N-CSRS

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: (415) 398-2727

Date of fiscal year end: August 31

Date of reporting period: February, 29, 2020

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. ss. 3507.

SEMI-ANNUAL REPORT

February 29, 2020

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 Core Value 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.

Beginning on May 1, 2021, as permitted by regulations adopted by the U.S. Securities and Exchange Commission, paper copies of the Funds’ annual and semi-annual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website at www.sheltoncap.com and you will be notified by mail each time a report is posted and provided with a website link to access the report.

You may, notwithstanding the availability of shareholder reports online, elect to receive all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 800-955-9988 to let the Funds know you wish to continue receiving paper copies of your shareholder reports.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by enrolling at www.sheltoncap.com.

Table of Contents February 29, 2020

About Your Fund’s Expenses	1
Top Holdings and Sector Breakdowns	2
Portfolio of Investments	5
Statements of Assets & Liabilities	22
Statements of Operations	24
Statements of Changes in Net Assets	26
Financial Highlights	29
Notes to Financial Statements	37
Fund Holdings	44
Proxy Voting Policies, Procedures and Voting Records	44
Board of Trustees and Executive Officers	44
Board Considerations Regarding Approval of Investment Advisory Agreements	45

About Your Fund’s Expenses (Unaudited)

February 29, 2020

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 and service (12b-1) 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 September 1, 2019 to February 29, 2020.

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. The Funds do not charge any sales charges. 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.

	Beginning Account Value September 1, 2019	Ending Account Value February 29, 2020	Expenses Paid During Period*	Net Annual Expense Ratio
Green California Tax-Free Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,017	$ 3.89	0.77%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.90	0.77%
U.S. Government Securities Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,023	$ 3.85	0.76%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.85	0.76%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,022	$ 6.39	1.26%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.38	1.26%
The United States Treasury Trust
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,007	$ 2.77	0.55%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.79	0.55%
S&P 500 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,017	$ 2.53	0.50%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.53	0.50%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,111	$ 5.24	0.99%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.01	0.99%

1

About Your Fund’s Expenses (Unaudited)

February 29, 2020 (Continued)

	Beginning Account Value September 1, 2019	Ending Account Value February 29, 2020	Expenses Paid During Period*	Net Annual Expense Ratio
S&P MidCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 974	$ 3.32	0.67%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 3.40	0.67%
K Shares
Based on Actual Fund Return	$ 1,000	$ 971	$ 5.78	1.17%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 5.92	1.17%
S&P SmallCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 970	$ 4.00	0.81%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 4.10	0.81%
K Shares
Based on Actual Fund Return	$ 1,000	$ 968	$ 6.46	1.31%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,018	$ 6.63	1.31%
Shelton Core Value Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 994	$ 4.10	0.82%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 4.15	0.82%
K Shares
Based on Actual Fund Return	$ 1,000	$ 992	$ 6.59	1.32%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,018	$ 6.68	1.32%
Nasdaq-100 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,106	$ 2.69	0.51%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 2.59	0.51%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,103	$ 5.32	1.01%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 5.11	1.01%
Shelton Green Alpha Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,053	$ 6.90	1.34%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,018	$ 6.78	1.34%

* Expenses are equal to the Fund’s expense ratio annualized

Top Holdings and Sector Breakdowns (Unaudited) February 29, 2020

Green California Tax-Free Income Fund

Security		Description	Market Value	Percentage of Total Investment
1	East Side Union High School District	General Obligation Refunding Bonds (2012 Crossover); 2006	$ 3,448,025	5.5%
2	William S Hart Union High School District	Lease Revenue Bonds; 2009 Series I-1	3,108,309	4.9%
3	San Francisco Bay Area Rapid Transit District	General Obligation Bonds; 2008 Election, Series B	2,957,846	4.7%
4	Los Rios Community College District	San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds)	2,847,975	4.5%
5	Mount San Antonio Community College District	General Obligation Bonds; Election of 2008, Series 2013A	2,688,566	4.3%
6	East Bay Municipal Utility District Water System Revenue	Revenue Bonds (University of Southern California); Series 2009A	2,504,895	4.0%
7	California Health Facilities Financing Authority	General Obligation Bonds; 2001 Election, Series B	2,241,926	3.5%
8	Los Angeles Department of Water	Water System Revenue Bonds; 2015 Series B	2,176,910	3.4%
9	Santa Maria Joint Union High School District	Tax-Exempt Various Purpose General Obligation Bonds	2,145,800	3.4%
10	City of Los Angeles CA	General Obligation Refunding Bonds; Series 2012-A	2,130,100	3.4%

2

Top Holdings and Sector Breakdowns (Unaudited) (Continued) February 29, 2020

U.S. Government Securities Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note/Bond	02/15/2022	$ 2,962,191	13.4%
2	United States Treasury Note/Bond	08/15/2027	2,606,859	11.8%
3	United States Treasury Note/Bond	02/15/2021	2,355,299	10.6%
4	United States Treasury Note/Bond	05/15/2025	2,332,043	10.5%
5	United States Treasury Note/Bond	08/15/2023	2,320,441	10.5%
6	United States Treasury Note/Bond	08/15/2020	1,408,750	6.4%
7	United States Treasury Note/Bond	11/15/2028	1,401,773	6.3%
8	United States Treasury Note/Bond	02/29/2024	1,362,105	6.1%
9	United States Treasury Note/Bond	08/15/2021	1,219,969	5.5%
10	United States Treasury Note/Bond	02/15/2026	1,034,141	4.7%

The United States Treasury Trust

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Bill	03/10/2020	$ 5,997,481	16.6%
2	United States Treasury Bill	03/26/2020	4,794,727	13.3%
3	United States Treasury Bill	04/16/2020	4,690,440	13.0%
4	United States Treasury Bill	03/17/2020	4,596,780	12.8%
5	United States Treasury Bill	04/23/2020	4,189,549	11.6%
6	United States Treasury Bill	05/21/2020	3,387,998	9.4%
7	United States Treasury Bill	04/02/2020	2,995,830	8.3%
8	United States Treasury Bill	10/08/2020	2,480,826	6.9%
9	United States Treasury Bill	06/25/2020	1,791,139	5.0%

S&P 500 Index Fund

Security		Market Value	Percentage of Total Investment
1	Microsoft Corp	$ 8,677,580	5.1%
2	Apple Inc	8,016,009	4.7%
3	Amazon.com Inc	5,508,085	3.2%
4	Facebook Inc	3,270,065	1.9%
5	Berkshire Hathaway Inc	2,857,396	1.7%
6	Alphabet Inc - Class A	2,832,514	1.7%
7	Alphabet Inc - Class C	2,809,914	1.6%
8	Johnson & Johnson	2,492,990	1.5%
9	JPMorgan Chase & Co	2,465,131	1.4%
10	Visa Inc	2,216,745	1.3%

S&P MidCap Index Fund

Security		Market Value	Percentage of Total Investment
1	Teledyne Technologies Inc	$ 754,585	0.8%
2	Domino’s Pizza Inc	712,187	0.7%
3	West Pharmaceutical Services Inc	708,234	0.7%
4	Medical Properties Trust Inc	667,666	0.7%
5	Fair Isaac Corp	667,077	0.7%
6	Camden Property Trust	654,532	0.7%
7	Tyler Technologies Inc	648,635	0.6%
8	Brown & Brown Inc	642,354	0.6%
9	FactSet Research Systems Inc	641,036	0.6%
10	Teradyne Inc	625,559	0.6%

3

Top Holdings and Sector Breakdowns (Unaudited) (Continued) February 29, 2020

S&P SmallCap Index Fund

Security		Market Value	Percentage of Total Investment
1	Exponent Inc	$ 334,150	0.6%
2	LHC Group Inc	314,096	0.5%
3	Aerojet Rocketdyne Holdings Inc	309,084	0.5%
4	Omnicell Inc	303,394	0.5%
5	TopBuild Corp	301,485	0.5%
6	AMN Healthcare Services Inc	292,339	0.5%
7	Momenta Pharmaceuticals Inc	283,664	0.5%
8	Strategic Education Inc	281,938	0.5%
9	Glacier Bancorp Inc	281,316	0.5%
10	Simpson Manufacturing Co Inc	281,182	0.5%

Shelton Core Value Fund

Security		Market Value	Percentage of Total Investment
1	United States Treasury Bill	$ 27,990,782	19.8%
2	JPMorgan Chase & Co	4,762,832	3.4%
3	Sprouts Farmers Market Inc	3,675,400	2.6%
4	Visa Inc	2,980,864	2.1%
5	Chevron Corp	2,737,102	1.9%
6	The Sherwin-Williams Co	2,687,100	1.9%
7	Bank of America Corp	2,565,000	1.8%
8	BP PLC	2,548,164	1.8%
9	Amazon.com Inc	2,448,875	1.7%
10	Cigna Corp	2,231,868	1.6%

Nasdaq-100 Index Fund

Security		Market Value	Percentage of Total Investment
1	Microsoft Corp	$ 76,057,539	11.3%
2	Apple Inc	74,744,825	11.1%
3	Amazon.com Inc	57,473,213	8.5%
4	Facebook Inc	28,502,690	4.2%
5	Alphabet Inc - Class A	28,331,834	4.2%
6	Alphabet Inc - Class C	28,314,776	4.2%
7	Intel Corp	18,958,359	2.8%
8	PepsiCo Inc	14,452,136	2.1%
9	Comcast Corp	14,407,958	2.1%
10	Cisco Systems Inc	13,297,169	2.0%

Shelton Green Alpha Fund

Security		Market Value	Percentage of Total Investment
1	Vestas Wind Systems A/S	$ 4,025,000	6.2%
2	TerraForm Power Inc	2,968,820	4.6%
3	Applied Materials Inc	2,818,820	4.3%
4	Tesla Inc	2,738,759	4.2%
5	Hannon Armstrong Sustainable Infrastructure Capital Inc	2,172,800	3.3%
6	First Solar Inc	2,160,344	3.3%
7	JinkoSolar Holding Co Ltd	2,055,600	3.2%
8	Sunrun Inc	2,030,700	3.1%
9	International Business Machines Corp	1,952,250	3.0%
10	TPI Composites Inc	1,946,680	3.0%

4

Green California Tax-Free Income Fund Portfolio of Investments (Unaudited) 2/29/20

Security Description	Par Value		Value (Note 1)
Municipal Bonds (98.87%)
BUTTE-GLENN COMMUNITY COLLEGE DISTRICT
Lease Revenue Bonds; 2009 Series I-1, 4.000%, 08/01/2026	$	1,000,000	$	1,081,210
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
Kaiser Permanente Revenue Bonds, Series 2017A-1, 5.000%, 11/01/2027		1,700,000		2,241,926
CALIFORNIA HOUSING FINANCE AGENCY
State Multi Family Housing Bonds; 2019, 4.000%, 03/20/2033		374,073		451,679
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
Clean Water State Revolving Fund Revenue Bonds, Series 2016 (Green Bonds), 5.000%, 10/01/2033		1,200,000		1,487,976
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
University of San Diego Revenue Bonds, 2019, 5.000%, 10/01/2044		480,000		622,459
General Revenue Bonds; 2018, 5.000%, 05/15/2038		800,000		995,080
TRUSTEES OF THE CALIFORNIA STATE UNIVERSITY
Systemwide Revenue Bonds; Series 2012A, 4.000%, 11/01/2030		1,100,000		1,190,101
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
General Revenue Bonds; 2016, 4.000%, 08/15/2046		500,000		563,095
CITY AND COUNTY OF SAN FRANCISCO
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A, 4.000%, 06/01/2033		1,000,000		1,039,300
CITY OF LOS ANGELES
General Obligation Bonds; 2012, 5.000%, 09/01/2021		2,000,000		2,130,100
CITY OF LOS ANGELES WASTEWATER SYSTEM REVENUE
Los Angeles CA Wastewater System Revenue Bond, 5.000%, 06/01/2044		500,000		595,025
Los Angeles CA Wastewater System Revenue Bond, 5.250%, 06/01/2047		1,500,000		1,890,285
CITY OF ROSEVILLE FINANCE AUTHORITY ELECTRIC SYSTEM REVENUE
Electric System Revenue Refunding Bonds; Series 2013, 5.000%, 02/01/2025		750,000		859,575
CITY OF SAN FRANCISCO PUBLIC UTILITIES COMMISSION WATER REVENUE
City of San Francisco CA Public Utilities Commission Water Revenue, 5.000%, 11/01/2036		1,170,000		1,405,860
San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.000%, 11/01/2034		1,000,000		1,297,960
San Francisco City and Green Bond Series A, 5.000%, 11/01/2030		680,000		823,181
EAST BAY MUNICIPAL UTILITY DISTRICT WATER SYSTEM REVENUE
Water System Revenue Bonds; 2015 Series B, 5.000%, 06/01/2026		2,050,000		2,504,895
EAST SIDE UNION HIGH SCHOOL DISTRICT
General Obligation Refunding Bonds (2012 Crossover); 2006, 5.250%, 09/01/2023		2,975,000		3,448,025
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT
Election of 1999 General Obligation Bonds; Series C, 0.000%, 08/01/2027		2,000,000		1,838,120
LA MIRADA REDEVELOPMENT AGENCY SUCCESSOR AGENCY
Subordinate Tax Allocation Refunding Bonds; 2014 Series A, 5.000%, 08/01/2023		1,000,000		1,148,120
LOS ANGELES COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series G, 5.000%, 08/01/2028		865,000		1,023,702
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
Proposition A First Tier Los Angeles County Met Transport, 4.000%, 07/01/2028		500,000		585,325
Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds; Series 2012-A, 5.000%, 07/01/2021		1,000,000		1,058,090
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A, 5.000%, 07/01/2023		1,500,000		1,717,605
LOS ANGELES DEPARTMENT OF WATER
Water System Revenue Bonds, 2012 Series A, 5.000%, 07/01/2037		1,985,000		2,176,910
LOS RIOS COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series B		2,500,000		2,847,975
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
Midpeninsula Regional Open Space District, 4.000%, 09/01/2021		200,000		210,194
MOUNT DIABLO UNIFIED SCHOOL DISTRICT/CA
General Obligation Refunding Bonds; Election Of 2002, Series B, 5.000%, 07/01/2020		500,000		507,240
MOUNT SAN ANTONIO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2008, Series 2013A, 5.000%, 08/01/2034		2,345,000		2,688,566
PORT OF LOS ANGELES
Revenue Bonds; 2014 Series C, 4.000%, 08/01/2023		290,000		322,605
RANCHO SANTIAGO COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bonds; 2012, 4.000%, 09/01/2020		1,380,000		1,403,336
SACRAMENTO MUNICIPAL UTILITY DISTRICT
Electric Revenue Bonds; 1997 Series K, 5.250%, 07/01/2024		1,000,000		1,130,560
SAN DIEGO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2002, Series 2013, 5.000%, 08/01/2027		1,175,000		1,351,450

See accompanying notes to financial statements.

5

Green California Tax-Free Income Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Par Value		Value (Note 1)
SAN FRANCISCO BAY AREA RAPID TRANSIT DISTRICT
San Francisco BART District GO Bonds 2017 Series A-1 (Green Bonds), 4.000%, 08/01/2034	$	645,000	$	783,856
San Francisco BART District GO Bonds 2017 Refunding Series E (Green Bonds), 5.000%, 08/01/2036		2,300,000		2,957,845
SAN FRANCISCO CITY & COUNTY AIRPORT COMMISSION
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A, 5.000%, 05/01/2020		500,000		503,510
SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION WASTEWATER REVENUE
San Francisco City & County Public Utilities Commission Wastewater Revenue, 4.000%, 10/01/2021		700,000		736,750
SAN MATEO FOSTER CITY PUBLIC FINANCING AUTHORITY
City of San Mateo Sewer Revenue Bonds, 4.000%, 08/01/2044		900,000		1,094,571
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
2000 Measure A Sales Tax Revenue Refunding Bonds; 2015 Series A, 5.000%, 04/01/2034		1,000,000		1,195,730
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Election of 2004, Series 2005, 0.000%, 08/01/2029		2,500,000		2,145,800
SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY
Southern California Public Power Authority Windy Point/Windy Flats Project 1, 5.000%, 07/01/2026		1,400,000		1,419,852
Windy Point/Windy Flats Project Revenue Bonds; 2010-1, 5.000%, 07/01/2023		1,000,000		1,014,210
STATE OF CALIFORNIA
Tax-Exempt Various Purpose General Obligation Bonds, 1.050%, 05/01/2034		900,000		900,000
Tax-Exempt Various Purpose General Obligation Bonds, 3.000%, 10/01/2028		900,000		985,896
TURLOCK IRRIGATION DISTRICT
General Revenue Bonds; 2019, 5.000%, 01/01/2036		300,000		404,370
UNIVERSITY OF CALIFORNIA
General Revenue Bonds; 2014 Series AM, 5.000%, 05/01/2029		925,000		1,087,967
WILLIAM S HART UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; 2001 Election, Series B, 0.000%, 09/01/2029		3,595,000		3,108,308
Total Municipal Bonds (Cost $57,875,728)				62,976,195
Variable Rate Demand Notes* (0.31%)
California Health Facilities Financing Authority**,***		200,000		200,000
Total Variable Rate Demand Notes (Cost $200,000)				200,000
Total Investments (Cost $58,075,728)(a) (99.18%)			$	63,176,195
Other Net Assets (0.82%)				519,568
Net Assets (100.00%)			$	63,695,763

(a) Aggregate cost for federal income tax purposes is $58,074,224.

At February 29, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	5,101,971
Unrealized depreciation		—
Net unrealized appreciation	$	5,101,971

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

* Stated maturity reflects next reset date.

** Rate Effective as of February 29, 2020

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

See accompanying notes to financial statements.

6

U.S. Government Securities Fund Portfolio of Investments (Unaudited) 2/29/20

Security Description	Par Value		Value (Note 1)
Government National Mortgage Association (3.54%)
3.500%, 11/20/2044	$	310,069	$	326,617
5.000%, 03/15/2038		130,989		145,518
5.000%, 07/15/2020		1,885		1,893
5.500%, 01/15/2025		28,879		31,310
5.500%, 04/15/2036		112,364		127,900
6.000%, 01/15/2026		81,443		90,843
6.000%, 06/15/2038		59,069		67,222
Total Government National Mortgage Association (Cost $736,429)				791,303
United States Treasury Bonds (15.29%)
2.250%, 08/15/2046		500,000		560,537
2.750%, 08/15/2042		400,000		485,531
5.000%, 05/15/2037		500,000		779,863
6.000%, 02/15/2026		800,000		1,034,142
6.375%, 08/15/2027		400,000		554,422
Total United States Treasury Bonds (Cost $3,038,450)				3,414,495
United States Treasury Notes (80.49%)
2.000%, 02/15/2022		2,900,000		2,962,191
2.125%, 02/29/2024		1,300,000		1,362,105
2.125%, 05/15/2025		2,200,000		2,332,043
2.125%, 08/15/2021		1,200,000		1,219,969
2.250%, 08/15/2027		2,400,000		2,606,859
2.500%, 08/15/2023		2,200,000		2,320,442
2.625%, 08/15/2020		1,400,000		1,408,750
3.125%, 11/15/2028		1,200,000		1,401,773
3.625%, 02/15/2021		2,300,000		2,355,299
Total United States Treasury Notes (Cost $17,278,008)				17,969,431
Total Investments (Cost $21,052,887)(a) (99.32%)				22,175,229
Other Net Assets (0.68%)				151,025
Net Assets (100.00%)				22,326,254

(a) Aggregate cost for federal income tax purposes is $21,053,218.

At February 29, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	1,122,011
Unrealized depreciation		—
Net unrealized appreciation	$	1,122,011

Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

7

The United States Treasury Trust Portfolio of Investments (Unaudited) 2/29/20

Security Description	Par Value		Value (Note 1)
United States Treasury Bills, DN(a) (98.99%)
03/26/2020	$	4,800,000	$	4,794,930
04/23/2020		4,200,000		4,189,743
05/21/2020		3,400,000		3,388,145
03/05/2020		1,100,000		1,099,817
04/02/2020		3,000,000		2,995,957
10/08/2020		2,500,000		2,480,913
04/16/2020		4,700,000		4,690,643
06/25/2020		1,800,000		1,791,215
03/10/2020		6,000,000		5,997,732
03/17/2020		4,600,000		4,596,969
Total United States Treasury Bills, DN (Cost $36,026,064)				36,026,064
Total Investments (Cost $36,026,064)(b) (98.99%)			$	36,026,064
Other Net Assets (1.01%)				367,661
Net Assets (100.00%)			$	36,393,725

(a) Discount Note. Yield to maturity is between 0.00% - 1.59%.

(b) Aggregate cost for federal income tax purposes is $36,026,064.

Because tax adjustments are calculated annually, the above tax figure reflects the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

S&P 500 Index Fund Portfolio of Investments (Unaudited) 2/29/20

Security Description	Shares		Value (Note 1)
Common Stock (99.84%)
Basic Materials (2.07%)
Air Products & Chemicals Inc		1,615	$	354,670
Albemarle Corp		868		71,046
Celanese Corp		995		93,271
CF Industries Holdings Inc		1,795		66,164
Dow Inc		5,248		212,072
DuPont de Nemours Inc		5,264		225,826
Eastman Chemical Co		1,048		64,462
Ecolab Inc		1,768		319,036
FMC Corp		1,102		102,596
Freeport-McMoRan Inc		11,406		113,604
International Flavors & Fragrances Inc		683		81,810
International Paper Co		3,175		117,348
Linde PLC		3,817		729,085
LyondellBasell Industries NV - Class A		1,991		142,277
Newmont Corp		5,790		258,408
Nucor Corp		2,404		99,405
PPG Industries Inc		1,668		174,223
The Mosaic Co		2,068		35,218
The Sherwin-Williams Co		579		299,198
Total Basic Materials				3,559,719
Communications (15.00%)
Alphabet Inc - Class A*		2,115		2,832,514
Alphabet Inc - Class C*		2,098		2,809,914
Amazon.com Inc*(a)		2,924		5,508,085
Arista Networks Inc*		415		80,145
AT&T Inc		51,605		1,817,528
Booking Holdings Inc*		300		508,698
CDW Corp		1,116		127,470
CenturyLink Inc		7,576		91,442
Charter Communications Inc*		285		140,553
Cisco Systems Inc		29,982		1,197,181
Comcast Corp		32,032		1,295,054
Corning Inc		6,024		143,733
Discovery Inc - Class A*		1,116		28,681
Discovery Inc - Class C*		1,878		47,138
DISH Network Corp*		1,784		59,800
eBay Inc		5,568		192,876
Expedia Group Inc		1,079		106,411
F5 Networks Inc*		424		50,859
Facebook Inc*,(a)		16,990		3,270,065
Fox Corp - Class A		2,714		83,428
Fox Corp - Class B		1,242		37,819
Juniper Networks Inc		2,718		57,676
Motorola Solutions Inc		669		110,840
Netflix Inc*		3,092		1,141,041
News Corp - Class A		3,745		45,221
News Corp - Class B		910		11,320
NortonLifeLock Inc		4,015		76,405
Omnicom Group Inc		1,536		106,414
The Interpublic Group of Cos Inc		3,241		69,228
The Walt Disney Co		12,722		1,496,743
T-Mobile US Inc*		2,482		223,777
Twitter Inc*		5,110		169,652
VeriSign Inc*		689		130,738
Verizon Communications Inc		29,210		1,582,014
ViacomCBS Inc		3,816		93,912
Total Communications				25,744,375
Consumer, Cyclical (8.01%)
Advance Auto Parts Inc		548		72,873
Alaska Air Group Inc		963		48,593
American Airlines Group Inc		3,057		58,236
Aptiv PLC		709		55,380
AutoZone Inc*		173		178,624
Best Buy Co Inc		1,638		123,915
BorgWarner Inc		1,664		52,582
Capri Holdings Ltd*		1,328		34,289
CarMax Inc*		1,277		111,495
Carnival Corp		2,827		94,591
Chipotle Mexican Grill Inc*		196		151,622
Copart Inc*		1,585		133,901
Costco Wholesale Corp		3,105		872,940
Cummins Inc		1,114		168,537
Darden Restaurants Inc		933		90,968
Delta Air Lines Inc		4,086		188,487
Dollar General Corp		1,932		290,380
Dollar Tree Inc*		1,671		138,743
DR Horton Inc		2,495		132,909
Fastenal Co		4,028		137,838
Ford Motor Co		27,615		192,200
General Motors Co		8,873		270,627
Genuine Parts Co		1,170		102,071
Hanesbrands Inc		3,007		39,813
Harley-Davidson Inc		1,106		33,700
Hasbro Inc		950		73,388
Hilton Worldwide Holdings Inc		2,025		196,830
Kohl’s Corp		1,123		43,965
L Brands Inc		1,787		38,706
Las Vegas Sands Corp		2,613		152,364
Leggett & Platt Inc		1,017		40,334
Lennar Corp		2,200		132,748
Live Nation Entertainment Inc*		1,003		60,952
LKQ Corp*		2,347		69,424
Lowe’s Cos Inc		5,450		580,807
Macy’s Inc		2,961		39,174

See accompanying notes to financial statements.

