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 28, 2021

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.

ITEM 1.	REPORTS TO STOCKHOLDERS
(a)	A copy of the report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).
(b)	[N/A]

 

SEMI-ANNUAL REPORT

February 28, 2021

Green California Tax-Free Income Fund

U.S. Government Securities Fund

The United States Treasury Trust

S&P 500 Index Fund

S&P MidCap Index Fund

S&P SmallCap Index Fund

Shelton 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 28, 2021

About Your Fund’s Expenses	1
Top Holdings and Sector Breakdowns	3
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	43
About this Report	43
Proxy Voting Policies, Procedures and Voting Records	43
Board of Trustees and Executive Officers	43
Liquidity Risk Management Disclosure	44
Board Considerations Regarding Approval of Investment Advisory Agreements	44

About Your Fund’s Expenses (Unaudited)

February 28, 2021

As a shareholder of the Funds, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions, redemption fees, and exchange fees; and (2) ongoing costs, including management fees, distribution fees and other Fund expenses. This example is intended to help you understand your ongoing cost (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire period from September 1, 2020 to February 28, 2021.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

	Beginning Account Value September 1, 2020	Ending Account Value February 28, 2021	Expenses Paid During Period*	Net Annual Expense Ratio
Green California Tax-Free Income Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 996	$ 3.74	0.76%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.79	0.76%
U.S. Government Securities Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 976	$ 3.61	0.74%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.69	0.74%
K Shares
Based on Actual Fund Return	$ 1,000	$ 974	$ 6.04	1.24%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.17	1.24%
The United States Treasury Trust
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,000	$ 0.49	0.10%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,025	$ 0.50	0.10%

1

About Your Fund’s Expenses (Unaudited)

February 28, 2021 (Continued)

	Beginning Account Value September 1, 2020	Ending Account Value February 28, 2021	Expenses Paid During Period*	Net Annual Expense Ratio
S&P 500 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,094	$ 2.27	0.44%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,023	$ 2.19	0.44%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,091	$ 4.85	0.94%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 4.68	0.94%
S&P MidCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,303	$ 3.63	0.64%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,022	$ 3.19	0.64%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,300	$ 6.47	1.14%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 5.68	1.14%
S&P SmallCap Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,425	$ 5.14	0.86%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 4.29	0.86%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,421	$ 8.12	1.36%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,018	$ 6.77	1.36%
Shelton Core Value Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,122	$ 3.98	0.76%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,021	$ 3.79	0.76%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,120	$ 6.59	1.26%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 6.27	1.26%
Nasdaq-100 Index Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,070	$ 2.45	0.48%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,023	$ 2.39	0.48%
K Shares
Based on Actual Fund Return	$ 1,000	$ 1,067	$ 4.99	0.98%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,020	$ 4.88	0.98%
Shelton Green Alpha Fund
Direct Shares
Based on Actual Fund Return	$ 1,000	$ 1,511	$ 7.18	1.16%
Based on Hypothetical 5% Return before expenses	$ 1,000	$ 1,019	$ 5.77	1.16%

* Expenses are equal to the Fund’s annualized expense ratio listed in the “Net Annual Expense Ratio” column, multiplied by the average account value over the
period, multiplied by 181/365 (to reflect the one-half year period).

2

Top Holdings and Sector Breakdowns (Unaudited) February 28, 2021

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	$ 3,340,360	5.8%
2	William S Hart Union High School District	General Obligation Bonds; Election 2001 2005, Series B	3,140,304	5.4%
3	San Francisco Bay Area Rapid Transit District	San Francisco BART District GO Bonds (Election of 2004) 2017 Refunding Series E (Green Bonds)	2,840,637	4.9%
4	Los Rios Community College District	General Obligation Bonds; 2008 Election, Series B	2,767,025	4.8%
5	Mount San Antonio Community College District	General Obligation Refunding Bonds 2013A	2,615,308	4.5%
6	East Bay Municipal Utility District Water System Revenue	Water System Revenue Bonds; 2015 Series B	2,439,111	4.2%
7	San Mateo Foster City Public Financing Authority	City of San Mateo Wastewater Revenue Bonds 2019 (Clean Water Program)	2,323,040	4.0%
8	Santa Maria Joint Union High School District	General Obligation Bonds; Election of 2004, Series 2005	2,181,375	3.8%
9	California Health Facilities Financing Authority	Kaiser Permanente Revenue Bonds, Series 2017A-1	2,163,793	3.7%
10	Los Angeles Department of Water & Power	Water System Revenue Bonds, 2012 Series A	2,108,090	3.6%

U.S. Government Securities Fund

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Note	08/15/2027	$ 4,080,102	19.5%
2	United States Treasury Note	02/15/2022	2,953,411	14.1%
3	United States Treasury Note	08/15/2023	2,745,641	13.1%
4	United States Treasury Note	05/15/2025	2,339,648	11.2%
5	United States Treasury Note	02/29/2024	1,370,230	6.5%
6	United States Treasury Note	11/15/2028	1,365,235	6.5%
7	United States Treasury Note	08/15/2021	1,211,587	5.8%
8	United States Treasury Bond	02/15/2026	1,004,875	4.8%
9	United States Treasury Note	05/15/2037	724,141	3.5%
10	United States Treasury Bill	05/20/2021	699,942	3.3%

The United States Treasury Trust

Security		Maturity	Market Value	Percentage of Total Investment
1	United States Treasury Bill	04/13/2021	$ 3,399,866	9.6%
2	United States Treasury Bill	03/11/2021	3,299,911	9.3%
3	United States Treasury Bill	04/08/2021	3,299,701	9.3%
4	United States Treasury Bill	03/09/2021	3,199,931	9.0%
5	United States Treasury Bill	06/03/2021	3,199,603	9.0%
6	United States Treasury Bill	05/04/2021	3,199,494	9.0%
7	United States Treasury Bill	03/16/2021	2,999,890	8.5%
8	United States Treasury Bill	05/27/2021	2,999,703	8.5%
9	United States Treasury Bill	05/20/2021	2,799,806	7.9%
10	United States Treasury Bill	05/13/2021	2,699,511	7.6%

3

Top Holdings and Sector Breakdowns (Unaudited) (Continued) February 28, 2021

S&P 500 Index Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 12,655,179	6.0%
2	Microsoft Corp	11,473,530	5.5%
3	Amazon.com Inc	8,613,790	4.1%
4	Facebook Inc	4,044,892	1.9%
5	Alphabet Inc - Class A	3,969,009	1.9%
6	Alphabet Inc - Class C	3,859,850	1.8%
7	Tesla Inc	3,345,076	1.6%
8	Berkshire Hathaway Inc	3,052,072	1.5%
9	JPMorgan Chase & Co	2,930,008	1.4%
10	Johnson & Johnson	2,724,561	1.3%

S&P MidCap Index Fund

Security		Market Value	Percentage of Total Investment
1	Generac Holdings Inc	$ 1,147,520	0.9%
2	Caesars Entertainment Inc	1,078,578	0.9%
3	Penn National Gaming Inc	946,849	0.8%
4	Monolithic Power Systems Inc	881,246	0.7%
5	SolarEdge Technologies Inc	844,814	0.7%
6	PTC Inc	799,319	0.7%
7	Cognex Corp	798,232	0.7%
8	Charles River Laboratories International Inc	793,752	0.6%
9	Bio-Techne Corp	778,719	0.6%
10	Fair Isaac Corp	749,009	0.6%

S&P SmallCap Index Fund

Security		Market Value	Percentage of Total Investment
1	NeoGenomics Inc	$ 381,135	0.6%
2	GameStop Corp	372,063	0.6%
3	MicroStrategy Inc	364,699	0.6%
4	Cleveland-Cliffs Inc	358,059	0.5%
5	Omnicell Inc	357,224	0.5%
6	Power Integrations Inc	355,159	0.5%
7	Saia Inc	352,532	0.5%
8	Crocs Inc	348,002	0.5%
9	Chart Industries Inc	338,980	0.5%
10	Exponent Inc	334,751	0.5%

Shelton Core Value Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 4,935,282	2.8%
2	Amazon.com Inc	4,639,395	2.6%
3	Microsoft Corp	4,182,840	2.4%
4	Mastercard Inc	3,538,500	2.0%
5	Chevron Corp	3,520,000	2.0%
6	The Goldman Sachs Group Inc	3,514,280	2.0%
7	Morgan Stanley	3,459,150	1.9%
8	JPMorgan Chase & Co	3,384,910	1.9%
9	Bank of America Corp	3,123,900	1.8%
10	Verizon Communications Inc	3,002,790	1.7%

4

Top Holdings and Sector Breakdowns (Unaudited) (Continued) February 28, 2021

Nasdaq-100 Index Fund

Security		Market Value	Percentage of Total Investment
1	Apple Inc	$ 109,947,048	11.0%
2	Microsoft Corp	93,696,080	9.4%
3	Amazon.com Inc	82,763,714	8.3%
4	Tesla Inc	42,259,280	4.2%
5	Alphabet Inc - Class C	35,832,441	3.6%
6	Facebook Inc	33,027,399	3.3%
7	Alphabet Inc - Class A	32,415,261	3.2%
8	NVIDIA Corp	27,556,819	2.8%
9	PayPal Holdings Inc	24,708,097	2.5%
10	Intel Corp	20,213,361	2.0%

Shelton Green Alpha Fund

Security		Market Value	Percentage of Total Investment
1	Brookfield Renewable Corp	$ 12,514,780	5.1%
2	Vestas Wind Systems A/S	11,313,000	4.6%
3	JinkoSolar Holding Co Ltd	11,294,800	4.6%
4	Moderna Inc	11,146,320	4.5%
5	Tesla Inc	10,132,500	4.1%
6	Taiwan Semiconductor Manufacturing Co Ltd	9,571,440	3.9%
7	Applied Materials Inc	9,455,200	3.8%
8	Daqo New Energy Corp	9,382,500	3.8%
9	CRISPR Therapeutics AG	8,672,610	3.5%
10	SunPower Corp	6,606,300	2.7%

Green California Tax-Free Income Fund Portfolio of Investments (Unaudited) 2/28/21

Security Description	Par Value		Value (Note 1)
Municipal Bonds (97.46%)
BUTTE-GLENN COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bond; 2012, 4.000%, 08/01/2026	$	1,000,000	$	1,047,850
CALIFORNIA HEALTH FACILITIES FINANCING AUTHORITY
Kaiser Permanente Revenue Bonds, Series 2017A-1, 5.000%, 11/01/2027		1,700,000		2,163,793
CALIFORNIA HOUSING FINANCE
Class A Certificates; Series 2019-2, 4.000%, 03/20/2033		368,359		413,361
CALIFORNIA INFRASTRUCTURE & ECONOMIC DEVELOPMENT BANK
Clean Water State Revolving Fund Revenue Bonds, Series 2016 (Green Bonds), 5.000%, 10/01/2033		1,200,000		1,447,404
CALIFORNIA MUNICIPAL FINANCE AUTHORITY
University of San Diego Revenue Bonds, 2019, 5.000%, 10/01/2044		480,000		582,485
Student Housing Revenue Bonds West Village Studing Housing Project; Series 2018, 5.000%, 05/15/2038		800,000		946,696
CALIFORNIA STATE UNIVERSITY
Systemwide Revenue Bonds; Series 2012A, 4.000%, 11/01/2030		1,100,000		1,170,917
CALIFORNIA STATEWIDE COMMUNITIES DEVELOPMENT AUTHORITY
General Revenue Bonds; 2016, 4.000%, 08/15/2046		500,000		542,235
CITY & COUNTY OF SAN FRANCISCO CA
General Obligation Bonds (Clean and Safe Neighborhood Parks Bonds, 2012); Series 2013A, 4.000%, 06/01/2033		1,000,000		1,009,500
CITY OF LOS ANGELES CA
General Obligation Bonds; 2012-A, 5.000%, 09/01/2021		2,000,000		2,048,500
CITY OF LOS ANGELES CA WASTEWATER SYSTEM REVENUE
Los Angeles CA Wastewater System Revenue Bond; Series 2015-A (Green Bonds), 5.000%, 06/01/2044		500,000		575,750
Los Angeles CA Wastewater System Subordinate Revenue Bond; Series 2017-A (Green Bonds), 5.250%, 06/01/2047		1,500,000		1,820,160

5

Green California Tax-Free Income Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Par Value		Value (Note 1)
CITY OF ROSEVILLE CA ELECTRIC SYSTEM REVENUE
Electric System Revenue Refunding Bonds; Series 2013, 5.000%, 02/01/2025	$	750,000	$	834,525
CITY OF SAN FRANCISCO CA PUBLIC UTILITIES COMMISSION WATER REVENUE
San Francisco Water Revenue Bonds; 2017 Sub-Series D Bonds (Refunding) (Green Bonds), 5.000%, 11/01/2034		1,000,000		1,244,060
EAST BAY MUNICIPAL UTILITY DISTRICT WATER SYSTEM REVENUE
Water System Revenue Bonds; 2015 Series B, 5.000%, 06/01/2026		2,050,000		2,439,111
EAST SIDE UNION HIGH SCHOOL DISTRICT
General Obligation Refunding Bonds (2012 Crossover); 2006, 5.250%, 09/01/2023		2,975,000		3,340,360
FOOTHILL-DE ANZA COMMUNITY COLLEGE DISTRICT
Election of 1999 General Obligation Bonds; Series C, 0.000%, 08/01/2027		2,000,000		1,858,840
LA MIRADA REDEVELOPMENT AGENCY SUCCESSOR AGENCY
Subordinate Tax Allocation Refunding Bonds; 2014 Series A, 5.000%, 08/01/2023		1,000,000		1,109,180
LOS ANGELES COMMUNITY COLLEGE DISTRICT/CA
General Obligation Bonds; 2008 Election, Series G, 5.000%, 08/01/2028		865,000		1,002,016
LOS ANGELES COUNTY METROPOLITAN TRANSPORTATION AUTHORITY
Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds; Series 2016-A, 4.000%, 07/01/2028		500,000		569,240
Proposition A First Tier Senior Sales Tax Revenue Refunding Bonds; Series 2012-A, 5.000%, 07/01/2021		1,000,000		1,016,120
Proposition C Sales Tax Revenue Refunding Bonds; Senior Bonds; Series 2013-A, 5.000%, 07/01/2023		1,500,000		1,666,545
LOS ANGELES DEPARTMENT OF WATER & POWER
Water System Revenue Bonds, 2012 Series A, 5.000%, 07/01/2037		1,985,000		2,108,090
LOS RIOS COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; 2008 Election, Series B, 5.000%, 08/01/2032		2,500,000		2,767,025
MIDPENINSULA REGIONAL OPEN SPACE DISTRICT
CA Green Bonds Refunding; Series 2016A and 2016 Refunding; Series B, 4.000%, 09/01/2021		200,000		203,856
MOUNT SAN ANTONIO COMMUNITY COLLEGE DISTRICT
General Obligation Refunding Bonds 2013A, 5.000%, 08/01/2034		2,345,000		2,615,308
PORT OF LOS ANGELES
Revenue Bonds 2014; Series C, 4.000%, 08/01/2023		290,000		314,615
SACRAMENTO MUNICIPAL UTILITY DISTRICT
Electric Revenue Bonds; 1997 Series K, 5.250%, 07/01/2024		1,000,000		1,091,670
SAN DIEGO COMMUNITY COLLEGE DISTRICT
General Obligation Bonds; Election of 2002, Series 2013, 5.000%, 08/01/2027		1,175,000		1,310,442
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		755,650
San Francisco BART District GO Bonds (Election of 2004) 2017 Refunding Series E (Green Bonds), 5.000%, 08/01/2036		2,300,000		2,840,637
SAN FRANCISCO CITY & COUNTY PUBLIC UTILITIES COMMISSION POWER REVENUE
San Francisco City & County Public Utilities Commission Power Revenue 2015; Series A, 5.000%, 11/01/2030		680,000		799,122
San Francisco City & County Public Utilities Commission Power Revenue 2015; Series A, 5.000%, 11/01/2036		1,170,000		1,362,910
San Francisco City & County Public Utilities Commission Water Revenue Bonds 2013; Series A (Refunding), 4.000%, 10/01/2021		700,000		715,799
SAN MATEO FOSTER CITY PUBLIC FINANCING AUTHORITY
City of San Mateo Wastewater Revenue Bonds 2019 (Clean Water Program), 4.000%, 08/01/2044		2,000,000		2,323,040
SANTA CLARA VALLEY TRANSPORTATION AUTHORITY
2000 Measure A Sales Tax Revenue Refunding Bonds; 2015 Series A, 5.000%, 04/01/2034		1,000,000		1,182,430
SANTA MARIA JOINT UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Election of 2004, Series 2005, 0.000%, 08/01/2029		2,500,000		2,181,375
STATE OF CALIFORNIA
Various Purpose General Obligation Bonds (Green Bonds), 3.000%, 10/01/2028		900,000		963,684
TURLOCK IRRIGATION DISTRICT
Revenue Refunding Bonds; 2019, 5.000%, 01/01/2036		300,000		386,706
UNIVERSITY OF CALIFORNIA
General Revenue Bonds; 2014 Series AM, 5.000%, 05/01/2029		925,000		1,056,379
WILLIAM S HART UNION HIGH SCHOOL DISTRICT
General Obligation Bonds; Election2001 2005, Series B, 0.000%, 09/01/2029		3,595,000		3,140,304
Total Municipal Bonds (Cost $52,880,785)				56,967,690
Variable Rate Demand Notes* (1.71%)
Variable Rate General Obligation Bonds; Series 2004B1, 0.010%, 05/01/2034**,***		200,000		200,000
Water Revenue Bonds Authorization; Series 2017A, 0.020%, 07/01/2047**,***		800,000		800,000
Total Variable Rate Demand Notes (Cost $1,000,000)				1,000,000
Total Investments (Cost $53,880,785)(a) (99.17%)			$	57,967,690
Other Net Assets (0.83%)				480,038
Net Assets (100.00%)			$	58,447,728

See accompanying notes to financial statements.

6

Green California Tax-Free Income Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

(a) Aggregate cost for federal income tax purposes is $53,878,990.

At February 28, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	4,098,722
Unrealized depreciation		(10,022	)
Net unrealized appreciation	$	4,088,700

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.

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

*** Rate Effective as of February 28, 2021

U.S. Government Securities Fund Portfolio of Investments (Unaudited) 2/28/21

Security Description	Par Value		Value (Note 1)
Government National Mortgage Association (2.66%)
3.500%, 11/20/2044	$	199,138	$	214,233
5.000%, 03/15/2038		88,143		100,883
5.500%, 01/15/2025		21,703		24,047
5.500%, 04/15/2036		95,239		112,210
6.000%, 01/15/2026		64,554		73,319
6.000%, 06/15/2038		33,692		39,720
Total Government National Mortgage Association (Cost $509,481)				564,412
United States Treasury Bonds (14.68%)
2.250%, 08/15/2046		400,000		404,906
2.750%, 08/15/2042		400,000		445,469
5.000%, 05/15/2037		500,000		724,141
6.000%, 02/15/2026		800,000		1,004,875
6.375%, 08/15/2027		400,000		533,906
Total United States Treasury Bonds (Cost $2,890,362)				3,113,297
United States Treasury Notes (78.10%)
0.375%, 03/31/2022		500,000		501,465
2.000%, 02/15/2022		2,900,000		2,953,411
2.125%, 08/15/2021		1,200,000		1,211,587
2.125%, 02/29/2024		1,300,000		1,370,230
2.125%, 05/15/2025		2,200,000		2,339,648
2.250%, 08/15/2027		3,800,000		4,080,102
2.500%, 08/15/2023		2,600,000		2,745,641
3.125%, 11/15/2028		1,200,000		1,365,234
Total United States Treasury Notes (Cost $15,988,960)				16,567,318
United States Treasury Bills (3.30%)
0.000%, 05/20/2021 (Cost $699,943)		700,000		699,942
Total Investments (Cost $20,088,746)(a) (98.74%)				20,944,969
Other Net Assets (1.26%)				268,010
Net Assets (100.00%)				21,212,979

(a) Aggregate cost for federal income tax purposes is $20,089,506.

At February 28, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	860,752
Unrealized depreciation		(5,289	)
Net unrealized appreciation	$	855,463
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) 2/28/21

Security Description	Par Value		Value (Note 1)
United States Treasury Bills, DN(a) (99.73%)
03/09/2021	$	3,200,000	$	3,199,931
03/11/2021		3,300,000		3,299,911
03/16/2021		3,000,000		2,999,890
03/23/2021		2,000,000		1,999,917
04/08/2021		3,300,000		3,299,701
04/13/2021		3,400,000		3,399,866
04/22/2021		2,400,000		2,399,725
05/04/2021		3,200,000		3,199,495
05/13/2021		2,700,000		2,699,511
05/20/2021		2,800,000		2,799,806
05/27/2021		3,000,000		2,999,703
06/03/2021		3,200,000		3,199,603
Total United States Treasury Bills, DN (Cost $35,497,059)				35,497,059
Total Investments (Cost $35,497,059)(b) (99.73%)			$	35,497,059
Other Net Assets (0.27%)				95,164
Net Assets (100.00%)			$	35,592,223

(a) Discount Note. Yield to maturity is between 0.01% - 0.04%.

(b) Aggregate cost for federal income tax purposes is $35,497,059.

