SHELTON TACTICAL CREDIT FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

Security Description
Common Stock (1.84%)	Shares		Value
Consumer, Non-cyclical (1.84%)
Pyxus International Inc*,#		161,722	$	646,888
Energy (0.00%)
CHC Group LLC*,(a)		9,358		—
Financial (0.00%)
CBL & Associates LP(a),(b)		1,526,000		—
CBL & Associates LP(a),(b)		1,000,000		—
Total Financial				—
Total Common Stock (Cost $2,111,217)				646,888
Corporate Debt (87.90%)	Par Value		Value
Communications (4.48%)
Sirius XM Radio LLC, 3.875%, 9/1/2031 (144A)		1,250,000		1,068,993
Windstream Services LLC / Windstream Escrow Finance Corp, 8.250%, 10/1/2031 (144A)		500,000		508,857
Total Communcations				1,577,850
Consumer, Cyclical (30.62%)
Acushnet Co, 7.375%, 10/15/2028 (144A)		1,250,000		1,293,434
Air Canada 2020-1 Class C Pass Through Trust, 10.500%, 7/15/2026 (144A)		1,000,000		1,060,000
AMC Entertainment Holdings Inc, 7.500%, 2/15/2029 (144A)		1,250,000		939,047
AS Mileage Plan IP Ltd, 5.308%, 10/20/2031 (144A)		500,000		488,371
AS Mileage Plan IP Ltd, 5.021%, 10/20/2029 (144A)		500,000		490,099
Cinemark USA Inc, 5.250%, 7/15/2028 (144A)		1,000,000		970,086
Cummins Inc, 5.150%, 2/20/2034		750,000		760,484
Guitar Center Inc, 8.500%, 1/15/2026 (144A)		1,250,000		1,010,126
PetSmart Inc / PetSmart Finance Corp, 7.750%, 2/15/2029 (144A)(c)		1,250,000		1,142,577
Six Flags Entertainment Corp /Six Flags Theme Parks Inc/ Canada’s Wonderland Co, 6.625%, 5/1/2032 (144A)		1,500,000		1,512,164
WMG Acquisition Corp, 3.000%, 2/15/2031 (144A)(c)		1,250,000		1,114,448
Total Consumer, Cyclical				10,780,836
Consumer, Non-cyclical (26.33%)
1261229 BC Ltd, 10.000%, 4/15/2032 (144A)		500,000		496,605
The GEO Group Inc, 10.250%, 4/15/2031		750,000		815,233
JBS USA Holding Lux Sarl/ JBS USA Food Co/ JBS Lux Co Sarl, 5.750%, 4/1/2033		1,500,000		1,523,040
Kraft Heinz Foods Co, 4.375%, 6/1/2046(c)		1,500,000		1,225,886
The Kroger Co, 5.000%, 9/15/2034		500,000		487,837
Mars Inc, 5.000%, 3/1/2032 (144A)		600,000		601,721
Mars Inc, 5.650%, 5/1/2045 (144A)		500,000		499,578
Primo Water Holdings Inc / Triton Water Holdings Inc, 6.250%, 4/1/2029 (144A)		750,000		747,518
Roche Holdings Inc, 5.593%, 11/13/2033 (144A)		1,350,000		1,415,109
United Rentals North America Inc, 6.000%, 12/15/2029 (144A)(c)		750,000		761,441
Viking Baked Goods Acquisition Corp, 8.625%, 11/1/2031 (144A)		750,000		693,360
Total Consumer, Non-cyclical				9,267,328
Energy (6.43%)
Talos Production Inc, 9.375%, 2/1/2031 (144A)		1,000,000		1,016,826
Transocean Inc, 8.000%, 2/1/2027 (144A)		1,250,000		1,245,264
Total Energy				2,262,090
Financial (17.25%)
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.850%, 10/29/2041(c)		750,000		591,301
American Homes 4 Rent LP, 5.500%, 2/1/2034		1,000,000		998,709
Iron Mountain Inc, 6.250%, 1/15/2033 (144A)		1,250,000		1,240,205
JPMorgan Chase & Co, 3.882%, 7/24/2038		750,000		650,406
Sun Communities Operating LP, 5.700%, 1/15/2033		1,000,000		1,018,257
Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC, 6.500%, 2/15/2029 (144A)		500,000		449,010
Visa Inc, 2.700%, 4/15/2040		1,500,000		1,122,568
Total Financial				6,070,456
Industrial (0.00%)
Eletson Holdings Inc / Eletson Finance US LLC / Agathonissos Finance LLC, 9.625%, 1/15/2022#,(a),(b)		548,153		—
Technology (2.79%)
KLA Corp, 4.700%, 2/1/2034		1,000,000		981,179
Total Corporate Debt (Cost $31,402,888)				30,939,739