8

S&P 500 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Marriott International Inc		1,930	$	239,320
McDonald’s Corp		5,363		1,041,334
MGM Resorts International		3,988		97,945
Mohawk Industries Inc*		459		55,608
Newell Brands Inc		2,691		41,522
NIKE Inc - Class B		8,841		790,209
Nordstrom Inc		1,123		38,968
Norwegian Cruise Line Holdings Ltd*		1,599		59,579
NVR Inc*		26		95,347
O’Reilly Automotive Inc*		540		199,109
PACCAR Inc		2,601		174,007
PulteGroup Inc		1,988		79,918
PVH Corp		574		42,539
Ralph Lauren Corp		449		47,374
Ross Stores Inc		2,575		280,109
Royal Caribbean Cruises Ltd		1,236		99,387
Southwest Airlines Co		3,416		157,785
Tapestry Inc		2,156		50,558
Target Corp		3,608		371,624
The Gap Inc		2,194		31,440
The Home Depot Inc		7,734		1,684,775
The TJX Cos Inc		8,538		510,572
Tiffany & Co		767		102,464
Tractor Supply Co		842		74,525
Ulta Beauty Inc*		468		120,318
Under Armour Inc - Class A*		1,210		17,170
Under Armour Inc - Class C*		1,218		15,201
United Airlines Holdings Inc*		1,732		106,674
VF Corp		2,305		165,960
Walgreens Boots Alliance Inc		5,357		245,136
Walmart Inc		10,043		1,081,430
Whirlpool Corp		570		72,880
WW Grainger Inc		341		94,641
Wynn Resorts Ltd		526		56,797
Yum! Brands Inc		2,149		191,798
Total Consumer, Cyclical				13,738,029
Consumer, Non-Cyclical (21.96%)
Abbott Laboratories		12,482		961,488
AbbVie Inc		10,441		894,898
ABIOMED Inc*		354		53,192
Alexion Pharmaceuticals Inc*		1,730		162,672
Align Technology Inc*		513		112,014
Allergan PLC		2,316		441,592
Altria Group Inc		13,193		532,601
AmerisourceBergen Corp		1,173		98,907
Amgen Inc		4,235		845,857
Anthem Inc		1,806		464,305
Archer-Daniels-Midland Co		3,933		148,077
Automatic Data Processing Inc		3,064		474,123
Avery Dennison Corp		649		74,304
Baxter International Inc		3,605		300,909
Becton Dickinson and Co		1,906		453,285
Biogen Inc*		1,302		401,524
Boston Scientific Corp*		9,837		367,805
Bristol-Myers Squibb Co		16,557		977,856
Brown-Forman Corp		1,285		78,912
Campbell Soup Co		1,449		65,379
Cardinal Health Inc		2,105		109,713
Centene Corp*		3,919		207,785
Church & Dwight Co Inc		1,996		138,762
Cigna Corp		2,666		487,718
Cintas Corp		640		170,714
Colgate-Palmolive Co		6,059		409,407
Conagra Brands Inc		2,987		79,723
Constellation Brands Inc		1,181		203,581
Corteva Inc		5,828		158,522
Coty Inc		3,684		34,003
CVS Health Corp		2,296		135,877
Danaher Corp		4,509		651,911
DaVita Inc*		747		57,982
DENTSPLY SIRONA Inc		1,160		57,118
Edwards Lifesciences Corp*		1,468		300,705
Eli Lilly & Co		6,000		756,780
Equifax Inc		870		123,575
FleetCor Technologies Inc*		611		162,398
Gartner Inc*		714		92,384
General Mills Inc		4,262		208,838
Gilead Sciences Inc		8,944		620,356
Global Payments Inc		2,136		392,960
H&R Block Inc		1,994		41,216
HCA Healthcare Inc		1,878		238,525
Henry Schein Inc*		1,256		76,541
Hologic Inc*		2,135		100,601
Hormel Foods Corp		2,128		88,525
Humana Inc		654		209,071
IDEXX Laboratories Inc*		608		154,742
IHS Markit Ltd		2,832		201,752
Illumina Inc*		1,038		275,765
Incyte Corp*		1,363		102,784
Intuitive Surgical Inc*		813		434,109
IQVIA Holdings Inc*		1,146		159,856
Johnson & Johnson(a)		18,538		2,492,990
Kellogg Co		1,816		109,814
Kimberly-Clark Corp		2,430		318,792
Laboratory Corp of America Holdings*		705		123,861
Lamb Weston Holdings Inc		1,124		97,664
MarketAxess Holdings Inc		296		96,002
McCormick & Co Inc		975		142,535
McKesson Corp		1,282		179,301
Medtronic PLC		9,475		953,848
Merck & Co Inc		18,082		1,384,358
Molson Coors Beverage Co		1,200		59,532
Mondelez International Inc		10,185		537,768
Monster Beverage Corp*		2,732		170,504
Moody’s Corp		1,149		275,794
Mylan NV*		3,101		53,306
Nielsen Holdings PLC		1,879		34,217
PayPal Holdings Inc*		8,310		897,397
PepsiCo Inc		9,874		1,303,664
Perrigo Co PLC		677		34,317
Pfizer Inc		39,062		1,305,452
Philip Morris International Inc		10,988		899,588
Quanta Services Inc		1,004		38,283
Quest Diagnostics Inc		951		100,863
Regeneron Pharmaceuticals Inc*		562		249,848
ResMed Inc		1,127		179,148
Robert Half International Inc		1,032		52,023
Rollins Inc		462		17,297
S&P Global Inc		1,739		462,417
STERIS PLC		603		95,648
Stryker Corp		2,266		431,877
Sysco Corp		3,758		250,471
Teleflex Inc		362		121,277
The Clorox Co		943		150,333
The Coca-Cola Co		27,179		1,453,805
The Cooper Cos Inc		374		121,389
The Estee Lauder Cos Inc		1,562		286,783
The Hershey Co		1,114		160,405
The JM Smucker Co		823		84,761
The Kraft Heinz Co		4,282		106,065
The Kroger Co		6,162		173,337
The Procter & Gamble Co		17,674		2,001,227
Thermo Fisher Scientific Inc		2,828		822,382
Tyson Foods Inc		2,081		141,154
United Rentals Inc*		544		72,069
UnitedHealth Group Inc		6,692		1,706,192
Universal Health Services Inc		683		84,514
Varian Medical Systems Inc*		643		79,070
Verisk Analytics Inc		1,197		185,667
Vertex Pharmaceuticals Inc*		1,815		406,614
Zimmer Biomet Holdings Inc		1,338		182,169
Zoetis Inc		3,372		449,252
Total Consumer, Non-Cyclical				37,691,043
Energy (3.60%)
Apache Corp		2,792		69,577
Baker Hughes Co		3,384		54,449
Cabot Oil & Gas Corp		3,164		44,075
Chevron Corp(a)		13,407		1,251,409
Cimarex Energy Co		657		21,714
Concho Resources Inc		1,114		75,774
ConocoPhillips		7,840		379,613
Devon Energy Corp		2,767		44,936
Diamondback Energy Inc		1,217		75,454
EOG Resources Inc		4,098		259,239
Exxon Mobil Corp(a)		29,881		1,537,079
Halliburton Co		6,883		116,736
Helmerich & Payne Inc		805		29,696
Hess Corp		1,823		102,416
HollyFrontier Corp		508		17,109
Kinder Morgan Inc		13,749		263,568
Marathon Oil Corp		5,187		42,948
Marathon Petroleum Corp		4,649		220,456
National Oilwell Varco Inc		3,192		59,722
Noble Energy Inc		2,616		41,411
Occidental Petroleum Corp		6,317		206,819
ONEOK Inc		2,916		194,556
Phillips 66		3,167		237,082
Pioneer Natural Resources Co		1,287		158,018
Schlumberger Ltd		9,767		264,588
TechnipFMC PLC		3,637		53,973
The Williams Cos Inc		8,559		163,049
Valero Energy Corp		2,926		193,848
Total Energy				6,179,314
Financial (17.05%)
Aflac Inc		5,228		224,020
Alexandria Real Estate Equities Inc		700		106,316
Alliance Data Systems Corp		400		34,352
American Express Co		1,201		132,026
American International Group Inc		6,143		258,989
American Tower Corp		3,126		708,977
Ameriprise Financial Inc		924		130,561
Aon PLC		1,665		346,320
Apartment Investment & Management Co		1,069		51,141
Arthur J Gallagher & Co		1,374		133,951
Assurant Inc		431		51,974
AvalonBay Communities Inc		1,044		209,416
Bank of America Corp		57,641		1,642,769
Berkshire Hathaway Inc*		13,848		2,857,396
BlackRock Inc		829		383,835
Boston Properties Inc		1,078		138,997

See accompanying notes to financial statements.

9

S&P 500 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Capital One Financial Corp		3,321	$	293,111
Cboe Global Markets Inc		706		80,484
CBRE Group Inc*		2,058		115,536
Chubb Ltd		3,218		466,707
Cincinnati Financial Corp		1,179		109,930
Citigroup Inc		15,544		986,422
Citizens Financial Group Inc		3,157		100,045
CME Group Inc		2,529		502,816
Comerica Inc		1,054		55,483
Crown Castle International Corp		2,936		420,699
Digital Realty Trust Inc		1,471		176,682
Discover Financial Services		2,247		147,358
Duke Realty Corp		2,792		90,656
E*TRADE Financial Corp		1,181		54,066
Equinix Inc		599		343,107
Equity Residential		2,461		184,821
Essex Property Trust Inc		463		131,196
Everest Re Group Ltd		326		80,809
Extra Space Storage Inc		949		95,242
Federal Realty Investment Trust		548		63,754
Fifth Third Bancorp		5,427		132,419
First Republic Bank		1,295		130,238
Franklin Resources Inc		1,991		43,324
Globe Life Inc		774		71,719
Healthpeak Properties Inc		3,020		95,553
Host Hotels & Resorts Inc		5,173		74,905
Huntington Bancshares Inc		8,009		98,270
Intercontinental Exchange Inc		3,957		353,044
Invesco Ltd		3,410		49,104
Iron Mountain Inc		1,369		41,631
JPMorgan Chase & Co		21,231		2,465,131
KeyCorp		6,704		109,610
Kimco Realty Corp		2,994		51,946
Lincoln National Corp		1,590		72,170
Loews Corp		1,836		83,777
M&T Bank Corp		944		132,519
Marsh & McLennan Cos Inc		3,575		373,802
Mastercard Inc		6,305		1,830,026
MetLife Inc		5,621		240,129
Mid-America Apartment Communities Inc		858		110,905
Morgan Stanley		8,871		399,461
Nasdaq Inc		814		83,476
Northern Trust Corp		1,610		141,294
People’s United Financial Inc		2,887		40,389
Principal Financial Group Inc		2,041		90,600
Prologis Inc		4,457		375,636
Prudential Financial Inc		2,839		214,203
Public Storage		1,035		216,439
Raymond James Financial Inc		1,004		83,965
Realty Income Corp		2,475		179,165
Regency Centers Corp		1,109		63,701
Regions Financial Corp		7,046		95,262
SBA Communications Corp		798		211,542
Simon Property Group Inc		2,175		267,699
SL Green Realty Corp		740		58,046
State Street Corp		2,631		179,197
SVB Financial Group*		411		85,554
Synchrony Financial		4,709		137,032
T Rowe Price Group Inc		1,663		196,251
The Allstate Corp		2,324		244,601
The Bank of New York Mellon Corp		6,058		241,714
The Charles Schwab Corp		8,216		334,802
The Goldman Sachs Group Inc		2,285		458,759
The Hartford Financial Services Group Inc		2,553		127,522
The PNC Financial Services Group Inc		3,144		397,402
The Progressive Corp		4,123		301,639
The Travelers Cos Inc		1,838		220,211
The Western Union Co		3,270		73,215
Truist Financial Corp		9,682		446,727
UDR Inc		2,033		91,444
Unum Group		1,473		34,336
US Bancorp		10,127		470,298
Ventas Inc		2,904		156,148
Visa Inc		12,196		2,216,745
Vornado Realty Trust		1,244		66,654
Wells Fargo & Co		27,403		1,119,413
Welltower Inc		2,792		208,897
Weyerhaeuser Co		5,770		149,905
Willis Towers Watson PLC		996		188,493
WR Berkley Corp		1,033		69,356
Zions Bancorp NA		1,054		42,106
Total Financial				29,249,485
Industrial (8.64%)
3M Co		1,016		151,628
Agilent Technologies Inc		2,185		168,398
Allegion plc		703		80,838
Amcor PLC		12,762		118,942
AMETEK Inc		1,612		138,632
Amphenol Corp		2,100		192,528
AO Smith Corp		1,152		45,562
Arconic Inc		2,478		72,729
Ball Corp		2,268		159,803
Caterpillar Inc		3,973		493,606
CH Robinson Worldwide Inc		956		65,868
CSX Corp		5,637		397,127
Deere & Co		2,223		347,855
Dover Corp		1,027		105,514
Eaton Corp PLC		2,966		269,076
Emerson Electric Co		4,344		278,494
Expeditors International of Washington Inc		1,205		84,856
FedEx Corp		1,694		239,142
FLIR Systems Inc		1,158		49,180
Flowserve Corp		1,128		45,334
Fortive Corp		2,318		160,313
Fortune Brands Home & Security Inc		1,197		73,915
Garmin Ltd		806		71,242
General Dynamics Corp		1,652		263,808
General Electric Co		61,634		670,578
Honeywell International Inc		5,081		823,986
Huntington Ingalls Industries Inc		358		73,580
IDEX Corp		585		86,580
Illinois Tool Works Inc		2,078		348,647
Ingersoll Rand Inc*		1,706		220,142
Jacobs Engineering Group Inc		962		88,831
JB Hunt Transport Services Inc		690		66,544
Johnson Controls International plc		5,619		205,487
Kansas City Southern		811		122,201
Keysight Technologies Inc*		1,479		140,150
L3Harris Technologies Inc		1,576		311,622
Lockheed Martin Corp		1,755		649,122
Martin Marietta Materials Inc		463		105,346
Masco Corp		2,044		84,458
Mettler-Toledo International Inc*		173		121,394
Norfolk Southern Corp		1,860		339,171
Northrop Grumman Corp		1,111		365,341
Old Dominion Freight Line Inc		454		87,985
Packaging Corp of America		752		68,146
Parker-Hannifin Corp		907		167,586
Pentair PLC		1,542		60,739
PerkinElmer Inc		784		67,769
Raytheon Co		1,966		370,709
Republic Services Inc		1,694		152,900
Rockwell Automation Inc		902		165,517
Roper Technologies Inc		734		258,148
Sealed Air Corp		1,091		33,068
Snap-on Inc		424		61,374
Stanley Black & Decker Inc		1,071		153,903
TE Connectivity Ltd		2,372		196,568
Textron Inc		1,625		65,975
The Boeing Co		3,775		1,038,540
TransDigm Group Inc		370		206,390
Union Pacific Corp		4,975		795,055
United Parcel Service Inc		4,931		446,206
United Technologies Corp		5,728		748,020
Vulcan Materials Co		956		114,969
Waste Management Inc		2,756		305,392
Waters Corp*		515		100,368
Westinghouse Air Brake Technologies Corp		1,272		87,386
Westrock Co		1,985		66,001
Xylem Inc		1,498		115,855
Total Industrial				14,832,139
Technology (19.96%)
Accenture PLC		4,499		812,474
Activision Blizzard Inc		5,269		306,287
Adobe Inc*		3,428		1,183,071
Advanced Micro Devices Inc*		7,666		348,650
Akamai Technologies Inc*		1,165		100,784
Analog Devices Inc		2,620		285,711
ANSYS Inc*		593		143,619
Apple Inc(a)		29,324		8,016,009
Applied Materials Inc		6,523		379,117
Autodesk Inc*		1,550		295,864
Broadcom Inc		2,811		766,335
Broadridge Financial Solutions Inc		913		95,281
Cadence Design Systems Inc*		2,246		148,550
Cerner Corp		2,120		146,852
Citrix Systems Inc		949		98,117
Cognizant Technology Solutions Corp		3,900		237,627
DXC Technology Co		2,234		53,862
Electronic Arts Inc*		2,081		210,951
Fidelity National Information Services Inc		4,332		605,267
Fiserv Inc*		4,031		440,830
Fortinet Inc*		1,141		116,450
Hewlett Packard Enterprise Co		9,220		117,924
HP Inc		10,465		217,567
Intel Corp		28,986		1,609,303
International Business Machines Corp		6,256		814,218
Intuit Inc		1,836		488,101
IPG Photonics Corp*		299		38,164
Jack Henry & Associates Inc		607		92,106
KLA Corp		1,217		187,065
Lam Research Corp		720		211,270
Leidos Holdings Inc		1,042		106,961

See accompanying notes to financial statements.

10

S&P 500 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Maxim Integrated Products Inc		2,142	$	119,138
Microchip Technology Inc		1,837		166,634
Micron Technology Inc*		7,795		409,705
Microsoft Corp(a)		53,562		8,677,580
MSCI Inc		598		176,673
NetApp Inc		1,835		85,731
NVIDIA Corp		4,301		1,161,571
Oracle Corp		15,548		769,004
Paychex Inc		2,454		190,136
Qorvo Inc*		831		83,582
QUALCOMM Inc		8,064		631,411
salesforce.com Inc*		6,193		1,055,287
Seagate Technology PLC		1,826		87,557
ServiceNow Inc*		1,342		437,613
Skyworks Solutions Inc		1,212		121,418
Synopsys Inc*		1,189		163,999
Take-Two Interactive Software Inc*		902		96,947
Texas Instruments Inc		6,593		752,525
Western Digital Corp		2,052		114,009
Xerox Holdings Corp		1,468		47,270
Xilinx Inc		1,784		148,946
Zebra Technologies Corp*		383		80,802
Total Technology				34,251,925
Utilities (3.55%)
AES Corp		4,674		78,196
Alliant Energy Corp		1,758		91,627
Ameren Corp		1,808		142,832
American Electric Power Co Inc		3,645		325,353
American Water Works Co Inc		1,374		169,909
Atmos Energy Corp		927		95,713
CenterPoint Energy Inc		2,979		68,577
CMS Energy Corp		2,062		124,586
Consolidated Edison Inc		2,227		175,532
Dominion Energy Inc		5,804		453,757
DTE Energy Co		1,258		140,481
Duke Energy Corp		5,145		471,797
Edison International		2,433		163,473
Entergy Corp		1,304		152,451
Evergy Inc		1,919		125,407
Eversource Energy		2,274		196,610
Exelon Corp		6,861		295,778
FirstEnergy Corp		4,167		185,557
NextEra Energy Inc		3,451		872,274
NiSource Inc		2,050		55,391
NRG Energy Inc		1,956		64,959
Pinnacle West Capital Corp		806		72,129
PPL Corp		5,573		167,246
Public Service Enterprise Group Inc		3,861		198,108
Sempra Energy		1,939		271,033
The Southern Co		7,566		456,684
WEC Energy Group Inc		2,388		220,484
Xcel Energy Inc		3,728		232,329
Total Utilities				6,068,273
Total Common Stock (Cost $66,923,889)				171,314,302

Security Description	Shares		Value (Note 1)
United States Treasury Bills (0.06%)
1.38%, 03/10/20		100,000	$	99,958
United States Treasury Bills (Cost $99,958)				99,958
Total Investments (Cost $67,023,847) (99.90%)(b)			$	171,414,260
Other Net Assets (0.10%)				179,324
Net Assets (100.00%)			$	171,593,584

* Non-income producing security.

(a) A portion of these shares have been pledged in connection with obligations for futures contracts.

(b) Aggregate cost for federal income tax purpose is $67,076,492.

At February 29, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	107,804,966
Unrealized depreciation		(3,467,198	)
Net unrealized appreciation	$	104,337,768
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

(c) Futures contracts at February 29, 2020:

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

S&P 500 E-MINI	Notional Amount		Value		Unrealized Depreciation
2 / MAR 2019 / Long / CME	$	278,758	$	295,111	$	(16,353	)

S&P MidCap Index Fund Portfolio of Investments (Unaudited) 2/29/20

Security Description	Shares		Value (Note 1)
Common Stock (99.82%)
Basic Materials (4.10%)
Allegheny Technologies Inc*		8,230	$	140,651
Ashland Global Holdings Inc		3,779		270,350
Cabot Corp		3,619		135,278
Carpenter Technology Corp		3,157		116,020
Commercial Metals Co		7,857		143,469
Compass Minerals International Inc		2,257		123,119
Domtar Corp		3,578		102,939
Ingevity Corp*		2,614		117,735
Minerals Technologies Inc		2,347		105,310
NewMarket Corp		469		182,249
Olin Corp		10,144		164,231
PolyOne Corp		5,185		128,381
Reliance Steel & Aluminum Co		4,306		440,461
Royal Gold Inc		4,256		410,576
RPM International Inc		8,223		527,177
Sensient Technologies Corp		2,819		138,638
Steel Dynamics Inc		13,688		364,511
The Chemours Co		10,925		162,346
United States Steel Corp(a)		11,778		94,460
Valvoline Inc		12,016		234,312
Total Basic Materials				4,102,213
Communications (4.16%)
AMC Networks Inc*		3,034		94,054
Cable One Inc		319		501,793
Ciena Corp*		9,536		366,659
Etsy Inc*		7,352		425,019
FactSet Research Systems Inc		2,410		641,036
Grubhub Inc*		5,810		279,519
InterDigital Inc		1,977		104,564
John Wiley & Sons Inc		3,002		111,644
LogMeIn Inc		3,107		264,825
Meredith Corp		2,763		72,805
TEGNA Inc		13,521		193,621
Telephone & Data Systems Inc		6,361		128,111
The New York Times Co		9,283		347,741
TripAdvisor Inc		6,675		156,529
ViaSat Inc*		3,664		210,680
World Wrestling Entertainment Inc		2,835		132,593
Yelp Inc*		4,150		129,771
Total Communications				4,160,964
Consumer, Cyclical (14.13%)
Adient PLC*		5,796		138,698
American Eagle Outfitters Inc		9,797		126,185
AutoNation Inc*		3,804		162,545
Bed Bath & Beyond Inc		8,029		86,793
BJ’s Wholesale Club Holdings Inc*		7,686		148,032
Boyd Gaming Corp		5,140		137,289
Brinker International Inc		2,374		81,547
Brunswick Corp		5,182		275,682
Caesars Entertainment Corp*		35,499		451,192
Carter’s Inc		2,814		257,397
Casey’s General Stores Inc		2,360		384,727

See accompanying notes to financial statements.

