SHELTON INTERNATIONAL SELECT EQUITY FUND

Portfolio of Investments (Expressed in U.S. Dollars) March 31, 2023

Security Description	Shares		Value
Common Stock (97.47%)
Australia (5.77%)
Macquarie Group Ltd		19,500	$	2,289,992
Qantas Airways Ltd*		238,384		1,055,022
South32 Ltd		199,084		581,627
Total Australia				3,926,641
Belgium (0.92%)
KBC Group NV		9,068		622,632
Britain (6.03%)
Associated British Foods PLC		82,800		1,981,668
BP PLC		125,081		788,208
Halma PLC		17,000		467,474
RS GROUP PLC		61,400		692,330
Unilever PLC		3,362		174,589
Total Britain				4,104,269
Canada (3.59%)
Element Fleet Management Corp		111,450		1,463,713
IGM Financial Inc		15,900		475,169
Kinross Gold Corp		106,300		500,228
Total Canada				2,439,110
China (5.65%)
BYD Co Ltd		13,000		380,562
Genscript Biotech Corp*		168,000		359,543
Innovent Biologics Inc (144A)*		164,000		734,348
Lenovo Group Ltd		1,017,400		1,101,649
Ping An Insurance Group Co of China Ltd		132,900		865,124
Wuxi Biologics Cayman Inc (144A)*		65,000		402,422
Total China				3,843,648
France (10.66%)
BNP Paribas SA		47,357		2,836,078
L’Oreal SA		3,740		1,668,375
LVMH Moet Hennessy Louis Vuitton SE		3,000		2,747,803
Total France				7,252,256
Germany (2.89%)
Deutsche Post AG		42,096		1,967,585
Hong Kong (4.66%)
AIA Group Ltd		263,700		2,776,422
SITC International Holdings Co Ltd		182,200		391,326
Total Hong Kong				3,167,748
India (5.54%)
HDFC Bank Ltd		56,488		3,766,055
Ireland (4.04%)
CRH PLC		54,566		2,750,792
Italy (4.50%)
Eni SpA		218,492		3,058,746
Japan (18.38%)
Canon Inc		35,100		781,354
Daikin Industries Ltd		6,100		1,086,833
Hamamatsu Photonics KK		33,100		1,772,587
Hirose Electric Co Ltd		5,800		754,450
Kyowa Kirin Co Ltd		9,000		195,636
Mitsubishi Electric Corp		240,000		2,853,420
Nomura Research Institute Ltd		18,700		431,700
Santen Pharmaceutical Co Ltd		155,500		1,323,484
Shin-Etsu Chemical Co Ltd		102,500		3,300,425
Total Japan				12,499,889

Singapore (3.04%)
DBS Group Holdings Ltd	83,278		2,065,023
South Africa (3.34%)
Sanlam Ltd	470,200		1,488,745
Woolworths Holdings Ltd	217,800		782,082
Total South Africa			2,270,827
South Korea (6.13%)
GS Holdings Corp	46,600		1,441,642
Hana Financial Group Inc	12,600		392,695
Hanmi Pharm Co Ltd	3,571		700,035
Orion Corp	8,000		836,818
Samsung Electronics Co Ltd	16,300		798,836
Total South Korea			4,170,026
Sweden (2.02%)
Lifco AB	64,000		1,375,003
Switzerland (6.65%)
Straumann Holding AG	6,840		1,019,517
Nestle SA	28,805		3,505,280
Total Switzerland			4,524,797
Taiwan (2.19%)
Taiwan Semiconductor Manufacturing Co Ltd	15,989		1,487,297
Turkey (1.48%)
Turkiye Sise ve Cam Fabrikalari AS	454,915		1,003,414
Total Common Stock (Cost $60,725,589)			66,295,758
United States Treasury Bills (1.47%)
4.368%, 04/18/2023 (Cost $998,082)	1,000,000		998,104
Total Investments (Cost $61,723,671) (98.94%)		$	67,293,862
Other Net Assets (1.06%)			719,465
Net Assets (100.00%)		$	68,013,327

* Non-income producing security.

(144A) Security was purchased pursuant to Rule 144A or Section 4(a)(2) under the Securities Act of 1933 and may be resold in transactions exempt from registration only to qualified institutional buyers. As of March 31, 2023, these securities had a total aggregate market value of $1,136,770, which represented approximately 1.67% of net assets.