SHELTON TACTICAL CREDIT FUND

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

Security Description
Common Stock (0.35%)	Shares		Value
Financial (0.07%)
CBL & Associates LP(a)	1,526,000	$	15,260
CBL & Associates LP(a)	1,000,000		10,000
Total Financial			25,260
Consumer, Non-cyclical (0.28%)
Pyxus International Inc*	83,441		100,129
Energy (0.00%)
CHC Group LLC*,#,(b)	9,358		—
Total Common Stock (Cost $1,990,841)			125,389
Corporate Debt (61.44%)	Par Value		Value
Basic Materials (2.85%)
Cleveland-Cliffs Inc, 6.750%, 3/15/2026 (144A)	1,000,000		1,018,000
Communications (4.42%)
Directv Financing LLC / Directv Financing Co-Obligor Inc, 5.875%, 8/15/2027 (144A)	1,250,000		1,125,559
Sirius XM Radio Inc, 5.500%, 7/1/2029 (144A)	500,000		455,000
Total Communications
			1,580,559
Consumer, Cyclical (23.61%)
Abercrombie & Fitch Management Co, 8.750%, 7/15/2025 (144A)	1,000,000		1,007,724
Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 7/15/2026 (144A)	1,250,000		1,329,488
The Bon-Ton Department Stores Inc, 8.000%, 6/15/2021(a)	4,958,932		37,192
Guitar Center Inc, 8.500%, 1/15/2026 (144A)	1,250,000		1,096,875
Hawaiian Brand Intellectual Property Ltd / HawaiianMiles Loyalty Ltd, 5.750%, 1/20/2026 (144A)	1,000,000		949,355
PetSmart Inc / PetSmart Finance Corp, 7.750%, 2/15/2029 (144A)	1,500,000		1,472,415
Titan International Inc, 7.000%, 4/30/2028	1,000,000		901,030
Victoria’s Secret & Co, 4.625%, 7/15/2029 (144A)	750,000		607,680
WMG Acquisition Corp, 3.000%, 2/15/2031 (144A)	1,250,000		1,039,063
Total Consumer, Cyclical			8,440,822
Consumer, Non-cyclical (11.54%)
JBS USA LUX SA / JBS USA Food Co / JBS USA Finance Inc, 5.750%, 4/1/2033 (144A)	1,250,000		1,193,750
Kraft Heinz Foods Co, 4.375%, 6/1/2046	1,000,000		869,694
Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A)	1,000,000		794,060
United Rentals North America Inc, 6.000%, 12/15/2029 (144A)	1,250,000		1,267,213
Total Consumer, Non-cyclical			4,124,717
Energy (6.91%)
Energy Ventures Gom LLC / EnVen Finance Corp, 11.750%, 4/15/2026 (144A)	1,350,000		1,402,213
Talos Production Inc, 12.000%, 1/15/2026	1,000,000		1,068,710
Total Energy			2,470,923
Financial (9.14%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041	1,500,000		1,145,633
Iron Mountain Inc, 5.250%, 7/15/2030 (144A)	1,250,000		1,120,362
Sun Communities Operating LP, 5.700%, 1/15/2033	1,000,000		1,000,266
Total Financial			3,266,261
Industrial (2.97%)
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		377,880
LBJ Infrastructure Group LLC, 3.797%, 12/31/2057 (144A)	1,000,000		684,973
Total Industrial			1,062,853
Total Corporate Debt (Cost $23,532,841)			21,964,135

Municipal Bonds (30.07%)		Par Value	Value
Airport (3.07%)
Port Authority of New York & New Jersey, 5.000%, 12/1/2047		1,000,000		1,099,075
Development (0.38%)
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 (19.05%)
California Community Choice Financing Authority, 5.000%, 7/1/2053(c)		500,000		525,613
Massachusetts Bay Transportation Authority Assessment Revenue, 5.000%, 7/1/2052		1,000,000		1,105,221
Michigan State Building Authority, 5.250%, 10/15/2057		1,000,000		1,101,390
New York State Thruway Authority, 5.000%, 3/15/2048		785,000		861,663
Puerto Rico Public Finance Corp, 5.500%, 8/1/2031(a)		400,000		12,000
Puerto Rico Sales Tax Financing Corp Sales Tax Revenue, 5.000%, 7/1/2058		1,000,000		941,672
Southeastern Pennsylvania Transportation Authority, 5.250%, 6/1/2047		1,000,000		1,126,363
State of California, 5.000%, 4/1/2042		1,000,000		1,136,388
Total General Obligation				6,810,310
Medical (2.86%)
County of Cuyahoga OH, 5.500%, 2/15/2052		1,000,000		1,022,313
Tobacco Settlement (1.62%)
Tobacco Settlement Finance Authority, 4.306%, 6/1/2049		750,000		578,813
Transportation (3.09%)
Maryland State Transportation Authority, 5.000%, 7/1/2046		1,000,000		1,105,145
Total Municipal Debt (Cost $13,018,065)				10,750,656
United States Treasury Bills (5.31%)		Par Value		Value
4.506%, 04/11/2023 (Cost $1,897,999)		1,900,000		1,897,999
Term Loans (1.58%)
Pyxus Holdings Inc, 12.833%, 12/31/2027(c)		294,742		273,618
Pyxus Holdings Inc, 12.833%, 12/27/2027(c)		442,113		291,795
Total Term Loans (Cost $729,732)				565,413
Purchased Options - Puts (0.01%)	Contracts
10-Year US Treasury Note Futures
Notional amount $8,250,000, premiums paid $55,079, exercise price $110.00, expires 04/24/2023*		75		2,344
Total Purchased Options - Puts (Cost $55,079)				2,344
Total Investments (Cost $41,224,556) (98.76%)			$	35,305,936
Other Net Assets (1.24%)				441,768
Net Assets (100.00%)			$	35,747,704

(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, 2022, these securities had a total aggregate market value of $17,076,610, which represented approximately 47.77% of net assets.

* Non income security.

# Security is illiquid.

(a) Defaulted security.

(b) Level 3 security fair valued under procedures established by the Board of Trustees and the valuation designee of the Funds represents 0.00% of net assets. The aggregate value of the fair value securities is $0.00.

(c) Variable rate security.