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) 2/28/21

Security Description	Shares		Value (Note 1)
Common Stock (99.84%)
Basic Materials (1.95%)
Air Products and Chemicals Inc		1,458	$	372,694
Albemarle Corp		729		114,606
Celanese Corp		763		105,988
CF Industries Holdings Inc		1,457		65,973
Dow Inc		4,894		290,263
DuPont de Nemours Inc		93		6,540
Eastman Chemical Co		893		97,569
Ecolab Inc		1,622		339,582
FMC Corp		891		90,606
Freeport-McMoRan Inc*		9,489		321,772
International Flavors & Fragrances Inc		683		92,553
International Paper Co		2,697		133,906
Linde PLC		3,428		837,358
LyondellBasell Industries NV		1,766		182,057
The Mosaic Co		2,068		60,799
Newmont Corp		5,247		285,332
Nucor Corp		2,085		124,725
PPG Industries Inc		1,558		210,050
The Sherwin-Williams Co		533		362,621
Total Basic Materials				4,094,994
Communications (16.36%)
Alphabet Inc - Class A*		1,963		3,969,009
Alphabet Inc - Class C*		1,895		3,859,850
Amazon.com Inc*,(a)		2,785		8,613,790
Arista Networks Inc*		366		102,421
AT&T Inc		46,543		1,298,084
Booking Holdings Inc*		270		628,698
CDW Corp		988		155,007
Charter Communications Inc*		953		584,589
Cisco Systems Inc		27,599	$	1,238,367
Comcast Corp		29,822		1,572,216
Corning Inc		4,990		190,818
Discovery Inc - Class A*		1,116		59,181
Discovery Inc - Class C*		1,878		84,510
DISH Network Corp*		1,784		56,214
eBay Inc		4,277		241,308
Etsy Inc*		797		175,555
Expedia Group Inc		887		142,807
F5 Networks Inc*		424		80,552
Facebook Inc*,(a)		15,701		4,044,892
Fox Corp - Class A		2,335		77,779
Fox Corp - Class B		1,242		39,657
The Interpublic Group of Cos Inc		2,667		69,662
Juniper Networks Inc		2,302		53,591
Lumen Technologies Inc		6,449		79,258
Motorola Solutions Inc		1,134		198,994
Netflix Inc*		2,885		1,554,582
News Corp - Class A		2,672		62,658
News Corp - Class B		910		20,857
NortonLifeLock Inc		4,015		78,333
Omnicom Group Inc		1,536		105,569
T-Mobile US Inc*		3,810		457,086
Twitter Inc*		5,110		393,777
VeriSign Inc*		689		133,687
Verizon Communications Inc		27,028		1,494,648
ViacomCBS Inc		3,816		246,094
The Walt Disney Co*		11,825		2,235,398
Total Communications				34,399,498
Consumer, Cyclical (9.55%)
Advance Auto Parts Inc		476		76,327
Alaska Air Group Inc		963		62,614
American Airlines Group Inc		3,057	$	64,014
Aptiv PLC		1,804		270,311
AutoZone Inc*		151		175,148
Best Buy Co Inc		1,549		155,442
BorgWarner Inc		1,412		63,540
CarMax Inc*		1,131		135,166
Carnival Corp		2,827		75,622
Chipotle Mexican Grill Inc*		175		252,350
Copart Inc*		1,407		153,588
Costco Wholesale Corp		2,881		953,611
Cummins Inc		966		244,591
Darden Restaurants Inc		850		116,731
Delta Air Lines Inc		4,086		195,883
Dollar General Corp		1,600		302,384
Dollar Tree Inc*		1,536		150,835
Domino’s Pizza Inc		266		92,172
DR Horton Inc		2,165		166,424
Fastenal Co		3,749		173,841
Ford Motor Co*		25,804		301,907
The Gap Inc*		1,450		36,178
General Motors Co		8,316		426,860
Genuine Parts Co		999		105,245
Hanesbrands Inc		2,371		41,943
Hasbro Inc		832		77,967
Hilton Worldwide Holdings Inc		1,889		233,632
The Home Depot Inc		7,031		1,816,389
L Brands Inc		1,525		83,357
Las Vegas Sands Corp		2,145		134,277
Leggett & Platt Inc		1,017		44,006
Lennar Corp		1,796		149,014
Live Nation Entertainment Inc*		1,003		89,127
LKQ Corp*		1,848		72,793
Lowe’s Cos Inc		4,785		764,404
Marriott International Inc		1,737		257,198

See accompanying notes to financial statements.

8

S&P 500 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
McDonald’s Corp		4,866	$	1,003,077
MGM Resorts International		2,752		103,998
Mohawk Industries Inc*		390		68,246
Newell Brands Inc		2,691		62,350
NIKE Inc		8,220		1,107,892
Norwegian Cruise Line Holdings Ltd*		1,599		47,266
NVR Inc*		23		103,519
O’Reilly Automotive Inc*		473		211,587
PACCAR Inc		2,262		205,819
Pool Corp		269		90,053
PulteGroup Inc		1,717		77,454
PVH Corp		464		46,381
Ralph Lauren Corp		314		36,763
Ross Stores Inc		2,378		277,370
Royal Caribbean Cruises Ltd		1,236		115,282
Southwest Airlines Co		3,416		198,572
Starbucks Corp		7,666		828,158
Tapestry Inc		1,811		76,316
Target Corp		3,305		606,269
Tesla Inc*		4,952		3,345,076
The TJX Cos Inc		7,918		522,509
Tractor Supply Co		760		120,810
Ulta Beauty Inc*		393		126,676
Under Armour Inc - Class A*		1,210		26,487
Under Armour Inc - Class C*		1,218		22,168
United Airlines Holdings Inc*		1,732		91,242
VF Corp		2,109		166,885
Walgreens Boots Alliance Inc		4,694		224,983
Walmart Inc		9,054		1,176,296
Whirlpool Corp		434		82,495
WW Grainger Inc		300		111,813
Wynn Resorts Ltd		526		69,290
Yum! Brands Inc		1,990		206,025
Total Consumer, Cyclical				20,074,018
Consumer, Non-Cyclical (20.29%)
Abbott Laboratories		11,576		1,386,573
AbbVie Inc		11,531		1,242,350
ABIOMED Inc*		310		100,611
Alexion Pharmaceuticals Inc*		1,429		218,280
Align Technology Inc*		473		268,243
Altria Group Inc		12,272		535,059
AmerisourceBergen Corp		1,034		104,661
Amgen Inc		3,802		855,146
Anthem Inc		1,624		492,381
Archer-Daniels-Midland Co		3,634		205,612
Automatic Data Processing Inc		2,839		494,043
Avery Dennison Corp		567		99,344
Baxter International Inc		3,336		259,174
Becton Dickinson and Co		1,860		448,539
Biogen Inc*		1,005		274,244
Bio-Rad Laboratories Inc*		147		85,922
Boston Scientific Corp*		9,352		362,671
Bristol-Myers Squibb Co		14,884		912,836
Brown-Forman Corp		1,285		91,980
Campbell Soup Co		1,162		52,848
Cardinal Health Inc		1,916		98,712
Catalent Inc*		1,096		124,626
Centene Corp*		3,919		229,418
Church & Dwight Co Inc		1,688		132,930
Cigna Corp		2,359		495,154
Cintas Corp		576		186,820
The Clorox Co		863		156,246
The Coca-Cola Co		25,261		1,237,536
Colgate-Palmolive Co		5,662		425,782
Conagra Brands Inc		2,987	$	101,349
Constellation Brands Inc		1,109		237,481
The Cooper Cos Inc		341		131,670
Corteva Inc		4,866		219,700
CVS Health Corp		8,549		582,443
Danaher Corp		4,129		907,017
DaVita Inc*		482		49,227
DENTSPLY SIRONA Inc		1,160		61,561
DexCom Inc*		627		249,408
Edwards Lifesciences Corp*		4,070		338,217
Eli Lilly and Co		5,185		1,062,355
Equifax Inc		794		128,533
The Estee Lauder Cos Inc		1,489		425,646
FleetCor Technologies Inc*		571		158,344
Gartner Inc*		615		110,110
General Mills Inc		3,992		219,600
Gilead Sciences Inc		8,279		508,331
Global Payments Inc		1,976		391,228
HCA Healthcare Inc		1,723		296,408
Henry Schein Inc*		1,009		62,407
The Hershey Co		1,020		148,563
Hologic Inc*		1,678		120,967
Hormel Foods Corp		1,912		88,659
Humana Inc		864		328,018
IDEXX Laboratories Inc*		557		289,735
IHS Markit Ltd		2,507		226,031
Illumina Inc*		953		418,758
Incyte Corp*		1,229		96,673
Intuitive Surgical Inc*		772		568,810
IQVIA Holdings Inc*		1,146		220,937
The J M Smucker Co		745		83,440
Johnson & Johnson		17,194		2,724,561
Kellogg Co		1,661		95,856
Kimberly-Clark Corp		2,221		285,021
The Kraft Heinz Co		4,282		155,779
The Kroger Co		5,057		162,886
Laboratory Corp of America Holdings*		636		152,583
Lamb Weston Holdings Inc		955		76,180
MarketAxess Holdings Inc		260		144,544
McCormick & Co Inc		1,700		143,276
McKesson Corp		1,048		177,657
Medtronic PLC		8,791		1,028,283
Merck & Co Inc		16,525		1,200,046
Molson Coors Beverage Co		1,200		53,340
Mondelez International Inc		9,432		501,405
Monster Beverage Corp*		2,413		211,717
Moody’s Corp		1,054		289,734
Nielsen Holdings PLC		1,879		42,108
PayPal Holdings Inc*		7,652		1,988,372
PepsiCo Inc		9,026		1,166,069
PerkinElmer Inc		784		98,855
Perrigo Co PLC		677		27,324
Pfizer Inc		36,304		1,215,821
Philip Morris International Inc		10,171		854,567
The Procter & Gamble Co		16,195		2,000,568
Quanta Services Inc		1,004		84,185
Quest Diagnostics Inc		880		101,719
Regeneron Pharmaceuticals Inc*		698		314,498
ResMed Inc		946		182,370
Robert Half International Inc		808		62,854
Rollins Inc		693		22,987
S&P Global Inc		1,591		524,012
STERIS PLC		603		105,404
Stryker Corp		2,135		518,143
Sysco Corp		3,326		264,849
Teleflex Inc		318	$	126,602
Thermo Fisher Scientific Inc		2,588		1,164,807
Tyson Foods Inc		1,921		129,994
United Rentals Inc*		491		146,014
UnitedHealth Group Inc		6,197		2,058,767
Universal Health Services Inc		552		69,182
Varian Medical Systems Inc*		643		112,699
Verisk Analytics Inc		1,061		173,845
Vertex Pharmaceuticals Inc*		1,698		360,910
Viatris Inc*		4,634		68,815
West Pharmaceutical Services Inc		509		142,851
Zimmer Biomet Holdings Inc		1,338		218,174
Zoetis Inc		3,137		486,988
Total Consumer, Non-Cyclical				42,646,588
Energy (2.87%)
APA Corp		2,792		55,086
Baker Hughes Co		3,384		82,840
Cabot Oil & Gas Corp		2,603		48,182
Chevron Corp		12,573		1,257,300
ConocoPhillips		8,708		452,903
Devon Energy Corp		2,767		59,601
Diamondback Energy Inc		1,031		71,428
Enphase Energy Inc*		825		145,250
EOG Resources Inc		3,810		245,974
Exxon Mobil Corp		27,616		1,501,482
Halliburton Co		6,038		131,810
Hess Corp		1,823		119,461
HollyFrontier Corp		508		19,243
Kinder Morgan Inc		12,716		186,925
Marathon Oil Corp		5,187		57,576
Marathon Petroleum Corp		4,249		232,080
NOV Inc		2,536		38,294
Occidental Petroleum Corp		5,528		147,100
ONEOK Inc		2,916		129,150
Phillips 66		2,852		236,859
Pioneer Natural Resources Co		1,139		169,221
Schlumberger NV		9,092		253,758
Valero Energy Corp		2,663		204,998
The Williams Cos Inc		7,926		181,030
Total Energy				6,027,551
Financial (15.19%)
Aflac Inc		4,378		209,662
Alexandria Real Estate Equities Inc		700		111,783
The Allstate Corp		2,062		219,809
American Express Co		4,306		582,430
American International Group Inc		5,688		249,988
American Tower Corp		2,901		626,993
Ameriprise Financial Inc		770		170,355
Aon PLC		1,529		348,169
Arthur J Gallagher & Co		1,256		150,469
Assurant Inc		431		53,108
AvalonBay Communities Inc		960		168,720
Bank of America Corp		49,722		1,725,851
The Bank of New York Mellon Corp		5,491		231,501
Berkshire Hathaway Inc*,(a)		12,690		3,052,072
BlackRock Inc		926		643,107
Boston Properties Inc		925		91,695
Capital One Financial Corp		2,987		359,008
Cboe Global Markets Inc		706		69,866
CBRE Group Inc*		2,058		155,935
The Charles Schwab Corp		9,743		601,338

See accompanying notes to financial statements.

9

S&P 500 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
Chubb Ltd		2,980	$	484,488
Cincinnati Financial Corp		1,038		101,589
Citigroup Inc		13,598		895,836
Citizens Financial Group Inc		2,789		121,154
CME Group Inc		2,368		472,890
Comerica Inc		908		61,835
Crown Castle International Corp		2,860		445,445
Digital Realty Trust Inc		1,471		198,188
Discover Financial Services		2,023		190,304
Duke Realty Corp		2,510		98,518
Equinix Inc		581		376,686
Equity Residential		2,236		146,257
Essex Property Trust Inc		425		108,286
Everest Re Group Ltd		280		67,707
Extra Space Storage Inc		844		106,091
Federal Realty Investment Trust		449		45,425
Fifth Third Bancorp		4,882		169,357
First Republic Bank		1,159		190,945
Franklin Resources Inc		1,991		52,104
Globe Life Inc		628		58,655
The Goldman Sachs Group Inc		2,247		717,872
The Hartford Financial Services Group Inc		2,340		118,615
Healthpeak Properties Inc		3,020		87,852
Host Hotels & Resorts Inc		5,173		85,820
Huntington Bancshares Inc		7,104		108,975
Intercontinental Exchange Inc		3,729		411,346
Invesco Ltd		2,486		55,736
Iron Mountain Inc		1,369		47,628
JPMorgan Chase & Co		19,909		2,930,008
KeyCorp		6,704		135,019
Kimco Realty Corp		2,994		54,880
Lincoln National Corp		1,186		67,448
Loews Corp		1,526		72,958
M&T Bank Corp		837		126,337
Marsh & McLennan Cos Inc		3,312		381,609
Mastercard Inc		5,746		2,033,222
MetLife Inc		4,996		287,770
Mid-America Apartment Communities Inc		747		100,643
Morgan Stanley		8,006		615,421
Nasdaq Inc		749		103,579
Northern Trust Corp		1,359		129,282
People’s United Financial Inc		2,887		51,793
The PNC Financial Services Group Inc		2,767		465,852
Principal Financial Group Inc		1,776		100,486
The Progressive Corp		3,824		328,673
Prologis Inc		4,828		478,310
Prudential Financial Inc		2,692		233,450
Public Storage		993		232,302
Raymond James Financial Inc		849		99,112
Realty Income Corp		2,292		138,116
Regency Centers Corp		1,109		60,751
Regions Financial Corp		6,273		129,412
SBA Communications Corp		725		184,969
Simon Property Group Inc		2,175		245,601
SL Green Realty Corp		562		38,817
State Street Corp		2,304		167,662
SVB Financial Group*		354		178,897
Synchrony Financial		3,546		137,159
T Rowe Price Group Inc		1,478		239,643
The Travelers Cos Inc		1,654		240,657
Truist Financial Corp		8,899		506,887
UDR Inc		2,033		83,699
Unum Group		1,473		39,005
US Bancorp		9,052	$	452,600
Ventas Inc		2,564		135,636
Visa Inc		11,075		2,352,219
Vornado Realty Trust		1,244		53,417
W R Berkley Corp		1,033		71,618
Wells Fargo & Co		25,690		929,207
Welltower Inc		2,792		189,577
The Western Union Co		2,800		65,016
Weyerhaeuser Co		5,125		173,584
Willis Towers Watson PLC		841		185,558
Zions Bancorp NA		1,054		56,041
Total Financial				31,931,365
Industrial (8.17%)
3M Co		3,803		665,753
A O Smith Corp		942		55,927
Agilent Technologies Inc		2,035		248,412
Allegion plc		601		65,377
Amcor PLC		10,244		112,069
AMETEK Inc		1,502		177,191
Amphenol Corp		1,970		247,590
Ball Corp		2,136		182,393
The Boeing Co		3,466		734,827
Carrier Global Corp		5,321		194,376
Caterpillar Inc		3,575		771,771
CH Robinson Worldwide Inc		956		86,853
CSX Corp		4,995		457,292
Deere & Co		2,046		714,300
Dover Corp		941		115,988
Eaton Corp PLC		2,603		338,885
Emerson Electric Co		3,946		338,961
Expeditors International of Washington Inc		1,105		101,483
FedEx Corp		1,577		401,347
FLIR Systems Inc		922		49,235
Flowserve Corp		850		31,450
Fortive Corp		2,032		133,746
Fortune Brands Home & Security Inc		957		79,565
Garmin Ltd		806		99,960
General Dynamics Corp		1,518		248,147
General Electric Co		57,804		724,862
Honeywell International Inc		4,583		927,370
Howmet Aerospace Inc		2,478		69,657
Huntington Ingalls Industries Inc		281		49,431
IDEX Corp		523		102,074
Illinois Tool Works Inc		1,881		380,301
Ingersoll Rand Inc*		1,505		69,742
Jacobs Engineering Group Inc		846		97,358
JB Hunt Transport Services Inc		586		86,066
Johnson Controls International plc		4,728		263,775
Kansas City Southern		611		129,740
Keysight Technologies Inc*		1,210		171,239
L3Harris Technologies Inc		1,372		249,581
Lockheed Martin Corp		1,624		536,326
Martin Marietta Materials Inc		406		136,769
Masco Corp		1,816		96,648
Mettler-Toledo International Inc*		162		180,800
Norfolk Southern Corp		1,658		417,915
Northrop Grumman Corp		1,023		298,368
Old Dominion Freight Line Inc		628		134,876
Otis Worldwide Corp		2,659		169,405
Packaging Corp of America		651		85,945
Parker-Hannifin Corp		848		243,342
Pentair PLC		1,156		64,655
Raytheon Technologies Corp		9,919	$	714,069
Republic Services Inc		1,448		129,002
Rockwell Automation Inc		758		184,406
Sealed Air Corp		1,091		45,713
Snap-on Inc		354		71,901
Stanley Black & Decker Inc		1,071		187,254
TE Connectivity Ltd		2,160		280,865
Technip Energies NV*		1		10
Teledyne Technologies Inc*		252		93,492
Textron Inc		1,625		81,803
Trane Technologies PLC		1,580		242,119
TransDigm Group Inc*		342		197,221
Trimble Inc*		1,634		121,145
Union Pacific Corp		4,401		906,430
United Parcel Service Inc		4,669		736,908
Vontier Corp*		812		25,497
Vulcan Materials Co		865		144,446
Waste Management Inc		2,539		281,550
Waters Corp*		405		110,921
Westinghouse Air Brake Technologies Corp		1,272		92,131
Westrock Co		1,715		74,757
Xylem Inc		1,238		123,255
Total Industrial				17,184,038
Technology (22.94%)
Accenture PLC		4,138		1,038,224
Activision Blizzard Inc		5,047		482,544
Adobe Inc*		3,133		1,440,146
Advanced Micro Devices Inc*		7,666		647,854
Akamai Technologies Inc*		1,063		100,454
Analog Devices Inc		2,413		375,994
ANSYS Inc*		560		190,954
Apple Inc(a)		104,364		12,655,179
Applied Materials Inc		6,031		712,804
Autodesk Inc*		1,436		396,336
Broadcom Inc		2,655		1,247,505
Broadridge Financial Solutions Inc		788		112,282
Cadence Design Systems Inc*		1,821		256,925
Cerner Corp		2,002		138,418
Citrix Systems Inc		791		105,662
Cognizant Technology Solutions Corp		3,492		256,592
DXC Technology Co		1,730		43,631
Electronic Arts Inc		1,894		253,739
Fidelity National Information Services Inc		4,091		564,558
Fiserv Inc*		3,670		423,408
Fortinet Inc*		880		148,588
Hewlett Packard Enterprise Co		8,406		122,391
HP Inc		9,070		262,758
Intel Corp		26,766		1,626,837
International Business Machines Corp		5,881		699,427
Intuit Inc		1,728		674,162
IPG Photonics Corp*		233		52,973
Jack Henry & Associates Inc		529		78,525
KLA Corp		1,026		319,322
Lam Research Corp		940		533,159
Leidos Holdings Inc		915		80,932
Maxim Integrated Products Inc		1,745		162,582
Microchip Technology Inc		1,643		250,771
Micron Technology Inc*		7,336		671,464
Microsoft Corp(a)		49,374		11,473,530
MSCI Inc		552		228,815

See accompanying notes to financial statements.

10

S&P 500 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
NetApp Inc		1,569	$	98,219
NVIDIA Corp		4,043		2,217,909
Oracle Corp		12,389		799,214
Paychex Inc		2,089		190,245
Paycom Software Inc*		337		126,119
Qorvo Inc*		744		129,999
QUALCOMM Inc		7,387		1,006,036
Roper Technologies Inc		684		258,292
salesforce.com Inc*		6,009		1,300,949
Seagate Technology PLC		1,590		116,436
ServiceNow Inc*		1,274		679,628
Skyworks Solutions Inc		1,137		202,181
Synopsys Inc*		996		244,229
Take-Two Interactive Software Inc*		778		143,510
Teradyne Inc		1,109		142,628
Texas Instruments Inc		5,995		1,032,759
Tyler Technologies Inc*		273		126,514
Western Digital Corp		2,052		140,624
Xerox Holdings Corp		1,468		37,405
Xilinx Inc		1,657		215,907
Zebra Technologies Corp*		348		173,802
Total Technology				48,212,050
Utilities (2.52%)
The AES Corp		4,344		115,377
Alliant Energy Corp		1,758		81,149
Ameren Corp		1,682		118,194
American Electric Power Co Inc		3,242		242,664
American Water Works Co Inc		1,183		167,844
Atmos Energy Corp		820		69,380
CenterPoint Energy Inc		2,979		57,912
CMS Energy Corp		1,870		101,186
Consolidated Edison Inc		2,227		146,203
Dominion Energy Inc		5,328		364,009
DTE Energy Co		1,258		148,092
Duke Energy Corp		4,806	$	411,346
Edison International		2,433		131,358
Entergy Corp		1,304		113,200
Evergy Inc		1,567		84,038
Eversource Energy		2,274		180,738
Exelon Corp		6,435		248,391
FirstEnergy Corp		3,716		123,148
NextEra Energy Inc		12,795		940,177
NiSource Inc		2,050		44,280
NRG Energy Inc		1,663		60,716
Pinnacle West Capital Corp		806		56,364
PPL Corp		5,021		131,500
Public Service Enterprise Group Inc		3,303		177,800
Sempra Energy		1,939		224,885
The Southern Co		6,898		391,255
WEC Energy Group Inc		2,060		166,118
Xcel Energy Inc		3,432		201,081
Total Utilities				5,298,405
Total Common Stock (Cost $67,560,957)				209,868,507
United States Treasury Bills (0.05%)
0.032%, 04/15/21 (Cost $99,990)(a)		100,000		99,995
Warrant (0.00%)
United States Treasury Bills (0.05%)
0.032%, 04/15/21(a)		100,000		99,995
Total United States Treasury Bills (Cost $99,990)				99,995
Total Investments (Cost $67,660,947)(b) (99.89%)			$	209,968,502
Other Net Assets (0.11%)				236,763
Net Assets (100.00%)			$	210,205,265

* 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 $67,662,848.

