SHELTON EQUITY INCOME
Portfolio of Investments (Unaudited)
5/31/2021
| Security Description | Shares | Value | ||||||
| Common Stock (94.95%) | ||||||||
| Basic Materials (5.55%) | ||||||||
| Dow Inc(a) | 42,800 | $ | 2,928,376 | |||||
| DuPont de Nemours Inc(a) | 25,000 | 2,114,750 | ||||||
| Freeport-McMoRan Inc(a) | 59,200 | 2,529,024 | ||||||
| Linde PLC | 8,300 | 2,494,980 | ||||||
| Newmont Corp(a) | 10,000 | 734,800 | ||||||
| Sensient Technologies Corp(a) | 8,500 | 737,375 | ||||||
| Total Basic Materials | 11,539,305 | |||||||
| Communications (12.98%) | ||||||||
| Alphabet Inc - Class A* | 900 | 2,121,165 | ||||||
| Alphabet Inc - Class C* | 900 | 2,170,404 | ||||||
| Amazon.com Inc*,(a) | 1,100 | 3,545,377 | ||||||
| AT&T Inc(a) | 30,000 | 882,900 | ||||||
| Cisco Systems Inc(a) | 52,500 | 2,777,250 | ||||||
| Comcast Corp(a) | 32,500 | 1,863,550 | ||||||
| Facebook Inc* | 11,200 | 3,681,776 | ||||||
| Motorola Solutions Inc(a) | 11,300 | 2,320,003 | ||||||
| T-Mobile US Inc*,(a) | 15,600 | 2,206,620 | ||||||
| Verizon Communications Inc(a) | 54,300 | 3,067,407 | ||||||
| The Walt Disney Co*,(a) | 13,300 | 2,376,045 | ||||||
| Total Communications | 27,012,497 | |||||||
| Consumer, Cyclical (6.21%) | ||||||||
| Amerityre Corp*,(a) | 20,000,000 | 1,800,000 | ||||||
| Costco Wholesale Corp(a) | 5,900 | 2,231,793 | ||||||
| Domino's Pizza Inc(a) | 3,000 | 1,280,610 | ||||||
| Ford Motor Co* | 120,000 | 1,743,600 | ||||||
| The Home Depot Inc(a) | 8,000 | 2,551,280 | ||||||
| Southwest Airlines Co*,(a) | 24,300 | 1,493,478 | ||||||
| Target Corp(a) | 8,000 | 1,815,360 | ||||||
| Total Consumer, Cyclical | 12,916,121 | |||||||
| Consumer, Non-Cyclical (14.62%) | ||||||||
| Abbott Laboratories | 18,200 | 2,123,030 | ||||||
| AbbVie Inc | 19,000 | 2,150,800 | ||||||
| AmerisourceBergen Corp | 7,000 | 803,180 | ||||||
| Amgen Inc(a) | 8,500 | 2,022,490 | ||||||
| Anthem Inc(a) | 4,500 | 1,791,990 | ||||||
| Biogen Inc*,(a) | 7,300 | 1,952,604 | ||||||
| Boston Scientific Corp*,(a) | 55,000 | 2,340,250 | ||||||
| Bristol-Myers Squibb Co(a) | 7,500 | 492,900 | ||||||
| Colgate-Palmolive Co | 7,400 | 619,972 | ||||||
| Conagra Brands Inc(a) | 10,000 | 381,000 | ||||||
| The Estee Lauder Cos Inc(a) | 6,400 | 1,961,728 | ||||||
| Gilead Sciences Inc(a) | 10,000 | 661,100 | ||||||
| Johnson & Johnson(a) | 12,600 | 2,132,550 | ||||||
| Merck & Co Inc(a) | 10,000 | 758,900 | ||||||
| Molson Coors Beverage Co*,(a) | 38,200 | 2,227,824 | ||||||
| PayPal Holdings Inc*,(a) | 5,000 | 1,300,100 | ||||||
| Regeneron Pharmaceuticals Inc*,(a) | 3,700 | 1,858,991 | ||||||
