)
Westrock Co		9/17/2021		(59	)		52.50		309,750		(5,959	)
Exxon Mobil Corp		9/17/2021		(121	)		57.50		695,750		(3,025	)
Total Written Call Options (Premiums Received $455,591)								$	50,256,860	$	(376,237	)

See accompanying notes to financial statements.

24

Nasdaq-100 Index Fund Portfolio of Investments 8/31/21

Security Description	Shares		Value
Common Stock (99.30%)
Communications (31.06%)
Internet (25.01%)
Alphabet Inc - Class A*		16,337	$	47,278,461
Alphabet Inc - Class C*		17,578		51,138,622
Amazon.com Inc*,(a)		27,397		95,089,235
Baidu Inc*		21,419		3,363,211
Booking Holdings Inc*		3,393		7,802,780
CDW Corp		11,603		2,327,678
eBay Inc		55,942		4,292,989
Facebook Inc*,(a)		130,164		49,381,618
JD.com Inc*		67,741		5,321,733
Match Group Inc*		22,342		3,070,684
MercadoLibre Inc*		4,121		7,695,761
Netflix Inc*		36,654		20,863,090
Okta Inc*		10,337		2,724,833
Pinduoduo Inc*		31,276		3,128,226
Trip.com Group Ltd*		42,441		1,294,026
VeriSign Inc*		9,260		2,002,568
				306,775,515
Media (3.22%)
Charter Communications Inc*		15,596		12,736,629
Comcast Corp		379,014		22,998,570
Fox Corp - Class A		26,337		986,057
Fox Corp - Class B		19,554		677,155
Sirius XM Holdings Inc#		344,861		2,162,278
				39,560,689
Telecommunications (2.83%)
Cisco Systems Inc		348,374		20,561,033
T-Mobile US Inc*		103,073		14,123,062
				34,684,095
Total Communications				381,020,299
Consumer, Cyclical (8.62%)
Copart Inc*		19,162		2,765,460
Costco Wholesale Corp		36,582		16,662,735
Dollar Tree Inc*		19,086		1,728,046
Fastenal Co		46,586		2,601,828
Lululemon Athletica Inc*		10,343		4,138,958
Marriott International Inc*		26,919		3,637,834
O’Reilly Automotive Inc*		5,879		3,492,596
PACCAR Inc		28,114		2,301,693
Peloton Interactive Inc*		22,216		2,225,821
Ross Stores Inc		29,479		3,490,314
Starbucks Corp		97,406		11,444,231
Tesla Inc*		64,763		47,647,434
Walgreens Boots Alliance Inc		70,271		3,566,253
Total Consumer, Cyclical				105,703,203
Consumer, Non-Cyclical (12.79%)
Align Technology Inc*		6,541		4,637,569
Amgen Inc		47,244		10,654,939
Automatic Data Processing Inc		35,176		7,353,191
Biogen Inc*		12,488		4,232,308
Cintas Corp		8,684		3,436,867
Dexcom Inc*		7,994		4,232,183
Gilead Sciences Inc		103,678		7,545,685
IDEXX Laboratories Inc*		7,049		4,749,334
Illumina Inc*		12,069		5,517,464
Incyte Corp*		17,772		1,359,380
Intuitive Surgical Inc*		9,788		10,312,245
Keurig Dr Pepper Inc		117,170		4,179,454
The Kraft Heinz Co		101,113		3,639,057
Moderna Inc*		33,192		12,503,094
Mondelez International Inc		116,062		7,203,968
Monster Beverage Corp*		43,694		4,263,224
PayPal Holdings Inc*		97,110		28,031,773
PepsiCo Inc		114,214		17,861,927
Regeneron Pharmaceuticals Inc*		8,654		5,827,604
Seagen Inc*		14,632		2,452,323
Verisk Analytics Inc		13,194		2,662,021
Vertex Pharmaceuticals Inc*		21,102		4,226,520
Total Consumer, Non-Cyclical				156,882,130
Industrial (1.58%)
CSX Corp		186,189		6,056,728
Honeywell International Inc		57,417		13,315,576
Total Industrial				19,372,304
Technology (44.38%)
Computers (11.61%)
Apple Inc(a)		906,547		137,641,032
Check Point Software Technologies Ltd*		11,377		1,429,293
Cognizant Technology Solutions Corp		43,387		3,310,862
				142,381,187
Semiconductors (14.64%)
Advanced Micro Devices Inc*		100,441		11,120,828
Analog Devices Inc		44,155		7,195,051
Applied Materials Inc		75,555		10,209,747
ASML Holding NV		6,568		5,471,407
Broadcom Inc		33,753		16,782,329
Intel Corp		333,808		18,045,660
KLA Corp		12,534		4,261,059
Lam Research Corp		11,789		7,130,223
Marvell Technology Inc		67,727		4,144,215
Microchip Technology Inc		22,611		3,558,067
Micron Technology Inc*		92,703		6,832,211
NVIDIA Corp		206,005		46,114,219
NXP Semiconductors NV		22,702		4,883,881
QUALCOMM Inc		93,248		13,678,549
Skyworks Solutions Inc		13,478		2,472,674
Texas Instruments Inc		76,344		14,574,833
Xilinx Inc		20,322		3,161,900
				179,636,853
Software (18.13%)
Activision Blizzard Inc		64,233		5,290,872
Adobe Inc*		39,514		26,225,442
ANSYS Inc*		7,204		2,632,053
Atlassian Corp PLC*		11,183		4,104,832
Autodesk Inc*		18,191		5,640,847
Cadence Design Systems Inc*		22,636		3,700,533
Cerner Corp		24,880		1,899,588
DocuSign Inc*		16,083		4,764,428
Electronic Arts Inc		23,522		3,415,630
Fiserv Inc*		55,119		6,492,467
Intuit Inc		22,589		12,787,859
Microsoft Corp		409,149		123,513,901
NetEase Inc		24,433		2,380,263
Paychex Inc		29,789		3,409,947
Splunk Inc*		13,549		2,071,236
Synopsys Inc*		12,612		4,190,211
Workday Inc*		15,624		4,267,852
Zoom Video Communications Inc*		19,532		5,654,514
				222,442,475
Total Technology				544,460,515
Utilities (0.87%)
American Electric Power Co Inc		41,312		3,700,316
Exelon Corp		80,779		3,959,787
Xcel Energy Inc		43,845		3,014,344
Total Utilities				10,674,447
Total Common Stock (Cost $424,189,327)				1,218,112,898
Collateral Received for Securities on Loan (0.18%)
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 0.09% (Cost $2,219,178)				2,219,178
Total Investments (Cost $426,408,505)(b) (99.48%)			$	1,220,332,076
Other Assets Less Liabilities (0.52%)				6,363,509
Net Assets (100.00%)			$	1,226,695,585

* Non-income producing security.

# Loaned security; a portion of the security is on loan at August 31, 2021 in the amount of $2,140,653.

(a) A portion of these securities, a total of $152,634,324, have been pledged or segregated in connection with obligations for futures contracts.

(b) Aggregate cost for federal income tax purpose is $427,033,095.

At August 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation	$	800,349,309
Unrealized depreciation		(7,050,328	)
Net unrealized appreciation	$	793,298,981

Futures contracts at August 31, 2021:

Contracts - $20 times premium / delivery month / commitment / exchange

Nasdaq 100 E-MINI	Notional Amount		Value		Unrealized Appreciation
28 / SEP 2021 / Long / CME	$	8,474,665	$	8,726,200	$	251,535

See accompanying notes to financial statements.

25

Shelton Green Alpha Fund Portfolio of Investments (Continued) 8/31/21

Security Description	Shares		Value
Common Stock (95.02%)
Basic Materials (1.61%)
Daqo New Energy Corp*		90,000	$	5,517,900
Communications (4.71%)
Arista Networks Inc*		2,500		923,825
SK Telecom Co Ltd		228,000		6,564,120
Switch Inc		350,000		8,683,500
Total Communications				16,171,445
Consumer, Cyclical (4.64%)
Interface Inc		99,000		1,423,620
QuantumScape Corp*		78,000		1,716,000
Steelcase Inc		125,000		1,761,250
Tesla Inc*		15,000		11,035,800
Total Consumer, Cyclical				15,936,670
Consumer, Non-Cyclical (25.42%)
10X Genomics Inc*		19,300		3,395,256
Arcturus Therapeutics Holdings Inc*		48,000		2,630,880
Caribou Biosciences Inc*		80,000		2,176,000
CRISPR Therapeutics AG*		100,000		12,495,000
Danone SA		110,000		1,599,400
Editas Medicine Inc*		170,000		10,810,300
Illumina Inc*		6,900		3,154,404
Intellia Therapeutics Inc*		68,300		10,964,199
Invitae Corp*		112,000		3,318,560
Moderna Inc*		57,000		21,471,330
Natural Grocers by Vitamin Cottage Inc		285,000		3,445,650
Pacific Biosciences of California Inc*		120,000		3,757,200
Personalis Inc*		65,000		1,376,700
Pluristem Therapeutics Inc*		240,000		724,800
Sprouts Farmers Market Inc*		80,000		1,992,000
Square Inc*		15,000		4,021,050
Total Consumer, Non-Cyclical				87,332,729
Energy (19.36%)
Azure Power Global Ltd*		85,000		1,909,100
Canadian Solar Inc*		149,000		5,508,530
Enphase Energy Inc*		24,000		4,169,520
First Solar Inc*		55,000		5,170,000
JinkoSolar Holding Co Ltd*		299,000		14,710,800
Maxeon Solar Technologies Ltd*		262,000		4,469,720
SolarEdge Technologies Inc*		8,500		2,463,130
SunPower Corp*		269,000		5,796,950
TPI Composites Inc*		214,000		7,770,340
Vestas Wind Systems A/S		1,080,000		14,547,600
Total Energy				66,515,690
Financial (12.15%)
Alexandria Real Estate Equities Inc		30,000		6,191,100
Digital Realty Trust Inc		28,000		4,589,480
Equinix Inc		4,000		3,373,800
Hannon Armstrong Sustainable Infrastructure Capital Inc		158,000		9,538,460
Horizon Technology Finance Corp		300,000		5,097,000
Hudson Pacific Properties Inc		230,000		6,067,400
Kilroy Realty Corp		54,000		3,545,100
Vornado Realty Trust		80,000		3,350,400
Total Financial				41,752,740
Industrial (3.12%)
ABB Ltd		100,000		3,699,000
Advanced Energy Industries Inc		19,000		1,713,420
Trex Co Inc*		18,000		1,975,680
Universal Display Corp		16,000		3,337,440
Total Industrial				10,725,540
Technology (20.31%)
Analog Devices Inc		12,000		1,955,400
Apple Inc		18,000		2,732,940
Applied Materials Inc		80,000		10,810,400
ASML Holding NV		8,300		6,914,232
Cree Inc*		24,000		2,039,520
Fortinet Inc*		10,500		3,308,970
Infineon Technologies AG		145,000		6,175,550
International Business Machines Corp		60,000		8,420,400
Lam Research Corp		12,000		7,257,840
QUALCOMM Inc		48,000		7,041,120
Splunk Inc*		8,000		1,222,960
Taiwan Semiconductor Manufacturing Co Ltd		100,000		11,901,000
Total Technology				69,780,332
Utilities (3.70%)
Brookfield Renewable Corp		290,000		12,704,900
Total Common Stock (Cost $$222,341,872)				326,437,946
Total Investments (Cost $222,341,872)(a) (95.02%)			$	326,437,946
Other Assets Less Liabilities (4.98%)				17,103,655
Net Assets (100.00%)			$	343,541,601

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $222,341,872.

At August 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	111,764,699
Unrealized depreciation		(7,668,625	)
Net unrealized appreciation	$	104,096,074

See accompanying notes to financial statements.