SHELTON TACTICAL CREDIT FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

Municipal Bonds (0.09%)	Par Value		Value
Development (0.09%)
California Pollution Control Financing Authority, 7.500%, 7/1/2032 (144A)(b)		250,000		3,375
California Pollution Control Financing Authority, 8.000%, 7/1/2039 (144A)(b)		2,050,000		27,675
Total Development				31,050
Total Municipal Debt (Cost $2,280,321)				31,050
United States Treasury Bills (8.47%)	Par Value		Value
United States Treasury Bill, 0.000%, 5/29/2025 (Cost $2,979,753)		3,000,000		2,979,518
Term Loans (1.95%)	Shares		Value
Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/27/2027(d)		442,113		391,542
Pyxus Holdings Inc, TSFR1M (floor 1.500%) + 8.000%, 12/31/2027(d)		294,742		294,005
Total Term Loans (Cost $732,253)				685,547
Purchased Options - Puts (0.01%)	Contracts		Value
10-Year US Treasury Note Futures
Notional amount $5,325,000, premiums paid $20,313, exercise price $106.50, expires 5/23/25		50		3,125
10-Year US Treasury Note Futures
Notional amount $2,600,000, premiums paid $25,391, exercise price $104.00, expires 5/23/25		25		781
Total Options (Cost $45,703)				3,906
Total Investments (Cost $39,552,135) (100.26%)			$	35,286,648
Liabilities in Excess of Other Assets (-0.26%)				(89,786	)
Net Assets (100.00%)			$	35,196,862

(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, 2025, these securities had a total aggregate market value of $19,726,896, which represented approximately 56.05% of net assets.

* Non income security.

# Security is illiquid.

(a) 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.

(b) Defaulted security.

(c) Designated as collateral for Fund’s activity in securities sold short.  As of March 31, 2025, the Fund has no open short sales.

(d) Variable rate security.

Credit Default Swaps*,**,*** (-0.51%)	Maturity Date	Fixed Deal (Pay Rate)		Implied Credit Spread at March 31, 2025		Notional Amount	Period Payment Frequency	Fair Value			Upfront Premiums Received			Unrealized Appreciation
Buy Protection
CDX NA.IG.44 6/30	6/20/2030	1.00	%	0.62	%	10,000,000	Quarterly		(179,800	)		(196,995	)		17,195
Total Buy Protection									(179,800	)		(196,995	)		17,195

* For centrally cleared swaps, when a credit event occurs as defined under the terms of the swap contract, the Fund as a seller of credit protection will either pay a net amount equal to the par value of the defaulted reference entity and deliver the reference entity or pay a net amount equal to the par value of the defaulted reference entity less its recovery value.

** For centrally cleared swaps, implied credit spread, represented in absolute terms, utilized in determining the fair value of the credit default swap contracts as of period-end will serve as an indicator of the payment/performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of the referenced entity reflects the cost of buying/ selling protection and may include upfront payments required to be made to enter into the contract. Generally, wider credit spreads represent a perceived deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap contract.

*** For centrally cleared swaps, the notional amount represents the maximum potential the Fund may receive as a buyer of credit protection if a credit event occurs, as defined under the terms of the swap contract.

SHELTON INTERNATIONAL SELECT EQUITY FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

Security Description	Shares		Value
Common Stock (90.66%)
Australia (0.72%)
The Lottery Corp Ltd		97,900	$	291,216
Brazil (2.00%)
Centrais Eletricas Brasileiras SA		32,582		231,332
RioCan Real Estate Investment Trust		47,900		570,928
Total Brazil				802,260
Britain (6.91%)
Halma PLC		17,000		566,835
The Sage Group PLC		51,600		804,594
Smiths Group PLC		34,600		863,134
St James’s Place PLC		16,471		207,890
The Weir Group PLC		11,219		336,250
Total Britain				2,778,703
Canada (5.86%)
Barrick Mining Corp		21,300		413,607
George Weston Ltd		2,140		364,877
IGM Financial Inc#		18,500		569,069
Shopify Inc*		1,900		180,775
Stantec Inc		4,200		348,176
Suncor Energy Inc		12,378		479,339
Total Canada				2,355,843
China (8.36%)
Alibaba Group Holding Ltd		1,500		198,345
ANTA Sports Products Ltd		23,600		259,018
BYD Co Ltd		6,000		302,888
Fuyao Glass Industry Group Co Ltd		85,600		610,557
Haitian International Holdings Ltd		76,000		200,717
Kingsoft Corp Ltd		122,800		594,187
Kuaishou Technology (144A)*		48,400		338,068
Tencent Holdings Ltd		13,400		855,896
WuXi XDC Cayman Inc*		136		776
Total China				3,360,452
Denmark (1.14%)
Genmab A/S*		1,494		290,187
Novo Nordisk A/S		2,400		166,656
Total Denmark				456,843

