SHELTON EMERGING MARKETS FUND 

Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2023

Security Description	Shares		Value
Common Stock (94.81%)
Brazil (3.04%)
Banco do Brasil SA		40,600	$	381,640
Cosan SA		36,000		122,182
Klabin SA		37,000		176,145
Petroleo Brasileiro SA		24,100		180,896
Total Brazil				860,863
China (26.41%)
Alibaba Group Holding Ltd*		117,100		1,280,052
ANTA Sports Products Ltd		57,000		641,644
BYD Co Ltd		16,700		516,094
CMOC Group Ltd		945,000		607,012
Fosun International Ltd		403,500		255,062
Fuyao Glass Industry Group Co Ltd (144A)		74,000		339,253
Ganfeng Lithium Group Co Ltd (144A)		24,500		100,588
Haier Smart Home Co Ltd		94,100		296,213
Hygeia Healthcare Holdings Co Ltd (144A)		24,000		134,547
Kingsoft Corp Ltd		46,000		166,830
Kuaishou Technology (144A)*		43,000		345,121
Meituan (144A)*		41,000		600,020
NetEase Inc		35,000		712,896
Ping An Insurance Group Co of China Ltd		28,600		163,804
Tsingtao Brewery Co Ltd		112,000		916,797
Zhuzhou CRRC Times Electric Co Ltd		78,000		269,936
Zijin Mining Group Co Ltd		79,100		121,013
Total China				7,466,882
Hong Kong (1.93%)
Shenzhen International Holdings Ltd		883,500		544,943
India (11.71%)
Dr Reddy’s Laboratories Ltd		16,900		1,130,103
HDFC Bank Ltd		13,795		814,043
ICICI Bank Ltd		6,000		138,720
Infosys Ltd		48,148		823,812
Wipro Ltd		83,500		404,140
Total India				3,310,818
Indonesia (3.91%)
Astra International Tbk PT		496,900		199,677
Bank Rakyat Indonesia Persero Tbk PT		782,175		263,822
Indofood CBP Sukses Makmur Tbk PT		677,000		484,008
Sarana Menara Nusantara Tbk PT		2,566,200		159,031
Total Indonesia				1,106,538
Mexico (5.26%)
Alfa SAB de CV		245,000		159,670
Kimberly-Clark de Mexico SAB de CV		304,900		606,966
Orbia Advance Corp SAB de CV		67,000		139,066
Regional SAB de CV		81,300		582,826
Total Mexico				1,488,528
Philippines (2.47%)
BDO Unibank Inc		85,700		214,590
Manila Electric Co		42,000		272,737
Metropolitan Bank & Trust Co		220,700		210,302
Total Philippines				697,629

Security Description	Shares		Value
South Africa (5.36%)
The Bidvest Group Ltd		25,000		360,172
FirstRand Ltd		343,000		1,156,860
Total South Africa				1,517,032
South Korea (15.81%)
Doosan Bobcat Inc		5,100		192,412
F&F Co Ltd		1,800		150,467
Hanmi Pharm Co Ltd		1,099		243,086
Hyundai Motor Co		1,767		249,797
Kia Corp		20,028		1,206,015
Samsung C&T Corp		10,000		795,982
Samsung Electronics Co Ltd		24,612		1,245,357
Samsung Fire & Marine Insurance Co Ltd		2,000		385,415
Total South Korea				4,468,531
Taiwan (14.61%)
Accton Technology Corp		48,300		737,987
Asustek Computer Inc		17,000		193,361
Lite-On Technology Corp		65,000		244,762
MediaTek Inc		28,700		653,769
Quanta Computer Inc		20,000		148,453
Realtek Semiconductor Corp		66,000		807,972
Sporton International Inc		29,872		233,766
Taiwan Semiconductor Manufacturing Co Ltd		54,500		883,391
Zhen Ding Technology Holding Ltd		75,000		228,724
Total Taiwan				4,132,185
Thailand (1.32%)
PTT Exploration & Production PCL		80,000		373,934
Turkey (2.99%)
BIM Birlesik Magazalar AS		65,750		658,826
KOC Holding AS		34,700		185,685
Total Turkey				844,511
Total Common Stock (Cost $25,025,981)				26,812,394
Preferred Stock (4.08%)
Brazil (4.08%)
Itausa SA (Cost $967,462)		641,410		1,153,532
United States Treasury Bills (0.70%)
0.000%, 11/02/2023 (Cost $199,039)		200,000		199,088
Total Investments (Cost $26,192,482) (99.60%)				28,165,014
Other Net Assets (0.40%)				114,514
Net Assets (100.00%)			$	28,279,528

* 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 September 30, 2023, these securities had a total aggregate market value of $1,519,529, which represented approximately 5.37% of net assets.