26

Statements of Assets & Liabilities

August 31, 2021

	Green California Tax-Free Income Fund		U.S. Government Securities Fund		The United States Treasury Trust			S&P 500 Index Fund			S&P MidCap Index Fund
Assets
Investments in securities
Cost of investments	$	51,747,835	$	19,135,402	$	36,698,272		$	70,530,793		$	79,096,351
Fair value of investments (Note 1)		56,070,939		19,962,146		36,698,272			246,569,749	(a)		133,511,537	(b)
Cash		471,467		215,136		506,867			578,519			464,825
Cash held at broker		—		—		—			102,940			198,720
Interest receivable		480,122		52,016		—			—			—
Dividend receivable		—		—		—			313,879			89,534
Variation margin receivable		—		—		—			—			—
Receivable from investment advisor		—		1,340		19,732			—			—
Receivable for fund shares sold		91,689		67,263		96,382			142,621			2,794
Receivable for investment securities sold		—		—		—			—			—
Securities lending income receivable		—		—		—			11			76
Prepaid expenses		—		779		2,228			—			—
Total assets	$	57,114,217	$	20,298,680	$	37,323,481		$	247,707,719		$	134,267,486
Liabilities
Written options, at value		—		—		—			—			—
Variation margin payable		—		—		—			705			1,400
Collateral for securities loaned		—		—		—			31,464			630,195
Payable to investment advisor		24,999		10,049		16,470			53,358			46,216
Payable for investments purchased		—		—		—			—			—
Payable for fund shares purchased		30,515		2,245		3,267			12,594			29,010
Distributions payable		101,500		18,039		—			1,695			—
Accrued 12b-1 fees		—		302		—			840			290
Accrued shareholder service fees		—		—		—			372			109
Accrued administration fees		3,653		1,291		2,405			15,595			8,442
Accrued CCO fees		4,668		84		73			9,117			4,047
Accrued custody fees		2,941		850		1,252			9,427			5,667
Accrued fund accounting fees		13,960		6,367		6,970			32,342			20,908
Accrued printing fees		4,489		3,571		660			8,343			8,202
Accrued state registration fees		8,937		16,370		6,521			9,137			13,608
Accrued transfer agent fees		4,095		2,574		2,318			13,326			15,115
Accrued trustee fees		619		321		325			557			609
Accrued expenses		12,005		6,447		7,381			29,693			17,953
Total liabilities		212,381		68,510		47,642			228,565			801,771
Net assets	$	56,901,836	$	20,230,170	$	37,275,839		$	247,479,154		$	133,465,715
Net assets at August 31, 2021 consist of
Paid-in capital	$	52,794,119	$	19,478,741	$	37,277,519		$	60,130,242		$	69,722,110
Distributable earnings/(loss)		4,107,717		751,429		(1,680	)		187,348,912			63,743,605
Total net assets	$	56,901,836	$	20,230,170	$	37,275,839		$	247,479,154		$	133,465,715
Net assets
Direct Shares	$	56,901,836	$	18,845,605	$	37,275,839		$	243,579,786		$	132,128,213
K Shares			$	1,384,565				$	3,899,368		$	1,337,502
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		4,885,077		1,780,203		37,284,214			3,262,167			4,339,542
K Shares (no par value, unlimited shares authorized)				130,523					52,377			45,613
Net asset value per share
Direct Shares	$	11.65	$	10.59	$	1.00		$	74.67		$	30.45
K Shares			$	10.61				$	74.45		$	29.32

(a) Includes securities on loan of $31,839.

(b) Includes securities on loan of $608,968.

27

See accompanying notes to financial statements.

Statements of Assets & Liabilities
August 31, 2021 (Continued)

	S&P SmallCap Index Fund			Shelton Equity Income Fund		Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Assets
Investments in securities
Cost of investments	$	42,323,830		$	187,155,949	$	426,408,505		$	222,341,872
Fair value of investments (Note 1)		68,568,069	(a)		221,586,036		1,220,332,076	(b)		326,437,946
Cash		514,000			16,994,348		6,902,612			17,773,819
Cash held at broker		97,852			288,574		1,995,312			—
Interest receivable		—			—		—			—
Dividend receivable		41,004			403,132		721,285			300,925
Variation margin receivable		920			—		—			—
Receivable from investment advisor		—			—		184,842			—
Receivable for fund shares sold		3,658			290,005		1,535,252			734,083
Receivable for investment securities sold		—			—		—			1,692,680
Securities lending income receivable		423			—		371			—
Prepaid expenses		—			—		50,546			29,950
Total assets	$	69,225,926		$	239,562,095	$	1,231,722,296		$	346,969,403
Liabilities
Written options, at value (proceeds $455,591)		—			376,237		—			—
Variation margin payable		—			—		8,873			—
Collateral for securities loaned		1,054,578			—		2,219,178			—
Payable to investment advisor		29,322			97,400		575,907			287,425
Payable for investments purchased		—			11,069,149		—			2,801,050
Payable for fund shares purchased		36,134			47,682		1,895,262			247,770
Distributions payable		—			260		377			—
Accrued 12b-1 fees		769			301		8,117			—
Accrued shareholder service fees		143			57		7,374			—
Accrued administration fees		4,285			14,233		76,162			21,001
Accrued CCO fees		3,054			4,993		3,670			1,381
Accrued custody fees		992			7,625		27,738			5,016
Accrued fund accounting fees		16,458			27,332		105,602			28,866
Accrued printing fees		5,915			18,819		—			4,142
Accrued state registration fees		15,466			6,464		—			—
Accrued transfer agent fees		5,985			63,564		23,601			8,428
Accrued trustee fees		547			579		298			826
Accrued expenses		21,583			23,903		74,552			21,897
Total liabilities		1,195,231			11,758,598		5,026,711			3,427,802
Net assets	$	68,030,695		$	227,803,497	$	1,226,695,585		$	343,541,601
Net assets at August 31, 2021 consist of
Paid-in capital	$	36,648,129		$	183,308,582	$	403,195,841		$	227,136,017
Distributable earnings/(loss)		31,382,566			44,494,915		823,499,744			116,405,584
Total net assets	$	68,030,695		$	227,803,497	$	1,226,695,585		$	343,541,601
Net assets
Direct Shares	$	64,461,207		$	226,412,370	$	1,188,238,303		$	343,541,601
K Shares	$	3,569,488		$	1,391,127	$	38,457,282
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		2,320,577			11,727,609		33,516,062			7,001,048
K Shares (no par value, unlimited shares authorized)		132,951			74,432		1,124,117
Net asset value per share
Direct Shares	$	27.78		$	19.31	$	35.45		$	49.07
K Shares	$	26.85		$	18.69	$	34.21

(a) Includes securities on loan of $1,032,066.

(b) Includes securities on loan of $2,140,653.

See accompanying notes to financial statements.

28

Statements of Operations

For the Period Ended August 31, 2021

	Green California Tax-Free Income Fund			U.S. Government Securities Fund			The United States Treasury Trust			S&P 500 Index Fund		S&P MidCap Index Fund
Investment income
Interest income	$	1,517,155		$	393,493		$	26,082		$	255	$	232
Dividend income		177			—			—			3,292,427		1,929,618
Securities lending income		—			—			—			66		222
Total		1,517,332			393,493			26,082			3,292,748		1,930,072
Expenses
Management fees (Note 2)		295,560			106,651			188,362			541,815		479,366
Administration fees (Note 2)		45,832			16,569			29,164			167,068		92,234
Transfer agent fees		13,950			13,021			8,978			30,260		24,566
Accounting services		31,815			21,226			22,110			61,166		42,623
Custodian fees		2,421			1,378			2,413			13,602		9,679
Broker fees		—			—			—			—		—
Legal and audit fees		13,637			11,347			12,285			24,311		17,891
CCO fees (Note 2)		4,447			1,623			2,777			16,030		8,711
Trustees fees		3,700			3,699			3,703			3,705		3,693
Insurance		1,884			693			1,183			6,326		3,430
Printing		14,102			14,089			9,193			14,760		14,099
Registration and dues		12,091			23,881			11,385			33,539		30,020
12b-1 fees Class K (Note 2)		—			4,098			—			8,580		3,164
Shareholder service fees Class K (Note 2)		—			4,098			—			8,580		3,164
Licensing fee		—			—			—			23,996		16,104
Total expenses		439,439			222,373			291,553			953,738		748,744
Less class specific expenses waived		—			—			—			—		—
Less reimbursement from manager (Note 2)		—			(54,782	)		(265,471	)		—		—
Net expenses		439,439			167,591			26,082			953,738		748,744
Net investment income		1,077,893			225,902			—			2,339,010		1,181,328
Realized and unrealized gain/(loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		(7,800	)		(27,968	)		99			12,090,164		11,058,274
Net realized gain/(loss) from futures contracts		—			—			—			239,328		257,356
Net realized gain/(loss) from written options contracts		—			—			—			—		—
Change in unrealized appreciation/(depreciation) of investments		(508,332	)		(702,215	)		—			43,881,882		29,519,269
Change in unrealized appreciation/(depreciation) of futures		—			—			—			675		(4,090	)
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—		—
Net realized and unrealized gain/(loss) on investments		(516,132	)		(730,183	)		99			56,212,049		40,830,809
Net increase/(decrease) in net assets resulting from operations	$	561,761		$	(504,281	)	$	99		$	58,551,059	$	42,012,138

29

See accompanying notes to financial statements.

Statements of Operations
For the Period Ended August 31, 2021 (Continued)

	S&P SmallCap Index Fund		Shelton Equity Income Fund		Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Investment income
Interest income	$	61	$	5,932	$	7,420		$	—
Dividend income (tax withheld: $726, $5,198, $8,768, $121,055, respectively)		867,228		3,192,433		7,506,508			1,846,103
Securities Lending Income		1,433		—		1,649			—
Total		868,722		3,198,365		7,515,577			1,846,103
Expenses
Management fees (Note 2)		308,244		923,737		4,810,416			2,256,331
Administration fees (Note 2)		47,409		142,050		780,855			171,552
Transfer agent fees		14,966		138,202		131,714			31,744
Accounting services		38,545		49,301		188,455			54,282
Custodian fees		7,770		9,104		44,881			10,064
Broker Fees		—		4,502		220			—
Legal and audit fees		14,038		22,535		78,412			26,904
CCO fees (Note 2)		4,421		13,474		75,675			15,874
Trustees fees		3,694		3,714		3,676			3,692
Insurance		1,718		5,132		28,545			4,582
Printing		13,837		13,586		23,879			16,423
Registration and dues		27,384		39,076		45,097			39,060
12b-1 fees Class K (Note 2)		7,773		3,482		84,263			—
Shareholder service fees Class K (Note 2)		7,773		3,482		84,263			—
Licensing fee		19,958		—		145,726			—
Total expenses		517,530		1,371,377		6,526,077			2,630,508
Less class specific expenses waived		—		—		—			—
Less reimbursement from manager (Note 2)		—		—		(1,308,192	)		—
Net expenses		517,530		1,371,377		5,217,885			2,630,508
Net investment income/(loss)		351,192		1,826,988		2,297,692			(784,405	)
Realized and unrealized gain/(loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		6,278,368		20,952,907		28,527,403			13,723,761
Net realized gain/(loss) from futures contracts		145,088		—		4,933,218			—
Net realized gain/(loss) from written options contracts		—		3,533,808		—			—
Change in unrealized appreciation/(depreciation) of investments		17,942,160		21,613,026		238,590,585			61,988,914
Change in unrealized appreciation/(depreciation) of futures		5,955		—		(2,230,480	)		—
Change in unrealized appreciation/(depreciation) of written options contracts		—		862,250		—			—
Net realized and unrealized gain/(loss) on investments		24,371,571		46,961,991		269,820,726			75,712,675
Net increase/(decrease) in net assets resulting from operations	$	24,722,763	$	48,788,979	$	272,118,418		$	74,928,270

See accompanying notes to financial statements.