11

S&P MidCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Choice Hotels International Inc		2,018	$	184,203
Churchill Downs Inc		2,252		282,941
Cinemark Holdings Inc		1,725		44,781
Columbia Sportswear Co		1,844		149,917
Cracker Barrel Old Country Store Inc		1,533		219,725
Dana Inc		9,018		129,679
Deckers Outdoor Corp*		1,823		316,837
Delphi Technologies PLC*		6,288		88,787
Dick’s Sporting Goods Inc		4,040		147,096
Dillard’s Inc		649		36,532
Domino’s Pizza Inc		2,098		712,187
Dunkin’ Brands Group Inc		5,288		351,758
Eldorado Resorts Inc*		4,262		213,867
FirstCash Inc		2,750		211,530
Five Below Inc*		3,605		349,505
Foot Locker Inc		6,917		250,741
Healthcare Services Group Inc		4,708		129,658
Herman Miller Inc		3,918		134,152
HNI Corp		2,950		96,849
Jack in the Box Inc		1,502		103,428
JetBlue Airways Corp*		18,542		292,593
KAR Auction Services Inc		8,402		161,739
KB Home		5,633		183,579
Lear Corp		3,496		388,755
Marriott Vacations Worldwide Corp		2,434		235,563
Mattel Inc*		21,715		256,020
MSC Industrial Direct Co Inc		2,861		176,867
Nu Skin Enterprises Inc		3,686		90,381
Ollie’s Bargain Outlet Holdings Inc*		3,572		181,708
Papa John’s International Inc		1,527		87,970
Penn National Gaming Inc*		6,066		179,372
Polaris Inc		3,600		297,108
Pool Corp		2,483		523,814
Resideo Technologies Inc*		7,802		83,872
RH*		1,037		188,112
Sally Beauty Holdings Inc*		8,063		100,304
Scientific Games Corp*		3,739		68,199
Six Flags Entertainment Corp		4,962		125,439
Skechers U.S.A. Inc*		8,522		281,908
Tempur Sealy International Inc*		2,886		215,729
Texas Roadhouse Inc		4,276		240,397
The Cheesecake Factory Inc		2,829		100,797
The Goodyear Tire & Rubber Co		14,506		140,491
The Scotts Miracle-Gro Co		2,517		266,777
The Toro Co		6,804		486,010
The Wendy’s Co		12,144		229,279
Thor Industries Inc		3,464		261,220
Toll Brothers Inc		7,530		278,836
TRI Pointe Group Inc*		8,846		135,609
Urban Outfitters Inc*		3,844		90,372
Visteon Corp*		1,883		122,470
Watsco Inc		1,930		302,971
Williams-Sonoma Inc		4,915		306,647
World Fuel Services Corp		4,193		118,578
Wyndham Destinations Inc		5,771		230,263
Wyndham Hotels & Resorts Inc		6,111		311,355
Total Consumer, Cyclical				14,145,364
Consumer, Non-Cyclical (16.38%)
Aaron’s Inc		4,266		167,782
Acadia Healthcare Co Inc*		5,855		173,308
Adtalem Global Education Inc*		3,430		105,884
Amedisys Inc*		1,976		343,844
Arrowhead Pharmaceuticals Inc*		6,360		224,890
ASGN Inc*		3,354		170,081
Avanos Medical Inc*		3,165		102,578
Avis Budget Group Inc*		3,622		117,262
Bio-Rad Laboratories Inc*		1,366		480,859
Bio-Techne Corp		2,450		462,781
Cantel Medical Corp		2,540		160,274
Catalent Inc*		9,318		480,157
Charles River Laboratories International Inc*		3,145		489,268
Chemed Corp		1,027		428,896
CoreLogic Inc		5,052		229,209
Deluxe Corp		2,674		89,044
Edgewell Personal Care Co*		3,430		104,135
Encompass Health Corp		3,111		232,827
Exelixis Inc*		19,304		358,861
Flowers Foods Inc		12,448		268,005
FTI Consulting Inc*		2,414		271,792
Globus Medical Inc*		5,100		230,673
Graham Holdings Co		276		138,795
Grand Canyon Education Inc*		3,063		247,123
Haemonetics Corp*		3,299		357,381
HealthEquity Inc*		4,503		319,668
Helen of Troy Ltd*		1,611		265,171
Hill-Rom Holdings Inc		4,267		409,845
ICU Medical Inc*		1,078		211,083
Ingredion Inc		4,265		355,275
Insperity Inc		2,388		160,641
Integra LifeSciences Holdings Corp*		4,527		235,857
Lancaster Colony Corp		1,325		191,396
Ligand Pharmaceuticals Inc*		1,105		103,428
LivaNova PLC*		2,983		207,975
LiveRamp Holdings Inc*		4,309		152,711
ManpowerGroup Inc		3,794		288,116
Masimo Corp*		2,951		481,987
MEDNAX Inc*		5,317		90,868
Molina Healthcare Inc*		3,949		483,950
Nektar Therapeutics*		11,587		241,125
NuVasive Inc*		2,872		189,006
Patterson Cos Inc		5,856		139,314
Penumbra Inc*		2,046		339,350
Pilgrim’s Pride Corp*		3,372		71,352
Post Holdings Inc*,(a)		4,222		427,520
PRA Health Sciences Inc*		4,018		378,496
Prestige Consumer Healthcare Inc*		3,212		120,000
Repligen Corp*		2,944		252,006
Sabre Corp		17,430		237,309
Sanderson Farms Inc		1,299		160,504
Service Corp International		11,703		559,286
Sprouts Farmers Market Inc*		7,859		125,587
Syneos Health Inc*		3,956		250,613
Tenet Healthcare Corp*		5,708		150,006
The Boston Beer Co Inc*		612		226,923
The Brink’s Co		3,178		248,806
The Hain Celestial Group Inc*		5,120		121,498
Tootsie Roll Industries Inc		1,065		34,165
TreeHouse Foods Inc*		3,798		144,742
United Therapeutics Corp*,(a)		2,770		285,199
West Pharmaceutical Services Inc		4,704		708,234
WEX Inc*,(a)		2,764		517,531
WW International Inc*		2,743		82,290
Total Consumer, Non-Cyclical				16,404,542
Energy (2.17%)
Antero Midstream Corp		18,783		81,894
Apergy Corp*		4,921		91,531
Chesapeake Energy Corp*		66,369		18,251
CNX Resources Corp*		13,127		69,704
Core Laboratories NV		2,429		65,194
EQT Corp		17,285		101,463
Equitrans Midstream Corp		12,947		91,406
First Solar Inc*		4,838		221,435
Matador Resources Co*		7,147		68,897
Murphy Oil Corp		8,937		168,462
Murphy USA Inc*		1,900		185,250
NOW Inc*		6,912		61,033
Patterson-UTI Energy Inc		12,375		70,909
PBF Energy Inc		6,167		138,079
SolarEdge Technologies Inc*		3,060		381,643
Transocean Ltd*		31,902		106,872
WPX Energy Inc*		26,816		250,193
Total Energy				2,172,216
Financial (26.49%)
Banks (6.62%)
Associated Banc-Corp		10,219		173,008
BancorpSouth Bank		5,929		145,083
Bank of Hawaii Corp		2,558		190,366
Bank OZK		7,680		194,995
Cathay General Bancorp		5,088		156,609
Commerce Bancshares Inc(a)		6,569		400,972
Cullen/Frost Bankers Inc		3,582		280,793
East West Bancorp Inc		9,157		354,742
First Financial Bankshares Inc		8,618		247,681
First Horizon National Corp		19,667		262,161
FNB Corp		20,401		205,846
Fulton Financial Corp		10,532		152,187
Hancock Whitney Corp		5,540		185,590
Home BancShares Inc		9,497		159,170
International Bancshares Corp		3,830		130,603
PacWest Bancorp(a)		7,407		234,357
Pinnacle Financial Partners Inc		4,571		240,617
Prosperity Bancshares Inc		5,993		387,148
Signature Bank		3,457		432,471
Synovus Financial Corp		9,310		270,176
TCF Financial Corp		9,659		351,974
Texas Capital Bancshares Inc*		3,137		147,690
Trustmark Corp		4,082		109,806
UMB Financial Corp		2,730		158,750
Umpqua Holdings Corp		13,990		215,306
United Bankshares Inc		6,421		185,438
Valley National Bancorp		24,884		231,421
Webster Financial Corp		5,802		220,302
Wintrust Financial Corp		3,775		201,623
				6,626,885
Diversified Financial Service (3.13%)
Affiliated Managers Group Inc		3,130		235,439
Eaton Vance Corp(a)		7,156		295,257
Evercore Inc		2,483		165,417
Federated Hermes Inc		6,103		176,072
Interactive Brokers Group Inc		5,053		258,208
Janus Henderson Group PLC		10,023		212,488
Jefferies Financial Group Inc		14,922		294,113
Legg Mason Inc		5,152		256,673
LendingTree Inc*		497		137,083
Navient Corp		12,955		145,485
SEI Investments Co		8,061		441,017
SLM Corp		26,808		277,999

See accompanying notes to financial statements.

12

S&P MidCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Stifel Financial Corp		4,408	$	239,972
				3,135,223
Insurance (5.27%)
Alleghany Corp		895		601,664
American Financial Group Inc		4,721		436,315
Brighthouse Financial Inc*		7,005		251,059
Brown & Brown Inc		14,935		642,354
CNO Financial Group Inc		9,839		157,621
First American Financial Corp		7,073		403,868
Genworth Financial Inc*		33,537		130,794
Kemper Corp		3,706		255,121
Mercury General Corp		1,883		81,553
Old Republic International Corp		17,345		342,043
Primerica Inc		2,671		297,389
Reinsurance Group of America Inc		3,976		485,191
RenaissanceRe Holdings Ltd		2,830		482,232
RLI Corp		2,535		203,763
Selective Insurance Group Inc		3,754		209,398
The Hanover Insurance Group Inc		2,522		298,958
				5,279,323
Real Estate (10.79%)
American Campus Communities Inc		8,739		379,622
Brixmor Property Group Inc		18,675		340,072
Camden Property Trust(a)		6,176		654,532
CoreCivic Inc		8,052		119,250
CoreSite Realty Corp		2,417		250,715
Corporate Office Properties Trust		7,042		178,444
Cousins Properties Inc		9,324		332,774
CyrusOne Inc		7,218		437,266
Diversified Healthcare Trust		15,114		95,067
Douglas Emmett Inc		10,442		398,676
EastGroup Properties Inc		2,449		307,913
EPR Properties		4,984		295,252
First Industrial Realty Trust Inc		8,145		313,583
Healthcare Realty Trust Inc		7,860		269,598
Highwoods Properties Inc		6,585		295,535
JBG SMITH Properties		7,505		275,283
Jones Lang LaSalle Inc		3,095		457,348
Kilroy Realty Corp		2,904		211,092
Lamar Advertising Co(a)		5,450		456,383
Life Storage Inc		2,963		319,737
Mack-Cali Realty Corp		6,019		114,241
Medical Properties Trust Inc		31,598		667,666
National Retail Properties Inc(a)		10,988		558,740
Omega Healthcare Investors Inc		14,003		554,519
Park Hotels & Resorts Inc		15,046		274,740
Pebblebrook Hotel Trust		8,704		175,908
PotlatchDeltic Corp		4,270		156,880
PS Business Parks Inc		1,333		198,017
Rayonier Inc		8,221		218,103
Sabra Health Care REIT Inc		11,960		233,818
Service Properties Trust		10,273		185,736
Spirit Realty Capital Inc		5,819		264,765
Taubman Centers Inc		4,147		215,893
The GEO Group Inc		8,190		119,902
The Macerich Co		7,000		142,940
Urban Edge Properties		7,463		120,901
Weingarten Realty Investors		7,564		203,699
				10,794,610
Savings&Loans (0.68%)
New York Community Bancorp Inc		29,569		319,641
Sterling Bancorp		12,937		214,495
Washington Federal Inc		5,017		150,460
				684,596
Total Financial				26,520,637
Industrial (19.23%)
Acuity Brands Inc		2,541		261,367
AECOM*		10,051		451,692
AGCO Corp		3,988		240,995
AptarGroup Inc		4,061		410,445
Arrow Electronics Inc*		5,299		355,351
Avnet Inc		6,586		202,058
Axon Enterprise Inc*		3,770		291,685
Belden Inc		2,454		97,988
Carlisle Cos Inc		3,594		522,172
Clean Harbors Inc*		3,262		226,774
Cognex Corp		10,881		484,640
Coherent Inc*		1,534		197,441
Colfax Corp*		5,274		176,521
Crane Co		3,241		220,226
Curtiss-Wright Corp(a)		2,726		326,956
Donaldson Co Inc		8,108		365,509
Dycom Industries Inc*		2,187		64,648
Eagle Materials Inc		2,715		214,295
EMCOR Group Inc		3,558		273,681
Energizer Holdings Inc		4,237		182,149
EnerSys		2,684		165,281
Fluor Corp		9,323		86,890
GATX Corp		2,265		162,015
Gentex Corp		16,182		432,059
Graco Inc		10,601		522,841
Greif Inc		1,668		58,948
Hubbell Inc(a)		1,733		230,905
II-VI Inc*		5,481		162,731
ITT Inc		5,590		336,239
Jabil Inc		8,945		286,687
KBR Inc		9,024		234,263
Kennametal Inc		5,164		143,559
Kirby Corp*		3,748		238,935
Knight-Swift Transportation Holdings Inc		7,730		246,896
Landstar System Inc		2,521		254,545
Lennox International Inc		2,257		514,889
Lincoln Electric Holdings Inc		3,934		322,155
Littelfuse Inc		1,556		248,462
Louisiana-Pacific Corp		7,462		212,294
MasTec Inc*		3,637		178,504
MDU Resources Group Inc		12,730		353,003
Mercury Systems Inc*		3,554		261,077
MSA Safety Inc		2,262		275,218
National Instruments Corp		7,468		300,811
Nordson Corp		3,253		472,661
nVent Electric PLC		9,847		236,426
O-I Glass Inc		10,422		112,558
Oshkosh Corp		4,279		308,730
Owens Corning		7,022		396,673
Regal Beloit Corp		2,601		201,942
Ryder System Inc		3,329		126,635
Silgan Holdings Inc		5,244		150,136
Sonoco Products Co		6,387		307,917
Stericycle Inc*		5,784		332,175
SYNNEX Corp		2,615		326,953
Tech Data Corp*		2,260		321,801
Teledyne Technologies Inc*		2,237		754,585
Terex Corp		4,504		99,133
Tetra Tech Inc		3,538		286,118
The Timken Co		4,306		193,081
Trex Co Inc*		3,790		362,514
Trimble Inc*		15,828		624,889
Trinity Industries Inc		6,479		131,848
Universal Display Corp		2,734		434,132
Valmont Industries Inc		1,376		159,919
Vishay Intertechnology Inc		8,408		157,230
Werner Enterprises Inc		2,813		94,517
Woodward Inc		3,512		362,438
Worthington Industries Inc		2,344		74,540
XPO Logistics Inc*		5,791		428,360
Total Industrial				19,253,711
Technology (8.96%)
ACI Worldwide Inc*		7,367		205,318
Allscripts Healthcare Solutions Inc*		11,090		83,620
Blackbaud Inc		3,124		211,807
Cabot Microelectronics Corp		1,849		257,529
CACI International Inc*		1,592		390,072
CDK Global Inc		7,781		358,082
Ceridian HCM Holding Inc*		6,339		448,357
Cirrus Logic Inc*		3,710		254,654
CommVault Systems Inc*		2,668		111,256
Cree Inc*		6,918		309,442
Cypress Semiconductor Corp(a)		23,536		543,446
Fair Isaac Corp*		1,774		667,077
J2 Global Inc		2,941		256,838
Lumentum Holdings Inc*		4,462		347,233
Manhattan Associates Inc*		4,173		281,093
MAXIMUS Inc		4,033		254,160
MKS Instruments Inc		3,443		344,954
Monolithic Power Systems Inc		2,566		407,070
NCR Corp*		8,002		201,650
NetScout Systems Inc*		4,237		108,891
Perspecta Inc		8,596		214,642
PTC Inc*		6,664		503,465
Science Applications International Corp		3,057		244,957
Semtech Corp*		4,208		166,174
Silicon Laboratories Inc*		2,725		241,653
Synaptics Inc*		2,063		136,261
Teradata Corp*		7,279		145,143
Teradyne Inc		10,646		625,559
Tyler Technologies Inc*		2,070		648,635
Total Technology				8,969,038
Utilities (4.20%)
ALLETE Inc		3,282		226,425
Black Hills Corp		3,620		261,364
Essential Utilities Inc		13,442		578,140
Hawaiian Electric Industries Inc		6,988		299,366
IDACORP Inc		3,201		309,345
National Fuel Gas Co		5,452		199,598
New Jersey Resources Corp		5,790		204,445
NorthWestern Corp		3,205		225,440
OGE Energy Corp		12,771		486,575
ONE Gas Inc		3,364		276,319
PNM Resources Inc		5,060		238,225
Southwest Gas Holdings Inc		3,218		208,140
Spire Inc		3,159		237,083
UGI Corp		13,254		477,674
Total Utilities				4,228,139
Total Common Stock (Cost $77,922,875)				99,956,824

See accompanying notes to financial statements.

13

S&P MidCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
United States Treasury Bills (0.10%)
1.38%, 03/10/20		100,000	$	99,958
United States Treasury Bills (Cost $99,958)				99,958
Total Investments (Cost $78,022,833) (99.92%)(a)			$	100,056,782
Other Net Assets (0.08%)				76,245
Net Assets (100.00%)			$	100,133,027

* Non-income producing security.

(a) A portion of these shares have been pledged in connection with obligations for futures contracts.

(b) Aggregate cost for federal income tax purpose is $78,304,429.

At February 29, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	32,655,070
Unrealized depreciation		(10,902,717	)
Net unrealized appreciation	$	21,752,353
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) 2/29/20

Security Description	Shares		Value (Note 1)
Common Stock (99.87%)
Basic Materials (4.01%)
A Schulman Inc - CVR#		2,962	$	2,518
AdvanSix Inc*		2,487		36,136
AK Steel Holding Corp*		1		65,352
American Vanguard Corp		2,434		37,119
Balchem Corp		2,801		264,582
Century Aluminum Co*		4,078		23,652
Clearwater Paper Corp*		1,635		44,586
Cleveland-Cliffs Inc		23,562		136,895
Ferro Corp*		7,326		85,128
GCP Applied Technologies Inc*		4,808		93,612
Hawkins Inc		889		31,782
HB Fuller Co		4,444		174,338
Innospec Inc		2,114		182,946
Kaiser Aluminum Corp		1,374		129,912
Koppers Holdings Inc*		1,849		40,419
Kraton Corp*		2,835		28,690
Livent Corp*		13,053		116,563
Mercer International Inc		3,634		32,197
Neenah Inc		1,507		87,059
PH Glatfelter Co		3,944		56,241
Quaker Chemical Corp		1,153		181,678
Rayonier Advanced Materials Inc		4,999		12,248
Rogers Corp*		1,659		192,444
Schweitzer-Mauduit International Inc		2,762		93,135
Stepan Co		1,742		153,000
Total Basic Materials				2,302,232
Communications (4.24%)
8x8 Inc*		8,878		164,243
ADTRAN Inc		4,227		34,006
ATN International Inc		950		51,205
CalAmp Corp*		2,988		28,745
Cincinnati Bell Inc*		4,390		57,290
Cogent Communications Holdings Inc		3,644		266,048
Consolidated Communications Holdings Inc		7,218		44,896
ePlus Inc*		1,207		91,442
Extreme Networks Inc*		11,197		56,321
Gannett Co Inc		11,397		47,867
Harmonic Inc*		7,845		48,168
HealthStream Inc*		2,287		55,620
Liquidity Services Inc*		2,609		10,227
NETGEAR Inc*		2,782		52,496
NIC Inc		5,987		109,502
Perficient Inc*		2,842		116,437
Plantronics Inc		2,855		39,199
QuinStreet Inc*		3,564		45,904
Scholastic Corp		2,754		88,376
Shenandoah Telecommunications Co		4,190		186,162
Shutterstock Inc		1,680		64,747
Spok Holdings Inc		1,924		19,163
Stamps.com Inc*		1,458		205,738
TechTarget Inc*		2,200		50,886
The EW Scripps Co		4,870		57,953
Viavi Solutions Inc*		20,097		265,079
Vonage Holdings Corp*		19,743		176,897
Total Communications				2,434,617
Consumer, Cyclical (14.95%)
Abercrombie & Fitch Co		5,382		70,666
Allegiant Travel Co		1,149		155,735
American Axle & Manufacturing Holdings Inc*		10,057		63,661
Anixter International Inc*		2,604		253,916
Asbury Automotive Group Inc*		1,730		153,347
Barnes & Noble Education Inc*		3,275		10,840
Big Lots Inc		3,303		52,220
BJ’s Restaurants Inc		1,713		56,443
Bloomin’ Brands Inc		7,764		139,674
Boot Barn Holdings Inc*		2,456		75,326
Caleres Inc		3,775		43,526
Callaway Golf Co		8,283		140,645
Cavco Industries Inc*		766		154,518
Century Communities Inc*		1,525		50,828
Chico’s FAS Inc		10,201		40,906
Chuy’s Holdings Inc*		1,589		34,068
Conn’s Inc*		1,705		13,896
Cooper Tire & Rubber Co		4,486		114,348
Cooper-Standard Holdings Inc*		1,609		27,804
Core-Mark Holding Co Inc		3,985		91,695
Crocs Inc*		5,660		148,122
Daktronics Inc		3,984		19,601
Dave & Buster’s Entertainment Inc		2,647		87,377
Designer Brands Inc		4,933		66,645
Dine Brands Global Inc		1,535		125,640
Dorman Products Inc*		2,549		154,571
El Pollo Loco Holdings Inc*		1,677		21,633
Ethan Allen Interiors Inc		2,148		28,354
Express Inc*		5,906		21,852
Fiesta Restaurant Group Inc*		1,880		18,161
Fossil Group Inc*		4,397		20,182
Foundation Building Materials Inc*		1,539		24,008
Fox Factory Holding Corp*		3,436		217,842
GameStop Corp		5,709		20,552
Garrett Motion Inc*		6,672		46,304
Genesco Inc*		1,274		43,838
Gentherm Inc*		2,949		120,260
G-III Apparel Group Ltd*		3,842		85,907
GMS Inc*		3,723		85,071
Group 1 Automotive Inc		1,561		133,044
Guess? Inc		3,813		61,771
Haverty Furniture Cos Inc		1,601		26,929
Hawaiian Holdings Inc		4,228		88,281
Hibbett Sports Inc*		1,554		30,334
Installed Building Products Inc*		1,816		119,947
Interface Inc		5,225		76,233
iRobot Corp*		2,628		126,118
JC Penney Co Inc*		31,537		21,761
Kontoor Brands Inc		4,170		140,696
La-Z-Boy Inc		4,170		119,471
LCI Industries		2,237		215,982
LGI Homes Inc*		1,725		129,979
Lithia Motors Inc		1,962		233,792
Lumber Liquidators Holdings Inc*		2,806		27,499
M/I Homes Inc*		2,469		91,921
MarineMax Inc*		1,903		32,218
MDC Holdings Inc		4,432		174,355

See accompanying notes to financial statements.