At February 28, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	144,120,136
Unrealized depreciation		(1,814,482	)
Net unrealized appreciation	$	142,305,654

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.

Futures contracts at February 28, 2021:

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

S&P 500 E-MINI	Notional Amount		Value		Unrealized Depreciation
1 / MAR 2021 / Long / CME	$	195,713	$	190,460	$	(5,253	)

S&P MidCap Index Fund Portfolio of Investments (Unaudited) 2/28/21

Security Description	Shares		Value (Note 1)
Common Stock (99.16%)
Basic Materials (3.51%)
Ashland Global Holdings Inc		3,073	$	258,501
Cabot Corp		3,433		169,007
The Chemours Co		9,173		215,841
Commercial Metals Co		7,149		179,797
Compass Minerals International Inc		2,041		128,767
Domtar Corp		3,059		113,336
Ingevity Corp*		2,436		169,253
Minerals Technologies Inc		2,100		149,583
NewMarket Corp		405		153,487
Olin Corp		8,024		248,263
Reliance Steel & Aluminum Co		3,641		481,340
Royal Gold Inc		3,663		379,890
RPM International Inc		7,340		584,558
Sensient Technologies Corp		2,347		182,714
Steel Dynamics Inc		11,287		469,313
United States Steel Corp		10,245		170,169
Valvoline Inc		10,450		260,832
Total Basic Materials				4,314,651
Communications (2.92%)
Cable One Inc		292	$	559,136
Ciena Corp*		8,581		447,671
FactSet Research Systems Inc		2,145		651,887
Grubhub Inc*		5,140		329,320
InterDigital Inc		1,875		118,819
The New York Times Co		8,025		410,639
TEGNA Inc		12,638		230,391
Telephone and Data Systems Inc		5,893		105,426
TripAdvisor Inc*		5,427		269,288
Viasat Inc*		3,475		177,712
World Wrestling Entertainment Inc		2,835		140,049
Yelp Inc*		3,849		145,146
Total Communications				3,585,484
Consumer, Cyclical (16.90%)
Adient PLC*		5,245		194,485
American Eagle Outfitters Inc		8,412		216,188
AutoNation Inc*		3,263		244,790
Avient Corp		5,185		224,096
BJ’s Wholesale Club Holdings Inc*		7,361		295,765
Boyd Gaming Corp*		4,450	$	261,215
Brunswick Corp		4,470		395,014
Caesars Entertainment Inc*,(a)		11,543		1,078,578
Capri Holdings Ltd*		8,349		389,648
Carter’s Inc		2,419		201,914
Casey’s General Stores Inc		2,047		413,412
Choice Hotels International Inc		1,626		170,519
Churchill Downs Inc		1,968		453,880
Cinemark Holdings Inc		6,423		144,196
Columbia Sportswear Co		1,749		180,269
Cracker Barrel Old Country Store Inc		1,323		204,893
Dana Inc		8,386		199,671
Deckers Outdoor Corp*		1,565		510,362
Dick’s Sporting Goods Inc		3,832		273,490
FirstCash Inc		2,314		146,522
Five Below Inc*		3,119		580,508
Foot Locker Inc		5,887		283,106
Fox Factory Holding Corp*		2,044		259,895
Gentex Corp		13,581		480,496
The Goodyear Tire & Rubber Co*		13,550		227,776
Harley-Davidson Inc		7,782		277,584

See accompanying notes to financial statements.

11

S&P MidCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
Healthcare Services Group Inc		4,466	$	127,058
Herman Miller Inc		3,558		136,467
HNI Corp		2,580		91,822
IAA Inc*		7,664		449,340
Jack in the Box Inc		1,378		141,038
JetBlue Airways Corp*		15,433		284,430
KAR Auction Services Inc		7,759		107,928
KB Home		5,162		208,442
Kohl’s Corp		7,784		430,066
Lear Corp		3,046		505,910
Lithia Motors Inc		1,335		499,223
Marriott Vacations Worldwide Corp		2,090		354,694
Mattel Inc*		19,592		395,758
MSC Industrial Direct Co Inc		2,536		218,426
Murphy USA Inc		1,569		195,576
Nordstrom Inc		4,888		178,168
Nu Skin Enterprises Inc		2,969		151,953
Ollie’s Bargain Outlet Holdings Inc*		3,186		263,418
Papa John’s International Inc		1,328		119,772
Penn National Gaming Inc*,(a)		8,178		946,849
Polaris Inc		3,214		378,481
RH*		865		424,170
Scientific Games Corp*		3,258		152,572
The Scotts Miracle-Gro Co		2,308		491,950
Six Flags Entertainment Corp		4,580		204,268
Skechers USA Inc*		7,802		285,553
Taylor Morrison Home Corp*		7,244		199,282
Tempur Sealy International Inc		9,908		331,026
Texas Roadhouse Inc		3,801		345,435
Thor Industries Inc		3,068		359,140
Toll Brothers Inc		6,613		353,266
Travel + Leisure Co		4,871		294,355
Tri Pointe Homes Inc*		7,452		141,588
Univar Solutions Inc*		7,204		143,432
Urban Outfitters Inc*		3,844		130,312
Visteon Corp*		1,554		197,622
Watsco Inc		1,853		450,464
The Wendy’s Co		10,001		204,320
Williams-Sonoma Inc		4,345		570,455
Wingstop Inc		1,645		223,967
World Fuel Services Corp		3,940		122,455
Wyndham Hotels & Resorts Inc		5,203		339,652
YETI Holdings Inc*		4,150		285,396
Total Consumer, Cyclical				20,743,771
Consumer, Non-Cyclical (17.57%)
Acadia Healthcare Co Inc*		4,932		272,444
Adtalem Global Education Inc*		3,253		127,843
Amedisys Inc*		1,813		459,849
Arrowhead Pharmaceuticals Inc*		5,777		460,196
ASGN Inc*		2,965		275,656
Avanos Medical Inc*		2,887		132,744
Avis Budget Group Inc*		2,879		159,928
Bio-Techne Corp(a)		2,153		778,719
The Boston Beer Co Inc*		514		528,757
The Brink’s Co		2,739		210,437
Cantel Medical Corp*		2,257		167,650
Charles River Laboratories International Inc*		2,774		793,752
Chemed Corp		889		395,792
CoreLogic Inc		4,310		364,885
Coty Inc		12,121		92,968
Darling Ingredients Inc*		9,147		576,627
Edgewell Personal Care Co		3,158		96,603
Emergent BioSolutions Inc*		2,049	$	196,704
Encompass Health Corp		5,510		443,224
Exelixis Inc*		17,704		383,469
Flowers Foods Inc		11,215		243,926
FTI Consulting Inc*		2,044		234,140
Globus Medical Inc*		4,207		262,938
Graham Holdings Co		224		134,586
Grand Canyon Education Inc*		2,596		271,775
Grocery Outlet Holding Corp*		3,472		124,957
H&R Block Inc		8,260		158,840
Haemonetics Corp*		2,814		355,971
The Hain Celestial Group Inc*		4,840		204,151
Halozyme Therapeutics Inc*		7,274		329,149
HealthEquity Inc*		4,129		340,023
Helen of Troy Ltd*		1,466		317,829
Hill-Rom Holdings Inc		3,720		396,812
ICU Medical Inc*		1,078		223,685
Ingredion Inc		3,890		350,878
Insperity Inc		2,038		180,771
Integra LifeSciences Holdings Corp*		3,953		270,148
Jazz Pharmaceuticals PLC*		2,926		491,685
John Wiley & Sons Inc		2,636		138,864
Lancaster Colony Corp		1,153		201,395
LHC Group Inc*		1,750		317,993
Ligand Pharmaceuticals Inc*		994		147,331
LivaNova PLC*		2,820		218,663
LiveRamp Holdings Inc*		3,739		236,155
ManpowerGroup Inc		3,243		306,269
Masimo Corp*		2,858		716,586
Medpace Holdings Inc*		1,167		189,556
Molina Healthcare Inc*		3,312		717,909
Nektar Therapeutics*		10,250		232,573
Neogen Corp*		2,604		213,320
NuVasive Inc*		2,872		173,268
Patterson Cos Inc		5,190		161,201
Paylocity Holding Corp*		2,089		399,396
Penumbra Inc*		1,871		532,169
Pilgrim’s Pride Corp*		3,372		75,499
Post Holdings Inc*		3,395		326,124
PRA Health Sciences Inc*		3,555		524,043
Prestige Consumer Healthcare Inc*		3,026		126,214
Quidel Corp*		1,964		322,607
Repligen Corp*		2,730		579,825
Sabre Corp		16,503		242,429
Sanderson Farms Inc		1,188		181,170
Service Corp International		9,842		470,054
Sprouts Farmers Market Inc*		7,118		150,261
Strategic Education Inc		827		75,191
Syneos Health Inc*		3,752		290,217
Tenet Healthcare Corp*		5,708		291,222
Tootsie Roll Industries Inc		1,096		33,768
TreeHouse Foods Inc*		3,428		171,469
United Therapeutics Corp*		2,463		411,764
WEX Inc*		2,445		509,416
WW International Inc*		2,743		80,891
Total Consumer, Non-Cyclical				21,575,323
Energy (2.55%)
Antero Midstream Corp		17,306		152,639
ChampionX Corp*		10,834		230,439
Cimarex Energy Co		5,700		330,543
CNX Resources Corp*		11,242		141,762
EQT Corp		14,895		264,982
Equitrans Midstream Corp		17,640		127,537
First Solar Inc*		4,363	$	353,490
Murphy Oil Corp		8,937		145,941
SolarEdge Technologies Inc*,(a)		2,832		844,814
Sunrun Inc*		8,648		541,192
Total Energy				3,133,339
Financial (24.12%)
Banks (7.03%)
Associated Banc-Corp		8,584		172,968
BancorpSouth Bank		5,591		168,065
Bank of Hawaii Corp		2,220		194,250
Bank OZK		6,752		278,317
Cathay General Bancorp		4,150		156,206
CIT Group Inc		5,707		258,812
Commerce Bancshares Inc		6,030		446,401
Cullen/Frost Bankers Inc		3,116		325,310
East West Bancorp Inc		7,991		576,631
First Financial Bankshares Inc		7,915		353,484
First Horizon Corp		28,810		466,722
FNB Corp		17,881		211,532
Fulton Financial Corp		9,889		152,785
Glacier Bancorp Inc		4,247		230,187
Hancock Whitney Corp		4,789		180,785
Home BancShares Inc		8,489		207,471
International Bancshares Corp		3,086		134,488
PacWest Bancorp		6,472		234,545
Pinnacle Financial Partners Inc		4,336		351,953
Prosperity Bancshares Inc		5,175		380,207
Signature Bank		2,991		653,055
Synovus Financial Corp		8,228		348,127
TCF Financial Corp		8,452		378,819
Texas Capital Bancshares Inc*		2,817		214,655
Trustmark Corp		3,872		116,780
UMB Financial Corp		2,395		202,066
Umpqua Holdings Corp		12,205		208,339
United Bankshares Inc		6,117		226,023
Valley National Bancorp		23,601		289,112
Webster Financial Corp		5,037		278,596
Wintrust Financial Corp		3,194		235,270
				8,631,961
Diversified Financial Service (3.18%)
Affiliated Managers Group Inc		2,514		351,885
Alliance Data Systems Corp		2,215		213,748
Eaton Vance Corp		6,329		462,460
Evercore Inc		2,355		282,058
Federated Hermes Inc		5,231		139,772
Interactive Brokers Group Inc		4,471		323,656
Janus Henderson Group PLC		8,514		248,864
Jefferies Financial Group Inc		11,467		333,002
LendingTree Inc*		603		162,129
Navient Corp		10,555		130,671
PROG Holdings Inc		3,750		187,500
SEI Investments Co		6,867		384,552
SLM Corp		21,463		338,901
Stifel Financial Corp		5,743		350,782
				3,909,980
Insurance (4.58%)
Alleghany Corp*		808		522,315
American Financial Group Inc		4,050		432,135
Brighthouse Financial Inc*		4,960		197,854
Brown & Brown Inc		13,111		601,795
CNO Financial Group Inc		8,004		192,576
Essent Group Ltd		6,431		265,150
First American Financial Corp		6,187		325,065
Genworth Financial Inc*		30,327		94,620

See accompanying notes to financial statements.

12

S&P MidCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
The Hanover Insurance Group Inc		2,130	$	245,696
Kemper Corp		3,430		259,377
Kinsale Capital Group Inc		1,181		207,927
Mercury General Corp		1,634		95,426
MGIC Investment Corp		16,627		202,517
Old Republic International Corp		15,672		302,940
Primerica Inc		2,232		315,225
Reinsurance Group of America Inc		3,798		464,230
RenaissanceRe Holdings Ltd		2,661		444,334
RLI Corp		2,209		230,487
Selective Insurance Group Inc		3,316		224,924
				5,624,593
Real Estate (8.79%)
American Campus Communities Inc		7,627		312,402
Apartment Income REIT Corp		8,250		337,260
Brixmor Property Group Inc		16,431		323,362
Camden Property Trust		5,397		562,098
CoreSite Realty Corp		2,286		278,229
Corporate Office Properties Trust		6,752		175,552
Cousins Properties Inc		8,551		286,801
CyrusOne Inc		6,595		432,830
Douglas Emmett Inc		9,604		314,531
EastGroup Properties Inc		2,238		304,614
EPR Properties		4,167		188,265
First Industrial Realty Trust Inc		7,397		315,926
Healthcare Realty Trust Inc		7,860		226,840
Highwoods Properties Inc		6,044		241,518
Hudson Pacific Properties Inc		9,029		231,052
JBG SMITH Properties		6,347		201,517
Jones Lang LaSalle Inc*		2,843		494,625
Kilroy Realty Corp		5,682		360,580
Lamar Advertising Co		4,442		384,633
Life Storage Inc		4,077		342,060
The Macerich Co		6,213		80,272
Medical Properties Trust Inc		30,150		650,939
National Retail Properties Inc		8,890		389,738
Omega Healthcare Investors Inc		12,731		472,829
Park Hotels & Resorts Inc		13,160		286,230
Pebblebrook Hotel Trust		7,871		178,357
Physicians Realty Trust		11,481		195,177
PotlatchDeltic Corp		3,706		188,080
PS Business Parks Inc		1,112		161,084
Rayonier Inc		7,791		254,298
Rexford Industrial Realty Inc		6,342		302,640
Sabra Health Care REIT Inc		11,960		205,951
Service Properties Trust		9,588		123,110
Spirit Realty Capital Inc		5,819		250,333
STORE Capital Corp		12,450		416,328
Urban Edge Properties		6,939		114,494
Weingarten Realty Investors		7,047		178,923
				10,763,478
Savings&Loans (0.55%)
New York Community Bancorp Inc		25,710		313,919
Sterling Bancorp		10,983		239,759
Washington Federal Inc		4,201		126,954
				680,632
Total Financial				29,610,644
Industrial (20.11%)
Acuity Brands Inc		2,041		251,655
AECOM*		8,355	$	483,671
AGCO Corp		3,403		440,620
AptarGroup Inc		3,587		466,561
Arrow Electronics Inc*		4,186		419,688
Avnet Inc		5,517		210,032
Axon Enterprise Inc*		3,457		572,099
Belden Inc		2,251		99,517
Builders FirstSource Inc*		11,368		491,837
Carlisle Cos Inc		2,958		429,650
Clean Harbors Inc*		2,859		243,444
Cognex Corp(a)		9,665		798,232
Coherent Inc*		1,354		327,587
Colfax Corp*		5,037		223,391
Crane Co		2,785		233,550
Curtiss-Wright Corp		2,322		256,558
Donaldson Co Inc		7,045		415,021
Dycom Industries Inc*		1,899		145,425
Eagle Materials Inc		2,332		292,386
EMCOR Group Inc		3,138		305,547
Energizer Holdings Inc		3,289		137,480
EnerSys		2,359		212,971
Fluor Corp		7,046		120,909
GATX Corp		1,939		185,039
Generac Holdings Inc*,(a)		3,482		1,147,520
Graco Inc		9,415		652,930
Greif Inc		1,668		80,564
Hexcel Corp		3,817		205,202
Hubbell Inc		3,028		537,500
II-VI Inc*		5,436		458,255
ITT Inc		4,825		400,379
Jabil Inc		7,569		326,754
KBR Inc		7,951		246,481
Kennametal Inc		4,827		180,337
Kirby Corp*		3,327		208,137
Knight-Swift Transportation Holdings Inc		7,159		309,269
Landstar System Inc		2,143		343,180
Lennox International Inc		1,966		550,028
Lincoln Electric Holdings Inc		3,398		401,338
Littelfuse Inc		1,350		351,297
Louisiana-Pacific Corp		6,420		305,656
MasTec Inc*		3,168		274,824
MDU Resources Group Inc		11,113		312,275
Mercury Systems Inc*		3,236		211,505
The Middleby Corp*		2,900		424,589
MSA Safety Inc		2,076		334,215
National Instruments Corp		6,872		305,117
Nordson Corp		2,981		573,574
nVent Electric PLC		9,376		246,214
O-I Glass Inc		9,377		109,523
Oshkosh Corp		3,779		400,574
Owens Corning		6,033		488,794
Regal Beloit Corp		2,291		313,111
Ryder System Inc		3,105		210,426
Silgan Holdings Inc		4,729		177,621
Simpson Manufacturing Co Inc		2,135		208,077
Sonoco Products Co		5,565		331,507
Stericycle Inc*		5,074		329,150
SYNNEX Corp		2,380		212,201
Terex Corp		3,952		162,743
Tetra Tech Inc		3,009		416,355
The Timken Co		3,817		299,062
TopBuild Corp*		1,687		321,222
The Toro Co		5,993		603,915
Trex Co Inc*		6,537		599,051
Trinity Industries Inc		5,026	$	161,335
Universal Display Corp		2,394		506,786
Valmont Industries Inc		1,193		282,180
Vishay Intertechnology Inc		7,974		190,339
Werner Enterprises Inc		2,668		114,511
Woodward Inc		3,285		375,213
Worthington Industries Inc		2,014		128,674
XPO Logistics Inc*		5,157		601,306
Total Industrial				24,693,686
Technology (8.52%)
ACI Worldwide Inc*		6,501		248,728
Blackbaud Inc		2,963		203,914
Brooks Automation Inc		4,091		340,208
CACI International Inc*		1,397		309,212
CDK Global Inc		6,744		338,144
Ceridian HCM Holding Inc*		6,947		622,868
Cirrus Logic Inc*		3,261		266,685
CMC Materials Inc		1,695		288,998
CommVault Systems Inc*		2,533		161,428
Concentrix Corp*		2,380		293,954
Cree Inc*		6,115		693,808
Fair Isaac Corp*,(a)		1,637		749,009
J2 Global Inc*		2,375		264,528
Lumentum Holdings Inc*		4,247		382,230
Manhattan Associates Inc*		3,548		436,227
MAXIMUS Inc		3,508		285,130
MKS Instruments Inc		3,055		503,770
Monolithic Power Systems Inc(a)		2,353		881,246
NCR Corp*		7,171		249,264
NetScout Systems Inc*		3,968		111,977
Perspecta Inc		7,582		221,394
PTC Inc*,(a)		5,837		799,319
Qualys Inc*		1,539		149,529
Sailpoint Technologies Holdings Inc*		4,474		252,244
Science Applications International Corp		2,858		246,160
Semtech Corp*		3,680		269,781
Silicon Laboratories Inc*		2,527		393,555
Synaptics Inc*		1,913		256,399
Teradata Corp*		6,057		242,886
Total Technology				10,462,595
Utilities (2.95%)
ALLETE Inc		2,880		178,934
Black Hills Corp		3,620		214,159
Essential Utilities Inc		12,576		528,947
Hawaiian Electric Industries Inc		6,349		221,961
IDACORP Inc		2,936		253,201
National Fuel Gas Co		5,201		236,333
New Jersey Resources Corp		5,564		218,610
NorthWestern Corp		3,039		177,721
OGE Energy Corp		11,085		324,458
ONE Gas Inc		3,072		205,732
PNM Resources Inc		4,449		213,596
Southwest Gas Holdings Inc		3,218		200,642
Spire Inc		3,071		203,976
UGI Corp		11,636		445,775
Total Utilities				3,624,045
Total Common Stock (Cost $74,413,596)				121,743,538

See accompanying notes to financial statements.

13

S&P MidCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
United States Treasury Bills (0.65%)
0.032%, 04/15/21 (Cost $799,919)(a)		800,000	$	799,960
Total Investments (Cost $75,213,515)(b) (99.81%)			$	122,543,498
Other Net Assets (0.19%)				234,081
Net Assets (100.00%)			$	122,777,579

* 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 $75,313,681.

At February 28, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	51,131,115
Unrealized depreciation		(3,901,298	)
Net unrealized appreciation	$	47,229,817

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.