30

Statements of Changes in Net Assets

	Green California Tax-Free Income Fund						U.S. Government Securities Fund						The United States Treasury Trust
	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2021		Year Ended August 31, 2020
Operations
Net investment income/(loss)	$	1,077,893		$	1,143,348		$	225,902		$	272,850		$	—	$	260,032
Net realized gain/(loss) from security transactions and foreign currency		(7,800	)		(156,702	)		(27,968	)		(6,647	)		99		468
Net realized gain/(loss) from futures contracts		—			—			—			—			—		—
Net realized gain/(loss) from written options contracts		—			—			—			—			—		—
Change in unrealized appreciation/(depreciation) of investments		(508,332	)		409,032			(702,215	)		838,360			—		—
Change in unrealized appreciation/(depreciation) of futures		—			—			—			—			—		—
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—		—
Net increase/(decrease) in net assets resulting from operations		561,761			1,395,678			(504,281	)		1,104,563			99		260,500
Distributions to shareholders
Distributions
Direct shares		(1,113,278	)		(1,224,678	)		(212,316	)		(256,716	)		—		(258,634	)
K shares		—			—			(9,672	)		(14,066	)		—		(2,890	)(a)
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		(3,903,210	)		(4,958,784	)		(2,748,931	)		3,358,089			359,160		(2,171,321	)
Total increase/(decrease)		(4,454,727	)		(4,787,784	)		(3,475,200	)		4,191,870			359,259		(2,172,345	)
Net assets
Beginning of year		61,356,563			66,144,347			23,705,370			19,513,500			36,916,580		39,088,925
End of year	$	56,901,836		$	61,356,563		$	20,230,170		$	23,705,370		$	37,275,839	$	36,916,580

(a) The United States Treasury Trust K Shares closed on December 27, 2019.

	S&P 500 Index Fund						S&P MidCap Index Fund						S&P SmallCap Index Fund
	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2021			Year Ended August 31, 2020
Operations
Net investment income/(loss)	$	2,339,010		$	2,679,134		$	1,181,328		$	988,648		$	351,192		$	332,280
Net realized gain/(loss) from security transactions and foreign currency		12,090,164			21,700,484			11,058,274			6,274,228			6,278,368			1,448,521
Net realized gain/(loss) from futures contracts		239,328			426,835			257,356			124,091			145,088			36,139
Net realized gain/(loss) from written options contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		43,881,882			12,329,512			29,519,269			(3,627,369	)		17,942,160			(2,364,010	)
Change in unrealized appreciation/(depreciation) of futures		675			10,474			(4,090	)		20,679			5,955			420
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—			—
Net increase/(decrease) in net assets resulting from operations		58,551,059			37,146,439			42,012,138			3,780,277			24,722,763			(546,650	)
Distributions to shareholders
Distributions
Direct shares		(16,261,973	)		(16,841,674	)		(9,209,366	)		(8,000,679	)		(2,389,079	)		(4,569,651	)
K shares		(247,914	)		(432,740	)		(96,641	)		(152,045	)		(110,067	)		(271,574	)
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		6,220,011			(11,988,469	)		1,204,724			(6,203,467	)		(3,446,948	)		(11,677,998	)
Total increase/(decrease)		48,261,183			7,883,556			33,910,855			(10,575,914	)		18,776,669			(17,065,873	)
Net assets
Beginning of year		199,217,971			191,334,415			99,554,860			110,130,774			49,254,026			66,319,899
End of year	$	247,479,154		$	199,217,971		$	133,465,715		$	99,554,860		$	68,030,695		$	49,254,026

31

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

	Shelton Equity Income Fund						Nasdaq-100 Index Fund						Shelton Green Alpha Fund
	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2021			Year Ended August 31, 2020
Operations
Net investment income/(loss)	$	1,826,988		$	1,965,729		$	2,297,692		$	3,178,951		$	(784,405	)	$	(33,354	)
Net realized gain/(loss) from security transactions and foreign currency		20,952,907			26,946,547			28,527,403			37,568,787			13,723,761			1,250,940
Net realized gain/(loss) from futures contracts		—			—			4,933,218			3,356,155			—			—
Net realized gain/(loss) from written options contracts		3,533,808			4,807,910			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		21,613,026			(21,522,774	)		238,590,585			290,800,373			61,988,914			32,047,301
Change in unrealized appreciation/(depreciation) of futures		—			—			(2,230,480	)		2,484,689			—			—
Change in unrealized appreciation/(depreciation) of written options contracts		862,250			(739,010	)		—			—			—			—
Net increase/(decrease) in net assets resulting from operations		48,788,979			11,458,402			272,118,418			337,388,955			74,928,270			33,264,887
Distributions to shareholders
Distributions
Direct shares		(37,688,727	)		(21,484,252	)		(11,939,334	)		(45,073,391	)		(1,627,679	)		(51,961	)
K shares		(311,732	)		(254,277	)		(356,386	)		(1,645,438	)		—			—
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		65,595,167			10,101,028			46,645,486			(2,718,647	)		178,633,704			1,827,077
Total increase/(decrease)		76,383,687			(179,099	)		306,468,184			287,951,479			251,934,296			35,040,003
Net assets
Beginning of year		151,419,810			151,598,909			920,227,401			632,275,922			91,607,305			56,567,302
End of year	$	227,803,497		$	151,419,810		$	1,226,695,585		$	920,227,401		$	343,541,601		$	91,607,305

Green California Tax-Free Income Fund	Direct Shares
	Year Ended August 31, 2021						Year Ended August 31, 2020
	Shares			Value			Shares			Value
Shares sold		224,330		$	2,638,125			196,708		$	2,272,558
Shares issued in reinvestment of distributions		75,527			882,679			82,106			955,461
Shares repurchased		(633,962	)		(7,424,014	)		(702,686	)		(8,186,803	)
Net increase/(decrease)		(334,105	)	$	(3,903,210	)		(423,872	)	$	(4,958,784	)

U.S. Government Securities Fund	Direct Shares												K Shares
	Year Ended August 31, 2021						Year Ended August 31, 2020						Year Ended August 31, 2021						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		221,155		$	2,375,410			1,356,175		$	14,524,346			48,585		$	527,892			106,781		$	1,142,515
Shares issued in reinvestment of distributions		19,176			205,040			22,878			245,672			902			9,672			1,311			14,066
Shares repurchased		(473,981	)		(5,101,816	)		(999,065	)		(10,772,286	)		(71,433	)		(765,129	)		(168,091	)		(1,796,224	)
Net increase/(decrease)		(233,650	)	$	(2,521,366	)		379,988		$	3,997,732			(21,946	)	$	(227,565	)		(59,999	)	$	(639,643	)

The United States Treasury Trust Fund	Direct Shares						K Shares(a)
	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2020
	Shares/Value			Shares/Value			Shares/Value
Shares sold	$	29,917,415		$	27,774,757		$	99,639
Shares issued in reinvestment of distributions		—			250,639			2,357
Shares gained with reorganization		N/A			462,114			—
Shares repurchased		(29,558,255	)		(29,050,018	)		(1,710,809	)
Net increase/(decrease)	$	359,160		$	(562,508	)	$	(1,608,813	)

(a) The United States Treasury Trust K Shares closed on December 27, 2019.

See accompanying notes to financial statements.

32

Statements of Changes in Net Assets
(Continued)

S&P 500 Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2021						Year Ended August 31, 2020						Year Ended August 31, 2021						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		278,423		$	17,953,823			490,241		$	26,352,137			6,907		$	448,791			10,160		$	554,156
Shares issued in reinvestment of distributions		219,356			13,267,106			257,226			14,253,960			4,125			247,775			7,803			432,553
Shares repurchased		(389,412	)		(25,146,813	)		(900,375	)		(49,138,001	)		(8,390	)		(550,671	)		(78,467	)		(4,443,274	)
Net increase/(decrease)		108,367		$	6,074,116			(152,908	)	$	(8,531,904	)		2,642		$	145,895			(60,504	)	$	(3,456,565	)

S&P MidCap Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2021						Year Ended August 31, 2020						Year Ended August 31, 2021						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		196,007		$	5,390,219			316,846		$	6,967,139			7,210		$	179,191			14,566		$	317,593
Shares issued in reinvestment of distributions		361,383			8,756,535			321,519			7,608,195			4,157			96,516			6,499			151,810
Shares repurchased		(486,413	)		(12,868,533	)		(857,940	)		(18,813,278	)		(13,245	)		(349,204	)		(104,691	)		(2,434,926	)
Net increase/(decrease)		70,977		$	1,278,221			(219,575	)	$	(4,237,944	)		(1,878	)	$	(73,497	)		(83,626	)	$	(1,965,523	)

S&P SmallCap Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2021						Year Ended August 31, 2020						Year Ended August 31, 2021						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		164,822		$	4,011,563			503,522		$	9,330,319			14,916		$	347,286			23,999		$	435,338
Shares issued in reinvestment of distributions		108,188			2,298,648			215,344			4,434,916			5,408			110,067			13,510			271,574
Shares repurchased		(419,087	)		(9,932,361	)		(1,244,439	)		(23,029,041	)		(12,477	)		(282,151	)		(158,244	)		(3,121,104	)
Net increase/(decrease)		(146,077	)	$	(3,622,150	)		(525,573	)	$	(9,263,806	)		7,847		$	175,202			(120,735	)	$	(2,414,192	)

Shelton Equity Income Fund	Direct Shares												K Shares
	Year Ended August 31, 2021						Year Ended August 31, 2020						Year Ended August 31, 2021						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		2,903,504		$	53,322,694			574,641		$	10,625,114			5,573		$	97,092			18,881		$	340,133
Shares issued in reinvestment of distributions		2,086,577			35,806,151			1,107,856			20,924,633			18,782			311,732			13,661			254,277
Shares repurchased		(1,295,296	)		(23,488,008	)		(1,080,100	)		(20,332,165	)		(25,791	)		(454,494	)		(88,449	)		(1,710,964	)
Net increase/(decrease)		3,694,785		$	65,640,837			602,397		$	11,217,582			(1,436	)	$	(45,670	)		(55,907	)	$	(1,116,554	)

Nasdaq-100 Index Fund	Direct Shares												K Shares
	Year Ended August 31, 2021						Year Ended August 31, 2020						Year Ended August 31, 2021						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		8,638,021		$	254,632,638			10,785,073		$	224,007,130			291,079		$	8,382,408			256,521		$	5,299,756
Shares issued in reinvestment of distributions		398,667			11,271,223			2,232,317			42,808,895			13,178			356,386			88,576			1,645,439
Shares repurchased		(7,529,671	)		(218,241,936	)		(13,353,261	)		(265,901,712	)		(335,991	)		(9,755,233	)		(547,230	)		(10,578,155	)
Net increase/(decrease)		1,507,017		$	47,661,925			(335,871	)	$	914,313			(31,734	)	$	(1,016,439	)		(202,133	)	$	(3,632,960	)

33

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

Shelton Green Alpha Fund	Direct Shares
	Year Ended August 31, 2021						Year Ended August 31, 2020
	Shares			Value			Shares			Value
Shares sold		6,825,503		$	305,371,450			1,291,933		$	26,911,073
Shares issued in reinvestment of distributions		39,298			1,586,061			2,499			50,887
Shares repurchased		(2,953,863	)		(128,323,807	)		(1,271,931	)		(25,134,883	)
Net increase/(decrease)		3,910,938		$	178,633,704			22,501		$	1,827,077

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period)

Green California Tax-Free Income Fund Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	11.76		$	11.72		$	11.29		$	11.65		$	11.93
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.21			0.21			0.23			0.23			0.25
Net gain/(loss) on securities (both realized and unrealized)		(0.10	)		0.06			0.45			(0.31	)		(0.20	)
Total from investment operations		0.11			0.27			0.68			(0.08	)		0.05
LESS DISTRIBUTIONS
Dividends from net investment income		(0.22	)		(0.21	)		(0.23	)		(0.24	)		(0.27	)
Distributions from capital gains		—			(0.02	)		(0.02	)		(0.04	)		(0.06	)
Total distributions		(0.22	)		(0.23	)		(0.25	)		(0.28	)		(0.33	)
Net asset value, end of year or period	$	11.65		$	11.76		$	11.72		$	11.29		$	11.65
Total return		0.96	%		2.31	%		6.10	%		(0.74	)%		0.43	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	56,902		$	61,357		$	66,144		$	68,253		$	75,310
Ratio of expenses to average net assets		0.74	%		0.75	%		0.77	%		0.76	%		0.69	%
Ratio of net investment income/(loss) to average net assets		1.82	%		1.82	%		2.01	%		2.02	%		2.20	%
Portfolio turnover		7	%		9	%		4	%		12	%		7	%

(a) Calculated based upon average shares outstanding.