14

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Meritage Homes Corp*		3,099	$	196,663
Meritor Inc*		6,687		151,728
Methode Electronics Inc		3,316		101,669
Mobile Mini Inc		3,846		149,956
Monarch Casino & Resort Inc*		1,142		53,994
Motorcar Parts of America Inc*		1,857		31,086
Movado Group Inc		1,570		23,079
Office Depot Inc		48,858		114,816
Oxford Industries Inc		1,521		91,853
PC Connection Inc		969		39,409
PetMed Express Inc		1,733		45,751
PriceSmart Inc		1,993		110,990
Red Robin Gourmet Burgers Inc*		1,132		31,130
Regis Corp*		2,192		27,970
Ruth’s Hospitality Group Inc		2,478		47,404
ScanSource Inc*		2,257		64,167
Shake Shack Inc*		2,763		164,233
Shoe Carnival Inc		784		23,449
Signet Jewelers Ltd		4,424		103,168
SkyWest Inc		4,412		200,305
Sleep Number Corp*		2,510		110,566
Sonic Automotive Inc		2,169		60,732
Standard Motor Products Inc		1,796		79,024
Steven Madden Ltd		6,795		222,197
Tailored Brands Inc		4,990		16,317
The Buckle Inc		2,528		57,209
The Cato Corp		1,954		31,596
The Children’s Place Inc		1,351		77,818
The Marcus Corp		2,145		57,314
The Michaels Cos Inc*		6,292		26,993
The St Joe Co*		2,743		53,955
Titan International Inc		4,982		11,060
Tupperware Brands Corp		4,272		12,175
Unifi Inc*		1,447		30,922
UniFirst Corp		1,338		248,614
Universal Electronics Inc*		1,264		53,366
Vera Bradley Inc*		1,892		15,628
Veritiv Corp*		1,144		13,774
Vista Outdoor Inc*		5,502		40,440
Wabash National Corp		4,869		53,462
Wingstop Inc		2,384		201,329
Winnebago Industries Inc		2,789		144,721
Wolverine World Wide Inc		7,232		190,129
Zumiez Inc*		1,661		44,066
Total Consumer, Cyclical				8,576,540
Consumer, Non-Cyclical (17.57%)
ABM Industries Inc		5,939		195,512
Acorda Therapeutics Inc*		3,939		5,672
Addus HomeCare Corp*		991		75,584
Akorn Inc*		9,531		11,056
AMAG Pharmaceuticals Inc*		2,968		23,002
American Public Education Inc*		1,360		30,274
AMN Healthcare Services Inc*		3,972		292,339
Amphastar Pharmaceuticals Inc*		3,082		47,432
AngioDynamics Inc*		3,329		38,250
ANI Pharmaceuticals Inc*		830		39,848
Anika Therapeutics Inc*		1,232		51,448
Arlo Technologies Inc*		6,180		20,270
B&G Foods Inc		5,421		80,231
BioTelemetry Inc*		3,030		129,442
Calavo Growers Inc		1,467		106,284
Cal-Maine Foods Inc		2,708		94,482
Cardiovascular Systems Inc*		3,153		118,616
Cardtronics PLC*		3,156		114,468
Central Garden & Pet Co*		859		23,004
Central Garden & Pet Co - Class A*		3,511		88,863
Coca-Cola Consolidated Inc		415		81,498
Community Health Systems Inc*		11,035		54,403
CONMED Corp		2,433		230,259
Corcept Therapeutics Inc*		9,149		115,460
CorVel Corp*		778		53,635
Covetrus Inc*		8,711		96,779
Cross Country Healthcare Inc*		3,652		34,621
CryoLife Inc*		3,262		83,605
Cutera Inc*		1,289		31,941
Cytokinetics Inc*		5,112		71,261
Eagle Pharmaceuticals Inc*		904		41,494
Emergent BioSolutions Inc*		3,840		225,331
Enanta Pharmaceuticals Inc*		1,425		72,504
Endo International PLC*		18,017		99,454
EVERTEC Inc		5,338		158,432
Forrester Research Inc*		996		35,916
Fresh Del Monte Produce Inc		2,724		74,692
Hanger Inc*		3,335		76,938
Harsco Corp*		7,029		84,278
Heidrick & Struggles International Inc		1,671		37,263
Heska Corp*		673		64,251
HMS Holdings Corp*		7,811		179,419
Innoviva Inc*		5,977		80,510
Inogen Inc*		1,627		74,484
Integer Holdings Corp*		1,406		126,779
Inter Parfums Inc		1,574		94,534
Invacare Corp		3,327		25,219
J&J Snack Foods Corp		1,305		209,870
John B Sanfilippo & Son Inc		767		53,836
Kelly Services Inc		3,086		51,258
Korn Ferry		4,845		169,478
Lannett Co Inc*		2,918		25,387
Lantheus Holdings Inc*		3,494		54,332
LeMaitre Vascular Inc		1,395		39,758
LHC Group Inc*		2,586		314,096
Luminex Corp		3,645		90,250
Magellan Health Inc*		1,941		116,479
Medifast Inc		1,005		83,526
Medpace Holdings Inc*		2,426		218,194
Meridian Bioscience Inc*		3,709		29,635
Merit Medical Systems Inc*,(a)		4,697		169,139
MGP Ingredients Inc		1,168		33,592
Momenta Pharmaceuticals Inc*		10,027		283,664
Monro Inc		2,860		160,503
Myriad Genetics Inc*		6,293		110,883
National Beverage Corp*		1,042		44,066
Natus Medical Inc*		2,942		79,081
Neogen Corp*		4,561		277,081
NeoGenomics Inc*		9,060		256,670
OraSure Technologies Inc*		6,127		36,946
Orthofix Medical Inc*		1,701		60,113
Owens & Minor Inc		6,011		41,055
Pacira BioSciences Inc*		3,723		161,504
Perdoceo Education Corp*		6,170		92,118
Phibro Animal Health Corp		1,777		44,869
Progenics Pharmaceuticals Inc*		7,397		34,914
Quanex Building Products Corp		2,965		49,812
RadNet Inc*		3,633		74,222
REGENXBIO Inc*		2,788		111,520
Rent-A-Center Inc		4,464		95,039
Resources Connection Inc		2,602		32,603
RR Donnelley & Sons Co		6,596		12,532
Select Medical Holdings Corp*		9,446		226,137
Seneca Foods Corp*		660		22,915
SpartanNash Co		3,184		39,577
Spectrum Pharmaceuticals Inc*		10,511		30,061
Strategic Education Inc		1,913		281,938
Supernus Pharmaceuticals Inc*		4,505		81,045
Surmodics Inc*		1,196		41,752
Tactile Systems Technology Inc*		1,689		85,142
Team Inc*		2,930		37,299
The Andersons Inc		2,657		48,809
The Chefs’ Warehouse Inc*		2,331		71,375
The Ensign Group Inc		4,364		194,198
The Pennant Group Inc*		2,334		63,415
The Providence Service Corp*		998		61,656
Tivity Health Inc*		3,849		48,767
TrueBlue Inc*		3,583		53,315
United Natural Foods Inc*		5,088		32,919
Universal Corp		2,167		106,941
US Physical Therapy Inc		1,100		114,642
USANA Health Sciences Inc*		735		48,584
Vanda Pharmaceuticals Inc*		4,763		52,536
Varex Imaging Corp*		3,433		79,714
Vector Group Ltd		10,014		116,363
Viad Corp		1,768		88,754
WD-40 Co		1,189		205,091
Xencor Inc*		4,280		139,057
Total Consumer, Non-Cyclical				10,081,064
Energy (3.23%)
Archrock Inc		11,415		80,476
Bonanza Creek Energy Inc*		1,597		26,015
Callon Petroleum Co*		34,193		77,618
CONSOL Energy Inc*		2,184		12,427
Denbury Resources Inc*		42,629		32,074
Diamond Offshore Drilling Inc*		5,549		16,924
DMC Global Inc		786		28,343
Dril-Quip Inc*		3,179		113,236
Era Group Inc*		2,067		20,257
Exterran Corp*		3,227		16,458
FutureFuel Corp		2,258		22,964
Geospace Technologies Corp*		1,047		12,910
Green Plains Inc		3,022		36,234
Gulfport Energy Corp*		12,514		10,256
Helix Energy Solutions Group Inc*		12,637		84,794
HighPoint Resources Corp*		9,646		6,566
KLX Energy Services Holdings Inc*		2,045		4,949
Laredo Petroleum Inc*		15,407		16,640
Matrix Service Co*		2,446		29,548
Nabors Industries Ltd		29,492		51,906
Newpark Resources Inc*		8,040		28,220
Noble Corp plc*		24,763		17,364
Oasis Petroleum Inc*		24,739		40,448
Oceaneering International Inc*		8,846		93,237
Oil States International Inc*		5,410		42,793
Par Pacific Holdings Inc*		2,984		49,505
PDC Energy Inc*		8,403		159,909
Penn Virginia Corp*		1,312		20,861
ProPetro Holding Corp*		6,944		60,829
QEP Resources Inc		21,274		47,867
Range Resources Corp		18,656		51,677
Renewable Energy Group Inc*		3,413		90,274
REX American Resources Corp*		531		37,175
Ring Energy Inc*		5,422		7,645
RPC Inc		4,627		15,917

See accompanying notes to financial statements.

15

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
SM Energy Co		9,292	$	61,048
Southwestern Energy Co*		47,071		66,841
SunCoke Energy Inc		6,488		29,910
Talos Energy Inc*		1,793		25,461
TETRA Technologies Inc*		12,600		15,876
US Silica Holdings Inc		6,550		30,065
Valaris plc		16,952		62,553
Warrior Met Coal Inc		4,611		81,707
Whiting Petroleum Corp*		7,710		14,264
Total Energy				1,852,041
Financial (25.72%)
Banks (9.44%)
Allegiance Bancshares Inc		1,740		57,716
Ameris Bancorp		5,421		185,290
Banner Corp		3,113		142,077
Cadence BanCorp		11,366		160,488
Central Pacific Financial Corp		2,553		61,068
City Holding Co		1,425		99,636
Columbia Banking System Inc		6,323		209,924
Community Bank System Inc		4,527		275,287
Customers Bancorp Inc*		2,518		51,090
CVB Financial Corp		11,728		217,437
Eagle Bancorp Inc		2,895		108,331
First BanCorp		19,432		154,290
First Commonwealth Financial Corp		8,578		101,220
First Financial Bancorp		8,814		181,568
First Midwest Bancorp Inc		9,618		174,567
Flagstar Bancorp Inc		2,967		94,588
Franklin Financial Network Inc		1,168		39,116
Glacier Bancorp Inc(a)		7,544		281,316
Great Western Bancorp Inc		4,892		131,448
Hanmi Financial Corp		2,765		43,134
Heritage Financial Corp		3,361		77,942
HomeStreet Inc		2,181		59,083
Hope Bancorp Inc		11,275		137,668
Independent Bank Corp		3,073		207,520
Meta Financial Group Inc		2,742		90,075
National Bank Holdings Corp		2,643		80,849
NBT Bancorp Inc		3,914		131,863
OFG Bancorp		4,362		73,020
Old National Bancorp		14,019		220,939
Opus Bank		1,885		44,618
Preferred Bank		1,204		61,561
S&T Bancorp Inc		3,079		101,207
Seacoast Banking Corp of Florida*		4,601		114,565
ServisFirst Bancshares Inc		4,117		142,242
Simmons First National Corp		9,990		213,586
Southside Bancshares Inc		2,836		91,376
Tompkins Financial Corp		1,107		87,984
Triumph Bancorp Inc*		2,072		70,179
TrustCo Bank Corp NY		8,665		59,442
United Community Banks Inc		7,071		175,149
Veritex Holdings Inc		4,149		99,866
Walker & Dunlop Inc		2,556		165,757
Westamerica Bancorporation		2,412		139,462
				5,415,544
Diversified Financial Service (1.53%)
Blucora Inc*		3,984		69,322
Boston Private Financial Holdings Inc		7,502		73,182
Encore Capital Group Inc*		2,392		88,887
Enova International Inc*		3,054		58,698
EZCORP Inc*		4,843		23,246
Greenhill & Co Inc		1,337		19,547
INTL. FCStone Inc*		1,406		64,043
Piper Sandler Cos		1,270		89,002
PRA Group Inc*		4,060		157,609
Virtus Investment Partners Inc		583		64,363
Waddell & Reed Financial Inc		6,212		85,477
WisdomTree Investments Inc		11,401		46,288
World Acceptance Corp*		487		38,035
				877,699
Insurance (3.15%)
Ambac Financial Group Inc*		4,075		78,322
AMERISAFE Inc		1,725		112,418
eHealth Inc*		1,827		214,398
Employers Holdings Inc		2,853		109,955
FGL Holdings		11,694		133,779
HCI Group Inc		559		23,769
Horace Mann Educators Corp		3,684		143,418
James River Group Holdings Ltd		2,671		107,935
Kinsale Capital Group Inc		1,789		217,310
NMI Holdings Inc*		6,059		141,417
ProAssurance Corp		4,807		130,510
Safety Insurance Group Inc		1,270		100,000
Stewart Information Services Corp		2,120		76,702
Third Point Reinsurance Ltd*		7,370		65,740
United Fire Group Inc		1,919		73,574
United Insurance Holdings Corp		2,058		19,345
Universal Insurance Holdings Inc		2,810		58,139
				1,806,731
Real Estate (10.16%)
Acadia Realty Trust		7,472		170,660
Agree Realty Corp		3,643		261,640
American Assets Trust Inc		3,772		156,349
Apollo Commercial Real Estate Finance Inc		11,233		181,975
Armada Hoffler Properties Inc		4,539		76,074
ARMOUR Residential REIT Inc		4,911		88,791
Capstead Mortgage Corp		8,523		60,513
CareTrust REIT Inc		8,326		173,764
CBL & Associates Properties Inc		16,968		9,007
Cedar Realty Trust Inc		7,158		18,539
Chatham Lodging Trust		4,066		56,680
Community Healthcare Trust Inc		1,592		75,827
DiamondRock Hospitality Co		17,436		159,016
Easterly Government Properties Inc		6,058		143,999
Essential Properties Realty Trust Inc		7,246		166,006
Four Corners Property Trust Inc		6,118		175,525
Franklin Street Properties Corp		9,588		68,362
Getty Realty Corp		2,982		84,510
Global Net Lease Inc		7,554		139,371
Granite Point Mortgage Trust Inc		4,766		78,258
Hersha Hospitality Trust		3,136		36,158
Independence Realty Trust Inc		7,891		104,635
Industrial Logistics Properties Trust		5,680		117,349
Innovative Industrial Properties Inc		974		89,550
Invesco Mortgage Capital Inc		12,048		193,732
iStar Inc		5,281		79,902
Kite Realty Group Trust		7,261		117,265
KKR Real Estate Finance Trust Inc		2,156		42,344
Lexington Realty Trust		19,586		203,107
LTC Properties Inc		3,554		159,326
Marcus & Millichap Inc*		2,142		68,458
National Storage Affiliates Trust		5,136		173,289
New York Mortgage Trust Inc		28,004		159,623
NexPoint Residential Trust Inc		1,960		87,220
Office Properties Income Trust		4,134		120,423
Pennsylvania Real Estate Investment Trust		5,339		12,600
PennyMac Mortgage Investment Trust		8,709		180,276
RE/MAX Holdings Inc		1,566		45,649
Ready Capital Corp		3,091		44,820
Realogy Holdings Corp		10,265		95,157
Redwood Trust Inc		9,626		164,412
Retail Opportunity Investments Corp		10,222		153,330
RPT Realty		6,973		90,370
Safehold Inc		1,082		59,099
Saul Centers Inc		1,028		44,214
Summit Hotel Properties Inc		9,400		87,138
Uniti Group Inc		15,863		154,823
Universal Health Realty Income Trust		1,131		121,831
Urstadt Biddle Properties Inc		2,591		53,401
Washington Prime Group Inc		16,685		45,884
Washington Real Estate Investment Trust		6,973		187,225
Whitestone REIT		3,544		43,556
Xenia Hotels & Resorts Inc		10,072		150,677
				5,831,709
Savings&Loans (1.44%)
Axos Financial Inc*		4,763		118,646
Banc of California Inc		4,101		62,868
Berkshire Hills Bancorp Inc		3,768		91,977
Brookline Bancorp Inc		7,138		99,004
Dime Community Bancshares Inc		2,890		48,494
Northfield Bancorp Inc		3,875		54,754
Northwest Bancshares Inc		8,964		124,510
Pacific Premier Bancorp Inc		4,527		116,932
Provident Financial Services Inc		5,421		108,312
				825,497
Total Financial				14,757,180
Industrial (19.35%)
AAON Inc		3,540		194,735
AAR Corp		2,947		101,819
Advanced Energy Industries Inc*		3,425		203,702
Aegion Corp*		2,762		49,744
Aerojet Rocketdyne Holdings Inc*		6,272		309,084
AeroVironment Inc*		1,929		99,131
Alamo Group Inc		866		95,927
Alarm.com Holdings Inc*		3,306		159,515
Albany International Corp		2,745		175,872
American Woodmark Corp*		1,360		113,927
Apogee Enterprises Inc		2,371		71,580
Applied Industrial Technologies Inc		3,375		199,091
Applied Optoelectronics Inc*		1,515		13,529
ArcBest Corp		2,245		44,473
Arcosa Inc		4,230		181,721
Astec Industries Inc		2,015		75,663
Atlas Air Worldwide Holdings Inc*		2,280		60,922
AZZ Inc		2,338		86,249
Badger Meter Inc		2,520		151,729
Barnes Group Inc		4,095		219,902

See accompanying notes to financial statements.

16

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Bel Fuse Inc		988	$	11,303
Benchmark Electronics Inc		3,364		91,434
Boise Cascade Co		3,485		123,648
Brady Corp		4,422		209,337
Briggs & Stratton Corp		4,252		13,479
Chart Industries Inc*		3,048		173,492
CIRCOR International Inc*		1,744		62,749
Comfort Systems USA Inc		3,201		135,146
Comtech Telecommunications Corp		2,161		60,551
Dorian LPG Ltd*		2,530		28,134
DXP Enterprises Inc*		1,418		40,257
Echo Global Logistics Inc*		2,538		46,826
Encore Wire Corp		1,869		91,525
Enerpac Tool Group Corp		4,678		99,969
EnPro Industries Inc		1,830		98,729
ESCO Technologies Inc		2,265		205,934
Exponent Inc		4,537		334,150
Fabrinet*		3,099		170,817
FARO Technologies Inc*		1,530		87,577
Federal Signal Corp		5,397		156,513
Forward Air Corp		2,464		145,401
Franklin Electric Co Inc		3,340		172,645
Gibraltar Industries Inc*		2,881		145,980
Granite Construction Inc		4,054		82,377
Griffon Corp		3,397		59,108
Haynes International Inc		1,064		26,930
Heartland Express Inc		4,178		74,828
Hillenbrand Inc		5,603		131,110
Hub Group Inc*		2,988		138,135
Ichor Holdings Ltd*		2,023		58,505
Insteel Industries Inc		1,735		34,509
Itron Inc*		3,076		233,284
John Bean Technologies Corp		2,831		274,211
Kaman Corp		2,492		138,206
KEMET Corp		5,009		130,635
Knowles Corp*		7,658		127,276
Lindsay Corp		927		91,801
LSB Industries Inc*		1,435		2,798
Lydall Inc*		1,535		18,282
Marten Transport Ltd		3,397		66,377
Materion Corp		1,824		82,700
Matson Inc		3,793		125,966
Matthews International Corp		2,815		83,211
Mesa Laboratories Inc		346		82,794
Moog Inc		2,802		216,090
Mueller Industries Inc		4,975		139,201
Myers Industries Inc		3,117		42,298
MYR Group Inc*		1,466		37,398
National Presto Industries Inc		442		34,732
Olympic Steel Inc		881		10,616
OSI Systems Inc*		1,491		121,174
Park Aerospace Corp		1,909		26,554
Patrick Industries Inc		2,006		105,977
PGT Innovations Inc*		5,238		79,460
Plexus Corp*		2,532		167,998
Powell Industries Inc		838		28,014
Proto Labs Inc*,(a)		2,403		210,599
Raven Industries Inc		3,212		92,217
Saia Inc*		2,266		197,844
Sanmina Corp*		6,165		162,078
SEACOR Holdings Inc*		1,552		57,890
Simpson Manufacturing Co Inc		3,540		281,182
SMART Global Holdings Inc*		1,196		32,101
SPX Corp*		3,937		165,078
SPX FLOW Inc*		3,693		135,829
Standex International Corp		1,113		70,598
Sturm Ruger & Co Inc		1,485		71,339
Tennant Co		1,628		116,467
The Greenbrier Cos Inc		2,904		70,364
TimkenSteel Corp*		3,932		19,935
TopBuild Corp*		2,985		301,485
Tredegar Corp		2,164		36,918
Trinseo SA		3,407		74,545
Triumph Group Inc		4,476		85,044
TTM Technologies Inc*		8,588		111,558
US Concrete Inc*		1,388		37,254
US Ecology Inc		2,200		92,532
Vicor Corp*		1,588		68,665
Watts Water Technologies Inc		2,409		226,228
Total Industrial				11,104,216
Technology (8.86%)
3D Systems Corp*		10,116		92,663
Agilysys Inc*		1,424		45,753
Axcelis Technologies Inc*		2,888		69,283
Bottomline Technologies DE Inc*		3,414		151,172
Brooks Automation Inc		6,458		222,865
CEVA Inc*		1,947		55,314
Cohu Inc		3,757		76,906
Computer Programs & Systems Inc		1,062		28,440
CSG Systems International Inc		2,951		130,582
CTS Corp		2,921		76,150
Cubic Corp		2,685		146,171
Diebold Nixdorf Inc*		6,795		47,701
Digi International Inc*		2,432		32,200
Diodes Inc*		3,607		158,744
Donnelley Financial Solutions Inc*		2,764		24,047
DSP Group Inc*		2,148		29,234
Ebix Inc		1,981		52,378
ExlService Holdings Inc*		2,966		221,412
FormFactor Inc*		6,723		150,394
Glu Mobile Inc*		10,305		73,372
Insight Enterprises Inc*		3,078		169,567
Kulicke & Soffa Industries Inc		5,670		129,446
LivePerson Inc*		5,372		142,143
ManTech International Corp		2,329		174,442
MaxLinear Inc*		5,757		89,003
MicroStrategy Inc*		733		99,072
MTS Systems Corp		1,607		64,505
NextGen Healthcare Inc*		4,328		56,610
Omnicell Inc*		3,724		303,394
OneSpan Inc*		2,814		46,459
Onto Innovation Inc*		4,368		133,530
PDF Solutions Inc*		2,557		37,434
Photronics Inc*		6,008		74,800
Pitney Bowes Inc		9,991		34,169
Power Integrations Inc		2,622		228,245
Progress Software Corp		3,983		148,526
Qualys Inc*		2,888		231,560
Rambus Inc*		9,937		138,919
SPS Commerce Inc*		3,119		164,059
Sykes Enterprises Inc*		3,330		105,494
Tabula Rasa HealthCare Inc*		1,693		95,096
TiVo Corp		11,180		84,633
TTEC Holdings Inc		1,380		51,653
Ultra Clean Holdings Inc*		3,548		74,189
Unisys Corp*		4,535		70,429
Veeco Instruments Inc*		4,630		61,996
Virtusa Corp*		2,618		115,480
Xperi Corp		4,412		75,842
Total Technology				5,085,476
Utilities (1.94%)
Avista Corp(a)		5,911		278,704
California Water Service Group		4,212		202,008
El Paso Electric Co		3,531		239,649
Northwest Natural Holding Co		2,622		172,449
South Jersey Industries Inc		8,052		217,808
Total Utilities				1,110,618
Total Common Stock (Cost $50,154,671)				57,303,984
United States Treasury Bills (0.18%)
1.38%, 03/10/20		100,000		99,958
United States Treasury Bills (Cost $99,958)				99,958
Total Investments (Cost $50,254,629) (100.05%)(b)			$	57,403,942
Liabilities in Excess of Other Assets (-0.05%)				(27,698	)
Net Assets (100.00%)			$	57,376,244

^# This security has been fair valued at August 31, 2019. The fair value was $2,518, or 0.00% of net assets.

* Non-income producing security.

(a) A portion of these shares have been pledged in connection with obligations for futures contracts.

(b) Aggregate cost for federal income tax purpose is $50,289,448.