Futures contracts at February 28, 2021:

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

S&P MidCap E-MINI	Notional Amount		Value		Unrealized Appreciation
4 / MAR 2021 / Long / CME	$	972,900	$	997,880	$	24,980

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) 2/28/21

Security Description	Shares		Value (Note 1)
Common Stock (99.57%)
Basic Materials (4.83%)
AdvanSix Inc*		1,999	$	55,572
Allegheny Technologies Inc*		8,716		171,357
American Vanguard Corp		1,902		37,127
Arconic Corp*		6,526		143,050
Balchem Corp		2,175		259,608
Carpenter Technology Corp		2,439		99,170
Century Aluminum Co*		3,565		48,947
Clearwater Paper Corp*		1,183		41,417
Cleveland-Cliffs Inc		26,841		358,059
Ferro Corp*		5,477		86,920
GCP Applied Technologies Inc*		3,238		80,270
Glatfelter Corp		3,163		50,766
Hawkins Inc		677		42,380
HB Fuller Co		3,467		194,395
Innospec Inc		1,642		164,939
Kaiser Aluminum Corp		1,057		120,604
Koppers Holdings Inc*		1,482		49,514
Kraton Corp*		2,121		78,880
Livent Corp*		9,782		182,141
Mercer International Inc		2,867		44,066
Neenah Inc		1,204		66,605
Quaker Chemical Corp		878		247,930
Rayonier Advanced Materials Inc*		3,576		33,078
Rogers Corp*		1,243		225,580
Schweitzer-Mauduit International Inc		2,213		103,347
Stepan Co		1,434		173,069
Total Basic Materials				3,158,791
Communications (4.54%)
ADTRAN Inc		3,425		57,677
AMC Networks Inc*		1,982		129,999
ATN International Inc		779		37,922
CalAmp Corp*		2,444		27,299
Cincinnati Bell Inc*		3,611		55,176
Cogent Communications Holdings Inc		2,815		168,478
Consolidated Communications Holdings Inc*		5,162		27,152
ePlus Inc*		899		85,009
The EW Scripps Co		3,903		73,454
Extreme Networks Inc*		8,707		79,843
Gannett Co Inc*		9,383		46,446
Harmonic Inc*		6,868		53,193
HealthStream Inc*		1,832		42,686
Iridium Communications Inc*,(a)		7,807	$	299,086
Liquidity Services Inc*		1,928		30,096
Meredith Corp		2,879		71,342
NETGEAR Inc*		2,159		86,360
NIC Inc		4,482		155,570
Perficient Inc*		2,197		122,351
Plantronics Inc		2,344		94,909
QuinStreet Inc*		3,238		77,356
Scholastic Corp		2,201		63,389
Shenandoah Telecommunications Co		3,356		148,839
Shutterstock Inc		1,371		120,963
Spok Holdings Inc		1,420		15,222
Stamps.com Inc*		1,161		211,221
TechTarget Inc*		1,643		137,404
Viavi Solutions Inc*		15,351		248,456
Vonage Holdings Corp*		15,519		205,161
Total Communications				2,972,059
Consumer, Cyclical (16.63%)
Abercrombie & Fitch Co		4,152		113,640
Albany International Corp		2,054		162,369
Allegiant Travel Co		873		220,162
American Axle & Manufacturing Holdings Inc*		8,056		78,707
America’s Car-Mart Inc*		442		59,670
Asbury Automotive Group Inc*		1,290		218,591
Barnes & Noble Education Inc*		2,006		12,979
Bed Bath & Beyond Inc		8,387		225,275
Big Lots Inc		2,400		152,496
BJ’s Restaurants Inc*		1,372		76,187
Bloomin’ Brands Inc		5,356		133,043
Boot Barn Holdings Inc*		1,930		116,611
Brinker International Inc		3,014		206,730
The Buckle Inc		2,045		78,610
Caleres Inc		2,523		40,015
Callaway Golf Co		6,331		176,951
The Cato Corp		1,556		19,201
Cavco Industries Inc*		571		120,430
Century Communities Inc*		1,525		84,378
The Cheesecake Factory Inc		2,129		116,989
Chico’s FAS Inc		8,496		22,854
The Children’s Place Inc*		1,039		71,951
Chuy’s Holdings Inc*		1,345		55,145
Conn’s Inc*		1,366		19,384
Cooper Tire & Rubber Co		3,382		193,586
Cooper-Standard Holdings Inc*		1,206		43,199
Core-Mark Holding Co Inc		3,031		98,750
Crocs Inc*,(a)		4,536		348,002
Daktronics Inc		3,035	$	16,419
Dave & Buster’s Entertainment Inc*		3,158		128,246
Designer Brands Inc		3,952		49,360
Dine Brands Global Inc		1,098		86,863
Dorman Products Inc*		1,941		193,537
El Pollo Loco Holdings Inc*		1,399		25,644
Ethan Allen Interiors Inc		1,450		37,149
Fiesta Restaurant Group Inc*		1,450		22,127
Fossil Group Inc*		3,328		50,386
GameStop Corp*		3,657		372,063
Genesco Inc*		1,020		45,839
Gentherm Inc*		2,195		155,384
G-III Apparel Group Ltd*		3,083		88,760
GMS Inc*		3,020		110,532
Group 1 Automotive Inc		1,145		174,544
Guess? Inc		2,510		63,277
Haverty Furniture Cos Inc		1,111		40,185
Hawaiian Holdings Inc		3,337		89,498
Hibbett Sports Inc*		1,106		71,072
Installed Building Products Inc		1,478		161,634
Interface Inc		4,184		51,965
iRobot Corp*		1,874		232,582
Kontoor Brands Inc		3,132		132,327
La-Z-Boy Inc		3,092		131,750
LCI Industries		1,691		238,330
LGI Homes Inc*		1,484		162,127
Lumber Liquidators Holdings Inc*		1,940		48,054
M/I Homes Inc*		2,015		100,549
Macy’s Inc		20,860		317,281
The Marcus Corp		1,646		32,327
MarineMax Inc*		1,536		68,582
MDC Holdings Inc		3,367		190,471
Meritage Homes Corp*		2,469		208,161
Meritor Inc*		4,861		147,629
Methode Electronics Inc		2,510		97,714
The Michaels Cos Inc*		4,913		73,695
Monarch Casino & Resort Inc*		854		57,782
Motorcar Parts of America Inc*		1,357		28,877
Movado Group Inc		1,175		26,790
The ODP Corp		3,541		135,514
Oxford Industries Inc		1,123		85,618
PC Connection Inc		791		36,394
PetMed Express Inc		1,445		50,156
PriceSmart Inc		1,558		150,269
Red Robin Gourmet Burgers Inc*		926		28,419
Regis Corp*		1,731		20,339

See accompanying notes to financial statements.

14

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
Resideo Technologies Inc*		8,667	$	208,181
Ruth’s Hospitality Group Inc		1,944		44,333
Sally Beauty Holdings Inc*		7,767		125,049
ScanSource Inc*		1,809		51,448
Shake Shack Inc*		2,372		281,035
Shoe Carnival Inc		640		31,334
Signet Jewelers Ltd*		3,501		174,280
SkyWest Inc		3,356		189,178
Sleep Number Corp*		1,847		253,279
Sonic Automotive Inc		1,578		72,762
Standard Motor Products Inc		1,447		60,788
Steven Madden Ltd		5,199		192,311
Titan International Inc		3,341		27,630
Tupperware Brands Corp*		3,285		100,422
Unifi Inc*		1,046		26,077
UniFirst Corp		1,013		245,440
Universal Electronics Inc*		997		58,015
Vera Bradley Inc*		1,892		17,955
Veritiv Corp*		911		21,664
Vista Outdoor Inc*		3,876		122,520
Wabash National Corp		3,874		64,231
Winnebago Industries Inc		2,254		156,878
Wolverine World Wide Inc		5,476		191,386
Zumiez Inc*		1,394		62,842
Total Consumer, Cyclical				10,881,164
Consumer, Non-Cyclical (17.43%)
The Aaron’s Co Inc		2,245		49,300
ABM Industries Inc		4,482		193,533
Addus HomeCare Corp*		991		106,602
Alarm.com Holdings Inc*		3,008		264,343
American Public Education Inc*		1,102		32,443
AMN Healthcare Services Inc*		3,159		230,196
Amphastar Pharmaceuticals Inc*		2,454		43,019
The Andersons Inc		2,041		53,352
AngioDynamics Inc*		2,694		56,439
ANI Pharmaceuticals Inc*		753		21,912
Anika Therapeutics Inc*		1,022		37,507
Arlo Technologies Inc*		5,260		36,610
B&G Foods Inc		4,291		130,146
Calavo Growers Inc		1,172		88,193
Cal-Maine Foods Inc*		2,229		84,925
Cardiovascular Systems Inc*		2,591		107,008
Cardtronics PLC*		2,368		91,286
Celsius Holdings Inc*		1,764		105,011
Central Garden & Pet Co*		702		32,011
Central Garden & Pet Co - Class A*		2,610		108,341
The Chefs’ Warehouse Inc*		1,825		56,831
Coca-Cola Consolidated Inc		308		79,051
Coherus Biosciences Inc*		4,320		70,157
Community Health Systems Inc*		7,521		64,380
CONMED Corp		1,921		236,398
Corcept Therapeutics Inc*		6,992		175,849
CoreCivic Inc		5,135		36,869
CorVel Corp*		641		65,062
Covetrus Inc*		6,600		245,256
Cross Country Healthcare Inc*		2,325		25,831
CryoLife Inc*		2,686		67,822
Cutera Inc*		1,019		35,991
Cytokinetics Inc*		4,349		81,457
Deluxe Corp		2,788		110,210
Eagle Pharmaceuticals Inc*		724		32,218
elf Beauty Inc*		2,547		65,331
Enanta Pharmaceuticals Inc*		1,144		56,422
Endo International PLC*		14,456		114,636
The Ensign Group Inc		3,398	$	278,704
EVERTEC Inc		4,010		155,989
Forrester Research Inc*		760		34,337
Fresh Del Monte Produce Inc		2,169		55,830
Fulgent Genetics Inc*		811		82,122
Glaukos Corp*		2,792		264,012
Green Dot Corp*		3,393		160,353
Hanger Inc*		2,674		58,775
Heidrick & Struggles International Inc		1,373		49,277
Heska Corp*		504		94,954
HMS Holdings Corp*		5,951		218,908
Innoviva Inc*		4,184		47,823
Inogen Inc*		1,307		68,604
Integer Holdings Corp*		2,197		193,753
Inter Parfums Inc		1,262		92,341
Invacare Corp		2,727		24,816
J & J Snack Foods Corp		883		140,185
John B Sanfilippo & Son Inc		629		54,383
Kelly Services Inc		2,377		49,489
Korn Ferry		3,604		221,826
Lannett Co Inc*		2,397		14,526
Lantheus Holdings Inc*		4,729		88,338
LeMaitre Vascular Inc		1,174		60,332
Luminex Corp		3,084		100,292
Magellan Health Inc*		1,559		145,486
Medifast Inc		695		175,828
MEDNAX Inc*		5,746		140,375
Meridian Bioscience Inc*		2,867		60,436
Merit Medical Systems Inc*		3,282		182,873
MGP Ingredients Inc		951		60,750
ModivCare Inc*		822		105,430
Monro Inc		2,226		137,990
Myriad Genetics Inc*		4,997		152,359
National Beverage Corp		1,666		79,402
Natus Medical Inc*		2,441		63,246
NeoGenomics Inc*,(a)		7,478		381,135
Omnicell Inc*,(a)		2,815		357,224
OraSure Technologies Inc*		4,421		46,863
Orthofix Medical Inc*		1,364		63,440
Owens & Minor Inc		4,502		153,113
Pacira BioSciences Inc*		2,858		210,063
The Pennant Group Inc*		1,684		88,882
Perdoceo Education Corp*		4,611		59,344
Phibro Animal Health Corp		1,453		31,341
Quanex Building Products Corp		2,375		57,784
R1 RCM Inc*		7,955		219,876
RadNet Inc*		2,988		55,099
REGENXBIO Inc*		1,997		81,697
Rent-A-Center Inc		3,257		188,124
Resources Connection Inc		2,156		27,511
Select Medical Holdings Corp*		7,206		228,070
Seneca Foods Corp*		554		30,171
The Simply Good Foods Co*		5,604		163,469
SpartanNash Co		2,603		47,453
Spectrum Pharmaceuticals Inc*		8,092		27,756
Supernus Pharmaceuticals Inc*		3,522		94,636
Surmodics Inc*		970		50,586
Tactile Systems Technology Inc*		1,362		69,217
Team Inc*		2,174		24,110
Tivity Health Inc*		2,501		59,524
TrueBlue Inc*		2,412		50,242
United Natural Foods Inc*		3,819		101,013
Universal Corp		1,631		82,887
US Physical Therapy Inc		855		100,240
USANA Health Sciences Inc*		735		71,339
Vanda Pharmaceuticals Inc*		3,820	$	71,243
Varex Imaging Corp*		2,748		63,012
Vector Group Ltd		8,486		115,834
Viad Corp		1,455		60,877
WD-40 Co		918		286,187
Xencor Inc*		3,632		178,949
Total Consumer, Non-Cyclical				11,404,403
Energy (4.12%)
Archrock Inc		9,140		94,233
Bonanza Creek Energy Inc*		1,330		42,467
Bristow Group Inc*		749		19,938
Callon Petroleum Co*		2,796		71,494
CONSOL Energy Inc*		2,184		23,609
Core Laboratories NV		2,961		105,234
DMC Global Inc		786		49,510
Dril-Quip Inc*		2,345		79,636
Exterran Corp*		2,279		12,466
FutureFuel Corp		1,848		27,129
Green Plains Inc*		2,420		61,274
Helix Energy Solutions Group Inc*		10,407		50,994
Helmerich & Payne Inc		7,226		207,603
Laredo Petroleum Inc*		645		21,021
Matador Resources Co*		5,587		116,712
Matrix Service Co*		1,945		26,394
Nabors Industries Ltd		484		53,729
NOW Inc*		3,819		40,596
Oceaneering International Inc*		7,086		83,615
Oil States International Inc*		4,333		31,761
Par Pacific Holdings Inc*		2,639		46,631
Patterson-UTI Energy Inc		12,535		92,759
PBF Energy Inc		6,616		93,947
PDC Energy Inc*		6,631		231,753
Penn Virginia Corp*		964		14,113
ProPetro Holding Corp*		5,898		67,650
QEP Resources Inc		17,032		58,590
Range Resources Corp*		14,947		144,089
Renewable Energy Group Inc*		2,628		204,380
REX American Resources Corp*		401		37,722
RPC Inc*		3,687		23,412
SM Energy Co		7,598		105,308
Southwestern Energy Co*		38,772		157,027
SunCoke Energy Inc		6,488		41,458
Talos Energy Inc*		1,436		15,207
US Silica Holdings Inc		5,269		70,130
Warrior Met Coal Inc		3,658		70,124
Total Energy				2,693,715
Financial (23.60%)
Banks (9.23%)
Allegiance Bancshares Inc		1,371		51,618
Ameris Bancorp		4,690		223,432
BancFirst Corp		782		49,954
BankUnited Inc		5,511		221,487
Banner Corp		2,364		122,408
Cadence BanCorp		8,469		173,784
Central Pacific Financial Corp		2,032		45,984
City Holding Co		1,050		78,971
Columbia Banking System Inc		4,815		213,256
Community Bank System Inc		3,580		254,860
Customers Bancorp Inc*		2,063		55,247
CVB Financial Corp		8,520		182,413
Dime Community Bancshares Inc		1,430		42,056
Eagle Bancorp Inc		2,155		105,358

See accompanying notes to financial statements.

15

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
FB Financial Corp		2,073	$	87,916
First BanCorp (Puerto Rico)		14,668		153,867
First Bancorp		1,215		48,928
First Commonwealth Financial Corp		6,398		85,797
First Financial Bancorp		6,589		147,791
First Hawaiian Inc		7,746		216,036
First Midwest Bancorp Inc		7,877		155,807
Flagstar Bancorp Inc		2,709		117,544
Great Western Bancorp Inc		3,661		98,225
Hanmi Financial Corp		2,228		38,143
Heritage Financial Corp		2,622		67,884
Hilltop Holdings Inc		4,320		142,733
HomeStreet Inc		1,518		65,213
Hope Bancorp Inc		8,287		109,057
Independent Bank Corp		2,204		188,464
Independent Bank Group Inc		2,447		170,531
Meta Financial Group Inc		2,226		98,590
National Bank Holdings Corp		2,037		78,934
NBT Bancorp Inc		2,917		105,683
OFG Bancorp		3,677		71,003
Old National Bancorp		11,042		200,191
Park National Corp		722		89,528
Preferred Bank		974		56,443
Renasant Corp		3,777		148,361
S&T Bancorp Inc		2,760		79,709
Seacoast Banking Corp of Florida*		3,790		136,251
ServisFirst Bancshares Inc		3,122		154,726
Simmons First National Corp		7,244		212,104
Southside Bancshares Inc		2,091		72,307
Tompkins Financial Corp		877		67,818
Triumph Bancorp Inc*		1,512		115,970
TrustCo Bank Corp NY		6,942		47,761
United Community Banks Inc		5,657		187,020
Veritex Holdings Inc		3,383		98,378
Walker & Dunlop Inc		1,944		193,739
Westamerica BanCorp		1,810		108,799
				6,038,079
Diversified Financial Service (1.68%)
Blucora Inc*		3,505		56,781
Boston Private Financial Holdings Inc		5,474		75,322
Brightsphere Investment Group Inc		2,638		47,748
Encore Capital Group Inc*		1,980		66,172
Enova International Inc*		2,418		74,233
EZCORP Inc*		4,257		20,434
Greenhill & Co Inc		1,066		16,086
Mr Cooper Group Inc*		4,777		150,237
Piper Sandler Cos		918		97,602
PRA Group Inc*		3,048		112,349
StoneX Group Inc*		1,166		67,267
Virtus Investment Partners Inc		481		120,683
Waddell & Reed Financial Inc		4,381		109,919
WisdomTree Investments Inc		8,449		44,780
World Acceptance Corp*		304		38,471
				1,098,084
Insurance (2.68%)
Ambac Financial Group Inc*		3,262		55,291
American Equity Investment Life Holding Co		6,150		169,925
AMERISAFE Inc		1,293		75,666
Assured Guaranty Ltd		5,373		237,594
eHealth Inc*		1,783		105,946
Employers Holdings Inc		1,968		65,515
HCI Group Inc		459	$	26,562
Horace Mann Educators Corp		2,779		107,103
James River Group Holdings Ltd		2,043		93,794
NMI Holdings Inc*		5,506		125,867
Palomar Holdings Inc*		1,266		107,775
ProAssurance Corp		3,853		95,362
Safety Insurance Group Inc		941		74,414
SiriusPoint Ltd*		5,736		58,565
Stewart Information Services Corp		1,698		80,146
Trupanion Inc*		1,947		188,392
United Fire Group Inc		1,524		44,882
United Insurance Holdings Corp		1,680		10,450
Universal Insurance Holdings Inc		2,188		32,579
				1,755,828
Real Estate (8.54%)
Acadia Realty Trust		5,770		109,111
Agree Realty Corp		3,443		222,280
Alexander & Baldwin Inc		4,865		84,992
American Assets Trust Inc		3,435		106,760
Apollo Commercial Real Estate Finance Inc		8,591		114,174
Armada Hoffler Properties Inc		3,969		51,240
ARMOUR Residential REIT Inc		4,218		50,911
Brandywine Realty Trust		11,409		139,532
Capstead Mortgage Corp		6,776		38,826
CareTrust REIT Inc		6,403		142,019
Centerspace		832		57,100
Chatham Lodging Trust		3,361		46,819
Community Healthcare Trust Inc		1,456		63,816
DiamondRock Hospitality Co*		13,438		135,993
Diversified Healthcare Trust		17,040		76,680
Easterly Government Properties Inc		5,311		116,736
Essential Properties Realty Trust Inc		6,473		150,174
Four Corners Property Trust Inc		4,936		133,716
Franklin Street Properties Corp		7,680		38,093
The GEO Group Inc		6,097		43,898
Getty Realty Corp		2,449		68,523
Global Net Lease Inc		5,985		111,201
Granite Point Mortgage Trust Inc		3,929		43,848
Hersha Hospitality Trust*		2,572		28,601
Independence Realty Trust Inc		6,510		91,400
Industrial Logistics Properties Trust		4,361		92,758
Innovative Industrial Properties Inc		1,475		287,625
Invesco Mortgage Capital Inc		12,843		49,959
iStar Inc		5,281		93,579
Kite Realty Group Trust		5,604		107,429
KKR Real Estate Finance Trust Inc		1,729		31,865
Lexington Realty Trust		18,513		198,459
LTC Properties Inc		2,624		107,348
Mack-Cali Realty Corp		5,931		82,856
Marcus & Millichap Inc*		1,681		63,659
National Storage Affiliates Trust		4,249		163,799
New York Mortgage Trust Inc		26,171		109,133
NexPoint Residential Trust Inc		1,473		60,452
Office Properties Income Trust		3,225		81,560
PennyMac Mortgage Investment Trust		6,675		126,625
RE/MAX Holdings Inc		1,277		53,276
Ready Capital Corp		2,655		34,834
Realogy Holdings Corp*		7,684		115,875
Redwood Trust Inc		7,449		73,298
Retail Opportunity Investments Corp		7,888	$	124,709
Retail Properties of America Inc		11,791		124,159
RPT Realty		5,757		63,154
Safehold Inc		946		72,133
Saul Centers Inc		843		29,859
SITE Centers Corp		7,638		101,891
The St Joe Co		2,077		104,535
Summit Hotel Properties Inc		7,532		77,956
Tanger Factory Outlet Centers Inc		6,653		104,718
Uniti Group Inc		15,491		184,498
Universal Health Realty Income Trust		931		57,675
Urstadt Biddle Properties Inc		2,141		34,513
Washington Real Estate Investment Trust		5,482		123,455
Whitestone REIT		2,910		27,209
Xenia Hotels & Resorts Inc		7,607		151,912
				5,583,208
Savings&Loans (1.47%)
Axos Financial Inc*		3,481		161,066
Banc of California Inc		3,213		59,633
Berkshire Hills Bancorp Inc		3,076		62,012
Brookline Bancorp Inc		5,713		81,296
Capitol Federal Financial Inc		8,849		117,780
Northfield Bancorp Inc		3,099		42,425
Northwest Bancshares Inc		8,469		119,582
Pacific Premier Bancorp Inc		5,653		227,816
Provident Financial Services Inc		4,301		87,009
				958,619
Total Financial				15,433,818
Industrial (17.64%)
AAON Inc		2,740		211,254
AAR Corp		2,354		93,642
Advanced Energy Industries Inc		2,577		269,168
Aegion Corp*		2,203		56,948
Aerojet Rocketdyne Holdings Inc		4,783		245,224
AeroVironment Inc*		1,474		162,258
Alamo Group Inc		694		105,925
American Woodmark Corp*		1,115		104,152
Apogee Enterprises Inc		1,901		71,097
Applied Industrial Technologies Inc		2,579		220,169
Applied Optoelectronics Inc*		1,515		14,127
ArcBest Corp		1,691		99,752
Arcosa Inc		3,250		184,373
Astec Industries Inc		1,504		102,152
Atlas Air Worldwide Holdings Inc*		1,748		96,367
AZZ Inc		1,735		88,641
Badger Meter Inc		1,957		212,511
Barnes Group Inc		3,125		163,594
Bel Fuse Inc		725		12,869
Benchmark Electronics Inc		2,427		68,927
Boise Cascade Co		2,635		131,592
Brady Corp		3,226		169,075
Chart Industries Inc*,(a)		2,369		338,980
CIRCOR International Inc*		1,426		50,780
Comfort Systems USA Inc		2,452		151,877
Comtech Telecommunications Corp		1,747		46,959
Dorian LPG Ltd*		2,072		25,796
DXP Enterprises Inc*		1,147		34,456

See accompanying notes to financial statements.