See accompanying notes to financial statements.

34

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

U.S. Government Securities Fund Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	10.94		$	10.57		$	9.98		$	10.32		$	10.61
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.12			0.13			0.15			0.14			0.14
Net gain/(loss) on securities (both realized and unrealized)		(0.35	)		0.37			0.59			(0.33	)		(0.26	)
Total from investment operations		(0.23	)		0.50			0.74			(0.19	)		(0.12	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.12	)		(0.13	)		(0.15	)		(0.15	)		(0.17	)
Total distributions		(0.12	)		(0.13	)		(0.15	)		(0.15	)		(0.17	)
Net asset value, end of year or period	$	10.59		$	10.94		$	10.57		$	9.98		$	10.32
Total return		(2.14	)%		4.78	%		7.48	%		(1.88	)%		(1.14	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	18,846		$	22,034		$	17,263		$	15,668		$	18,316
Ratio of expenses to average net assets:
Before expense reimbursements		1.00	%		0.93	%		0.99	%		0.89	%		0.81	%
After expense reimbursements		0.75	%(b)		0.75	%(b)		0.76	%(b)		0.75	%(b)		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.84	%		1.07	%		1.23	%		1.29	%		1.27	%
After expense reimbursements		1.10	%		1.25	%		1.47	%		1.42	%		1.34	%
Portfolio turnover		15	%		10	%		8	%		13	%		10	%

K Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	10.96		$	10.59		$	10.01		$	10.35		$	10.64
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.06			0.08			0.10			0.09			0.09
Net gain/(loss) on securities (both realized and unrealized)		(0.35	)		0.37			0.58			(0.33	)		(0.27	)
Total from investment operations		(0.29	)		0.45			0.68			(0.24	)		(0.18	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.06	)		(0.08	)		(0.10	)		(0.10	)		(0.11	)
Total distributions		(0.06	)		(0.08	)		(0.10	)		(0.10	)		(0.11	)
Net asset value, end of year or period	$	10.61		$	10.96		$	10.59		$	10.01		$	10.35
Total return		(2.61	)%		4.28	%		6.87	%		(2.37	)%		(1.67	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,385		$	1,672		$	2,250		$	3,691		$	3,699
Ratio of expenses to average net assets:
Before expense reimbursements		1.51	%		1.44	%		1.49	%		1.39	%		1.31	%
After expense reimbursements		1.25	%(b)		1.26	%(b)		1.26	%(b)		1.25	%(b)		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.33	%		0.58	%		0.75	%		0.78	%		0.77	%
After expense reimbursements		0.60	%		0.76	%		0.98	%		0.92	%		0.84	%
Portfolio turnover		15	%		10	%		8	%		13	%		10	%

(a) Calculated based upon average shares outstanding.

(b) CCO fees are not included in the expense limitation.

35

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

The United States Treasury Trust Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		—			0.01			0.02			0.01			—
Net gain/(loss) on securities (both realized and unrealized)		—			—			—			—	(b)		—
Total from investment operations		—			0.01			0.02			0.01			—
LESS DISTRIBUTIONS
Dividends from net investment income		—			(0.01	)		(0.02	)		(0.01	)		—	(b)
Distributions from capital gains		—			—			—			—			—
Total distributions		—			(0.01	)		(0.02	)		(0.01	)		—
Net asset value, end of year or period	$	1.00		$	1.00		$	1.00		$	1.00		$	1.00
Total return		0.00	%		0.67	%		1.75	%		0.98	%		0.03	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	37,276		$	36,917		$	37,479		$	53,079		$	57,149
Ratio of expenses to average net assets:
Before expense reimbursements		0.77	%		0.78	%		0.77	%		0.77	%		0.71	%
After expense reimbursements		0.07	%(c)		0.45	%(c)		0.55	%(c)		0.46	%(d)		0.52	%(d)
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.70	)%		0.35	%		1.51	%		0.65	%		(0.16	)%
After expense reimbursements		0.00	%		0.68	%		1.73	%		0.96	%(d)		0.03	%(d)

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

(c) CCO Fees are not included in the expense limitation.

(d) Includes negative yield waiver adjustment.

S&P 500 Index Fund Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	62.19		$	56.00		$	56.03		$	48.26		$	42.86
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.73			0.81			0.82			0.82			0.78
Net gain/(loss) on securities (both realized and unrealized)		16.93			10.49			0.44			8.48			5.89
Total from investment operations		17.66			11.30			1.26			9.30			6.67
LESS DISTRIBUTIONS
Dividends from net investment income		(0.77	)		(0.85	)		(0.88	)		(0.77	)		(0.83	)
Distributions from capital gains		(4.41	)		(4.26	)		(0.41	)		(0.76	)		(0.44	)
Total distributions		(5.18	)		(5.11	)		(1.29	)		(1.53	)		(1.27	)
Net asset value, end of year or period	$	74.67		$	62.19		$	56.00		$	56.03		$	48.26
Total return		30.46	%		21.44	%		2.40	%		19.64	%		15.89	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	243,580		$	196,133		$	185,170		$	182,362		$	155,022
Ratio of expenses to average net assets:
Before expense reimbursements		0.43	%		0.48	%		0.50	%		0.50	%		0.46	%
After expense reimbursements		0.43	%		0.48	%		0.50	%		0.45	%		0.36	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		1.09	%		1.46	%		1.52	%		1.53	%		1.63	%
After expense reimbursements		1.09	%		1.46	%		1.52	%		1.58	%		1.73	%
Portfolio turnover		9	%		8	%		3	%		3	%		5	%

See accompanying notes to financial statements.

36

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P 500 Index Fund K Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	62.02		$	55.92		$	55.96		$	48.24		$	42.88
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.40			0.53			0.54			0.56			0.55
Net gain/(loss) on securities (both realized and unrealized)		16.89			10.47			0.45			8.48			5.89
Total from investment operations		17.29			11.00			0.99			9.04			6.44
LESS DISTRIBUTIONS
Dividends from net investment income		(0.45	)		(0.64	)		(0.62	)		(0.56	)		(0.64	)
Distributions from capital gains		(4.41	)		(4.26	)		(0.41	)		(0.76	)		(0.44	)
Total distributions		(4.86	)		(4.90	)		(1.03	)		(1.32	)		(1.08	)
Net asset value, end of year or period	$	74.45		$	62.02		$	55.92		$	55.96		$	48.24
Total return		29.82	%		20.84	%		1.88	%		19.05	%		15.31	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	3,899		$	3,085		$	6,165		$	9,919		$	8,506
Ratio of expenses to average net assets:
Before expense reimbursements		0.93	%		0.98	%		0.99	%		1.00	%		0.96	%
After expense reimbursements		0.93	%		0.98	%		0.99	%		0.95	%		0.86	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.59	%		0.96	%		1.02	%		1.03	%		1.13	%
After expense reimbursements		0.59	%		0.96	%		1.02	%		1.08	%		1.23	%
Portfolio turnover		9	%		8	%		3	%		3	%		5	%

(a) Calculated based upon average shares outstanding.

S&P Midcap Index Fund Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	23.07		$	23.85		$	28.77		$	25.75		$	26.69
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.29			0.22			0.23			0.25			0.23
Net gain/(loss) on securities (both realized and unrealized)		9.30			0.80			(2.23	)		4.61			2.95
Total from investment operations		9.59			1.02			(2.00	)		4.86			3.18
LESS DISTRIBUTIONS
Dividends from net investment income		(0.22	)		(0.24	)		(0.24	)		(0.22	)		(0.21	)
Distributions from capital gains		(1.99	)		(1.56	)		(2.68	)		(1.62	)		(3.91	)
Total distributions		(2.21	)		(1.80	)		(2.92	)		(1.84	)		(4.12	)
Net asset value, end of year or period	$	30.45		$	23.07		$	23.85		$	28.77		$	25.75
Total return		44.10	%		4.18	%		(6.85	)%		19.48	%		13.01	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	132,128		$	98,496		$	107,054		$	124,728		$	113,149
Ratio of expenses to average net assets:
Before expense reimbursements		0.62	%		0.66	%		0.67	%		0.66	%		0.62	%
After expense reimbursements		0.62	%		0.66	%		0.67	%		0.63	%		0.58	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.99	%		0.97	%		0.95	%		0.89	%		0.85	%
After expense reimbursements		0.99	%		0.97	%		0.95	%		0.92	%		0.89	%
Portfolio turnover		19	%		13	%		13	%		12	%		34	%

37

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P MidCap Index Fund K Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	22.29		$	23.47		$	28.37		$	25.44		$	26.43
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.14			0.11			0.11			0.11			0.10
Net gain/(loss) on securities (both realized and unrealized)		8.97			0.50			(2.19	)		4.55			2.92
Total from investment operations		9.11			0.61			(2.08	)		4.66			3.02
LESS DISTRIBUTIONS
Dividends from net investment income		(0.09	)		(0.23	)		(0.14	)		(0.11	)		(0.10	)
Distributions from capital gains		(1.99	)		(1.56	)		(2.68	)		(1.62	)		(3.91	)
Total distributions		(2.08	)		(1.79	)		(2.82	)		(1.73	)		(4.01	)
Net asset value, end of year or period	$	29.32		$	22.29		$	23.47		$	28.37		$	25.44
Total return		43.33	%		2.37	%		(7.27	)%		18.86	%		12.45	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,338		$	1,059		$	3,077		$	6,179		$	5,442
Ratio of expenses to average net assets:
Before expense reimbursements		1.12	%		1.16	%		1.17	%		1.16	%		1.12	%
After expense reimbursements		1.12	%		1.16	%		1.17	%		1.13	%		1.08	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.48	%		0.49	%		0.45	%		0.39	%		0.35	%
After expense reimbursements		0.48	%		0.49	%		0.45	%		0.42	%		0.39	%
Portfolio turnover		19	%		13	%		13	%		12	%		34	%

(a) Calculated based upon average shares outstanding.

S&P Smallcap Index Fund Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	19.03		$	20.52		$	26.43		$	22.33		$	20.87
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.15			0.12			0.15			0.13			0.13
Net gain/(loss) on securities (both realized and unrealized)		9.61			(0.05	)		(4.27	)		6.38			2.36
Total from investment operations		9.76			0.07			(4.12	)		6.51			2.49
LESS DISTRIBUTIONS
Dividends from net investment income		(0.12	)		(0.15	)		(0.15	)		(0.12	)		(0.12	)
Distributions from capital gains		(0.89	)		(1.41	)		(1.64	)		(2.29	)		(0.91	)
Total distributions		(1.01	)		(1.56	)		(1.79	)		(2.41	)		(1.03	)
Net asset value, end of year or period	$	27.78		$	19.03		$	20.52		$	26.43		$	22.33
Total return		52.93	%		(0.18	)%		(15.82	)%		30.95	%		12.12	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	64,461		$	46,948		$	61,412		$	78,902		$	56,076
Ratio of expenses to average net assets:
Before expense reimbursements		0.81	%		0.83	%		0.81	%		0.80	%		0.78	%
After expense reimbursements		0.81	%		0.83	%		0.81	%		0.77	%		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.59	%		0.60	%		0.70	%		0.53	%		0.56	%
After expense reimbursements		0.59	%		0.60	%		0.70	%		0.56	%		0.60	%
Portfolio turnover		14	%		20	%		14	%		18	%		31	%

See accompanying notes to financial statements.