SHELTON INTERNATIONAL SELECT EQUITY FUND 

Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2023

Security Description	Shares		Value
Common Stock (98.18%)
Australia (2.17%)
Qantas Airways Ltd*		333,228	$	1,109,618
Britain (6.66%)
Associated British Foods PLC		59,523		1,501,763
BP PLC		125,081		810,922
Halma PLC		17,000		402,051
Legal & General Group PLC		159,799		433,781
The Weir Group PLC		11,219		260,266
Total Britain				3,408,783
Canada (7.50%)
Element Fleet Management Corp		86,988		1,248,230
George Weston Ltd		11,940		1,324,157
Kinross Gold Corp		106,300		484,448
RioCan Real Estate Investment Trust		58,600		779,613
Total Canada				3,836,448
China (8.88%)
Alibaba Group Holding Ltd*		54,100		591,382
ANTA Sports Products Ltd		23,600		265,663
BYD Co Ltd		13,000		401,750
Fuyao Glass Industry Group Co Ltd (144A)		212,000		971,913
Genscript Biotech Corp*		168,000		443,023
Kingsoft Corp Ltd		93,000		337,286
Kuaishou Technology (144A)*		48,400		388,461
Ping An Insurance Group Co of China Ltd		132,900		761,175
Wuxi Biologics Cayman Inc(144A)*		65,000		378,923
Total China				4,539,576
Denmark (2.02%)
Demant A/S*		24,871		1,031,548
France (9.92%)
BNP Paribas SA		28,601		1,827,212
L’Oreal SA		2,340		972,712
LVMH Moet Hennessy Louis Vuitton SE		3,000		2,272,122
Total France				5,072,046
Germany (3.35%)
Deutsche Post AG		42,096		1,714,948
Hong Kong (4.48%)
AIA Group Ltd		190,900		1,556,553
Power Assets Holdings Ltd		152,000		735,665
SITC International Holdings Co Ltd		200		336
Total Hong Kong				2,292,554

Security Description	Shares		Value
India (2.28%)
HDFC Bank Ltd		19,788		1,167,690
Ireland (3.47%)
CRH PLC		32,466		1,776,770
Israel (1.63%)
Nice Ltd*		4,900		833,000
Italy (4.43%)
Eni SpA		119,821		1,932,540
Poste Italiane SpA (144A)		31,708		334,142
				2,266,682
Japan (18.95%)
Amada Co Ltd		158,500		1,595,702
Canon Inc		66,700		1,609,020
Denso Corp		76,000		1,221,057
Kyowa Kirin Co Ltd		9,000		156,824
Mitsubishi Electric Corp		120,400		1,489,682
Nomura Research Institute Ltd		18,700		487,143
Renesas Electronics Corp*		14,900		227,876
Santen Pharmaceutical Co Ltd		127,100		1,168,166
SMC Corp		1,700		761,946
Yokogawa Electric Corp		50,200		970,301
Total Japan				9,687,717
Mexico (1.03%)
Orbia Advance Corp SAB de CV		253,900		526,998
Netherlands (0.55%)
Stellantis NV		14,700		281,211
Singapore (1.06%)
DBS Group Holdings Ltd		22,000		541,358
South Africa (2.58%)
Sanlam Ltd		381,200		1,322,140
South Korea (6.83%)
Kia Corp		20,921		1,259,789
Orion Corp		5,000		474,556
Samsung C&T Corp		11,713		932,333
Samsung Electronics Co Ltd		16,300		824,773
Total South Korea				3,491,451
Spain (1.46%)
CaixaBank SA		186,968		748,346
Sweden (2.20%)
Lifco AB		64,000		1,124,472
Switzerland (3.94%)
Nestle SA		17,805		2,014,992

Security Description	Shares		Value
Taiwan (1.54%)
Taiwan Semiconductor Manufacturing Co Ltd		9,089		789,834
Turkey (1.25%)
Turkiye Sise ve Cam Fabrikalari AS		321,927		641,747
Total Common Stock (Cost $48,928,406)				50,219,929
Total Investments (Cost $48,928,406) (98.18%)				50,219,929
Other Net Assets (1.82%)				929,449
Net Assets (100.00%)			$	51,149,378

* 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 September 30, 2023, these securities had a total aggregate market value of $2,073,439 which represented approximately 4.05% of net assets.