At February 29, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation	$	17,030,200
Unrealized depreciation		(9,915,706	)
Net unrealized appreciation	$	7,114,494
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

(c) Futures contracts at February 29, 2020:

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

Russell 2000 MINI	Notional Amount		Value		Unrealized Appreciation
1 / MAR 2019 / Long / CME	$	72,594	$	73,745	$	1,151

See accompanying notes to financial statements.

17

Shelton Core Value Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Common Stock (79.93%)
Basic Materials (3.60%)
Linde PLC		6,167	$	1,177,959
PPG Industries Inc		8,000		835,600
Sensient Technologies Corp(a)		8,500		418,030
The Sherwin-Williams Co(a)		5,200		2,687,100
Total Basic Materials				5,118,689
Communications (10.36%)
Alphabet Inc - Class A*		300		401,775
Alphabet Inc - Class C*		300		401,799
Amazon.com Inc*,(a)		1,300		2,448,875
Cisco Systems Inc(a)		52,500		2,096,325
Facebook Inc*		10,000		1,924,700
Motorola Solutions Inc(a)		11,300		1,872,184
The Walt Disney Co(a)		13,300		1,564,745
VeriSign Inc*,(a)		10,300		1,954,425
Verizon Communications Inc		37,842		2,049,523
Total Communications				14,714,351
Consumer, Cyclical (3.86%)
Amerityre Corp*		28,669		1,009,722
Crown Castle International Corp(a)		13,500		1,934,415
Ford Motor Co		240,000		1,670,400
The Home Depot Inc(a)		4,000		871,360
Total Consumer, Cyclical				5,485,897
Consumer, Non-Cyclical (18.08%)
Abbott Laboratories		27,810		2,142,204
AbbVie Inc		10,410		892,241
AmerisourceBergen Corp		7,912		667,140
Automatic Data Processing Inc(a)		12,000		1,856,880
Bristol-Myers Squibb Co(a)		7,500		442,950
Bristol-Myors Squibb Co - CVR*,(a)		7,500		25,125
Cigna Corp(a)		12,200		2,231,868
Colgate-Palmolive Co		10,400		702,728
Conagra Brands Inc(a)		22,450		599,191
CVS Health Corp(a)		27,400		1,621,532
Edwards Lifesciences Corp*,(a)		8,300		1,700,172
General Mills Inc(a)		37,900		1,857,100
Gilead Sciences Inc(a)		31,200		2,164,032
Merck & Co Inc		10,000		765,600
Sprouts Farmers Market Inc*		230,000		3,675,400
The Estee Lauder Cos Inc(a)		9,100		1,670,760
The Procter & Gamble Co(a)		8,300		939,809
UnitedHealth Group Inc(a)		6,700		1,708,232
Total Consumer, Non-Cyclical				25,662,964
Energy (7.83%)
BP PLC		81,437		2,548,164
Chevron Corp		29,324		2,737,102
ConocoPhillips		19,648		951,356
Exxon Mobil Corp		43,236		2,224,060
Royal Dutch Shell PLC		36,500		1,607,095
Schlumberger Ltd		39,100		1,059,219
Total Energy				11,126,996
Financial (16.58%)
Banks (9.75%)
Bank of America Corp		90,000		2,565,000
Citigroup Inc		11,300		717,099
JPMorgan Chase & Co		41,020		4,762,832
Morgan Stanley		18,050		812,792
The Goldman Sachs Group Inc		8,350		1,676,430
US Bancorp		25,600		1,188,864
Wells Fargo & Co		52,500		2,144,625
				13,867,642
Diversified Financial Service (4.50%)
Discover Financial Services(a)		24,000		1,573,920
Intercontinental Exchange Inc		20,600		1,837,932
Visa Inc(a)		16,400		2,980,864
				6,392,716
Insurance (0.87%)
Arthur J Gallagher & Co(a)		6,400		623,936
Principal Financial Group Inc		13,650		605,924
				1,229,860
Real Estate (1.46%)
Mid-America Apartment Communities Inc(a)		16,000		2,068,160
Total Financial				23,558,378
Industrial (6.38%)
Atlas Corp(a)		25,000		265,000
Caterpillar Inc		11,442		1,421,554
Keysight Technologies Inc*,(a)		19,300		1,828,868
Masco Corp		45,000		1,859,400
The Boeing Co(a)		2,900		797,819
United Parcel Service Inc(a)		16,600		1,502,134
United Technologies Corp		10,625		1,387,519
Total Industrial				9,062,294
Technology (9.00%)
Accenture PLC(a)		10,000		1,805,900
Adobe Inc*,(a)		6,000		2,070,720
Citrix Systems Inc(a)		15,500		1,602,545
Fiserv Inc*,(a)		18,000		1,968,480
Hewlett Packard Enterprise Co		30,000		383,700
KLA Corp(a)		11,000		1,690,810
Microsoft Corp		33		5,346
Oracle Corp		5,930		293,298
QUALCOMM Inc(a)		22,600		1,769,580
Seagate Technology PLC		19,000		911,050
Taiwan Semiconductor Manufacturing Co Ltd		5,500		296,120
Total Technology				12,797,549
Utilities (4.24%)
American Electric Power Co Inc(a)		6,200		553,412
American Water Works Co Inc(a)		14,900		1,842,534
Consolidated Edison Inc		21,200		1,670,984
Duke Energy Corp(a)		21,300		1,953,210
Total Utilities				6,020,140
Total Common Stock (Cost $102,993,203)				113,547,258
Preferred Stock (0.24%)
Amerityre Corp*,**		2,000,000		340,000
Total Preferred Stock (Cost $2,000,000)				340,000
United States Treasury Bills (19.71%)
1.08%, 03/10/20		28,000,000		27,991,703
Total United States Treasury Bills (Cost $27,991,704)				27,991,703
Total Investments (Cost $132,984,907) (99.88%)(b)			$	141,878,961
Other Net Assets (0.12%)				170,269
Net Assets (100.00%)			$	142,049,230

* Non-income producing security.

** This security has been fair valued and deemed to be illiquid by the Advisor. At February 29, 2020, the fair value was $340,000, or 0.24% of net assets.

(a) A portion of these shares have been pledged in connection with obligations for options contracts.

(b) Aggregate cost for federal income tax purpose is $133,343,392.

At February 29, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation	$	20,236,492
Unrealized depreciation		(11,700,923	)
Net unrealized appreciation	$	8,535,569
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

18

Shelton Core Value Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Written Call Options	Expiration Date		Contracts			Strike Price		Notional Amount		Value
AbbVie Inc		5/15/2020		(30	)	$	95.00	$	285,000	$	(5,460	)
Accenture PLC		3/20/2020		(100	)		215.00		2,150,000		(3,800	)
Adobe Inc		3/20/2020		(60	)		345.00		2,070,000		(99,720	)
Alphabet Inc - Class A		3/20/2020		(3	)		1,550.00		465,000		(495	)
Alphabet Inc - Class C		3/20/2020		(3	)		1,550.00		465,000		(567	)
American Electric Power Co Inc		3/20/2020		(62	)		105.00		651,000		(186	)
American Water Works Co Inc		3/20/2020		(149	)		140.00		2,086,000		(1,490	)
Amerityre Corp		3/20/2020		(100	)		40.00		400,000		(900	)
Automatic Data Processing Inc		3/20/2020		(120	)		180.00		2,160,000		(3,960	)
Caterpillar Inc		3/20/2020		(90	)		145.00		1,305,000		(4,770	)
Cigna Corp		3/20/2020		(122	)		220.00		2,684,000		(6,222	)
Cisco Systems Inc		3/20/2020		(210	)		50.00		1,050,000		(840	)
Citigroup Inc		3/20/2020		(45	)		80.00		360,000		(360	)
Citrix Systems Inc		3/20/2020		(155	)		135.00		2,092,500		(6,200	)
Colgate-Palmolive Co		3/20/2020		(40	)		72.50		290,000		(1,920	)
Conagra Brands Inc		3/20/2020		(70	)		35.00		245,000		(280	)
Crown Castle International Corp		3/20/2020		(135	)		155.00		2,092,500		(10,125	)
Duke Energy Corp		3/20/2020		(213	)		97.50		2,076,750		(12,780	)
Edwards Lifesciences Corp		3/20/2020		(83	)		250.00		2,075,000		(2,905	)
Exxon Mobil Corp		3/20/2020		(103	)		72.50		746,750		(309	)
Facebook Inc		3/20/2020		(100	)		215.00		2,150,000		(9,400	)
Fiserv Inc		3/20/2020		(180	)		120.00		2,160,000		(24,300	)
Ford Motor Co		3/20/2020		(1,000	)		9.00		900,000		(1,000	)
General Mills Inc		4/17/2020		(379	)		55.00		2,084,500		(10,991	)
Gilead Sciences Inc		3/20/2020		(156	)		67.50		1,053,000		(67,860	)
Intercontinental Exchange Inc		3/20/2020		(206	)		105.00		2,163,000		(2,884	)
JPMorgan Chase & Co		4/17/2020		(130	)		145.00		1,885,000		(2,990	)
Keysight Technologies Inc		3/20/2020		(193	)		110.00		2,123,000		(7,720	)
KLA Corp		3/20/2020		(110	)		195.00		2,145,000		(1,430	)
Masco Corp		4/17/2020		(150	)		47.00		705,000		(4,500	)
Merck & Co Inc		3/20/2020		(40	)		90.00		360,000		(120	)
Mid-America Apartment Communities Inc		3/20/2020		(160	)		135.00		2,160,000		(28,480	)
Morgan Stanley		3/20/2020		(60	)		57.50		345,000		(240	)
Motorola Solutions Inc		3/20/2020		(113	)		190.00		2,147,000		(5,537	)
Oracle Corp		4/17/2020		(59	)		57.50		339,250		(2,065	)
Principal Financial Group Inc		4/17/2020		(36	)		60.00		216,000		(450	)
QUALCOMM Inc		3/20/2020		(226	)		95.00		2,147,000		(6,780	)
Sprouts Farmers Market Inc		3/20/2020		(500	)		17.50		875,000		(12,500	)
Taiwan Semiconductor Manufacturing Co Ltd		3/20/2020		(55	)		60.00		330,000		(3,575	)
The Estee Lauder Cos Inc		3/20/2020		(91	)		220.00		2,002,000		(1,911	)
The Procter & Gamble Co		3/20/2020		(83	)		130.00		1,079,000		(1,245	)
The Sherwin-Williams Co		3/20/2020		(52	)		600.00		3,120,000		(2,600	)
United Technologies Corp		3/20/2020		(106	)		150.00		1,590,000		(3,710	)
UnitedHealth Group Inc		3/20/2020		(67	)		310.00		2,077,000		(3,015	)
US Bancorp		3/20/2020		(80	)		60.00		480,000		(160	)
VeriSign Inc		3/20/2020		(103	)		210.00		2,163,000		(13,390	)
Verizon Communications Inc		4/17/2020		(120	)		60.00		720,000		(4,440	)
Visa Inc		3/20/2020		(164	)		190.00		3,116,000		(77,080	)
Wells Fargo & Co		3/20/2020		(175	)		52.50		918,750		(700	)
Total Written Call Options									69,303,000		(464,362	)
Premiums Received $1,096,226

See accompanying notes to financial statements.

19

Nasdaq-100 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Common Stock (99.87%)
Communications (33.14%)
Internet (26.21%)
Alphabet Inc - Class A*		21,155	$	28,331,834
Alphabet Inc - Class C*		21,141		28,314,776
Amazon.com Inc*,(a)		30,510		57,473,212
Baidu Inc*		21,836		2,619,883
Booking Holdings Inc*		3,305		5,604,156
CDW Corp		11,347		1,296,054
eBay Inc		62,431		2,162,610
Expedia Group Inc		10,488		1,034,327
Facebook Inc*,(a)		148,089		28,502,689
JD.com Inc*		73,207		2,819,202
MercadoLibre Inc*		3,926		2,418,534
Netflix Inc*		34,612		12,772,866
Trip.com Group Ltd*		41,304		1,227,142
VeriSign Inc*		9,272		1,759,362
				176,336,647
Media (4.05%)
Charter Communications Inc*		16,963		8,365,644
Comcast Corp		356,368		14,407,959
Fox - Class A		27,999		860,690
Fox - Class B		19,554		595,420
Sirius XM Holdings Inc		349,382		2,215,083
Liberty Global PLC - Class A*		13,520		263,911
Liberty Global PLC - Class C*		32,683		607,578
				27,316,285
Telecommunicatoins (2.88%)
Cisco Systems Inc		333,012		13,297,169
T-Mobile US Inc*		67,572		6,092,292
				19,389,461
Total Communications				223,042,393
Consumer, Cyclical (7.42%)
American Airlines Group Inc		33,528		638,708
Copart Inc*		18,359		1,550,968
Costco Wholesale Corp		34,891		9,809,256
Dollar Tree Inc*		17,922		1,488,064
Fastenal Co		45,296		1,550,029
Lululemon Athletica Inc*		9,725		2,114,312
Marriott International Inc		25,821		3,201,804
O’Reilly Automotive Inc*		5,975		2,203,102
PACCAR Inc		27,316		1,827,440
Ross Stores Inc		28,569		3,107,736
Starbucks Corp		93,274		7,315,480
Tesla Inc*		14,235		9,508,838
Ulta Beauty Inc*		4,503		1,157,676
United Airlines Holdings Inc*		19,985		1,230,876
Walgreens Boots Alliance Inc		70,492		3,225,714
Total Consumer, Cyclical				49,930,003
Consumer, Non-Cyclical (13.76%)
Alexion Pharmaceuticals Inc*		16,860		1,585,346
Align Technology Inc*		6,224		1,359,010
Amgen Inc		46,928		9,372,929
Automatic Data Processing Inc		34,174		5,288,085
BioMarin Pharmaceutical Inc*		13,409		1,211,771
Biogen Inc*		14,251		4,394,866
Cintas Corp		8,174		2,180,333
CoStar Group Inc*		2,893		1,931,338
Gilead Sciences Inc		99,920		6,930,451
IDEXX Laboratories Inc*		6,775		1,724,305
Illumina Inc*		11,609		3,084,163
Incyte Corp*		17,011		1,282,800
Intuitive Surgical Inc*		9,127		4,873,453
The Kraft Heinz Co		96,446		2,388,967
Mondelez International Inc		113,716		6,004,205
Monster Beverage Corp*		42,465		2,650,241
PayPal Holdings Inc*		92,736		10,014,561
PepsiCo Inc		109,461		14,452,135
Regeneron Pharmaceuticals Inc*		8,525		3,789,959
Seattle Genetics Inc*		13,535		1,541,095
Verisk Analytics Inc		12,942		2,007,434
Vertex Pharmaceuticals Inc*		20,309		4,549,825
Total Consumer, Non-Cyclical				92,617,272
Financial (0.29%)
Willis Towers Watson PLC		10,154		1,921,645
Industrial (0.65%)
CSX Corp		61,788		4,352,965
Total Industrial				4,352,965
Technology (43.72%)
Computers (12.00%)
Apple Inc(a)		273,430		74,744,824
Cognizant Technology Solutions Corp		43,246		2,634,979
NetApp Inc		17,721		827,925
Western Digital Corp		23,488		1,304,993
Check Point Software Technologies Ltd*		12,023		1,247,987
				80,760,708
Semiconductors (12.98%)
Advanced Micro Devices Inc*		87,953		4,000,102
Analog Devices Inc		29,088		3,172,046
Applied Materials Inc		72,957		4,240,261
ASML Holding NV		5,849		1,618,477
Broadcom Inc		31,328		8,540,639
Intel Corp		341,469		18,958,358
KLA Corp		12,462		1,915,534
Lam Research Corp		11,458		3,362,121
Maxim Integrated Products Inc		20,485		1,139,376
Microchip Technology Inc		18,874		1,712,061
Micron Technology Inc*		87,434		4,595,531
NVIDIA Corp		48,335		13,053,833
NXP Semiconductors NV		22,076		2,509,820
QUALCOMM Inc		90,534		7,088,812
Skyworks Solutions Inc		13,456		1,348,022
Texas Instruments Inc		73,827		8,426,614
Xilinx Inc		19,860		1,658,111
				87,339,718
Software (18.74%)
Activision Blizzard Inc		60,676		3,527,096
Adobe Inc*		38,232		13,194,628
ANSYS Inc*		6,649		1,610,321
Autodesk Inc*		17,342		3,310,241
Cadence Design Systems Inc*		22,160		1,465,662
Cerner Corp		24,807		1,718,381
Citrix Systems Inc		9,706		1,003,503
Electronic Arts Inc*		23,060		2,337,592
Fiserv Inc*		53,697		5,872,304
Intuit Inc		20,558		5,465,344
Microsoft Corp		469,462		76,057,538
NetEase Inc		5,762		1,836,407
Paychex Inc		28,270		2,190,360
Splunk Inc*		11,953		1,761,035
Synopsys Inc*		11,869		1,637,091
Take-Two Interactive Software Inc*		8,520		915,730
Workday Inc*		12,952		2,243,934
				126,147,167
Total Technology				294,247,593
Utilities (0.89%)
Exelon Corp		76,776		3,309,813
Xcel Energy Inc		42,351		2,639,314
Total Industrial				5,949,127
Total Common Stock (Cost $385,470,730)				672,060,998
United States Treasury Bills (0.03%)
1.38%, 03/10/20		300,000		299,887
United States Treasury Bills (Cost $299,874)				299,887
Total Investments (Cost $385,770,604)(b) (99.90%)			$	672,360,885
Other Net Assets (0.10%)				671,969
Net Assets (100.00%)			$	673,032,854

* Non-income producing security.

(a) A portion of these shares have been pledged in connection with obligations for futures contracts.

(b) Aggregate cost for federal income tax purpose is $386,068,105.

At February 29, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation	$	299,490,846
Unrealized depreciation		(13,198,066	)
Net unrealized appreciation	$	286,292,780
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

(c) Futures contracts at February 29, 2020:

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

Nasdaq 100 E-MINI	Notional Amount		Value		Unrealized Appreciation
13 / MAR 2020 / Long / CME	$	2,185,456	$	2,198,040	$	12,584

See accompanying notes to financial statements.

20

Shelton Green Alpha Fund Portfolio of Investments (Unaudited) (Continued) 2/29/20

Security Description	Shares		Value (Note 1)
Common Stock (94.36%)
Basic Materials (2.24%)
Daqo New Energy Corp*		18,000	$	1,180,260
Schnitzer Steel Industries Inc		22,000		362,560
Total Basic Materials				1,542,820
Communications (5.42%)
Alphabet Inc*		1,400		1,875,062
Arista Networks Inc*		3,500		675,920
Palo Alto Networks Inc*		2,000		369,240
SoftBank Group Corp		35,200		809,600
Total Communications				3,729,822
Consumer, Cyclical (6.76%)
Interface Inc		40,000		583,600
Kandi Technologies Group Inc*		117,500		441,800
Steelcase Inc		55,000		892,100
Tesla Inc*		4,100		2,738,759
Total Consumer, Cyclical				4,656,259
Consumer, Non-Cyclical (12.10%)
Bluebird Bio Inc*		7,900		571,407
CRISPR Therapeutics AG*		32,000		1,710,400
Danone SA		60,000		841,200
Editas Medicine Inc*		35,000		776,300
Illumina Inc*		1,800		478,206
Intellia Therapeutics Inc*		68,300		911,805
Invitae Corp*		73,000		1,487,740
Moderna Inc*		60,000		1,555,800
Total Consumer, Non-Cyclical				8,332,858
Energy (30.59%)
Canadian Solar Inc*		55,000		1,122,000
Enphase Energy Inc*		10,300		504,391
First Solar Inc*		47,200		2,160,344
JinkoSolar Holding Co Ltd*		90,000		2,055,600
Pattern Energy Group Inc		65,000		1,758,250
SolarEdge Technologies Inc*		8,500		1,060,120
SunPower Corp*		167,000		1,431,190
Sunrun Inc*		105,000		2,030,700
TerraForm Power Inc		158,000		2,968,820
TPI Composites Inc*		82,000		1,946,680
Vestas Wind Systems A/S		125,000		4,025,000
Total Energy				21,063,095
Financial (5.70%)
Alexandria Real Estate Equities Inc		4,900		744,212
Hannon Armstrong Sustainable Infrastructure Capital Inc		64,000		2,172,800
Horizon Technology Finance Corp		93,000		1,008,120
Total Financial				3,925,132
Industrial (8.74%)
ABB Ltd		41,600		900,224
Advanced Energy Industries Inc*		14,400		856,440
Garmin Ltd		8,000		707,120
Ichor Holdings Ltd*		34,100		986,172
Itron Inc*		6,200		470,208
Trex Co Inc*		7,000		669,550
Universal Display Corp		9,000		1,429,110
Total Industrial				6,018,824
Technology (20.74%)
Analog Devices Inc		7,700		839,685
Applied Materials Inc		48,500		2,818,820
Cadence Design Systems Inc*		5,100		337,314
Fortinet Inc*		6,500		663,390
Infineon Technologies AG		40,000		829,600
International Business Machines Corp		15,000		1,952,250
Lam Research Corp		2,100		616,203
NVIDIA Corp		3,100		837,217
QUALCOMM Inc		13,500		1,057,050
Skyworks Solutions Inc		12,500		1,252,250
STMicroelectronics NV		46,500		1,274,100
Taiwan Semiconductor Manufacturing Co Ltd		21,000		1,130,640
Ultra Clean Holdings Inc*		32,500		679,575
Total Technology				14,288,094
Utilities (2.07%)
Consolidated Water Co Ltd		88,000		1,422,080
Total Common Stock (Cost $49,339,230)				64,978,984
Total Investments (Cost $49,339,230) (94.36%)(a)			$	64,978,984
Other Net Assets (5.64%)				3,886,003
Net Assets (100.00%)			$	68,864,987

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $49,368,227.

At February 29, 2020, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:
Unrealized appreciation	$	18,450,874
Unrealized depreciation		(2,840,117	)
Net unrealized appreciation	$	15,610,757
Because tax adjustments are calculated annually, the above tax figures reflect the tax adjustments outstanding at the Fund’s previous fiscal year end. For the previous fiscal year’s federal income tax information, please refer to the Notes to Financial Statements section in the Fund’s most recent semi-annual and annual reports.

See accompanying notes to financial statements.

21

Statements of Assets & Liabilities

February 29, 2020 (Unaudited)

	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	$	58,075,728	$	21,052,887	$	36,026,064		$	67,023,847	$	78,022,833
Market value of investments (Note 1)		63,176,195		22,175,229		36,026,064			171,414,260		100,056,782
Cash		56,021		173,745		45,897			52,841		9,289
Cash held at broker		—		—		—			—		—
Interest receivable		548,718		51,826		—			—		—
Dividend receivable		—		—		—			348,065		118,673
Variation margin receivable		—		—		—			—		—
Receivable from investment advisor		—		3,216		7,193			—		—
Receivable for fund shares sold		289,927		82,335		479,551			164,882		89,820
Receivable for investment securities Sold		—		—		—			—		—
Prepaid expenses		1,955		1,655		1,010			6,754		7,437
Total assets	$	64,072,816	$	22,488,006	$	36,559,715		$	171,986,802	$	100,282,001
Liabilities
Written options, at value		—		—		—			—		—
Variation margin payable		—		—		—			580		—
Payable to investment advisor		25,221		9,090		14,969			38,388		36,185
Payable for investments purchased		—		—		—			—		—
Payable for fund shares purchased		225,577		107,942		99,728			262,298		49,295
Distributions payable		87,314		22,709		28,282			—		—
Accrued 12b-1 fees		—		615		194			1,009		553
Accrued shareholder service fees		—		645		16			1,886		502
Accrued administration fees		4,375		1,581		2,602			13,321		7,843
Accrued CCO fees		2,584		—		416			5,332		2,564
Accrued custody fees		1,720		480		846			2,727		2,804
Accrued fund accounting fees		13,521		7,862		8,563			25,462		18,449
Accrued printing fees		1,995		607		115			4,688		4,131
Accrued state registration fees		—		—		—			—		—
Accrued transfer agent fees		6,972		4,294		3,276			17,083		13,648
Accrued trustee fees		785		785		616			737		815
Accrued expenses		6,989		5,142		6,367			19,707		12,185
Total liabilities		377,053		161,752		165,990			393,218		148,974
Net assets	$	63,695,763	$	22,326,254	$	36,393,725		$	171,593,584	$	100,133,027
Net assets at February 29, 2020 consist of
Paid-in capital	$	58,770,180	$	21,251,082	$	36,402,430		$	57,612,259	$	74,570,851
Distributable earnings/(loss)		4,925,583		1,075,172		(8,705	)		113,981,325		25,562,176
Total net assets	$	63,695,763	$	22,326,254	$	36,393,725		$	171,593,584	$	100,133,027
Net assets
Direct Shares	$	63,695,763	$	20,420,684	$	36,393,725		$	168,186,955	$	98,497,561
K Shares			$	1,905,570				$	3,406,629	$	1,635,466
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		5,389,775		1,903,523		36,022,641			3,208,633		4,530,893
K Shares (no par value, unlimited shares authorized)				176,316					65,208		76,607
Net asset value per share
Direct Shares	$	11.81	$	10.74	$	1.00		$	52.45	$	21.73
K Shares			$	10.77				$	52.26	$	21.36

See accompanying notes to financial statements.