38

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

S&P SmallCap Index Fund K Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	18.43		$	19.96		$	25.77		$	21.85		$	20.47
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.03			0.02			0.05			0.01			0.02
Net gain/(loss) on securities (both realized and unrealized)		9.30			(0.05	)		(4.16	)		6.23			2.31
Total from investment operations		9.33			(0.03	)		(4.11	)		6.24			2.33
LESS DISTRIBUTIONS
Dividends from net investment income		(0.02	)		(0.09	)		(0.06	)		(0.03	)		(0.04	)
Distributions from capital gains		(0.89	)		(1.41	)		(1.64	)		(2.29	)		(0.91	)
Total distributions		(0.91	)		(1.50	)		(1.70	)		(2.32	)		(0.95	)
Net asset value, end of year or period	$	26.85		$	18.43		$	19.96		$	25.77		$	21.85
Total return		52.18	%		(0.74	)%		(16.22	)%		30.26	%		11.59	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	3,569		$	2,306		$	4,908		$	9,851		$	8,165
Ratio of expenses to average net assets:
Before expense reimbursements		1.31	%		1.33	%		1.31	%		1.31	%		1.28	%
After expense reimbursements		1.31	%		1.33	%		1.31	%		1.27	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.10	%		0.12	%		0.21	%		0.03	%		0.06	%
After expense reimbursements		0.10	%		0.12	%		0.21	%		0.06	%		0.10	%
Portfolio turnover		14	%		20	%		14	%		18	%		31	%

(a) Calculated based upon average shares outstanding.

Shelton Equity Income Fund Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	18.68		$	20.05		$	24.53		$	25.00		$	26.82
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.18			0.25			0.36			0.37			0.43
Net gain/(loss) on securities (both realized and unrealized)		4.62			1.22			(0.51	)		2.33			1.81
Total from investment operations		4.80			1.47			(0.15	)		2.70			2.24
LESS DISTRIBUTIONS
Dividends from net investment income		(1.64	)		(1.50	)		(0.68	)		(0.38	)		(0.59	)
Distributions from capital gains		(2.53	)		(1.34	)		(3.65	)		(2.79	)		(3.47	)
Total distributions		(4.17	)		(2.84	)		(4.33	)		(3.17	)		(4.06	)
Net asset value, end of year or period	$	19.31		$	18.68		$	20.05		$	24.53		$	25.00
Total return		30.38	%		7.99	%		0.41	%		11.32	%		9.10	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	226,412		$	150,038		$	148,997		$	176,019		$	176,929
Ratio of expenses to average net assets		0.74	%		0.84	%		0.82	%		0.78	%		0.75	%
Ratio of net investment income/(loss) to average net assets		0.99	%		1.33	%		1.77	%		1.52	%		1.71	%
Portfolio turnover		108	%		113	%		21	%		35	%		9	%

39

See accompanying notes to financial statements.

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

Shelton Equity Income Fund K Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	18.21		$	19.74		$	24.22		$	24.75		$	26.61
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.09			0.16			0.26			0.25			0.30
Net gain/(loss) on securities (both realized and unrealized)		4.48			1.19			(0.50	)		2.29			1.79
Total from investment operations		4.57			1.35			(0.24	)		2.54			2.09
LESS DISTRIBUTIONS
Dividends from net investment income		(1.56	)		(1.54	)		(0.59	)		(0.28	)		(0.48	)
Distributions from capital gains		(2.53	)		(1.34	)		(3.65	)		(2.79	)		(3.47	)
Total distributions		(4.09	)		(2.88	)		(4.24	)		(3.07	)		(3.95	)
Net asset value, end of year or period	$	18.69		$	18.21		$	19.74		$	24.22		$	24.75
Total return		29.73	%		7.40	%		(0.08	)%		10.75	%		8.57	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,391		$	1,382		$	2,601		$	5,370		$	5,369
Ratio of expenses to average net assets		1.24	%		1.34	%		1.32	%		1.28	%		1.25	%
Ratio of net investment income/(loss) to average net assets		0.49	%		0.85	%		1.27	%		1.02	%		1.22	%
Portfolio turnover		108	%		113	%		21	%		35	%		9	%

(a) Calculated based upon average shares outstanding.

Nasdaq-100 Index Fund Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	27.78		$	18.78		$	18.85		$	15.24		$	12.25
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.07			0.10			0.11			0.10			0.10
Net gain/(loss) on securities (both realized and unrealized)		7.98			10.32			0.18			3.78			2.98
Total from investment operations		8.05			10.42			0.29			3.88			3.08
LESS DISTRIBUTIONS
Dividends from net investment income		(0.11	)		(0.10	)		(0.12	)		(0.10	)		(0.09	)
Distributions from capital gains		(0.27	)		(1.32	)		(0.24	)		(0.17	)		—
Total distributions		(0.38	)		(1.42	)		(0.36	)		(0.27	)		(0.09	)
Net asset value, end of year or period	$	35.45		$	27.78		$	18.78		$	18.85		$	15.24
Total return		29.31	%		58.98	%		1.72	%		25.73	%		25.29	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	1,188,238		$	889,163		$	607,521		$	630,845		$	460,021
Ratio of expenses to average net assets:
Before expense reimbursements		0.63	%		0.70	%		0.74	%		0.74	%		0.70	%
After expense reimbursements		0.50	%(b)		0.50	%(b)		0.50	%(b)		0.51	%(b)		0.49	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.11	%		0.27	%		0.40	%		0.36	%		0.53	%
After expense reimbursements		0.24	%		0.47	%		0.64	%		0.59	%		0.74	%
Portfolio turnover		7	%		12	%		18	%		2	%		4	%

See accompanying notes to financial statements.

40

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period) (Continued)

Nasdaq 100 Index Fund K Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	26.88		$	18.23		$	18.31		$	14.83		$	11.93
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.07	)		(0.01	)		0.02			0.01			0.03
Net gain/(loss) on securities (both realized and unrealized)		7.70			10.01			0.18			3.67			2.91
Total from investment operations		7.63			10.00			0.20			3.68			2.94
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.03	)		(0.04	)		(0.03	)		(0.04	)
Distributions from capital gains		(0.27	)		(1.32	)		(0.24	)		(0.17	)		—
Total distributions		(0.30	)		(1.35	)		(0.28	)		(0.20	)		(0.04	)
Net asset value, end of year or period	$	34.21		$	26.88		$	18.23		$	18.31		$	14.83
Total return		28.66	%		58.17	%		1.24	%		25.03	%		24.70	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	38,457		$	31,064		$	24,755		$	28,573		$	22,427
Ratio of expenses to average net assets:
Before expense reimbursements		1.13	%		1.20	%		1.24	%		1.24	%		1.20	%
After expense reimbursements		1.00	%(b)		1.00	%(b)		1.00	%(b)		1.01	%(b)		0.99	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.38	)%		(0.23	)%		(0.10	)%		(0.15	)%		0.03	%
After expense reimbursements		(0.25	)%		(0.03	)%		0.14	%		0.08	%		0.24	%
Portfolio turnover		7	%		12	%		18	%		2	%		4	%

(a) Calculated based upon average shares outstanding.

(b) CCO Fees are not included in the expense limitation.

Shelton Green Alpha Fund Direct Shares	Year Ended August 31, 2021			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017
Net asset value, beginning of year	$	29.65		$	18.44		$	17.20		$	17.32		$	14.53
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.08	)		(0.01	)		0.03			0.05			0.02
Net gain/(loss) on securities (both realized and unrealized)		19.95			11.24			1.47			0.34			2.77
Total from investment operations		19.87			11.23			1.50			0.39			2.79
LESS DISTRIBUTIONS
Dividends from net investment income		—			(0.02	)		(0.02	)		(0.05	)		—
Distributions from capital gains		(0.45	)		—			(0.24	)		(0.46	)		—	(b)
Total distributions		(0.45	)		(0.02	)		(0.26	)		(0.51	)		—
Net asset value, end of year or period	$	49.07		$	29.65		$	18.44		$	17.20		$	17.32
Total return		67.36	%		60.93	%		8.91	%		2.19	%		19.20	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	343,542		$	91,607		$	56,567		$	49,366		$	40,256
Ratio of expenses to average net assets:
Before expense reimbursements		1.16	%		1.28	%		1.34	%		1.30	%		1.30	%
After expense reimbursements		1.16	%		1.28	%		1.34	%		1.30	%		1.30	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.35	)%		(0.05	)%		0.15	%		0.30	%		0.13	%
After expense reimbursements		(0.35	)%		(0.05	)%		0.15	%		0.30	%		0.13	%
Portfolio turnover		12	%		27	%		12	%		13	%		24	%

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

41

See accompanying notes to financial statements.

Shelton Funds Notes to Financial Statements August 31, 2021

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Green California Tax-Free Income Fund, U.S. Government Securities Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Nasdaq-100 Index Fund, and Shelton Green Alpha Fund (the “Funds”) are each a series of shares of beneficial interest of the Shelton Funds (the “Trust”). The Trust is registered under the Investment Company Act of 1940, as amended, as a diversified open-end management investment company. Each Fund is an investment company and accordingly follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standard Codification Topic 946 “Financial Services – Investment Companies”. The Trust is organized as a Delaware statutory trust and is authorized to issue an unlimited number of no par value shares in one or more series. The Trust, originally organized as two separate Massachusetts business trusts formed by Declarations of Trust dated September 11, 1985, as subsequently amended, was reorganized into a single Delaware statutory trust after the close of trading on December 29, 2006. The investment objectives of the Funds are as follows: Green California Tax-Free Income Fund seeks high current tax-free income for California residents. U.S. Government Securities Fund seeks liquidity, safety from credit risk and as high a level of income as is consistent with these objectives. The United States Treasury Trust seeks high current income exempt from state income taxes while maintaining a stable net asset value of $1.00 per share. S&P 500 Index Fund’s objective is to attempt to replicate the total return of the U.S. stock market as measured by the S&P 500 Composite Stock Price Index. S&P MidCap Index Fund attempts to replicate the performance of medium-sized U.S. companies as measured by the S&P MidCap 400 Index. S&P SmallCap Index Fund attempts to replicate the performance of small-sized U.S. companies as measured by the S&P SmallCap 600 Stock Index. The Shelton Equity Income Fund’s objective is to achieve a high level of income and capital appreciation (when consistent with high income) by investing primarily in income-producing U.S. equity securities. The Shelton Equity Income Fund changed its name from the Shelton Core Value Fund effective May 19, 2021. Shelton Green Alpha Fund seeks to achieve long-term capital appreciation by investing in stocks in the green economy. Nasdaq-100 Index Fund attempts to replicate the performance of the largest non-financial companies as measured by the Nasdaq-100 Index^®.

The U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, and Nasdaq-100 Index Fund each offer Class K shares. Effective as of December 27, 2019, the United States Treasury Trust ceased offering Class K shares of the Fund. Shares of each Fund represent equal proportionate interest in the assets of that Fund only, and have identical voting, dividend, redemption, liquidation and other rights. Income, expenses (other than the expenses attributable to a specific class), and realized and unrealized gains or losses on investments of the Funds are allocated proportionately to the two classes of shares offered based on the daily net assets, except for Rule 12b-1 distribution fees and shareholder service fees, which are charged only to K Shares. The following is a summary of significant accounting policies followed by the Funds.