16

S&P SmallCap Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
Echo Global Logistics Inc*		1,955	$	54,466
Encore Wire Corp		1,373		89,973
Enerpac Tool Group Corp		3,859		95,317
EnPro Industries Inc		1,372		110,226
ESCO Technologies Inc		1,750		184,923
Exponent Inc(a)		3,470		334,751
Fabrinet*		2,458		217,115
FARO Technologies Inc*		1,246		116,451
Federal Signal Corp		4,041		147,133
Forward Air Corp		1,881		161,333
Franklin Electric Co Inc		2,577		193,430
Gibraltar Industries Inc*		2,180		190,423
Granite Construction Inc		3,111		106,956
The Greenbrier Cos Inc		2,334		109,815
Griffon Corp		3,050		75,030
Harsco Corp*		5,252		85,923
Haynes International Inc		896		25,025
Heartland Express Inc		3,348		60,934
Hillenbrand Inc		5,024		233,415
Hub Group Inc*		2,241		129,037
Ichor Holdings Ltd*		1,611		68,886
Insteel Industries Inc		1,310		40,453
Itron Inc*		2,522		295,679
John Bean Technologies Corp		2,133		314,767
Kaman Corp		1,860		90,508
Knowles Corp*		6,335		131,705
Lindsay Corp		723		115,861
Lydall Inc*		1,255		43,712
Marten Transport Ltd		4,171		67,487
Materion Corp		1,352		92,585
Matson Inc		2,896		200,606
Matthews International Corp		2,244		80,111
Mesa Laboratories Inc		287		78,038
Moog Inc		2,006		155,786
Mueller Industries Inc		3,818		155,164
Myers Industries Inc		2,544		56,324
MYR Group Inc*		1,192		70,268
National Presto Industries Inc		360		36,839
Olympic Steel Inc		881		15,717
OSI Systems Inc*		1,130		106,921
Park Aerospace Corp		1,578		21,918
Patrick Industries Inc		1,482		116,974
PGT Innovations Inc*		3,924		92,567
Plexus Corp*		1,956		164,265
Powell Industries Inc		713		22,196
Proto Labs Inc*,(a)		1,786		260,184
Raven Industries Inc		2,386		93,531
Saia Inc*,(a)		1,758		352,532
Sanmina Corp*		4,330		154,235
SEACOR Holdings Inc*		1,257		53,435
SMART Global Holdings Inc*		942		43,982
SPX Corp*		2,989		166,159
SPX FLOW Inc*		2,852		175,569
Standex International Corp		892		87,470
Sturm Ruger & Co Inc		1,189		81,090
Tennant Co		1,234		94,031
TimkenSteel Corp*		2,857		23,085
Tredegar Corp		1,767		26,929
Trinseo SA		2,559		165,593
Triumph Group Inc		3,587		52,263
TTM Technologies Inc*		6,638	$	93,729
UFP Industries Inc		4,112		250,832
US Concrete Inc*		1,136		58,459
US Ecology Inc*		1,822		69,619
Vicor Corp*		1,349		132,863
Watts Water Technologies Inc		1,845		210,496
Total Industrial				11,535,764
Technology (9.36%)
3D Systems Corp*,(a)		8,262		296,110
8x8 Inc*		6,972		238,512
Agilysys Inc*		1,424		84,856
Allscripts Healthcare Solutions Inc*		8,964		138,315
Axcelis Technologies Inc*		2,322		85,612
BM Technologies Inc*		317		3,994
Bottomline Technologies DE Inc*		2,588		116,149
CEVA Inc*		1,480		90,620
Cohu Inc		2,793		121,356
Computer Programs and Systems Inc		894		28,116
CSG Systems International Inc		2,212		102,084
CTS Corp		2,147		69,069
Cubic Corp		2,106		146,262
Diebold Nixdorf Inc*		5,500		79,860
Digi International Inc*		2,028		47,374
Diodes Inc*		2,808		220,484
Donnelley Financial Solutions Inc*		2,235		58,088
DSP Group Inc*		1,647		25,644
Ebix Inc		1,594		38,862
ExlService Holdings Inc*		2,297		194,372
FormFactor Inc*		5,154		233,837
Glu Mobile Inc*		8,249		102,948
Insight Enterprises Inc*		2,358		197,105
Kulicke & Soffa Industries Inc		4,158		207,318
LivePerson Inc*		4,137		271,470
ManTech International Corp		1,815		141,860
MaxLinear Inc*		4,450		176,977
MicroStrategy Inc*		486		364,699
MTS Systems Corp		1,275		74,409
NextGen Healthcare Inc*		3,468		64,852
OneSpan Inc*		2,332		54,476
Onto Innovation Inc*		3,282		204,994
PDF Solutions Inc*		1,992		36,573
Photronics Inc*		4,813		57,323
Pitney Bowes Inc		9,991		84,724
Power Integrations Inc(a)		4,019		355,159
Progress Software Corp		3,012		128,130
Rambus Inc*		7,582		159,070
Simulations Plus Inc		871		62,468
SPS Commerce Inc*		2,361		237,824
Sykes Enterprises Inc*		2,760		112,774
Tabula Rasa HealthCare Inc*		1,408		57,094
TTEC Holdings Inc		1,265		106,437
Ultra Clean Holdings Inc*		2,695		124,994
Unisys Corp*		3,709		91,056
Veeco Instruments Inc*		3,502		75,293
Xperi Holding Corp		7,293		153,882
Total Technology				6,123,485
Utilities (1.42%)
American States Water Co		2,480	$	181,164
Avista Corp		4,542		182,634
California Water Service Group		3,304		181,555
Chesapeake Utilities Corp		1,162		122,858
Northwest Natural Holding Co		2,034		97,612
South Jersey Industries Inc		6,618		166,178
Total Utilities				932,001
Total Common Stock (Cost $40,628,131)				65,135,200
Right (0.00%)
Lantheus Holdings Inc (Cost $0)(b)		6,190		0
United States Treasury Bills (0.15%)
Lantheus Holdings Inc (Cost $0)(b)		100,000		99,995
Total Investments (Cost $40,728,121)(c) (99.73%)			$	65,235,195
Other Net Assets (0.27%)				179,230
Net Assets (100.00%)			$	65,414,425

* Non-income producing security.

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

(b) Level 3 security fair valued under procedures established by the Board of Trustees, represents 0% of net assets. The total value of the fair value securities is $0.

(c) Aggregate cost for federal income tax purpose is $40,754,337.

At February 28, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	27,916,383
Unrealized depreciation		(3,435,525	)
Net unrealized appreciation	$	24,480,858

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.

Futures contracts at February 28, 2021:

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

Russell 2000 MINI	Notional Amount		Value		Unrealized Depreciation
2 / MAR 2021 / Long / CME	$	227,825	$	219,920	$	(7,905	)

See accompanying notes to financial statements.

17

Shelton Core Value Fund Portfolio of Investments (Unaudited) 2/28/21

Security Description	Shares		Value (Note 1)
Common Stock (94.10%)
Basic Materials (3.87%)
Dow Inc(a)		35,000	$	2,075,850
DuPont de Nemours Inc(a)		25,000		1,758,000
Linde PLC		5,000		1,221,350
Newmont Corp(a)		22,200		1,207,236
Sensient Technologies Corp(a)		8,500		661,725
Total Basic Materials				6,924,161
Communications (14.68%)
Alphabet Inc - Class A*		1,100		2,224,101
Alphabet Inc - Class C*		1,100		2,240,546
Amazon.com Inc*,(a)		1,500		4,639,395
AT&T Inc(a)		30,000		836,700
Cisco Systems Inc(a)		52,500		2,355,675
Comcast Corp(a)		32,500		1,713,400
Facebook Inc*		11,200		2,885,344
Motorola Solutions Inc(a)		11,300		1,982,924
T-Mobile US Inc*,(a)		15,600		1,871,532
Verizon Communications Inc(a)		54,300		3,002,790
The Walt Disney Co*,(a)		13,300		2,514,232
Total Communications				26,266,639
Consumer, Cyclical (7.35%)
Amerityre Corp*,(a)		20,000,000		1,642,000
Costco Wholesale Corp(a)		5,900		1,952,900
Dollar General Corp(a)		11,000		2,078,890
Domino’s Pizza Inc(a)		5,000		1,732,550
Ford Motor Co*		120,000		1,404,000
The Home Depot Inc(a)		11,100		2,867,574
Target Corp(a)		8,000		1,467,520
Total Consumer, Cyclical				13,145,434
Consumer, Non-Cyclical (17.24%)
Abbott Laboratories		14,000		1,676,920
AbbVie Inc		10,000		1,077,400
AmerisourceBergen Corp		10,000		1,012,200
Amgen Inc(a)		8,500		1,911,820
Anthem Inc(a)		6,000		1,819,140
Biogen Inc*,(a)		7,300		1,992,024
Boston Scientific Corp*,(a)		55,000		2,132,900
Bristol-Myers Squibb Co(a)		7,500		459,975
Colgate-Palmolive Co		7,400		556,480
Conagra Brands Inc(a)		23,000		780,390
CVS Health Corp(a)		27,400		1,866,762
Gilead Sciences Inc(a)		10,000		614,000
Johnson & Johnson(a)		12,600		1,996,596
Merck & Co Inc(a)		10,000		726,200
PayPal Holdings Inc*,(a)		7,000		1,818,950
Pfizer Inc(a)		53,800		1,801,762
Quest Diagnostics Inc(a)		17,500		2,022,825
Regeneron Pharmaceuticals Inc*,(a)		3,700		1,667,109
Sprouts Farmers Market Inc*,(a)		141,800		2,993,398
Vertex Pharmaceuticals Inc*,(a)		8,400		1,785,420
Viatris Inc*,(a)		10,000		148,500
Total Consumer, Non-Cyclical				30,860,771
Energy (6.65%)
BP PLC		52,000	$	1,269,320
Chevron Corp		35,200		3,520,000
ConocoPhillips		16,000		832,160
Exxon Mobil Corp		45,000		2,446,650
Phillips 66(a)		23,000		1,910,150
Royal Dutch Shell PLC(a)		20,000		820,600
Schlumberger NV(a)		39,100		1,091,281
Total Energy				11,890,161
Financial (19.77%)
Banks (11.34%)
Bank of America Corp		90,000		3,123,900
Citigroup Inc		36,300		2,391,444
The Goldman Sachs Group Inc		11,000		3,514,280
JPMorgan Chase & Co		23,000		3,384,910
Morgan Stanley(a)		45,000		3,459,150
SVB Financial Group*,(a)		4,000		2,021,440
US Bancorp(a)		10,000		500,000
Wells Fargo & Co(a)		52,500		1,898,925
				20,294,049
Diversified Financial Service (6.12%)
Capital One Financial Corp(a)		16,000		1,923,040
Cboe Global Markets Inc(a)		20,000		1,979,200
The Charles Schwab Corp(a)		34,000		2,098,480
Discover Financial Services(a)		15,000		1,411,050
Mastercard Inc(a)		10,000		3,538,500
				10,950,270
Insurance (0.32%)
Principal Financial Group Inc(a)		10,000		565,800
Real Estate (1.99%)
American Tower Corp(a)		7,800		1,685,814
Equinix Inc(a)		2,900		1,880,186
				3,566,000
Total Financial				35,376,119
Industrial (8.66%)
Atlas Corp(a)		25,000		335,750
Carrier Global Corp(a)		11,000		401,830
Caterpillar Inc		12,000		2,590,560
Deere & Co(a)		6,600		2,304,192
FedEx Corp(a)		7,100		1,806,950
Lockheed Martin Corp(a)		5,300		1,750,325
Masco Corp(a)		30,000		1,596,600
Otis Worldwide Corp(a)		6,000		382,260
Raytheon Technologies Corp(a)		32,700		2,354,073
Union Pacific Corp(a)		9,600		1,977,216
Total Industrial				15,499,756
Technology (13.52%)
Adobe Inc*,(a)		4,500		2,068,515
Apple Inc		40,700		4,935,282
Fiserv Inc*,(a)		15,000		1,730,550
Intel Corp		26,000		1,580,280
Intuit Inc(a)		4,000		1,560,560
Microsoft Corp(a)		18,000		4,182,840
Oracle Corp(a)		43,000	$	2,773,930
QUALCOMM Inc(a)		12,200		1,661,518
salesforce.com Inc*,(a)		8,500		1,840,250
Seagate Technology PLC(a)		10,000		732,300
Take-Two Interactive Software Inc*,(a)		6,100		1,125,206
Total Technology				24,191,231
Utilities (2.36%)
American Electric Power Co Inc(a)		1,200		89,820
Consolidated Edison Inc		16,200		1,063,530
Dominion Energy Inc(a)		24,400		1,667,008
Duke Energy Corp(a)		16,300		1,395,117
Total Utilities				4,215,475
Total Common Stock (Cost $147,344,046)				168,369,747
United States Treasury Bills (5.48%)
0.032%, 04/15/21 (Cost $9,799,193)(a)		9,800,000		9,799,510
Total Investments (Cost $157,143,239)(b) (99.58%)			$	178,169,257
Other Net Assets (0.42%)				750,950
Net Assets (100.00%)			$	178,920,207

* Non-income producing security.

(a) A portion of these shares have been pledged to cover collateral requirements for written options contracts.

(b) Aggregate cost for federal income tax purpose is $155,936,909.

At February 28, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	28,457,931
Unrealized depreciation		(6,225,583	)
Net unrealized appreciation	$	22,232,348

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) 2/28/21

Written Call Options	Expiration Date		Contracts			Strike Price		Notional Amount		Value
Abbott Laboratories		3/19/2021		(40	)	$	115.00	$	460,000	$	(26,000	)
AbbVie Inc		3/19/2021		(30	)		115.00		345,000		(1,800	)
Adobe Inc		3/19/2021		(15	)		510.00		765,000		(2,625	)
American Electric Power Co Inc		3/19/2021		(12	)		85.00		102,000		(120	)
AmerisourceBergen Corp		3/19/2021		(30	)		110.00		330,000		(4,410	)
Amgen Inc		3/19/2021		(30	)		255.00		765,000		(1,050	)
Anthem Inc		3/19/2021		(15	)		330.00		495,000		(2,625	)
Bank of America Corp		3/19/2021		(100	)		37.00		370,000		(3,500	)
Boston Scientific Corp		3/19/2021		(150	)		39.00		585,000		(20,700	)
Bristol-Myers Squibb Co		3/19/2021		(20	)		70.00		140,000		(160	)
The Charles Schwab Corp		3/19/2021		(40	)		60.00		240,000		(13,800	)
Cboe Global Markets Inc		3/19/2021		(100	)		105.00		1,050,000		(13,200	)
Chevron Corp		3/19/2021		(42	)		105.00		441,000		(6,930	)
Cisco Systems Inc		3/19/2021		(125	)		48.00		600,000		(1,875	)
Citigroup Inc		3/19/2021		(63	)		70.00		441,000		(5,418	)
Colgate-Palmolive Co		3/19/2021		(24	)		82.50		198,000		(192	)
ConocoPhillips		3/19/2021		(30	)		50.00		150,000		(10,950	)
Deere & Co		3/19/2021		(16	)		320.00		512,000		(55,200	)
Domino’s Pizza Inc		3/19/2021		(20	)		420.00		840,000		(260	)
Dow Inc		3/19/2021		(50	)		65.00		325,000		(2,050	)
Exxon Mobil Corp		3/19/2021		(100	)		57.50		575,000		(10,500	)
Fiserv Inc		3/19/2021		(50	)		115.00		575,000		(22,500	)
The Goldman Sachs Group Inc		3/19/2021		(20	)		330.00		660,000		(10,800	)
The Home Depot Inc		3/19/2021		(31	)		285.00		883,500		(2,170	)
Johnson & Johnson		3/19/2021		(126	)		170.00		2,142,000		(8,190	)
JPMorgan Chase & Co		3/19/2021		(40	)		155.00		620,000		(6,200	)
Mastercard Inc		3/19/2021		(50	)		355.00		1,775,000		(52,500	)
Morgan Stanley		3/19/2021		(100	)		82.50		825,000		(7,600	)
Motorola Solutions Inc		3/19/2021		(113	)		190.00		2,147,000		(9,040	)
QUALCOMM Inc		3/19/2021		(22	)		170.00		374,000		(330	)
Regeneron Pharmaceuticals Inc		3/19/2021		(17	)		550.00		935,000		(1,275	)
salesforce.com Inc		3/19/2021		(25	)		260.00		650,000		(950	)
Schlumberger NV		3/19/2021		(91	)		30.00		273,000		(6,643	)
The Walt Disney Co		3/19/2021		(33	)		200.00		660,000		(9,108	)
Vertex Pharmaceuticals Inc		3/19/2021		(24	)		240.00		576,000		(1,992	)
Total Written Call Options (Premiums Received $316,837)								$	22,824,500	$	(322,663	)

Nasdaq-100 Index Fund Portfolio of Investments (Unaudited) 2/28/21

Security Description	Shares		Value (Note 1)
Common Stock (98.20%)
Communications (30.94%)
Internet (24.90%)
Alphabet Inc - Class A*		16,032	$	32,415,261
Alphabet Inc - Class C*		17,592		35,832,441
Amazon.com Inc*,(a)		26,759		82,763,714
Baidu Inc*		22,411		6,352,622
Booking Holdings Inc*		3,323		7,737,639
CDW Corp		11,603		1,820,395
eBay Inc		55,942		3,156,248
Facebook Inc*,(a)		128,202		33,027,399
JD.com Inc*		70,720		6,638,486
Match Group Inc*		21,585		3,299,267
MercadoLibre Inc*		4,039		6,616,326
Netflix Inc*		35,853		19,319,389
Okta Inc*		9,735		2,545,216
Pinduoduo Inc*		24,215		4,144,639
Trip.com Group Ltd*		42,441		1,674,297
VeriSign Inc*		9,260		1,796,718
				249,140,057
Media (3.30%)
Charter Communications Inc*		16,220	$	9,949,672
Comcast Corp		370,536		19,534,658
Fox Corp - Class A		26,337		877,285
Fox Corp - Class B		19,554		624,359
Sirius XM Holdings Inc		344,861		2,017,437
				33,003,411
Telecommunications (2.74%)
Cisco Systems Inc		342,914		15,386,551
T-Mobile US Inc*		100,726		12,084,098
				27,470,649
Total Communications				309,614,117
Consumer, Cyclical (9.19%)
Copart Inc*		19,162		2,091,724
Costco Wholesale Corp		35,807		11,852,118
Dollar Tree Inc*		19,086		1,874,246
Fastenal Co		46,586		2,160,193
Lululemon Athletica Inc*		10,137		3,159,500
Marriott International Inc		26,320		3,897,202
O’Reilly Automotive Inc*		5,879	$	2,629,853
PACCAR Inc		28,114		2,558,093
Peloton Interactive Inc*		20,735		2,497,945
Ross Stores Inc		28,891		3,369,846
Starbucks Corp		95,249		10,289,749
Tesla Inc*		62,560		42,259,280
Walgreens Boots Alliance Inc		70,271		3,368,089
Total Consumer, Cyclical				92,007,838
Consumer, Non-Cyclical (12.95%)
Alexion Pharmaceuticals Inc*		17,759		2,712,687
Align Technology Inc*		6,398		3,628,370
Amgen Inc		47,244		10,626,120
Automatic Data Processing Inc		34,799		6,055,722
Biogen Inc*		12,488		3,407,725
Cintas Corp		8,490		2,753,647
DexCom Inc*		7,792		3,099,502
Gilead Sciences Inc		101,727		6,246,038
IDEXX Laboratories Inc*		6,922		3,600,617
Illumina Inc*		11,848		5,206,130
Incyte Corp*		17,772		1,397,946

See accompanying notes to financial statements.

19

Nasdaq-100 Index Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
Intuitive Surgical Inc*		9,540	$	7,029,072
Keurig Dr Pepper Inc		114,203		3,485,476
The Kraft Heinz Co		99,220		3,609,624
Moderna Inc*		32,113		4,971,414
Mondelez International Inc		116,062		6,169,856
Monster Beverage Corp*		42,842		3,758,957
PayPal Holdings Inc*		95,086		24,708,097
PepsiCo Inc		112,150		14,488,659
Regeneron Pharmaceuticals Inc*		8,509		3,833,900
Seagen Inc*		14,632		2,211,042
Verisk Analytics Inc		13,194		2,161,837
Vertex Pharmaceuticals Inc*		21,102		4,485,230
Total Consumer, Non-Cyclical				129,647,668
Industrial (0.56%)
CSX Corp		62,063		5,681,868
Technology (43.70%)
Computers (11.43%)
Apple Inc(a)		906,705		109,947,048
Check Point Software Technologies Ltd*		11,377		1,254,200
Cognizant Technology Solutions Corp		43,387		3,188,077
				114,389,325
Semiconductors (14.94%)
Advanced Micro Devices Inc*		97,604		8,248,514
Analog Devices Inc		29,984		4,672,107
Applied Materials Inc		74,115		8,759,652
ASML Holding NV		6,146		3,485,335
Broadcom Inc		32,826		15,423,953
Intel Corp		332,566		20,213,361
KLA Corp		12,534		3,900,957
Lam Research Corp		11,686		6,628,182
Marvell Technology Group Ltd		54,385		2,625,708
Maxim Integrated Products Inc		21,692		2,021,044
Microchip Technology Inc		21,130		3,225,072
Micron Technology Inc*		90,341		8,268,912
NVIDIA Corp		50,233		27,556,819
NXP Semiconductors NV		22,702	$	4,144,250
QUALCOMM Inc		91,784		12,500,063
Skyworks Solutions Inc		13,478		2,396,658
Texas Instruments Inc		74,494		12,833,081
Xilinx Inc		19,892		2,591,928
				149,495,596
Software (17.33%)
Activision Blizzard Inc		62,719		5,996,564
Adobe Inc*		38,930		17,894,953
ANSYS Inc*		6,969		2,376,359
Atlassian Corp PLC*		10,725		2,549,333
Autodesk Inc*		17,795		4,911,420
Cadence Design Systems Inc*		22,636		3,193,713
Cerner Corp		24,880		1,720,203
DocuSign Inc*		15,026		3,405,793
Electronic Arts Inc		23,522		3,151,242
Fiserv Inc*		54,408		6,277,051
Intuit Inc		21,322		8,318,565
Microsoft Corp		403,202		93,696,080
NetEase Inc		26,800		2,943,980
Paychex Inc		29,174		2,656,876
Splunk Inc*		13,016		1,861,418
Synopsys Inc*		12,315		3,019,761
Workday Inc*		14,607		3,581,344
Zoom Video Communications Inc*		15,805		5,904,906
				173,459,561
Total Technology				437,344,482
Utilities (0.86%)
American Electric Power Co Inc		40,283		3,015,183
Exelon Corp		79,170		3,055,962
Xcel Energy Inc		42,642		2,498,395
Total Utilities				8,569,540
Total Common Stock (Cost $392,164,603)				982,865,513
United States Treasury Bills (1.75%)
0.032%, 04/15/21 (Cost $17,498,256)(a)		17,500,000	$	17,499,125
Total Investments (Cost $409,662,859)(b) (99.95%)			$	1,000,364,638
Other Net Assets (0.05%)				471,329
Net Assets (100.00%)			$	1,000,835,967

* 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 $410,294,526.