22

Statements of Assets & Liabilities
February 29, 2020 (Unaudited) (Continued)

	S&P SmallCap Index Fund		Shelton Core Value Fund		Nasdaq-100 Index Fund		Shelton Green Alpha Fund
Assets
Investments in securities
Cost of investments	$	50,254,629	$	132,984,907	$	385,770,604	$	49,339,230
Market value of investments (Note 1)		57,403,942		141,878,961		672,360,885		64,978,984
Cash		36,040		10,134		65,769		4,537,236
Cash held at broker		—		376,199		—		—
Interest receivable		—		—		—		—
Dividend receivable		37,572		395,361		616,830		73,302
Variation margin receivable		1,151		—		12,584		—
Receivable from investment advisor		—		—		123,378		—
Receivable for fund shares sold		108,492		136,581		4,557,204		298,242
Receivable for investment securities Sold		—		—		—		—
Prepaid expenses		8,392		5,000		77,568		843
Total assets	$	57,595,589	$	142,802,236	$	677,814,218	$	69,888,607
Liabilities
Written options, at value (premiums received $-, $1,096,226, $- and $-, respectively)		—		464,362		—		—
Variation margin payable		—		—		—		—
Payable to investment advisor		26,087		61,428		295,307		57,977
Payable for investments purchased		—		—		—		692,551
Payable for fund shares purchased		140,038		113,957		4,208,963		221,961
Distributions payable		—		—		—		—
Accrued 12b-1 fees		1,038		549		5,393		—
Accrued shareholder service fees		1,164		754		6,001		—
Accrued administration fees		4,523		10,671		51,310		5,033
Accrued CCO fees		1,262		3,311		288		1,025
Accrued custody fees		2,890		3,369		12,610		1,009
Accrued fund accounting fees		16,474		19,869		58,780		11,855
Accrued printing fees		4,099		—		24,079		7,911
Accrued state registration fees		—		5,294		7,531		6,397
Accrued transfer agent fees		7,779		53,627		53,654		5,318
Accrued trustee fees		738		783		592		969
Accrued expenses		13,253		15,032		56,856		11,614
Total liabilities		219,345		753,006		4,781,364		1,023,620
Net assets	$	57,376,244	$	142,049,230	$	673,032,854	$	68,864,987
Net assets at February 29, 2020 consist of
Paid-in capital	$	48,841,896	$	113,730,877	$	380,574,933	$	53,476,726
Distributable earnings/(loss)		8,534,348		28,318,353		292,457,921		15,388,261
Total net assets	$	57,376,244	$	142,049,230	$	673,032,854	$	68,864,987
Net assets
Direct Shares	$	54,385,089	$	140,498,794	$	649,703,696	$	68,864,987
K Shares	$	2,991,155	$	1,550,436	$	23,329,158
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		2,928,008		7,785,291		33,552,932		3,360,369
K Shares (no par value, unlimited shares authorized)		165,928		87,920		1,237,882
Net asset value per share
Direct Shares	$	18.58	$	18.04	$	19.36	$	20.47
K Shares	$	18.05	$	17.62	$	18.75

23

See accompanying notes to financial statements.

Statements of Operations

February 29, 2020 (Unaudited)

	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	$	820,340		$	224,908		$	339,743		$	8,928		$	5,033
Dividend income (net of foreign tax witheld: $-, $-, $-, $- and $383 respectively)		—			—			—			1,900,850			791,833
Other Income		—			—			—			—			—
Total		820,340			224,908			339,743			1,909,778			796,866
Expenses
Management fees (Note 2)		159,145			51,732			97,594			242,635			227,240
Administration fees (Note 2)		27,720			9,005			17,000			84,498			49,459
Transfer agent fees		7,299			6,153			4,639			16,691			13,254
Accounting services		18,583			11,602			12,685			35,944			25,746
Custodian fees		2,580			1,168			2,258			9,286			6,403
Broker Fees		—			—			—			—			—
Legal and audit fees		9,073			4,827			6,603			22,019			14,104
CCO fees (Note 2)		5,220			1,442			2,680			14,533			8,172
Trustees fees		2,873			2,971			2,845			2,896			2,898
Insurance		2,096			621			1,366			6,202			3,734
Printing		5,489			5,114			3,125			9,619			8,177
Registration and dues		1,619			4,205			1,894			7,763			6,845
12b-1 fees Class K (Note 2)		—			2,286			914			6,300			2,779
Shareholder service fees Class K (Note 2)		—			2,286			902			6,300			2,779
Licensing fee		—			—			—			21,502			13,279
Total expenses		241,697			103,412			154,505			486,188			384,869
Less class specific expenses waived		—			(1,840	)		(870	)		—			—
Less reimbursement from manager (Note 2)		—			(18,941	)		(45,698	)		—			—
Net expenses		241,697			82,631			107,937			486,188			384,869
Net investment income		578,643			142,277			231,806			1,423,590			411,997
Realized and unrealized gain/(loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		(156,311	)		(2,025	)		197			18,643,316			3,879,613
Net realized gain/(loss) from futures contracts		—			—			—			201,113			95,191
Net realized gain/(loss) from written options contracts		—			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		678,062			431,741			—			(15,445,111	)		(6,489,365	)
Change in unrealized appreciation/(depreciation) of futures		—			—			—			(20,804	)		1,139
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—
Net realized and unrealized gain/(loss) on investments		521,751			429,716			197			3,378,515			(2,513,422	)
Net increase/(decrease) in net assets resulting from operations	$	1,100,394		$	571,993		$	232,003		$	4,802,105		$	(2,101,425	)

See accompanying notes to financial statements.

24

Statements of Operations
February 29, 2020 (Unaudited) (Continued)

	S&P SmallCap Index Fund			Shelton Core Value Fund			Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Investment income
Interest income	$	3,164		$	66,842		$	22,139		$	—
Dividend income (net of foreign tax witheld: $227, $12,990, $2,863 and $1,754 respectively)		361,371			1,724,008			3,458,789			266,139
Other Income		—			31			—			—
Total		364,535			1,790,881			3,480,928			266,139
Expenses
Management fees (Note 2)		168,949			389,184			1,686,365			302,024
Administration fees (Note 2)		29,429			67,795			293,729			26,302
Transfer agent fees		8,172			80,607			73,504			6,492
Accounting services		24,104			26,776			83,101			16,042
Custodian fees		5,599			6,892			29,564			2,821
Broker Fees		—			108			—			—
Legal and audit fees		9,628			18,438			69,884			8,760
CCO fees (Note 2)		4,740			11,093			46,100			4,000
Trustees fees		2,895			2,916			2,859			2,881
Insurance		2,326			5,177			20,483			1,766
Printing		6,890			19,919			54,943			8,804
Registration and dues		4,244			20,204			25,031			10,154
12b-1 fees Class K (Note 2)		4,882			2,378			30,721			—
Shareholder service fees Class K (Note 2)		4,882			2,378			30,721			—
Licensing fee		7,943			—			65,719			—
Total expenses		284,683			653,865			2,512,724			390,046
Less class specific expenses waived		—			—			(27,471	)		—
Less reimbursement from manager (Note 2)		—			—			(724,558	)		—
Net expenses		284,683			653,865			1,760,695			390,046
Net investment income		79,852			1,137,016			1,720,233			(123,907	)
Realized and unrealized gain/(loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		2,155,613			21,129,292			40,888,887			163,357
Net realized gain/(loss) from futures contracts		68,838			—			503,444			—
Net realized gain/(loss) from written options contracts		—			2,295,796			—			—
Change in unrealized appreciation/(depreciation) of investments		(3,508,595	)		(25,445,755	)		22,057,667			5,579,895
Change in unrealized appreciation/(depreciation) of futures		1,871			—			15,258			—
Change in unrealized appreciation/(depreciation) of written options contracts		—			675,720			—			—
Net realized and unrealized gain/(loss) on investments		(1,282,273	)		(1,344,947	)		63,465,256			5,743,252
Net increase/(decrease) in net assets resulting from operations	$	(1,202,421	)	$	(207,931	)	$	65,185,489		$	5,619,345

25

See accompanying notes to financial statements.

Statements of Changes in Net Assets

	Green California Tax-Free Income Fund						U.S. Government Securities Fund						The United States Treasury Trust
	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019
Operations
Net investment income/(loss)	$	578,643		$	1,319,325		$	142,277		$	261,409		$	231,806		$	839,595
Net realized gain/(loss) on investments and foreign currency		(156,311	)		86,434			(2,025	)		(46,105	)		197			50
Net realized gain/(loss) on futures contracts		—			—			—			—			—			—
Net realized gain/(loss) on written option contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		678,062			2,469,368			431,741			1,131,813			—			—
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of futures contracts		—			—			—			—			—			—
Net increase/(decrease) in net assets resulting from operations		1,100,394			3,875,127			571,993			1,347,117			232,003			839,645
Distributions to shareholders
Distributions(a)
Direct shares		(663,047	)		(1,432,047	)		(132,408	)		(232,769	)		(230,397	)		(821,966	)
K shares		—			—			(8,330	)		(31,691	)		(2,890	)		(23,550	)
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		(2,885,931	)		(4,551,692	)		2,381,499			(928,466	)		(2,693,916	)		(15,841,034	)
Total increase/(decrease)		(2,448,584	)		(2,108,612	)		2,812,754			154,191			(2,695,200	)		(15,846,905	)
Net assets
Beginning of year	$	66,144,347		$	68,252,959		$	19,513,500		$	19,359,309		$	39,088,925		$	54,935,830
End of year	$	63,695,763		$	66,144,347		$	22,326,254		$	19,513,500		$	36,393,725		$	39,088,925

(a) The SEC eliminated the requirement to disclose components of distributions paid to shareholders in September 2018.

	S&P 500 Index Fund						S&P MidCap Index Fund						S&P SmallCap Index Fund
	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019
Operations
Net investment income/(loss)	$	1,423,590		$	2,770,344		$	411,997		$	1,065,239		$	79,852		$	480,390
Net realized gain/(loss) on investments and foreign currency		18,643,316			5,390,498			3,879,613			8,714,562			2,155,613			4,497,013
Net realized gain/(loss) on futures contracts		201,113			73,975			95,191			(27,539	)		68,838			(226,099	)
Net realized gain/(loss) on written option contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		(15,445,111	)		(3,830,884	)		(6,489,365	)		(19,229,730	)		(3,508,595	)		(18,908,932	)
Change in unrealized appreciation/(depreciation) of written options contracts		—			—			—			—			—			—
Change in unrealized appreciation/(depreciation) of futures contracts		(20,804	)		(9,272	)		1,139			(16,069	)		1,871			(42,815	)
Net increase/(decrease) in net assets resulting from operations		4,802,105			4,394,661			(2,101,425	)		(9,493,536	)		(1,202,421	)		(14,200,443	)
Distributions to shareholders
Distributions(a)
Direct shares		(15,790,180	)		(4,238,275	)		(7,378,210	)		(12,498,880	)		(4,369,155	)		(5,333,531	)
K shares		(422,886	)		(170,153	)		(142,074	)		(602,076	)		(262,382	)		(650,066	)
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		(8,329,870	)		(932,499	)		(376,038	)		1,818,458			(3,109,697	)		(2,248,373	)
Total increase/(decrease)		(19,740,831	)		(946,266	)		(9,997,747	)		(20,776,034	)		(8,943,655	)		(22,432,413	)
Net assets
Beginning of year	$	191,334,415		$	192,280,681		$	110,130,774		$	130,906,808		$	66,319,899		$	88,752,312
End of year	$	171,593,584		$	191,334,415		$	100,133,027		$	110,130,774		$	57,376,244		$	66,319,899

(a) The SEC eliminated the requirement to disclose components of distributions paid to shareholders in September 2018.

See accompanying notes to financial statements.

26

Statements of Changes in Net Assets
(Continued)

	Shelton Core Value Fund						Nasdaq-100 Index Fund						Shelton Green Alpha Fund
	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019
Operations
Net investment income/(loss)	$	1,137,016		$	2,767,066		$	1,720,233		$	3,806,069		$	(123,907	)	$	74,045
Net realized gain/(loss) on investments and foreign currency		21,129,292			12,516,989			40,888,887			18,230,974			163,357			229,266
Net realized gain/(loss) on futures contracts		—			—			503,444			(1,336,043	)		—			—
Net realized gain/(loss) on written option contracts		2,295,796			2,544,749			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		(25,445,755	)		(18,519,706	)		22,057,667			(14,036,710	)		5,579,895			3,860,410
Change in unrealized appreciation/(depreciation) of written options contracts		675,720			(37,166	)		—			—			—			—
Change in unrealized appreciation/(depreciation) of futures contracts		—			—			15,258			(502,329	)		—			—
Net increase/(decrease) in net assets resulting from operations		(207,931	)		(728,068	)		65,185,489			6,161,961			5,619,345			4,163,721
Distributions to shareholders
Distributions(a)
Direct shares		(15,269,492	)		(28,993,868	)		(44,090,554	)		(11,771,774	)		(51,961	)		(701,393	)
K shares		(190,745	)		(943,290	)		(1,643,933	)		(431,446	)		—			—
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		6,118,489			874,834			21,305,930			(21,100,265	)		6,730,301			3,739,230
Total increase/(decrease)		(9,549,679	)		(29,790,392	)		40,756,932			(27,141,524	)		12,297,685			7,201,558
Net assets
Beginning of year	$	151,598,909		$	181,389,301		$	632,275,922		$	659,417,446		$	56,567,302		$	49,365,744
End of year	$	142,049,230		$	151,598,909		$	673,032,854		$	632,275,922		$	68,864,987		$	56,567,302

(a) The SEC eliminated the requirement to disclose components of distributions paid to shareholders in September 2018.

Green California Tax-Free Income Fund	Direct Shares
	Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019
	Shares			Value			Shares			Value
Shares sold		116,696		$	1,360,780			237,620		$	2,723,601
Shares issued in reinvestment of distributions		44,325			516,282			93,572			1,065,456
Shares repurchased		(408,850	)		(4,762,993	)		(735,462	)		(8,340,749	)
Net increase/(decrease)		(247,829	)	$	(2,885,931	)		(404,270	)	$	(4,551,692	)

U.S. Government Securities Fund	Direct Shares												K Shares
	Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019						Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		656,802		$	6,857,123			601,122		$	6,107,337			56,489		$	590,874			64,599		$	656,760
Shares issued in reinvestment of distributions		12,069			126,969			22,226			225,880			790			8,330			3,120			31,691
Shares repurchased		(402,229	)		(4,228,343	)		(559,497	)		(5,656,952	)		(92,802	)		(973,453	)		(224,029	)		(2,293,182	)
Net increase/(decrease)		266,642		$	2,755,748			63,851		$	676,265			(35,523	)	$	(374,250	)		(156,310	)	$	(1,604,731	)

The United States Treasury Trust	Direct Shares						K Shares
	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019
	Shares/ Value			Shares/ Value			Shares/ Value			Shares/ Value
Shares sold	$	16,679,468		$	25,745,448		$	99,637		$	982,597
Shares issued in reinvestment of distributions		223,699			801,707			2,357			23,254
Shares repurchased		(17,986,685	)		(42,134,404	)		(1,712,392	)		(1,259,636	)
Net increase/(decrease)	$	(1,083,518	)	$	(15,587,249	)	$	(1,610,398	)	$	(253,785	)

27

See accompanying notes to financial statements.

Statements of Changes in Net Assets
(Continued)

S&P 500 Index Fund	Direct Shares												K Shares
	Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019						Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		194,244		$	11,139,266			356,454		$	19,167,111			4,795		$	275,393			23,091		$	1,257,421
Shares issued in reinvestment of distributions		239,765			13,406,790			67,613			3,599,149			7,588			422,754			3,197			169,649
Shares repurchased		(533,926	)		(30,280,150	)		(372,022	)		(20,091,314	)		(71,894	)		(3,293,922	)		(93,296	)		(5,034,515	)
Net increase/(decrease)		(99,918	)	$	(5,734,094	)		52,045		$	2,674,946			(59,512	)	$	(2,595,775	)		(67,008	)	$	(3,607,445	)

S&P MidCap Index Fund	Direct Shares												K Shares
	Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019						Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		150,417		$	3,680,448			409,193		$	9,953,415			8,168		$	197,991			21,817		$	525,113
Shares issued in reinvestment of distributions		292,492			7,040,835			493,942			11,747,146			6,002			141,943			25,701			601,722
Shares repurchased		(398,247	)		(9,770,960	)		(750,908	)		(17,836,215	)		(68,725	)		(1,666,296	)		(134,174	)		(3,172,723	)
Net increase/(decrease)		44,662		$	950,323			152,227		$	3,864,346			(54,555	)	$	(1,326,361	)		(86,656	)	$	(2,045,888	)

S&P SmallCap Index Fund	Direct Shares												K Shares
	Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019						Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		238,371		$	5,043,467			742,607		$	17,856,841			12,181		$	253,153			45,402		$	1,051,669
Shares issued in reinvestment of distributions		203,161			4,240,663			259,328			5,899,905			12,954			262,382			38,713			858,236
Shares repurchased		(507,269	)		(10,718,899	)		(527,057	)		(12,344,987	)		(105,231	)		(2,190,464	)		(75,529	)		(1,761,832	)
Net increase/(decrease)		(65,738	)	$	(1,434,768	)		474,878		$	11,411,759			(80,096	)	$	(1,674,929	)		8,586		$	148,073

Shelton Core Value Fund	Direct Shares												K Shares
	Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019						Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		174,920		$	3,526,340			357,396		$	7,195,445			7,671		$	151,979			31,189		$	620,455
Shares issued in reinvestment of distributions		747,809			14,922,895			1,450,637			28,384,919			9,753			190,745			48,954			943,290
Shares repurchased		(566,703	)		(11,438,968	)		(1,552,776	)		(32,919,389	)		(97,615	)		(1,234,501	)		(170,089	)		(3,349,886	)
Net increase/(decrease)		356,026		$	7,010,267			255,257		$	2,660,975			(80,191	)	$	(891,778	)		(89,946	)	$	(1,786,141	)

Nasdaq-100 Index Fund	Direct Shares												K Shares
	Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019						Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		4,052,266		$	81,287,731			8,949,721		$	158,244,982			93,229		$	1,816,023			287,727		$	4,983,122
Shares issued in reinvestment of distributions		2,181,854			41,879,317			667,343			11,299,360			88,489			1,643,933			26,073			431,440
Shares repurchased		(5,014,590	)		(99,680,188	)		(10,743,437	)		(187,194,833	)		(295,137	)		(5,640,884	)		(516,329	)		(8,864,336	)
Net increase/(decrease)		1,219,530		$	23,486,859			(1,126,373	)	$	(17,650,491	)		(113,419	)	$	(2,180,929	)		(202,529	)	$	(3,449,774	)

See accompanying notes to financial statements.

28

Statements of Changes in Net Assets
(Continued)

Shelton Green Alpha Fund	Direct Shares
	Six Months Ended February 29, 2020 (Unaudited)						Year Ended August 31, 2019
	Shares			Value			Shares			Value
Shares sold		760,433		$	15,642,419			853,374		$	14,711,335
Shares issued in reinvestment of distributions		2,499			50,887			43,026			683,796
Shares repurchased		(11,298,829	)		(8,963,005	)		(698,967	)		(11,655,901	)
Net increase/(decrease)		(10,535,896	)	$	6,730,301			197,433		$	3,739,230

Financial Highlights

(For a Share Outstanding Throughout Each Period)

Green California Tax-Free Income Fund Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	11.72		$	11.29		$	11.65		$	11.93		$	11.69		$	11.81
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.11			0.23			0.23			0.25			0.29			0.28
Net gain/(loss) on securities (both realized and unrealized)		0.12			0.45			(0.31	)		(0.20	)		0.24			(0.07	)
Total from investment operations		0.23			0.68			(0.08	)		0.05			0.53			0.21
LESS DISTRIBUTIONS
Dividends from net investment income		(0.12	)		(0.23	)		(0.24	)		(0.27	)		(0.29	)		(0.28	)
Distributions from capital gains		(0.02	)		(0.02	)		(0.04	)		(0.06	)		—			(0.05	)
Total distributions		(0.14	)		(0.25	)		(0.28	)		(0.33	)		(0.29	)		(0.33	)
Net asset value, end of year or period	$	11.81		$	11.72		$	11.29		$	11.65		$	11.93		$	11.69
Total return		1.72	%		6.10	%		(0.74	)%		0.43	%		4.60	%		1.78	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	63,696		$	66,144		$	68,253		$	75,310		$	84,422		$	89,213
Ratio of expenses to average net assets		0.76	%(b)		0.77	%		0.76	%		0.69	%		0.69	%		0.71	%
Ratio of net investment income/(loss) to average net assets		1.80	%(b)		2.01	%		2.02	%		2.20	%		2.47	%		2.41	%
Portfolio turnover		6	%		4	%		12	%		7	%		19	%		12	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

29

See accompanying notes to financial statements.

Financial Highlights

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

U.S. Government Securities Fund Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	10.57		$	9.98		$	10.32		$	10.61		$	10.42		$	10.40
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.07			0.15			0.14			0.14			0.14			0.14
Net gain/(loss) on securities (both realized and unrealized)		0.17			0.59			(0.33	)		(0.26	)		0.20			0.02
Total from investment operations		0.24			0.74			(0.19	)		(0.12	)		0.34			0.16
LESS DISTRIBUTIONS
Dividends from net investment income		(0.07	)		(0.15	)		(0.15	)		(0.17	)		(0.15	)		(0.14	)
Total distributions		(0.07	)		(0.15	)		(0.15	)		(0.17	)		(0.15	)		(0.14	)
Net asset value, end of year or period	$	10.74		$	10.57		$	9.98		$	10.32		$	10.61		$	10.42
Total return		2.30	%		7.48	%		(1.88	)%		(1.14	)%		3.25	%		1.58	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	20,421		$	17,263		$	15,668		$	18,316		$	19,754		$	19,855
Ratio of expenses to average net assets:
Before expense reimbursements		0.94	%(b)		0.99	%		0.89	%		0.81	%		0.82	%		0.83	%
After expense reimbursements		0.74	%(b),(c)		0.76	%(c)		0.75	%(c)		0.74	%		0.74	%		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		1.22	%(b)		1.24	%		1.29	%		1.27	%		1.25	%		1.29	%
After expense reimbursements		1.42	%(b)		1.47	%		1.42	%		1.34	%		1.33	%		1.38	%
Portfolio turnover		2	%		8	%		13	%		10	%		18	%		18	%

K Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	10.59		$	10.01		$	10.35		$	10.64		$	10.43		$	10.41
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.05			0.10			0.09			0.09			0.09			0.09
Net gain/(loss) on securities (both realized and unrealized)		0.18			0.58			(0.33	)		(0.27	)		0.20			0.03
Total from investment operations		0.23			0.68			(0.24	)		(0.18	)		0.29			0.12
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		(0.10	)		(0.10	)		(0.11	)		(0.08	)		(0.10	)
Total distributions		(0.05	)		(0.10	)		(0.10	)		(0.11	)		(0.08	)		(0.10	)
Net asset value, end of year or period	$	10.77		$	10.59		$	10.01		$	10.35		$	10.64		$	10.43
Total return		2.16	%		6.87	%		(2.37	)%		(1.67	)%		2.77	%		1.13	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,906		$	2,250		$	3,691		$	3,699		$	4,712		$	5,349
Ratio of expenses to average net assets:
Before expense reimbursements		1.44	%(b)		1.49	%		1.39	%		1.31	%		1.32	%		1.33	%
After expense reimbursements		1.10	%(b),(c)		1.26	%(c)		1.25	%(c)		1.24	%		1.24	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.72	%(b)		0.75	%		0.78	%		0.77	%		0.75	%		0.77	%
After expense reimbursements		0.92	%(b)		0.97	%		0.92	%		0.84	%		0.84	%		0.88	%
Portfolio turnover		2	%		8	%		13	%		10	%		18	%		18	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

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

See accompanying notes to financial statements.