(a) Security Valuation – Equity securities listed on a national exchange are valued at the last reported sales price. Futures contracts are valued at the settle price, depending on the exchange the contract trades on, typically as of 4:15 p.m., Eastern Time. Municipal securities are valued by an independent pricing service at a price determined by a matrix pricing method. This technique generally considers such factors as yields or prices of bonds of comparable quality, type of issue, coupon, maturity, ratings and general market conditions. U.S. government securities for which market quotations are readily available are valued at the mean between the closing bid and asked prices provided by an independent pricing service. U.S. agency securities consisting of mortgage pass-through certificates are valued using dealer quotations provided by an independent pricing service. U.S. Treasury Bills are valued at amortized cost which approximates market value. Securities with remaining maturities of 60 days or less are valued on the amortized cost basis as reflecting fair value. The United States Treasury Trust securities are valued at amortized cost, in accordance with procedures adopted by the Board of Trustees (the “Board”) and which the Board of Trustees has determined in good faith reflects the market-based net asset value per share. The Fund receives options pricing data from the Trust’s third party pricing service who use the last traded price to quote options positions.

Securities for which market quotes are not readily available from the Trust’s third party pricing service are valued at fair value, determined in good faith and in accordance with procedures adopted by the Board of Trustees (the “Board”). The Board has delegated to the Advisor’s pricing committee the responsibility for determining the fair value, subject to the Board oversight and the review of the pricing decisions at its quarterly meetings.

(b) Futures Contracts – Initial margin deposits required upon entering into futures contracts are satisfied by the segregation of cash, as collateral, for the account of the broker (a Fund’s agent in acquiring the futures position). During the period the futures contract is open, changes in the value of the contract are recognized as unrealized gains or losses by “marking to market” on a daily basis to reflect the market value of the contract at the end of each day’s trading. Variation margin payments are made or received depending upon whether unrealized gains or losses are incurred. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Fund’s basis in the contract. The S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund may purchase or sell stock index futures to maintain cash reserves while remaining fully invested, to facilitate trading, to reduce transaction costs, or to seek higher investment returns when a futures contract is priced more attractively than the underlying equity security or index. Risks include the possibility of an illiquid market and an imperfect correlation between the change in market value of the stocks held by a Fund and the prices of futures contracts.

(c) Options – The Shelton Equity Income Fund may write call options. When an option is written, the Fund receives a premium and becomes obligated to sell the underlying security at a fixed price, upon exercise of the option. Options can be traded through an exchange or through a privately negotiated arrangement with a dealer in an OTC transaction. Options traded through an exchange are generally cleared through a clearinghouse (such as the Options Clearing Corporation). The difference between the premium received or paid, and the market value of the option, is recorded as unrealized appreciation or depreciation. When an option is exercised, the proceeds of the security sold are adjusted by the amount of premium received. Upon the expiration of the option, a gain or loss is reported in the Statement of Operations. The risk in writing a call option is that the market price of the security increases and if the option is exercised, the Fund must either purchase the security at a higher price for delivery or give up the opportunity for profit.

(d) Federal Income Taxes – No provision is considered necessary for federal income taxes. The Funds intend to qualify for and elect the tax treatment applicable to regulated investment companies under the Internal Revenue Code and to distribute all of their taxable income to shareholders.

(e) Security Transactions, Investment Income and Distributions to Shareholders – Security transactions are recorded on the trade date. Interest income is recorded on the accrual basis. Dividend income is recorded on the ex-dividend date. Withholding taxes on foreign dividends have been provided for, in accordance with the Trust’s understanding of the applicable country’s tax rules and rates. Distributions to shareholders are recorded on the ex-dividend date for the Green California Tax-Free Income Fund, the U.S. Government Securities Fund, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Shelton Green Alpha Fund and Nasdaq-100 Index Fund. Income distributions and capital gain distributions are determined in accordance with income tax regulations which may differ from accounting principles generally accepted in the United States of America. These differences are primarily due to differing treatments for futures contracts, redemptions-in-kind and post-October capital losses. For The United States Treasury Trust, dividends from net investment income are declared daily and reinvested or paid in cash monthly. The U.S. Treasury Trust intends to maintain a continuous net asset value per share of $1.00. If net asset value per share using available market information deviates from $1.00 by $.005 or more, the Board of Trustees would consider what steps, if any, should be taken to restore net asset value per share to $1.00. Discounted and premiums on securities purchased are amortized or accreted using the effective interest method.

(f) Concentration – The Green California Tax-Free Income Fund invests in debt instruments of municipal issuers. The issuers’ abilities to meet their obligations may be affected by economic developments in the state of California.

The S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, and Nasdaq-100 Index Fund seek to replicate the performance of their respective index. From time to time this replication may lead a Fund to concentrate in stocks of a particular sector, category or group of companies, which could cause each Fund to underperform the overall stock market.

(g) Use of Estimates in Financial Statements – In preparing financial statements in conformity with accounting principles generally accepted in the United States of America, management makes estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of income and expense during the year. Actual results may differ from these estimates.

(h) Share Valuations – The net asset value (“NAV”) per share of each Fund is calculated by dividing the sum of the value of the securities held by the Fund, plus cash or

42

Shelton Funds Notes to Financial Statements (Continued) August 31, 2021

other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding of the Fund, rounded to the nearest cent. A Fund’s shares will not be priced on the days on which the NYSE is closed for trading. Bond and money market funds are closed on Columbus Day (observed) and Veteran’s Day (observed). The offering and redemption price per share of each Fund is equal to a Fund’s NAV per share.

(i) Accounting for Uncertainty in Income Taxes – The Funds recognize the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has analyzed the Fund’s tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on returns filed for open tax years (2018-2020), or expected to be taken in the Fund’s 2021 tax returns. Each Fund identifies its major tax jurisdictions as U.S. Federal, however the Funds are not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.

(j) The Funds adopted ASU No. 2017-08 – Premium on amortization on purchased callable debt securities which shortens the premium allocation for non-contingently callable debt securities. Management has assessed these changes and concluded these changes did not have a material impact on the Funds’ financial statements.

(k) Fair Value Measurements – The Funds utilize various methods to measure the fair value of most of their investments on a recurring basis. U.S. GAAP establishes a hierarchy that prioritizes inputs to valuation methods. The three levels of inputs are:

Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 – Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 – Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety, is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes the valuation of the Trust’s securities at August 31, 2021 using a fair value hierarchy:

	Level 1(a)		Level 2(a)		Level 3(a)				Level 1(a)		Level 1(a)		Level 1(a)
Fund	Investments in Securities(b)		Investments in Securities(c)		Investments in Securities		Total Investments		Futures Contracts - Assets(d)		Futures Contracts - Liabilities(d)		Written Options - Liabilities
Green California Tax-Free Income Fund	$	—	$	56,070,939	$	—	$	56,070,939	$	—	$	—	$	—
U.S. Government Securities Fund		—		19,962,146		—		19,962,146		—		—		—
The United States Treasury Trust Fund		—		36,698,272		—		36,698,272		—		—		—
S&P 500 Index Fund(e)		246,538,285		—		—		246,538,285		15,600		—		—
S&P MidCap Index Fund(e)		132,881,342		—		—		132,881,342		15,450		—		—
S&P SmallCap Index Fund(e)		67,513,491		—		0		67,513,491		5,655		—		—
Shelton Equity Income Fund		221,586,036		—		—		221,586,036		—		—		376,237
Nasdaq-100 Index Fund(e)		1,218,112,898		—		—		1,218,112,898		251,535		—		—
Shelton Green Alpha Fund		326,437,946		—		—		326,437,946		—		—		—

(a) It is the Funds’ policy to recognize transfers between levels on the last day of the fiscal reporting period. There were no transfers in or out of Level 1, Level 2, and Level 3 as of period end.

(b) All publicly traded common stocks and preferred stocks held in the Funds are Level 1 securities, except those that are fair valued in the Basic Materials and Consumer Discretionary industries. For a detailed break-out of equity securities by major industry classification, please refer to the Portfolio of Investments.

(c) All fixed income securities held in the Funds are Level 2 securities. For a detailed break-out of fixed income securities by type, please refer to the Portfolio of Investments.

(d) Represents unrealized appreciation/depreciation on the last day of the reporting period.

(e) As disclosed on each respective Fund’s Portfolio of Investments, certain Funds received collateral for securities on loan. The collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC and valued at NAV as a practical expedient. Therefore, these holdings are excluded from the hierarchy tables above.

Level 3 Securities	S&P SmallCap Index Fund
	Rights - Lantheus Holdings Inc
Beginning Balance	$	0
Net Purchases		—
Net Sales		—
Total Realized Gain/(Loss)		—
Change in Unrealized Appreciation (Depreciation)		—
Accrued Interest		—
Transfers into Level 3		—
Transfers out of Level 3		—
Ending Balance	$	0

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Shelton Funds Notes to Financial Statements (Continued) August 31, 2021

(k) Disclosure about Derivative Instruments and Hedging Activities – The Funds have adopted enhanced disclosure regarding derivative and hedging activity intended to improve financial reporting of derivative instruments by enabling investors to understand how and why an entity uses derivatives, how derivatives are accounted for, and how derivative instruments affect an entity’s results of operations and financial position.

S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Nasdaq-100 Index Fund and Shelton Green Alpha Fund can use futures contracts and strategies for achieving the investment objectives.

Although the Funds’ primary risks are associated with changes in the stock market, there are other risks associated with the Funds. For the index funds, these risks generally apply to how well the Funds track the index. For example, the Funds invest in futures contracts to the extent that it holds cash in the portfolio. If these futures contracts do not track the index, the Fund’s performance relative to the respective index will change. For the non-indexed Funds, they may invest in futures contracts to the extent each Fund holds cash in the portfolio. If these futures contracts owned by each Fund do not perform well, the Funds’ performance will be impacted.

Under normal circumstances each Fund may follow a number of investment policies to achieve its objective. Losses involving futures can sometimes be substantial, in part because a relatively small price movement in a futures contract may result in an immediate and substantial loss for the Funds. In an effort to minimize this risk, the Funds will not use futures for speculative purposes or as leverage. It is the Funds’ policy to hold cash deposits equal or greater than the total market value of any futures position. The value of all futures and options contracts in which the Funds acquire an interest will not exceed 20% of current total assets.

At August 31, 2021, the number of open future contracts in the S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, and Nasdaq-100 Index Fund were 3, 2, 4, and 28, respectively. The Shelton Equity Income Fund, Shelton MidCap Index Fund and Shelton Green Alpha Fund held no futures contracts at August 31, 2021. Only current day’s variation margin is reported as an asset or liability within the statement of assets and liabilities.

The effect of derivative instruments on the Statements of Assets & Liabilities as of August 31, 2021:

Derivatives Not Accounted for as Hedging Instruments	Variation Margin Payable		Variation Margin Receivable
S&P 500 Index Fund - Equity contracts	$	705	$	—
S&P MidCap Index Fund - Equity contracts		1,400		—
S&P SmallCap Index Fund - Equity contracts		—		920
Nasdaq-100 Index Fund - Equity contracts		8,873		—

The effect of derivative instruments on the Statements of Operations for the period ended August 31, 2021:

Derivatives Not Accounted for as Hedging Instruments	Realized Gain/ (Loss) on Futures		Changes in Unrealized Appreciation/ (Depreciation) on Futures
S&P 500 Index Fund - Equity contracts	$	239,328	$	675
S&P MidCap Index Fund - Equity contracts		257,356		(4,090	)
S&P SmallCap Index Fund - Equity contracts		145,088		5,955
Nasdaq-100 Index Fund - Equity contracts		4,933,218		(2,230,480	)

The previously disclosed derivative instruments outstanding as of August 31, 2021, and their effect on the Statement of Operations for the period ending August 31, 2021, serve as indicators of the volume of financial derivative activity for the company. The following table indicates the average volume for the period:

Derivatives Not Accounted for as Hedging Instruments	Average Notional Value
S&P 500 Index Fund - Equity contracts	$	874,495
S&P MidCap Index Fund - Equity contracts		703,698
S&P SmallCap Index Fund - Equity contracts		347,781
Nasdaq-100 Index Fund - Equity contracts		14,753,717

Note 2 - INVESTMENT MANAGEMENT FEE AND OTHER RELATED PARTY TRANSACTIONS

Shelton Capital Management (“Shelton Capital” or the “Advisor”), a California limited partnership, provides each Fund with management and administrative services pursuant to investment management and administration servicing agreements.