At February 28, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	597,252,065
Unrealized depreciation		(7,181,953	)
Net unrealized appreciation	$	590,070,112

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.

Futures contracts at February 28, 2021:

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

Nasdaq 100 E-MINI	Notional Amount		Value		Unrealized Depreciation
69 / MAR 2021 / Long / CME	$	18,478,705	$	17,817,180	$	(661,525	)

Shelton Green Alpha Fund Portfolio of Investments (Unaudited) 2/28/21

Security Description	Shares		Value (Note 1)
Common Stock (90.84%)
Basic Materials (3.45%)
Daqo New Energy Corp*		90,000	$	9,382,500
Communications (3.29%)
Arista Networks Inc*		5,000		1,399,200
SK Telecom Co Ltd		122,000		2,937,760
Switch Inc		265,000		4,595,100
Total Communications				8,932,060
Consumer, Cyclical (5.19%)
Interface Inc		25,000		310,500
Kandi Technologies Group Inc*		330,000		2,336,400
Steelcase Inc		95,000		1,324,300
Tesla Inc*		15,000		10,132,500
Total Consumer, Cyclical				14,103,700
Consumer, Non-Cyclical (19.83%)
10X Genomics Inc*		15,000		2,669,850
Arcturus Therapeutics Holdings Inc*		13,000	$	684,710
CRISPR Therapeutics AG*		69,000		8,672,610
CureVac NV*		24,000		2,263,200
Danone SA		110,000		1,500,400
Editas Medicine Inc*		122,000		5,350,920
Illumina Inc*		4,000		1,757,640
Intellia Therapeutics Inc*		68,300		4,129,418
Invitae Corp*		95,000		3,812,350
Moderna Inc*		72,000		11,146,320
Natural Grocers by Vitamin Cottage Inc		205,000		2,886,400
Pacific Biosciences of California Inc*		62,000		1,895,340
Personalis Inc*		40,000		1,233,200
Pluristem Therapeutics Inc*		180,000		1,141,200
Sprouts Farmers Market Inc*		60,000		1,266,600
Square Inc*		15,000		3,450,450
Total Consumer, Non-Cyclical				53,860,608
Energy (20.85%)
Azure Power Global Ltd*		65,000	$	1,970,800
Canadian Solar Inc*		101,000		4,739,930
Enphase Energy Inc*		24,000		4,225,440
First Solar Inc*		52,000		4,213,040
JinkoSolar Holding Co Ltd*		220,000		11,294,800
Maxeon Solar Technologies Ltd*		135,000		4,545,450
SolarEdge Technologies Inc*		8,500		2,535,635
SunPower Corp*		190,000		6,606,300
TPI Composites Inc*		109,000		5,194,940
Vestas Wind Systems A/S		180,000		11,313,000
Total Energy				56,639,335
Financial (9.30%)
Alexandria Real Estate Equities Inc		19,000		3,034,110
Digital Realty Trust Inc		28,000		3,772,440
Equinix Inc		3,000		1,945,020
Hannon Armstrong Sustainable Infrastructure Capital Inc		116,000		6,522,680

See accompanying notes to financial statements.

20

Shelton Green Alpha Fund Portfolio of Investments (Unaudited) (Continued) 2/28/21

Security Description	Shares		Value (Note 1)
Horizon Technology Finance Corp		240,000	$	3,542,400
Hudson Pacific Properties Inc		190,000		4,862,100
Kilroy Realty Corp		25,000		1,586,500
Total Financial				25,265,250
Industrial (3.33%)
ABB Ltd		100,000		2,878,000
Advanced Energy Industries Inc		19,000		1,984,550
Trex Co Inc*		18,000		1,649,520
Universal Display Corp		12,000		2,540,280
Total Industrial				9,052,350
Technology (20.99%)
Analog Devices Inc		12,000		1,869,840
Apple Inc		18,000		2,182,680
Applied Materials Inc		80,000		9,455,200
ASML Holding NV		3,000		1,701,270
Cadence Design Systems Inc*		5,100		719,559
Cree Inc*		16,000		1,815,360
Fortinet Inc*		10,500		1,772,925
Infineon Technologies AG		145,000		6,329,250
International Business Machines Corp		50,000	$	5,946,500
Lam Research Corp		10,300		5,842,057
NVIDIA Corp		3,700		2,029,746
QUALCOMM Inc		44,000		5,992,360
Splunk Inc*		4,000		572,040
Taiwan Semiconductor Manufacturing Co Ltd		76,000		9,571,440
Ultra Clean Holdings Inc*		25,000		1,159,500
Total Technology				56,959,727
Utilities (4.61%)
Brookfield Renewable Corp		271,000		12,514,780
Total Common Stock (Cost $164,334,942)				246,710,310
Total Investments (Cost $164,334,942)(a) (90.84%)			$	246,710,310
Other Net Assets (9.16%)				24,889,763
Net Assets (100.00%)			$	271,600,073

* Non-income producing security.

(a) Aggregate cost for federal income tax purpose is $164,617,635.

At February 28, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:

Unrealized appreciation	$	85,486,209
Unrealized depreciation		(3,393,534	)
Net unrealized appreciation	$	82,092,675

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 28, 2021 (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	$	53,880,785	$	20,088,746	$	35,497,059		$	67,660,947	$	75,213,515
Market value of investments (Note 1)		57,967,690		20,944,969		35,497,059			209,968,502		122,543,498
Cash		70,763		349,014		218,206			97,977		363,587
Interest receivable		477,980		58,586		—			—		—
Dividend receivable		—		—		—			288,738		93,064
Appreciation on futures		—		—		—			—		24,980
Receivable from investment advisor		—		8,640		9,122			—		—
Receivable for fund shares sold		93,937		25,526		8,844			55,359		38,398
Receivable for investment securities Sold		—		—		—			30,251		—
Prepaid expenses		887		1,139		975			2,994		1,622
Total assets	$	58,611,257	$	21,387,874	$	35,734,206		$	210,443,821	$	123,065,149
Liabilities
Depreciation on futures		—		—		—			5,253		—
Cash due to broker		—		—		—			888		57,740
Payable to investment advisor		22,764		8,257		—			41,177		37,598
Payable for fund shares purchased		4,278		121,177		119,078			68,649		98,705
Distributions payable		84,962		17,008		—			1,664		—
Accrued 12b-1 fees		—		336		—			669		262
Accrued shareholder service fees		—		—		—			220		69
Accrued administration fees		3,404		1,235		2,114			12,314		7,027
Accrued CCO fees		4,815		123		199			9,683		4,539
Accrued custody fees		2,773		729		1,046			7,585		4,278
Accrued fund accounting fees		18,105		10,100		10,663			32,227		23,707
Accrued printing fees		3,083		2,191		1,456			6,825		7,013
Accrued state registration fees		4,207		7,692		2,587			4,487		8,769
Accrued transfer agent fees		7,349		4,681		2,665			17,199		16,118
Accrued trustee fees		724		420		442			702		809
Accrued expenses		7,065		946		1,733			29,014		20,936
Total liabilities		163,529		174,895		141,983			238,556		287,570
Net assets	$	58,447,728	$	21,212,979	$	35,592,223		$	210,205,265	$	122,777,579
Net assets at February 28, 2021 consist of
Paid-in capital	$	54,538,858	$	20,398,942	$	35,593,916		$	61,957,019	$	71,494,667
Distributable earnings/(loss)		3,908,870		814,037		(1,693	)		148,248,246		51,282,912
Total net assets	$	58,447,728	$	21,212,979	$	35,592,223		$	210,205,265	$	122,777,579
Net assets
Direct Shares	$	58,447,728	$	19,599,237	$	35,592,223		$	206,853,754	$	121,374,030
K Shares			$	1,613,742				$	3,351,511	$	1,403,549
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		5,035,048		1,846,134		35,600,612			3,286,751		4,392,288
K Shares (no par value, unlimited shares authorized)				151,691					53,402		52,734
Net asset value per share
Direct Shares	$	11.61	$	10.62	$	1.00		$	62.94	$	27.63
K Shares			$	10.64				$	62.76	$	26.62

See accompanying notes to financial statements.

22

Statements of Assets & Liabilities
February 28, 2021 (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	$	40,728,121	$	157,143,239	$	409,662,859	$	164,334,942
Market value of investments (Note 1)		65,235,195		178,169,257		1,000,364,638		246,710,310
Cash		296,044		922,693		1,761,419		27,008,288
Cash held at broker		—		58,667		109,704		—
Dividend receivable		32,266		343,786		653,783		291,777
Receivable from investment advisor		—		—		111,483		—
Receivable for fund shares sold		115,058		155,384		944,336		1,085,154
Receivable for investment securities Sold		—		—		—		1,143,057
Prepaid expenses		623		2,196		37,088		4,090
Total assets	$	65,679,186	$	179,651,983	$	1,003,982,451	$	276,242,676
Liabilities
Written options, at value (proceeds $—, $316,837, $— and $— repectively)		—		322,663		—		—
Depreciation on futures		7,905		—		661,525		—
Cash due to broker		685		—		18,290		—
Payable to investment advisor		24,935		68,703		379,274		220,817
Payable for investments purchased		—		—		—		3,552,178
Payable for fund shares purchased		153,399		171,445		1,848,337		781,195
Distributions payable		—		350		—		2,175
Accrued 12b-1 fees		628		289		6,943		—
Accrued shareholder service fees		71		16		6,179		—
Accrued administration fees		3,728		10,273		60,134		16,505
Accrued CCO fees		3,374		5,449		5,980		2,779
Accrued custody fees		276		6,349		19,651		3,364
Accrued fund accounting fees		22,188		25,255		79,977		27,534
Accrued printing fees		5,027		18,833		—		7,048
Accrued state registration fees		9,607		6,759		—		—
Accrued transfer agent fees		9,784		76,597		58,803		13,179
Accrued trustee fees		782		746		451		1,337
Accrued expenses		22,372		18,049		940		14,492
Total liabilities		264,761		731,776		3,146,484		4,642,603
Net assets	$	65,414,425	$	178,920,207	$	1,000,835,967	$	271,600,073
Net assets at February 28, 2021 consist of
Paid-in capital	$	38,646,155	$	155,093,313	$	385,405,312	$	185,343,039
Distributable earnings/(loss)		26,768,270		23,826,894		615,430,655		86,257,034
Total net assets	$	65,414,425	$	178,920,207	$	1,000,835,967	$	271,600,073
Net assets
Direct Shares	$	62,021,322	$	177,485,507	$	966,452,062	$	271,600,073
K Shares	$	3,393,103	$	1,434,700	$	34,383,905
Shares outstanding
Direct Shares (no par value, unlimited shares authorized)		2,391,722		10,205,880		32,911,000		6,131,921
K Shares (no par value, unlimited shares authorized)		135,285		85,055		1,211,508
Net asset value per share
Direct Shares	$	25.93	$	17.39	$	29.37	$	44.29
K Shares	$	25.08	$	16.87	$	28.38

23

See accompanying notes to financial statements.

Statements of Operations

February 28, 2021 (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	$	755,438		$	203,432		$	19,629		$	245		$	186
Dividend income (net of foreign tax witheld: $—, $—, $—, $1,664, and $— respectively)		—			—			—			1,674,885			835,930
Total		755,438			203,432			19,629			1,675,130			836,116
Expenses
Management fees (Note 2)		148,692			55,168			90,655			246,912			213,964
Administration fees (Note 2)		24,051			8,934			14,679			79,641			43,043
Transfer agent fees		7,295			6,757			4,418			16,211			12,709
Accounting services		18,129			11,961			12,608			32,685			23,463
Custodian fees		1,491			876			1,558			6,769			5,460
Legal and audit fees		7,561			5,812			6,510			14,138			10,154
CCO fees (Note 2)		2,631			972			1,609			8,838			4,799
Trustees fees		1,930			1,923			1,945			1,975			2,017
Insurance		1,077			398			667			3,590			1,953
Printing		8,601			8,581			5,935			8,528			8,689
Registration and dues		6,466			12,761			6,016			18,050			16,850
12b-1 fees Class K (Note 2)		—			2,265			—			3,977			1,440
Shareholder service fees Class K (Note 2)		—			2,265			—			3,977			1,440
Licensing fee		—			—			—			13,433			9,190
Total expenses		227,924			118,673			146,600			458,724			355,171
Less reimbursement from manager (Note 2)		—			(31,568	)		(126,971	)		—			—
Net expenses		227,924			87,105			19,629			458,724			355,171
Net investment income		527,514			116,327			—			1,216,406			480,945
Realized and unrealized gain (loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		(388	)		5,509			86			6,847,204			6,024,353
Net realized gain/(loss) from futures contracts		—			—			—			126,054			152,117
Change in unrealized appreciation/(depreciation) of investments		(744,531	)		(672,735	)		—			10,150,482			22,434,045
Change in unrealized appreciation/(depreciation) of futures		—			—			—			(20,178	)		5,440
Net realized and unrealized gain/(loss) on investments		(744,919	)		(667,226	)		86			17,103,562			28,615,955
Net increase/(decrease) in net assets resulting from operations	$	(217,405	)	$	(550,899	)	$	86		$	18,319,968		$	29,096,900

See accompanying notes to financial statements.

24

Statements of Operations
February 28, 2021 (Unaudited) (Continued)

	S&P SmallCap Index Fund			Shelton Core Value Fund		Nasdaq-100 Index Fund			Shelton Green Alpha Fund
Investment income
Interest income	$	50		$	2,825	$	5,827		$	—
Dividend income (net of foreign tax witheld: $404, $3,172, $2,654 and $21,907 respectively)		381,232			1,554,776		3,657,428			759,209
Other Income		—			—		225			—
Total		381,282			1,557,601		3,663,480			759,209
Expenses
Management fees (Note 2)		135,780			399,291		2,205,718			805,650
Administration fees (Note 2)		21,824			64,327		369,085			64,081
Transfer agent fees		8,175			72,171		72,516			13,026
Accounting services		22,108			25,041		94,336			27,482
Custodian fees		4,375			4,435		23,876			4,589
Broker Fees		—			72		—			—
Legal and audit fees		7,789			12,578		49,753			14,273
CCO fees (Note 2)		2,447			7,136		41,445			7,598
Trustees fees		2,055			2,007		1,954			2,327
Insurance		994			2,954		16,278			2,828
Printing		8,836			8,682		8,617			9,800
Registration and dues		15,691			21,825		25,381			15,447
12b-1 fees Class K (Note 2)		3,275			1,711		39,830			—
Shareholder service fees Class K (Note 2)		3,275			1,711		39,830			—
Licensing fee		11,087			—		79,908			—
Total expenses		247,711			623,941		3,068,527			967,101
Less reimbursement from manager (Note 2)		—			—		(700,010	)		—
Net expenses		247,711			623,941		2,368,517			967,101
Net investment income		133,571			933,660		1,294,963			(207,892	)
Realized and unrealized gain(loss) on investments
Net realized gain/(loss) from security transactions and foreign currency		3,493,568			7,180,674		26,329,233			4,719,406
Net realized gain/(loss) from futures contracts		156,899			—		3,156,957			—
Net realized gain/(loss) from written options contracts		—			1,978,896		—			—
Change in unrealized appreciation/(depreciation) of investments		16,213,175			8,208,987		35,385,418			40,268,208
Change in unrealized appreciation/(depreciation) of written options contracts		—			777,040		—			—
Change in unrealized appreciation/(depreciation) of futures		(7,605	)		—		(3,143,540	)		—
Net realized and unrealized gain/(loss) on investments		19,856,037			18,145,597		61,728,068			44,987,614
Net increase/(decrease) in net assets resulting from operations	$	19,989,608		$	19,079,257	$	63,023,031		$	44,779,722

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 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations
Net investment income/(loss)	$	527,514		$	1,143,348		$	116,327		$	272,850		$	—		$	260,032
Net realized gain/(loss) on investments and foreign currency		(388	)		(156,702	)		5,509			(6,647	)		86			468
Change in unrealized appreciation/(depreciation) of investments		(744,531	)		409,032			(672,735	)		838,360			—			—
Net increase/(decrease) in net assets resulting from operations		(217,405	)		1,395,678			(550,899	)		1,104,563			86			260,500
Distributions to shareholders
Distributions
Direct shares		(532,959	)		(1,224,678	)		(107,516	)		(256,716	)		—			(258,634	)
K shares		—			—			(5,245	)		(14,066	)		—			(2,890	)(a)
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		(2,158,471	)		(4,958,784	)		(1,828,731	)		3,358,089			(1,324,443	)		(2,171,321	)
Total increase/(decrease)		(2,908,835	)		(4,787,784	)		(2,492,391	)		4,191,870			(1,324,357	)		(2,172,345	)
Net assets
Beginning of year	$	61,356,563		$	66,144,347		$	23,705,370		$	19,513,500		$	36,916,580		$	39,088,925
End of year	$	58,447,728		$	61,356,563		$	21,212,979		$	23,705,370		$	35,592,223		$	36,916,580

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

	S&P 500 Index Fund						S&P MidCap Index Fund						S&P SmallCap Index Fund
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations
Net investment income/(loss)	$	1,216,406		$	2,679,134		$	480,945		$	988,648		$	133,571		$	332,280
Net realized gain/(loss) on investments and foreign currency		6,847,204			21,700,484			6,024,353			6,274,228			3,493,568			1,448,521
Net realized gain/(loss) on futures contracts		126,054			426,835			152,117			124,091			156,899			36,139
Change in unrealized appreciation/(depreciation) of investments		10,150,482			12,329,512			22,434,045			(3,627,369	)		16,213,175			(2,364,010	)
Change in unrealized appreciation/(depreciation) of futures contracts		(20,178	)		10,474			5,440			20,679			(7,605	)		420
Net increase/(decrease) in net assets resulting from operations		18,319,968			37,146,439			29,096,900			3,780,277			19,989,608			(546,650	)
Distributions to shareholders
Distributions
Direct shares		(15,140,944	)		(16,841,674	)		(8,756,321	)		(8,000,679	)		(2,270,219	)		(4,569,651	)
K shares		(238,511	)		(432,740	)		(95,141	)		(152,045	)		(110,067	)		(271,574	)
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		8,046,781			(11,988,469	)		2,977,281			(6,203,467	)		(1,448,923	)		(11,677,998	)
Total increase/(decrease)		10,987,294			7,883,556			23,222,719			(10,575,914	)		16,160,399			(17,065,873	)
Net assets
Beginning of year	$	199,217,971		$	191,334,415		$	99,554,860		$	110,130,774		$	49,254,026		$	66,319,899
End of year	$	210,205,265		$	199,217,971		$	122,777,579		$	99,554,860		$	65,414,425		$	49,254,026

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 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020
Operations
Net investment income/(loss)	$	933,660		$	1,965,729		$	1,294,963		$	3,178,951		$	(207,892	)	$	(33,354	)
Net realized gain/(loss) on investments and foreign currency		7,180,674			26,946,547			26,329,233			37,568,787			4,719,406			1,250,940
Net realized gain/(loss) on futures contracts		—			—			3,156,957			3,356,155			—			—
Net realized gain/(loss) on written option contracts		1,978,896			4,807,910			—			—			—			—
Change in unrealized appreciation/(depreciation) of investments		8,208,987			(21,522,774	)		35,385,418			290,800,373			40,268,208			32,047,301
Change in unrealized appreciation/(depreciation) of written options contracts		777,040			(739,010	)		—			—			—			—
Change in unrealized appreciation/(depreciation) of futures contracts		—			—			(3,143,540	)		2,484,689			—			—
Net increase/(decrease) in net assets resulting from operations		19,079,257			11,458,402			63,023,031			337,388,955			44,779,722			33,264,887
Distributions to shareholders
Distributions
Direct shares		(28,709,681	)		(21,484,252	)		(10,913,037	)		(45,073,391	)		(1,627,679	)		(51,961	)
K shares		(249,076	)		(254,277	)		(356,386	)		(1,645,438	)		—			—
Capital share transactions
Increase/(decrease) in net assets resulting from capital share transactions		37,379,897			10,101,028			28,854,958			(2,718,647	)		136,840,725			1,827,077
Total increase/(decrease)		27,500,397			(179,099	)		80,608,566			287,951,479			179,992,768			35,040,003
Net assets
Beginning of year	$	151,419,810		$	151,598,909		$	920,227,401		$	632,275,922		$	91,607,305		$	56,567,302
End of year	$	178,920,207		$	151,419,810		$	1,000,835,967		$	920,227,401		$	271,600,073		$	91,607,305

Green California Tax-Free Income Fund	Direct Shares
	Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020
	Shares			Value			Shares			Value
Shares sold		137,062		$	1,614,233			196,708		$	2,272,558
Shares issued in reinvestment of distributions		35,864			420,510			82,106			955,461
Shares repurchased		(357,061	)		(4,193,214	)		(702,686	)		(8,186,803	)
Net increase/(decrease)		(184,135	)	$	(2,158,471	)		(423,872	)	$	(4,958,784	)