30

Financial Highlights

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

The United States Treasury Trust Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	1.00		$	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		$	1.00
Total return		0.74	%		1.75	%		0.98	%		0.03	%		0.00	%		0.00	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	36,394		$	37,479		$	53,079		$	57,149		$	72,482		$	86,224
Ratio of expenses to average net assets:
Before expense reimbursements		0.56	%(c)		0.77	%		0.77	%		0.71	%		0.71	%		0.70	%
After expense reimbursements		0.54	%(c),(d)		0.55	%(d)		0.46	%(e)		0.52	%(e)		0.22	%		0.03	%(e)
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		1.16	%(c)		1.51	%		0.65	%		(0.16	)%		(0.49	)%		(0.67	)%
After expense reimbursements		1.18	%(c)		1.73	%		0.96	%(e)		0.03	%(e)		0.00	%		0.00	%(e)

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

(c) Annualized.

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

(e) Includes negative yield waiver adjustment.

31

See accompanying notes to financial statements.

Financial Highlights

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

S&P 500 Index Fund Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	56.00		$	56.03		$	48.26		$	42.86		$	39.88		$	40.61
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.44			0.82			0.82			0.78			0.76			0.72
Net gain/(loss) on securities (both realized and unrealized)		0.79			0.44			8.48			5.89			3.99			(0.58	)
Total from investment operations		1.23			1.26			9.30			6.67			4.75			0.14
LESS DISTRIBUTIONS
Dividends from net investment income		(0.52	)		(0.88	)		(0.77	)		(0.83	)		(0.78	)		(0.70	)
Distributions from capital gains		(4.26	)		(0.41	)		(0.76	)		(0.44	)		(0.99	)		(0.17	)
Total distributions		(4.78	)		(1.29	)		(1.53	)		(1.27	)		(1.77	)		(0.87	)
Net asset value, end of year or period	$	52.45		$	56.00		$	56.03		$	48.26		$	42.86		$	39.88
Total return		1.73	%		2.40	%		19.64	%		15.89	%		12.21	%		0.29	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	168,187		$	185,170		$	182,362		$	155,022		$	135,346		$	123,138
Ratio of expenses to average net assets:
Before expense reimbursements		0.48	%(b)		0.50	%		0.50	%		0.46	%		0.47	%		0.47	%
After expense reimbursements		0.48	%(b)		0.50	%		0.45	%		0.36	%		0.36	%		0.36	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		1.52	%(b)		1.52	%		1.53	%		1.63	%		1.77	%		1.63	%
After expense reimbursements		1.52	%(b)		1.52	%		1.58	%		1.73	%		1.88	%		1.74	%
Portfolio turnover		5	%		3	%		3	%		5	%		1	%		3	%

K Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	55.92		$	55.96		$	48.24		$	42.88		$	39.87		$	40.50
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.28			0.54			0.56			0.55			0.56			0.51
Net gain/(loss) on securities (both realized and unrealized)		0.81			0.45			8.48			5.89			3.99			(0.57	)
Total from investment operations		1.09			0.99			9.04			6.44			4.55			(0.06	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.49	)		(0.62	)		(0.56	)		(0.64	)		(0.55	)		(0.40	)
Distributions from capital gains		(4.26	)		(0.41	)		(0.76	)		(0.44	)		(0.99	)		(0.17	)
Total distributions		(4.75	)		(1.03	)		(1.32	)		(1.08	)		(1.54	)		(0.57	)
Net asset value, end of year or period	$	52.26		$	55.92		$	55.96		$	48.24		$	42.88		$	39.87
Total return		11.05	%		1.88	%		19.05	%		15.31	%		11.65	%		(0.19	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	3,407		$	6,165		$	9,919		$	8,506		$	7,981		$	8,063
Ratio of expenses to average net assets:
Before expense reimbursements		0.98	%(b)		0.99	%		1.00	%		0.96	%		0.97	%		0.97	%
After expense reimbursements		0.98	%(b)		0.99	%		0.95	%		0.86	%		0.86	%		0.86	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.98	%(b)		1.02	%		1.03	%		1.13	%		1.26	%		1.13	%
After expense reimbursements		0.98	%(b)		1.02	%		1.08	%		1.23	%		1.37	%		1.24	%
Portfolio turnover		5	%		3	%		3	%		5	%		1	%		3	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

See accompanying notes to financial statements.

32

Financial Highlights

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

S&P Midcap Index Fund Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	23.85		$	28.77		$	25.75		$	26.69		$	28.41		$	30.95
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.14			0.23			0.25			0.23			0.26			0.25
Net gain/(loss) on securities (both realized and unrealized)		(0.60	)		(2.23	)		4.61			2.95			2.73			(0.36	)
Total from investment operations		(0.46	)		(2.00	)		4.86			3.18			2.99			(0.11	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.10	)		(0.24	)		(0.22	)		(0.21	)		(0.24	)		(0.28	)
Distributions from capital gains		(1.56	)		(2.68	)		(1.62	)		(3.91	)		(4.47	)		(2.15	)
Total distributions		(1.66	)		(2.92	)		(1.84	)		(4.12	)		(4.71	)		(2.43	)
Net asset value, end of year or period	$	21.73		$	23.85		$	28.77		$	25.75		$	26.69		$	28.41
Total return		(2.58	)%		(6.85	)%		19.48	%		13.01	%		11.86	%		(0.45	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	98,498		$	107,054		$	124,728		$	113,149		$	136,371		$	140,361
Ratio of expenses to average net assets:
Before expense reimbursements		0.66	%(b)		0.67	%		0.66	%		0.62	%		0.62	%		0.62	%
After expense reimbursements		0.66	%(b)		0.67	%		0.63	%		0.58	%		0.58	%		0.58	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		1.12	%(b)		0.95	%		0.89	%		0.85	%		0.98	%		0.81	%
After expense reimbursements		1.12	%(b)		0.95	%		0.92	%		0.89	%		1.02	%		0.85	%
Portfolio turnover		8	%		13	%		12	%		34	%		11	%		15	%

K Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	23.47		$	28.37		$	25.44		$	26.43		$	28.18		$	30.69
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.08			0.11			0.11			0.10			0.13			0.10
Net gain/(loss) on securities (both realized and unrealized)		(0.60	)		(2.19	)		4.55			2.92			2.71			(0.35	)
Total from investment operations		(0.52	)		(2.08	)		4.66			3.02			2.84			(0.25	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.14	)		(0.11	)		(0.10	)		(0.12	)		(0.11	)
Distributions from capital gains		(1.56	)		(2.68	)		(1.62	)		(3.91	)		(4.47	)		(2.15	)
Total distributions		(1.59	)		(2.82	)		(1.73	)		(4.01	)		(4.59	)		(2.26	)
Net asset value, end of year or period	$	21.36		$	23.47		$	28.37		$	25.44		$	26.43		$	28.18
Total return		(2.86	)%		(7.27	)%		18.86	%		12.45	%		11.31	%		(0.93	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,635		$	3,077		$	6,179		$	5,442		$	5,086		$	5,244
Ratio of expenses to average net assets:
Before expense reimbursements		1.16	%(b)		1.17	%		1.16	%		1.12	%		1.12	%		1.12	%
After expense reimbursements		1.16	%(b)		1.17	%		1.13	%		1.08	%		1.08	%		1.08	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.64	%(b)		0.45	%		0.39	%		0.35	%		0.48	%		0.31	%
After expense reimbursements		0.64	%(b)		0.45	%		0.42	%		0.39	%		0.51	%		0.35	%
Portfolio turnover		8	%		13	%		12	%		34	%		11	%		15	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

33

See accompanying notes to financial statements.

Financial Highlights

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

S&P Smallcap Index Fund Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	20.52		$	26.43		$	22.33		$	20.87		$	20.60		$	21.55
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.08			0.15			0.13			0.13			0.12			0.14
Net gain/(loss) on securities (both realized and unrealized)		(0.54	)		(4.27	)		6.38			2.36			2.29			0.58
Total from investment operations		(0.46	)		(4.12	)		6.51			2.49			2.41			0.72
LESS DISTRIBUTIONS
Dividends from net investment income		(0.07	)		(0.15	)		(0.12	)		(0.12	)		(0.14	)		(0.13	)
Distributions from capital gains		(1.41	)		(1.64	)		(2.29	)		(0.91	)		(2.00	)		(1.54	)
Total distributions		(1.48	)		(1.79	)		(2.41	)		(1.03	)		(2.14	)		(1.67	)
Net asset value, end of year or period	$	18.58		$	20.52		$	26.43		$	22.33		$	20.87		$	20.60
Total return		(2.99	)%		(15.82	)%		30.95	%		12.12	%		12.48	%		3.50	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	54,385		$	61,412		$	78,902		$	56,076		$	47,351		$	40,823
Ratio of expenses to average net assets:
Before expense reimbursements		0.80	%(b)		0.81	%		0.80	%		0.78	%		0.77	%		0.78	%
After expense reimbursements		0.80	%(b)		0.81	%		0.77	%		0.74	%		0.74	%		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.78	%(b)		0.70	%		0.53	%		0.56	%		0.56	%		0.62	%
After expense reimbursements		0.78	%(b)		0.70	%		0.56	%		0.60	%		0.60	%		0.66	%
Portfolio turnover		10	%		14	%		18	%		31	%		12	%		12	%

K Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	19.96		$	25.77		$	21.85		$	20.47		$	20.24		$	21.18
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.03			0.05			0.01			0.02			0.02			0.03
Net gain/(loss) on securities (both realized and unrealized)		(0.51	)		(4.16	)		6.23			2.31			2.25			0.59
Total from investment operations		(0.48	)		(4.11	)		6.24			2.33			2.27			0.62
LESS DISTRIBUTIONS
Dividends from net investment income		(0.02	)		(0.06	)		(0.03	)		(0.04	)		(0.04	)		(0.02	)
Distributions from capital gains		(1.41	)		(1.64	)		(2.29	)		(0.91	)		(2.00	)		(1.54	)
Total distributions		(1.43	)		(1.70	)		(2.32	)		(0.95	)		(2.04	)		(1.56	)
Net asset value, end of year or period	$	18.05		$	19.96		$	25.77		$	21.85		$	20.47		$	20.24
Total return		(3.20	)%		(16.22	)%		30.26	%		11.59	%		11.89	%		3.03	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	2,991		$	4,908		$	9,851		$	8,165		$	9,279		$	9,821
Ratio of expenses to average net assets:
Before expense reimbursements		1.30	%(b)		1.31	%		1.31	%		1.28	%		1.28	%		1.28	%
After expense reimbursements		1.30	%(b)		1.31	%		1.27	%		1.24	%		1.24	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.32	%(b)		0.21	%		0.03	%		0.06	%		0.06	%		0.12	%
After expense reimbursements		0.32	%(b)		0.21	%		0.06	%		0.10	%		0.10	%		0.16	%
Portfolio turnover		10	%		14	%		18	%		31	%		12	%		12	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

See accompanying notes to financial statements.

34

Financial Highlights

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

Shelton Core Value Fund Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	20.05		$	24.53		$	25.00		$	26.82		$	25.26		$	25.98
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.15			0.36			0.37			0.43			0.48			0.48
Net gain/(loss) on securities (both realized and unrealized)		(0.12	)		(0.51	)		2.33			1.81			1.94			(0.74	)
Total from investment operations		0.03			(0.15	)		2.70			2.24			2.42			(0.26	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.70	)		(0.68	)		(0.38	)		(0.59	)		(0.50	)		(0.46	)
Distributions from capital gains		(1.34	)		(3.65	)		(2.79	)		(3.47	)		(0.36	)		—
Total distributions		(2.04	)		(4.33	)		(3.17	)		(4.06	)		(0.86	)		(0.46	)
Net asset value, end of year or period	$	18.04		$	20.05		$	24.53		$	25.00		$	26.82		$	25.26
Total return		(0.57	)%		0.41	%		11.32	%		9.10	%		9.83	%		(1.07	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	140,499		$	148,997		$	176,019		$	176,929		$	175,317		$	180,408
Ratio of expenses to average net assets		0.82	%(b)		0.82	%		0.78	%		0.75	%		0.78	%		0.76	%
Ratio of net investment income/(loss) to average net assets		1.46	%(b)		1.77	%		1.52	%		1.71	%		1.90	%		1.80	%
Portfolio turnover		57	%		21	%		35	%		9	%		20	%		3	%

K Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	19.74		$	24.22		$	24.75		$	26.61		$	25.09		$	25.76
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.09			0.26			0.25			0.30			0.35			0.34
Net gain/(loss) on securities (both realized and unrealized)		(0.09	)		(0.50	)		2.29			1.79			1.93			(0.73	)
Total from investment operations		—			(0.24	)		2.54			2.09			2.28			(0.39	)
LESS DISTRIBUTIONS
Dividends from net investment income		(0.78	)		(0.59	)		(0.28	)		(0.48	)		(0.40	)		(0.28	)
Distributions from capital gains		(1.34	)		(3.65	)		(2.79	)		(3.47	)		(0.36	)		—
Total distributions		(2.12	)		(4.24	)		(3.07	)		(3.95	)		(0.76	)		(0.28	)
Net asset value, end of year or period	$	17.62		$	19.74		$	24.22		$	24.75		$	26.61		$	25.09
Total return		(0.77	)%		(0.08	)%		10.75	%		8.57	%		9.30	%		(1.56	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,550		$	2,601		$	5,370		$	5,369		$	5,897		$	5,789
Ratio of expenses to average net assets		1.32	%(b)		1.32	%		1.28	%		1.25	%		1.28	%		1.26	%
Ratio of net investment income/(loss) to average net assets		0.96	%(b)		1.27	%		1.02	%		1.22	%		1.40	%		1.30	%
Portfolio turnover		57	%		21	%		35	%		9	%		20	%		3	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

35

See accompanying notes to financial statements.

Financial Highlights

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

Nasdaq-100 Index Fund Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	18.78		$	18.85		$	15.24		$	12.25		$	11.00		$	10.47
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.05			0.11			0.10			0.10			0.09			0.11
Net gain/(loss) on securities (both realized and unrealized)		(0.72	)		0.18			3.78			2.98			1.27			0.49
Total from investment operations		(0.67	)		0.29			3.88			3.08			1.36			0.60
LESS DISTRIBUTIONS
Dividends from net investment income		(0.07	)		(0.12	)		(0.10	)		(0.09	)		(0.11	)		(0.07	)
Distributions from capital gains		1.32			(0.24	)		(0.17	)		—			—			—
Total distributions		1.25			(0.36	)		(0.27	)		(0.09	)		(0.11	)		(0.07	)
Net asset value, end of year or period	$	19.36		$	18.78		$	18.85		$	15.24		$	12.25		$	11.00
Total return		10.61	%		1.72	%		25.73	%		25.29	%		12.46	%		5.78	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	649,704		$	607,521		$	630,845		$	460,021		$	298,123		$	231,322
Ratio of expenses to average net assets:
Before expense reimbursements		0.54	%(b)		0.74	%		0.74	%		0.70	%		0.74	%		0.75	%
After expense reimbursements		0.50	%(b),(c)		0.50	%(c)		0.51	%(c)		0.49	%		0.49	%		0.49	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.48	%(b)		0.40	%		0.36	%		0.53	%		0.57	%		0.72	%
After expense reimbursements		0.52	%(b)		0.64	%		0.59	%		0.74	%		0.82	%		0.98	%
Portfolio turnover		11	%		18	%		2	%		4	%		7	%		9	%

K Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	18.23		$	18.31		$	14.83		$	11.93		$	10.69		$	10.18
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss) (a)		—			0.02			0.01			0.03			0.03			0.05
Net gain/(loss) on securities (both realized and unrealized)		(0.77	)		0.18			3.67			2.91			1.24			0.48
Total from investment operations		(0.77	)		0.20			3.68			2.94			1.27			0.53
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.04	)		(0.03	)		(0.04	)		(0.03	)		(0.02	)
Distributions from capital gains		1.32			(0.24	)		(0.17	)		—			—			—
Total distributions		1.29			(0.28	)		(0.20	)		(0.04	)		(0.03	)		(0.02	)
Net asset value, end of year or period	$	18.75		$	18.23		$	18.31		$	14.83		$	11.93		$	10.69
Total return		10.32	%		1.24	%		25.03	%		24.70	%		11.96	%		5.25	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	23,329		$	24,755		$	28,573		$	22,427		$	15,500		$	17,799
Ratio of expenses to average net assets:
Before expense reimbursements		1.04	%(b)		1.24	%		1.24	%		1.20	%		1.24	%		1.24	%
After expense reimbursements		1.00	%(b),(c)		1.00	%(c)		1.01	%(c)		0.99	%		0.99	%		0.99	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.02	)%(b)		(0.10	)%		(0.15	)%		0.03	%		0.05	%		0.22	%
After expense reimbursements		0.02	%(b)		0.14	%		0.08	%		0.24	%		0.30	%		0.48	%
Portfolio turnover		11	%		18	%		2	%		4	%		7	%		10	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

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

See accompanying notes to financial statements.

36

Financial Highlights

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

Shelton Green Alpha Fund Direct Shares	Six Months Ended February 29, 2020 (Unaudited)			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016			Year Ended August 31, 2015
Net asset value, beginning of year	$	18.44		$	17.20		$	17.32		$	14.53		$	13.67		$	15.90
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.01	)		0.03			0.05			0.02			(0.03	)		(0.08	)
Net gain/(loss) on securities (both realized and unrealized)		2.02			1.47			0.34			2.77			0.89			(2.15	)
Total from investment operations		2.01			1.50			0.39			2.79			0.86			(2.23	)
LESS DISTRIBUTIONS
Dividends from net investment income		0.02			(0.02	)		(0.05	)		—			—			—
Distributions from capital gains		—			(0.24	)		(0.46	)		—	(b)		—	(b)		—	(b)
Total distributions		0.02			(0.26	)		(0.51	)		—			—			—
Net asset value, end of year or period	$	20.47		$	18.44		$	17.20		$	17.32		$	14.53		$	13.67
Total return		5.33	%		8.91	%		2.19	%		19.20	%		6.29	%		(14.02	)%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	68,865		$	56,567		$	49,366		$	40,256		$	36,880		$	29,596
Ratio of expenses to average net assets:
Before expense reimbursements		1.28	%(c)		1.34	%		1.30	%		1.30	%		1.31	%		1.34	%
After expense reimbursements		1.28	%(c)		1.34	%		1.30	%		1.30	%		1.31	%		1.34	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.08	)%(c)		0.15	%		0.30	%		0.13	%		(0.22	)%		(0.53	)%
After expense reimbursements		(0.08	)%(c)		0.15	%		0.30	%		0.13	%		(0.22	)%		(0.53	)%
Portfolio turnover		14	%		12	%		13	%		24	%		13	%		22	%

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

(c) Annualized.

Shelton Funds Notes to Financial Statements (Unaudited) February 29, 2020

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 Core Value 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 Core Value 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. 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 Core Value Fund, Nasdaq-100 Index Fund and The United States Treasury Trust each offer Class K shares. Effective as of December 27, 2019, The United States Treasury Trust no longer offers Class K shares of the Fund. Income, expenses (other than the expenses attributable to a specific class), 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 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 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.

37

See accompanying notes to financial statements.

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 29, 2020

(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 Core Value 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 Core Value 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 Core Value 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.

(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.

(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 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 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 (2016-2018), or expected to be taken in the Fund’s 2019 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) 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 February 29, 2020 using fair value hierarchy:

	Level 1(a)		Level 2(a)		Level 3(a)				Level 1(a)		Level 1(a)		Level 2(a)
Fund	Investments in Securities(b)		Investments in Securities(c)		Investments in Securities		Total Assets		Futures Contracts - Assets(d)		Futures Contracts - Liabilities(d)		Written Options - Liabilities
Green California Tax-Free Income Fund	$	—	$	63,176,195	$	—	$	63,176,195	$	—	$	—	$	—
U.S. Government Securities Fund		—		22,175,229		—		22,175,229		—		—		—
The United States Treasury Trust Fund		—		36,026,064		—		36,026,064		—		—		—
S&P 500 Index Fund		171,314,302		99,958		—		171,414,260		—		580		—
S&P MidCap Index Fund		99,956,824		99,958		—		100,056,782		—		—		—
S&P SmallCap Index Fund		57,301,466		99,958		2,518		57,403,942		1,151		—		—

38

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 29, 2020

	Level 1(a)		Level 2(a)		Level 3(a)					Level 1(a)		Level 1(a)		Level 2(a)
Fund	Investments in Securities(b)		Investments in Securities(c)		Investments in Securities			Total Assets		Futures Contracts - Assets(d)		Futures Contracts - Liabilities(d)		Written Options - Liabilities
Shelton Core Value Fund	$	113,547,258	$	27,991,703	$	340,000	(e)	$	141,878,961	$	—	$	—	$	464,362
Nasdaq-100 Index Fund		672,060,998		299,887		—			672,360,885		12,584		—		—
Shelton Green Alpha Fund		64,978,984		—		—			64,978,984		—		—		—

(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 FYE.

(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 variation margin on the last day of the reporting period.

(e) Preferred Stock.

Level 3 Securities	S&P SmallCap Index Fund		Shelton Core Value Fund
	Common Stock - Basic Materials		Preferred Stock
Beginning Balance	$	2,518	$	700,000
Net Purchases		—		—
Net Sales		—		—
Total Realized Gain/(Loss)		—		—
Change in Unrealized Appreciation/(Depreciation)	$	—	$	(360,000	)
Accrued Interest		—		—
Transfers into Level 3		—		—
Transfers out of Level 3		—		—
Ending Balance	$	2,518	$	340,000

	Fair Value as of 2/29/20		Valuation Techniques	Unobservable Input	Input Values		Impact to valuation from an increase to input
A Schulman Inc Rights	$	2,518	Based on the difference between the value of the underlying security and the cash value of the right	impact of pending litigation related to rights issuance		$0.85	Results of pending litigation may result in direct and proportional changes in the value of the security
Amerityre Corp. 5% Preferred Conv.	$	340,000	Estimated recovery proceeds	*Market quotes, yield quotes and option valuation		$0.17	Changes in the market quotes and option valuation will result in direct and proportional changes in the value of the security

* Market quote on Amerityre common stock, five-year treasury yield and the option value of the conversion of preferred stock to common stock.