In accordance with the terms of the management agreement, the Advisor receives compensation at the following annual rates:

	To $100 million in net assets	$100 million to $500 million in net assets	$500 million to $1 billion in net assets	In excess of $1 billion in net assets
Green California Tax-Free Income Fund	0.50%	0.45%	0.40%	0.40%
U.S. Government Securities Fund	0.50%	0.45%	0.40%	0.40%
U.S. Treasury Trust	0.50%	0.45%	0.40%	0.40%
S&P 500 Index Fund	0.25%	0.25%	0.25%	0.25%
S&P MidCap Index Fund	0.40%	0.40%	0.40%	0.40%
S&P SmallCap Index Fund	0.50%	0.50%	0.45%	0.40%
Shelton Equity Income Fund	0.50%	0.50%	0.45%	0.40%
Nasdaq-100 Index Fund	0.50%	0.50%	0.45%	0.40%
Shelton Green Alpha Fund(a)	1.00%	1.00%	1.00%	1.00%

(a) The Advisor pays Green Alpha Advisors a sub-advisor fee of 0.50%

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Shelton Funds Notes to Financial Statements (Continued) August 31, 2021

The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement is effective until January 2, 2022, unless renewed and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees’ review and approval. Reimbursements from the Advisor to affected Funds, and the contractual expense limits, for the period ended August 31, 2021 are as follows:

	Contractual Expense Limitation
Fund	Direct Shares	K Shares	Expiration
U.S. Government Securities Fund	0.74%	1.24%	1/2/22
The United States Treasury Trust	0.53%	N/A	1/2/22
Nasdaq-100 Index Fund	0.49%	0.99%	1/2/22

At August 31, 2021, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $4,621,545. The Advisor may recapture a portion of the above amount no later than the dates as stated below. As of January 2, 2018, the S&P 500 Index Fund, S&P MidCap Index Fund and S&P SmallCap Index Fund were no longer subject to contractual expense limitations.

Fund	Expires 8/31/22		Expires 8/31/23		Expires 8/31/24		Total
U.S. Government Securities Fund	$	43,929	$	40,952	$	54,782	$	139,663
The United States Treasury Trust Fund		104,345		126,233		89,114		319,692
Nasdaq-100 Index Fund		1,448,548		1,405,450		1,308,192		4,162,190
Total	$	1,596,822	$	1,572,625	$	1,452,088	$	4,621,545

A Fund must pay its current ordinary operating expenses before the Advisor is entitled to any reimbursement of fees and/or expenses. Any such reimbursement is contingent upon the Board of Trustees’ review and approval prior to the time the reimbursement is initiated. In additon to the unreimbursed amount expiring 8/31/2024, The United States Treasury Trust Fund had an additional voluntary waiver amount of $176,357 not subject to recoupment.

As compensation for administrative duties not covered by the management agreement, Shelton Capital receives an administration fee, which was revised on January 1, 2011. The administration fee is based on assets held, in aggregate, by the Shelton Funds. The fee rates are 0.10% on the first $500 million, 0.08% on the next $500 million, and 0.06% on combined assets over $1 billion. This administration fee is adjusted annually for inflation using the Consumer Price Index (rounded to the nearest $10 million) with a base year of 2004. Administration fees are disclosed on the Statements of Operations.

Certain officers and trustees of the Trust are also partners of Shelton Capital. Stephen Rogers has served as a trustee and Chairman of the Board of Trustees of the Trust since 1998, and President of the Trust since 1999. Mr. Rogers is also Chief Executive Officer of the Advisor. Gregory T. Pusch has served as the Chief Compliance Officer (“CCO”) of the Trust since March 2017. Mr. Pusch is also employed by Shelton Capital, the Advisor and Administrator to the Trust. The Trust is responsible for the portion of his salary allocated to his duties as the CCO of the Trust during his employment, and Shelton Capital is reimbursed by the Trust for this portion of his salary. The level of reimbursement is reviewed and determined by the Board of Trustees at least annually.

Shelton Funds have adopted a Distribution Plan (the “Plan”), as amended August 1, 2012, pursuant to Rule 12b-1 under the Investment Company Act of 1940, whereby the Class K Shares of each Fund of the Shelton Funds pays the Distributor for expenses that relate to the promotion and distribution of shares. Under the Plan, the Class K Shares of the Funds will pay RFS Partners, an affiliate of the Advisor, the Funds’ distributor (the “Distributor”) a fee at an annual rate of 0.25%, payable monthly, of the daily net assets attributable to such Fund’s Class K Shares.

Shelton Funds adopted a Shareholder Services Plan (the “Services Plan”), whereby the K Shares of each Fund of the Shelton Funds pay RFS Partners, the Funds’ Distributor or other service providers, an annual rate of 0.25% of the average daily net assets of Class K Shares. Such amounts are compensation for providing certain services to clients owning K Shares, including processing purchase and redemption transactions, assisting in other administrative details and providing other information with respect to each Fund.

For the period ended August 31, 2021, the following were paid by the Class K Shares of each Fund of the Trust:

Fund	Class K 12b-1 Fees		Class K Shareholder Service Fees
U.S. Government Securities Fund	$	4,098	$	4,098
S&P 500 Index Fund		8,580		8,580
S&P MidCap Index Fund		3,164		3,164
S&P SmallCap Index Fund		7,773		7,773
Shelton Equity Income Fund		3,482		3,482
Nasdaq-100 Index fund		84,263		84,263

Management fees, Administration fees, Expense reimbursement from the manager, CCO fees and Trustees fees incurred during the period are included in the Statements of Operations.

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Shelton Funds Notes to Financial Statements (Continued) August 31, 2021

Note 3 - PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities other than short-term instruments for the period ended August 31, 2021 were as follows:

Fund	Purchases		Sales		Purchases (Excluding U.S. Government Obligations)		Sales (Excluding U.S. Government Obligations)
Green California Tax-Free Income Fund	$	3,900,000	$	4,807,150	$	3,900,000	$	4,807,150
U.S. Government Securities Fund		3,229,954		3,129,949		—		—
S&P 500 Index Fund		19,673,752		27,096,986		14,074,338		21,597,278
S&P MidCap Index Fund		22,445,902		28,411,718		21,146,152		26,212,083
S&P SmallCap Index Fund		8,490,852		14,199,323		8,390,873		14,199,323
Equity Income Fund		234,657,056		186,592,700		167,265,308		121,799,849
Nasdaq-100 Index Fund		218,134,200		71,093,714		123,547,875		71,093,714
Green Alpha Fund		186,607,719		26,115,673		186,607,719		26,115,673

Note 4 - OPTIONS WRITTEN

Written Options Contracts – Certain Funds may write options to manage exposure to certain changes in the market. When a Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability, which is marked-to-market daily to reflect the current market value of the option written. If the option expires, the Fund realizes a gain from investments equal to the amount of the premium received. When a written call option is exercised, the difference between the premium and the amount for effecting a closing purchase transaction, including brokerage commission, is also treated as a realized gain or loss. When a written put option is exercised, the amount of the premium received reduces the cost of the security purchased by the Fund. A risk in writing a covered call option is that the Fund may forego the opportunity of profit if the market price of the underlying security increases and the option is exercised. The risk in writing a put option is that the Fund may incur a loss if the market price of the underlying security decreases and the option is exercised.

At August 31, 2021, the Shelton Equity Income Fund had written option contracts outstanding:

Derivatives not Accounted for as Hedging Instruments	Liability Derivatives Statement of Assets and Liabilities Location	Fair Value
Equity Contracts (written option contracts)	Written options, at value	$	376,237

The effect of derivative instruments on the Funds’ Statement of Operations for the period ended August 31, 2021, was as follows:

Derivatives not Accounted for as Hedging Instruments	Location of Gains/(Loss) on Derivatives Recognized in Income	Realized Gain/ (Loss) on Derivatives Recognized in Income		Change in Unrealized Gain/(Loss) on Derivatives Recognized in Income
Equity Contracts (written option contracts)	Net realized gains (losses) from: Written option contracts / Net change in unrealized appreciation (depreciation) on: Written option contracts	$	3,533,808	$	862,250

Volume of derivative instruments held by the Funds during the period ended August 31, 2021, was as follows:

Derivative Type	Unit of Measurement	Average
Written Option Contracts	Contracts	$	(599,740	)

Note 5 - TAX CHARACTER

Reclassifications: Accounting principles generally accepted in the United States of America require certain components of net assets be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended August 31, 2021, there are no permanent differences resulting from different book and tax accounting.

Tax Basis of Distributable Earnings: The tax character of distributable earnings at August 31, 2021 was as follows:

	Undistributed Tax-Exempt Income		Undistributed Ordinary Income		Undistrbuted Long term Capital Gains		Unrealized Appreciation/ (Depreciation)		Other Accumulated Gains/Losses			Total Distributable Earnings
Green California Tax-Free Income Fund	$	50,614	$	—	$	—	$	4,323,104	$	(266,001	)	$	4,107,717
U.S. Government Securities Fund		—		23,445		—		826,744		(98,760	)		751,429
The United States Treasury Trust		—		—		—		—		(1,680	)		(1,680	)
S&P 500 Index Fund		—		569,935		10,734,020		176,038,690		6,267			187,348,912
S&P MidCap Index Fund		—		2,711,036		6,661,818		54,370,731		20			63,743,605
S&P SmallCap Index Fund		—		711,965		4,475,340		26,203,443		(8,182	)		31,382,566
Equity Income Fund		—		4,936,702		5,576,546		33,981,924		(257	)		44,494,915
Nasdaq-100 Index Fund		—		2,136,047		28,065,092		793,298,981		(376	)		823,499,744
Green Alpha Fund		—		1,221,910		11,087,608		104,096,074		(8	)		116,405,584

46

Shelton Funds Notes to Financial Statements (Continued) August 31, 2021

The difference between book basis and tax basis unrealized appreciation/(depreciation) is attributable primarily to the realization of unrealized gains/(losses) on future contracts for tax purposes, wash sales, straddle deferrals, and certain other investments.

Capital Losses: Capital loss carry forwards, as of August 31, 2021, available to offset future capital gains, if any, are as follows:

	U.S. Government Securities Fund			Green California Tax-Free Income Fund			United States Treasury Trust Fund
Long Term with No Expiration	$	(50,600	)	$	(163,784	)	$	(1,680	)
Short Term with No Expiration		(30,120	)		(717	)		—
Total	$	(80,720	)	$	(164,501	)	$	(1,680	)

Distributions to Shareholders: Income distributions and capital gain distributions are determined in accordance with income tax regulations, which may differ from U.S. generally accepted accounting principles. These differences are primarily due to differing treatments of income and gains on various investment securities held by each Fund, timing differences and differing characterization of distributions made by each Fund.