| Sprouts Farmers Market Inc*,(a) | 110,000 | 2,926,000 | ||||||
| Vertex Pharmaceuticals Inc*,(a) | 8,400 | 1,752,492 | ||||||
| Viatris Inc(a) | 10,000 | 152,400 | ||||||
| Total Consumer, Non-Cyclical | 30,410,301 | |||||||
| Energy (7.20%) | ||||||||
| BP PLC | 52,000 | 1,363,960 | ||||||
| Chevron Corp | 40,000 | 4,151,600 | ||||||
| ConocoPhillips | 34,300 | 1,911,882 | ||||||
| Exxon Mobil Corp | 62,100 | 3,624,777 | ||||||
| Phillips 66(a) | 23,000 | 1,937,060 | ||||||
| Royal Dutch Shell PLC(a) | 20,000 | 772,200 | ||||||
| Schlumberger NV(a) | 39,100 | 1,225,003 | ||||||
| Total Energy | 14,986,482 | |||||||
| Financial (23.34%) | ||||||||
| Banks (11.93%) | ||||||||
| Bank of America Corp | 90,000 | 3,815,100 | ||||||
| Citigroup Inc | 36,300 | 2,857,173 | ||||||
| The Goldman Sachs Group Inc | 10,500 | 3,906,210 | ||||||
| JPMorgan Chase & Co | 29,100 | 4,779,384 | ||||||
| Morgan Stanley(a) | 45,000 | 4,092,750 | ||||||
| SVB Financial Group*,(a) | 4,000 | 2,331,560 | ||||||
| US Bancorp(a) | 10,000 | 607,800 | ||||||
| Wells Fargo & Co(a) | 52,500 | 2,452,800 | ||||||
| 24,842,777 | ||||||||
| Diversified Financial Service (5.56%) | ||||||||
| American Express Co(a) | 13,400 | 2,145,742 | ||||||
| Capital One Financial Corp(a) | 16,000 | 2,572,480 | ||||||
| The Charles Schwab Corp(a) | 30,000 | 2,215,500 | ||||||
| Discover Financial Services(a) | 15,000 | 1,758,900 | ||||||
| Mastercard Inc(a) | 2,500 | 901,450 | ||||||
| Visa Inc(a) | 8,700 | 1,977,510 | ||||||
| 11,571,582 | ||||||||
| Insurance (2.92%) | ||||||||
| Berkshire Hathaway Inc*,(a) | 18,700 | 5,412,528 | ||||||
| Principal Financial Group Inc(a) | 10,000 | 653,900 | ||||||
| 6,066,428 | ||||||||
| Real Estate (2.93%) | ||||||||
| American Tower Corp(a) | 11,800 | 3,014,428 | ||||||
| Public Storage(a) | 10,900 | 3,079,032 | ||||||
| 6,093,460 | ||||||||
| Total Financial | 48,574,247 | |||||||
| Industrial (12.03%) | ||||||||
| Atlas Corp(a) | 25,000 | 347,000 | ||||||
| The Boeing Co*,(a) | 9,700 | 2,396,094 | ||||||
| Carrier Global Corp(a) | 11,000 | 505,230 | ||||||
| Caterpillar Inc | 14,200 | 3,423,336 | ||||||
| Deere & Co(a) | 6,900 | 2,491,590 | ||||||
| FedEx Corp(a) | 8,900 | 2,801,809 | ||||||
| Lockheed Martin Corp(a) | 6,700 | 2,560,740 | ||||||
| Masco Corp(a) | 30,000 | 1,809,300 | ||||||
| Otis Worldwide Corp(a) | 6,000 | 469,980 | ||||||
| Raytheon Technologies Corp(a) | 32,700 | 2,900,817 | ||||||
| Union Pacific Corp(a) | 16,400 | 3,685,572 | ||||||
| Westrock Co(a) | 28,200 | 1,644,624 | ||||||
| Total Industrial | 25,036,092 | |||||||
| Technology (11.41%) | ||||||||
| Adobe Inc*,(a) | 3,100 | 1,564,198 | ||||||