SHELTON INTERNATIONAL SELECT EQUITY FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

France (7.11%)
BNP Paribas SA	23,361	1,943,843
Credit Agricole SA	13,205	239,656
Eiffage SA	1,200	139,241
L’Oreal SA	829	307,500
SEB SA	2,432	228,518
Total France		2,858,758
Germany (2.01%)
Henkel AG & Co KGaA	7,500	540,003
Infineon Technologies AG	8,111	266,725
Total Germany		806,728
Hong Kong (4.53%)
AIA Group Ltd	135,300	1,018,955
Bosideng International Holdings Ltd	627,000	321,514
Prudential PLC	45,000	480,305
SITC International Holdings Co Ltd	200	544
Total Hong Kong		1,821,318
India (2.07%)
ICICI Bank Ltd	13,900	438,128
Wipro Ltd	128,075	391,910
Total India		830,038
Italy (3.56%)
Ferrari NV	415	176,093
Intesa Sanpaolo SpA	125,300	641,751
Poste Italiane SpA (144A)	14,300	254,191
Snam SpA	69,242	359,207
		1,431,242
Japan (16.81%)
Advantest Corp	3,500	151,058
Azbil Corp	40,400	310,228
Canon Inc	40,700	1,260,713
Hitachi Ltd	7,700	177,563
Japan Post Holdings Co Ltd#	20,600	205,099
Kintetsu Group Holdings Co Ltd	10,700	227,620
Konami Group Corp	2,100	246,192
MISUMI Group Inc	37,200	611,871
Mitsubishi Electric Corp	26,400	478,860
Mitsubishi UFJ Financial Group Inc	19,300	258,825
Nissan Chemical Corp	19,300	571,962
Santen Pharmaceutical Co Ltd	38,500	364,060
Sony Group Corp	8,300	210,737
Sumitomo Mitsui Financial Group Inc	8,300	210,052
Suzuki Motor Corp	20,500	247,439
Tokyo Electron Ltd	1,300	174,338
USS Co Ltd	51,200	475,105
Yokogawa Electric Corp	29,300	565,265
Total Japan		6,746,987

SHELTON INTERNATIONAL SELECT EQUITY FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

Mexico (0.69%)
Promotora y Operadora de Infraestructura SAB de CV	27,700	279,040
Netherlands (1.66%)
ASM International NV	400	179,768
ASML Holding NV	351	232,583
Heineken Holding NV	3,500	253,327
Total Netherlands		665,678
Singapore (1.22%)
DBS Group Holdings Ltd	14,200	491,160
South Africa (2.24%)
Old Mutual Ltd	1,384,300	898,710
South Korea (3.42%)
Kia Corp	3,206	200,850
Korean Air Lines Co Ltd	39,167	566,247
Orion Corp	5,000	400,119
Samsung Electronics Co Ltd	5,300	207,926
Total South Korea		1,375,142
Spain (3.04%)
Acciona SA	4,300	561,982
CaixaBank SA	85,031	659,972
Total Spain		1,221,954
Sweden (4.25%)
Indutrade AB	32,404	893,110
Lifco AB	23,128	816,485
Total Sweden		1,709,595
Switzerland (7.79%)
Nestle SA	7,305	739,047
Novartis AG	3,000	331,845
Roche Holding AG	6,272	2,059,916
Total Switzerland		3,130,808
Taiwan (3.51%)
Taiwan Semiconductor Manufacturing Co Ltd	8,499	1,410,834
Turkey (1.76%)
Canadian Natural Resources Ltd	12,400	381,602
Turkiye Sise ve Cam Fabrikalari AS	321,927	327,281
Total Turkey		708,883
Total Common Stock (Cost $32,587,525)		36,432,192
Preferred Stock (6.39%)
Germany (6.39%)
FUCHS SE	27,000	1,294,645

SHELTON INTERNATIONAL SELECT EQUITY FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

Itausa SA	768,000		1,271,813
Total Preferred Stock (Cost $2,344,903)			2,566,458
Collateral Received For Securities on Loan (1.02%)
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.46% (Cost $410,022)	410,022		410,022
Total Investments (Cost $35,342,450) (98.07%)		$	39,408,672
Other Net Assets (1.93%)			777,489
Net Assets (100.00%)		$	40,186,161

* Non-income producing security.

# Loaned Security; a portion of the security is on loan at Match 31, 2025 in the amount of $394,007.

(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, 2025, these securities had a total aggregate market value of $592,259, which represented approximately 1.47% of net assets.