U.S. Government Securities Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020						Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		134,790		$	1,461,553			1,356,175		$	14,524,346			40,666		$	443,895			106,781		$	1,142,515
Shares issued in reinvestment of distributions		9,578			103,625			22,878			245,672			484			5,245			1,311			14,066
Shares repurchased		(312,087	)		(3,390,271	)		(999,065	)		(10,772,286	)		(41,927	)		(452,778	)		(168,091	)		(1,796,224	)
Net increase/(decrease)		(167,719	)	$	(1,825,093	)		379,988		$	3,997,732			(777	)	$	(3,638	)		(59,999	)	$	(639,643	)

The United States Treasury Trust Fund	Direct Shares						K Shares
	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2020(a)
	Shares/Value			Shares/Value			Shares/Value
Shares sold	$	11,503,468		$	27,774,757		$	99,639
Shares issued in reinvestment of distributions		—			250,639			2,357
Shares gained with reorganization		N/A			462,114			—
Shares repurchased		(12,827,911	)		(29,050,018	)		(1,710,809	)
Net increase/(decrease)	$	(1,324,443	)	$	(562,508	)	$	(1,608,813	)

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

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 28, 2021 (Unaudited)						Year Ended August 31, 2020						Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		171,271		$	10,542,822			490,241		$	26,352,137			3,406		$	207,343			10,160		$	554,156
Shares issued in reinvestment of distributions		206,097			12,363,774			257,226			14,253,960			3,988			238,466			7,803			432,553
Shares repurchased		(244,418	)		(15,072,125	)		(900,375	)		(49,138,001	)		(3,727	)		(233,499	)		(78,467	)		(4,443,274	)
Net increase/(decrease)		132,950		$	7,834,471			(152,908	)	$	(8,531,904	)		3,667		$	212,310			(60,504	)	$	(3,456,565	)

S&P MidCap Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020						Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		86,801		$	2,182,637			316,846		$	6,967,139			5,810		$	139,091			14,566		$	317,593
Shares issued in reinvestment of distributions		347,402			8,345,395			321,519			7,608,195			4,107			95,098			6,499			151,810
Shares repurchased		(310,480	)		(7,680,585	)		(857,940	)		(18,813,278	)		(4,673	)		(104,355	)		(104,691	)		(2,434,926	)
Net increase/(decrease)		123,723		$	2,847,447			(219,575	)	$	(4,237,944	)		5,244		$	129,834			(83,626	)	$	(1,965,523	)

S&P SmallCap Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020						Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		86,896		$	1,877,713			503,522		$	9,330,319			12,448		$	282,019			23,999		$	435,338
Shares issued in reinvestment of distributions		103,997			2,183,879			215,344			4,434,916			5,408			110,067			13,510			271,574
Shares repurchased		(265,826	)		(5,747,261	)		(1,244,439	)		(23,029,041	)		(7,675	)		(155,340	)		(158,244	)		(3,121,104	)
Net increase/(decrease)		(74,933	)	$	(1,685,669	)		(525,573	)	$	(9,263,806	)		10,181		$	236,746			(120,735	)	$	(2,414,192	)

Shelton Core Value Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020						Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		1,180,017		$	21,026,532			574,641		$	10,625,114			3,629		$	61,887			18,881		$	340,133
Shares issued in reinvestment of distributions		1,633,382			27,476,593			1,107,856			20,924,633			15,255			249,076			13,661			254,277
Shares repurchased		(640,344	)		(11,266,704	)		(1,080,100	)		(20,332,165	)		(9,697	)		(167,487	)		(88,449	)		(1,710,964	)
Net increase/(decrease)		2,173,055		$	37,236,421			602,397		$	11,217,582			9,187		$	143,476			(55,907	)	$	(1,116,554	)

Nasdaq-100 Index Fund	Direct Shares												K Shares
	Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020						Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020
	Shares			Value			Shares			Value			Shares			Value			Shares			Value
Shares sold		5,528,418		$	155,784,288			10,785,073		$	224,007,130			159,977		$	4,361,890			256,521		$	5,299,756
Shares issued in reinvestment of distributions		367,801			10,302,006			2,232,317			42,808,895			13,178			356,386			88,576			1,645,439
Shares repurchased		(4,994,264	)		(138,662,453	)		(13,353,261	)		(265,901,712	)		(117,498	)		(3,287,159	)		(547,230	)		(10,578,155	)
Net increase/(decrease)		901,955		$	27,423,841			(335,871	)	$	914,313			55,657		$	1,431,117			(202,133	)	$	(3,632,960	)

See accompanying notes to financial statements.

28

Statements of Changes in Net Assets
(Continued)

Shelton Green Alpha Fund	Direct Shares
	Six Months Ended February 28, 2021 (Unaudited)						Year Ended August 31, 2020
	Shares			Value			Shares			Value
Shares sold		4,126,478		$	183,956,023			1,291,933		$	26,911,073
Shares issued in reinvestment of distributions		39,298			1,586,061			2,499			50,887
Shares repurchased		(1,123,965	)		(48,701,359	)		(1,271,931	)		(25,134,883	)
Net increase/(decrease)		3,041,811		$	136,840,725			22,501		$	1,827,077

Financial Highlights

(For a Share Outstanding Throughout Each Year or Period)

Green California Tax-Free Income Fund Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	11.76		$	11.72		$	11.29		$	11.65		$	11.93		$	11.69
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.10			0.21			0.23			0.23			0.25			0.29
Net gain/(loss) on securities (both realized and unrealized)		(0.15	)		0.06			0.45			(0.31	)		(0.20	)		0.24
Total from investment operations		(0.05	)		0.27			0.68			(0.08	)		0.05			0.53
LESS DISTRIBUTIONS
Dividends from net investment income		(0.10	)		(0.21	)		(0.23	)		(0.24	)		(0.27	)		(0.29	)
Distributions from capital gains		—			(0.02	)		(0.02	)		(0.04	)		(0.06	)		—
Total distributions		(0.10	)		(0.23	)		(0.25	)		(0.28	)		(0.33	)		(0.29	)
Net asset value, end of year or period	$	11.61		$	11.76		$	11.72		$	11.29		$	11.65		$	11.93
Total return		0.08	%		2.31	%		6.10	%		(0.74	)%		0.43	%		4.60	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	58,448		$	61,357		$	66,144		$	68,253		$	75,310		$	84,422
Ratio of expenses to average net assets		0.76	%(b)		0.75	%		0.77	%		0.76	%		0.69	%		0.69	%
Ratio of net investment income/(loss) to average net assets		1.74	%(b)		1.82	%		2.01	%		2.02	%		2.20	%		2.47	%
Portfolio turnover		0	%		9	%		4	%		12	%		7	%		19	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

29

See accompanying notes to financial statements.

Financial Highlights

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

U.S. Government Securities Fund Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	10.94		$	10.57		$	9.98		$	10.32		$	10.61		$	10.42
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.06			0.13			0.15			0.14			0.14			0.14
Net gain/(loss) on securities (both realized and unrealized)		(0.32	)		0.37			0.59			(0.33	)		(0.26	)		0.20
Total from investment operations		(0.26	)		0.50			0.74			(0.19	)		(0.12	)		0.34
LESS DISTRIBUTIONS
Dividends from net investment income		(0.06	)		(0.13	)		(0.15	)		(0.15	)		(0.17	)		(0.15	)
Total distributions		(0.06	)		(0.13	)		(0.15	)		(0.15	)		(0.17	)		(0.15	)
Net asset value, end of year or period	$	10.62		$	10.94		$	10.57		$	9.98		$	10.32		$	10.61
Total return		(0.05	)%		4.78	%		7.48	%		(1.88	)%		(1.14	)%		3.25	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	19,599		$	22,034		$	17,263		$	15,668		$	18,316		$	19,754
Ratio of expenses to average net assets:
Before expense reimbursements		1.02	%(b)		0.93	%		0.99	%		0.89	%		0.81	%		0.82	%
After expense reimbursements		0.74	%(b),(c)		0.75	%(c)		0.76	%(c)		0.75	%(c)		0.74	%		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.80	%(b)		1.07	%		1.23	%		1.29	%		1.27	%		1.25	%
After expense reimbursements		1.08	%(b)		1.25	%		1.47	%		1.42	%		1.34	%		1.33	%
Portfolio turnover		0	%		10	%		8	%		13	%		10	%		18	%

K Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	10.96		$	10.59		$	10.01		$	10.35		$	10.64		$	10.43
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.03			0.08			0.10			0.09			0.09			0.09
Net gain/(loss) on securities (both realized and unrealized)		(0.32	)		0.37			0.58			(0.33	)		(0.27	)		0.20
Total from investment operations		(0.29	)		0.45			0.68			(0.24	)		(0.18	)		0.29
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.08	)		(0.10	)		(0.10	)		(0.11	)		(0.08	)
Total distributions		(0.03	)		(0.08	)		(0.10	)		(0.10	)		(0.11	)		(0.08	)
Net asset value, end of year or period	$	10.64		$	10.96		$	10.59		$	10.01		$	10.35		$	10.64
Total return		(0.62	)%		4.28	%		6.87	%		(2.37	)%		(1.67	)%		2.77	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,614		$	1,672		$	2,250		$	3,691		$	3,699		$	4,712
Ratio of expenses to average net assets:
Before expense reimbursements		1.52	%(b)		1.44	%		1.49	%		1.39	%		1.31	%		1.32	%
After expense reimbursements		1.24	%(b),(c)		1.26	%(c)		1.26	%(c)		1.25	%(c)		1.24	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.30	%(b)		0.58	%		0.75	%		0.78	%		0.77	%		0.75	%
After expense reimbursements		0.58	%(b)		0.76	%		0.98	%		0.92	%		0.84	%		0.84	%
Portfolio turnover		0	%		10	%		8	%		13	%		10	%		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 Year or Period) (Continued)

The United States Treasury Trust Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
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		0.07	%		0.67	%		1.75	%		0.98	%		0.03	%		0.00	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	35,592		$	36,917		$	37,479		$	53,079		$	57,149		$	72,482
Ratio of expenses to average net assets:
Before expense reimbursements		0.80	%(c)		0.78	%		0.77	%		0.77	%		0.71	%		0.71	%
After expense reimbursements		0.10	%(c),(d),(e)		0.45	%(d)		0.55	%(d)		0.46	%(e)		0.52	%(e)		0.22	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.70	)%(c)		0.35	%		1.51	%		0.65	%		(0.16	)%		(0.49	)%
After expense reimbursements		0.00	%(c),(e)		0.68	%		1.73	%		0.96	%(e)		0.03	%(e)		0.00	%

(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.

S&P 500 Index Fund Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	62.19		$	56.00		$	56.03		$	48.26		$	42.86		$	39.88
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.38			0.81			0.82			0.82			0.78			0.76
Net gain/(loss) on securities (both realized and unrealized)		5.21			10.49			0.44			8.48			5.89			3.99
Total from investment operations		5.59			11.30			1.26			9.30			6.67			4.75
LESS DISTRIBUTIONS
Dividends from net investment income		(0.43	)		(0.85	)		(0.88	)		(0.77	)		(0.83	)		(0.78	)
Distributions from capital gains		(4.41	)		(4.26	)		(0.41	)		(0.76	)		(0.44	)		(0.99	)
Total distributions		(4.84	)		(5.11	)		(1.29	)		(1.53	)		(1.27	)		(1.77	)
Net asset value, end of year or period	$	62.94		$	62.19		$	56.00		$	56.03		$	48.26		$	42.86
Total return		30.62	%		21.44	%		2.40	%		19.64	%		15.89	%		12.21	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	206,854		$	196,133		$	185,170		$	182,362		$	155,022		$	135,346
Ratio of expenses to average net assets:
Before expense reimbursements		0.44	%(b)		0.48	%		0.50	%		0.50	%		0.46	%		0.47	%
After expense reimbursements		0.44	%(b)		0.48	%		0.50	%		0.45	%		0.36	%		0.36	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		1.22	%(b)		1.46	%		1.52	%		1.53	%		1.63	%		1.77	%
After expense reimbursements		1.22	%(b)		1.46	%		1.52	%		1.58	%		1.73	%		1.88	%
Portfolio turnover		5	%		8	%		3	%		3	%		5	%		1	%

31

See accompanying notes to financial statements.

Financial Highlights

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

K Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	62.02		$	55.92		$	55.96		$	48.24		$	42.88		$	39.87
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.22			0.53			0.54			0.56			0.55			0.56
Net gain/(loss) on securities (both realized and unrealized)		5.20			10.47			0.45			8.48			5.89			3.99
Total from investment operations		5.42			11.00			0.99			9.04			6.44			4.55
LESS DISTRIBUTIONS
Dividends from net investment income		(0.27	)		(0.64	)		(0.62	)		(0.56	)		(0.64	)		(0.55	)
Distributions from capital gains		(4.41	)		(4.26	)		(0.41	)		(0.76	)		(0.44	)		(0.99	)
Total distributions		(4.68	)		(4.90	)		(1.03	)		(1.32	)		(1.08	)		(1.54	)
Net asset value, end of year or period	$	62.76		$	62.02		$	55.92		$	55.96		$	48.24		$	42.88
Total return		29.96	%		20.84	%		1.88	%		19.05	%		15.31	%		11.65	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	3,352		$	3,085		$	6,165		$	9,919		$	8,506		$	7,981
Ratio of expenses to average net assets:
Before expense reimbursements		0.94	%(b)		0.98	%		0.99	%		1.00	%		0.96	%		0.97	%
After expense reimbursements		0.94	%(b)		0.98	%		0.99	%		0.95	%		0.86	%		0.86	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.72	%(b)		0.96	%		1.02	%		1.03	%		1.13	%		1.26	%
After expense reimbursements		0.72	%(b)		0.96	%		1.02	%		1.08	%		1.23	%		1.37	%
Portfolio turnover		5	%		8	%		3	%		3	%		5	%		1	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

S&P Midcap Index Fund Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	23.07		$	23.85		$	28.77		$	25.75		$	26.69		$	28.41
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.11			0.22			0.23			0.25			0.23			0.26
Net gain/(loss) on securities (both realized and unrealized)		6.55			0.80			(2.23	)		4.61			2.95			2.73
Total from investment operations		6.66			1.02			(2.00	)		4.86			3.18			2.99
LESS DISTRIBUTIONS
Dividends from net investment income		(0.11	)		(0.24	)		(0.24	)		(0.22	)		(0.21	)		(0.24	)
Distributions from capital gains		(1.99	)		(1.56	)		(2.68	)		(1.62	)		(3.91	)		(4.47	)
Total distributions		(2.10	)		(1.80	)		(2.92	)		(1.84	)		(4.12	)		(4.71	)
Net asset value, end of year or period	$	27.63		$	23.07		$	23.85		$	28.77		$	25.75		$	26.69
Total return		39.34	%		4.18	%		(6.85	)%		19.48	%		13.01	%		11.86	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	121,374		$	98,496		$	107,054		$	124,728		$	113,149		$	136,371
Ratio of expenses to average net assets:
Before expense reimbursements		0.64	%(b)		0.66	%		0.67	%		0.66	%		0.62	%		0.62	%
After expense reimbursements		0.64	%(b)		0.66	%		0.67	%		0.63	%		0.58	%		0.58	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.88	%(b)		0.97	%		0.95	%		0.89	%		0.85	%		0.98	%
After expense reimbursements		0.88	%(b)		0.97	%		0.95	%		0.92	%		0.89	%		1.02	%
Portfolio turnover		10	%		13	%		13	%		12	%		34	%		11	%

See accompanying notes to financial statements.

32

Financial Highlights

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

K Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	22.29		$	23.47		$	28.37		$	25.44		$	26.43		$	28.18
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.05			0.11			0.11			0.11			0.10			0.13
Net gain/(loss) on securities (both realized and unrealized)		6.32			0.50			(2.19	)		4.55			2.92			2.71
Total from investment operations		6.37			0.61			(2.08	)		4.66			3.02			2.84
LESS DISTRIBUTIONS
Dividends from net investment income		(0.05	)		(0.23	)		(0.14	)		(0.11	)		(0.10	)		(0.12	)
Distributions from capital gains		(1.99	)		(1.56	)		(2.68	)		(1.62	)		(3.91	)		(4.47	)
Total distributions		(2.04	)		(1.79	)		(2.82	)		(1.73	)		(4.01	)		(4.59	)
Net asset value, end of year or period	$	26.62		$	22.29		$	23.47		$	28.37		$	25.44		$	26.43
Total return		36.98	%		2.37	%		(7.27	)%		18.86	%		12.45	%		11.31	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,404		$	1,059		$	3,077		$	6,179		$	5,442		$	5,086
Ratio of expenses to average net assets:
Before expense reimbursements		1.14	%(b)		1.16	%		1.17	%		1.16	%		1.12	%		1.12	%
After expense reimbursements		1.14	%(b)		1.16	%		1.17	%		1.13	%		1.08	%		1.08	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.40	%(b)		0.49	%		0.45	%		0.39	%		0.35	%		0.48	%
After expense reimbursements		0.40	%(b)		0.49	%		0.45	%		0.42	%		0.39	%		0.51	%
Portfolio turnover		10	%		13	%		13	%		12	%		34	%		11	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

S&P Smallcap Index Fund Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	19.03		$	20.52		$	26.43		$	22.33		$	20.87		$	20.60
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.06			0.12			0.15			0.13			0.13			0.12
Net gain/(loss) on securities (both realized and unrealized)		7.80			(0.05	)		(4.27	)		6.38			2.36			2.29
Total from investment operations		7.86			0.07			(4.12	)		6.51			2.49			2.41
LESS DISTRIBUTIONS
Dividends from net investment income		(0.07	)		(0.15	)		(0.15	)		(0.12	)		(0.12	)		(0.14	)
Distributions from capital gains		(0.89	)		(1.41	)		(1.64	)		(2.29	)		(0.91	)		(2.00	)
Total distributions		(0.96	)		(1.56	)		(1.79	)		(2.41	)		(1.03	)		(2.14	)
Net asset value, end of year or period	$	25.93		$	19.03		$	20.52		$	26.43		$	22.33		$	20.87
Total return		46.61	%		(0.18	)%		(15.82	)%		30.95	%		12.12	%		12.48	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	62,021		$	46,948		$	61,412		$	78,902		$	56,076		$	47,351
Ratio of expenses to average net assets:
Before expense reimbursements		0.86	%(b)		0.83	%		0.81	%		0.80	%		0.78	%		0.77	%
After expense reimbursements		0.86	%(b)		0.83	%		0.81	%		0.77	%		0.74	%		0.74	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.50	%(b)		0.60	%		0.70	%		0.53	%		0.56	%		0.56	%
After expense reimbursements		0.50	%(b)		0.60	%		0.70	%		0.56	%		0.60	%		0.60	%
Portfolio turnover		8	%		20	%		14	%		18	%		31	%		12	%

33

See accompanying notes to financial statements.

Financial Highlights

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

K Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	18.43		$	19.96		$	25.77		$	21.85		$	20.47		$	20.24
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		—			0.02			0.05			0.01			0.02			0.02
Net gain/(loss) on securities (both realized and unrealized)		7.56			(0.05	)		(4.16	)		6.23			2.31			2.25
Total from investment operations		7.56			(0.03	)		(4.11	)		6.24			2.33			2.27
LESS DISTRIBUTIONS
Dividends from net investment income		(0.02	)		(0.09	)		(0.06	)		(0.03	)		(0.04	)		(0.04	)
Distributions from capital gains		(0.89	)		(1.41	)		(1.64	)		(2.29	)		(0.91	)		(2.00	)
Total distributions		(0.91	)		(1.50	)		(1.70	)		(2.32	)		(0.95	)		(2.04	)
Net asset value, end of year or period	$	25.08		$	18.43		$	19.96		$	25.77		$	21.85		$	20.47
Total return		45.75	%		(0.74	)%		(16.22	)%		30.26	%		11.59	%		11.89	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	3,393		$	2,306		$	4,908		$	9,851		$	8,165		$	9,279
Ratio of expenses to average net assets:
Before expense reimbursements		1.36	%(b)		1.33	%		1.31	%		1.31	%		1.28	%		1.28	%
After expense reimbursements		1.36	%(b)		1.33	%		1.31	%		1.27	%		1.24	%		1.24	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.00	%(b)		0.12	%		0.21	%		0.03	%		0.06	%		0.06	%
After expense reimbursements		0.00	%(b)		0.12	%		0.21	%		0.06	%		0.10	%		0.10	%
Portfolio turnover		8	%		20	%		14	%		18	%		31	%		12	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

Shelton Core Value Fund Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	18.68		$	20.05		$	24.53		$	25.00		$	26.82		$	25.26
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.10			0.25			0.36			0.37			0.43			0.48
Net gain/(loss) on securities (both realized and unrealized)		1.94			1.22			(0.51	)		2.33			1.81			1.94
Total from investment operations		2.04			1.47			(0.15	)		2.70			2.24			2.42
LESS DISTRIBUTIONS
Dividends from net investment income		(0.80	)		(1.50	)		(0.68	)		(0.38	)		(0.59	)		(0.50	)
Distributions from capital gains		(2.53	)		(1.34	)		(3.65	)		(2.79	)		(3.47	)		(0.36	)
Total distributions		(3.33	)		(2.84	)		(4.33	)		(3.17	)		(4.06	)		(0.86	)
Net asset value, end of year or period	$	17.39		$	18.68		$	20.05		$	24.53		$	25.00		$	26.82
Total return		21.90	%		7.99	%		0.41	%		11.32	%		9.10	%		9.83	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	177,486		$	150,038		$	148,997		$	176,019		$	176,929		$	175,317
Ratio of expenses to average net assets		0.76	%(b)		0.84	%		0.82	%		0.78	%		0.75	%		0.78	%
Ratio of net investment income/(loss) to average net assets		1.14	%(b)		1.33	%		1.77	%		1.52	%		1.71	%		1.90	%
Portfolio turnover		36	%		113	%		21	%		35	%		9	%		20	%

See accompanying notes to financial statements.