| Apple Inc | 30,000 | 3,738,300 | ||||||
| Fiserv Inc*,(a) | 10,000 | 1,152,000 | ||||||
| Intel Corp | 26,000 | 1,485,120 | ||||||
| Intuit Inc(a) | 3,000 | 1,317,270 | ||||||
| Microsoft Corp(a) | 10,100 | 2,521,768 | ||||||
| NetApp Inc(a) | 25,900 | 2,003,883 | ||||||
| NVIDIA Corp(a) | 4,900 | 3,183,922 | ||||||
| Oracle Corp(a) | 6,500 | 511,810 | ||||||
| QUALCOMM Inc(a) | 26,600 | 3,578,764 | ||||||
| salesforce.com Inc*,(a) | 8,500 | 2,023,850 | ||||||
| Seagate Technology Holdings PLC(a) | 7,000 | 670,250 | ||||||
| Total Technology | 23,751,135 | |||||||
| Utilities (1.61%) | ||||||||
| American Electric Power Co Inc(a) | 1,200 | 103,200 | ||||||
| Consolidated Edison Inc | 5,000 | 386,200 | ||||||
| Dominion Energy Inc(a) | 24,400 | 1,857,816 | ||||||
| Duke Energy Corp(a) | 10,000 | 1,002,200 | ||||||
| Total Utilities | 3,349,416 | |||||||
| Total Common Stock (Cost $159,944,505) | 197,575,596 | |||||||
| Total Investments (Cost $159,944,505)(b) (94.95%) | $ | 197,575,596 | ||||||
| Other Net Assets (5.05%) | 10,497,770 | |||||||
| Net Assets (100.00%) | $ | 208,073,366 |
| * | Non-income producing security. |
| (a) | A portion of these shares have been pledged in connection with obligations for options contracts. |
| (b) | Aggregate cost for federal income tax purpose is $159,055,012. |
At May 31, 2021, unrealized appreciation/(depreciation) of securities for federal income tax purposes is as follows:
| Unrealized appreciation | $ | 41,572,382 | ||
| Unrealized depreciation | (3,051,798 | ) | ||
| Net unrealized appreciation | $ | 38,520,584 |
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.
| Written Call Options | ||||||||||||||||||
| Expiration Date | Contracts | Strike Price | Notional Amount | Value | ||||||||||||||
| Abbott Laboratories | 6/18/2021 | (60 | ) | $ | 120 | $ | 720,000 | $ | (4,260 | ) | ||||||||
| AbbVie Inc | 6/18/2021 | (30 | ) | 115.00 | 345,000 | (3,780 | ) | |||||||||||
| Adobe Inc | 6/18/2021 | (10 | ) | 530.00 | 530,000 | (4,630 | ) | |||||||||||
| American Electric Power Co Inc | 6/18/2021 | (6 | ) | 90.00 | 54,000 | (360 | ) | |||||||||||
| American Express Co | 6/18/2021 | (33 | ) | 165.00 | 544,500 | (4,356 | ) | |||||||||||
| American Tower Corp | 6/18/2021 | (40 | ) | 265.00 | 1,060,000 | (5,600 | ) | |||||||||||
| AmerisourceBergen Corp | 6/18/2021 | (30 | ) | 120.00 | 360,000 | (2,250 | ) | |||||||||||
| Amgen Inc | 6/18/2021 | (85 | ) | 255.00 | 2,167,500 | (3,825 | ) | |||||||||||
| Anthem Inc | 6/18/2021 | (15 | ) | 410.00 | 615,000 | (3,810 | ) | |||||||||||
| Apple Inc | 6/18/2021 | (100 | ) | 132.00 | 1,320,000 | (4,600 | ) | |||||||||||