(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 Core Value 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 February 29, 2020, the number of open future contracts in the S&P 500 Index Fund, S&P SmallCap Index Fund, and Nasdaq-100 Index Fund were 2, 1, and 13, respectively. The Shelton Core Value Fund, Shelton MidCap Index Fund and Shelton Green Alpha Fund held no futures contracts at February 29, 2020. 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 for the period ended February 29, 2020:

Derivatives Not Accounted for as Hedging Instruments	Variation Margin Receivable		Variation Margin Payable
S&P 500 Index Fund - Equity contracts	$	—	$	580
S&P SmallCap Index Fund - Equity contracts		1,151		—
Nasdaq-100 Index Fund - Equity contracts		12,584		—

39

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 29, 2020

The effect of derivative instruments on the Statements of Operations for the period ended February 29, 2020:

Derivatives Not Accounted for as Hedging Instruments	Realized Gain/ (Loss) on Futures Recognized in Income		Changes in Unrealized Appreciation/ (Depreciation) on Futures Recognized in Income
S&P 500 Index Fund - Equity contracts	$	201,113	$	(20,804	)
S&P MidCap Index Fund - Equity contracts		95,191		1,139
S&P SmallCap Index Fund - Equity contracts		68,838		1,871
Nasdaq-100 Index Fund - Equity contracts		503,444		15,258

The previously disclosed derivative instruments outstanding as of February 29, 2020, and their effect on the Statement of Operations for the period ending February 29, 2020, 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	$	1,323,407
S&P MidCap Index Fund - Equity contracts		562,220
S&P SmallCap Index Fund - Equity contracts		357,379
Nasdaq-100 Index Fund - Equity contracts		2,212,884

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 Core Value 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%

The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement is effective until January 2, 2021, 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 voluntary expense limits, for the period ended February 29, 2020 are as follows:

	Voluntary Expense Limitation
Fund	Reimburse	Direct Shares	K Shares	Expiration
U.S. Government Securities Fund	0.23%	0.76%	1.26%	1/2/21
The United States Treasury Trust	0.22%	0.55%	N/A	1/2/21
Nasdaq-100 Index Fund	0.24%	0.50%	1.00%	1/2/21

At August 31, 2019, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $4,579,363. 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 8/31/20		Expires 8/31/21		Expires 8/31/22		Total
U.S. Government Securities Fund	$	16,422	$	27,929	$	43,929	$	88,280
The United States Treasury Trust		120,514		170,178		108,593		399,285
S&P 500 Index Fund		182,805		88,195		—		271,000
S&P MidCap Index Fund		72,425		43,839		—		116,264
S&P SmallCap Index Fund		39,066		23,398		—		62,464
Nasdaq-100 Index Fund		918,243		1,275,279		1,448,548		3,642,070
Total	$	1,349,475	$	1,628,818	$	1,601,070	$	4,579,363

40

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 29, 2020

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 Board of Trustee review and approval prior to the time the reimbursement is initiated.

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 Statement of Operations.

Certain officers and trustees of the Trust are also partners of Shelton Capital. 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, 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 February 29, 2020, 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	$	2,286	$	2,286
S&P 500 Index Fund		6,300		6,300
S&P MidCap Index Fund		2,779		2,779
S&P SmallCap Index Fund		4,882		4,882
Shelton Core Value Fund		2,378		2,378
Nasdaq-100 Index fund		30,721		30,721
U.S. Treasury Trust Fund		914		902

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

Note 3 - PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities other than short-term instruments for the period ended February 29, 2020 were as follows:

Fund	Purchases		Sales		Purchases (Excluding U.S. Government Obligations)		Sales (Excluding U.S. Government Obligations)
Green California Tax-Free Income Fund	$	3,979,031	$	5,200,927	$	3,979,031	$	5,200,927
U.S. Government Securities Fund		4,587,332		412,663		—		—
S&P 500 Index Fund		9,921,451		32,547,075		9,275,020		31,579,961
S&P MidCap Index Fund		9,088,033		15,714,162		7,993,867		13,895,509
S&P SmallCap Index Fund		6,614,481		13,783,481		5,649,772		12,815,418
Core Value Fund		82,988,233		108,441,258		76,913,035		100,745,189
Nasdaq-100 Index Fund		76,751,812		99,701,103		76,046,490		99,080,944
Green Alpha Fund		12,293,564		7,983,672		9,127,947		6,941,287

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 February 29, 2020, the Shelton Core Value 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	$	464,362

41

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 29, 2020

The effect of derivative instruments on the Funds’ Statement of Operations for the period ended February 29, 2020, was as follows:

Derivatives not Accounted for as Hedging Instruments	Location of Gains/(Loss) on Derivatives Recognize 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	$	2,295,796	$	675,720

Volume of derivative instruments held by the Funds during the period ended February 29, 2020, was as follows:

Derivative Type	Unit of Measurement	Average
Written Option Contracts	Contracts	$	(1,946,823	)

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, 2019, there are permanent differences resulting from different book and tax accounting for net operating losses, expiration of capital loss carryforwards, distribution reclassifications, and treatment of accretion of discount. The reclassifications were as follows:

	Increase/(Decrease) Paid-In Capital			Increase/(Decrease) Accumulated Gain/(Loss)
U.S. Government Securities Fund	$	(246,727	)	$	246,727
The United States Treasury Trust		(5,175	)		5,175
S&P 500 Index Fund		(156	)		156
Shelton Green Alpha Fund		63,071			(63,071	)

Tax Basis of Distributable Earnings: The tax character of distributable earnings at August 31, 2019 was as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gain		Capital Loss Carry Forwards			Unrealized Appreciation/ (Depreciation)			Post October and Other Losses			Total Distributable Earnings
Green California Tax-Free Income Fund	$	3,682	$	86,607	$	—		$	4,423,907		$	(25,962	)	$	4,488,234
U.S. Government Securities Fund		—		—		(46,105	)		690,599			(578	)		643,916
The United States Treasury Trust		—		—		(2,236	)		(11	)		—			(2,247	)
S&P 500 Index Fund		534,810		5,118,027		—			119,782,879			—			125,435,716
S&P MidCap Index Fund		109,576		7,058,634		—			28,241,711			—			35,409,921
S&P SmallCap Index Fund		32,014		3,891,720		—			10,623,090			—			14,546,824
Core Value Fund		264,261		9,784,796		—			33,937,464			—			43,986,521
Nasdaq-100 Index Fund		1,711,020		7,060,789		—			264,235,112			—			273,006,921
Green Alpha Fund		—		—		—			10,030,862			(172,510	)		9,858,352

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, the treatment of accretion of discounts, and certain other investments.

Elective Deferrals: The Funds have not elected to defer capital losses recognized during the period November 1, 2018-August 31, 2019 to the period ending August 31, 2020.

The Funds have not elected to defer ordinary losses to the period ending August 31, 2020.

Capital Losses: Capital loss carry forwards, as of August 31, 2019, available to offset future capital gains, if any, are as follows:

Expiring	U.S. Government Securities Fund			United States Treasury Trust Fund
Long Term with No Expiration	$	(46,105	)	$	—
Short Term with No Expiration		—			(2,236	)
Total	$	(46,105	)	$	(2,236	)

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.

42

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 29, 2020

The tax character of distributions paid during the years ended August 31, 2019 and 2018 were as follows:

Fund	Year		Return of Capital		Ordinary Income		Long-Term Capital Gains(a)		Exempt- Interest Dividends		Total Distributions
Green California Tax-Free Income Fund		2018	$	—	$	—	$	234,947	$	1,471,475	$	1,706,422
		2019		—		—		119,292		1,312,755		1,432,047
U.S. Government Securities Fund		2018		—		—		—		282,935		282,935
		2019		—		264,460		—		—		264,460
The United States Treasury Trust		2018		—		524,755		—		—		524,755
		2019		—		845,516		—		—		845,516
S&P 500 Index Fund		2018		—		2,799,181		2,382,074		—		5,181,255
		2019		—		3,067,559		1,340,869		—		4,408,428
S&P MidCap Index Fund		2018		—		1,191,336		7,185,786		—		8,377,122
		2019		—		2,402,000		10,698,956		—		13,100,956
S&P SmallCap Index Fund		2018		—		1,056,028		5,901,648		—		6,957,676
		2019		—		738,251		5,245,346		—		5,983,597
Shelton Core Value Fund		2018		—		3,972,866		19,009,224		—		22,982,090
		2019		—		9,355,980		20,581,178		—		29,937,158
Nasdaq-100 Index Fund		2018		—		4,586,520		3,677,125		—		8,263,645
		2019		—		3,857,160		8,346,060		—		12,203,220
Green Alpha Fund		2018		—		123,102		1,115,328		—		1,238,430
		2019		—		106,848		594,545		—		701,393

(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, 2019.

Note 6 - OFFSETTING OF FINANCIAL INSTRUMENTS AND DERIVATIVE ASSETS AND LIABILITIES

The following is a summary of financial and derivative instruments and collateral received and pledged in connection with such arrangements.

								Gross Amounts Not Offset in the Statement of Assets & Liabilities
		Gross Amounts Recognized in the Statement of Assets & Liabilities		Gross Amounts Offset in the Statement of Assets & Liabilities		Net Amounts Presented in the Statement of Assets & Liabilities		Financial Instruments		Collateral Pledged/ Received			Net Amount
S&P 500 Index Fund:	Assets
	Futures Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—
	Liabilities
	Future Contracts	$	580	$	—	$	580	$	—	$	(580	)	$	—
			580		—		580		—		(580	)		—
S&P SmallCap Index Fund:	Assets
	Futures Contracts	$	1,151	$	—	$	1,151	$	—	$	(1,151	)	$	—
			1,151		—		1,151		—		(1,151	)		—
	Liabilities
	Future Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—
Nasdaq-100 Index Fund:	Assets
	Futures Contracts	$	12,584	$	—	$	12,584	$	—	$	(12,584	)	$	—
			12,584		—		12,584		—		(12,584	)		—
	Liabilities
	Future Contracts	$	—	$	—	$	—	$	—	$	—		$	—
			—		—		—		—		—			—

Amounts relate to master netting agreements and collateral agreements which have been determined by the company to be legally enforceable in the event of default but where certain other criteria are not met in accordance with applicable offsetting accounting guidance. The collateral amounts may exceed the related net amounts of financial assets and liabilities presented in the statement of assets and liabilities. Where this is the case, the total amount reported is limited to the net amounts of financial assets and liabilities with that counterparty.

Note 7 – SUBSEQUENT EVENTS

In preparing the financial statements as of February 29, 2020, 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.

43

Fund Holdings (Unaudited)

The Fund holdings shown in this report are as of February 29, 2020. Holdings are subject to change at any time, so holdings shown in this report may not reflect current Fund holdings. The Funds file complete schedules of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Each Fund’s Form N-PORT is available on the SEC’s website at sec.gov. Each Fund’s complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling (800) 955-9988.

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 each Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended June 30, is available upon request, at no charge, at the phone number below, or on the SEC’s website at www.sec.gov.

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.

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.

44

Board Considerations Regarding Approval of Investment Advisory Agreements

The Investment Company Act of 1940 (the “1940 Act”) requires that the full board of the Shelton Funds (the “Board”) and a majority of the Independent Trustees annually approve the continuation of:

● the Investment Advisory Agreement dated January 1, 2007, as amended, between the Shelton Funds, on behalf of the funds listed below, and CCM Partners d/b/a Shelton Capital Management (“SCM”) (the “Shelton Funds Investment Advisory Agreement”);

o Green California Tax Free Income Fund;

o Nasdaq-100 Index Fund;

o S&P 500 Index Fund;

o S&P MidCap Index Fund;

o S&P SmallCap Index Fund;

o Shelton Core Value Fund;

o Short-Term U.S. Government Bond Fund; and

o The United States Treasury Trust.

● the Investment Advisory Agreement, effective as of March 8, 2013, between Shelton Funds, on behalf of the Shelton Green Alpha Fund, and SCM (the “Green Alpha Investment Advisory Agreement”); and

● the Discretionary Sub-Advisory Agreement effective as of March 8, 2013, between Green Alpha Advisors, LLC (“Green Alpha”) and SCM (the “Investment Sub-Advisory Agreement” and collectively with the Shelton Funds Investment Advisory Agreement and the Green Alpha Advisory Agreement, each an “Advisory Agreement” and collectively, the “Advisory Agreements”).

At a meeting held in-person on February 5-6, 2020, the Board, including a majority of the Independent Trustees, considered and approved the continuation of each Advisory and Sub-advisory Agreement for an additional one-year period ending March 31, 2020:

Prior to the Meeting, the Independent Trustees requested information from SCM, Green Alpha, and third-party sources. This information, together with other information provided by SCM and Green Alpha, and the information provided to the Independent Trustees throughout the course of the year, formed the primary (but not exclusive) basis for the Board’s determinations, as summarized below. In addition to the information identified above, other material factors and conclusions that formed the basis for the Board’s subsequent approval are described below.

Information Received

Materials Received. During the course of each year, the Independent Trustees receive a wide variety of materials relating to the services provided by SCM and Green Alpha, including reports on each applicable Fund’s investment results; portfolio composition; third party fund rankings; investment strategy; portfolio trading practices; shareholder services; and other information relating to the nature, extent and quality of services provided by SCM and Green Alpha to the applicable Funds. In addition, the Board requests and reviews supplementary information that includes materials regarding each Fund’s investment results, advisory fee and expense comparisons, the costs of operating the Funds and financial and profitability information regarding Shelton Capital (the principal business activity of which is managing the Funds) and Green Alpha, descriptions of various functions such as compliance monitoring and portfolio trading practices, and information about the personnel providing investment management services to each applicable Fund.

Review Process. The Board received assistance and advice regarding legal and industry standards from independent legal counsel to the Independent Trustees and fund counsel. The Board discussed the renewal of the Advisory Agreements with SCM and Green Alpha representatives, and in a private session with independent legal counsel at which representatives of SCM and Green Alpha were not present. In deciding to approve the renewal of the Advisory Agreements, the Independent Trustees considered the total mix of information requested by and made available to them and did not identify any single issue or particular information that, in isolation, was the controlling factor. This summary describes the most important, but not all, of the factors considered by the Board.

Nature, Extent and Quality of Services

SCM, its personnel and its resources. The Board considered the depth and quality of Shelton Capital’s investment management process; the experience, capability and integrity of its senior management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered that SCM made available to its investment professionals a variety of resources relating to investment management, compliance, trading, performance and portfolio accounting. The Board further considered SCM’s continuing need to attract and retain qualified personnel and, noting SCM’s additions over recent years, determined that SCM was adequately managing matters related to the Funds.

Green Alpha, its personnel and its resources.The Board considered the depth and quality of Green Alpha’s investment management process; the experience, capability and integrity of its management and other personnel; operating performance and the overall financial strength and stability of its organization. The Board also considered the operations and compliance environment at Green Alpha. The Board determined that Green Alpha was adequately managing matters related to the Green Alpha Fund.

Other Services. The Board considered, in connection with the performance of its investment management services to the Funds: SCM’s and Green Alpha’s policies, procedures and systems to ensure compliance with applicable laws and regulations and each of their commitment to these programs; each of their efforts to keep the Trustees informed; and each of their attention to matters that may involve conflicts of interest with the applicable Funds. As a point of comparison, the Board also considered the nature, extent, quality and cost of certain non-investment related administrative services provided by SCM to the Funds under the administration servicing agreements.

The Board concluded that SCM and Green Alpha had the quality and depth of personnel and investment methods essential to performing its duties under the applicable Advisory Agreements, and that the nature, extent and overall quality of such services provided by SCM and Green Alpha, respectively, were satisfactory and reliable.

Investment Performance

The Board considered each Fund’s investment results in comparison to its stated investment objectives. The Trustees reviewed the short-term and long-term performance of each Fund on both an absolute basis and against its benchmark indices. The Trustees also reviewed performance rankings for each Fund as provided by an independent third-party service provider, as applicable. In assessing performance of certain Funds, the Trustees took into consideration the fact that Fund performance is expected to mirror the appropriate benchmarks as closely as possible given certain practical constraints imposed by the 1940 Act, the Fund’s investment restrictions, the Fund’s size, and similar factors. Among the factors considered in this regard, were the following:

● For the Green California Tax-Free Income Fund, it was noted that the Fund was in the fourth quartile over the 1-year, 3-year and 5-year and 10- year periods.

● For the Nasdaq-100 Index Fund, it was noted that the performance of the Fund was in the first decile over the 1-year, 5-year and 10-year periods, and the second quartile for the 3-year period.

45

Board Considerations Regarding Approval of Investment Advisory Agreements (Continued)

● For the S&P 500 Index Fund, it was noted that the performance of the Fund was in the top quartile over the 5-year and 10-year periods, and the second quartile over the 1-year and 3-year periods.

● For the S&P MidCap Index Fund, it was noted that the performance of the Fund was in the top quartile over the 5-year and 10-year periods, and the third quartile for the 1-year and 3-year periods.

● For the S&P SmallCap Index Fund, it was noted that the performance of the Fund was in the top quartile over the 5-year and 10-year periods, in the second quartile over the 3-year period and in the third quartile over the 1-year period.

● For the Shelton Green Alpha Fund, it was noted that the performance of the Fund was in the top quartile over the 1-year period, the third quartile over the 3-year period and the fourth quartile over the 5-year period.

● For the Shelton Core Value Fund, it was noted that the performance of the Fund was in the second quartile over the 1-year period, the third quartile over the 10-year period, and in the fourth quartile over the 3-year and 5-year periods.

● For The United States Treasury Trust, it was noted that the performance of the Fund was below its benchmark index over the 1-year, 3-year, 5-year and 10-year periods.

● For the U.S. Government Securities Fund, it was noted that the performance of the Fund was in the top quartile over the 1-year, 3-year, 5-year and 10-year periods.

The Board received a satisfactory explanation of the reasons underlying the performance of the lower performing Funds and SCM articulated a strategy for improving performance of these Funds. The Board ultimately concluded that SCM’s and Green Alpha’s performance records in managing the applicable Fund was satisfactory, and in some cases excellent, supporting the determination that SCM’s and Green Alpha’s continued management under the applicable Advisory Agreement would be consistent with the best interests of each applicable Fund and its shareholders.

Management Fees and Total Annual Operating Expense Ratios

The Board reviewed the management fees and total operating expenses of each Fund and compared such amounts with the management fees and total operating expenses of other funds in the industry that are found within the same style category as defined by a third-party independent service provider. The Board considered the advisory fees and total fees and expenses of each Fund in comparison to the advisory fees and other fees and expenses of other funds in each Fund’s relevant category. The Trustees considered both the gross advisory fee rates, as well as the effective advisory rates charged by SCM after taking into consideration the expense limitation arrangements and voluntary fee waivers on certain Funds.

The Board noted that except for the U.S. Government Securities Fund, the Green California Tax-Free Income Fund, the Shelton Green Alpha Fund and The United States Treasury Trust which were above their respective peer group medians, the actual management fees charged to each Fund was generally lower than their respective peer group medians.

The Board also observed that each Fund’s total annual operating expense ratios, after taking into account the expense limitations and waivers applicable to certain Funds, were generally above the industry median for other comparable funds, with the exception of the Direct share class of the Core Value Fund, the NASDAQ-100 Fund, the Small Cap Index Fund, the S&P 500 Index Fund and the MidCap Index Fund, which were below their respective industry medians for comparable funds.

Comparable Accounts

The Board noted certain information provided by SCM and Green Alpha regarding fees charged to other clients utilizing a strategy similar to that employed by an applicable Fund. Green Alpha noted that there were no such comparable accounts. The Board determined that, bearing in mind the limitations of comparing different types of managed accounts and the different levels of service typically associated with such accounts, the fee structures applicable to SCM’s other clients employing a comparable strategy to each applicable Fund was not indicative of any unreasonableness with respect to the advisory fee payable by such Fund.

Cost Structure, Level of Profits, Economies of Scale and Ancillary Benefits

The Board reviewed information regarding SCM’s and Green Alpha’s costs of providing services to the applicable Funds. The Board also reviewed the resulting level of profits to SCM and Green Alpha, respectively, including the cost allocation methodologies used to calculate such profits. The Independent Trustees received financial and other information from SCM and Green Alpha.

The Board noted its intention to continue to monitor assets under management, and the resulting impact on SCM’s and Green Alpha’s profitability, in order to ensure that each has sufficient resources to continue to provide the services that shareholders in the applicable Funds require. The Board considered SCM’s and Green Alpha’s need to invest in technology, data services, infrastructure and staff to provide the expected quality of investment advisory services to the Funds. They further considered that breakpoints in the advisory fee structure of certain Funds provide for reductions in the level of fees charged by SCM to such Fund as Fund assets increase, reflecting the fact that economies of scale in the cost of operations will be shared with such Fund’s shareholders. The Trustees also noted that SCM has contractually agreed to limit its advisory fees on certain Funds so that those Funds do not exceed their respective specified operating expense limitations.

The Board also considered that SCM and Green Alpha do not receive material indirect benefits from managing the applicable Funds. For example, neither SCM nor Green Alpha seeks to supplement its fees with “soft dollar” benefits.

Based on the foregoing, together with the other information provided to it at the Meeting and throughout the year, the Board concluded that each applicable Fund’s cost structure and level of profits for SCM and Green Alpha, respectively, were reasonable and that economies of scale and ancillary benefits, to the extent present with respect to a Fund, were not material.

Conclusions

The Board indicated that the information presented and the discussion of the information were adequate for making a determination regarding the renewal of each Advisory Agreement. During the review process, the Board noted certain instances where clarification or follow-up was appropriate and others where the Board determined that further clarification or follow-up was not necessary. In those instances where clarification or follow-up was requested, the Board determined that in each case either information responsive to its requests had been provided, or where any request was outstanding in whole or in part, given the totality of the information provided with respect to each Advisory Agreements, the Board had received sufficient information to renew and approve the applicable Advisory Agreement.

Based on their review, including but not limited to their consideration of each of the factors referred to above, the Board concluded that each Advisory Agreement, taking into account the separate administration fees, is and would be fair and reasonable to each Fund and its shareholders, that each Fund’s shareholders received or should receive reasonable value in return for the advisory fees and other amounts paid to SCM and Green Alpha by the Funds, as applicable, and that the renewal of the each Advisory Agreement and the Green Alpha sub-advisory agreement was in the best interests of each Fund and its shareholders.

46

P.O. Box 87

Denver, CO 80201-0087

ITEM 2. CODE OF ETHICS.

N/A for semi-annual reports.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT.

N/A for semi-annual reports.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES.

N/A for semi-annual reports.

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS.

N/A

ITEM 6. SCHEDULE OF INVESTMENTS

Included under Item 1.

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

N/A

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

N/A

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

N/A

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. EXHIBITS

(a)(1) Code of Ethics not applicable for semi-annual report.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(b) Certifications pursuant to Rule 30a-2(a) under the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto.

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: May 4, 2020

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: May 4, 2020
By	/s/ William P. Mock
	William P. Mock, Treasurer
	Date: May 4, 2020

EX-99.CERT

CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE 1940 ACT

I, Stephen C. Rogers, certify that:

1.           I have reviewed this report on Form N-CSR of the Shelton Funds;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 4, 2020

/s/ Stephen C. Rogers

Stephen C. Rogers

Chairman

CERTIFICATION PURSUANT TO RULE 30A-2(a) UNDER THE 1940 ACT

I, William P. Mock, certify that:

1.           I have reviewed this report on Form N-CSR of the Shelton Funds;

2.           Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.           Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.           The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

  (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

  (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

  (c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

  (d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.           The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

  (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

  (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: May 4, 2020

/s/ William P. Mock

William P. Mock

Treasurer

EX-99.906 CERT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, Stephen C. Rogers, President of the Shelton Funds (the "Registrant"), certify, to the officer’s knowledge:

1.   The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 4, 2020	/s/ Stephen C. Rogers
	Stephen C. Rogers, Chairman
	(Chief Executive Officer)

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

I, William P. Mock, Treasurer of the Shelton Funds (the "Registrant"), certify, to the officer’s knowledge:

1.   The Form N-CSR of the Registrant (the “Report”) fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended; and

2.   The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Registrant.

Date: May 4, 2020	/s/ William P. Mock
	William P. Mock, Treasurer
	(Chief Financial Officer)