SHELTON TACTICAL CREDIT FUND 

Portfolio of Investments (Expressed in U.S. Dollars) 9/30/2023

Security Description/Long Positions
Common Stock (0.53%)	Shares		Value
Consumer, Non-cyclical (0.45%)
Pyxus International Inc*		124,942	$	147,432
Energy (0.00%)
CHC Group LLC*(b)		9,358		—
Financial (0.08%)
CBL & Associates LP(a)		1,526,000		15,260
CBL & Associates LP(a)		1,000,000		10,000
Total Financial				25,260
Total Common Stock (Cost $2,040,643)				172,692
Corporate Debt (90.12%)
Basic Materials (5.36%)
Cleveland-Cliffs Inc, 6.750%, 3/15/2026 (144A)		1,750,000		1,744,702
Communications (6.12%)
Directv Financing LLC / Directv Financing Co-Obligor Inc, 5.875%, 8/15/2027 (144A)		1,250,000		1,107,075
Sirius XM Radio Inc, 5.500%, 7/1/2029 (144A)		1,000,000		884,518
Total Communications				1,991,593
Consumer, Cyclical (29.45%)
Abercrombie & Fitch Management Co, 8.750%, 7/15/2025 (144A)		1,250,000		1,271,034
Acushnet Co, 7.375%, 10/15/2028 (144A)		1,000,000		1,007,500
Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 7/15/2026 (144A)		1,250,000		1,333,487
The Bon-Ton Department Stores Inc, 8.000%, 6/15/2021(a)		4,958,932		37,192
Cinemark USA Inc, 5.875%, 3/15/2026 (144A)		750,000		720,190
Dream Finders Homes Inc, 8.250%, 8/15/2028 (144A)		225,000		225,364
Guitar Center Inc, 8.500%, 1/15/2026 (144A)		750,000		654,375
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd, 5.750%, 1/20/2026 (144A)		1,000,000		899,864
PetSmart Inc / PetSmart Finance Corp, 7.750%, 2/15/2029 (144A)		1,500,000		1,397,726
Titan International Inc, 7.000%, 4/30/2028		750,000		700,954
Victoria’s Secret & Co, 4.625%, 7/15/2029 (144A)		750,000		543,696
WMG Acquisition Corp, 3.000%, 2/15/2031 (144A)		1,000,000		787,500
Total Consumer, Cyclical				9,578,882
Consumer, Non-cyclical (21.31%)
Eli Lilly & Co, 4.875%, 2/27/2053		1,000,000		917,276
GTCR W-2 Merger Sub LLC, 7.500%, 1/15/2031 (144A)		1,000,000		1,003,750
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 5.750%, 4/1/2033		1,000,000		914,653
Kraft Heinz Foods Co, 4.375%, 6/1/2046		1,750,000		1,357,633
Pfizer Investment Enterprises Pte Ltd, 5.340%, 5/19/2063		500,000		460,030
Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A)		1,000,000		817,500

	Shares		Value
United Rentals North America Inc, 6.000%, 12/15/2029 (144A)		1,500,000		1,460,193
Total Consumer, Non-cyclical				6,931,035
Energy (9.41%)
Energy Ventures Gom LLC / EnVen Finance Corp, 11.750%, 4/15/2026 (144A)		1,272,000		1,315,916
Talos Production Inc, 12.000%, 1/15/2026		750,000		782,048
Transocean Inc, 8.000%, 2/1/2027 (144A)		1,000,000		962,500
Total Energy				3,060,464
Financial (13.91%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041		1,850,000		1,311,777
Iron Mountain Inc, 5.250%, 7/15/2030 (144A)		1,250,000		1,092,328
Sun Communities Operating LP, 5.700%, 1/15/2033		1,500,000		1,417,819
Visa Inc, 2.700%, 4/15/2040		1,000,000		703,737
Total Financial				4,525,661
Industrial (3.11%)
Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC, 9.625%, 1/15/2022(b)		548,153		—
Great Lakes Dredge & Dock Corp, 5.250%, 6/1/2029 (144A)		500,000		410,099
LBJ Infrastructure Group LLC, 3.797%, 12/31/2057 (144A)		1,000,000		602,411
Total Industrial				1,012,510
Utilities (1.45%)
Boston Gas Co, 6.119%, 7/20/2053 (144A)		500,000		471,617
Total Corporate Debt (Cost $31,729,667)				29,316,464
Municipal Bonds (2.13%)
Development (0.42%)
California Pollution Control Financing Authority, 7.500%, 7/1/2032 (144A)(a)		250,000		32,500
California Pollution Control Financing Authority, 8.000%, 7/1/2039 (144A)(a)		2,050,000		102,500
Total Development				135,000
General Obligation (0.04%)
Puerto Rico Public Finance Corp, 5.500%, 8/1/2031(a)		400,000		12,000
Tobacco Settlement (1.67%)
Tobacco Settlement Finance Authority, 4.306%, 6/1/2049		750,000		543,011
Total Municipal Debt (Cost $2,862,097)				690,011
United States Treasury Bills (7.05%)
0.000%, 10/26/2023 (Cost $2,291,253)		2,300,000		2,291,917
United States Treasury Bonds (4.81%)
3.875%, 5/15/2043 (Cost $1,758,127)		1,800,000		1,563,750
Term Loans (1.73%)
Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/31/2027(c)		294,742		275,092
Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/31/2027(c)		442,113		287,373
Total Term Loans (Cost $730,296)				562,465
Total Long Positions (Cost $41,412,083) (106.37%)				34,597,299
Liabilities in Excess of Other Assets (-6.37%)				(2,072,788	)
Net Assets (100.00%)			$	32,524,511

* Non income security. 

# Security is illiquid. 

(a) Defaulted security 

(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 security is $0.00. 

(c) Variable rate 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 September 30, 2023, these securities had a total aggregate market value of $20,848,347 which represented approximately 64.10% of net assets.