| Bank of America Corp | 6/18/2021 | (100 | ) | 44.00 | 440,000 | (2,900 | ) | |||||||||||
| Berkshire Hathaway Inc | 6/18/2021 | (30 | ) | 300.00 | 900,000 | (2,700 | ) | |||||||||||
| Biogen Inc | 6/18/2021 | (25 | ) | 300.00 | 750,000 | (53,500 | ) | |||||||||||
| The Boeing Co | 6/18/2021 | (16 | ) | 270.00 | 432,000 | (2,528 | ) | |||||||||||
| BP PLC | 6/18/2021 | (100 | ) | 27.50 | 275,000 | (2,100 | ) | |||||||||||
| Bristol-Myers Squibb Co | 6/18/2021 | (25 | ) | 70.00 | 175,000 | (225 | ) | |||||||||||
| Capital One Financial Corp | 6/18/2021 | (40 | ) | 160.00 | 640,000 | (18,400 | ) | |||||||||||
| Caterpillar Inc | 6/18/2021 | (30 | ) | 255.00 | 765,000 | (3,210 | ) | |||||||||||
| Chevron Corp | 6/18/2021 | (70 | ) | 110.00 | 770,000 | (3,010 | ) | |||||||||||
| Cisco Systems Inc | 6/18/2021 | (125 | ) | 55.00 | 687,500 | (2,250 | ) | |||||||||||
| Citigroup Inc | 6/18/2021 | (63 | ) | 80.00 | 504,000 | (7,245 | ) | |||||||||||
| Colgate-Palmolive Co | 6/18/2021 | (24 | ) | 87.50 | 210,000 | (1,200 | ) | |||||||||||
| Comcast Corp | 6/18/2021 | (110 | ) | 59.00 | 649,000 | (5,500 | ) | |||||||||||
| Conagra Brands Inc | 6/18/2021 | (30 | ) | 40.00 | 120,000 | (1,590 | ) | |||||||||||
| ConocoPhillips | 6/18/2021 | (43 | ) | 60.00 | 258,000 | (1,591 | ) | |||||||||||
| Costco Wholesale Corp | 6/18/2021 | (19 | ) | 400.00 | 760,000 | (1,330 | ) | |||||||||||
| Discover Financial Services | 6/18/2021 | (40 | ) | 120.00 | 480,000 | (7,760 | ) | |||||||||||
| Dominion Energy Inc | 6/18/2021 | (44 | ) | 77.50 | 341,000 | (1,540 | ) | |||||||||||
| Domino's Pizza Inc | 6/18/2021 | (10 | ) | 440.00 | 440,000 | (3,190 | ) | |||||||||||
| Dow Inc | 6/18/2021 | (28 | ) | 70.00 | 196,000 | (2,576 | ) | |||||||||||
| Duke Energy Corp | 6/18/2021 | (50 | ) | 105.00 | 525,000 | (3,750 | ) | |||||||||||
| DuPont de Nemours Inc | 6/18/2021 | (50 | ) | 87.50 | 437,500 | (2,500 | ) | |||||||||||
| The Estee Lauder Cos Inc | 6/18/2021 | (20 | ) | 320.00 | 640,000 | (1,900 | ) | |||||||||||
| Facebook Inc | 6/18/2021 | (30 | ) | 345.00 | 1,035,000 | (6,060 | ) | |||||||||||
| Ford Motor Co | 6/18/2021 | (200 | ) | 14.00 | 280,000 | (17,600 | ) | |||||||||||
| Freeport-McMoRan Inc | 6/18/2021 | (192 | ) | 45.00 | 864,000 | (17,472 | ) | |||||||||||
| salesforce.com Inc | 6/18/2021 | (30 | ) | 240.00 | 720,000 | (14,100 | ) | |||||||||||
| The Walt Disney Co | 6/18/2021 | (45 | ) | 185.00 | 832,500 | (6,165 | ) | |||||||||||
| Total Written Call Options | $ | 22,842,500 | $ | (231,363 | ) | |||||||||||||
| (Premiums Received $534,909) | ||||||||||||||||||