SHELTON EMERGING MARKETS FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

Security Description	Shares		Value
Common Stock (94.80%)
Brazil (3.49%)
Cosan SA		106,700	$	138,552
Iguatemi SA		201,700		657,429
Total Brazil				795,981
China (29.14%)
Alibaba Group Holding Ltd		52,100		857,052
ANTA Sports Products Ltd		41,700		457,671
BYD Co Ltd		12,000		605,776
CMOC Group Ltd		139,000		114,328
CSPC Pharmaceutical Group Ltd		332,000		210,778
Fuyao Glass Industry Group Co Ltd (144A)		74,000		527,818
GF Securities Co Ltd		300,400		405,367
Haier Smart Home Co Ltd		111,100		356,955
JD.com Inc		23,000		475,306
Kingsoft Corp Ltd		26,000		125,805
Meituan(144A)*		7,000		140,160
NetEase Inc		6,000		121,834
Ping An Insurance Group Co of China Ltd		19,000		113,056
Tencent Holdings Ltd		25,600		1,635,144
UBTech Robotics Corp Ltd*		16,250		164,148
Zijin Mining Group Co Ltd		148,748		337,982
Total China				6,649,180
Hungary (0.91%)
Richter Gedeon Nyrt		7,510		206,880
India (15.22%)
Dr Reddy’s Laboratories Ltd		64,000		844,160
HDFC Bank Ltd		12,795		850,100
ICICI Bank Ltd		23,123		728,837
Infosys Ltd		10,400		189,800
Wipro Ltd#		281,400		861,084
Total India				3,473,981
Indonesia (1.67%)
Bank Central Asia Tbk PT		230,000		118,063
Ciputra Development Tbk PT		2,364,000		107,072
United Tractors Tbk PT		110,300		156,867
Total Indonesia				382,002
Mexcio (2.25%)
Arca Continental SAB de CV		28,000		292,746
GCC SAB de CV		24,000		220,051
Total Mexico				512,797
Philippines (3.04%)
Ayala Land Inc		220,000		88,353
Manila Electric Co		41,970		403,064
SM Prime Holdings Inc		480,600		201,404
Total Philippines				692,821

SHELTON EMERGING MARKETS FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

Poland (2.79%)
Powszechna Kasa Oszczednosci Bank Polski SA	32,784		636,681
Singapore (0.56%)
Trip.com Group Ltd	2,000		127,026
South Africa (5.10%)
Bidvest Group Ltd	29,000		372,590
Old Mutual Ltd	985,000		639,478
Tiger Brands Ltd	10,000		151,600
Total South Africa			1,163,668
South Korea (11.08%)
Innocean Worldwide Inc	10,407		123,473
Korean Air Lines Co Ltd	43,100		623,107
Kumho Tire Co Inc*	104,000		334,241
S-1 Corp	10,000		437,111
Samsung Electronics Co Ltd	17,612		690,943
Shinhan Financial Group Co Ltd	10,000		319,349
Total South Korea			2,528,224
Taiwan (18.45%)
Advantech Co Ltd	20,000		225,394
Arcadyan Technology Corp	34,000		229,902
CTBC Financial Holding Co Ltd	124,000		147,011
Delta Electronics Inc	15,000		162,284
MediaTek Inc	11,900		497,100
Nien Made Enterprise Co Ltd	12,000		142,089
Realtek Semiconductor Corp	35,000		550,113
Taiwan Semiconductor Manufacturing Co Ltd	82,500		2,256,198
Total Taiwan			4,210,091
Turkey (1.10%)
Astor Transformator Enerji Turizm Insaat Ve Petrol Sanayi Ticaret AS	84,016		251,502
Total Common Stock (Cost $18,165,708)			21,630,834
Preferred Stock (3.20%)
Brazil (3.20%)
Itau Unibanco Holding SA	80,520		443,343
Itausa SA	173,000		286,489
Total Preferred Stock (Cost $794,983)			729,832
Collateral Received for Securities on Loan (0.04%)
Mount Vernon Liquid Assets Portfolio, 7-Day Yield: 4.46% (Cost $9,750)	9,750		9,750
United States Treasury Bills (1.31%)
United States Treasury Bill 0.000%. 5/8/2025(a) (Cost $298,703)	300,000		298,692
Total Investments (Cost $19,269,144) (99.35%)		$	22,669,108
Other Net Assets (0.65%)			149,215
Net Assets (100.00%)		$	22,818,323

SHELTON EMERGING MARKETS FUND

Portfolio of Investments (Expressed in U.S. Dollars) 3/31/2025

* Non-income producing security.

# Loaned Security; a portion of the security is on loan at March 31, 2025 in the amount of $9,180.

(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, 2025, these securities had a total aggregate market value of $667,978, which represented approximately 2.93% of net assets.

(a) A portion of these securities, a total of $99,564, have been pledged or segregated in connection with obligations for futures contracts.

Futures contracts at March 31, 2025

Contracts - $50 times premium / delivery month / commitment / exchange	Notional Amount		Value		Unrealized Appreciation
8 / JUN 2025 / Long / ICE		454,965		444,320		(10,645	)