The tax character of distributions paid during the years ended August 31, 2021 and 2020 were as follows:

Fund	Year		Ordinary Income		Long-Term Capital Gains(a)		Exempt- Interest Dividends		Total Distributions
Green California Tax-Free Income Fund		2020	$	—	$	86,780	$	1,137,898	$	1,224,678
		2021		—		—		1,113,278		1,113,278
U.S. Government Securities Fund		2020		270,782		—		—		270,782
		2021		221,988		—		—		221,988
The United States Treasury Trust		2020		261,524		—		—		261,524
		2021		—		—		—
S&P 500 Index Fund		2020		2,808,286		14,466,128		—		17,274,414
		2021		3,842,509		12,667,378		—		16,509,887
S&P MidCap Index Fund		2020		1,093,967		7,058,757		—		8,152,724
		2021		1,575,207		7,730,800		—		9,306,007
S&P SmallCap Index Fund		2020		377,203		4,464,022		—		4,841,225
		2021		728,736		1,770,410		—		2,499,146
Shelton Equity Income Fund		2020		11,953,734		9,784,795		—		21,738,529
		2021		17,038,360		20,962,099		—		38,000,459
Nasdaq-100 Index Fund		2020		5,487,003		41,231,826		—		46,718,829
		2021		8,707,486		3,588,234		—		12,295,720
Green Alpha Fund		2020		—		51,691		—		51,691
		2021		—		1,627,679		—		1,627,679

(a) The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the period ended August 31, 2021.

Note 6 – SECURITIES LENDING

The Funds have entered into an agreement with U.S. Bank, N.A. (the “Lending Agent”), dated January 19, 2020 (the “Securities Lending Agreement”), to provide securities lending services to the Funds. Under this program, the Funds may lend securities in their portfolios to approved brokers, dealers and financial institutions (but not individuals). The securities lending agreement requires that loans are collateralized in an amount equal to at least (i) 105% of then current market value of any loaned foreign securities, or (ii) 102% of the then current market value of any other loaned securities at the outset of the loan and at least 100%, at all times thereafter. The Funds have the right under the terms of the securities lending agreement to recall the securities from the borrower on demand. Cash collateral received by the Funds for securities loaned is invested by the Lending Agent in the Mount Vernon Liquid Assets Portfolio, LLC, (“Mount Vernon”). Mount Vernon seeks to maximize current income to the extent consistent with the preservation of capital and liquidity; and to maintain a stable NAV of $1.00.The Funds continue to benefit from interest or dividends on the securities loaned and may also earn a return from the collateral. Such investments are subject to risk of payment delays, declines in the value of collateral provided, default on the part of the issuer or counterparty, and the risk that the investment may not generate sufficient interest to support the costs associated with securities lending. The Funds could also experience delays in recovering their securities and possible loss of income or value if the borrower fails to return the borrowed securities. The Funds are not subject to a master netting arrangement.

Amounts earned from security lending is disclosed in each Fund’s Statement of Operations as a securities lending credit.

As of August 31, 2021, the value of the securities on loan and payable for collateral were as follows:

Fund	Value of Securities on Loan		Fund Collateral Received*
S&P 500 Index Fund	$	31,839	$	31,464	^
S&P MidCap Index Fund		608,968		630,195
S&P SmallCap Index Fund		1,032,066		1,054,558
Nasdaq-100 Index Fund		2,140,653		2,219,178

* The cash collateral received was invested in the Mount Vernon Liquid Assets Portfolio, LLC, with an overnight and continuous maturity as shown on the Portfolios of Investments.

^ Due to market movements as of August 31, 2021, the collateral received was less than the required 100%. Additional collateral was pledged to the Fund to meet the requirement on September 1, 2021.

47

Shelton Funds Notes to Financial Statements (Continued) August 31, 2021

Note 7 – SUBSEQUENT EVENTS

In preparing the financial statements as of August 31, 2021, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of issuance of the financial statements and has determined that there were no subsequent events requiring recognition or disclosure.

Fund Holdings (Unaudited)

Each Fund files its complete schedule of portfolio holdings with the Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Funds’ Form N-PORT reports are available on the SEC’s website at www.sec.gov.The information filed in the form N-PORT also may be obtained by calling (800) 955-9988.

About this Report

This report is submitted for the general information of the shareholders of the Shelton Funds. It is authorized for distribution only if preceded or accompanied by a current Shelton Funds prospectus. Additional copies of the prospectus may be obtained by calling (800) 955-9988 or can be downloaded from the Funds’ website at www.sheltoncap.com. Please read the prospectus carefully before you invest or send money, as it explains the risks, fees and expenses of investing in the Funds.

Proxy Voting Policies, Procedures and Voting Records (Unaudited)

The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds use to determine how to vote proxies relating to portfolio securities, along with the Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended August 31, 2021 is available upon request, at no charge, at the phone number above, or on the SEC’s website at www.sec.gov.

48

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Trustees of
Shelton Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Green California-Tax Free Income Fund, U.S. Government Securities Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton Equity Income Fund, Nasdaq-100 Index Fund, and Shelton Green Alpha Fund (the “Funds”), comprising Shelton Funds, as of August 31, 2021, the related statements of operations and changes in net assets, the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2021, and the results of their operations, the changes in net assets, and the financial highlights for the year then ended, in conformity with accounting principles generally accepted in the United States of America.

The Funds’ financial statements and financial highlights for the years ended August 31, 2020, and prior, were audited by other auditors whose report dated October 30, 2020, expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2021, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2021.

 

COHEN & COMPANY, LTD.

Cleveland, Ohio
October 29, 2021

49

Board of Trustees and Executive Officers (Unaudited)

Overall responsibility for management of the Funds rests with the Board of Trustees. The Trustees serve during the lifetime of the Trust and until its termination, or until death, resignation, retirement or removal. The Trustees, in turn, elect the officers of the Fund to actively supervise its day-to-day operations. The officers have been elected for an annual term. The following are the Trustees and Executive Officers of the Funds:

Name	Address	Year of Birth	Position Held with the Trust	Length of Time Served
Stephen C. Rogers	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Chairman of the Board, Trustee, President	Since August 1999, Since August 1999, Since August 1999
Kevin T. Kogler	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Trustee	Since May 2006
Marco L. Quazzo	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1962	Trustee	Since August 2014
Stephen H. Sutro	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1969	Trustee	Since May 2006
William P. Mock	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Treasurer	Since February 2010
Gregory T. Pusch	1875 Lawrence Street, Suite 300 Denver, CO, 80202	1966	Chief Compliance Officer, Secretary	Since March 2017

Each Trustee oversees the Trust’s nine Funds. The principal occupations of the Trustees and Executive Officers of the Funds during the past five years and public directorships held by the Trustees are set forth below:

Stephen C. Rogers*	Chief Executive Officer, Shelton Capital Management, 1999 to present.
Kevin T. Kogler	President & Founder of MicroBiz, LLC, 2012 to present; Principal, Robertson Piper Software Group, 2006 to 2012; Senior Vice President, Investment Banking, Friedman, Billings Ramsey, 2003 to 2006.
Marco L. Quazzo	Principal, Bartko Zankel Bunzel & Miller, March 2015-Present; Partner, Barg Coffin Lewis & Trapp LLP (law firm), 2008 to March 2015.
Stephen H. Sutro	Managing Partner, Duane Morris, LLP (law firm) 2014 to present; Partner, Duane Morris LLP (law firm), 2003 to present.
William P. Mock	Portfolio Manager, Shelton Capital Management, 2010 to present.
Gregory T. Pusch	Principal Occupations Past five years: Global Head of Risk & Compliance, Matthews Asia 2015-2016; Head of Legal & Regulatory Compliance / CCO, HarbourVest Partners 2012-2015.

Additional information about the Trustees may be found in the SAI, which is available without charge by calling (800) 955-9988.

* Trustee deemed to be an “interested person” of the Trust, as defined in the Investment Company Act of 1940. Mr. Rogers is an interested person because he is the CEO of Shelton Capital Management, the Trust’s Advisor and Administrator.

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P.O. Box 87

Denver, CO 80201-0087

(b) Not Applicable.

ITEM 2. CODE OF ETHICS.

(a) The Registrant has adopted a code of ethics that applies to its principal executive officers and principal financial and accounting officer.

(b) Not applicable.

(c) Not applicable.

(d) Not applicable.

(e) Not applicable.

(f) Pursuant to Item 13(a)(1), the Registrant is attaching as an exhibit a copy of its code of ethics that applies to its principal executive officer and principal financial and accounting officer. A copy of the code of ethics is available upon request, at no charge, at 1(800) 955-9988.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

(a)(1) Registrant does not have an audit committee financial expert serving on its audit committee.

(a)(2) Not applicable.

(a)(3) The audit committee has determined that no single independent trustee meets the criteria of "audit committee financial expert", but the collective skills of the committee are sufficient.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

(a) Audit Fees

The aggregate fees paid to the principal accountant for professional services rendered by the principal accountant for the audit of the Registrant's annual financial statements or for services that are normally provided by the principal accountant in connection with statutory and regulatory filings or engagements were $122,000 for the fiscal year ended August 31, 2021 and $121,600 for the fiscal year ended August 31, 2020.

(b) Audit-Related Fees

There were no fees paid to the principal accountant for assurance and related services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of Item 4.

(c) Tax Fees

The aggregate fees paid to the principal accountant for tax compliance, tax advice, and tax planning services rendered by the principal accountant to the Registrant were $27,000 for the fiscal year ended August 31, 2021 and $25,700 for the fiscal year ended August 31, 2020.

(d) All Other Fees

There were no other fees paid to the principal accountant for services rendered by the principal accountant to the Registrant that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraphs (a)-(c) of Item 4.

(e)(1) The Registrant's audit committee is directly responsible for approving the services to be provided by the auditors, including:

(i) pre-approval of all audit and audit-related services;

(ii) pre-approval of all non-audit related services to be provided to the Registrant by the auditors;

(iii) pre-approval of all non-audit related services to be provided to the Registrant by the auditors to the Registrant 's investment adviser or to any entity that controls, is controlled by or is under common control with the Registrant 's investment adviser and that provides ongoing services to the Registrant where the non-audit services relate directly to the operations or financial reporting of the Registrant; and

(e)(2) All of the services provided to the Registrant described in paragraphs (b)-(d) of Item 4 were pre-approved by the audit committee.

(f) Not applicable.

(g) The aggregate non-audit fees paid to the principal accountant for services rendered by the principal accountant to the Registrant and the Registrant's investment adviser and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the Registrant were $0 for the fiscal year ended August 31, 2021 and $0 for the fiscal year ended August 31, 2020.

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

Not applicable.

ITEM 6. SCHEDULE OF INVESTMENTS.

(a) Investments in securities of unaffiliated issuers as of the close of the reporting period are included as part of the report to shareholders filed under Item 1 of this Form N-CSR.

(b) Not applicable.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES.

Not applicable.

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS.

Not applicable.

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the Registrant's board of trustees since the Registrant last provided disclosure in response to the requirements of Item 7(d)(2)(ii)(G) of Schedule 14A or this Item.

ITEM 11. CONTROLS AND PROCEDURES.

(a) The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act that occurred during the Registrant's last fiscal half-year (the Registrant's second fiscal half- year in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting

ITEM 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

ITEM 13. EXHIBITS.

(a)(1) Code of Ethics is filed as Exhibit 13(a)(1) to this Form N-CSR.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002, as amended (“SOX”), are filed as Exhibit 13(a)(2) to this Form N-CSR.

(a)(3) Not applicable

(a)(4) Change in Independent Registered Public Accounting Firm is filed as Exhibit 13(a)(4) to this Form N-CSR.

(b) Certifications required by Rule 30a-2(b) under the 1940 Act, Section 906 of SOX, Rule 13a-14(b) under the Exchange Act, and Section 1350 of Chapter 63 of Title 18 of the United States Code are furnished as Exhibit 13(b) to this Form N-CSR.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Shelton Funds

By	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	Date: October 29, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
By	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	Date: October 29, 2021
By	/s/ William P. Mock
	William P. Mock, Treasurer
	Date: October 29, 2021