34

Financial Highlights

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

K Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	18.21		$	19.74		$	24.22		$	24.75		$	26.61		$	25.09
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.06			0.16			0.26			0.25			0.30			0.35
Net gain/(loss) on securities (both realized and unrealized)		1.89			1.19			(0.50	)		2.29			1.79			1.93
Total from investment operations		1.95			1.35			(0.24	)		2.54			2.09			2.28
LESS DISTRIBUTIONS
Dividends from net investment income		(0.76	)		(1.54	)		(0.59	)		(0.28	)		(0.48	)		(0.40	)
Distributions from capital gains		(2.53	)		(1.34	)		(3.65	)		(2.79	)		(3.47	)		(0.36	)
Total distributions		(3.29	)		(2.88	)		(4.24	)		(3.07	)		(3.95	)		(0.76	)
Net asset value, end of year or period	$	16.87		$	18.21		$	19.74		$	24.22		$	24.75		$	26.61
Total return		21.23	%		7.40	%		(0.08	)%		10.75	%		8.57	%		9.30	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year or period (000s)	$	1,435		$	1,382		$	2,601		$	5,370		$	5,369		$	5,897
Ratio of expenses to average net assets		1.26	%(b)		1.34	%		1.32	%		1.28	%		1.25	%		1.28	%
Ratio of net investment income/(loss) to average net assets		0.66	%(b)		0.85	%		1.27	%		1.02	%		1.22	%		1.40	%
Portfolio turnover		36	%		113	%		21	%		35	%		9	%		20	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

Nasdaq-100 Index Fund Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	27.78		$	18.78		$	18.85		$	15.24		$	12.25		$	11.00
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		0.04			0.10			0.11			0.10			0.10			0.09
Net gain/(loss) on securities (both realized and unrealized)		1.90			10.32			0.18			3.78			2.98			1.27
Total from investment operations		1.94			10.42			0.29			3.88			3.08			1.36
LESS DISTRIBUTIONS
Dividends from net investment income		(0.08	)		(0.10	)		(0.12	)		(0.10	)		(0.09	)		(0.11	)
Distributions from capital gains		(0.27	)		(1.32	)		(0.24	)		(0.17	)		—			—
Total distributions		(0.35	)		(1.42	)		(0.36	)		(0.27	)		(0.09	)		(0.11	)
Net asset value, end of year or period	$	29.37		$	27.78		$	18.78		$	18.85		$	15.24		$	12.25
Total return		53.83	%		58.98	%		1.72	%		25.73	%		25.29	%		12.46	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	966,452		$	889,163		$	607,521		$	630,845		$	460,021		$	298,123
Ratio of expenses to average net assets:
Before expense reimbursements		0.64	%(b)		0.70	%		0.74	%		0.74	%		0.70	%		0.74	%
After expense reimbursements		0.48	%(b),(c)		0.50	%(c)		0.50	%(c)		0.51	%(c)		0.49	%		0.49	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		0.14	%(b)		0.27	%		0.40	%		0.36	%		0.53	%		0.57	%
After expense reimbursements		0.30	%(b)		0.47	%		0.64	%		0.59	%		0.74	%		0.82	%
Portfolio turnover		7	%		12	%		18	%		2	%		4	%		7	%

35

See accompanying notes to financial statements.

Financial Highlights

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

K Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	26.88		$	18.23		$	18.31		$	14.83		$	11.93		$	10.69
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.03	)		(0.01	)		0.02			0.01			0.03			0.03
Net gain/(loss) on securities (both realized and unrealized)		1.83			10.01			0.18			3.67			2.91			1.24
Total from investment operations		1.80			10.00			0.20			3.68			2.94			1.27
LESS DISTRIBUTIONS
Dividends from net investment income		(0.03	)		(0.03	)		(0.04	)		(0.03	)		(0.04	)		(0.03	)
Distributions from capital gains		(0.27	)		(1.32	)		(0.24	)		(0.17	)		—			—
Total distributions		(0.30	)		(1.35	)		(0.28	)		(0.20	)		(0.04	)		(0.03	)
Net asset value, end of year or period	$	28.38		$	26.88		$	18.23		$	18.31		$	14.83		$	11.93
Total return		53.02	%		58.17	%		1.24	%		25.03	%		24.70	%		11.96	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	34,384		$	31,064		$	24,755		$	28,573		$	22,427		$	15,500
Ratio of expenses to average net assets:
Before expense reimbursements		1.14	%(b)		1.20	%		1.24	%		1.24	%		1.20	%		1.24	%
After expense reimbursements		0.98	%(b),(c)		1.00	%(c)		1.00	%(c)		1.01	%(c)		0.99	%		0.99	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.36	)%(b)		(0.23	)%		(0.10	)%		(0.15	)%		0.03	%		0.05	%
After expense reimbursements		(0.20	)%(b)		(0.03	)%		0.14	%		0.08	%		0.24	%		0.30	%
Portfolio turnover		7	%		12	%		18	%		2	%		4	%		7	%

(a) Calculated based upon average shares outstanding.

(b) Annualized.

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

Shelton Green Alpha Fund Direct Shares	Six Months Ended February 28, 2021 (Unaudited)			Year Ended August 31, 2020			Year Ended August 31, 2019			Year Ended August 31, 2018			Year Ended August 31, 2017			Year Ended August 31, 2016
Net asset value, beginning of year	$	29.65		$	18.44		$	17.20		$	17.32		$	14.53		$	13.67
INCOME FROM INVESTMENT OPERATIONS
Net investment income/(loss)(a)		(0.05	)		(0.01	)		0.03			0.05			0.02			(0.03	)
Net gain/(loss) on securities (both realized and unrealized)		15.14			11.24			1.47			0.34			2.77			0.89
Total from investment operations		15.09			11.23			1.50			0.39			2.79			0.86
LESS DISTRIBUTIONS
Dividends from net investment income		—			(0.02	)		(0.02	)		(0.05	)		—			—
Distributions from capital gains		(0.45	)		—			(0.24	)		(0.46	)		—	(b)		—	(b)
Total distributions		(0.45	)		(0.02	)		(0.26	)		(0.51	)		—			—
Net asset value, end of year or period	$	44.29		$	29.65		$	18.44		$	17.20		$	17.32		$	14.53
Total return		118.80	%		60.93	%		8.91	%		2.19	%		19.20	%		6.29	%
RATIOS / SUPPLEMENTAL DATA
Net assets, end of year (000s)	$	271,600		$	91,607		$	56,567		$	49,366		$	40,256		$	36,880
Ratio of expenses to average net assets:
Before expense reimbursements		1.16	%(c)		1.28	%		1.34	%		1.30	%		1.30	%		1.31	%
After expense reimbursements		1.16	%(c)		1.28	%		1.34	%		1.30	%		1.30	%		1.31	%
Ratio of net investment income/(loss) to average net assets
Before expense reimbursements		(0.24	)%(c)		(0.05	)%		0.15	%		0.30	%		0.13	%		(0.22	)%
After expense reimbursements		(0.24	)%(c)		(0.05	)%		0.15	%		0.30	%		0.13	%		(0.22	)%
Portfolio turnover		6	%		27	%		12	%		13	%		24	%		13	%

(a) Calculated based upon average shares outstanding.

(b) Less than $0.01 per share.

(c) Annualized.

See accompanying notes to financial statements.

36

Shelton Funds Notes to Financial Statements (Unaudited) February 28, 2021

Note 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Green California Tax-Free Income Fund, U.S. Government Securities Fund, The United States Treasury Trust, S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, Shelton 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 each offer Class K shares. Effective as of December 27, 2019, The United States Treasury Trust ceased offering 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.

(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.

37

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2021

(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 (2017-2019), or expected to be taken in the Fund’s 2020 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:

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

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 28, 2021 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(e)		Written Options - Liabilities
Green California Tax-Free Income Fund	$	—	$	57,967,690	$	—	$	57,967,690	$	—	$	—	$	—
U.S. Government Securities Fund		—		20,944,969		—		20,944,969		—		—		—
The United States Treasury Trust Fund		—		35,497,059		—		35,497,059		—		—		—
S&P 500 Index Fund		209,868,507		99,995		—		209,968,502		—		5,253		—
S&P MidCap Index Fund	$	121,743,538	$	799,960	$	—	$	122,543,498	$	24,980	$	—	$	—
S&P SmallCap Index Fund		65,135,200		99,995		0		65,235,195		—		7,905		—
Shelton Core Value Fund		168,369,747		9,799,510		—		178,169,257		—		—		322,663
Nasdaq-100 Index Fund		982,865,513		17,499,125		—		1,000,364,638		—		661,525		—
Shelton Green Alpha Fund		246,710,310		—		—		246,710,310		—		—		—

(a) It is the Fund’s 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 fiscal year end.

(b) All publicly traded common stocks and preferred stocks held in the Funds are Level 1 securities. 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 appreciation on the last day of the reporting period.

(e) Represents depreciation on the last day of the reporting period.

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

(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.

38

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2021

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 28, 2021, the number of open future contracts in the S&P 500 Index Fund, S&P MidCap Index Fund, S&P SmallCap Index Fund, and Nasdaq-100 Index Fund were 1, 4, 2 and 69, respectively. The Shelton Core Value Fund and Shelton Green Alpha Fund held no futures contracts at February 28, 2021. Only current day’s appreciation or depreciation 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 28, 2021:

Derivatives Not Accounted for as Hedging Instruments	Appreciation on futures		Depreciation on futures
S&P 500 Index Fund - Equity contracts	$	—	$	5,253
S&P MidCap Index Fund - Equity contracts		24,980		—
S&P SmallCap Index Fund - Equity contracts		—		7,905
Nasdaq-100 Index Fund- Equity contracts		—		661,525

The effect of derivative instruments on the Statements of Operations for the period ended February 28, 2021:

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	$	126,054	$	(20,178	)
S&P MidCap Index Fund - Equity contracts		152,117		5,440
S&P SmallCap Index Fund - Equity contracts		156,899		(7,605	)
Nasdaq-100 Index Fund - Equity contracts		3,156,957		(3,143,540	)

The previously disclosed derivative instruments outstanding as of February 28, 2021, and their effect on the Statement of Operations for the period ending February 28, 2021, serve as indicators of the volume of financial derivative activity for the company. The following table indicates the average volume for the period:

Derivatives Not Accounted for as Hedging Instruments	Average Notional Value
S&P 500 Index Fund - Equity contracts	$	908,928
S&P MidCap Index Fund - Equity contracts		759,921
S&P SmallCap Index Fund - Equity contracts		233,803
Nasdaq-100 Index Fund - Equity contracts		14,741,941

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%

39

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2021

The Advisor contractually agreed to reduce total operating expense to certain Funds of the Trust. This additional contractual reimbursement is effective until January 2, 2022, unless renewed and is subject to recoupment within three fiscal years following reimbursement. Recoupment is limited to the extent the reimbursement does not exceed any applicable expense limit and the effect of the reimbursement is measured after all ordinary operating expenses are calculated; any such reimbursement is subject to the Board of Trustees’ review and approval. Reimbursements from the Advisor to affected Funds, and the contractual expense limits, for the period ended February 28, 2021 are as follows:

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

At August 31, 2020, the remaining cumulative unreimbursed amount paid and/or waived by the Advisor on behalf of the Funds that may be reimbursed was $4,792,333. 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 8/31/21		Expires 8/31/22		Expires 8/31/23		Total
U.S. Government Securities Fund	$	27,929	$	43,929	$	40,952	$	112,810
The United States Treasury Trust		164,246		104,345		126,223		394,814
S&P 500 Index Fund		88,195		—		—		88,195
S&P MidCap Index Fund		43,839		—		—		43,839
S&P SmallCap Index Fund		23,398		—		—		23,398
Nasdaq-100 Index Fund		1,275,279		1,448,548		1,405,450		4,129,277
Total	$	1,622,886	$	1,596,822	$	1,572,625	$	4,792,333

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. Steve Rogers has served as a trustee and Chairman of the Board of Trustees of the Trust since 1998, and President of the Trust since 1999. Mr. Rogers is also Chief Executive Officer of the Adviser. Gregory T. Pusch has served as the Chief Compliance Officer (“CCO”) of the Trust since March 2017. Mr. Pusch is also employed by Shelton, 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 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 28, 2021, the following were paid by the Class K Shares of each Fund of the Trust:

Fund	Class K 12b-1 Fees		Class K Shareholder Service Fees
U.S. Government Securities Fund	$	2,265	$	2,265
S&P 500 Index Fund		3,977		3,977
S&P MidCap Index Fund		1,440		1,440
S&P SmallCap Index Fund		3,275		3,275
Shelton Core Value Fund		1,711		1,711
Nasdaq-100 Index fund		39,830		39,830

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.

40

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2021

Note 3 - PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities other than short-term instruments for the period ended February 28, 2021 were as follows:

Fund	Purchases		Sales		Purchases (Excluding U.S. Government Obligations)		Sales (Excluding U.S. Government Obligations)
Green California Tax-Free Income Fund	$	—	$	1,382,891	$	—	$	1,382,891
U.S. Government Securities Fund		—		2,450,274		—		—
S&P 500 Index Fund		9,586,535		14,967,500		9,586,535		14,967,500
S&P MidCap Index Fund		11,339,720		15,687,379		11,339,720		15,687,379
S&P SmallCap Index Fund		4,639,511		8,336,315		4,639,511		8,336,315
Core Value Fund		72,682,234		54,147,267		72,682,234		54,147,267
Nasdaq-100 Index Fund		85,715,112		63,092,875		85,715,112		63,092,875
Green Alpha Fund		121,452,205		10,314,752		121,452,205		10,314,752

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 28, 2021, 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	$	322,663

The effect of derivative instruments on the Funds’ Statement of Operations for the period ended February 28, 2021, 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	$	1,978,896	$	777,040

Volume of derivative instruments held by the Funds during the period ended February 28, 2021, was as follows:

Derivative Type	Unit Of Measurement	Average
Written Option Contracts	Contracts	$	(831,744	)

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, 2020, 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) Distributable earnings/(loss)
Shelton Green Alpha Fund	$	(33,354	)	$	33,354
The United States Treasury Trust		(1,492	)		1,492

41

Shelton Funds Notes to Financial Statements (Unaudited) (Continued) February 28, 2021

Tax Basis of Distributable Earnings: The tax character of distributable earnings at August 31, 2020 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	$	2,874	$	—	$	(156,702	)	$	4,833,231	$	(20,169	)	$	4,659,234
U.S. Government Securities Fund		2,421		—		(47,483	)		1,528,199		(5,440	)		1,477,697
The United States Treasury Trust		—		—		(1,779	)		—		—			(1,779	)
S&P 500 Index Fund		1,073,707		12,070,897		—			132,163,136		—			145,307,740
S&P Mid Cap Index Fund		12,007		6,229,694		—			24,795,773		—			31,037,474
S&P Small Cap Index Fund		—		891,266		—			8,267,683		—			9,158,949
Core Value Fund		825,670		20,960,443		—			11,920,281		—			33,706,394
Nasdaq-100 Index Fund		5,387,493		3,588,235		—			554,701,319		—			563,677,047
Green Alpha Fund		—		997,832		—			42,107,160		—			43,104,992

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, 2019 - August 31, 2020 to the period ending August 31, 2021.

The Funds have not elected to defer ordinary losses to the period ending August 31, 2021.

Capital Losses: Capital loss carry forwards, as of August 31, 2020, available to offset future capital gains, if any, are as follows:

Expiring	Green California Tax-Free Income Fund			U.S. Government Securities Fund			United States Treasury Trust Fund
Long Term with No Expiration	$	(156,179	)	$	(1,378	)	$	—
Short Term with No Expiration		(523	)		(46,105	)		(1,779	)
Total	$	(156,702	)	$	(47,483	)	$	(1,779	)

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

The tax character of distributions paid during the years ended August 31, 2020 and 2019 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		2019	$	—	$	—	$	119,292	$	1,312,755	$	1,432,047
		2020		—		—		86,780		1,137,898		1,224,678
U.S. Government Securities Fund		2019		—		264,460		—		—		264,460
		2020		—		270,782		—		—		270,782
The United States Treasury Trust		2019		—		845,516		—		—		845,516
		2020		—		261,524		—		—		261,524
S&P 500 Index Fund		2019		—		3,067,559		1,340,869		—		4,408,428
		2020		—		2,808,286		14,466,128		—		17,274,414
S&P Mid Cap Index Fund		2019		—		2,402,000		10,698,956		—		13,100,956
		2020		—		1,093,967		7,058,757		—		8,152,724
S&P Small Cap Index Fund		2019		—		738,251		5,245,346		—		5,983,597
		2020		—		377,203		4,464,022		—		4,841,225
Shelton Core Value Fund		2019		—		9,355,980		20,581,178		—		29,937,158
		2020		—		11,953,734		9,784,795		—		21,738,529
Nasdaq-100 Index Fund		2019		—		3,857,160		8,346,060		—		12,203,220
		2020		—		5,487,003		41,231,826		—		46,718,829
Green Alpha Fund		2019		—		148,555		552,838		—		701,393
		2020		—		—		51,961		—		51,961

(a) The Funds designate Long-Term Capital Gain dividends pursuant to Section 852(b)(3) of the Internal Revenue Code for the year ended August 31, 2020.

Note 6 – SUBSEQUENT EVENTS

In preparing the financial statements as of February 28, 2021, management considered the impact of subsequent events for potential recognition or disclosure in these financial statements through the date of issuance of the financial statements and has determined that there were no subsequent events requiring recognition or disclosure.

42

Fund Holdings (Unaudited)

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

About this Report

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

Proxy Voting Policies, Procedures and Voting Records (Unaudited)

The Funds’ Statement of Additional Information (“SAI”) containing a description of the policies and procedures that the Shelton Funds use to determine how to vote proxies relating to portfolio securities, along with the Fund’s proxy voting record relating to portfolio securities held during the 12-month period ended June 30, 2020 is available upon request, at no charge, at the phone number above, or on the SEC’s website at www.sec.gov.

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.

43

Liquidity Risk Management Disclosure (Unaudited)

The Shelton Funds Trust (the “Trust”) has adopted and implemented a liquidity risk management program (the “Program”), as consistent with Rule 22e-4 to govern the Trust’s approach to managing liquidity risk for each series of the Trust (each, a “Fund” and collectively, the “Funds”). The Program is overseen by the Liquidity Committee (the “Committee”), which is comprised of investment, operations and legal and compliance professionals from Shelton Capital Management. The Board of Trustees of the Trust (the “Board”) has approved the designation of the Committee to oversee the Program.

The Program’s principal objectives include supporting each Fund’s compliance with limits on investments in illiquid assets and mitigating the risk that a Fund will be unable to meet its redemption obligations in a timely manner. The Program also includes a number of elements that support the management and assessment of liquidity risk, including an annual assessment of factors that influence a Fund’s liquidity and the periodic classification and re-classification of the Fund’s investments into groupings that reflect the Committee’s assessment of their relative liquidity under current market conditions.

At a meeting of the Board held on November 6, 2020, the Committee provided a report (the “Report”) to the Board addressing the operation, adequacy, and effectiveness the Program, including any material changes to the Program for the period from the inception of the Trust’s program in December 2018 through December 2020 (“Reporting Period”). The Report concluded that the Trust’s Program was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were [no] material changes to the Program during the Reporting Period. The Report further concluded that each Fund’s investment strategy continues to be appropriate given each Fund’s status as an open-end fund.

There can be no assurance that the Program will achieve its objectives in the future. Additional information regarding risks of investing in each Fund, including liquidity risks presented by the Trust’s investment portfolios, is found in the Trust’s Prospectus and Statement of Additional Information.

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 U.S. Government Securities 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 on February 26, 2020, the Board, including a majority of the Independent Trustees, considered and approved the continuation of each Advisory and Sub-advisory Agreement for the maximum period allowed under the 1940 Act.

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 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.

44

Board Considerations Regarding Approval of Investment Advisory Agreements (Continued)

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. The Trustees also considered supplemental peer category performance information provided by the Adviser. 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 second to lowest performing quartile relative to its peer category over the 1-year and 10-year periods and the lowest performing quartile over the 3-year, 5-year periods.

● For the Nasdaq-100 Index Fund, it was noted that the performance of the Fund was in the top performing quartile relative to its peer category over the 1-year, 3-year, 5-year and 10-year periods.

● For the S&P 500 Index Fund, it was noted that the performance of the Fund relative to its peer category was in the top performing quartile over the 10-year period, and the second highest performing quartile over the 1-year, 3-year, and 5-year periods.

● For the S&P MidCap Index Fund, it was noted that the performance of the Fund relative to its peer category was in the second highest performing quartile over the 1-year, 5-year and 10-year periods, and the second lowest performing quartile for the 3-year period.

● For the S&P SmallCap Index Fund, it was noted that the performance of the Fund relative to its peer category was in the highest performing quartile over the 10-year period, and in the second highest performing quartile over the 1-year, 3-year, and 5-year periods.

● For the Shelton Green Alpha Fund, it was noted that the performance of the Fund relative to its peer category was in the top quartile over the 1-year, 3-year and 5-year periods.

● For the Shelton Core Value Fund, it was noted that the performance of the Fund relative to its peer category was in the highest performing quartile over the 1-year period, the second highest performing quartile over the 3-year period, and in the second lowest performing quartile over the 5-year and 10-year periods.

● For The United States Treasury Trust, it was noted that the Fund’s absolute performance, while small, was positive during the one year periods ended December 31, 2017, 2018, 2019, and 2020.

● For the U.S. Government Securities Fund, it was noted that the performance of the Fund relative to its peer category was in the second to lowest performing quartile over the 1-year and 3-year periods, and in the lowest performing quartile over the 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 higher than their respective peer category medians, the maximum management fee charged to each Fund was generally lower than their respective peer category 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 higher than the category 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. 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 currently, 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 and may extent those limits in the future.

45

Board Considerations Regarding Approval of Investment Advisory Agreements (Continued)

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 currently employs a “soft dollar” program, but noted that Shelton Capital may seek to employ a soft dollar program in the near future.

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

(a)	Included under Item 1.
(b)	[N/A]

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.	DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES.
	N/A

ITEM 13. 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.

(a)(3)	Any written solicitation to purchase securities under Rule 23c-1 under the Act (17 CFR 270.23c-1) sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons.
(a)(4)	N/A

(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, President and Chief Executive Officer
	Date: May 5, 2021

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By	/s/ Stephen C. Rogers
	Stephen C. Rogers, President and Chief Executive Officer
	Date: May 5, 2021
By	/s/ William P. Mock
	William P. Mock, Treasurer
	Date: May 5, 2021

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 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 5, 2021

/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 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 5, 2021

/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 & Chief Executive Officer 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 5, 2021	/s/ Stephen C. Rogers
	Stephen C. Rogers, President and 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 5, 2021	/s/ William P. Mock
	William P. Mock, Treasurer